Netflix amends executive severance plan, increases minimum benefit to 12 months from 9 months

NETFLIX INC

Board approved Amended and Restated Executive Severance and Retention Incentive Plan on Sept 8, 2021.
Minimum severance benefit for VPs and above increased from 9 to 12 months of allocatable compensation.
Severance payable upon termination without cause, death, or permanent disability, subject to signing a release.
Retention incentive upon Change in Control remains 12 months of allocatable compensation for eligible executives.
Newly hired VPs initially eligible for up to 36 months, reducing by 1 month per month of tenure to 12 months.

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