Netflix amends exec severance plan: doubles pay to 2x salary+bonus, adds Good Reason trigger, retirement vesting

NETFLIX INC

Compensation Committee approved amendments to Severance Plan for co-CEOs Ted Sarandos and Greg Peters, CFO Spencer Neumann, CLO David Hyman, effective Jan 1, 2026.
Severance pay doubled from 1x to 2x of (annual base salary + target bonus) for Involuntary Termination outside Change in Control.
Definition of Involuntary Termination expanded to include Good Reason (pay cut >10% or material title change) at any time.
New Retirement provision: execs with >=10 years service, age 55+, good standing can continue equity vesting post-termination.
Outstanding RSU/PSU awards amended: on Qualifying Termination (incl. Good Reason), 12-month accelerated vesting plus pro-rata.

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