Option Grant and Exercise Terms

EXHIBIT 10.12 NETFLIX, INC. 2020 STOCK PLAN GLOBAL MONTHLY-GRANT STOCK OPTION AGREEMENT Unless specifically indicated in this Global Monthly-Grant Stock Option Agreement, including any addendum attached hereto ("Addendum") containing country-specific terms and conditions (collectively, this "Agreement"), the terms defined in the 2020 Stock Plan (the “Plan”) will have the same defined meanings in this Agreement. I.NOTICE OF STOCK OPTION GRANT From time to time during your employment with the Company or one of its Subsidiaries, you (also known as the "Optionee") may be granted Options to purchase Common Stock of the Company, subject to the terms and conditions of the Plan and this Agreement. Upon each grant, the number of Shares granted, the date of grant, and the exercise price per share (the "Exercise Price") shall be communicated to you by the Company. All Options granted to you pursuant to this Agreement shall be vested upon grant and treated as Non-statutory Stock Options ("NSOs"). At present, the Company grants options on the first trading day of each month in accordance with the Company's disclosed stock option formulae. Notwithstanding anything herein to the contrary, the Company retains the right to change the terms of this Agreement for any grants that are made to you after announcement of the changed terms, including the timing of grants, the disclosed stock option formulae or any inputs thereto. You acknowledge and agree that nothing in this Agreement constitutes an express or implied promise of continued grants, or benefits in lieu of grants, even if grants have been made in the past; it being expressly understood that grants to employees are, at all times, made in the sole and absolute discretion of the Administrator. Vesting Schedule: Options granted under this Agreement shall be vested immediately upon grant. Termination Period: In no event may Options granted hereunder be exercised later than the ten-year anniversary of the date of grant (the Option's "Term"). II.AGREEMENT A.Grant of Option. All Options granted to Optionee hereunder by the Administrator are subject to all of the terms and conditions of the Plan, which is incorporated herein by reference. For example, but not by way of limitation, the Plan contains important provisions regarding termination and expiration of Options in the event of a Change in Control of the Company. Notwithstanding any 1

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