Document:

Registration Rights Agreement

 Exhibit 10.1 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of November 28, 2011, by and among Netflix, Inc., a Delaware corporation (the “Company”) TCV VII, L.P., a Cayman Island exempted limited partnership
(“TCV VII”), TCV VII (A), a Cayman Island exempted limited partnership (“TCV VII (A)”), and TCV Member Fund, L.P., a Cayman Island exempted limited partnership (“TCV Member
Fund”, and together with TCV VII and TCV VII(A), the “Investors”). 
 WHEREAS, the
Investors have, pursuant to that certain Note Purchase Agreement, dated as of November 21, 2011, between the Company and the Investors (the “Purchase Agreement”), agreed to purchase the Company’s Zero Coupon Senior
Convertible Notes due 2018 (the “Notes”), subject to the terms and conditions set forth therein; and 

WHEREAS, it is a condition to the closing (the “Closing”) of the transactions contemplated by the Purchase
Agreement that the Company and the Investors enter into this Agreement at or prior to the Closing in order to grant the Investors certain registration rights as set forth herein. 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Company and the Investors agree as follows: 
 1.
Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms
shall have the respective meanings set forth in this Section 1: 
 “Affiliate” of any Person shall
mean any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such Person. For purposes of this definition, “control” when used with respect to any Person has the meaning
specified in Rule 12b-2 under the Exchange Act; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined under Rule 405. 

“Available” means, with respect to a Registration Statement, that such Registration Statement does not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, such that such Registration
Statement will be available for the resale of Registrable Securities. 
 “Black-Out Period” means any
period of time that the Company prohibits the directors and officers of the Company from trading securities of the Company (i) pursuant to the Insider Trading Policy, or (ii) because the Board of Directors of the Company determines in good
faith that there is a valid business purpose for such suspension of trading, which valid business purpose shall include without limitation plans for a registered public offering, an acquisition or other proposed or pending corporate developments and
similar events because of material developments known to the Company and not yet disclosed to the public. 

  
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 “Business Day” means a day that is a Monday, Tuesday, Wednesday,
Thursday or Friday and is not a day on which banking institutions in New York, New York generally are authorized or obligated by law, regulation or executive order to close. 
 “Commission” means the Securities and Exchange Commission or any other federal agency then administering the Securities Act or Exchange Act. 

“Effective Date” means the time and date that the Registration Statement filed pursuant to Section 2(a) is
first declared effective by the Commission or otherwise becomes effective. 
 “Effectiveness Date”
means: 
 (a) with respect to the initial Registration Statement required to be filed to
cover the resale by the Holders of the Registrable Securities, (i) the date such Registration Statement is filed, if the Company is a WKSI as of such date, or (ii) if the Company is not a WKSI as of the date such Registration Statement is
filed, the 90th day following the Closing; and 

(b) with respect to any additional Registration Statements that may be required pursuant to
Section 2(a) hereof, (i) if the Company is a WKSI, the date such additional Registration Statement is filed or (ii) if the Company is not a WKSI, the earlier of: (x) the
120th day following the date on which the Company first
knows, or reasonably should have known, that such additional Registration Statement is required under such Section and (y) the fifth Trading Day following the date on which the Company is notified by the Commission that such additional
Registration Statement will not be reviewed or is no longer subject to further review and comments. 
 “Effectiveness
Period” has the meaning set forth in Section 2(a). 
 “Electing Holders” means
one or more Investors that hold no less than a majority of the Registrable Securities then held by the Investors. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Filing Date” means: 

(a) with respect to the initial Registration Statement required to be filed to cover the resale by the
Holders of the Registrable Securities, the 120th day
following the Closing; and 
 (b) with respect to any additional Registration Statements that
may be required pursuant to Section 2(a) hereof, the 30th day following the date on which the Company first knows, or reasonably should have known, that such additional Registration Statement is required under such Section. 

  
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 “Freely Tradable” means, with respect to any security, a security
that is eligible to be sold by the Holder thereof without any volume or manner of sale restrictions under the Securities Act pursuant to Rule 144. 
 “Holder” or “Holders” means (i) the Investors and (ii) permitted assignees of the Investors who are assigned rights hereunder, in each case to the
extent that they continue to hold Registrable Securities. 
 “Indemnified Party” has the meaning set
forth in Section 5(c). 
 “Indemnifying Party” has the meaning set forth in Section 5(c).

 “Indenture” has the meaning set forth in the Purchase Agreement. 

“Insider Trading Policy” means the Company’s Insider Trading Policy as adopted and posted on the
Company’s website. 
 “Losses” has the meaning set forth in Section 5(a). 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 
 “Plan of Distribution” means the plan of distribution in substantially the form attached hereto as Annex A. 

“Proceeding” means a pending action, claim, suit, or proceeding (including, without limitation, an investigation
or partial proceeding, such as a deposition) or investigation known to the Company to be threatened. 

“Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a
prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus
supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Questionnaire” has the meaning set forth in Section 3(k). 

“Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Notes and
(ii) any securities issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend, stock split, recapitalization or other distribution with respect to, or in exchange for, or in
replacement of, the securities referenced in clause (i) (without giving effect to any election by the Company therein), above or this clause (ii); provided, however, that the term “Registrable
Securities” shall exclude in all cases any securities (1) sold or exchanged by a Person pursuant to an effective 

  
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registration statement under the Act or in compliance with Rule 144, (2) that are Freely Tradable (it being understood that for purposes of determining eligibility for resale under clause
(2) of this proviso, no securities held by any Holder shall be considered Freely Tradable to the extent such Holder reasonably determines that it is an Affiliate of the Company) or (3) that shall have ceased to be outstanding. 

“Registration Default” has the meaning set forth in Section 2(b). 

“Registration Statement” means a registration statement in the form required to register the resale of the
Registrable Securities, and including the Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or
deemed to be incorporated by reference in such registration statement. 
 “Rule 144” means Rule 144
promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 405” means Rule 405 promulgated by the Commission pursuant to the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission having substantially the same effect as such Rule. 
 “Rule 424” means Rule
424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 433” means Rule 433 promulgated by the Commission pursuant to the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Suspension Notice” has the meaning set forth in Section 3(j)(B). 
 “Trading Day” means a day during which trading in the Common Stock generally occurs. 
 “Trading Market” means the principal national securities exchange on which the Common Stock is listed. 
 “Use Notice” has the meaning set forth in Section 3(j). 
 “WKSI” means a “well known seasoned issuer” as defined under Rule 405. 

  
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 2. Registration. 

(a) On or prior to each Filing Date, the Company will use commercially reasonable efforts to prepare and file with the Commission a
Registration Statement covering the resale of all Registrable Securities not already covered by an existing and effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement
(i) shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form for such purpose) and, if the Company
is a WKSI as of the Filing Date, shall be an Automatic Shelf Registration Statement and (ii) shall contain (except if otherwise requested by the Electing Holders or required pursuant to written comments received from the Commission upon a
review of such Registration Statement) the Plan of Distribution. The Company will use its commercially reasonable efforts to cause the Registration Statement to be declared effective or otherwise to become effective under the Securities Act as soon
as possible but, in any event, no later than the Effectiveness Date, and will use their commercially reasonable efforts to keep the Registration Statement (or a replacement Registration Statement) continuously effective under the Securities Act
until the registration rights under this Agreement terminate in accordance with Section 2(d) (the “Effectiveness Period”). In addition, the Company will, promptly and from time to time, use commercially reasonable
efforts to file such additional Registration Statements to cover resales of any Registrable Securities which are not registered for resale pursuant to a pre-existing Registration Statement no later than the Filing Date with respect thereto, and will
use its commercially reasonable efforts to cause such Registration Statement to be declared effective or otherwise to become effective under the Securities Act as soon as practicable after the applicable Filing Date but, in any event, no later than
the applicable Effectiveness Date, and will use their commercially reasonable efforts to keep the Registration Statement continuously effective under the Securities Act at all times during the Effectiveness Period; provided that, the Company
will not be obligated to update the Registration Statement and no sales may made under the applicable Registration Statement during any Black-Out Period of which the Holders have received notice. 

(b) If: (i) any Registration Statement is not filed on or prior to its Filing Date, (ii) a Registration Statement is not
declared effective by the Commission or does not otherwise become effective on or prior to its required Effectiveness Date or (iii) after its Effective Date, such Registration Statement ceases for any reason to be effective as to all
Registrable Securities to which it is required to cover at any time prior to the expiration of the Effectiveness Period (in each case, except as specifically permitted herein with respect to any applicable Black-Out Period) (any such failure or
breach being referred to as a “Registration Default”). 
 (c) The Company shall not, from the date
hereof until the Effective Date of the initial Registration Statement, prepare and file with the Commission a registration statement relating to an offering of any of its securities for its own account or the account of others under the Securities
Act. 
 (d) The registration rights granted under this Section 2 shall automatically terminate upon the earlier of
(i) such time as there are no outstanding Registrable Securities and (ii) June 3, 2019. 

  
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 3. Registration Procedures. 

The procedures to be followed by the Company and each selling Holder, and the respective rights and obligations of the Company and such
Holders, with respect to the preparation, filing and effectiveness of a Registration Statement, and the distribution of Registrable Securities pursuant thereto, are as follows: 

(a) The Company will, at least five (5) Trading Days prior to the filing of a Registration Statement or any related Prospectus or
any amendment or supplement thereto (other than any amendment or supplement made through the incorporation by reference of ordinary course Exchange Act filings), (i) furnish to the Holders copies of all such documents proposed to be filed,
which documents will be subject to the reasonable review of such Holders and (ii) use its commercially reasonable efforts to address in each such document when so filed with the Commission such comments as the Holders reasonably shall propose.

 (b) The Company will use commercially reasonable efforts to (i) prepare and file with the Commission such amendments,
including post-effective amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith as may be necessary under applicable law with respect to the disposition of all Registrable Securities covered by
such Registration Statement continuously effective as to the applicable Registrable Securities for its Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register for resale under the
Securities Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; and (iii) respond
as promptly as reasonably possible to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably possible provide the Holders true and complete copies of all
correspondence from and to the Commission relating to such Registration Statement that pertains to the Holders as selling securityholders but not any comments that would result in the disclosure to the Holders of material and non-public information
concerning the Company. 
 (c) The Company will comply in all material respects with the provisions of the Securities Act and
the Exchange Act with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement. 
 (d) The Company will notify the Holders as promptly as reasonably possible (i) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement covering
any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; and (ii) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of
any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose. 
 (e) The Company will use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement, at the earliest practicable moment, or if any such
order or suspension is made effective during any Black-Out Period, at the earliest practicable moment after the Black-Out Period is over. 

  
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 (f) During the Effectiveness Period, the Company will furnish to each Holder, without
charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Person (including those incorporated by reference) promptly after the filing of such documents with the
Commission; provided, that the Company will not have any obligation to provide any document pursuant to this clause that is available on the EDGAR system. 
 (g) The Company will promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (other than any amendment or supplement made through the incorporation by reference
of ordinary course Exchange Act filings) as such Persons may reasonably request during the Effectiveness Period. The Company consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection
with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto in accordance with this Agreement. 
 (h) The Company will, prior to any public offering of Registrable Securities, use commercially reasonable efforts to register or qualify or cooperate with the selling Holders in connection with the
registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the applicable state securities or blue sky laws of those jurisdictions within the United States as any
Holder reasonably requests in writing to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period and use its commercially reasonable efforts to do any and all other acts or things necessary or
advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statements; provided, that the Company will not be required to (i) qualify generally to do business or as a dealer in
securities in any jurisdiction where it is not then so qualified or (ii) take any action which would subject the Company to general service of process or any material tax in any such jurisdiction where it is not then so subject. 

(i) The Company will cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to the Registration Statements, which certificates shall be free, to the extent permitted by the Indenture, of all restrictive legends, and to enable such Registrable Securities to be
in such denominations and registered in such names as any such Holders may request in writing. In connection therewith, if required by the Company’s transfer agent, the Company will promptly after the effectiveness of the Registration Statement
cause an opinion of counsel as to the effectiveness of the Registration Statement to be delivered to its transfer agent when and as required by such transfer agent from time to time, together with any other authorizations, certificates and
directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without legend upon sale by the holder of such shares of Registrable Securities under the Registration Statement.

 (j) The Company will use commercially reasonable efforts to prepare such supplements or amendments, including a
post-effective amendment, if required by applicable law, to each applicable Registration Statement and file any other required document so that such Registration Statement will be Available at all times during the Effectiveness Period;
provided, that no such supplement, amendment or filing will be required during a Black-Out Period. No 

  
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later than 8:00 p.m. (New York time) on any Trading Day on which the Company receives a written notice (a “Use Notice”) prior to 2:00 p.m. (New York time) on such Trading
Day (or if such request is received after 2:00 p.m. (New York time), no later than 8:00 p.m. (New York time) on the following Trading Day) from a Holder that such Holder intends to use the Registration Statement to resell Registrable Securities, the
Company will (A) provide written confirmation to such Holder that the applicable Registration Statement is Available or (B) provide written notice (a “Suspension Notice”) that the use of such Registration Statement
is suspended due to a Black-Out Period. No Suspension Notice will contain the reason for the Black-Out Period. The Company will promptly provide the Holders written notice when the Black-Out Period. If a Black-Out Period commences during any 30
Trading Day period following delivery of a Use Notice and a notice from the Company under clause (A) above, the Company will provide as promptly as practicable the Holders with written notice thereof and that the Registration Statement is no
longer Available. 
 (k) Notwithstanding any other provision of the Agreement, no Holder of Registrable Securities may include
any of its Registrable Securities in the Registration Statement pursuant to this Agreement unless the Holder furnishes to the Company a completed questionnaire substantially in the form of Exhibit A (the “Questionnaire”) for
use in connection with the Registration Statement at least ten (10) Trading Days prior to the filing of the Registration Statement; provided, however, an Investor shall not be required to furnish a Questionnaire in connection with
the initial Registration Statement if such Investor owns Notes initially purchased by such Investor at the Closing as of the initial Filing Date. Each Holder who intends to include any of its Registrable Securities in the Registration Statement
shall promptly furnish the Company in writing such other information as the Company may reasonably request in writing. 
 (l)
The Holders may distribute the Registrable Securities by means of up to two underwritten offerings; provided that (a) the Electing Holders provide written notice to the Company of their intention to distribute Registrable Securities by
means of an underwritten offering, (b) the managing underwriter or underwriters thereof shall be designated by the Electing Holders; provided, however, that such designated managing underwriter or underwriters shall be reasonably
acceptable to the Company, (c) each Holder participating in such underwritten offering agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the persons entitled selecting
the managing underwriter or underwriters hereunder and (d) each Holder participating in such underwritten offering completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements. The Company hereby agrees with each Holder that, in connection with any underwritten offering in accordance with the terms hereof, it will negotiate in good faith and execute all
indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, including using all commercially reasonable efforts to procure customary legal opinions and auditor “comfort”
letters. 
 (m) In the event the Holders seek to complete an underwritten offering pursuant to Section 3(l), for a
reasonable period prior to the filing of any Registration Statement, and throughout the Effectiveness Period, the Company will make available upon reasonable notice at the Company’s principal place of business or such other reasonable place for
inspection 

  
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by the managing underwriter or underwriters selected in accordance with Section 3(l), such financial and other information and books and records of the Company, and cause the officers,
employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not violate an attorney-client privilege in such counsel’s reasonable
belief), to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that the foregoing inspection and information gathering on behalf of the Holders (and any managing
underwriter or underwriters) shall be conducted by legal counsel to the Holders (and legal counsel to such managing underwriter or underwriters); provided further, that each such party shall be required to maintain in confidence and
not to disclose to any other Person any information or records reasonably designated by the Company as being confidential, until such time as (A) such information becomes a matter of public record (whether by virtue of its inclusion in the
Registration Statement or in any other manner other than through the release of such information by any Person afforded access to such information pursuant hereto), or (B) such Person shall be required so to disclose such information pursuant
to a subpoena or order of any court or other governmental agency or body having jurisdiction over the matter (subject to the requirements of such order, and only after such Person shall have given the Company prompt prior written notice of such
requirement). 
 4. Registration Expenses. All fees and expenses incident to the Company’s performance of or
compliance with their obligations under this Agreement (excluding any underwriting discounts and selling commissions, but including all legal fees and expenses of one legal counsel to the Holders) shall be borne by the Company whether or not any
Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and
expenses (A) with respect to filings required to be made with the Trading Market, and (B) in compliance with applicable state securities or blue sky laws), (ii) printing expenses (including, without limitation, expenses of printing
certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is reasonably requested by the holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the
Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of their internal expenses incurred in connection with the consummation of the transactions
contemplated by this Agreement (including, without limitation, all salaries and expenses of their officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with
the listing of the Registrable Securities on any securities exchange as required hereunder. For the avoidance of doubt, each Holder shall pay all underwriting and placement discounts and commissions, agency and placement fees, brokers’
commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities. In addition to the foregoing, the Company shall pay the reasonable legal fees and expenses of the single counsel to the Holders
in connection with the Registration Statement (not to exceed $25,000 in the aggregate); provided, however, if the Holders reasonably determine that local counsel is required in connection with the Registration Statement, then the
Company shall be obligated to pay such reasonable legal fees and expense as well (not to exceed $10,000 in the aggregate). 

  
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 5. Indemnification. 

(a) Indemnification by the Company. The Company will, notwithstanding any termination of this Agreement, jointly and severally,
indemnify and hold harmless each Holder and each underwriter, broker-dealer or selling agent, if any, which facilitates the disposition of Registrable Securities, the officers, directors, agents, partners, members, stockholders and employees of each
of them, each Person who controls any such Holder, underwriter, broker-dealer or selling agent (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, agents and employees of
each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys’
fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of
prospectus (including, without limitation, any “issuer free writing prospectus” as defined in Rule 433) or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus (including, without limitation, any “issuer free writing prospectus” as defined in
Rule 433) or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (i) such Losses arise out of or are based upon any untrue statements, alleged untrue
statements, omissions or alleged omissions that are based solely upon information regarding such Holder, underwriter, broker-dealer or selling agent furnished in writing to the Company by such Person expressly for use therein pursuant to
Section 3(k) or (ii) such Losses arise out of or are based upon transfers of Registrable Securities during a Black-Out Period. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which
the Company is aware in connection with the transactions contemplated by this Agreement. 
 (b) Indemnification by
Holders. Each Holder shall, notwithstanding any termination of this Agreement, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the
meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses,
as incurred, arising solely out of or based solely upon any untrue statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus (including, without limitation, any “issuer free writing
prospectus” as defined in Rule 433), or in any amendment or supplement thereto, or arising solely out of or based solely upon any omission of a material fact required to be stated therein or necessary to make the statements therein (in the case
of any Prospectus, or any form of prospectus (including, without limitation, any “issuer free writing prospectus” as defined in Rule 433) or supplement thereto, in light of the circumstances under which they were made) not misleading to
the extent, but only to the extent, that such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by 

  
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such Holder in the Questionnaire or otherwise expressly for use therein. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net
proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

(c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to
indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party
shall be permitted to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party (whose approval shall not be unreasonably withheld) and the payment of all fees and expenses incurred in
connection with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent
that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party.

 An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense
thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall
have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding (whose approval shall not be unreasonably withheld); or (3) the named parties to any
such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were
to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying
Party shall not have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party); provided that the Indemnifying Party shall not be liable for the fees and expenses of more than one separate
firm of attorneys at any time for all Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld. No
Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of
such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 
 All fees and expenses of
the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as
incurred, promptly upon receipt of written notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided that the Indemnifying
Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder). 

  
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 (d) Contribution. If a claim for indemnification under Section 5(a) or 5(b) is
unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such
Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or
omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 5(c), any reasonable attorneys’ or
other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party
in accordance with its terms. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 5(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions
of this Section 5(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding
exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties and are not in diminution or
limitation of the indemnification provisions under the Purchase Agreement. 
 6. Facilitation of Sales Pursuant to Rule
144. To the extent it shall be required to do so under the Exchange Act, the Company shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13 and
15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), and shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable
Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144. Upon the request of any Holder in connection with that Holder’s sale pursuant to Rule 144, the Company shall
deliver to such Holder a written statement as to whether it has complied with such requirements. 

  
 12 

 7. Miscellaneous. 

(a) Remedies. In the event of a breach by the Company or by a Holder, of any of their obligations under this Agreement, each
Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this
Agreement. The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and further agree that, in the event of
any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 
 (b) Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, that it will not commence a disposition of Registrable Securities under the Registration
Statement until such Holder has received (A) written confirmation from the Company of the availability of the Registration Statement as described in Section 3(j)(A), (B) written confirmation from the Company that the Black-Out Period
has ceased as described in Section 3(j) or (C) copies of the supplemented Prospectus and/or amended Registration Statement as described in Section 3(j), and, in each case, has also received copies of any additional or supplemental
filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. 

(c) Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the
Company and the Electing Holders. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any
other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right. 

(d) Notices. Except where explicitly stated otherwise, any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this
Section prior to 5:00 p.m. (New York time) on a Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this Agreement later than 5:00
p.m. (New York time) on any date and earlier than 11:59 p.m. (New York time) on such date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the
party to whom such notice is required to be given. The address for such notices and communications shall be as follows: 
  

			
	    If to the Company:	  	 Netflix, Inc.

		  	 100 Winchester Circle

		  	 Los Gatos, California 95032

		  	 Facsimile No.: (408) 317-0414

		  	 Attention: General Counsel

		  	 Email: dhyman@netflix.com

  
 13 

			
	    With a copy to:	  	 Wilson Sonsini Goodrich & Rosati

		  	 650 Page Mill Road
 Palo Alto, CA 94304

		  	 Attention: John Fore and Robert Sanchez

		  	 Facsimile: (650) 493-6811 and (202) 973-8899

		  	 Email: jfore@wsgr.com and
 rsanchez@wsgr.com

		
	    If to the Investors:	  	 Technology Crossover Ventures

		  	 528 Ramona Street

		  	 Palo Alto, CA 94301

		  	 Fax No.: (650) 614-8222

		  	 Attention: Carla S. Newell

		  	                  Frederic D. Fenton

		
	    With a copy to:	  	 Latham & Watkins LLP

		  	 140 Scott Drive

		  	 Menlo Park, CA 94025

		  	 Attention: Josh Dubofsky

		  	 Facsimile: (650) 463-2600

		  	 Email: josh.dubofsky@lw.com

 or such other address as may be designated in writing hereafter, in the same manner, by such Person. 

(e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns
of each of the parties and shall inure to the benefit of each Holder; provided, however, that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of
the Indenture. The Company may not assign (other than by operation of law) its rights or obligations hereunder without the prior written consent of the Electing Holders. The Investors may not assign their rights and obligations hereunder (other than
by operation of law); provided that an Investor may assign its rights and obligations hereunder to an Affiliate of such Investor. Upon any distribution of the Registrable Securities to the limited partners of an Investor, this Agreement shall
inure to the benefit of and be binding upon such limited partners receiving the Registrable Securities. 
 (f) Execution and
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together shall constitute one and the same Agreement. In the event that any

  
 14 

 
signature is delivered by facsimile or electronic mail transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed)
the same with the same force and effect as if such signature delivered by facsimile or electronic mail transmission were the original thereof. 
 (g) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to choice of laws or conflicts of laws provisions thereof
that would require the application of the laws of any other jurisdiction. 
 (h) Submission to Jurisdiction. Each of the
parties to this Agreement irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the courts of the State of New York sitting in New York County and of the United States District Court of the Southern
District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for the recognition or enforcement of any judgment, and each of the parties hereto irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(i) Waiver of Venue. Each of the parties to this Agreement irrevocably and unconditionally waives, to the fullest extent permitted
by applicable law, (i) any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement in any court referred to in Section 7(h) and (ii) the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (j) Cumulative Remedies. The
remedies provided herein are cumulative and not exclusive of any remedies provided by law. 
 (k) Severability. If any
term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain
in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that
contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including
any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (l) Entire Agreement. This
Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof, and supersedes all other prior agreements and understandings, both written and oral, between the parties, with respect to the subject
matter hereof. 
 (m) Headings; Section References. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof. Unless otherwise stated, references to Sections, Schedules and Exhibits are to the Sections, Schedules and Exhibits of this Agreement. 

[Signature Pages Follow] 

  
 15 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above. 
  

			
	NETFLIX, INC.
		
	By:	 	 /s/ David Hyman

	Name:	 	David Hyman
	Title:	 	General Counsel and Secretary

 [Signature Page to the Registration Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed or caused this Agreement to be executed as of
the date first written above. 
  

			
	PURCHASERS:
	
	 TCV VII, L.P.
 a Cayman Islands exempted limited partnership,
acting by its general partner

	
	 Technology Crossover Management VII, L.P.
 a Cayman Islands exempted limited partnership, acting by its general partner

	
	 Technology Crossover Management VII, Ltd.
 a Cayman Islands exempted company

		
	By:	 	 /s/ Frederic D. Fenton

		
	Name:	 	 Frederic D. Fenton

		
	Title:	 	Authorized Signatory
	
	 TCV VII (A), L.P.
 a Cayman Islands exempted limited partnership,
 acting by its general partner

	
	 Technology Crossover Management VII, L.P.
 a Cayman Islands exempted limited partnership,
 acting by its general partner

	
	 Technology Crossover Management VII, Ltd.
 a Cayman Islands exempted company

		
	By:	 	 /s/ Frederic D. Fenton

		
	Name:	 	 Frederic D. Fenton

		
	Title:	 	Authorized Signatory
	
	 TCV MEMBER FUND, L.P.
 a Cayman Islands exempted limited partnership, acting by its general partner

	
	 Technology Crossover Management VII, Ltd.
 a Cayman Islands exempted company

		
	By:	 	 /s/ Frederic D. Fenton

		
	Name:	 	 Frederic D. Fenton

		
	Title:	 	Authorized Signatory

 [Signature Page to the Registration Rights Agreement] 

 ANNEX A 
 PLAN OF DISTRIBUTION 
 The selling securityholders, including their
pledgees, donees, transferees, distributees, beneficiaries or other successors in interest, may from time to time offer some or all of the shares of common stock (collectively, “Securities”) covered by this
prospectus. To the extent required, this prospectus may be amended and supplemented from time to time to describe a specific plan of distribution. 
 The selling securityholders will not pay any of the costs, expenses and fees in connection with the registration and sale of the shares covered by this prospectus, but they will pay any and all
underwriting discounts, selling commissions and stock transfer taxes, if any, attributable to sales of the shares. We will not receive any proceeds from the sale of the shares of our common stock covered hereby. 

The selling securityholders may sell the Securities covered by this prospectus from time to time, and may also decide not to sell all or
any of the Securities that they are allowed to sell under this prospectus. The selling securityholders will act independently of us in making decisions regarding the timing, manner and size of each sale. These dispositions may be at fixed prices, at
market prices prevailing at the time of sale, at prices related to such prevailing market prices, at varying prices determined at the time of sale, or at privately negotiated prices. Sales may be made by the selling securityholders in one or more
types of transactions, which may include: 
  

	 	•	 	 purchases by underwriters, dealers and agents who may receive compensation in the form of underwriting discounts, concessions or commissions from the
selling securityholders and/or the purchasers of the Securities for whom they may act as agent; 

  

	 	•	 	 one or more block transactions, including transactions in which the broker or dealer so engaged will attempt to sell the Securities as agent but may
position and resell a portion of the block as principal to facilitate the transaction, or in crosses, in which the same broker acts as an agent on both sides of the trade; 

 

	 	•	 	 ordinary brokerage transactions or transactions in which a broker solicits purchases; 

 

	 	•	 	 purchases by a broker-dealer or market maker, as principal, and resale by the broker-dealer for its account; 

 

	 	•	 	 the pledge of Securities for any loan or obligation, including pledges to brokers or dealers who may from time to time effect distributions of
Securities; 

  

	 	•	 	 short sales or transactions to cover short sales relating to the Securities; 

	 	•	 	 one or more exchanges or over the counter market transactions; 

 

	 	•	 	 through distribution by a selling securityholder or its successor in interest to its members, general or limited partners or shareholders (or their
respective members, general or limited partners or shareholders); 

  

	 	•	 	 privately negotiated transactions; 

  

	 	•	 	 the writing of options, whether the options are listed on an options exchange or otherwise; 

 

	 	•	 	 distributions to creditors and equity holders of the selling securityholders; and 

 

	 	•	 	 any combination of the foregoing, or any other available means allowable under applicable law. 

A selling securityholder may also resell all or a portion of its Securities in open market transactions in reliance upon Rule 144 under
the Securities Act provided it meets the criteria and conforms to the requirements of Rule 144. 
 The selling securityholders
may enter into sale, forward sale and derivative transactions with third parties, or may sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in
connection with those sale, forward sale or derivative transactions, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions and by issuing securities that are
not covered by this prospectus but are exchangeable for or represent beneficial interests in the common stock. The third parties also may use shares received under those sale, forward sale or derivative arrangements or shares pledged by the selling
securityholder or borrowed from the selling securityholders or others to settle such third-party sales or to close out any related open borrowings of common stock. The third parties may deliver this prospectus in connection with any such
transactions. Any third party in such sale transactions will be an underwriter and will be identified in the applicable prospectus supplement (or a post-effective amendment to the registration statement of which this prospectus is a part).

 In addition, the selling securityholders may engage in hedging transactions with broker-dealers in connection with
distributions of Securities or otherwise. In those transactions, broker-dealers may engage in short sales of securities in the course of hedging the positions they assume with selling securityholders. The selling securityholders may also sell
securities short and redeliver securities to close out such short positions. The selling securityholders may also enter into option or other transactions with broker-dealers which require the delivery of securities to the broker-dealer. The
broker-dealer may then resell or otherwise transfer such securities pursuant to this prospectus. The selling securityholders also may loan or pledge shares, and the borrower or pledgee may sell or otherwise transfer the Securities so loaned or
pledged pursuant to this prospectus. Such borrower or pledgee also may transfer those Securities to investors in our securities or the selling securityholders’ securities or in connection with the offering of other securities not covered by
this prospectus. 

 To the extent necessary, we may amend or supplement this prospectus from time to time to
describe a specific plan of distribution. We will file a supplement to this prospectus, if required, upon being notified by the selling securityholders that any material arrangement has been entered into with a broker-dealer for the sale of shares
through a block trade, offering or a purchase by a broker or dealer. The applicable prospectus supplement will set forth the specific terms of the offering of securities, including: 

 

	 	•	 	 the number of Securities offered; 

  

	 	•	 	 the price of such Securities; 

  

	 	•	 	 the proceeds to the selling securityholders from the sale of such Securities; 

 

	 	•	 	 the names of the underwriters or agents, if any; 

  

	 	•	 	 any underwriting discounts, agency fees or other compensation to underwriters or agents; and 

 

	 	•	 	 any discounts or concessions allowed or paid to dealers. 

 The selling securityholders may, or may authorize underwriters, dealers and agents to, solicit offers from specified institutions to purchase Securities from the selling securityholders at the public
offering price listed in the applicable prospectus supplement. These sales may be made under “delayed delivery contracts” or other purchase contracts that provide for payment and delivery on a specified future date. Any contracts like this
will be described in and be subject to the conditions listed in the applicable prospectus supplement. 
 Broker-dealers or
agents may receive compensation in the form of commissions, discounts or concessions from the selling securityholders. Broker-dealers or agents may also receive compensation from the purchasers of Securities for whom they act as agents or to whom
they sell as principals, or both. Compensation as to a particular broker-dealer might be in excess of customary commissions and will be in amounts to be negotiated in connection with transactions involving securities. In effecting sales,
broker-dealers engaged by the selling securityholders may arrange for other broker-dealers to participate in the resales. 
 In
connection with sales of Securities covered hereby, the selling securityholders and any underwriter, broker-dealer or agent and any other participating broker-dealer that executes sales for the selling securityholders may be deemed to be an
“underwriter” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, any profits realized by the selling securityholders and any compensation earned by such underwriter,
broker-dealer or agent may be deemed to be underwriting discounts and commissions. Because the selling securityholders may be deemed to be “underwriters” under the Securities Act, the selling securityholders must deliver this prospectus
and any prospectus supplement in the manner required by the Securities Act. This prospectus delivery requirement may be satisfied through the facilities of the NASDAQ Global Select Market in accordance with Rule 153 under the Securities Act.

 We and the selling securityholders have agreed to indemnify each other against certain

 
liabilities, including liabilities under the Securities Act. In addition, we or the selling securityholders may agree to indemnify any underwriters, broker-dealers and agents against or
contribute to any payments the underwriters, broker-dealers or agents may be required to make with respect to, civil liabilities, including liabilities under the Securities Act. Underwriters, broker-dealers and agents and their affiliates are
permitted to be customers of, engage in transactions with, or perform services for us and our affiliates or the selling securityholders or their affiliates in the ordinary course of business. 

The selling securityholders will be subject to applicable provisions of Regulation M of the Securities Exchange Act of 1934 and the rules
and regulations thereunder, which provisions may limit the timing of purchases and sales of any of the Securities by the selling securityholders. Regulation M may also restrict the ability of any person engaged in the distribution of the Securities
to engage in market-making activities with respect to the Securities. These restrictions may affect the marketability of such Securities. 
 In order to comply with applicable securities laws of some states, the Securities may be sold in those jurisdictions only through registered or licensed brokers or dealers. In addition, in certain states
the Securities may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirements is available. In addition, any Securities of a selling securityholder
covered by this prospectus that qualify for sale pursuant to Rule 144 under the Securities Act may be sold in open market transactions under Rule 144 rather than pursuant to this prospectus. 

In connection with an offering of Securities under this prospectus, the underwriters may purchase and sell securities in the open market.
These transactions may include short sales, stabilizing transactions and purchases to cover positions created by short sales. Short sales involve the sale by the underwriters of a greater number of securities than they are required to purchase in an
offering. Stabilizing transactions consist of certain bids or purchases made for the purpose of preventing or retarding a decline in the market price of the securities while an offering is in progress. 

The underwriters also may impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the
underwriting discount received by it because the underwriters have repurchased securities sold by or for the account of that underwriter in stabilizing or short-covering transactions. 

These activities by the underwriters may stabilize, maintain or otherwise affect the market price of the Securities offered under this
prospectus. As a result, the price of the Securities may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they may be discontinued by the underwriters at any time. These transactions may be
effected on the NASDAQ Global Select Market or another securities exchange or automated quotation system, or in the over-the-counter market or otherwise. 

 EXHIBIT A 
 FORM OF 
 SELLING SECURITYHOLDER QUESTIONNAIRE 

Reference is made to that certain registration rights agreement (the “Registration Rights Agreement”), dated as of
November 28, 2011, by and among Netflix, Inc. (the “Company”), TCV VII, L.P., TCV VII (A), L.P. and TCV Member Fund, L.P. Capitalized terms used and not defined herein shall have the meanings given to such terms in the
Registration Rights Agreement. 
 The undersigned Holder (the “Selling Securityholder”) of the Registrable Securities is
providing this Selling Securityholder Questionnaire pursuant to Section 3(k) of the Registration Rights Agreement. The Selling Securityholder, by signing and returning this Selling Securityholder Questionnaire, understands that it will be bound
by the terms and conditions of this Selling Securityholder Questionnaire and the Registration Rights Agreement. The Selling Securityholder hereby acknowledges its indemnity obligations pursuant to Section 5(b) of the Registration Rights
Agreement. 
 The Selling Securityholder provides the following information to the Company and represents and warrants that such information is
accurate and complete: 
  

							
	(1)	 	(a)	 	Full Legal Name of Selling Securityholder:	 	
				
		 		 	  
	 	
			
		 	(b)	 	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities listed in (3) below are held:
				
		 		 	  
	 	
			
		 	(c)	 	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable Securities listed in (3) below are
held:
				
		 		 	  
	 	
			
	 (2)
	 	Address for Notices to Selling Securityholder:	 	
				
		 		 	  
	 	
				
		 		 	  
	 	

  

			
		
	Telephone (including area code):	 	                             
                                         
                                  

  

			
		
	Fax (including area code):	 	                             
                                         
                                         
     

  

			
		
	Contact Person:	 	                             
                                         
                                         
                     

 

							
	(3)	 	Beneficial Ownership of Registrable Securities:
		
		 	
                           
                                         
                                         
                                   

		
	(a)	 	Type and Principal Amount/Number of Registrable Securities beneficially owned:
		
		 	
                           
                                         
                                         
                                   

		
	(b)	 	CUSIP No(s). of such Registrable Securities beneficially owned:
		
		 	
                           
                                         
                                         
                                   

	(4)	 	Beneficial Ownership of Other Securities of the Company Owned by the Selling Securityholder:

 Except as set forth below in this Item (4), the Selling Securityholder is not the
beneficial or registered owner of any securities of the Company other than the Registrable Securities listed above in Item (3). 
  

	 	(a)	Type and Amount of Other Securities beneficially owned by the Selling Securityholder: 

	
	
                        
                                         
                                         
  

  

	(b)	CUSIP No(s). of such Other Securities beneficially owned: 

  

	(5)	Relationship with the Company: 

Except as set forth below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity
holders (5% or more) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years. 
 State any exceptions here: 
  

	(6)	Is the Selling Securityholder a registered broker-dealer? 

  

			
	Yes	 	 ̈
	No	 	 ̈

 If “Yes”, please answer subsection (a) and subsection (b): 

 

					
	 	  	(a) Did the Selling Securityholder acquire the Registrable Securities as compensation for
underwriting/broker-dealer activities to the Company?
			
		  	Yes	  	 ̈
		  	No	  	 ̈
		
		  	(b) If you answered “No” to question 6(a), please explain your reason for acquiring the Registrable Securities:
		
		  	                           
                                         
                                         
                   
		
		  	                           
                                         
                                         
                   

  

	(7)	Is the Selling Securityholder an affiliate of a registered broker-dealer? 

  

			
	Yes	  	 ̈
	No	  	 ̈

 If “Yes”, please identify the registered broker-dealer(s), describe the nature of the
affiliation(s) and answer subsection (a) and subsection (b): 

	
	
	                            
                                         
                                         
                                         
     
	
	                            
                                         
                                         
                                         
     

  

					
		
		  	(a) Did the Selling Securityholder purchase the Registrable Securities in the ordinary course of business (if no, please explain)?
			
		  	Yes	  	 ̈
		  	No	  	 ̈
			
	Explain:	  		  	
	
	                           
                                         
                                         
                                         
      
	
	                           
                                         
                                         
                                         
      
		
		  	(b) Did the Selling Securityholder have an agreement or understanding, directly or indirectly, with any person to distribute the Registrable Securities at the same
time the Registrable Securities were originally purchased (if yes, please explain)?
			
		  	Yes	  	 ̈
		  	No	  	 ̈

  

					
	Explain:	  	 	  	 

  

	(8)	Is the Selling Securityholder a non-public entity? 

  

					
	Yes	  	 ̈
	No	  	 ̈

 If “Yes”, please answer subsection (a): 
  

					
		  		  	(a) Identify the natural person or persons that have voting or investment control over the Registrable Securities that the non-public entity owns:

 (9) Plan of Distribution: 
 The Selling Securityholder (including its donees and pledgees) intends to distribute the Registrable Securities listed above in Item (3) pursuant to the Registration Statement in accordance with the
Plan of Distribution attached as Annex A to the Registration Rights Agreement. 
 The Selling Securityholder acknowledges that it understands
its obligations to comply with the provisions of the Securities Exchange Act of 1934, as amended, and the rules thereunder relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection
with any offering of Registrable Securities pursuant to the Shelf Registration Agreement. The Selling Securityholder agrees that neither it nor any person acting on its behalf will engage in any transaction in violation of such provisions.

 Pursuant to the Registration Rights Agreement, the Company has agreed under certain circumstances to indemnify the Selling Securityholder
against certain liabilities. 
 In the event the Selling Securityholder transfers all or any portion of the Registrable Securities listed in
Item (3) above after the date on which such information is provided to the Company other than pursuant to the Registration Statement, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and
obligations under this Selling Securityholder Questionnaire and the Registration Rights Agreement. 
 In accordance with the Selling
Securityholder’s obligation under the Registration Rights Agreement to provide such information as may be required by law or by the staff of the Commission for inclusion in the Registration Statement, the Selling Securityholder agrees to
promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at anytime while the Registration Statement remains effective. All notices to the Selling Securityholder
pursuant to the Registration Rights Agreement shall be made in writing, by hand-delivery, first-class mail, or air courier guaranteeing overnight delivery to the address set forth below. 
 By signing below, the Selling Securityholder consents to the disclosure of the information contained herein in its answers to Items (1) through (9) above and the inclusion of such information in
the Registration Statement and the related Prospectus. The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related Prospectus.

 By signing below, the undersigned agrees that if the Company notifies the undersigned that the Registration
Statement is not available pursuant to the terms of the Registration Rights Agreement, the undersigned will suspend use of the Prospectus until notice from the Company that the Prospectus is again available. 

Once this Selling Securityholder Questionnaire is executed by the undersigned and received by the Company, the terms of this Selling Securityholder
Questionnaire, and the representations, warranties and agreements contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors, heirs, personal representatives, and assigns of the Company
and the undersigned with respect to the Registrable Securities beneficially owned by the undersigned and listed in Item (3) above. This Selling Securityholder Questionnaire shall be governed by and construed in accordance with the laws of the
State of New York without regard to choice of laws or conflicts of laws provisions thereof that would require the application of the laws of any other jurisdiction. 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Selling
Securityholder Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

													
	 Dated:
	 	  
	 		 		 		 		 	

  

					
	
	  

	Beneficial Owner
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 PLEASE RETURN THE COMPLETED AND EXECUTED 

SELLING SECURITYHOLDER QUESTIONNAIRE TO THE COMPANY AT:Supplemental Executive Retirement Plan

 Exhibit 10.1 
 FRATERNITY FEDERAL SAVINGS AND LOAN ASSOCIATION 
 SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN 

 FRATERNITY FEDERAL SAVINGS AND LOAN ASSOCIATION 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 Table of Contents 
  

							
	 ARTICLE I
	  	 Introduction
	  	 	1	  
			
	 ARTICLE II
	  	 Definitions
	  	 	1	  
			
	 ARTICLE III
	  	 Eligibility and Participation
	  	 	3	  
			
	 ARTICLE IV
	  	 Benefits
	  	 	4	  
			
	 ARTICLE V
	  	 Accounts
	  	 	5	  
			
	 ARTICLE VI
	  	 Supplemental Benefit Payments
	  	 	6	  
			
	 ARTICLE VII
	  	 Claims Procedures
	  	 	7	  
			
	 ARTICLE VIII
	  	 Amendment and Termination
	  	 	8	  
			
	 ARTICLE IX
	  	 General Provisions
	  	 	8	  

 ARTICLE I 
 INTRODUCTION 
 Section 1.01 Purpose, Design and Intent. 

 

	(a)	The purpose of the Fraternity Federal Savings and Loan Association Supplemental Executive Retirement Plan (the “Plan”) is to assist Fraternity Federal Savings
and Loan Association (the “Association”) in retaining the services of key employees until their retirement, to induce such employees to use their best efforts to enhance the business of the Association and its affiliates, and to provide
certain supplemental retirement benefits to such employees, which cannot otherwise be provided under certain tax-qualified retirement plans. 

  

	(b)	The Plan, in relevant part, is intended to constitute an unfunded “excess benefit plan” as defined in Section 3(36) of the Employee Retirement Income
Security Act of 1974, as amended. In this respect, the Plan is specifically designed to provide certain key employees with retirement benefits that would have been provided under various tax-qualified retirement plans sponsored by the Association
but for the applicable limitations placed on benefits and contributions under such plans by various provisions of the Internal Revenue Code of 1986, as amended. 

 ARTICLE II 
 DEFINITIONS 

Section 2.01 Definitions. In this Plan, whenever the context so indicates, the singular or the plural number and the masculine or
feminine gender shall be deemed to include the other, the terms “he,” “his,” and “him,” shall refer to a Participant or a beneficiary of a Participant, as the case may be, and, except as otherwise provided, or unless
the context otherwise requires, the capitalized terms shall have the following meanings: 
 (a) “401(k) Plan” means
Fraternity Federal Savings and Loan Association 401(k) Plan. 
 (b) “Applicable Limitations” means one or more of the
following, as applicable: 
  

	 	(i)	the maximum limitations on annual additions to a tax-qualified defined contribution plan under Section 415(c) of the Code; and 

 

	 	(ii)	the maximum limitation on the annual amount of compensation that may, under Section 401(a)(17) of the Code, be taken into account in determining contributions to
and benefits under tax-qualified plans; and 

  

	 	(iii)	the maximum limitations, under Section 401(k), 401(m), or 402(g) of the Code, on pre-tax contributions that may be made to a qualified defined contribution plan.

 (c) “Association” means Fraternity Federal Savings and Loan Association and its successors. 

(d) “Board of Directors” means the Board of Directors of the Association. 

(e) “Change in Control” means a change in control as defined in Section 409A of the Code and rules, regulations, and
guidance of general application thereunder issued by the Department of the Treasury, including: 
  

	 	(i)	Change in ownership: a change in ownership of the Corporation occurs on the date any one person or group accumulates ownership of Corporation stock constituting
more than 50% of the total fair market value or total voting power of Corporation stock; or 

  
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	 	(ii)	Change in effective control: (x) any one person or more than one person acting as a group acquires within a 12-month period ownership of Corporation
stock possessing 30% or more of the total voting power of Corporation stock, or (y) a majority of the Corporation’s board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed
in advance by a majority of the Corporation’s board of directors; or 

  

	 	(iii)	Change in ownership of a substantial portion of assets: a change in ownership of a substantial portion of the Corporation’s assets occurs if in a 12-month
period any one person or more than one person acting as a group acquires from the Corporation assets having a total gross fair market value equal to or exceeding 40% of the total gross fair market value of all of the Corporation’s assets
immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the value of the Corporation’s assets, or the value of the assets being disposed of, determined without regard to any liabilities associated
with the assets. 

 (f) “Code” means the Internal Revenue Code of 1986, as amended. 

(g) “Committee” means the person(s) designated by the Board of Directors, pursuant to Section 9.02 of the Plan, to
administer the Plan. 
 (h) “Common Stock” means the common stock of the Corporation. 

(i) “Corporation” means Fraternity Community Bancorp, Inc. and its successors. 

(j) “Eligible Individual” means any Employee who participates in the ESOP or 401(k) Plan, as the case may be, and whom the Board
of Directors determines is one of a “select group of management or highly compensated employees,” as such phrase is used for purposes of Sections 101, 201, and 301 of ERISA. 
 (k) “Employee” means any person employed by the Association or an Affiliate. 
 (l) “Employer” means the Association or Affiliate thereof that employs the Employee. 
 (m) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 (n) “ESOP” means the Fraternity Federal Savings and Loan Association Employee Stock Ownership Plan, as amended from time to time. 

(o) “ESOP Acquisition Loan” means a loan or other extension of credit incurred by the trustee of the ESOP in connection with the
purchase of Common Stock on behalf of the ESOP. 
 (p) “ESOP Valuation Date” means any day as of which the investment
experience of the trust fund of the ESOP is determined and individuals’ accounts under the ESOP are adjusted accordingly. 
 (q)
“Effective Date” means November 22, 2011. 

  
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 (r) “Participant” means an Eligible Employee who is entitled to benefits under the
Plan. 
 (s) “Plan” means this Fraternity Federal Savings and Loan Association Supplemental Executive Retirement Plan,
as amended from time to time. 
 (t) “Separation from Service” means a termination of a Participant’s services
(whether as an employee or as an independent contractor) to the Association. Whether a Separation from Service has occurred shall be determined in accordance with the requirements of Section 409A of the Code based on whether the facts and
circumstances indicate that the Association and the Participant reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Participant would performed after a certain date or
(whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the
immediately preceding thirty-six (36) month period. 
 (u) “Supplemental ESOP Account” means an account established
by an Employer, pursuant to Section 5.01 of the Plan, with respect to a Participant’s Supplemental ESOP Benefit. 
 (v)
“Supplemental ESOP Benefit” means the benefit credited to a Participant pursuant to Section 4.01 of the Plan. 

(w) “Supplemental Savings Account” means an account established by an Employer, pursuant to Section 5.03 of the Plan, with
respect to a Participant’s Supplemental Savings Benefit. 
 (x) “Supplemental Savings Benefit” means the benefit
credited to a Participant pursuant to Section 4.03 of the Plan. 
 (y) “Supplemental Stock Ownership Account” means
an account established by an Employer, pursuant to Section 5.02 of the Plan, with respect to a Participant’s Supplemental Stock Ownership Benefit. 
 (z) “Supplemental Stock Ownership Benefit” means the benefit credited to a Participant pursuant to Section 4.02 of the Plan. 

ARTICLE III 

ELIGIBILITY AND PARTICIPATION 
 Section 3.01 Eligibility and Participation. 
  

	(a)	Each Eligible Employee may participate in the Plan. An Eligible Employee shall become a Participant in the Plan upon designation as such by the Board of Directors. An
Eligible Employee whom the Board of Directors designates as a Participant in the Plan shall commence participation as of the date established by the Board of Directors. The Board of Directors shall establish an Eligible Employee’s date of
participation at the same time it designates the Eligible Employee as a Participant in the Plan. 

  

	(b)	The Board of Directors may, at any time, designate an Eligible Employee as a Participant for any or all supplemental benefits provided for under Article IV of the Plan.

  
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 ARTICLE IV 
 BENEFITS 
 Section 4.01 Supplemental ESOP Benefit. 

As of the last day of each plan year of the ESOP, the Employer shall credit the Participant’s Supplemental ESOP Account with a Supplemental ESOP
Benefit equal to the excess of (a) over (b), where: 
  

	(a)	Equals the annual contributions made by the Employer and/or the number of shares of Common Stock released for allocation in connection with the repayment of an ESOP
Acquisition Loan that would otherwise be allocated to the accounts of the Participant under the ESOP for the applicable plan year, if the provisions of the ESOP were administered without regard to any of the Applicable Limitations; and

  

	(b)	Equals the annual contributions made by the Employer and/or the number of shares of common stock released for allocation in connection with the repayment of an ESOP
Acquisition Loan that are actually allocated to the accounts of the Participant under the provisions of the ESOP for that particular plan year, after giving effect to any reduction of such allocation required by any of the Applicable Limitations.

 Section 4.02 Supplemental Stock Ownership Benefit. 

 

	(a)	Upon a Change in Control, the Employer shall credit to the Participant’s Supplemental Stock Ownership Account a Supplemental Stock Ownership Benefit equal to
(i) less (ii), the result of which is multiplied by (iii), where: 

  

	 	(i)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium
related to such ESOP Acquisition Loans) that would have been allocated or credited for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, had the Participant continued in the employ of the Employer through the first
ESOP Valuation Date following the last scheduled payment of principal and interest on all ESOP Acquisition Loans outstanding at the time of the Change in Control; and 

 

	 	(ii)	Equals the total number of shares of Common Stock acquired with the proceeds of all ESOP Acquisition Loans (together with any dividends, cash proceeds, or other medium
related to such ESOP Acquisition Loans) and allocated for the benefit of the Participant under the ESOP and/or this Plan, as the case may be, as of the first ESOP Valuation Date following the Change in Control; and 

 

	 	(iii)	Equals the fair market value of the Common Stock immediately preceding the Change in Control. 

 

	(b)	For purposes of clause (i) of subsection (a) of this Section 4.02, the total number of shares of Common Stock shall be determined by multiplying the sum
of (i) and (ii) by (iii), where: 

  

	 	(i)	Equals the average of the total shares of Common Stock acquired with the proceeds of an ESOP Acquisition Loan and allocated for the benefit of the Participant under the
ESOP as of the three most recent ESOP Valuation Dates preceding the Change in Control (or lesser number if the Participant has not participated in the ESOP for three full years); 

  
 4 

	 	(ii)	Equals the average number of shares of Common Stock credited to the Participant’s Supplemental ESOP Account for the three most recent plan years of the ESOP (such
that the three most recent plan years coincide with the three most recent ESOP Valuation Dates referred to in (i) above); and 

  

	 	(iii)	Equals the original number of scheduled annual payments on the ESOP Acquisition Loan. 

 Section 4.03 Supplemental Savings Benefit. 
 A Participant’s Supplemental
Savings Benefit under the Plan shall be equal to the excess of (a) over (b), where: 
  

	(a)	is the sum of the matching contributions and other contributions of the Employer that would otherwise be allocated to an account of the Participant under the 401(k)
Plan for a particular year, if the provisions of the 401(k) Plan were administered without regard to any of the Applicable Limitations; and 

  

	(b)	is the sum of the matching contributions and other contributions of the Employer that are actually allocated on account of the Participant under the provisions of the
401(k) Plan for that particular year, after giving effect to any reduction of such allocation required by any of the Applicable Limitations. 

 ARTICLE V 
 ACCOUNTS 

Section 5.01 Supplemental ESOP Benefit Account. 
 For each Participant who is credited with a benefit pursuant to Section 4.01 of the Plan, the Employer shall establish, as a memorandum account on its books, a Supplemental ESOP Account. Each year,
the Committee shall credit to the Participant’s Supplemental ESOP Account the amount of benefits determined under Section 4.01 of the Plan for that year. The Committee shall credit the account with an amount equal to the appropriate number
of shares of Common Stock or other medium of contribution that would have otherwise been made to the Participant’s accounts under the ESOP but for the limitations imposed by the Code. Shares of Common Stock shall be valued under this Plan in
the same manner as under the ESOP. Cash contributions credited to a Participant’s Supplemental ESOP Account shall be credited annually with interest at a rate equal to the combined weighted return provided to the Participant’s non-stock
accounts under the ESOP. 
 Section 5.02 Supplemental Stock Ownership Account. 

The Employer shall establish, as a memorandum account on its books, a Supplemental Stock Ownership Account. Upon a Change in Control, the Committee shall
credit to the Participant’s Supplemental Stock Ownership Account the amount of benefits determined under Section 4.02 of the Plan. The Committee shall credit the account with an amount equal to the appropriate number of shares of Common
Stock or other medium of contribution that would have otherwise been made to the Participant’s accounts under the ESOP. Shares of Common Stock shall be valued under this Plan in the same manner as under the ESOP. Cash contributions credited to
a Participant’s Supplemental Stock Ownership Account shall be credited annually with interest at a rate equal to the combined weighted return provided to the Participant’s non-stock accounts under the ESOP. 

  
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 Section 5.03 Supplemental Savings Account. 

The Employer shall establish a memorandum account on its books, a Supplemental Savings Account, for each Participant, and each year the Committee will
credit the amount of contributions determined under Section 4.03 of the Plan. Contributions credited to a Participant’s Supplemental Savings Account shall be credited monthly with interest at a rate equal to the combined weighted return
provided to the Participant’s account(s) under the 401(k) Plan. 
 ARTICLE VI 

SUPPLEMENTAL BENEFIT PAYMENTS 
 Section 6.01 Payment of Supplemental ESOP Benefit. 
  

	(a)	A Participant’s Supplemental ESOP Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary (as designated on a
form acceptable to the Employer), in a single lump sum cash payment as soon as administratively practicable, but in no event not later than sixty (60) days, following the Participant’s Separation from Service. 

 

	(b)	A Participant shall have a non-forfeitable right to the Supplemental ESOP Benefit credited to him under this Plan in the same percentage as he has with respect to
benefits allocated to him under the ESOP at the time the benefits become distributable to him under the ESOP. 

Section 6.02 Payment of Supplemental Stock Ownership Benefit. 

 

	(a)	A Participant’s Supplemental Stock Ownership Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary (as
designated on a form acceptable to the Employer), in a single lump sum cash payment as soon as administratively practicable, but in no event not later than sixty (60) days, following the Participant’s Separation from Service.

  

	(b)	A Participant shall always have a fully non-forfeitable right to the Supplemental Stock Ownership Benefit credited to him under this Plan. 

Section 6.03 Payment of Supplemental Savings Benefit. 
  

	(a)	A Participant’s Supplemental Savings Benefit shall be paid to the Participant or, in the event of the Participant’s death, to his beneficiary (as designated
on a form acceptable to the Employer) in a single sum cash payment, as soon as administratively practicable, but in no event not later than sixty (60) days, following the Participant’s Separation from Service. 

 

	(b)	A Participant shall have a non-forfeitable right to his Supplemental Savings Benefit under this Plan in the same percentage as he has to any matching contributions
under the 401(k) Plan at the time of his Separation from Service. 

 Section 6.04 Payment to Specified Employees.

 Notwithstanding anything in Article VI, if when a Separation from Service occurs the Participant is a “specified
employee” within the meaning of Section 409A of the Code, the benefit shall be paid to the Participant in a single lump sum cash payment without interest on the first business day of the seventh (7th) month after which the Participant incurs a Separation from
Service. 

  
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 ARTICLE VII 
 CLAIMS PROCEDURES 
 Section 7.01 Claims Reviewer. 

For purposes of handling claims with respect to this Plan, the “Claims Reviewer” shall be the Committee, unless the Committee designates
another person or group of persons as Claims Reviewer. 
 Section 7.02 Claims Procedure. 

 

	(a)	An initial claim for benefits under the Plan must be made by the Participant or his beneficiary or beneficiaries in accordance with the terms of this Section 7.02.

  

	(b)	Not later than ninety (90) days after receipt of such a claim, the Claims Reviewer will render a written decision on the claim to the claimant, unless special
circumstances require the extension of such 90-day period. If such extension is necessary, the Claims Reviewer shall provide the Participant or the Participant’s beneficiary or beneficiaries with written notification of such extension before
the expiration of the initial 90-day period. Such notice shall specify the reason or reasons for the extension and the date by which a final decision can be expected. In no event shall such extension exceed a period of ninety (90) days from the
end of the initial 90-day period. 

  

	(c)	In the event the Claims Reviewer denies the claim of a Participant or any beneficiary in whole or in part, the Claims Reviewer’s written notification shall
specify, in a manner calculated to be understood by the claimant, the reason for the denial; a reference to the Plan or other document or form that is the basis for the denial; a description of any additional material or information necessary for
the claimant to perfect the claim; an explanation as to why such information or material is necessary; and an explanation of the applicable claims procedure. 

 

	(d)	Should the claim be denied in whole or in part and should the claimant be dissatisfied with the Claims Reviewer’s disposition of the claimant’s claim, the
claimant may have a full and fair review of the claim by the Committee upon written request submitted by the claimant or the claimant’s duly authorized representative and received by the Committee within sixty (60) days after the claimant
receives written notification that the claimant’s claim has been denied. In connection with such review, the claimant or the claimant’s duly authorized representative shall be entitled to review pertinent documents and submit the
claimant’s views as to the issues, in writing. The Committee shall act to deny or accept the claim within sixty (60) days after receipt of the claimant’s written request for review unless special circumstances require the extension of
such 60-day period. If such extension is necessary, the Committee shall provide the claimant with written notification of such extension before the expiration of such initial 60-day period. In all events, the Committee shall act to deny or accept
the claim within one hundred and twenty (120) days of the receipt of the claimant’s written request for review. The action of the Committee shall be in the form of a written notice to the claimant and its contents shall include all of the
requirements for action on the original claim. 

  

	(e)	In no event may a claimant commence legal action for benefits the claimant believes are due the claimant until the claimant has exhausted all of the remedies and
procedures afforded the claimant by this Article VII. 

  
 7 

 ARTICLE VIII 
 AMENDMENT AND TERMINATION 
 Section 8.01 Amendment of the Plan.

 The Association may from time to time and at any time amend the Plan; provided, however, that such amendment may not adversely affect the
rights of any Participant or beneficiary with respect to any benefit under the Plan to which the Participant or beneficiary may have previously become entitled prior to the effective date of such amendment without the consent of the Participant or
beneficiary. The Committee shall be authorized to make minor or administrative changes to the Plan, as well as amendments required by applicable federal or state law (or authorized or made desirable by such statutes); provided, however, that such
amendments must subsequently be ratified by the Board of Directors. 
 Section 8.02 Termination of the Plan. 

The Association may terminate the Plan at any time; provided, however, that such termination may not adversely affect the rights of any Participant or
beneficiary with respect to any benefit under the Plan to which the Participant or beneficiary may have previously become entitled prior to the effective date of such termination without the consent of the Participant or beneficiary. Any amounts
credited to the supplemental accounts of any Participant shall remain subject to the provisions of the Plan and no distribution of benefits shall be accelerated because of termination of the Plan. 

ARTICLE IX 

GENERAL PROVISIONS 

Section 9.01 Unfunded, Unsecured Promise to Make Payments in the Future. 
 The right of a Participant or any beneficiary to receive a distribution under this Plan shall be an unsecured claim against the general assets of the Association or its Affiliates, and neither a
Participant, nor his designated beneficiary or beneficiaries, shall have any rights in or against any amount credited to any account under this Plan or any other assets of the Association or an Affiliate. The Plan at all times shall be considered
entirely unfunded both for tax purposes and for purposes of Title I of ERISA. Any funds invested hereunder shall continue for all purposes to be part of the general assets of the Association or an Affiliate and available to its general creditors in
the event of bankruptcy or insolvency. Accounts under this Plan and any benefits which may be payable pursuant to this Plan are not subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, attachment, or
garnishment by creditors of a Participant or a Participant’s beneficiary. The Plan constitutes a mere promise by the Association or Affiliate to make benefit payments in the future. No interest or right to receive a benefit may be taken, either
voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such Participant or beneficiary, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings.

 Section 9.02 Committee as Plan Administrator. 

 

	(a)	The Plan shall be administered by the Committee designated by the Board of Directors of the Association. 

 

	(b)	 The Committee shall have the authority, duty and power to interpret and construe the provisions of the Plan as it deems appropriate. The Committee
shall have the duty and responsibility of maintaining records, making the requisite calculations and disbursing the payments hereunder. In 

  
 8 

	 	
addition, the Committee shall have the authority and power to delegate any of its administrative duties to employees of the Association or an Affiliate, as they may deem appropriate. The
Committee shall be entitled to rely on all tables, valuations, certificates, opinions, data and reports furnished by any actuary, accountant, controller, counsel or other person employed or retained by the Association with respect to the Plan. The
interpretations, determinations, regulations and calculations of the Committee shall be final and binding on all persons and parties concerned. 

 Section 9.03 Expenses. 
 Expenses of administration of the Plan shall be paid
by the Association or an Affiliate. 
 Section 9.04 Statements. 
 The Committee shall furnish individual annual statements of accrued benefits to each Participant, or current beneficiary, in such form as determined by the Committee or as required by law. 

Section 9.05 Rights of Participants and Beneficiaries. 

 

	(a)	The sole rights of a Participant or beneficiary under this Plan shall be to have this Plan administered according to its provisions and to receive whatever benefits he
may be entitled to hereunder. 

  

	(b)	Nothing in the Plan shall be interpreted as a guaranty that any funds in any trust which may be established in connection with the Plan or assets of the Association or
an Affiliate will be sufficient to pay any benefit hereunder. 

  

	(c)	The adoption and maintenance of this Plan shall not be construed as creating any contract of employment or service between the Association or an Affiliate and any
Participant or other individual. The Plan shall not affect the right of the Association or an Affiliate to deal with any Participants in employment or service respects, including their hiring, discharge, compensation, and other conditions of
employment or service. 

 Section 9.06 Incompetent Individuals. 

The Committee may, from time to time, establish rules and procedures which it determines to be necessary for the proper administration of the Plan and
the benefits payable to a Participant or beneficiary in the event that such Participant or beneficiary is declared incompetent and a conservator or other person is appointed and legally charged with that Participant’s or beneficiary’s
care. Except as otherwise provided for herein, when the Committee determines that such Participant or beneficiary is unable to manage his financial affairs, the Committee may pay such Participant’s or beneficiary’s benefits to such
conservator, person legally charged with such Participant’s or beneficiary’s care, or institution then contributing toward or providing for the care and maintenance of such Participant or beneficiary. Any such payment shall constitute a
complete discharge of any liability of the Association or an Affiliate and the Plan for such Participant or beneficiary. 
 Section 9.07
Sale, Merger or Consolidation of the Association. 
 The Plan may be continued after a sale of assets of the Association, or a merger
or consolidation of the Association into or with another corporation or entity only if, and to the extent that, the transferee, purchaser or successor entity agrees to continue the Plan. Additionally, upon a merger, consolidation or other Change in
Control, any amounts credited to Participant’s deferral accounts shall be placed in a 

  
 9 

 
grantor trust to the extent not already in such a trust. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall be terminated subject to
the provisions of Section 8.02 of the Plan. Any legal fees incurred by a Participant in determining benefits to which such Participant is entitled under the Plan following a sale, merger, or consolidation of the Association or an Affiliate of
which the Participant is an Employee or, if applicable, a member of the Board of Directors, shall be paid by the resulting or succeeding entity. 
 Section 9.08 Location of Participants. 
 Each Participant shall keep the
Association informed of his current address and the current address of his designated beneficiary or beneficiaries. The Association shall not be obligated to search for any person. If such person is not located within three (3) years after the
date on which payment of the Participant’s benefits payable under this Plan may first be made, payment may be made as though the Participant or his beneficiary had died at the end of such three-year period. 

Section 9.09 Liability of the Association and its Affiliates. 
 Notwithstanding any provision herein to the contrary, neither the Association nor any individual acting as an employee or agent of the Association shall be liable to any Participant, former Participant,
beneficiary, or any other person for any claim, loss, liability or expense incurred in connection with the Plan, unless attributable to fraud or willful misconduct on the part of the Association or any such employee or agent of the Association.

 Section 9.10 Governing Law. 
 All questions pertaining to the construction, validity and effect of the Plan shall be determined in accordance with the laws of the United States and, to the extent not preempted by such laws, by the
laws of the State of Maryland. 
 [Signature page follows] 

  
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 This Plan has been approved and adopted by the Board of Directors of the Association and is effective as of
January 1, 2011. 
  

							
	Attest:	 		 	FRATERNITY FEDERAL SAVINGS AND LOAN ASSOCIATION
				
	 /s/ Thomas K. Sterner
	 		 	By:	 	 /s/ Michael P. O’Shea

		 		 		 	For the entire of Board of Directors

  
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