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Telecommunication industries and spectrum regulation authorities are increasingly interested in unlocking the 12 GHz band for two-way 5G terrestrial services. The 12 GHz band has a much larger bandwidth than the current sub-6 GHz band and better propagation characteristics than the millimeter wave (mmWave) band. Thus, the 12 GHz band offers great potential for improving the coverage and capacity of terrestrial 5G networks. However, interference issues between incumbent receivers and 5G radio links present a major challenge in the 12 GHz band. If one could exploit the dynamic contexts inherent to the 12 GHz band, one could reform spectrum sharing policy to create spectrum access opportunities for 5G mobile services. This article makes three contributions. First, it presents the characteristics and challenges of the 12 GHz band. Second, we explain the characteristics and requirements for spectrum sharing at a variety of levels to resolve those issues. Lastly, we present several research opportunities to enable harmonious coexistence of incumbent licensees and 5G networks within the 12 GHz band.