Document:

Exhibit 4.2

 

	
  REGISTERED

  	
   

  	
   

  	
   

  	
  REGISTERED

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NO. FLR-

  	
   

  	
  MEDIUM-TERM
  NOTE, SERIES C

  	
   

  	
  PRINCIPAL AMOUNT:

  
	
   

  	
   

  	
  (Floating
  Rate)

  	
   

  	
  U.S.$

  
	
   

  	
   

  	
   

  	
   

  	
  CUSIP: 25468PCD6

  

 

Unless and until it is exchanged in whole or in part
for Notes in definitive form, this Note may not be transferred except as a
whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary. Unless this certificate is presented by an authorized
representative of The Depository Trust Company, New York, New York (“DTC”), to
the issuer or its agent for registration of transfer, exchange or payment, and
any certificate issued is registered in the name of Cede & Co. or such
other name as requested by an authorized representative of DTC and any payment
is made to Cede & Co. or such other entity as requested by an authorized
representative of DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof,
Cede & Co., has an interest herein.

 

	
  ORIGINAL ISSUE DATE:  September 11, 2006

  	
  ORIGINAL ISSUE PRICE: 100%

  
	
  MATURITY DATE:  September 10, 2009

  	
  EARLIEST REDEMPTION DATE:

  
	
  INITIAL MATURITY DATE (for Renewable Notes):

  	
   

  
	
  FINAL MATURITY DATE (for Renewable Notes):

  	
   

  
	
  INITIAL INTEREST RATE:  5.490%

  	
  REDEMPTION PRICE: 

  
	
  BASE RATE OR RATES:

  	
  INTEREST PAYMENT DATES: March 10, June 10, September
  10 and December 10, commencing December 10, 2006

  
	
  o
  COMMERCIAL PAPER RATE

  	
   

  
	
  x LIBOR:

  	
   

  
	
  o
  Reuters Monitor Money Rates Service

  	
   

  
	
  x
  Moneyline Telerate

  	
  REGULAR RECORD DATES: Fifteenth day (whether or not
  a Business Day) immediately preceding the related Interest Payment Dates or
  Dates

  
	
  o
  Index Currency

  	
   

  
	
  o
  CD RATE

  	
   

  
	
  o
  FEDERAL FUNDS RATE

  	
  INTEREST PAYMENT PERIOD:

  
	
  o
  TREASURY RATE

  	
  o
  Monthly

  
	
  o
  PRIME RATE

  	
  x
  Quarterly

  
	
  o
  CMT RATE

  	
   

  
	
  o Telerate
  Page 7051

  	
  o
  Semiannually

  
	
  o Telerate
  Page 7052

  	
  o
  Annually

  
	
  o
  Week

  	
   

  
	
  o
  Month

  	
   

  
	
  o CMT
  Maturity Index:

  	
   

  
	
  o J.J.
  KENNY RATE

  	
   

  
	
  o
  ELEVENTH DISTRICT COST OF FUNDS RATE

  	
   

  
	
  o
  EURIBOR

  	
   

  
	
  o
  OTHER:

  	
   

  
	
  SPREAD: plus 10 basis
  points 

  	
   

  
	
  (Indicate plus or minus

  	
  INTEREST RESET PERIOD:

  
	
  and number of basis
  points)

  	
  o
  Daily

  
	
  SPREAD MULTIPLIER:     

  	
  o
  Weekly

  
	
  INDEX MATURITY:

  	
  o
  Monthly

  
	
  o
  1 Month

  	
  x
  Quarterly

  
	
  x
  3 Months

  	
  o
  Semiannually    

  
	
  o
  6 Months

  	
  o
  Annually

  
	
  o
  1 Year

  	
   

  
	
  o
  OTHER:

  	
  INTEREST RESET DATES:

  
	
   

  	
  CALCULATION AGENT:

  
	
   

  	
  x
  WELLS FARGO BANK, N.A.

  
	
  MAXIMUM INTEREST
  RATE:     %

  	
  o
  OTHER:

  
	
  MINIMUM INTEREST
  RATE:     %

  	
   

  

 

 

1

 

Dated:

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of the Notes of the series designated
herein referred to in the within-mentioned Indenture.

 

WELLS FARGO BANK, N.A., as
Trustee

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  	
   

  

 

2

 

THE WALT DISNEY COMPANY, a corporation duly organized and existing
under the laws of the State of Delaware (herein referred to as the “Company”),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the Principal Amount specified above on the Maturity Date specified
above and to pay interest thereon from the Original Issue Date specified above
or from the most recent Interest Payment Date to which interest has been paid or
duly provided for at a rate per annum equal to the Initial Interest Rate
specified above until the first Interest Reset Date specified above following
the Original Issue Date specified above and thereafter at a rate determined in
accordance with the provisions below under the heading “Determination of
Commercial Paper Rate,” “Determination of LIBOR,” “Determination of CD Rate,” “Determination
of Federal Funds Rate,” “Determination of Treasury Rate,” “Determination of
Prime Rate,” “Determination of CMT Rate,” “Determination of J.J. Kenny Rate,” “Determination
of Eleventh District Cost of Funds Rate” or “Determination of EURIBOR”
depending upon whether the applicable Base Rate specified above is the
Commercial Paper Rate, LIBOR, CD Rate, Federal Funds Rate, Treasury Rate, Prime
Rate, CMT Rate, J.J. Kenny Rate, Eleventh District Cost of Funds Rate or
EURIBOR, which rate may be adjusted by adding or subtracting the Spread or
multiplying the Base Rate by the Spread Multiplier depending on whether a
Spread or Spread Multiplier is specified above, until the principal hereof is
paid or duly made available for payment. The “Spread,” if any, is the number of
basis points to be added to or subtracted from the Base Rate or Rates, as
specified above, and the “Spread Multiplier,” if any, is the percentage of the
Base Rate or Rates, as specified above, by which such Base Rate or Rates are to
be multiplied. The “Index Maturity,” if any, is the period to maturity of the
instrument or obligation with respect to which the related Base Rate or Rates
are calculated, as designated above. If more than one Base Rate is specified
above, the applicable Base Rate shall be the lowest of such Base Rates on the
Interest Determination Date. The Company will pay interest in arrears monthly, quarterly,
semiannually or annually as specified above under “Interest Payment Period,”
commencing with the first Interest Payment Date specified above next succeeding
the Original Issue Date and thereafter on the Interest Payment Dates as
specified above, and at Maturity. The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in the
Indenture (as defined below), be paid to the Person in whose name this Note (or
one or more Predecessor Securities) is registered at the close of business on
the Regular Record Date set forth above (whether or not a Business Day), as the
case may be, next preceding such Interest Payment Date; provided,
however, that the interest payment at Maturity shall be payable to
the Person to whom principal shall be payable. If the Maturity of this Note
falls on a day that is not a Business Day, the payment of principal and
interest may be made on the next succeeding Business Day, and no interest on
such payment shall accrue for the period from and after the Maturity. Except as
otherwise provided in the Indenture, any interest not punctually paid or duly
provided for on any Interest Payment Date (herein called “Defaulted Interest”)
will forthwith cease to be payable to the Holder on the Regular Record Date
with respect to such Interest Payment Date and may either be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee (as defined below), notice of which shall
be given to Holders of Notes not less than ten days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in the Indenture. Payment of the principal of and interest, if
any, on this Note will be made at the office or agency of the Company
maintained for that purpose, initially designated to be the Corporate Trust
Office of the Trustee in Los Angeles, California, and at such additional
offices or agencies as the Company may designate, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts; provided, however,
that at the option of the Company, payments of principal of and interest on
this Note may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the register of Securities or by wire
transfer of immediately available funds to the account of the Holder of this
Note if appropriate wire transfer instructions have been received in writing by
the Trustee not less than 15 days prior to the applicable payment date.  Notwithstanding the foregoing, the Company
will make payments of interest, if any, on any Interest Payment Date other than
the Maturity Date to each registered Holder of $10,000,000 (or, if the payment
currency is other than United States dollars, the equivalent thereof in the
particular payment currency) or more in aggregate principal amount of
definitive Notes (whether having identical or different terms and provisions)
by wire transfer of immediately available funds if the applicable 

 

3

 

registered Holder has delivered appropriate wire transfer instructions
in writing to the Trustee not less than 15 days prior to the particular Interest
Payment Date.  Any wire transfer
instructions received by the Trustee shall remain in effect until revoked by
the applicable registered Holder.

 

Reference is hereby made to the further provisions of
this Note set forth below, which further provisions shall for all purposes have
the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has
been executed by the Trustee or its duly appointed co-authenticating agent by
manual signature, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

 

This Note is one of a duly authorized issue of
securities (herein called the “Securities”) of the Company  (which term includes any successor
corporation under the Indenture hereinafter referred to) issued and to be
issued pursuant to such Indenture. This Security is one of a series designated
by the Company as its Medium-Term Notes, Series C. The Indenture does not limit
the aggregate principal amount of the Securities.

 

The Company issued this Note pursuant to an Indenture,
dated as of September 24, 2001 (herein called the “Indenture”), between the
Company and Wells Fargo Bank, N.A., a national banking association, as trustee
(herein called the “Trustee,” which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and
Holders of the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered.

 

The Notes are issuable as Registered Securities,
without coupons, in denominations of $2,000 and any amount in excess thereof
which is an integral multiple of $1,000. As provided in the Indenture and
subject to certain limitations therein set forth, Notes are exchangeable for a
like aggregate principal amount of Notes of like tenor of any authorized
denomination, as requested by the Holder surrendering the same, upon surrender
of the Note or Notes to be exchanged at any office or agency described below
where Notes may be presented for registration of transfer.

 

The Company may from time to time, without the consent
of existing Note Holders, issue additional Notes having the same terms and
conditions (including maturity and interest payment terms) as previously issued
Notes in all respects, except for issue date, issue price and the first payment
of interest.  Additional Notes issued in
this manner will be fungible with the previously issued Notes to the extent
specified in the applicable Pricing Supplement.

 

This Note may not be redeemed prior to the Earliest
Redemption Date set forth above. If no Earliest Redemption Date is so set
forth, this Note is not redeemable prior to the Maturity Date. This Note is
redeemable at any time on or after the Earliest Redemption Date set forth above
at the option of the Company, in whole or from time to time in part, upon not
less than 30 nor more than 60 days’ notice mailed to the registered Holder
hereof, at the Redemption Price equal to the amount set forth above, together
in each case with accrued interest to but excluding the Redemption Date.

 

Notwithstanding the preceding paragraph, installments
of interest whose Stated Maturity is prior to the Redemption Date of any Note
will be payable to the Holder of such Note, or one or more Predecessor
Securities, of record at the close of business on the relevant Regular Record
Dates referred to above, all as provided in the Indenture.

 

All notices  of redemption shall state the Redemption
Date, the Redemption Price, if fewer than all the outstanding Notes with the
same Original Issue Date, Base Rate or Rates and Stated Maturity are to be
redeemed, the identification (and, in the case of partial redemption, the
principal amounts) of Notes to be redeemed, that on and including the
Redemption Date the Redemption Price will become due and payable upon 

 

4

 

each Note, or portion thereof, to be redeemed, that
interest on each Note, or portion thereof, called for redemption will cease to
accrue on the Redemption Date and the place or places where Notes may be
surrendered for redemption. However, payment of the Redemption Price, together
with accrued interest to but excluding the Redemption Date, for a Note for
which a redemption notice has been delivered is conditioned upon delivery of
such Note (with, if the Company or the Trustee so requires, due endorsement by,
or a written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in
writing) to the office or agency of the Company maintained for that purpose,
initially designated to be the Corporate Trust Office of the Trustee in Los
Angeles, California, and at such additional offices or agencies as the Company
may designate, at any time (whether prior to, on or after the Redemption Date)
after delivery of the redemption notice. 
Payment of the Redemption Price for the Note (or portion thereof to be
redeemed), together with accrued interest to the Redemption Date, will be made
on the later of the Redemption Date or promptly following the time of delivery
of the Note.  If fewer than all of the
Notes with the same Original Issue Date, Base Rate or Rates and Stated Maturity
are to be redeemed at any time, selection of such Notes for redemption will be
made by the Trustee by such method as the Trustee shall deem fair and
appropriate.

 

In the event of redemption of this Note in part only,
a new Note or Notes of like tenor for the aggregate principal amount equal to
and in exchange for the unredeemed portion of the principal of the Notes so
surrendered will be issued in the name of the Holder hereof upon the cancellation
hereof.

 

For all purposes of this Note and the Indenture,
unless the context otherwise requires, all provisions relating to the
redemption by the Company of Notes shall relate, in the case of any Notes
redeemed or to be redeemed by the Company only in part, to the portion of the
principal amount of such Notes which has been or is to be so redeemed.

 

Commencing with the first Interest Reset Date
specified above following the Original Issue Date, the rate at which interest
on this Note is payable shall be adjusted daily, weekly, monthly, quarterly,
semiannually or annually as specified above under “Interest Reset Period.” If
any Interest Reset Date specified above would otherwise be a day that is not a
Business Day, such Interest Reset Date shall be postponed to the next
succeeding day that is a Business Day, except that if the rate of interest on
this Note shall be determined with reference to the provisions under the
heading “Determination of LIBOR” or “Determination of EURIBOR” below, and such
Business Day is in the next succeeding calendar month, such Interest Reset Date
shall be the last Business Day in the preceding month. If any Interest Payment
Date (other than an Interest Payment Date occurring on the Maturity Date)
specified above falls on a day that is not a Business Day, such Interest
Payment Date shall be the following day that is a Business Day, except that if
the rate of interest on the Note shall be determined with reference to the
provisions under the heading “Determination of LIBOR” or “Determination of
EURIBOR” below, and such Business Day is in the next succeeding calendar month,
such Interest Payment Date shall be the immediately preceding day that is a
Business Day. “Business Day” means any day, other than a Saturday or Sunday, that
is neither a legal holiday nor a day on which commercial banks are authorized
or required by law, regulation or executive order to close in The City of New
York; provided, however, that with respect to
Notes the payment of which is to be made in a denominated currency other than
U.S. dollars, such day is also not a day on which commercial banks are
authorized or required by law, regulation or executive order to close in the
Principal Financial Center of the country of such denominated currency; provided, however, that with respect to LIBOR Notes only,
such day is also a London Business Day; and provided, further,
that with respect to EURIBOR Notes and notes denominated in Euros only, such
day is also a TARGET Business Day. “London Business Day” means any day on which
commercial banks are open for business (including dealings in the LIBOR
currency) in London.  “TARGET Business
Day” means any day on which the Trans-European Automated Real-Time Gross
Settlement Express Transfer System is open. 
“Principal Financial Center” means, as applicable: (a) the capital city
of the country issuing the payment currency; or (b) the capital city of the
country to which the LIBOR currency relates; provided,
however, that with respect to United States dollars, Australian dollars,
Canadian dollars, Deutsche marks, Dutch guilders, Italian lire, Portuguese
escudos, South African rand and Swiss francs, the “Principal Financial Center”
shall be The City of 

 

5

 

New York, Sydney and (solely in the case of the payment currency)
Melbourne, Toronto, Frankfurt, Amsterdam, Milan, London (solely in the case of
the LIBOR currency), Johannesburg and Zurich, respectively. The interest rate
applicable to each Interest Reset Period commencing on the Interest Reset Date
or dates with respect to such Interest Reset Period will be the rate determined
on the applicable “Interest Determination Date” determined as specified below.
The rate of interest in effect with respect to this Note on each day that is
not an Interest Reset Date will be the interest rate determined as of the
Interest Determination Date pertaining to the immediately preceding Interest
Reset Date and the interest rate in effect on any day that is an Interest Reset
Date will be the interest rate determined as of the Interest Determination Date
pertaining to such Interest Reset Date, subject in either case to any
applicable provisions of law and any Maximum Interest Rate or Minimum Interest
Rate limitations specified above; provided, however, that
the interest rate in effect with respect to this Note for the period from the
Original Issue Date to the first Interest Reset Date will be the Initial
Interest Rate specified above.

 

In addition to any Maximum Interest Rate specified
above, the interest rate on this Note will in no event be higher than the
maximum rate permitted by New York law, as the same may be modified by United
States law of general application.

 

All percentages resulting from any calculation on this
Note will be rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with five one-millionths of a percentage point rounded
upward, and all amounts used in or resulting from such calculation on this Note
will be rounded, in the case of United States dollars, to the nearest cent, or
in the case of a foreign currency, to the nearest unit (with one-half cent or
unit being rounded upward).

 

Determination of Commercial Paper Rate.  If
the Commercial Paper Rate is the Base Rate or one of the Base Rates specified
above, the interest rate payable with respect to this Note shall be calculated
by the Calculation Agent with reference to the Commercial Paper Rate and the
Spread or Spread Multiplier, if any, specified above, in accordance with the
following provisions:

 

“Commercial Paper Rate”
means, with respect to any Interest Determination Date specified below (a “Commercial
Paper Rate Interest Determination Date”), the Money Market Yield (as defined
below) on such date of the rate for commercial paper having the Index Maturity
specified above as published in H.15(519), under the heading “Commercial
Paper-Nonfinancial.” In the event that such rate is not published by 3:00 P.M.,
New York City time, on the Calculation Date pertaining to such Commercial Paper
Rate Interest Determination Date, then the Commercial Paper Rate will be the
Money Market Yield on such Commercial Paper Interest Determination Date of the
rate for commercial paper of the Index Maturity specified above as published in
H.15 Daily Update, or such other recognized electronic source used for the
purpose of displaying the applicable rate, under the heading “Commercial
Paper-Nonfinancial.” If such rate is not published in either H.15(519) or H.15
Daily Update by 3:00 P.M., New York City time, on such Calculation Date, then
the Commercial Paper Rate will be calculated by the Calculation Agent and will
be the Money Market Yield of the arithmetic mean of the offered rates, as of
approximately 11:00 A.M., New York City time, on such Commercial Paper Interest
Determination Date, of three leading dealers of United States dollar commercial
paper in New York, New York (which may include one or more of the Agents or
their affiliates) selected by the Calculation Agent (after consultation with
the Company) for commercial paper of the Index Maturity specified above placed
for an industrial issuer whose bond rating is “AA,” or the equivalent, from a
nationally recognized statistical rating agency; provided,
however, that if the dealers selected as aforesaid by the Calculation
Agent are not quoting as mentioned in this sentence, the rate of interest in
effect for the applicable period will be the same as the interest rate in
effect on such Commercial Paper Interest Determination Date.

 

“Money Market Yield”
shall be a yield (expressed as a percentage) calculated in accordance with the
following formula: 

	
  Money Market Yield =

  	
   D X 360 

  360 - (D X M)

  	
  X 100

  
	
   

  

 

6

 

where “D” refers to the applicable per annum rate for
commercial paper quoted on a bank discount basis and expressed as a decimal and
“M” refers to the actual number of days in the interest period for which
interest is being calculated.

 

“H.15(519)” as used herein means the weekly
statistical release designated as H.15(519), or any successor publication,
published by the Board of Governors of the Federal Reserve System.

 

“H.15 Daily Update” as used herein means the daily
update of H.15(519), available through the world-wide-web site of the Board of
Governors of the Federal Reserve System at http:/www.federalreserve.gov/releases/h15/update,
or any successor site or publication.

 

 

Determination of LIBOR.  If
LIBOR is the Base Rate or one of the Base Rates specified above, the interest
rate payable with respect to this Note shall be calculated by the Calculation
Agent with reference to LIBOR and the Spread or Spread Multiplier, if any,
specified above, in accordance with the following provisions:

 

With respect to any
Interest Determination Date specified below (a “LIBOR Interest Determination
Date”), LIBOR will be determined as follows: (a) if “LIBOR Reuters” is
specified above, the arithmetic mean of the offered rates for deposits in the
Index Currency having the Index Maturity specified above, commencing on the
second London Business Day immediately following such LIBOR Interest
Determination Date, that appears on the LIBOR Page (as defined below) as of
11:00 A.M., London time, on that LIBOR Interest Determination Date, if at least
two such offered rates appear on the LIBOR Page, or (b) if “LIBOR Telerate”
is specified above or if neither “LIBOR Reuters” nor “LIBOR Telerate” is
specified above, the rate for deposits in the Index Currency having the Index
Maturity specified above, commencing on the second London Business Day  immediately following such LIBOR Interest
Determination Date, that appears on the LIBOR Page (as defined below) as of
11:00 A.M., London time, on such LlBOR Interest Determination Date. “LIBOR Page”
means either:  (1) if “LIBOR Reuters” is
specified above, the display on the Reuter Monitor Money Rates Service (or any
successor service) on the page specified above (or any other page as may
replace that page on that service) for the purpose of displaying the London
interbank rates of major banks for the index currency; or (2) if “LIBOR
Telerate” is specified above or neither “LIBOR Reuters” nor “LIBOR Telerate” is
specified above as the method for calculating LIBOR, the display on Moneyline
Telerate (or any successor service) on the page specified above (or any other
page as may replace such page on such service) for the purpose of displaying
the London interbank rates of major banks for the index currency.  If fewer than two offered rates appear on the
LIBOR Page, or if no rate appears on the LIBOR Page, as applicable, LIBOR in
respect of that LlBOR Interest Determination Date will be determined as if the
parties had specified the rate described below.

 

If fewer than two offered
rates appear on the LIBOR Page or if no rate appears on the LIBOR Page, as
applicable, LIBOR will be determined as of approximately 11:00 A.M., London
time, on such LIBOR Interest Determination Date on the basis of the rate at
which deposits in the applicable Index Currency having the Index Maturity
specified above are offered by four major reference banks (which may include
affiliates of the Agents) in the London interbank market selected by the
Calculation Agent (after consultation with the Company) commencing on the
second London Business Day immediately following such LIBOR Interest Determination
Date and in a principal amount equal to an amount that is representative for a
single transaction in such market at such time. The Calculation Agent will
request the principal London office of each of such banks to provide a
quotation of its rate. If at least two such quotations are provided, then LIBOR
for such LIBOR Interest Determination Date will be the arithmetic mean of such
quotations. If fewer than two quotations are provided, then LIBOR for such
LIBOR Interest Determination Date will be the arithmetic mean of the rates
quoted as of approximately 11:00 A.M. in the applicable Principal Financial
Center (as defined above), on such LIBOR Interest Determination Date by 

 

7

 

three major banks (which may include affiliates of the
Agents) in such Principal Financial Center selected by the Calculation Agent
(after consultation with the Company) for loans in the applicable Index
Currency to leading European banks having the specified Index Maturity, and in
a principal amount equal to an amount of not less than $1,000,000 (or the
equivalent in the Index Currency, if the Index Currency is not the U.S. dollar)
and that is representative for a single transaction in such market at such
time; provided, however, that if the banks
selected as aforesaid by the Calculation Agent are not quoting as mentioned in
this sentence, the rate of interest in effect for the applicable period will be
the same as the interest rate in effect on such LIBOR Interest Determination
Date.

 

“Index Currency” means
the index currency (including composite currencies) specified above as the
currency for which LIBOR shall be calculated. 
If no such index currency is specified above, the Index Currency shall
be U.S. dollars.

 

Determination of CD Rate.  If
the CD Rate is the Base Rate specified above, the interest rate payable with
respect to this Note shall be calculated by the Calculation Agent with
reference to the CD Rate and the Spread or Spread Multiplier, if any, specified
above, in accordance with the following provisions:

 

“CD Rate” means, with
respect to any Interest Determination Date specified below (a “CD Interest
Determination Date”), the rate on such date for negotiable certificates of
deposit having the Index Maturity designated above, as such rate published in
H.15(519) under the caption “CDs (secondary market)” or, if not yet published
by 3:00 P.M., New York City time, on the Calculation Date pertaining to such CD
Interest Determination Date, the CD Rate will be the rate on such CD Interest
Determination Date for negotiable certificates of deposit of the Index Maturity
as published in H.15 Daily Update, or such other recognized electronic source
used for the purpose of displaying the applicable rate, under the caption “CDs
(secondary market)”. If by 3:00 P.M., New York City time, on the Calculation
Date pertaining to such CD Interest Determination Date such rate is not yet
published in either H.15(519) or H.15 Daily Update, then the CD Rate on such CD
Interest Determination Date will be calculated by the Calculation Agent and
will be the arithmetic mean of the secondary market offered rates as of 10:00
A.M., New York City time, on such CD Interest Determination Date, of three
leading non-bank dealers in negotiable U.S. dollar certificates of deposit in
The City of New York (which may include one or more of the Agents or their
affiliates) selected by the Calculation Agent (after consultation with Disney)
for negotiable certificates of deposit of major United States money market banks
for negotiable United States certificates of deposit with a remaining maturity
closest to the Index Maturity specified above in an amount that is
representative for a single transaction in that market at that time; provided, however, that if the dealers selected as aforesaid
by the Calculation Agent are not quoting as set forth above, the rate of
interest in effect for the applicable period will be the same as the interest
rate in effect on such CD Interest Determination Date.

 

Determination of Federal Funds Rate.  If
the Federal Funds Rate is the Base Rate specified above, the interest rate
payable with respect to this Note shall be calculated by the Calculation Agent
with reference to the Federal Funds Rate and the Spread or Spread Multiplier,
if any, specified above, in accordance with the following provisions:

 

“Federal Funds  Rate” means, with respect  to any Interest Determination Date  specified below  (a “Federal Funds  Interest Determination Date”), the rate on
such date for Federal Funds as published in H.15(519) under the heading “Federal
Funds (Effective)” and displayed on Moneyline Telerate (or any successor
service) on page 120 (or any other page as may replace the specified page on
that service) (“Telerate Page 120”) or, if the rate does not so appear on
Telerate Page 120 or is not so published by 3:00 P.M., New York City time,
on the Calculation Date pertaining to such Federal 

 

8

 

Funds Interest Determination Date, the Federal Funds
Rate will be the rate on such Federal Funds Interest Determination Date for
United States dollar federal funds as published in H.15 Daily Update, or such
other recognized electronic source used for the purpose of displaying the
applicable rate, under the caption “Federal Funds (Effective)”. If, by 3:00
P.M., New York City time, on the Calculation Date pertaining to such Federal
Funds Interest Determination Date such rate is not yet published in H.15(519),
the Federal Funds Rate for such Federal Funds Interest Determination Date will
be calculated by the Calculation Agent and will be the arithmetic mean of the
rates for the last transaction in overnight United States dollars Federal Funds
arranged by three leading brokers of Federal Funds transactions in The City of
New York (which may include one or more of the Agents or their affiliates),
which brokers have been selected by the Calculation Agent (after consultation
with Disney), as of 9:00 A.M., New York City time, on such Federal Funds
Interest Determination Date; provided, however, that,
if the brokers selected as aforesaid by the Calculation Agent are not quoting
as set forth above, the rate of interest in effect for the applicable period
will be the same as the interest rate in effect on such Federal Funds Interest
Determination Date.

 

Determination of Treasury Rate.  If
the Treasury Rate is the Base Rate specified above, the interest rate payable
with respect to this Note shall be calculated by the Calculation Agent with
reference to the Treasury Rate and the Spread or Spread Multiplier, if any,
specified above, in accordance with the following provisions:

 

“Treasury Rate” means,
with respect to any Interest Determination Date specified below (a “Treasury
Rate Interest Determination Date”), the rate from the auction held on the
Treasury Rate Interest Determination Date (the “Auction”) of direct obligations
of the United States (“Treasury Bills”) having the Index Maturity specified
above, under the caption “INVESTMENT RATE” on the display on Moneyline Telerate
(or any successor service) on page 56 (or any other page as may replace that
page on that service) (“Telerate Page 56”) or page 57 (or any other page
as may replace that page on that service) (“Telerate Page 57”), or, if not
published by 3:00 P.M., New York City time, on the Calculation Date pertaining
to such Treasury Rate Interest Determination Date, the Bond Equivalent Yield
(as defined below) of the rate for the applicable Treasury Bills as published
in H.15 Daily Update, or another recognized electronic source used for the
purpose of displaying the applicable rate, under the caption “U.S. Government
Securities/Treasury Bills/Auction High”. If the rate referred to in the
preceding sentence is not so published by 3:00 P.M., New York City time,
on the related Calculation Date, the Treasury Rate for that Treasury Rate
Interest Determination Date will be the Bond Equivalent Yield of the auction
rate of the applicable Treasury Bills as announced by the United States
Department of the Treasury. If the rate referred to in the preceding sentence
is not so announced by the United States Department of the Treasury, or if the
Auction is not held, the Treasury Rate for that Treasury Rate Interest
Determination Date will be the Bond Equivalent Yield of the rate on that Treasury
Rate Interest Determination Date of the applicable Treasury Bills as published
in H.15(519) under the caption “U.S. Government Securities/Treasury
Bills/Secondary Market”. If the rate referred to in the preceding sentence is
not so published by 3:00 P.M., New York City time, on the related
Calculation Date, the Treasury Rate for that Treasury Rate Interest
Determination Date will be the rate on that Treasury Rate Interest
Determination Date of the applicable Treasury Bills as published in H.15 Daily
Update, or another recognized electronic source used for the purpose of
displaying the applicable rate, under the caption “U.S. Government
Securities/Treasury Bills/Secondary Market”. 
If the rate referred to in the preceding sentence is not so published by
3:00 P.M., New York City time, on the related Calculation Date, the
Treasury Rate for that Treasury Rate Interest Determination Date will be the
rate on that Treasury Rate Interest Determination Date calculated by the
Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the
secondary market bid rates, as of approximately 3:30 P.M., New York City time,
on such Treasury Rate Interest Determination Date, of three leading primary
United States government securities dealers (which may include one or more of
the Agents or their affiliates) selected by the Calculation Agent (after
consultation with the Company), for the issue of Treasury Bills with a
remaining maturity closest to the Index Maturity specified above; provided, however, that if the dealers selected as aforesaid
by the Calculation Agent are not quoting as set forth in this sentence, the
rate of interest in effect for the applicable period will be the same as the
interest rate in effect on such Treasury Rate Interest Determination Date.

 

“Bond Equivalent Yield”
means a yield (expressed as a percentage) calculated in accordance with the
following formula:

 

9

 

	
   

  	
   

  	
  D X N

  	
   

  	
   

  
	
  Bond Equivalent Yield

  	
  =

  	
  --------------------------

  	
  X

  	
  100

  
	
   

  	
   

  	
  360 - (D X M)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

where “D” refers to the applicable per annum rate for
Treasury Bills quoted on a bank discount basis and expressed as a decimal, “N”
refers to 365 or 366, as the case may be, and “M” refers to the actual number
of days in the applicable Interest Reset Period.

 

Determination of Prime Rate.  If
the Prime Rate is the Base Rate or one of the Base Rates specified above, the
interest rate payable with respect to this Note shall be calculated by the
Calculation Agent with reference to the Prime Rate and the Spread or Spread
Multiplier, if any, specified above, in accordance with the following
provisions:

 

“Prime Rate” means, with
respect to any Interest Determination Date specified below (a “Prime Rate
Interest Determination Date”), the rate published in H.15(519) for such date
under the caption “Bank Prime Loan” or, if not so published by 3:00 P.M., New
York City time, on the Calculation Date pertaining to that Prime Rate Interest
Determination Date, the rate on that Prime Rate Interest Determination Date as
published in H.15 Daily Update or such other recognized electronic source used
for the purpose of displaying the applicable rate, under the caption “Bank
Prime Loan”.  If neither rate is so
published by 3:00 P.M., New York City time, on the Calculation Date, the Prime
Rate for such Prime Rate Interest Determination Date will be calculated by the
Calculation Agent as the arithmetic mean of the rates of interest publicly
announced by each bank that appears on the Reuters Screen USPRIME1 (as defined
below) as such bank’s prime rate or base lending rate as of 11:00 A.M., New
York City time, on such Prime Rate Interest Determination Date, or if fewer
than four such rates appear on the Reuters Screen USPRIME1 for such Prime Rate
Interest Determination Date, the rate shall be the arithmetic mean of the prime
rates quoted on the basis of the actual number of days in the year divided by
360 as of the close of business on such Prime Rate Interest Determination Date
by three major banks (which may include one or more of the Agents or their
affiliates) in The City of New York selected by the Calculation Agent (after
consultation with Disney). If the banks selected by the Calculation Agent are
not quoting as mentioned in the preceding sentence, the “Prime Rate” for the
Interest Reset Period will be the same as the Prime Rate for the immediately
preceding Interest Reset Period (or, if there was no such Interest Reset
Period, the rate of interest payable on the Prime Rate notes for which the
Prime Rate is being determined shall be the Initial Interest Rate). Unless
otherwise specified in the applicable Pricing Supplement, “Reuters Screen
USPRIME1” means the display designated as page “USPRIME1” on the Reuters
Monitor Money Rates Service, or any successor service or page, for the purpose
of displaying prime rates or base lending rates of major United States banks.

 

Determination of CMT Rate.  If CMT Rate is the Base Rate or one of the
Base Rates specified above, the interest rate payable with respect to this Note
shall be calculated by the Calculation Agent with reference to the CMT Rate and
the Spread or Spread Multiplier, if any, specified above, in accordance with
the following provisions:

 

“CMT Rate” means, with
respect to any Interest Determination Date specified below (a “CMT Interest
Determination Date”) relating to a CMT Rate Note or any Floating Rate Note for
which the interest rate is determined with reference to the CMT Rate, if CMT
Telerate Page 7051 is specified above:

 

(a)           the percentage equal to the yield for
United States Treasury securities at “constant maturity” having the Index
Maturity specified above as published in H.15(519) under the caption “Treasury
Constant Maturities”, as the yield is displayed on Moneyline Telerate  (or any successor service) on page 7051 (or
any other page as may replace the specified page on that service) (“Telerate
Page 7051”), for that CMT Interest 

 

10

 

Determination Date, or

 

(b)           if the rate referred to in
clause (a) does not so appear on Telerate Page 7051, the percentage equal
to the yield for United States Treasury securities at “constant maturity”
having the particular index maturity and for that CMT Interest Determination
Date as published in H.15(519) under the caption “Treasury Constant
Maturities”, or

 

(c)           if the rate referred to in
clause (b) does not so appear in H.15(519), the rate on that CMT Interest
Determination Date for the period of the particular Index Maturity as may then
be published by either the Federal Reserve System Board of Governors or the
United States Department of the Treasury that the Calculation Agent determines
to be comparable to the rate which would otherwise have been published in
H.15(519), or

 

(d)           if the rate referred to in
clause (c) is not so published, the rate on that CMT Interest
Determination Date calculated by the Calculation Agent as a yield to maturity
based on the arithmetic mean of the secondary market bid prices at
approximately 3:30 P.M., New York City time, on that CMT Interest Determination
Date of three leading primary United States government securities dealers in
The City of New York (which may include one or more of the Agents or their
affiliates) (each, a “Reference Dealer”), selected by the Calculation Agent
from five Reference Dealers selected by the Calculation Agent and eliminating
the highest quotation, or, in the event of equality, one of the highest, and
the lowest quotation or, in the event of equality, one of the lowest, for
United States Treasury securities with an original maturity equal to the
particular Index Maturity, a remaining term to maturity no more than one year
shorter than that Index Maturity and in a principal amount that is
representative for a single transaction in the securities in that market at
that time, or

 

(e)           if fewer than five but more than two
of the prices referred to in clause (d) are provided as requested, the
rate on that CMT Interest Determination Date calculated by the Calculation
Agent based on the arithmetic mean of the bid prices obtained and neither the
highest nor the lowest of the quotations shall be eliminated, or

 

(f)            if fewer than three prices referred
to in clause (d) are provided as requested, the rate on that CMT Interest
Determination Date calculated by the Calculation Agent as a yield to maturity
based on the arithmetic mean of the secondary market bid prices as of
approximately 3:30 P.M., New York City time, on that CMT Interest
Determination Date of three Reference Dealers selected by the Calculation Agent
from five Reference Dealers selected by the Calculation Agent and eliminating
the highest quotation or, in the event of equality, one of the highest and the
lowest quotation or, in the event of equality, one of the lowest, for United
States Treasury securities with an original maturity greater than the
particular Index Maturity, a remaining term to maturity closest to that Index
Maturity and in a principal amount that is representative for a single
transaction in the securities in that market at that time, or

 

(g)           if fewer than five but more than two
prices referred to in clause (f) are provided as requested, the rate on
that CMT Interest Determination Date calculated by the Calculation Agent based
on the arithmetic mean of the bid prices obtained and neither the highest nor
the lowest of the quotations will be eliminated, or

 

(h)           if fewer than three prices referred
to in clause (f) are provided as requested, the CMT Rate in effect on that
CMT Interest Determination Date;

 

if CMT Telerate Page 7052 is specified above:

 

(a)           the percentage equal to the one-week
or one-month, as specified above, average yield for United States Treasury
securities at “constant maturity” having the Index Maturity specified above as
published in H.15(519) opposite the caption “Treasury Constant Maturities”,
as the yield is displayed on 

 

11

 

Moneyline Telerate (or any successor service) (on page
7052 or any other page as may replace the specified page on that service) (“Telerate
Page 7052”), for the week or month, as applicable, ended immediately preceding
the week or month, as applicable, in which that CMT Interest Determination Date
falls, or

 

(b)           if the rate referred to in
clause (a) does not so appear on Telerate Page 7052, the percentage equal
to the one-week or one-month, as specified above, average yield for United
States Treasury securities at “constant maturity” having the particular Index
Maturity and for the week or month, as applicable, preceding that CMT Interest
Determination Date as published in H.15(519) opposite the caption “Treasury
Constant Maturities,” or

 

(c)           if the rate referred to in
clause (b) does not so appear in H.15(519), the one-week or one-month, as
specified above, average yield for United States Treasury securities at “constant
maturity” having the particular Index Maturity as otherwise announced by the
Federal Reserve Bank of New York for the week or month, as applicable, ended
immediately preceding the week or month, as applicable, in which that CMT
Interest Determination Date falls, or

 

(d)           if the rate referred to in
clause (c) is not so published, the rate on that CMT Interest
Determination Date calculated by the Calculation Agent as a yield to maturity
based on the arithmetic mean of the secondary market bid prices at approximately
3:30 P.M., New York City time, on that CMT Interest Determination Date of
three Reference Dealers selected by the Calculation Agent from five Reference
Dealers selected by the Calculation Agent and eliminating the highest
quotation, or, in the event of equality, one of the highest, and the lowest
quotation or, in the event of equality, one of the lowest, for United States
Treasury securities with an original maturity equal to the particular Index
Maturity, a remaining term to maturity no more than one year shorter than
that Index Maturity and in a principal amount that is representative for a
single transaction in the securities in that market at that time, or

 

(e)           if fewer than five but more than two
of the prices referred to in clause (d) are provided as requested, the
rate on that CMT Interest Determination Date calculated by the Calculation
Agent based on the arithmetic mean of the bid prices obtained and neither the
highest nor the lowest of the quotations shall be eliminated, or

 

(f)            if fewer than three prices referred
to in clause (d) are provided as requested, the rate on that CMT Interest
Determination Date calculated by the Calculation Agent as a yield to maturity
based on the arithmetic mean of the secondary market bid prices as of approximately
3:30 P.M., New York City time, on that CMT Interest Determination Date of
three Reference Dealers selected by the Calculation Agent from five Reference
Dealers selected by the Calculation Agent and eliminating the highest quotation
or, in the event of equality, one of the highest and the lowest quotation or,
in the event of equality, one of the lowest, for United States Treasury
securities with an original maturity greater than the particular Index
Maturity, a remaining term to maturity closest to that Index Maturity and in a
principal amount that is representative for a single transaction in the
securities in that market at the time, or

 

(g)           if fewer than five but more than two
prices referred to in clause (f) are provided as requested, the rate on
that CMT Interest Determination Date calculated by the Calculation Agent based
on the arithmetic mean of the bid prices obtained and neither the highest or
the lowest of the quotations will be eliminated, or

 

(h)           if fewer than three prices referred
to in clause (f) are provided as requested, the CMT Rate in effect on that
CMT Interest Determination Date.

 

If two United States Treasury securities with an
original maturity greater than the Index Maturity specified above have
remaining terms to maturity equally close to the particular Index Maturity, the
quotes for the United States Treasury security with the shorter original
remaining term to maturity will be used.

 

12

 

Determination of J.J. Kenny Rate.
If the J.J. Kenny Rate is the Base Rate or one of the Base Rates specified
above, the interest rate payable with respect to this Note shall be calculated
by the Calculation Agent with reference to the J.J. Kenny Rate and the Spread
or Spread Multiplier, if any, specified above, in accordance with the following
provisions:

 

“J.J. Kenny Rate” means,
with respect to any Interest Determination Date specified below (a “J.J. Kenny
Rate Interest Determination Date”), the per annum rate on the date equal to the
index made available and subsequently published by Kenny Information Systems or
its successor. The rate will be based upon 30-day yield evaluations at par of
bonds of not less than five “high grade” component issuers. The bonds evaluated
will be bonds on which the interest is excludable from gross income for federal
income tax purposes under the Internal Revenue Code of 1986. Kenny Information
Systems will select such issuers from time to time, including issuers of
general obligation bonds. However, the bonds on which the index is based will
not include any bonds the interest on which may trigger an “alternative minimum
tax” or similar tax under the Code, unless such tax may be imposed on all tax-exempt
bonds. If such rate is not made available by 3:00 P.M., New York City time, on
the Calculation Date pertaining to that J.J. Kenny Interest Determination Date,
the J.J. Kenny Rate will be the rate quoted by a successor indexing agent
selected by the Calculation Agent (after consultation with Disney). This rate
will be equal to the prevailing rate for bonds included in the highest short-term
rating category by Moody’s Investors Service, Inc. and Standard & Poor’s
Corporation for issuers selected by such successor indexing agent most closely
resembling the “high grade” component issuers selected by Kenny Information
Systems. The bonds for which rates are quoted will be bonds that may be
tendered by their holders for purchase on not more than seven days’ notice and
the interest on which: is variable on a weekly basis; is excludable from gross
income for federal income tax purposes under the Code; and does not give rise
to an “alternate minimum tax” or similar tax under the Code, unless all tax-exempt
bonds give rise to such a tax. If a successor indexing agent is not available,
the J.J. Kenny Rate on the J.J. Kenny Interest Determination Date will be the
J.J. Kenny Rate for the immediately preceding Interest Reset Period. If there
was no such Interest Reset Period, the J.J. Kenny Rate will be the Initial
Interest Rate.

 

Determination of Eleventh District Cost of Funds
Rate.  If the Eleventh
District Cost of Funds Rate is the Base Rate or one of the Base Rates specified
above, the interest rate payable with respect to this Note shall be calculated
by the Calculation Agent with reference to the Eleventh District Cost of Funds
Rate and the Spread or Spread Multiplier, if any, specified above, in
accordance with the following provisions:

 

“Eleventh District Cost
of Funds Rate” means, with respect to any Interest Determination Date specified
below (an “Eleventh District Cost of Funds Interest Determination Date”), the
rate equal to the monthly weighted average cost of funds for the calendar month
immediately preceding the month in which the Eleventh District Cost of Funds
Interest Determination Date falls as set forth under the caption “11th
District” on the display on Moneyline Telerate (or any successor service) on
page 7058 (or any other page as may replace the specified page on that service)
(“Telerate Page 7058”) as of 11:00 A.M., San Francisco time, on the
Eleventh District Cost of Funds Interest Determination Date. If such rate does
not appear on Telerate page 7058 on any related Eleventh District Cost of
Funds Interest Determination Date, the Eleventh District Cost of Funds Rate for
the Eleventh District Cost of Funds Interest Determination Date will be the
Eleventh District Cost of Funds Rate Index. If the FHLB of San Francisco fails
to announce the rate for the calendar month next preceding the Eleventh
District Cost of Funds Interest Determination Date, then the Eleventh District
Cost of Funds Rate for that date will be the Eleventh District Cost of Funds
Rate in effect on that Eleventh District Cost of Funds Interest Determination
Date.

 

The “Eleventh District
Cost of Funds Rate Index” will be the monthly weighted average cost of funds
paid by member institutions of the Eleventh Federal Home Loan Bank District
that the FHLB of San Francisco most recently announced as the cost of funds for
the calendar month preceding the date of the announcement.

 

Determination of EURIBOR.  If EURIBOR is the Base Rate
or one of the Base Rates specified above, the interest 

 

13

 

rate payable with respect to this Note shall be calculated by the
Calculation Agent with reference to EURIBOR and the Spread or Spread
Multiplier, if any, specified above, in accordance with the following
provisions:

 

“EURIBOR” means, with respect to any Interest
Determination Date specified below (a “EURIBOR Interest Determination Date”),
the offered rates for deposits in Euros for the period of the Index Maturity
specified above, commencing on the Interest Reset Date, which appears on
page 248 on Moneyline Telerate, or any successor service or any page that
may replace page 248 on that service, which is commonly referred to as “Telerate
Page 248” as of 11:00 A.M., Brussels time, on that date.  If EURIBOR cannot be determined on a EURIBOR
Interest Determination Date as described in the preceding sentence, then the
Calculation Agent will select four major banks in the Euro-zone interbank
market and request that the principal Euro-zone offices of those four selected
banks provide their offered quotations to prime banks in the Euro-zone
interbank market at approximately 11:00 A.M., Brussels time, on the
EURIBOR Determination Date. These quotations shall be for deposits in Euros for
the period of the specified Index Maturity, commencing on such Interest Reset
Date. Offered quotations must be based on a principal amount equal to at least $1,000,000
or the approximate equivalent in Euros that is representative of a single
transaction in such market at such time. If two or more quotations are
provided, EURIBOR for the Interest Reset Period will be the arithmetic mean of
the quotations. If fewer than two quotations are provided, the Calculation
Agent will select four major banks in the Euro-zone and then determine EURIBOR
for the Interest Reset Period as the arithmetic mean of rates quoted by those
four major banks in the Euro-zone to leading European banks at approximately
11:00 A.M., Brussels time, on the EURIBOR Determination Date. The rates
quoted will be for loans in Euros, for the period of the specified Index
Maturity, commencing on the Interest Reset Date. Rates quoted must be based on
a principal amount of at least $1,000,000 or the approximate equivalent in
Euros that is representative of a single transaction in such market at such
time.  If the banks so selected by the
Calculation Agent are not quoting rates as described above, EURIBOR for the
Interest Reset Period will be the same for the immediately preceding Interest
Reset Period. If there was no such Interest Reset Period, EURIBOR will be the
Initial Interest Rate.

 

“Euro-zone” means the region comprised of member
states of the European Union that adopt the single currency in accordance with
the Treaty establishing the European Community, as amended by the Treaty on
European Union.

 

Renewable Notes.  If this Note is designated as a Renewable
Note above (a “Renewable Note”), the following provisions will apply:

 

A Renewable Note will
bear interest at the Base Rate specified above and the interest rate payable
with respect to a Renewable Note shall be calculated by the Calculation Agent
with reference to the specified Base Rate or Base Rates and the Spread or
Spread Multiplier, if any, specified above.

 

A Renewable Note will
mature on an Interest Payment Date as specified above (the “Initial Maturity
Date”), unless the maturity of all or any portion of the principal amount
hereof is extended in accordance with the procedures described below.  On the Interest Payment Dates specified above
(each such Interest Payment Date, an “Election Date”), the maturity of a
Renewable Note will be extended to the Interest Payment Date occurring twelve
months after such Election Date, unless the Holder hereof elects to terminate
the automatic extension of the maturity of a Renewable Note or of any portion
hereof having a principal amount of $1,000 or any multiple of $1,000 in excess
thereof by delivering a notice of such effect to the Trustee not less than nor
more than a number of days to be specified in the Pricing Supplement prior to
such Election Date.  If no notice period
is specified in the Pricing Supplement, such notice shall be given no less than
30 days and no more than 60 days prior to such Election Date.  Such option may be exercised with respect to
less than the entire principal amount of a Renewable Note; provided that the
principal amount for which such option is not exercised is at least $1,000 or
any larger amount that is an integral multiple of $1,000.  Notwithstanding the foregoing, the maturity
of a Renewable Note may not be extended beyond the Final Maturity Date
specified above (the “Final Maturity Date”). 
If the Holder hereof elects to 

 

14

 

terminate the automatic extension of the maturity of
any portion of the principal amount of a Renewable Note and such election is
not revoked as described below, such portion will become due and payable on the
Interest Payment Date falling six months (unless another period is specified in
the Pricing Supplement) after the Election Date prior to which the Holder made
such election.

 

An election to terminate
the automatic extension of maturity may be revoked as to any portion of a
Renewable Note having a principal amount of $1,000 or any multiple of $1,000 in
excess thereof by delivering a notice to such effect to the Trustee on any day
following the effective date of the election to terminate the automatic
extension of maturity and prior to the date 15 days before the date on which
such portion would otherwise mature. 
Such a revocation may be made for less than the entire principal amount
of a Renewable Note for which the automatic extension of maturity has been
terminated; provided that the principal amount of a Renewable Note for which
the automatic extension of maturity has been terminated and for which such a
revocation has not been made is at least $1,000 or any larger amount that is an
integral multiple of $1,000. Notwithstanding the foregoing, a revocation may
not be made during the period from and including a Record Date to but excluding
the immediately succeeding Interest Payment Date.

 

An election to terminate
the automatic extension of the maturity of a Renewable Note, if not revoked as
described above by the Holder hereof making the election or any subsequent
Holder, will be binding upon such subsequent Holder.

 

A Renewable Note may be
redeemed in whole or in part at the option of the Company on the Interest
Payment Dates in each year specified above, commencing with the Interest
Payment Date specified above, at a redemption price as stated above, together
with accrued and unpaid interest to the date of redemption.  Notwithstanding anything to the contrary
herein, notice of redemption will be provided by mailing a notice of such
redemption to each Holder by first class mail, postage prepaid, at least 180
days (unless otherwise specified in the Pricing Supplement) prior to the date
fixed for redemption.

 

Applicable Interest Determination Date and
Calculation Date.  The
interest rate applicable to each Interest Reset Period commencing on the
Interest Reset Date or Dates with respect to such Interest Reset Period will be
the rate determined on the applicable “Interest Determination Date.” The
Commercial  Paper Interest  Determination 
Date, the Federal Funds Interest Determination Date and the Prime Rate
Interest Determination Date will be the Business Day preceding each Interest
Reset Date.  The CD Interest
Determination Date, the CMT Interest Determination Date and the J.J. Kenny
Interest Determination Date will be the second Business Day preceding such
Interest Reset Date. The LIBOR Interest Determination Date will be the second
London Business Day preceding such Interest Reset Date. The EURIBOR Interest
Determination Date will be the second TARGET Business Day preceding such
Interest Reset Date.  The Eleventh
District Cost of Funds Interest Determination Date will be the last working day
of the month immediately preceding each Interest Reset Date on which the
Federal Home Loan Bank of San Francisco publishes the Eleventh District Cost of
Funds Index.  The Treasury Rate Interest
Determination Date will be the day in the week in which the Interest Reset Date
falls on which day Treasury Bills would normally be auctioned or, if no such
auction is held for a particular week, the first Business Day of that week; provided, however, that if, as a result of a legal holiday,
an auction is held on the Friday of the week preceding the Interest Reset Date,
the related Interest Determination Date shall be such preceding Friday; and provided, further, that if an auction shall fall on any
Interest Reset Date, then the Interest Reset Date shall instead be the first
Business Day immediately following such auction. The Interest Determination
Date pertaining to a Note the interest rate of which is determined with
reference to two or more Base Rates will be the latest Business Day which is at
least two Business Days prior to such Interest Reset Date for such a Note on
which each Base Rate shall be determinable. Each Base Rate shall be determined
and compared on such date, and the applicable interest rate shall take effect
on the related Interest Reset Date.

 

The “Calculation Date,” if applicable, pertaining to
any Interest Determination Date, shall be the earlier of (a) the tenth calendar
day after such Interest Determination Date, or, if any such day is not a
Business Day, the next 

 

15

 

succeeding Business Day and (b) the Business Day preceding the
applicable Interest Payment Date or Maturity Date, as the case may be. The
Trustee will, upon the request of the Holder of this Note, provide to such
Holder the interest rate hereon then in effect and, if determined, the interest
rate that will become effective as a result of the determination made for the
next Interest Reset Date.

 

The Calculation Agent shall calculate the interest
rate on this Note in accordance with the foregoing rate or rates on or before
each Calculation Date and shall promptly thereafter notify the Company of such
interest rate. Any such calculation by the Calculation Agent shall be
conclusive and binding on the Company, the Trustee and the Holder of this Note,
absent manifest error.

 

Interest payments for this Note will include interest
accrued to but excluding the Interest Payment Date. Accrued interest hereon
from the Original Issue Date or from the last date to which interest hereon has
been paid or duly provided for, as the case may be, shall be an amount
calculated by multiplying the face amount hereof by an accrued interest factor.
Such accrued interest factor shall be computed by adding the interest factor
calculated for each day from the Original Issue Date or from the last date to
which interest shall have been paid or duly provided for, to the date for which
accrued interest is being calculated. The interest factor for each such day
shall be computed by dividing the interest rate applicable to such day by 360,
in the case of the Commercial Paper Rate, LIBOR, CD Rate, Federal Funds Rate,
Prime Rate, J.J. Kenny Rate, Eleventh District Cost of Funds Rate and EURIBOR
and by the actual number of days in the year, in the case of the Treasury Rate
and CMT Rate. Unless otherwise specified above, if the interest rate for this
Note is calculated with reference to two or more Base Rates, the interest
factor for this Note will be calculated in each period in the same manner as if
only the lowest of the applicable Base Rates applied.

 

If an Event of Default with respect to the Notes shall
occur and be continuing, the principal of the Notes may be declared due and
payable in the manner and with the effect provided in the Indenture.

 

The Indenture permits, in certain circumstances
therein specified, the amendment thereof without the consent of the Holders of
the Securities. The Indenture also permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations under the Indenture of the Company and the rights of Holders of the
Securities of each series to be affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of a majority in
aggregate principal amount of the Securities at the time Outstanding of each
series to be affected. The Indenture also contains provisions permitting the
Holders of a majority in aggregate principal amount of the Securities of each
series at the time Outstanding, on behalf of the Holders of all the Securities
of such series, to waive compliance by the Company with certain provisions of
the Indenture and certain past defaults under the Indenture and their
consequences.  Any such consent or waiver
by the Holder of this Note shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and no provision
of this Note or, subject to the provisions for satisfaction and discharge in
Article Eight of the Indenture, of the Indenture, shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the
coin or currency, herein prescribed.

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of Notes is registrable in the
register of Securities, upon surrender of a Note for registration of transfer
at the office or agency of the Company maintained for that purpose, initially
designated to be the Corporate Trust Office of the Trustee in Los Angeles,
California, and at such additional offices or agencies as the Company may
designate, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

 

16

 

No service charge shall be made by the Company, the
Trustee or the Registrar for any such registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith (other than exchanges
pursuant to Sections 2.11, 3.6, 9.5 or 10.3 of the Indenture, not
involving any transfer).

 

Prior to due presentment of this Note for registration
of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Note is registered as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

 

The Indenture and the Notes shall be governed by and
construed in accordance with the laws of the State of New York, including
without limitation, §§ 5-1401 and 5-1402 of the New York General
Obligations Law and New York Civil Practice Law Rule 327(b).

 

All undefined terms used in this Note which are
defined in the Indenture shall have the meanings assigned to them in the
Indenture.

 

17

 

IN WITNESS WHEREOF, The Walt Disney Company has caused
this Instrument to be signed by the signature or facsimile signature of its
Chairman of the Board, one of its Vice Chairmen, its President or one of its
Vice Presidents, or its Treasurer or any Assistant Treasurer and attested by
its Secretary or one of its Assistant Secretaries by his or her signature or a
facsimile thereof, and its corporate seal or a facsimile of its corporate seal
to be affixed hereunto or imprinted hereon.

 

	
  (SEAL)

  	
   

  	
  THE WALT DISNEY COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Christine M. McCarthy

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President-Corporate Finance 

  and Real Estate and Treasurer

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Marsha L. Reed

  	
   

  	
   

  
	
  Title:

  	
  Vice President-Governance Administration and
  Assistant Secretary

  	
   

  	
   

  
						

 

18

 

ABBREVIATIONS

 

The following abbreviations, when used in the
inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations:

 

	
  TEN COM

  	
  

  	
  as tenants in common

  	
  UNIF GIFT MIN
  ACT        Custodian

  	
   

  
	
   

  	
  (Cust.)

  	
   

  	
  (Minor)

  	
   

  
	
   TEN ENT

  	
  

  	
  as tenants by the entireties

  	
   

  	
   

  
	
   

  	
   

  	
  Under Uniform Gifts to Minors Act

  	
   

  
	
  JT TEN

  	
  

  	
  as joint tenants with right of survivorship and not
  as 

  	
   

  	
   

  
	
   

  	
   

  	
  tenants in common

  	
  (State)

  	
   

  
							

 

Additional abbreviations
may also be used though not in the above list.

 

FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto

 

Please Insert Social Security or Employer

Identification Number of Assignee

 

 

 

 

Please Print or Typewrite
Name and Address

Including Postal Zip Code
of Assignee

 

 

the within Security and all rights thereunder, hereby irrevocably
constituting and appointing
                                                    
attorney to transfer said Security on the books of the Company, with full power
of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
  NOTICE:

  	
   

  	
  The signature to this assignment must correspond
  with the name as it appears upon the face of the within Note in every
  particular, without alteration or enlargement or any change whatever.

  
						

 

19

 

THE
WALT DISNEY COMPANY

 

ADDENDUM
TO MEDIUM-TERM NOTE

Floating Rate

 

The
following provisions shall be of the same force and effect as if set forth in
the Medium-Term Note of the Walt Disney Company to which this Addendum is
attached.

 

This
Note constitutes a portion of the Company’s Floating Rate Global Notes due 2009,
issued by the Company on the Original Issue Date specified above in the
aggregate principal amount of $750,000,000 (the “Floating Rate Notes”).  The Company will, subject to certain exceptions
and limitations set forth below, pay to the Holder of any Floating Rate Note
who is a United States Alien, as additional interest, such amounts (“Additional
Amounts”) as may be necessary in order that every net payment on such Floating
Rate Note (including payment of the principal of and interest on such Floating
Rate Note) by the Company or a Paying Agent, after deduction or withholding for
or on account of any present or future tax, assessment or other governmental
charge imposed upon or as a result of such payment by the United States (or any
political subdivision or taxing authority thereof or therein), will not be less
than the amount provided in such Floating Rate Note to be then due and payable;
provided, however, that the foregoing obligation to pay Additional Amounts will
not apply to:

 

(a)           any tax, assessment or other
governmental charge that would not have been so imposed but for (i) the
existence of any present or former connection between such Holder or beneficial
owner of such Floating Rate Note (or between a fiduciary, settlor or
beneficiary of, or a person holding a power over, such Holder, if such Holder
is an estate or a trust, or a member or shareholder of such Holder, if such
Holder is a partnership or corporation) and the United States or any political
subdivision or taxing authority thereof or therein, including, without
limitation, such Holder (or such fiduciary, settlor, beneficiary, person
holding a power, member or shareholder) being or having been a citizen or
resident of the United States or treated as a resident thereof or being or
having been engaged in a trade or business or present therein or having or
having had a permanent establishment therein or (ii) such Holder’s or
beneficial owner’s past or present status, as applicable (under prior or
current law), as a personal holding company, foreign personal holding company,
foreign private foundation or other foreign tax-exempt organization with
respect to the United States, controlled foreign corporation for United States
tax purposes or corporation that accumulates earnings to avoid United States
Federal income tax;

 

 

(b)           any estate, inheritance, gift,
excise, sales, transfer, wealth or personal property tax or any similar tax,
assessment or other governmental charge;

 

(c)           any tax, assessment or other
governmental charge that would not have been imposed but for the presentation
by the Holder of a Floating Rate Note for payment more than 30 days after
the date on which such payment became due and payable or the date on which
payment thereof was duly provided for, whichever occurred later;

 

(d)           any tax, assessment or other
governmental charge that is payable otherwise than by withholding from a
payment on a Floating Rate Note;

 

(e)           any tax, assessment or other
governmental charge required to be withheld by any Paying Agent from a payment
on a Floating Rate Note, if such payment can be made without such withholding
by any other Paying Agent;

 

(f)            any tax, assessment or other
governmental charge that would not have been imposed but for a failure to
comply with applicable certification, information, documentation,
identification or other reporting requirements concerning the nationality,
residence, identity or connection with the United States of the Holder or
beneficial owner of a Floating Rate Note if such compliance is required by
statute or regulation of the United States or by an applicable tax treaty to
which the United States is a party as a precondition to relief or exemption
from such tax, assessment or other governmental charge;

 

(g)           any tax, assessment or other
governmental charge imposed on a Holder that actually or constructively owns
10 percent or more of the combined voting power of all classes of the
Company’s stock or that is a bank receiving interest on an extension of credit
made pursuant to a loan agreement entered into in the ordinary course of its
trade or business;

 

(h)           any withholding or deduction imposed
on a payment to an individual where such withholding or deduction is required
to be made pursuant to Council Directive 2003/48/EC or any other European Union
Directive implementing the conclusions of the ECOFIN Council meeting of 26th
– 27th November, 2000 on the taxation of savings income or any law
implementing or complying with, or introduced in order to conform to, such
Directive; or

 

(i)            any combination of items (a),
(b), (c), (d), (e), (f), (g) and (h);

 

nor shall Additional Amounts be paid with respect to a
payment on a Floating Rate Note to a Holder that is a fiduciary or partnership
or other 

 

2

 

than the sole beneficial owner of such payment to the
extent a beneficiary or settlor with respect to such fiduciary or a member of
such partnership or a beneficial owner would not have been entitled to
Additional Amounts (or payment of Additional Amounts would not have been
necessary) had such beneficiary, settlor, member or beneficial owner been the
Holder of such Floating Rate Note.

 

A “United States Alien”
means any person that, for United States Federal income tax purposes, is a
foreign corporation, a non-resident alien individual, a non-resident alien
fiduciary of a foreign estate or trust, or a foreign partnership one or more of
the members of which is, for United States Federal income tax purposes, a
foreign corporation, a non-resident alien individual or a non-resident alien
fiduciary of a foreign estate or trust. “United States” means the United States
of America (including the States and the District of Columbia) and its
territories, its possessions and other areas subject to its jurisdiction.

 

If (a) as a result
of any change in, or amendment to, the laws (or any regulations or rulings
promulgated thereunder) of the United States (or any political subdivision or
taxing authority thereof or therein), or any change in the official application
(including a ruling by a court of competent jurisdiction in the United States)
or interpretation of such laws, regulations or rulings, which change or
amendment is announced or becomes effective on or after the Original Issue Date
specified above, the Company becomes or will become obligated to pay Additional
Amounts as described above, or (b) any act is taken by a taxing authority
of the United States on or after the Original Issue Date specified above,
whether or not such act is taken with respect to the Company or any affiliate,
that results in a substantial likelihood that the Company will or may be
required to pay such Additional Amounts, then the Company may, at its option,
redeem, as a whole, but not in part, the Floating Rate Notes on not less than
30 nor more than 60 days’ prior notice, at a redemption price equal to
100% of their principal amount, together with interest accrued thereon to the
date fixed for redemption; provided that the Company determines, in its business
judgment, that the obligation to pay such Additional Amounts cannot be avoided
by the use of reasonable measures available to it, not including substitution
of the obligor under the Floating Rate Notes or any action that would entail a
material cost to the Company.  No
redemption pursuant to (b) above may be made unless the Company shall have
received an opinion of independent counsel to the effect that an act taken by a
taxing authority of the United States results in a substantial likelihood that
it will or may be required to pay Additional Amounts described above and the
Company shall have delivered to the Trustee a certificate, signed by a duly
authorized officer, stating that based on such opinion the Company is entitled
to redeem the Floating Rate Notes pursuant to their terms.

 

3Exhibit 10.1

DPL
INC.

RESTRICTED
STOCK AGREEMENT

(Granted Under the 2006 Equity
and Performance Incentive Plan)

WHEREAS,                                      
(the “Grantee”) is or will become an employee of DPL Inc., an Ohio corporation
(the “Company”) or a Subsidiary; and

WHEREAS, the Compensation Committee of
the Board of Directors of the Company (the “Board”) has authorized the grant
evidenced by this Restricted Stock Agreement; and

NOW, THEREFORE, pursuant to the DPL Inc.
2006 Equity and Performance Incentive Plan (the “Plan”), the Company, as of                              
(the “Date of Grant”), hereby grants to the Grantee                              
shares of Restricted Stock (as defined in the Plan) (the “Restricted Shares”),
effective as of the Date of Grant, subject to the terms and conditions of the
Plan and the following additional terms, conditions, limitations and
restrictions.

1.                                                                                       Issuance of Restricted Shares.  The Restricted Shares covered by this
Agreement shall be issued to the Grantee effective upon the Date of Grant.  The Common Shares subject to this grant of
Restricted Shares shall be registered in the Grantee’s name and shall be fully
paid and nonassessable.  Any certificate
or other evidence of ownership shall bear an appropriate legend referring to
the restrictions hereinafter set forth.

2.                                                                                       Restrictions on Transfer of Shares.  The Common Shares subject to this grant of
Restricted Shares may not be sold, exchanged, assigned, transferred, pledged,
encumbered or otherwise disposed of by the Grantee, except to the Company,
unless the Restricted Shares are nonforfeitable as provided in Section 3
hereof; provided, however, that the Grantee’s rights with respect
to such Common Shares may be transferred by will or pursuant to the laws of descent
and distribution.  Any purported transfer
or encumbrance in violation of the provisions of this Section 2 shall be void,
and the other party to any such purported transaction shall not obtain any
rights to or interest in such Common Shares.

3.                                                                                       Vesting of Restricted Shares.

(a)  the
Restricted Shares covered by this Agreement shall become nonforfeitable as
follows:  [INSERT VESTING SCHEDULE] if the Grantee shall have remained
in the continuous employ of the Company or a Subsidiary until such date.

(b)  notwithstanding the provisions of Section
3(a):

(i) 
all of the Restricted Shares covered by this Agreement shall be
nonforfeitable if the Grantee dies or becomes permanently disabled while in the
employ 

 

of the Company or a Subsidiary prior to the
Restricted Shares becoming nonforfeitable; and

(ii) 
all of the Restricted Shares covered by this Agreement shall be
nonforfeitable if a Change in Control occurs prior to the Restricted Shares
becoming nonforfeitable while the Grantee is employed by the Company or a
Subsidiary.

4.                                                                                       Forfeiture of Shares.  The Restricted Shares shall be forfeited,
except as otherwise provided in Section 3 above, if the Grantee ceases to be
employed by the Company or a Subsidiary prior to the Restricted Shares becoming
nonforfeitable as provided above.  In the
event of a forfeiture, the certificate(s), if any, representing the Restricted
Shares covered by this Agreement shall be cancelled.

5.                                                                                       Dividend, Voting and Other Rights.  Except as otherwise provided herein, from and
after the Date of Grant, the Grantee shall have all of the rights of a
shareholder with respect to the Restricted Shares covered by this Agreement,
including the right to vote such Restricted Shares and receive any dividends
that may be paid thereon; provided, however, that any additional
Common Shares or other securities that the Grantee may become entitled to
receive pursuant to a stock dividend, issuance of rights or warrants, stock
split, combination of shares, recapitalization, merger, consolidation,
separation, or reorganization or any other change in the capital structure of
the Company shall be subject to the same restrictions as the Restricted Shares
covered by this Agreement.

6.                                                                                       Retention of Stock Certificate(s) by the Company.  Certificates representing the Common Shares
subject to this grant of Restricted Shares, if any, will be held in custody by
the Company together with a stock power endorsed in blank by the Grantee with
respect thereto, until those shares have become nonforfeitable in accordance
with Section 3.

7.                                                                                       Compliance with Law.  The Company shall make reasonable efforts to
comply with all applicable federal and state securities laws; provided, however,
notwithstanding any other provision of this Agreement, the Company shall not be
obligated to issue any Common Shares pursuant to this Agreement if the issuance
thereof would result in a violation of any such law.

8.                                                                                       Taxes and Withholding.  To the extent that the Company or any
Subsidiary is required to withhold any federal, state, local or foreign tax in
connection with any delivery of Common Shares pursuant to this Agreement, and
the amounts available to the Company or such Subsidiary are insufficient, it
shall be a condition to the receipt of such delivery that the Grantee make
arrangements satisfactory to the Company or such Subsidiary for payment of the
balance of such taxes required to be withheld. 
This tax withholding obligation shall
be satisfied by the Company withholding Common Shares otherwise deliverable
pursuant to this award in order to satisfy the applicable tax withholding
amount.

9.                                                                                       Continuous Employment.  For purposes of this Agreement, the
continuous employment of the Grantee with the Company or a Subsidiary shall not
be deemed to have been interrupted, and the Grantee shall not be deemed to have
ceased to be an employee of the Company or Subsidiary, by reason of the (i)
transfer 

 

of his or her
employment among the Company and its Subsidiaries or (ii) a leave of
absence approved by the Board or the Committee.

10.                                                                                 No Employment Contract.  This
award is a voluntary, discretionary bonus being made on a one-time basis and it
does not constitute a commitment to make any future awards.  This award of Restricted Shares and any
payments made hereunder will not be considered salary or other compensation for
purposes of any severance pay or similar allowance, except as otherwise
required by law.  Nothing in this
Agreement will give the Grantee any right to continue employment with the
Company or any Subsidiary, as the case may be, or interfere in any way with the
right of the Company or a Subsidiary to terminate the employment of the
Grantee.

11.                                                                                 Information.  Information
about the Grantee and the Grantee’s participation in the Plan may be collected,
recorded and held, used and disclosed for any purpose related to the
administration of the Plan.  The Grantee
understands that such processing of this information may need to be carried out
by the Company and its Subsidiaries and by third party administrators whether
such persons are located within the Grantee’s country or elsewhere, including
the United States of America.  The
Grantee consents to the processing of information relating to the Grantee and
the Grantee’s participation in the Plan in any one or more of the ways referred
to above.

12.                                                                                 Relation to Plan.  This Agreement is subject to the terms and
conditions of the Plan.  In the event of
any inconsistency between the provisions of this Agreement and the Plan, the
Plan shall govern.  All terms used herein
with initial capital letters and not otherwise defined herein that are defined
in the Plan shall have the meanings assigned to them in the Plan.  The Board acting pursuant to the Plan, as
constituted from time to time, shall, except as expressly provided otherwise
herein, have the right to determine any questions which arise in connection
with the grant of the Restricted Shares.

13.                                                                                 Amendments.  Any amendment to the Plan shall be deemed to
be an amendment to this Agreement to the extent that the amendment is
applicable hereto; provided, however, that no amendment shall
adversely affect the rights of the Grantee under this Agreement without the
Grantee’s consent.

14.                                                                                 Severability.  If any provision of this Agreement or the
application of any provision hereof to any person or circumstances is held invalid,
unenforceable or otherwise illegal, the remainder of this Agreement and the
application of such provision in any other person or circumstances shall not be
affected, and the provisions so held to be invalid, unenforceable or otherwise
illegal shall be reformed to the extent (and only to the extent) necessary to
make it enforceable, valid and legal.

15.                                                                                 Governing Law.  This Agreement shall be governed by and
construed in accordance with the internal substantive laws of the State of
Ohio, without giving effect to any principle of law that would result in the
application of the law of any other jurisdiction.

 

Executed
in the name and on behalf of the Company at                              ,
                             ,
as of the           
day of                              ,
20xx.

	
   

  	
  DPL Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  

 

The
undersigned hereby acknowledges receipt of an executed original of this
Restricted Shares Agreement, together with a copy of the Plan, and accepts the award
of Restricted Shares granted hereunder on the terms and conditions set forth
herein and in the Plan.

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Grantee]

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