Document:

The Walt Disney Company/Pixar 1995 Stock Plan

 Exhibit 10.1 
 THE WALT DISNEY COMPANY/ PIXAR 
 1995 STOCK PLAN 
 (as amended May 5, 2006) 
 1.
Purposes of the Plan. In connection with Pixar’s adoption of the Pixar 2004 Equity Incentive Plan in August 2004, the Board of Directors of Pixar, a California corporation ( “Pixar”), provided that no additional grants would be
made under The Walt Disney Company/Pixar 1995 Stock Plan. Additionally, in connection with the merger (the “Merger”) of Lux Acquisition Corp., a California corporation and wholly owned subsidiary of The Walt Disney Company, with and into
Pixar, the Plan and outstanding awards were assumed by The Walt Disney Corporation, effective upon the consummation of the Merger. The purposes of this 1995 Stock Plan were to attract and retain the best available personnel for positions of
substantial responsibility, to provide additional incentive to Employees and Consultants of Pixar and its Subsidiaries and to promote the success of Pixar’s business. 
 2. Definitions. As used herein, the following definitions shall apply: 
 a. “Administrator” means the Board or any of its Committees appointed pursuant to Section 4 of the Plan. 
 b. “Board” means the Board of Directors of the Company. 
 c. “Code” means the Internal Revenue Code of 1986, as amended. 
 d. “Committee” means a
Committee appointed by the Board of Directors in accordance with Section 4 of the Plan. 
 e. “Common Stock” means the Common
Stock of the Company. 
 f. “Company” means The Walt Disney Company, a Delaware corporation. 
 g. “Consultant” means any person who is engaged by the Company or any Parent or Subsidiary to render consulting or advisory services and is
compensated for such services. The term Consultant shall not include Directors who are not compensated for their services or are paid only a Director’s fee by the Company. 
 h. “Continuous Status as an Employee or Consultant” means that the employment or consulting relationship with the Company, any Parent or
Subsidiary is not interrupted or terminated. Continuous Status as an Employee or Consultant shall not be considered interrupted in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the
Company or between the Company, its Parent, any Subsidiary, or any successor. A leave of absence approved by the Company shall include sick leave, military leave, or any other personal leave approved by an authorized representative of the Company.
For purposes of Incentive Stock Options, no such leave may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract, including Company policies. If reemployment upon expiration of a leave of absence
approved by the Company is not so guaranteed, on the 91st day of such leave any Incentive Stock Option held by the Optionee shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option.

 i. “Director” means a member of the Board of Directors of the Company. 
 j. “Employee” means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. The
payment of a Director’s fee by the Company shall not be sufficient to constitute “employment” by the Company. 
 k.
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 l. “Fair Market Value” means, as of any date, the value of Common Stock the average of the
highest and lowest of the New York Stock Exchange composite tape market prices at which the shares of Common Stock shall have been sold regular way on the date as of which fair market value is to be determined or, if there shall be no such sale on
such date, the next preceding day on which such a sale shall have occurred. If Common Stock is not listed on the New York Stock Exchange on the date as of which Fair Market Value is to be determined, the Committee shall determine in good faith the
Fair Market Value in whatever manner it considers appropriate. 
 m. “Incentive Stock Option” means an Option intended to qualify
as an incentive stock option within the meaning of Section 422 of the Code. 
 n. “Nonstatutory Stock Option” means an Option
not intended to qualify as an Incentive Stock Option. 
 o. “Officer” means a person who is an officer of the Company within the
meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
 p. “Option” means a stock
option granted pursuant to the Plan. 
 q. “Optioned Stock” means the Common Stock subject to an Option or a Stock Purchase Right.

 r. “Optionee” means an Employee or Consultant who receives an Option or Stock Purchase Right. 
 s. “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.

 t. “Plan” means The Walt Disney Company/Pixar 1995 Stock Plan. 
 u. “Restricted Stock” means shares of Common Stock acquired pursuant to a grant of a Stock Purchase Right under Section 11 below.

 v. “Share” means a share of the Common Stock, as adjusted in accordance with Section 12 below. 
 w. “Stock Purchase Right” means a right to purchase Common Stock pursuant to Section 11 below. 
 x. “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.

 3. Stock Subject to the Plan. Subject to Section 12, the maximum aggregate number of Shares which may be subject to
option and sold under the Plan is 24,799,353.1 In no event, except as subject to Section 12, shall more than
85,560,0002 Shares be issued upon the exercise of Incentive Stock Options under the Plan. If an Option or Stock
Purchase Right expires or becomes unexercisable without having been exercised in full, or is surrendered pursuant to an Option Exchange Program, the unpurchased Shares which were subject thereto shall become available for future grant or sale under
the 2004 Equity Incentive Plan. However, Shares that have actually been issued under the Plan, upon exercise of either an Option or Stock Purchase Right, shall not be returned to the Plan and shall not become available for future distribution under
the Plan, except that if Shares of Restricted Stock are repurchased by the Company at their original purchase price, and the original purchaser of such Shares did not receive any benefits of ownership of such Shares, such Shares shall become
available for future grant under the 2004 Equity Incentive Plan. For purposes of the preceding sentence, voting rights shall not be considered a benefit of Share ownership. 
  

	1	As adjusted to reflect the 2:1 stock split effected by Pixar on April 18, 2005, and the exchange ratio in the Merger. 

	2	As adjusted to reflect the 2:1 stock split effected by Pixar on April 18, 2005, and the exchange ratio in the Merger. 

 4. Administration of the Plan. 
 a. Procedure. 
 i. Multiple Administrative
Bodies. If permitted by Rule 16b-3, the Plan may be administered by different bodies with respect to Directors and Officers, and Employees and Consultants who are neither Directors nor Officers. 
 ii. Administration With Respect to Directors and Officers. With respect to grants of Options and Stock Purchase Rights to Employees who are also
Officers or Directors of the Company, the Plan shall be administered by (A) the Board if the Board may administer the Plan in compliance with Rule 16b-3 promulgated under the Exchange Act or any successor thereto (“Rule 16b-3”) with
respect to a plan intended to qualify thereunder as a discretionary plan, or (B) a Committee designated by the Board to administer the Plan, which Committee shall be constituted in such a manner as to permit the Plan to comply with Rule 16b-3
with respect to a plan intended to qualify thereunder as a discretionary plan. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. From time to time the Board may increase the size
of the Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies, however caused, and remove all members of the Committee and thereafter directly
administer the Plan, all to the extent permitted by Rule 16b-3 with respect to a plan intended to qualify thereunder as a discretionary plan. 
 iii. Administration With Respect to Other Employees and Consultants . With respect to grants of Options and Stock Purchase Rights to Employees or Consultants who are neither Directors nor Officers of the Company, the Plan shall be
administered by (A) the Board or (B) a Committee designated by the Board, which committee shall be constituted in such a manner as to satisfy the legal requirements relating to the administration of incentive stock option plans, if any, of
Delaware corporate and securities laws, of the Code, and of any applicable stock exchange (the “Applicable Laws”). Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board.
From time to time the Board may increase the size of the Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies, however caused, and remove all
members of the Committee and thereafter directly administer the Plan, all to the extent permitted by the Applicable Laws. 
 b. Powers of the
Administrator. Subject to the provisions of the Plan and, in the case of a Committee, the specific duties delegated by the Board to such Committee, and subject to the approval of any relevant authorities, including the approval, if required, of any
stock exchange upon which the Common Stock is listed, the Administrator shall have the authority in its discretion: 
 i. to determine the
Fair Market Value of the Common Stock, in accordance with Section 2(l) of the Plan; 
 ii. to select the Consultants and Employees to
whom Options and Stock Purchase Rights may be granted hereunder; 
 iii. to determine whether and to what extent Options and Stock Purchase
Rights or any combination thereof, are granted hereunder; 
 iv. to determine the number of shares of Common Stock to be covered by each
Option and Stock Purchase Right granted hereunder; 
 v. to approve forms of agreement for use under the Plan; 
 vi. to determine the terms and conditions, not inconsistent with the terms of the Plan, of any award granted hereunder. Such terms and conditions
include, but are not limited to, the exercise price, the time or times when Options or Stock Purchase Rights may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any
restriction or limitation regarding any Option or Stock Purchase Right or the shares of Common Stock relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine; 

 vii. to reduce the exercise price of any Option or Stock Purchase Right to the then current Fair Market
Value if the Fair Market Value of the Common Stock covered by such Option or Stock Purchase Right shall have declined since the date the Option or Stock Purchase Right was granted; 
 viii. to construe and interpret the terms of the Plan and awards granted pursuant to the Plan; 
 ix. to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for
the purpose of qualifying for preferred tax treatment under foreign tax laws; 
 x. to modify or amend each Option or Stock Purchase Right
(subject to Section 14 of the Plan), including the discretionary authority to extend the post-termination exercisability period of Options longer than is otherwise provided for in the Plan; 
 xi. to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Option or Stock Purchase Right
previously granted by the Administrator; 
 xii. to determine the terms and restrictions applicable to Options and Stock Purchase Rights and
any Restricted Stock; and 
 xiii. to make all other determinations deemed necessary or advisable for administering the Plan. 
 c. Effect of Administrator’s Decision. All decisions, determinations and interpretations of the Administrator shall be final and binding on all
Optionees and any other holders of any Options or Stock Purchase Rights. 
 5. Eligibility. 
 a. The Board of Directors of Pixar provided that no additional grants would be made under the Plan following the adoption of the Pixar 2004 Equity
Incentive Plan. 
 b. Each Option shall be designated in the written option agreement as either an Incentive Stock Option or a Nonstatutory
Stock Option. However, notwithstanding such designations, to the extent that the aggregate Fair Market Value of Shares subject to an Optionee’s Incentive Stock Options granted by the Company, any Parent or Subsidiary, which become exercisable
for the first time during any calendar year (under all plans of the Company or any Parent or Subsidiary) exceeds the limit imposed by Section 422(d) of the Code or any successor thereto, such excess Options shall be treated as Nonstatutory
Stock Options. For purposes of this Section 5(b), Incentive Stock Options shall be taken into account in the order in which they were granted. The Fair Market Value of the Shares shall be determined as of the time the Option with respect to
such Shares is granted. 
 c. Neither the Plan nor any Option or Stock Purchase Right shall confer upon any Optionee any right with respect
to continuation of his or her employment or consulting relationship with the Company, nor shall it interfere in any way with his or her right or the Company’s right to terminate his or her employment or consulting relationship at any time, with
or without cause. 
 d. Prior to August 2004, the following limitations applied to grants of Options and Stock Purchase Rights to Employees:

 i. No Employee shall be granted, in any fiscal year of the Company, Options and Stock Purchase Rights to purchase more than 3,000,000
Shares.3 
 ii. The foregoing limitation shall be adjusted proportionately in connection with any change in the Company’s capitalization as described in Section 12. 
  

	3	This value has not been adjusted to reflect the 2:1 stock split effected by Pixar on April 18, 2005 or the exchange ratio in the Merger.

 iii. If an Option or Stock Purchase Right is cancelled in the same fiscal year of the Company in which
it was granted (other than in connection with a transaction described in Section 12), the cancelled Option shall be counted against the limit set forth in Section 5(d)(i). For this purpose, if the exercise price of an Option is reduced,
such reduction will be treated as a cancellation of the Option and the grant of a new Option. 
 6. Term of Plan. The Board of
Directors of Pixar provided that no grants would be made under the Plan following the adoption of the Pixar 2004 Equity Incentive Plan. 
 7.
Term of Option. The term of each Option shall be the term stated in the Option Agreement; provided, however, that the term shall be no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option
granted to an Optionee who, at the time the Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Option shall be five
(5) years from the date of grant thereof or such shorter term as may be provided in the Option Agreement. 
 8. Option Exercise Price
and Consideration. 
 a. The per Share exercise price for the Shares to be issued upon exercise of an Option shall be such price as is
determined by the Administrator, but shall be subject to the following: 
 i. In the case of an Incentive Stock Option 
 (1) granted to an Employee who, at the time of grant of such Option, owns stock representing more than ten percent (10%) of the voting power of all
classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant. 
 (2) granted to any other Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the date of grant.

 ii. In the case of a Nonstatutory Stock Option, the per Share exercise price shall be determined by the Administrator. 
 b. The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the
Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant). Such consideration may consist of (1) cash, (2) check, (3) promissory note, (4) other Shares which (x) in the case of
Shares acquired upon exercise of an Option, have been owned by the Optionee for more than six months on the date of surrender, and (y) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to
which such Option shall be exercised, (5) delivery of a properly executed exercise notice together with such other documentation as the Administrator and a broker, if applicable, shall require to effect an exercise of the Option and delivery to
the Company of the sale or loan proceeds required to pay the exercise price, (6) a reduction in the amount of any Company liability to the Optionee, including any liability attributable to the Optionee’s participation in any
Company-sponsored deferred compensation program or arrangement, or (7) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator shall consider if acceptance of
such consideration may be reasonably expected to benefit the Company. 
 9. Exercise of Option. 
 a. Procedure for Exercise; Rights as a Shareholder. Any Option granted hereunder shall be exercisable at such times and under such conditions as
determined by the Administrator, including performance criteria with respect to the Company and/or the Optionee, and as shall be permissible under the terms of the Plan. An Option may not be exercised for a fraction of a Share. An Option shall be
deemed to be exercised when written notice of such exercise has been given to the Company in accordance with the terms of the Option by the person entitled to exercise the Option and full payment for the Shares with respect to which the Option is
exercised has been received by the Company. Full payment may, as authorized by the Administrator, consist of any consideration and method of payment allowable under Section 8(b) hereof. Until the issuance (as evidenced by the appropriate entry
on the books of the Company or of a duly authorized transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote, receive dividends or any 

 other rights as a shareholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option.
The Company shall issue (or cause to be issued) such stock certificate promptly upon exercise of the Option. No adjustment shall be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued,
except as provided in Section 12 hereof. Exercise of an Option in any manner shall result in a decrease in the number of Shares which thereafter may be available, both for purposes of the Plan and for sale under the Option, by the number of
Shares as to which the Option is exercised. 
 b. Termination of Employment or Consulting Relationship. In the event of termination of an
Optionee’s Continuous Status as an Employee or Consultant (but not in the event of an Optionee’s change of status from Employee to Consultant (in which case an Employee’s Incentive Stock Option shall automatically convert to a
Nonstatutory Stock Option on the ninety-first (91st) day following such change of status) or from Consultant to Employee), such Optionee may, but only within such period of time as is determined by the Administrator, with such determination in
the case of an Incentive Stock Option not exceeding three (3) months after the date of such termination (but in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise his or her Option
to the extent that the Optionee was entitled to exercise it at the date of such termination. To the extent that the Optionee was not entitled to exercise the Option at the date of such termination, or if the Optionee does not exercise such Option to
the extent so entitled within the time specified herein, the Option shall terminate. 
 c. Disability of Optionee. In the event of
termination of an Optionee’s Continuous Status as an Employee or Consultant as a result of his or her “Disability,” as such term is defined in Section 22(c)(3) of the Code, the Optionee may, but only within twelve
(12) months from the date of such termination (and in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of
such termination. To the extent that the Optionee was not entitled to exercise the Option at the date of termination, or if the Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall
terminate, and the Shares covered by such Option shall revert to the Plan. 
 d. Death of Optionee. In the event of the death of an Optionee,
the Option may be exercised at any time within twelve (12) months following the date of death (but in no event later than the expiration of the term of such Option as set forth in the Notice of Grant) by the Optionee’s estate or by a
person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent that the Optionee was entitled to exercise the Option on the date of death. If, at the time of death, the Optionee was not entitled to exercise
his or her entire Option, the Shares covered by the unexercisable portion of the Option shall immediately revert to the Plan. If, after the Optionee’s death, the Optionee’s estate or a person who acquires the right to exercise the Option
by bequest or inheritance does not exercise the Option within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
 e. Rule 16b-3. Options granted to persons subject to Section 16(b) of the Exchange Act must comply with Rule 16b-3 and shall contain such additional
conditions or restrictions as may be required thereunder to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions. 
 f. Buyout Provisions. The Administrator may at any time offer to buy out for a payment in cash or Shares, an Option previously granted, based on such terms and conditions as the Administrator shall establish and
communicate to the Optionee at the time that such offer is made. 
 10. Non-Transferability of Options and Stock Purchase Rights.
Options and Stock Purchase Rights may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee,
only by the Optionee. 
 11. Stock Purchase Rights. 
 a. Rights to Purchase. Stock Purchase Rights may be issued either alone, in addition to, or in tandem with other awards granted under the Plan and/or cash awards made outside of the Plan. After the Administrator
determines that it will offer Stock Purchase Rights under the Plan, it shall advise the offeree in writing of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase,
the price to be paid, and the time within which such person must accept such offer, which shall in no event exceed thirty (30) days from the date upon which the Administrator makes the determination to grant the Stock Purchase Right. The offer
shall be accepted by execution of a Restricted Stock purchase agreement in the form determined by the Administrator. Shares purchased pursuant to the grant of a Stock Purchase Right shall be referred to herein as “Restricted Stock.”

 b. Repurchase Option. Unless the Administrator determines otherwise, the Restricted Stock purchase
agreement shall grant the Company a repurchase option exercisable upon the voluntary or involuntary termination of the purchaser’s employment with the Company for any reason (including death or Disability). The purchase price for Shares
repurchased pursuant to the Restricted Stock purchase agreement shall be the original price paid by the purchaser and may be paid by cancellation of any indebtedness of the purchaser to the Company. The repurchase option shall lapse at such rate as
the Administrator may determine. 
 c. Rule 16b-3. Stock Purchase Rights granted to Insiders, and Shares purchased by Insiders in connection
with Stock Purchase Rights, shall be subject to any restrictions applicable thereto in compliance with Rule 16b-3. An Insider may only purchase Shares pursuant to the grant of a Stock Purchase Right, and may only sell Shares purchased pursuant to
the grant of a Stock Purchase Right, during such time or times as are permitted by Rule 16b-3. 
 d. Other Provisions. The Restricted Stock
purchase agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. In addition, the provisions of Restricted Stock purchase agreements need
not be the same with respect to each purchaser. 
 e. Rights as a Shareholder. Once the Stock Purchase Right is exercised, the purchaser
shall have rights equivalent to those of a shareholder and shall be a shareholder when his or her purchase is entered upon the records of the duly authorized transfer agent of the Company. No adjustment shall be made for a dividend or other right
for which the record date is prior to the date the Stock Purchase Right is exercised, except as provided in Section 12 of the Plan. 
 12. Adjustments Upon Changes in Capitalization or Merger. 
 a. Changes in Capitalization. Subject to any required action by
the shareholders of the Company, the number of shares of Common Stock covered by each outstanding Option or Stock Purchase Right, and the number of shares of Common Stock which have been authorized for issuance under the Plan but as to which no
Options or Stock Purchase Rights have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Option or Stock Purchase Right, as well as the price per share of Common Stock covered by each such outstanding
Option or Stock Purchase Right, shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the
Common Stock, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company. The conversion of any convertible securities of the Company shall not be deemed to have been
“effected without receipt of consideration.” Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares
of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an Option or Stock Purchase
Right. 
 b. Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator shall
notify the Optionee at least fifteen (15) days prior to such proposed action. To the extent it has not been previously exercised, the Option or Stock Purchase Right shall terminate immediately prior to the consummation of such proposed action.

 c. Merger or Asset Sale. In the event of a merger of the Company with or into another corporation, or the sale of substantially all of the
assets of the Company, each outstanding Option and Stock Purchase Right shall be assumed or an equivalent option or right substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the
successor corporation refuses to assume or substitute for the Option or Stock Purchase Right, the Optionee shall have the right to exercise the Option or Stock Purchase Right as to all of the Optioned Stock, including Shares as to which it would not
otherwise be exercisable. If an Option or Stock Purchase Right is exercisable in lieu of assumption or substitution in the event of a merger or sale of assets, the Administrator shall notify the Optionee that the Option or Stock Purchase Right shall
be fully exercisable for a period of fifteen (15) days from the date of such notice, and the Option or Stock Purchase Right shall terminate upon the expiration of such period. For the purposes of this paragraph, the Option or Stock Purchase
Right shall be considered assumed if, following the merger or sale of assets, the 

 option or right confers the right to purchase or receive, for each Share of Optioned Stock subject to the Option or Stock
Purchase Right immediately prior to the merger or sale of assets, the consideration (whether stock, cash, or other securities or property) received in the merger or sale of assets by holders of Common Stock for each Share held on the effective date
of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger or sale of
assets was not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the Option or Stock Purchase
Right, for each Share of Optioned Stock subject to the Option or Stock Purchase Right, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock
in the merger or sale of assets. 
 13. Time of Granting Options and Stock Purchase Rights. The date of grant of an Option or Stock
Purchase Right shall, for all purposes, be the date on which the Administrator makes the determination granting such Option or Stock Purchase Right, or such other date as is determined by the Administrator. Notice of the determination shall be given
to each Employee or Consultant to whom an Option or Stock Purchase Right is so granted within a reasonable time after the date of such grant. 
 14. Amendment and Termination of the Plan. 
 a. Amendment and Termination. The Board may at any time amend, alter, suspend or
discontinue the Plan, but no amendment, alteration, suspension or discontinuation shall be made which would impair the rights of any Optionee under any grant theretofore made, without his or her consent. In addition, to the extent necessary and
desirable to comply with Rule 16b-3 under the Exchange Act or with Section 422 of the Code (or any other applicable law or regulation, including the requirements of the New York Stock Exchange), the Company shall obtain shareholder approval of
any Plan amendment in such a manner and to such a degree as required. 
 b. Effect of Amendment or Termination. Any such amendment or
termination of the Plan shall not affect Options or Stock Purchase Rights already granted, and such Options and Stock Purchase Rights shall remain in full force and effect as if this Plan had not been amended or terminated, unless mutually agreed
otherwise between the Optionee and the Administrator, which agreement must be in writing and signed by the Optionee and the Company. 
 15.
Conditions Upon Issuance of Shares. Shares shall not be issued pursuant to the exercise of an Option or Stock Purchase Right unless the exercise of such Option or Stock Purchase Right and the issuance and delivery of such Shares pursuant
thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon
which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. As a condition to the exercise of an Option or Stock Purchase Right, the Company may require the person
exercising such Option or Stock Purchase Right to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion
of counsel for the Company, such a representation is required by any of the aforementioned relevant provisions of law. 
 16. Reservation
of Shares. The Company, during the term of this Plan, shall at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. The inability of the Company to obtain authority from any
regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or
sell such Shares as to which such requisite authority shall not have been obtained. 
 17. Agreements. Options and Stock Purchase
Rights shall be evidenced by written agreements in such form as the Administrator shall approve from time to time.The Walt Disney Company/Pixar 1995 Director Option Plan

 Exhibit 10.2 
 THE WALT DISNEY COMPANY/ PIXAR 
 1995 DIRECTOR OPTION PLAN 
 (as amended May 5, 2006) 
 1.
Background and Purposes of the Plan. In connection with Pixar’s adoption of the Pixar 2004 Equity Incentive Plan in August 2004, the Board of Directors of Pixar, a California corporation ( “Pixar”), provided that
no additional grants would be made under The Walt Disney Company/Pixar 1995 Director Option Plan, formerly the Pixar 1995 Director Option Plan. Additionally, in connection with the merger (the “Merger”) of Lux Acquisition Corp., a
California corporation and wholly owned subsidiary of The Walt Disney Company, with and into Pixar, the Plan and outstanding awards were assumed by The Walt Disney Corporation, effective upon the consummation of the Merger. The purposes of this 1995
Director Option Plan were to attract the best available persons for service as Outside Directors of Pixar and to encourage their continued service on the Board of Directors of Pixar. 
 All options granted hereunder shall be nonstatutory stock options. 
 2. Definitions. As used herein, the following definitions shall apply: 
 (a) “Board”
means the Board of Directors of the Company. 
 (b) “Code” means the Internal Revenue Code of 1986, as amended. 

(c) “Common Stock” means the Common Stock of the Company. 
 (d) “Company” means The Walt Disney Company, a Delaware corporation. 
 (e) “Director” means a member of the Board. 
 (f) “Employee” means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. The payment of a Director’s fee by the Company shall not be
sufficient in and of itself to constitute “employment” by the Company. 
 (g) “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
 (h) “Fair Market Value” means, as of any date, the value of Common Stock the average of
the highest and lowest of the New York Stock Exchange composite tape market prices at which the shares of Common Stock shall have been sold regular way on the date as of which fair market value is to be determined or, if there shall be no such sale
on such date, the next preceding day on which such a sale shall have occurred. If Common Stock is not listed on the New York Stock Exchange on the date as of which Fair Market Value is to be determined, the Committee shall determine in good faith
the Fair Market Value in whatever manner it considers appropriate. 

 (i) “Inside Director” means a Director who is an Employee. 
 (j) “Option” means a stock option granted pursuant to the Plan. 
 (k) “Optioned Stock” means the Common Stock subject to an Option. 
 (l) “Optionee” means a Director who holds an Option. 
 (m) “Outside Director” means a Director who is not an Employee. 
 (n)
“Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 
 (o) “Plan” means The Walt Disney Company/Pixar 1995 Director Option Plan. 
 (p) “Share” means a
share of the Common Stock, as adjusted in accordance with Section 10 of the Plan. 
 (q) “Subsidiary” means a
“subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Internal Revenue Code of 1986. 
 3. Stock Subject to the Plan. Subject to the provisions of Section 10 of the Plan, the number of Shares reserved for issuance under the Plan is 916,9511 Shares of Common Stock (the “Pool”). The Shares may be authorized, but unissued, or reacquired Common Stock. 
 If an Option expires or becomes unexercisable without having been exercised in full, the unpurchased Shares which were subject thereto shall become
available for future grant or sale under the 2004 Equity Incentive Plan. Shares that have actually been issued under the Plan shall not be returned to the Plan and shall not become available for future distribution under the Plan. 
 4. Administration and Grants of Options under the Plan. 
 (a) Procedure for Grants. The provisions set forth in this Section 4(a) shall not be amended more than once every six months, other than to comport with changes in the Code, the Employee Retirement Income
Security Act of 1974, as amended, or the rules 
  

	1	As adjusted to reflect the 2:1 stock split effected by Pixar on April 18, 2005, and the exchange ratio in the Merger. 

  

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 thereunder. Prior to August 2004, all grants of Options to Outside Directors under this Plan were automatic and
nondiscretionary and made strictly in accordance with the following provisions: 2 
 (i) No person shall have any discretion to select which Outside Directors shall be granted Options or to determine the number of Shares to be covered by
Options granted to Outside Directors. 
 (ii) Each Outside Director who first becomes an Outside Director after the effective date of this
Plan, either through election by the shareholders of the Company or appointment by the Board to fill a vacancy, shall be granted an Option to purchase 30,000 Shares (the “First Option”) on the date on which such person becomes an Outside
Director. The previous sentence notwithstanding, no Inside Director who ceases to be an Inside Director but who remains a Director shall receive a First Option. 
 (iii) Beginning on the third anniversary of the date he or she became an Outside Director, each Outside Director shall automatically be granted an Option to purchase 10,000 Shares (a “Subsequent Option”)
each year on the date of such anniversary, provided he or she is then serving as an Outside Director. Each Outside Director shall be eligible to receive a Subsequent Option, regardless of whether such Outside Director was eligible to receive a First
Option. 
 (iv) Notwithstanding the provisions of subsections (ii) and (iii) hereof, any exercise of an Option granted before the
Company has obtained shareholder approval of the Plan in accordance with Section 16 hereof shall be conditioned upon obtaining such shareholder approval of the Plan in accordance with Section 16 hereof. 
 (v) The terms of a First Option granted hereunder shall be as follows: 
 (A) the term of the First Option shall be ten (10) years. 
 (B) the First Option shall be exercisable
only while the Outside Director remains a Director of the Company, except as set forth in Sections 8 and 10 hereof. 
 (C) the exercise
price per Share shall be 100% of the Fair Market Value per Share on the date of grant of the First Option. In the event that the date of grant of the First Option is not a trading day, the exercise price per Share shall be the Fair Market Value on
the next trading day immediately following the date of grant of the First Option. 
 (D) subject to Section 10 hereof, the First Option
shall become exercisable as to one-third (1/3) of the Shares subject to the First Option one year after its date of grant, and as to an additional one-third (1/3) at the end of each year thereafter, provided that the Optionee continues to
serve as a Director on such dates. 
  

	2	The values set forth in Section 4 have not been adjusted to reflect the 2:1 stock split effected by Pixar on April 18, 2005 or the exchange ratio in the
Merger. 

  

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 (vi) The terms of a Subsequent Option granted hereunder shall be as follows: 
 (A) the term of the Subsequent Option shall be ten (10) years. 
 (B) the Subsequent Option shall be exercisable only while the Outside Director remains a Director of the Company, except as set forth in Sections 8 and 10 hereof. 
 (C) the exercise price per Share shall be 100% of the Fair Market Value per Share on the date of grant of the Subsequent Option. In the event that the
date of grant of the Subsequent Option is not a trading day, the exercise price per Share shall be the Fair Market Value on the next trading day immediately following the date of grant of the Subsequent Option. 
 (D) subject to Section 10 hereof, the Subsequent Option shall become exercisable as to all of the Shares subject to the Subsequent Option one year
after its date of grant, provided that the Optionee continues to serve as a Director on such date. 
 (vii) In the event that any Option
granted under the Plan would cause the number of Shares subject to outstanding Options plus the number of Shares previously purchased under Options to exceed the Pool, then the remaining Shares available for Option grant shall be granted under
Options to the Outside Directors on a pro rata basis. No further grants shall be made until such time, if any, as additional Shares become available for grant under the Plan through action of the Board or the shareholders to increase the number of
Shares which may be issued under the Plan or through cancellation or expiration of Options previously granted hereunder. 
 5.
Eligibility. The Board of Directors of Pixar provided that no additional grants would be made under the Plan following the adoption of the Pixar 2004 Equity Incentive Plan. 
 The Plan shall not confer upon any Optionee any right with respect to continuation of service as a Director or nomination to serve as a Director, nor
shall it interfere in any way with any rights which the Director or the Company may have to terminate the Director’s relationship with the Company at any time. 
 6. Term of Plan. The Board of Directors of Pixar provided that no additional grants would be made under the Plan following the adoption of the Pixar 2004 Equity Incentive Plan. 
  

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 7. Form of Consideration. The consideration to be paid for the Shares to be issued upon exercise
of an Option, including the method of payment, shall consist of (i) cash, (ii) check, (iii) other shares which (x) in the case of Shares acquired upon exercise of an Option, have been owned by the Optionee for more than six
(6) months on the date of surrender, and (y) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option shall be exercised, (iv) delivery of a properly executed
exercise notice together with such other documentation as the Company and the broker, if applicable, shall require to effect an exercise of the Option and delivery to the Company of the sale or loan proceeds required to pay the exercise price, or
(v) any combination of the foregoing methods of payment. 
 8. Exercise of Option. 
 (a) Procedure for Exercise; Rights as a Shareholder. Any Option granted hereunder shall be exercisable at such times as are set forth in
Section 4 hereof; provided, however, that no Options shall be exercisable until shareholder approval of the Plan in accordance with Section 16 hereof has been obtained. 
 An Option may not be exercised for a fraction of a Share. 
 An Option shall be deemed to be exercised when written notice of such exercise has been given to the Company in accordance with the terms of the Option by the person entitled to exercise the Option and full payment
for the Shares with respect to which the Option is exercised has been received by the Company. Full payment may consist of any consideration and method of payment allowable under Section 7 of the Plan. Until the issuance (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect
to the Optioned Stock, notwithstanding the exercise of the Option. A share certificate for the number of Shares so acquired shall be issued to the Optionee as soon as practicable after exercise of the Option. No adjustment shall be made for a
dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 10 of the Plan. 
 Exercise of an Option in any manner shall result in a decrease in the number of Shares which thereafter may be available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to
which the Option is exercised. 
 (b) Rule 16b-3. Options granted to Outside Directors must comply with the applicable provisions of
Rule 16b-3 promulgated under the Exchange Act or any successor thereto and shall contain such additional conditions or restrictions as may be required thereunder to qualify Plan transactions, and other transactions by Outside Directors that
otherwise could be matched with Plan transactions, for the maximum exemption from Section 16 of the Exchange Act. 
  

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 (c) Termination of Continuous Status as a Director. Subject to Section 10 hereof,
in the event an Optionee’s status as a Director terminates (other than upon the Optionee’s death or total and permanent disability (as defined in Section 22(e)(3) of the Code)), the Optionee may exercise his or her Option, but only
within three (3) months following the date of such termination, and only to the extent that the Optionee was entitled to exercise it on the date of such termination (but in no event later than the expiration of its ten (10) year term). To
the extent that the Optionee was not entitled to exercise an Option on the date of such termination, and to the extent that the Optionee does not exercise such Option (to the extent otherwise so entitled) within the time specified herein, the Option
shall terminate. 
 (d) Disability of Optionee. In the event Optionee’s status as a Director terminates as a result of total and
permanent disability (as defined in Section 22(e)(3) of the Code), the Optionee may exercise his or her Option, but only within twelve (12) months following the date of such termination, and only to the extent that the Optionee was
entitled to exercise it on the date of such termination (but in no event later than the expiration of its ten (10) year term). To the extent that the Optionee was not entitled to exercise an Option on the date of termination, or if he or she
does not exercise such Option (to the extent otherwise so entitled) within the time specified herein, the Option shall terminate. 
 (e)
Death of Optionee. In the event of an Optionee’s death, the Optionee’s estate or a person who acquired the right to exercise the Option by bequest or inheritance may exercise the Option, but only within twelve
(12) months following the date of death, and only to the extent that the Optionee was entitled to exercise it on the date of death (but in no event later than the expiration of its ten (10) year term). To the extent that the Optionee was
not entitled to exercise an Option on the date of death, and to the extent that the Optionee’s estate or a person who acquired the right to exercise such Option does not exercise such Option (to the extent otherwise so entitled) within the time
specified herein, the Option shall terminate. 
 9. Non-Transferability of Options. The Option may not be sold, pledged, assigned,
hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee. 
 10. Adjustments Upon Changes in Capitalization, Dissolution, Merger, Asset Sale or Change of Control. 
 (a) Changes in Capitalization. Subject to any required action by the shareholders of the Company, the number of Shares covered by each outstanding
Option, the number of Shares which have been authorized for issuance under the Plan but as to which no Options have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Option, as well as the price per Share
covered by each such outstanding Option, and the number of Shares issuable pursuant to the automatic grant provisions of Section 4 hereof 
  

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 shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting from a stock
split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company; provided, however, that
conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Option. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, to the extent that an Option has not been
previously exercised, it shall terminate immediately prior to the consummation of such proposed action. 
 (c) Merger or Asset Sale.
In the event of a merger of the Company with or into another corporation or the sale of substantially all of the assets of the Company, outstanding Options may be assumed or equivalent options may be substituted by the successor corporation or a
Parent or Subsidiary thereof (the “Successor Corporation”). If an Option is assumed or substituted for, the Option or equivalent option shall continue to be exercisable as provided in Section 4 hereof for so long as the Optionee
serves as a Director or a director of the Successor Corporation. Following such assumption or substitution, if the Optionee’s status as a Director or director of the Successor Corporation, as applicable, is terminated other than upon a
voluntary resignation by the Optionee, the Option or option shall become fully exercisable, including as to Shares for which it would not otherwise be exercisable. Thereafter, the Option or option shall remain exercisable in accordance with Sections
8(c) through (e) above. 
 If the Successor Corporation does not assume an outstanding Option or substitute for it an equivalent
option, the Option shall become fully vested and exercisable, including as to Shares for which it would not otherwise be exercisable. In such event the Board shall notify the Optionee that the Option shall be fully exercisable for a period of thirty
(30) days from the date of such notice, and upon the expiration of such period the Option shall terminate. 
 For the purposes of this
Section 10(c), an Option shall be considered assumed if, following the merger or sale of assets, the Option confers the right to purchase or receive, for each Share of Optioned Stock subject to the Option immediately prior to the merger or sale
of assets, the consideration (whether stock, cash, or other securities or property) received in the merger or sale of assets by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a
choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares). 
  

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 11. Amendment and Termination of the Plan. 
 (a) Amendment and Termination. Except as set forth in Section 4, the Board may at any time amend, alter, suspend, or discontinue the Plan, but
no amendment, alteration, suspension, or discontinuation shall be made which would impair the rights of any Optionee under any grant theretofore made, without his or her consent. In addition, to the extent necessary and desirable to comply with
Rule 16b-3 under the Exchange Act (or any other applicable law or regulation), the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required. 
 (b) Effect of Amendment or Termination. Any such amendment or termination of the Plan shall not affect Options already granted
and such Options shall remain in full force and effect as if this Plan had not been amended or terminated. 
 12.
Time of Granting Options. The date of grant of an Option shall, for all purposes, be the date determined in accordance with Section 4 hereof. 
 13. Conditions Upon Issuance of Shares. Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and the issuance and delivery of such Shares
pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, state securities laws, and the requirements
of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 As a condition to the exercise of an Option, the Company may require the person exercising such Option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment
and without any present intention to sell or distribute such Shares, if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned relevant provisions of law. 
 Inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be
necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 
 14. Reservation of Shares. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares
as shall be sufficient to satisfy the requirements of the Plan. 
 15. Option Agreement. Options shall be evidenced by written option
agreements in such form as the Board shall approve. 
  

 - 8 -

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