Document:

Exhibit 10.76

SECURITY AGREEMENT

This Security Agreement (“Agreement”) is made as of
the 30th day of
June, 2006 by and among BULLDOG TECHNOLOGIES, INC., a Nevada corporation (“Company”),
the principal office of which is located at 301-11120 Horseshoe Way,
Richmond, British Columbia, Canada V7A 5H7, the subsidiaries of the Company set
forth on Schedule A annexed hereto (individually a “Subsidiary” and
collectively the “Subsidiaries”) and TRELLUS PARTNERS, LP, a Delaware limited
partnership (the “Noteholder”).

RECITALS

WHEREAS, the Company has completed the offer and
sale of that certain Promissory Note dated as of the date hereof (the “Note”)
to Noteholder; and

WHEREAS, as a condition to the issuance of the Note,
and in order to induce Noteholder to purchase the Note and make the loan as
represented by the Note, the Company has agreed to grant to Noteholders a
security interest and lien in and to all of the Company’s assets for purposes
of securing payment and performance of its obligations under the Note and this
Security Agreement, as the same may be amended, modified, supplemented,
restated, extended, renewed or refinanced at any time or from time to time in
accordance with their terms (the “Secured Obligations”).

NOW, THEREFORE, THE PARTIES
HERETO AGREE AS FOLLOWS:

1.               Grant of Security Interest. To secure to the Noteholder the prompt and
full payment and performance of the Secured Obligations, the Company and the
Subsidiaries hereby grant to Noteholder a continuing security interest and lien
in and to all of the assets of the Company and the Subsidiaries of all kinds
and descriptions, wherever the same may now or hereafter be located, now
existing and/or owned and hereafter arising or acquired, or in which the
Company or the Subsidiaries may acquire an interest (to the extent of such
interest), including, without limitation: all (i) accounts; (ii) chattel
paper; (iii) contract rights; (iv) documents; (v) general
intangibles, including, without limitation, all rights to receive payment of
money or property not constituting “accounts” under the UCC (as defined below),
whether under any contract, undertaking or arrangement or pursuant to any law rule or
regulation (including, without limitation, tax refunds, condemnation and damage
awards, judgments, royalties and license fees), all trade secrets, proprietary
information, trade names, copyrights, copyright applications, patent
applications, patents, trademarks, trademark registrations, computer software,
service marks and applications therefore and all other rights, interests and
property generally understood to constitute intellectual property and all
rights as licensor or licensee under intellectual property license agreements
(including, without limitation, all patent applications) (vi) instruments;
(vii) equipment; (viii) inventory; (ix) goods; (x) (to the
extent not otherwise included in clause (vii) above) equipment, fixtures,
furniture and furnishings now or hereafter located upon any real property of
the Company and/or the Subsidiaries, and used or usable in connection with any
future occupancy or use of such property; (xi) deposits and any other
indebtedness at any time held or owing by any bank to or for the credit or the
account of the Company and/or the Subsidiaries; (xii) claims or payments made
under any insurance policy;  (xiii)
investment property (as defined in the UCC), including, without limitation,
rights in investment securities, whether certificated or uncertificated and
rights in securities commodities accounts; (xiv) interest of the Company and/or
the Subsidiaries in any goods, the sale or lease of which shall have given or
shall give rise to, and in all guaranties and other property securing the
payment of or performance under, any accounts, contracts, general intangibles
or any chattel paper or instruments referred to above; (xv) all replacements,
substitutions, additions or accessions to or for any of the foregoing; (xvi)
(to the extent related to the property described above) books, files, records
and other papers and documents, including, without limitation, to the extent so
related, all tapes, computer runs, computer programs and other papers and
documents in the possession or control of the Company and/or the Subsidiaries
or any computer bureau from time to time acting for the Company and/or the
Subsidiaries; (xvii) (to the extent not otherwise included) all attachments,
accessories, accessions, substitutions and replacements of or to any or all of
the foregoing types of tangible Collateral (as defined below); and (xviii) (to
the extent not 

 

 

otherwise included) proceeds and products of any and
all of the foregoing (collectively, the “Collateral”). Noteholder will file,
and the Company consents to such filing, the appropriate forms to perfect
Noteholder’s security interest in the Collateral in compliance with the UCC
under the laws of the State of New York. “UCC,” as used herein, means the
Uniform Commercial Code as in effect on the date of this Agreement in the State
of New York.

2.             Subordination of Secured Obligations to Senior Debt. The payment and lien of any and all Secured
Obligations is expressly subordinated to any and all Senior Debt. The term “Senior
Debt” refers to those convertible promissory notes issued by the Company to
various lenders on February 24, 2006.

3.             Covenants and Warranties. The Company and each Subsidiary represents
and warrants to the Noteholder, and covenants and agrees with Noteholder as
follows for purposes of this Section 2 (the term “the Company” shall be
deemed to refer to the Company and each Subsidiary):

(a)          The
Company is the sole owner of the Collateral, free and clear of any liens,
security interests or other encumbrances other than the following liens
(collectively, the “Permitted Liens”): (i) statutory liens of landlords,
carriers, warehousemen, processors, mechanics, materialmen or suppliers
incurred in the ordinary course of business and securing amounts not yet due or
declared to be due by the claimant thereunder, (ii) liens or security
interests in favor of the Noteholder, (iii) zoning restrictions and
easements, rights of way, licenses, covenants and other restrictions affecting
the use of real property that do not individually or in the aggregate have a
material adverse effect on Company’s ability to use such real property for its
intended purpose in connection with Company’s business, (iv) liens
securing the payment of taxes or other governmental charges not yet delinquent
or being contested in good faith and by appropriate proceedings, (v) liens
incurred or deposits made in the ordinary course of Company’s business in
connection with capitalized leases or purchase money security interests for
purchase of, and applying only to, equipment, (vi) deposits to secure
performance of bids, trade contracts, leases and statutory obligations (to the
extent not excepted elsewhere herein), (vii) liens set forth on Schedule B
attached hereto; (viii) any lien arising out of the refinancing,
extension, renewal or refunding of any indebtedness secured by any lien
permitted by any of the foregoing sections (v) or (vi) provided that (a) such
indebtedness is not secured by any additional assets and (b) the amount of
such indebtedness is not increased; (ix) pledges or deposits in connection
with worker’s compensation, unemployment insurance and other social security
legislation; (x) grants of security and rights of setoff in deposit
accounts, securities and other properties held at banks or financial
institutions to secure the payment or reimbursement under overdraft, acceptance
and other facilities; (xi) rights of setoff, banker’s lien and other similar
rights arising solely by operation of law); and (xii) any Senior Debt.

(b)         The
execution and performance of this Agreement does not conflict with or result in
a breach of, in each case, in all material respects, any agreement to which the
Company is bound;

(c)          The
Company will not (i) change the location of its chief executive office or
other places of business or remove its books and records from such location, or
(ii) remove any equipment or inventory from any location in which it may
be located (except for sales in the ordinary course of business or to move such
equipment and inventory to another location of Company, (c) change its
identity or corporate structure to such an extent that any financing statement
filed by or on behalf of Noteholder would become misleading, unless, in each of
the foregoing cases the Company shall have given Noteholder at least 30 days
prior written notice thereof in reasonable detail and shall do all things
necessary to maintain the priority status of the security interest in the
Collateral contemplated hereby;

(d)         No
security agreement or financing statement with respect to all or any part of
the Collateral is on file or of record in any public office, except security
agreements or financing statements in respect of Permitted Liens. When
appropriate financing statements have been filed by or on behalf of Noteholder
against the Company, the security interest granted pursuant to this Agreement
will constitute a perfected security interest (to the extent such liens can be
perfected by filing) in the Collateral in favor of the Noteholder, which
security interest will be prior to all other security interests in and liens 

 

on the Collateral (other than Permitted Liens) and
which security interest is enforceable as such against all creditors of the
Company (other than creditors of the Company who are holders of Permitted
Liens);

(e)          The
Company agrees to pay, and to hold the Noteholder harmless from, any and all
liabilities, costs and expenses: (i) with respect to fees, taxes or other
costs incurred with respect to recording UCC financing statements and (ii) in
connection with any of the transactions contemplated by this Agreement or the
enforcement of Noteholders’ rights hereunder, except those liabilities, costs
and expenses arising out of the gross or willful misconduct of Noteholder. In
any suit, proceeding or action brought by the Noteholder under any account for
any sum owing thereunder, or to enforce any provisions of any account for any
sum owing thereunder, or to enforce any provisions of any account or contract,
the Noteholder shall be indemnified by the Company from and against all
expense, loss or damage suffered by the Noteholder in any such action, except
for expenses, loss or damage arising out of the gross or willful misconduct of
the Noteholder (in the case of indemnified amounts which would otherwise be
owing to the Noteholder);

(f)          All
information heretofore, herein or hereafter supplied to the Noteholder by or on
behalf of the Company with respect to the Collateral is accurate and complete
in all material respects;

(g)         Any
subsidiary formed or acquired by the Company shall, upon the formation or
acquisition thereof, join and be bound by this Agreement in the same manner and
to the same extent as the Company; and

(h)         Other
than Permitted Liens, neither the Company nor any Subsidiary shall grant or
cause to be created a security interest in any of its respective assets or the
Collateral which is senior to or granted a priority greater than the security
interest granted hereunder; further, in the event that a Permitted Lien as
provided in Section 2A(vi) expires, terminates or is discharged,
neither the Company nor any Subsidiary shall grant a security interest in their
assets to any person which is not subordinate in right of payment and
collection to the security interest of the Noteholder.

4.             Inspection Rights. The Company hereby grants to the Noteholder
and its respective employees, representatives and agents the right to visit,
during reasonable hours upon prior reasonable written notice to the Company,
any of the Company’s properties and/or facilities holding, utilizing and/or
representing any of the Collateral, and to inspect the records relating thereto
upon reasonable written notice to the Company but so long as no Event of
Default had occurred and is then continuing, Noteholder shall visit such
properties and/or facilities no more than two (2) times during any twelve
(12) month period.

5.             Further Assurances; Attorney in Fact. At any time and from time to time, upon the
written request of Noteholder, at the sole expense of the Company, the Company
will promptly and duly execute and deliver such further instruments and
documents and take such further action as Noteholder may reasonably request for
the purpose of obtaining or preserving the full benefits of this Agreement and
the rights and powers herein granted, including, without limitation, the filing
of any financing or continuation statements under the UCC in effect in any
jurisdiction with respect to the liens created hereby. The Company hereby
authorizes Noteholder to file any such financing or continuation statement
without the signature of the Company, as the case may be, to the extent
permitted by applicable law, and the Noteholder agrees to provide the Company
with a copy of any such statement filed by Noteholder. The Company hereby
irrevocably appoints Noteholder as the Company’s attorney in fact for the
purpose of signing the Company’s name to any such financing and continuation
statements. A carbon, photograph or other reproduction of this Security
Agreement shall be sufficient as a financing statement for filing in any
jurisdiction where allowed under applicable law.

6.             Events of Default. The occurrence of any of the following shall
constitute an Event of Default under this Agreement:

(a)          An
Event of Default (as defined in the Note) occurs under the Note; or

 

 

(b)         The
Company breaches, in any material respect, any warranty, representation,
covenant or agreement made by the Company in this Agreement which breach is not
cured in a timely manner as provided herein.

7.             Remedies. Following the occurrence and during the continuation of an Event of
Default, without limiting the generality of the remedies available to
Noteholder, without demand of performance or other demand, presentment,
protest, advertisement or notice of any kind (except any notice required by law
referred to below) to or upon the Company (all and each of which demand,
presentments, protests, advertisements and notices are hereby waived), and
subject to the rights of holders of any Senior Debt, Noteholder may exercise
any and all rights and remedies of a secured party after default under the UCC,
including, without limitation, in such circumstances forthwith collect, receive,
appropriate and realize upon the Collateral, or any part thereof, and/or may
forthwith sell, lease, assign, give option or options to purchase, or otherwise
dispose of and deliver the Collateral or any part thereof (or contract to do
any of the foregoing), in one or more parcels at public or private sale or
sales, at any exchange, broker’s board or office of Noteholder or elsewhere
upon such terms and conditions as it may deem advisable and at such prices as
it may deem best, for cash or on credit or for future delivery without
assumption of any credit risk. Noteholder shall have the right upon any such
public sale or sales, and, to the extent permitted by law, upon any such
private sale or sales, to purchase the whole or any part of the Collateral so
sold. The Company further agrees, at Noteholder’s request, to assemble the
Collateral and make it available to Noteholder at the places which Noteholder
shall reasonably select, whether at the Company’s premises or elsewhere. Noteholder
shall apply the net proceeds of any such collection, recovery, receipt,
appropriation, realization or sale, after deducting all reasonable costs and
expenses of every kind incurred therein or incidental to the care or
safekeeping of any of the Collateral or in any way relating to the Collateral
or the rights of the Noteolder hereunder, including, without limitation,
reasonable attorneys’ fees and disbursements, to the payment in whole or in
part of the Secured Obligations, in such order as the Noteholder may elect; and
only after such application and after the payment by the Noteholder of any
other amount required by any provision of law, including, without limitation,
any provision of the UCC, the surplus, if any, to the Company. If any notice of
a proposed sale or other disposition of Collateral shall be required by law,
such notice shall be deemed reasonable and proper if given at least five (5) days
before such sale or other disposition. The Company shall remain liable for any
deficiency if the proceeds of any sale or other disposition of the Collateral
are insufficient to pay the Secured Obligations and the reasonable fees and
disbursements of any attorneys employed by Noteholder to collect such
deficiency.

8.             Attorneys’ Fees. If any action relating to this Agreement is
brought by either party hereto against the other party, the prevailing party
shall be entitled to recover reasonable attorneys’ fees, costs and
disbursements.

9.             Amendments. This Agreement may be amended only by a written instrument signed by
the parties hereto.

10.          Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original but all of which together shall constitute
the same instrument.

11.          Governing Law. This Agreement shall be governed by the laws of the State of New York,
without regard for choice of law provisions thereof.

12.          Consent to Jurisdiction; Waiver of Jury Trial. The Company and the Noteholder each (i) agree
that any legal suit, action or proceeding arising out of or relating to this
Agreement shall be instituted exclusively in the state or federal courts (as
applicable) located in the State of New York, (ii) waives any objection
which the Company may have now or hereafter based upon forum non
conveniens or to the venue of any such suit, action or proceeding,
and (iii) irrevocably consents to the jurisdiction of the courts of the
State of New York in any such suit, action or proceeding. The Company and the
Noteholder each further agree to accept and acknowledge service of any and all
process which may be served in any such suit, action or proceeding in the
courts located in the State of New York and agree that service of process upon
the Company and the Noteholder, shall
be given by (A) certified or express mail, return receipt requested (and
in such case shall be deemed effective three days after deposit in the United 

 

 

States mail) or (B) by
overnight courier service (and in which case shall be deemed effective upon
delivery), will be deemed in every respect effective service of process
upon the Company or the Noteholder, as the case may be, in any suit, action or
proceeding. FURTHER, THE COMPANY AND THE NOTEHOLDER HEREBY WAIVE TRIAL BY JURY
IN ANY ACTION TO ENFORCE THIS AGREEMENT AND IN CONNECTION WITH ANY DEFENSE,
COUNTERCLAIM OR CROSSCLAIM ASSERTED IN ANY SUCH ACTION.

13.          Notice. Any notice or other communication required to be given to any of the
parties hereto shall be in writing and shall be given by (A) certified or
express mail, return receipt requested (and in such case shall be deemed effective
three days after deposit in the United States mail) or (B) by overnight
courier service (and in which case shall be deemed effective upon delivery), to
such party addressed at his or its address set forth opposite its signature on
the signature page hereof. Notice to Noteholder shall be sent to the
address of Noteholder as reflected in the books and records of the Company.

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement on the day and year first above
written.

	
  

  	
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
  BULLDOG TECHNOLOGIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Robin
  Wald

  
	
   

  	
  Name: Robin Wald 

  
	
   

  	
  Title: Chief Technology Officer and Acting

  Chief Executive Officer 

  
	
   

  	
  Address: 301-11120 Horseshoe Way, Richmond,

  British Columbia, Canada V7A 5H7

  
	
   

  	
   

  	
   

  
	
   

  	
  NOTEHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
  TRELLUS PARTNERS, LP

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ADAM USDAN

  
	
   

  	
  Name:

  	
  Adam Usdan

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
  Address: 350 Madison Ave-9th Fl, NY, NY 10017

  
	
   

  	
   

  	
  Attention: Tony Miller, CFO

  
				

 

 

 

SCHEDULE A

SUBSIDIARIES

	
  Name

  	
   

  	
   

  	
   

  	
  Principal Address

  
	
  Bulldog
  Technologies (BC) Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Bulldog
  Technologies Mexico, S.A. de C.V.

  	
   

  	
   

  

 

 

 

SCHEDULE B

PERMITTED LIENS

	
  Name/Address of Holder

  	
   

  	
  Nature of Secured Obligation

  	
   

  	
  Principal Amount as of

  June 30, 2006Exhibit 4.1

	
  REGISTERED

  	
   

  	
  REGISTERED

  

 

	
  NO. FXR-

  	
   

  	
  MEDIUM-TERM
  NOTE, SERIES C

  	
   

  	
  PRINCIPAL
  AMOUNT:

  
	
   

  	
   

  	
  (Fixed
  Rate)

  	
   

  	
  U.S.$

  

 

                                                                                                                                                                                  CUSIP:
254687CC8

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 as
interest herein.

 

	
  ORIGINAL ISSUE
  DATE: July 18, 2006

  	
  INTEREST RATE:  5.700% per annum

  
	
  MATURITY DATE: July
  15, 2011

  	
  EARLIEST
  REDEMPTION DATE:  July 18, 2006

  
	
  ORIGINAL ISSUE
  PRICE: 99.808%

  	
  INTEREST PAYMENT
  DATES:

  	
  January 15 and
  July 15, 

  
	
   

  	
   

  	
  commencing
  January 15, 2007

  
	
   

  	
  REDEMPTION
  PRICE: See paragraph 10 below 

  

 

 

Date:

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

 

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,
semiannually in arrears as specified in the Pricing Supplement, in each year,
commencing with the first Interest Payment Date next succeeding the Original
Issue Date, at the rate per annum set forth above, until the principal hereof
is paid or made available for payment; provided, however,
that if the Original Issue Date of this Note is between a Regular Record Date
and the related Interest Payment Date, the first payment of interest on this
Note will be made on the Interest Payment Date immediately following the next
succeeding Regular Record Date to the registered Holder on such next succeeding
Regular Record Date. Interest payments for this Note will include interest
accrued to but excluding the Interest Payment Date. 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, as specified in the Pricing
Supplement (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date; provided, however,
that interest payable at Maturity shall be payable to the Person to whom
principal shall be payable. If any Interest Payment Date or Maturity with
respect to this Note falls on a day that is not a Business Day, the payment due
on such Interest Payment Date or at Maturity will be made on the following day
that is a Business Day as if it were made on the date such payment was due and
no interest shall accrue on the amount so payable for the period from and after
such Interest Payment Date or Maturity, as the case may be. Interest on this
Note will be computed on the basis of a 360-day year of twelve 30-day
months. 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 10 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 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 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 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 below, 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.

The Redemption Price shall be equal to the greater of the following
amounts: (1) 100% of the principal amount of the Notes to be redeemed; or (2) as
determined by the Independent Investment Banker (as defined below), the sum of
the present values of the remaining scheduled payments of principal and
interest on the Notes to be redeemed (not including any portion of any payments
of interest accrued as of the Redemption Date) discounted to the Redemption
Date on a semiannual basis at the Treasury Rate (as defined below) plus 12.5
basis points. The Redemption Price will be calculated assuming a 360-day
year consisting of twelve 30-day months.

For purposes of calculating the Redemption Price, the terms below shall
have the following meanings:

“Treasury Rate” means, with respect to any Redemption Date, the rate
per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price for the Comparable

 

Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Redemption Date.

The Treasury Rate will be calculated on the third Business Day
preceding the Redemption Date.

“Comparable Treasury Issue” means the United States Treasury security
selected by the Independent Investment Banker as having a maturity comparable
to the remaining term of the Notes to be redeemed that would be utilized, at
the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of those Notes.

“Comparable Treasury Price” means, with respect to any Redemption Date,
(i) the average of five Reference Treasury Dealer Quotations for that
redemption date, after excluding the highest and lowest of those Reference
Treasury Dealer Quotations, or (ii) if the Independent Investment Banker
obtains fewer than five such Reference Treasury Dealer Quotations, the average
of all of those quotations.

“Independent Investment Banker” means one of Banc of America Securities
LLC, Barclays Capital Inc. or Credit Suisse Securities (USA) LLC and their
respective successors appointed by the Company to act as the Independent
Investment Banker, from time to time, or if any such firm is unwilling or
unable to serve in that capacity, an independent investment and banking
institution of national standing appointed by the Company.

“Reference Treasury Dealer” means: (i) Banc of America Securities
LLC, Barclays Capital Inc. and Credit Suisse Securities (USA) LLC, and their
respective successors; provided that, if any such firm ceases to be a primary
U.S. Government securities dealer in New York City (“Primary Treasury Dealer”),
the Company will substitute another Primary Treasury Dealer; and (ii) up
to two other Primary Treasury Dealers selected by the Company.

“Reference Treasury Dealer Quotation” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Independent Investment Banker, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the
third Business Day preceding that Redemption Date.

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, Interest Rate 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 the Redemption Date the Redemption Price will
become due and payable upon each Note, or portion thereof, to be redeemed, that
interest on each Note, or portion thereof, called for redemption will cease to
accrue on and including 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, Interest Rate
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.

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.

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.

 

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

  	
   

  	
   

  
				

 

 

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 v as tenants in common

   TEN ENT v as tenants
  by the entireties

     
  JT TEN v as joint tenants with right

  	
  UNIF GIFT MIN
  ACT        Custodian        

                                     (Cust.)             
  (Minor)

  Under Uniform
  Gifts to Minors Act

   

  
	
                   
  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.

 

 

THE
WALT DISNEY COMPANY

ADDENDUM
TO MEDIUM-TERM NOTE

                    Fixed
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 5.700% Global Notes
due 2011, issued by the Company on the Original Issue Date specified above in
the aggregate principal amount of $750,000,000 (the “5.700% Notes”). The
Company will, subject to certain exceptions and limitations set forth below,
pay to the Holder of any 5.700% 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 5.700% Note (including payment of the
principal of and interest on such 5.700% 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 5.700% 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 5.700% 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 5.700% 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 5.700% Note;

(e)           any tax, assessment or other
governmental charge required to be withheld by any Paying Agent from a payment
on a 5.700% 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 5.700% 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 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 5.700% Note to a Holder that is a fiduciary or partnership or
other 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

 2
 

 

payment of Additional Amounts would not have been
necessary) had such beneficiary, settlor, member or beneficial owner been the
Holder of such 5.700% Note.

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 5.700% 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 5.700%
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 5.700% Notes pursuant to their terms.

 

 3

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