Document:

Consulting Agreement between MBIA Inc. and Mitchell Sonkin dated May 9, 2011

 Exhibit 10.1 
 CONSULTING AGREEMENT 
 THIS CONSULTING AGREEMENT
(“Agreement”), entered into by and between Mitchell Sonkin (“Mr. Sonkin”), and MBIA, Inc., shall take effect on July 1, 2011. 
 WITNESS 
 WHEREAS, Mr. Sonkin was a party to an employment
agreement that became effective on July 1, 2009, the original term of which expired on June 30, 2010, (the “Prior Employment Agreement”); 
 WHEREAS, prior to its expiration, the Prior Employment Agreement was extended through June 30, 2011; 
 WHEREAS, MBIA wishes to retain Mr. Sonkin as a consultant after June 30, 2011 and Mr. Sonkin wishes to maintain a relationship with MBIA as a consultant; 

WHEREAS, the parties desire to set forth their respective rights and obligations in this Consulting Agreement; and 

NOW, THEREFORE, in consideration of the mutual promises, covenants, and conditions contained herein, and other valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  

	 	A.	Term of Consulting Engagement. 

 The term of this consulting engagement shall be from July 1, 2011 (the “Effective Date”) to June 30, 2012 (the “Consulting Term”), unless sooner terminated pursuant to
Section H. 
  

	 	B.	Duties of Consultant Position. 

Mr. Sonkin shall be retained as a consultant and Senior Advisor to MBIA Inc. and its affiliates (“MBIA”) in connection with asset recovery
efforts, significant remediations and workouts, putback and related litigation activities including settlement and commutation negotiations and such other matters as may be agreed. Matters for which it is agreed that Mr. Sonkin shall provide
consulting services include: 1. RMBS litigation; 2. CDO litigation; 3. CDS Litigation; 4. Commutation of CDS, CMBS and CDO exposures; 5. Such specific remediations and matters as may be agreed to between Mr. Sonkin and MBIA from time to time.
Mr. Sonkin shall devote such time as is necessary to discharge his responsibilities under this Consulting Agreement, and shall determine and have control over the time he commits to each matter and to this Consulting Engagement including the
locations from which he provides his services. 
  

	 	C.	Compensation. 

 1. Consulting Fee. MBIA shall pay Mr. Sonkin $100,000 at the beginning of each month of the Consulting Term for consulting services to be provided. 

2. Discretionary Bonus. The Chief Executive Officer may award Mr. Sonkin a discretionary bonus payable at the
end of the Consulting Term, after taking into account the time Mr. Sonkin has devoted as a consultant to MBIA, his overall contribution including the results obtained from his consulting services, and such other factors as the Chief Executive
Officer and compensation committee may consider. 
  

	 	D.	Reimbursements, Office Support, Resources. 

 1. Business Expenses. Mr. Sonkin’s reasonable travel, entertainment and other business expenses in his capacity as a consultant to MBIA shall be paid for by MBIA on a cost reimbursement
basis. For the convenience of the parties, MBIA will continue to provide Mr. Sonkin with an American Express corporate card for travel and travel related expenses. Mr. Sonkin shall submit monthly statements to MBIA with respect to
reimbursement for expenses relating to his services. 
 2. Office Support. During the Consulting Term,
MBIA shall provide Mr. Sonkin with access to an office and IT support in the MBIA offices in New York City and Armonk, New York, and the services of an executive assistant. MBIA shall provide Mr. Sonkin with a blackberry, phone, IT support
at his home and full access to IT systems as required. At the conclusion of the Consulting Term, Mr. Sonkin shall be provided with a reasonable transition period of not less than sixty days during which the support, services and access
referenced in this paragraph shall continue. 

 3. Resources. Mr. Sonkin shall have access to such IPM, SSG, and
other personnel who he deems necessary to work on matters for which he has accepted responsibility and they shall take his direction. 
  

	 	E.	Relationship of the Parties. 

 Mr. Sonkin is a consultant and Senior Advisor to MBIA. Mr. Sonkin will consult with the CEO, Chief Operating Officer, Chief Risk Officer and General Counsel on a regular basis concerning the
matters for which he has accepted responsibility. Nothing in this Consulting Agreement shall be construed as creating an employer-employee relationship, as a guarantee of future engagement or as a limitation on the rights of the parties to terminate
this Consulting Agreement. Mr. Sonkin further agrees and acknowledges that he is responsible for payment of all taxes related to monies he receives under this Consulting Agreement, including federal and state income taxes, required
withholdings, social security, and any other required deduction under federal, state or local regulation. Mr. Sonkin shall not deem to be an agent of the MBIA and shall have no authority to bind MBIA in the absence of specific authority to bind
MBIA. 
  

	 	F.	Conflict of Interest. 

Mr. Sonkin agrees that he shall not engage in any business activity that would materially interfere with the performance of his
duties or otherwise cause a conflict of interest with his obligations to MBIA during the Consulting Term. Mr. Sonkin shall faithfully discharge said duties and shall refrain from engaging in any outside matters incompatible with his
representation of MBIA’s interests and the effective performance of his responsibilities. 
  

	 	G.	Other Business Activities. 

Mr. Sonkin is free to engage in consulting and other business activities, except as prohibited by Section F. All compensation and
income received by Mr. Sonkin from other business activities, including fees received from participation on for-profit and nonprofit boards, shall have no effect on the amount of compensation to which he is entitled to under this Consulting
Agreement. 
  

	 	H.	Termination. 

 1. This Consulting Agreement and the retention of Mr. Sonkin as a consultant may be terminated immediately by MBIA upon any of the following events: 

a. his conviction or a plea of guilty or nolo contendere by Mr. Sonkin to a felony or crime involving moral
turpitude; 
 b. the willful failure or substantial neglect by Mr. Sonkin to perform the material duties as
defined in Section B to the reasonable satisfaction of MBIA; 
 c. gross misconduct by Mr. Sonkin in the
performance of his duties or failure to cooperate with the reasonable requests of MBIA; or 
 d. the death or
permanent disability of Mr. Sonkin. 
 For purposes of this Section H, “permanent disability” shall mean the
inability of Mr. Sonkin to perform the duties described herein by reason of illness, injury or other incapacity for a period greater than ninety (90) days in any calendar year. 

2. By Written Notice to Mr. Sonkin. After the sixth month of the Consulting Term, MBIA may terminate this Consulting
Agreement for any reason after providing sixty (60) days written notice to Mr. Sonkin. In the event that MBIA terminates the Agreement under this Section H.2 before the conclusion of the sixth month, MBIA shall pay Mr. Sonkin any
remaining Consulting Fees payable through the end of the sixth month within thirty (30) days of the effective date of termination. 
 3. By Written Notice to MBIA. Mr. Sonkin may terminate this Consulting Agreement for any reason upon sixty (60) days written notice to MBIA. 

 

	 	I.	Post-Termination Restrictive Covenants. 

 1. During the Consulting Term and for two years thereafter Mr. Sonkin agrees not to (i) directly or indirectly personally hire, personally solicit or personally help another person or
entity hire or solicit any employee of MBIA, (ii)

  
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directly or indirectly induce or encourage any employee to terminate employment with MBIA, (iii) direct any business opportunities developed on behalf of MBIA for your own benefit or
for the benefit of any of your future employers, (iv) directly or indirectly solicit any of the customers of MBIA to use the services of another person or entity in lieu of those of MBIA, or (vi) accept employment or act in
any capacity in connection with any matter, including providing any services or advice to any person or entity, relating to a transaction in which MBIA or one of its affiliates had issued a financial guaranty insurance policy on or before the last
day of the Consulting Term or any other matter with respect to which the interests of MBIA or its subsidiaries are materially adverse at the time. 
 2. Mr. Sonkin agrees to hold in a fiduciary capacity for the benefit of MBIA all secret or confidential information, knowledge or data relating to MBIA or any of its affiliated companies, and their
respective businesses, (i) obtained by him during the term of this Agreement and (ii) not otherwise public knowledge (other than by reason of an unauthorized act by you). After termination of this agreement, Mr. Sonkin
shall not, without the prior written consent of MBIA, unless compelled pursuant to an order of a court or other body having jurisdiction over such matter (provided that you notify MBIA of any such order), communicate or divulge any such information,
knowledge or data to anyone other than MBIA and those designated by it. 
 3. During the Consulting Term and at
any time thereafter, neither Mr. Sonkin, nor MBIA, shall directly or indirectly, engage in any conduct or make any statement, whether in commercial or noncommercial speech, disparaging or criticizing in any way the other, and with regard to
MBIA or any of its affiliates, any products or services offered by any of these, nor shall Mr. Sonkin or MBIA engage in any other conduct or make any other statement that could be reasonably expected to impair the goodwill of any of them, or
the other in each case except to the extent required by law, and then only after consultation with the other. 
  

	 	J.	Injunctive Relief and Other Remedies with Respect to Covenants. 

 You acknowledge and agree that your covenants and obligations above relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants and obligations will
cause MBIA irreparable injury for which adequate remedies are not available at law. Therefore, you agree that MBIA shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond)
restraining you from committing any violation of the covenants and obligations contained in this agreement. These remedies are cumulative and are in addition to any other rights and remedies MBIA may have at law or in equity. 

 

	 	K.	Mediation. 

 The parties
agree that any controversy or claim that either party may have against the other arising out of or relating to the construction, application or enforcement of this Consulting Agreement, as well as any controversy or claim based upon the alleged
breach of any legal right relating to or arising from Mr. Sonkin’s retention as a consultant shall be submitted to non-binding mediation. Within fifteen (15) days after delivery of a written notice of request for mediation from one
party to the other, the dispute shall be submitted to a single mediator chosen by the parties in New York, New York. Fees of the mediator shall be paid by MBIA. The parties shall pay their own respective attorney’s fees. 

 

	 	L.	Arbitration. 

 If
mediation, as described in Section J, is unsuccessful, any controversy between MBIA and Mr. Sonkin involving the construction, application or enforcement of this Agreement, as well as any controversy or claim based upon the alleged breach of
any legal right relating to or arising from Mr. Sonkin’s consulting agreement and/or termination of his consulting agreement shall, on the written request of either party served on the other, be submitted to binding arbitration before a
single arbitrator. The parties shall either mutually agree to the arbitrator or request the American Arbitration Association (AAA) to provide a list of three (3) arbitrators who are licensed to practice law in the state of New York. Within ten
(10) days of receipt thereof, each party shall strike one and so notify the AAA in confidence. After being notified of each strike, the AAA shall advise the parties of the remaining arbitrator, or if the parties strike the same person, then the
AAA shall choose from the two remaining arbitrators, advising the parties only of the selected arbitrator. Mr. Sonkin and MBIA stipulate and agree that any arbitration will be held in New York, New York, pursuant to the Commercial Arbitration
Rules and Mediation Procedures of the American Arbitration Association (or any comparable rules then in existence) (the “Rules”). Pursuant to the Rules, discovery may include depositions, interrogatories and document production. In any
controversy between MBIA and Mr. Sonkin involving the construction, application or enforcement of this Agreement, the arbitrators must base their decision upon the written contract and they shall not have power to modify, add to or ignore terms
of the Agreement. The written decision of the arbitrator shall be final and conclusive upon both parties and may be entered in any court having jurisdiction thereof. If Mr. Sonkin prevails in any arbitration hereunder, the arbitrator’s
compensation and administrative fees shall be paid for by MBIA. If MBIA prevails in any arbitration hereunder, the parties shall split the arbitrator’s compensation and administrative fees. The parties agree to pay their own attorney’s
fees and costs. 

  
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	 	M.	Notice. 

 All notices
required or allowed by this Consulting Agreement shall be hand delivered or mailed by certified mail, postage prepaid, return receipt requested. Unless and until changed by a party giving written notice to the other, the addresses below shall be the
addresses to which all notices required or allowed by this Consulting Agreement shall be sent: 
 To MBIA: 

MBIA Inc. 
 113
King Street 
 Armonk, NY 10504 
 Attn: Chief Legal Officer 
 To Mr. Sonkin: 

Mr. Mitchell Sonkin 
 163 Lake Avenue 
 Greenwich, CT 06830 

With a copy to Mr. Sonkin at 
 22 Cormorant Island Lane 
 Kiawah Island, SC 29455 

Copy to: 

Katten Muchin Rosenman LLP 
 575 Madison Avenue 
 New York, New York 10022, 

Attn: Steven Eckhaus, Esq. 
  

	 	N.	Severability and Waivers. 

If any portion of this Consulting Agreement shall be held to be invalid, inoperative, or unenforceable, then, so far as possible, effect
shall be given to the intent manifested by the portion held invalid, inoperative, or unenforceable, and the remainder of this Consulting Agreement not found invalid, inoperative, or unenforceable shall remain in full force and effect. No waiver or
failure to enforce any or all rights under this Consulting Agreement by either party on any occasion shall constitute a waiver of that party’s right to assert the same or any other rights on that or any other occasion. 

 

	 	O.	Governing Law. 

 This
Consulting Agreement shall be governed and construed, and the rights and obligations of the parties hereto shall be determined, in accordance with the laws of the State of New York, excluding its choice of laws rules. 

 

	 	P.	Counterparts. 

 This
Consulting Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute but one of the same instrument. Signatures delivered by facsimile and by email will be deemed to be an
original signature for all purposes, including for purposes of applicable Rules of Evidence. 
  

	 	Q.	Complete Agreement. 

Except as set forth below, this Consulting Agreement constitutes the entire agreement between the parties regarding the service of
Mr. Sonkin as a consultant to MBIA and fully supersedes any and all prior agreements or understandings, written or oral, between the parties pertaining to the matters set forth herein. 

This Consulting Agreement shall not be amended, modified, or changed other than by express written agreement of Mr. Sonkin and MBIA.

  
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	 	R.	Personal Contract. 

 The
obligations and duties of Mr. Sonkin shall be personal and not assignable or delegable in any manner whatsoever. This Consulting Agreement shall be binding upon and inure to the benefit of Mr. Sonkin, his executors, administrators, heirs,
successors, and permitted assigns, and upon MBIA and its successors and assigns. 
  

	 	S.	Indemnification. 

Mr. Sonkin will be indemnified to the fullest extent provided by the corporate documents of MBIA then in effect or pursuant to
applicable law and subject to Mr. Sonkin’s execution of applicable undertakings, as provided by such corporate documents or applicable law, including but not limited to recoupment if Mr. Sonkin does not meet the relevant standard of
conduct. Mr. Sonkin’s right to have legal fees and expenses advanced shall vest on the commencement of the Term. 
  

	 	T.	Miscellaneous. 

 The
headings in this Consulting Agreement are for convenience only and shall not be used in construing or interpreting this Consulting Agreement. The terms “Board,” “Board of Directors,” and “MBIA” as used in this
Consulting Agreement, where applicable or appropriate, shall be deemed to include or refer to any duly authorized board, committee, officer, or employee of said entity. Whenever the context requires, the masculine shall include the feminine and
neuter, the singular shall include the plural, and conversely. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Consulting Agreement as of the
dates indicated below: 
  

									
	MBIA, INC.	 		  	MITCHELL SONKIN	  	
					
	By:	 	 /s/ Jay W. Brown
	 		  	 /s/ Mitchell Sonkin
	  	
				
	Title: Chief Executive Officer	 		  		  	
				
	Date: May 9, 2011	 		  	Date: May 9, 2011	  	

  
 6Form of Performance-Based Stock Unit Award Agreement

 Exhibit 10.2 
 THE WALT DISNEY COMPANY 
 Performance-Based 

Stock Unit Award 
 (Section 162(m) Vesting Requirement) 
 AWARD AGREEMENT, dated as of
<DATED> between The Walt Disney Company, a Delaware corporation (“Disney”), and              (the “Participant”). This Award is granted on
<GRANT DATE> (the “Date of Grant”) by the Compensation Committee of the Disney Board of Directors (the “Committee”) pursuant to the terms of the Amended and Restated 2002 Executive Performance Plan (the
“Plan”), and pursuant to the terms of the 2011 Stock Incentive Plan (the “Stock Plan”). The applicable terms of the Plan and the Stock Plan are incorporated herein by reference, including the definitions of terms
contained therein. 
 Section 1. Stock Unit Award. Disney hereby grants to the Participant, on the terms and conditions set forth
herein, an Award of <#STOCK UNITS>“Stock Units.” The Stock Units are notional units of measurement denominated in Shares of Disney (i.e. one Stock Unit is equivalent in value to one Share, subject to the terms hereof). The
Stock Units represent an unfunded, unsecured obligation of Disney. The Stock Units granted by this Award are grouped into subdivisions referred to herein as “Tranches,” and each Tranche constitutes one quarter (25%) of the
Award. Subject to the terms, conditions and Section 162(m) performance-based vesting requirements set forth herein, one Tranche will vest on each of the first, second, third and fourth anniversary dates, respectively, of the Date of Grant (any
such anniversary date being a “Scheduled Vesting Date”). 
 Section 2. Vesting Requirements. The vesting of this
Award (other than pursuant to accelerated vesting in certain circumstances as provided in Section 3 below or vesting pursuant to Section 6 below) shall be subject to the satisfaction of the conditions set forth in subsections A and B of
this Section 2: 
 A. Section 162(m) Vesting Requirement. This Award is subject to performance vesting
requirements under this Section 2.A, with respect to all Tranches, based upon the achievement of the Performance Targets applicable to the Performance Periods which are set forth below, subject to certification of achievement of such
Performance Targets by the Committee pursuant to Section 4.8 of the Plan. The respective Performance Targets (together with the Business Criteria with respect to such Performance Targets) shall be established by the Committee for each Tranche
by no later than 90 days following the beginning of the Performance Period applicable to such Tranche. If the Performance Target for a Tranche is not satisfied, all of the Stock Units comprising such Tranche shall be immediately forfeited. For each
of the Tranches of Stock Units granted hereunder the Performance Period shall be the last fiscal year (or a portion thereof) of Disney ending prior to the Scheduled Vesting Date of such Tranche. 

  
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 B. Service Vesting Requirement. In addition to the performance vesting requirements
of subsection A of this Section 2, the right of the Participant to receive payment of any Tranche of this Award shall become vested only if he or she remains continuously employed by Disney or an Affiliate thereof from the date hereof until the
Scheduled Vesting Date of such Tranche; provided, however, that, nothing set forth herein shall be deemed to modify, qualify, or otherwise derogate from, the requirement of Section 4.8 of the Plan that the Committee certify in
writing (which writing may be the approved minutes of the Committee) that the applicable Performance Targets of Section 2.A above have been satisfied prior to the payment of any amount to the Participant under this Award. 

If the service vesting requirements of this Section 2.B are not satisfied for any Tranche or Tranches, the applicable number of Stock
Units shall be immediately forfeited and the Participant’s rights with respect thereto shall cease. 
 All Stock Units for which all of the
requirements of this Section 2 have been satisfied shall become vested and shall thereafter be payable in accordance with Section 5 hereof. 
 Section 3. Accelerated Vesting. Notwithstanding the terms and conditions of Section 2 hereof, upon the Participant’s death or disability (within the meaning of Section 409A of
the Internal Revenue Code), or upon the occurrence of a Triggering Event within the 12-month period following a Change in Control in accordance with Section 11 of the Stock Plan as in effect as of the date of the Triggering Event (provided, in
each case, that the Participant is employed by Disney (or an Affiliate) at the time of such death, disability or occurrence of a Triggering Event), this Award shall become fully vested and shall be payable in accordance with Section 5 hereof to
the extent that it has not previously been forfeited. 
 Section 4. Dividend Equivalents. Any dividends paid in cash on Shares of
Disney will be credited to the Participant as additional Stock Units as if the Stock Units previously held by the Participant were outstanding Shares, as follows: such credit shall be made in whole and/or fractional Stock Units and shall be based on
the fair market value (as defined in the Stock Plan) of the Shares on the date of payment of such dividend. All such additional Stock Units shall be subject to the same vesting requirements applicable to the Stock Units in respect of which they were
credited and shall be payable in accordance with Section 5 hereof. 
 Section 5. Payment of Award. Payment of vested Stock
Units shall be made within 30 days following the later of: 
  

	 	(i)	the date as of which all of the applicable vesting requirements under Section 2 hereof shall have been satisfied for the applicable Tranche, or

  
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	 	(ii)	the date of certification of achievement of the applicable Performance Targets by the Committee for the applicable Tranche, as required under Section 2.A hereof,

 or within 30 days following acceleration of vesting under Section 3 hereof, if applicable but in no event later than the
later of (x) December 31 of the year in which the Scheduled Vesting Date occurs and (y) two and one-half months after the Scheduled Vesting Date occurs. The Stock Units shall be paid in cash or in Shares (or some combination thereof),
as determined by the Committee in its discretion at the time of payment, and in either case shall be paid to the Participant after deduction of applicable minimum statutory withholding taxes. 
 Section 6. Extended Vesting based on Age and Service Years. 
 (a) In
the event that Participant’s employment with Disney or an Affiliate thereof terminates for any reason other than death, disability or “cause” (as further provided in the Stock Plan) at a time when (i) the Participant has attained
the age of sixty and has completed at least ten consecutive Service Years (as hereinafter defined) and (ii) at least one year has passed since the Date of Grant of this Award, then the remaining then unvested Tranches of this Award shall vest
in accordance with the terms and provisions hereof in the same manner as if Participant’s employment had continued through the Scheduled Vesting Date, provided that all of the conditions to such vesting (other than the condition set forth in
Section 2.B hereof), including without limitation the condition set forth in Section 2.A hereof, have been met; provided, however, that to the extent that the vesting of any Stock Units under this Award is subject to the achievement
of performance condition(s) pursuant to Section 2.A hereof (which conditions were imposed under Disney’s compensation practices and policies because the Participant was at the time of grant of this Award an executive officer of Disney who
could have been a “covered employee” within the meaning of Section 162(m) at the time payment of this Award was expected to be made), and such performance condition(s) relate, in whole or in part, to any performance period continuing
after the end of Disney’s fiscal year in which the termination of Participant’s employment with Disney or an Affiliate thereof occurs, then such performance condition(s) set forth in Section 2.A hereof shall be waived with respect to
any such vesting of Stock Units hereunder (and any similar performance conditions set forth in Section 2.A of any other Award of Stock Units granted to the Participant after January 1, 2010 shall also be waived), provided that this
proviso shall not be applicable if and to the extent, in the reasonable opinion of tax counsel to Disney, the presence thereof would cause any Stock Units intended to be qualified as other performance based compensation within the meaning of
Section 162(m) of the Internal Revenue Code to fail to be so qualified at any time prior to the termination of the Participant’s employment with Disney or any Affiliate thereof. For purposes of the foregoing, “Service Year” shall
mean any calendar year during which the Participant was continuously employed by Disney or an Affiliate thereof for the entire calendar year. In determining the total number of consecutive Service Years that the Participant has been so employed, the
Company shall apply such rules regarding the bridging of service as the Committee may adopt from time to time. 
 (b)
Notwithstanding any other term or provision hereof, if at the time of termination of employment (other than upon the scheduled expiration date of an employment agreement) Participant is employed pursuant to an employment

  
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agreement with Disney or an Affiliate which provides under certain circumstances for the continued vesting of any Stock Units subject to this Award in the event of the termination of such
employment agreement prior to its scheduled expiration date (a “Contractual Extension Provision”), then, except as otherwise provided in such employment agreement, (i) this Section 6 shall be interpreted and applied in all
respects as if Participant had remained continuously employed by Disney or an Affiliate thereof from the Date of Grant of this Award through the scheduled expiration date of such employment agreement and (ii) the date of termination of
Participant’s employment for all purposes under this Section 6 shall be deemed to be the scheduled expiration date of such employment agreement. 
 Section 7. Restrictions on Transfer. Neither this Stock Unit Award nor any Stock Units covered hereby may be sold, assigned, transferred, encumbered, hypothecated or pledged by the
Participant, other than to Disney as a result of forfeiture of the units as provided herein and as provided in Section 6 of the Plan. The Stock Units constitute Restricted Units as defined in Section 2.2 of the Plan. 

Section 8. No Voting Rights. The Stock Units granted pursuant to this Award, whether or not vested, will not confer any voting rights upon
the Participant, unless and until the Award is paid in Shares. 
 Section 9. Award Subject to Plans, Etc. This Stock Unit Award is
subject to the terms of the Plan and the Stock Plan, the terms and provisions of which are hereby incorporated by reference. In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Plan
or the Stock Plan, the Plan or the Stock Plan (as applicable) will govern and prevail. 
 Section 10. Changes in Capitalization. The
Stock Units under this Award shall be subject to the provisions of the Stock Plan relating to adjustments for changes in corporate capitalization. 
 Section 11. Effect of Employment Agreement. If the Participant is employed pursuant to an employment agreement with Disney, any provisions thereof relating to the effect of a termination of
the Participant’s employment upon his or her rights with respect to this Award, including, without limitation, any provisions regarding acceleration of vesting and/or payment of this Award in the event of termination of employment, shall be
fully applicable and supersede any provisions hereof with respect to the same subject matter. 
 Section 12. No Right of Employment.
Nothing in this Award Agreement shall confer upon the Participant any right to continue as an employee of Disney or an Affiliate nor interfere in any way with the right of Disney or an Affiliate to terminate the Participant’s employment at any
time or to change the terms and conditions of such employment. 
 Section 13. Data Privacy. The Participant expressly authorizes and
consents to the collection, possession, use, retention and transfer of personal data of the Participant, whether in electronic or other form, by and among Disney, its Affiliates, third-party administrator(s) and other possible recipients, in each
case for the exclusive purpose of 

  
 4 

 
implementing, administering, facilitating and/or managing the Participant’s Awards under, and participation in, the Plan and Stock Plan. Such personal data may include, without limitation,
the Participant’s name, home address and telephone number, date of birth, Social Security Number, social insurance number or other identification number, salary, nationality, job title and other job-related information, tax information, the
number of Disney shares held or sold by the Participant, and the details of all Awards (including any information contained in this Award and all Award-related materials) granted to the Participant, whether exercised, unexercised, vested, unvested,
cancelled or outstanding (“Data”). The Participant acknowledges, understands and agrees that Data will be transferred to Merrill Lynch, which is assisting Disney with the implementation, administration and management of the Plan and
Stock Plan, and/or to such other third-party plan administrator(s) and/or recipients as may be selected by Disney in the future. The Participant understands that one or more of the administrators or recipients of Data may be located in countries
other than the country of Participant’s current residence, and that such other countries may have data privacy laws and protections different from, and less protective than, the laws and protections of the country of Participant’s current
residence, the Member States of the European Union or any other country to which the Participant may be at any time relocated. 

Section 14. Governing Law. This Award Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without
giving effect to the choice of law principles thereof. 
  

			
	THE WALT DISNEY COMPANY
		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 PARTICIPANT

	  
 

  
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