Document:

Tax Receivable Agreement, dated October 27, 2004

 EXECUTION COPY 
  
 EXHIBIT 10.9 
  
 TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of October 27, 2004, by and among DreamWorks Animation SKG, Inc., a Delaware
corporation (“DWA”) and DW Investment II, Inc., a Washington subchapter S corporation (“DWI II”). 
  
 WHEREAS, on October 27, 2004, DW Investment I, Inc., a subchapter S corporation (“DWI I”), distributed its entire interest in DreamWorks
Animation LLC, a Delaware limited liability company (“DWA LLC”), to Paul G. Allen (“Allen”), its sole shareholder, in a transaction taxable under Section 311 of the Code (the “Vulcan Transaction”).

  
 WHEREAS, on October 27, 2004, after the Vulcan Transaction,
Allen contributed his entire interest in DWA LLC to DWI II and DWA acquired such interest in DWA LLC from DWI II by contribution (the “Contribution”) in a transaction described in Section 351 of the Internal Revenue Code of 1986, as
amended (the “Code”). 
  
 WHEREAS, this Agreement
was issued by DWA to DWI II as partial consideration for the DWA LLC interest transferred to DWA by DWI II in the Contribution and shall be treated as “other property” received by DWI II for purposes of Section 351(b) of the Code.

  
 WHEREAS, DWA LLC shall have in effect an election under
Section 754 of the Code for the Taxable Year in which the Vulcan Transaction occurs, which will result in an adjustment to the tax basis of the assets owned by DWA LLC as of the Closing Date (such assets and any asset whose tax basis is determined,
in whole or in part, by reference to the adjusted basis of any such asset, the “Original Assets”) by reason of the Vulcan Transaction and the issuance of this Agreement to DWI II as partial consideration in the Contribution.

  
 WHEREAS, on October 27, 2004, DWA acquired all the remaining
interests in DWA LLC from the holders of such interests, other than an interest in DWA LLC held by DreamWorks, Inc., a Delaware corporation (“DW Inc.”). 
  
 WHEREAS, on October 27, 2004, after the Vulcan Transaction, DWA acquired all the outstanding stock of DW Inc. 
  
 WHEREAS, DWA is the common parent of the DWA Affiliated Group and DW Inc. is
a member of the DWA Affiliated Group. 
  
 WHEREAS, 100% of the
interests in DWA LLC are held by members of the DWA Affiliated Group and, as a result, the income, gain, loss, expense and other Tax items of DWA LLC will be reported by the DWA Affiliated Group on the DWA Consolidated Returns. 
  
 WHEREAS, the income, gain, loss, expense and other Tax items of DWA LLC may
be affected by the Basis Adjustment and the Imputed Interest. 
  
 WHEREAS, the parties to this Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustment and Imputed Interest on the actual liability for Covered Taxes of the DWA Affiliated Group. 

 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth
herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
  
 Definitions 
  
 Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 
  
 “Advisory Firm” means the Person identified on Schedule 1.01
to this Agreement or a nationally recognized accounting or law firm that is nationally recognized as being expert in Covered Tax matters that is agreed to by DWA and DWI II as its replacement. 
  
 “Advisory Firm Letter” shall mean a letter from the Advisory
Firm stating that the relevant schedule, notice or other information to be provided by DWA to DWI II and all supporting schedules and work papers were prepared in a manner consistent with the terms of this Agreement and, to the extent not expressly
provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such schedule, notice or other information is delivered to DWI II. 
  
 “Agreed Rate” means, LIBOR plus 200 basis points. 
  
 “Agreement” is defined in the preamble. 
  
 “Agreement Value” is defined in Section 2.01 of this
Agreement. 
  
 “Amended Tax Benefit Schedule” is
defined in Section 2.03(b) of this Agreement. 
  
 “Applicable Treasury Rate” means a rate equal to (1) if an Early Termination Notice is delivered prior to the third anniversary of the Closing Date    , 4.001% or (2) the yield to maturity as of the date
an Early Termination Notice is delivered of United States Treasury securities with a constant maturity (the “Applicable Maturity”) (as compiled and published in the most recent Federal Reserve Statistical Release H 15 (519)) equal to (a)
if such Early Termination Notice is delivered on or after the third anniversary of the Closing Date but prior to the fifth anniversary of the Closing Date, 10 years, (b) if such Early Termination Notice is delivered on or after the fifth anniversary
of the Closing Date but prior to the fifteenth anniversary of the Closing Date, the number of years from the date such Early Termination Notice is delivered through the fifteenth anniversary of the Closing Date, or (c) if such Early Termination
Notice is delivered on or after the fifteenth anniversary of the Closing Date, two years. If there are no United States Treasury securities with a constant maturity equal to the Applicable Maturity, the yield to maturity shall be interpolated from
the United States Treasury securities with constant maturities that are most nearly longer than and shorter than the Applicable Maturity. 
  

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 “Basis Adjustment” means the increase or decrease to the tax basis of an Original Asset
(i) under Sections 743(b) and 754 of the Code and comparable sections of the California Revenue and Taxation Code as a result of the Vulcan Transaction and (ii) under Section 362(a) of the Code and the comparable section of the California Revenue
and Taxation Code as a result of the receipt by DWI II of this Agreement as partial consideration in the Contribution, as shown on the Basis and Agreement Value Schedule. The Basis Adjustment shall include only the increase or decrease to the tax
basis of any Original Asset made as of the Closing Date and for the reasons described in (i) and (ii) above, provided however that if there is a relevant Determination that all or part of the Basis Adjustment described in (ii) above occurred
after the Closing Date by reason of the accrual or payment of any amount due to DWI II under this Agreement, then the increase or decrease in the basis of the Original Assets described in (ii) above shall include all such adjustments as they occur
after the Closing Date in a manner consistent with such Determination. 
  
 “Basis and Agreement Value Schedule” is defined in Section 2.02(a) of this Agreement. 
  
 “Business Day” means any calendar day that is not a Saturday, Sunday or other calendar day on which banks are required or authorized to
be closed in the City of New York. 
  
 “California State
Income Tax” means any income, franchise or similar tax imposed by the state of California (including, without limitation, the Corporation Tax Law under the California Revenue and Taxation Code Section 23001 et. seq.), and any interest,
additions to tax or penalties applicable or related to such tax. 
  
 “Change of Control Event” means the occurrence of any of the following events, not including any events occurring prior to or in connection with an initial public offering of Shares (as defined below), including the
occurrence of such initial public offering: 
  
 (i) during any period of 14 consecutive calendar months, individuals who were directors of DWA on the first day of such period (the “Incumbent Directors”) cease for any reason to constitute a majority of the Board of
Directors of DWA (the “Board”); provided, however, that any individual becoming a director subsequent to the first day of such period whose election, or nomination for election, by DWA’s stockholders was approved
by a vote of at least a majority of the Incumbent Directors shall be considered as though such individual were an Incumbent Director, but excluding, for purposes of this proviso, any such individual whose initial assumption of office occurs as a
result of an actual or threatened proxy contest with respect to election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a “person” (as such term is used in Section 13(d) of the
Exchange Act), in each case other than the management of DWA, the Board or the holders of DWA’s Class B common stock, $0.01 par value; 
  
 (ii) the consummation of (A) a merger, consolidation, statutory share exchange or similar form of corporate transaction involving (x) DWA
or (y) any of its Subsidiaries, but in the case of this clause (y) only if DWA Voting Securities (as defined below) are issued or issuable (each of the events referred to in this clause (A) being hereinafter 

  

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referred to as a “Reorganization”) or (B) the sale or other disposition of all or substantially all the assets of DWA to an entity that is
not an affiliate of DWA (a “Sale”) if such Reorganization or Sale requires the approval of DWA’s stockholders under the law of DWA’s jurisdiction of organization (whether such approval is required for such Reorganization
or Sale or for the issuance of securities of DWA in such Reorganization or Sale), unless, immediately following such Reorganization or Sale, (1) all or substantially all the individuals and entities who were the “beneficial owners” (as
such term is defined in Rule 13d-3 under the Exchange Act (or a successor rule thereto)) of the shares of Class A Common Stock of DWA, $0.01 par value, or such other securities of DWA into which such shares shall be changed by reason of a
recapitalization, merger, consolidation, split-up, combination, exchange of shares or other similar transaction (the “Shares”) or other securities eligible to vote for the election of the Board (together, “DWA Voting
Securities”) outstanding immediately prior to the consummation of such Reorganization or Sale beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the corporation
resulting from such Reorganization or Sale (including, without limitation, a corporation that as a result of such transaction owns DWA or all or substantially all DWA’s assets either directly or through one or more subsidiaries) (the
“Continuing Corporation”) in substantially the same proportions as their ownership, immediately prior to the consummation of such Reorganization or Sale, of the outstanding DWA Voting Securities (excluding any outstanding voting
securities of the Continuing Corporation that such beneficial owners hold immediately following the consummation of the Reorganization or Sale as a result of their ownership prior to such consummation of voting securities of any company or other
entity involved in or forming part of such Reorganization or Sale other than DWA), (2) no “person” (as such term is used in Section 13(d) of the Exchange Act), excluding (x) any employee benefit plan (or related trust) sponsored or
maintained by the Continuing Corporation or any corporation controlled by the Continuing Corporation, (y) Jeffrey Katzenberg and (z) David Geffen, beneficially owns, directly or indirectly, 20% or more of the combined voting power of the then
outstanding voting securities of the Continuing Corporation and (3) at least a majority of the members of the board of directors of the Continuing Corporation were Incumbent Directors at the time of the execution of the definitive agreement
providing for such Reorganization or Sale or, in the absence of such an agreement, at the time at which approval of the Board was obtained for such Reorganization or Sale; 
  
 (iii) the stockholders of DWA approve a plan of complete liquidation or dissolution of DWA; or 

 
 (iv) any “person” (as such term is used in
Section 13(d) of the Exchange Act), corporation or other entity or “group” (as used in Section 14(d)(2) of the Exchange Act) (other than (A) DWA, (B) any trustee or other fiduciary holding securities under an employee benefit plan of DWA
or an affiliate of DWA or (C) any company owned, directly or indirectly, by the stockholders of DWA in substantially the same proportions as their ownership of the voting power of the DWA Voting Securities) becomes the beneficial owner, directly or
indirectly, of securities of DWA representing 20% or more of the combined voting power of the DWA Voting Securities but only if the percentage so owned exceeds the aggregate percentage of the combined voting power of the DWA 

  

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Voting Securities then owned, directly or indirectly, by Jeffrey Katzenberg and David Geffen; provided, however, that for purposes of this
subparagraph (iv), the following acquisitions shall not constitute a Change of Control: (x) any acquisition directly from DWA or (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by DWA or an affiliate of
DWA. 
  
 “Change of Control Termination Payment”
is defined in Section 4.03(c) of this Agreement. 
  
 “Closing Date” means October 27, 2004. 
  
 “Code” is defined in the recitals. 
  
 “Contribution” is defined in the recitals. 
  
 “Covered Taxable Year” means any Taxable Year of the DWA Affiliated Group ending after the Closing Date and on or before the end of the Taxable Year including the date which is the twentieth (20th) anniversary of the Closing Date. 
  
 “Covered Taxes” means Federal Income Taxes and California State Income Taxes. 
  
 “Determination” shall have the meaning ascribed to such term
in Section 1313(a) of the Code or similar provision of the California Revenue and Taxation Code, as applicable. 
  
 “DWA” is defined in the preamble. 
  
 “DWA Affiliated Group” means the affiliated group of domestic corporations within the meaning of Section 1504(a) of the Code or the
unitary combined group of corporations within the meaning the California Revenue and Taxation Code, as applicable, of which DWA is a member from time to time. 
  

“DWA Consolidated Return” means the consolidated Federal income tax return or California unitary combined tax return, as applicable,
of the DWA Affiliated Group filed with respect to any Taxable Year. 
  
 “DWA Group” means (i) the corporations that are members of the DWA Affiliated Group and (ii) the corporations that would be members of the DWA Affiliated Group but for the fact they are not includible corporations under
Section 1504(b) of the Code. 
  
 “DWA Payment” is
defined in Section 5.01 of this Agreement. 
  
 “DWA
LLC” is defined in the recitals. 
  
 “DWA Senior
Obligations” means indebtedness of DWA (including and together with all monetary obligations in respect of the five-year $200 million revolving credit facility entered into among DWA, JP Morgan Chase Bank and certain other lenders (the
“Credit Agreement”), and interest, whether or not allowable, accruing on indebtedness incurred pursuant 
  

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to the Credit Agreement after the filing of a petition initiating any proceeding under any bankruptcy, insolvency or similar law or that would have accrued
but for such filing) arising under the Credit Agreement or that, by the terms of the instrument creating or evidencing such indebtedness, is expressly designated “senior debt” and made senior in right of payment to any other of the
indebtedness of DWA; provided, that in no event shall DWA Senior Obligations include (i) indebtedness to any Subsidiary of DWA or any officer, director or employee of DWA or any of its Subsidiaries (other than indebtedness that is required to
be pledged to the lenders under the Credit Agreement) or (ii) indebtedness to trade creditors. 
  
 “DWI I” is defined in the recitals. 
  
 “DWI II” is defined in the preamble. 
  
 “DWI II Certification Noncompliance” is defined in Section 7.04. 
  
 “DW Inc.” is defined in the recitals. 
  
 “DW LLC” means DreamWorks L.L.C., a Delaware limited liability company. 
  
 “Early Termination Notice” is defined in Section 4.02 of this Agreement. 
  
 “Early Termination Payment” is defined in Section 4.03(b) of
this Agreement. 
  
 “Early Termination Rate”
means the Applicable Treasury Rate plus 300 basis points. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute thereto. 
  
 “Federal Income Tax” means any tax imposed under Subtitle A of the Code or any other provision of United States Federal income tax law
(including, without limitation, the taxes imposed by Sections 11, 55, 59A, and 1201(a) of the Code), and any interest, additions to tax or penalties applicable or related to such tax. 
  
 “Governmental Entity” means any Federal, state, local, provincial or foreign government or any court of
competent jurisdiction, administrative agency or commission or other governmental authority or instrumentality, whether domestic or foreign. 
  
 “Holdco” means DWA Escrow LLLP, a Delaware limited liability limited partnership. 
  
 “Hypothetical Tax Basis” means, with respect to any asset at
any time, the tax basis that such asset would have at such time if no Basis Adjustment had been made. 
  
 “Hypothetical Tax Liability” means, with respect to any Covered Taxable Year, the liability for Covered Taxes of the DWA Affiliated Group
using the same methods, elections, conventions and similar practices used on the relevant DWA Consolidated Return, but using the Hypothetical Tax Basis instead of the actual tax basis of each relevant asset and excluding any deduction attributable
to the Imputed Interest. 
  

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 “Imputed Interest” shall mean any interest imputed under Section 1272, 1274 or 483 or
other provision of the Code and the similar section of the California Revenue and Taxation Code with respect to DWA’s payment obligations under this Agreement. 
  
 “Indemnity Agreement” means the Indemnity Agreement, dated as of October 27, 2004, among M&J K B
Limited Partnership, a Delaware limited partnership, M&J K Dream Limited Partnership, a Delaware limited partnership, DG-DW, L.P., a Delaware limited partnership, DW LIPS, L.P., a California limited partnership, and DWI II. 
  
 “Initial Value” shall mean the weighted average trading
price of DWA Class A common stock on the date of its initial public offering, as reported on the New York Stock Exchange consolidated tape. 
  
 “IRS” means the United States Internal Revenue Service. 
  
 “Liabilities” means liabilities or obligations of any nature. 
  
 “LIBOR” means, for each month (or portion thereof) during
any period, an interest rate per annum equal to the rate per annum reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen
page “LIBO” or by any other publicly available source of such market rate) for London interbank offered rates for United States dollar deposits for such month (or portion thereof). 
  
 “Net Asset Valuation Date” means each March 31, June 30,
September 30 and December 31. 
  
 “Net Asset Valuation
Statement” is defined in Section 7.03 of this Agreement. 
  
 “Original Assets” is defined in the recitals. 
  
 “Person” means and includes any individual, firm, corporation, partnership (including, without limitation, any limited, general or limited liability partnership), company, limited liability company, trust, joint venture,
association, joint stock company, unincorporated organization or similar entity or Governmental Entity. 
  
 “Proceeding” is defined in Section 8.08 of this Agreement. 
  
 “Realized Tax Benefit” means, for a Covered Taxable Year, the excess, if any, of the Hypothetical Tax
Liability over the actual liability for Covered Taxes of the DWA Affiliated Group for such Covered Taxable Year. If all or a portion of the actual tax liability for Covered Taxes for the Covered Taxable Year arises as a result of an audit by a
Taxing Authority of any Covered Taxable Year, such liability shall not be included in determining the Realized Tax Benefit or the Realized Tax Detriment unless and until there has been a Determination. 
  
 “Realized Tax Detriment” means, for a Covered Taxable Year,
the excess, if any, of the actual liability for Covered Taxes of the DWA Affiliated Group over the Hypothetical Tax Liability for such Covered Taxable Year. If all or a portion of the actual tax liability for Covered 

  

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Taxes for the Covered Taxable Year arises as a result of an audit by a Taxing Authority of any Covered Taxable Year, such liability shall not be included in
determining the Realized Tax Benefit or Realized Tax Detriment unless and until there has been a Determination. 
  
 “Reconciliation Procedures” shall mean those procedures set forth in Section 7.09 of this Agreement. 
  
 “Scheduled Termination Date” shall mean the date on which
this Agreement would terminate in the absence of an Early Termination Notice. 
  
 “Specified Assets” means (i) cash and cash equivalents, (ii) debt securities with an initial maturity of ten years or less that are traded on a national securities exchange registered under Section 6
of the Exchange Act (an “Exchange”), (iii) equity securities that are traded on an Exchange, (iv) partnership interests in Holdco, and (v) investment funds, provided that any amounts invested in the fund may be withdrawn, without penalty,
within a period of 12 months or less. 
  
 “Statutory
Rate” means the October 2004 long-term applicable federal rate. 
  
 “Subsidiary” means any entity in which DWA, directly or indirectly, possesses fifty percent (50%) or more of the total combined voting power of all classes of its stock. 
  
 “Tax Benefit Payment” is defined in Section 3.01 of this
Agreement. 
  
 “Tax Benefit Schedule” is defined
in Section 2.03(a) of this Agreement. 
  
 “Taxable
Year” means a taxable year as defined in Section 441(b) of the Code or comparable section of the California Revenue and Taxation Code, as applicable, (and, therefore, for the avoidance of doubt, may include a period of less than 12 months
for which a Tax Return is made). 
  
 “Taxes”
means (i) all forms of taxation or duties imposed, or required to be collected or withheld, including, without limitation, charges, together with any related interest, penalties or other additional amounts, (ii) liability for the payment of any
amount of the type described in the preceding clause (i) as a result of being a member of an affiliated, consolidated, combined or unitary group, and (iii) liability for the payment of any amounts as a result of being party to any tax sharing
agreement (other than this Agreement) or as a result of any express or implied obligation to indemnify any other person with respect to the payment of any amount described in the immediately preceding clauses (i) or (ii) (other than an obligation to
indemnify under this Agreement). 
  
 “Tax Return”
means any return, filing, report, questionnaire, information statement or other document required to be filed, including amended returns that may be filed, for any taxable period with any Taxing Authority (whether or not a payment is required to be
made with respect to such filing). 
  
 “Taxing
Authority” means the IRS and any other state, local, foreign or other Governmental Entity responsible for the administration of Taxes. 
  

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 “Treasury Regulations” means the final, temporary and proposed regulations under the
Code promulgated from time to time (including corresponding provisions of succeeding provisions) as in effect for the relevant taxable period. 
  
 “Valuation Assumptions” shall mean, as of any Valuation Date, the assumptions that (1) in each Covered Taxable Year ending after such
Valuation Date DWA will have taxable income sufficient to fully utilize the deductions arising from the Basis Adjustment and the Imputed Interest during such Covered Taxable Year and (2) the Federal Income Tax rates and California State Income Tax
rates that will be in effect for each such Covered Taxable Year will be those specified for each such Covered Taxable Year by the Code and by the California Revenue and Taxation Code as in effect on the Valuation Date. 
  
 “Valuation Date” means the Closing Date for purposes of
determining the Agreement Value or the date of an Early Termination Notice for purposes of determining an Early Termination Payment or Change of Control Termination Payment. 
  
 “Vulcan Transaction” is defined in the recitals. 
  
 Determination of Realized Tax Benefit or Realized Tax Detriment 
  
 Closing Date Basis Adjustment. DWA and DWI II hereby agree to treat the
issuance of this Agreement as property received by DWI II as partial consideration for the Contribution on the Closing Date for all Tax purposes. DWA and DWI II further agree that as a result of the issuance of the Agreement, DWI II shall recognize
gain on the Closing Date in an amount not to exceed the value of the Agreement on the Closing Date (the “Agreement Value”) under Section 351(b) of the Code and the comparable section of the California Revenue and Taxation Code and the
basis in the Original Assets shall be increased by the amount of such gain recognized under Section 362(a) of the Code and the comparable section of the California Revenue and Taxation Code (in addition to any basis increase occurring as a result of
the Vulcan Transaction). DWA and DWI II shall treat such gain and basis adjustment as occurring entirely on the Closing Date unless there is a Determination to the contrary. For all Tax purposes, DWA and DWI II hereby agree that the Agreement Value
shall equal the present value, discounted at the Statutory Rate, of all Tax Benefit Payments that would be required to be paid by DWA to DWI II during the period from the Closing Date through the Scheduled Termination Date based on the Valuation
Assumptions. The Valuation Assumptions are to be applied in a manner consistent with the illustrative example attached as Appendix A hereto. 
  
 i) Basis and Agreement Value Schedule. Within 120 calendar days after the Closing Date, DWA shall deliver to DWI II a schedule (the “Basis
and Agreement Value Schedule”) that shows, in reasonable detail, for Covered Tax purposes (i) the actual tax basis as of the Closing Date of each Original Asset, (ii) the Basis Adjustment with respect to each Original Asset and (iii) a
calculation of the Agreement Value consistent with the Basis Adjustment and the methodology set forth in Section 2.01. The aggregate tax basis of the Original Assets as of the Closing Date shall equal the aggregate Initial Value of the common stock
of DWA received by DWI II in the Contribution plus the Agreement Value. At the time DWA delivers the Basis and Agreement Value Schedule to DWI II it shall (x) deliver to DWI II 

  

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schedules and work papers providing reasonable detail regarding the preparation of the Basis and Agreement Value Schedule and an Advisory Firm Letter
supporting such Basis and Agreement Value Schedule and (y) allow DWI II reasonable access to the appropriate representatives at DWA and the Advisory Firm in connection with its review of such schedule. The Basis and Agreement Value Schedule shall
become final and binding on the parties unless DWI II, within 30 calendar days after receiving such Basis and Agreement Value Schedule, provides DWA with notice of a material objection to such Basis and Agreement Value Schedule made in good faith.
If the parties, using their best efforts, are unable to successfully resolve the issues raised in such notice within 60 calendar days after such Basis and Agreement Value Schedule was delivered to DWI II, DWA and DWI II shall employ the
Reconciliation Procedures. 
  
 (b) Amended Basis and Agreement
Value Schedule. The Basis and Agreement Value Schedule may be amended from time to time by DWA (i) in connection with a Determination, (ii) to correct inaccuracies in the original Basis and Agreement Value Schedule identified after the Closing
Date as a result of the receipt of additional information relating to facts or circumstances on or prior to the Closing Date or (iii) to comply with the expert’s determination under the Reconciliation Procedures. At the time DWA delivers such
amended Basis and Agreement Value Schedule to DWI II it shall (x) deliver to DWI II schedules and work papers providing reasonable detail regarding the preparation of the amended Basis and Agreement Value Schedule and an Advisory Firm Letter
supporting such amended Basis and Agreement Value Schedule and (y) allow DWI II reasonable access to the appropriate representatives at DWA and the Advisory Firm in connection with its review of such schedule. The amended Basis and Agreement Value
Schedule shall become final and binding on the parties unless DWI II, within 30 calendar days after receiving such amended Basis and Agreement Value Schedule, provides DWA with notice of a material objection to such amended Basis and Agreement Value
Schedule made in good faith. If the parties, using their best efforts, are unable to successfully resolve the issues raised in such notice within 60 calendar days after such amended Basis and Agreement Value Schedule was delivered to DWI II, DWA and
DWI II shall employ the Reconciliation Procedures. 
  
 (a) Tax
Benefit Schedule. Within 10 calendar days after filing the Federal income tax return of DWA for the relevant Covered Taxable Year, DWA shall provide to DWI II a schedule showing, in reasonable detail, the calculation of the Realized Tax
Benefit or the Realized Tax Detriment for such Covered Taxable Year (the “Tax Benefit Schedule”). At the time DWA delivers the Tax Benefit Schedule to DWI II it shall (i) deliver to DWI II schedules and work papers providing
reasonable detail regarding the preparation of the Tax Benefit Schedule and an Advisory Firm Letter supporting such Tax Benefit Schedule and (ii) allow DWI II reasonable access to the appropriate representatives at DWA and the Advisory Firm in
connection with its review of such schedule. The Tax Benefit Schedule shall become final and binding on the parties unless DWI II, within 30 calendar days after receiving such Tax Benefit Schedule, provides DWA with notice of a material objection to
such Tax Benefit Schedule made in good faith. If the parties, using their best efforts, are unable to successfully resolve the issues raised in such notice within 60 calendar days after such Tax Benefit Schedule was delivered to DWI II, DWA and DWI
II shall employ the Reconciliation Procedures. 
  
 (b) Amended
Tax Benefit Schedule. The Tax Benefit Schedule for any Covered Taxable Year may be amended from time to time by DWA (i) in connection with a 

  

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Determination affecting such Tax Benefit Schedule, (ii) to correct inaccuracies in the original Tax Benefit Schedule identified as a result of the receipt of
additional factual information relating to a Covered Taxable Year after the date the Tax Benefit Schedule was provided to DWI II, (iii) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Covered Taxable Year
attributable to a carryback or carryforward of a loss or other tax item to such Covered Taxable Year, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Covered Taxable Year attributable to an amended tax return
filed for such Covered Taxable Year (provided, however, that such a change attributable to an audit of a Tax Return by an applicable Taxing Authority shall not be taken into account on an Amended Tax Benefit Schedule unless and until there
has been a Determination with respect to such change) or (v) to comply with the expert’s determination under the Reconciliation Procedures. At the time DWA delivers such an amended Tax Benefit Schedule pursuant to this Section 2.03(b) (an
“Amended Tax Benefit Schedule”) to DWI II it shall (x) deliver to DWI II schedules and work papers providing reasonable detail regarding the preparation of the Amended Tax Benefit Schedule and an Advisory Firm Letter supporting such
Amended Tax Benefit Schedule and (y) allow DWI II reasonable access to the appropriate representatives at DWA and the Advisory Firm in connection with its review of such schedule. Such Amended Tax Benefit Schedule shall become final and binding on
the parties unless DWI II, within 30 calendar days after receiving such Amended Tax Benefit Schedule, provides DWA with notice of a material objection to such Amended Tax Benefit Schedule made in good faith. If the parties, using their best efforts,
are unable to successfully resolve the issues raised in such notice within 60 calendar days after such Amended Tax Benefit Schedule was delivered to DWI II, DWA and DWI II shall employ the Reconciliation Procedures. 
  
 (c) Applicable Principles. The Realized Tax Benefit or Realized Tax
Detriment for each Covered Taxable Year is intended to measure the decrease or increase in the actual Covered Tax liability of the DWA Affiliated Group for such Covered Taxable Year attributable to the Basis Adjustment and Imputed Interest,
determined using a “with and without” methodology. Carryovers or carrybacks of any tax item attributable to the Basis Adjustment and Imputed Interest (determined using such “with and without” methodology) shall be considered to
be subject to the rules of the Code and the Treasury Regulations or the California Revenue and Taxation Code, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback
of any tax item includes a portion that is attributable to the Basis Adjustment or Imputed Interest and another portion that is not, such portions shall be considered to be used in the order determined using such “with and without”
methodology. Appendix B to this Agreement provides illustrative examples of the applicable principles described in this Section 2.03(c) of this Agreement. 
  
 Tax Benefit Payments 
  
 Payments. (a) Within 3 calendar days of the delivery of the Tax Benefit Schedule to DWI II for any Covered Taxable Year (a) DWA shall pay to DWI II
an amount equal to 85% of the Realized Tax Benefit (if any) for such Covered Taxable Year and (b) DWI II shall pay to DWA an amount equal to 85% of the Realized Tax Detriment (if any) for such Covered Taxable Year, in each case with interest
calculated at the Agreed Rate from the due date (without extensions) for filing the Tax Return with respect to Covered Taxes for such Covered Taxable 

  

 11 

 
Year. Each such payment (a “Tax Benefit Payment”) shall be made by wire transfer of immediately available funds to a bank account of the
recipient previously designated by it to the other party. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation, Federal Income Tax payments. 
  
 (b) Within 3 calendar days of the delivery of an Amended Tax Benefit
Schedule to DWI II for any Covered Taxable Year, DWA shall pay to DWI II, or DWI II shall pay to DWA, as appropriate, an amount equal to the difference between the Realized Tax Benefit or the Realized Tax Detriment reflected on such Amended Tax
Benefit Schedule and the Realized Tax Benefit or the Realized Tax Detriment reflected on the Tax Benefit Schedule or prior amended Tax Benefit Schedule for the relevant Covered Taxable Year. 
  
 No Duplicative Payments. No duplicative payment of any amount
(including interest) will be required under this Agreement. 
  
 Termination 
  
 Early Termination of Agreement.
DWA may terminate this Agreement at any time by paying to DWI II the Early Termination Payment as of the date of the Early Termination Notice. DWA may terminate this Agreement upon the occurrence of a Change of Control Event by paying to DWI II the
Change of Control Termination Payment as of the date of the Early Termination Notice. Upon payment of the Early Termination Payment or the Change of Control Termination Payment by DWA, neither DWI II nor DWA shall have any further payment
obligations under this Agreement, other than for any (a) Tax Benefit Payment agreed to by DWA and DWI II as due and payable but unpaid as of the Early Termination Notice and (b) Tax Benefit Payment due for the Covered Taxable Year ending with or
including the date of the Early Termination Notice (except to the extent that the amount described in clause (a) or (b) is included in the Early Termination Payment or Change of Control Termination Payment). 
  
 Early Termination Notice. If DWA chooses to exercise its right of
early termination under Section 4.01 above, DWA shall deliver to DWI II a notice (the “Early Termination Notice”) specifying DWA’s intention to exercise such right and showing in reasonable detail the calculation of the Early
Termination Payment or the Change of Control Termination Payment, as the case may be. At the time DWA delivers the Early Termination Notice to DWI II it shall (a) deliver to DWI II schedules and work papers providing reasonable detail regarding the
calculation of the Early Termination Payment or the Change of Control Termination Payment, as the case may be, in a manner consistent with the guidelines set forth in Section 4.03 of this Agreement and an Advisory Firm Letter supporting such Early
Termination Notice and (b) allow DWI II reasonable access to the appropriate representatives at DWA and the Advisory Firm in connection with its review of such Early Termination Notice. Such Early Termination Notice shall become final and binding on
the parties unless DWI II, within 30 calendar days after receiving such Early Termination Notice, provides DWA with notice of a material objection to such Early Termination Notice made in good faith. If the parties, using their best efforts, are
unable to successfully resolve the issues raised in such notice within 60 calendar days after such Early Termination Notice was delivered to DWI II, DWA and DWI II shall employ the Reconciliation Procedures. 
  

 12 

 Payment upon Early Termination. (a) Within 3 calendar days of the delivery to DWI II of the Early
Termination Notice or any amendment to the Early Termination Notice, DWA shall pay to DWI II an amount equal to the Early Termination Payment or the Change of Control Termination Payment, as the case may be. Such payment shall be made by wire
transfer of immediately available funds to a bank account designated by the relevant party. 
  
 (b) The Early Termination Payment as of the date of an Early Termination Notice shall equal the present value, discounted at the Early Termination Rate, of all Tax Benefit Payments that would be required to be paid by
DWA to DWI II during the period from the date of the Early Termination Notice through the Scheduled Termination Date assuming (1) the Valuation Assumptions are applied and (2) any loss carryovers generated by the Basis Adjustment or the Imputed
Interest and available as of the date of the Early Termination Notice will be utilized by DWA on pro rata basis from the date of the Early Termination Notice through the Scheduled Termination Date. For the avoidance of doubt, the Early Termination
Payment would be equal to the Agreement Value if the Early Termination Notice were delivered as of the Closing Date and the Early Termination Rate were equal to the Statutory Rate. 
  
 (c) The Change of Control Termination Payment as of the date of an Early Termination Notice shall equal the Early
Termination Payment as of such date multiplied by 70%. 
  
 No
Other Right of Early Termination. For the avoidance of doubt, DWI II shall not be entitled to cause an early termination of this Agreement. 
  
 Subordination and Late Payments 
  
 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment, Early Termination Payment or Change
of Control Termination Payment required to be made by DWA to DWI II under this Agreement (a “DWA Payment”) shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect
of any DWA Senior Obligations and shall rank pari passu with all current or future unsecured obligations of DWA that are not DWA Senior Obligations.  
  
 Late Payments by DWA. The amount of all or any portion of a DWA Payment not made to DWI II when due under the terms
of this Agreement shall be payable together with any interest thereon, computed at the Agreed Rate and commencing from the date on which such DWA Payment was due and payable.  
  
 Late Payments by DWI II. The amount of all or any portion of a Tax Benefit Payment required to be made by DWI II to
DWA under this Agreement that is not made to DWA when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Agreed Rate and commencing from the date on which such Tax Benefit Payment was due and
payable. 
  

 13 

 No Disputes; Consistency; Cooperation  
  
 DWI II Participation In DWA Tax Matters. Except as otherwise provided
herein, DWA shall have full responsibility for, and sole discretion over, all Tax matters concerning any member of the DWA Group, including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or
settling any issue pertaining to Taxes. Notwithstanding the foregoing, DWA shall notify DWI II of, and keep DWI II reasonably informed with respect to, and DWI II shall have the right to participate in and monitor (but, for the avoidance of doubt,
not to control) the portion of any audit of the DWA Group by a Taxing Authority the outcome of which is reasonably expected to affect DWI II’s rights and obligations under this Agreement, and shall provide to DWI II reasonable opportunity to
provide information and other input to DWA and its advisors concerning the conduct of any such portion of such audits. No member of the DWA Group shall settle or otherwise resolve any audit or other challenge by a Taxing Authority relating to the
basis of the Original Assets or the deduction of Imputed Interest without the consent of DWI II, which DWI II shall not unreasonably withhold, condition or delay. Nothing in this Agreement shall alter DWI I’s full responsibility for, and sole
discretion over, any audit of DWI I or any of its affiliates relating to the Vulcan Transaction. 
  
 Consistency. Unless there is a Determination to the contrary, DWA, on its own behalf and on behalf of each member of the DWA Group, and DWI II, on its
own behalf and on behalf of each of its affiliates, agree to report and cause to be reported for all purposes, including Federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including without limitation the
Basis Adjustment and each Tax Benefit Payment) in a manner consistent with that specified by DWA in any schedule, letter or certificate required to be provided by or on behalf of DWA under this Agreement. In the event that an Advisory Firm is
replaced with another firm acceptable to DWA and DWI II, such replacement Advisory Firm shall be required to perform its services under this Agreement using procedures and methodologies consistent with the previous Advisory Firm, unless otherwise
required by law or DWA and DWI II agree to the use of other procedures and methodologies. 
  
 Cooperation. DWI II shall (and shall cause its affiliates to) (a) furnish to DWA in a timely manner such information, documents and other materials as DWA may reasonably request for purposes of making any
determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make its employees available to DWA and its
representatives to provide explanations of documents and materials and such other information as the DWA or its representative may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate
in connection with any such matter. 
  
 Minimum Net Asset
Requirement 
  
 Minimum Asset Value. (a) At all times, DWI
II shall own, legally and beneficially, Specified Assets that have an aggregate value (as determined under paragraph (b)) equal to the sum of (i) the amount of any payments made by DWA to DWI II in the current year and during the lesser of (A) the
preceding six (6) Covered Taxable Years and (B) the taxable 

  

 14 

 
years of DWA with respect to which the applicable statute of limitations (giving effect to any waiver, mitigation or extension thereof) has not expired, (ii)
$10 million, and (iii) the amount of any Liabilities incurred by DWI II, other than Liabilities under this Agreement or the Indemnity Agreement. 
  
 (b) For purposes of paragraph (a), the value of (i) any equity securities described in clause (iii) of the definition of Specified Assets shall be equal
to 80% of their fair market value, (ii) any partnership interest in Holdco shall be equal to the value (subject to clause (i)) of property held by Holdco that was contributed by DWI II to Holdco, (iii) any other Specified Asset shall be its fair
market value. The fair market value of a particular Specified Asset shall be determined based on generally accepted market practices, as reasonably determined by DWI II. 
  
 Liabilities. DWI II shall not incur any Liabilities other than (i) Liabilities under this Agreement or the Indemnity
Agreement or (ii) Liabilities, of an aggregate amount not to exceed $250,000, incurred in the ordinary course of business of DWI II. 
  
 Net Asset Valuation Statement. Within 45 Business Days after each Net Asset Valuation Date, DWI II shall deliver to DWA a statement (the
“Net Asset Valuation Statement”) setting forth the amount, as of the relevant Net Asset Valuation Date, of (i) Specified Assets owned, legally and beneficially, by DWI II, and (ii) any Liabilities incurred by DWI II, other than
Liabilities under this Agreement or the Indemnity Agreement, with reasonable detail as to the calculation of such amounts. The Net Asset Valuation Statement shall be certified by the Person employed by DWI II (or one of its affiliates) and
responsible for the financial accounting of DWI II. 
  
 Withholding of Payments. If DWI II fails to provide a Net Asset Valuation Statement at the times and in the manner provided in Section 7.03 indicating DWI II’s compliance with Sections 7.01 and 7.02 (subject to Section 7.05) (a
“DWI II Certification Noncompliance”) and DWI II has received notice from DWA of such DWI II Certification Noncompliance, DWA shall not be obligated to make any payments to DWI II under Section 3.01 or Section 5.02; provided
that DWA shall make such payments to DWI II promptly after DWI II establishes, to the reasonable satisfaction of DWA, that DWI II has cured the DWI II Certification Noncompliance. 
  
 Guarantee. DWI II shall have no obligations under Section 7.01, Section 7.02 or Section 7.03, and Section 7.04 shall
not apply, to the extent that Paul G. Allen (i) fully, absolutely, irrevocably and unconditionally guarantees, as a primary obligor and not merely as a surety, (A) the due and punctual payment of each payment required to be made by DWI II under this
Agreement, when and as due, including payments in respect of interest thereon and (B) the due and punctual performance and observance of, and compliance with, all covenants, agreements, obligations and liabilities of DWI II under or pursuant to this
Agreement, and (ii) agrees that the obligations described in clause (i) may be extended, amended, modified or renewed, in whole or in part, without notice to or further assent from him, and that he will remain bound upon his guarantee
notwithstanding any extension, amendment, modification or renewal of any such obligation. 
  

 15 

 General Provisions 
  
 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax machine if sent on a Business Day (or otherwise on the next Business Day) or (b) on the
first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party
to receive such notice: 
  
 if to DWA, to:

  
 DreamWorks Animation SKG, Inc. 
 Grandview Building 
 1000 Flower Street 
 Glendale, California 91201 
 Fax: (818) 659-6123 
 Attention:  Katherine Kendrick, Esq. 
                   General Counsel 
  
 with a copy to: 
  
 Cravath, Swaine & Moore LLP 
 Worldwide Plaza 
 825 Eighth Avenue 
 New York, NY 10019-7475 
 Fax: (212) 474-3700 
 Attention:  Stephen L. Gordon, Esq. 
  
 if to DWI II, to: 
  
 Vulcan, Inc. 
 505 Fifth Avenue South, Suite 900 
 Seattle, WA 98104 
 Fax: (206) 342-2330 
 Attention:  Joe Franzi 
                   Vice President, Tax, Risk and Asset Management 
  
 with a copy to: 
  
 Skadden Arps Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036 
 Fax: (212) 735-2000 
 Attention:  Nicholas Saggese, Esq. and David Rievman, Esq. 
  

 16 

 Any party may change its address or fax number by giving the other party written notice of its new address or fax number
in the manner set forth above. 
  
 Counterparts. This
Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties,
it being understood that all parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

  
 Entire Agreement; No Third Party Beneficiaries. This
Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the
benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under
or by reason of this Agreement. 
  
 Governing Law. This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to applicable principles of conflict of laws. 
  
 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by
any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 
  
 Successors; Assignment; Amendments. DWI II may not assign this Agreement to any person without the prior written
consent of DWA, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, (i) DWI II may pledge some or all of its rights, interests or entitlements under this Agreement to any U.S. money center bank
in connection with a bona fide loan or other indebtedness, (ii) DWI II may assign some or all its rights, interests or entitlements under this Agreement to any related entity within the meaning of Section 267(b) or 707(b) of the Code
and (iii) DWI II may assign its obligations under this Agreement to any related entity within the meaning of Section 267(b) or 707(b) of the Code provided, that, DWI II and its assignee certify that the assignee satisfies the
requirements of Section 7.01 and Section 7.02, subject to Section 7.05, in each case without the prior written consent of DWA. DWA may not assign any of its rights, interests or entitlements under this Agreement without the consent of DWI II, not to
be unreasonably withheld or delayed. Subject to each of the two immediately preceding sentences, this Agreement will be binding upon, inure to the benefit of and be enforceable by, the parties and their respective successors and assigns including
any acquiror of all or substantially all of the assets of DWA. In the event that DWA ceases to be the common parent of the DWA Affiliated Group, the successor common parent of such group shall assume all of DWA’s rights and obligations under
this Agreement. 
  

 17 

 No amendment to this Agreement shall be effective unless it shall be in writing and signed by DWA and DWI
II. 
  
 Titles and Subtitles. The titles of the sections
and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
  
 Submission to Jurisdiction; Waivers. With respect to any suit, action or proceeding relating to this Agreement (collectively, a
“Proceeding”), each party to this Agreement irrevocably (a) consents and submits to the exclusive jurisdiction of the courts of the States of New York and Delaware and any court of the United States located in the Borough of
Manhattan in New York City or the State of Delaware; (b) waives any objection which such party may have at any time to the laying of venue of any Proceeding brought in any such court, waives any claim that such Proceeding has been brought in an
inconvenient forum and further waives the right to object, with respect to such Proceeding, that such court does not have jurisdiction over such party; (c) consents to the service of process at the address set forth for notices in Section 8.01
herein; provided, however, that such manner of service of process shall not preclude the service of process in any other manner permitted under applicable law; and (d) waives, to the fullest extent permitted by applicable law, any and
all rights to trial by jury in connection with any Proceeding. 
  
 Reconciliation. In the event that DWA and DWI II are unable to resolve a disagreement within the relevant period designated in this Agreement, the matter shall be submitted for determination to a nationally recognized expert in the
particular area of disagreement mutually acceptable to both parties. The expert shall be employed by a nationally recognized accounting firm or a law firm (other than the Advisory Firm), and the expert shall not, and the firm that employs the expert
shall not, have any material relationship with either DWA or DWI II or other actual or potential conflict of interest. If the matter is not resolved before any payment that is the subject of a disagreement is due or any Tax Return reflecting the
subject of a disagreement is due, such payment shall be made on the date prescribed by this Agreement and such Tax Return may be filed as prepared by DWA or its affiliate, subject to adjustment or amendment upon resolution. The costs and expenses
relating to the engagement of such expert or amending any return shall be borne by the party who did not have the prevailing position, or if a compromise is reached by the DWA and DWI II, the costs and expenses shall be borne equally by the parties.
The expert shall determine which party prevails. The determinations of the expert pursuant to this Section 8.09 shall be binding on DWA and DWI II absent manifest error. 
  

 18 

 IN WITNESS WHEREOF, DWA and DWI II have duly executed this Agreement as of the date first written above.

  

			
	DREAMWORKS ANIMATION SKG, INC.,
		
	By	  	 /s/ Katherine Kendrick

	Name:	  	Katherine Kendrick
	Title:	  	VP and General Counsel
	
	Address:

  

			
	DW INVESTMENT II, INC.,
		
	By	  	 /s/ W. Lance Conn

	Name:	  	W. Lance Conn
	Title:	  	Vice President
	
	Address:

  

 19 

 Appendix A 
  

[To be finalized.] 

 Appendix B 
  

[To be finalized.]Agreement, dated as of October 7, 2004

 Exhibit 10.10 
  
 INTERPARTY AGREEMENT 
  
 between 
  
 DREAMWORKS L.L.C. 
  
 and 
  
 DREAMWORKS
ANIMATION SKG, INC. 
  
 and 
  
 VIVENDI UNIVERSAL ENTERTAINMENT LLLP 
  
 dated as of October 7, 2004 
  

					
	 	 	 	 	FINAL            

 TABLE OF CONTENTS 
  

							
	 	    	 	  	 	  	Page

	 Section 1.
	    	Definitions and Usage	  	2
				
	 	    	 1.1
	  	Definitions	  	2
				
	 	    	 1.2
	  	Terms and Usage Generally	  	6
			
	 Section 2.
	    	Confirmation of Universal’s Rights to Prior Pictures	  	6
				
	 	    	 2.1
	  	Prior Picture Rights Acquired by DWA Subject to the Universal Agreement	  	6
				
	 	    	 2.2
	  	Relation Between DWA, DW Studios and Universal as to Prior Pictures	  	6
				
	 	    	 2.3
	  	Transfer of Benefits; Retransfer	  	7
			
	 Section 3.
	    	Grant of Rights; Period of Distribution	  	7
				
	 	    	 3.1
	  	Grant of Rights	  	7
				
	 	    	 3.2
	  	Period of Distribution	  	7
				
	 	    	 3.3
	  	Clarification	  	7
			
	 Section 4.
	    	Rights and Obligations With Respect to DW Distributed Pictures and Prior Pictures	  	8
				
	 	    	 4.1
	  	DWA Approval of Universal Exploitation Agreements	  	8
				
	 	    	 4.2
	  	Universal Not Bound by DW Distribution Agreement	  	8
				
	 	    	 4.3
	  	Universal’s Rights of Collection, Deduction and Recoupment	  	8
				
	 	    	 4.4
	  	Laboratory and Storage Access Letters	  	9
			
	 Section 5.
	    	Animation Advance and Related Payment Obligations	  	9
				
	 	    	 5.1
	  	Animation Advance	  	9
			
	 Section 6.
	    	No Adverse Amendment of DW Distribution Agreement; No DW Studios Assignment	  	9
				
	 	    	 6.1
	  	No Adverse Amendment of DW Distribution Agreement	  	9
				
	 	    	 6.2
	  	No Assignment of DW Distribution Agreement by DW Studios	  	10

  

					
	 	 	-i-	 	FINAL            

 Table of Contents 
 (Continued) 
  

							
	 	    	 	  	 	  	Page

	 Section 7.
	    	Representations, Warranties and Agreements	  	10
				
	 	    	 7.1
	  	DWA	  	10
				
	 	    	 7.2
	  	Universal	  	10
				
	 	    	 7.3
	  	DW Studios	  	10
				
	 	    	 7.4
	  	Amblin Projects	  	10
				
	 	    	 7.5
	  	Bank Consent and Non-Disturbance Agreement	  	10
			
	 Section 8.
	    	Rights Under Universal Agreement	  	11
				
	 	    	 8.1
	  	DW Studios – Sole Claimant	  	11
			
	 Section 9.
	    	Termination; Disputes	  	11
				
	 	    	 9.1
	  	Termination Rights	  	11
				
	 	    	 9.2
	  	Disputes Under Universal Agreements	  	11
			
	 Section 10.
	    	Grant of Rights (Theme Parks)	  	12
			
	 Section 11.
	    	UIP Amendment	  	12
			
	 Section 12.
	    	Ownership	  	12
			
	 Section 13.
	    	Force Majeure	  	13
			
	 Section 14.
	    	Assignment	  	13
			
	 Section 15.
	    	Distributor Distribution Credit	  	13
			
	 Section 16.
	    	Other Activities	  	13
			
	 Section 17.
	    	No Partnership or Third Party Benefit	  	14
			
	 Section 18.
	    	Integration/Formalities	  	14
			
	 Section 19.
	    	Dispute Resolution	  	14
			
	 Section 20.
	    	Severability of Provisions	  	16
			
	 Section 21.
	    	Waiver	  	16

  

					
	 	 	-ii-	 	FINAL            

 Table of Contents 
 (Continued) 
  

					
	 	  	 	  	Page

	 Section 22.
	  	Governing Law	  	16
			
	 Section 23.
	  	Confidentiality	  	16
			
	 Section 24.
	  	Notice of Representatives	  	17
			
	 Section 25.
	  	Paragraph Headings	  	17
			
	 Section 26.
	  	Intellectual Property License	  	17
			
	 Section 27.
	  	Disclosure, Compliance and Reporting Obligations	  	17
			
	 Section 28.
	  	Notices	  	18
			
	 Section 29.
	  	Counterparts	  	19
			
	 Section 30.
	  	Effect of Subsequent Event	  	19
			
	 Schedule 1.1
	  	Table of Definitions	  	 
			
	 Schedule 5.1
	  	Provisions Related to Advances	  	 

  

					
	 	 	-iii-	 	FINAL            

 INTERPARTY AGREEMENT 
  
 between 
  
 DREAMWORKS L.L.C. 
  
 and 
  
 DREAMWORKS ANIMATION SKG, INC. 
  
 and 
  
 VIVENDI
UNIVERSAL ENTERTAINMENT LLLP 
  
 dated as of October 7,
2004 
  
 THIS INTERPARTY AGREEMENT dated as of October 7, 2004
(this “Agreement”), is entered into by and among DreamWorks Animation SKG, Inc. (“DWA”), DreamWorks L.L.C. (“DW Studios”) and Vivendi Universal Entertainment LLLP (“Universal”). 
  
 WHEREAS DW Studios and Universal (as assignee of Universal Studios, Inc.) are
parties to that certain Master Agreement (Amended and Restated as of October 31, 2003) (the “Master Agreement”), which includes certain other agreements as Exhibits A, B, C and D thereto (collectively, the Master Agreement and the other
agreements attached as Exhibits A, B, C and D thereto are the “Universal Agreement”); 
  
 WHEREAS pursuant to Exhibit A of the Universal Agreement (the “Theatrical Distribution Agreement”) Universal has certain exclusive international
theatrical distribution rights and obligations with respect to certain motion pictures (as more fully described and set forth in the Theatrical Distribution Agreement); 
  
 WHEREAS, pursuant to Exhibit B of the Universal Agreement (the “Home Video Fulfillment Services Agreement”)
Universal has certain exclusive domestic and international home video fulfillment services rights and obligations with respect to certain motion pictures (as more fully described and set forth in the Home Video Fulfillment Services Agreement);

  
 WHEREAS, pursuant to Exhibit C of the Universal Agreement (the
“Amblin Agreement”), Universal and DW Studios agreed to certain procedures and allocations of rights to certain projects developed at least in part by Amblin Entertainment, Inc. and set forth on schedules to the Amblin Agreement
(collectively, all such projects listed in schedules to the Amblin Agreement, the “Amblin Projects”); 
  
 WHEREAS, pursuant to Exhibit D of the Universal Agreement (the “Theme Park Agreement”) Universal has an exclusive option to acquire certain
rights to exploit certain motion pictures in theme parks (as more fully described and set forth in the Theme Park Agreement); 
  

					
	 	 	-1-	 	FINAL            

 WHEREAS, as part of the separation of DW Studios and DWA pursuant to the Separation Agreement dated as of
the date hereof (“Separation Agreement”) by and among DW Studios, DreamWorks Animation L.L.C. and DWA, DW Studios and DWA have agreed to enter into a Distribution Agreement dated as of the date hereof (the “DW Distribution
Agreement”); and 
  
 WHEREAS, the parties hereto have agreed
to set forth herein the parties’ respective rights, privileges and obligations under the Universal Agreement and DW Distribution Agreement, and to enter into certain other agreements; 
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, DWA, DW Studios and Universal hereby agree as follows: 
  
 Section 1. Definitions and Usage. 
  
 1.1 Definitions: 
  
 a.
The following terms shall have the same meaning as in the DW Distribution Agreement: 
  
 Accepted Additional Picture(s). 
 Affiliate of Any Person; provided, however, that for
purposes of this Agreement, none of DWA, DW Studios and Universal are Affiliates of any other party to this Agreement. 
 Animated Motion
Picture(s). 
 Bankruptcy Code 
 Business Day. 
 Control. 
 Delivery. 
 Distribution
Rights. 
 Exhibit, Exhibition. 
 Good Faith Dispute. 
 Internet Rights. 
 Person. 
 Qualified Pictures.

 Retained Rights. 
 Subdistributor; provided, however, that for purposes of this Agreement a “Subdistributor” shall not include an Affiliate of DW Studios or of Universal. 
 Tangible Film Materials. 
 Television Exhibition. 
  
 b. The following terms
shall have the meanings set forth below: 
  
 Animation
Advance shall mean the $75 million amount advanced by Universal to DW Studios under the Master Agreement with respect to Animated Motion Pictures, which $75 million amount on the Effective Date shall be contributed by DW Studios to DWA pursuant
to the Separation Agreement, as such $75 million amount may be adjusted pursuant to Section 5 of this Agreement. 
  

					
	 	 	-2-	 	FINAL            

 Domestic Territory shall mean the territorial United States and its possessions, territories and
commonwealths, including the U.S. Virgin Islands, Puerto Rico, Guam, and the U.S. Trust Territories of the Pacific Islands, including the Carolina Islands, the Marshall Islands and the Mariana Islands, Saipan and American Samoa; the Dominican
Republic, the British Virgin Islands, Nassau, Bahamas, Bermuda, Saba Island, St. Eustatius Island, St. Kitts Island, St. Maarten Island, and Freeport; the Dominion of Canada and its possessions, territories and commonwealths; and all Army, Navy, Air
Force, Red Cross and other national or governmental installations, diplomatic posts, camps, bases and reservations of the above mentioned countries, as well as oil rigs (including Aramco sites) and maritime facilities (and other commercial and/or
industrial installations of the above mentioned countries and territories), wherever any of the aforementioned facilities or installations are located, to the extent that sales are made and/or servicing thereof is performed within the geographical
areas set forth above, and all airlines and ships flying the flag of, or having the registry of, or whose principal office is located in the United States, Canada or Bermuda and other possessions, territories and commonwealths within the Domestic
Territory. 
  
 DW Distributed Pictures shall mean
Qualified Pictures and Accepted Additional Pictures. 
  
 Effective Date shall have the same meaning as the term “Separation Date” in the Separation Agreement. 
  
 Home Video Exhibition shall mean the Exhibition of Videograms. 
  
 Home Video Fulfillment Services Rights shall mean the right and obligation to provide fulfillment services under the
Home Video Fulfillment Services Agreement. 
  
 Home Video
Territory shall mean the territory in which fulfillment services are to be performed pursuant to the Home Video Fulfillment Services Agreement, excluding only (i) South Korea and North Korea to the extent and for the period licensed to DW
Studios’ “Korean Shareholder” (as defined in the Home Video Fulfillment Services Agreement), and (ii) either (a) Japan or (b) The Federal Republic of Germany, the Republic of Austria, and German–language rights in Switzerland,
Lichtenstein, Luxembourg and Alto Adige. 
  
 LLC Agreement
shall mean the Limited Liability Limited Partnership Agreement of Holdco, dated as of October 7, 2004, by and among M&J K Dream Limited Partnership, M&J K B Limited Partnership, DG-DW, L.P., DW Lips, L.P., DW Investment II, Inc., Lee
Entertainment, L.L.C. and Vivendi Universal Entertainment LLLP. 
  
 Licensed Picture has the meaning set forth in the DW Distribution Agreement as in effect on the Effective Date. 
  
 Motion Picture(s) (a) with respect to Theatrical Distribution Rights, shall mean all live-action and animated motion pictures (and combinations
thereof), and (b) with 
  

					
	 	 	-3-	 	FINAL            

 respect to Home Video Exhibition and Home Video Fulfillment Services Rights shall mean a theatrical motion picture, one
or more television programs, television movies, television episodic series or direct-to-video motion picture. 
  
 Non-Theatrical Exhibition shall mean, with respect to each Prior Picture, DW Distributed Picture or Universal Licensed Picture, the right to
exhibit a Picture as set forth in paragraph 2.a of Schedule A-TC to the Theatrical Distribution Agreement. 
  
 Prior Picture(s) shall mean the following Animated Motion Pictures: Antz; The Prince of Egypt; The Road to Eldorado; Chicken Run; Shrek;
Spirit: Stallion of the Cimarron; Sinbad: Legend of the Seven Seas; Shrek 2; and Shark Tale. 
  
 Term shall mean the period commencing on the Effective Date and continuing until expiration or earlier termination of the Universal Term;
provided, however, if the Effective Date does not occur on or before December 31, 2005 this Agreement shall terminate without taking effect. 
  
 Termination Amounts shall have the meaning set forth in the definition of Universal Term. 
  
 Theatrical Distribution Rights shall mean the right and obligation to
distribute Pictures pursuant to the Theatrical Distribution Agreement. Theatrical Distribution Rights include Non-Theatrical Exhibition rights but do not include any other rights including Television Exhibition, Internet Rights, or any other form of
distribution, exhibition or other method of exploitation of Motion Pictures, now known or hereafter devised. 
  
 Theatrical Exhibition shall mean all forms of Exhibition which are subject to the Theatrical Distribution Agreement. 
  
 Theatrical Territory shall mean the “Territory” as defined
in the Theatrical Distribution Agreement. 
  
 Theme Park
Rights shall have the same meaning as “Theme Park Rights” in paragraph 3 of the Theme Park Agreement. 
  
 Theme Park Supplemental Agreements shall mean, collectively, (i) the letter agreement dated as of January 20, 2000 between DW Studios and
Universal Studios, Inc. relating to the exploitation of Chicken Run at the Universal Studios theme parks, (ii) the letter agreement dated as of February 27, 2001 between DW Studios and Universal Studios, Inc. relating to the exploitation of
Shrek at the Universal Studios theme parks and adjacent Universal CityWalk locations, (iii) the letter agreement dated as of January 15, 2002 between DW Studios and Universal Studios, Inc. captioned “Universal-DreamWorks Theme Park
Issues”, and (iv) the agreement dated as of March 12, 2002 between PDI/Dreamworks L.L.C. and Universal City Studios LLLP entitled “Shrek 4D Attraction at Universal Studios”, as amended by letter agreement dated as of March 13, 2002
and as assigned effective as of March 13, 2002 by PDI/Dreamworks L.L.C. to DreamWorks Animation LLC. 
  

					
	 	 	-4-	 	FINAL            

 UIP shall mean United International Pictures, B.V. and its successors and assigns. 
  
 Universal Affiliate shall mean any Person that qualifies as an
Affiliate of Universal pursuant to the definition of Affiliate set forth above. 
  
 Universal Exploitation Agreements shall mean the Master Agreement, the Theatrical Distribution Agreement and the Home Video Fulfillment Services Agreement only. 
  
 Universal Licensed Picture(s) shall mean any Motion Picture released
after the Effective Date and during the Universal Term (A) for which DWA has acquired (i) Theatrical Distribution Rights in any portion of the Theatrical Territory, or (ii) Home Video Exhibition rights in any portion of the Home Video Territory (and
Universal expressly acknowledges and agrees that all Home Video Exhibition rights are not “licensed” to Universal, and instead Universal is providing fulfillment services with respect thereto), or (iii) Theme Park Rights in any
territory(ies), and (B) where some or all of such Theatrical Distribution Rights, Home Video Exhibition rights or Theme Park Rights have not been granted by DWA to DW Studios or as to which DW Studios no longer holds such rights, in each case for
any reason including, without limitation, because DW Studios has declined or surrendered such rights, DW Studios no longer performs the distribution services in whole or in part as required under the DW Distribution Agreement, or the DW Distribution
Agreement has expired or been terminated, in whole or in part. 
  
 Universal Term shall mean the period commencing on the Effective Date and terminating on the first date on which all of the following have occurred: (i) termination of the Theatrical Distribution Agreement, (ii) termination of the
Home Video Fulfillment Services Agreement and (iii) the Advance Amounts, Animation Advance Amounts, Additional Amounts, Animation Additional Amounts, DW Adjustment amounts, DWA Animation Adjustment amounts and Special Termination Fee (as defined in
the Master Agreement) (if applicable) have been paid in full; the Class U Preferred Stock together with all accrued and unpaid cash and non-cash distributions thereon, is redeemed and the redemption price paid in full in cash; and the Satisfaction
Event with respect to Universal (as defined in the LLC Agreement) has occurred (the aggregate of the payments required pursuant to this clause (iii), the “Termination Amounts”). 
  
 Videogram(s) shall mean videocassettes, laserdiscs, Digital Versatile Discs (“DVD”) or video CDs intended
for in-home use by members of the public and physically transported to the home for such use that is sold or rented and physically embodies (without need for further transfer of data or further activation or other authorization from outside the
home) a Motion Picture for exhibition by a playback device which causes a visual image of the Motion Picture to be seen, in a linear fashion, as such Motion Picture is made available by the producer of such Motion Picture for video distribution, and
which Motion Picture appears on the screen of a television receiver or other monitor in the home. CD-ROM, CD-I products, video games, and interactive products (including, but not limited to, DVD interactive products containing a Motion Picture[s])
or interactive pictures of any type, are not Videograms. 
  
 Certain other terms
are defined elsewhere in this Agreement, as noted on Schedule 1.1. 
  

					
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 1.2 Terms and Usage Generally. 
  
 The definitions in Section 1.1. and Schedule 1.1. as used herein shall apply equally to both the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. All references herein to Sections and Schedules shall be deemed to be references to Sections of, and Schedules
to, this Agreement unless the context shall otherwise require. All Schedules attached hereto shall be deemed incorporated herein as if set forth in full herein. The words “include”, “includes” and “including” herein and
in any Exhibit and Schedule hereto shall be deemed to be followed by the phrase “without limitation”. All accounting terms not defined in this Agreement shall have the meanings determined by United States generally accepted accounting
principles as in effect from time to time. The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement. References to a Person are also to its permitted successors and permitted assigns. Unless otherwise expressly provided herein, any agreement, instrument or statute defined or referred to herein or in any agreement or
instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by
succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. 
  
 Section 2. Confirmation of Universal’s Rights to Prior Pictures. 
  
 2.1 Prior Picture Rights Acquired by DWA Subject to the Universal Agreement. The Prior Pictures conveyed by DW
Studios to DWA pursuant to the Separation Agreement have been conveyed subject to the Universal Agreement. DWA and DW Studios acknowledge and agree that certain exclusive distribution or other exploitation rights to each Prior Picture have been
licensed or granted to Universal by DW Studios prior to the Effective Date under the Universal Exploitation Agreements, Theme Park Agreement and the Theme Park Supplemental Agreements and that such rights are unaffected by the Separation Agreement,
the DW Distribution Agreement, or the transactions contemplated thereby. With respect to each Prior Picture, Universal shall have the rights and obligations to exploit the applicable Theatrical Distribution Rights and Home Video Fulfillment Services
Rights as set forth in the Universal Exploitation Agreements during the Universal Term. Any sale, transfer, assignment, license, pledge or other encumbrance of a Prior Picture during the Universal Term shall be expressly subject to the Universal
Agreement as and to the extent required by the Universal Agreement, and to the consent of Universal to such sale, transfer, assignment, license, pledge or other encumbrance if such consent is required pursuant to the Universal Agreement. 

 
 2.2 Relation Between DWA, DW Studios and Universal as to Prior
Pictures. Notwithstanding anything to the contrary set forth in the DW Distribution Agreement, and subject to the further provisions of this Agreement, as to all Prior Pictures, DWA, DW Studios and Universal agree: (i) as between DWA and DW
Studios, each Prior Picture shall be deemed to be a Licensed Picture under the DW Distribution Agreement, (ii) as between DW Studios and Universal, Universal retains all the rights to each Prior Picture granted under (including pursuant to Section
10 below), and is obligated to exploit such Prior Picture subject to the terms and conditions of, the Universal Exploitation Agreements; and (iii) as between DWA and Universal, 
  

					
	 	 	-6-	 	FINAL            

 Universal shall have no duty or obligations to DWA with respect to the Prior Pictures or their distribution or other
exploitation, and DWA shall not be a third party beneficiary of the Universal Exploitation Agreements, provided that to the extent any Prior Picture is not licensed by DWA to DW Studios under the DW Distribution Agreement, Universal shall distribute
such Prior Picture directly for DWA, as if Sections 3.1 and 3.2 of this Agreement applied to such Prior Picture. 
  
 2.3 Transfer of Benefits; Retransfer. Subject to the other terms and conditions of this Agreement, Universal hereby approves the transfer from DW
Studios to DWA of all of DW Studios’ benefits under the Universal Agreement with respect to the Prior Pictures, subject to the following: (a) DW Studios and DWA hereby agree that such transfer has no effect on Universal’s rights in the
Prior Pictures pursuant to the Universal Agreement (as more fully set forth in Section 2.2.(ii), above); and (b) DWA hereby acknowledges and agrees that all such benefits are being retransferred from DWA to DW Studios pursuant to the Distribution
Agreement (and accordingly, Section 2.2.(iii), above, applies as between DW Studios, DWA and Universal). 
  
 Section 3. Grant of Rights; Period of Distribution. The following shall apply only as and to the extent that a given Motion Picture
constitutes a Universal Licensed Picture hereunder: 
  
 3.1
Grant of Rights. Subject to the terms and conditions hereof, DWA grants, licenses, and/or assigns (as applicable) to Universal, to the extent of the rights owned or controlled by DWA or any Affiliate Controlled by DWA thereof in and to each
Universal Licensed Picture, the following rights: (i) throughout the Theatrical Territory, to exploit the Theatrical Distribution Rights on its initial theatrical release (as referenced in paragraph 1.a. of the Theatrical Distribution Agreement);
and (ii) throughout the Home Video Territory, to exploit the Home Video Fulfillment Services Rights if DWA designates such Motion Picture for release as a Videogram. As between Universal and DWA, all rights to Universal Licensed Pictures not
expressly granted or licensed (as applicable) to Universal pursuant to this Agreement, including the Retained Rights, shall remain vested in DWA. If and to the extent that DWA has licensed or granted (as applicable) rights to a Universal Licensed
Picture to Universal pursuant to the first sentence of this Section 3.1., Universal and DWA shall each have the rights and obligations with respect to such Universal Licensed Picture set forth in the Theatrical Distribution Agreement and the Home
Video Fulfillment Services Agreement, with DWA having all the rights and obligations of DW Studios to Universal under such agreements with respect to the Universal Licensed Picture, and Universal having all the rights and obligations to DWA as
Universal would have to DW Studios under such agreements with respect to the Universal Licensed Pictures. 
  
 3.2 Period of Distribution. With respect to each Universal Licensed Picture, Universal shall have the rights and obligations to exploit the
applicable Theatrical Distribution Rights and Home Video Fulfillment Services Rights granted pursuant to Section 3.1 above during the Universal Term (subject to the terms of the Universal Exploitation Agreements). 
  
 3.3 Clarification. For avoidance of doubt, in no event shall Universal
have any right to exercise any rights with respect to any given Motion Picture pursuant to this Section 
  

					
	 	 	-7-	 	FINAL            

 
3, nor shall there be any executory obligations from DWA to Universal or from Universal to DWA hereunder with respect to such Motion Picture, so long as such
Motion Picture constitutes a DW Distributed Picture pursuant to Section 4, below. 
  
 Section 4. Rights and Obligations With Respect to DW Distributed Pictures and Prior Pictures. 
  
 4.1 DWA Approval of Universal Exploitation Agreements. DWA hereby irrevocably approves the terms and conditions of the Universal Exploitation
Agreements, which approval may not hereafter be withdrawn, terminated, qualified or conditioned. 
  
 4.2 Universal Not Bound by DW Distribution Agreement. The parties hereto acknowledge and agree that as to all DW Distributed Pictures and Prior
Pictures, Universal shall have the rights to distribute and provide such fulfillment services therefor as set forth in the Universal Exploitation Agreements; that Universal’s sole obligations as to such DW Distributed Pictures and Prior
Pictures are those it is required to render to DW Studios as set forth in the Theatrical Distribution Agreement and the Home Video Fulfillment Services Agreement; and that neither Universal nor any of its Affiliates, nor UIP, is bound by the
provisions of the DW Distribution Agreement. Without limitation of the foregoing, and regardless of the provisions of the DW Distribution Agreement, Universal shall not be required to render services, or provide information, approval, consultation,
access, audit or other rights to DWA with respect to DW Distributed Pictures or Prior Pictures. DWA and DW Studios acknowledge and agree that Universal is required to take instructions exclusively from, and is entitled to rely exclusively on all
instructions of DW Studios with respect to such DW Distributed Pictures and Prior Pictures, regardless of any instructions by DWA, and that DW Studios may not delegate, transfer or assign any of its rights or obligations under the Universal
Exploitation Agreements to DWA with respect to DW Distributed Pictures or such Prior Pictures. Universal’s (i) rights under the Theatrical Distribution Agreement apply to DW Distributed Pictures on the commencement of their theatrical
distribution in the Domestic Territory, and (ii) rights under the Home Video Fulfillment Services Agreement apply to DW Distributed Pictures DW Studios distributes for DWA as Videograms during the Universal Term or within *** following the Motion
Picture’s initial general U.S. theatrical release, which release occurs during the Universal Term. 
  
 4.3 Universal’s Rights of Collection, Deduction and Recoupment. DWA acknowledges that Universal has the right to collect receipts, deduct
fees, and recoup expenses and other amounts (if any) with respect to the DW Distributed Pictures and Prior Pictures all as set forth in the Universal Exploitation Agreements. For so long as the DW Distribution Agreement is in effect, Universal shall
pay over all amounts required to be remitted by it in respect of DW Distributed Pictures and Prior Pictures solely to DW Studios, and shall have no liability to DWA in respect of such payments. Notwithstanding the foregoing, Universal agrees that it
shall make payments to DW Studios in respect of DW Distributed Pictures and Prior Pictures without setoff, counterclaim or defense except (a) for setoffs, counterclaims or defenses 
  

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	 	 	-8-	 	FINAL            

 related to DW Distributed Pictures and Prior Pictures, (b) if any Motion Pictures later become Universal Licensed
Pictures hereunder, for setoffs, counterclaims or defenses related to such Universal Licensed Pictures or (c) for the obligations of DWA to Universal under Section 5 of this Agreement. DWA, DW Studios and Universal agree that if any and all fees or
expenses related to DW Distributed Pictures and Prior Pictures and owed to Universal under the Universal Exploitation Agreements for any reason are not paid when due, Universal shall be entitled to recoup such amounts from all amounts collected by
it related to the DW Distributed Pictures and Prior Pictures, together with interest on amounts due and owing as provided in the applicable Universal Exploitation Agreements. 
  
 4.4 Laboratory and Storage Access Letters. To the extent required for the exercise of Universal’s Theatrical
Distribution Rights and Home Video Fulfillment Services Rights with respect to Licensed Pictures, Universal Licensed Pictures or Prior Pictures, DWA shall provide Universal with fully-executed access letters in reasonable and customary form for each
laboratory or storage facility in which Tangible Film Materials for such Motion Pictures are held upon Universal’s request therefor from time to time. To the extent that DWA or DW Studios maintains possession of any Tangible Film Materials
required for the exercise of Universal’s Theatrical Distribution Rights and Home Video Fulfillment Services Rights with respect to Licensed Pictures, Universal Licensed Pictures or Prior Pictures, Universal shall have the same right of access
thereto as it would have under the above-referenced laboratory or storage-facility access letter had such Tangible Film Materials been held at a laboratory or storage facility. 
  
 Section 5. Animation Advance and Related Payment Obligations. 
  
 5.1 Animation Advance. 
  
 a. Article VIII of the Master Agreement is hereby deleted and amended to
read as set forth in Schedule 5.1 to this Agreement, and incorporated herein as if fully set forth. 
  
 b. Universal, DW Studios and DWA agree that DWA shall be solely responsible for the payment of the Animation Advance Amount and all Animation Additional
Amounts as and when due under the Universal Agreement. DWA acknowledges and agrees that such amounts may become due and payable in full due to the action or inaction of DW Studios, and that Universal is entitled to exercise against DWA any and all
of its remedies under Section 5.1.a if and when such Animation Advance Amount or Animation Additional Amounts are due and payable, including rights of offset and recoupment and is entitled to Theatrical Distribution and Home Video Fulfillment
Services Rights to all Licensed Pictures and Universal Licensed Pictures unless and until all amounts required to be paid to Universal by DW Studios or DWA pursuant to the Master Agreement have been repaid. 
  
 Section 6. No Adverse Amendment of DW Distribution Agreement; No DW
Studios Assignment. 
  
 6.1 No Adverse Amendment of DW
Distribution Agreement. DW Studios and DWA shall not at any time during the Universal Term, without the consent of Universal (not 
  

					
	 	 	-9-	 	FINAL            

 to be unreasonably withheld), amend or modify the license granted to DW Studios under the DW Distribution Agreement or
the transfer of “Animated Film Assets” as defined in and pursuant to the Separation Agreement in any manner that would have an adverse effect on Universal under the Universal Agreement and this Agreement. 
  
 6.2 No Assignment of DW Distribution Agreement by DW Studios. DW
Studios may not at any time during the Universal Term assign any of its Theatrical Exhibition, Home Video Exhibition or Theme Park Rights under the DW Distribution Agreement if such assignment would result in a loss of any or all of Universal’s
Home Video Fulfillment Services Rights, Theatrical Distribution Rights or Theme Park Rights. 
  
 Section 7. Representations, Warranties and Agreements. Each of the parties, severally and as of the Effective Date, represents and warrants as follows: 
  
 7.1 DWA. DWA makes the same representations and warranties with
respect to this Agreement as made by DW Studios in Section XII.4 of the Master Agreement. If and when DWA licenses and/or grants rights to Universal Licensed Pictures to Universal, it will make the representations and warranties, and provide such
indemnities to Universal with respect to such Universal Licensed Pictures as are set forth in the Universal Exploitation Agreements for DW Studios. 
  
 7.2 Universal. Universal makes the same representations and warranties with respect to this Agreement that it (or its predecessors in interest)
made in Section XII.4 of the Master Agreement. If and when Universal is granted a license and/or rights to Universal Licensed Pictures, it will make the representations and warranties, and provide such indemnities to DWA with respect to such
Universal Licensed Pictures as are set forth in the Universal Exploitation Agreements for Universal. 
  
 7.3 DW Studios. DW Studios makes the same representations and warranties with respect to this Agreement that it made in Section XII.4 of the Master
Agreement. For purposes of clarity, DW Studios makes the same representations and warranties as to, and provides the same indemnities to Universal with respect to Prior Pictures and DW Distributed Pictures as DW Studios makes as to
“Pictures” in the Theatrical Distribution Agreement and “DW Videograms” in the Home Video Fulfillment Services Agreement. 
  
 7.4 Amblin Projects. No Amblin Projects or any of DW Studios’ rights under the Amblin Agreement have been conveyed to DWA. 
  
 7.5 Bank Consent and Non-Disturbance Agreement. Neither DW Studios nor
DWA shall convey, pledge or otherwise encumber Prior Pictures, DW Distributed Pictures or the Universal Licensed Pictures unless (i) all rights sufficient to grant Universal’s Theatrical Distribution Rights, Home Video Fulfillment Services
Rights and Theme Park Rights are retained by DWA and DW Studios, or (ii) such conveyance or encumbrance is expressly subject to the rights and obligations of Universal under this Agreement and (to the extent applicable) the Universal Exploitation
Agreements. In the event of a conveyance or encumbrance subject to clause (ii), effective no later than such transfer or encumbrance, the applicable transferee or encumbrance holder shall provide Universal with an acknowledgement of Universal’s
rights 
  

					
	 	 	-10-	 	FINAL            

 under this Agreement and (to the extent applicable) the Universal Exploitation Agreements and an agreement not to
disturb, interfere or seek to terminate Universal’s rights under this Agreement or (to the extent applicable) the Universal Exploitation Agreements, such acknowledgement and agreement not to disturb to be in a form reasonably satisfactory to
Universal. 
  
 Section 8. Rights Under Universal
Agreement. 
  
 8.1 DW Studios – Sole
Claimant. Except with respect to Universal Licensed Pictures (if any) and any Prior Pictures to which the last clause of Section 2.2 above applies, only DW Studios shall, as between DW Studios and DWA, have the right to bring any claim, action,
or proceeding against Universal by reason of any actual or alleged breach of the Universal Agreement. (The foregoing is not intended to limit the scope of remedies available to DW Studios or Universal for any such breach.) 
  
 Section 9. Termination; Disputes. 
  
 9.1 Termination Rights. Except as set forth in Section 11, nothing in
this Agreement shall limit or expand DW Studios’ or Universal’s rights to terminate the Theatrical Distribution Agreement or the Home Video Fulfillment Services Agreement, or (except as expressly set forth in this Section 9.1) their
respective rights or obligations with respect to and following such termination, in each case in accordance with such agreements’ terms. DWA shall not have any right to terminate any of the Universal Exploitation Agreements unless DW Studios
would have such right and has exercised it (or is no longer a party to the Universal Exploitation Agreements). DW Studios, DWA and Universal each acknowledge and agree that no termination of this Agreement, the Theatrical Distribution Agreement or
the Home Video Fulfillment Services Agreement shall be effective against either or both of DW Studios or DWA unless and until the Termination Amounts are paid in full. Universal, DW Studios and DWA agree that notwithstanding the foregoing, (i) DWA
shall not be liable for the payment of the Advance, Additional Amounts, DW Adjustment amounts, Special Termination Fee, or the redemption of the Class U Preferred Stock of DW Studios or distributions or other payments thereof, and (ii) DW Studios
shall not be liable for the payment of the Animation Advance, Animation Additional Amounts, DWA Animation Adjustment amounts or Satisfaction Event as to Universal. 
  
 9.2 Disputes Under Universal Agreements. Notwithstanding anything to the contrary in the Universal Agreement, any
dispute arising out of or relating to the Universal Agreement, or hereunder, shall be resolved as set forth in Section 19, below. With respect to any claim arising out of or relating to this Agreement, a party asserting such claim shall give the
applicable other party written notice of such claim and a reasonable opportunity (not less than ***, nor more than ***) to cure prior to commencing proceedings in accordance with Section 19 below. 
  

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	 	 	-11-	 	FINAL            

 Section 10. Grant of Rights (Theme Parks). By its execution and delivery of this
Agreement, DWA and Universal acknowledge and agree that Sections 1 (other than 1.D.), 3, 4.B, 5, 6, 7, and 9 of the Theme Park Agreement, and the first sentence of paragraph C of that certain Theme Park Supplemental Agreement dated as of January 15,
2002 between DW Studios and Universal Studios, Inc. captioned “Universal-DreamWorks Theme Park Issues”, shall apply to all “Eligible DWA Properties,” which are: (i) all Prior Pictures, and (ii) Motion Pictures initially released
or initially broadcast by DWA during the Universal Term, or any other product which is released by DWA to the general public (e.g., interactive games or devices distributed to the public) during the Universal Term. Sections 1 (other than 1.D), 3,
4.B, 5, 6, 7 and 9 of the Theme Park Agreement and the first sentence of paragraph C of that certain Theme Park Supplemental Agreement dated as of January 15, 2002 between DW Studios and Universal Studios, Inc. captioned “Universal-DreamWorks
Theme Park Issues”, are incorporated herein as if fully set forth, with the following changes: (i) each use of the phrase “Eligible DW Property” or “Eligible DW Properties” shall be deemed amended to read “Eligible DWA
Property” or “Eligible DWA Properties,” as applicable, and (ii) each use of the word “DW” (alone or when used in another definition or phrase) shall be deemed amended to read “DWA”. Other than as set forth in
Sections 4.B and 5 of the Theme Park Agreement, Universal shall have no payment obligations to DWA under the Theme Park Agreement; for avoidance of doubt, the “Exclusivity Fee” shall be payable to DW Studios as provided in the Universal
Agreement (and the “Term” of the Theme Park Agreement is extended) until the earlier of (i) December 31, 2010 and (ii) the date on which the Theatrical Distribution Agreement terminates. The provisions of the first sentence of paragraph C
of that certain Theme Park Supplemental Agreement dated as of January 15, 2002 between DW Studios and Universal Studios, Inc. captioned “Universal-DreamWorks Theme Park Issues” shall be applicable to, and credited against, any fees payable
by Universal to DWA under the Theme Park Agreement notwithstanding the fact that the annual exclusivity fee payable by Universal pursuant to Section 4A. of the Theme Park Agreement is payable to DW Studios, not DWA. 
  
 Section 11. UIP Amendment. Notwithstanding anything in the
Universal Exploitation Agreements to the contrary, on a UIP “restructure” (as defined in Section 10.a.(ii) of the Theatrical Distribution Agreement), DW Studios shall have the right (but not the obligation) to terminate (i) the Theatrical
Distribution Agreement and (ii) (if the Theatrical Distribution Agreement is terminated pursuant to the immediately preceding clause (i)) Universal’s home video fulfillment services under the Home Video Fulfillment Services Agreement but only
with respect to the “Foreign Territory” as defined in Schedule B-TC of the Home Video Fulfillment Services Agreement. Such termination(s) shall be effective only if and when the Termination Amounts are paid in full, provided that nothing
herein shall affect the rights and obligations of the parties thereto which survive termination under the Universal Exploitation Agreements. 
  
 Section 12. Ownership. Except for the rights expressly licensed and/or granted to Universal herein or under the Universal Agreements, as
between DWA and Universal, DWA shall be the sole and exclusive owner of all rights, title and interest in and to the Licensed Pictures, Universal Licensed Pictures and Prior Pictures at all times. DWA’s ownership includes all copyrights,
trademarks, patents, titles, designs, artwork, characters, stills, drawings, literary material, film materials, computer models, logos, stories, plots and any other intellectual properties and rights in, to, or arising out of the Licensed Pictures,
Universal Licensed Pictures and Prior Pictures or any element thereof regardless of whether created by DWA or by any other 
  

					
	 	 	-12-	 	FINAL            

 person on DWA’s behalf. Universal shall not have any ownership or security interest in, lien on, or other
creditor’s rights with respect to the Licensed Pictures, Universal Licensed Pictures or Prior Pictures, or any elements or components thereof, the Retained Rights and any revenue derived from exploitation of the Retained Rights, any of the
literary, dramatic, musical or other materials upon which the Licensed Pictures, Universal Licensed Pictures, Prior Pictures are based or which are contained in the Licensed Pictures, Universal Licensed Pictures, Prior Pictures or any of the
copyrights, trademarks, computer models, design patents, technology or similar or analogous rights in or to the Licensed Pictures, Universal Licensed Pictures, Prior Pictures or any of the foregoing. 
  
 Section 13. Force Majeure. No party shall be liable to any
other because of any failure to perform hereunder caused by any cause beyond its control, including fire, earthquake, flood, epidemic, accident, explosion, casualty, strike, lockout, labor controversy, riot, civil disturbance, act of a public enemy,
embargo, war, act of God or law, except as expressly provided herein to the contrary; provided, that Universal shall in no event be required to accede to or to cause any Universal Affiliate to accede to the demands of any guild, union or
similar organization in order to bring to an end a strike, lockout or labor controversy, or to accede to the demands of any suppliers or others not a party hereto which Universal considers unreasonable. This Section 13. shall not diminish or impair
the payment obligations of any party hereunder. 
  
 Section 14.
Assignment. This Agreement may not be assigned by any party without the prior written consent of each of the other parties, including in the event of a merger, reorganization, or transaction in which another party succeeds to all or
substantially all of the assigning party’s assets, except that (a) without securing the prior written consent of DWA or DW Studios except as required under the Universal Exploitation Agreements, Universal may from time to time assign or
delegate any or all of its rights and obligations hereunder to one or more Universal Affiliates or to subdistributors, and (b) if DW Studios ceases to operate its theatrical distribution business in the Domestic Territory, then, with respect to all
DW Distributed Pictures, DW Studios may assign or sublicense to Universal (and Universal shall accept such assignment or sublicense of) Theatrical Exhibition in the Domestic Territory on the same terms and conditions as set forth in the DW
Distribution Agreement, and such additional Distribution Rights then subject to the Universal Agreement, including certain Non-Theatrical Exhibition in the International Territory and Home Video Fulfillment Services Rights throughout the Territory.
Nothing contained in this Section 14 shall prohibit or limit DWA’s, DW Studios’ or Universal’s sale or transfer of its assets (other than its rights under this Agreement) in the ordinary course of business. 
  
 Section 15. Distributor Distribution Credit. Universal shall
have such right to accord itself its customary distribution credit (with integrated logo) for each Prior Picture, DW Distributed Picture and Universal Licensed Picture as and to the extent (if any) provided in the applicable Universal Exploitation
Agreement. Each agreement with a Subdistributor or licensee shall provide that such Subdistributor or licensee is contractually bound to abide by all such credit obligations. 
  
 Section 16. Other Activities. Subject to the provisions hereof nothing herein shall limit in any way the right
of DWA, DW Studios, Universal or their respective Affiliates to engage in business activities or endeavors of any kind or nature, including: 
  
 (i) Motion Picture production, distribution and related businesses; 
  

					
	 	 	-13-	 	FINAL            

 (ii) Television production and merchandising (including video games and computer games) exploiting the
Licensed Pictures by DWA; 
  
 (iii) Advertising; 
  
 (iv) Publishing; 
  
 (v) Interactive Media; 
  
 (vi) The sale or license of designs, stories, characters, trademarks, trade
names or other rights or properties; 
  
 (vii) Ancillary market
activities; 
  
 (viii) The co-financing or co-production or
acquisition of any other interest of any nature in any Motion Picture or other property; and 
  
 (ix) The exercise of any right not expressly granted hereunder. 
  
 Section 17. No Partnership or Third Party Benefit. This Agreement does not constitute DWA, DW Studios or Universal as partners, joint
venturers, or as each other’s agents or representatives (except as may be herein otherwise expressly provided). This Agreement is not for the benefit of any third party and shall not give any right or remedy to any such third party whether or
not referred to hereunder. 
  
 Section 18.
Integration/Formalities. This Agreement contains the entire agreement and understanding between the parties relating to the subject matter hereof and supersedes, cancels and replaces any prior understanding, writing or agreement between
the parties relating to such subject matter. This Agreement may not be amended, modified or altered except by an instrument in writing duly executed by the parties. The parties acknowledge that each was represented by counsel in the negotiation and
execution of this Agreement. No provision herein shall be construed against any party by virtue of the activity of that party, through its counsel or otherwise, in negotiating and drafting this Agreement. Notwithstanding the foregoing or anything to
the contrary in this Agreement, except as expressly set forth herein, nothing in this Agreement amends, modifies or terminates the DW Distribution Agreement, the Universal Agreement or the Theme Park Supplemental Agreements, which shall continue in
full force and effect in accordance with their respective terms as between DW Studios, Universal and DWA (as applicable). 
  
 Section 19. Dispute Resolution. 
  
 a. The parties agree that any dispute to interpret or enforce, or otherwise arising out of or relating to, this Agreement shall be determined by binding
arbitration according to the Commercial Arbitration Rules of the American Arbitration Association (“AAA”), provided always that: (a) the arbitration shall be conducted before a single neutral 
  

					
	 	 	-14-	 	FINAL            

 arbitrator with at least ten (10) years experience in the theatrical Motion Picture industry, appointed by mutual
agreement of the parties within five (5) business days from the date the notice of arbitration is delivered by the petitioning party; (b) the parties shall be entitled to discovery as provided in California Code of Civil Procedure sections 1283.05
and 1283.1; (c) in deciding any such matter, the arbitrator shall follow the substantive law of the State of California as it would be applied by California courts; (d) either party may, without waiving its right to arbitration, seek preliminary or
interlocutory relief from a court of competent jurisdiction; (e) all arbitration proceedings (including any discovery and other evidence in connection therewith) shall be closed to the public and shall remain confidential; and (f) arbitration awards
hereunder may be entered and enforced as provided in California Code of Civil Procedure sections 1285 et seq. If the arbitrator is not selected by mutual consent within five (5) business days from the date the notice of arbitration is
delivered by the petitioning party, the rules of the AAA with respect to the selection of an arbitrator shall apply. Notwithstanding the foregoing, before proceedings are initiated hereunder, the Chief Executive Officer or Chief Operating Officer of
DWA, DW Studios and Universal, or their designated representatives shall meet and in good faith attempt to resolve the dispute. 
  
 b. Notwithstanding the foregoing: 
  
 (i) Any payment disputes submitted to binding arbitration pursuant to Section 19.a above shall commence within ten (10) business days from the date the
notice is delivered by the petitioning party and the arbitrator shall rule not later than thirty (30) days after the date the notice is delivered. The hearing shall be conducted by the arbitrator for as many days as the arbitrator determines to
allow; provided, that the hearing shall conclude, and the arbitrator shall rule, not later than thirty (30) days after the date the notice is delivered. The arbitrator shall rule as to whether or not amounts are owed to the petitioning party,
and if so, the exact amount owed to the petitioning party (taking into account the default interest and other provisions contained in the Agreement). In such event, the non-petitioning party shall have five (5) Business Days from the date of the
arbitrator’s ruling to make such payment. In the event such payment is not made within the aforementioned period, such failure shall constitute a breach of this Agreement and the petitioning party may exercise all rights and remedies available
under Section 9 above. 
  
 (ii) Any disputes submitted to binding
arbitration pursuant to Section 19.a. above that affect the timely release of a Licensed Picture, Universal Licensed Picture or Prior Picture for initial Theatrical Exhibition or initial Home Video Exhibition shall commence within seven (7) Business
Days from the date the notice is delivered by the petitioning party and the arbitrator shall rule not later than ten (10) Business Days after the date the notice is delivered. The hearing shall be conducted by the arbitrator for as many days as the
arbitrator determines to allow; provided, that the hearing shall conclude, and the arbitrator shall rule, not later than ten (10) Business Days after the date the notice is delivered. 
  
 c. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT TO THE CONTRARY,
AND EXCEPT AS PROVIDED BELOW, IN NO EVENT WILL ANY PARTY BE LIABLE FOR SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS SUFFERED BY AN INDEMNITEE, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, IN
CONNECTION WITH ANY DAMAGES ARISING HEREUNDER; PROVIDED, HOWEVER, THAT TO THE 
  

					
	 	 	-15-	 	FINAL            

 EXTENT ANY PARTY IS REQUIRED TO PAY (A) ANY AMOUNT ARISING OUT OF THE INDEMNITY SET FORTH IN SECTION 7 AND/OR (B) ANY
SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS, IN EACH CASE, TO A THIRD PARTY IN CONNECTION WITH A THIRD PARTY CLAIM, SUCH DAMAGES WILL CONSTITUTE DIRECT DAMAGES AND WILL NOT BE SUBJECT TO THE
LIMITATION SET FORTH IN THIS SECTION 19.c. 
  
 Section 20.
Severability of Provisions. If any provision in this Agreement shall be held by any court of competent jurisdiction to be illegal, invalid or unenforceable, such provision shall be of no force or effect while such infirmity shall exist,
but such infirmity shall have no effect whatsoever upon the binding force or effectiveness of any other provisions hereof unless the parties otherwise agree. The parties shall endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provision with a valid provision the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provision. 
  
 Section 21. Waiver. No delay or failure to exercise any right hereunder shall constitute a waiver of such
right except in those instances where this Agreement provides for specific notice and a period of time thereafter within which to exercise a right, in which case failure to exercise such right within the specified time period shall constitute a
waiver thereof. 
  
 Section 22. Governing Law. This
Agreement shall be construed and enforced in accordance with the laws of the state of California, applicable to contracts entered into and to be fully performed in said state by residents thereof. For purposes of enforcing, confirming or vacating an
award under Section 19 above, or in the event the provisions of Section 19 shall be held invalid or unenforceable, only the California courts (state and federal) shall have jurisdiction over controversies regarding or arising under this Agreement,
and if there is any matter which might be subject either to state or federal jurisdiction, the parties agree that the matter shall be submitted to federal jurisdiction. The parties specifically agree that the Superior Court of the State of
California, County of Los Angeles and the United States District Court for the Central District of California shall have the personal jurisdiction over them, and each of them, notwithstanding the fact that they may be citizens of other states or
countries. In this regard the parties agree that Los Angeles County is a convenient forum. 
  
 Section 23. Confidentiality. Except as may be required by law or NASD or stock exchange rules, each party shall keep confidential all terms and conditions contained herein. DWA, DW Studios and Universal
acknowledge that they will, during the Term hereof, have access to, and acquire knowledge from, materials, data and other information which is not accessible or known to the general public (“Confidential Information”). Except as required
by law or NASD or stock exchange rules, or as may be required for the preparation of tax returns or other government or legally required documents, or as reasonable necessary to employees, agents, lawyers, accountants, auditors, bankers,
consultants, representative or investors of DWA, DW Studios and Universal or their Affiliates for a bona fide business purpose (who shall be similarly bound by these confidentiality provisions), neither the Confidential Information nor any knowledge
acquired by DWA, DW Studios and Universal, as the case may be, from such Confidential Information or otherwise through its engagement hereunder shall be used, publicized or divulged by the other to any other Person without the prior written consent
of the applicable party obtained in advance and in each instance. Nothing herein shall prevent a party, 
  

					
	 	 	-16-	 	FINAL            

 or any employees, agents, lawyers, accountants, auditors, bankers, consultants, representatives or investors of such
party or its Affiliates (the “Receiving Party”) from using, disclosing, or authorizing the disclosure of any information it receives in the course of performance of the Agreement which: 
  
 a. was known to the Receiving Party prior to its disclosure by the other
party; 
  
 b. is or becomes publicly available without default
hereunder by the Receiving Party; 
  
 c. is lawfully acquired by
the Receiving Party from a source which is not an agent or representative of the Receiving Party and is not under any obligation to the other party regarding disclosure of such information; 
  
 d. is independently developed by the Receiving Party without use of any of
the other party’s confidential information; or 
  
 e. is
disclosed by the applicable party hereto to unaffiliated third parties without confidential undertakings. 
  
 For the avoidance of doubt, Confidential Information as defined in this Section 23. shall not include any Information that the applicable party is obligated to make available to any third party(ies) in the course of
fulfilling its obligations under this Agreement (e.g., contingent compensation statements). 
  
 Section 24. Notice of Representatives. Each party will give the other parties reasonable notice of its appropriate contact person(s). 
  
 Section 25. Paragraph Headings. Paragraph headings and titles are solely for convenience of reference and are
not a part of this Agreement, nor are they intended to aid or govern the interpretation of this Agreement. 
  
 Section 26. Intellectual Property License. DWA and DW Studios acknowledge and agree that the Theatrical Distribution Rights licensed to
Universal constitute “intellectual property” as such term is defined in the Bankruptcy Code and that Universal is entitled to all of the rights of a licensee of intellectual property under Section 365(n) of the Bankruptcy Code with respect
to all of such licensed rights. 
  
 Section 27. Disclosure,
Compliance and Reporting Obligations. Universal agrees to supply information and reports to DWA (at DWA’s expense) in the form and manner requested by DWA and access to Universal’s books and records and internal controls, with
respect to DWA’s public disclosure, compliance or reporting obligations, including those under Section 404 and the other provisions under the Sarbanes-Oxley Act of 2002 and the rules and regulations of the Securities and Exchange Commission and
the Public Company Accounting Oversight Board, and to modify (at DWA’s expense) any such internal controls as are reasonably requested by DWA to comply with such obligations, provided however, such information, 
  

					
	 	 	-17-	 	FINAL            

 reports, access and controls apply only to Universal’s direct obligations to DWA hereunder. Universal shall have no
responsibility for determining what changes or corrections are necessary, if any, for DWA’s purposes. 
  
 Section 28. Notices. All notices hereunder shall be in writing and shall be served by private delivery services, and shall be deemed given
on the date delivered to the following addresses (or such other addresses as such party may hereafter designate in writing): 
  

	 	(i)	If to DWA: 

  
 DreamWorks Animation SKG, Inc. 
 1000 Flower Street 
 Glendale, California 91201 
 Attention: General Counsel 
  
 With copy to: 
  
 Cravath, Swaine & Moore LLP 
 Worldwide Plaza 
 825 Eighth Avenue 
 New York, New York 10019 
 Telecopy: (212) 474-3700 
 Attention: Faiza J. Saeed, Esq. 
  

	 	(ii)	If to DW Studios: 

  
 DreamWorks L.L.C. 
 1000 Flower Street 
 Glendale, California 91201 
 Attention: General Counsel 
  

	 	(iii)	If to Universal: 

  
 Vivendi Universal Entertainment LLLP 
 100 Universal City Plaza 
 Universal City, CA 91067 
 Attention: General Counsel 
  
 With a copy to: 
  
 Gibson, Dunn & Crutcher LLP 
 333 S. Grand Avenue 
 Los Angeles, CA 90071-3197 
 Telecopy: (213) 229-7520 
 Attention: Ruth E. Fisher 
  

					
	 	 	-18-	 	FINAL            

 Section 29. Counterparts. This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument, which may be sufficiently evidenced by one counterpart. 
  
 Section 30. Effect of Subsequent Event. If the Effective Date occurs, but the closing of the IPO does not
occur within *** of the Effective Date, then the parties to this Agreement agree that this Agreement and the DW Distribution Agreement shall terminate and be of no further force or effect, and DWA shall become a signatory to each of the Universal
Agreements other than the Amblin Agreement, as a result of which (but subject to the further provisions of this Section 30): (i) Universal shall have the same rights and obligations under the Universal Agreements vis-à-vis each of DW Studios
and DWA and their respective pictures, as it currently has with respect to DW Studios, (ii) DW Studios and DWA shall collectively have the rights and obligations provided for DW Studios under the Universal Agreements (other than, as to DWA, the
Amblin Agreement) as DW Studios currently holds except that each of DW Studios and DWA shall have such rights only as to its own Motion Pictures, and this provision shall not be deemed to require duplicative payments, (iii) each of DW Studios and
DWA shall be jointly and severally liable for all obligations of DW Studios or DWA to Universal under such Universal Agreements (other than, as to DWA, the Amblin Agreement), and (iv) DWA shall be entitled to the benefits accorded DW Studios under
Section 8.q. of the Amblin Agreement. 
  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

  

					
	 	 	-19-	 	FINAL            

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date first
written above. 
  

			
	DREAMWORKS L.L.C.
		
	By	 	 /s/ Brian Edwards

	 	 	VP and General Counsel
	Its	 	  

	
	DREAMWORKS ANIMATION SKG, INC.
		
	By	 	 /s/ Katherine Kendrick

	 	 	VP and General Counsel
	Its	 	  

	
	VIVENDI UNIVERSAL ENTERTAINMENT LLLP
		
	By	 	 /s/ Karen Randall

	 	 	Executive Vice President
	Its	 	  

  

					
	 	 	-20-	 	FINAL            

 SCHEDULE 1.1. 
  
 Table of Definitions 
  

			
	 Term

	 	 Defined

	Advance Amounts	 	Schedule 5.1
	Additional Amounts	 	Schedule 5.1
	Agreement	 	Preamble
	Amblin Agreement	 	Whereas
	Amblin Projects	 	Whereas
	Animation Advance Amount	 	Schedule 5.1
	Animation Additional Amounts	 	Schedule 5.1
	Confidential Information	 	23
	DW Distribution Agreement	 	Whereas
	DW Studios	 	Preamble
	DWA	 	Preamble
	Eligible DWA Properties	 	Section 3.2
	Home Video Fulfillment Services Agreement	 	Whereas
	Master Agreement	 	Whereas
	Receiving Party	 	23
	Theatrical Distribution Agreement	 	Whereas
	Theme Park Agreement	 	Whereas
	Universal	 	Preamble
	Universal Agreement	 	Whereas

  

					
	 	 	 	 	FINAL            

 SCHEDULE 5.1  
  
 I. Definitions 
  
 Capitalized terms used in this Schedule 5.1 but not referenced below or otherwise defined herein shall have the meanings assigned thereto elsewhere in
this Interparty Agreement between DW, DWA and Universal dated as of October 7, 2004. Definitions used in this Schedule 5.1 which vary from the same or similar definitions in this Agreement shall have the meanings set forth in this Schedule 5.1
solely for the purposes of this Schedule 5.1. 
  
 1. Agreement
Module: “Agreement Module” shall refer to each of Exhibits A, B, C and D of the Master Agreement, as amended, modified or supplemented from time to time in accordance therewith. 
  
 2. Distributor shall mean Universal or its successors and permitted
assigns under the Theatrical Distribution Agreement. 
  
 3.
DW or DW Studios shall mean DreamWorks L.L.C. 
  
 4.
Exhibit A shall mean Exhibit A to the Master Agreement, and is also referred to as the Theatrical Distribution Agreement. 
  
 5. FSP shall mean Universal or its successors or permitted assigns under the Home Video Fulfillment Services Agreement. 
  
 6. Exhibit B shall mean Exhibit B to the Master Agreement, and is also
referred to as the Home Video Fulfillment Services Agreement. 
  
 7. Master Agreement: “Master Agreement” shall refer solely to the amended and restated DW/Universal Studios, Inc. Master Agreement without consideration of the Agreement Modules attached thereto. 
  
 8. Parties: “parties” (individually “party”) shall
refer to Universal, DW Studios and DWA. 
  
 9. Payment
Default: A failure by DW or DWA, as applicable (as more fully set forth in Section 9.1 of the Interparty Agreement) (i) to pay any Advance Amount, Animation Advance Amount, Additional Amount, Animation Additional Amount, DW Adjustment, DW
Animation Adjustment, Special Termination Payment or redemption or distribution amount payable under the DreamWorks L.L.C. Amended and Restated Operating Agreement, in each case on the date due or (ii) to satisfy the Satisfaction Event for
Universal. 
  
 10. Person: “Person” shall refer
to any individual, firm, corporation, partnership, limited liability company, trust, joint venture, governmental authority or other entity. 
  
 11. Preferred: “Preferred” shall refer to all outstanding shares of DW’s Class U Preferred Stock. 
  

					
	 	 	-2-	 	FINAL            

 VIII. Advance 
  
 1. Additional Definitions. 
  

“Advance” is defined in Section VIII.2 of this Schedule 5.1. 
  
 “Advance Amount” at any time of determination, shall be equal to the Advance, plus all Universal
Adjustments, less all DW Adjustments and less the advance adjustment effected under Paragraph VIII.3. 
  
 “Advance Maximum Amount” shall mean ***. 
  
 “Aggregate Expenses” shall equal the sum of (x) Distribution Expenses (as defined in Exhibit A) and (y) Service Expenses (as defined in
Exhibit B). 
  
 “Aggregate Fees” shall equal the
sum of (x) Distribution Fees (as defined in Exhibit A) and (y) Service Fees (as defined in Exhibit B). 
  
 “Aggregate Receipts” shall equal the sum of (x) Gross Receipts (as defined in Exhibit A) and (y) Service Receipts (as defined in Exhibit
B). 
  
 “Animation Advance Amount” at any time of
determination, shall be equal to the Initial Animation Advance, plus all Universal Animation Adjustments, less all DWA Animation Adjustments. 
  
 “Animated Pictures” shall mean any theatrical motion picture in which a substantial portion of the characters, creatures and environments
are created using animation techniques, including those techniques commonly referred to as traditional hand-drawn animation, stop motion animation, claymation, computer-generated animation or a similar or new method of animation now known or
hereafter devised; provided, however, that a theatrical motion picture shall not be deemed an Animated Picture solely (i) because parts of its action are created by animation intended to appear as live action, (ii) due to the inclusion of incidental
animation, or (iii) because it contains limited amounts of animation presented in conjunction (whether or not in the same frame) with live action (e.g., “Who Framed Roger Rabbit” would not be an Animated Picture). 
  
 “Animation Pipeline Estimate” as of the end of any fiscal
quarter shall be equal to a commercially reasonable estimate, based on revenue figures in ultimates, of Aggregate Receipts in the territory for which Distributor or FSP holds rights (i) for all Animated Pictures for which Distributor or FSP has been
granted rights pursuant to the Universal Agreement and this Agreement (a) which had their initial public release (whether in theatres in the Domestic Territory (as defined in the Universal Agreement) or the Foreign Territory (as defined in the
Universal Agreement), on home video or otherwise) prior to the end of such quarter (“Animation 
  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

  

					
	 	 	-3-	 	FINAL            

 Pipeline Released Pictures”), and (b) which are not Animated Pictures ultimates for which are included in the
Pipeline Estimate, and (c) that were placed in production or pre-production (using estimates based on breakeven ultimates for such [Motion] Pictures after capitalized interest and overhead) prior to the end of such quarter (provided that, with
respect to any [Motion] Picture described in clause (c), DWA shall (I) be firmly committed to the production of such [Motion] Picture, without any third party conditions, (II) have approved the preliminary budget and screenplay for such [Motion]
Picture, and (III) have reasonably scheduled such Animated Picture for initial domestic theatrical release within 18 months of the last day of such quarter) less (x) Aggregate Fees which would be retained by Distributor and FSP based on such
estimated Aggregate Receipts, (y) estimated Aggregate Expenses attributable to such Animated Pictures and (z) Aggregate Receipts for such Animated Pictures actually paid to DW by Distributor and FSP prior to the end of such quarter. For further
clarity, once an Animated Picture has had its initial public release, it shall only be factored in clause (i)(a) above and shall no longer be factored in clause (i)(c). DWA’s independent auditors will certify that the ultimates for Animated
Pictures referred to in clause (i)(a) above are the same figures used to prepare and review DW’s quarterly, and prepare and audit DW’s annual, financial statements for the applicable fiscal period. 
  
 “Pipeline Estimate” as of the end of any fiscal quarter
shall be equal to a commercially reasonable estimate, based on revenue figures in ultimates, of Aggregate Receipts in the territory for which Distributor or FSP holds rights for all [Motion] Pictures for which Distributor or FSP has been granted
rights pursuant to the Universal Agreement (a) which had their initial public release (whether in theatres in the Domestic Territory or the Foreign Territory, on home video or otherwise) prior to the end of such quarter (“Pipeline Released
Pictures”), and (b) that were placed in production or pre-production (using estimates based on breakeven ultimates for such [Motion] Pictures after capitalized interest and overhead) prior to the end of such quarter (provided that, with respect
to any [Motion] Picture described in clause (b), DW shall (i) be firmly committed to the production of such [Motion] Picture, without any third party conditions, (ii) have scheduled principal photography to commence within eight weeks of such
quarter-end, (iii) have binding commitments from the director and two principal cast members for such [Motion] Picture and (iv) have approved the preliminary budget and screenplay for such [Motion] Picture) less (x) Aggregate Fees which would be
retained by Distributor and FSP based on such estimated Aggregate Receipts, (y) estimated Aggregated Expenses attributable to such [Motion] Pictures and (z) Aggregate Receipts for such [Motion] Pictures actually paid to DW by Distributor and FSP
prior to the end of such quarter. For further clarity, once a [Motion] Picture has had its initial public release, it shall only be factored in clause (a) above and shall no longer be factored in clause (b). DW’s independent auditors will
certify that the ultimates for [Motion] Pictures referred to in clause (a) above are the same figures used to prepare and review DW’s quarterly, and prepare and audit DW’s annual, financial statements for the applicable fiscal period.

  

					
	 	 	-4-	 	FINAL            

 “Pipeline Required Amount” shall mean ***. 
  
 “Termination Date” shall mean the date either or both of
Exhibit A or Exhibit B terminates, for any reason, or expires. 
  
 2. Outstanding Advance. Effective as of the Restatement Effective Date, the Advance was in the stated amount of *** (the “Advance”). 
  

3. Advance Adjustment. Effective as of the consummation of the transactions contemplated by the Business Combination Agreement dated as of
October 8, 2003 by and among GE, National Broadcasting Holding, Inc., National Broadcasting Company Inc., Vivendi Universal S.A. and Universal Studios Holding III Corp. (the “NBC Closing”), *** of the Advance was forgiven and the stated
amount of the Advance is ***. 
  
 4. Further Advance
Adjustments. Not later than 45 days following the end of each of the first three fiscal quarters of DW (commencing with the fiscal quarter ending March 31, 2002) and 90 days following the end of each fiscal year-end of DW (commencing with the
fiscal year ending December 31, 2002) (each, an “Estimate Date”), DW shall deliver to Universal a schedule containing DW’s good faith estimate of the Pipeline Estimate as of such Estimate Date (the “Periodic Pipeline
Schedule” and, collectively the “Pipeline Schedules”), including reasonably detailed supporting documentation for such computation. Within *** following each Estimate Date: 
  

	 	(i)	if the Pipeline Estimate in respect of such Estimate Date is less than the Pipeline Required Amount and less than the Pipeline Estimate in respect of the most recent preceding
Estimate Date (or the Initial Estimate Date, in the case of the first Estimate Date), DW shall pay Universal in cash by wire transfer in immediately available funds an amount (a “DW Adjustment”) equal to ***% of the difference between (x)
the lesser of (A) the Pipeline Required Amount and (B) the Pipeline Estimate in respect of the most recent preceding Estimate Date, and (y) the Pipeline Estimate on such Estimate Date; or 

  

	 	(ii)	if the Pipeline Estimate in respect of such Estimate Date is greater than the Pipeline Estimate in respect of the most recent preceding Estimate Date (or the Initial Estimate Date,
in the case of the first Estimate Date) and the Pipeline Estimate in respect of such preceding Estimate Date was less than the Pipeline Required Amount, Universal shall pay DW (a “Universal Adjustment”) in cash by wire transfer in
immediately available funds an amount equal to *** of the difference between (x) the lesser of (A) the 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

  

					
	 	 	-5-	 	FINAL            

	 	 	Pipeline Required Amount and (B) the Pipeline Estimate in respect of such Estimate Date and (y) the Pipeline Estimate on the most recent preceding Estimate Date provided in no
instance under this Agreement shall Universal be required to have outstanding as an advance to DW more than the Advance Maximum Amount, or to make any payment in respect of a Universal Adjustment if DW is then in default under its bank agreements or
there is a Payment Default. 

  
 5. Animation
Advance and Adjustments. On the Effective Date, DW has transferred to DWA, and DWA has assumed, the “Initial Animation Advance” in the amount of $75 million. Not later than *** following the end of each fiscal quarter of DWA
(commencing with the first fiscal quarter ending after the Effective Date) and *** following the end of each fiscal year-end of DWA (commencing with the fiscal year ending December 31, 2004) (each, an “Animation Estimate Date”), DWA shall
deliver to Universal a schedule containing DWA’s good faith estimate of the Animation Pipeline Estimate as of such Estimate Date (the “Periodic Animation Pipeline Schedule” and, collectively with the Initial Animation Pipeline
Schedule, the “Animation Pipeline Schedules”), including reasonably detailed supporting documentation for such computation. Within 5 business days following each Animation Estimate Date: 
  

	 	(i)	if the Animation Pipeline Estimate in respect of such Animation Estimate Date is less than *** and less than the Animation Pipeline Estimate in respect of the most recent preceding
Animation Estimate Date, DWA shall pay Universal in cash by wire transfer in immediately available funds an amount (a “DWA Animation Adjustment”) equal to *** of the difference between (x) the lesser of (A) *** and (B) the Animation
Pipeline Estimate in respect of the most recent preceding Animation Estimate Date, and (y) the Animation Pipeline Estimate on such Animation Estimate Date; or 

  

	 	(ii)	if the Animation Pipeline Estimate in respect of such Animation Estimate Date is greater than the Animation Pipeline Estimate in respect of the most recent preceding Animation
Estimate Date (or the Initial Animation Estimate Date, in the case of the first Animation Estimate Date) and the Animation Pipeline Estimate in respect of such preceding Animation Estimate Date was less than *** Universal shall pay DWA (a
“Universal Animation Adjustment”) in cash by wire transfer in immediately available funds an amount equal to *** of the difference between (x) the lesser of (A) *** and (B) the Animation Pipeline Estimate in respect of such Animation
Estimate Date and (y) the Animation 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

  

					
	 	 	-6-	 	FINAL            

	 	 	Pipeline Estimate on the most recent preceding Animation Estimate Date provided in no instance under this Agreement shall Universal be required to have outstanding as an Animation
Advance to DWA of more than $75 million or to make any payment in respect of a Universal Animation Adjustment if DW or DWA is then in default under its bank agreements or there is a Payment Default. 

  
 6. Dispute Resolutions. 
  

	 	a.	If Universal delivers written notice to DW setting forth a description of Universal’s objections to any Pipeline Estimate or a written notice to DWA setting forth a description
of Universal’s objections to any Animation Pipeline Estimate, and the amount of the adjustment that Universal believes should be made to each item in respect of such objection (an “Objection Notice”) no later than *** days following
receipt of such Pipeline Estimate or Animation Pipeline Estimate (and associated supporting documentation), the Parties hereto shall follow the resolution procedure described below. 

  

	 	b.	No later than *** following receipt of an Objection Notice, the Designated Officer of each of DW or DWA, as applicable, on the one hand and Universal on the other hand shall meet
and negotiate in good faith to resolve any items set forth in the Objection Notice. “Designated Officer” shall mean its chief financial officer, in the case of DW or DWA, and its Chief Financial Officer, in the case of Universal, or such
other senior executive of such party as shall be reasonably acceptable to the other parties. 

  

	 	c.	If the Designated Officers are unable to resolve all the objections set forth in any Objection Notice within ***, they shall jointly appoint *** (the “Neutral Expert”)
within *** after the end of such *** period. The Neutral Expert, acting as experts and not as arbitrators, shall review the objections set forth in the Objection Notice which were not resolved pursuant to the procedure in clause (b) above. The
Neutral Expert shall determine, based on the requirements set forth in this Agreement and only with respect to objections submitted to the Neutral Expert, whether and to what extent the applicable Pipeline Estimate or Animation Pipeline Estimate
requires adjustment. Universal on the one hand and DW or DWA on the other shall each pay *** of the fees and disbursements of the Neutral Expert in respect of such engagement. Universal, DW and DWA shall, and shall cause their representatives to,
provide to the Neutral Expert full cooperation. The Neutral Expert’s resolution shall be conclusive and binding upon the Parties. 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

  

					
	 	 	-7-	 	FINAL            

	 	d.	The Pipeline Estimate or Animation Pipeline Estimate, as applicable, for any quarter shall be deemed to reflect any objections thereto resolved pursuant to the foregoing procedure
and any necessary adjustment to the amount of the Advance or Animation Advance, as applicable, resulting from such resolution shall be made within 5 days in accordance with the procedures of Paragraphs VIII.4 and VIII.5 above.

  

	 	e.	Notwithstanding the foregoing, Universal shall not be entitled to deliver an Objection Notice and trigger the procedures described above if any Pipeline Estimate delivered by DW or
Animation Pipeline Estimate provided by DWA reflects (solely for Pipeline Released Pictures or Animation Pipeline Released Pictures, as applicable) (i) as to the Pipeline Estimate, a Pipeline Estimate greater than or equal to ***, or (ii) as to the
Animation Pipeline Estimate, an Animation Pipeline Estimate greater than or equal to ***. 

  
 7. Additional Payment Obligation. 
  

	 	a.	On the last day of each fiscal quarter and on the first Termination Date, through and including the last day of the fiscal quarter in which the Advance and Animation Advance are
both repaid in full (each such date, a “Payment Date”), (i) DW shall pay to Universal by wire transfer in immediately available funds an amount in cash equal to the Additional Amount (as defined below) for each date from and including the
preceding Payment Date until but excluding such Payment Date, and (ii) DWA shall pay to Universal by wire transfer in immediately available funds an amount in cash equal to the Animation Additional Amount (as defined below) for each date from and
including the preceding Payment Date until but excluding such Payment Date. In addition, all accrued and unpaid Additional Amounts or Animation Additional Amounts shall accrue at a rate of 8.75% per year. For purposes hereof, (I) the
“Additional Amount” means an amount equal to an annualized rate on the Advance Amounts outstanding from time to time of 8.75% per year, and (II) the “Animation Additional Amount” means an amount equal to an annualized rate on the
Animation Advance Amount outstanding from time to time of 8.75% per year. Without limitation of its other rights and remedies hereunder, Universal shall be entitled to set off and apply an amount equal to any DW Adjustment if not paid when due
and/or any accrued but unpaid Additional Amounts or Animation Additional Amounts not paid when due against, and recoup such DW Adjustment amount, Additional Amounts or Animation Additional Amounts from, any amounts owed to DW in accordance with the
Agreement; provided, however, that any 

  

					
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	 	 	DW Adjustment or Additional Amounts may be recouped only against Aggregate Receipts for [Motion] Pictures other than Animated Pictures, and that any DW Animation Adjustment or
Animation Additional Amounts may be recouped only against Aggregate Receipts for Animated Pictures. 

  

	 	b.	Not later than *** days after (i) December 31 of each calendar year which ends on or after December 31, 2006 and during the Term of Exhibit A or Exhibit B, and (ii) the end of the
Term of Exhibit A or Exhibit B (if such Term ends after December 31, 2006 other than on the last day of a year), the cumulative Aggregate Fees paid to Universal by DW since January 1, 2006 through the end of such calendar year or end of the Term of
Exhibit A or Exhibit B, as applicable, shall be calculated. Each such calculation shall be an “Interest Credit Calculation” and the period covered by such Interest Credit Calculation is the “Interest Credit Calculation Period.”

  

	 	(i)	If at the time of any Interest Credit Calculation, the cumulative Aggregate Fees for the relevant Interest Credit Calculation Period are in excess of the product of *** times the
number of calendar years in such Interest Credit Calculation Period (including any partial year in the case of a termination other than at the end of a calendar year) (such amount for the relevant Interest Credit Calculation Period, the
“Interest Threshold Amount”), the amount in excess of the Interest Threshold Amount (less any amount of such excess previously credited pursuant to this Paragraph VIII.7.b. and not previously repaid) shall be credited on a dollar for
dollar basis, with *** of such credit being applied against Additional Amounts and the remaining ***% of such credit being applied against Animation Additional Amounts (collectively, “AAA Amounts”) paid or payable during the applicable
Interest Credit Calculation Period (the amount of any such credit determined as a result of the foregoing is the “Interest Credit”). Notwithstanding the foregoing, the maximum aggregate amount of all Interest Credits which can be earned
under this Paragraph VIII.7.b. shall not exceed the Interest Credit Cap. The “Interest Credit Cap” is a dollar amount equal to *** per annum of the aggregate amount of the Advance Amount and Animation Advance Amount outstanding from time
to time during the relevant Interest Credit Calculation Period. 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

  

					
	 	 	-9-	 	FINAL            

	 	(ii)	If at the time of any Interest Credit Calculation any Interest Credits are outstanding (i.e., have previously been made and not reversed), and the cumulative Interest Credit
determined for such Interest Credit Calculation Period is less than the cumulative Interest Credit determined for the immediately preceding Interest Credit Calculation Period (or, no Interest Credit is available under the most recent Interest Credit
Calculation), DW and DWA shall be entitled to retain only that amount of outstanding Interest Credits, if any, also available under the most recent Interest Credit Calculation and shall repay to Universal (in addition to any other AAA Amounts due
and payable at such time) an amount equal to the difference between the Interest Credit allocable to it (if any) calculated for the most recent Interest Credit Calculation Period and the Interest Credit previously credited for the immediately
preceding Interest Credit Calculation Period. 

  
 By way of
illustration of this Paragraph VIII.7.b.: 
  

	 	•	 	If as shown in Interest Credit Calculation for the Interest Credit Calculation Period ended December 31, 2006, Universal has received *** in Aggregate Fees for such Interest Credit
Calculation Period, DW and DWA, collectively, would be entitled to a *** Interest Credit against the 2006 AAA Amount. This would either be credited against any 2006 AAA Amount payable to Universal (with *** credited against the Additional Amount,
and *** credited against the Additional Animation Amount) or if all such AAA Amounts have already been paid, Universal would repay *** million to DW and *** to DWA. (Since the *** Interest Credit would not exceed the Interest Credit Cap, the entire
*** is available.) 

  

	 	•	 	If as shown in the Interest Credit Calculation for the Interest Credit Calculation Period ended December 31, 2007, Universal has received the *** in cumulative Aggregate Fees for
such Interest Credit Calculation Period, the *** Interest Credit previously received for the Interest Credit Calculation Period ended *** would be reversed and DW would pay Universal *** corresponding to such reversal, and DWA would pay Universal
***, in each case in addition to all other AAA Amounts due in ***. 

  

	 	•	 	If as shown in the Interest Credit Calculation for the Interest Credit Calculation Period ended ***, Universal has received *** in cumulative Aggregate Fees for such Interest Credit
Calculation Period, DW and DWA collectively would be entitled to a *** Interest Credit against AAA 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

  

					
	 	 	-10-	 	FINAL            

 Amounts paid or payable by DW for *** and against previous years’ AAA Amounts to the extent
necessary, but subject in all cases to the Interest Credit Cap. 
  
 8. Repayment of Advance Amount, Animation Advance Amount, Additional Amounts, Animation Additional Amounts. The Advance Amount, the Animation Advance Amount, plus all accrued and unpaid AAA Amounts shall become immediately due and
payable upon the date (the “Due Date”) which is the earliest to occur of (x) the first Termination Date, (y) December 31, 2010 and (z) the *** day after a Payment Default (if such Payment Default has not been cured by such date). Following
the Due Date, Universal shall have no further obligations to DW or DWA in respect of this Paragraph VIII. provided if the Due Date arises as a result of the preceding clause (z) and the Payment Default is subsequently cured in full, Universal’s
obligations to make Advances to DW and DWA under this Paragraph VIII. shall be reinstated. Upon (a) notification by either DW or Universal to the other Party of such Party’s intention to terminate either Exhibit A or Exhibit B in accordance
with its respective terms, (b) the expiration or termination of any Agreement Module in accordance with its terms prior to the stated expiration date of December 31, 2010, or (c) the Due Date, then Universal shall be entitled to set off and apply
the Advance Amount, Animation Advance Amount, plus any accrued but unpaid Additional Amounts or Animation Additional Amounts against, and recoup the Advance Amount, Animation Advance Amount, Additional Amounts and Animation Additional Amounts from,
any amounts owed to DW in accordance with the Universal Agreement or DWA in accordance with the Agreement or the Interparty Agreement among DW, DWA and Universal dated as of [date], 2004, provided that in no instance shall Universal be entitled (i)
to recoup Advance Amounts or Additional Amounts from Aggregate Receipts for Animated Pictures included in the Animated Pipeline Estimate, or (ii) to recoup Animated Advance Amounts or Animation Additional Amounts from Aggregate Receipts for [Motion]
Pictures included in the Pipeline Estimate. Any remaining Advance Amount and Additional Amounts after giving effect to the application set forth in this Section 8 shall, upon Universal’s election (in its sole discretion), convert into shares
representing Preferred at a price of *** per share. Any Advance Amount and Additional Amounts that Universal does not elect to convert to equity of DW pursuant to the foregoing sentence shall continue to be due and payable by DW and shall
continue to accrue Additional Amounts. Any Animation Advance Amount and Animation Additional Amounts remaining after giving effect to the application set forth in this Section 8 shall continue to be due and payable by DWA and shall continue to
accrue Additional Animation Amounts. 
  
 Notwithstanding the
foregoing, if both Exhibit A and Exhibit B expire at their stated expiration date of December 31, 2010 (and only in such case) (the “Special Repayment Case”), *** of the Advance outstanding on such date and *** of the Animation Advance
outstanding on such date shall be due and payable *** together with all Additional Amounts and Animation Additional Amounts accrued with respect thereto, and the remaining Advance and the remaining 
  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

  

					
	 	 	-11-	 	FINAL            

 Animation Advance shall be payable ***, together with all Additional Amounts and Animation Additional Amounts accrued
with respect thereto. In the Special Repayment Case, Universal shall be entitled to set off the Advance, Animation Advance, Additional Amount and Animation Additional Amounts against, or recoup such amounts from the amounts owed to DW under the
Universal Agreement or to DWA under this Agreement or the Interparty Agreement among DW, DWA and Universal dated [date], 2004 only against amounts received by Universal after December 31, 2010 and to the extent such amounts are recouped through the
set off, shall reduce DW’s and DWA’s respective payment obligations under the preceding sentence. (Notwithstanding the foregoing, in no instance shall Universal be entitled (i) to recoup Advance Amounts or Additional Amounts from Aggregate
Receipts for Animated Pictures included in the Animated Pipeline Estimate, or (ii) to recoup Animated Advance Amounts or Animation Additional Amounts from Aggregate Receipts for [Motion] Pictures included in the Pipeline Estimate.) Unless and until
the Advance, Animation Advance, Additional Amounts and Animation Additional Amounts are recouped or repaid in full, Universal shall retain all distribution and fulfillment services rights it holds as of December 31, 2010 to [Motion] Pictures then in
release (theatrically or as Videograms) or revenues for which have been in either the Pipeline Estimate or the Animation Pipeline Estimate prior to December 31, 2010. In the Special Repayment Case, DW and DWA shall have the right but not the
obligation after December 31, 2010, to prepay all or any portion of the Advance Amount, Animation Advance Amount, Additional Amounts and Animation Additional Amounts and on the payment in full of all such amounts (whether by prepayment, set off, or
payment) all of Universal’s distribution and fulfillment rights under Exhibit A and Exhibit B shall terminate. 
  
 * * * 
  

					
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