Document:

Exhibit D to the DW/Universal Master Agreement

 Exhibit 10.15 
  
 as of July 31, 1995 
  
 MCA, Inc. 
 100 Universal Plaza 
 488-7A 
 Universal City, CA 91608 
  

	RE:	THEME PARK AGREEMENT 

  
 Gentlemen: 
  
 Below is a summary
of the terms upon which we have agreed with respect to the use of characters and elements from DreamWorks (“DW”) motion pictures and television programs and other properties in MCA theme parks: 
  

	1.	DEFINITIONS: 

  

	 	A.	A “Theme Park” shall be defined as a park: (i) of at least forty (40) contiguous acres; (ii) surrounded by a fence, water or other barrier (or combination of barriers);
(iii) which consists of at least five rides, attractions, shows and exhibits, which may or may not be based upon a single theme; (iv) which has an admission charge to the Theme Park as a whole (although additional charges may be made for specific
rides or attractions); and (v) which shall generally be advertised to the public as a theme park, amusement park or studio tour-type attraction. Without limitation, Six Flags Magic Mountain and Universal Studios are both Theme Parks, but IMAX is
not, nor would any entertainment complex or single stand-alone ride or combination of two to five Permanent Attractions and Live Shows be a Theme Park, even if part of a hotel, shopping center, entertainment or motion picture complex or other
development. 

  

	 	B.	A “Permanent Attraction” shall be (i) a ride or free-standing attraction, area, building or location of any nature using any character, theme, story, setting, or any other
element, including the title or name, from an “Eligible DW Property” (as defined below) (“DW Element(s)”) and/or which advertises or promotes in any way an identification between such use and any Eligible DW Property or (ii) any
show, event or any other Theme Park use of any DW Elements which is intended to or does remain in place for two years or more, including non-consecutive periods (e.g., Electric Light Parade). As illustrations, without limitation, “Splash
Mountain”, the “Back to the Future Ride”, the “Flintstones Show”, “Captain EO”, “Star Tours”, and the “Wild West Show” are all Permanent Attractions. 

  

	 	C.	 A “Live Event” is a scheduled live stage show, parade, or other organized event taking place at a Theme Park that includes or uses in any way one or more
DW Elements or promotes in any way an identification between such use and any 

  

	 	 
Eligible DW Property, including without limitation individual(s) or groups of individuals costumed as characters from any Eligible DW Property who perform in
any portion of a Theme Park as part of a pre-choreographed or scripted routine, show or review with other actors. 

  

	 	D.	“Eligible DW Property(ies)” shall mean feature length theatrical motion pictures (live action and animation) which are initially released during the “Term” (as
defined below), television programs which are initially broadcast during the Term, or other DW product which is released to the general public (e.g., interactive game or device distributed to the public) during the Term, which DW has the right to
exploit in Theme Parks as set forth herein. Notwithstanding the foregoing, “Eligible DW Properties” shall exclude any properties co-produced by MCA and DW pursuant to Exhibit “C”, all theme park rights to which shall be governed
by the existing agreements between and among MCA, Diamond Lane Productions, Inc. and Steven Spielberg. DW hereby confirms that the motion pictures entitled “Prince of Egypt”, “El Dorado” and, if produced, “Ants” shall
be included, i.e., DW shall grant the “Theme Park Rights” (as defined below) in and to such properties to MCA in accordance with the terms hereof, although the parties hereto acknowledge that there may be incidental elements of such motion
pictures, including voice performances, licensed music, and other audio or visual elements which may require consents of third parties or additional payments. 

  

	 	E.	“Walk-Arounds” shall be defined as individual(s) or groups of individuals costumed as characters from any Eligible DW Property, who walk around a Theme Park and do not
perform as part of a pre-choreographed or scripted routine, show or review with other actors except as contemplated under Paragraph 4.B.(3) below (in which event such pre-choreographed or scripted routine, show or review shall be deemed a Live
Event). 

  

	2.	TERM: The Agreement shall be for a term (“Term”) which begins as of the date of execution hereof and ends upon the earlier of the date six (6) months after the initial
domestic release of the last theatrical motion picture which is subject to Exhibit “A” or December 31, 2001; provided, however, that if Exhibit “A” is extended pursuant to its terms to December 31, 2005, this Agreement shall be
deemed extended until the earlier of the date six (6) months after the initial domestic release of the last theatrical motion picture which is subject to the extended term of Exhibit “A” or December 31, 2005. Notwithstanding the foregoing,
the Term shall also terminate as of the earlier date upon which either DW or MCA gives notice of its election to terminate Exhibit “A” pursuant to the terms thereof; provided, however, that if MCA terminates “Exhibit “A” by
reason of DW’s breach and/or DW terminates Exhibit “A” other than by reason of MCA’s breach, DW will, at its election, either: 

  

	 	A.	 Remit to MCA the “Unearned Exclusivity Fee”. The Unearned Exclusivity Fee shall be an amount equal to the following: (a) the total amount of fees paid by
MCA per Paragraph 4.A. below, less all amounts refunded per the proration formula in Paragraph 4.A. and/or credited against applicable fees payable under 

  

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Paragraph 4.B., multiplied by (b) ***minus a fraction, (i) the numerator of which is the number of feature length motion picture Eligible DW Properties
(“Pictures”) Theme Park Rights with respect to which have been made available by DW to MCA hereunder during the Term (i.e., prior to such termination) and (ii) the denominator of which is the number of years (or partial year) for which MCA
has paid a fee under Paragraph 4.A. below multiplied by ***. For example, if: (i) MCA has paid *** in exclusivity fees, (ii) Exhibit “A” is terminated 6 months after the second Anniversary Date, (iii) *** is credited against applicable
fees payable under Paragraph 4.B., and (iv) there were *** Pictures during such Term, then DW shall remit to MCA ***. OR 

  

	 	B.	Provided that MCA has then paid at least *** in exclusivity fees under Paragraph 4.A., commit to accord MCA the exclusive Theme Park Rights to up to the first *** consecutive
Pictures, plus the next *** consecutive Pictures for each subsequent payment of *** in exclusivity fees under Paragraph 4.A, to a cap of *** such Pictures, whether or not such Pictures are Released Prior to Termination, less the number of Eligible
DW Properties (excluding feature length theatrical motion pictures) the Theme Park Rights to which MCA has then exploited or notified DW of its intention to exploit. For example, if MCA has paid *** in exclusivity fees (and has not exploited or
notified DW of its intention to exploit any Eligible DW Properties), MCA shall have exclusive Theme Park Rights to *** Pictures. Notwithstanding the foregoing, if any of the exclusivity fees are refunded to MCA per the proration formula in Paragraph
4.A. (if such refund is not a multiple of ***, DW will further refund an amount necessary to increase the refund to the next multiple of ***), then the number of Pictures shall be reduced by *** Picture for each *** refunded. For example, if DW
refunds MCA *** per the proration formula in Paragraph 4.A., then DW shall refund an additional *** to MCA and the number of Pictures shall be reduced by ***. 

  

	3.	GRANT OF RIGHTS/EXCLUSIVITY: Subject to the terms hereof and the payment of all consideration required hereunder, DW grants MCA the “Theme Park Rights” during the Term. As
used herein “Theme Park Rights” shall mean the right to incorporate DW Elements from Eligible DW Properties into Theme Parks, i.e., into Permanent Attractions, Live Events, Restaurants, Walk-Arounds, and promotional uses in Theme Parks.
MCA shall be entitled to exploit such Theme Park rights solely in Theme Parks under the control of MCA, subject to the terms and conditions set forth below. For the purposes hereof, a Theme Park shall be deemed to be under the control of MCA if (i)
MCA retains an equity interest in such Theme Park, (ii) MCA has an active creative role; (iii) the park uses the MCA name; and (iv) DW has all of its approvals and controls with respect to such park as set forth herein. Without limiting the
foregoing, MCA shall not have the right to assign to any third party the right to make any use of any DW property in a Theme Park other than a Theme Park which satisfies the criteria set forth in (i) and (ii) above, except as set forth in Paragraph
9. below. The foregoing grant of Theme Park 

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 Rights shall not be deemed to vest in MCA any right of ownership in or to any DW motion picture,
television program, or other property, or any right to use DW Elements in any venue or form other than in a Theme Park, and DW retains all rights not expressly granted herein. Without limiting the foregoing, the foregoing grant of exclusivity shall
not preclude DW from using DW characters or elements or exploiting Eligible DW Properties in any entertainment venue in any form other than a Theme Park (including without limitation restaurants, stores, live stage shows, mall tours or other
projects themed to or using any Eligible-DW Property/or any other DW property); provided, however, that DW shall not have the right to license DW Elements from Eligible DW Properties to third parties during the Term for use in Permanent Attractions,
Live Events, Walk-Arounds, or Restaurants themed to such Eligible DW Property in any entertainment complex which is adjacent to and is advertised and promoted as operated in conjunction with a Theme Park owned by such third party. 
  

	4.	COMPENSATION: MCA shall pay DW the following compensation: 

  

	 	A.	Yearly Exclusivity Fee: Commencing on June 7, 1998, MCA shall pay DW *** per year (payable *** on June 7, 1998 and *** on each anniversary date [“Anniversary Date”]
thereafter during the Term, (subject to proration to the extent that the period between the, last Anniversary Date to occur during the Term and the date of expiration or termination of the Term is less than twelve months), *** of which shall be
applicable against fees as set forth in Paragraph 4.B. below paid or payable within each such year. For the purposes hereof, fees shall be considered paid or payable at such time as they are due pursuant to the payment schedule specified for the
applicable use set forth below. There shall be no carry forward or carry back of fees paid or payable during any Term year against the Term year exclusivity fees payable for any other Term years. 

  

	 	B.	Additional Fees: Fees as set forth below: 

  
 (1) Permanent Attractions: For each Permanent Attraction in each Theme Park, fees as follows: 
  
 a. An initial fee of *** if the Permanent Attraction is
based on an animated theatrical motion picture (including any combination of live action/animation picture [e.g., “Roger Rabbit”] and/or non-traditional animation, such as stop-motion or claymation); *** if the Permanent Attraction is
based on a live-action theatrical motion picture. With respect to any Permanent Attraction based on any motion picture which is a co-production with MCA (other than one co-produced pursuant to Exhibit “C”), MCA and DW shall negotiate a fee
in good faith ***. Such fees shall be payable *** upon the earlier of MCA’s notification to DW or public announcement that MCA intends to construct the Permanent Attraction; *** on commencement of construction; and *** upon the initial public
opening; and 

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 b. ***for each Permanent Attraction, per Theme Park, per year thereafter, commencing upon
the first anniversary of the initial public opening of such attraction. 
  
 For
the fourth and fifth Permanent Attractions at any single Theme Park, the amounts set forth in Paragraphs 4.B.(1)(a) and 4.B.(1)(b) above shall be increased by ***; for the sixth and subsequent Permanent Attractions at any Theme Park, the amounts set
forth in Paragraphs 4.B.(1)(a) and 4.B.(1)(b) shall be increased by ***. 
  
 (2) Live Events: For each Live Event based on any Eligible DW Property, MCA shall pay DW either, at MCA’s election: 
  
 a. *** per Live Event, per year, per Theme Park, commencing upon the date of the initial public performance; or 
  
 b. *** per Live Event for six months, per Theme Park,
payable upon the initial public performance. At the conclusion of such six months, MCA shall pay DW ***if MCA elects to continue such Live Event and then, commencing one year after the initial public performance of such Live Event, *** per year, per Theme Park, for such Live Event. 
  
 Any event which MCA determines in good faith to be a Live Event (i.e., as opposed to a Permanent Attraction) and which is
performed for a period in excess of *** (or *** if the additional *** is necessary for such show to run for two complete summers), whether or not continuously performed, shall be deemed a Permanent Attraction and upon the conclusion of such *** or
***, as applicable, MCA shall pay DW an amount equal to the difference between sums already paid with respect to the show, and the applicable fee due for a Permanent Attraction as set forth in Paragraph 4.B. 1.(a) above. By way of example, if a Live
Event based on an animated motion picture runs for ***, which encompasses two summers, upon the conclusion of such ***, MCA would pay DW *** less amounts paid under 4(B)(2) in order to continue the applicable Permanent Attraction and on the next
anniversary of the initial public performance, the annual payments as set forth in 4.B.1(b) would commence, provided, however, that if prior to expiration of the above *** month period, MCA announces or designates the applicable event to be a
Permanent Attraction, upon the conclusion of such *** period, MCA would then pay DW the applicable fee in paragraph 4.B. 1 .(a) less the payments under 4.B.2 plus the payments under 4.B.1.(b) commencing upon the next anniversary of such announcement
or designation. 
  
 (3) “Walk-Arounds”:
With respect to all “Walk-Around” characters, MCA shall pay DW *** on a one-time basis, per Eligible DW Property, per Theme Park, payable upon the first use of any character; provided, however, that no payment shall be due for the use of
any strolling Walk-Around characters if (i) such characters do not perform any scripted lines or songs or choreographed routine, or if the aggregate time of all scripted lines and songs and choreographed routines performed by any Walk-Around

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 character or group of Walk-Around characters is *** or less (e.g., if two (2) or more Walk-Around
characters speak, sing or perform together, the aggregate running time of all lines, songs, and/or performance of any group of Walk-Around characters may be ***; and (ii) photographs, drawings, or other visual depictions of and/or mention,
description, excerpted performance, or any other reference to the Walk-Around characters do not comprise more than-*** of any single item of visual and/or auditory marketing material or any single advertisement. By way of example, if a newspaper ad
promoting a Theme Park includes drawings of the Walk-Around Characters or photographs depicting the Walk-Around Characters, which comprise *** of the total artwork space used, payment would be due as set forth above for such Walk-Around Characters.

  
 (4) Restaurants: For any restaurant in a
Theme Park (which may have an entrance outside the Theme Park) themed to an Eligible DW Property, if such restaurant is used in connection with the advertisement or promotion of the applicable Theme Park (“Restaurant”), MCA shall pay DW
*** on a one-time basis per Restaurant, per Theme Park, upon the opening of each such Restaurant (or at such later time, if ever, as payment becomes due for such Restaurant by reason of the use of such Restaurant to advertise or promote the
applicable Theme Park, as set forth below). A Restaurant shall be deemed to be used in connection with advertisement or promotion of the applicable Theme Park if photographs, drawings, or other visual depictions of and/or mention, description, or
any other references to the Restaurant comprise more than *** of any single item of visual and/or auditory marketing material or any single advertisement for the applicable Theme Park. No payment shall be due for the use of any themed Restaurant
which is not used to promote the applicable Theme Park, i.e., if photographs, drawings, or other visual depictions of and/or mention, description, or any other references to the Restaurant do not comprise more than *** of any single item of visual
and/or auditory marketing material or any single advertisement for the applicable Theme Park. 
  
 (5) Themed Areas: For any area or location which is entirely themed to one DW property (including any sequels, remakes, TV series, or
other forms of exploitation of such property) (“Themed Area”) which is used in connection with the advertisement or promotion of the applicable Theme Park, payment shall be due for each individual use (i.e., Restaurant and Walk-Around
characters) as set forth above. If the themed area contains or incorporates DW Elements into uses which are not specifically listed above, MCA and DW shall negotiate a fee in good faith, which fee shall in no event be lower than the applicable fee
for a Permanent Attraction. A themed area shall be deemed to be used in connection with the advertisement or promotion of the applicable Theme Park if photographs, drawings, or other visual depictions of and/or mention, description or any other
reference to the themed area comprise more than *** of any single item of visual or auditory marketing material or any single advertisement. No payment shall be due for the use of any themed area which is not used to promote the applicable Theme
Park, i.e, if photographs, drawings, or other visual depictions of and/or mention; description or any other reference to the themed area do not comprise more than *** of any single item of 

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 visual or auditory marketing material or any single advertisement for the applicable Theme Park.

  
 (6) Other Promotional Uses: No fee shall be
payable for use of elements from any DW feature-length motion picture or television special in promotional shows or displays (e.g., use of props or sets, showing of clips) which are limited in time to coincide with the initial theatrical or
television release of the property, as applicable. 
  
 (7) Other Uses: For any Theme Park use of elements from an Eligible DW Property which is not listed above, MCA and DW shall negotiate a fee consistent with the above fees. 
  

	5.	MERCHANDISING: MCA will construct and maintain immediately adjacent to each Permanent Attraction and Live Event (for the duration of operation of such Permanent Attraction and/or
Live Event) a kiosk or separate covered sales area of at least *** square feet, which will exclusively contain merchandise based upon or themed to the same motion picture or television program as the applicable Permanent Attraction or Live Event.
Each kiosk or sales area shall include at least *** square feet which is dedicated entirely to licensed DW merchandise; provided, however, that DW acknowledges that such kiosk or sales area may contain a small number of non-themed items (e.g., film
and photographic supplies). DW shall sell such licensed DW merchandise to MCA at DW’s customary wholesale price, and receive DW’s customary royalty therefrom. If MCA constructs a Permanent Attraction or Live Event, subject to DW’s
pre-existing and prospective third party merchandising arrangements, MCA shall have the right to manufacture and sell in the theme park which houses such Permanent Attraction or Live Event, merchandising based upon the same motion picture or
television program on which the applicable Permanent Attraction or Live Event is based. For merchandise so manufactured by MCA for sale at the park, MCA will pay DW a royalty of *** of the wholesale price (i.e., the greater of MCA’s wholesale
price or the price MCA would pay to the normal DW supplier of comparable goods). For example, if MCA’s wholesale price is *** per t-shirt, and DW’s t-shirt supplier would charge *** for a comparable shirt, Universal would pay *** on ***.
All payments due to DW pursuant to this Paragraph 5 shall be made on a quarterly basis and shall be accompanied by a statement setting forth in reasonable detail a description of the items of merchandise, the number of each item manufactured and the
wholesale price of each such item. Upon reasonable notice and during normal business hours, DW shall have the right to audit MCA’s books and records pertaining to the retail sales of merchandise based upon and/or themed to DW properties. MCA
shall be solely responsible for maintenance and operation of each kiosk or sales area, including without limitation payment of all operating costs and salaries, payment of sales taxes, and maintenance of customary insurance coverage.

  

	6.	APPROVALS: DW will have reasonable approvals over all creative and design elements, location, advertising, promotion (including sponsorships and tie-ins) and

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 merchandising with respect to any Permanent Attraction, Live Event, Walk-Arounds, Restaurants,
Promotional Uses, merchandising areas, and any other use of elements from Eligible DW Properties, as described above. Without limiting the generality of the foregoing, DW shall have the right to approve all creative aspects of any new film elements,
footage, animation, voice recording, and other elements specifically created for Theme Park uses. In no event shall DW have any lesser approval rights than Steven Spielberg is entitled to exercise under the existing agreement between Steven
Spielberg and MCA. MCA shall comply with all of DW’s contractual obligations and restrictions regarding the use of Eligible DW Properties in MCA Theme Parks, and be responsible for all costs, and creative and rights fees to third parties,
including all cash fees, payments required by virtue of any collective bargaining agreements (e.g., Writers Guild of America residuals or payments), bonuses or royalties payable specifically for Theme Park uses hereunder, but excluding any
participations which are based upon a percentage of adjusted gross receipts, net profits, or other defined proceeds from the exploitation of any rights relating to motion picture or television program, and excluding any payments to officers or
principals of DW; provided, however, that DW shall be responsible for *** of any such third party talent fees (excluding guild mandated payments) up to a ceiling of *** of the fees payable to DW hereunder for the applicable attraction. Upon
MCA’s request, DW will advise MCA of such payments required to be made by MCA (other than payments required by virtue of any collective bargaining agreements). Any renovations, additions, and/or other changes to existing Permanent Attractions,
Live Events, Walk-Arounds, Restaurants, or any other use shall require approval by DW. 
  

	7.	POST-TERM EXPLOITATION OF PROPERTIES: Notwithstanding the expiration of the Term or earlier termination of the Term (including any additional time period pursuant to Paragraph 2.B.
above) upon DW or MCA’s notice of its election to terminate Exhibit “A” for any reason, MCA shall retain exclusive Theme Park Rights to each Eligible DW Property for the longer of (i) *** after expiration or the termination of the
Term and (ii) a period of *** after the initial domestic release, broadcast or distribution by DW to the public of such Eligible DW Property (the “Post Term Exploitation Period”) on a property-by-property basis. For example, if an Eligible
DW Property has an initial domestic release *** prior to expiration of the Term, the Post Term Exploitation Period will be ***. In the event of expiration of the Term as to each Eligible DW Property with respect to which MCA has not already
exercised any of its-rights hereunder, MCA shall, by the end of the applicable Post Term Exploitation Period, notify DW if MCA intends to construct a Permanent Attraction or Restaurant (or intends to complete construction, if such a project has been
commenced but not completed), stage a Live Event or exercise any of its other Theme Park Rights hereunder based on such Eligible DW Property (the “Notice”). If MCA gives such Notice, MCA shall be concurrently committed to pay DW the
applicable initial fees, which fees shall be paid as set forth in the next two sentences. The initial Permanent Attraction fee shall be paid *** upon Notice, *** upon the earlier of eighteen months after Notice or commencement of construction and
*** upon the earlier of completion of construction or three years after Notice; the initial Live Event fee shall 

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 be paid upon the earlier of the date of initial performance of such Live Event or one year after Notice;
and the Restaurant fee shall be paid upon the earlier of the opening of such Restaurant or one year after Notice. Annual fees with respect to Permanent Attractions and Live Events shall commence within the earlier of *** after opening or *** after
Notice for a Permanent Attraction; and within *** following payment of the initial Live Event fee for a Live Event. Annual fees shall terminate at the end of the annual fee period in which the Permanent Attraction or Live Event, as applicable,
ceased operating on a permanent basis or if no Permanent Attraction or Live Event is ever opened after payment of all applicable initial fees and *** of annual fees, at which point MCA’s rights with respect thereto shall concurrently terminate.
In addition, if MCA gives such Notice, MCA shall open any such Permanent Attraction within *** of payment of the initial fee, and any Live Event or Restaurant within *** of payment of the initial fee (it being acknowledged that any such Permanent
Attraction, Live Event or Restaurant shall be deemed “opened” upon the earlier of same being opened or MCA’s payment of the applicable fee therefor). If MCA fails to comply with the foregoing, MCA’s rights hereunder shall
terminate. MCA shall retain rights in DW properties which were exploited during the Term (and/or the Post Term Exploitation Period) as follows: 
  
 a. Permanent Attractions: MCA shall have the right to continue operation of any Permanent Attraction created in accordance with the terms
hereof, provided that MCA continues to make the applicable yearly payments therefor. MCA’s rights with respect to all DW properties which are the basis for such Permanent Attractions shall be non-exclusive, provided that with respect to each DW
Property which is the basis for a Permanent Attraction, MCA shall retain exclusive Theme Park rights to such DW Property in the “Territory(ies)” (as defined below) for which the applicable fees have been paid or in which the applicable
Permanent Attraction(s) are constructed for the duration of operation of such Permanent Attraction(s) (including the right to develop additional Permanent Attractions based on the same DW Property in the same Territory, provided that [1] MCA pays
the applicable Initial Fee for each such additional Permanent Attraction prior to the time, if ever, that all previously constructed Permanent Attractions in such Territory cease operations or fees are no longer paid therefor, and [2] MCA continues
to make the yearly payments for such additional Permanent Attraction). In addition, with respect to DW Properties which are the subject of an existing Permanent Attraction in one Territory, MCA shall have a period of ***after the opening of the
immediately preceding Permanent Attraction based on the applicable DW property (or *** after the expiration of the Term, whichever last occurs) to notify DW that MCA intends to construct a second (or third, fourth, fifth and so forth) Permanent
Attraction based on the same property in a different Territory (hereinafter “Additional Territory(ies)”), and pay the applicable fee in full, and, in such event, MCA shall have exclusive Theme Park rights to such DW Property in such
Additional Territory, provided MCA makes (and continues to make) payment of the annual fee, and opens such additional Permanent Attraction within the applicable time period set forth below. On the date *** after payment of the initial fee, MCA shall
commence payment of the applicable annual fee as 

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 set forth above. If MCA has not actually opened any such Permanent Attraction within *** of payment of
the applicable initial fee, MCA shall have the right to extend such *** period up to-an aggregate of ***, by payment of ***, per year, per Theme Park (with respect to each such Permanent Attraction in an additional Territory). By way of example, if
MCA opens a Permanent Attraction based on “Prince of Egypt” in the United States on *** (and the Term has expired), MCA must notify DW that it intends to open a “Prince of Egypt” attraction in Europe (or any other Territory) by
***, and pay the applicable fee therefor. Provided that MCA makes all payments and the “Prince of Egypt” attraction in Europe is opened by ***, MCA shall have the right exercisable within *** after the opening of the “Prince of
Egypt” attraction in Europe to notify DW that it intends to construct a “Prince of Egypt” attraction in Japan, and so forth. If MCA exercises its right to extend as set forth in the preceding sentence, and any Permanent Attraction is
not opened within *** after the opening of the immediately preceding Permanent Attraction, all rights with respect thereto shall automatically revert to DW. 
  
 The “Territories” shall be as follows: *** 
  
 b. Live Events/Restaurants/Walk-Arounds: 
  
 (i) Live Events/Restaurants: After the Term, MCA can continue to operate any Live Event commenced during the Term or the applicable Post
Term Exploitation Period (provided MCA continues to make payments therefor) and/or Restaurant so long as such Live Event or Restaurant is in continuous operation, but MCA’s rights will become non-exclusive with respect to the DW property(ies)
which are the basis for such Live Events/Restaurants (except to the extent MCA has exclusive rights in such Territory as a result of the applicable Post Term Exploitation Period, or the continuing operation of a Permanent Attraction as provided in
subparagraph a. above, or MCA has exclusive rights during a *** exclusivity period as specifically set forth in and pursuant to subparagraph b.(iii) below). 
  
 (ii) Walk-Arounds: MCA may continue Walk-Arounds for *** after the Term, but MCA’s rights will become non-exclusive with respect to
the DW properties which are the basis for the Walk-Arounds on the expiration of the applicable Post Term Exploitation Period (except as provided in subparagraph a. above). On the date *** after the expiration of the Term, MCA must discontinue all
Walk-Arounds, except that MCA may continue Walk-Arounds in any Theme Park in which MCA has a continuing Permanent Attraction or Live Event based on the applicable property or for which it has commenced paying fees with respect to a Permanent
Attraction or Live Event, for the duration of operation or performance of, or the payment of fees for, as applicable, of the Permanent Attraction or Live Event. 
  
 (iii) *** Exclusivity Period: Notwithstanding the foregoing, for each use of Live Events and Restaurants,
whether commenced during the Term or during the applicable Post Term Exploitation Period (the commencement of fees being deemed to be 

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 a “use” for the purposes of this subparagraph), MCA’s rights with respect to exploitation
of the applicable DW property in such use only will be exclusive for a minimum of***. By way of example, if MCA opens a “Prince of Egypt” Restaurant on ***, after the expiration of the Term, MCA may continue to operate the Restaurant, and
commencing upon ***, DW may license to a third party the right to exploit a Restaurant based on “Prince of Egypt” in a Theme Park. 
  

	8.	VIRTUAL THEATER PROJECT: DW intends to develop a “Virtual Theater” project, which MCA acknowledges does not interfere with any rights it may have to the services of Steven
Spielberg in connection with MCA Theme Parks. The parties hereto agree that provided such Virtual Theater Project is not constructed in or adjacent to a Theme Park, or advertised or promoted as operated in conjunction with a Theme Park, such Virtual
Theater Project shall not be deemed a Theme Park and shall not be subject to the exclusivity provisions of this agreement. If MCA so elects, MCA shall have the right to contribute to the financing and the development and construction of the first
such Virtual Theater project, upon terms to be negotiated in good faith (and each succeeding Virtual Theater project, if MCA contributed to the immediately preceding Virtual Theater Project). If MCA does not make such election and notify DW (within
30 days of notice from DW), or if DW and MCA are unable to reach agreement with respect to the terms of MCA’s involvement within 30 days after the commencement of such negotiations, DW has the right to proceed with development and construction
of the Virtual Theater (and to create duplicate projects in various locations) without any further obligation to MCA. 

  

	9.	ASSIGNMENT: Except as expressly set forth below, MCA may not assign, license, transfer or otherwise encumber any of its rights or obligations hereunder, and in the event of any such
assignment by MCA, all of MCA’s rights hereunder shall immediately terminate, except as follows: Any assignee of MCA which assumes all obligations of MCA hereunder in writing with respect to one or more Theme Parks may continue to operate any
Permanent Attraction, Live Event or Restaurant which is in operation in such Theme Park on the date of such assignment, provided that (i) MCA’s assignee continues to make the applicable payments therefor and comply with all of its other
obligations hereunder, (ii) such assignee may not make any changes to any elements of such Permanent Attraction (excluding only maintenance or upgrading of mechanical elements which do not in any way change the visual, auditory, or any other
creative elements of such Permanent Attraction), (iii) DW continues to have all of its approvals and controls with respect to such Theme Park as set forth herein, (iv) such Theme Park shall continue to operate under a MCA proprietary name, (v) such
Theme Park continues to be maintained in substantially the same condition, and (vi) such assignee’s rights shall otherwise be as set forth herein, and subject to its compliance with all other terms hereof. In addition, MCA may assign its rights
hereunder as security with respect to any MCA Theme Park solely in connection with a financing transaction (e.g. mortgage, sale and lease-back, or recapitalization) as a result of which by foreclosure or similar proceeding any financier(s) (or its
successors or assigns) is assigned control of an MCA Theme Park, in which event such assignee may continue to operate any Permanent Attraction, Live Event or Restaurant which is in operation on the date 

	***	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 

 of such assignment, subject to clauses (i) through (vi) inclusive in the immediately preceding sentence.
Notwithstanding the above, nothing shall limit MCA’s right to assign or transfer any interest in any Theme Park in which MCA (or such assignee or transferee) does not utilize any rights hereunder (including but not limited to any Permanent
Attraction) and in this regard MCA (or such assignee or transferee) may continue to operate any Permanent Attraction, if it stops using any copyrightable or other protectable DW elements and ceases all advertising and publicity which in any way
promotes an identification between the use and any Eligible DW Property. 
  
 The
parties hereto intend to enter into a more formal, long, form agreement. Unless and until such agreed is executed, the parties hereto confirm by their signature below that the foregoing constitutes a binding agreement with respect to the subject
matter hereof. 
  

			
	DREAMWORKS L.L.C.
		
	By	 	 
	 Its
	 	 

  

					
		
	 	 	/MCA
		
	By	 	 
	 	 	Universal Studios, Inc.
		
	Is	 	 
	 	 	 Executive Vice President
 Corporate Operations

  

 12Employment Agreement, dated October 8, 2004 (Jeffrey Katzenberg)

 Exhibit 10.16 
  
 DREAMWORKS ANIMATION SKG, INC. 
 1000 FLOWER STREET 
 GLENDALE, CA 91201 
  
 As of October 8, 2004 
  
 Mr. Jeffrey Katzenberg 
 c/o Mickey Rutman 
 Breslauer & Rutman 
 11400 W. Olympic Boulevard, Suite 550 
 Los Angeles, CA 90064 
  
 Dear Jeffrey: 
  
 Upon the date (“Effective Date”) of the closing (“Closing”) of the initial public offering (“IPO”) of DreamWorks Animation
SKG, Inc. (“Studio”), Studio agrees to employ you and you agree to accept such employment upon the terms and conditions set forth below. In the event the Closing fails to occur for any reason by June 28, 2005, this agreement
(“Agreement”) shall be null and void: 
  
 1.
Term. The term of your employment hereunder shall commence on the Effective Date and shall continue for a period of five (5) years thereafter. This period shall hereinafter be referred to as the “Employment Term”. 

 
 2. Duties/Responsibilities/Reporting. 
  
 a. General. Your title shall be “President” and “Chief
Executive Officer” of Studio. You shall have such duties and responsibilities as are consistent with the traditional positions of President and Chief Executive Officer of publicly traded major entertainment and media corporations. No other
individual shall have the title President and Chief Executive Officer or hold a position equal to or superior to yours or have any authority equal to or superior to yours during the Employment Term without your consent. You shall report solely and
directly to the Board of Directors of Studio. 
  
 Without limiting
the foregoing, you shall have authority over all operations and the overall direction of Studio, within maximum individual project and aggregate cost limits to be established as part of the business plan or otherwise as approved by the Board of
Directors. All other employees of Studio and such affiliates and subsidiaries as may hereafter be established shall report directly to you or to you through such other personnel as you may designate. 
  
 b. Services. Except as herein otherwise specified, during the
Employment Term you shall devote your business time and efforts to the affairs of Studio in substantially the same manner as you have previously rendered services in connection with your previous work experience. 

 3. Exclusivity. Except as otherwise provided herein, your personal professional services
shall be exclusive to Studio. Moreover, you shall not make any investments after the date hereof other than as permitted in Paragraph 3.b., below. The foregoing two sentences of this Paragraph 3 shall be collectively referred to herein as the
“Exclusivity Provisions”. The following are exceptions to the Exclusivity Provisions and Paragraph 8 below: 
  
 a. DW Services. You shall be permitted to render services for DreamWorks L.L.C. (“DW”) with respect to your consultation with executives
of DW; it being understood that you shall not devote more than approximately ten percent (10%) of your professional working hours to DW. 
  
 b. Investments. The Exclusivity Provisions shall also not prohibit your ownership or services in connection with investments which you or members
of your family or your charitable trusts or foundations (directly or indirectly) owned as of June 28, 1995 and future investments which: (a) relate to DW, (b) do not require devotion of a substantial amount of your personal professional services
which shall include, without limitation, passive investment interests or limited partnership interests and (c) other than DW, do not compete with Studio’s business when the investment is made, provided however that you may own directly or
indirectly up to 5% of a publicly held company, limited partnership interests or other passive investment interests in private companies even if it does compete with Studio’s business. 
  
 4. Compensation. 
  
 a. Base Salary. For all services rendered under this Agreement, Studio
will pay you a base salary at an annual rate of One Dollar ($1.00). 
  
 b. Equity-based compensation. 
  
 (i) It is our present expectation, subject to the approval of the compensation committee of the Board of Directors of Studio (the “Compensation Committee”), that, upon the pricing of the IPO, you will receive, pursuant to the
equity compensation plan to be adopted by Studio (the “Plan”), stock options with respect to Studio’s Class A common stock (“Options”) having a grant-date value of $4,740,000 and restricted shares of Studio’s Class A
Common Stock (“Restricted Stock”) having a grant-date value of $12,990,000 (or, in lieu of Options and Restricted Stock, such other form of equity-based compensation as the Compensation Committee may determine) (the “Initial
Grants”). In the event that the Closing fails to occur for any reason by June 28, 2005, then the Initial Grants will be automatically canceled and you will be entitled to no payments or benefits with respect thereto. 
  
 (ii) You will also be eligible, while you remain employed hereunder,
commencing for the year 2005 (with the amount of the award for 2005 anticipated to be 

  

 - 2 - 

 
determined in the first quarter of 2006), subject to annual approval by the Compensation Committee, to receive, in lieu of an annual cash bonus, annual
awards of Options and Restricted Stock (or such other form of equity-based compensation as the Compensation Committee may determine). It is our present expectation that such annual awards will have an aggregate grant-date value, depending on company
performance, ranging between $1,000,000 (bonus target) and $3,000,000 (in the case of superior company performance). In the event that such awards consist of Options and Restricted Stock, they shall be divided, as determined by the Compensation
Committee, between Options and Restricted Stock. 
  
 (iii) In
addition, you will be eligible, while you remain employed hereunder, commencing in 2006, subject to annual approval by the Compensation Committee, to receive annual equity incentive awards of Options and Restricted Stock (or such other form of
equity-based compensation as the Compensation Committee may determine). It is our present expectation that such annual awards will have an annual aggregate grant-date value targeted at $5,000,000. In the event that such awards consist of Options and
Restricted Stock, they shall be divided, as determined by the Compensation Committee, between Options and Restricted Stock. 
  
 (iv) All Options and Restricted Stock (and any other equity-based awards) referred to in this Paragraph 4.b will (x) be valued using a method or methods
(including where appropriate a Black-Scholes or other fair value method) as determined by the Compensation Committee from time to time (and, in the case of the Initial Grants, taking into account the IPO price to the public without regard to the
underwriters’ discount), (y) become fully vested, exercisable (if applicable) and nonforfeitable within a period not to exceed four (4) years from the date of grant, contingent on both the continuing performance of services to Studio (subject
to Paragraphs 9, 10, 11, 12 and 13) and the achievement of performance goals as established by the Compensation Committee from time to time, and (z) otherwise be subject to such terms and conditions as may be set forth in the Plan or determined by
the Compensation Committee from time to time. Notwithstanding the foregoing, any performance based Initial Grants may, in the discretion of the Compensation Committee, have a vesting schedule that ends in the first quarter of 2009. 
  
 (v) Following the expiration of the Employment Term (i.e., five (5) years
after the Effective Date), but only if your employment hereunder has not been terminated earlier, you will not be required to perform any additional services to Studio in order for all of the equity compensation awards granted to you during the
Employment Term to be fully vested, exercisable (if applicable) and nonforfeitable; provided that such awards will continue to remain subject to the achievement of performance goals as provided pursuant to the Plan and the agreements evidencing such
awards and to such other terms and conditions as may be determined by the Compensation Committee at the time of the grant; and provided further that, subject to the foregoing, all Options and any similar equity-based awards will remain exercisable
for the balance of the term of the grant.  
  
 5.
Benefits. In addition to the foregoing, you shall be entitled to vacation days and/or personal days to be taken subject to the demands of Studio (as determined by Studio) and consistent with the amount of days taken by other senior
level executives (provided, 

  

 - 3 - 

 
however, no vacation time will be accrued during the Employment Term) and you shall be entitled to participate in such other medical, dental and life
insurance, 401(k), pension and other benefit plans as Studio may have or establish from time to time. The foregoing, however, shall not be construed to require Studio to establish any such plans or to prevent the modification or termination of such
plans once established, and no such action or failure thereof shall affect this Agreement. All benefits you may be entitled to as an employee of Studio shall be on a most favored nations basis with any executive of Studio. 
  
 6. Business Expenses. During the Employment Term, you shall be
reimbursed for such reasonable travel and other expenses incurred in the performance of your duties hereunder as are customarily reimbursed for President/CEO’s of major motion picture, television and record companies. Studio shall reimburse all
of your costs and expenses (including reasonable legal fees) in connection with entering into this Agreement. All Studio business-related air travel by you shall be by private jet. You shall be entitled to take guests on such trips at Studio’s
expense to attend a premiere or industry function, or for such other business-related travel as you determine necessary. You shall be entitled to utilize the Studio corporate jet for personal use, subject to its availability as determined by Studio
and to your reimbursement to Studio of the allocable costs of the personal travel. You shall be entitled to a car allowance, to limousine transportation and to first class private business travel expenses, including hotels and per diems (as you
determine) in accordance with Studio’s policy for its senior-most executives. You shall be entitled to the services of such reasonable security personnel as you request. In addition to the foregoing, you shall be entitled to industry-customary
perks as are normally made available to entertainment industry studio chiefs and in all cases to treatment no less favorable than accorded any other executive of Studio. 
  
 7. Indemnification. You shall be fully indemnified and held harmless by Studio to the fullest extent permitted
by law from any claim, liability, loss, cost or expense of any nature (including attorney’s fees of counsel selected by you, judgments, fines, any amounts paid or to be paid in any settlement, and all costs of any nature) incurred by you (all
such indemnification to be on an “after tax” or “gross-up” basis) which arises, directly or indirectly, in whole or in part out of any alleged or actual conduct, action or inaction on your part in or in connection with or related
in any manner to your status as an employee, agent, officer, corporate director, member, manager, shareholder, partner of, or your provision of services to, Studio or any of its affiliated entities, or any entity to which you are providing services
on behalf of Studio or which may be doing business with Studio. To the maximum extent allowed by law, all amounts to be indemnified hereunder including reasonable attorneys’ fees shall be promptly advanced by Studio until such time, if ever, as
it is determined by final decision pursuant to Paragraph 24 below that you are not entitled to indemnification hereunder (whereupon you shall reimburse Studio for all sums theretofore advanced). 
  
 8. Covenants. 
  
 a. Confidential Information. You agree that you shall not, during the
Employment Term or at any time thereafter, use for your own purposes, or disclose to or for 

  

 - 4 - 

 
any benefit of any third party, any trade secret or other confidential information of Studio or any of its affiliates (except as may required by law or in
the performance of your duties hereunder consistent with Studio’s policies) and that you will comply with any confidentiality obligations of Studio known by you to a third party, whether under agreement or otherwise. Notwithstanding the
foregoing, confidential information shall be deemed not to include information which (i) is or becomes generally available to the public other than as a result of a disclosure by you or any other person who directly or indirectly receives such
information from you or at your direction or (ii) is or becomes available to you on a non-confidential basis from a source which you reasonably believe is entitled to disclose it to you. 
  
 b. Studio Ownership. Except as otherwise herein provided as with respect to your services to DW, the results and
proceeds of your services hereunder, including, without limitation, any works of authorship resulting from your services during your employment and any works in progress, shall be works-made-for-hire and Studio shall be deemed the sole owner
throughout the universe of any and all rights of whatsoever nature therein, whether or not now or hereafter known, existing, contemplated, recognized or developed, with the right to use the same in perpetuity in any manner Studio determines in its
sole discretion without any further payment to you whatsoever. If, for any reason, any of such results and proceeds shall not legally be a work-for-hire and/or there are any rights which do not accrue to Studio under the preceding sentence, then you
hereby irrevocably assign and agree to assign any and all of your right, title and interest thereto, including, without limitation, any and all copyrights, patents, trade secrets, trademarks and/or other rights of whatsoever nature therein, whether
or not now or hereafter known, existing, contemplated, recognized or developed by Studio, and Studio shall have the right to use the same in perpetuity throughout the universe in any manner Studio may deem useful or desirable to establish or
document Studio’s exclusive ownership of any and all rights in any such results and proceeds, including, without limitation, the execution of appropriate copyright and/or patent applications or assignments. To the extent you have any rights in
the results and proceeds of your services that cannot be assigned in the manner described above, you unconditionally and irrevocably waive the enforcement of such rights. This Paragraph 8.b is subject to, and shall not be deemed to limit, restrict,
or constitute any waiver by Studio of any rights of ownership to which Studio may be entitled by operation of law by virtue of Studio or any of its affiliates being your employer. 
  
 c. Return of Property. All documents, data, recordings, or other property, whether tangible or intangible, including
all information stored in electronic form, obtained or prepared by or for you and utilized by you in the course of your employment with Studio or any of its affiliates shall remain the exclusive property of Studio. In the event of the termination of
your employment for any reason, and subject to any other provisions hereof, Studio reserves the right, to the extent permitted by law and in addition to any other remedy Studio may have, to deduct from any monies otherwise payable to you the
following: (i) the full amount of any specifically determined debt you owe to Studio or any of its affiliates at the time of or subsequent to the termination of your employment with Studio, and (ii) the value of Studio property which you retain in
your possession after the termination of your employment with Studio following Studio’s written request for such item(s) return and your 

  

 - 5 - 

 
failure to return such items within thirty (30) day of receiving such notice. In the event that the law of any state or other jurisdiction requires the
consent of an employee for such deductions, this Agreement shall serve as such consent. 
  
 d. Promise Not To Solicit. You will not during the period of the Employment Term or for the period ending one (1) year after the earlier of expiration of the Employment Term or your termination hereunder,
induce or attempt to induce any employees, exclusive consultants, exclusive contractors or exclusive representatives of Studio (or those of any of its affiliates) to stop working for, contracting with or representing Studio or any of its affiliates
or to work for, contract with or represent any of Studio’s (or its affiliates’) competitors. 
  
 9. Incapacity. 
  
 a. In the event you become totally medically disabled and cannot substantially perform your duties at any time during the Employment Term, the Board of
Directors may at any time after such disability has continued for ninety (90) consecutive days require Studio to give you written notice that it intends, subject to applicable state and federal law, to suspend this Agreement. Upon receipt of such
notice, prior to any suspension hereunder, you shall be entitled to an expedited arbitration to determine whether or not you are medically disabled and have been disabled for at least ninety (90) consecutive days, provided that you request such
arbitration within ten (10) business days of receipt of such notice from Studio. If you do not so request such an arbitration, or if the arbitrator rules that you are so disabled, you shall be placed on a “medical payroll,” meaning you
will remain employed for the first twenty-six (26) weeks of consecutive absence commencing at the end of the later of the ten (10) day period or upon the conclusion of the arbitration. Thereafter, if you are not able to resume your duties hereunder,
your employment will be terminated. 
  
 b. Upon termination of
employment as provided in Paragraph 9.a, you shall remain entitled to receive 50% of your Base Salary, 100% of all medical, dental, life insurance and other benefits for the remainder of the then current Employment Term, and all grants of
equity-based compensation made to you on or prior to the date of termination, but will not be entitled to receive any grants of equity-based compensation thereafter. Unless otherwise specified in the Plan or in the agreement evidencing the grant, in
each case as of the date of the grant, after termination of employment your grants of equity-based compensation will be determined as follows. Your rights to receive or exercise the awards provided by the grants will be determined after the end of
the performance period specified in the grant, or satisfaction of such other criteria pursuant to the Plan, subject to the applicable performance or other criteria, as if you had continued to remain employed with Studio throughout such performance
period. You will be entitled to receive or exercise a ratable portion of the amount of each award determined in the preceding sentence, calculated by multiplying such amount by a fraction, the numerator of which is the sum of (i) your actual period
of service in months through the date of termination plus (ii) 50% of the remaining Employment Term in months determined as of the date of termination (but in no event will the numerator exceed the denominator), and the denominator of which is the
total performance period in months specified in the grant. The balance of such awards will 

  

 - 6 - 

 
be forfeited. Subject to this Paragraph 9.b and to the other terms and conditions of the grants, all Options and any similar equity-based awards will remain
exercisable for the remaining term of the grant. 
  
 10.
Death. 
  
 a. If you die prior to the end of the
Employment Term, this Agreement shall be terminated as of the date of death and your beneficiary or estate shall be entitled to receive your Base Salary and all other benefits pro-rated up to the date on which the death occurs and for 12 months
thereafter, but not to exceed the end of the then current Employment Term. 
  
 b. Upon termination of employment as provided in Paragraph 10.a, the rights to equity-based compensation of your estate or beneficiary will be determined in the same manner and at the same time as provided in
Paragraph 9.b. 
  
 11. Termination for Cause. Studio
may, at its option and upon resolution by the Board of Directors, terminate this Agreement forthwith for “cause”, including, without limitation, any obligation to pay the Base Salary or provide benefits or equity based compensation under
this Agreement (except to the extent accrued or vested to the date of termination). For purposes of this Agreement, termination of this Agreement for “cause” shall mean only: (i) conviction of a felony or other crime involving moral
turpitude or for embezzlement or the misappropriation of corporate assets, in any case, after the exhaustion of all possible appeals; or (ii) your material breach of Paragraphs 2.b, 3 or 8 hereof. Anything herein to the contrary notwithstanding,
Studio will give you written notice prior to terminating this Agreement for your material breach under clause (ii), setting forth the exact nature of any alleged breach and the conduct required to cure such breach. You shall have thirty (30) days
from the receipt of such notice within which to cure. 
  
 12.
Involuntary Termination. Studio may terminate your employment other than for cause or on account of incapacity, in which case you will receive continuation of Base Salary and benefits as specified herein, until the end of the
Employment Term. At the end of the Employment Term, you shall have the right to take over and continue, at your option and at your own expense, any benefits which by the terms of such benefit plans may be assumed. In the event of termination of your
employment without cause pursuant to this Paragraph 12, all equity based compensation held by you shall accelerate vesting (on the basis that any mid-range or “target” goals rather than premium goals are deemed to have been achieved) and,
subject to the other terms and conditions of the grants, will remain exercisable for the remainder of the term of the grant; however, you will not be entitled to receive any future equity based compensation. You agree that you will have no rights or
remedies in the event of your termination without cause other than those set forth in the Agreement to the maximum extent allowed by law. 
  
 13. Termination For Good Reason. You shall be entitled to terminate employment for good reason, for the purpose of this Paragraph 13, in the
event of a material breach of this Agreement by Studio, any material reduction of your title or duties or failure 

  

 - 7 - 

 
to obtain a Director’s and Officer’s liability insurance policy. Notwithstanding anything to the contrary contained herein, you will give Studio
written notice prior to terminating this Agreement pursuant to the foregoing sentence, setting forth the exact nature of any alleged breach and the conduct required to cure such breach. Studio shall have thirty (30) days from the receipt of such
notice within which to cure. In the event of your voluntary termination for good reason, you shall be entitled to the payments, benefits (including the post-term assumption of the applicable benefits) and equity based compensation provided under
Paragraph 12 for involuntary termination without cause. You agree that you will have no rights or remedies in the event of your termination for good reason other than those set forth in the Agreement to the maximum extent allowed by law. 

 
 14. No Mitigation. In the event this Agreement is terminated
for any reason prior to its expiration you shall not be required to mitigate your damages hereunder, nor shall Studio be entitled to offset from any sums owing to you hereunder any amounts received by you from any third party. 
  
 15. Section 317 and 508 of the Federal Communications Act. You
represent that you have not accepted or given nor will you accept or give, directly or indirectly, any money, services other valuable consideration from or to anyone other than Studio for the inclusion of any matter as part of any film, television
program or other production produced, distributed and/or developed by Studio and/or any of its affiliates. 
  
 16. Equal Opportunity Employer. You acknowledge that Studio is an equal opportunity employer. You agree that you will comply with Studio
policies regarding employment practices and with applicable federal, state and local laws prohibiting discrimination or harassment. 
  
 17. Notices. All notices required to be given hereunder shall be given in writing, by personal delivery or by mail and confirmed by fax at
the respective addresses of the parties hereto set forth above, or at such address as may be designated in writing by either party, and in the case of Studio, to the attention of the General Counsel of Studio. A courtesy copy of any notice to you
hereunder shall be sent to Munger, Tolles & Olson LLP, 355 South Grand Avenue, 35th Floor, Los Angeles, CA 90071-1560, Fax: (213) 683-5137, Attn: Rob Knauss and Breslauer & Rutman, 11400 W. Olympic Boulevard, Suite 550, Los Angeles, CA
90064, Fax: (310) 481-3615 Attn: Mickey Rutman. Any notice given by mail shall be deemed to have been given three (3) business days following such mailing. 
  
 18. Assignment. This is an Agreement for the performance of personal services by you and may not be assigned by you (other than the right to
receive payments which may be assigned to a company, trust or foundation owned or controlled by you) and any purported assignment in violation of the foregoing shall be deemed null and void. Studio shall have the right to assign this Agreement and
your services hereunder only to an entity or person acquiring all or substantially all of the assets of Studio; provided however, as a condition to any such assignment, Studio shall require any person or entity acquiring all or substantially all of
the assets of Studio to expressly assume the obligations of Studio hereunder. 
  

 - 8 - 

 19. California Law. This Agreement and all matters or issues collateral thereto shall be
governed by the laws of the State of California applicable to contracts entered into and performed entirely therein. 
  
 20. No Implied Contract. The parties intend to be bound only upon execution of this Agreement and no negotiation, exchange or draft or
partial performance shall be deemed to imply an agreement. Neither the continuation of employment or any other conduct shall be deemed to imply a continuing agreement upon the expiration of this Agreement. 
  
 21. Entire Understanding. This Agreement contains the entire
understanding of the parties hereto relating to the subject matter herein contained, and can be changed only by a writing signed by both parties hereto. 
  
 22. Void Provisions. If any provision of this Agreement, as applied to either party or to any circumstances, shall be adjudged by a court to
be void or unenforceable, the same shall be deemed stricken from this Agreement and shall in no way affect any other provision of this Agreement or the validity or enforceability of this Agreement. In the event any such provision (the
“Applicable Provision”) is so adjudged void or unenforceable, you and Studio shall take the following actions in the following order: (i) seek judicial reformation of the Applicable Provision; (ii) negotiate in good faith with each other
to replace the Applicable Provision with a lawful provision; and (iii) have an arbitration as provided in Paragraph 24 hereof determine a lawful replacement provision for the Applicable Provision; provided, however, that no such action
pursuant to either of clauses (i) or (iii) above shall increase in any respect your obligations pursuant to the Applicable Provision. 
  
 23. Survival / Modification of Terms. Your obligations under Paragraph 8 hereof shall remain in full force and effect for the entire period
provided therein notwithstanding the termination of the Employment Term pursuant to Paragraph 11 hereof or otherwise. Studio’s obligations under Paragraphs 6 (with respect to expenses theretofore incurred) and 7 hereof shall survive
indefinitely the termination of this Agreement regardless of the reason for such termination. Further, Paragraphs 4.b(v), 9.b, 10.b, 12 and 13 will continue to govern your entitlement, if any, to benefits and equity based compensation after the
termination of the Employment Term, and paragraph 24 will continue to govern any Claims (as defined below) by one party against the other. 
  
 24. Arbitration of Disputes. Any controversy or claim by you against Studio or any of its parent companies, subsidiaries, affiliates (and/or
officers, directors, employees, representatives or agents of Studio and such parent companies, subsidiaries and/or affiliates), including any controversy or claim arising from, out of or relating to this Agreement, the breach thereof, or the
employment or termination thereof of you by Studio which would give rise to a claim under federal, state or local law (including, but not limited to, claims based in tort or contract, claims for discrimination under state or federal law, and/or
claims for violation of any federal, state or local law, statute or regulation), or any 

  

 - 9 - 

 
claim against you by Studio (individually and/or collectively, “Claim[s]”) shall be submitted to an impartial mediator (“Mediator”)
selected jointly by the parties. Both parties shall attend a mediation conference in Los Angeles County, California and attempt to resolve any and all Claims. If the parties are not able to resolve all Claims, then upon written demand for
arbitration to the other party, which demand shall be made within a reasonable time after the Claim has arisen, any unresolved Claims shall be determined by final and binding arbitration in Los Angeles, California, in accordance with the Model
Employment Procedures of the American Arbitration Association (collectively, “Rules”) by a neutral arbitrator experienced in employment law, licensed to practice law in California, in accordance with the Rules, except as herein specified.
In no event shall the demand for arbitration be made after the date when the institution of legal and/or equitable proceedings based upon such Claim would be barred by the applicable statute of limitations. Each party to the arbitration will be
entitled to be represented by counsel and will have the opportunity to take depositions in Los Angeles, California of any opposing party or witnesses selected by such party and/or request production of documents by the opposing party before the
arbitration hearing. By mutual agreement of the parties, additional depositions may be taken at other locations. In addition, upon a party’s showing of need for additional discovery, the arbitrator shall have discretion to order such additional
discovery. You acknowledge and agree that you are familiar with and fully understand the need for preserving the confidentiality of Studio’s agreements with third parties and compensation of Studio’s employees. Accordingly, you hereby
agree that to the extent the arbitrator determines that documents, correspondence or other writings (or portions thereof) whether internal or from any third party, relating in any way to your agreements with third parties and/or compensation of
other employees are necessary to the determination of any Claim, you and/or your representatives may discover and examine such documents, correspondence or other writings only after execution of an appropriate confidentiality agreement. Each party
shall have the right to subpoena witnesses and documents for the arbitration hearing. A court reporter shall record all arbitration proceedings. With respect to any Claim brought to arbitration hereunder, either party may be entitled to recover
whatever damages would otherwise be available to that party in any legal proceeding based upon the federal and/or state law applicable to the matter. The arbitrator shall issue a written decision setting forth the award and the findings and/or
conclusions upon which such award is based. The decision of the arbitrator may be entered and enforced in any court of competent jurisdiction by either Studio or you. Notwithstanding the foregoing, the result of any such arbitration shall be binding
but shall not be made public (including by filing a petition to confirm the arbitration award), unless necessary to confirm such arbitration award after non-payment of the award for a period of at least fifteen (15) days after notice to Studio of
the arbitrator’s decision. Each party shall pay the fees of their respective attorneys (except as otherwise awarded by the arbitrator), the expenses of their witnesses, and all other expenses connected with presenting their Claims or
defense(s). Other costs of arbitration shall be borne by Studio. Except as set forth below, should you or Studio pursue any Claim covered by this Paragraph 24 by any method other than said arbitration, the responding party shall be entitled to
recover from the other party all damages, costs, expenses, and reasonable outside attorneys’ fees incurred as a result of such action. The provisions contained in this Paragraph 24 shall survive the termination of your employment with Studio.
Notwithstanding anything set forth above, you agree that any breach or threatened breach of 
  

 - 10 - 

 
this Agreement (particularly, but without limitation, with respect to Paragraphs 3 and 8, above) may result in irreparable injury to Studio, and therefore,
in addition to the procedures set forth above, Studio may be entitled to file suit in a court of competent jurisdiction to seek a Temporary Restraining Order and/or preliminary or permanent injunction or other equitable relief to prevent a breach or
contemplated breach of such provisions. 
  
 25. Unique
Services. Notwithstanding anything to the contrary in Paragraph 24., above, you acknowledge that the services to be rendered by you under the terms of this Agreement, and the rights and privileges granted to Studio by you under its terms,
are of a special, unique, extraordinary and intellectual character, which gives them a peculiar value, the loss of which cannot reasonably or adequately be compensated in damages in any action at law, and that a breach by you of any of the
provisions contained in this Agreement may cause Studio great and irreparable injury and damage. Notwithstanding anything to the contrary in Paragraph 24., above, you acknowledge that Studio shall be entitled, in addition to any other remedies it
may have at law, to seek the remedies of injunction, and other equitable relief for a breach of this Agreement by you. This provision shall not, however, be construed as a waiver of any of the rights which Studio and/or you may have for damages or
otherwise. 
  
 26. Name and Likeness. During the
Employment Term, Studio shall have the right to use your name, biography and likeness in connection with its business as follows: You shall promptly submit to Studio a biography of yourself. Provided that you timely submit such biography, Studio
shall not use any other biographical information other than contained in such biography so furnished, other than references to your prior professional services and your services hereunder, without your prior approval (which approval shall not be
unreasonably withheld). If you fail to promptly submit a biography, then you shall not have the right to approve any biographical material used by Studio. You shall have the right to approve all likenesses of you used by Studio hereunder. Nothing
herein contained shall be construed to authorize the use of your name, biography or likeness to endorse any product or service or to use the same for similar commercial purposes. 
  
 27. Change of Control. In the event of a “change of control”, all equity-based compensation held by
you shall accelerate vesting (on the basis that any mid-range or “target” goals rather than premium goals are deemed to have been achieved) and remain exercisable for the remainder of the term of the grant. 
  
 (a) For purposes of this Agreement, “change of control” shall mean
the occurrence of any of the following events, not including any events occurring prior to or in connection with the Closing (including the occurrence of the Closing): 
  
 (i) during any period of fourteen (14) consecutive calendar months, individuals who were directors of Studio on the first
day of such period (the “Incumbent Directors”) cease for any reason to constitute a majority of the Board of Directors of Studio (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 Studio’s stockholders was approved by a vote of at least a majority of the Incumbent Directors shall be considered 

  

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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 Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (each, a “Person”), in each case other than the management of Studio, the Board or the holders of Studio’s Class B common stock par value $0.01;

  
 (ii) the consummation of (A) a merger, consolidation,
statutory share exchange or similar form of corporate transaction involving (x) Studio or (y) any of its Subsidiaries, but in the case of this clause (y) only if Studio Voting Securities (as defined below) are issued or issuable (each of the events
referred to in this clause (A) being hereinafter referred to as a “Reorganization”) or (B) the sale or other disposition of all or substantially all the assets of Studio to an entity that is not an Affiliate (a “Sale”), in each
such case, if such Reorganization or Sale requires the approval of Studio’s stockholders under the law of Studio’s jurisdiction of organization (whether such approval is required for such Reorganization or Sale or for the issuance of
securities of Studio 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 securities eligible to vote for the election of the Board (“Studio 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 Studio or all or substantially all Studio’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 Studio 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 Studio), (2) no Person
(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) you 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 Studio approve a plan of complete liquidation or
dissolution of Studio; or 

  

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 (iv) any Person, corporation or other entity or “group” (as used in Section 14(d)(2) of the
Exchange Act) (other than (A) Studio, (B) any trustee or other fiduciary holding securities under an employee benefit plan of Studio or an Affiliate or (C) any company owned, directly or indirectly, by the stockholders of Studio in substantially the
same proportions as their ownership of the voting power of Studio Voting Securities) becomes the beneficial owner, directly or indirectly, of securities of Studio representing 20% or more of the combined voting power of Studio Voting Securities but
only if the percentage so owned exceeds the aggregate percentage of the combined voting power of Studio Voting Securities then owned, directly or indirectly, by you 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 Studio or (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by Studio or an Affiliate. 
  
 b. In the event that it is determined that any payment (other than the
Gross-Up Payments provided for in this Paragraph 27.b) or distribution by Studio or any of its affiliates to you or for your benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or pursuant to or
by reason of any other agreement, policy, plan, program or arrangement, including without limitation any stock option or similar right, or the lapse or termination of any restriction on or the vesting or exercisability of any of the foregoing (a
“Payment”), would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) (or any successor provision thereto), by reason of being considered “contingent on a change
in the ownership or effective control” of Studio, within the meaning of Section 280G of the Code (or any successor provision thereto) or to any similar tax imposed by state or local law, or any interest or penalties with respect to such tax
(such tax or taxes, together with any such interest and penalties, being hereafter collectively referred to as the “Excise Tax”), then you will be entitled to receive (or have paid to the applicable taxing authority on your behalf) an
additional payment or payments (collectively, a “Gross-Up Payment”). The Gross-Up Payment will be in an amount such that, after payment by you of all taxes (including any interest or penalties imposed with respect to such taxes), including
any Excise Tax imposed upon the Gross-Up Payment, you retain (or receive the benefit of a payment to the applicable taxing authority of) an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payment. For purposes of determining
the amount of the Gross-Up Payment, you will be considered to pay (i) federal income taxes at the highest rate in effect in the year in which the Gross-Up Payment will be made and (ii) state and local income taxes at the highest rate in effect in
the state or locality in which the Gross-Up Payment would be subject to state or local tax, net of the maximum reduction in federal income tax that could be obtained from deduction of such state and local taxes. 
  
 28. Miscellaneous. Your sole and exclusive remedy for
Studio’s breach, termination, or cancellation of this Agreement or any term hereof shall be an action for damages unless otherwise expressly limited hereunder, and you irrevocably waive any right to seek and/or obtain rescission and/or other
equitable and/or injunctive relief. You agree that Studio may deduct and withhold from your compensation hereunder the amounts required to be deducted and withheld under the provisions of the Federal and California 

  

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Income Tax Acts, Federal Insurance Contributions Act, California Unemployment Insurance Act, any and all amendments thereto, and other statutes heretofore or
hereafter enacted requiring the withholding of compensation. All of Studio’s obligations in this Agreement are expressly conditioned upon you completing and delivering to Studio an Employment Eligibility Form (“Form I-9”) (in form
satisfactory to Studio) and in connection therewith, you submitting to Studio original documentation demonstrating your employment eligibility. 
  
 If the foregoing correctly sets forth your understanding, please sign one copy of this letter and return it to the undersigned, whereupon this letter
shall constitute a binding agreement between us. 
  

			
	 Very truly yours,

	
	 DREAMWORKS ANIMATION SKG, INC.

		
	 By:
	 	 /s/ Katherine Kendrick

		
	 Its:
	 	 General Counsel

  

	
	 ACCEPTED AND AGREED AS OF THE
 DATE FIRST ABOVE
WRITTEN:

	
	 /s/ Jeffrey Katzenberg

	JEFFREY KATZENBERG

  

 - 14 - 

 Exhibit 10.16 
  
 DREAMWORKS ANIMATION SKG, INC. 
 1000 FLOWER STREET 
 GLENDALE, CA 91201 
 Mr. Jeffrey Katzenberg 
 c/o Mickey Rutman 
 Breslauer & Rutman LLC 
 11400 W. Olympic Blvd., Suite 550 
 Los Angeles, CA 90064 
  
 Dear Jeffrey: 
  
 This letter is
to amend and restate, effective as of November 1, 2004, the letter employment agreement dated as of October 8, 2004 by and between you and DreamWorks Animation SKG, Inc. (the “Studio”) (the “Employment Agreement”). For good and
valuable consideration, the receipt and sufficiency of which is hereby mutually acknowledged, we agree as follows: 
  
 1. Paragraph 6 of the Employment Agreement is hereby amended and restated in its entirety to read as follows: 
  
 “6. Business Expenses. During the
Employment Term, you are expected and required to travel, entertain, and incur expenses on Studio business and in the performance of your duties hereunder in approximately the same manner and at approximately the same level as other
President/CEO’s of major motion picture, television and record companies. All Studio business-related air travel by you shall be by private jet. You may take guests, if desired, on business-related travel as you determine necessary. You shall
be entitled to utilize a private jet for personal use subject to your reimbursement to Studio of the allocable costs of any personal travel. You shall be entitled to the services of such reasonable security personnel as you request at Studio
expense. Your overall compensation package is intended to cover all costs you are anticipated to incur for business related travel, hotel, entertainment, meals, and other business expenses which you incur as President and Chief Executive of Studio.
Therefore, notwithstanding anything to the contrary contained in Studio’s employee business expense reimbursement plan, or in any other Studio statement, policy, filing, or writing, no such expenses will be provided or reimbursed to you by
Studio with the exception of (1) business related airplane charter costs and (2) all of your costs and expenses (including reasonable legal fees) in connection with entering into this Agreement.” 
  
 2. The effective date of this amendment shall be November 1, 2004.

 If the foregoing correctly sets forth your understanding, please sign one copy of this letter and return
it to the undersigned, whereupon this letter shall constitute a binding agreement between us. 
  
 Dated: March 24, 2005 
  

			
	 Very truly yours,

	
	 DREAMWORKS ANIMATION SKG, INC.

		
	 By:
	 	 /s/ Katherine Kendrick

	 Its:
	 	 General Counsel and Secretary

  

	
	 ACCEPTED AND AGREED AS OF THE

	 DATE FIRST ABOVE WRITTEN:

	
	 /s/ Jeffrey Katzenberg

	 JEFFREY KATZENBERG

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