Document:

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                          CERTIFICATE OF DETERMINATION
                     OF RIGHTS, PREFERENCES AND PRIVILEGES
                                       OF
                          THE SERIES A PREFERRED STOCK
                                       OF
                             AMERIGON INCORPORATED

                           (as amended, August 2000)

                Pursuant to the Provisions of Section 401 of the
               General Corporation Law of the State of California

          The undersigned, Lon E. Bell and Sandra L. Grouf, the Chairman of the
Board and Assistant Secretary, respectively, of Amerigon Incorporated, a
California corporation (the "Corporation"), do hereby certify as follows:

          A.  That the following resolution designates nine thousand shares of
Series A Preferred Stock, and that as of the date hereof, no shares of Series A
Preferred Stock have been issued or are outstanding.

          B.  That the Board of Directors of the Corporation, pursuant to the
authority so vested in it by the Articles of Incorporation of the Corporation
and in accordance with the provisions of Section 401 of the General Corporation
Law of the State of California, adopted the following resolution creating a
series of Preferred Stock designated as "Series A Preferred Stock":

          WHEREAS, THE ARTICLES OF INCORPORATION OF THIS CORPORATION AUTHORIZE
     THE ISSUANCE OF ONE OR MORE SERIES OF PREFERRED STOCK ("PREFERRED STOCK")
     OF THE CORPORATION AND AUTHORIZE THE BOARD OF DIRECTORS TO DETERMINE THE
     RIGHTS, PREFERENCES, PRIVILEGES AND RESTRICTIONS GRANTED TO OR IMPOSED UPON
     ANY WHOLLY UNISSUED SERIES OF PREFERRED STOCK AND TO FIX THE NUMBER OF
     SHARES OF SUCH SERIES;

          NOW, THEREFORE, BE IT RESOLVED, THAT PURSUANT TO THE AUTHORITY
     EXPRESSLY GRANTED TO AND VESTED IN THE BOARD OF DIRECTORS OF THE
     CORPORATION PURSUANT TO THE ARTICLES OF INCORPORATION, THERE IS HEREBY
     CREATED ONE SERIES OF PREFERRED STOCK, WITHOUT PAR VALUE, OF THE
     CORPORATION WHICH SHALL BE DESIGNATED "SERIES A PREFERRED STOCK."  THE
     NUMBER OF SHARES OF SERIES A PREFERRED STOCK AUTHORIZED FOR ISSUANCE IS
     NINE THOUSAND.  IN ADDITION TO THOSE SET FORTH IN THE ARTICLES OF
     INCORPORATION OF THE CORPORATION, THE SERIES A PREFERRED STOCK SHALL HAVE
     THE POWERS AND PREFERENCES, THE RELATIVE, PARTICIPATING, OPTIONAL OR OTHER
     RIGHTS, AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS SET FORTH
     BELOW:
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     1.  Dividend Provisions. Subject to the rights of series of Preferred Stock
which may from time to time come into existence, the holders of shares of Series
A Preferred Stock shall be entitled to receive dividends, out of any assets
legally available therefor, in an amount equal to the dividends that would be
paid on the outstanding Class A Common Stock of the corporation into which the
Series A Preferred Stock is convertible on an as converted basis, payable when,
as and if declared by the Board of Directors.

     2.  Liquidation Preference.

     (a) In the event of any liquidation, dissolution or winding up of this
corporation, either voluntary or involuntary, subject to the rights of series of
Preferred Stock that may from time to time come into existence, the holders of
Series A Preferred Stock shall be entitled to receive, prior and in preference
to any distribution of any of the assets of this corporation to the holders of
Common Stock by reason of their ownership thereof, an amount per share equal to
the sum of (i) $1,000 for each outstanding share of Series A Preferred Stock
(the "Original Series A Issue Price"), (ii) an amount equal to 7% of the
Original Series A Issue Price annually, but only until the fourth anniversary of
the issuance of the Series A Preferred Stock, and (iii) an amount equal to any
declared but unpaid dividends on such share (the amounts in (ii) and (iii) being
referred to herein as the "Premium").  If upon the occurrence of such event, the
assets and funds thus distributed among the holders of the Series A Preferred
Stock shall be insufficient to permit the payment to such holders of the full
aforesaid preferential amounts, then, subject to the rights of series of
Preferred Stock that may from time to time come into existence, the entire
assets and funds of the corporation legally available for distribution shall be
distributed ratably among the holders of the Series A Preferred Stock in
proportion to the amount of such stock owned by each such holder.

     (b) Upon the completion of the distribution required by subparagraph (a) of
this Section 2 and any other distribution that may be required with respect to
series of Preferred Stock that may from time to time come into existence, if
assets remain in this corporation, the holders of the Common Stock of this
corporation, shall receive all of the remaining assets of the corporation.

     3.  Redemption.

     (a) Subject to the rights of series of Preferred Stock which may from time
to time come into existence, on or at any time after January 1, 2003, this
corporation may at any time it may lawfully do so, at the option of the Board of
Directors, redeem in whole or in part the Series A Preferred Stock (such date of
redemption is referred to herein as the "Series A Redemption Date") by paying in
cash therefor a sum equal to the Original Series A Issue Price plus the Premium,
as adjusted for any stock dividends, combinations or splits with respect to such
shares (the "Series A Redemption Price"); provided, however, that this
corporation may only redeem shares of Series A Preferred Stock hereunder if the
average of the closing prices of the Class A Common Stock as reported by Nasdaq
(or such other exchange or market on which the shares are then traded) for the
sixty trading days preceeding the date the notice of redemption is given in
accordance with subsection (b) is at least 4 times greater than the then
applicable Conversion Price (as defined in Section 4(a) below). Any redemption
effected pursuant to this

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subsection (3)(a) shall be made on a pro rata basis among the holders of the
Series A Preferred Stock in proportion to the number of shares of Series A
Preferred Stock then held by them.

          (b) As used herein and in subsection (3)(c) and (d) below, the term
"Redemption Date" shall refer to each "Series A Redemption Date" and the term
"Redemption Price" shall refer to each "Series A Redemption Price."  Subject to
the rights of series of Preferred Stock which may from time to time come into
existence, at least fifteen (15) but no more than thirty (30) days prior to each
Redemption Date, written notice shall be mailed, first class postage prepaid, to
each holder of record (at the close of business on the business day next
preceding the day on which notice is given) of the Series A Preferred Stock to
be redeemed, at the address last shown on the records of this corporation for
such holder, notifying such holder of the redemption to be effected, specifying
the number of shares to be redeemed from such holder, the Redemption Date, the
Redemption Price, the place at which payment may be obtained and calling upon
such holder to surrender to this corporation, in the manner and at the place
designated, his, her or its certificate or certificates representing the shares
to be redeemed (the "Redemption Notice").  Except as provided in subsection
(3)(c) on or after the Redemption Date, each holder of Series A Preferred Stock
to be redeemed shall surrender to this corporation the certificate or
certificates representing such shares, in the manner and at the place designated
in the Redemption Notice, and thereupon the Redemption Price of such shares
shall be payable to the order of the person whose name appears on such
certificate or certificates as the owner thereof and each surrendered
certificate shall be cancelled.  In the event less than all the shares
represented by any such certificate are redeemed, a new certificate shall be
issued representing the unredeemed shares.

          (c) From and after the Redemption Date, unless there shall have been a
default in payment of the Redemption Price, all rights of the holders of shares
of Series A Preferred Stock designated for redemption in the Redemption Notice
as holders of Series A Preferred Stock (except the right to receive the
Redemption Price without interest upon surrender of their certificate or
certificates) shall cease with respect to such shares, and such shares shall not
thereafter be transferred on the books of this corporation or be deemed to be
outstanding for any purpose whatsoever.  Subject to the rights of series of
Preferred Stock which may from time to time come into existence, if the funds of
the corporation legally available for redemption of shares of Series A Preferred
Stock on any Redemption Date are insufficient to redeem the total number of
shares of Series A Preferred Stock to be redeemed on such date, those funds
which are legally available will be used to redeem the maximum possible number
of such shares ratably among the holders of such shares to be redeemed based
upon their holdings of Series A Preferred Stock.  The shares of Series A
Preferred Stock not redeemed shall remain outstanding and entitled to all the
rights and preferences provided herein.  Subject to the rights of series of
Preferred Stock which may from time to time come into existence, at any time
thereafter when additional funds of the corporation are legally available for
the redemption of shares of Series A Preferred Stock, such funds will
immediately be used to redeem the balance of the shares which the corporation
has become obliged to redeem on any Redemption Date but which it has not
redeemed.

          (d) On or prior to each Redemption Date, this corporation shall
deposit the Redemption Price of all shares of Series A Preferred Stock
designated for redemption in the Redemption Notice, and not yet redeemed or
converted, with a bank or trust corporation having

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aggregate capital and surplus in excess of $100,000,000 as a trust fund for the
benefit of the respective holders of the shares designated for redemption and
not yet redeemed, with irrevocable instructions and authority to the bank or
trust corporation to publish the notice of redemption thereof and pay the
Redemption Price for such shares to their respective holders on or after the
Redemption Date, upon receipt of notification from the corporation that such
holder has surrendered his, her or its share certificate to the corporation
pursuant to subsection (3)(b) above. As of the date of such deposit (even if
prior to the Redemption Date), the deposit shall constitute full payment of the
shares to their holders, and from and after the date of the deposit the shares
so called for redemption shall be redeemed and shall be deemed to be no longer
outstanding, and the holders thereof shall cease to be shareholders with respect
to such shares and shall have no rights with respect thereto except the rights
to receive from the bank or trust corporation payment of the Redemption Price of
the shares, without interest, upon surrender of their certificates therefor, and
the right to convert such shares as provided in Section 4 hereof. Such
instructions shall also provide that any moneys deposited by the corporation
pursuant to this subsection (3)(d) for the redemption of shares thereafter
converted into shares of the corporation's Common Stock pursuant to Section 4
hereof prior to the Redemption Date shall be returned to the Corporation
forthwith upon such conversion. The balance of any moneys deposited by this
corporation pursuant to this subsection (3)(d) remaining unclaimed at the
expiration of two (2) years following the Redemption Date shall thereafter be
returned to this corporation upon its request expressed in a resolution of its
Board of Directors.

          4.  Conversion.  The holders of the Series A Preferred Stock shall
have conversion rights as follows (the "Conversion Rights"):

          (a) Right to Convert.  Each share of Series A Preferred Stock shall be
convertible, at the option of the holder thereof, at any time after the date of
issuance of such share and on or prior to the fifth day prior to the Redemption
Date, if any, as may have been fixed in any Redemption Notice with respect to
the Series A Preferred Stock, at the office of this corporation or any transfer
agent for such stock, into such number of fully paid and nonassessable shares of
Class A Common Stock as is determined by dividing the Original Series A Issue
Price by the conversion price ("Conversion Price") applicable to such share,
determined as hereafter provided, in effect on the date the certificate is
surrendered for conversion.  The initial Conversion Price per share for shares
of Series A Preferred Stock shall be $1.675; provided, however, that the
Conversion Price for the Series A Preferred Stock shall be subject to adjustment
as set forth in subsection 4(d).

          (b) Automatic Conversion.  Each share of Series A Preferred Stock
shall automatically be converted into shares of Class A Common Stock at the
Conversion Price at the time in effect for such Series A Preferred Stock
immediately upon the date specified by written consent or agreement of the
holders of a majority of the then outstanding shares of Series A Preferred
Stock.

          (c) Mechanics of Conversion.  Before any holder of Series A Preferred
Stock shall be entitled to convert the same into shares of Class A Common Stock,
he shall surrender the certificate or certificates therefor, duly endorsed, at
the office of this corporation or of any transfer agent for the Series A
Preferred Stock, and shall give written notice to this corporation at its
principal corporate office, of the election to convert the same and shall state
therein the name

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or names in which the certificate or certificates for shares of Class A Common
Stock are to be issued. This corporation shall, as soon as practicable
thereafter, issue and deliver at such office to such holder of Series A
Preferred Stock, or to the nominee or nominees of such holder, a certificate or
certificates for the number of shares of Class A Common Stock to which such
holder shall be entitled as aforesaid. Such conversion shall be deemed to have
been made immediately prior to the close of business on the date of such
surrender of the shares of Series A Preferred Stock to be converted, and the
person or persons entitled to receive the shares of Class A Common Stock
issuable upon such conversion shall be treated for all purposes as the record
holder or holders of such shares of Class A Common Stock as of such date. If the
conversion is in connection with an underwritten offering of securities
registered pursuant to the Securities Act of 1933, the conversion may, at the
option of any holder tendering Series A Preferred Stock for conversion, be
conditioned upon the closing with the underwriters of the sale of securities
pursuant to such offering, in which event the person(s) entitled to receive the
Class A Common Stock upon conversion of the Series A Preferred Stock shall not
be deemed to have converted such Series A Preferred Stock until immediately
prior to the closing of such sale of securities.

     (d) Conversion Price Adjustments of Preferred Stock for Certain Dilutive
Issuances, Splits and Combinations.  The Conversion Price of the Series A
Preferred Stock shall be subject to adjustment from time to time as follows:

         (i)   In the event the corporation should at any time or from time to
time after the date upon which any shares of Series A Preferred Stock were first
issued (the "Purchase Date" with respect to such series) fix a record date for
the effectuation of a split or subdivision of the outstanding shares of Class A
Common Stock or the determination of holders of Class A Common Stock entitled to
receive a dividend or other distribution payable in additional shares of Class A
Common Stock without payment of any consideration by such holder for the
additional shares of Class A Common Stock, then, as of such record date (or the
date of such dividend distribution, split or subdivision if no record date is
fixed), the Conversion Price of the Series A Preferred Stock shall be
appropriately decreased so that the number of shares of Class A Common Stock
issuable on conversion of each share of such series shall be increased in
proportion to such increase of the aggregate of shares of Class A Common Stock
outstanding. In the event the corporation shall declare or pay, without
consideration, any dividend on the Class A Common Stock payable in any right to
acquire Class A Common Stock for no consideration, then the corporation shall be
deemed to have made a dividend payable in Class A Common Stock in an amount of
shares equal to the maximum number of shares issuable upon exercise of such
rights to acquire Class A Common Stock.

         (ii)  If the number of shares of Class A Common Stock outstanding at
any time after the Purchase Date is decreased by a combination of the
outstanding shares of Common Stock, then, following the record date of such
combination, the Conversion Price for the Series A Preferred Stock shall be
appropriately increased so that the number of shares of Class A Common Stock
issuable on conversion of each share of such series shall be decreased in
proportion to such decrease in outstanding shares.

         (iii) All adjustments to the Conversion Price will be calculated to the
nearest cent of a dollar.  No adjustment in the Conversion Price will be
required unless such adjustment would require an increase or decrease of at
least one cent per dollar; provided,

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however, that any adjustments which by reason of this Section 4(d)(iii) are not
required to be made shall be carried forward and taken into account in any
subsequent adjustment. All adjustments to the Conversion Price shall be made
successively.

     (e) Other Distributions.  In the event this corporation shall declare a
distribution payable in securities of other persons, evidences of indebtedness
issued by this corporation or other persons, assets (excluding cash dividends)
or options or rights not referred to in subsection 4(d), then, in each such case
for the purpose of this subsection 4(e), the holders of the Series A Preferred
Stock shall be entitled to a proportionate share of any such distribution as
though they were the holders of the number of shares of Class A Common Stock of
the corporation into which their shares of Series A Preferred Stock are
convertible as of the record date fixed for the determination of the holders of
Class A Common Stock of the corporation entitled to receive such distribution.

     (f) Recapitalizations and Reorganizations.  If the Class A Common Stock
issuable upon conversion of the Series A Preferred Stock shall be changed into
or exchanged for a different class or classes of capital stock, or other
securities or property whether by reorganization, recapitalization or otherwise
(other than a subdivision, combination or merger or sale of assets transaction
provided for elsewhere in this Section 4 or Section 2) provision shall be made
so that the holders of the Series A Preferred Stock shall thereafter be entitled
to receive upon conversion of the Series A Preferred Stock the number of shares
of stock or other securities or property, to which a holder of Class A Common
Stock deliverable upon conversion would have been entitled on such
recapitalization or reorganization.  In any such case, appropriate adjustment
shall be made in the application of the provisions of this Section 4 with
respect to the rights of the holders of the Series A Preferred Stock after the
recapitalization or reorganization to the end that the provisions of this
Section 4 (including adjustment of the Conversion Price then in effect and the
number of shares purchasable upon conversion of the Series A Preferred Stock)
shall be applicable after that event as nearly equivalent as may be practicable.

     (g) No Impairment.  This corporation will not, by amendment of its Articles
of Incorporation or through any reorganization, recapitalization, transfer of
assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms to be observed or performed hereunder by this corporation, but
will at all times in good faith assist in the carrying out of all the provisions
of this Section 4 and in the taking of all such action as may be necessary or
appropriate in order to protect the Conversion Rights of the holders of the
Series A Preferred Stock against impairment.

     (h) No Fractional Shares and Certificate as to Adjustments.

         (i) No fractional shares shall be issued upon the conversion of any
share or shares of the Series A Preferred Stock, and the number of shares of
Class A Common Stock to be issued shall be rounded to the nearest whole share.
Whether or not fractional shares are issuable upon such conversion shall be
determined on the basis of the total number of shares of Series A Preferred
Stock the holder is at the time converting into Class A Common Stock and the
number of shares of Class A Common Stock issuable upon such aggregate
conversion.

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         (ii) Upon the occurrence of each adjustment or readjustment of the
Conversion Price of Series A Preferred Stock pursuant to this Section 4, this
corporation, at its expense, shall promptly compute such adjustment or
readjustment in accordance with the terms hereof and prepare and furnish to each
holder of Series A Preferred Stock a certificate setting forth such adjustment
or readjustment and showing in detail the facts upon which such adjustment or
readjustment is based.  This corporation shall, upon the written request at any
time of any holder of Series A Preferred Stock, furnish or cause to be furnished
to such holder a like certificate setting forth (A) such adjustment and
readjustment, (B) the Conversion Price for such series of Preferred Stock at the
time in effect, and (C) the number of shares of Class A Common Stock and the
amount, if any, of other property which at the time would be received upon the
conversion of a share of Series A Preferred Stock.

     (i) Notices of Record Date. In the event of any taking by this corporation
of a record of the holders of any class of securities for the purpose of
determining the holders thereof who are entitled to receive any dividend (other
than a cash dividend) or other distribution, any right to subscribe for,
purchase or otherwise acquire any shares of stock of any class or any other
securities or property, or to receive any other right (except the right to
vote), this corporation shall mail to each holder of Series A Preferred Stock,
at least 20 days prior to the date specified therein, a notice specifying the
date on which any such record is to be taken for the purpose of such dividend,
distribution or right, and the amount and character of such dividend,
distribution or right.

     (j) Reservation of Stock Issuable Upon Conversion. This corporation shall
at all times reserve and keep available out of its authorized but unissued
shares of Class A Common Stock, solely for the purpose of effecting the
conversion of the shares of the Series A Preferred Stock, such number of its
shares of Class A Common Stock as shall from time to time be sufficient to
effect the conversion of all outstanding shares of the Series A Preferred Stock;
and if at any time the number of authorized but unissued shares of Class A
Common Stock shall not be sufficient to effect the conversion of all then
outstanding shares of the Series A Preferred Stock, in addition to such other
remedies as shall be available to the holder of such Series A Preferred Stock,
this corporation will take such corporate action as may, in the opinion of its
counsel, be necessary to increase its authorized but unissued shares of Class A
Common Stock to such number of shares as shall be sufficient for such purposes,
including, without limitation, engaging in best efforts to obtain the requisite
shareholder approval of any necessary amendment to these articles.

     (k) Notices. Any notice required by the provisions of this Section 4 to be
given to the holders of shares of Series A Preferred Stock shall be deemed given
if deposited in the United States mail, postage prepaid, and addressed to each
holder of record at his address appearing on the books of this corporation.

     5.  Voting Rights. The holder of each share of Series A Preferred Stock
shall have the right to one vote for each share of Class A Common Stock into
which such Series A Preferred Stock could then be converted, and with respect to
such vote, such holder shall have full voting rights and powers equal to the
voting rights and powers of the holders of Class A Common Stock, and shall be
entitled, notwithstanding any provision hereof, to notice of any shareholders'
meeting in accordance with the bylaws of this corporation, and, except with

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respect to the election of directors as provided in Section 6 hereof, shall be
entitled to vote, together with holders of Class A Common Stock, with respect to
any question upon which holders of Class A Common Stock have the right to vote.
Fractional votes shall not, however, be permitted and any fractional voting
rights available on an as-converted basis (after aggregating all shares into
which shares of Series A Preferred Stock held by each holder could be converted)
shall be rounded to the nearest whole number (with one-half being rounded
upward).

          6.  Board of Directors.  So long as at least 40% of the authorized
shares of Series A Preferred Stock are outstanding, the holders of Series A
Preferred Stock, voting as a class, shall be entitled to elect five directors
and the holders of Common Stock, voting as a class, shall be entitled to elect
two directors.  So long as at least 40% of the authorized shares of Series A
Preferred Stock are outstanding, this corporation shall not without first
obtaining the approval (by vote or written consent, as provided by law) of the
holders of at least a majority of the then outstanding shares of Series A
Preferred Stock, change the authorized number of directors of the corporation.

          7.  Status of Converted or Redeemed Stock.  In the event any shares of
Series A Preferred Stock shall be redeemed or converted pursuant to Section 3 or
Section 4 hereof, the shares so converted or redeemed shall be cancelled and
shall not be issuable by the corporation.  The Articles of Incorporation of this
corporation shall be appropriately amended to effect the corresponding reduction
in the corporation's authorized capital stock.

          8.  Repurchase of Shares.  In connection with repurchases by this
corporation of its Common Stock pursuant to its agreements with certain of the
holders thereof, Sections 502 and 503 of the California General Corporation Law
shall not apply in whole or in part with respect to such repurchases.

          IN WITNESS WHEREOF, this Certificate is signed by Lon E. Bell,
Chairman of the Board, and Sandra L Grouf, acting Chief Financial Officer, as of
this 24th day of May, 1999.

                                             /s/ LON E. BELL
                                       Lon E. Bell, Chairman of the Board

                                             /s/SANDRA L. GROUF
                                       Sandra L. Grouf, Assistant Secretary

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          We further declare under penalty of perjury under the laws of the
State of California that the matters set forth in this Certificate are true and
correct of our own knowledge.

                                             /s/ LON E. BELL
                                        Lon E. Bell, Chairman of the Board

                                             /s/SANDRA L. GROUF
                                        Sandra L. Grouf, Assistant Secretary

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                                                                   Exhibit 10(a)

                              AMENDED AND RESTATED
                              EMPLOYMENT AGREEMENT
                                    BETWEEN
                            THE WALT DISNEY COMPANY
                                      AND
                               MICHAEL D. EISNER

Pursuant to this Amended and Restated Employment Agreement (the "Agreement"),
dated June 29, 2000, Michael D. Eisner ("Executive") and The Walt Disney
Company, a Delaware corporation ("Company"), hereby amend and restate
Executive's Employment Agreement with Company, dated January 8, 1997, as amended
by letter agreements dated December 29, 1998 and as of December 21, 1999 (the
"Old Agreement"), to read in its entirety as follows:

1.  Term

     The term of this Agreement shall commence on June 30, 2000 and shall
terminate on September 30, 2006.

2.  Duties

     Executive shall be employed by Company as its Chairman and Chief Executive
Officer.  Executive shall report directly and solely to the Company's Board of
Directors ("Board").  Executive shall devote his full time and best efforts to
the Company.  Company agrees to nominate Executive for election to the Board as
a member of the management slate at each annual meeting of stockholders during
his employment hereunder at which Executive's director class comes up for
election.  Executive agrees to serve on the Board if elected.

3.  Salary

     Executive shall receive an annual base salary of $1,000,000.  The Board, in
its discretion, may increase the base salary based upon relevant circumstances.

4.  Bonus

     (a) Executive shall receive an annual incentive bonus hereunder subject to
and pursuant to Company's Annual Bonus Performance Plan for Executive Officers
(such plan, together with any successor plan of Company intended to comply with
Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code"),
being hereinafter referred to as  the "Annual Bonus Performance Plan").
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     (b) Each incentive bonus (and any bonus payable pursuant to Section 4(c) or
clause (ii) of Section 11 hereof) shall be payable (i) 30 days following the
date Company's audited consolidated statement of income for the applicable
fiscal year becomes available or (ii) on the January 15 following the end of
that fiscal year, whichever is later (the "Bonus Payment Date").

     (c) Executive shall be entitled to receive the bonus provided for in
Section 4(a) above for each fiscal year during which he is employed hereunder
and, in addition, to receive Post-Termination Bonuses (as defined below in this
Section 4(c)) for the next twenty-four months following the fiscal year during
which Executive's employment is terminated hereunder, except that said post-
termination bonus coverage (i) shall only extend for twelve months after
termination if Executive takes employment (other than as an independent
producer) with another major entertainment company within twelve months of
termination and (ii) shall not apply if this Agreement is terminated for good
cause.  The term "Post-Termination Bonuses" shall mean the bonuses payable in
respect of the first and second twelve-month period of the twenty-four month
period immediately following the fiscal year in which Executive's employment
hereunder is terminated.  The amount of the Post-Termination Bonus for each such
twelve-month period shall be equal to the greater of (A) $6 million or (B) the
average of the three highest annual bonus amounts paid (or payable) to Executive
by Company in respect of the four fiscal years of Company ending immediately
prior to the fiscal year in which termination occurs (including fiscal years, if
any, for which the bonus amount paid is $0).  All bonus payments pursuant to
this Agreement shall be in cash.

5.  Stock Options

     (a) Effective as of the date of this Agreement, Executive holds stock
options (the "Options") to purchase 24 million shares (the "Shares") of the
common stock of Company, which Options were granted to him on September 30, 1996
under Company's 1995 Stock Incentive Plan (the "Plan") and related Rules
Relating to Stock Options or Stock Appreciation Rights for Disney Common Stock
(the "Rules") and which are evidenced by a Non-Qualified Stock Option Agreement
dated as of September 30, 1996 (the "Stock Option Agreement").  Pursuant to the
Stock Option Agreement (and the Old Agreement) the Options are comprised of an
Option A, a Group 1 Option, a Group 2 Option and a Group 3 Option, in each case
as defined in the Stock Option Agreement (and the Old Agreement), and the Group
1 Option, Group 2 Option and Group 3 Option are sometimes collectively referred
to therein and herein as the "B Options."  The terms and conditions of the
Options relating to the vesting thereof are hereby amended, effective as of the
date of this Agreement, as provided below in this Section 5(a).

          1. Option A (which is comprised in its entirety of 15 million Shares)
     shall become vested and exercisable (i) as to 3 million Shares on June 30,
     2000, (ii) as to 6 million Shares on September 30, 2001, and (iii) as to 6
     million Shares on September 30, 2002.

          2.  The B Options shall become vested and exercisable in their
     entirety (i.e., as to the full 9 million Shares covered by the B Options)
               ----
     on September 30, 2003.

     (b) Except as provided in Section 5(c) below and in Section 11 hereof, any
Shares acquired upon exercise of the Options shall not be saleable, assignable
or otherwise transferable

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by Executive (or by a permitted transferee under Section 5(c)) until the
following dates: Option A - September 30, 2003; Group 1 Option - September 30,
2004; Group 2 Option - September 30, 2005; and Group 3 Option - September 30,
2006.

     (C) EXECUTIVE SHALL, WITH THE CONSENT OF THE EXECUTIVE PERFORMANCE
SUBCOMMITTEE OF THE COMPENSATION COMMITTEE OF THE BOARD, BE PERMITTED (I) TO
ASSIGN OR TRANSFER AT ANY TIME AFTER SEPTEMBER 30, 2001 A PORTION OF THE OPTIONS
(NOT TO EXCEED 8 MILLION SHARES) TO THE EXTENT PERMITTED BY SECTION 9(B) OF THE
PLAN RELATING TO FAMILY TRANSFERS (INCLUDING WITHOUT LIMITATION, TRANSFERS TO
FAMILY LIMITED PARTNERSHIPS) AND (II) TO HAVE SHARES WITHHELD TO THE EXTENT
NECESSARY TO SATISFY THE COMPANY'S MINIMUM STATUTORY TAX WITHHOLDING
REQUIREMENTS RESULTING FROM THE EXERCISE OF OPTIONS OR, IF NO SHARES ARE SO
WITHHELD, TO SELL AN EQUIVALENT NUMBER THEREOF.

     (D) EXECUTIVE AND COMPANY HAVE CONCURRENTLY ENTERED INTO AN AMENDMENT AND
RESTATEMENT OF THE STOCK OPTION AGREEMENT, A COPY OF WHICH IS ATTACHED HERETO AS
EXHIBIT A (THE "AMENDED AND RESTATED STOCK OPTION AGREEMENT"), CONTAINING THE
TERMS AND PROVISIONS GOVERNING THE OPTIONS, ALL OF WHICH TERMS COMPANY
ACKNOWLEDGES AND AGREES ARE PERMITTED UNDER THE PLAN AND RULES AND ARE NOT
SUPERSEDED BY ANY OTHER TERM OR PROVISION OF THE PLAN OR RULES.

     (e) Company shall us its best efforts to maintain the effectiveness of the
registration of all shares issuable upon the exercise of any stock options
previously granted to Executive by Company pursuant to the appropriate form of
registration statement under the Securities Act of 1933.

     (f) Company shall, to the extent permitted by law, make loans to Executive
in reasonable amounts on reasonable terms and conditions during his employment
by Company to facilitate the exercise of the options granted to him as described
above.

6.  Benefits

     Executive shall be entitled to receive all benefits generally made
available to executives of Company.  In addition, Company shall provide a death
benefit to Executive's estate having an after-tax value of $3,000,000 in the
event of Executive's death during the term hereof.

7.  Reimbursement for Expenses

     Executive shall be expected to incur various business expenses customarily
incurred by persons holding like positions, including but not limited to
traveling, entertainment and similar expenses incurred for the benefit of
Company.  Subject to Company's policy regarding the reimbursement of such
expenses (which does not necessarily provide for reimbursement of all

                                       3
<PAGE>

such expenses), Company shall reimburse Executive for such expenses from time to
time, at Executive's request, and Executive shall account to Company for such
expenses.

8.  Protection of Company's Interests

     (a) During the term of this Agreement Executive shall not directly or
indirectly engage in competition with, or own any interest in any business which
competes with, any business of Company or any of its subsidiaries; provided,
however, that the provisions of this Section 8 shall not prohibit his ownership
of not more than 5% of voting stock of any publicly held corporation.

     (b) Except for actions taken in the course of his employment hereunder, at
no time shall Executive divulge, furnish or make accessible to any person any
information of a confidential or proprietary nature obtained by him while in the
employ of Company.  Upon termination of his employment by Company, Executive
shall return to the Company all such information which exists in written or
other physical form and all copies thereof in his possession or under his
control.

     (c) Company and its successors and assigns shall, in addition to
Executive's services, be entitled to receive and own all of the results and
proceeds of said services (including, without limitation, literary material and
other intellectual property) produced or created during the term of Executive's
employment hereunder except with respect to any book or writing autobiographical
in nature.  Executive will, at the request of Company, execute such assignments,
certificates or other instruments as Company may from time to time deem
necessary or desirable to evidence, establish, maintain, protect, enforce or
defend its right or title in or to any such material.

     (d) Executive shall not, either alone or jointly, with or on behalf of
others, either directly or indirectly, whether as principal, partner, agent,
shareholder, director, employee, consultant or otherwise, at any time during a
period of two years following Executive's termination of employment hereunder
for any reason, offer employment to, or solicit the employment or engagement of,
or otherwise entice away from the employment of Company or any affiliated
entity, either for Executive's own account or for any other person, firm or
company, any person who is employed by Company or any such affiliated entity,
whether or not such person would commit any breach of his or her contract of
employment by reason of leaving the service of Company or any affiliated entity.

     (e) Executive recognizes that the services to be rendered by him hereunder
are of a character giving them peculiar value, the loss of which cannot be
adequately compensated for in damages, and in the event of a breach of this
Agreement by Executive, Company shall be entitled to equitable relief by way of
injunction or any other legal or equitable remedies.

                                       4
<PAGE>

9.  Termination by Company

     (a) Company shall have the right to terminate this Agreement under the
following circumstances:

          (i)  Upon the death of Executive.

          (ii) Upon notice from Company to Executive in the event of an illness
     or other disability which has incapacitated him from performing his duties
     for six consecutive months as determined in good faith by the Board.

          (iii) For good cause upon notice from Company. Termination by Company
     of Executive's employment for "good cause" as used in this Agreement shall
     be limited to gross negligence or malfeasance by Executive in the
     performance of his duties under this Agreement (whether before or after a
     corporate sale or combination event identified in Section 10(ii) below) or
     the voluntary resignation by Executive as an employee of Company without
     the prior written consent of Company.

     (b) If this Agreement is terminated pursuant to Section 9(a) above,
Executive's rights and Company's obligations hereunder shall forthwith terminate
except as expressly provided in this Agreement and as further provided with
respect to the Options in the Amended and Restated Stock Option Agreement.

     (c) If this Agreement is terminated pursuant to Section 9(a)(i) or (ii)
hereof, Executive or his estate shall be entitled to receive a cash payment
equal to the present value (based on Company's then current cost of borrowing as
determined by Company's chief financial officer for the remainder of the term
hereof) of his base salary for the balance of the term of this Agreement,
payable within 30 days of the date of termination.  Executive shall also be
entitled to receive the bonus payment provided for in Section 4(a) hereof for
the fiscal year in which the termination occurred plus the Post-Termination
Bonuses provided for in Section 4(c) hereof for the twenty-four months following
such fiscal year.  Notwithstanding the foregoing, no such payments shall be made
until such payment is no longer subject to Section 162(m) of the Code.  All
stock options granted to Executive shall also immediately vest upon such
termination and remain exercisable until the earlier of the fifth anniversary of
the date of such termination or the expiration of such options on the scheduled
expiration dates set forth in the stock option agreements related thereto.

     (d) Whenever compensation is payable to Executive hereunder during a time
when he is partially or totally disabled and such disability (except for the
provisions hereof) would entitle him to disability income or to salary
continuation payments from Company according to the terms of any plan now or
hereafter provided by Company or according to any Company policy in effect at
the time of such disability, the compensation payable to him hereunder shall be
inclusive of any such disability income or salary continuation and shall not be
in addition thereto.  If disability income is payable directly to Executive by
an insurance company under an insurance policy paid for by Company, the amounts
paid to him by said insurance company shall be

                                       5
<PAGE>

considered to be part of the payments to be made by Company to him pursuant to
this Section 9, and shall not be in addition thereto.

10.  Termination by Executive

     Executive shall have the right to terminate his employment under this
Agreement upon 30 days' notice to Company given within 60 days following the
occurrence of any of the following events, each of which shall constitute "good
reason" for such termination:

          (i) Executive is not elected or retained as Chairman and Chief
     Executive Officer and a director of Company.

          (ii) Company acts to materially reduce Executive's duties and
     responsibilities hereunder.  Executive's duties and responsibilities shall
     not be deemed materially reduced for purposes hereof solely by virtue of
     the fact that Company is (or substantially all of its assets are) sold to,
     or is combined with, another entity provided that (a) Executive shall
     continue to have the same duties, responsibilities and authority with
     respect to Company's businesses as he has as of the date hereof and as
     Executive may have with respect to businesses added hereafter, including
     but not limited to, entertainment and recreation, broadcasting, cable,
     direct broadcast satellite, filmed entertainment, consumer products, music,
     the internet, parks and resorts, etc., (b) Executive shall report solely
     and directly to the board of directors (and not to the chief executive
     officer or chairman of the board of directors) of the entity (or to the
     individual) that acquires Company or its assets or, if there shall be an
     ultimate parent of such entity, then to the board of directors of such
     ultimate parent and (c) Executive shall be elected and retained as a member
     of the board of directors of such entity or ultimate parent (if there shall
     be one).

          (iii) Company acts to change the geographic location of the
     performance of Executive's duties from Los Angeles California metropolitan
     area.

11.  Consequences of Breach by Company

     If Executive's employment is terminated pursuant to Section 10 hereof, or
if Company shall terminate Executive's employment under this Agreement in any
other way that is a breach of this Agreement by Company, the following shall
apply:

          (i) Executive shall receive a cash payment equal to the present value
     (based on Company's then current cost of borrowing as determined by the
     chief financial officer of Company for the remainder of the term hereof) of
     Executive's base salary hereunder for the remainder of the term, payable
     within 30 days of the date of such termination.

          (ii) Executive shall be entitled to bonus payments as provided in
     Section 4 hereof for the remainder of the term hereof plus twenty-four
     months (or twelve months if clause (i) of the first sentence of Section
     4(c) is applicable), it being understood that the amount of the bonus
     payments for any fiscal years of Company ending on or before the scheduled
     termination date of this Agreement (i.e., September 30, 2006) and after the
                                         ----

                                       6
<PAGE>

     date of termination shall not be determined pursuant to Section 4(a) hereof
     but shall instead be calculated in the same manner as is provided in
     Section 4(c) hereof for Post-Termination Bonuses in respect of the 24
     months following such termination date. Notwithstanding any other term or
     provision hereof, any Post-Termination Bonus made hereunder to which this
     Section 11 is applicable (and any bonus calculated in the same manner as a
     Post-Termination Bonus as provided above) shall be made no earlier than
     thirty days following the date upon which such payment is no longer subject
     to Section 162(m) of the Code.

          (iii) Subject to Section 14 hereof, all stock options granted by
     Company to Executive under the Plan and/or Rules prior to the date hereof
     shall accelerate and become immediately exercisable and thereafter remain
     exercisable until the earlier of the fifth anniversary of the date of such
     termination or the scheduled expiration dates for such options set forth in
     the stock option agreements relating thereto, and all restrictions imposed
     by this Agreement and in the Stock Option Agreement as agreed to be amended
     pursuant to Section 5(d) hereof relating to the sale, assignment or other
     transfer of Shares acquired or to be acquired upon exercise of the Options
     shall immediately lapse.

12.  Post-Termination Consulting Services

     Upon expiration of this Agreement on September 30, 2006 (i.e., after the
                                                              ---
completion of the full term of service by Executive hereunder), Executive shall
serve as a consultant to Company at a fee to be mutually agreed upon which shall
be at least $1.00 per year plus continuation of the same benefits and/or
perquisites provided to Executive during his term as Chief Executive Officer of
Company, excluding, however, any items which would conflict with any laws,
regulations and/or tax qualifications applicable to group health, pension and
employee welfare plans of Company and, except as otherwise provided herein with
respect to certain specified continuing obligations of Company to Executive,
salary, bonuses and/or stock options.  The consulting arrangement shall continue
until notice is given as provided below following the earlier of: (i) acceptance
by Executive of full-time employment with a third party, (ii) the rendering by
Executive of any services to a competitor of Company or  (iii) Executive's
disability for a period of six months which shall render him substantially
incapable of performing any consulting services for Company.  If notice is given
pursuant to clauses (i) and (ii) above, the consulting arrangement shall
terminate three business days after the giving of such notice, and if such
notice is given pursuant to clause (iii), such termination shall occur three
months after the giving of such notice.

13.  Remedies

     Company recognizes that because of Executive's special talents, stature and
opportunities in the entertainment industry, and because of the special creative
nature of and compensation practices of said industry and the material impact
that individual projects can have on an entertainment company's results of
operations, in the event of termination by Company hereunder (except under
Section 9(a)), or in the event of termination by Executive under Section 10,
before the end of the agreed term, Company and Executive acknowledge and agree
that the provisions of this Agreement regarding further payments of base salary,
bonuses and the

                                       7
<PAGE>

exercisability of stock options constitute fair and reasonable provisions for
the consequences of such termination, do not constitute a penalty, and such
payments and benefits shall not be limited or reduced by amounts Executive might
earn or be able to earn from any other employment or ventures during the
remainder of the agreed term of this Agreement.

14.  Excise Tax Limit

     In the event that the vesting of the Options together with all other
payments and the value of any benefit received or to be received by the
Executive would result in all or a portion of such payment being subject to
excise tax under Section 4999 of the Code, then the Executive's payment shall be
either (A) the full payment or (B) such lesser amount that would result in no
portion of the payment being subject to excise tax under Section 4999 of the
Code (the "Excise Tax"), whichever of the foregoing amounts, taking into account
the applicable Federal, state, and local employment taxes, income taxes, and the
Excise Tax, results in the receipt by the Executive, on an after-tax basis, of
the greatest amount of the payment notwithstanding that all or some portion of
the payment may be taxable under Section 4999 of the Code.  All determinations
required to be made under this Section 14 shall be made by
PricewaterhouseCoopers or any other nationally recognized accounting firm which
is the Company's outside auditor immediately prior to the event triggering the
payments that are subject to the Excise Tax, which firm must be reasonably
acceptable to Executive (the "Accounting Firm"). The Company shall cause the
Accounting Firm to provide detailed supporting calculations of its
determinations to the Company and Executive. Notice must be given to the
Accounting Firm within fifteen (15) business days after an event entitling
Executive to a payment under this Agreement. All fees and expenses of the
Accounting Firm shall be borne solely by the Company. The Accounting Firm's
determinations must be made with substantial authority (within the meaning of
Section 6662 of the Code). For the purposes of all calculations under Section
280G of the Code and the application of this Section 14, Company and Executive
hereby elect and agree to make all determination as to present value using 120
percent of the applicable Federal rate (determined under Section 1274(d) of the
Code) compounded semiannually, as in effect on the date of this Agreement.
Company agrees to reimburse Executive (on an after-tax basis) for his reasonable
legal and other professional expenses of pursuing any reasonable contest, claim
or cause of action (including any claim of tax refund) on his own behalf that
may arise (notwithstanding the application of the foregoing provisions of this
Section 14) as a result of (i) the Internal Revenue Service seeking to impose an
Excise Tax on Executive or (ii) Company (or any successor) withholding or
seeking to withhold any Excise Tax from any payment or benefit to Executive
without Executive's consent; provided, however, reimbursement will only be
provided under this subsection (ii) if Executive prevails (excluding a
settlement).

15.  Binding Agreement

     This Agreement shall be binding upon and inure to the benefit of Executive,
his heirs, distributees and assigns and Company, its successors and assigns.
Executive may not, without the express written permission of the Company, assign
or pledge any rights or obligations hereunder to any person, firm or
corporation.

                                       8
<PAGE>

16.  Amendment; Waiver

     This Agreement contains the entire agreement of the parties with respect to
the employment of Executive by Company and supersedes, on and as of the date
hereof, the Old Employment Agreement.  No amendment or modification of this
Agreement shall be valid unless evidenced by a written instrument executed by
the parties hereto.  No waiver by either party of any breach by the other party
of any provision or condition of this Agreement shall be deemed a waiver of any
similar or dissimilar provision or condition at the same or any prior or
subsequent time.

17.  Governing Law

     (a) This Agreement shall be governed by and construed under and in
accordance with the laws of the State of Delaware without regard to principles
of conflicts of laws; and the laws of that state shall govern all of the rights
remedies, liabilities, powers and duties of the parties under this Agreement and
of any arbitrator or arbitrators to whom any matter hereunder may be submitted
for resolution by the parties hereto, as contemplated by and pursuant to Title
6, Section 2708 of the Delaware Code.

     (b) Any legal action or proceeding with respect to this Agreement shall be
brought exclusively in the federal or state courts of the State of Delaware, and
by execution and delivery of this Agreement, Executive and Company irrevocably
consent to the jurisdiction of those courts.  Executive and Company irrevocably
waive any objection, including any objection to the laying of venue or based on
the grounds of forum non conveniens, which either may now or hereafter have to
               --------------------
the bringing of any action or proceeding in such jurisdiction in respect of this
Agreement or any transaction related hereto.  Executive and Company acknowledge
and agree that any service of legal process by mail in the manner provided for
notices under this Agreement constitutes proper legal service of process under
applicable law in any action or proceeding under or in respect of this
Agreement.

     (c) The parties agree that this Agreement (together with any stock option
agreements entered into between Company and Executive and any other documents or
agreements specifically referred to herein) shall constitute the sole and
conclusive basis for establishing Executive's compensation for all services
provided by him hereunder.

18.  Notices

     All notices which a party is required or may desire to give to the other
party under or in connection with this Agreement shall be given in writing by
addressing the same to the other party as follows:

     If to Executive to:

     Michael D. Eisner

     Los Angeles, California 90024 and

                                       9
<PAGE>

     If to Company, to:

     The Walt Disney Company
     500 South Buena Vista Street
     Burbank, California  91521

     Attn:  Senior Executive Vice President
            and Chief of Operations

or at such other place as may be designated in writing by like notice.  Any
notice shall be deemed to have been given within 48 hours after being addressed
as required herein and deposited, first-class postage prepaid, in the United
States mail.

IN WITNESS WHEREOF, the parties have executed this Agreement this 29th day of
June, 2000.

                                    THE WALT DISNEY COMPANY

___________________________         By:_____________________________
Michael D. Eisner                   Name:  Stanley P. Gold
                                    Title: Chairman of the Executive
                                           Performance Subcommittee

                                      10

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