Document:

US$ 4,000,000,000 364-Day Bridge Loan Agreement

 Exhibit 10.1 
 U.S.$4,000,000,000 
 364-DAY BRIDGE LOAN AGREEMENT 
 Dated as of January 28, 2008 
 Among

 ALTRIA GROUP, INC. 
 and

 THE INITIAL LENDERS NAMED HEREIN 
 and 
 GOLDMAN SACHS CREDIT PARTNERS L.P. 
 and 
 LEHMAN COMMERCIAL PAPER INC. 
 as Administrative Agents 
 and

 JPMORGAN CHASE BANK, N.A. 
 and 
 CITIBANK, N.A. 
 as Syndication Agents 
 and 
 CREDIT SUISSE, CAYMAN ISLANDS BRANCH 
 and 
 DEUTSCHE BANK SECURITIES INC. 
 as Arrangers and Documentation Agents 

 * * * * * * * * * * 
 GOLDMAN SACHS CREDIT PARTNERS L.P. 
 and 
 LEHMAN BROTHERS INC. 
 as Joint Lead Arrangers and Bookrunners 

 Table of Contents 
  

					
	 	  	 	  	Page
	ARTICLE I	  	DEFINITIONS AND ACCOUNTING TERMS	  	1
			
	Section 1.01.	  	Certain Defined Terms	  	1
			
	Section 1.02.	  	Computation of Time Periods	  	9
			
	Section 1.03.	  	Accounting Terms	  	10
			
	ARTICLE II	  	AMOUNTS AND TERMS OF THE ADVANCES	  	10
			
	Section 2.01.	  	The Advances	  	10
			
	Section 2.02.	  	Making the Advances	  	10
			
	Section 2.03.	  	Repayment of Advances	  	12
			
	Section 2.04.	  	Interest on Advances	  	12
			
	Section 2.05.	  	Additional Interest on LIBO Rate Advances	  	12
			
	Section 2.06.	  	Conversion of Advances	  	12
			
	Section 2.07.	  	LIBO Rate Determination	  	13
			
	Section 2.08.	  	Fee	  	14
			
	Section 2.09.	  	Termination or Reduction of the Commitments	  	14
			
	Section 2.10.	  	Prepayments	  	15
			
	Section 2.11.	  	Increased Costs	  	16
			
	Section 2.12.	  	Illegality	  	17
			
	Section 2.13.	  	Payments and Computations	  	17
			
	Section 2.14.	  	Taxes	  	18
			
	Section 2.15.	  	Sharing of Payments, Etc	  	20
			
	Section 2.16.	  	Evidence of Debt	  	20
			
	Section 2.17.	  	Use of Proceeds	  	21
			
	ARTICLE III	  	CONDITIONS TO EFFECTIVENESS AND LENDING	  	21
			
	Section 3.01.	  	Conditions Precedent to Effectiveness	  	21
			
	Section 3.02.	  	Conditions Precedent to Each Borrowing	  	22
			
	ARTICLE IV	  	REPRESENTATIONS AND WARRANTIES	  	23
			
	Section 4.01.	  	Representations and Warranties of Altria	  	23

  

 i 

 Table of Contents 
 (continued) 
  

					
	 	  	 	  	Page
	ARTICLE V	  	COVENANTS OF ALTRIA	  	24
			
	Section 5.01.	  	Affirmative Covenants	  	24
			
	Section 5.02.	  	Negative Covenants	  	26
			
	ARTICLE VI	  	EVENTS OF DEFAULT	  	27
			
	Section 6.01.	  	Events of Default	  	27
			
	Section 6.02.	  	Lenders’ Rights upon Event of Default	  	29
			
	ARTICLE VII	  	THE ADMINISTRATIVE AGENTS	  	29
			
	Section 7.01.	  	Authorization and Action	  	29
			
	Section 7.02.	  	Administrative Agents’ Reliance, Etc	  	30
			
	Section 7.03.	  	Goldman Sachs, Lehman and Affiliates	  	30
			
	Section 7.04.	  	Lender Credit Decision	  	31
			
	Section 7.05.	  	Indemnification	  	31
			
	Section 7.06.	  	Successor Administrative Agents	  	31
			
	Section 7.07.	  	Syndication Agents and Arrangers and Documentation Agents	  	32
			
	ARTICLE VIII	  	MISCELLANEOUS	  	32
			
	Section 8.01.	  	Amendments, Etc	  	32
			
	Section 8.02.	  	Notices, Etc	  	32
			
	Section 8.03.	  	No Waiver; Remedies	  	34
			
	Section 8.04.	  	Costs and Expenses	  	34
			
	Section 8.05.	  	Right of Set-Off	  	35
			
	Section 8.06.	  	Binding Effect	  	35
			
	Section 8.07.	  	Assignments and Participations	  	35
			
	Section 8.08.	  	Governing Law	  	38
			
	Section 8.09.	  	Execution in Counterparts	  	38
			
	Section 8.10.	  	Jurisdiction, Etc	  	38
			
	Section 8.11.	  	Confidentiality	  	39
			
	Section 8.12.	  	Integration	  	39
			
	Section 8.13.	  	USA Patriot Act Notice	  	39

  

 ii 

 Table of Contents 
 (continued) 
  

							
	 	 	 	  	 	  	 
	SCHEDULE	 		  		  	
				
	Schedule I	 	-	  	List of Applicable Lending Offices	  	
				
	EXHIBITS	 		  		  	
				
	Exhibit A	 	-	  	Form of Note	  	
	Exhibit B	 	-	  	Form of Notice of Borrowing	  	
	Exhibit C	 	-	  	Form of Assignment and Acceptance	  	
	Exhibit D-1	 	-	  	Form of Opinion of Counsel for Altria	  	
	Exhibit D-2	 	-	  	Form of Opinion of Counsel for Altria	  	
	Exhibit E	 	-	  	Form of Confidentiality Agreement	  	

  

 iii 

 364-DAY BRIDGE LOAN AGREEMENT 
 Dated as of January 28, 2008 
 ALTRIA GROUP, INC., a Virginia corporation
(“Altria”), the banks, financial institutions and other institutional lenders (the “Initial Lenders”) listed on the signature pages hereof, and GOLDMAN SACHS CREDIT PARTNERS L.P. (“Goldman Sachs”)
and LEHMAN COMMERCIAL PAPER INC. (“Lehman”), as administrative agents (each, in such capacity, an “Administrative Agent”), JPMORGAN CHASE BANK, N.A. and CITIBANK, N.A., as syndication agents (each, in such capacity,
a “Syndication Agent”) and CREDIT SUISSE, CAYMAN ISLANDS BRANCH and DEUTSCHE BANK SECURITIES INC., as arrangers and documentation agents (each, in such capacity, an “Arranger and Documentation Agent”) for the
Lenders (as hereinafter defined), agree as follows: 
 ARTICLE I 
 DEFINITIONS AND ACCOUNTING TERMS 
 Section 1.01. Certain Defined Terms. As used in this
Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “Advance” means an advance by a Lender to Altria as part of a Borrowing and refers to a Base Rate Advance or a LIBO Rate
Advance (each of which shall be a “Type” of Advance). 
 “Agents” means each Administrative
Agent, each Syndication Agent and each Arranger and Documentation Agent. 
 “Applicable Facility Fee Rate”
means a percentage per annum equal to 0.1000%. 
 “Applicable Interest Rate Margin” means a percentage per
annum equal to 0.4500%. 
 “Applicable Lending Office” means, with respect to each Lender, such
Lender’s Domestic Lending Office or Eurodollar Lending Office. 
 “Assignment and Acceptance” means an
assignment and acceptance entered into by a Lender and an Eligible Assignee, and accepted by Goldman Sachs, as Administrative Agent, in substantially the form of Exhibit C hereto. 
 “Base Rate” means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all
times be equal to the higher of: 
 (i)        the rate of interest announced
publicly by JPMorgan Chase in New York, New York, from time to time, as JPMorgan Chase’s prime rate; and 
 (ii)       1/2 of one percent per annum above the Federal Funds Effective Rate. 

 “Base Rate Advance” means an Advance that bears interest as provided in
Section 2.04(a)(i). 
 “Board” means the Board of Governors of the Federal Reserve System of the United
States (or any successor). 
 “Borrowing” means a borrowing consisting of simultaneous Advances of the same
Type made by each of the Lenders pursuant to Section 2.01. 
 “Business Day” means a day of the year on
which banks are not required or authorized by law to close in New York City and, if the applicable Business Day relates to any LIBO Rate Advances on which dealings are carried on in the London interbank market and banks are open for business in
London. 
 “Capital Markets Financing Transaction” means the sale for cash or cash equivalents, in a public
offering registered under the Securities Act of 1933, as amended, or an offering exempt from registration pursuant to Section 4(2), Rule 144A or Regulation S thereunder, of capital stock issued by Altria or notes, debentures or other debt
securities issued by or guaranteed by Altria having a maturity in excess of one year, offered in the domestic or foreign capital markets. 
 “Commitment” means as to any Lender (i) the Dollar amount set forth opposite such Lender’s name on Schedule I hereto or (ii) if such Lender has entered into an Assignment and
Acceptance, the Dollar amount set forth for such Lender in the Register maintained by Goldman Sachs, as Administrative Agent, pursuant to Section 8.07(d), in each case as such amount may be reduced pursuant to Section 2.09. 
 “Consolidated EBITDA” means, for any accounting period, the consolidated net earnings (or loss) of Altria and its
Subsidiaries plus, without duplication and to the extent included as a separate item on Altria’s consolidated statements of earnings or consolidated statements of cash flows in the case of clauses (a) through (e) for such period, the
sum of (a) provision for income taxes, (b) interest and other debt expense, net, (c) depreciation expense, (d) amortization of intangibles, (e) any extraordinary, unusual or non-recurring expenses or losses or any similar
expense or loss subtracted from “Gross profit” in the calculation of “Operating income” and (f) the portion of loss included on Altria’s consolidated statements of earnings of any Person (other than a Subsidiary of
Altria) in which Altria or any of its Subsidiaries has an ownership interest and any cash that is actually received by Altria or such Subsidiary from such Person in the form of dividends or similar distributions, and minus, without
duplication, the sum of (x) to the extent included as a separate item on Altria’s consolidated statements of earnings for such period, any extraordinary, unusual or non-recurring income or gains or any similar income or gain added to
“Gross profit” in the calculation of “Operating income,” and (y) the portion of income included on Altria’s consolidated statements of earnings of any Person (other than a Subsidiary of Altria) in which Altria or any of
its Subsidiaries has an ownership interest, except to the extent that any cash is actually received by Altria or such Subsidiary from such Person in the form of dividends or similar distributions, all as determined on a consolidated basis in
accordance with accounting principles generally 

  

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accepted in the United States for such period, except that if there has been a material change in an accounting principle as compared to that applied in the
preparation of the financial statements of Altria and its Subsidiaries as at and for the year ended December 31, 2006, then such new accounting principle shall not be used in the determination of Consolidated EBITDA. A material change in an
accounting principle is one that, in the year of its adoption, changes Consolidated EBITDA for any quarter in such year by more than 10%. 
 “Consolidated Interest Expense” means, for any accounting period, total interest expense of Altria and its Subsidiaries with respect to all outstanding Debt of Altria and its Subsidiaries during such
period, all as determined on a consolidated basis for such period and in accordance with accounting principles generally accepted in the United States for such period, except that if there has been a material change in an accounting principle as
compared to that applied in the preparation of the financial statements of Altria and its Subsidiaries as at and for the year ended December 31, 2006, then such new accounting principle shall not be used in the determination of Consolidated
Interest Expense. A material change in an accounting principle is one that, in the year of its adoption, changes Consolidated Interest Expense for any quarter in such year by more than 10%. 
 “Consolidated Tangible Assets” means the total assets appearing on a consolidated balance sheet of Altria and its
Subsidiaries, less goodwill and other intangible assets and the minority interests of other Persons in such Subsidiaries, all as determined in accordance with accounting principles generally accepted in the United States, except that if there has
been a material change in an accounting principle as compared to that applied in the preparation of the financial statements of Altria and its Subsidiaries as at and for the year ended December 31, 2006, then such new accounting principle shall
not be used in the determination of Consolidated Tangible Assets. A material change in an accounting principle is one that, in the year of its adoption, changes Consolidated Tangible Assets at any quarter in such year by more than 10%. 

“Convert,” “Conversion” and “Converted” each refers to a conversion of Advances of
one Type into Advances of the other Type pursuant to Section 2.06, 2.07 or 2.12. 
 “Debt” means,
without duplication, (a) indebtedness for borrowed money or for the deferred purchase price of property or services, whether or not evidenced by bonds, debentures, notes or similar instruments, (b) obligations as lessee under leases that,
in accordance with accounting principles generally accepted in the United States, are recorded as capital leases, (c) obligations as an account party or applicant under letters of credit (other than trade letters of credit incurred in the
ordinary course of business) to the extent such letters of credit are drawn and not reimbursed within five Business Days of such drawing, (d) the aggregate principal (or equivalent) amount of financing raised through outstanding securitization
financings of accounts receivable, and (e) obligations under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss (including by
way of (i) granting a security interest or other Lien on property or (ii) having a reimbursement obligation under or in respect of a letter of credit or similar arrangement 

  

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(to the extent such letter of credit is not collateralized by assets (other than Operating Assets) having a fair value equal to the amount of such
reimbursement obligation), in either case in respect of, indebtedness or obligations of any other Person of the kinds referred to in clause (a), (b), (c) or (d) above). For the avoidance of doubt, the following shall not constitute
“Debt” for purposes of this Agreement: (A) any obligation that is fully non-recourse to Altria or any of its Subsidiaries, (B) intercompany debt of Altria or any of its Subsidiaries, (C) any appeal bond or other arrangement
to secure a stay of execution on a judgment or order, provided that any such appeal bond or other arrangement issued by a third party in connection with such arrangement shall constitute Debt to the extent Altria or any of its Subsidiaries has a
reimbursement obligation to such third party that is not collateralized by assets (other than Operating Assets) having a fair value equal to the amount of such reimbursement obligation, (D) unpaid judgments, or (E) defeased indebtedness.

 “Debt Facility” shall mean any debt facility with a term exceeding 364-days entered into by Altria after
the Effective Date in the commercial bank market, other than the issuance of commercial paper or other short-term debt programs, or any domestic or foreign working capital facility. 
 “Default” means any event specified in Section 6.01 that would constitute an Event of Default but for the
requirement that notice be given or time elapse or both. 
 “Dollars” and the “$” sign each
means lawful currency of the United States of America. 
 “Domestic Lending Office” means, with respect to
any Lender, the office of such Lender specified as its “Domestic Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became a Lender, or such other office of such Lender as such
Lender may from time to time specify to Altria and Goldman Sachs, as Administrative Agent. 
 “Earnings Before Income
Taxes” means, for any accounting period, income or loss from continuing operations for such period, as determined in accordance with accounting principles generally accepted in the United States, plus total federal, state and foreign income
taxes which have been included in the determination of earnings or losses from continuing operations for such period in accordance with accounting principles generally accepted in the United States and amounts which, in the determination of earnings
or losses from continuing operations for such period, have been deducted for the items referred to in the definition of the term “Fixed Charges,” except that if there has been a material change in an accounting principle as compared to
that applied in the preparation of the financial statements of Altria and its Subsidiaries as at and for the year ended December 31, 2006, then such new accounting principle shall not be used in the determination of Earnings Before Income
Taxes. A material change in an accounting principle is one that, in the year of its adoption, changes Earnings Before Income Taxes or Fixed Charges for any quarter in such year by more than 10%. 
 “Effective Date” has the meaning specified in Section 3.01. 
  

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 “Eligible Assignee” means any Person approved in advance in writing by
Altria, which approval shall not be unreasonably withheld and shall be notified to Goldman Sachs, as Administrative Agent; provided that no such consent will be required if an Event of Default described in Sections 6.01(a) or (e) has occurred
and is continuing. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time, and the regulations promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means any
Person that for purposes of Title IV of ERISA is a member of Altria’s controlled group, or under common control with Altria, within the meaning of Section 414 of the Internal Revenue Code. 
 “ERISA Event” means (a) (i) the occurrence with respect to a Plan of a reportable event, within the meaning of
Section 4043 of ERISA, unless the 30-day notice requirement with respect thereto has been waived by the Pension Benefit Guaranty Corporation (or any successor) (“PBGC”), or (ii) the requirements of subsection (1) of
Section 4043(b) of ERISA (without regard to subsection (2) of such section) are met with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event described in paragraph (9), (10), (11),
(12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such Plan within the following 30 days; (b) the application for a minimum funding waiver with respect to a Plan; (c) the provision by
the administrator of any Plan of a notice of intent to terminate such Plan, pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (d) the
cessation of operations at a facility of Altria or any of its ERISA Affiliates in the circumstances described in Section 4062(e) of ERISA; (e) the withdrawal by Altria or any of its ERISA Affiliates from a Multiple Employer Plan during a
plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions set forth in Section 302(f)(1)(A) and (B) of ERISA to the creation of a lien upon property or rights to property of
Altria or any of its ERISA Affiliates for failure to make a required payment to a Plan are satisfied; (g) the adoption of an amendment to a Plan requiring the provision of security to such Plan, pursuant to Section 307 of ERISA; or
(h) the termination of a Plan by the PBGC pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a
trustee to administer, a Plan. 
 “Eurocurrency Liabilities” has the meaning assigned to that term in
Regulation D of the Board, as in effect from time to time. 
 “Eurodollar Lending Office” means, with
respect to any Lender, the office of such Lender specified as its “Eurodollar Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became a Lender (or, if no such office is
specified, its Domestic Lending Office), or such other office of such Lender as such Lender may from time to time specify to Altria and Goldman Sachs, as Administrative Agent. 
  

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 “Eurodollar Rate Reserve Percentage” for any Interest Period, for all
LIBO Rate Advances comprising part of the same Borrowing, means the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the Board for determining the maximum
reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve System in New York City with respect to liabilities or assets consisting of or including
Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on LIBO Rate Advances is determined) having a term equal to such Interest Period. 
 “Event of Default” has the meaning specified in Section 6.01. 
 “Federal Bankruptcy Code” means the Bankruptcy Reform Act of 1978, as amended from time to time. 
 “Federal Funds Effective Rate” means, for any period, a fluctuating interest rate per annum equal, for each day during
such period, to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next
preceding Business Day) on Telerate Page 120 (or any successor page), or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by Goldman Sachs, as
Administrative Agent, from three Federal funds brokers of recognized standing selected by it. 
 “Fixed
Charges” means, for any accounting period, the sum of (a) interest, whether expensed or capitalized, in respect of any Debt outstanding during such period, plus (b) amortization of debt expense and discount or premium
relating to any Debt outstanding during such period, whether expensed or capitalized, plus (c) such portion of rental expense as can be demonstrated to be representative of the interest factor in the particular case, all as to be
applicable to continuing operations and determined in accordance with accounting principles generally accepted in the United States, except that if there has been a material change in an accounting principle as compared to that applied in the
preparation of the financial statements of Altria as at and for the year ended December 31, 2006, then such new accounting principle shall not be used in the determination of Fixed Charges. A material change in an accounting principle is one
that, in the year of its adoption, changes Earnings Before Income Taxes or Fixed Charges for any quarter in such year by more than 10%. 
 “Goldman Sachs’ Administrative Agent Account” means (a) the account of Goldman Sachs, as Administrative Agent, maintained by Goldman Sachs, as Administrative Agent, at its office at
Citibank, N.A., Account No. 40717188, Reference Altria, Attention: Bank Loan Operations – Phil Green, or (b) such other account of Goldman Sachs, as Administrative Agent, as is designated in writing from time to time by Goldman Sachs,
as Administrative Agent, to Altria and the Lenders for such purpose. 
  

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 “Home Jurisdiction Withholding Taxes” means withholding for United
States income taxes, United States back-up withholding taxes and United States withholding taxes. 
 “Interest
Period” means, for each LIBO Rate Advance comprising part of the same Borrowing, the period commencing on the date of such LIBO Rate Advance or the date of Conversion of any Base Rate Advance into such LIBO Rate Advance and ending on the
last day of the period selected by Altria pursuant to the provisions below. The duration of each such Interest Period shall be one, two, three or six months, as Altria may select upon notice received by Goldman Sachs, as Administrative Agent, not
later than 11:00 A.M. (New York City time) on the third Business Day prior to the first day of such Interest Period; provided, however, that: 
 (a)        Altria may not select any Interest Period that ends after the Termination Date;

 (b)        whenever the last day of any Interest Period would otherwise occur on a
day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day, provided that if such extension would cause the last day of such Interest Period to occur in the next
following calendar month, the last day of such Interest Period shall occur on the immediately preceding Business Day; and 
 (c)        whenever the first day of any Interest Period occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such
initial calendar month by the number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations
promulgated and the rulings issued thereunder. 
 “Lenders” means the Initial Lenders and their respective
successors and permitted assignees. 
 “LIBO Rate” means an interest rate per annum equal to either:

 (a)        the offered rate per annum at which deposits in Dollars appear on
Telerate Page 3750 (or any successor page) as of 11:00 A.M. (London time) two Business Days before the first day of such Interest Period, or 
 (b)        if the LIBO Rate does not appear on Telerate Page 3750 (or any successor page), then the LIBO Rate will be determined by taking the average (rounded upward to the
nearest whole multiple of 1/16 of 1% per annum, if such average is not such a multiple) of the rates per annum at which deposits in Dollars are offered by the principal office of each of the Reference Banks in London, England to prime banks in
the London interbank market at 11:00 A.M. (London time) two Business Days before the first day of such Interest Period for an amount substantially equal to the amount that would be the Reference Banks’ respective ratable shares of such
Borrowing outstanding during such 

  

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Interest Period and for a period equal to such Interest Period, as determined by Goldman Sachs, as Administrative Agent, subject, however, to
the provisions of Section 2.07. 
 “LIBO Rate Advance” means an Advance that bears interest as provided
in Section 2.04(a)(ii). 
 “Lien” has the meaning specified in Section 5.02(a). 
 “Major Subsidiary” means any Subsidiary (a) more than 50% of the voting securities of which is owned directly or
indirectly by Altria, (b) which is organized and existing under, or has its principal place of business in, the United States or any political subdivision thereof, Canada or any political subdivision thereof, any country which is a member of
the European Union on the date hereof (other than Greece, Portugal or Spain) or any political subdivision thereof, or Switzerland, Norway or Australia or any of their respective political subdivisions, and (c) which has at any time total assets
(after intercompany eliminations) exceeding $1,000,000,000. 
 “Margin Stock” means margin stock, as such
term is defined in Regulation U. 
 “Multiemployer Plan” means a multiemployer plan, as defined in
Section 4001(a)(3) of ERISA, to which Altria or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions, such plan
being maintained pursuant to one or more collective bargaining agreements. 
 “Multiple Employer Plan” means
a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of Altria or any ERISA Affiliate and at least one Person other than Altria and the ERISA Affiliates or (b) was so maintained and
in respect of which Altria or any ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. 
 “Note” means a promissory note of Altria payable to the order of any Lender, delivered pursuant to a request made under
Section 2.16(a) in substantially the form of Exhibit A hereto, evidencing the aggregate indebtedness of Altria to such Lender resulting from the Advances made by Lender to Altria. 
 “Notice of Borrowing” has the meaning specified in Section 2.02(a). 
 “Operating Assets” means, for any accounting period, any assets included in the consolidated balance sheet of Altria and
its Subsidiaries as “Inventories,” or “Property, plant and equipment” or “Receivables” for such period. 
 “Other Taxes” has the meaning specified in Section 2.14(b). 
 “Patriot Act” has the meaning specified in Section 8.13. 
  

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 “Person” means an individual, partnership, corporation (including a
business trust), joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof. 
 “Plan” means a Single Employer Plan or a Multiple Employer Plan. 
 “Reference Banks” means JPMorgan Chase, Citibank, Goldman Sachs, Lehman, Credit Suisse, Cayman Islands Branch and
Deutsche Bank AG New York Branch. 
 “Register” has the meaning specified in Section 8.07(d).

 “Regulation A” means Regulation A of the Board, as in effect from time to time. 
 “Regulation U” means Regulation U of the Board, as in effect from time to time. 
 “Required Lenders” means at any time Lenders owed at least 50.1% of the then aggregate unpaid principal amount of the
Advances owing to Lenders, or, if no such principal amount is then outstanding, Lenders having at least 50.1% of the Commitments. 
 “Single Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of Altria or any ERISA Affiliate and no Person other than Altria and the ERISA
Affiliates or (b) was so maintained and in respect of which Altria or any ERISA Affiliate could have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated. 
 “Spin-off Transaction” means a spin-off or other not for value disposition of Philip Morris International Inc.
(“PMI”) such that Altria owns no more than a de minimis equity interest in PMI. 
 “Subsidiary” of any Person means any corporation of which (or in which) more than 50% of the outstanding capital stock having voting power to elect a majority of the Board of Directors of such corporation (irrespective of
whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person, by such Person and
one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. 
 “Taxes”
has the meaning specified in Section 2.14(a). 
 “Termination Date” means the earlier of
(a) January 26, 2009 and (b) the date of termination in whole of the Commitments pursuant to Section 2.09 or 6.02. 
 Section 1.02. Computation of Time Periods. In this Agreement in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words
“to” and “until” each mean “to but excluding.” 
  

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 Section 1.03. Accounting Terms. All accounting terms not specifically defined herein shall be
construed in accordance with accounting principles generally accepted in the United States of America, except that if there has been a material change in an accounting principle affecting the definition of an accounting term as compared to that
applied in the preparation of the financial statements of Altria as of and for the year ended December 31, 2006, then such new accounting principle shall not be used in the determination of the amount associated with that accounting term. A
material change in an accounting principle is one that, in the year of its adoption, changes the amount associated with the relevant accounting term for any quarter in such year by more than 10%. 
 ARTICLE II 
 AMOUNTS AND TERMS OF THE ADVANCES

 Section 2.01. The Advances. (a) Obligation to Make Advances. Each Lender severally agrees, on the terms and
conditions hereinafter set forth, to make Advances in U.S. dollars to Altria from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate amount not to exceed at any time outstanding such
Lender’s Commitment. 
 (b)        Amount of Borrowings. Each Borrowing shall be in an
aggregate amount of no less than $50,000,000 or an integral multiple of $1,000,000 in excess thereof. 
 (c)        Type of Advances. Each Borrowing shall consist of Advances of the same Type made on the same day by the Lenders ratably according to their respective Commitments. Within the limits
of each Lender’s Commitment and subject to this Section 2.01, Altria may borrow under this Section 2.01, prepay pursuant to Section 2.10 or repay pursuant to Section 2.03 and reborrow under this Section 2.01.

 Section 2.02. Making the Advances. (a) Notice of Borrowing. Each Borrowing shall be made on notice, given not
later than (x) 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of LIBO Rate Advances, or (y) 9:00 A.M. (New York City time) on the date of the
proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances, by Altria to Goldman Sachs, as Administrative Agent, which shall give to each Lender prompt notice thereof by telecopier. Each such notice of a Borrowing (a
“Notice of Borrowing”) shall be by telephone, confirmed immediately in writing, by registered mail or telecopier in substantially the form of Exhibit B hereto, specifying therein the requested: 
 (i)        date of such Borrowing, 
 (ii)       Type of Advances comprising such Borrowing, 
 (iii)      aggregate amount of such Borrowing, and 
 (iv)      in the case of a Borrowing consisting of LIBO Rate Advances, the initial Interest Period for each
such Advance. Notwithstanding anything herein to the contrary, Altria may not select LIBO Rate Advances for any Borrowing if the obligation 

  

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of the Lenders to make LIBO Rate Advances shall then be suspended pursuant to Section 2.06(b) or 2.12. 
 (b)        Funding Advances. Each Lender shall, before 11:00 A.M. (New York City time) on the date of such
Borrowing, make available for the account of its Applicable Lending Office to Goldman Sachs, as Administrative Agent, at Goldman Sachs’ Administrative Agent Account, in same day funds, such Lender’s ratable portion of such Borrowing. After
receipt of such funds by Goldman Sachs, as Administrative Agent, and upon fulfillment of the applicable conditions set forth in Article III, Goldman Sachs, as Administrative Agent, will make such funds available to Altria at the address of Goldman
Sachs, as Administrative Agent, referred to in Section 8.02. 
 (c)        Irrevocable
Notice. Each Notice of Borrowing shall be irrevocable and binding on Altria. In the case of any Borrowing that the related Notice of Borrowing specifies is to be comprised of LIBO Rate Advances, Altria shall indemnify each Lender against any
loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any
loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such
Advance, as a result of such failure, is not made on such date. 
 (d)        Lender’s
Ratable Portion. Unless Goldman Sachs, as Administrative Agent, shall have received notice from a Lender prior to 11:00 A.M. (New York City time) on the day of any Borrowing that such Lender will not make available to Goldman Sachs, as
Administrative Agent, such Lender’s ratable portion of such Borrowing, Goldman Sachs, as Administrative Agent, may assume that such Lender has made such portion available to Goldman Sachs, as Administrative Agent, on the date of such Borrowing
in accordance with Section 2.02(b) and Goldman Sachs, as Administrative Agent, may, in reliance upon such assumption, make available to Altria on such date a corresponding amount. If and to the extent that such Lender shall not have so made
such ratable portion available to Goldman Sachs, as Administrative Agent, such Lender and Altria severally agree to repay to Goldman Sachs, as Administrative Agent, forthwith on demand such corresponding amount together with interest thereon, for
each day from the date such amount is made available to Altria until the date such amount is repaid to Goldman Sachs, as Administrative Agent, at: 
 (i)        in the case of Altria, the higher of (A) the interest rate applicable at the time to Advances comprising such Borrowing and (B) the cost of funds incurred
by Goldman Sachs, as Administrative Agent, in respect of such amount, and 
 (ii)       in
the case of such Lender, the Federal Funds Effective Rate. 
 If such Lender shall repay to Goldman Sachs, as Administrative Agent, such corresponding
amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. 
 (e)         Independent Lender Obligations. The failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if

  

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any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance
to be made by such other Lender on the date of any Borrowing. 
 Section 2.03. Repayment of Advances. Altria shall repay to
Goldman Sachs, as Administrative Agent, for the ratable account of the Lenders on the Termination Date the unpaid principal amount of the Advances then outstanding. 
 Section 2.04. Interest on Advances. (a) Scheduled Interest. Altria shall pay interest on the unpaid principal amount of each Advance to each Lender from the date of such Advance until such
principal amount shall be paid in full, at the following rates per annum: 
 (i)        Base Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the Base Rate in effect from time to time, payable in arrears
monthly on the 20th day of each month and on the date such Base Rate Advance shall be Converted or paid in full. 
 (ii)        LIBO Rate Advances. During such periods as such Advance is a LIBO Rate Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of
(x) the LIBO Rate for such Interest Period for such Advance plus (y) the Applicable Interest Rate Margin, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three
months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period, and on the date such LIBO Rate Advance shall be Converted or paid in full. 
 (b)        Default Interest. Upon the occurrence and during the continuance of an Event of Default, Altria
shall pay interest on the unpaid principal amount of each Advance owing to each Lender, payable in arrears on the dates referred to in Section 2.04(a)(i) or Section 2.04(a)(ii), at a rate per annum equal at all times to 1% per annum
above the rate per annum required to be paid on such Advance. 
 Section 2.05. Additional Interest on LIBO Rate Advances. Altria
shall pay to each Lender, so long as such Lender shall be required under regulations of the Board to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid
principal amount of each LIBO Rate Advance of such Lender to Altria, from the date of such Advance until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the
LIBO Rate for the Interest Period for such Advance from (ii) the rate obtained by dividing such LIBO Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage of such Lender for such Interest Period, payable on each date
on which interest is payable on such Advance. Such additional interest shall be determined by such Lender and notified to Altria through Goldman Sachs, as Administrative Agent. 
 Section 2.06. Conversion of Advances. (a) Conversion Upon Absence of Interest Period. If Altria shall fail to select the duration
of any Interest Period for any LIBO Rate Advances in accordance with the provisions contained in the definition of the term “Interest 

  

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Period,” Goldman Sachs, as Administrative Agent, will forthwith so notify Altria and the Lenders, and such Advances will automatically, on the last day
of the then existing Interest Period therefor, Convert into Base Rate Advances. 
 (b)        Conversion Upon Event of Default. Upon the occurrence and during the continuance of any Event of Default under Section 6.01(a), Goldman Sachs, as Administrative Agent, or the
Required Lenders may elect that (i) each LIBO Rate Advance be, on the last day of the then existing Interest Period therefor, Converted into Base Rate Advances and (ii) the obligation of the Lenders to make, or to Convert Advances into,
LIBO Rate Advances be suspended. 
 (c)        Voluntary Conversion. Subject to the provisions
of Sections 2.07(c) and 2.12, Altria may convert all Advances of one Type constituting the same Borrowing into Advances of the other Type on any Business Day, upon notice given to Goldman Sachs, as Administrative Agent, not later than 11:00 A.M.
(New York City time) on the third Business Day prior to the date of the proposed Conversion; provided, however, that the Conversion of a LIBO Rate Advance into a Base Rate Advance may be made on, and only on, the last day of an
Interest Period for such LIBO Rate Advance. Each such notice of a Conversion shall, within the restrictions specified above, specify 
 (i)        the date of such Conversion; 
 (ii)       the Advances to be Converted; and 
 (iii)      if such Conversion is into LIBO Rate Advances, the duration of the Interest Period for each such Advance. 
 Section 2.07. LIBO Rate Determination. (a) Methods to Determine LIBO Rate. Goldman Sachs, as Administrative Agent, shall determine the LIBO Rate by using the methods described in the definition
of the term “LIBO Rate,” and shall give prompt notice to Altria and Lenders of each such LIBO Rate. 
 (b)        Role of Reference Banks. In the event that the LIBO Rate cannot be determined by the method described in clause (a) of the definition of “LIBO Rate,” each Reference
Bank agrees to furnish to Goldman Sachs, as Administrative Agent, timely information for the purpose of determining the LIBO Rate in accordance with the method described in clause (b) of the definition thereof. If any one or more of the
Reference Banks shall not furnish such timely information to Goldman Sachs, as Administrative Agent, for the purpose of determining a LIBO Rate, Goldman Sachs, as Administrative Agent, shall determine such interest rate on the basis of timely
information furnished by the remaining Reference Banks. If fewer than two Reference Banks furnish timely information to Goldman Sachs, as Administrative Agent, for determining the LIBO Rate for any LIBO Rate Advances then: 
 (i)        Goldman Sachs, as Administrative Agent, shall forthwith notify Altria and the Lenders
that the interest rate cannot be determined for such LIBO Rate Advance; 
  

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 (ii)        with respect to each LIBO Rate
Advance, such Advance will, on the last day of the then existing Interest Period therefor, be prepaid by Altria or be automatically Converted into a Base Rate Advance; and 
 (iii)        the obligation of the Lenders to make LIBO Rate Advances or to Convert Base Rate
Advances into LIBO Rate Advances shall be suspended until Goldman Sachs, as Administrative Agent, shall notify Altria and the Lenders that the circumstances causing such suspension no longer exist. 
 Goldman Sachs, as Administrative Agent, shall give prompt notice to Altria and the Lenders of the applicable interest rate determined by Goldman Sachs, as Administrative
Agent, for purposes of Section 2.04(a)(i) or (ii), and the rate, if any, furnished by each Reference Bank for the purpose of determining the interest rate under Section 2.04(a)(ii) or the applicable LIBO Rate. 
 (c)        Inadequate LIBO Rate. If, with respect to any LIBO Rate Advances, the Required Lenders notify
Goldman Sachs, as Administrative Agent, that (i) they are unable to obtain matching deposits in the London interbank market at or about 11:00 A.M. (London time) on the second Business Day before the making of a Borrowing in sufficient amounts
to fund their respective LIBO Rate Advances as a part of such Borrowing during the Interest Period therefor or (ii) the LIBO Rate for any Interest Period for such Advances will not adequately reflect the cost to such Required Lenders of making,
funding or maintaining their respective LIBO Rate Advances for such Interest Period, Goldman Sachs, as Administrative Agent, shall forthwith so notify Altria and the Lenders, whereupon (A) Altria will, on the last day of the then existing
Interest Period therefor, either (x) prepay such Advances or (y) Convert such Advances into Base Rate Advances and (B) the obligation of the Lenders to make, or to Convert Base Rate Advances into, LIBO Rate Advances shall be suspended
until Goldman Sachs, as Administrative Agent, shall notify Altria and the Lenders that the circumstances causing such suspension no longer exist. In the case of clause (ii) above, each Lender shall certify its cost of funds for each Interest
Period to Goldman Sachs, as Administrative Agent, and Altria as soon as practicable (but in any event not later than 10 Business Days after the last day of such Interest Period). 
 Section 2.08. Facility Fee. Altria agrees to pay to Goldman Sachs, as Administrative Agent, for the account of each Lender a facility fee on
the aggregate amount of such Lender’s Commitment from the date hereof in the case of each Initial Lender and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other
Lender until the Termination Date at the Applicable Facility Fee Rate, in each case payable on the last day of each March, June, September and December until the Termination Date and on the Termination Date. 
 Section 2.09. Termination or Reduction of the Commitments. (a) Optional Termination or Reduction of the Commitments. Altria shall
have the right, upon at least one Business Day’s notice to Goldman Sachs, as Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders; provided that each
partial reduction shall be in the aggregate amount of no less than $50,000,000 or the remaining balance if less than $50,000,000. 
  

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 (b)        Mandatory Reduction of the Commitments. In the
event that there shall be a Capital Markets Financing Transaction or a borrowing under a Debt Facility, Commitments shall be reduced in an aggregate amount equal to 100% of the net proceeds, rounded to the nearest million (with $500,000 being
rounded upward), of such Capital Markets Financing Transaction or Debt Facility borrowing, on (i) the next succeeding Business Day following receipt by Altria of such net proceeds or Debt Facility borrowings to the extent that the Commitments
exceed the aggregate principal amount of Advances outstanding, (ii) the last day of the current Interest Period for LIBO Rate Advances that are prepaid pursuant to Section 2.10(a) and (iii) on the third Business Day following receipt
by Altria of such net proceeds or Debt Facility borrowings for Base Rate Advances that are prepaid pursuant to Section 2.10(a). 
 Section 2.10. Prepayments. (a) Optional Prepayment of Advances. Altria may, in the case of any LIBO Rate Advance, upon at least three Business Days’ notice to Goldman Sachs, as Administrative Agent, or, in the
case of any Base Rate Advance, upon notice given to Goldman Sachs, as Administrative Agent, not later than 9:00 A.M. (New York City time) on the date of the proposed prepayment, in each case stating the proposed date and aggregate principal amount
of the prepayment, and if such notice is given Altria shall, prepay the outstanding principal amount of the Advances comprising part of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on
the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount of no less than $50,000,000 or the remaining balance if less than $50,000,000 and (y) in the event of
any such prepayment of a LIBO Rate Advance, Altria shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(b). 
 (b)        Mandatory Prepayment. (i) Altria shall, on each Business Day, prepay an aggregate principal amount of the Advances equal to the amount by which (A) the aggregate principal
amount of the Advances then outstanding exceeds (B) the aggregate of the Commitments on such Business Day. 
 (ii)        In the event that there shall be a Capital Markets Financing Transaction or a borrowing under a Debt Facility, Altria shall repay outstanding Advances in an aggregate amount equal to 100%
of the net proceeds, rounded to the nearest million (with $500,000 being rounded upward), of such Capital Markets Financing Transaction or Debt Facility borrowing received by Altria, (x) in the case of LIBO Rate Advances, on the last day of the
current Interest Period for such Advances and (y) in the case of Base Rate Advances, on the third Business Day following receipt of such net proceeds. 
 (iii)        Each prepayment made pursuant to this Section 2.10(b) shall be made together
with any interest accrued to the date of such prepayment on the principal amounts prepaid and, in the case of any prepayment of a LIBO Rate Advance on a date other than the last day of an Interest Period or at its maturity, any additional amounts
which Altria shall be obligated to reimburse to the Lenders in respect thereof pursuant to Section 8.04(b). Goldman Sachs, as Administrative Agent, shall give prompt notice of any prepayment required under this Section 2.10(b) to Altria
and the Lenders. Prepayments under this Section 2.10(b) shall be allocated first to Base Rate Advances, 

  

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ratably; any excess amount shall then be allocated to LIBO Rate Advances, in such manner as Altria shall determine. 
 Section 2.11. Increased Costs. (a) Costs from Change in Law or Authorities. If, due to either (i) the introduction of or any
change (other than any change by way of imposition or increase of reserve requirements to the extent such change is included in the Eurodollar Rate Reserve Percentage) in or in the interpretation of any law or regulation or (ii) the compliance
with any guideline or request from any central bank or other governmental authority (whether or not having the force of law), there shall be any increase in the cost to any Lender of agreeing to make or making, funding or maintaining LIBO Rate
Advances (excluding for purposes of this Section 2.11 any such increased costs resulting from (i) Taxes or Other Taxes (as to which Section 2.14 shall govern) and (ii) changes in the basis of taxation of overall net income or
overall gross income by the United States or by the foreign jurisdiction or state under the laws of which such Lender is organized or has its Applicable Lending Office or any political subdivision thereof), then Altria shall from time to time, upon
demand by such Lender (with a copy of such demand to Goldman Sachs, as Administrative Agent), pay to Goldman Sachs, as Administrative Agent, for the account of such Lender additional amounts sufficient to compensate such Lender for such increased
cost; provided, however, that before making any such demand, each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different Applicable Lending Office if
the making of such a designation would avoid the need for, or reduce the amount of, such increased cost and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender. A certificate as to the amount of such
increased cost, submitted to Altria and Goldman Sachs, as Administrative Agent, by such Lender, shall be conclusive and binding for all purposes, absent manifest error. 
 (b)        Reduction in Lender’s Rate of Return. In the event that, after the date hereof, the implementation of or any change in any law or regulation, or any
guideline or directive (whether or not having the force of law) or the interpretation or administration thereof by any central bank or other authority charged with the administration thereof, imposes, modifies or deems applicable any capital
adequacy or similar requirement (including, without limitation, a request or requirement which affects the manner in which any Lender allocates capital resources to its commitments, including its obligations hereunder) and as a result thereof, in
the sole opinion of such Lender, the rate of return on such Lender’s capital as a consequence of its obligations hereunder is reduced to a level below that which such Lender could have achieved but for such circumstances, but reduced to the
extent that Borrowings are outstanding from time to time, then in each such case, upon demand from time to time Altria shall pay to such Lender such additional amount or amounts as shall compensate such Lender for such reduction in rate of return;
provided that, in the case of each Lender, such additional amount or amounts shall not exceed 0.15 of 1% per annum of such Lender’s Commitment. A certificate of such Lender as to any such additional amount or amounts shall be
conclusive and binding for all purposes, absent manifest error. Except as provided below, in determining any such amount or amounts each Lender may use any reasonable averaging and attribution methods. Notwithstanding the foregoing, each Lender
shall take all reasonable actions to avoid the imposition of, or reduce the amounts of, such increased costs, provided that such actions, in the reasonable judgment of such Lender, will not be otherwise disadvantageous to such Lender, and, to the
extent possible, each Lender will calculate such increased costs based upon the capital requirements for its 

  

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Commitment hereunder and not upon the average or general capital requirements imposed upon such Lender. 
 Section 2.12. Illegality. Notwithstanding any other provision of this Agreement, if any Lender shall notify Goldman Sachs, as Administrative
Agent, that the introduction of or any change in, or in the interpretation of, any law or regulation makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for any Lender or its Eurodollar Lending Office
to perform its obligations hereunder to make LIBO Rate Advances or to fund or maintain LIBO Rate Advances, (a) each LIBO Rate Advance will automatically, upon such demand, be Converted into a Base Rate Advance, and (b) the obligation of
the Lenders to make LIBO Rate Advances or to Convert Base Rate Advances into LIBO Rate Advances shall be suspended, until Goldman Sachs, as Administrative Agent, shall notify Altria and the Lenders that the circumstances causing such suspension no
longer exist; provided, however, that before making any such demand, each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different Eurodollar Lending
Office if the making of such a designation would allow such Lender or its Eurodollar Lending Office to continue to perform its obligations to make LIBO Rate Advances or to continue to fund or maintain LIBO Rate Advances and would not, in the
judgment of such Lender, be otherwise disadvantageous to such Lender. 
 Section 2.13. Payments and Computations.
(a) Time and Distribution of Payments. Altria shall make each payment hereunder, without set-off or counterclaim, not later than 11:00 A.M. (New York City time) on the day when due to Goldman Sachs, as Administrative Agent, at Goldman
Sachs’ Administrative Agent Account in same day funds. Goldman Sachs, as Administrative Agent, will promptly thereafter cause to be distributed like funds relating to the payment of principal or interest or facility fees ratably (other than
amounts payable pursuant to Section 2.08, 2.11, 2.14 or 8.04(b)) to the Lenders for the account of their respective Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any Lender to such Lender for
the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. From and after the effective date of an Assignment and Acceptance pursuant to Section 8.07, Goldman Sachs, as
Administrative Agent, shall make all payments hereunder in respect of the interest assigned thereby to the Lender assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments for
periods prior to such effective date directly between themselves. 
 (b)        Computation of
Interest and Fees. All computations of interest based on JPMorgan Chase’s prime rate shall be made by Goldman Sachs, as Administrative Agent, on the basis of a year of 365 or 366 days, as the case may be. All computations of interest based
on the LIBO Rate or the Federal Funds Effective Rate and of facility fees shall be made by Goldman Sachs, as Administrative Agent and all computations of interest pursuant to Section 2.04 shall be made by a Lender, on the basis of a year of 360
days, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest or facility fees are payable. Each determination by Goldman Sachs, as Administrative Agent (or, in
the case of Section 2.04 by a Lender), of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error. 
  

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 (c)        Payment Due Dates. Whenever any payment
hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or facility
fee, as the case may be; provided, however, that if such extension would cause payment of interest on or principal of LIBO Rate Advances to be made in the next following calendar month, such payment shall be made on the immediately
preceding Business Day. 
 (d)        Presumption of Payment by Altria. Unless Goldman Sachs,
as Administrative Agent, receives notice from Altria prior to the date on which any payment is due to the Lenders hereunder that Altria will not make such payment in full, Goldman Sachs, as Administrative Agent, may assume that Altria has made such
payment in full to Goldman Sachs, as Administrative Agent, on such date and Goldman Sachs, as Administrative Agent, may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due
such Lender. If and to the extent Altria has not made such payment in full to Goldman Sachs, as Administrative Agent, each Lender shall repay to Goldman Sachs, as Administrative Agent, forthwith on demand such amount distributed to such Lender
together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to Goldman Sachs, as Administrative Agent, at the Federal Funds Effective Rate. 
 Section 2.14. Taxes. (a) Any and all payments by Altria hereunder shall be made, in accordance with Section 2.13, free and clear of
and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, (i) in the case of each Lender and Goldman Sachs, as Administrative
Agent, taxes imposed on its net income, and franchise taxes imposed on it, by the jurisdiction under the laws of which such Lender or Goldman Sachs, as Administrative Agent (as the case may be), is organized or any political subdivision thereof,
(ii) in the case of each Lender, taxes imposed on its net income, and franchise taxes imposed on it, by the jurisdiction of such Lender’s Applicable Lending Office or any political subdivision thereof, (iii) in the case of each Lender
and Goldman Sachs, as Administrative Agent, taxes imposed on its net income, franchise taxes imposed on it, and any tax imposed by means of withholding to the extent such tax is imposed solely as a result of a present or former connection (other
than the execution, delivery and performance of this Agreement or a Note) between the Lender or Goldman Sachs, as Administrative Agent, as the case may be, and the taxing jurisdiction, and (iv) in the case of each Lender and Goldman Sachs, as
Administrative Agent, taxes imposed by the United States by means of withholding tax if and to the extent that such taxes shall be in effect and shall be applicable on the date hereof to payments to be made to such Lender’s Applicable Lending
Office or to Goldman Sachs, as Administrative Agent (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities in respect of payments hereunder being hereinafter referred to as “Taxes”). If
Altria shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender or Goldman Sachs, as Administrative Agent, (i) the sum payable shall be increased as may be necessary so that after making all
required deductions (including deductions applicable to additional sums payable under this Section 2.14) such Lender or Goldman Sachs, as Administrative Agent (as the case may be), receives an amount equal to the sum it would have received had
no such deductions been made, 

  

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(ii) Altria shall make such deductions and (iii) Altria shall pay the full amount deducted to the relevant taxation authority or other authority in
accordance with applicable law. 
 (b)        In addition, Altria shall pay any present or future
stamp or documentary taxes or any other excise or property taxes, charges or similar levies that arise from any payment made hereunder or from the execution, delivery or registration of, performing under, or otherwise with respect to, this Agreement
(hereinafter referred to as “Other Taxes”). 
 (c)        Altria shall indemnify
each Lender and Goldman Sachs, as Administrative Agent, for and hold it harmless against the full amount of Taxes or Other Taxes (including, without limitation, Taxes and Other Taxes imposed by any jurisdiction on amounts payable under this
Section 2.14) paid by such Lender or Goldman Sachs, as Administrative Agent (as the case may be), and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes
were correctly or legally asserted. This indemnification shall be made within 30 days from the date such Lender or Goldman Sachs, as Administrative Agent (as the case may be), makes written demand therefor. 
 (d)        Within 30 days after the date of any payment of Taxes, Altria shall furnish to Goldman Sachs, as
Administrative Agent, at its address referred to in Section 8.02, the original or a certified copy of a receipt evidencing such payment. If Altria determines that no Taxes are payable in respect thereof, Altria shall, at the request of Goldman
Sachs, as Administrative Agent, furnish or cause the payor to furnish, Goldman Sachs, as Administrative Agent, and each Lender an opinion of counsel reasonably acceptable to Goldman Sachs, as Administrative Agent, stating that such payment is exempt
from Taxes. 
 (e)        Each Lender, on or prior to the date of its execution and delivery of this
Agreement in the case of each Initial Lender and on the date of the Assignment and Acceptance pursuant to which it becomes a Lender in the case of each other Lender, shall provide each of Goldman Sachs, as Administrative Agent, and Altria with any
form or certificate that is required by any taxing authority (including, if applicable, two original Internal Revenue Service Forms W-9, W-8BEN or W-8ECI, as appropriate, or any successor or other form prescribed by the Internal Revenue Service),
certifying that such Lender is exempt from or entitled to a reduced rate of Home Jurisdiction Withholding Taxes on payments pursuant to this Agreement. Thereafter, each such Lender shall provide additional forms or certificates (i) to the
extent a form or certificate previously provided has become inaccurate or invalid or has otherwise ceased to be effective or (ii) as requested in writing by Altria or Goldman Sachs, as Administrative Agent. Unless Altria and Goldman Sachs, as
Administrative Agent, have received forms or other documents satisfactory to them indicating that payments hereunder are not subject to Home Jurisdiction Withholding Taxes or are subject to Home Jurisdiction Withholding Taxes at a rate reduced by an
applicable tax treaty, Altria or Goldman Sachs, as Administrative Agent, shall withhold taxes from such payments at the applicable statutory rate in the case of payments to or for any Lender. 
 (f)        Any Lender claiming any additional amounts payable pursuant to this Section 2.14 agrees to use
reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to select or change the jurisdiction of its Applicable Lending Office if the making of such a selection or change would avoid the need for, or reduce the
amount of, any such 

  

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additional amounts that may thereafter accrue and would not, in the reasonable judgment of such Lender, be otherwise economically disadvantageous to such
Lender. 
 (g)        No additional amounts will be payable pursuant to this Section 2.14 with
respect to (i) any Home Jurisdiction Withholding Taxes that would not have been payable had the Lender provided the relevant forms or other documents pursuant to Section 2.14(e); or (ii) in the case of an Assignment and Acceptance by
a Lender to an Eligible Assignee, any Home Jurisdiction Withholding Taxes that exceed the amount of such Home Jurisdiction Withholding Taxes that are imposed prior to such Assignment and Acceptance, unless such Assignment and Acceptance resulted
from the demand of Altria. 
 (h)        If any Lender or Goldman Sachs, as Administrative Agent, as
the case may be, obtains a refund of any Tax for which payment has been made pursuant to this Section 2.14, which refund in the good faith judgment of such Lender or Goldman Sachs, as Administrative Agent, as the case may be, (and without any
obligation to disclose its tax records) is allocable to such payment made under this Section 2.14, the amount of such refund (together with any interest received thereon and reduced by reasonable costs incurred in obtaining such refund)
promptly shall be paid to Altria to the extent payment has been made in full by Altria pursuant to this Section 2.14. 
 Section 2.15. Sharing of Payments, Etc. If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account of the Advances owing to it (other than
pursuant to Section 2.11, 2.14 or 8.04(b)) in excess of its ratable share of payments on account of the Advances obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Advances made
by them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing
Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the
proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount
so recovered. Altria agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 2.15 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with
respect to such participation as fully as if such Lender were the direct creditor of Altria in the amount of such participation. 
 Section 2.16. Evidence of Debt. (a) Lender Records; Notes. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of Altria to such Lender resulting from
each Advance owing to such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder in respect of Advances. Altria shall, upon notice by any Lender to Altria (with a copy
of such notice to Goldman Sachs, as Administrative Agent) to the effect that a Note is required or appropriate in order for such Lender to evidence (whether for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by,
such Lender, 

  

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promptly execute and deliver to such Lender a Note payable to the order of such Lender in a principal amount up to the Commitment of such Lender. 

(b)        Record of Borrowings, Payables and Payments. The Register maintained by Goldman Sachs, as
Administrative Agent, pursuant to Section 8.07(d) shall include a control account, and a subsidiary account for each Lender, in which accounts (taken together) shall be recorded as follows: 
 (i)        the date and amount of each Borrowing made hereunder, the Type of Advances comprising
such Borrowing and, if appropriate, the Interest Period applicable thereto; 
 (ii)       the terms of each Assignment and Acceptance delivered to and accepted by it; 
 (iii)      the amount of any principal or interest due and payable or to become due and payable from Altria to each Lender hereunder; and 
 (iv)      the amount of any sum received by Goldman Sachs, as Administrative Agent, from Altria hereunder
and each Lender’s share thereof. 
 (c)        Evidence of Payment Obligations. Entries
made in good faith by Goldman Sachs, as Administrative Agent, in the Register pursuant to Section 2.16(b), and by each Lender in its account or accounts pursuant to Section 2.16(a), shall be prima facie evidence of the amount
of principal and interest due and payable or to become due and payable from Altria to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement, absent manifest error; provided,
however, that the failure of Goldman Sachs, as Administrative Agent, or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations
of Altria under this Agreement. 
 Section 2.17. Use of Proceeds. The proceeds of the Advances shall be available (and Altria
agrees that it shall use such proceeds) for general corporate purposes of Altria and its Subsidiaries, including the refinancing of Debt of Altria and its Subsidiaries and payment of any tender offer and consent solicitation expenses relating to
such Debt. 
 ARTICLE III 
 CONDITIONS TO EFFECTIVENESS AND LENDING 
 Section 3.01. Conditions Precedent to Effectiveness. This Agreement shall
become effective on and as of the first date (the “Effective Date”) on which the following conditions precedent have been satisfied: 
 (a)        Altria shall have notified each Lender and Goldman Sachs, as Administrative Agent, in writing as to the proposed Effective Date. 
  

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 (b)        On the Effective Date, the following statements shall
be true and Goldman Sachs, as Administrative Agent, shall have received for the account of each Lender a certificate signed by a duly authorized officer of Altria, dated the Effective Date, stating that: 
 (i)        the representations and warranties contained in Section 4.01 are correct on and
as of the Effective Date, and 
 (ii)        no event has occurred and is continuing
that constitutes a Default or Event of Default. 
 (c)        Goldman Sachs, as Administrative Agent,
shall have received on or before the Effective Date the following, each dated such day, in form and substance satisfactory to Goldman Sachs, as Administrative Agent: 
 (i)        Certified copies of the resolutions of the Board of Directors of Altria approving this
Agreement, and of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Agreement. 
 (ii)        A certificate of the Secretary or an Assistant Secretary of Altria certifying the names and true signatures of the officers of Altria authorized to sign this
Agreement and the other documents to be delivered hereunder. 
 (iii)        Favorable opinions of counsel (which may be in-house counsel) for Altria, substantially in the form of Exhibits D-1 and D-2 hereto. 
 (d)        This Agreement shall have been executed by Altria, Goldman Sachs and Lehman, as Administrative Agents,
JPMorgan Chase Bank, N.A. and Citibank, N.A., as Syndication Agents, and Credit Suisse, Cayman Islands Branch and Deutsche Bank Securities Inc., as Arrangers and Documentation Agents, and Goldman Sachs, as Administrative Agent, shall have been
notified by each Initial Lender that such Initial Lender has executed this Agreement. 
 Goldman Sachs, as Administrative Agent, shall notify Altria and the
Initial Lenders of the date which is the Effective Date upon satisfaction of all of the conditions precedent set forth in this Section 3.01. For purposes of determining compliance with the conditions specified in this Section 3.01, each
Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of Goldman
Sachs, as Administrative Agent, responsible for the transactions contemplated by this Agreement shall have received notice from such Lender prior to the date that Altria, by notice to the Lenders, designates as the proposed Effective Date,
specifying its objection thereto. 
 Section 3.02. Conditions Precedent to Each Borrowing. The obligation of each Lender to make
an Advance on the occasion of each Borrowing is subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Borrowing the following statements shall be true, and the acceptance by Altria of the proceeds of
such Borrowing shall be a representation by Altria, that: 
  

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 (a)        the representations and warranties contained in
Section 4.01 (except the representations set forth in the last sentence of subsection (e) and in subsection (f) thereof (other than clause (i) thereof)) are correct on and as of the date of such Borrowing, before and after giving
effect to such Borrowing and to the application of the proceeds therefrom, as though made on and as of such date; and 
 (b)        after giving effect to the application of the proceeds of all Borrowings on such date (together with any other resources of Altria applied together therewith) no event has occurred and is
continuing, or would result from such Borrowing, that constitutes a Default or Event of Default. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 Section 4.01. Representations and Warranties of Altria. Altria represents and warrants as follows: 
 (a)        It is a corporation duly organized, validly existing and in good standing under the laws of Virginia. 
 (b)        The execution, delivery and performance of this Agreement and the Notes to be delivered by it are within its corporate powers, have been duly authorized by all
necessary corporate action, and do not contravene (i) its charter or by-laws or (ii) in any material respect, any law, rule, regulation or order of any court or governmental agency or any contractual restriction binding on or affecting it.

 (c)        No authorization or approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body is required for the due execution, delivery and performance by it of this Agreement or the Notes to be delivered by it. 
 (d)        This Agreement is, and each of the Notes to be delivered by it when delivered hereunder will be, a legal, valid and binding obligation of Altria enforceable against
Altria in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws affecting creditors’ rights generally and subject, as to enforceability, to
general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 
 (e)        As reported in Altria’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, the unaudited condensed consolidated balance sheets of
Altria and its Subsidiaries as of September 30, 2007 and the unaudited condensed consolidated statements of earnings of Altria and its Subsidiaries for the quarter then ended fairly present, in all material respects, the consolidated financial
position of Altria and its Subsidiaries as at such date and the consolidated results of the operations of Altria and its Subsidiaries for the quarter ended on such date, all in accordance with accounting principles generally accepted in the United
States. Except as disclosed in Altria’s Quarterly Report on Form 10-Q for the quarter ended September 

  

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30, 2007, and in any Current Report on Form 8-K filed subsequent to September 30, 2007 but prior to January 28, 2008, since September 30, 2007
there has been no material adverse change in such position or operations. 
 (f)        There is no
pending or threatened action or proceeding affecting it or any of its Subsidiaries before any court, governmental agency or arbitrator (a “Proceeding”) (i) that purports to affect the legality, validity or enforceability of
this Agreement or (ii) except for Proceedings disclosed in Altria’s Annual Report on Form 10-K for the year ended December 31, 2006, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2007, June 30, 2007
and September 30, 2007, any Current Report on Form 8-K filed subsequent to September 30, 2007 but prior to January 28, 2008 and, with respect to Proceedings commenced after the date of the most recent such document but prior to
January 28, 2008, a certificate delivered to the Lenders, that may materially adversely affect the financial position or results of operations of Altria and its Subsidiaries taken as a whole. 
 (g)        None of the proceeds of any Advance will be used, directly or indirectly, for the purpose of
purchasing or carrying any Margin Stock or for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any Margin Stock or for any other purpose that would constitute the Advances as a “purpose
credit” within the meaning of Regulation U and, in each case, would constitute a violation of Regulation U. 
 ARTICLE V 
 COVENANTS OF ALTRIA 
 Section 5.01.
Affirmative Covenants. So long as any Advance shall remain unpaid or any Lender shall have any Commitment hereunder, Altria will: 
 (a)        Compliance with Laws, Etc. Comply, and cause each Major Subsidiary to comply, in all material respects, with all applicable laws, rules, regulations and orders (such compliance to
include, without limitation, complying with ERISA and paying before the same become delinquent all taxes, assessments and governmental charges imposed upon it or upon its property except to the extent contested in good faith), noncompliance with
which would materially adversely affect the financial condition or operations of Altria and its Subsidiaries taken as a whole. 
 (b)        Maintenance of Ratio of Earnings Before Income Taxes to Fixed Charges. Prior to effectiveness of a Spin-off Transaction, maintain a ratio of aggregate consolidated Earnings Before
Income Taxes for the four most recent fiscal quarters for which consolidated statements of earnings have been delivered pursuant to Section 5.01(d)(i) or (ii) hereof to consolidated Fixed Charges for such four most recent fiscal quarters
of not less than 2.5 to 1.0; provided that an amount or amounts up to an aggregate of $5,000,000,000 expensed by Altria (or any Subsidiary thereof) in connection with the settlement of tobacco-related litigation or for bonding or other
similar expenses incurred in order to obtain a stay of execution, during the applicable four-quarter period, will not be included in such calculation. 
  

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 (c)        Maintenance of Ratios in the Event of a Spin-off
Transaction. Upon effectiveness of a Spin-off Transaction: 
 (i)        Maintenance of Ratio of Debt to EBITDA. Maintain a ratio of aggregate consolidated Debt as of the last day of the most recent fiscal quarter for which consolidated financial
statements have been delivered pursuant to Section 5.01(d)(i) or (ii) hereof to Consolidated EBITDA for the four consecutive fiscal quarter period ending on such date of not more than 2.5 to 1.0 (calculated after giving pro forma effect to
the Spin-off Transaction and the reduction of Debt during the four-quarter period prior to the Spin-off Transaction); provided that such ratio shall be tested for the first time at the end of the fiscal quarter in which the Spin-off
Transaction becomes effective. 
 (ii)        Maintenance of Ratio of Consolidated
EBITDA to Consolidated Interest Expense. Maintain a ratio of Consolidated EBITDA for the four most recent fiscal quarters for which consolidated financial statements have been delivered pursuant to Section 5.01(d)(i) or (ii) hereof to
Consolidated Interest Expense for such four most recent fiscal quarters of not less than 4.0 to 1.0 (calculated after giving pro forma effect to the Spin-off Transaction); provided that such ratio shall be tested for the first time at the end
of the fiscal quarter in which the Spin-off Transaction becomes effective. 
 (d)        Reporting
Requirements. Furnish to the Lenders: 
 (i)        as soon as available and in
any event within 60 days after the end of each of the first three quarters of each fiscal year of Altria, an unaudited interim condensed consolidated balance sheet of Altria and its Subsidiaries as of the end of such quarter and unaudited interim
condensed consolidated statements of earnings of Altria and its Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, certified by the chief financial officer of Altria; 
 (ii)        as soon as available and in any event within 100 days after the end of each fiscal
year of Altria, a copy of the consolidated financial statements for such year for Altria and its Subsidiaries, audited by PricewaterhouseCoopers LLP (or other independent auditors which, as of the date of this Agreement, are one of the “big
four” accounting firms); 
 (iii)        all reports which Altria sends to any
of its shareholders, and copies of all reports on Form 8-K (or any successor forms adopted by the Securities and Exchange Commission) which Altria files with the Securities and Exchange Commission; 
 (iv)        as soon as possible and in any event within five days after the occurrence of each
Event of Default and each Default, continuing on the date of such statement, a statement of the chief financial officer or treasurer of Altria setting forth details of such Event of Default or Default and the action which Altria has taken and
proposes to take with respect thereto; 
 (v)        during the period when
compliance with Section 5.01(c) is required hereunder and within 60 days of the end of each fiscal quarter of Altria, a 

  

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statement of the chief financial officer or treasurer of Altria certifying compliance with the requirements of Section 5.01(c) and setting forth the
relevant calculations; and 
 (vi)        such other historical information
respecting the condition or operations, financial or otherwise, of Altria or any Major Subsidiary as any Lender through Goldman Sachs, as Administrative Agent, may from time to time reasonably request. 
 In lieu of furnishing the Lenders the items referred to in clauses (i), (ii) and (iii) above, Altria may make such items available on the internet at
www.altria.com (which website includes an option to subscribe to a free service alerting subscribers by e-mail of new Securities and Exchange Commission filings) or any successor or replacement website thereof, or by similar electronic means.

 Section 5.02. Negative Covenants. So long as any Advance shall remain unpaid or any Lender shall have any Commitment
hereunder, Altria will not: 
 (a)        Liens, Etc. Create or suffer to exist, or permit any
Major Subsidiary to create or suffer to exist, any lien, security interest or other charge or encumbrance (other than operating leases and licensed intellectual property), or any other type of preferential arrangement (“Liens”),
upon or with respect to any of its properties, whether now owned or hereafter acquired, or assign, or permit any Major Subsidiary to assign, any right to receive income, in each case to secure or provide for the payment of any Debt of any Person,
other than: 
 (i)      Liens upon or in property acquired or held by it or any Major
Subsidiary in the ordinary course of business to secure the purchase price of such property or to secure indebtedness incurred solely for the purpose of financing the acquisition of such property; 
 (ii)      Liens existing on property at the time of its acquisition (other than any such lien or security
interest created in contemplation of such acquisition); 
 (iii)     Liens existing on the date
hereof securing Debt; 
 (iv)     Liens on property financed through the issuance of industrial
revenue bonds in favor of the holders of such bonds or any agent or trustee therefor; 
 (v)      Liens existing on property of any Person acquired by Altria or any Major Subsidiary; 
 (vi)     Liens securing Debt in an aggregate amount not in excess of 15% of Consolidated Tangible Assets; 
 (vii)    Liens upon or with respect to “margin stock” as that term is defined in Regulation U; 

(viii)    Liens in favor of Altria or any Major Subsidiary; 
  

 26 

 (ix)     Liens in connection with leasing, sale and leaseback
and structured finance transactions conducted in the ordinary course of business of Philip Morris Capital Corporation, provided that any such Liens that secure the payment of Debt are without recourse to the general credit or assets of Altria
and its Major Subsidiaries; 
 (x)     precautionary Liens provided by Altria or any Major
Subsidiary in connection with the sale, assignment, transfer or other disposition of assets by Altria or such Major Subsidiary which transaction is determined by the Board of Directors of Altria or such Major Subsidiary to constitute a
“sale” under accounting principles generally accepted in the United States; or 
 (xi)     any extension, renewal or replacement of the foregoing, provided that (A) such Lien does not extend to any additional assets (other than a substitution of like assets), and (B) the amount
of Debt secured by any such Lien is not increased. 
 (b)        Mergers, Etc. Consolidate
with or merge into, or convey or transfer its properties and assets substantially as an entirety to, any Person, or permit any Subsidiary directly or indirectly owned by it to do so, unless, immediately after giving effect thereto, no Default or
Event of Default would exist and, in the case of any merger or consolidation to which it is a party, the surviving corporation is Altria or was a Subsidiary of Altria immediately prior to such merger or consolidation, which is organized and existing
under the laws of the United States of America or any State thereof, or the District of Columbia. The surviving corporation of any merger or consolidation involving Altria shall assume all of Altria’s obligations under this Agreement (including
without limitation with respect to Altria’s obligations, the covenants set forth in Article V) by the execution and delivery of an instrument in form and substance satisfactory to the Required Lenders. 
 ARTICLE VI 
 EVENTS OF DEFAULT 
 Section 6.01. Events of Default. Each of the following events (each an “Event of Default”) shall constitute an Event of
Default: 
 (a)        Altria shall fail to pay any principal of any Advance when the same becomes
due and payable; or Altria shall fail to pay interest on any Advance, or fail to pay the facility fee under Section 2.08, within ten days after the same becomes due and payable; or 
 (b)        Any representation or warranty made or deemed to have been made by Altria herein or by Altria (or any
of their respective officers) in connection with this Agreement shall prove to have been incorrect in any material respect when made or deemed to have been made; or 
 (c)        Altria shall fail to perform or observe (i) any term, covenant or agreement contained in Section 5.01(b) or 5.02(b), (ii) any term, covenant or
agreement contained in Section 5.02(a) if such failure shall remain unremedied for 15 days after written notice thereof shall have been given to Altria by Goldman Sachs, as Administrative Agent, or any Lender or 

  

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(iii) any other term, covenant or agreement contained in this Agreement on its part to be performed or observed if such failure shall remain unremedied for
30 days after written notice thereof shall have been given to Altria by Goldman Sachs, as Administrative Agent, or any Lender; or 
 (d)        Altria or any Major Subsidiary shall fail to pay any principal of or premium or interest on any Debt which is outstanding in a principal amount of at least $100,000,000 in the aggregate
(but excluding Debt arising under this Agreement) of Altria or such Major Subsidiary (as the case may be), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such
failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt unless adequate provision for any such payment has been made in form and substance satisfactory to the Required Lenders;
or any Debt of Altria or any Major Subsidiary which is outstanding in a principal amount of at least $100,000,000 in the aggregate (but excluding Debt arising under this Agreement) shall be declared to be due and payable, or required to be prepaid
(other than by a scheduled required prepayment), redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall be required to be made, in each case prior to the stated maturity thereof unless adequate provision
for the payment of such Debt has been made in form and substance satisfactory to the Required Lenders; or 
 (e)        Altria or any Major Subsidiary shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general
assignment for the benefit of creditors; or any proceeding shall be instituted by or against Altria or any Major Subsidiary seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement,
adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or
other similar official for it or for any substantial part of its property, and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 60 days
or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against it or the appointment of a receiver, trustee, custodian or other similar official for it or for any of its property constituting
a substantial part of the property of Altria and its Subsidiaries taken as a whole) shall occur; or Altria or any Major Subsidiary shall take any corporate action to authorize any of the actions set forth above in this subsection (e); or 

(f)        Any judgment or order for the payment of money in excess of $100,000,000 shall be rendered against
Altria or any Major Subsidiary and there shall be any period of 60 consecutive days during which a stay of enforcement of such unsatisfied judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; provided that
such 60-day stay period shall be extended for a period not to exceed an additional 120 days if (i) Altria or such Major Subsidiary is contesting such judgment or enforcement of such judgment in good faith, unless, with respect only to judgments
or orders rendered outside the United States, such action is not reasonably required to protect its respective assets from levy or garnishment, and (ii) no assets with a fair market value in excess of $100,000,000 of Altria or such Major
Subsidiary have been levied upon or garnished to satisfy such judgment; provided, further, that such 60-day 

  

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stay period shall be further extended for any judgment or order rendered outside the United States until such time as the conditions in clauses (i) or
(ii) are no longer satisfied; or 
 (g)        Altria or any ERISA Affiliate shall incur, or
shall be reasonably likely to incur, liability in excess of $500,000,000 in the aggregate as a result of one or more of the following: (i) the occurrence of any ERISA Event; (ii) the partial or complete withdrawal of Altria or any ERISA
Affiliate from a Multiemployer Plan; or (iii) the reorganization or termination of a Multiemployer Plan; provided, however, that no Default or Event of Default under this Section 6.01(g) shall be deemed to have occurred if
Altria or any ERISA Affiliate shall have made arrangements satisfactory to the PBGC or the Required Lenders to discharge or otherwise satisfy such liability (including the posting of a bond or other security). 
 Section 6.02. Lenders’ Rights upon Event of Default. If an Event of Default occurs or is continuing, then Goldman Sachs, as
Administrative Agent, shall at the request, or may with the consent, of the Required Lenders, by notice to Altria: 
 (a)        declare the obligation of each Lender to make further Advances to be terminated, whereupon the same shall forthwith terminate, and 
 (b)        declare all the Advances then outstanding, all interest thereon and all other amounts payable under
this Agreement to be forthwith due and payable, whereupon the Advances then outstanding, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of
which are hereby expressly waived by Altria; 
 provided, however, that in the event of an actual or deemed entry of an order for relief with
respect to Altria under the Federal Bankruptcy Code, (i) the obligation of each Lender to make Advances shall automatically be terminated and (ii) the Advances then outstanding, all such interest and all such amounts shall automatically
become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by Altria. 
 ARTICLE VII 
 THE ADMINISTRATIVE AGENTS 
 Section 7.01. Authorization and Action. Each Lender hereby appoints and authorizes the Administrative Agents to take such action as agent on its behalf and to exercise such powers and discretion under this
Agreement as are delegated to the Administrative Agents by the terms hereof, together with such powers and discretion as are reasonably incidental thereto. As to any matters not expressly provided for by this Agreement (including, without
limitation, enforcement or collection of the Notes), the Administrative Agents shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or
refraining from acting) upon the instructions of the Required Lenders, and such instructions shall be binding upon all Lenders and all holders of Notes; provided, however, that no Administrative Agent shall be required to take any
action that exposes such Administrative Agent to personal liability or that is contrary to this 

  

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Agreement or applicable law. Each of the Administrative Agents agrees to give to each Lender prompt notice of each notice given to it by Altria as required
by the terms of this Agreement or at the request of Altria, and any notice provided pursuant to Section 5.01(d)(iv). No Administrative Agent shall have, by reason hereof, a fiduciary relationship in respect of any Lender; and nothing herein,
expressed or implied, is intended to or shall be so construed as to impose upon any Administrative Agent any obligations in respect hereof except as expressly set forth herein. 
 Section 7.02. Administrative Agents’ Reliance, Etc. Neither the Administrative Agents nor any of their directors, officers, agents or
employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement, except for its or their own gross negligence or willful misconduct. Without limitation of the generality of the
foregoing, the Administrative Agents: 
 (a)        may treat the Lender that made any Advance as the
holder of the Debt resulting therefrom until Goldman Sachs, as Administrative Agent, receives and accepts an Assignment and Acceptance entered into by such Lender, as assignor, and an Eligible Assignee, as assignee, as provided in Section 8.07;

 (b)        may consult with legal counsel (including counsel for Altria), independent public
accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; 
 (c)        make no warranty or representation to any Lender and shall not be responsible to any Lender for any
statements, warranties or representations (whether written or oral) made in or in connection with this Agreement; 
 (d)        shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of Altria or to inspect the
property (including the books and records) of Altria; 
 (e)        shall not be responsible to any
Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and 
 (f)         shall incur no liability under or in respect of this Agreement by acting upon any notice, consent,
certificate or other instrument or writing (which may be by telecopier, telegram or telex) believed by it to be genuine and signed or sent by the proper party or parties. 
 Section 7.03. Goldman Sachs, Lehman and Affiliates. With respect to its Commitment and the Advances made by it, each of Goldman Sachs and Lehman shall have the same rights and powers under this Agreement
as any other Lender and may exercise the same as though it were not an Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include Goldman Sachs and Lehman in their individual
capacities. Goldman Sachs and Lehman and their affiliates may accept deposits from, lend money to, act as trustee under indentures of, accept investment banking engagements from and generally engage in any kind of business with, Altria, any of its
Subsidiaries and any Person who may do business 

  

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with or own securities of Altria or any such Subsidiary, all as if Goldman Sachs and Lehman were not Administrative Agents and without any duty to account
therefor to the Lenders. 
 Section 7.04. Lender Credit Decision. Each Lender acknowledges that it has, independently and without
reliance upon either Administrative Agent, either Syndication Agent, either Arranger and Documentation Agent, or any other Lender and based on the financial statements referred to in Section 4.01 and such other documents and information as it
has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon any Administrative Agent, Syndication Agent, Arranger and
Documentation Agent, or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement. 
 Section 7.05. Indemnification. The Lenders agree to indemnify each Administrative Agent (to the extent not reimbursed by Altria), ratably
according to the respective principal amounts of the Advances then owing to each of them (or if no Advances are at the time outstanding, ratably according to the respective amounts of their Commitments), from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against such Administrative Agent in any way relating to or
arising out of this Agreement or any action taken or omitted by such Administrative Agent under this Agreement (collectively, the “Indemnified Costs”), provided that no Lender shall be liable for any portion of the
Indemnified Costs to the extent resulting from such Administrative Agent’s gross negligence or willful misconduct as found in a final, non-appealable judgment by a court of competent jurisdiction. Without limitation of the foregoing, each
Lender agrees to reimburse such Administrative Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including counsel fees) incurred by such Administrative Agent in connection with the preparation, execution, delivery,
administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that such Administrative Agent is
not reimbursed for such expenses by Altria. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Costs, this Section 7.05 applies whether any such investigation, litigation or proceeding is brought by any
Administrative Agent, any Lender or a third party. 
 Section 7.06. Successor Administrative Agents. An Administrative Agent may
resign at any time by giving written notice thereof to the Lenders and Altria and may be removed at any time with or without cause by the Required Lenders. Upon the resignation or removal of Goldman Sachs, as Administrative Agent, Lehman, as
Administrative Agent, shall succeed to and become vested with all the rights, powers, discretion, privileges and duties of Goldman Sachs, as Administrative Agent, and Goldman Sachs, as Administrative Agent shall be discharged from its duties and
obligations under this Agreement. Upon any other such resignation or removal which results in there being no Administrative Agent hereunder, the Required Lenders shall have the right to appoint a successor Administrative Agent. If no successor
Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation or the Required Lenders’ removal
of the retiring Administrative Agent, 

  

 31 

 
then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a commercial bank organized
under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $500,000,000. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent,
such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its
duties and obligations under this Agreement. After any retiring Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Article VII shall inure to its benefit as to any actions taken or omitted to
be taken by it while it was Administrative Agent under this Agreement. 
 Section 7.07. Syndication Agents and Arrangers and
Documentation Agents. JPMorgan Chase Bank, N.A. and Citibank, N.A., have been designated as Syndication Agents, and Credit Suisse, Cayman Islands Branch and Deutsche Bank Securities Inc. have been designated as Arrangers and Documentation Agents
under this Agreement, but the use of such titles does not impose on any of them any duties or obligations greater than those of any other Lender. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.01. Amendments, Etc. No amendment or waiver of any provision of this Agreement, nor consent to any departure by Altria therefrom, shall in any event be effective unless the same shall be in writing and signed by the
Required Lenders, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall, unless in writing and
signed by all the Lenders affected thereby, do any of the following: (a) waive any of the conditions specified in Sections 3.01 and 3.02, (b) increase the Commitments of the Lenders or subject the Lenders to any additional obligations,
(c) reduce the principal of, or interest on, the Advances or any fees or other amounts payable hereunder, (d) postpone any date fixed for any payment of principal of, or interest on, the Advances or any fees or other amounts payable
hereunder, (e) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Advances, or the number of Lenders, that shall be required for the Lenders or any of them to take any action hereunder, or (f) amend
this Section 8.01; and provided further that no amendment, waiver or consent shall, unless in writing and signed by Goldman Sachs, as Administrative Agent, in addition to the Lenders required above to take such action, affect the
rights or duties of Goldman Sachs, as Administrative Agent, under this Agreement or any Advance. 
 Section 8.02. Notices, Etc.
(a) Addresses. All notices and other communications provided for hereunder shall be in writing (including telecopier communication) and mailed, telecopied, or delivered, as follows: 
  

 32 

	
	  
	 if to Altira

	
	 Altria Group, Inc.

	 6601 West Broad Street

	 Richmond, Virginia 23230

	 Attention: Executive Vice President and Chief Financial Officer, Philip Morris USA Inc.

	 Fax number: (804) 484-8265;
  
 with a copy to:
  

	 Altria Corporate Services, Inc.

	 120 Park Avenue

	 New York, New York 10017

	 Attention: Treasury Department - Debt Administration

	 Fax number: (917) 663-5345;
  
 if to any Initial Lender, at its Domestic Lending Office
specified opposite its name on

	 Schedule I hereto;
  
 if to any other Lender, at its Domestic Lending Office specified in the Assignment and

	 Acceptance pursuant to which it became a Lender;
  
 if to Goldman Sachs, as Administrative Agent:
  

	 c/o Goldman, Sachs & Co.

	 30 Hudson Street, 17th Floor

	 Jersey City, NJ 07302

	 Attention: SBD Operations

	 Attention: Pedro Ramirez

	 Facsimile Number: (212) 357-4597;
  
 with a copy to:
  

	 Goldman Sachs Credit Partners L.P.

	 85 Broad Street

	 New York, New York 10004

	 Attention: Alona Schwarz

	 Fax number: (212) 885-0382 ; or

 as to Altria or Goldman Sachs, as Administrative Agent, at such other address as shall be designated by such party
in a written notice to the other parties and, as to each other party, at such other address as shall be designated by such party in a written notice to Altria and Goldman Sachs, as Administrative Agent. 
 (b)        Effectiveness of Notices. All such notices and communications shall, when mailed or telecopied,
be effective when deposited in the mail or telecopied, respectively, except that notices and communications to Goldman Sachs, as Administrative Agent, pursuant to Article II, III or VII shall not be effective until received by Goldman Sachs, as
Administrative Agent. 

  

 33 

 
Delivery by telecopier of an executed counterpart of any amendment or waiver of any provision of this Agreement or of any Exhibit hereto to be executed and
delivered hereunder shall be effective as delivery of a manually executed counterpart thereof. 
 Section 8.03. No Waiver;
Remedies. No failure on the part of any Lender or Goldman Sachs, as Administrative Agent, to exercise, and no delay in exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall any single or partial exercise
of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 Section 8.04. Costs and Expenses. (a) Administrative Agent; Enforcement. Altria agrees to pay on demand all reasonable costs and
expenses in connection with the preparation, execution, delivery, administration (excluding any cost or expenses for administration related to the overhead of Goldman Sachs, as Administrative Agent), modification and amendment of this Agreement and
the documents to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for Goldman Sachs, as Administrative Agent, with respect thereto and with respect to advising Goldman Sachs, as
Administrative Agent, as to its rights and responsibilities under this Agreement, and all costs and expenses of the Lenders and Goldman Sachs, as Administrative Agent, if any (including, without limitation, reasonable counsel fees and expenses of
the Lenders and Goldman Sachs, as Administrative Agent), in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement and the other documents to be delivered hereunder. 
 (b)        Prepayment of LIBO Rate Advances. If any payment of principal of LIBO Rate Advance is made
other than on the last day of the Interest Period for such Advance or at its maturity, as a result of a payment pursuant to Section 2.10, acceleration of the maturity of the Advances pursuant to Section 6.02, an assignment made as a result
of a demand by Altria pursuant to Section 8.07(a) or for any other reason, Altria shall, upon demand by any Lender (with a copy of such demand to Goldman Sachs, as Administrative Agent), pay to Goldman Sachs, as Administrative Agent, for the
account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses which it may reasonably incur as a result of such payment, including, without limitation, any loss (excluding loss of anticipated
profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Advance. Without prejudice to the survival of any other agreement of Altria hereunder, the
agreements and obligations of Altria contained in Section 2.02(c), 2.05, 2.11, 2.14 and this Section 8.04(b) shall survive the payment in full of principal and interest hereunder. 
 (c)        Indemnification. Altria agrees to indemnify and hold harmless the Administrative Agents and
each Lender and each of their respective affiliates, control persons, directors, officers, employees, attorneys and agents (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities and expenses
(including, without limitation, reasonable fees and disbursements of counsel) which may be incurred by or asserted against any Indemnified Party, in each case in connection with or arising out of, or in connection with the preparation for or defense
of, any investigation, litigation, or proceeding (i) related to any 

  

 34 

 
transaction or proposed transaction (whether or not consummated) in which any proceeds of any Borrowing are applied or proposed to be applied, directly or
indirectly, by Altria, whether or not such Indemnified Party is a party to such transaction or (ii) related to Altria’s entering into this Agreement, or to any actions or omissions of Altria, any of its Subsidiaries or affiliates or any of
its or their respective officers, directors, employees or agents in connection therewith, in each case whether or not an Indemnified Party is a party thereto and whether or not such investigation, litigation or proceeding is brought by Altria or any
other Person; provided, however, that Altria shall not be required to indemnify any such Indemnified Party from or against any portion of such claims, damages, losses, liabilities or expenses that is found in a final, non-appealable
judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Party. 
 Section 8.05. Right of Set-Off. Upon (i) the occurrence and during the continuance of any Event of Default and (ii) the making of the request or the granting of the consent specified by Section 6.02 to authorize
Goldman Sachs, as Administrative Agent, to declare the Advances due and payable pursuant to the provisions of Section 6.02, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off
and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of Altria against any and all of the obligations
of Altria now or hereafter existing under this Agreement, whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. Each Lender shall promptly notify Altria after any such set-off and
application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender and its affiliates under this Section 8.05 are in addition to other rights and remedies
(including, without limitation, other rights of set-off) that such Lender and its affiliates may have. 
 Section 8.06. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of Altria, Goldman Sachs, as Administrative Agent, Lehman, as Administrative Agent and each Lender and their respective successors and assigns, except that Altria shall not
have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lenders. 
 Section 8.07.
Assignments and Participations. (a) Assignment of Lender Obligations. Each Lender may and, if demanded by Altria upon at least five Business Days’ notice to such Lender and Goldman Sachs, as Administrative Agent, will assign
to one or more Persons all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment and the Advances owing to it), subject to the following: 
 (i)        each such assignment shall be of a constant, and not a varying, percentage of all
rights and obligations under this Agreement; 
 (ii)       the amount of the Commitment of
the assigning Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than 

  

 35 

 
$10,000,000 (subject to reduction at the sole discretion of Altria) and shall be an integral multiple of $1,000,000; 
 (iii)      each such assignment shall be to an Eligible Assignee; 
 (iv)      each such assignment made as a result of a demand by Altria pursuant to this Section 8.07(a)
shall be arranged by Altria after consultation with Goldman Sachs, as Administrative Agent, and shall be either an assignment of all of the rights and obligations of the assigning Lender under this Agreement or an assignment of a portion of such
rights and obligations made concurrently with another such assignment or other such assignments which together cover all of the rights and obligations of the assigning Lender under this Agreement; 
 (v)        no Lender shall be obligated to make any such assignment as a result of a demand by
Altria pursuant to this Section 8.07(a) unless and until such Lender shall have received one or more payments from either Altria or one or more Eligible Assignees in an aggregate amount at least equal to the aggregate outstanding principal
amount of the Advances owing to such Lender, together with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Lender under this Agreement; and 
 (vi)      the parties to each such assignment shall execute and deliver to Goldman Sachs, as Administrative
Agent, for its acceptance and recording in the Register, an Assignment and Acceptance, together with a processing and recordation fee of $3,500, provided that, if such assignment is made as a result of a demand by Altria under this
Section 8.07(a), Altria shall pay or cause to be paid such $3,500 fee. 
 Upon such execution, delivery, acceptance and recording, from and after the
effective date specified in each Assignment and Acceptance, (x) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have
the rights and obligations of a Lender hereunder and (y) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights
(other than those provided under Section 8.04) and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto), other than Section 8.12. 
 (b)        Assignment and Acceptance. By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the assignee thereunder confirm to and agree with each other
and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; (ii) such
assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of Altria or the performance or 

  

 36 

 
observance by Altria of any of its obligations under this Agreement or any other instrument or document furnished pursuant hereto; (iii) such assignee
confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon Goldman Sachs, as Administrative Agent, such assigning Lender or any other Lender and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (v) such assignee represents that (A) the source of any funds it is using to acquire the
assigning Lender’s interest or to make any Advance is not and will not be plan assets as defined under the regulations of the Department of Labor of any Plan subject to Title I of ERISA or Section 4975 of the Code or (B) the
assignment or Advance is not and will not be a non-exempt prohibited transaction as defined in Section 406 of ERISA; (vi) such assignee appoints and authorizes Goldman Sachs, as Administrative Agent, to take such action as agent on its
behalf and to exercise such powers and discretion under this Agreement as are delegated to Goldman Sachs, as Administrative Agent, by the terms hereof, together with such powers and discretion as are reasonably incidental thereto; and
(vii) such assignee agrees that it will perform in accordance with their terms all of the obligations that by the terms of this Agreement are required to be performed by it as a Lender. 
 (c)        Agent’s Acceptance. Upon its receipt of an Assignment and Acceptance executed by an
assigning Lender, together with any Note or Notes subject to such assignment, Goldman Sachs, as Administrative Agent, shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit C hereto, (i) accept
such Assignment and Acceptance and (ii) record the information contained therein in the Register. 
 (d)        Register. Goldman Sachs, as Administrative Agent, shall maintain at its address referred to in Section 8.02 a copy of each Assignment and Acceptance delivered to and accepted by
it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of the Advances owing to, each Lender from time to time (the “Register”). The entries in the Register shall
be conclusive and binding for all purposes, absent manifest error, and Altria, Goldman Sachs, as Administrative Agent, and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this
Agreement. The Register shall be available for inspection by Altria or any Lender at any reasonable time and from time to time upon reasonable prior notice. 
 (e)        Sale of Participation. Each Lender may sell participations to one or more banks or other entities in or to all or a portion of its rights and obligations under
this Agreement (including, without limitation, all or a portion of its Commitment, the Advances owing to it and any Note or Notes held by it), subject to the following: 
 (i)        such Lender’s obligations under this Agreement (including, without limitation,
its Commitment to Altria hereunder) shall remain unchanged, 
 (ii)       such Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations, 
  

 37 

 (iii)      Altria, Goldman Sachs, as Administrative Agent,
and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement, and 
 (iv)      no participant under any such participation shall have any right to approve any amendment or
waiver of any provision of this Agreement, or any consent to any departure by Altria therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest on, the Advances or any fees or other amounts
payable hereunder, in each case to the extent subject to such participation, or postpone any date fixed for any payment of principal of, or interest on, the Advances or any fees or other amounts payable hereunder, in each case to the extent subject
to such participation. 
 (f)        Disclosure of Information. Any Lender may, in connection
with any assignment or participation or proposed assignment or participation pursuant to this Section 8.07, disclose to the assignee or participant or proposed assignee or participant, any information relating to Altria furnished to such Lender
by or on behalf of Altria; provided that, prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any confidential information relating to Altria received by
it from such Lender by signing a confidentiality agreement substantially in the form attached hereto as Exhibit E or with terms no less restrictive than the provisions of Exhibit E. 
 (g)        Regulation A Security Interest. Notwithstanding any other provision set forth in this
Agreement, any Lender may at any time create a security interest in all or any portion of its rights under this Agreement (including, without limitation, the Advances owing to it and any Note or Notes held by it) in favor of any Federal Reserve Bank
in accordance with Regulation A. 
 Section 8.08. Governing Law. This Agreement and the Notes shall be governed by, and construed
in accordance with, the laws of the State of New York. 
 Section 8.09. Execution in Counterparts. This Agreement may be executed
in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 8.10. Jurisdiction, Etc. (a) Submission to Jurisdiction; Service of Process. Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of any New York state court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement,
or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York state court
or, to the extent permitted by law, in such Federal court. Altria hereby irrevocably consents to the service of process in any action or proceeding in such courts by the mailing thereof by any parties hereto by registered or certified 

  

 38 

 
mail, postage prepaid, to Altria at its address specified pursuant to Section 8.02. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise have to serve legal
process in any other manner permitted by law or to bring any action or proceeding relating to this Agreement or the Notes in the courts of any jurisdiction. 
 (b)        Waivers. Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it
may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the Notes in any New York state or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 Section 8.11. Confidentiality. None of the Agents nor any Lender shall disclose any confidential information relating to Altria to any other Person without the consent of Altria, other than (a) to such Agent’s or such
Lender’s affiliates and their officers, directors, employees, agents and advisors and, as contemplated by Section 8.07(f), to actual or prospective assignees and participants, and then, in each such case, only on a confidential basis;
provided, however, that such actual or prospective assignee or participant shall have been made aware of this Section 8.11 and shall have agreed to be bound by its provisions as if it were a party to this Agreement, (b) as
required by any law, rule or regulation or judicial process, and (c) as requested or required by any state, federal or foreign authority or examiner regulating banks or banking or other financial institutions. 
 Section 8.12. Integration. This Agreement and the Notes represent the agreement of Altria, the Administrative Agents and the Lenders with
respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agents, Altria or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in
the Notes other than the matters referred to in Section 8.04(a) and except for confidentiality agreements entered into by each Lender in connection with this Agreement. 
 Section 8.13. USA Patriot Act Notice. Each Administrative Agent and each Lender hereby notifies Altria that pursuant to the requirements of
the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies Altria, which information includes the name and
address of Altria and other information that will allow such Lender to identify Altria in accordance with the Patriot Act. 
 Section 8.14. No Fiduciary Duty. Each Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of
Altria. Altria agrees that nothing in this Agreement will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Lenders and Altria, its stockholders or its Affiliates. Altria further
acknowledges and agrees that it is responsible for making its own independent judgment with respect to this Agreement and the process leading thereto. Altria agrees that it will not claim that 

  

 39 

 
any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to Altria, in connection with this Agreement or the
process leading thereto. 
 [Signature pages omitted.] 
  

 40 

 EXHIBIT A - FORM OF 
 NOTE 
 Dated:
                    , 200   
 U.S.$                     
 FOR VALUE RECEIVED, the undersigned, ALTRIA GROUP, INC., a Virginia corporation (the “Altria”), HEREBY PROMISES TO PAY to the order of
                     (the “Lender”) for the account of its Applicable Lending Office on the Termination Date (each as defined
in the Bridge Loan Agreement referred to below) the principal sum of U.S.$[amount of the Lender’s Commitment in figures] or, if less, the aggregate principal amount of the Advances outstanding on the Termination Date made by the Lender to
Altria pursuant to the 364-Day Bridge Loan Agreement, dated as of January 28, 2008 among Altria, the Lender and certain other lenders party thereto, Goldman Sachs Credit Partners L.P., as Administrative Agent, Lehman Commercial Paper Inc., as
Administrative Agent, JPMorgan Chase Bank, N.A. and Citibank, N.A., as Syndication Agents, and Credit Suisse, Cayman Islands Branch and Deutsche Bank Securities Inc., as Arrangers and Documentation Agents for the Lender and such other lenders (as
amended or modified from time to time, the “Bridge Loan Agreement;” the terms defined therein being used herein as therein defined). 
 Altria promises to pay interest on the unpaid principal amount of each Advance from the date of such Advance until such principal amount is paid in full, at such interest rate, and payable at such times, as are
specified in the Bridge Loan Agreement. 
 Both principal and interest in respect of each Advance are payable in Dollars to Goldman Sachs
Credit Partners L.P., as Administrative Agent, for the account of the Lender at its office at Citibank, N.A., Account No. 40717188, Reference Altria, Attention: Bank Loan Operations – Phil Green, in same day funds. Each Advance owing to
the Lender by Altria pursuant to the Bridge Loan Agreement, and all payments made on account of principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this
Promissory Note. 
 This Promissory Note is one of the Notes referred to in, and is entitled to the benefits of, the Bridge Loan Agreement.
The Bridge Loan Agreement, among other things, (i) provides for the making of Advances by the Lender to Altria from time to time in an aggregate amount not to exceed at any time outstanding the Dollar amount first above mentioned, the
indebtedness of Altria resulting from each such Advance being evidenced by this Promissory Note, and (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments on
account of principal hereof prior to the maturity hereof upon the terms and conditions therein specified. 

 This Promissory Note shall be governed by, and construed in accordance with, the laws of the State of New
York. 
  

			
	ALTRIA GROUP, INC.
		
	By	 	  

		 	Name:
		 	Title:

  

 2 

 LOANS AND PAYMENTS OF PRINCIPAL 
  

													
	Date	 	 Type
of
 Advance
	 	 Amount
of
 Advance
	 	Interest Rate	 	 Amount
of
 Principal
 Paid
 or Prepaid
	 	 Unpaid
Principal
 Balance
	 	 Notation
 Made By

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

  

 3 

 EXHIBIT B - FORM OF NOTICE OF 
 BORROWING 
 [Date] 

Goldman Sachs Credit Partners L.P., as Administrative Agent 
 for the Lenders party 
 to the Bridge Loan Agreement 
 referred to below 
 Attention:
                                        

 Ladies and Gentlemen: 
 ALTRIA GROUP, INC.,
refers to the 364-Day Bridge Loan Agreement, dated as of January 28, 2008 (as amended or modified from time to time, the “Bridge Loan Agreement,” the terms defined therein being used herein as therein defined), among Altria
Group, Inc., the Lenders party thereto and Goldman Sachs Credit Partners L.P., as Administrative Agent, Lehman Commercial Paper Inc., as Administrative Agent, JPMorgan Chase Bank, N.A. and Citibank, N.A., as Syndication Agents, and Credit Suisse,
Cayman Islands Branch and Deutsche Bank Securities Inc., as Arrangers and Documentation Agents for such Lenders, and hereby gives you notice, irrevocably, pursuant to Section 2.02 of the Bridge Loan Agreement that the undersigned hereby
requests a Borrowing under the Bridge Loan Agreement, and in that connection sets forth below the information relating to such Borrowing (the “Proposed Borrowing”) as required by Section 2.02(a) of the Bridge Loan Agreement:

 (i)        The date of the Proposed Borrowing is
                    , 200  . 
 (ii)       The Type of Advances comprising the Proposed Borrowing is [Base Rate Advances] [LIBO Rate Advances]. 
 (iii)      The aggregate amount of the Proposed Borrowing is
U.S.$[                    ]. 
 [(iv)     The initial Interest Period for each LIBO Rate Advance made as part of the Proposed Borrowing is
                     month(s).] 
 The undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the date of the Proposed Borrowing: 
 (A) the representations and warranties contained in Section 4.01 of the Bridge Loan Agreement (except the representations set forth
in the last sentence of subsection (e) thereof and in subsection (f) thereof (other than clause (i) thereof)) are correct, before and after giving effect to the Proposed Borrowing and to the application of the proceeds therefrom, as
though made on and as of such date; 

 (B)        after giving effect to the application
of the proceeds of all Borrowings on the date of such Borrowing (together with any other resources of Altria applied together therewith), no event has occurred and is continuing, or would result from such Borrowing, that constitutes a Default or
Event of Default; and 
 (C)        the aggregate principal amount of the Proposed
Borrowing and all other Borrowings to be made on the same day under the Bridge Loan Agreement is within the aggregate unused Commitments of the Lenders. 
  

			
	Very truly yours,
	
	ALTRIA GROUP, INC.
		
	By	 	  

		 	Name:
		 	Title:

  

 2 

 EXHIBIT C - FORM OF 
 ASSIGNMENT AND ACCEPTANCE 
 Reference is made to the 364-Day Bridge Loan Agreement, dated as of
January 28, 2008 (as amended or modified from time to time, the “Bridge Loan Agreement,” the terms defined therein being used herein as therein defined), among Altria Group, Inc., a Virginia corporation, the Lenders party
thereto and Goldman Sachs Credit Partners L.P., as Administrative Agent, Lehman Commercial Paper Inc., as Administrative Agent, JPMorgan Chase Bank, N.A. and Citibank, N.A., as Syndication Agents, and Credit Suisse, Cayman Islands Branch and
Deutsche Bank Securities Inc., as Arrangers and Documentation Agents for such Lenders. 
 The “Assignor” and the
“Assignee” referred to on Schedule 1 hereto agree as follows: 
 1.         The Assignor
hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, an interest in and to the Assignor’s rights and obligations under the Bridge Loan Agreement as of the date hereof equal to the percentage
interest specified on Schedule 1 hereto of all outstanding rights and obligations under the Bridge Loan Agreement. After giving effect to such sale and assignment, the Assignee’s Commitment and the amount of the Advances owing to the Assignee
will be as set forth on Schedule 1 hereto. Each of the Assignor and the Assignee represents and warrants that it is authorized to execute and deliver this Assignment and Acceptance. 
 2.        The Assignor (i) represents and warrants that it is the legal and beneficial owner of the interest
being assigned by it hereunder and that such interest is free and clear of any adverse claim; (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in
connection with the Bridge Loan Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Bridge Loan Agreement or any other instrument or document furnished pursuant thereto; and (iii) makes no
representation or warranty and assumes no responsibility with respect to the financial condition of Altria or the performance or observance by Altria of any of its obligations under the Bridge Loan Agreement or any other instrument or document
furnished pursuant thereto. 
 3.        The Assignee (i) confirms that it has received a copy
of the Bridge Loan Agreement, together with copies of the financial statements referred to in Section 4.01 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Acceptance; (ii) agrees that it will, independently and without reliance upon Goldman Sachs Credit Partners L.P., as Administrative Agent, any other Agent, the Assignor or any other Lender and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Bridge Loan Agreement; (iii) represents that (A) the source of any funds it is using to acquire the
Assignor’s interest or to make any Advance is not and will not be plan assets as defined under the regulations of the Department of Labor of any Plan subject to Title I of ERISA or Section 4975 of the Code or (B) the assignment or
Advance is not and will be not be a non-exempt prohibited transaction as defined in Section 406 of ERISA; (iv) appoints and authorizes Goldman Sachs Credit Partners L.P., as Administrative Agent, to take such action as agent on its behalf
and to exercise such powers and discretion under the Bridge Loan Agreement as are delegated to Goldman Sachs Credit Partners L.P., as Administrative 

 
Agent, by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (v) agrees that it will perform in
accordance with their terms all of the obligations that by the terms of the Bridge Loan Agreement are required to be performed by it as a Lender. 
 4.        This Assignment and Acceptance will be delivered to Goldman Sachs Credit Partners L.P., as Administrative Agent, for acceptance and recording by Goldman Sachs Credit Partners L.P., as
Administrative Agent, following its execution. The effective date for this Assignment and Acceptance (the “Effective Date”) shall be the date of acceptance hereof by Goldman Sachs Credit Partners L.P., as Administrative Agent,
unless otherwise specified on Schedule 1 hereto. 
 5.        Upon such acceptance and recording by
Goldman Sachs Credit Partners L.P., as Administrative Agent, as of the Effective Date, (i) the Assignee shall be a party to the Bridge Loan Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations
of a Lender thereunder and (ii) the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Bridge Loan Agreement. 
 6.        Upon such acceptance and recording by Goldman Sachs Credit Partners L.P., as Administrative Agent, from
and after the Effective Date, Goldman Sachs Credit Partners L.P., as Administrative Agent, shall make all payments under the Bridge Loan Agreement in respect of the interest assigned hereby (including, without limitation, all payments of principal,
interest and facility fees with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Bridge Loan Agreement for periods prior to the Effective Date directly between themselves.

 7.        This Assignment and Acceptance shall be governed by, and construed in accordance with,
the laws of the State of New York. 
 8.        This Assignment and Acceptance may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed
counterpart of Schedule 1 to this Assignment and Acceptance by telecopier shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. 
 IN WITNESS WHEREOF, the Assignor and the Assignee have caused Schedule 1 to this Assignment and Acceptance to be executed by their officers thereunto
duly authorized as of the date specified thereon. 
  

 2 

 Schedule 1 
 to 
 Assignment and Acceptance 
 Percentage interest assigned:             % 
 Assignee’s Commitment:        U.S.$                     
 Aggregate outstanding principal amount of Advances
assigned:        U.S.$                     
 Effective Date1:
                    , 200     
  

			
		 	    [NAME OF ASSIGNOR], as Assignor
		
	By	 	  

		 	Title:
		
		 	Dated:                     , 200  
		
		 	    [NAME OF ASSIGNEE], as Assignee
		
	By	 	  

		 	Title:
		
		 	Dated:                     , 200  
	
	Domestic Lending Office:
		 	[Address]

 Accepted this
                     day of
                    , 200   
 GOLDMAN SACHS CREDIT PARTNERS L.P., as Administrative Agent 
  

			
	By	 	  

		 	Title:

 Approved this
                     day of
                    , 200   
  

			
	ALTRIA GROUP, INC.2
		
	By	 	  

		 	Title:

  
 1        This date should be no earlier than
five Business Days after the delivery of this Assignment and Acceptance to Goldman Sachs Credit Partners L.P., as Administrative Agent. 
 2        Not required if an Event of Default
described in Sections 6.01(a) or (e) has occurred and is continuing. 

 EXHIBIT D-1 - FORM OF 
 OPINION OF COUNSEL 
 FOR ALTRIA 
 [Letterhead of Hunton & Williams LLP] 
 [Effective Date] 
 To each of the Lenders party 
 to the Bridge Loan Agreement
referred to below 
 Altria Group, Inc. 
 Ladies and Gentlemen: 
 This opinion is furnished to you pursuant to Section 3.01(c)(iii) of the 364-Day Bridge Loan
Agreement, dated as of January 28, 2008 (the “Bridge Loan Agreement”), among Altria Group, Inc., the Lenders party thereto and Goldman Sachs Credit Partners L.P., as Administrative Agent, Lehman Commercial Paper Inc., as
Administrative Agent, JPMorgan Chase Bank, N.A. and Citibank, N.A., as Syndication Agents, and Credit Suisse, Cayman Islands Branch and Deutsche Bank Securities Inc., as Arrangers and Documentation Agents for such Lenders. Terms defined in the
Bridge Loan Agreement are used herein as therein defined. 
 We have acted as counsel for Altria in connection with the preparation,
execution and delivery of the Bridge Loan Agreement. 
 In that connection, we have examined the following documents: 
 (1)        The Bridge Loan Agreement. 
 (2)        The documents furnished by Altria pursuant to Article III of the Bridge Loan
Agreement. 
 (3)        The Articles of Incorporation of Altria and all amendments
thereto (the “Charter”). 
 (4)        The by-laws of Altria and all
amendments thereto (the “By-laws”). 
 We have also examined the originals, or copies certified to our satisfaction, of such
corporate records of Altria, certificates of public officials and of officers of Altria, and agreements, instruments and other documents, as we have deemed relevant and necessary as a basis for the opinions expressed below. As to questions of fact
material to such opinions, we have, when relevant facts were not independently established by us, relied upon the representations of Altria set forth in the Bridge Loan Agreement and upon certificates of Altria or its officers or of public
officials. Whenever the phrase “to our knowledge” is used herein, it refers to the actual knowledge of the attorneys of the firm involved in the representation of Altria in connection with the Bridge Loan Agreement, without independent
investigation. We have 

  

 2 

 
assumed the due execution and delivery, pursuant to due authorization, of the Bridge Loan Agreement by the Initial Lenders and Goldman Sachs Credit Partners
L.P., as Administrative Agent, Lehman Commercial Paper Inc., as Administrative Agent, JPMorgan Chase Bank, N.A. and Citibank, N.A., as Syndication Agents, and Credit Suisse, Cayman Island Branch and Deutsche Bank Securities Inc., as Arrangers and
Documentation Agents. 
 Our opinions expressed below are limited to the law of the State of New York, the Commonwealth of Virginia and the
Federal law of the United States. 
 Based upon the foregoing and upon such investigation as we have deemed necessary, we are of the
following opinion: 
 1.        Altria is a corporation duly organized, validly
existing and in good standing under the laws of the Commonwealth of Virginia. 
 2.        The execution, delivery and performance by Altria of the Bridge Loan Agreement and the Notes, and the consummation of the transactions contemplated thereby, are within Altria’s
corporate powers, have been duly authorized by all necessary corporate action, and do not contravene (i) the Charter or the By-laws or (ii) any law, rule or regulation applicable to Altria (including, without limitation, Regulation X of
the Board of Governors of the Federal Reserve System) or (iii) to our knowledge, any contractual restriction binding on or affecting Altria. The Bridge Loan Agreement and any Notes delivered on the date hereof have been duly executed and
delivered on behalf of Altria. 
 3.        No authorization, approval or other
action by, and no notice to or filing with, any governmental authority or regulatory body or any other third party is required for the due execution, delivery and performance by Altria of the Bridge Loan Agreement and the Notes. 
 4.        The Bridge Loan Agreement is the legal, valid and binding obligation of Altria
enforceable against Altria in accordance with its terms. The Notes issued on the date hereof, if any, are the legal, valid and binding obligations of Altria, enforceable against Altria in accordance with their respective terms. 
 The opinion set forth in paragraph 4 above is subject to the effect of any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws affecting creditors’ rights generally and to the effect of general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and an implied covenant of good faith and fair
dealing. 
 We express no opinion with respect to: 
 (A)       The effect of any provision of the Bridge Loan Agreement which is intended to permit modification thereof only by means of an agreement in writing by the parties thereto;

  

 3 

 (B)       The effect of any provision of the Bridge Loan Agreement
insofar as it provides that any Person purchasing a participation from a Lender or other Person may exercise set-off or similar rights with respect to such participation or that any Lender or other Person may exercise set-off or similar rights other
than in accordance with applicable law; 
 (C)       The effect of any provision of the Bridge Loan
Agreement imposing penalties or forfeitures; 
 (D)       The enforceability of any provision of the
Bridge Loan Agreement to the extent that such provision constitutes a waiver of illegality as a defense to performance of contract obligations; or 
 (E)       The effect of any provision of the Bridge Loan Agreement relating to indemnification or exculpation in connection with violations of any securities laws or relating to indemnification,
contribution or exculpation in connection with willful, reckless or criminal acts or gross negligence of the indemnified or exculpated Person or the Person receiving contribution. 
 In connection with the provisions of the Bridge Loan Agreement which relate to forum selection (including, without limitation, any waiver of any
objection to venue or any objection that a court is an inconvenient forum), we note that, under NYCPLR § 510, a New York State court may have discretion to transfer the place of trial, and, under 28 U.S.C. § 1404(a), a United States
District Court has discretion to transfer an action from one Federal court to another. 
 This opinion is being furnished to you pursuant to
Section 3.01(c)(iii) of the Bridge Loan Agreement, is solely for the benefit of you and your counsel, and is not intended for, and may not be relied upon by, any other person or entity without our prior written consent. We undertake no duty to
inform you of events occurring subsequent to the date hereof. 
 Very truly yours, 
  

 4 

 EXHIBIT D-2 - FORM OF 
 OPINION OF COUNSEL 
 FOR ALTRIA 
 [Effective Date] 
 To each of the Lenders party 
 to the Bridge Loan Agreement referred to below 
 Altria Group, Inc. 
 Ladies and Gentlemen: 
 This opinion is furnished to you pursuant to Section 3.01(c)(iii) of the 364-Day Bridge Loan Agreement, dated as of January 28, 2008 (the “Bridge Loan Agreement”), among Altria Group, Inc.
(“Altria”), the Lenders party thereto and Goldman Sachs Credit Partners L.P., as Administrative Agent, Lehman Commercial Paper Inc., as Administrative Agent, JPMorgan Chase Bank, N.A. and Citibank, N.A., as Syndication Agents, and
Credit Suisse, Cayman Islands Branch and Deutsche Bank Securities Inc., as Arrangers and Documentation Agents for such Lenders. Terms defined in the Bridge Loan Agreement are used herein as therein defined. 
 I have acted as counsel for Altria in connection with the preparation, execution and delivery of the Bridge Loan Agreement. 
 In that connection, I have examined originals, or copies certified to my satisfaction, of such corporate records of Altria, certificates of public
officials and of officers of Altria, and agreements, instruments and other documents, as I have deemed relevant and necessary as a basis for the opinions expressed below. As to questions of fact material to such opinions, I have, when relevant facts
were not independently established by me, relied upon certificates of Altria or its officers or of public officials. 
 Based upon the
foregoing and upon such investigation as I have deemed necessary, I am of the opinion that, to the best of my knowledge, (i) there is no pending or threatened action or proceeding against Altria or any of its Subsidiaries before any court,
governmental agency or arbitrator (a “Proceeding”) that purports to affect the legality, validity, binding effect or enforceability of the Bridge Loan Agreement or the Notes, if any, or the consummation of the transactions
contemplated thereby, and (ii) except for Proceedings disclosed in the Annual Report on Form 10-K of Altria for the fiscal year ended December 31, 2006, Quarterly Reports on Form 10-Q for the quarters ended March 31,
2007, June 30, 2007 and September 30, 2007 and any Current Reports on Form 8-K filed subsequent to September 30, 2007 but prior to January 28, 2008, or, with respect to Proceedings commenced after the date of the most recent
such document but prior to January 28, 2008, a certificate delivered to the Lenders and attached hereto, there are no Proceedings that are likely to have a materially adverse effect upon the financial position or results of operations of Altria
and its Subsidiaries taken as a whole. 
 Very truly yours, 

 EXHIBIT E - FORM OF 
 CONFIDENTIALITY AGREEMENT 
  

			
	To:	 	 [NAME OF BANK]

		
	Date:	 	                     ,
20    

		
	Subject:	 	 Altria Group, Inc. 364-Day Bridge Loan (“Bridge Loan”)

 In connection with the Bridge Loan for Altria Group, Inc. (the “Company”), you will be
receiving certain information which is non-public, confidential or proprietary in nature. That information and any other information, regardless of form, whether oral, written or electronic, concerning the Company, its subsidiaries or the Bridge
Loan furnished to you by [NAME OF LENDER] or the Company or any of their respective Representatives in connection with the Bridge Loan (at any time on, before or after the date of this Agreement), together with analyses, compilations or other
materials prepared by you or your Representatives which contain or otherwise reflect such information or your review of the Bridge Loan is hereinafter referred to as the “Information.” As used herein, “Representatives” refers to
affiliates, directors, officers, employees, agents, auditors, attorneys, consultants or advisors. In consideration of your receipt of the Information, you agree that: 
  

	 	1.	You will not, without the prior written consent of the Company, use, either directly or indirectly, any of the Information except in connection with the Bridge Loan.

  

	 	2.	You agree to reveal the Information only to your Representatives who need to know the Information for the purpose of evaluating the Bridge Loan, who are informed by you of the
confidential nature of the Information, and who agree to be bound by the terms and conditions of this Agreement. You agree to be responsible for any breach of this Agreement by any of your Representatives and to indemnify and hold the Company,
Altria Corporate Services, Inc. (“Altria Corporate Services”) and their respective Representatives harmless from and against any and all liabilities, claims, causes of action, costs and expenses (including attorney fees and expenses)
arising out of the breach of this Agreement by you or your Representatives. 

  

	 	3.	Without the prior written consent of the Company or Altria Corporate Services, you shall not disclose to any person (except as otherwise expressly permitted herein) the fact that
the Information has been made available, that discussions are taking place between the Company, Altria Corporate Services and any financial institution concerning the Bridge Loan, or any of the terms, conditions or other facts with respect thereto
(including the status thereof), or that the Bridge Loan has been consummated. 

  

	 	4.	 This Agreement shall be inoperative as to any portion of the Information that (i) is or becomes generally available to the public on a non-confidential basis
through no fault or action by you or your Representatives, or (ii) is or becomes available to 

	 	 
you on a non-confidential basis from a source other than the Company, Altria Corporate Services, [NAME OF LENDER] or their respective Representatives, which
source, to the best of your knowledge, is not prohibited from disclosing such Information to you by a contractual, legal or fiduciary obligation to the Company, Altria Corporate Services, [NAME OF LENDER] or their respective Representatives.

  

	 	5.	You may disclose the Information at the request of any regulatory or supervisory authority having jurisdiction over you, provided that you request confidential treatment of such
Information to the extent permitted by law, provided that, insofar as practicable, you notify the Company and Altria Corporate Services in advance of such disclosure pursuant to the following paragraph. 

  

	 	6.	In the event that you or anyone to whom you transmit the Information pursuant to this Agreement becomes legally compelled to disclose any of the Information or the existence of the
Bridge Loan, you shall provide the Company and Altria Corporate Services with notice of such event promptly upon your obtaining knowledge thereof (provided that you are not otherwise prohibited by law from giving such notice) so that the Company may
seek a protective order or other appropriate remedy. In the event that such protective order or other remedy is not obtained, you shall furnish only that portion of the Information that is legally required and shall disclose the Information in a
manner reasonably designed to preserve its confidential nature. 

  

	 	7.	In the event that discussions with you concerning the Bridge Loan are discontinued or your relationship with [NAME OF LENDER] with respect to the Bridge Loan is otherwise
terminated, you shall deliver to the Company the copies of the Information that were furnished to you by or on behalf of the Company and represent to the Company that you have destroyed all other copies thereof, provided that you may maintain copies
of the Information, subject to the terms of this Agreement, as required by law or regulations or document retention policies applicable to you. All of your obligations hereunder and all of the rights and remedies of the Company, Altria Corporate
Services and [NAME OF LENDER] hereunder shall survive any discontinuance of discussions, termination of your relationship or any return or destruction of the Information. 

  

	 	8.	You acknowledge that disclosure of the Information in violation of the terms of this Agreement could have material adverse consequences, and agree that, in the event of any breach
by you or your Representatives of this Agreement, the Company, Altria Corporate Services and their respective Representatives will be entitled to equitable relief (including injunction and specific performance) in addition to all other remedies
available to them at law or in equity. 

  

	 	9.	The obligations set forth in this Agreement shall survive until the earlier of (i) five years from the date of this Agreement or (ii) the termination of the Bridge Loan.

  

	 	10.	This agreement shall be governed by, and construed in accordance with, the laws of the State of New York without consideration to its conflicts of laws provisions.

  

 2 

 This agreement is in addition to and does not supersede the confidentiality agreements contained in any credit agreements
of any affiliate of the Company to which you are a party. It is understood and agreed that the Company, Altria Corporate Services, [NAME OF LENDER] and their respective Representatives may rely on this Agreement. 
 ACCEPTED AND AGREED as of the date written above: 
 [NAME OF BANK]

  

			
	By	 	  

		 	Name:
		 	Title:

  

 3Employment Agreement, dated as of January 31, 2008

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT, dated as of January 31, 2008, by and between The
Walt Disney Company, a Delaware corporation (the “Company”), and Robert A. Iger (“Executive”). 
 W I T N E S S E T H: 
 WHEREAS, the Company and its
subsidiaries have employed Executive in various senior officer positions, most recently as President and Chief Executive Officer of the Company; 
 WHEREAS, Executive and the Company are currently parties to an employment agreement, dated as of October 2, 2005, which will expire by its own terms on September 30, 2010 (the “2005 Agreement”); 

WHEREAS, in furtherance of the Company’s desire to continue to secure the services of Executive, the Company and Executive wish to enter into a
new agreement (the “Agreement”) that will supersede the 2005 Agreement; 
 NOW, THEREFORE, in consideration of
the mutual covenants herein contained, the Company and Executive hereby agree as follows: 
 1. Employment. Upon the terms and subject
to the conditions of this Agreement, the Company hereby employs Executive and Executive hereby accepts employment by the Company for the period commencing on the date hereof and ending on the last day of the fiscal year of the Company ending on
January 31, 2013 (or such earlier date as shall be determined pursuant to Paragraph 7). The period during which Executive is employed pursuant to this Agreement shall be referred to as the “Employment Period”.

 2. Position and Duties. During the Employment Period, Executive shall serve as President and Chief Executive Officer of the Company
and in such other position or positions with the Company and its subsidiaries, consistent with his positions as President and Chief Executive Officer of the Company, as the Board of Directors of the Company (the “Board”)
shall reasonably assign Executive from time to time. Executive shall be the most senior officer of the Company and report directly and exclusively to the Board. During the Employment Period, unless and until the Board exercises any authority
reserved to it under the Company’s By-Laws, Executive shall have the duties, responsibilities and obligations customarily exercised by individuals serving as the chief executive officer in a company of the size and nature of the Company. During
the Employment Period, the Company shall also nominate Executive for re-election as a member of the Board at the expiration of each term of office, and Executive shall serve as 

  

 1 

 
a member of the Board for each period for which he is so elected. During the Employment Period, Executive shall devote substantially all his business time to
the services required of him hereunder, and shall perform such services in a manner consonant with the duties of his position. Executive shall be subject to the terms and conditions of any applicable policy of the Company regarding service
(including as a director) on behalf of any other organization, provided that, subject to the provisions of Paragraph 11(a), nothing herein shall preclude Executive from (i) engaging in charitable activities and community affairs, and
(ii) managing his personal investments and affairs, so long as the activities listed in subclauses (i)-(ii) do not materially interfere, individually or in the aggregate, with the proper performance of his duties and
responsibilities as the Company’s Chief Executive Officer. 
 3. Compensation. 
 (a) Base Salary. During the Employment Period, the Company shall pay Executive a base salary at the annual rate of no less than
$2,000,000. The amount of annual base salary currently payable under this Paragraph 3(a) shall be reduced, however, to the extent Executive elects in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”) and the regulations and interpretations thereunder (“Section 409A”) to defer such salary under the terms of any deferred compensation or savings plan or arrangement maintained or established by the Company or any of its
subsidiaries. Executive’s annual base salary payable hereunder, without reduction for any amounts deferred as described above, is referred to herein as the “Base Salary”. The Company shall pay Executive the portion of
his Base Salary not deferred at the election of Executive in accordance with its generally applicable policies for senior executives, but not less frequently than in equal monthly installments. Amounts of base salary accrued but deferred pursuant to
the terms of the employment agreement between Executive and the Company, dated as of January 24, 2000 (the “2000 Agreement”), shall be paid to Executive by the Company, together with interest thereon (which interest
shall accrue at the rate of the applicable federal rate for mid-term treasuries and which rate shall be reset annually on the basis of the rate in effect for March for each year during which the deferral shall be in effect), six months and one day
after the date upon which Executive incurs a separation from service with the Company within the meaning of Section 409A or, if earlier, promptly after Executive’s death; provided that, for purposes of applying such Section 409A, the
parties agree, as permitted in accordance with the final regulations thereunder, a “separation from service” shall occur when Executive and the Company reasonably anticipate that Executive’s level of bona fide services for the Company
(whether as an employee or an independent contractor) will permanently decrease to no more than 40 percent of the average level of bona fide services performed by Executive for the Company over the immediately preceding 36 months. The determination
of whether and when a separation from service has occurred shall be made in accordance with this subparagraph and in a manner consistent with Treasury Regulation Section 1.409A-1(h). 
  

 2 

 (b) Incentive Compensation. Executive shall be given the opportunity to earn an
annual incentive bonus in accordance with the annual bonus plan generally applicable to the Company’s executive officers, as the same may be in effect from time to time (the “Annual Plan”). Executive’s target annual
incentive bonus opportunity under the Annual Plan during each fiscal year during the term hereof (including the fiscal year commencing October 1, 2007) shall be no less than $10,000,000. The actual amount payable to Executive as an annual bonus
under the Annual Plan shall be dependent upon the achievement of performance objectives established in accordance with the Annual Plan by the Board or the committee of the Board responsible for administering such Annual Plan (the
“Compensation Committee”), which shall be substantially the same as the objectives established under the Annual Plan for other senior executive officers of the Company. Accordingly, depending on such performance, the actual
amount payable as an annual bonus to Executive under the Annual Plan may be less than, greater than or equal to the target bonus specified above. Any bonus payable pursuant to this Paragraph 3(b) shall be paid at the same time as annual bonuses are
payable to other officers of the Company in accordance with the provisions of the Annual Plan, subject to Executive’s continued employment with the Company through the date on which such bonuses are paid. 
 (c) Eligibility for Equity Awards. Subject to the terms of this Agreement, Executive shall be entitled to participate in any stock
option, performance share, performance unit or other equity based long-term incentive compensation plan, program or arrangement generally made available to senior executive officers of the Company, on substantially the same terms and conditions as
generally apply to such other officers, except that the size of the awards made to Executive shall reflect Executive’s position with the Company and the Compensation Committee’s evaluation of Executive’s performance and competitive
compensation practices. During each fiscal year during the term hereof (including the fiscal year commencing October 1, 2007, Executive shall receive an annual award with a target award value (which value shall be as determined in accordance
with the policies and practices generally applicable to other senior executives of the Company) of not less than $9,000,000; it being understood that the form of the award shall be determined by the Compensation Committee and such form shall be
subject to the terms of the applicable plan or plans of the Company. The Compensation Committee may increase the award value of any award made in respect of any such fiscal year based on its evaluation of Executive’s performance. The actual
benefits conveyed to Executive in respect of any such awards may be less than, greater than or equal to the targeted award value, as such benefits will be dependent on a series of performance and other factors, such as the value of the
Company’s common stock and satisfaction of any applicable vesting requirements and performance conditions. 
  

 3 

 4. Performance Based Stock Units Award. 
 (a) Commencement Stock Units. On October 2, 2005 (the “Commencement Date”), the Company made a
one-time grant to Executive of 500,000 performance based stock units (each, a “Commencement Stock Unit”), pursuant to the terms of each of the 2002 Executive Performance Plan (the “Performance Plan”)
and the Amended and Restated 1995 Stock Incentive Plan (the “Stock Plan”) and subject to the terms and conditions set forth in this Agreement. Units are notional units of measurement denominated in shares of the
Company’s common stock (each, a “Share”) (i.e., one Stock Unit is equivalent in value to one Share). The Commencement Stock Units constitute Restricted Units as defined in Section 2.2 of the
Performance Plan. 
 (b) Vesting. Subject to the continued employment requirement specified below, the Commencement
Stock Units shall become vested, if at all, based upon, and solely to the extent that, as of the applicable Measurement Date and the end of the Performance Period (as each such term is defined below) ending on such Measurement Date, each of the
following performance criteria are achieved: 
 (i) the TSR (as defined below) of the Company meets or exceeds the TSR for the
Standard & Poor’s 500 Composite Index (the “S&P 500 Index”) in each case, as reported by Bloomberg L.P. (or such other reporting service that the Committee may designate from time to time) with respect to:

 (A) the performance periods which are established in the TSR Table set forth below by reference to the Measurement Dates
set forth therein, and 
 (B) the number of Commencement Stock Units eligible for vesting at the end of such performance
period (also determined in accordance with the table set forth below) and  
 (ii) the 162(m) Performance Condition (as
defined below) is satisfied. 
 For the avoidance of doubt, if and to the extent that one type of performance condition applicable to any of
the Commencement Stock Units (i.e., either a TSR condition or a 162(m) Performance Condition, as the case may be) is not satisfied as of the applicable Measurement Date, such Commencement Stock Units shall not vest as of such date regardless of
whether the other type of performance 

  

 4 

 
condition is achieved. However, any Commencement Stock Units that could, but do not, vest as of the last day of the fiscal year ending on or about
September 30, 2008 or September 30, 2009 because either or both the TSR condition or the 162(m) Performance Condition are not met as of such date shall become vested as of the last day of the fiscal year ending on or about
September 30, 2009 or September 30, 2010, as the case may be, if and to the extent that the applicable performance criteria are met as of such date. For example, subject to satisfaction of the continued employment requirement set forth
below, if the TSR condition and/or 162(m) Performance Condition is not satisfied as of the last day of the fiscal year ending on or about September 30, 2008, no Commencement Stock Units will vest as of the last day of such fiscal year, but if
the TSR condition is satisfied and the 162(m) Performance Condition is achieved as of the last day of the fiscal year ending on or about September 30, 2009, Executive shall become vested in 80% of the Commencement Stock Units as of the last day
of such fiscal year. 
 TSR TABLE 
  

					
	TSR Shall be Measured from Commencement Date to (each such date being hereinafter referred to as a “Measurement Date”):	  	The Company’s TSR at the Applicable Measurement Date	  	Aggregate Cumulative Percentage of Total Number of Commencement Stock Units That Become Vested
	The end of the fiscal year ending on or about September 30, 2008	  	Meets or exceeds the S&P 500 Index TSR (as defined below) for the relevant period	  	60%
	The end of the fiscal year ending on or about September 30, 2009	  	Meets or exceeds the S&P 500 Index TSR for the relevant period	  	80%
	The end of the fiscal year ending on or about September 30, 2010	  	Meets or exceeds the S&P 500 Index TSR for the relevant period	  	100%

 The Committee shall establish, in accordance with the requirements of Section 162(m), one or
more performance conditions from among the performance objectives permitted under the Performance Plan, as in effect on the date such objectives are established, (the “162(m) Performance Condition”) with respect to three
performance periods (each, a “Performance Period”). Such Performance Periods shall commence on or after the Commencement Date and be of such duration as shall be selected by the Committee, provided that one such Performance
Period shall end on the last day of the fiscal year ending on or about September 30, 2008, one shall end on the last day of the fiscal year ending on or about September 30, 2009 and one shall end on the last day of the fiscal year 

  

 5 

 
ending on or about September 30, 2010. The number of Commencement Stock Units that shall be subject to the 162(m) Performance Conditions with respect to
a particular Performance Period shall be the same number as are subject to the TSR condition with a Measurement Date occurring on the last day of such Performance Period. The performance conditions selected by the Committee shall generally be
consistent with the criteria established for other senior executive officers of the Company, but taking into account differences in the relevant performance periods. 
 Except as otherwise provided in Paragraphs 4(c), 7(b)(i), 7(b)(iii) and 7(d)(iii) hereof, the Commencement Stock Units which are eligible to vest at any Measurement Date shall become vested only if Executive remains
continuously employed by the Company from the Commencement Date until the Measurement Date on which the performance is measured (each such Measurement Date shall hereinafter be referred to as a “Vesting Date”) (e.g.,
Executive must still be employed on September 30, 2009 to vest in the portion of the Stock Units that could otherwise become vested on such Measurement Date by reason of the achievement of the applicable performance criteria). 
 “TSR” shall mean, as of any Measurement Date, an amount equal to the average of the total return figures, calculated on the basis
of weekly periodicity, as currently reported under “Comparative Returns” by Bloomberg L.P. (or any other reporting service that the Committee may designate from time to time) (i) for the Company and (ii) for the S&P
500 Index (the “S&P 500 Index TSR”), as the case may be, for each of the four weeks immediately preceding the determination date, it being understood that if any such determination is made on the last trading day of any
week, then that week shall be treated as a preceding week. 
 (c) Accelerated Vesting. In accordance with
Section 11 of the Stock Plan (other than subsection 11(c)) as currently in effect, upon the occurrence of a Triggering Event within the 12-month period following a Change in Control, the Commencement Stock Units shall become fully vested and
payable pursuant to Paragraph 4(d). For purposes of this Paragraph 4(c), “Triggering Event” and “Change in Control” shall have the meanings given to such term in the Stock Plan, as in effect on the date hereof. 
 (d) Payment of Award. To the extent that any Commencement Stock Units vest as of any applicable Vesting Date (including by reason
of the application of Section 7(b)(i) or 7(b)(iii) and 7(d(iii)) hereof), the Company shall, within 30 days of the later of the date on which such Commencement Stock Units vest and the date of certification by the Compensation Committee of the
achievement of the performance criteria applicable to the vesting of such Commencement Stock Units, which shall in any event be done within 90 days of the applicable Vesting Date (and in all events within 30 days following vesting under Paragraph
4(c)), issue to Executive payment in respect of the number of 

  

 6 

 
Commencement Stock Units that became vested as of such date (or, if any Commencement Stock Units became vested as of any prior Vesting Date, the remainder of
(i) the maximum aggregate number of Commencement Stock Units that could have become vested as of such date minus (ii) the total number of such Commencement Stock Units that shall have vested prior thereto). Without limiting
the generality of the immediately preceding sentence, in no event shall any earned Commencement Stock Units be paid later than the later of (i) two and one-half months after the end of the Executive’s tax year in which the Vesting Date
occurs or (ii) two and one-half months after the end of the Company’s tax year in which the Vesting Date occurs. The Commencement Stock Units shall be paid in Shares. The Commencement Stock Units, whether or not vested, will not
confer any voting rights upon Executive, unless and until Executive receives Shares as payment in respect of such Commencement Stock Units. 
 (e) Dividend Equivalents. Any dividends paid on Shares will be credited to Executive as additional Commencement Stock Units as if the Commencement Stock Units previously held by Executive were outstanding
Shares, as follows: Such credit shall be made in whole and/or fractional Commencement Stock Units and shall be based on the fair market value (as defined in the Stock Plan) of the Shares on the date of payment of such dividend and the amount
reported by the Company as paid to shareholders in respect of such dividends, provided, however, that if any dividend is paid in common stock of the Company, the number of additional Commencement Stock Units (or fractions thereof) credited in
respect of each then outstanding Commencement Stock Unit shall be equal to the number of shares of common stock (or fractions thereof) distributed in respect of one share of common stock. All such additional Commencement Stock Units shall be subject
to the same vesting requirements applicable to the previously held Commencement Stock Units in respect of which they were credited and shall be payable in accordance with Paragraph 4(d) hereof. 
 5. Extension Stock Option Grant. 
 (a) Grant of Extension Stock Options. On (or as soon as practicable, but not later than five business days, after) the date this Agreement is executed (the “Extension Date”), the Company
shall grant Executive options to purchase 3,000,000 shares of the Company’s Common Stock (the “Extension Stock Option Grant”). Such options shall be granted under the terms of the Amended and Restated 2005 Stock and
Incentive Plan, as amended (the “2005 Stock Plan”), and except as otherwise expressly provided herein, shall be subject to the terms and conditions of the 2005 Stock Plan and the form of stock award agreement attached hereto
as Exhibit A (the “Option Award Agreement”). The options shall have a maximum term of seven years from the Extension Date, provided that, subject to Paragraph 7 of this Agreement, such options shall earlier terminate as
provided in the 2005 Stock Plan and the Option Award Agreement. The per share 

  

 7 

 
exercise price of the Extension Stock Option Grant shall be equal to the Fair Market Value (as defined in the 2005 Stock Plan ) on the date of grant. The
Extension Stock Option Grant shall become vested and exercisable as to 500,000 shares of stock on each of the first four anniversaries of the Extension Date, and as to the remaining number of shares on the fifth anniversary of the Extension Date,
subject in each case to Executive’s continued employment with the Company through such anniversary of the Extension Date, and, if applicable, to the provisions of the Option Award Agreement and the 2005 Stock Plan. 
 (b) Accelerated Vesting. In accordance with Section 11 of the 2005 Stock Plan (other than subsection 11.3) as currently in
effect, upon the occurrence of a Triggering Event within the 12-month period following a Change in Control, the Extension Stock Option Grant shall become fully vested and exercisable. For purposes of this Paragraph 5(b), “Triggering Event”
and “Change in Control” shall have the meanings given to such terms in the 2005 Stock Plan, as in effect on the date hereof. 
 6.
Benefits, Perquisites and Expenses. 
 (a) Benefits. During the Employment Period, Executive shall be eligible
to participate in (i) each welfare benefit plan sponsored or maintained by the Company and made available generally to its senior officers, including, without limitation, each group life, hospitalization, medical, dental, health,
accident or disability insurance or similar plan or program of the Company, and (ii) each pension, profit sharing, retirement, deferred compensation or savings plan sponsored or maintained by the Company for its senior officers, in each
case, whether now existing or established hereafter, in accordance with the generally applicable provisions thereof. 
 (b)
Perquisites. During the Employment Period, Executive shall be entitled to receive such perquisites as are generally provided to other senior officers of the Company in accordance with the then current policies and practices of the Company.

 (c) Business Expenses. The Company shall pay or reimburse Executive for all reasonable expenses incurred or paid by
Executive during the Employment Period in the performance of Executive’s duties hereunder, upon presentation of expense statements or vouchers and such other information as the Company may require and in accordance with the generally applicable
policies and procedures of the Company. 
 (d) Indemnification. Executive and the Company are parties to an
indemnification agreement effective as of October 1, 2003 (the “Indemnification Agreement”), which shall continue in full force and effect in accordance with its terms. 
  

 8 

 7. Termination of Employment. 
 (a) Early Termination of the Employment Period. Notwithstanding Paragraph 1, the Employment Period shall end upon the earliest to
occur of (i) Executive’s death, (ii) a Termination due to Disability, (iii) a Termination for Cause, (iv) the Termination Date specified in connection with any exercise by the Company of its
Termination Right or (v) a Termination for Good Reason. If the Employment Period terminates as of a date specified under this Paragraph 7, Executive agrees that, upon written request from the Company, he shall resign from the Board and
each other position he holds with the Company and any of its subsidiaries or affiliates, effective immediately following receipt of such request from the Company (or at such later date as the Company may specify). 
 (b) Benefits Payable Upon Termination. 
 (i) In the event of Executive’s death during the Employment Period or a Termination due to Disability, Executive or his beneficiaries
or legal representatives shall be provided the Unconditional Entitlements, including, but not limited to, any such Unconditional Entitlements that are or become payable under any Company plan, policy, practice or program or any contract or agreement
with the Company by reason of Executive’s death or Termination due to Disability. In the event of the Executive’s death during the Employment Period or a Termination due to Disability, all Commencement Stock Units shall become fully vested
and payable to Executive or his beneficiaries or legal representatives in accordance with the terms of Paragraph 4(d) hereof. Additionally, the Grandfathered Option Awards shall be or become exercisable to the extent provided in, and remain
exercisable for the period specified in, the 2000 Agreement, if applicable, or the terms and conditions of the applicable plan and the applicable option agreements. Subject to Paragraph 7(d), in the event of Executive’s death or disability, any
other stock options then held by Executive or his permitted transferees (including the Extension Stock Option Grant) shall be exercisable in accordance with the terms of the applicable plan and the applicable option agreements. 
 (ii) In the event of Executive’s Termination for Cause, Executive shall be provided the Unconditional Entitlements. 
 (iii) In the event of a Termination for Good Reason or the exercise by the Company of its Termination Right, Executive shall be provided
the Unconditional Entitlements and the Company shall provide the Conditional Benefits to Executive, subject to (A) Executive’s execution of the Release, (B) Executive having not revoked such Release within the seven-day
revocation period permitted following delivery of such Release and (C) Executive’s execution of the Consulting Agreement. For Executive 

  

 9 

 
to become entitled to the Contingent Benefits, Executive must deliver both the executed Release and the executed Consulting Agreement to the Company by no
later than twenty-two (22) days following the Termination Date. 
 (iv) In the event of a Termination for Good Reason or
the exercise by the Company of its Termination Right, any Grandfathered Option Awards shall remain exercisable for the periods specified in the 2000 Agreement. 
 (c) Unconditional Entitlements. For purposes of this Agreement, the “Unconditional Entitlements” to which
Executive may become entitled under Paragraph 7(b) are as follows: 
 (i) Earned Amounts. The Earned Compensation shall
be paid within 30 days following the termination of Executive’s employment hereunder, or if any part thereof constitutes a bonus which is subject to or conditioned upon any performance conditions, within thirty (30) days following the
determination that such conditions have been met, provided that in no event shall the bonus be paid later than 90 days following his termination of employment. 
 (ii) Benefits. All benefits payable to Executive under any employee benefit plans (including, without limitation any pension plans
or 401(k) plans) of the Company or any of its affiliates applicable to Executive at the time of termination of Executive’s employment with the Company and all amounts and benefits (other than the Contingent Benefits) which are vested or which
Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company, at or subsequent to the date of his termination without regard to the
performance by Executive of further services or the resolution of a contingency, shall be paid or provided in accordance with and subject to the terms and provisions of such plans, it being understood that all such benefits shall be determined on
the basis of the actual date of termination of Executive’s employment with the Company. Notwithstanding the immediately preceding sentence, Executive shall not be entitled to any benefits under any severance plan or policy of the Company or any
of its subsidiaries. 
 (iii) Indemnities. Any right which Executive may have to claim a defense and/or indemnity for
liabilities to or claims asserted by third parties in connection with Executive’s activities as an officer, director or employee of the Company or any of its affiliates pursuant to the terms of the Indemnification Agreement referenced in
Paragraph 6(d) shall be unaffected by Executive’s termination of employment and shall remain in effect in accordance with its terms. 
  

 10 

 (iv) Medical Coverage. Executive shall be entitled to such continuation of health
care coverage as is required under, and in accordance with, applicable law or otherwise provided in accordance with the Company’s policies. Executive shall be notified in writing of his rights to continue such coverage after the termination of
his employment pursuant to this Paragraph 7(c)(iv), provided that Executive timely complies with the conditions to continue such coverage. Executive understands and acknowledges that Executive is responsible to make for all payments required for any
such continued health care coverage that Executive may choose to receive. 
 (v) Business Expenses. Executive shall be
entitled to reimbursement, in accordance with the Company’s policies regarding expense reimbursement as in effect from time to time, for all business expenses incurred by him prior to the termination of his employment. 
 (vi) Stock Options/RSUs. Except to the extent additional rights are provided upon Executive’s qualifying to receive the
Conditional Benefits, Executive’s rights with respect to any stock options and/or restricted stock units granted to him by the Company shall be governed by the terms and provisions of the plans (including plan rules) and award agreements
pursuant to which such stock options and restricted stock units were awarded, as in effect at the date Executive’s employment terminates. 
 (d) Conditional Benefits. For purposes of this Agreement, the “Conditional Benefits” to which Executive may become entitled under Paragraph 7(b)(iii), provided he complies with the terms
and conditions thereof, are as follows: 
 (i) Remaining Salary. As specified in further detail in
paragraph 2 of the Consulting Agreement, the Company shall pay Executive a lump sum amount equal to the Consulting Amount as compensation for his consulting services under the Consulting Agreement. If the Scheduled Expiration Date is later than
the end of the Consulting Agreement Period, the Company shall also pay Executive the Severance Amount. The Consulting Amount and the Severance Amount shall be paid on the date that is six months and one day after the Termination Date (or upon
Executive’s death, if earlier). 
 (ii) Stock Options. All of Executive’s Continuing Unvested Options shall
become exercisable in accordance with the applicable Original Stock Option Award Documents, on the same basis as such 

  

 11 

 
options would have become vested and exercisable if Executive had remained employed under this Agreement through the Scheduled Expiration Date. Once
exercisable, all Continuing Unvested Options shall remain exercisable until the Stock Option Termination Date. All of Executive’s Remaining Stock Options that were vested and exercisable at the Termination Date shall remain exercisable until
the Stock Option Termination Date. Notwithstanding any other term or provision hereof, any of Executive’s stock options which are not vested at the Termination Date, and which are not Grandfathered Option Awards or Continuing Unvested Options,
shall automatically terminate upon the Termination Date. Except as otherwise expressly provided herein, all of the Remaining Stock Options shall continue to be subject to the Original Stock Option Award Documents. Notwithstanding the foregoing, in
the event of Executive’s death prior to the Stock Option Termination Date, all Continuing Unvested Options shall vest on the date of Executive’s death and all Remaining Stock Options shall be exercisable for the period following
Executive’s death determined under such Original Stock Option Award Documents on the same basis as though Executive was employed on the date of his death and regardless of when the Stock Option Termination Date would otherwise have occurred.
However, any provisions in the Original Stock Option Award Documents relating to disability or change in control of the Company shall not be operative after the Termination Date with respect to any Remaining Stock Options. 
 (iii) RSUs. The Remaining Stock Units shall continue to vest in accordance with the terms of the Original RSU Award Documents
regardless of Executive’s termination of employment. Except as otherwise expressly provided herein, all such Remaining Stock Units shall be subject to, and administered in accordance with, the Original RSU Award Documents. Any of
Executive’s restricted stock unit awards that have not become vested on or before the Termination Date, and that are outstanding at the Termination Date, but which are not Remaining Stock Units, shall automatically terminate on the Termination
Date. Notwithstanding any term or provision of the Original RSU Award Documents: 
 (A) any provisions in such Original RSU
Award Documents relating to disability shall not be applicable to any such Remaining Stock Units after the Termination Date; 
 (B) for so long as this Agreement shall be in effect (that is, regardless of whether the Termination Right has been exercised or a Termination for Good Reason shall have occurred), any terms in any of the Original RSU Award Documents
relating to a change 

  

 12 

 
in control of the Company shall not be operative unless the event that constitutes a change in control of the Company also constitutes a “change in
control event” with respect to the Company within the meaning of Section 409A; 
 (C) in the event of
Executive’s death after the Termination Date but prior to the Scheduled Expiration Date, the terms and provisions of the Original RSU Award Documents shall be interpreted and applied in the same manner with respect to such Remaining Stock Units
as if Executive were an active employee on the date of his death; and 
 (D) to the extent that, under the Company’s
compensation practices and policies, any tranche of Remaining Stock Units is subject to the achievement of performance conditions which were imposed solely because Executive was an executive officer of the Company who could have been a covered
employee within the meaning of Section 162(m) at the time payment in respect of such award was expected to be made (the “Applicable 162(m) Criteria”) and such Applicable 162(m) Criteria relate, in whole or in part, to any performance
period continuing after the end of the Company’s fiscal year in which the Termination Date occurs, such Applicable 162(m) Criteria shall be waived as of the Termination Date with respect to such tranche of the Remaining Stock Units; provided,
however, that this Paragraph 7(d)(iii)(D) shall not be applicable if and to the extent, in the reasonable opinion of tax counsel to the Company, the presence of such provision would cause any stock units intended to be qualified as other performance
based compensation within the meaning of Section 162(m) of the Code to fail to be so qualified at any time prior to Executive’s Termination Date. 
 (iv) Pro-Rated Current Year Bonus. A pro rata annual bonus for the year in which the Termination Date occurs, determined on the basis of an assumed full-year target bonus determined pursuant to
Section 3(b) and the number of days in the applicable fiscal year occurring on or before the Termination Date. Such pro-rata current year bonus shall be paid no later than the later of (i) two and a half months after the end of
Executive’s tax year in which the Termination Date occurs and (ii) two and a half months after the end of the Company’s tax year in which the Termination Date occurs. 
  

 13 

 (v) Additional Distribution Rules in Respect of Conditional Benefits. The
following additional rules shall apply with respect to distribution of the payments and benefits, if any, to be provided to Executive under Paragraph 7(d)(i), (iii) and (iv): 
 (A) It is intended that each installment of the payments and benefits provided under Paragraphs 7(d)(i), (iii) and (iv) shall
be treated as a separate “payment” for purposes of Section 409A. Neither the Company nor Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted
or required by Section 409A; 
 (B) Distribution in respect of any tranche of Remaining Stock Units to which Paragraph
7(b)(iii)(D) applies shall be made within 90 days following the later of the date that (i) the service conditions that had originally been specified for such tranche of Remaining Stock Units under the applicable Original RSU Award
Documents would otherwise have been satisfied (had Executive continued to be employed) and (ii) the last performance measurement period applicable in respect of such tranche of Remaining Stock Units under the applicable Original RSU
Award Documents would otherwise have expired; 
 (C) Each installment of the payments and benefits due under Paragraph
7(d)(i) and (iii) that would, absent this subsection, be paid within the six-month period following Executive’s separation from service from the Company shall not be paid until the date that is six months and one day after such separation
from service (or, if earlier, Executive’s death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following
Executive’s separation from service; provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments and benefits if and to the maximum extent that such installment is deemed to be paid under a
separation pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). (Any installments that
qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of Executive’s second taxable year following the taxable year of Executive’s in which the separation from service
occurs.) Any subsequent installments that would be payable more than six months following Executive’s separation from service shall be paid in accordance with the dates and terms set forth herein. 
  

 14 

 (e) Definitions. For purposes of this Paragraph 7 and, to the extent applicable,
Paragraph 8, the following terms shall have the meanings ascribed to them below: 
 “Consulting Agreement” means the
consulting agreement in the form attached hereto as Exhibit B. 
 “Consulting Agreement Period” means the period
established under the Consulting Agreement during which Executive shall be required to provide consulting services to the Company. 
 “Consulting Amount” means a lump sum amount equal to the aggregate Base Salary which would have been earned by Executive had his employment under this Agreement continued after the Termination Date and through the
earlier to occur of (i) the end of the Consulting Agreement Period or (ii) any earlier date that the Consulting Agreement terminates for any reason whatsoever. 
 “Continuing Unvested Options” means any of Executive’s stock options (other than Grandfathered Option Awards,
but including the Extension Stock Option Grant) that were not vested and exercisable at the Termination Date, but that would have become vested and exercisable on or prior to the Latest Stock Option Vesting Date had Executive continued to be
employed by the Company through the Scheduled Expiration Date. 
 “Earned Compensation” means the sum of
(a) any Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Paragraph 7(a) (but excluding any salary and interest accrued thereon payment of which
has been deferred) and (b) if Executive’s employment terminates due to Executive’s death or in a Termination due to Disability or a Termination for Good Reason or due to the Company’s exercise of its Termination Right, in
any case, after the end of a fiscal year, but before the annual incentive compensation payable for services rendered in that fiscal year has been paid, the annual incentive compensation that would have been payable to Executive for such completed
fiscal year in accordance with Paragraph 3(b). 
 “Grandfathered Option Awards” means any stock options granted to
Executive prior to 2005 and outstanding on the Termination Date. 
  

 15 

 “Latest Stock Option Vesting Date” means the date which is three
months after the Scheduled Expiration Date. 
 “Original Stock Option Award Documents” means, with respect to any
Remaining Stock Option, the terms and provisions of the award agreement and plan pursuant to which such Remaining Stock Option was granted, each as in effect on the Termination Date. 
 “Original RSU Award Documents” means, with respect to any tranche of Remaining Stock Units, the terms and provisions
of the award agreement related to and the plan governing, such tranche of Remaining Stock Units, each as in effect on the Termination Date. 
 “Release” means the General Release in the form set forth in Exhibit C attached hereto. 
 “Remaining Stock Options” means any of Executive’s stock options, other than the Grandfathered Option Awards, which are (i) vested at the Termination Date or (ii) Continuing Unvested
Options. 
 “Remaining Stock Units” means any of Executive’s restricted stock units (including any Commencement
Stock Units) outstanding at the Termination Date (whether or not subject to performance conditions) that, subject to the satisfaction of any applicable performance conditions, would have become vested on or prior to the Scheduled Expiration Date had
Executive continued to be employed by the Company through the Scheduled Expiration Date. 
 “Scheduled Expiration
Date” means January 31, 2013. 
 “Severance Amount” means an amount equal to the aggregate Base
Salary which would have been earned by Executive under this Agreement for the period commencing on the day after termination of the Consulting Agreement Period and ending on the Scheduled Expiration Date; provided that if the Company
terminates the Consulting Agreement due to Executive’s material breach of the terms thereof, the Severance Amount shall be reduced to zero. 
 “Stock Option Termination Date” means with respect to any Remaining Stock Option the earlier to occur of (A) the date which is eighteen (18) months after the Scheduled Expiration Date and (B) the
expiration of the stated term of such award. 
 “Termination for Cause” means a termination of Executive’s
employment by the Company due to (i) Executive’s conviction of a felony or the 

  

 16 

 
entering by Executive of a plea of nolo contendere to a felony charge; (ii) Executive’s gross neglect, willful malfeasance or willful gross
misconduct in connection with his employment hereunder which has had a material adverse effect on the business of the Company and its subsidiaries, unless Executive reasonably believed in good faith that such act or non-act was in or not opposed to
the best interests of the Company; (iii) a substantial and continual refusal by Executive in breach of this Agreement to perform Executive’s duties, responsibilities or obligations assigned to Executive in accordance with the terms
hereof (provided that such duties, responsibilities or obligations are not inconsistent with his positions as Chief Executive Officer and are otherwise lawful) that continues after receipt by Executive of written notice from the Company identifying
the duties, responsibilities or obligations not being performed; (iv) a violation by Executive of any policy of the Company that is generally applicable to all employees or all officers of the Companies including, but not limited to,
policies concerning insider trading or sexual harassment, or the Company’s code of conduct, that Executive knows or reasonably should know could reasonably be expected to result in a material adverse effect on the Company;
(v) Executive’s failure to cooperate, if requested by the Board, with any investigation or inquiry into his or the Company’s business practices, whether internal or external, including, but not limited to Executive’s
refusal to be deposed or to provide testimony at any trial or inquiry; or (vi) any material breach by Executive of the provisions of Paragraph 11; provided, however, that in the case of subclauses (iv), (v) and (vi), Cause
shall not exist if, such violation, failure to cooperate or breach, if capable of being cured, shall have been cured by Executive within 30 days after receipt of notice thereof from the Company. Any Termination for Cause shall be effected by a
resolution of the majority of the members of the Board, excluding Executive. Prior to the effectiveness of any such termination, Executive shall be afforded an opportunity to meet with the Board, upon reasonable notice under the circumstances, and
explain and defend any action or omission alleged to constitute grounds for a Termination for Cause; provided that, the Board may suspend Executive from his duties hereunder prior to such opportunity and such suspension shall not constitute a
breach of this Agreement by the Company or otherwise form the basis for a Termination for Good Reason. If Executive has, and utilizes, such opportunity to be heard, the Board shall promptly reaffirm that grounds for a Termination for Cause exist or
reinstate Executive to his position hereunder. 
 “Termination Date” means the earlier to occur of (i) the
date the Company specifies in writing to Executive in connection with the exercise of its Termination Right or (ii) the date Executive specifies in writing to the Company in connection with any notice to effect a Termination for Good
Reason. 
  

 17 

 “Termination due to Disability” means a termination of Executive’s
employment by the Company because Executive has been incapable, after reasonable accommodation, of substantially fulfilling the positions, duties, responsibilities and obligations set forth in this Agreement because of physical, mental or emotional
incapacity resulting from injury, sickness or disease for a period of (i) six consecutive months or (ii) an aggregate of nine months (whether or not consecutive) in any twelve month period. Any question as to the existence,
extent or potentiality of Executive’s disability shall be determined by a qualified physician selected by the Company with the consent of Executive, which consent shall not be unreasonably withheld. Executive or his legal representatives or any
adult member of his immediate family shall have the right to present to such physician such information and arguments as to Executive’s disability as he, she or they deem appropriate, including the opinion of Executive’s personal
physician. 
 “Termination for Good Reason” means a termination of Executive’s employment by Executive within 30
days of the Company’s failure to cure, in accordance with the procedures set forth below, any of the following events: (i) a reduction in any of Executive’s compensation rights hereunder (that is, Base Salary, target bonus
opportunity specified in Paragraph 3(b) or annual target incentive awards specified in Paragraph 3(c)), it being understood that the failure of Executive to receive an actual bonus for any fiscal year equal to or greater than the target bonus
opportunity, or to receive in respect of any equity award granted an amount that is equal to or greater than the annual target incentive value ascribed to such award is not a reduction in such compensation rights; (ii) the failure to
elect or reelect Executive as a member of the Board of Directors, or the removal of him by the Company from the position of Chief Executive Officer; (iii) the removal of Executive from the position of President of the Company other than
in connection with the appointment of another person who is acceptable to Executive to serve as President of the Company; (iv) a material reduction in Executive’s duties and responsibilities as in effect immediately prior to such
reduction (other than in connection with the appointment of a person other than Executive to serve as President of the Company); (v) the assignment to Executive of duties that are materially inconsistent with his position or duties or
that materially impair Executive’s ability to function as Chief Executive Officer of the Company and any other position in which he is then serving; (vi) the relocation of Executive’s principal office to a location that is both
more than 50 miles from Manhattan and more than 50 miles 

  

 18 

 
outside of the greater Los Angeles area; or (vii) a material breach of any material provision of this Agreement by the Company. In addition,
following the occurrence of a Change in Control, any occurrence that would constitute a Triggering Event for purposes of Section 11 of the 2005 Stock Plan shall also constitute an event upon which Executive may effect a Termination for Good
Reason in accordance with this Agreement. For purposes of the preceding sentence, the term Change of Control shall have the meaning set forth in the 2005 Stock Plan as in effect on the date hereof (or, with Executive’s written consent, as the
same may hereafter amended ). Notwithstanding the foregoing, a termination shall not be treated as a Termination for Good Reason (A) if Executive shall have consented in writing to the occurrence of the event giving rise to the claim of
Termination for Good Reason, (B) if the Board removes Executive from the position of President to appoint as President a person who Executive recommends or otherwise agrees to be acceptable, or (C) unless Executive shall have
delivered a written notice to the Board within three months of his having actual knowledge of the occurrence of one of such events stating that he intends to terminate his employment for Good Reason and specifying the factual basis for such
termination, and such event, if capable of being cured, shall not have been cured within 30 days of the receipt of such notice. 
 “Termination Right” means the right of the Company, in its sole, absolute and unfettered discretion, to terminate Executive’s employment under this Agreement for any reason or no reason whatsoever. For the
avoidance of doubt, any Termination for Cause effected by the Company shall not constitute the exercise of the its Termination Right. 
 (f) Conflict With Plans. As permitted under each of the Stock Plan and the 2005 Stock Plan, the Company and Executive agree that the definitions of Termination for Cause or Termination for Good Reason set forth
in this Paragraph 7 shall apply in place of any similar definition or comparable concept applicable under either of the plans (or any similar definition in any successor plan), except that, in connection with a “Triggering Event” as
defined in the Stock Plan as in effect on the date hereof, the terms of the Stock Plan shall apply to determine Executive’s rights and entitlements in respect of the awards made under such plan (and only in respect of such awards). 

(g) Section 409A. To the extent applicable, it is intended that this Agreement comply with the requirements of
Section 409A, and the Agreement shall be interpreted in a manner consistent with this intent. Notwithstanding anything else contained herein to the contrary, any payment required to be made to Executive hereunder upon his termination of
employment (including any payment to this Paragraph 7) shall be made promptly after the six month 

  

 19 

 
anniversary of Executive’s date of termination to the extent necessary to avoid imposition on Executive of any tax penalty imposed under
Section 409A of the Code. Solely for purposes of determining the time and form of payments due Executive under this Agreement (including any payments due under Paragraphs 3(a) or 7) or otherwise in connection with his termination of employment
with the Company, Executive shall not be deemed to have incurred a termination of employment unless and until he shall incur a “separation from service” with the meaning of Section 409A of the Code, as determined in accordance with
Paragraph 3(a) hereof. To the extent that the Company and Executive determine that any provision of this Agreement could reasonably be expected to result in Executive’s being subject to the payment of interest or additional tax under
Section 409A, the Company and Executive agree, to the extent reasonably possible as determined in good faith, to amend this Agreement, retroactively, if necessary, in order to avoid the imposition of any such interest or additional tax under
Section 409A. 
 (h) Amendment of Existing Agreements. The parties acknowledge and agree that to the extent that
this Paragraph 7 affects any of the terms and conditions of Executive’s Remaining Stock Options or Remaining Stock Units, this Agreement shall constitute an amendment of the Original Stock Option Award Documents and Original RSU Award
Documents as they pertain to Executive. 
 8. Expiration of the Term of this Agreement. If the Employment Period ends at the
expiration of the term stated in Paragraph 1 hereof (i.e., on January 31, 2013) and, prior to such date, the parties hereto have not (i) entered into a mutually satisfactory extension hereof or a new employment agreement to have
effect after such date, or (ii) otherwise agreed to continue Executive’s employment without the benefit of an employment agreement, either party may (by written notice to the other) terminate Executive’s employment on, or
within 30 days following such expiration of the Employment Period hereunder, in which case (but subject to Paragraph 9 hereof), Executive shall be entitled to receive from the Company a separation payment equal to the sum of (x) the Base
Salary and (y) the average of the annual bonuses payable (including in such average a zero for any year for which no such bonus is payable) to Executive with respect to each of the last three completed fiscal years of the Company for
which the amount of such bonus has been determined at the date of such termination (the “Separation Payment”), as well as the Unconditional Entitlements. The Separation Payment shall be paid promptly but in no event more than
15 days following Executive’s termination of employment, but subject to Executive’s execution and non-revocation of the Release. For Executive to become entitled to the Separation Payment, Executive must deliver the executed Release to the
Company by no later than twenty-two (22) days following the date of his termination of employment. Unconditional Entitlements shall be payable at the times provided with respect to the applicable components thereof in Paragraph 7(c). In
addition, Executive and his eligible dependents who were 

  

 20 

 
participating in any such arrangements at the date of Executive’s termination of employment shall be entitled to continued participation in all medical,
dental, hospitalization benefit plans or programs in which he and/or they were participating on the date of the termination of his employment until the earlier of (A) 12 months following termination of his employment and
(B) the date, or dates, he receives equivalent coverage and benefits under the plans and programs of a subsequent employer; provided, however, that if Executive’s continued participation in any employee plan or
program as provided in this Paragraph 8 would conflict with any law or regulation, or would result in any adverse tax consequences for Executive, the Company or other participants in such plan or program, he shall be provided with the economic
equivalent of the benefits provided under the plan or program in which he is unable to participate. In the case of any welfare benefit plan, the economic equivalent of any benefit foregone (x) shall be deemed to be the lowest cost that would be
incurred by Executive in obtaining such benefit himself on an individual basis and (y) shall be provided on a “tax grossed-up basis” to the extent the economic equivalent is taxable to Executive, but provision of the benefit to
Executive while an employee was not taxable. If Executive becomes entitled to receive the Separation Payment, Executive agrees that, upon written request from the Company, he shall resign from the Board, effective immediately following receipt of
such request from the Company (or at such later date as the Company may specify). 
 9. Exclusive Remedy. Executive shall be under no
obligation to seek other employment or other engagement of his services. Executive acknowledges and agrees that the payments and rights provided under either Paragraph 7 or 8, as the case may be, are fair and reasonable, and are
Executive’s sole and exclusive remedy, in lieu of all other remedies at law or in equity, for termination of his employment by the Company upon exercise of its Termination Right pursuant to this Agreement or upon a Termination for Good Reason
or upon termination of his employment upon the expiration of this Agreement. The failure of Executive to execute and timely deliver the Release and, if applicable, the Consulting Agreement for any reason (i) shall limit his rights in
connection with the exercise by the Company of its Termination Right, or upon the termination of his employment at or following the expiration of the term of this Agreement, solely to the right to receive the Unconditional Entitlements,
(ii) shall not effect a modification of any of his commitments set forth in this Agreement (none of which are contingent upon execution of the Release by him) and (iii) shall not preserve or revive any rights waived by
Executive hereunder. Subject to Executive’s execution and delivery of the Release without revocation thereof and execution and delivery of the Consulting Agreement, (i) the Company agrees to enter into the Release and (ii) there shall
be no offset available to the Company against any amounts due, paid or payable to him in respect of the Contingent Benefits under Paragraph 7 or the Separation Payment under Paragraph 8 with respect to any compensation, remuneration or payment
attributable to any services that Executive may provide to any third party subsequent to termination of employment hereunder, whether as an employee or otherwise. 
  

 21 

 10. Additional Payments Following a Change in Control. In the event that the aggregate of all
payments or benefits made or provided to the Executive under this Agreement and under all other plans, programs or arrangements of the Company (the “Aggregate Payment”) constitutes a parachute payment, as such term is defined
in Section 280G(b)(2) of the Code, the Company shall pay to the Executive, prior to the time any excise tax imposed by Section 4999 of the Code (“Excise Tax”) is payable with respect to such Aggregate Payment, an
additional amount which, after the imposition of all income and excise taxes and interest and penalties thereon, is equal to the Excise Tax on the Aggregate Payment. Notwithstanding the immediately preceding sentence, if the Aggregate Payments are
less than 110% of the product of (i) three (3) times (ii) Executive’s Base Amount (as such term is defined in Section 280G of the Code), the Company shall have no obligation to make any additional payments under this
Paragraph 10 and the Aggregate Payments to Executive shall be reduced such that no amount payable to Executive shall be subject to the Excise Tax. The determination of whether the Aggregate Payment constitutes a Parachute Payment and, if so, the
amount to be paid to the Executive and the time of payment pursuant to this Paragraph 10 shall be made by an independent accounting firm (the “Accounting Firm”) selected by the Company prior to the Change in Control. The
Accounting Firm shall be a nationally recognized United States public accounting firm which has not, during the two years preceding the date of its selection, acted in any way on behalf of (x) the Company or any affiliate thereof or
(y) Executive. In the event that the Excise Tax is later determined by the Accounting Firm or pursuant to any proceeding or negotiations with the Internal Revenue Service to exceed the amount taken into account hereunder at the time the
payment is made under this Paragraph 10 (including, but not limited to, by reason of any payment the existence or amount of which cannot be determined at the time of such payment), the Company shall make an additional payment in respect of such
excess (plus any interest or penalty payable with respect to such excess) at the time that the amount of such excess is finally determined. In the event that the Excise Tax is subsequently determined by the Accounting Firm or pursuant to any
proceeding or negotiations with the Internal Revenue Service to be less than the amount taken into account hereunder in calculating the payment to be made pursuant to this Paragraph 10, Executive shall repay to the Company, at the time that the
amount of such reduction in the Excise Tax is finally determined, the portion of such prior payment that would not have been paid if such Excise Tax had been applied in initially calculating such payment, plus interest on the amount of such
repayment at the rate provided in Section 1274(b)(2)(B) of the Code. Notwithstanding the foregoing, in the event that any portion of the payment made hereunder that is to be refunded to the Company has been paid to any Federal, state or local
tax authority, repayment thereof shall not be required until actual refund or credit of such portion has been made to Executive, and interest payable to the Company shall not exceed interest received or credited to Executive by such tax authority
for the period it held such portion. Executive and the Company shall mutually agree upon the course of action to be pursued (and the method of allocating the expenses thereof) if Executive’s good faith claim for refund or credit is denied.

  

 22 

 11. Non-competition and Confidentiality. 
 (a) Non-competition. During the Employment Period, Executive shall not become associated with any entity, whether as a principal,
partner, employee, consultant or shareholder (other than as a holder of not in excess of 1% of the outstanding voting shares of any publicly traded company), that is actively engaged in any geographic area in any business which is in competition
with a business conducted by the Company at the time of the alleged competition. 
 (b) Confidentiality. Without the
prior written consent of the Company, except (i) as reasonably necessary in the course of carrying out his duties hereunder or (ii) to the extent required by an order of a court having competent jurisdiction or under subpoena
from an appropriate government agency, Executive shall not disclose any trade secrets, customer lists, drawings, designs, information regarding product development, existing theatrical projects, marketing plans, sales plans, manufacturing plans,
management organization information (including data and other information relating to members of the Board and management), operating policies or manuals, business plans, financial records or other financial, commercial, business or technical
information relating to the Company or any of its subsidiaries or information designated as confidential or proprietary that the Company or any of its subsidiaries may receive belonging to suppliers, customers or others who do business with the
Company or any of its subsidiaries (collectively, “Confidential Information”) unless such Confidential Information has been previously disclosed to the public by the Company or has otherwise become available to the public
(other than by reason of Executive’s breach of this Paragraph 11(b)). 
 (c) Company Property. Promptly following
Executive’s termination of employment, Executive shall return to the Company all property of the Company, and all copies thereof in Executive’s possession or under his control, except that Executive may retain his personal notes, diaries,
Rolodexes, calendars and correspondence of a personal nature. 
 (d) Non-Solicitation of Employees. During the
Employment Period and, subject to the provisions of applicable law, during the one-year period following any termination of Executive’s employment, Executive shall not, except in the course of carrying out his duties hereunder, directly or
indirectly induce any employee of the Company or any of its subsidiaries to terminate employment with such entity, and shall not directly or indirectly, either individually or as owner, agent, employee, consultant or otherwise, knowingly employ or
offer employment to any person who is or was employed by the Company or a subsidiary thereof unless such person shall have ceased to be employed by such entity for a period of at least six (6) months. 
  

 23 

 (e) Injunctive Relief with Respect to Covenants. Executive acknowledges and agrees
that the covenants and obligations of Executive with respect to noncompetition, nonsolicitation, confidentiality and the Company property relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants
and obligations may cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, Executive agrees that the Company shall be entitled to obtain an injunction, restraining order or such other equitable relief
restraining Executive from committing any violation of the covenants and obligations contained in this Paragraph 11. These injunctive remedies are cumulative and are in addition to any other rights and remedies the Company may have at law or in
equity. 
 12. Miscellaneous. 
 (a) Survival. Paragraphs 7 (relating to early termination of the Employment Period), 8 (relating to payments to be made at the expiration of this Agreement), 10 (relating to certain additional payments
following a change in control), 11 (relating to nondisclosure and nonsolicitation of employees) and 12(o) (relating to governing law) shall survive the termination hereof, whether such termination shall be by expiration of the Employment Period in
accordance with Paragraph 1 or an early termination of the Employment Period pursuant to Paragraph 7 hereof. 
 (b) Binding
Effect. This Agreement shall be binding on, and shall inure to the benefit of, the Company and any person or entity that succeeds to the interest of the Company (regardless of whether such succession does or does not occur by operation of law)
by reason of a merger, consolidation or reorganization involving the Company or a sale of all or substantially all of the assets of the Company. The Company further agrees that, in the event of a sale of assets as described in the preceding
sentence, it shall use its reasonable best efforts to cause such assignee or transferee to expressly assume the liabilities, obligations and duties of the Company hereunder. This Agreement shall also inure to the benefit of Executive’s heirs,
executors, administrators and legal representatives and beneficiaries as provided in Paragraph 12(d). 
 (c)
Assignment. Except as provided under Paragraph 12(b), neither this Agreement nor any of the rights or obligations hereunder shall be assigned or delegated by any party hereto without the prior written consent of the other party. 

(d) Beneficiaries/References. Executive shall be entitled, to the extent permitted under any applicable law and the terms of any
applicable plan, to select and change a beneficiary or beneficiaries to receive any compensation or benefit payable hereunder following Executive’s death by giving the Company written notice thereof. In the event of Executive’s death or a
judicial determination of his incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to refer to his beneficiary, estate or other legal representative. 
  

 24 

 (e) Entire Agreement. This Agreement and each of the agreements evidencing the
terms of the Grandfathered Option Awards, the Commencement Stock Units and Extension Stock Option Grant shall constitute the entire agreement between the parties hereto with respect to the matters referred to herein; provided that this Agreement
shall not alter, amend, or supersede (i) except as specifically provided in Paragraph 7, any agreement that evidences the terms of any equity grant made prior to the date hereof or (ii) the Indemnification Agreement
referenced in Paragraph 6(d). This Agreement expressly supersedes the 2005 Agreement. There are no promises, representations, inducements or statements between the parties other than those that are expressly contained herein. 
 (f) Representations. Executive represents that his employment hereunder and compliance by him with the terms and conditions of this
Agreement will not conflict with or result in the breach of any agreement to which he is a party or by which he may be bound. The Company represents that (i) it is a corporation duly organized, validly existing and in good standing under
the laws of the State of Delaware. (ii) it has the full corporate power and authority to execute and deliver this Agreement and (iii) the execution, delivery and performance of this Agreement has been duly and validly
authorized. 
 (g) Authority of the Board. For the avoidance of doubt, nothing is this Agreement shall preclude the
Board from its ability to exercise any power or authority to take such actions as it is required or permitted to take as a matter of law or pursuant to the terms of the Company’s governing documents. Nothing in this Paragraph 12(g) shall be
construed to modify, amend, limit or otherwise impair the rights and entitlements of Executive set forth in the other Paragraphs of this Agreement (including, without limitation, the rights and entitlements specified in Paragraph 7). 
 (h) Severability; Reformation. In the event that one or more of the provisions of this Agreement shall become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. In the event any of Paragraph 11(a), (b) or (d) is not enforceable in accordance with its
terms, Executive and the Company agree that such subparagraph of such Paragraph 11 shall be reformed to make such Paragraph enforceable in a manner which provides the Company the maximum rights permitted at law. 
 (i) Waiver. Waiver by any party hereto of any breach or default by the other party of any of the terms of this Agreement shall not
operate as a waiver of any other breach or default, whether similar to or different from the breach or 

  

 25 

 
default waived. No waiver of any provision of this Agreement shall be implied from any course of dealing between the parties hereto or from any failure by
either party hereto to assert its or his rights hereunder on any occasion or series of occasions. 
 (j) Notices. Any
notice required or desired to be delivered under this Agreement shall be in writing and shall be delivered personally, by courier service, by registered mail, return receipt requested, or by telecopy and shall be effective upon actual receipt when
delivered or sent by telecopy and upon mailing when sent by registered mail, and shall be addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof): 
 If to the Company: 
 The Walt Disney Company 
 500 South Buena Vista Avenue 
 Burbank, California 91521 
 Attention: General Counsel 
 Telecopy No.: (818) 569-5146 
 with a copy to: 
 Debevoise & Plimpton, LLP 
 919 Third Avenue 
 New York, New York 10022 
 Attention: Lawrence K. Cagney, Esq. 
 Telecopy No.: (212) 909-6836 
 If to Executive: 
 To the
address listed as Executive’s principal resident in the Company’s human resources records and to his principal place of employment with the Company 
 with a copy to: 
 Milbank, Tweed, Hadley & McCloy 
 One Chase Manhattan Plaza 
 New York, New York 
 Attention: Mel Immergut, Esq. 
 Telecopy No.: (212) 530-5730 
  

 26 

 (k) Amendments. No amendment to this Agreement shall be binding between the
parties unless it is in writing and signed by the party against whom enforcement is sought. 
 (l) Headings. Headings
to paragraphs in this Agreement are for the convenience of the parties only and are not intended to be part of or to affect the meaning or interpretation hereof. 
 (m) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument. 
 (n) Withholding. Any payments provided for herein shall be
reduced by any amounts required to be withheld by the Company from time to time under applicable federal, state or local income or employment tax laws or similar statutes or other provisions of law then in effect. 
 (o) Governing Law. This Agreement shall be governed by the laws of the State of California, without reference to principles of
conflicts or choice of law under which the law of any other jurisdiction would apply; provided that Paragraph 4 shall be governed by the laws of the State of Delaware without reference to principles of conflicts or choice of law under which
the law of any other jurisdiction would apply. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer and Executive has hereunto set his hand as of the day and year first above written. 
  

					
		 	THE WALT DISNEY COMPANY
			
	Dated: January 31, 2008	 	By:	 	 /s/ Alan N. Braverman

		 		 	 Senior Executive Vice President,
 General Counsel and
Secretary

		
		 	ROBERT A. IGER
		
	Dated: January 31, 2008	 	 /s/ Robert A. Iger

  

 27 

 EXHIBIT A 
 THE WALT DISNEY COMPANY 
 Non-Qualified Stock Option Award Agreement

 [Seven-year Form] 
 This AWARD
AGREEMENT (the “Agreement”) is between you, Robert A. Iger, and The Walt Disney Company (“Disney”), in connection with the Non-Qualified Stock Option Award (the “Option”) granted to you on
                     (“Grant Date”), by the Compensation Committee of the Board of Directors of Disney pursuant to the terms of the
Amended and Restated 2005 Stock Incentive Plan (the “Plan”), the applicable terms and conditions of which are incorporated herein by reference and made a part of this Agreement. 
 This Option gives you the opportunity to purchase 3,000,000 shares of Common Stock of The Walt Disney Company at an exercise price of $Option Price per
share. The exercise price is the average of the highest and the lowest market prices for the Common Stock on the above grant date as determined pursuant to the Plan. 
 This Option may not be exercised before first anniversary of the Grant Date. On or after that date, subject to your continued employment by Disney or an affiliated company (as described further below) and to the other
provisions of the Plan, you may exercise the Option with respect to the number of shares set forth opposite the first date below. As the subsequent dates set forth below occur, you may exercise the Option as to the additional number of shares set
forth opposite those dates: 
  

			
	 First Anniversary of the Grant Date
	  	500,000 Shares
		
	 Second Anniversary of the Grant Date
	  	500,000 Shares
		
	 Third Anniversary of the Grant Date
	  	500,000 Shares
		
	 Fourth Anniversary of the Grant Date
	  	500,000 Shares
		
	 Fifth Anniversary of the Grant Date
	  	1,000,000 Shares

 Provided your employment continues, the term of this Option is seven years from the grant date and, therefore,
expires on                     . Except as otherwise provided 

  

 1 

 
below, if your employment should cease prior to the date on which your grant expires, your right to vest under and exercise the Option will be subject to
early termination as provided in the Plan. Except under certain circumstances specified in the Plan or in this Agreement, you will generally have the right of continued vesting for three months following the date of termination of your employment
and, because you are retirement eligible on the date hereof, you will have the right to exercise the shares covered by the Option that were vested on the date of termination, and any shares that vest during the three-month period referenced above,
for 18 months after the termination of your employment (or for the remaining term of the Option, whichever is shorter). Notwithstanding the foregoing, because you are employed pursuant to an employment agreement with Disney, in the event of your
termination of employment due to the exercise by the Company of its Termination Right or a termination by you for Good Reason (as each such term is defined in such employment agreement), the provisions of Paragraph 7 thereof shall determine the
extent to which you may become vested in the Option and the period of time during which the Option may be exercised following your termination of employment. 
 You may exercise this Option as to all or part of the number of shares covered by the Option which are then vested by paying the aggregate exercise price and applicable withholding taxes on the gross gain. You will be provided with
additional information at the time of exercise about the methods available for exercising your Option and paying your withholding taxes, in accordance with the methods of exercising options permitted under the Plan. You are urged to seek advice from
your tax accountant or attorney when making decisions regarding the exercise of this Option. This Option may not be transferred or assigned. 
 Notwithstanding any other term or provision hereof, you agree by acceptance of this Option that, except for certain shares (the “Tax-Available Shares”) that may be sold to pay taxes up to the Maximum Tax Liability (as defined
below) upon an exercise of a portion of, or all of, this Option, you will hold, for not less than twelve months from the date of exercise of this Option, shares representing no less than one hundred percent (100%) of the shares acquired by you
(other than Tax-Available Shares) upon such exercise. In no event shall the foregoing restriction on sale of shares acquired upon the exercise of the Option apply after any termination of your employment with Disney. 
 For purposes hereof the term “Maximum Tax Liability” shall mean the amount calculated by multiplying total income recognized, as reported by Disney for Federal
income tax purposes, upon an exercise of this Option, by a percentage determined as follows: 
 FR + SR (100-FR) + MR

  

 2 

 where: 
 FR = the highest Federal income tax rate in effect at time of exercise of the Option; 
 SR =
the highest state income tax rate, if any, in effect at the time of exercise of the Option in the state where your principle Disney office is located; and 
 MR = the Medicare tax rate in effect at time of exercise of the Option. 
 The number of whole shares acquired upon any
exercise of the Options that may be sold to discharge the Maximum Tax Liability shall be determined by dividing the Maximum Tax Liability by the fair market value (as defined in the Plan) of one share of Disney common stock on the date of exercise
of the Option and disregarding any fractional amount resulting from such calculation. For the purposes hereof, your commitment to hold the percentage of shares referred to above for not less than twelve months shall constitute and undertaking by you
not to sell, transfer, pledge, encumber, assign or otherwise dispose of, except for certain transfers to “family members” and certain others permitted with the prior approval of the Committee pursuant to the Plan, any of such shares during
such period. 
 Please sign this Non-Qualified Stock Option Award Agreement where indicated below. Your signature acknowledges receipt of a copy of the Plan
and evidences your agreement to be bound by all the terms and provisions of this Agreement and the Plan. 
  

									
	THE WALT DISNEY COMPANY	 		 	PARTICIPANT
					
	By:	 	  
	 		 	By:	 	  

		 		 		 		 	(Signature of Participant)

  

 3 

 EXHIBIT B 
 CONSULTING AGREEMENT 
 THIS CONSULTING AGREEMENT (hereinafter
referred to as “Agreement”) is made and entered into by and between Robert A. Iger (hereinafter referred to as “Consultant”) and The Walt Disney Company (hereinafter referred to as “Company”) on and
as of             , 20     pursuant to that certain Employment Agreement by and between Executive and Company dated
             2008 (the “Employment Agreement”). All capitalized terms not defined herein shall have the meaning ascribed to them in the Employment Agreement.

 1.(a) Unless this Agreement is earlier terminated as hereinafter provided or the Board or a committee thereof waives any of
Consultant’s duties and obligations, in whole or in part, for a period following the termination of Consultant’s employment under the Employment Agreement equal to the lesser of 6 months or the remaining period of the Term of the
Employment Agreement (the “Consulting Agreement Period”), Consultant shall personally and diligently provide to the Chief Executive Officer of the Company such consulting services as the Chief Executive Officer or the Board may
reasonably request from time to time, provided that such services shall relate to matters appropriate for the former Chief Executive Officer of the Company and shall be a type and nature and duration typical for a post-employment consulting
agreement with the former Chief Executive Officer of the Company. Consultant shall not be required to report to Employer’s offices and shall be permitted, subject to the terms hereof, to provide consulting services to third parties during the
term hereof, provided (i) in no event shall consulting services or other services or advice of any nature be provided by Consultant, directly or indirectly (whether as an employee, consultant, independent contractor, agent, partner, principal,
owner or otherwise) to any person or entity which directly or indirectly owns, operates, manages, develops, controls or provides services to, any business involved in any of the following activities: (A) the conception, creation, development,
production, purchase, sale, distribution, broadcast, transmission or other disposition (including, without limitation, the licensing and/or merchandising of related consumer products) of audio and/or visual product or works of any nature in any
media, including, without limiting the generality of the foregoing, any activity relating to (i) any aspect of the network, cable, broadcasting, television (including pay-per-view, closed circuit or any inter-active form of distribution
of television or other audio/visual product) or internet businesses, or (ii) the development, marketing or distribution by any vehicle whatsoever of any film or television product or any similar content in any media, whether or not now
existing, (B) the operation, management, development, licensing and promotion of themed resorts, hotels and restaurants or amusement or themed entertainment parks; or (C) the design, development, publishing, promotion or sale
of products based on cartoon or other animated characters, 

  

 1 

 
films, television and theatrical productions and other intellectual property derived therefrom, in each case, only to the extent that such person or entity
is actively engaged in any geographic area in any business which is in competition with a business conducted by the Company or one of its subsidiaries at the time of the performance of such services (the “Specified Activities”), and
(ii) that any services required by Company shall at all times be provided with precedence being given to Company and on a “first priority” basis to Company, although Company shall endeavor to provide, when possible, reasonable notice
to Consultant of all services required hereunder and to give due consideration, to the extent practicable, to any prior commitments Consultant may have at such time. In no event shall Consultant be required to devote more than 20 hours per month to
services to Company hereunder, and the parties agree and understand that Consultant’s expected commitment to such services shall regularly be less than the stated maximum monthly hours. 
 (b) In the event of a material uncured breach by Consultant of any term or provision of this paragraph 1 hereof, all of which terms and conditions
Consultant acknowledges and agrees are of the essence of this Agreement, or any other term or provision hereof, Company by action of the Board shall have the right, in addition to any other right of remedy available to it at law or in equity, to
terminate this Agreement. In such event Company shall have no further obligation to make payments or perform or honor any commitments under the Release or to pay or honor any commitments which relate to or constitute any of the Conditional Benefits;
provided, however, that notwithstanding the foregoing, except as otherwise specifically provided in the immediately preceding sentence, no breach of this Agreement by Consultant, no termination of this Agreement by Company, and no
other action or inaction by either of them (other than the execution by the parties of a written agreement amending or superseding the Release or any part thereof) shall in any event or under any circumstances have any effect whatsoever on the
validity, enforceability, binding nature, effect or interpretation of the release set forth in paragraph 7 of the Release, and the release set forth therein shall remain in full force and effect. 
 (c) In the event that Consultant shall receive a notice of breach of this Agreement from the Board, Consultant shall have ten (10) business days to
cure such breach unless the Board shall have determined in its good faith business judgment that such breach is not curable. Any notice of termination pursuant to this paragraph 2 shall set forth in reasonable detail the basis for such breach and
shall contain a statement as to whether or not such breach has been determined to be curable by the Board. In the event that he receives a notice of breach of the Agreement from the Board, Executive may challenge such finding of a breach, by written
notice to the Board, and shall be afforded an opportunity to present his objection to the Board, in person or in writing, as determined by the Board, prior to Company having any right to terminate this Agreement and the Conditional Benefits provided
under the Employment Agreement. 
 2. Consultant shall receive gross consulting fees for his services hereunder which, for any period during
the Consulting Agreement Period, shall equal the amount of gross salary Consultant would have earned had he remained as an employee of the Company under the Employment Agreement for such period. The consulting fee payments shall be made at the date
set forth in Paragraph 7(d)(i) of the Employment Agreement. 
  

 2 

 3. Company shall reimburse Consultant, in accordance with the procedures of Company then in effect for
its employees, for reasonable business expenses incurred by Consultant in the course of performing the services hereunder. 
 4. Company, its
successors, privies and assigns shall be entitled to, and shall, own as their exclusive property all of the results and proceeds of the services (which results and proceeds are hereafter collectively referred to as the “Work
Product”) in whatever stage of completion, all of which shall be considered a work-for-hire, including, without limitation, all written work, research, plot outlines, computer programs, plans, drawings, paintings, sculptures, fanciful
creations, specifications, ideas, scripts, sketches, designs, concepts, software, systems, reports, documentation, and other tangible or intangible work product produced. Company shall own all rights in the Work Product in perpetuity throughout the
universe including, without limitation, the rights to produce, manufacture, record, reproduce, distribute, transfer or prepare derivative works from the Work Product by any art, medium or method and all copyrights, trademarks and/or patents in the
Work Product. Company shall be deemed the sole author of the Work Product and is entitled to the copyright therein (and all renewals and extensions thereof), and the full ownership to the original and all copies of the Work Product. Company shall
have the right to dispose of the Work Product and/or make any or all uses thereof as it, at any time and in the exercise of its sole discretion, may desire. Consultant shall deliver all originals and copies of the Work Product (whether completed or
in process) and all research, plans, designs, specifications and any other work product or information which pertains to the Work Product to Company upon completion of the Services hereunder or upon earlier termination of this Agreement. Consultant
shall not retain, use or disclose any of the Work Product without Company’s prior written consent. The termination, completion or breach of this Agreement on whatever grounds and by whomsoever affected shall not affect Company’s exclusive
ownership of the Work Product. Consultant hereby assigns to Company all now known or hereafter existing rights of every kind throughout the universe, in perpetuity and in all languages, pertaining to the Work Product, including, without limitation,
all exclusive exploitation rights, of every kind and nature, including, but not limited to, all trademarks, copyrights and neighboring rights, to the full extent such assignment is allowed by law, and any renewals and extensions therefor throughout
the universe, in perpetuity, or for the duration of the rights in each country, and in all languages. Consultant acknowledges that new rights to the Work Product may come into being or be recognized in the future, under the law or in equity (the
“New Exploitation Rights”), and Consultant intends to and does hereby grant and convey to Company any and all such New Exploitation Rights to the Work Product. Consultant is also aware and acknowledges that new or changed
technology, uses, media, format, modes of transmission and methods of distribution, dissemination, exhibition or performance (the “New Exploitation Methods”) are being and will inevitably continue to be developed in the future,
which would offer new opportunities for exploiting the 

  

 3 

 
Work Product. Consultant intends to and does hereby grant and convey to Company any and all rights to such New Exploitation Methods with respect to the Work
Product. Consultant agrees to execute, at any time upon Company’s request, such further documents and do such other acts as may be required to evidence or confirm Company’s exclusive ownership of and exploitation rights to the Work Product
and to effectuate Consultant’s purpose to convey such rights to Company including, but not limited to, the New Exploitation Rights and any and all of the New Exploitation Methods. Consultant agrees that it will not seek to (i) challenge,
through the courts, administrative governmental bodies, private organizations or in any other manner, the rights of Company to exploit the Work Product by any means whatsoever or (ii) thwart, hinder or subvert the intent of the preceding grants
and conveyances to Company, or the collection by Company of any proceeds relating to the rights conveyed under this Agreement. The provisions of this paragraph shall survive the expiration or sooner termination of this Agreement. 
 5. This Agreement is for the personal services of Consultant and may not be subcontracted or assigned by Consultant in any fashion, whether by operation
of law, or by conveyance of any type, without the prior written consent of Company, which consent Company may withhold in its sole discretion. Company may not assign all or any portion of this Agreement at any time to any of its affiliates or to any
other person. 
 6. (a) Consultant, by virtue of this Agreement, shall acquire no right to use, and shall not use, the name
“Disney” or “ABC” or “American Broadcasting Companies” or “ESPN” (either alone or in conjunction with or as a part of any other word, mark, or name) or any marks, fanciful characters or designs of The Walt
Disney Company, or Company or any of their related, affiliated, or subsidiary companies in any advertising, publicity, or promotion; to express or imply any endorsement by Disney or Company or any of their related, affiliated or subsidiary companies
of Consultant’s services; or in any other manner whatsoever (whether or not similar to the uses hereinabove specifically prohibited). Consistent with his obligations under Paragraph 7, this Paragraph 6(a) shall not prevent Executive from using
such names to describe his activities with respect to Company and its subsidiaries under and prior to the Employment Agreement and under this Agreement. 
 (b) Consultant hereby represents and warrants to Company that as of the date of this Agreement, Consultant does not provide any services (including, without limitation, as an employee) to any person or entity that
(i) is engaged in, or whose affiliated entities are engaged in, one or more of the Specified Activities or (ii) advises or provides consulting services to any person or entity that is engaged in, or whose affiliated entities are engaged
in, any business or activity relating to or constituting one or more of the Specified Activities. Consultant further represents and warrants to Company that he shall make written disclosure to Company prior to providing any services, during the term
of this Agreement, to any of the above mentioned persons or entities. 
  

 4 

 7. Consultant may, during the course of Consultant’s engagement hereunder, have access to, and
acquire knowledge of or from, materials, data, strategies, systems or other information relating to the services hereunder or Company, or its parent, related, affiliated or subsidiary companies, which may not be accessible or known to the general
public (including, but not limited to, the existence of this Agreement and the terms hereof and any Work Product not readily available to the general public) (“Confidential Information”). Any such knowledge acquired by Consultant
shall be kept confidential and shall not be used, published, or divulged by Consultant to any other person, firm, or corporation, or in any advertising or promotion regarding Consultant or Consultant’s services, or in any other manner or
connection whatsoever without first having obtained the prior written permission of Company, which permission Company may withhold in its sole discretion. Upon Company’s request, Consultant shall immediately return to Company or destroy, all
documents, magnetic copies, or other physical evidence of all Confidential Information in Consultant’s possession or in the possession of any of Consultant’s directors, officers, employees, agents or representatives (including, without
limitation, all copies, transcriptions, notes, extracts, analyses, compilations, studies, or other documents, records, or data prepared by Consultant) which contain or otherwise reflect or are generated from the Confidential Information without
retaining any copy thereof, all of the foregoing being Confidential Information and the sole property of Company, Consultant shall certify to Company that all of the foregoing has been returned or destroyed as provided in this paragraph. Consultant
agrees that Company would be irreparably harmed by any violation or threatened violation of this paragraph and that, therefore, Company shall be entitled to an injunction prohibiting Consultant from any violation or threatened violation of this
paragraph. The provisions of this paragraph shall survive the expiration or sooner termination of this Agreement. The parties agree that Consultant shall have no greater duty or obligation in respect of this Paragraph 7 than applies to Executive
under Paragraph 11(b) of the Employment Agreement. 
 8. This Agreement shall be construed and interpreted in accordance with the laws of the
State of California without regard to conflicts of laws principles. 
  

 5 

 9. The terms and provisions of this Agreement, the Release and Paragraphs 7 and 10 of the Employment
Agreement constitute the entire agreement between the parties hereto with respect to the subject matter of this Agreement and supersede all previous communications, representations, or agreements, either oral or written, between the parties relating
to such subject matter hereof. No change, alteration or modification of this Agreement shall be effective unless made in writing and signed by both parties hereto. 
 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the day and year first above written. 
  

									
	THE WALT DISNEY COMPANY	 		 	Consultant
					
	By:	 	  
	 		 	By:	 	  

	Title:	 		 		 	[Name]	 	

  

 6 

 EXHIBIT C 
 GENERAL RELEASE 
 WHEREAS, Robert A. Iger (hereinafter referred to as
“Executive”) and The Walt Disney Company (hereinafter referred to as the “Company”) are parties to an Employment Agreement , originally dated October 2, 2005, and amended and restated as of
January     , 2008 (the “Employment Agreement”), which provided for Executive’s employment with the Company on the terms and conditions specified therein; and 
 WHEREAS, pursuant to paragraph 9 of the Employment Agreement, Executive and the Company have agreed to execute mutual releases of the type and nature set
forth in this Agreement; 
 NOW, THEREFORE, in consideration of the premises and mutual promises herein contained and for other good and
valuable consideration received in accordance with the terms of the Employment Agreement, it is agreed as follows: 
 1. (a) Upon the later of
(i) the execution hereof by the Company and Executive, (ii) the passage of seven days following execution hereof by Executive without Executive’s having exercised the revocation rights referred to in paragraph 12 hereof and
(iii) the time specified in the Employment Agreement for payment of a particular item of compensation, the Company shall (x) provide Executive the amounts and benefits described in Paragraph [7][8]of the Employment Agreement and
(y) make full payment for vacation and floating holidays accrued but unused as of the date hereof, less amounts required to be withheld by law or authorized by Executive to be withheld (it being understood that from and after the date hereof no
further rights to vacation or floating holidays or compensation therefor shall accrue or be payable to Executive). Such payment shall be made by check payable to Executive. 
 (b) The covenants and commitments of Employer referred to herein (including, specifically, but without limitation, any and all benefits conferred upon
Executive pursuant to Paragraph [7][8] of the Employment Agreement) shall be in lieu of and in full and final discharge of any and all obligations to Executive for compensation, severance payments, or any other expectations of payment, remuneration,
continued coverage of any nature or benefit on the part of Executive arising out of or in connection with Executive’s employment with the Company, or under any agreement, arrangement, commitment, plan, program, practice or policy of the
Company, or otherwise, other than as expressly provided in the Employment Agreement. 
 (c) Notwithstanding the foregoing or any other term
or provision hereof, Executive shall be entitled to such rights as are vested in Executive as of the Termination Date, or as are expressly provided in the Employment Agreement, under and subject to the terms of (i) the Employment Agreement,
(ii) any applicable retirement plan(s) to which Executive may be subject, (iii) any applicable stock option plan or other incentive compensation plan of the Company to which Executive may be subject, (iv) any right which Executive now
has or may hereafter have to claim a defense and/or indemnity for liabilities to third parties in connection 

  

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with his activities as an employee of the Company or any of its affiliates pursuant to the terms of any applicable statute, under any insurance policy,
pursuant to the certificate of incorporation or bylaws or established policies of the Company or any affiliate thereof or pursuant to written agreement (including, without limitation, the Indemnification Agreement dated as of October 1, 2003)
expressly providing for such indemnity between Executive and the Company or any affiliate thereof, and (v) any other applicable employee welfare benefit plans to which Executive may be subject. Further, Executive shall be entitled to such
continuation of health care coverage as is required under, and subject to, applicable law, of which Executive shall be notified in writing after the Termination Date, provided Executive timely exercises Executive’s rights in accordance
therewith. Executive understands and acknowledges that all payments for any such continued health care coverage he may elect will be paid by him, except to the extent the Employment Agreement provides that such payments shall be made by the Company.

 2. Executive confirms that, on or prior to seven (7) days from the date hereof, Executive shall turn over to the Company all files, memoranda,
records, credit cards and other documents and physical or personal property that Executive received from the Company or that Executive generated in connection with his employment by the Company or that are the property of the Company. 
 3. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under law. Should there be any
conflict between any provision hereof and any present or future law, such law will prevail, but the provisions affected thereby will be curtailed and limited only to the extent necessary to bring them within the requirements of law, and the
remaining provisions of this Agreement will remain in full force and effect and be fully valid and enforceable. 
 4. Executive represents and agrees
(a) that Executive has to the extent he desires discussed all aspects of this Agreement with his attorney, (b) that Executive has carefully read and fully understands all of the provisions of this Agreement, and (c) that Executive is
voluntarily entering into this Agreement. 
 5. Excluding enforcement of the covenants, promises and/or rights reserved herein, Executive hereby irrevocably
and unconditionally releases, acquits and forever discharges the Company and each of the Company’s owners, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, representatives, attorneys, divisions,
subsidiaries, affiliates (and agents, directors, officers, employees, representatives and attorneys of such companies, divisions, subsidiaries and affiliates) and all persons acting by, through, under or in concert with any of them (collectively
“Releasees”), or any of them, from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses
(including attorneys’ fees and costs actually incurred) of any nature whatsoever, known or unknown, suspected or unsuspected, including, but not limited to, rights arising out of alleged violations of any contracts, express or implied, any
covenant of good faith and fair dealing, express or implied, or any tort or any legal restrictions on the Company’s right to terminate employees, or any Federal, state or other governmental statute, regulation or ordinance, including, without
limitation, Title VII of the Civil Rights Act of 1964, as amended, the Federal Age Discrimination In Employment Act of 1967, as amended, and the California Fair Employment and Housing Act that Executive now has, or has ever had, or ever will have,
against each or any of the Releasees, by reason of any and all acts, 

  

 2 

 
omissions, events, circumstances or facts existing or occurring up through the date of Executive’s execution hereof that directly or indirectly arise
out of, relate to, or are connected with, Executive’s services to, or employment by the Company (any of the foregoing being an “Executive Claim” or, collectively, the “Executive Claims”). 
 6. Executive expressly waives and relinquishes all rights and benefits afforded by California Civil Code Section 1542 and does so understanding and acknowledging
the significance of such specific waiver of Section 1542. Section 1542 states as follows: 
 “A GENERAL RELEASE DOES NOT EXTEND
TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 
 Thus, notwithstanding the provisions of Section 1542, and for the purpose of implementing a full and complete release and discharge of the Releasees, Executive
expressly acknowledges that this Agreement is intended to include in its effect, without limitation, all Executive Claims that Executive does not know or suspect to exist in Executive’s favor at the time of execution hereof, and that this
Agreement contemplates the extinguishment of any such Executive Claim or Executive Claims. 
 7. Excluding enforcement of the covenants, promises and/or
rights reserved herein or in the Employment Agreement, and except as otherwise provided in the proviso at the end of this sentence, the Company, hereby irrevocably and unconditionally releases, acquits and discharges Executive, and
Executive’s heirs, assigns and successors in interest (“Executive Releasees”) from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits,
rights, demands, costs, losses, debts and expenses (including attorney’s fees and costs actually incurred), of any nature whatsoever, known or unknown, suspected or unsuspected, including, but not limited to, rights arising out of alleged
violations of any contracts, express or implied, any covenant of good faith and fair dealing, express or implied, or any tort, that the Company now has, or has ever had, or ever will have, against Executive and/or the Executive Releasees, by reason
of any and all acts, omissions, events, circumstances or facts existing or occurring up through the date of the Company’s execution hereof, that directly or indirectly arise out of, relate to, or are connected with, Executive’s services
to, or employment by the Company (hereinafter referred to as a “Claim” or collectively, the “Claims”); provided, however, that, notwithstanding any other term or provision hereof, any Claim or Claims rising out of,
under, or resulting from, in part or whole, (i) any illegal or fraudulent act(s) or illegal or fraudulent omission(s) to act of Executive, (ii) any action(s) or omission(s) to act which would constitute self-dealing or a breach of
Executive’s confidentiality obligations to the Company or any affiliate thereof, or a breach of The Walt Disney Company and Associated Companies Confidentiality Agreement executed by Executive, or (iii) the Board’s policy, as the same
may be in effect from time to time, regarding the ability of the Company to recoup bonus or incentive payments as a result of the Company being required to restate its financial results due to material noncompliance with financial reporting 

  

 3 

 
requirements under the securities laws, are hereby expressly excluded in their entirety from the foregoing release, acquittal and discharge and are
unaffected thereby (any Claim or Claims not so excluded pursuant to this proviso being hereinafter referred to as a the “Company Claim” or, collectively, as the “Company Claims”). 
 8. Except as expressly reserved herein, the Company expressly waives and relinquishes all rights and benefits afforded by California Civil Code Section 1542 and
does so understanding and acknowledging the significance of such specific waiver of Section 1542. Section 1542 states as follows: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR.” 
 Thus, notwithstanding the provisions of Section 1542, and for the purpose of implementing a full and complete
release, acquittal and discharge of the Executive Releasees with respect to the Company Claims only, the Company expressly acknowledges that this Agreement is intended to include in its effect, without limitation, all the Company Claims that the
Company does not know or suspect to exist in the Company’s favor at the time of execution hereof, and that this Agreement contemplates the extinguishment of any such Company Claims. 
 9. Executive understands that Executive has been given a period of 21 days to review and consider this Agreement before signing it pursuant to the Age Discrimination In Employment Act of 1967, as amended. Executive
further understands that Executive may use as much of this 21-day period as Executive wishes prior to signing. 
 10. Executive acknowledges and represents
that he understands that he may revoke the waiver of his rights under the Age Discrimination In Employment Act of 1967, as amended, effectuated in this Agreement within 7 days of signing this Agreement. Revocation can be made by delivering a written
notice of revocation to General Counsel, The Walt Disney Company, 500 South Buena Vista Street, Burbank, California 91521. For this revocation to be effective, written notice must be received by the General Counsel no later than the close of
business on the seventh day after Executive signs this Agreement. If Executive revokes the waiver of his rights under the Age Discrimination In Employment Act of 1967, as amended, the Company shall have no obligations to Executive hereunder, and
this Agreement and the Employment Agreement shall have no further force and effect. 
 11. Executive and the Company respectively represent and acknowledge
that in executing this Agreement neither of them is relying upon, and has not relied upon, any representation or statement not set forth herein made by any of the agents, representatives or attorneys of the Releasees or of the Executive Releasees
with regard to the subject matter, basis or effect of this Agreement or otherwise. 
 12. This Agreement shall not in any way be construed as an admission by
any of the Company Releasees or Executive Releasees, respectively, that any Company Releasee or Executive Releasee has acted wrongfully or that the Company or Executive has any rights 

  

 4 

 
whatsoever against any of the Company Releasees or Executive Releasees except as specifically set forth herein, and each of the Company Releasees and
Executive Releasees specifically disclaims any liability to any party for any wrongful acts. 
 13. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of California. This Agreement is binding on the successors and assigns of, and sets forth the entire agreement between, the parties hereto; fully supersedes any and all prior agreements or understandings
between the parties hereto pertaining to the subject matter hereof; and may not be changed except by explicit written agreement to that effect subscribed by the parties hereto. 
 PLEASE READ CAREFULLY. THIS SETTLEMENT AGREEMENT AND GENERAL RELEASE INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 
  

					
	Executed at             , California.	 		 	
		
		 	  

		 	ROBERT A. IGER
			
		 	Dated:	 	  

			
	Executed at             , California.	 		 	
		
		 	THE WALT DISNEY COMPANY
			
		 	By:	 	  

		 	Title:	 	
			
		 	Dated:	 	  

  

 5

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