Document:

Amendment No. 1 to Receivables Sale Agreement

 
Exhibit 10.22 
 AMENDMENT NO. 1

 to 
 RECEIVABLES SALE AGREEMENT

 Dated as of February 21, 2006 
 THIS AMENDMENT NO. 1 (this “Amendment”) is entered into as of February 21, 2006 by and among JABIL CIRCUIT, INC., a Delaware corporation (“Jabil”), JABIL CIRCUIT OF TEXAS, LP, a Florida limited
partnership (“Jabil Texas”), JABIL GLOBAL SERVICES, INC., a Florida corporation (“Jabil Global Services,” together with Jabil and Jabil Texas and each other Subsidiary of Jabil which enters into a Joinder Agreement,
each individually, an “Originator” and collectively, the “Originators”), and JABIL CIRCUIT FINANCIAL II, INC., a Delaware corporation (“Buyer”). 
 PRELIMINARY STATEMENTS 
 A. The Originators
and Buyer are parties to that certain Receivables Sale Agreement dated as of February 25, 2004 (as amended, restated, supplemented or otherwise modified from time to time, the “RSA”). Capitalized terms used herein and not
otherwise defined shall have the meanings ascribed to them in the RSA. 
 B. The Originators and Buyer have agreed to amend the RSA on the
terms and subject to the conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises set forth above, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 Section 1. Amendments. Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 2 below, the RSA is hereby amended as follows: 
 (a) Section 4.1(b) of the RSA is hereby amended to delete clause (v) thereof in its entirety and replace it with the following:

 (v) Manufacturing Subsidiaries. As soon as such Originator becomes aware thereof, notice of any action taken by any
Manufacturing Subsidiary or any other Person to assert any claim against any property of Buyer, any Originator or any Manufacturing Subsidiary. 
 (b) Section 7.1 of the RSA is hereby amended to delete clause (xiii) thereof in its entirety and replace it with the following: 
 (xiii) the operations of any Manufacturing Subsidiary or the enforcement of the Agent’s and the Purchasers’ rights under any Estoppel Letter; and 

 (c) Exhibit I of the RSA is hereby further amended to delete the definition of “Change of
Control” contained therein in its entirety and replace it with the following: 
 “Change of Control”
means (i) the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934) of 20% or more of
the outstanding shares of voting stock of Jabil, (ii) Jabil shall cease to own, free and clear of all Adverse Claims, directly or indirectly, all of the outstanding partnership interests, membership interests, voting stock or other ownership
interests, as applicable, in any Originator or Manufacturing Subsidiary or (iii) Jabil shall cease to own directly, free and clear of all Adverse Claims, all of the outstanding shares of voting stock of Buyer. 
 (d) Exhibit I of the RSA is hereby further amended to add the following definitions in the appropriate alphabetical order: 
 “Jabil Defense” means Jabil Defense and Aerospace Services, LLC, a Delaware limited liability company. 
 “Jabil Luxembourg” means Jabil Luxembourg Manufacturing S.à r.l., formed under the laws of Luxembourg as a private
limited liability company 
 “Jabil Malaysia” means Jabil Circuit Sdn. Bhd. (Company No. 336537-M), a
company incorporated under the laws of Malaysia, as a private company limited by shares. 
 “Jabil Reynosa
II” means Jabil Circuit de Reynosa S. de R.L. de C.V., a corporation organized under the laws of México as a Sociedad de Responsabilidad Limitada de Capital Variable. 
 “Manufacturing Subsidiary” means each of Jabil Mexico, Jabil Chihuahua, Jabil Reynosa, Jabil Reynosa II, Jabil Malaysia,
Jabil Luxembourg and any other Subsidiary of Jabil which the Agent approves in writing as a Manufacturing Subsidiary from time to time. 
 (e) Exhibit II of the RSA is hereby amended to add the following information at the end: 
 JABIL DEFENSE AND AEROSPACE
SERVICES, LLC 
  

			
	Jurisdiction of Organization: Delaware
		
	Places of Business:	  	10560 Dr. Martin Luther King Jr. Street North
		  	St. Petersburg, FL 33716
		
		  	2007-D Gandy Boulevard
		  	St. Petersburg, FL 33702
		
		  	495R Billerica Avenue
		  	Billerica, MA 01862

  

 2 

 Locations of Records: 10560 Dr. Martin Luther King Jr. Street North, St. Petersburg, FL 33716

 Organizational Identification Number: 3819006 
 Federal Employer Identification Number: 201388225 
 Legal, Trade and Assumed Names: None 
 MALAYSIA 
 Jabil Circuit Sdn. Bhd.

 Plot 56, Hilir Sungai Keluang 1 
 Bayan Lepas Industrial Park 
 Phase 4, 11900 Penang, Malaysia 
 REYNOSA 
 Reynosa Mexico 

Blvd Montebello 737 Parque Industrial Colonial Cd. 
 Reynosa Tamps CP. 88787 
 REYNOSA II 
 Jabil Circuit de Reynosa S de RL de CV 
 Boulevard Montebello 737 
 Parque Industrial Colonial Cd. 
 Reynosa
Mexico C.P. 88787 
 (f) Exhibit III of the RSA is hereby amended to add the following Collection Account information: 
  

					
	 Collection Bank
	  	Lockbox Address	  	Related Collection Account
	 JPMorgan Chase Bank, N.A.
	  	xxxxxxxxxxxxx	  	xxxxxxxxx
	 JPMorgan Chase Bank, N.A.
	  	xxxxxxxxxxxxx	  	xxxxxxxxx
	 JPMorgan Chase Bank, N.A.
	  	xxxxxxxxxxxxx	  	xxxxxxxxx
	 JPMorgan Chase Bank, N.A.
	  	xxxxxxxxxxxxx	  	xxxxxxxxx
	 JPMorgan Chase Bank, N.A.
	  	xxxxxxxxxxxxx	  	xxxxxxxxx
	 JPMorgan Chase Bank, N.A.
	  	xxxxxxxxxxxxx	  	xxxxxxxxx
	 JPMorgan Chase Bank, N.A.
	  	xxxxxxxxxxxxx	  	xxxxxxxxx

  

 3 

 Section 2. Conditions Precedent. This Amendment shall become effective and be deemed
effective, as of the date first above written, upon the latest to occur of (i) the date hereof, (ii) receipt by the Agent of one copy of this Amendment duly executed by each of the parties hereto and (iii) receipt by the Agent of each
of the documents listed on Schedule I hereto. 
 Section 3. Covenants, Representations and Warranties of the Originators.

 (a) Upon the effectiveness of this Amendment, each of the Originators hereby reaffirms all covenants, representations and warranties made
by it in the RSA, as amended, and agrees that all such covenants, representations and warranties shall be deemed to have been re-made as of the effective date of this Amendment. 
 (b) Each of the Originators hereby represents and warrants as to itself (i) that this Amendment constitutes the legal, valid and binding obligation
of such party enforceable against such party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally
and general principles of equity which may limit the availability of equitable remedies and (ii) upon the effectiveness of this Amendment, that no event shall have occurred and be continuing which constitutes an Termination Event or a Potential
Termination Event. 
 Section 4. Reference to and Effect on the RSA. 
 (a) Upon the effectiveness of this Amendment, each reference in the RSA to “this Agreement,” “hereunder,” “hereof,”
“herein,” “hereby” or words of like import shall mean and be a reference to the RSA as amended hereby, and each reference to the RSA in any other document, instrument or agreement executed and/or delivered in connection with the
RSA shall mean and be a reference to the RSA as amended hereby. 
 (b) Except as specifically amended hereby, the RSA and other documents,
instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 
 (c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Buyer or any of its assigns under the RSA or any of the other Transaction Documents, nor
constitute a waiver of any provision contained therein. 
 Section 5. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS. 
 Section 6.
Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of
which taken together shall constitute but one and the same instrument. 
  

 4 

 Section 7. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed on the date first set
forth above by their respective officers thereto duly authorized, to be effective as hereinabove provided. 
  

			
	JABIL CIRCUIT, INC.
		
	By:	 	 /s/ Forbes Alexander

	Name:	 	Forbes Alexander
	Title:	 	Chief Financial Officer
		
	Address:	 	10560 Martin Luther King, Jr.
		 	 Street North
 St. Petersburg, FL 33716
 Attn: Forbes Alexander, Treasurer

		 	cc: General Counsel
	Fax:	 	(727) 579-8529
	
	JABIL CIRCUIT OF TEXAS, LP
	
	     By: Jabil Texas Holdings, LLC,
     its sole General Partner

		
		 	 By: Jabil Circuit, Inc.
 its sole Manager and
Member

		
	By:	 	 /s/ Forbes Alexander

	Name:	 	Forbes Alexander
	Title:	 	Chief Financial Officer
		
	Address:	 	 10800 Roosevelt Blvd.
 St. Petersburg, FL
33716
 Attn: Forbes Alexander
 cc: General
Counsel

	Fax:	 	(727) 579-8529

  

 Signature Page to Amendment No. 1 to RSA 

			
	JABIL GLOBAL SERVICES, INC.
		
	By:	 	 /s/ Forbes Alexander

	Name:	 	Forbes Alexander
	Title:	 	Chief Financial Officer
		
	Address:	 	10800 Roosevelt Blvd.
		 	 St. Petersburg, FL 33716
 Attn: Forbes
Alexander

		 	cc: General Counsel
	Fax:	 	(727) 579-8529
	
	JABIL CIRCUIT FINANCIAL II, INC.
		
	By:	 	 /s/ Stephen Kerr

	Name:	 	Stephen Kerr
	Title:	 	Vice President
		
	Address:	 	300 Delaware Avenue
		 	Suite 12119
		 	Wilmington, DE 19801
		 	Attn: John Koach,
		 	Assistant Treasurer
	Fax:	 	(302) 654-7584

  

 Signature Page to Amendment No. 1 to RSAPerformance Share Agreement

 Exhibit 10.1 
 PIXAR 
 Performance Share Agreement 
 (also referred to as restricted stock units – time-based vesting) 
 Grant
# 
 Pixar (the “Company”) hereby grants you, Ed Catmull (the “Employee”), an award of Performance Shares (also
referred to as restricted stock units – time-based vesting) under the Company’s 2004 Equity Incentive Plan (the “Plan”). The date of this Agreement is April 3, 2006 (the “Grant Date”). Subject to the provisions of
Appendix A (attached hereto) and of the Plan, the principal features of this award are as follows: 
  

			
	Number of Performance Shares:	 	400,000
		
	Vesting of Performance Shares:	 	The Performance Shares will vest in accordance with the following schedule: 50% of the Performance Shares will vest on the second anniversary of the Grant Date and 50% of the Performance
Shares will vest on the fourth anniversary of the Grant Date, subject to your continued employment with the Company or its Affiliates through each applicable vesting date.

 IMPORTANT: 
 Your signature below indicates your agreement and understanding that this award is subject to all of the terms and conditions contained in Appendix A and the Plan. For example, important additional
information on vesting and forfeiture of the Performance Shares is contained in paragraphs 3 through 7 of Appendix A. PLEASE BE SURE TO READ ALL OF APPENDIX A, WHICH CONTAINS THE SPECIFIC TERMS AND CONDITIONS OF THIS AGREEMENT.

  

					
	PIXAR	  		  	EMPLOYEE
			
	  
	  		  	  

	Simon T. Bax	  		  	Ed Catmull
	Executive Vice President and Chief	  		  	
	Financial Officer	  		  	
			
	Date:                     , 2006	  		  	Date:                     , 2006

  

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 APPENDIX A 
 TERMS AND CONDITIONS OF PERFORMANCE SHARES 
 (also referred to as restricted stock units –
time-based vesting) 
 Grant # 
 1. Grant. The Company hereby grants to the Employee under the Plan 400,000 Performance Shares (also referred to as restricted stock units – time-based vesting), subject to all of the terms and conditions in this Agreement and
the Plan. When the Performance Shares are paid to the Employee, par value (if any) will be deemed paid by the Employee for each Performance Share by past services rendered by the Employee, and will be subject to the appropriate tax withholdings.

 2. Company’s Obligation to Pay. Each Performance Share has a value equal to the Fair Market Value of a Share on the Grant
Date. Unless and until the Performance Shares have vested in the manner set forth in paragraphs 3, 4 or 5, the Employee will have no right to payment of such Performance Shares. Prior to actual payment of any vested Performance Shares, such
Performance Shares will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. Payment of any vested Performance Shares shall be made in whole Shares only. 
 3. Vesting Schedule/Period of Restriction. Except as otherwise provided in paragraphs 4 and 5 of this Agreement, the Performance Shares
awarded by this Agreement shall vest in accordance with the vesting schedule set forth on the first page of this Agreement, subject to the Employee’s continuing to be a Service Provider on the relevant vesting date. 
 4. Modifications to Vesting Schedule. 
 (a) Death or Disability of Employee. In the event of the Employee’s death or disability (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)), the Employee shall
immediately vest on the date of the Employee’s death or disability as to the number of Performance Shares determined by (i) multiplying the Performance Shares subject to this Performance Share award by the percentage determined by dividing
the number of days that have elapsed from the Grant Date to the date of the Employee’s death or disability by 1460 and (ii) subtracting the number of vested Performance Shares. 
 (b) Change in Control. In the event of a Change in Control, this award shall be subject to the definitive agreement governing such Change
in Control. Such agreement, without the Employee’s consent and notwithstanding any provision to the contrary in this Agreement or the Plan, must provide for one of the following: (a) the assumption of this award by the surviving
corporation or its parent; (b) the substitution by the surviving corporation or its parent of awards with substantially the same terms as this award; or (c) the acceleration of vesting of this award and cancellation of this award after
payment to the Employee in Shares of an amount equal to the Performance Shares subject to this award at the time of the Change in Control. In the event the definitive agreement does not provide for one of the foregoing alternatives with respect to
the treatment of this award, this award shall have the treatment specified in clause (c) of the preceding 
  

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 sentence. The Committee may, in its sole discretion, accelerate the vesting of this award in connection with any of the
foregoing alternatives. For purposes of this Agreement and except as otherwise provided herein, “Change in Control” means the occurrence of any of the following events: (a) any “person” (as such term is used in Sections
13(d) and 14(d) of the 1934 Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the 1934 Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power
represented by the Company’s then outstanding voting securities; (b) the consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; (c) a change in the composition of the Board
occurring within a two-year period, as a result of which fewer than a majority of the directors are Incumbent Directors; or (d) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its
parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation. “Incumbent
Directors” means directors who either (A) are Directors as of the effective date of the Plan, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Directors at the time
of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company). Notwithstanding the foregoing, a
Change in Control shall not occur in connection with the transaction contemplated by the Agreement and Plan of Merger, dated January 24, 2006, by and between the Company, The Walt Disney Company and Lux Acquisition Corp. 
 5. Administrator Discretion. The Committee, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance,
of the Performance Shares at any time, subject to the terms of the Plan. If so accelerated, such Performance Shares will be considered as having vested as of the date specified by the Committee. If the Committee, in its discretion, accelerates the
vesting of the balance, or some lesser portion of the balance, of the Performance Shares, the payment of such accelerated Performance Shares nevertheless shall be made at the same time or times as if such Performance Shares had vested in accordance
with the vesting schedule set forth on the first page of this Agreement (whether or not the Employee remains employed by the Company or an Affiliate as of such date). 
 6. Payment after Vesting. Any Performance Shares that vest in accordance with paragraphs 3 or 4 will be paid to the Employee (or in the event of the Employee’s death, to his or her estate) in Shares within
thirty (30) days following the date of vesting, subject to paragraph 9. Any Performance Shares that vest in accordance with paragraph 5 will be paid to the Employee (or in the event of the Employee’s death, to his or her estate) in
accordance with the provisions of such paragraph, subject to paragraph 9. For each Performance Share that vests, the Employee will receive one Share. 
 7. Forfeiture. Notwithstanding any contrary provision of this Agreement, the balance of the Performance Shares that have not vested pursuant to paragraphs 3 through 5 at the time of the Employee’s
Termination of Service for any or no reason will be forfeited and automatically transferred to and reacquired by the Company at no cost to the Company. The Employee shall not be entitled to a refund of the price paid (if any) for the Performance
Shares forfeited to the Company pursuant to this paragraph 7. 
  

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 8. Death of Employee. Any distribution or delivery to be made to the Employee under this Agreement
will, if the Employee is then deceased, be made to the administrator or executor of the Employee’s estate. Any such administrator or executor must furnish the Company with (a) written notice of his or her status as transferee, and
(b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer. 
 9. Withholding of Taxes. When the Shares are issued as payment for vested Performance Shares, the Company will withhold a portion of the vested Performance Shares that have an aggregate Fair Market Value no
more than that required to pay the minimum federal, state and local income, employment and any other applicable taxes required to be withheld by the Company, unless the Company, in its sole discretion, either requires or otherwise permits the
Employee to make alternative arrangements satisfactory to the Company for such minimum withholdings in advance of the arising of any withholding obligations. The number of Shares withheld pursuant to the prior sentence will be rounded up to the
nearest whole Share, with no refund for any value of the Shares withheld in excess of the tax obligation as a result of such rounding. Notwithstanding any contrary provision of this Agreement, no Shares will be issued unless and until satisfactory
arrangements (as determined by the Company) have been made by the Employee with respect to the payment of any income and other taxes which the Company determines must be withheld or collected with respect to such Shares. In addition and to the
maximum extent permitted by law, the Company (or the employing Subsidiary) has the right to retain without notice from salary or other amounts payable to the Employee, cash having a sufficient value to satisfy any tax withholding obligations that
the Company determines cannot be satisfied through the withholding of otherwise deliverable Shares. All income and other taxes related to the Performance Shares award and any Shares delivered in payment thereof are the sole responsibility of the
Employee. By accepting this award, the Employee expressly consents to the withholding of Shares and to any additional cash withholding as provided for in this paragraph 9. 
 10. Rights as Stockholder; Dividend Equivalent. 
 (a) Rights as Stockholder. Neither the Employee nor any person claiming under or through the Employee will have any of the rights or privileges of a stockholder of the Company in respect of any Shares
deliverable hereunder unless and until certificates representing such Shares (which may be in book entry form) will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Employee
(including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, the Employee will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and
distributions on such Shares. 
 (b) Dividend Equivalent. Any dividend paid in cash on shares of the common stock of the Company will
be credited to the Employee as additional Performance Shares as if the Performance Shares previously held by the Employee were outstanding shares of common stock of the Company, as follows: Such credit shall be made in whole and/or fractional
Performance Shares and shall be, based on the Fair Market Value (as defined in the Plan) of the shares of common stock 
  

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 of the Company on the date of payment of any such dividend. All such additional Performance Shares shall be subject to
the same vesting requirements applicable to the previously held Performance Shares in respect of which they were credited and shall be awarded in accordance with Sections 3, 4 and 5 hereof. 
 11. No Effect on Employment. Subject to any employment contract with the Employee, the terms of such employment will be determined from time to
time by the Company, or the Affiliate employing the Employee, as the case may be, and the Company, or the Affiliate employing the Employee, as the case may be, will have the right, which is hereby expressly reserved, to terminate or change the terms
of the employment of the Employee at any time for any reason whatsoever, with or without good cause. The transactions contemplated hereunder and the vesting schedule set forth on the first page of this Agreement do not constitute an express or
implied promise of continued employment for any period of time. 
 12. Address for Notices. Any notice to be given to the Company
under the terms of this Agreement will be addressed to the Company, in care of its Secretary, at 1200 Park Avenue, Emeryville, California 94608, or at such other address as the Company may hereafter designate in writing. 
 13. Grant is Not Transferable. Except to the limited extent provided in this Agreement, this grant of Performance Shares and the rights and
privileges conferred hereby will not be sold, pledged, assigned, hypothecated, transferred or disposed of any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process, until you
have been issued the Shares. Upon any attempt to sell, pledge, assign, hypothecate, transfer or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar
process, this grant and the rights and privileges conferred hereby immediately will become null and void. 
 14. Restrictions on Sale of
Securities. The Shares issued as payment for vested Performance Shares awarded under this Agreement will be registered under U.S. federal securities laws and will be freely tradable upon receipt. However, your subsequent sale of the Shares will
be subject to any market blackout-period that may be imposed by the Company and must comply with the Company’s insider trading policies, and any other applicable securities laws. 
 15. Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and
inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
 16. Additional
Conditions to Issuance of Certificates for Shares. The Company shall not be required to issue any certificate or certificates for Shares hereunder prior to fulfillment of all the following conditions: (a) the admission of such Shares to
listing on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such Shares under any state or federal law or under the rulings or regulations of the Securities and
Exchange Commission or any other governmental regulatory body, which the Committee shall, in its absolute discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any state or federal governmental
agency, which the Committee shall, in its absolute discretion, determine to be necessary or advisable; and (d) the lapse of such reasonable period of time following the date of vesting of the Performance Shares as the Committee may establish
from time to time for reasons of administrative convenience. 
  

 -5- 

 17. Plan Governs. This Agreement is subject to all terms and provisions of the Plan. In the event
of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. Capitalized terms used and not defined in this Agreement will have the meaning set forth in the Plan.

 18. Administrator Authority. The Committee will have the power to interpret the Plan and this Agreement and to adopt such rules for
the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Performance Shares have vested). All actions
taken and all interpretations and determinations made by the Committee in good faith will be final and binding upon the Employee, the Company and all other interested persons. No member of the Committee will be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan or this Agreement. 
 19. Captions. Captions provided
herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
 20. Agreement
Severable. In the event that any provision in this Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining
provisions of this Agreement. 
 21. Modifications to the Agreement. This Agreement constitutes the entire understanding of the
parties on the subjects covered. The Employee expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the
Plan can be made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise this Agreement as it deems
necessary or advisable, in its sole discretion and without the consent of the Employee, to comply with Section 409A of the Code or to otherwise avoid imposition of any additional tax or income recognition under Section 409A of the Code
prior to the actual payment of Shares pursuant to this award of Performance Shares. 
 22. Amendment, Suspension or Termination of the
Plan. By accepting this Award, the Employee expressly warrants that he or she has received a right to purchase stock under the Plan, and has received, read and understood a description of the Plan. The Employee understands that the Plan is
discretionary in nature and may be modified, suspended or terminated by the Company at any time. 
  

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 23. Notice of Governing Law. This grant of Performance Shares shall be governed by, and construed
in accordance with, the laws of the State of California without regard to principles of conflict of laws. 
  

					
	PIXAR	  		  	EMPLOYEE
			
	  
	  		  	  

	Simon T. Bax	  		  	Ed Catmull
	Executive Vice President and Chief	  		  	
	Financial Officer	  		  	
			
	Date:                     , 2006	  		  	Date:                     , 2006

  

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