Document:

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                                                                   EXHIBIT 4(c)

                 AMENDMENT NO. 1 TO FIVE-YEAR CREDIT AGREEMENT

                  This AMENDMENT NO. 1 TO FIVE-YEAR CREDIT AGREEMENT, dated as
of October 24, 2003 (this "Amendment"), among THE WALT DISNEY COMPANY, a
Delaware corporation (the "Borrower"), THE LENDERS (as defined below), and
CITICORP USA, INC., as Administrative Agent (in such capacity the
"Administrative Agent"), on behalf of itself and the Lenders,

                              W I T N E S S E T H:

                  WHEREAS, reference is made to that certain Five-Year Credit
Agreement, dated as of March 8, 2000, among the Borrower, the several banks and
other financial institutions from time to time party thereto (each, a "Lender"
and, collectively, the "Lenders"), the Syndication Agent and Co-Documentation
Agents party thereto and the Administrative Agent (as the same has been or may
be further amended, supplemented or otherwise modified from time to time, the
"Credit Agreement"), pursuant to which the Lenders have extended and agreed to
extend credit to the Borrower on the terms and subject to the conditions set
forth therein;

                  WHEREAS, the Borrower has requested that the Credit Agreement
be amended in accordance with the terms set forth herein;

                  WHEREAS, the Majority Lenders have agreed to the requested
amendment; and

                  WHEREAS, in consideration of the mutual agreements herein
contained and other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the parties hereto hereby agree as follows:

                  SECTION 1. Definitions.

                  Unless otherwise specifically defined herein, capitalized
terms used herein shall have their respective meanings assigned to such terms in
the Credit Agreement.

                  SECTION 2. Amendments.

                  Subject to the effectiveness of this Amendment in accordance
with Section 4 hereof, the Credit Agreement is hereby amended as follows:

                  (a) Section 1.01 of the Credit Agreement is hereby amended by
         inserting the following definitions in appropriate alphabetical order:

                           "'EURO DISNEY ENTITY means any Subsidiary of the
                  Borrower and any other Person whose equity securities or
                  interests are owned, directly or indirectly, in whole or in
                  part, by the Borrower or any of its Subsidiaries, the primary
                  business of which is the direct or indirect ownership,
                  management, operation, design, construction and/or financing
                  of the recreational, commercial and residential facilities and
                  complex, or any part thereof or any addition thereto, commonly
                  known as `Euro Disney', `Euro Disneyland' or `Disneyland
                  Resort Paris', located in Marne-la-Vallee, France, which
                  Subsidiaries and other Persons

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                  include, without limitation, as of the date hereof, Euro
                  Disney Investments, Inc., EDL S.N.C. Corporation, Euro Disney
                  Associes S.N.C., Euro Disneyland SNC, Euro Disney SCA, Euro
                  Disneyland Participations S.A., Euro Disney S.A., EDL Holding
                  Company, EDL Participations S.A., Centre de Congres Newport
                  S.A.S., Euro Disneyland Imagineering S.a.r.l. and Societe de
                  Gerance d'Euro Disneyland SA.

                           "'SUBSIDIARY' means, with respect to any Person, any
                  (a) corporation (or foreign equivalent) or (b) general
                  partnership, limited partnership or limited liability company
                  (or foreign equivalent) (each, a `NON-CORPORATE ENTITY'), in
                  either case, of which more than 50% of the outstanding capital
                  stock (or comparable interest) having ordinary voting power
                  (irrespective of whether at the time capital stock (or
                  comparable interest) of any other class or classes of such
                  corporation or Non-Corporate Entity shall or might have voting
                  power upon the occurrence of any contingency) is at the time
                  directly or indirectly (through one or more Subsidiaries)
                  owned by such Person. In the case of a Non-Corporate Entity, a
                  Person shall be deemed to have more than 50% of interests
                  having ordinary voting power only if such Person's vote in
                  respect of such interests comprises more than 50% of the total
                  voting power of all such interests in such Non-Corporate
                  Entity. For purposes of this definition, any managerial powers
                  or rights comparable to managerial powers afforded to a Person
                  solely by reason of such Person's ownership of general partner
                  or comparable interests (or foreign equivalent) shall not be
                  deemed to be `interests having ordinary voting power'."

                  (b) Section 1.01 of the Credit Agreement is further amended by
         amending the definition of the term "Material Subsidiary" to read in
         its entirety as follows:

                           "'MATERIAL SUBSIDIARY' means, at any date of
                  determination, a Subsidiary of the Borrower (other than a Euro
                  Disney Entity) that, either individually or together with its
                  Subsidiaries, taken as a whole, has total assets exceeding
                  $100,000,000 on such date."

                  (c) Section 1.01 of the Credit Agreement is further amended by
         deleting the definition of the term "Significant Subsidiary".

                  (d) The Credit Agreement is amended by replacing the word
         "subsidiary" with the word "Subsidiary" in every instance appearing
         therein.

                  (e) The second sentence of Section 4.01(a) of the Credit
         Agreement is amended by replacing the words "and each of the
         Significant Subsidiaries" appearing therein with the words ", Disney
         and ABC".

                  (f) Section 6.01(e) of the Credit Agreement is amended to read
         in its entirety as follows:

                           "(e) The Borrower or any of its Subsidiaries (other
         than a Euro Disney Entity) shall fail to pay any principal of or
         premium or interest on any Debt of the Borrower or such Subsidiary
         which is outstanding in a principal amount of at least

                                       2

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         $250,000,000 in the aggregate, when the same becomes due and payable
         (whether by scheduled maturity, required prepayment, acceleration,
         demand or otherwise), and such failure (i) shall continue after the
         applicable grace period, if any, specified in the agreement or
         instrument relating to such Debt and (ii) shall not have been cured or
         waived; or any other event shall occur or condition shall exist under
         any agreement or instrument relating to any such Debt and shall
         continue after the applicable grace period, if any, specified in such
         agreement or instrument, if the effect of such event or condition is to
         accelerate, or to permit the acceleration of, the maturity of such
         Debt; or any such Debt shall be declared to be due and payable, or
         required to be prepaid (other than by a regularly 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; or".

                  SECTION 3. Representations and Warranties.

                  The Borrower represents and warrants to the Administrative
Agent and each of the Lenders that, after giving effect to this Amendment:

                  (a) The representations and warranties set forth in the Credit
Agreement are true and correct in all material respects except to the extent
such representations and warranties expressly related to an earlier date;

                  (b) The Borrower is in compliance in all material respects
with all other terms and provisions contained in the Credit Agreement required
to be observed or performed;

                  (c) No Event of Default has occurred and is continuing;

                  (d) The Borrower has the corporate power and authority to
execute, deliver and perform this Amendment and has taken all corporate actions
necessary to authorize the execution, delivery and performance of this
Amendment;

                  (e) This Amendment has been duly executed and delivered on
behalf of the Borrower by a duly authorized officer of the Borrower;

                  (f) The execution, delivery and performance of this Amendment
will not violate any applicable requirement of law or any material contractual
obligation binding on the Borrower or any of its Subsidiaries; and

                  (g) No consent or authorization of, filing with, notice to or
other act by or in respect of, any governmental authority or any other Person is
required in connection with the execution, delivery or performance by the
Borrower of this Amendment.

                  SECTION 4. Effectiveness.

                  This Amendment shall become effective on the date the
Administrative Agent receives executed copies of this Amendment from the
Borrower and the Majority Lenders. The Administrative Agent shall promptly
notify the Borrower and the Lenders of the effective date hereof, and such
notice shall be conclusive and binding on all parties hereto.

                                       3

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                  SECTION 5. Miscellaneous.

                  (a) Except as expressly set forth herein, this Amendment shall
         not, by implication or otherwise, limit, impair, constitute a waiver
         of, or otherwise affect the rights and remedies of the Lenders or the
         Administrative Agent, under the Credit Agreement, and shall not alter,
         modify, amend or in any way affect any of the terms, conditions,
         obligations, covenants or agreements contained in the Credit Agreement,
         all of which are ratified and affirmed in all respects and shall
         continue in full force and effect. Nothing herein shall be deemed to
         entitle the Borrower to a consent to, or a waiver, amendment,
         modification or other change of, any of the terms, conditions,
         obligations, covenants or agreements contained in the Credit Agreement
         in similar or different circumstances. This Amendment shall apply and
         be effective only with respect to the provisions of the Credit
         Agreement specifically referred to herein.

                  (b) As used in the Credit Agreement, the terms "Agreement,"
         "herein," "hereinafter," "hereunder," "hereto," and words of similar
         import shall mean, from and after the date hereof, the Credit Agreement
         as amended by this Amendment.

                  (c) Section headings used herein are for convenience of
         reference only and are not to affect the construction of, or to be
         taken into consideration in interpreting, this Amendment.

                  (d) THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
         GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. The parties hereto each
         hereby consents to the non-exclusive jurisdiction of the state and
         federal courts of the State of New York.

                  (e) This Amendment may be executed in any number of
         counterparts, each of which shall be an original but all of which, when
         taken together, shall constitute but one instrument. Delivery of an
         executed counterpart of this Amendment by fax will be deemed as
         effective delivery of an originally executed counterpart.

                            [Signature pages follow]

                                       4

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                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first above written.

                                  THE BORROWER

                                  THE WALT DISNEY COMPANY

                                  By: /s/ Christine McCarthy
                                      -----------------------------------------
                                  Title: Senior Vice President and Treasurer

                                  THE ADMINISTRATIVE AGENT

                                  CITICORP USA, INC.,
                                  as Administrative Agent

                                  By: /s/ J. Gregory Davis
                                      -----------------------------------------
                                  Title: Vice President

                                  THE SYNDICATION AGENT

                                  BANK ONE, N.A.,
                                  as Syndication Agent

                                  By:
                                      -----------------------------------------
                                  Title:

                                  THE CO-DOCUMENTATION AGENTS

                                  HSBC BANK USA,
                                  as Co-Documentation Agent

                                  By: /s/ David Wagstaff
                                      -----------------------------------------
                                  Title: First Vice President

                                  SUNTRUST BANK,
                                  as Co-Documentation Agent

                                  By:
                                      -----------------------------------------
                                  Title:

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                                  INITIAL LENDERS

                                  CITICORP, USA, INC.,
                                  as Lender

                                  By: /s/ J. Gregory Davis
                                      -----------------------------------------
                                  Title:  Vice President

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                                  BANK OF AMERICA, N.A.,
                                  as Lender

                                  By: /s/ Thomas J. Kane
                                      -----------------------------------------
                                  Title: Principal

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                                  BARCLAYS BANK PLC,
                                  as Lender

                                  By: /s/ L. Peter Yetmen
                                      -----------------------------------------
                                  Title: Director

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                                  DEUTSCHE BANK, AG
                                  as Lender

                                  By: /s/ William W. McGinty
                                      -----------------------------------------
                                  Title: Director

                                  By: /s/ David G. Dickinson, Jr.
                                      -----------------------------------------
                                  Title: Vice President

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                                  BNP PARIBAS,
                                  as Lender

                                  By:
                                      -----------------------------------------
                                  Title:

                                  By:
                                      -----------------------------------------
                                  Title:

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                                  JPMORGAN CHASE BANK,
                                  as Lender

                                  By:    /s/ William Rindfuss
                                         ---------------------------------------
                                  Title: Vice President

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                                  HSBC BANK USA,
                                  as Lender

                                  By: /s/ David Wagstaff
                                      -----------------------------------------
                                  Title: First Vice President

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                                  SUNTRUST BANK,
                                  as Lender

                                  By:    /s/ Edward Wooten
                                         ---------------------------------------
                                  Title: Director

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                                  CREDIT SUISSE FIRST BOSTON, ACTING THROUGH ITS
                                  CAYMAN ISLANDS BRANCH
                                  as Lender

                                  By: /s/ Jay Chall
                                      -----------------------------------------
                                  Title: Director

                                  By: /s/ Barbara Wong
                                      -----------------------------------------
                                  Title: Associate

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                                  STANDARD CHARTERED BANK,
                                  as Lender

                                  By: /s/ Frieda Youlios
                                      -----------------------------------------
                                  Title: Vice President

                                  By: /s/ Robert Reddington
                                      -----------------------------------------
                                  Title: Assistant Vice President

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                                BMO NESBITT BURNS FINANCING, INC.,
                                as Lender

                                By: /s/ Bruce A. Pietka
                                    -------------------------------------------
                                Title:  Vice President

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                                FLEET BANK, N.A.,
                                as Lender

                                By:
                                    -------------------------------------------
                                Title:

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                                  UBS AG, CAYMAN ISLANDS BRANCH,
                                  as Lender

                                  By: /s/ Patricia O'Kicki
                                      -----------------------------------------
                                  Title: Director

                                  By: /s/ Wilfred V. Saint
                                      -----------------------------------------
                                  Title: Associate Director

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                                  UFJ BANK LIMITED,
                                  as Lender

                                  By: /s/ Toshiba Boyd
                                      -----------------------------------------
                                  Title: Vice President

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                                  BANCA DI ROMA -- SAN FRANCISCO,
                                  as Lender

                                  By:
                                      -----------------------------------------
                                  Title:

                                  By:
                                      -----------------------------------------
                                  Title:

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                                  BANCA INTESA NEW YORK BRANCH,
                                  as Lender

                                  By: /s/ F. Maffei
                                      -----------------------------------------
                                  Title:  Vice President

                                  By: /s/ C. Kennedy
                                      -----------------------------------------
                                  Title:  First Vice President

<PAGE>

                                  BANK OF TOKYO-MITSUBISHI, LTD.
                                  as Lender

                                  By:
                                      -----------------------------------------
                                  Title:

                                  By:
                                      -----------------------------------------
                                  Title:

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                                  ING BANK N.V.,
                                  as Lender

                                  By:
                                      -----------------------------------------
                                  Title:

                                  By:
                                      -----------------------------------------
                                  Title:

<PAGE>

                                  LEHMAN COMMERCIAL PAPER INC.,
                                  as Lender

                                  By: /s/ Jane E. Gillard
                                      -----------------------------------------
                                  Title: Authorized Signatory

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                                         MIZUHO CORPORATE BANK, LTD.,
                                         as Lender

                                         By: /s/ Mark Grunich
                                             ----------------------------------
                                         Title: Vice President

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                                         SVENSKA HANDELSBANKEN AB (PUBL),
                                         as Lender

                                         By: /s/ Jonas Daun
                                             ----------------------------------
                                         Title:  Senior Vice President

                                         By: /s/ Jesper Lindquist
                                             ----------------------------------
                                         Title:  Vice President

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                                         THE NORTHERN TRUST COMPANY,
                                         as Lender

                                         By:
                                             ----------------------------------
                                         Title:

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                                         UNION BANK OF CALIFORNIA, N.A.,
                                         as Lender

                                         By: /s/ Danny Mandel
                                             ----------------------------------
                                         Title: Vice President

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                                         WESTLB AG, NEW YORK BRANCH,
                                         as Lender

                                         By: /s/ Salvatore Battinelli
                                             ----------------------------------
                                         Title: Managing Director

                                         By: /s/ Duncan Robertson
                                             ----------------------------------
                                         Title: Executive Director

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                                         WELLS FARGO BANK, N.A.,
                                         as Lender

                                         By: /s/ Vanessa Sheh Meyer
                                             ----------------------------------
                                         Title: Vice President<PAGE>
                                                                   EXHIBIT 10(g)

                                       September 26, 2003

Mr. Alan N. Braverman
9540 Lania Lane
Beverly Hills, CA. 90210

Dear Mr. Braverman:

This letter confirms the terms of your employment by The Walt Disney Company
("Company").

1.       Term

         (a) Subject to your signing and delivering this letter agreement (the
         "Agreement") to Company as hereinafter provided in paragraph 1(b)
         hereof, the term of your employment hereunder commences as of October
         1, 2003, and expires on September 30, 2008, unless earlier terminated
         as hereinafter provided (the "term").

         (b) This Agreement constitutes an irrevocable offer of employment to
         you upon the terms set forth herein only until September 23, 2003; if
         this Agreement is not executed by you and delivered to Company on or
         before such date, Company may revoke this offer by written notification
         to you and will incur no liability whatsoever with respect to such
         offer and/or revocation thereof. Company's failure to so notify you
         shall not constitute a waiver of its right to do so at any time prior
         to your execution of this Agreement.

2.       Salary

         In full consideration for all rights and services provided by you
         hereunder, you shall receive an initial annualized salary of $750,000,
         with annual increases, if any, to be at the discretion of Company;
         provided, however, that notwithstanding the foregoing, you shall be
         entitled to terminate this Agreement for Good Reason (as defined in
         paragraph 13 hereof) in the event that your annual salary is not
         increased by at least $50,000 within three years of the effective date
         hereof. Salary payments shall be made in equal installments in
         accordance with Company's then prevailing payroll policy.

<PAGE>

3.       Bonus

         Bonus compensation, if any, shall be governed by the provisions of
         Company's 2002 Executive Performance Plan or any successor to such plan
         established to comply with the provisions of Section 162(m) of the
         Internal Revenue Code and shall, except as otherwise provided in
         paragraphs 12 and 14 hereof, be at the sole discretion of Company,
         except to the extent required in order to comply with Section 162(m) of
         the Internal Revenue Code (or any successor thereto).

4.       Long-Term Stock-Based Awards

         (a) You are eligible to be considered in the future for awards of stock
         options or other stock-based compensation of Company. However,
         notwithstanding any other term or provision hereof, there is no
         assurance that any future award will be made and the granting of any
         such award, and the amount thereof, is at the sole discretion of
         Company.

         (b) In the event that any stock option or stock-based award or awards
         may be made from time to time consistent with and subject to paragraph
         4(a) above, they shall be in addition to any and all stock options
         previously granted to you by Company, which shall continue to be in
         effect according to their terms and the provisions of the applicable
         plans pursuant to which they were granted.

5.       Title

         You are being employed hereunder in the position of Senior Executive
         Vice President and General Counsel of Company. In such capacity you
         shall report to the Chief Executive Officer of Company and to the
         President and Chief Operating Officer of Company.

6.       Duties

         You shall personally and diligently perform, on a full-time and
         exclusive basis, such services as Company or any of its divisions may
         reasonably require, which are not inconsistent with your position as
         Senior Executive Vice President and General Counsel of Company. You
         shall observe all reasonable rules and regulations adopted by Company
         in connection with the operation of its business, including but not
         limited to the standards and policies set forth in "The Walt Disney
         Company and Associated Companies Standards of Business Conduct"
         booklet, and carry out to the best of your ability all lawful
         instructions of Company.

7.       Expenses

         To the extent you incur reasonable business expenses customarily
         incurred by senior executives of Company (including, without
         limitation, travel and entertainment) in the course of your employment,
         you shall be reimbursed for

<PAGE>

         such expenses, subject to Company's then current policies regarding
         reimbursement of such business expenses for senior executives of
         Company.

8.       Automobile

         Company will provide an automobile for your use (or an allowance
         therefor) pursuant to Company's standard policy for senior executives
         of Company.

9.       Other Benefits

         You shall be entitled to those benefits (including, without limitation,
         participation in all employee welfare benefit plans and all other
         perquisites) that are generally made available to the highest levels of
         senior executives of Company.

10.      Protection of Company's Interests

         (a) During the term of your employment by Company you will not compete
         in any manner, directly or indirectly, whether as a principal,
         employee, agent or owner, with Company or any affiliate thereof, except
         that the foregoing will not prevent you from holding at any time less
         than 5% of the outstanding capital stock of any company whose stock is
         publicly traded.

         (b) To the extent permitted by law, all rights worldwide with respect
         to any and all intellectual or other property of any nature produced,
         created or suggested by you during the term of your employment or
         resulting from your services shall be deemed to be a work made for hire
         and shall be the sole and exclusive property of Company. You agree to
         execute, acknowledge and deliver to Company at Company's request, such
         further documents as Company finds appropriate to evidence Company's
         rights in such property. Any confidential and/or proprietary
         information of Company or any affiliate thereof shall not be used by
         you or disclosed or made available by you to any person except (i) as
         required in the course of your employment, or (ii) as required by law
         or by any administrative equivalent to the judicial subpoena or legal
         power of compulsion, to respond to any demand for any such confidential
         and/or proprietary information from any court, governmental entity or
         governmental agency, provided that if you are so required to respond,
         you agree to provide Company with prompt notice thereof so that Company
         may seek a protective order or other appropriate remedy. Upon the
         expiration or earlier termination of the term of your employment, you
         shall return to Company all such information that exists in written or
         other physical form (and all copies thereof) under your control.
         Without limiting the generality of the foregoing, you acknowledge
         signing and delivering to Company "The Walt Disney Company and
         Associated Companies Confidentiality Agreement" and "The Walt Disney
         Company and Associated Companies Statement of Policy Regarding
         Conflicts of Interest and Business Ethics and Questionnaire Regarding
         Compliance," and you agree that all terms and conditions contained
         therein, and all of your obligations and commitments provided for
         therein, shall be deemed, and hereby are, incorporated into this

<PAGE>

         Agreement as if set forth in full herein. The provisions of this
         paragraph shall survive the expiration or earlier termination of this
         Agreement.

11.      Services Unique

         You recognize that your services hereunder are of a special, unique,
         unusual, extraordinary and intellectual character giving them a
         peculiar value, the loss of which cannot be reasonably or adequately
         compensated for in damages, and in the event of a breach of this
         Agreement by you (particularly, but without limitation, with respect to
         the provisions hereof relating to the exclusivity of your services and
         the provisions of paragraph 10 hereof), Company shall, in addition to
         all other remedies available to it, be entitled to equitable relief by
         way of injunction and any other legal or equitable remedies.

12.      Termination by Company

         (a) Company may terminate your employment hereunder for gross
         negligence, gross misconduct, willful gross neglect or malfeasance, or,
         except as permitted by paragraph 13, your unilateral resignation as an
         employee of Company without the prior written consent of Company, and
         in any such event all obligations of Company hereunder shall
         immediately terminate, except for the Company's obligations to pay you
         all earned but unpaid salary and unconditionally accrued benefits
         (including, without limitation, outstanding reimbursement for business
         expenses).

         (b) In the event of your death during the term hereof, this Agreement
         shall terminate and Company shall, in addition to any other rights or
         benefits unconditionally vested and accrued on such date, only be
         obligated to pay your estate or legal representative the amounts
         specified below in this paragraph 12(b). In the event you are unable to
         perform the services required of you hereunder as a result of any
         disability and such disability continues for a period of 180 or more
         consecutive days or an aggregate of 270 or more days during any
         12-month period during the term hereof, then at any time thereafter
         Company shall have the right, at its option, to terminate your
         employment hereunder. If this Agreement is terminated by reason of your
         death or disability pursuant to this paragraph 12(b):

         (i)      you or your estate shall be entitled to receive one hundred
                  percent (100%) of your then annual salary (including deferred
                  salary) for an additional 12 months, seventy-five percent
                  (75%) of such salary for 12 months thereafter, and fifty
                  percent (50%) of such salary for the next 12 months (it being
                  understood that the benefits provided by this subparagraph
                  12(e)(i) are equivalent to, and are being provided in lieu of,
                  any and all benefits under Disney's Family Income Assurance
                  Plan but that, notwithstanding the foregoing, your rights
                  under this subparagraph 12(e)(i) shall be not limited,
                  modified or otherwise affected in any way by any subsequent
                  amendment or other modification of such plan or the
                  termination or elimination thereof);

<PAGE>

         (ii)     in the event of your death or disability after the completion
                  of a fiscal year of Company but before the payment of bonus
                  awards by Company for such year, you or your estate shall
                  receive a bonus for such completed year equal to the Last
                  Completed Year Bonus (as defined below in paragraph 14(a)(v)
                  hereof and determined as provided therein); and

         (iii)    you or your estate shall receive a pro rata bonus for the year
                  in which death or termination for disability occurs, based on
                  an assumed bonus for the full year equal to the Average Prior
                  Two Years Bonus (as defined below in paragraph 14(a) hereof);
                  provided, however, that in the event that your death or
                  termination for disability shall occur at a time when the
                  annual bonuses for the prior completed fiscal year of Company
                  have not been paid, then the assumed full-year bonus upon
                  which your pro rata bonus shall be based shall be the Last
                  Completed Year Bonus.

         You or your estate shall also be entitled to other employee welfare
         benefits in accordance with and subject to the terms of the relevant
         plans and programs of Company applicable to you at the time of your
         death or disability. Unless and until so terminated, during any period
         of disability during which you are unable to perform the services
         required of you hereunder, your salary hereunder shall be payable to
         the extent of, and subject to, Company's policies and practices then in
         effect with regard to sick leave and disability benefits.

         (c) You acknowledge that you have been provided by Company with a copy
         of Section 508 of the Federal Communications Act of 1934, as amended,
         relating in part to receiving or paying consideration for product
         identification in television programs, that you are familiar with the
         provisions thereof and that you will fully comply therewith during the
         term of this Agreement. Without limiting the foregoing, however, and
         whether or not Section 508 is applicable to your activities, you agree
         that you will not, without Company's prior written consent, accept any
         compensation or gift, from any person, firm or corporation (other than
         Company) where such compensation or gift is, or may appear to be, in
         consideration of your acting in a particular manner in relation to the
         business of such person, firm or corporation.

13.      Termination by You

         You shall have the right to terminate this Agreement, including your
         employment under this Agreement, upon at least thirty (30) days' notice
         to Company given within sixty (60) days following the occurrence of any
         of the following events without your consent ("Good Reason"), provided
         that Company shall have twenty (20) days after the date such notice has
         been given to Company in which to cure the conduct specified in such
         notice:

         (i)      a failure to provide you with the compensation and benefits to
                  which you are entitled under this Agreement, including,
                  specifically but without limitation, (i) any decrease in your
                  salary and (ii) the failure to increase

<PAGE>

                  your salary within three years from the effective date hereof
                  as provided in paragraph 2 hereof;

         (ii)     any failure to continue you in your position as provided in
                  paragraph 5 hereof or removal of you from such position;

         (iii)    a material diminution in your duties and/or responsibilities
                  under paragraph 6 hereof, the assignment to you of duties
                  and/or responsibilities which are materially inconsistent with
                  such duties and/or responsibilities, or a change in your
                  reporting relationship so that you no longer report as
                  provided in paragraph 5 above; or

         (iv)     the relocation of your principal office to a location more
                  than 50 miles from Los Angeles.

         With respect to subparagraph (iii) above, your duties and
         responsibilities shall not be deemed materially reduced for purposes
         hereof solely by virtue of the fact that Company is (or substantially
         all of its assets are) sold to, or is combined with, another entity,
         provided that (a) you continue to have the same duties and
         responsibilities and authority with respect to all of the same
         businesses and operations of Company that you had immediately prior to
         the time of such sale or combination and (b) you shall continue to
         report directly to the Chief Executive Officer and President and Chief
         Operating Officer of the entity that manages all such businesses and
         operations of Company.

14.      Consequences of Breach by Company

         (a) If this Agreement is terminated pursuant to paragraph 13 hereof, or
         if Company shall terminate your employment under this Agreement in any
         way that is a breach of this Agreement, you shall be entitled, subject
         to the provisions of paragraph 14(b) below, to the following, which you
         acknowledge to be fair and reasonable, as your sole and exclusive
         remedy, in lieu of all other remedies at law or in equity, for any such
         termination:

         (i)      salary through the date of termination;

         (ii)     salary for the balance of the originally scheduled term of
                  this Agreement payable in accordance with the original
                  schedule therefor and at the salary rates in effect for the
                  applicable periods;

         (iii)    the right to exercise all stock options, whether vested or
                  unvested, in full for the period provided in clause (ii) of
                  the first sentence of the second paragraph of Section 4 of the
                  Rules Relating to Stock Options and Stock Appreciation Rights
                  under Company's Amended and Restated 1995 Stock Incentive Plan
                  (which period is eighteen months), but in all cases not beyond
                  the originally scheduled term of the relevant option;

<PAGE>

         (iv)     the immediate and full vesting of all then outstanding
                  tranches (i.e., outstanding portions of any stock unit award
                  which are scheduled to vest on a particular date) of all stock
                  unit awards granted to you by Company (the "Outstanding Stock
                  Unit Award Tranches"), which shall be paid to you promptly in
                  accordance with the terms thereof;

         (v)      in the event of termination of employment after the completion
                  of a fiscal year of Company but before the payment of bonus
                  awards by Company for such year, a bonus for such completed
                  year, equal to the average of the annual bonuses received by
                  you for the last two fiscal years of Company for which you
                  received a bonus prior to such completed year (the "Last
                  Completed Year Bonus"), payable in a single lump sum promptly
                  after your termination, provided that, notwithstanding the
                  foregoing, in the event that (i) Company shall fail to meet
                  the performance target(s) established for such year by Company
                  pursuant to Section 162(m) of the Internal Revenue Code and
                  Company's 2002 Executive Performance Plan and (ii) no bonuses
                  in respect of such year are paid to the executives of Company
                  then subject to Section 162(m) of the Internal Revenue Code,
                  then the Last Completed Year Bonus shall be deemed to be zero
                  and no amount shall be payable to you pursuant to this
                  subparagraph 14(a)(v).

         (vi)     a pro rata annual bonus for the year in which termination
                  occurs based on an assumed bonus for the full year equal to
                  the average of the annual bonuses received by you for the last
                  two fiscal years of Company for which you received a bonus
                  (the "Average Prior Two Years Bonus"), payable in a single
                  installment promptly after your termination; provided,
                  however, that, notwithstanding the foregoing, if your
                  employment is terminated at a time before the payment of bonus
                  awards for the prior fiscal year of Company have been made,
                  then the pro rata bonus for the year in which termination
                  occurs shall be based on an assumed bonus equal to the Last
                  Completed Year Bonus rather than the Average Prior Two Years
                  Bonus;

         (vii)    any amounts earned, unconditionally accrued or owing to you
                  but not yet paid; and

         (viii)   other employee welfare benefits in accordance with applicable
                  plans and programs of Company applicable to you at the time of
                  termination of your employment with Company, it being
                  understood that for the purposes of such plans and programs,
                  all benefits shall be determined on the basis of the actual
                  date of termination of your employment with Company.

(b) If this Agreement is terminated pursuant to paragraph 13 hereof, or if
Company terminates your employment hereunder in any way that is a breach of this
Agreement, then you shall have no duty under any circumstances to seek other
employment (whether or not comparable to your current employment) to obtain
compensation that would or could offset any rights conferred upon you or
payments made to you pursuant

<PAGE>

to this paragraph 14 or that would or could be available to Company as an offset
against its obligations in respect of such rights or payments. Notwithstanding
the foregoing, however, Company shall be entitled to make offset(s) against any
of its obligation(s) to you under paragraph 14(a) hereof (except as otherwise
specified below in this paragraph 14(b)) with respect to any and all income
derived by you from the rendering of any services (whether as an employee,
consultant or otherwise) at any time after the termination of your employment
hereunder through March 31, 2008, whether or not such services are comparable
to, or in a form comparable to, your employment hereunder ; provided, however,
that notwithstanding the foregoing, such offset shall not apply to: (i) salary
paid and/or payable by Company to you pursuant to subparagraph (a)(ii) of this
paragraph 14 for periods prior to the later of (x) the end of the fiscal year of
Company in which termination of employment has occurred or (y) the end of the
six-month period commencing on the date of such termination; (ii) any bonuses
paid or payable to you pursuant to subparagraphs (a)(v) or (a)(vi) of this
paragraph 14; (iii) income recognized from (x) the exercise of any stock options
or portions thereof which are already vested on the date of termination of your
employment hereunder or which are scheduled to vest within 90 days of such date
or (y) the sale or other disposition of any shares of common stock of Company
received upon any exercise of stock options which is covered by the immediately
preceding subclause (x) of this clause (iii); (iv) the sum of all Deemed-Earned
Stock Unit Amounts (as hereinafter defined); and/or (v) any payments made by
Company to you pursuant to subparagraphs a(vii) or a(viii) of this paragraph 14
(any obligations of Company to you arising pursuant to paragraph 14(a) hereof
other than those specifically excluded pursuant to the foregoing proviso being
hereinafter referred to as "Offsetable Obligations"). For purposes of the
foregoing, a "Deemed-Earned Stock Unit Amount" shall mean the amount determined,
with respect to each Outstanding Stock Unit Award Tranche, by multiplying such
Outstanding Stock Unit Amount Tranche by a fraction, (A)) the numerator of which
is the number of days elapsed from the date of grant of the stock unit award of
which such Outstanding Stock Unit Award Tranche is a part (the "Award Date")
through the date of termination of your employment hereunder and (B) the
denominator of which is the total number of days from the Award Date through the
originally scheduled vesting date of such Outstanding Stock Unit Award Tranche.
All compensation arrangements made by you during the period available for offset
by Company hereunder with respect to services provided or to be provided by you
during such period of offset shall be generally consistent with industry
practices and shall not have the effect of deferring the payment of compensation
to you until after the period of offset contemplated hereunder. In order to
facilitate any offset by Company pursuant to the foregoing, you agree to provide
Company with copies of such tax returns, W-2's or other documentation as Company
may reasonably request in writing from time to time so as to calculate the
amount of any offsets available to it hereunder and to promptly notify Company
of any employment, consulting or other work obtained by you during the offset
period and the amount of compensation received or to be received therefor. In
the event that any payments are received by you in respect of Offsetable
Obligations as to which an amount that is or could be offsetable by Company has
not been so offset, either because the availability of such offset was not known
at the time of payment (because the offset arose subsequently in respect of
income earned by you after the date of such payment (but during the period
available for offset)) or because such offset

<PAGE>

was not taken for any other reason, you shall promptly reimburse Company the
amount of such offset upon receipt of written demand therefor by Company.

15.      Assignment

         Company may assign this Agreement or all or any part of its rights
         hereunder to any entity that succeeds to a substantial portion of
         Company's assets, and this Agreement shall inure to the benefit of such
         assignee, provided that such successor assumes all of the liabilities
         and obligations of Company hereunder, either contractually or as matter
         of law.

16.      Post-Termination Obligations

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

17.      Arbitration

         The parties agree that any and all disputes, claims or controversies
         arising out of or relating to this Agreement that are not resolved by
         their mutual agreement shall be submitted to final, binding and
         confidential arbitration before the Judicial Arbitration and Mediation
         Service ("JAMS"), or its successor, pursuant to the United States
         Arbitration Act, 9 U.S.C. Sec. 1 et seq. Either party may commence the
         arbitration process called for in this Agreement by filing a written
         demand for arbitration with JAMS, with a copy to the other party. The
         arbitration will be conducted in accordance with the provisions of
         JAMS' Streamlined Arbitration Rules and Procedures in effect at the
         time of filing of the demand for arbitration. The parties will
         cooperate with JAMS and with one another in selecting an arbitrator
         from a JAMS' panel of neutrals and in scheduling the arbitration
         proceedings. The parties covenant that they will participate in the
         arbitration in good faith, and that they will share equally in its
         costs. The provisions of this paragraph 17 may be enforced by any court
         of competent jurisdiction, and the party seeking enforcement shall be
         entitled to an award of all costs, fees and expenses, including
         attorneys' fees, to be paid by the party against whom enforcement is
         ordered.

         NOTICE: By signing this Agreement you are agreeing to have all
         disputes, claims or controversies arising out of or relating to this
         Agreement decided by neutral arbitration, and you are giving up any
         rights you might possess to have

<PAGE>

         those matters litigated in a court or jury trial. By signing this
         Agreement you are giving up your judicial rights to discovery and
         appeal except to the extent that they are specifically provided for
         under this Agreement. If you refuse to submit to arbitration after
         agreeing to this provision, you may be compelled to arbitrate under
         federal or state law. Your agreement to this arbitration provision is
         voluntary. You acknowledge and agree that you have read and understand
         the foregoing.

18.      Certain Payments

         The parties believe that the payments to you hereunder do not
         constitute "Excess Parachute Payments" under Section 280G of the
         Internal Revenue Code of 1986, as amended (the "Code"). Notwithstanding
         such belief, if any payment or benefit under this Agreement is
         determined to be an "Excess Parachute Payment" Company shall pay you an
         additional amount (a "Gross-Up Payment") that is, after the imposition
         of all income, employment, excise and other taxes, penalties and
         interest thereon, equal to the sum of (a) the excise tax imposed on
         such Excess Parachute Payments under Section 4999 of the Code (the
         "Excise Tax") plus (b) any penalty and interest assessments associated
         with such Excise Tax. Notwithstanding anything to the contrary set
         forth herein, in no event shall the aggregate amount of any payments
         made pursuant to this paragraph 18 exceed $2 million.

19.      Entire Agreement; Amendments; Waiver, Etc.

         (a) This Agreement supersedes all prior or contemporaneous agreements
         and statements of any nature, whether written or oral, concerning the
         terms of your employment (including, without limitation, any terms
         relating to the termination of such employment and the consequences
         thereof and any and all rights conferred upon you pursuant to Section
         11 of the Company's 1995 Amended and Restated Stock Incentive Plan,
         which rights are hereby expressly waived by you), and no amendment or
         modification of this Agreement shall be binding against Company or you
         unless set forth in a writing signed by Company and you. No waiver by
         either party of any breach by the other party of any provision or
         condition of this Agreement shall be deemed a waiver of any similar or
         dissimilar provision or condition at the same or any prior or
         subsequent time.

         (b) Nothing herein contained shall be construed so as to require the
         commission of any act contrary to law, and wherever there is any
         conflict between any provision of this Agreement and any present or
         future statute, law, ordinance or regulation, the latter shall prevail,
         but in such event the provision of this Agreement affected shall be
         curtailed and limited only to the extent necessary to bring it within
         legal requirements. Without limiting the generality of the foregoing,
         in the event any compensation or other monies payable hereunder shall
         be in excess of the amount permitted by any statute, law, ordinance,
         regulation or wage guideline which may be in effect at any time or from
         time to time, payment of the maximum amount then allowed thereby shall
         constitute full compliance by Company with the payment requirements of
         this Agreement.

<PAGE>

         (c) Company shall have the right but not the obligation to use your
         name or likeness for any publicity or advertising purpose, subject to
         your reasonable approval of any biographical material or photographs.

         (d) This Agreement does not constitute a commitment of Company with
         regard to your employment, express or implied, other than to the extent
         expressly provided for herein. Upon termination of this Agreement, it
         is the contemplation of both parties that your employment with Company
         shall cease, and that neither Company nor you shall have any obligation
         to the other with respect to continued employment. In the event that
         your employment continues for any period of time following the stated
         expiration date of this Agreement, unless and until agreed to in a new
         subscribed written document, such employment or any continuation
         thereof is "at will," and may be terminated without obligation at any
         time by either party's giving notice to the other. In the event of such
         termination by Company (i.e., after being continued "at will" following
         a normal expiration of this Agreement), you shall be entitled to
         severance benefits consistent with Company's policies for an employee
         of Company of your seniority and tenure.

         (e) This Agreement shall be governed by and construed in accordance
         with the laws of the State of California. Employment hereunder is
         conditioned upon satisfactory proof of your identity and legal ability
         to work in the United States in accordance with the Immigration Reform
         and Control Act of 1986.

20.      Notices

         All notices that either party is required or may desire to give the
         other shall be in writing and given either personally or by depositing
         the same in the United States mail addressed to the party to be given
         notice as follows:

                  To Company:     500 South Buena Vista Street
                                  Burbank, California 91521
                                  Attn.: President

                  To you:         at the address shown for you on the first page
                                  hereof.

         Either party may by written notice designate a different address for
         giving of notices. The date of mailing of any such notices shall be
         deemed to be the date on which such notice is given.

21.      Indemnification

         Indemnification shall be provided to you pursuant to an agreement
         substantially equivalent to Company's standard form of indemnification
         for senior officers, as and when made available to such senior officers
         in accordance with Company's policies regarding same.

<PAGE>

22.      Headings

         The headings set forth herein are included solely for the purpose of
         identification and shall not be used for the purpose of construing the
         meaning of the provisions of this Agreement.

If the foregoing accurately reflects our mutual agreement, please sign where
indicated.

                                               THE WALT DISNEY COMPANY

/s/ Alan N. Braverman                          By:  /s/ Robert A. Iger
--------------------------------                    ----------------------------
Alan N. Braverman
                                               Title:  President and Chief
                                                       Operating Officer
                                                       -------------------------
Date:  Sept. 26, 2003
      -------------------------                Date:   Sept. 26, 2003
                                                      --------------------------

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