Document:

Amended and Restated Disney Severance Plan

 Exhibit 10.3 
 Disney Severance Pay Plan 
 (As Amended and Restated 
 Effective January 1, 2008) 

 
TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	SECTION 1.	  	 INTRODUCTION
	  	1
			
	SECTION 2.	  	 DEFINITIONS AND INTERPRETATIONS
	  	1
			
	SECTION 3.	  	 HOW DO YOU BECOME ELIGIBLE FOR BENEFITS?
	  	5
			
	SECTION 4.	  	 WHAT ARE YOUR BENEFITS UNDER THE PLAN?
	  	5
			
	SECTION 5.	  	 HOW AND WHEN WILL AMOUNTS BE PAID?
	  	8
			
	SECTION 6.	  	 AMENDMENT AND TERMINATION
	  	8
			
	SECTION 7.	  	 MISCELLANEOUS PROVISIONS
	  	9
			
	SECTION 8.	  	 WHAT ELSE DO YOU NEED TO KNOW ABOUT THE PLAN?
	  	11
			
		  	 Claim Procedure
	  	11
			
		  	 Plan Interpretation and Benefit Determination
	  	11
			
		  	 Your Rights Under ERISA
	  	12
			
		  	 Other Important Facts
	  	13

  

 i 

 SECTION 1. - INTRODUCTION 
 The Walt Disney Company (“Disney”) adopted the Disney Severance Pay Plan (hereinafter “Plan”) originally effective as of May 15, 2001. The Plan was thereafter amended twice and, effective as
of January 1, 2008, the Plan as set forth herein has been amended and restated in its entirety and the ABC, Inc. Severance Pay Plan and ESPN, Inc. Severance Pay Plan have been merged into it. 
 The Plan provides severance benefits under the circumstances described below to eligible employees (referred to as “Eligible Employees”) of
Disney and certain of its subsidiaries and Affiliates (collectively the “Company”). 
 SECTION 2. - DEFINITIONS AND INTERPRETATIONS

 The following definitions and interpretations of important terms apply to the Plan: 
 (a) Affiliate. A company or business organization which is affiliated with the Company as defined under Securities and Exchange Commission Rule
144(a)(1), as amended from time to time. 
 (b) COBRA. Continuation health care coverage under the Consolidated Omnibus Budget
Reconciliation Act of 1985. 
 (c) Code. The Internal Revenue Code of 1986, as amended. 
 (d) Company. Disney and any subsidiary or other Controlled Group Member of Disney that, with the approval of the Plan Administrator and subject to
such conditions as the Plan Administrator may impose, adopts the Plan. Any subsidiary or other Controlled Group Member will be considered to have adopted the Plan with the approval of the Plan Administrator if it takes significant action that is
consistent with the adoption of the Plan, the Plan Administrator is aware of the action, and neither objects in writing to the action. The Plan Administrator or a subsidiary or Controlled Group Member may terminate the subsidiary or Controlled Group
Member’s participation in the Plan by written notice to each other. An entity will cease to be part of the Company, and will cease to participate in the Plan, after the date on which it ceases to be a Controlled Group Member. 
 (e) Controlled Group Member. A member of a controlled group of corporations of which Disney is a member, or an unincorporated trade or business
that is under common control with Disney, all as determined under the Sections 414(b) and 414(c) of the Code. 
 (f) Disney. The Walt
Disney Company. 
 (g) Effective Date. January 1, 2008, the date this Plan was amended and restated. 
  

 1 

 (h) Eligible Employee. As of his or her Layoff Date, an Employee 
  

	 	(i)	who is employed in an employment classification, department or origin identified by the Company as eligible for this Plan; 

  

	 	(ii)	who does not have a personal services contract with the Company; and 

  

	 	(iii)	who has not previously agreed either orally or in writing to waive eligibility for this Plan, as determined by the Plan Administrator based on Company records.

 (i) Employee. Any person employed by the Company on or after the Effective Date as a regular, full-time employee on a
payroll maintained in the United States but excluding any employee included in a unit of employees covered by a collective bargaining agreement between the Company and employee representatives unless such bargaining agreement provides for his or her
inclusion hereunder. If a collective bargaining agreement does provide for inclusion of a represented employee, his or her participation hereunder will be subject to such modification in Plan terms as may be provided in the applicable collective
bargaining agreement. 
 If a person is not treated by the Company as an employee, as conclusively evidenced by failure to withhold taxes
from payment made for services rendered, then such person is not considered an Employee under this Plan even if the person is determined to have been a common law employee of the Company by a court of law, a governmental agency or by any other body
or means. 
 (j) Employment Position. The classification of an Employee by job responsibility as either a Salaried or an Hourly
Employee, a Manager or a Director or Above. An Employee’s Employment Position will be determined by the Plan Administrator in its sole and absolute discretion, taking into consideration the following definitions: 
 Salaried or Hourly Employee: An Employee who is neither a Director or Above or a Manager. 
 Manager: An Employee with a title of manager or with a title or job responsibility comparable to that of a manager. 
 Director or Above: An Employee with a title of director or higher or with a title or job responsibility comparable to that of a director or higher
position. 
 For the avoidance of doubt, a job title of “manager” or “director” is not conclusively determinative of an
Employee’s classification as a Manager or Director hereunder. 
 (k) ERISA. The Employee Retirement Income Security Act of 1974,
as amended from time to time. 
  

 2 

 (l) Layoff. The involuntary termination of employment of an Eligible Employee from the Company.
Notwithstanding the foregoing, in no event will an involuntary termination of employment be considered a Layoff if (i) the involuntary termination of employment is due to Reason or (ii) the involuntary termination of employment does not
qualify as a “separation of service” within the meaning of Section 409A of the Code and Treasury Regulation Section 1.409A–1(h). 
 (m) Layoff Date. An Eligible Employee’s last day of employment on account of his or her Layoff. 
 (n) Participant. An Eligible Employee who meets the requirements for benefits under the Plan, as set forth in Section 3 of the Plan (entitled “How Do You Become Eligible for Benefits?”) An individual will cease being a
Participant once payment of all severance pay and other benefits due to such individual under the Plan has been completed and no person will have any further rights under the Plan with respect to such former Participant. 
 (o) Plan Administrator. The Investment and Administrative Committee of the Walt Disney Company Sponsored Qualified Benefit Plans and Key Employees
Deferred Compensation and Retirement Plan. 
 (p) Reason. Any one of the following reasons for the discharge or other involuntary
termination of an Employee from employment with the Company: 
  

	 	(i)	any act or omission by the Employee resulting or intended to result in personal gain at the expense of the Company; 

  

	 	(ii)	the performance by the Employee of his or her employment duties in a manner deemed by the Company to be in any way unsatisfactory; 

  

	 	(iii)	the improper disclosure by the Employee of proprietary or confidential information or trade secrets of the Company or any Affiliate; 

  

	 	(iv)	misconduct by the Employee, including, but not limited to fraud, intentional violation of or negligent disregard for the rules and procedures of the Company (including a violation
of the Company’s business code of conduct), dishonesty, insubordination, theft or other illegal conduct, violent acts or threats of violence, or possession of alcohol or controlled substances on the property of the Company, or any other
terminable offense under the Company’s policies and practices; 

  

	 	(v)	the receipt of an offer of employment by the Employee from a Successor Employer to commence promptly following his or her termination of employment by the Company, whether the
Eligible Employee accepts the position or not; 

  

 3 

	 	(vi)	any other involuntary termination of an Employee’s employment by the Company that does not constitute a Layoff, as determined by the Company in its sole and absolute
discretion. 

 For purposes of the Plan, the determination of whether a discharge or other release from
employment is for Reason will be made by the Plan Administrator, in its sole and absolute discretion, and such determination will be conclusive and binding on the affected Employee. 
 (q) Successor Employer. Successor Employer means any entity that: 
  

	 	(i)	assumes operations or functions formerly carried out by the Company (such as the buyer of a facility or any entity to which a Company operation or function has been outsourced);

  

	 	(ii)	is an Affiliate of Disney; or 

  

	 	(iii)	makes a job offer at the request of the Company (such as a joint venture of which Disney or an Affiliate is a member). 

 (r) WARN Act. Worker Adjustment and Retraining Notification Act. 
 (s) Weekly Base Pay. An Eligible Employee’s weekly rate of salary or wages as of his or her Layoff Date, as reflected in the records maintained by the Company’s payroll department, and will
(i) include any salary reduction contributions made on his or her behalf to any plan of the Company, or pursuant to a collective bargaining agreement, under Section 125 or 401(k) of the Code , and (ii) exclude bonuses, overtime pay,
temporary assignment shift differentials, incentive compensation, Company contributions to or benefits paid from any employee retirement or welfare plan (other than salary reduction contributions to such a plan), and other additional compensation or
benefits provided by the Company and, except as provided below, commissions. 
 If a significant portion of an Eligible Employee’s
compensation is sales-based commissions, as determined by the Plan Administrator in its sole and absolute discretion, then the Employee’s Weekly Base Pay will include any commissions actually paid (and not merely accrued) to him or her by the
Company during the last 24 full calendar month period of his or her last continuous period of employment with the Company prior to his or her Layoff Date, divided by 104. If an Eligible Employee’s last continuous period of employment with the
Company is less than 24 full calendar months, then the amount to be included in his or her Weekly Base Pay is the amount of sales-based commissions actually paid (and not merely accrued) to him or her by the Company during the number of full
calendar months of his or her last continuous period of employment with the Company prior to his or her Layoff Date, divided by the number of weeks within those full calendar months. 
  

 4 

 (t) Year of Service. The number of consecutive full 12 month periods of an Eligible
Employee’s employment with the Company and any Controlled Group Member since his or her most recent hire date in which the Eligible Employee is paid by the Company or a Controlled Group Member for the performance of full-time services. Years of
Service will be measured in full years and partial Years of Service will be disregarded. If the Company has a bridging of service policy, any prior employment recognized for the Eligible Employee under that policy will be recognized under this Plan
and added to the Eligible Employee’s most recent period of employment to determine Years of Service except that Years of Service for which the Eligible Employee previously received severance pay from the Company or any Controlled Group Member
pursuant to this Plan or any other severance or separation plan or program shall be disregarded. 
 SECTION 3. - HOW DO YOU BECOME ELIGIBLE
FOR BENEFITS? 
 (a) Eligibility. You become eligible for benefits under the Plan (i.e., you become a “Participant”) if you
are an Eligible Employee and your employment termination is a Layoff. 
 (b) Changed Decisions. The Company has the right to cancel a
Layoff or reschedule a Layoff Date at any time before your employment terminates. You will not become eligible for benefits under this Plan if your Layoff Date is cancelled or if you voluntarily terminate employment before the Layoff Date specified
by the Company. 
 SECTION 4. - WHAT ARE YOUR BENEFITS UNDER THE PLAN? 
 If you are eligible for benefits under the Plan (i.e., you become a Participant), your benefits under the Plan will be as follows: 
 (a) Severance Pay. You will be entitled to receive severance pay under the Plan based on your Employment Position and Years of Service as of your
Layoff Date, and which will be equal to the number of weeks determined in accordance with whichever of the following schedules is applicable to you, multiplied by your Weekly Base Pay: 
 Salaried or Hourly Employee 
  

			
	 Years of Service
	 	 Severance Pay

	Less than 1 year	 	2 weeks
		
	1 - 4 years	 	4 weeks
		
	5 or more years	 	1 week for each Year of Service, to a maximum of 52 weeks

  

 5 

 Manager 
  

			
	 Years of Service
	 	 Severance Pay

	Less than 1 year	 	2 weeks
		
	1 - 2 years	 	4 weeks
		
	3 - 4 years	 	6 weeks
		
	5 or more years	 	4 weeks plus 1 week for each Year of Service, to a maximum of 52 weeks

 Director or Above 
  

			
	 Years of Service
	 	 Severance Pay

	Less than 2 years	 	4 weeks
		
	2 - 3 years	 	8 weeks
		
	4 or more years	 	4 weeks plus 2 weeks for each Year of Service, to a maximum of 52 weeks

 (b) Paid Leave in Lieu of Notice. If you become entitled to severance pay under
Section 4(a) on account of Layoff subject to WARN, then, to the extent you have been given less than the WARN-required advance notice of the date your active services will actually terminate, you will be given a Paid Leave in Lieu of Notice for
the balance of the WARN-required advance notice period, as follows: 
  

	 	(i)	During your Paid Leave in Lieu of Notice, you will be an inactive employee but you will be entitled to the same benefit plan benefits and participation rights to which you would
have been entitled had your active employment continued, except that you will not accrue any paid leave, paid vacation days or additional severance benefits under this Plan. 

  

	 	(ii)	If you die during a Paid Leave in Lieu of Notice, your paid leave will end and the full and partial weeks of Weekly Base Pay that you would have received during the balance of the
paid leave will be paid to your estate in a lump sum. All other Paid Leave in Lieu of Notice benefits will stop on the day you die and your estate will not be entitled to any additional severance pay under this Plan. 

  

 6 

	 	(iii)	When your Paid Leave in Lieu of Notice ends, you will then be entitled to Severance Pay under Section 4(a), but the amount of Severance Pay otherwise payable will be reduced by
the cash wages you received for your paid leave. 

 The WARN-required advance notice period is generally 60 days, but under certain unusual
circumstances, may be less. Any payment of Paid Leave in Lieu of Notice shall be subject to the timing limitations of Section 7(h). 
 (c) Outplacement Support Benefits. The Company in its sole and absolute discretion may arrange to provide you with, and you may elect to utilize, outplacement counseling services from an outplacement firm selected by the Company. You
must complete any outplacement program provided to you within one year after your Layoff Date. The Company will pay the full cost of any such outplacement services provided to you. Any payment for outplacement services shall be subject to the timing
limitations of Section 7(h). 
 (d) Stay Bonus. In certain cases, you may be asked to stay with the Company for an extended
period prior to your Layoff Date. In such case, the Company may elect, in its sole discretion, to offer you a stay bonus to induce you to remain at work until your Layoff Date. Any such offer by the Company will be made by means of a written stay
bonus offer and may contain such contingencies or variations in Plan terms as the Company may determine. For example, a stay bonus may include increased severance pay or may be contingent upon your execution of an agreement releasing the Company
from liability for any and all claims specified in the agreement. Any payment of stay bonus shall be subject to the timing limitations of Section 7(h). 
 (e) Other Benefits. 
  

	 	(i)	Educational Reimbursement. Your Layoff will not affect your eligibility for tuition reimbursement under the Company’s Educational Reimbursement Program with respect to
any class that you successfully complete and that you began attending with Company approval before your Layoff Date. 

  

	 	(ii)	Relocation. You will not have to repay any relocation costs you may have otherwise owed the Company on account of premature termination of employment under a relocation
agreement previously entered into between you and the Company. 

 Any payment for such other benefits shall be
subject to the timing limitations of Section 7(h). 
 (f) Integration With Other Payments. If you are a Participant (that is, you
receive benefits under the Plan), you will not be entitled to receive any other severance, separation, notice or termination payments on account of your employment with the Company or any other Controlled Group Member. In addition, benefits under
this Plan are not intended to duplicate 

  

 7 

 
such benefits as workers’ compensation wage replacement benefits, disability benefits, pay-in-lieu-of-notice, severance pay, or similar benefits under
other benefit plans, severance programs, employment contracts, or applicable laws, such as the WARN Act and the Paid Leave In Lieu of Notice provisions of Section 4(b). Should such other benefits be payable, benefits payable to a Participant
under this Plan will be offset or, alternatively, benefits previously paid under this Plan will be treated as having been paid to satisfy such other benefit obligations. In either case, the Plan Administrator, in its sole discretion, will determine
how to apply this provision and may override other provisions of this Plan in doing so. 
 (g) Taxes. Employment and income taxes will
be deducted or withheld from benefits under the Plan to the extent required by law, as determined by the Company. 
 SECTION 5. - HOW AND WHEN
WILL AMOUNTS BE PAID? 
 Any severance pay payable under Section 4(a) above will be paid to you in a single lump sum payment as soon as
practicable following your Layoff Date, subject to the timing limitations of Section 7(h). 
 If you received your severance pay under
Section 4(a) and you are rehired by the Company or any Controlled Group Member prior to the expiration of your Severance Period, you will be required to repay to the Company a portion of your severance pay. The portion of your severance pay
that you will be required to repay will be equal to your Weekly Base Pay multiplied by the number of weeks remaining in your Severance Period from and after your date of rehire by the Company or any Controlled Group Member. Your “Severance
Period” is the number of weeks used to calculate your severance pay, as specified in the schedule applicable to you under Section 4(a) above. 
 Any other benefits provided to you under Section 4(c) through 4(e) will be provided to you at the time and by the means specified in such Sections. If you are rehired by the Company or any Controlled Group
Member, you will not be required to repay any benefits you received under Sections 4(c) through 4(e), but any provisions of a relocation agreement entered into between you and the Company which are still applicable will continue to apply during the
period of your rehire and at your later termination of employment. 
 SECTION 6. - AMENDMENT AND TERMINATION 
 The Plan Administrator, acting in its nonfiduciary settlor capacity, reserves the right, in its sole and absolute discretion, to terminate, amend or
modify the Plan, in whole or in part, at any time and for any reason, prospectively or retroactively and with or without advance notice. If the Plan is terminated, amended or modified, your right to participate in, or receive benefits under, the
Plan may be changed or eliminated. 
 Neither the establishment of the Plan, nor any modification thereof, nor the payment of any benefits
hereunder, will be construed as giving to any Participant, Employee (or any beneficiary of either), or other person any legal or equitable right against the Company or any officer, director or employee thereof, and in no event will the terms and
conditions of 

  

 8 

 
employment by the Company of any Employee be modified or in any way affected by the Plan. This Plan does not give any Employee any vested right to Plan
benefits. 
 No individual may become entitled to additional benefits or other rights under the Plan after the Plan is terminated.

 SECTION 7. - MISCELLANEOUS PROVISIONS 
 (a) Records. The records of the Company with respect to length of employment, employment history, reason for employment termination, base pay, absences, and all other relevant matters may be conclusively relied on by the Plan
Administrator. 
 (b) Governing Law. This Plan is an employee welfare benefit plan that is regulated by ERISA, a federal law. To the
extent, if any, that state laws apply to the Plan, California law shall apply (except to the extent it would require use of another state’s law). 
 (c) Severability. Should any provisions of the Plan be deemed or held to be unlawful or invalid for any reason, the balance of the Plan shall remain in effect, unless it is amended or terminated as provided in
Section 6. 
 (d) Incompetency. If the Plan Administrator finds that a Participant is unable to care for his or her affairs
because of illness or accident, then benefits payable hereunder, unless claim has been made therefor by a duly appointed guardian, committee, or other legal representative, may be paid in such manner as the Plan Administrator will determine, and
will constitute a complete discharge of all liability for any payments or benefits to which such Participant was or would have been otherwise entitled under the Plan. 
 (e) Assignment and Alienation. Except as required by law, the benefits payable under this Plan will not be subject to alienation, transfer, assignment, garnishment, execution or levy of any kind, and any
attempt to cause any benefits to be so subjected will not be recognized. 
 (f) Plan Not a Contract of Employment. Nothing contained
in the Plan will be held or construed to create any liability upon the Company to retain any Employee in its service. All Employees will remain subject to discharge or discipline to the same extent as if the Plan had not been put into effect.
Nothing in this Plan shall preclude the Company from terminating an Employee for any reason or no reason or preclude a person from being or continuing to be an at-will employee. 
 (g) Overpayments. If any overpayment is made under the Plan for any reason, the Plan Administrator will have the right to recover the overpayment.
The Participant shall cooperate fully with the Plan and return any overpayment. 
  

 9 

 (h) CODE SECTION 409A COMPLIANCE 
 (i) Timing of Payments and Benefits. Any payment of severance pay, stay bonus or Pay in Lieu of Notice made pursuant to this Plan
shall be made within the time period permitted in order to satisfy the “short-term deferral” exception under section 409A of the Code and Treasury Regulation section 1.409A-1(b)(4). Any payment in respect of outplacement benefits or other
reimbursements made pursuant to this Plan shall be made within the time period permitted in order to satisfy the requirements for such benefits to be exempt under Section 409A of the Code in accordance with Treasury Regulation
Section 1.409A-1(b)(9)(v). 
 (ii) Prohibition on Deferral or Acceleration. Neither the Company nor any Employee
shall be permitted under the Plan take any action that would be considered a deferral of a payment under the Plan for the purposes of Section 409A of the Code and Treasury Regulation section 1.409A-2(b). Neither the Company nor any Employee
shall be permitted under the Plan take any action that would be considered an acceleration of a payment or benefit under the Plan for purposes of Section 409A of the Code and Treasury Regulation section 1.409A-3(j). 
 (iii) Possible Delay of Payments. In the event that any payment or benefit under the Plan is determined to be a “deferral of
compensation” within the meaning of Section 409A of the Code notwithstanding the terms and limitations hereof, and such payment or benefit is to be made to an Employee who is treated as a “Specified Employee” (within the meaning
of Section 409A of the Code and Treasury Regulation 1.409A-1(i)) then, solely as and to the extent required to comply with Section 409A of the Code, any such payment or benefit (or portion thereof) shall be made at the expiration of the
six-month period following termination of employment, as provided in Treasury Regulation Section 1.409A-3(i)(2). 
 (iv)
General 409A Compliance. To the extent applicable, it is intended that the Plan comply with the provisions of section 409A of the Code, and the Plan shall be construed and applied by the Plan Administrator in a manner consistent with this
intent. Any provision that would cause any amount payable under the Plan to be includible in the gross income of a Employee under section 409A(a)(1) of the Code shall have no force or effect. The Plan may be amended by the Plan Administrator at any
time in accordance with Section 6 hereof in order to comply with Section 409A of the Code. No provision of the Plan shall be construed as a representation or guarantee of any particular tax effect for the payments and benefits under the
Plan, and neither Disney, the Plan nor the Plan Administrator shall have any liability or be responsible for any claim related to the incurrence by any Employee of any tax, interest expense, loss of tax benefit, or any other obligation or liability,
in each case, arising under or related to Section 409A of the Code or any other provision of the Code. 
  

 10 

 SECTION 8. - WHAT ELSE DO YOU NEED TO KNOW ABOUT THE PLAN? 
  

	(a)	Claim Procedure 

 If you are a Participant in the
Plan, you will automatically receive any benefits set forth under Section 4 of the Plan for which you are entitled. If you feel you have not been provided with all benefits to which you are entitled under the Plan, you may file a written claim
with the Plan Administrator with respect to your rights to receive benefits from the Plan. You will be informed of the Plan Administrator’s decision with respect to your claim within 90 days after it is filed. Under special circumstances, the
Plan Administrator may require an additional period of not more than 90 days to review your claim. If this occurs, you will be notified in writing as to the length of the extension, the reason for the extension, and any other information needed in
order to process your claim. 
 If your claim is denied, in whole or in part, you will be notified in writing of the specific reason for the
denial, the exact Plan provision on which the decision was based, what additional material or information is relevant to your claim, and what procedure you should follow to get your claim reviewed again. If you are not notified within the 90-day (or
180-day, if so extended) period, you may consider your claim to be denied. In either case, you then have 60 days to appeal the decision to the Plan Administrator. 
 Your appeal must be submitted in writing. You may submit a written statement of issues and comments. 
 A
decision as to your appeal will be made within 60 days after the appeal is received. Under special circumstances, the Plan Administrator may require an additional period of not more than 60 days to review your appeal. If this occurs, you will be
notified in writing as to the length of the extension, not to exceed 120 days from the day on which your appeal was received. 
 If your
appeal is denied, in whole or in part, you will be notified in writing of the specific reason for the denial and the exact Plan provision on which the decision was based. The decision on your appeal will be final and binding on all parties and
persons affected thereby. If you are not notified within the 60-day (or 120-day, if extended) period you may consider your appeal as denied. 
  

	(b)	Plan Interpretation and Benefit Determination 

 The
Plan is administered and operated by the Plan Administrator, who has complete authority, in its sole and absolute discretion, to construe the terms of the Plan (and any related or underlying documents or policies), to interpret applicable law, to
make findings of fact and to determine the eligibility for, and amount of, benefits due under the Plan to Participants or any persons claiming benefits derivatively through them. All such interpretations and determinations of the Plan Administrator
(whether of fact or law) will be final and binding upon all parties and persons affected thereby. If challenged in a legal proceeding, the Plan Administrator’s interpretations and determinations will be reviewed under the most deferential abuse
of discretion standard of review. 
  

 11 

 If, due to errors in drafting, any Plan provision does not accurately reflect its intended meaning, as
demonstrated by consistent interpretations or other evidence of intent, or as determined by the Plan Administrator in its sole and absolute discretion, the provision shall be considered ambiguous and shall be interpreted by the Plan Administrator in
a fashion consistent with its intent, as determined in the sole and absolute discretion of the Plan Administrator. 
 This Section 8(b)
may not be invoked by you or any person to require the Plan to be interpreted in a manner inconsistent with its interpretation by the Plan Administrator. 
  

	(c)	Your Rights Under ERISA 

 As a Participant in the
Plan, you are entitled to certain rights and protections under ERISA. ERISA provides that all Plan Participants will be entitled to: 
  

	 	(i)	examine, without charge, at the Plan Administrator’s office, and at other specified locations, all Plan documents; and 

  

	 	(ii)	obtain copies of all Plan documents upon written request to the Plan Administrator, who may make a reasonable charge for the copies. 

 In addition to creating rights for Plan Participants, ERISA imposes duties upon the people who are responsible for the operation of an employee benefit
plan. The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan Participants and beneficiaries. No one, including your Company or other person, may fire you
or otherwise discriminate against you in any way to prevent you from obtaining a benefit under this Plan or exercising your rights under ERISA. If your claim for a welfare benefit is denied in whole or in part, you must receive a written explanation
of the reason for the denial. Within certain time limits specified under Section 8(a) (Claim Procedure), you have the right to have the Plan review and reconsider your claim. Under ERISA, there are steps you can take to enforce the above
rights. 
 For instance, if you request materials from the Plan and do not receive them within 30 days, you may file suit in a federal court.
In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator.

 Provided you have exhausted all the claim review procedures of Section 8(a) and your claim for benefits hereunder was denied or
ignored, in whole or in part, you may file suit in a state or federal court. If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S.
Department of Labor, or you may file a suit in a federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court
may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 
  

 12 

 If you have any questions about the Plan, you should contact the Plan Administrator. If you have any
questions about this statement or about your rights under ERISA, you should contact the nearest office of the Pension and Welfare Benefits Administrator, U.S. Department of Labor, listed in the telephone directory or the Division of Technical
Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by
calling the publications hotline of the Pension and Welfare Benefits Administration. 
  

	(d)	Other Important Facts 

  

			
	OFFICIAL NAME OF THE PLAN:	 	Disney Severance Pay Plan
		
	SPONSOR:	 	The Walt Disney Company
		 	500 South Buena Vista Street
		 	Burbank, CA 91521
		
	EMPLOYER IDENTIFICATION NUMBER (EIN):	 	95-4545390
		
	PLAN NUMBER:	 	513
		
	TYPE OF PLAN:	 	Employee Welfare Severance Benefit Plan
		
	END OF PLAN YEAR:	 	December 31
		
	TYPE OF ADMINISTRATION:	 	Employer Administered
		
	PLAN ADMINISTRATOR:	 	Investment and Administrative Committee of The Walt Disney Company Sponsored Qualified Benefit Plans and Key Employees Deferred Compensation and Retirement Plan
		 	The Walt Disney Company
		 	500 South Buena Vista Street
		 	Burbank, CA 91521
		 	(818) 560-1000
		
	ORIGINAL EFFECTIVE DATE:	 	May 15, 2001
		
	RESTATEMENT EFFECTIVE DATE:	 	January 1, 2008

  

 13 

 The Plan Administrator keeps records of the Plan and is responsible for the administration of the Plan.
The Plan Administrator will also answer any questions you may have about the Plan. 
 Service of legal process may be made upon the General
Counsel of The Walt Disney Company at the address specified above. 
 All benefits under the Plan are paid out of the general assets of the
Company. The Plan is not funded and has no assets. 
  

 14Amendment to the Disney Salaried Savings and Investment Plan

 Exhibit 10.4 
 AMENDMENT TO THE 
 DISNEY SALARIED SAVINGS AND INVESTMENT PLAN 
 WHEREAS, The Walt Disney Company (the “Company”) maintains the Disney Salaried Savings and Investment Plan, as amended and restated
effective January 1, 2002 (the “Plan”); and 
 WHEREAS, Article 12 of the Plan authorizes the Committee under the Plan
to make certain Plan amendments; and 
 WHEREAS, the Committee, at its meeting on September 22, 2006, authorized the merger of
the ABC, Inc. Savings & Investment Plan (the “ABCSIP”) into the Plan and the renaming of the Plan as the “Disney Savings and Investment Plan”; and 
 WHEREAS, the Board of Directors of ABC, Inc. approved the merger of the ABCSIP into the Plan by Unanimous Written Consent effective
January 2, 2007; 
 WHEREAS, the Committee and the Board of Directors of ABC, Inc. authorized the undersigned to take any and all
actions necessary to effectuate the plan merger described above; and 
 WHEREAS, it is desired to amend the Plan to reflect the merger
of the ABCSIP into the Plan effective as of February 1, 2007, 
 NOW, THEREFORE, this Amendment to the Plan be and hereby is
adopted, effective as of February 1, 2007 (except as otherwise provided below): 
 1. The Plan is hereby renamed the “Disney
Savings and Investment Plan” and Section 1.34 is hereby restated in its entirety as follows: 
  

	 	1.34	“Plan” means the Disney Savings and Investment Plan (the “Disney Salaried Savings and Investment Plan” before February 1, 2007) as set forth in this
document, and as it may be amended from time to time. 

 2. Eligible employees of ABC, Inc. or any subsidiary or affiliate of
ABC, Inc. that has adopted the Plan (“ABC Employees”) shall participate in the Plan on and after February 1, 2007 in accordance with Plan terms. However, when applying the terms of the Plan on and after February 1, 2007 with
respect to ABC Employees: 
 A. The age 18 requirement in Section 1.19(b) (the definition of “Eligible
Employee”) and in Section 3.02(b)(ii) (describing eligibility for Matching Contributions) shall not apply; 
 B. The
definition of “Covered Employee” in Section 1.16 shall be revised to correspond with the definition of “Eligible Employee” in Section 1.01(v) of the ABC Plan as in effect on February 1, 2007; 
 C. “Compensation” under Section 1.15 shall include, in addition to base pay, commissions and sales bonuses. However, in the
case of an ABC Employee who is represented by a union, “Compensation” means the amount of covered compensation prescribed by the collective bargaining agreement with the Employer pursuant to which he is treated as a Covered Employee.

 D. An ABC Employee who has terminated employment (including a former ABC Employee who
terminated before February 1, 2007) may make a hardship withdrawal under Section 8.02 if he first became a “Member” under the ABC, Inc. Savings & Investment Plan (the “ABC Plan”) before January 1, 1995.

 E. In the event of the death of an ABC Employee (including a former ABC Employee) before he has received distribution of
his Aggregate Account, distribution under Section 8.03(d) to the ABC Employee’s beneficiary shall be made as of the Valuation Date coincident with or next following the ABC Employee’s “Normal Retirement Date” as defined in
the ABC Plan (or the ABC Employee’s death if later) or as of such earlier Valuation Date as the beneficiary may elect in such form and manner, and at such time, as the Committee shall prescribe, provided that the beneficiary shall receive
distribution no later than the date on which distribution is required to be made pursuant to Section 8.08. 
 3. Section 1.15 is
hereby restated in its entirety as follows: 
  

	 	1.15	“Compensation” means an Employee’s base pay (excluding overtime, bonuses, relocation reimbursement, stock options, incentive compensation, profit
participation, compensation for extended work week, or other extraordinary payments, as determined by the Committee) paid during the calendar year by the Employer in return for the Employee’s services. Compensation does not include:

  

	 	(a)	Employer contributions to any pension plan other than contributions caused by an Employee’s salary deferral reduction pursuant to Section 401(k) of the Code;

  

	 	(b)	Employer contributions to this Plan or any other plan of deferred compensation maintained by an Employer other than Tax-Deferred Contributions; 

  

	 	(c)	Fringe benefits not taxable to the Employee (other than an elective qualified transportation fringe arrangement described in Code Section 132(f)(4)); 

 

	 	(d)	Payments to or on behalf of an individual after he is no longer an Employee; 

  

	 	(e)	Imputed life insurance and all other forms of imputed income (for example, but not by way of limitation, income based on the value of health care coverage for the Employee’s
domestic partner, regardless of whether the Employee is permitted to exclude such amount from taxable gross income); and 

  

	 	(f)	back pay. 

 Except as provided otherwise in Article 3,
Compensation shall not, for Plan purposes, exceed the Maximum Compensation Limitation. 
 4. Section 3.01(b)(iii) is hereby restated in
its entirety as follows: 
  

	 	(iii)	Tax-Deferred Contributions shall be made by regular payroll reduction. 

 5. Section 5.02 (“Suspension of Benefits”) is hereby deleted in its entirety. 
  

 2 

 6. Section 7.02(d) is hereby restated in its entirety as follows: 
  

	 	(d)	Repayment of loans shall be by regular payroll deduction, and all loans shall be contingent on the borrower’s payroll deduction authorization, provided that if a Participant is
subsequently granted an unpaid leave of absence or is transferred to an Affiliated Employer or a position or location with the Employer that is not covered by the Plan (or ceases to have sufficient compensation from which the loan payment can be
made), the Participant must continue to make timely level installment payments of principal and interest, by certified check, bank check, or money order. Loan payments shall be transmitted to the Trustee in accordance with the Committee’s usual
administrative practice. 

 7. Section 8.02(a) is hereby restated in its entirety as follows: 
  

	 	(a)	A Participant who has not terminated employment may request a distribution in the event the Participant has a hardship as defined in subsections (b) and (c). Hardship
withdrawals are limited to the excess of the total amount of the Participant’s Rollover Account, the total amount of the Participant’s Matching Account, the value of the Participant’s Tax-Deferred Account as of December 31,1988,
plus the principal of the Participant’s Tax-Deferred Contributions made from and after January 1, 1989 over any outstanding loan the Participant may have and the sum of any prior hardship withdrawal. A hardship withdrawal shall not be made
for an amount less than $250. 

 8. Section 8.02(b)(ii) is hereby restated in its entirety as follows: 
  

	 	(ii)	costs directly related to the purchase of a principal residence for the Participant or a major rehabilitation of the living quarters of the Participant’s principal residence,
but excluding mortgage payments; 

 9. Section 8.02(c)(ii) is hereby restated in its entirety as follows: 
  

	 	(ii)	the Participant has obtained (or is currently obtaining) all distributions, withdrawals, and loans available under the Plan and all other plans maintained by any Employer or any
Affiliated Employer (including any available distribution of dividends described in Section 6.01(a)(i)(E)) other than hardship distributions and the Participant represents in writing, on forms provided by the Committee and by providing any
documentation required by the Committee, that the need cannot be relieved through reimbursement or compensation by insurance or otherwise, by reasonable liquidation of the Participant’s assets, to the extent such liquidation would not itself
cause an immediate and heavy financial need, by cessation of Tax-Deferred Contributions under the Plan, by withdrawals, distributions (other than hardship distributions) or nontaxable loans (at the time of the loan) from any plan maintained by any
other entity by which the Participant is employed, or by borrowing from commercial sources on reasonable commercial terms; and 

 10. Section 8.03(b) is hereby restated in its entirety as follows: 
  

	 	(b)	Distributions will be in the form of a lump sum cash payment, except that the Participant may request that any portion of the Participant’s Aggregate Account that is invested
in the Company Stock Fund will be distributed in shares of Company Stock, plus cash for any fractional shares. 

  

 3 

 11. Section 8.03(f) is hereby restated in its entirety as follows: 
  

	 	(f)	If a Participant who terminated employment again becomes an Employee before commencing a distribution of his Aggregate Account, no distribution from the Trust Fund will be made
while he is an Employee, and amounts distributable to him on account of his prior termination will be held in the Trust Fund until he is again entitled to a distribution under the Plan. If a Participant who terminated employment again becomes an
Employee after commencing a distribution of his Aggregate Account (including in a form other than a lump sum that may be preserved in an Appendix to the Plan for account balances transferred to the Plan from other plans), distributions that have
begun shall continue while he is an Employee. However, amounts, if any, that are contributed to the Plan by or on behalf of the Employee during his reemployment will be held in the Trust Fund until he is again entitled to a distribution under the
Plan. 

 12. Section 8.07 is hereby restated in its entirety as follows: 
  

	 	 8.07
	 Age 59 1/2 Withdrawals 

 A Participant who has attained age 59 1/2 and who has not terminated employment may request a distribution from his Aggregate Account at any time, provided that a distribution shall not be made for an amount less
than $250. Such distributions will be made as soon as practicable following the Committee’s receipt of the Participant’s request for withdrawal and will be made in the form of a single lump sum payment. 
 13. The attached “Appendix H” is hereby added to the Plan to reflect the merger of the ABCSIP into the Plan effective February 1, 2007.

 IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed this 19th day of December, 2007. 
  

	
	
	
	/s/ Barbara A. Kellams
	Barbara A. Kellams

  

 4 

 APPENDIX H 
 TRANSFER OF ASSETS FROM THE ABC, INC. SAVINGS & INVESTMENT PLAN 
 Effective on February 1, 2007
(the “Merger Date”), the ABC, Inc. Savings & Investment Plan (the “ABC Plan”) was merged with and into the Plan. 
 1.
Transfer of Account Balances. The Plan shall separately account for the portion of the Accounts of each Participant that is attributable to allocations made under the ABC Plan before the merger, which shall equal the Participant’s
interest in the ABC Plan immediately before the merger, as adjusted to reflect subsequent investment experience, distributions, withdrawals, and other adjustments provided under the Plan. The portion of a Participant’s Accounts attributable to
the ABC Plan shall be nonforfeitable, except as provided otherwise under the terms of the ABC Plan for a Participant who was not an Employee as of the Merger Date. For purposes of the Plan, amounts attributable to rollover contributions, pre-tax
contributions, matching contributions, and after-tax contributions, if any, that are transferred from the ABC Plan for a Participant shall be treated as subaccounts under the Rollover Account, Tax-Deferred Account, Matching Account, and After-Tax
Account, respectively, maintained for the Participant under the Plan. 
 2. Investment of Account Balance. The funds transferred from the ABC
Plan were initially invested in such Investment Fund(s) as were set forth in the fund mapping rules communicated to affected Participants before the transfer and may be transferred to other Investment Funds in accordance with Section 6.01 of
the Plan. 
 3. Service Credit. Each Participant with an account balance under the ABC Plan immediately before the merger shall, for
eligibility purposes under the Plan, be credited with all service credited to such Participant for eligibility purposes under the ABC Plan as of the Merger Date, to the extent not otherwise credited pursuant to any Plan provision. 
 4. Loans. Loans made from the ABC Plan before the Merger Date shall continue to be governed by Article X of the ABC Plan, which is incorporated herein by
reference. Loans made after the Merger Date shall be governed by Article 7 of the Plan. 
 5. Benefit Rights and Optional Forms. A Participant
or Beneficiary of a Participant with an account balance under the ABC Plan immediately before the merger shall be entitled to elect any withdrawal or distribution option offered under the generally applicable provisions of the Plan with respect to
the portion of his Accounts that is attributable to the ABC Plan, but only if the Participant or Beneficiary complies with the provisions of the Plan that govern the election of such withdrawal and distribution options and subject to any
restrictions on distributions or withdrawals that may be required by applicable law due to the nature of the underlying contributions. Benefit rights, spousal consent provisions (on loans, withdrawals, and/or distributions) and other requirements,
and optional forms of benefit with respect to any amounts previously transferred to the ABC Plan from another plan that are described in Schedules of the ABC Plan, are provided under the ABC Plan immediately before the Merger Date, and are not
provided for under the Plan shall be preserved under this Plan with respect to amounts described in such Schedules that have been transferred to the Plan from the ABC Plan. The Schedules of the ABC Plan referenced in the preceding sentence include:

 A. Schedule IX, relating to amounts transferred to the ABC Plan from the Satellite Music Network, Inc. 401(k) Plan; 
  

 5 

 B. Schedule X, relating to amounts transferred to the ABC Plan from the Institutional Investor, Inc.
Employee Savings Plan; 
 C. Schedule XII, relating to amounts transferred to the ABC Plan from the International Medical News Group Profit
Sharing Plan; 
 D. Schedule XXI, relating to amounts transferred to the ABC Plan from the WTVG, Inc. Employees Savings & Retirement
Plan or the WJRT 401(k) Plan & Trust; 
 E. Schedule XXVI, relating to amounts transferred to the ABC Plan from the Fairchild
Publications, Inc. Publishing Pension Plan; 
 F. Schedule XXVII, relating to amounts transferred to the ABC Plan from the Employee Profit
Sharing Plan of ABC, Inc.; 
 G. Schedule XXIX, relating to amounts transferred to the ABC Plan from the Fox Family Worldwide,
Inc. & Subsidiaries 401(k) Profit Sharing Plan; and 
 H. Schedule XXX, relating to amounts transferred to the ABC Plan from the
GO.com Savings and Investment Plan. 
  

 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]