Document:

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                                                                    Exhibit 10.5

                              STOCKHOLDER AGREEMENT

                                      Among

                         DREAMWORKS ANIMATION SKG, INC.,

                                 [HOLDCO LLLP],

                        M&J K DREAM LIMITED PARTNERSHIP,

                              THE JK ANNUITY TRUST,

                              THE MK ANNUITY TRUST,

                       KATZENBERG 1994 IRREVOCABLE TRUST,

                                  DG-DW, L.P.,

                                    [VULCAN],

                               JEFFREY KATZENBERG,

                                  David Geffen

                                       and

                                   Paul Allen

                              Dated As Of [ ], 2004

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                                TABLE OF CONTENTS

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                                   ARTICLE I

                                   Definitions

Section 1.01.  Certain Defined Terms...................................        2
Section 1.02.  Other Definitional Provisions...........................        7

                                   ARTICLE II

                              Corporate Governance

Section 2.01.  Proxy Statement.........................................        7
Section 2.02.  Class C Director........................................        7
Section 2.03.  Board Composition.......................................        8
Section 2.04.  Certain Actions.........................................       10

                                   ARTICLE III

                               Transfer of Shares

Section 3.01.  Restrictions on Transfer by the Vulcan Stockholders.....       10
Section 3.02.  Agreement to Convert....................................       11
Section 3.03.  Permitted Transferees...................................       11
Section 3.04.  Notice of Transfer......................................       11
Section 3.05.  Compliance with Transfer Provisions.....................       11
Section 3.06.  Legend..................................................       12

                                   ARTICLE IV

                                   Standstill

Section 4.01.  Limitation on Acquisitions..............................       12
Section 4.02.  Other Restrictions......................................       13
Section 4.03.  Exceptions to Standstill................................       15

                                    ARTICLE V

                                      Term

Section 5.01.  Term....................................................       15
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                                   ARTICLE VI

                               General Provisions

Section 6.01.  Notices.................................................       16
Section 6.02.  Counterparts............................................       17
Section 6.03.  Entire Agreement; No Third Party Beneficiaries..........       17
Section 6.04.  Governing Law...........................................       17
Section 6.05.  Severability............................................       17
Section 6.06.  Assignment; Amendments..................................       17
Section 6.07.  Enforcement.............................................       18
Section 6.08.  Titles and Subtitles....................................       18
Section 6.09.  Submission to Jurisdiction; Waivers.....................       18
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                        STOCKHOLDER AGREEMENT, dated as of [ ], 2004, among
                  DREAMWORKS ANIMATION SKG, INC., a Delaware corporation (the
                  "Company"), [HOLDCO] LLLP, a Delaware limited liability
                  limited partnership ("Holdco"), M&J K DREAM LIMITED
                  PARTNERSHIP, a Delaware limited partnership ("M&J K"), THE JK
                  ANNUITY TRUST, a [ ] grantor retained annuity trust ("JK
                  GRAT"), THE MK ANNUITY TRUST, a [ ] grantor retained annuity
                  trust ("MK GRAT" and, together with JK GRAT, the "M&J K
                  GRATs"), KATZENBERG 1994 IRREVOCABLE TRUST, a [ ] irrevocable
                  trust (the "1994 Irrevocable Trust"), DG-DW, L.P., a Delaware
                  limited partnership ("DG-DW"), [VULCAN], a [ ] ("Vulcan"), DW
                  LIPS, L.P., a Delaware limited liability partnership ("DW
                  Lips") (solely for purposes of Article IV), STEVEN SPIELBERG
                  (solely for purposes of Article IV), JEFFREY KATZENBERG, DAVID
                  GEFFEN and PAUL ALLEN.

            WHEREAS, DreamWorks L.L.C., a Delaware limited liability company
("DW"), and the Company, together with other parties, have entered into a
Separation Agreement dated as of [ ], 2004, providing for the separation of the
animation business (the "Separation") from DW;

            WHEREAS, immediately after the Separation, the Company intends to
sell shares of its Class A Common Stock, par value $0.01 per share ("Class A
Stock"), in a public offering (the "Offering");

            WHEREAS, immediately following the consummation of the Offering,
Holdco, M&J K and DG-DW will own in the aggregate all of the Company's issued
and outstanding Class B Common Stock, par value $0.01 per share ("Class B
Stock");

            WHEREAS, immediately following the consummation of the Offering,
Vulcan will own all of the Company's issued and outstanding Class C Common
Stock, par value $0.01 per share ("Class C Stock" and, together with the Class A
Stock and the Class B Stock, the "Common Stock"); and

            WHEREAS, each of the parties desires to enter into this Agreement
(as defined below) in order to establish certain rights and obligations of the
parties and their transferees as holders of Common Stock;

            NOW, THEREFORE, in consideration of the foregoing and the respective
covenants and agreements set forth herein, and intending to be legally bound
hereby, the parties hereto agree as follows:

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                                    ARTICLE I

                                   Definitions

            Section 1.01. Certain Defined Terms. As used in this Agreement:

            "Acquisition Agreement" means an agreement to which the Company is a
party providing for a merger, consolidation, share exchange, tender offer or
similar transaction involving the Company or any of its subsidiaries (i) which
is recommended by the Board at the time it is entered into, (ii) which is
available to all holders of Common Stock and (iii) in which Equivalent
Consideration (as defined in the Charter as in effect at consummation of the
Offering) is offered in respect of each share of Common Stock.

            "Additional Shares" has the meaning assigned to such term in Section
3.01.

            "Affiliate" means, with respect to any Person, any other Person that
directly, or indirectly through one or more intermediaries, Controls, is
Controlled By or is Under Common Control With, such specified Person.

            "Agreement" means this Stockholder Agreement, as it may be amended,
supplemented, restated or modified from time to time.

            "Beneficial Owner" or "Beneficially Own" has the meaning assigned to
such term in Rule 13d-3 under the Exchange Act and a Person's beneficial
ownership of Common Stock shall be calculated in accordance with the provisions
of such Rule.

            "Board" means the Board of Directors of the Company.

            "Business Day" means any day that is not a Saturday, a Sunday or
other day on which banks are required or authorized by law to be closed in The
City of New York.

            "By-laws" means the By-laws of the Company, as amended or restated
from time to time.

            "Charter" means the Restated Certificate of Incorporation of the
Company, as amended or restated from time to time.

            "Class B Holder" means any Person who shall hold of record shares of
Class B Stock.

            "Class B Stockholder Agreement" means the Stockholder Agreement,
dated as of [ ], 2004, among Holdco, M&J K, the M&J K GRATs, the 1994
Irrevocable Trust, DG-DW, Jeffrey Katzenberg and David Geffen, as it may be
amended, supplemented, restated or modified from time to time.

            "Class C Conversion Date" has the meaning assigned to such term in
the Charter as in effect at consummation of the Offering.

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            "Class C Director" has the meaning assigned to such term in the
Charter as in effect at consummation of the Offering.

            "Control" (including the terms "Controlled By" and "Under Common
Control With") has the meaning assigned to such term in the Charter as in effect
at consummation of the Offering.

            "DG Designee" has the meaning assigned to such term in Section
2.03(a)(iv).

            "Director" means any member of the Board.

            "DW" has the meaning assigned to such term in the recitals hereto.

            "DW LLC Agreement" means the Seventh Amended and Restated Limited
Liability Company Agreement of DW, dated as of [ ], 2004, as it may be amended,
supplemented, restated or modified from time to time.

            "Estate Planning Vehicle" has the meaning assigned to such term in
the Charter as in effect at consummation of the Offering.

            "Exchange Act" means the U.S. Securities Exchange Act of 1934, as
amended.

            "Family Group" means, (a) with respect to M&J K and the Katzenberg
Stockholders, Jeffrey Katzenberg, any Estate Planning Vehicle that is Controlled
By either Jeffrey Katzenberg or David Geffen and any other Person that is
Controlled By Jeffrey Katzenberg, in each case, so long as such Person continues
to be so Controlled and (b) with respect to DG-DW and the Geffen Stockholders,
David Geffen and any other Person that is Controlled By David Geffen, in each
case, so long as such Person continues to be so Controlled.

            "Final Allocation" has the meaning assigned to such term in the
Holdco LLLP Agreement.

            "Formation Agreement" means the Formation Agreement, dated as of [ ]
, 2004, among the Company, DW, Holdco, [GE], Steven Spielberg, Jeffrey
Katzenberg, David Geffen, Paul Allen and the Holdco partners party thereto, as
it may be amended, supplemented, restated or modified from time to time.

            "Geffen Stockholders" means DG-DW and any other Family Group member
of DG-DW that becomes a Class B Holder, in each case, for so long as it is both
a Class B Holder and a Family Group member.

            "Group" has the meaning assigned to such term in Section 13(d)(3) of
the Exchange Act.

            "Holdco Contribution" has the meaning set forth in the Formation
Agreement.

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            "Holdco LLLP Agreement" means the limited liability limited
partnership agreement of Holdco, dated as of [ ], 2004, as it may be amended,
supplemented, restated or modified from time to time.

            "Independent Director" means a Director who qualifies as an
"independent director" of the Company under (a) NYSE Rule 303A(2), as such Rule
may be amended, supplemented or replaced from time to time or (b) if the Class A
Stock is not listed for quotation on the NYSE, any comparable rule or regulation
of the primary securities exchange or quotation system on which the Class A
Stock is listed or quoted.

            "Involuntary Conversion" means a conversion pursuant to Section
2(f)(vii) of Article IV of the Charter which results from [the death of a
Principal or a judgment of a governmental entity or other involuntary action].

            "JK Designee" has the meaning assigned to such term in Section
2.03(a)(iii).

            "Katzenberg Stockholders" means M&J K and any other Family Group
member of M&J K that becomes a Class B Holder, in each case, for so long as it
is both a Class B Holder and a Family Group member.

            "KG Termination Date" means the first date after the Final
Allocation on which the shares of Common Stock held of record by the Katzenberg
Stockholders and the Geffen Stockholders, including shares held of record by
[Holdco] LLLP on behalf of the Katzenberg Stockholders and the Geffen
Stockholders, represent less than 32.5% of the total Voting Power of the
outstanding Voting Stock (each as defined in the Charter as in effect at
consummation of the Offering) of the Company.

            "NYSE" means The New York Stock Exchange, Inc.

            "Original Non-Capital Shares" means the shares of Common Stock held
of record by the Vulcan Stockholders immediately after the Final Allocation,
including shares held of record by [Holdco] LLLP on behalf of the Vulcan
Stockholders, which are in excess of the shares of Common Stock that are
required to reduce Vulcan's Unreturned DreamWorks Capital (as defined in the
Holdco LLLP Agreement) to zero (based on the final valuation of shares in the
Final Allocation).

            "Permitted Pledge" means a bona fide pledge of Common Stock to a
financial institution to secure bona fide recourse borrowings so long as (i) the
pledgor notifies the Company and each Class B Holder of its intention to enter
into such pledge at least 5 days prior thereto, (ii) the pledgor retains the
sole right to vote and act by written consent with respect to the pledged Common
Stock and (iii) in the case of a pledge of Class B Stock, the pledgee agrees in
writing with the pledgor in an agreement that expressly provides that (w) each
Principal Holder is a third party beneficiary thereof, entitled to enforce such
agreement directly against the pledgee, (x) such agreement cannot be amended or
modified without the prior written consent of each Principal Holder, (y) any
Transfer of the pledged Common Stock (by foreclosure, by operation of law or
otherwise) shall first be subject to the right of first offer provisions of the
Class B Stockholder Agreement and (z) if any such right of first offer is
exercised, the pledgee shall release its lien on the pledged Common Stock upon
payment of the purchase price therefor

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directly to the pledgee (it being agreed that each Class B Holder who pledges
any Class B Stock hereby authorizes payment in such manner), regardless of
whether the purchase price is sufficient to discharge the debt secured by the
pledge.

            "Permitted Transfer" means (i) the entry into an agreement to vote,
consent, grant a proxy or power of attorney or the execution of a written
consent, proxy or power of attorney, in each case, in favor of any Person that
has entered into an Acquisition Agreement providing for shares of Common Stock
to be voted in favor of or consenting to the transactions contemplated in the
Acquisition Agreement and against actions that would frustrate or prevent such
transactions, (ii) the entry into a contract, option or other arrangement or
understanding with any Person that has entered into an Acquisition Agreement
providing for an option to purchase shares of Common Stock or a profit-sharing
relating to the sale of shares of Common Stock, provided, however, that the
consummation of any such option or profit-sharing shall not constitute a
Permitted Transfer, (iii) the delivery of a revocable proxy or a written consent
to (A) the Chief Executive Officer or other officer specified by the Company or
(B) a Principal Holder in connection with a proxy or consent solicitation by a
Principal Holder or in which a Principal Holder is a participant, (iv) the
pledge of the Pledged Common Stock pursuant to the Pledge Documents and any
Pledged Share Event and (v) a Permitted Pledge.

            "Person" has the meaning assigned to such term in the Charter (as
modified in Section 2(f) of Article IV thereof) as in effect at consummation of
the Offering.

            "Pledge Documents" means [ ].

            "Pledged Common Stock" means, at any time, the shares of Common
Stock then pledged as collateral for the Revolving Credit Facility.

            "Pledged Share Event" means, with respect to any pledgor of Pledged
Common Stock, a conversion and Transfer of shares of Pledged Common Stock
pursuant to a foreclosure under the applicable pledge agreement between such
pledgor and the lenders under the Revolving Credit Facility.

            "Principal" means either of Jeffrey Katzenberg and David Geffen.

            "Principal Holder" means any Person other than DW and Holdco, for so
long as (i) such Person shall hold of record shares of Class B Stock and is not
required to convert all of such shares into Class A Stock under this Agreement
and (ii) such Person is either a Principal or one or more Principals shall
Control such Person.

            "Revolving Credit Facility" means the revolving credit facility,
dated as of [ ], 2004, among DW and the lenders party thereto (or any
refinancing thereof that does not extend the term thereof).

            "SEC" means the United States Securities and Exchange Commission or
any other federal agency at the time administering the Securities Act or the
Exchange Act.

            "Securities Act" means the U.S. Securities Act of 1933, as amended.

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            "Separation Date" has the meaning assigned to such term in the
Separation Agreement.

            "Spielberg Parties" means Steven Spielberg, DW Lips and any Person
Controlled By Steven Spielberg.

            "Stockholders" has the meaning assigned to such term in Section
2.03(b).

            "Threshold Date" means the first date on which the total number of
outstanding shares of Class B Stock is less than 50% of the number of shares of
Class B Stock outstanding immediately following the Final Allocation (excluding
in each case any conversion of Pledged Common Stock pursuant to a Pledged Share
Event), as such 50% number may be adjusted from time to time to take into
account any stock split, reverse stock split or stock dividend; provided, that
the Threshold Date shall not occur as a result of an Involuntary Conversion
unless the special call right set forth in Section 2.04 of the Class B
Stockholder Agreement is not exercised within the time period provided therein
or the purchase in respect thereof is not consummated within the time period
provided in the Charter as in effect at consummation of the Offering.

            "Threshold Number" means, with respect to (i) the Katzenberg
Stockholders, 50% of the number of shares of Class B Stock held of record by
them, including shares held of record by [Holdco] LLLP on behalf of the
Katzenberg Stockholders (but excluding any conversion of Pledged Common Stock
pursuant to a Pledged Share Event), immediately following the Final Allocation;
and (ii) the Geffen Stockholders, 50% of the number of shares of Class B Stock
held of record by them, including shares held of record by [Holdco] LLLP on
behalf of the Geffen Stockholders (but excluding any conversion of Pledged
Common Stock pursuant to a Pledged Share Event), immediately following the Final
Allocation, in each case, as each such number may be adjusted from time to time
to take into account any stock split, reverse stock split or stock dividend.

            "Transfer" means, directly or indirectly, (i) to sell, transfer,
assign or similarly dispose of, whether voluntarily, involuntarily or by
operation of law, (ii) to enter into an agreement (other than this Agreement,
the Class B Stockholder Agreement, the Formation Agreement, the DW LLC Agreement
and the Holdco LLLP Agreement) to vote, consent, grant a proxy or power of
attorney or deposit shares into a voting trust, or the execution of a written
consent, the grant of a proxy or power of attorney or the deposit of shares into
a voting trust or (iii) to enter into a contract, option or other arrangement or
understanding that upon consummation or foreclosure would effect a sale,
transfer, assignment or similar disposition, other than, in each case, a
Permitted Transfer.

            "Vulcan Party" means Paul Allen, the Vulcan Stockholders and their
respective Affiliates.

            "Vulcan Permitted Transferee" means Paul Allen and any Person that
is Controlled By Paul Allen, so long as such Person continues to be Controlled
By Paul Allen[, or any employee equity plan of Vulcan or any of its Affiliates].

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            "Vulcan Stockholders" means Vulcan and any Vulcan Permitted
Transferee, in each case for so long as such Person shall both hold of record
shares of Common Stock and be a Vulcan Permitted Transferee.

            Section 1.02. Other Definitional Provisions. (a) The words "hereof",
"herein" and "hereunder" and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of
this Agreement, and Article and Section references are to this Agreement unless
otherwise specified. The words "include", "includes" and "including" shall be
deemed to be followed by the phrase "without limitation".

            (b) The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms.

                                   ARTICLE II

                              Corporate Governance

            Section 2.01. Proxy Statement. The Company agrees to use its best
efforts to cause (i) the individuals designated in accordance with Section 2.03
as the JK Designee and the DG Designee and (ii) the individual designated as the
Class C Director in accordance with the Charter to be included in management's
slate of nominees and as such, each such designee shall be included in the proxy
statement prepared by management of the Company in respect of the applicable
annual meeting or other applicable vote or action by written consent with
respect to the election of Directors, whether or not the notice required by
Section 2.03(d) (in respect of the JK Designee and the DG Designee) or by
Section 2.02(c) (in respect of the Class C Director designee) complies with
Section 8 of Article II of the Company's By-laws.

            Section 2.02. Class C Director. (a) Commencing on the first date on
which the holder of Class C Stock may elect the Class C Director under the
Charter, each Vulcan Stockholder agrees to vote or act by written consent with
respect to (or cause to be voted or acted upon by written consent) all Class C
Stock then held of record by such Vulcan Stockholder solely in favor of Paul
Allen as the Class C Director; provided, however, that if in Paul Allen's
reasonable determination (i) he is not able to serve as the Class C Director or
(ii) serving as the Class C Director would cause him any economic detriment,
then each Vulcan Stockholder agrees to vote or act by written consent with
respect to (or cause to be voted or acted upon by written consent) all Class C
Stock then held of record by such Vulcan Stockholder solely in favor of a
replacement Class C Director and each subsequent Class C Director identified by
the Vulcan Stockholders to the Company in writing. The Vulcan Stockholders agree
to consult with the then Chairman of the Company's Board regarding the identity
and credentials of the replacement Class C Director prior to the election of
such individual as a Board member (it being understood that the Vulcan
Stockholders shall have the sole and exclusive right to select the individual
who will serve as the replacement Class C Director and each subsequent Class C
Director).

            (b) Each Class B Holder and the Company agree to take all reasonable
actions (including, to the extent necessary, calling a special meeting of the
Board and/or Company stockholders) in order to ensure that the composition of
the Board is as set forth in Section 2.03(a) (including taking all reasonable
actions to cause any replacement Class C

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Director designated by the Vulcan Stockholders in accordance with Section
2.02(a) and the Charter to fill any vacancy in the office of the Class C
Director as promptly as practicable).

            (c) Unless Paul Allen will be the Class C Director designee, at
least 60 days before each annual meeting of stockholders of the Company, and at
least five days before any other stockholder vote or action by written consent
with respect to the election of Directors, Vulcan shall notify the Company and
each other party hereto in writing of the individual who will be the Class C
Director designee.

            Section 2.03. Board Composition. (a) The Board shall consist of a
number of Directors determined in accordance with the Charter, and shall be
composed as follows:

            (i) the Chief Executive Officer of the Company;

            (ii) the Class C Director (if any shares of Class C Stock are issued
      and outstanding) in accordance with the Charter;

            (iii) for so long as the Katzenberg Stockholders shall be Principal
      Holders, one individual designated for election to the Board by the
      Katzenberg Stockholders (the "JK Designee"); provided, however, that for
      so long as Jeffrey Katzenberg shall be the Chief Executive Officer of the
      Company and a Director, he shall be deemed to be the JK Designee;

            (iv) for so long as the Geffen Stockholders shall be Principal
      Holders, one individual designated for election to the Board by the Geffen
      Stockholders (the "DG Designee"); and

            (v) such number of individuals selected by the Nominating and
      Corporate Governance Committee (or, in the event of any vacancy in the
      office of Director as a result of a vote or action of the Stockholders (as
      defined below) pursuant to the second proviso to Section 2.03(b), then as
      selected in accordance with the second sentence of Section 2.03(c)) for
      nomination to the Board as shall bring the total number of designees and
      nominees pursuant to this Section 2.03(a) to the number of Directors that
      constitute the "entire Board" (as defined in the Charter, but subject to
      any rights of holders of Preferred Stock (as defined in the Charter) to
      elect additional Directors under specified circumstances); provided,
      however, that at all times following the first anniversary of the listing
      of the Class A Stock on a national securities exchange a sufficient number
      of the Director-nominees nominated by the Nominating and Corporate
      Governance Committee shall qualify as Independent Directors so that a
      majority of the Board shall be Independent Directors as required by the
      By-laws; provided further, however, that the holder of the Class C Stock
      shall not be restricted from nominating, electing or maintaining a Class C
      Director who is determined by the Board not to be an Independent Director.

            (b) Each of Holdco, the Katzenberg Stockholders, the Geffen
Stockholders and the Vulcan Stockholders (collectively, the "Stockholders")
agrees to vote or act by written consent with respect to (or cause to be voted
or acted upon by written consent) all shares of Common Stock then held of record
by such Stockholder (x) in favor of the election to the Board

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of those individuals designated or nominated in accordance with Section 2.03(a)
and (y) against the election to the Board of any individual not designated or
nominated in accordance with Section 2.03(a); provided, however, that at the
written request of any of the Katzenberg Stockholders or the Geffen Stockholders
with respect to a Director designated by such Stockholder pursuant to Section
2.03(a)(iii) or Section 2.03(a)(iv), each other Stockholder hereby agrees to
vote or act by written consent with respect to (or cause to be voted or acted
upon by written consent) all shares of Common Stock then held of record by such
Stockholder in favor of the removal from office of such Director at any meeting
or upon any action by written consent called or taken for the purpose of
removing such Director from office (and, except as further provided below or in
Section 2.03(e), otherwise shall not vote or act by written consent to cause the
removal of the JK Designee or DG Designee, as applicable, without cause);
provided further, however, that at any time, if the Principal Holder or
Principal Holders that hold of record shares of Common Stock representing a
majority of the total voting power of the Common Stock held of record by the
Principal Holders at such time shall so direct in writing, each Stockholder
hereby agrees to vote or act by written consent with respect to (or cause to be
voted or acted upon by written consent) all shares of Common Stock then held of
record by such Stockholder in favor of the removal from office of the applicable
Director or Directors as so directed by such Principal Holders (other than,
except for cause, the Class C Director) at any meeting or upon any action by
written consent called or taken for the purpose of removing such Director or
Directors from office and otherwise shall not vote or act by written consent to
remove or cause the removal of any Director or Directors (except for cause).

            (c) In the event of any vacancy in the office of Director of the DG
Designee or the JK Designee, each Stockholder agrees to vote or act by written
consent with respect to (or cause to be voted or acted upon by written consent)
all shares of Common Stock then held of record by such Stockholder in favor of
the election to the Board of an individual designated in writing by the Geffen
Stockholders or the Katzenberg Stockholders, as applicable, and against the
election to the Board of any individual not designated by the Geffen
Stockholders or the Katzenberg Stockholders, as applicable. In the event of any
vacancy in the office of Director as a result of a vote or action of the
Stockholders pursuant to the second proviso to Section 2.03(b) above (other than
a vacancy in the office of the Class C Director, which vacancy shall be filled
by the holder of the Class C Stock in accordance with the Charter), each
Stockholder agrees to vote or act by written consent with respect to (or cause
to be voted or acted upon by written consent) all shares of Common Stock then
held of record by such Stockholder (x) for the filling of such vacancy as the
Principal Holder or Principal Holders that hold of record shares of Common Stock
representing a majority of the total voting power of the Common Stock held of
record by the Principal Holders at such time shall so direct in writing, but
following the composition requirements set forth in Section 2.03(a) and in the
case of the filling of vacancies in offices described in Section 2.03(a)(v),
after consultation with the Class C Director (if any shares of Class C Stock are
issued and outstanding) and (y) against the election to the Board of any
individual not so named.

            (d) At least 60 days before each annual meeting of stockholders of
the Company, and at least 5 days before any other stockholder vote or action by
written consent with respect to the election of Directors, the Geffen
Stockholders (and the Katzenberg Stockholders if Jeffrey Katzenberg shall not
then be the Chief Executive Officer of the Company) shall notify the Company and
each other Stockholder in writing of such

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Stockholder's designee, if any, pursuant to Section 2.03(a)(iii) or Section
2.03(a)(iv), as applicable.

            (e) If the Class C Conversion Date shall have occurred, the Vulcan
Stockholders shall use their best efforts to cause the Class C Director to
resign from the Board as promptly as possible and in any event no later than the
second day after the Class C Conversion Date. If, at any time, all of the
Katzenberg Stockholders or all of the Geffen Stockholders cease to be Principal
Holders (any such holder, a "Non-Controlled Holder"), such Non-Controlled
Holders shall use their best efforts to cause the JK Designee or the DG
Designee, as applicable, to resign from the Board as promptly as possible and in
any event no later than the second day after such applicable Stockholder first
ceases to be a Principal Holder; provided, however, that if the Katzenberg
Stockholders shall fail to be Principal Holders at a time when Jeffrey
Katzenberg is deemed to be the JK Designee by virtue of his role as Chief
Executive Officer of the Company and a Director, the Katzenberg Stockholders
shall not be required to comply with the provisions of this Section 2.03(e).

            (f) Actions taken by the Principals and their Family Groups, Paul
Allen and the Vulcan Stockholders pursuant to and in accordance with this
Agreement shall be taken solely in their capacity as stockholders of the Company
and not in any capacity as a director, officer, employee, member, consultant,
manager or partner, as applicable, of the Company, Holdco or DW.

            Section 2.04. Certain Actions. Prior to the Final Allocation,
without the consent of each Stockholder, neither the Company nor any Stockholder
will take or cause to be taken any action that would require the consent or
approval of the holders of Class A Stock voting separately as a class pursuant
to Section 4(b) of Article IV of the Charter.

                                  ARTICLE III

                               Transfer of Shares

            Section 3.01. Restrictions on Transfer by the Vulcan Stockholders.
In the event that any Vulcan Party shall, directly or indirectly, acquire or
agree to acquire by purchase or otherwise ownership of any additional shares
("Additional Shares") of Common Stock or other voting securities of the Company
other than shares of Common Stock (including Pledged Common Stock) owned by any
Vulcan Party, including shares held by Holdco on behalf of any Vulcan Party,
immediately after the Final Allocation, then without the prior written consent
of the Company, each of the Vulcan Stockholders agrees not to Transfer (other
than to the Company or to any Class B Holder) any Additional Shares or Original
Non-Capital Shares if the ultimate purchaser would (to such Vulcan Party's
knowledge after reasonable due inquiry) Beneficially Own more than 5% of the
then issued and outstanding Common Stock, after giving effect to such Transfer;
provided, that any Vulcan Stockholder shall be permitted to Transfer Additional
Shares or Original Non-Capital Shares to (i) a "qualified institutional buyer"
as defined in Rule 144A under the Securities Act of 1933, as amended, if, after
giving effect to such Transfer, such "qualified institutional buyer" represents
to such Vulcan Stockholder that it would be eligible to report its ownership of
Common Stock on Schedule 13G pursuant to Rule 13d-1 under Section 13 of the
Exchange Act (or any successor provision thereto) and (ii) any Person

                                       10
<PAGE>
                                                                              11

who, upon consummation of such Transfer, enters into (and agrees not to transfer
such Common Stock except to permitted transferees that enter into) a "standstill
agreement" with the Company and the Class B Holders on the terms set forth in
Article IV (or less restrictive terms that are agreed to by the Company). As a
condition to any Transfer of any Common Stock by a Vulcan Stockholder to a
Person Controlled by Paul Allen, such Vulcan Stockholder shall cause such
transferee to comply with Section 3.03.

            Section 3.02. Agreement to Convert. Each Class B Holder (other than
Holdco) agrees that from and after the Threshold Date, on the first date (the
"Specified Date") that such Class B Holder (together with its applicable Family
Group) ceases to hold of record at least such Class B Holder's Threshold Number
of shares of Class B Stock, such Class B Holder (together with its applicable
Family Group) (x) shall Transfer any shares of Class B Stock held of record by
such Class B Holder to any other Class B Holder who (together with its
applicable Family Group) at such time continues to hold of record at least such
other Class B Holder's Threshold Number of shares of Class B Stock and who
exercises its right of first offer, in accordance with the right of first offer
provisions of the Class B Stockholder Agreement, and (y) following compliance
with the right of first offer provisions of the Class B Stockholder Agreement,
shall immediately convert all remaining shares of Class B Stock held of record
by it (and its applicable Family Group) to Class A Stock in accordance with the
Charter; provided, however, that if any applicable Class B Holder (or Family
Group member) shall fail to surrender such Class B shares for conversion as so
required by the close of business on the Business Day following such compliance,
the Company on behalf of such holder (or Family Group member) shall cause such
conversion to occur as of such date, and each party hereto consents to treating
such Class B shares as having been surrendered for conversion in accordance with
Section 2(f) of Article IV of the Charter as of such date.

            Section 3.03. Permitted Transferees. Any Vulcan Permitted Transferee
and any Family Group member that becomes a record holder of Common Stock shall
be subject to the terms and conditions of this Agreement. Prior to the initial
acquisition of record ownership of any Common Stock by any Vulcan Permitted
Transferee or Family Group member, and as a condition thereto, the transferring
holder agrees to cause such Vulcan Permitted Transferee or Family Group member,
as applicable, to agree in writing with the Company to be bound by the terms and
conditions of this Agreement. To the extent a Vulcan Permitted Transferee or
Family Group member that holds of record Common Stock ceases to qualify as a
Vulcan Permitted Transferee or Family Group member, such Person shall be deemed
to have Transferred the Common Stock held by it upon so ceasing to qualify and
such Transfer shall be subject to the transfer restrictions of Section 3.01 of
this Agreement and Section 2.01 of the Class B Stockholder Agreement, to the
extent applicable to a Transfer of Common Stock.

            Section 3.04. Notice of Transfer. To the extent any party hereto
proposes to Transfer any Common Stock, such party shall, prior to consummation
of such Transfer, deliver notice thereof to the Company stating the number (and
class) of shares to be Transferred, the identity of the transferee and the
manner of Transfer.

            Section 3.05. Compliance with Transfer Provisions. Any Transfer or
attempted Transfer of Common Stock in violation of any provision of this
Agreement or the Class B Stockholder Agreement shall be void, and the Company
shall not record such Transfer on its

                                       11
<PAGE>
                                                                              12

books or treat any purported transferee of such Common Stock as the owner of
such Common Stock for any purpose.

            Section 3.06. Legend. (a) During the term of this Agreement, each
certificate evidencing Class C Stock held of record or Beneficially Owned by a
Vulcan Stockholder and each certificate evidencing Class B Stock held of record
or Beneficially Owned by a Class B Holder shall bear the following legend (and,
in the case of Class B Stock, the legend set forth in Section 2.08 of the Class
B Stockholder Agreement):

            "THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND
            TRANSFERABLE ONLY UPON COMPLIANCE WITH THE PROVISIONS OF A
            STOCKHOLDER AGREEMENT, DATED AS OF [ ], 2004, AMONG DREAMWORKS
            ANIMATION SKG, INC., [HOLDCO] LLLP, M&J K DREAM LIMITED PARTNERSHIP,
            THE JK ANNUITY TRUST, THE MK ANNUITY TRUST, KATZENBERG 1994
            IRREVOCABLE TRUST, DG-DW, L.P., [VULCAN], JEFFREY KATZENBERG, DAVID
            GEFFEN AND PAUL ALLEN. A COPY OF SUCH STOCKHOLDER AGREEMENT IS ON
            FILE AT THE PRINCIPAL OFFICE OF DREAMWORKS ANIMATION SKG, INC. AT
            Grandview Building, 1000 Flower Street, Glendale, California 91201."

            (b) Upon a Person ceasing to have rights and obligations under this
Agreement pursuant to the terms hereof or upon termination of this Agreement (or
the Class B Stockholder Agreement, as applicable), such Person may surrender to
the Company any certificates held of record by such Person and bearing the
legend set forth in Section 3.06(a) (or in Section 2.08 of the Class B
Stockholder Agreement, as applicable), and upon surrender of such certificates,
the Company shall reissue such certificates without such legend.

                                   ARTICLE IV

                                   Standstill

            Section 4.01. Limitation on Acquisitions. Each of Paul Allen and
each Vulcan Stockholder covenants and agrees with the Company and each Principal
Holder that they shall not, and shall cause each of their respective Affiliates
(other than any such Affiliate that is listed on a national securities exchange)
not to, prior to the earlier of (i) the fifth anniversary of the date of this
Agreement and (ii) the KG Termination Date, directly or indirectly, acquire, or
agree to acquire, by purchase or otherwise (including by purchasing or otherwise
acquiring or entering into a call transaction or engaging in any similar
transaction, including any constructive purchase or call or hedging, derivative
or other transaction with the same or similar effect), ownership of any
additional shares of Common Stock or other voting securities of the Company
(except such shares of Common Stock (including shares of Pledged Common Stock)
received pursuant to the Formation Agreement or the Holdco LLLP Agreement or by
way of stock dividends, stock reclassifications or other distributions made to
holders of Common Stock generally); provided, that Paul Allen and the Vulcan
Stockholders shall be permitted to acquire, or agree to acquire, by purchase or
otherwise (including by purchasing or otherwise acquiring or entering into a
call transaction or engaging in any similar transaction, including any
constructive purchase or call or

                                       12
<PAGE>
                                                                              13

hedging, derivative or other transaction with the same or similar effect),
Beneficial Ownership of additional shares of Common Stock or other voting
securities of the Company so long as the percentage of the aggregate number of
shares of Common Stock and other voting securities of the Company owned by Paul
Allen, the Vulcan Stockholders and their respective Affiliates (other than any
such Affiliate that is listed on a national securities exchange) does not exceed
the greater of (x) 33% of the outstanding shares of Common Stock and other
voting securities of the Company and (y) such percentage of the number of such
outstanding shares of Common Stock or other voting securities owned by all of
the Class B Holders in the aggregate, it being understood that in no event shall
Paul Allen or any Vulcan Stockholder be in breach of this Section 4.01 or be
required to sell or otherwise dispose of any shares of Common Stock or other
voting securities of the Company solely because of a decrease in the percentage
described in clause (y) above. Each of Paul Allen and each Vulcan Stockholder
covenants and agrees with the Company and each Principal Holder that they shall
not cause any of their respective Affiliates that are listed on a national
securities exchange to take any of the actions prohibited by this Section 4.01
and will not vote any securities of any such Affiliate in favor of the taking of
such actions (in each case, as if this Section 4.01 applied to such Affiliates);
provided, that the foregoing shall not in any way restrict Paul Allen or any
Vulcan Stockholders, in their capacity as a director or board committee member
of such Affiliate, from exercising their fiduciary duties or from taking any
action in such capacity (including voting in their capacity as a director or
board committee member) that they deem to be in the best interest of such
Affiliate.

            Section 4.02. Other Restrictions. Each of Paul Allen and each Vulcan
Stockholder covenants and agrees with the Company that they shall not, and shall
cause each of their Affiliates (other than any such Affiliate that is listed on
a national securities exchange) not to, and each of Steven Spielberg and DW Lips
covenants and agrees with the Company that they shall not, and shall cause each
Spielberg Party not to, prior to the earlier of (i) the fifth anniversary of the
date of this Agreement and (ii) the KG Termination Date, directly or indirectly,
alone or in concert with others, unless specifically requested in writing by a
Principal Holder or by a resolution of a majority of the Directors or pursuant
to a transaction (x) in which the Company has entered into a definitive
agreement or (y) the Board has recommended in favor of, take any of the actions
set forth below (or take any action that would require the Company to make an
announcement regarding any of the following):

            (a) effect, seek, offer, engage in, propose (whether publicly or
otherwise) or cause or participate in, or assist any other Person to effect,
seek, engage in, offer or propose (whether publicly or otherwise) or participate
in:

            (i) any tender or exchange offer, merger, consolidation, share
      exchange, business combination, recapitalization, restructuring,
      liquidation, dissolution or other extraordinary transaction involving the
      Company or any of its subsidiaries or any material portion of its or their
      business or any purchase of all or any substantial part of the assets of
      the Company or any of its subsidiaries or any material portion of its or
      their business; or

            (ii) any "solicitation" of "proxies" (as such terms are used in the
      proxy rules of the SEC but without regard to the exclusion set forth in
      Section 14a-1(1)(2)(iv) from the definition of "solicitation") with
      respect to the Company or any of its Affiliates or any

                                       13
<PAGE>
                                                                              14

      action resulting in Paul Allen, Vulcan, any Affiliate of Paul Allen or
      Vulcan or such other Person becoming a "participant" in any "election
      contest" (as such terms are used in the proxy rules of the SEC) with
      respect to the Company or any of its subsidiaries;

            (b) propose any matter for submission to a vote of stockholders of
the Company or call or seek to call a meeting of the stockholders of the
Company;

            (c) seek election to, seek to place a representative on or seek the
removal of any Director, except the Class C Director pursuant to the Charter;
provided, however, that nothing in this Section 4.02(c) shall restrict the
manner in which a Vulcan Stockholder may vote its shares of Common Stock;

            (d) grant any proxy with respect to any Common Stock (other than to
a Principal Holder, the Chief Executive Officer of the Company or a bona fide
financial institution in connection with a bona fide recourse borrowing);

            (e) execute any written consent with respect to any Common Stock
other than in respect of the election or removal of the Class C Director or at
the request of a Principal Holder or the Chief Executive Officer of the Company;

            (f) form, join or participate in a Group with respect to any Common
Stock or deposit any Common Stock in a voting trust or subject any Common Stock
to any arrangement or agreement with respect to the voting of such Common Stock
or other agreement having similar effect (in each case except with the Class B
Holders);

            (g) except pursuant to the Charter as it relates to the Class C
Director, take any other action to seek to affect the control of the management
or Board of the Company or any of its Affiliates, including publicly suggesting
or announcing its willingness to engage in or have another Person engage in a
transaction that could reasonably be expected to result in a transaction of the
type described in Section 4.02(a)(i); provided, however, that nothing in this
Section 4.02(g) shall restrict the manner in which a Vulcan Stockholder may vote
its shares of Common Stock;

            (h) enter into any discussions, negotiations, arrangements or
understandings with any Person with respect to any of the foregoing, or advise,
assist, encourage or seek to persuade others to take any action with respect to
any of the foregoing (in each case except with the Class B Holders);

            (i) disclose to any Person, or otherwise induce, encourage, discuss
or facilitate, any intention, plan or arrangement inconsistent with the
foregoing or with the restrictions on transfer set forth in Article III or which
would result in the Company or any of its Affiliates or any Class B Holder or
any Affiliates of any Class B Holder being required to make any such disclosure
in any filing with a governmental entity or being required to make a public
announcement with respect thereto;

            (j) bring any action or otherwise act to contest the validity of
this Article IV (including this Section 4.02) or seek a release from the
restrictions contained in this Article IV; or

                                       14
<PAGE>
                                                                              15

            (k) request the Company or any of its Affiliates, directors,
officers, employees, representatives, advisors or agents, or any party hereto,
directly or indirectly, to amend or waive this Article IV, the Charter or the
Restated By-laws (or similar constituent documents) of the Company or any of its
Affiliates (except for such amendments and waivers relating to the rights,
powers or preferences of the Class C Stock or the Class C Director).

            Each of Paul Allen and each Vulcan Stockholder covenants and agrees
with the Company that they shall not cause any of their respective Affiliates
that are listed on a national securities exchange to take any of the actions
prohibited by this Section 4.02 and will not vote any securities of any such
Affiliate in favor of the taking of such actions (in each case, as if this
Section 4.01 applied to such Affiliates). Notwithstanding the foregoing, nothing
in this Section 4.02 shall in any way restrict the Class C Director, in his
capacity as a Director or Board committee member, from exercising his or her
fiduciary duties and taking any action in such capacity (including voting in his
capacity as a Director or Board committee member) that he deems to be in the
best interest of the Company.

            Section 4.03. Exceptions to Standstill. Notwithstanding Section 4.01
or Section 4.02, none of Paul Allen nor any Vulcan Stockholder nor any Spielberg
Party (with respect to the restrictions set forth in Section 4.02) shall be
subject to any of the restrictions set forth therein if (a) the Company shall
have entered into a definitive agreement providing for, or, in the case of
clause (ii) below, the Board of Directors of the Company shall have recommended
in favor of, (i) any direct or indirect acquisition or purchase by any Person or
Group of a majority of the Common Stock of the Company, (ii) any tender offer or
exchange offer that if consummated would result in any Person or Group acquiring
a majority of the Common Stock of the Company or (iii) any merger,
consolidation, share exchange or other business combination involving the
Company which, if consummated, would result in the stockholders of the Company
immediately prior to the consummation of such transaction ceasing to own at
least a majority of the equity interests in the surviving entity (or any direct
or indirect parent of such surviving entity); (b) any Person or Group (other
than the Company, any Class B Holder, any Vulcan Party or any Group that
includes a Vulcan Party) acquires 25% or more of the number of then outstanding
shares of Common Stock or other voting securities of the Company having the
right to vote generally in the election of Directors; (c) any Class B Holder,
Principal, Family Group Member or any of their respective Affiliates commences
(x) a "going private" transaction subject to Rule 13e-3 under Section 13(e) of
the Exchange Act involving the Company or any of its material subsidiaries or
(y) a transaction of the type contemplated in clause (a) above; or (d) the KG
Termination Date shall have occurred.

                                   ARTICLE V

                                      Term

            Section 5.01. Term. This Agreement shall become effective on the
Separation Date and shall continue in effect until the later of (i) such time as
all outstanding shares of Class B Stock shall have been converted to Class A
Stock and (ii) the fifth anniversary hereof; provided, however, that this
Agreement shall terminate as to each of Paul Allen and each Vulcan Stockholder
at such time, following the Final Allocation, as the Vulcan Stockholders shall
cease to Beneficially Own in the aggregate at least 5% of the issued and
outstanding Common Stock.

                                       15
<PAGE>
                                                                              16

                                   ARTICLE VI

                               General Provisions

            Section 6.01. Notices. All notices and other communications
hereunder shall be in writing and shall be deemed duly given and received (a) on
the date of delivery if delivered personally, or by facsimile upon confirmation
of transmission by the sender's fax machine if sent on a Business Day (or
otherwise on the next Business Day) or (b) on the first Business Day following
the date of dispatch if delivered by a recognized next-day courier service. All
notices hereunder shall be delivered as set forth below, or pursuant to such
other instructions as may be designated in writing by the party to receive such
notice:

            (i) if to the Company, to:

                  DreamWorks Animation SKG, Inc.
                  Grandview Building
                  1000 Flower Street
                  Glendale, California 91201
                  Fax: (818) 659-6123
                  Attention: Katherine Kendrick, General Counsel

                  with a copy to:

                  Cravath, Swaine & Moore LLP
                  Worldwide Plaza
                  825 Eighth Avenue
                  New York, NY 10019-7475
                  Fax:  (212) 474-3700
                  Attention:  Faiza J. Saeed

            (ii) if to Vulcan, to:

                  Vulcan Inc.
                  505 Fifth Avenue South
                  Suite 900
                  Seattle, WA 98104
                  Fax: (206) 342-3000
                  Attention:

                  with a copy to:

                  Skadden, Arps, Slate, Meagher & Flom LLP
                  300 South Grand Avenue, Suite 3400
                  Los Angeles, CA 90071
                  Fax: (213) 687-5600
                  Attention: Nicholas P. Saggese

                                       16
<PAGE>
                                                                              16

            (iii) if to any other party hereto, to the address of such party
      specified on the signature page hereto.

            Section 6.02. Counterparts. This Agreement may be executed in one or
more counterparts, all of which shall be considered one and the same agreement
and shall become effective when one or more counterparts have been signed by
each of the parties and delivered to the other parties, it being understood that
all parties need not sign the same counterpart.

            Section 6.03. Entire Agreement; No Third Party Beneficiaries. (a)
This Agreement constitutes the entire agreement and supersedes all prior
agreements and understandings, both written and oral, among the parties with
respect to the subject matter hereof, other than the Class B Stockholder
Agreement, the Charter and the By-laws of the Company.

            (b) This Agreement shall be binding upon and inure solely to the
benefit of each party hereto, and nothing in this Agreement, express or implied,
is intended to or shall confer upon any other Person any right, benefit or
remedy of any nature whatsoever under or by reason of this Agreement.

            Section 6.04. Governing Law. This Agreement shall be governed and
construed in accordance with the laws of the State of New York without giving
effect to applicable principles of conflict of laws, except to the extent the
substantive laws of the State of Delaware are mandatorily applicable under
Delaware law.

            Section 6.05. Severability. If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any law or
public policy, all other terms and provisions of this Agreement shall
nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in
order that the transactions contemplated hereby are consummated as originally
contemplated to the greatest extent possible.

            Section 6.06. Assignment; Amendments. (a) Except as provided in
Section 3.03, neither this Agreement nor any of the rights, interests or
obligations hereunder shall be assigned by any of the parties hereto, in whole
or in part (whether by operation of law or otherwise), without the prior written
consent of the other parties, and any attempt to make any such assignment
without such consent shall be null and void. Subject to the preceding sentence,
this Agreement will be binding upon, inure to the benefit of and be enforceable
by, the parties and their respective successors (including any executor or
administrator of a party's estate) and permitted assigns.

            (b) No amendment to or waiver of this Agreement shall be effective
unless it shall be in writing and signed by the Company and each of the parties
hereto; provided, that the Spielberg Parties shall only be permitted to consent
to amendments to Sections 4.02 and 4.03.

                                       17
<PAGE>
                                                                              18

            Section 6.07. Enforcement. (a) Each of the Company and each party
hereto acknowledges that the other parties would not have an adequate remedy at
law for money damages in the event that any of the covenants or agreements of
any of the other parties in this Agreement were not performed in accordance with
its terms, and it is therefore agreed that each of the Company and each party
hereto, in addition to and without limiting any other remedy or right it may
have, will have the right to an injunction or other equitable relief in any
court of competent jurisdiction, enjoining any such actual or potential breach
and enforcing specifically the terms and provisions hereof, and each of the
Company and each party hereto hereby waives (i) any and all defenses they may
have on the ground of lack of jurisdiction or competence of the court to grant
such an injunction or other equitable relief and (ii) the need to post any bond
that may be required in connection with the granting of such an injunction or
other equitable relief.

            (b) All rights, powers and remedies provided under this Agreement or
otherwise available in respect hereof at law or in equity shall be cumulative
and not alternative, and the exercise or beginning of the exercise of any
thereof by any party shall not preclude the simultaneous or later exercise of
any other such right, power or remedy by such party.

            Section 6.08. Titles and Subtitles. The titles of the sections and
subsections of this Agreement are for convenience of reference only and are not
to be considered in construing this Agreement.

            Section 6.09. Submission to Jurisdiction; Waivers. With respect to
any suit, action or proceeding relating to this Agreement (collectively, a
"Proceeding"), each party to this Agreement irrevocably (a) consents and submits
to the exclusive jurisdiction of the courts of the States of New York and the
Court of Chancery of the State of Delaware and any court of the United States
located in the Borough of Manhattan in New York City; (b) waives any objection
which such party may have at any time to the laying of venue of any Proceeding
brought in any such court, waives any claim that such Proceeding has been
brought in an inconvenient forum and further waives the right to object, with
respect to such Proceeding, that such court does not have jurisdiction over such
party; (c) consents to the service of process at the address set forth for
notices in Section 6.01 herein; provided, however, that such manner of service
of process shall not preclude the service of process in any other manner
permitted under applicable law; and (d) waives, to the fullest extent permitted
by applicable law, any and all rights to trial by jury in connection with any
Proceeding.

                                       18
<PAGE>
                                                                              19

            IN WITNESS WHEREOF, the Company, Holdco, M&J K, the M&J K GRATs, the
1994 Irrevocable Trust, DG-DW, Vulcan, Jeffrey Katzenberg, David Geffen and Paul
Allen have duly executed this Stockholder Agreement as of the date first written
above.

                                        DREAMWORKS ANIMATION SKG, INC.,

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

                                        [holdco LLLP],

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

                                        Address:

                                        M&J K DREAM LIMITED PARTNERSHIP,

                                        By M&J K DREAM CORP.,
                                           General Partner

                                            By
                                               ---------------------------------
                                               Name: Jeffrey Katzenberg
                                               Title: President

                                        Address:

                                        THE JK ANNUITY TRUST,

                                            By
                                               ---------------------------------
                                               Name:
                                               Title:  Trustee

                                        Address:

                                       19
<PAGE>
                                                                              20

                                        THE MK ANNUITY TRUST,

                                            By
                                               ---------------------------------
                                               Name:
                                               Title:  Trustee

                                        Address:

                                        KATZENBERG 1994 IRREVOCABLE TRUST,

                                            By
                                               ---------------------------------
                                               Name:
                                               Title:  Trustee

                                        Address:

                                        DG-DW, L.P.,

                                            By DG-DW, INC.,
                                               General Partner

                                               By
                                                  ------------------------------
                                                  Name: David Geffen
                                                  Title: President

                                        Address:

                                        [VULCAN],

                                            by
                                               ---------------------------------
                                               Name:
                                               Title:

                                       20
<PAGE>
                                                                              21

                                        JEFFREY KATZENBERG

                                                --------------------------------

                                        Address:

                                        DAVID GEFFEN

                                                --------------------------------

                                        Address:

                                        PAUL ALLEN

                                                --------------------------------

                                        Address:

                                       21
<PAGE>
                                                                              22

                                        ONLY AS TO SECTIONS 4.02 AND 4.03:

                                        DW LIPS, L.P.,

                                           By  DW SUBS, INC.,
                                               General Partner

                                               By
                                                  ------------------------------
                                                  Name: Steven Spielberg
                                                  Title: President

                                        Address:

                                        STEVEN SPIELBERG

                                                --------------------------------

                                        Address:

                                       22<PAGE>

                                                                    Exhibit 10.6

                        REGISTRATION RIGHTS AGREEMENT, dated as of [ ], 2004,
                        among DREAMWORKS ANIMATION SKG, INC., a Delaware
                        corporation (the "Company"), [HOLDCO] LLLP, a Delaware
                        limited liability limited partnership ("Holdco"), M&J K
                        Dream Limited Partnership, a Delaware limited
                        partnership ("M&J K"), DG-DW, L.P., a Delaware limited
                        partnership ("DG-DW"), DW LIPS, L.P., a California
                        limited partnership ("DW Lips"), [VULCAN], a [ ]
                        ("Vulcan"), and the other holders of Registrable
                        Securities (as defined below) party hereto (together
                        with Holdco, DG-DW, DW Lips, Vulcan and any Family Group
                        member that agrees with the Company to be bound by the
                        terms of this Agreement (as defined below), the
                        "Holders").

            WHEREAS, DreamWorks L.L.C., a Delaware limited liability company
("DW"), and the Company have entered into a Separation Agreement dated as of [
], 2004, providing for the separation of the animation business (the
"Separation") from DW;

            WHEREAS, immediately after the Separation, the Company intends to
sell shares of its Class A Common Stock, par value $0.01 per share ("Class A
Stock"), in a public offering (the "Offering");

            WHEREAS, the Company and the Holders are party to the Formation
Agreement (as defined below);

            WHEREAS, the Contributing Members (as defined in the Formation
Agreement) have formed Holdco for the purpose of effecting the Follow-on
Offering (as defined below);

            WHEREAS, the Holders will own Class A Stock, the Company's Class B
Common Stock, par value $0.01 per share ("Class B Stock"), and the Company's
Class C Common Stock, par value $0.01 per share ("Class C Stock"), as
applicable; and

            WHEREAS, the Holders and the Company desire to make certain
arrangements to provide the Holders with registration rights with respect to the
Registrable Securities;

            NOW THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound hereby, the parties hereby agree as follows:
<PAGE>
                                                                               2

            SECTION 1.01. Definitions. The following terms shall have the
following meanings for purposes of this Agreement:

            "Affiliate" of any specified Person means any other Person, directly
or indirectly, through one or more intermediaries, Controlling, Controlled By or
Under Common Control With such specified Person.

            "Agreement" means this Registration Rights Agreement, as it may be
amended, supplemented, restated or modified from time to time.

            "Business Day" means any day other than a Saturday, a Sunday or a
U.S. Federal holiday.

            "Class A Stock" is defined in the recitals hereto.

            "Class B Stock" is defined in the recitals hereto.

            "Class C Stock" is defined in the recitals hereto.

            "Company" is defined in the preamble hereto.

            "Company Funded Registration" is defined in Section 1.02(a).

            "Control" (including the terms "Controlled By" and "Under Common
Control With") is defined in the Restated Certificate of Incorporation of the
Company as in effect at consummation of the Offering.

            "Demand Holders" means each of (i) Holdco, (ii) M&J K (on behalf of
itself or one or more members of its Family Group), (iii) DG-DW (on behalf of
itself or one or more members of its Family Group), (iv) DW Lips (on behalf of
itself or one or more members of its Family Group) and (v) Vulcan.

            "Demand Request" is defined in Section 1.02(a).

            "DG-DW" is defined in the preamble hereto.

            "Disadvantageous Condition" is defined in Section 1.02(a).

            "DW" is defined in the recitals hereto.

            "DW Lips" is defined in the preamble hereto.

            "DW Preferred Holders" means Vivendi Universal Entertainment LLLP
and Thomson Inc. but only to the extent of shares of Class A Stock distributed
to them by Holdco.

            "Estate Planning Vehicle" means a trust or partnership (i) that is
the record holder of shares of Class A Stock or Class B Stock and (ii) the
principal beneficiaries or
<PAGE>
                                                                               3

partners of which include only Jeffery Katzenberg or Steven Spielberg, their
respective spouses, parents, spouse's parents or issue, or issue of any thereof,
and shall include M&J K, The JK Annuity Trust, The MK Annuity Trust and the
Katzenberg 1994 Irrevocable Trust.

            "Exchange Act" means the U.S. Securities Exchange Act of 1934, as
amended, together with the rules and regulations promulgated thereunder.

            "Family Group" means, (a) with respect to M&J K, Jeffrey Katzenberg,
any Estate Planning Vehicle that is Controlled By either Jeffrey Katzenberg or
David Geffen and any other Person that is Controlled By Jeffrey Katzenberg, (b)
with respect to DG-DW, David Geffen and any other Person that is Controlled by
David Geffen and (c) with respect to DW Lips, Steven Spielberg, his spouse, any
Estate Planning Vehicle that is established by Steven Spielberg and any other
Person that is Controlled By Steven Spielberg or his spouse, in each case, so
long as such Person continues to be so Controlled.

            "Follow-on Offering" is defined in the Formation Agreement.

            "Formation Agreement" means the Formation Agreement, dated as of [
], 2004, among the Company, [Escrow Agent] and the Holders, as it may be
amended, supplemented, restated or modified from time to time.

            "Group" has the meaning assigned to such term in Section 13(d)(3) of
the Exchange Act.

            "Holdco" is defined in the preamble hereto.

            "Holdco Partnership Agreement" means the Limited Liability Limited
Partnership Agreement of Holdco, dated as of [ ], 2004, among the Contributing
Members (as defined in the Formation Agreement), as it may be amended,
supplemented, restated or modified from time to time.

            "Holders" is defined in the preamble hereto.

            "Initial DreamWorks Capital" is defined in the Holdco Partnership
Agreement.

            "Inspectors" is defined in Section 1.04(a)(9).

            "M&J K" is defined in the preamble hereto.

            "Minimum Demand Request" means, on the date a Demand Request is
delivered, such number of shares of Class A Stock that have an aggregate minimum
market value (based on the closing price on the NYSE on the date preceding the
date of the Demand Request) of at least $100 million, before calculation of
underwriting
<PAGE>
                                                                               4

discounts and commissions.

            "Minimum Registration Amount" means not less than the number of
shares of Registrable Securities that could be sold by the applicable Holder in
a consecutive three month period pursuant to Rule 144 (or any similar provision
then in force) under the Securities Act; provided, however, that when the
Minimum Registration Amount is being calculated with respect to any Requesting
Holder that is requesting registration of Registrable Securities on behalf of
one or more of its Family Group members, such Minimum Registration Amount shall
be the aggregate Minimum Registration Amount for all members of the applicable
Family Group participating in the applicable registration.

            "NASD" means the National Association of Securities Dealers, Inc.

            "Offering" is defined in the recitals hereto.

            "Participating Partner" is defined in the Holdco Partnership
Agreement.

            "Person" means any individual, corporation, limited liability
company, limited or general partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government or any agency or
political subdivisions thereof or any Group comprised of two or more of the
foregoing.

            "Priority Securities" is defined in Section 1.03(a).

            "Proceeding" is defined in Section 1.07(k).

            "Records" is defined in Section 1.04(a)(9).

            "Registrable Securities" means shares of Class A Stock (including
shares of Class A Stock issuable upon conversion of shares of Class B Stock or
shares of Class C Stock or any other securities of the Company that are acquired
by way of a stock dividend or stock split or in connection with a combination of
shares, recapitalization, merger, consolidation or other reorganization of the
Company); provided, however, that a security shall cease to be a Registrable
Security if and when (i) a registration statement with respect to such security
becomes effective under the Securities Act and such security is disposed of
pursuant to such effective registration statement, (ii) such security may be
sold without restriction pursuant to Rule 144 (or any similar provision then in
force) under the Securities Act (other than in the case of any such security to
be sold in the Follow-on Offering or the Universal/Thomson Triggered Offering),
(iii) such security is otherwise transferred (other than to an Affiliate of the
Holder), if a new certificate or other evidence of ownership for such security
not bearing a legend restricting further transfer and not subject to any stop
transfer order or other restrictions on transfer is delivered by the Company and
subsequent disposition of such security does not require registration or
qualification of such security under the Securities Act, and the Company's
outside counsel provides the Holder with an unqualified opinion to such effect,
or (iv)
<PAGE>
                                                                               5

such security ceases to be outstanding.

            "Registration Expenses" means all fees and expenses incident to the
Company's performance of or compliance with this Agreement, consisting of (i)
all SEC, stock exchange, NASD and other registration, listing and filing fees
and expenses, (ii) fees and expenses of compliance with securities or blue sky
laws (including fees and disbursements of one counsel for the Holders who are
including Registrable Securities in a registration statement in connection with
blue sky qualification of such Registrable Securities and determination of the
eligibility of such Registrable Securities for investment under applicable blue
sky laws), (iii) rating agency fees, (iv) printing expenses, (v) messenger,
telephone and delivery expenses, (vi) fees, expenses and disbursements of
counsel for the Company, (vii) fees, expenses and disbursements of one counsel
selected by Holders of a majority-in-interest of Registrable Securities to be
sold in connection with the relevant registration (up to a maximum limitation on
the fees and expenses of such counsel for the Holders of up to $75,000 per
registration), (viii) fees, expenses and disbursements of the Company's
independent certified public accountants, (ix) costs of Securities Act liability
insurance (if the Company so desires such insurance), (x) fees and expenses of
all other Persons retained by the Company in connection with the consummation of
the transactions contemplated by this Agreement and (xi) all internal expenses
of the Company incurred in connection with the consummation of the transactions
contemplated in this Agreement (including all salaries and expenses of its
officers and employees performing legal or accounting duties, the expense of any
annual audit and the fees and expenses incurred in listing the Registrable
Securities on any securities exchange); provided, however, that "Registration
Expenses" shall not include any fees, expenses or disbursements of any Holder
participating in the relevant registration or those of any underwriters, selling
brokers or similar professionals, including any discounts, commissions or fees
of such underwriters, selling brokers or similar professionals and including any
fees, expenses or disbursements of counsel to any such Holder (except as
provided above) or any such underwriter, selling broker or professional.

            "Requesting Holder" is defined in Section 1.02(a).

            "SEC" means the United States Securities and Exchange Commission.

            "Securities Act" means the United States Securities Act of 1933, as
amended, together with the rules and regulations promulgated thereunder.

            "Seller" is defined in Section 1.06(a).

            "Shelf Registration" means a "shelf" registration statement on an
appropriate form pursuant to Rule 415 under the Securities Act (or any successor
rule that may be adopted by the SEC).

            "Separation" is defined in the recitals hereto.
<PAGE>
                                                                               6

            "Thomson" means Thomson Inc.

            "Underwriter" is defined in Section 1.06(a).

            "Universal" means Vivendi Universal Entertainment LLLP.

            "Universal/Thomson Triggered Offering" is defined in the Formation
Agreement.

            "Vulcan" is defined in the preamble hereto.

            "Vulcan Repayment Date" means the date on which Vulcan has received
aggregate net cash proceeds from the sale of Registrable Securities equal to
Vulcan's Fifty Percent Return (as defined in the Holdco Partnership Agreement)
and gross cash proceeds from the sale of Registrable Securities equal to the
remainder of Vulcan's Initial DreamWorks Capital.

            SECTION 1.02. Certain Demand Registration Rights. (a) General. At
any time (x) in respect of Holdco, commencing six months following consummation
of the Offering (or, if later, the closing of any overallotment option granted
in connection with the Offering) and until the date of the Final Allocation (as
defined in the Holdco Partnership Agreement) and (y) in respect of any Demand
Holder other than Holdco, commencing on the date of the Final Allocation, upon
the written request (a "Demand Request") of any of the Demand Holders (the
"Requesting Holder") requesting that the Company effect the registration under
the Securities Act of Registrable Securities of such Requesting Holder (or its
Family Group members, if applicable) representing, in the case of a request by
any Demand Holder other than Holdco, at least the Minimum Demand Request (which
request shall specify the number of shares of Registrable Securities to be
offered by such Requesting Holder (and each of its Family Group members, if
applicable), subject to reduction to the extent provided herein, and the
intended method of disposition thereof), the Company shall promptly (but in no
event more than five Business Days after receipt of the applicable Demand
Request) deliver written notice of such requested registration to all other
Holders of Registrable Securities and shall use its reasonable best efforts to
effect, as expeditiously as possible, the registration under the Securities Act
of:

                  (i) the Registrable Securities which the Company has been so
            requested to register by the Requesting Holder (which, (x) in the
            case of Holdco shall include Registrable Securities to be sold by
            Holdco or the Participating Partners in the Follow-on Offering or
            the Universal/Thomson Triggered Offering, as applicable, pursuant to
            the Holdco Partnership Agreement and (y) in the case of M&J K, DG-DW
            and DW Lips, may include Registrable Securities held of record by
            the Family Group members of such Requesting Holder to the extent
            such Family Group members and the number of Registrable Securities
            requested to be sold thereby are specified in the applicable Demand
            Request); and
<PAGE>
                                                                               7

                  (ii) all other Registrable Securities which the Company has
            been requested to register by any other Holder (or Family Group
            member) thereof by written request received by the Company within 15
            days after the giving of such written notice by the Company (which
            request shall specify the number of shares of Registrable Securities
            to be offered by such Holder (or Family Group member), subject to
            reduction as provided herein, and the intended method of disposition
            thereof); provided, however, that the number of shares of
            Registrable Securities requested to be offered by each such Holder
            (or Family Group member) shall not be less than the Minimum
            Registration Amount for such Holder (or Family Group member);

all to the extent necessary to permit the disposition (in accordance with the
intended methods thereof as aforesaid) of the Registrable Securities so to be
registered; provided, however, that (A) notwithstanding any other provision of
this Agreement, (i) the Company shall not allow a registration statement with
respect to Class A Stock to be declared effective within a period of six months
after consummation of the Follow-on Offering (or, if later, consummation of any
overallotment option granted in connection with the Follow-on Offering) and (ii)
with respect to all other registration requests under this Agreement, the
Company shall not be required to file a registration statement relating to a
registration request under this Section 1.02 within a period of six months after
the effective date of any other registration statement of the Company with
respect to Class A Stock (other than in the case of clause (i) or (ii) above any
registration statement relating to equity securities issuable upon exercise of
employee stock or similar options or in connection with any employee benefit or
similar plan of the Company or in connection with an acquisition by the Company
of another entity), (B) with respect to any registration statement filed, or to
be filed, pursuant to this Section 1.02, if there is (i) material non-public
information regarding the Company which the Company's Board of Directors
reasonably determines to be significantly disadvantageous for the Company to
disclose and which the Company is not otherwise required to disclose at such
time, (ii) there is a significant business opportunity (including the
acquisition or disposition of assets (other than in the ordinary course of
business) or any merger, consolidation, share exchange, tender offer or other
similar transaction) available to the Company which the Board reasonably
determines to be significantly disadvantageous for the Company to disclose or
(iii) there is any other event or condition of similar significance to the
Company that the Board reasonably determines to be significantly disadvantageous
for the Company to disclose and which the Company is not otherwise required to
disclose at such time (each, a "Disadvantageous Condition"), and the Company
shall furnish to the Requesting Holder a resolution of the Board of Directors
stating that the Company is deferring such registration pursuant to this Section
1.02(a)(B) and setting forth in reasonable detail the Disadvantageous Condition
(giving due regard to any confidentiality or competitive considerations), its
reasons for such judgment and an approximation of the anticipated delay, then
the Company shall be entitled to cause such registration statement to be
withdrawn and the effectiveness of such registration statement terminated (and,
in the case of a Shelf Registration, the Company shall not be required to file
any amendment or
<PAGE>
                                                                               8

supplement thereto required to maintain the effectiveness of such Shelf
Registration), or, in the event no registration statement shall have been filed,
shall be entitled not to file any such registration statement, until the earlier
of (x) 180 days following the date such resolution was delivered to the
Requesting Holder and (y) the date such Disadvantageous Condition no longer
exists (notice of which the Company shall promptly deliver to the Requesting
Holder and the other Holders of Registrable Securities) and upon receipt of any
such notice of a Disadvantageous Condition such Requesting Holder and any other
Holders of Registrable Securities selling securities pursuant to an effective
registration statement shall discontinue use of the prospectus contained in such
registration statement and, if so directed by the Company, each such Holder
shall deliver to the Company all copies, other than permanent file copies then
in such Holder's possession, of the prospectus then covering such Registrable
Securities current at the time of receipt of such notice, and, in the event no
registration statement shall have been filed, all drafts of the prospectus
covering such Registrable Securities, (C) the Company shall only be obligated to
effect a total of two registrations requested by Holdco (provided, however, that
the Company shall not be obligated to effect a registration in respect of a
Universal/Thomson Triggered Offering if such registration shall have been
converted into a Follow-on Offering pursuant to the Formation Agreement (in
which case the Company shall effect such Follow-on Offering pursuant to the
terms of this Agreement and Holdco shall not be entitled to any additional
Demand Requests), a total of one registration requested by M&J K, a total of one
registration requested by DG-DW, a total of one registration requested by DW
Lips and a total of three registrations requested by Vulcan pursuant to this
Section 1.02 and (D) the Company shall not be required to, and shall not, allow
a registration statement relating to a registration request under this Section
1.02 to be declared effective prior to the date that is six months after
consummation of the Offering (or, if later, six months after consummation of any
overallotment option granted in connection with the Offering). Each registration
under this Section 1.02 shall be at the Company's own expense as provided in
Section 1.02(c) (each such registration, a "Company Funded Registration").
Promptly after the expiration of the 15-day period referred to in clause (ii)
above, the Company shall notify all the Holders to be included in the
registration of the identity of each such Holder (or Family Group member, as
applicable) and the number of shares of Registrable Securities requested to be
included therein. The Company shall be permitted to satisfy its obligations
under this Section 1.02 by amending (to the extent permitted by applicable law)
any Shelf Registration previously filed by the Company under the Securities Act
so that such Shelf Registration (as amended) shall permit the disposition of all
of the Registrable Securities for which a registration request under this
Section 1.02 shall have been made. Notwithstanding the foregoing, the Company
shall have no obligation under this Agreement to file any Shelf Registration.
The Requesting Holder may, at any time prior to the effective date of the
registration statement relating to the relevant registration, revoke such
request, without liability (except as set forth in Section 1.02(b)) to any other
Holders of Registrable Securities requested to be registered pursuant to Section
1.02(a)(ii), by providing a written notice to the Company revoking such request.
In the event that the Company shall give any notice of the withdrawal of, or
delay in filing, a registration statement contemplated by clause (B) above, the
Company shall, following the end of the period
<PAGE>
                                                                               9

specified in Section 1.02(a)(B), file the delayed registration statement with
the SEC and such registration statement shall be maintained effective for such
time as may be necessary so that the period of effectiveness of such new
registration statement, when aggregated with the period during which such
initial registration statement was effective, if any, shall be equal to the 180
days that a registration statement is required to be kept effective pursuant to
Section 1.04(a)(2). The Company may not withdraw or suspend the effectiveness or
availability of a registration statement pursuant to this Section 1.02(a) for
more than 180 consecutive days. Within 20 days after receiving a notice
contemplated in clause (B) above, the Requesting Holder may withdraw its Demand
Request by giving written notice thereof to the Company. If withdrawn, such
Demand Request shall be deemed not to have been made for purposes of this
Agreement.

            (b) Expenses. The Company shall pay all Registration Expenses in
connection with each Company Funded Registration which is requested and becomes
effective, or which is withdrawn prior to effectiveness by the Company, pursuant
to this Section 1.02. The Company shall not be liable for Registration Expenses
in connection with a registration that shall not have become effective due to a
revocation by the Holders requesting such registration under this Section 1.02
(other than pursuant to the last sentence of Section 1.02(a)), (x) unless such
Holders agree that such revoked registration counts as one of the Company Funded
Registrations which may be requested by such Holders pursuant hereto or (y)
unless such revocation relates to a registration of a Follow-on Offering and
results from the inability to generate a Satisfaction Event (each as defined in
the Formation Agreement). If such Holders have not agreed to count such revoked
registration as one of the Company Funded Registrations, the obligation to pay
the Registration Expenses in connection with such further registration or such
revoked registration shall be due and payable by the Holders who participated in
such registration or who initially requested and revoked such registration, and
such expenses shall be borne by them in proportion to the number of shares of
Registrable Securities requested by them to be registered. The Company's
obligation to pay all Registration Expenses in connection with each Company
Funded Registration under this paragraph (b) shall not be reduced by any such
revoked registration unless the Holders so elect as provided above.

            (c) Effective Registration Statement. A registration requested
pursuant to this Section 1.02 shall not be deemed to have been effected unless
the registration statement relating thereto (i) has become effective under the
Securities Act and, except in the case of a Shelf Registration, any of the
Registrable Securities of the Requesting Holder (or its Family Group members, if
applicable) included in such registration have actually been sold thereunder and
(ii) has remained effective for a period of at least that specified in Section
1.04(a)(2); provided, however, that if any effective registration statement
requested pursuant to this Section 1.02 is discontinued in connection with a
Disadvantageous Condition, such registration statement shall be at the sole
expense of the Company and shall not be included as one of the Company Funded
Registrations which may be requested pursuant to this Section 1.02; provided
further, however, that if, after any registration statement requested pursuant
to this Section 1.02 becomes effective, such registration statement is
interfered with by any stop order, injunction or other order or
<PAGE>
                                                                              10

requirement of the SEC or other governmental agency or court solely due to the
actions or omissions to act of the Company, such registration statement shall be
at the sole expense of the Company and shall not be included as one of the
Company Funded Registrations which may be requested at the cost of the Company
pursuant to this Section 1.02.

            (d) Selection of Underwriters. The Company shall have the right to
select the underwriters for each registration made pursuant to Section 1.02(a);
provided, however, that (i) the Holder selling a majority-in-interest of
Registrable Securities to be sold in connection with the relevant registration
shall have the right to select one (of a maximum of three) joint lead
bookrunning underwriter (but not the joint lead bookrunning underwriter that
will be on the left of the cover page of any offering materials related to such
registration or the stabilization agent), which joint lead bookrunning
underwriter shall have participation in pricing and bookbuilding and shall be
subject to the reasonable approval of the Company, and (ii) the Company shall be
entitled to select no more than two additional joint lead bookrunning
underwriters; provided further, however, that, if Holdco is the Requesting
Holder in respect of a Follow-on Offering (as defined in the Formation
Agreement), (i) Vulcan (instead of Holdco) (or, in the case of a
Universal/Thomson Triggered Offering, Universal and Thomson instead of Holdco)
shall have the right to select a joint lead bookrunning underwriter (with
participation in pricing and bookbuilding) pursuant to clause (i) of this
Section 1.02(d).

            (e) Pro Rata Participation in Demand Registrations. If a requested
registration pursuant to this Section 1.02 involves an underwritten offering and
a majority of the joint lead bookrunning underwriters selected in accordance
with Section 1.02(d) shall advise the Company that, in their good faith view
(based primarily upon prevailing market conditions), the number of securities
requested to be included in such registration (including securities which the
Company requests to be included) exceeds the largest number of securities which
can be sold without having a significant negative effect on the price at which
such securities can be sold in such offering, the Company shall include the
following Registrable Securities in the following order:

                  (i) all Registrable Securities of the Requesting Holder
            requested to be included in such registration pursuant to Section
            1.02(a)(i);

                  (ii) to the extent that the number of Registrable Securities
            requested to be included in such registration pursuant to Section
            1.02(a)(i) is less than the number of securities which the Company
            has been advised can be sold in such offering without having the
            negative effect referred to above, all Registrable Securities
            requested to be included in such registration pursuant to Section
            1.02(a)(ii) that are not otherwise included in Section 1.02(e)(i)
            (provided, however, that if the number of Registrable Securities
            requested to be included in such registration pursuant to Section
            1.02(a)(ii), together with the Registrable Securities requested to
            be included in such registration pursuant to Section 1.02(a)(i),
            exceeds the number which the Company has been advised can be sold in
            such offering
<PAGE>
                                                                              11

            without having the negative effect referred to above, the number of
            such Registrable Securities included in such registration pursuant
            to this Section 1.02(e)(ii) shall be that number of securities which
            the Company has been advised it can sell in excess of the number of
            Registrable Securities being included in such registration pursuant
            to Section 1.02(a)(i), allocated first, pro rata between the DW
            Preferred Holders on the basis of the shares of Registrable
            Securities each DW Preferred Holder has requested to be included in
            such registration and second, pro rata among the other Holders
            referred to in this Section 1.02(e)(ii) on the basis of the shares
            of Registrable Securities each such other Holder has requested to be
            included in such registration); and

                  (iii) to the extent that the number of Registrable Securities
            requested to be included in such registration pursuant to Sections
            1.02(a)(i) and 1.02(a)(ii) is, in the aggregate, less than the
            number of securities which the Company has been advised can be sold
            in such offering without having the significant negative effect on
            pricing referred to above, any equity securities proposed to be sold
            by the Company (provided, however, that if the number of securities
            proposed to be sold by the Company, together with the number of
            Registrable Securities to be included in such registration pursuant
            to Sections 1.02(a)(i) and 1.02(a)(ii), exceeds the number which the
            Company has been advised can be sold in such offering without having
            the negative effect referred to above, the number of such securities
            included in such registration pursuant to this Section 1.02(e)(iii)
            shall be that number of securities which the Company has been
            advised it can sell in excess of the number of Registrable
            Securities being included in such registration pursuant to Sections
            1.02(a)(i) and 1.02(a)(ii)).

            (f) Additional Registration. If at least 75% of the Registrable
Securities requested to be registered by the Requesting Holder in one of the
Company Funded Registrations are not included in such registration, then such
Requesting Holder may request that the Company effect an additional registration
under the Securities Act of all or part of such Requesting Holder's Registrable
Securities in accordance with the provisions of this Section 1.02, and the
Company shall effect, and pay the Registration Expenses in connection with, such
additional registration (in addition to the Company Funded Registrations
referred to in Section 1.02(a)) requested pursuant to this Section 1.02(f).

            (g) No-Cutbacks. Notwithstanding anything to the contrary in this
Agreement, and for the avoidance of doubt, with respect to any Requesting
Holder, all Registrable Securities of such Requesting Holder requested to be
included in a registration pursuant to Section 1.02(a)(i) shall be included in
such registration (regardless of whether the underwriters agree that inclusion
of all such securities would have a significant negative effect on the price at
which such securities can be sold in such
<PAGE>
                                                                              12

offering); provided, however, that in the case of a Follow-on Offering requested
by Holdco, this paragraph (g) shall apply only to the amount of Registrable
Securities necessary to cause a Satisfaction Event (as defined in the Holdco
Partnership Agreement).

            (h) Vulcan Demand Request. Notwithstanding anything to the contrary
in this Agreement, if Vulcan shall not have previously delivered the maximum
number of Demand Requests to which it is entitled under this Section 1.02 and a
Demand Request is delivered to the Company by any Holder other than Holdco or
Vulcan (or an entity Controlled By Vulcan) at any time prior to the Vulcan
Repayment Date and, within five days of the receipt of a copy of such Demand
Request from the Company under Section 1.02, Vulcan shall deliver a Demand
Request to the Company under Section 1.02, (which shall specify the number of
securities requested to be included in such registration) then Vulcan shall be
deemed to be the Requesting Holder for all purposes of this Agreement, including
Section 1.02(a)(ii) and Section 1.02(a)(ii)(C) (and such Demand Request shall be
treated as a Demand Request of Vulcan and not the initial Requesting Holder for
all purposes). The failure to exercise such right shall not affect Vulcan's
rights to participate in the offering requested by the Requesting Holder under
Section 1.02(a)(ii).

            SECTION 1.03. Certain Piggyback Registration Rights. (a) General. If
the Company at any time proposes to register any of its equity securities (the
"Priority Securities") under the Securities Act (other than a registration (i)
on Form S-8 or S-4 or any successor or similar forms, (ii) relating to equity
securities issuable upon exercise of employee stock or similar options or in
connection with any employee benefit or similar plan of the Company, (iii) in
connection with an acquisition by the Company of another entity or (iv) pursuant
to a registration under Section 1.02), whether or not for sale for its own
account (but not for the account of any Holder or Family Group member), in a
manner which would permit registration of Registrable Securities for sale to the
public under the Securities Act, it shall each such time, subject to the
provisions of Section 1.03(b), give written notice to all Holders of record of
Registrable Securities of its intention to do so and of such Holders' rights
under this Section 1.03 at least 10 days prior to the anticipated filing date of
the registration statement relating to such registration. Such notice shall
offer all such Holders the opportunity to include in such registration statement
such number of Registrable Securities as each such Holder may request, but in no
event shall any Holder request inclusion of less than the Minimum Registrable
Amount. Upon the written request of any such Holder made within 10 days after
the receipt of the Company's notice (which request shall specify the number of
Registrable Securities intended to be disposed of by such Holder, subject to
reduction as provided herein, and the intended method of disposition thereof),
the Company shall use its reasonable best efforts to effect the registration
under the Securities Act of all Registrable Securities which the Company has
been so requested to register by the Holders thereof, to the extent required to
permit the disposition (in accordance with such intended methods thereof) of the
Registrable Securities so to be registered; provided, however, that (A) if such
registration involves an underwritten offering, all Holders of Registrable
Securities requesting to be included in the Company's registration must sell
their Registrable Securities to the underwriters selected by the Company on the
same terms and conditions as apply to the Company or the original selling
holders for whose
<PAGE>
                                                                              13

account the registration has been made; provided, however, that in respect of
any offering under this Agreement (whether under Section 1.02 or this Section
1.03 or otherwise) no Holder or any of its Affiliates (other than, for the
avoidance of doubt, the Company) shall be required to directly or indirectly
make any representations or warranties to, or agreements with, the Company or
the underwriters (including agreements with respect to indemnification) other
than representations, warranties or agreements regarding such Holder or its
Affiliates, its ownership of and title to the Registrable Securities and its
intended method of distribution, and any liability of such Holder or its
Affiliates to any underwriter or other Person under such underwriting agreement
shall be limited to liability arising from breach of its representations and
warranties and shall be limited to an amount equal to the total price at which
the securities sold by such Holder or its Affiliates were offered to the public
(net of discounts and commissions paid by such Holder or its Affiliates in
connection with such underwritten offering) and (B) if, at any time after giving
written notice of its intention to register any securities pursuant to this
Section 1.03(a) and prior to the effective date of the registration statement
filed in connection with such registration, the Company shall determine for any
reason not to register such securities, the Company shall give written notice to
all Holders of Registrable Securities and, thereupon, shall be relieved of its
obligation to register any Registrable Securities in connection with such
registration (without prejudice, however, to rights of Holders under Section
1.02). If a registration pursuant to this Section 1.03(a) involves an
underwritten public offering, any Holder of Registrable Securities requesting to
be included in such registration may elect, in writing prior to the effective
date of the registration statement filed in connection with such registration,
not to register such securities in connection with such registration. No
registration effected under this Section 1.03 shall relieve the Company of its
obligations to effect registrations upon request under Section 1.02. The Company
shall pay all Registration Expenses in connection with each registration of
Registrable Securities pursuant to this Section 1.03. Nothing contained in this
Section 1.03 shall create any liability on the part of the Company to the
Holders if the Company should for any reason decide not to file a registration
statement for which piggyback registration rights are available or withdraw such
registration statement subsequent to its filing, regardless of any action
Holders may have taken, whether as a result of the issuance by the Company of
any notice hereunder or otherwise.

            (b) Priority in Piggyback Registrations. If a registration pursuant
to this Section 1.03 involves an underwritten offering and a majority of the
joint lead bookrunning underwriters shall advise the Company that, in their good
faith view (based primarily upon prevailing market conditions), the number of
securities (including all Registrable Securities) which the Company, the Holders
and any other Persons intend to include in such registration exceeds the largest
number of securities which can be sold without having a significant negative
effect on the price at which such securities can be sold in such offering, the
Company will include in such registration in the following order: (i) all the
Priority Securities (including any to be sold for the Company's own account or
for other holders of Priority Securities (other than for the account of any
Holders)), on a pro rata basis, and (ii) to the extent that the number of
securities which the
<PAGE>
                                                                              14

Company proposes to sell for its own account or for other holders of Priority
Securities pursuant to Section 1.03(a) is less than the number of securities
which the Company has been advised can be sold in such offering without having
the negative effect referred to above, all Registrable Securities requested to
be included in such registration by the Holders pursuant to Section 1.03(a)
(provided, however, that if the number of Registrable Securities requested to be
included in such registration by the Holders pursuant to Section 1.03(a),
together with the number of Priority Securities to be included in such
registration pursuant to clause (i) of this Section 1.03(b), exceeds the number
which the Company has been advised can be sold in such offering without having
the negative effect referred to above, the number of such Registrable Securities
requested to be included in such registration by the Holders pursuant to Section
1.03(a) shall be allocated first, pro rata between the DW Preferred Holders on
the basis of the shares of Registrable Securities each DW Preferred Holder has
requested to be included in such registration and second, pro rata among all
such other requesting Holders on the basis of the number of Registrable
Securities each such other Holder has requested to be included in such
registration).

            SECTION 1.04. Registration Procedures. (a) If and whenever the
Company is required to use its reasonable best efforts to effect or cause the
registration under the Securities Act as provided in this Agreement of any
Registrable Securities, the Company shall, as expeditiously as possible:

            (1) use its reasonable best efforts to prepare and file, or cause to
      be prepared and filed as soon as practicable but in any event within 90
      days of receipt of a request for registration, a registration statement on
      any form for which the Company then qualifies or which counsel for the
      Company shall deem appropriate, and which form shall be available for the
      sale of the Registrable Securities in accordance with the intended methods
      of distribution thereof, and use its reasonable best efforts to cause such
      registration statement to become and remain (for the period specified in
      paragraph (2) below) effective; provided, however, that at least ten days
      before filing with the SEC a registration statement or prospectus and at
      least two days before filing with the SEC any amendments or supplements
      thereto, the Company shall (A) furnish to the underwriters, if any, and to
      one counsel selected by Holders of a majority-in-interest of the
      Registrable Securities covered by such registration statement copies of
      all such documents proposed to be filed, which documents shall be subject
      to the review and comments of the underwriters and such counsel (provided,
      however, that the determination to accept any such comments not relating
      to the underwriters or such selling stockholders shall be in the Company's
      sole discretion), and (B) notify each Holder of Registrable Securities
      covered by such registration statement of any stop order issued or
      threatened by the SEC and take all reasonable actions required to prevent
      the entry of such stop order or to remove it if entered;

            (2) prepare and file with the SEC such amendments and supplements to
      such registration statement and the prospectus used in connection
      therewith as
<PAGE>
                                                                              15

      may be necessary to keep such registration statement effective for a
      period of not less than 180 days (subject to blackouts upon the good faith
      declaration of any Disadvantageous Condition in accordance with Section
      1.02(a)) or such shorter period which shall terminate when all Registrable
      Securities covered by such registration statement have been sold (but not
      before the expiration of the 90-day period referred to in Section 4(3) of
      the Securities Act and Rule 174 thereunder, if applicable), and comply
      with the provisions of the Securities Act with respect to the disposition
      of all securities covered by such registration statement during such
      period in accordance with the intended methods of disposition by the
      sellers thereof set forth in such registration statement;

            (3) notify each Holder of Registrable Securities covered by such
      registration statement when such registration statement or any amendment
      thereto has been filed or becomes effective;

            (4) notify each Holder of Registrable Securities covered by such
      registration statement of any notice from the SEC that there will be a
      review of such registration statement and promptly provide such Holders
      with a copy of any SEC comments received by the Company in connection
      therewith;

            (5) furnish, without charge, to each Holder and each underwriter, if
      any, of Registrable Securities covered by such registration statement such
      number of copies of such registration statement, each amendment and
      supplement thereto (including one conformed copy to each Holder and one
      signed copy to each joint lead bookrunning underwriter and in each case
      including all exhibits thereto), and the prospectus included in such
      registration statement (including each preliminary prospectus), in
      conformity with the requirements of the Securities Act, and such other
      documents as such Holder may reasonably request in order to facilitate the
      disposition of the Registrable Securities owned by such Holder;

            (6) use its reasonable best efforts to register or qualify the
      Registrable Securities covered by such registration statement under such
      other securities or blue sky laws of such jurisdictions as any underwriter
      of Registrable Securities covered by such registration statement
      reasonably requests and do any and all other acts and things which may be
      reasonably necessary or advisable to enable each Holder and each
      underwriter to consummate the disposition in such jurisdictions of the
      Registrable Securities owned by such Holder; provided, however, that the
      Company shall not be required to (i) qualify generally to do business in
      any jurisdiction where it would not otherwise be required to qualify but
      for this paragraph (6), (ii) subject itself to taxation in any such
      jurisdiction or (iii) consent to general service of process in any such
      jurisdiction;

            (7) use its reasonable best efforts to cause the Registrable
      Securities covered by such registration statement to be registered with or
      approved by such other governmental agencies or authorities as may be
      necessary by virtue of the
<PAGE>
                                                                              16

      business and operations of the Company to enable the Holder or Holders
      thereof to consummate the disposition of such Registrable Securities;

            (8) immediately notify each of the joint lead bookrunning
      underwriters, if any, and each Holder of Registrable Securities covered by
      such registration statement, at any time when a prospectus relating
      thereto is required to be delivered under the Securities Act of the
      happening of any event which comes to the Company's attention if as a
      result of such event the prospectus included in such registration
      statement contains an untrue statement of a material fact or omits to
      state any material fact required to be stated therein or necessary to make
      the statements therein not misleading, and the Company shall promptly
      prepare and file with the SEC such amendment or supplement to such
      registration statement or prospectus and furnish to such Holder a
      supplement or amendment to such prospectus so that, as thereafter
      delivered to the purchasers of such Registrable Securities, such
      prospectus shall not contain an untrue statement of a material fact or
      omit to state any material fact required to be stated therein or necessary
      to make the statements therein not misleading;

            (9) use its reasonable best efforts to cause all Registrable
      Securities covered by such registration statement to be listed on the
      national securities exchange or national market interdealer quotation
      system on which the Class A Stock is then listed, and enter into such
      customary agreements including a supplemental listing application and
      indemnification agreement in customary form (provided, however, that the
      applicable listing requirements are satisfied), and to provide a transfer
      agent and registrar for such Registrable Securities covered by such
      registration statement no later than the effective date of such
      registration statement;

            (10) enter into such customary agreements (including an underwriting
      agreement in customary form) and take all such other actions as the
      underwriters reasonably request in order to expedite or facilitate the
      disposition of such Registrable Securities, including customary
      indemnification;

            (11) make available for inspection by any Holder of Registrable
      Securities covered by such registration statement, any underwriter
      participating in any disposition pursuant to such registration statement,
      and any attorney, accountant or other agent retained by any such Holder or
      underwriter (collectively, the "Inspectors"), those financial and other
      records, organizational documents and properties of the Company and its
      controlled entities (collectively, "Records"), and cause the Company's and
      its controlled entities' officers, directors and employees to supply that
      information and respond to those inquiries reasonably requested by any
      such Inspector in connection with such registration statement, in each
      case under this paragraph (11) only to the extent reasonably necessary, as
      mutually determined by the Company and the underwriters or Holders, to
      enable such underwriters or Holders to conduct their due diligence
      investigation;
<PAGE>
                                                                              17

            (12) use its reasonable best efforts to furnish to any underwriter
      participating in any disposition pursuant to such registration statement a
      signed counterpart of a "cold comfort" letter from the Company's
      independent public accountants who have audited the Company's financial
      statements included or incorporated by reference in such registration
      statement (and prospectus included therein), in customary form and
      covering such matter of the type customarily covered by "cold comfort"
      letters delivered in connection with underwritten public offerings of
      securities (including with respect to events subsequent to the date of
      such financial statements) as the underwriters reasonably request (and
      dated the dates such comfort letters are customarily dated);

            (13) use its reasonable best efforts to furnish to each underwriter
      participating in any disposition pursuant to such registration statement a
      signed counterpart of an opinion and negative assurance letter of counsel
      from the Company's outside counsel in customary form and covering such
      matters of the type customarily covered in opinions and negative assurance
      letters of counsel delivered in connection with underwritten public
      offerings of securities;

            (14) cooperate with each seller of Registrable Securities and each
      underwriter or agent participating in the disposition of such Registrable
      Securities and their respective counsel in connection with any filings
      with the NASD;

            (15) in the case of a Demand Request with respect to a proposed
      offering in excess of $150 million, make available its officers, employees
      and personnel and otherwise provide reasonable assistance to the
      underwriters in their marketing of Registrable Securities as the
      underwriters shall reasonably request, including, in the case of a Demand
      Request with respect to a proposed offering in excess of $200 million,
      participation in "roadshow" presentations or such other selling efforts as
      the underwriters shall reasonably request; and

            (16) otherwise use its reasonable best efforts to comply with all
      applicable rules and regulations of the SEC, and make available or cause
      to be made available, as applicable, to the Holders of Registrable
      Securities sold under such registration statement, as soon as reasonably
      practicable, an earnings statement covering a period of at least 12
      months, beginning with the first month after the effective date of the
      registration statement (as the term "effective date" is defined in Rule
      158(c) under the Securities Act), which earnings statement shall satisfy
      the provisions of Section 11(a) of the Securities Act and Rule 158
      thereunder.

            (b) It shall be a condition precedent to the obligation of the
Company to take any action pursuant to this Agreement in respect of the
Registrable Securities which are to be registered at the request of any Holder
thereof that such Holder shall furnish to the Company such information regarding
the Registrable Securities held by such Holder and the intended method of
disposition thereof as the Company shall reasonably request and as shall be
reasonably required in connection with the action taken by the Company.
<PAGE>
                                                                              18

            (c) Each Holder agrees that, upon receipt of any notice from the
Company of the happening of any event of the kind described in Section
1.04(a)(8), such Holder shall discontinue disposition of Registrable Securities
pursuant to the registration statement covering such Registrable Securities
until such Holder's receipt of the copies of the supplemented or amended
prospectus contemplated by Section 1.04(a)(8), and, if so directed by the
Company, such Holder shall deliver to the Company (at the Company's expense) all
copies (including any and all drafts), other than permanent file copies, then in
such Holder's possession, of the prospectus covering such Registrable
Securities, current at the time of receipt of such notice. In the event the
Company shall give any such notice, the period referred to in Section 1.04(a)(2)
shall be extended by the greater of (i) 180 days and (ii) the number of days
during the period from and including the date of the giving of such notice
pursuant to Section 1.04(a)(8) to and including the date when each Holder of
Registrable Securities covered by such registration statement shall have
received the copies of the supplemented or amended prospectus contemplated by
Section 1.04(a)(8).

            SECTION 1.05. Holdback Agreements. (a) If any registration of
Registrable Securities shall be in connection with an underwritten public
offering, each Holder of Registrable Securities agrees not to effect any public
sale or distribution, including any sale pursuant to Rule 144, or any successor
provision, under the Securities Act, of any Registrable Securities and not to
effect any such public sale or distribution of any other equity security of the
Company or of any security convertible into or exchangeable or exercisable for
any equity security of the Company or publicly announce an intention to do any
of the foregoing (in each case, other than as part of such underwritten public
offering) during the seven days prior to, and during the 90-day period which
begins on, the effective date of such registration statement (which 90-day
period shall be tolled to the extent of any blackouts upon the good faith
declaration of any Disadvantageous Conditions in accordance with Section
1.02(a)) (except as part of such registration) and agrees further to enter into
a customary lock-up with the underwriters of such offering (not to exceed six
months from the date of consummation of such offering); provided, however, that
such Holder of Registrable Securities has received written notice of such
registration at least 15 days prior to the anticipated beginning of the
seven-day period referred to above.

            (b) If any registration of Registrable Securities shall be in
connection with an underwritten public offering, the Company agrees not to
effect any public sale or distribution of any of its equity securities or of any
security convertible into or exchangeable or exercisable for any equity security
of the Company (other than any such sale or distribution of such securities in
connection with any merger or consolidation by the Company or any subsidiary of
the Company or the acquisition by the Company or a subsidiary of the Company of
the capital stock or substantially all the assets of any other Person or in
connection with an employee stock ownership or other benefit plan) during the
seven days prior to, and during the 90-day period which begins on, the effective
date of such registration statement (which 90-day period shall be tolled to the
extent of any blackouts upon the good faith declaration of any Disadvantageous
Conditions in
<PAGE>
                                                                              19

accordance with Section 1.02(a)) (except as part of such registration) and
agrees further to enter into a customary lock-up with the underwriters of such
offering (not to exceed six months from the date of consummation of such
offering).

            (c) During the term of this Agreement, each certificate evidencing
Registrable Securities held of record or beneficially owned by a Holder shall
bear the following legend:

            "THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND
            TRANSFERABLE ONLY UPON COMPLIANCE WITH THE PROVISIONS OF A
            REGISTRATION RIGHTS AGREEMENT, DATED AS OF [ ], 2004, AMONG
            DREAMWORKS ANIMATION SKG, INC. AND THE STOCKHOLDERS PARTY THERETO. A
            COPY OF SUCH REGISTRATION RIGHTS AGREEMENT IS ON FILE AT THE
            PRINCIPAL OFFICE OF DREAMWORKS ANIMATION SKG, INC. AT GRANDVIEW
            BUILDING, 1000 FLOWER STREET, GLENDALE, CALIFORNIA 91201."

            (d) Upon a Person ceasing to have rights and obligations under this
Agreement pursuant to the terms hereof or upon termination of this Agreement,
such Person may surrender to the Company any certificates held of record by such
Person and bearing the legend set forth in Section 1.05(c), and upon surrender
of such certificates, the Company shall reissue such certificates without such
legend.

            SECTION 1.06. Indemnification and Contribution. (a) To the fullest
extent permitted by applicable law, the Company shall indemnify and hold
harmless each Person who participates as an underwriter (any such Person being
an "Underwriter"), each Holder of Registrable Securities to be sold in
connection with the relevant registration (each such Holder being a "Seller",
and in the event Holdco is the "Seller", each partner in Holdco who will receive
cash proceeds from the sale of such securities under such registration statement
shall also be deemed a "Seller" for purposes of this Section 1.06) and their
respective partners, directors, officers and employees and each Person, if any,
who controls any Seller or Underwriter (including, if Holdco is a Seller, the
general and limited partners thereof) within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act as follows:

                  (i) against any and all losses, liabilities, claims, damages,
            judgments and reasonable expenses whatsoever, as incurred, arising
            out of any untrue statement or alleged untrue statement of a
            material fact contained in any registration statement (or any
            amendment thereto) relating to such registration, including all
            documents incorporated therein by reference, or the omission or
            alleged omission therefrom of a material fact required to be stated
            therein or necessary to make the statements therein not misleading
            or arising out of any untrue statement or alleged
<PAGE>
                                                                              20

            untrue statement of a material fact contained in any prospectus (or
            any amendment or supplement thereto) relating to such registration,
            including all documents incorporated therein by reference, or the
            omission or alleged omission therefrom of a material fact necessary
            in order to make the statements therein, in the light of the
            circumstances under which they were made, not misleading;

                  (ii) against any and all losses, liabilities, claims, damages,
            judgments and reasonable expenses whatsoever, as incurred, to the
            extent of the aggregate amount paid in settlement of any litigation,
            investigation or proceeding by any governmental agency or body,
            commenced or threatened, or of any other claim whatsoever based upon
            any such untrue statement or omission, or any such alleged untrue
            statement or omission, if such settlement is effected with the
            written consent of the Company; and

                  (iii) against any and all reasonable expense whatsoever, as
            incurred (including, subject to Section 1.06(c), fees and
            disbursements of counsel) incurred in investigating, preparing or
            defending against any litigation, investigation or proceeding by any
            governmental agency or body, commenced or threatened, in each case
            whether or not such Person is a party, or any claim whatsoever based
            upon any such untrue statement or omission, or any such alleged
            untrue statement or omission, to the extent that any such expense is
            not paid under subparagraph (i) or (ii) above;

provided, however, that this indemnity agreement does not apply to any Seller or
Underwriter with respect to any loss, liability, claim, damage, judgment or
expense to the extent arising out of any untrue statement or omission or alleged
untrue statement or omission (A) made in reliance upon and in conformity with
written information furnished to the Company by such Seller or Underwriter
expressly for use in a registration statement (or any amendment thereto) or any
related prospectus (or any amendment or supplement thereto) or (B) if such
untrue statement or omission or alleged untrue statement or omission was
corrected in an amended or supplemented registration statement or prospectus and
the Company had furnished copies thereof to the Underwriter or Seller from which
the Person asserting such loss, liability, claim, damage, judgment or expense
purchased the securities that are the subject thereof on a timely basis prior to
the date of sale by such Underwriter or Seller to such Person.

            (b) Each Seller shall severally indemnify and hold harmless the
Company, each Underwriter and the other Sellers, and each of their respective
partners, directors, officers and employees (including each director and officer
of the Company who signed the relevant registration statement) and each Person,
if any, who controls the Company, any Underwriter or any other Seller within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
against any and all losses, liabilities, claims, damages, judgments and expenses
described in the indemnity contained in Section
<PAGE>
                                                                              21

1.06(a) (provided, however, that any settlement of the type described therein is
effected with the written consent of such Seller) as incurred, but only with
respect to untrue statements or omissions, or alleged untrue statements or
omissions, made in a registration statement or any related prospectus (or any
amendment or supplement thereto) in reliance upon and in conformity with written
information furnished to the Company by such Seller expressly for use in such
registration statement (or any amendment thereto) or such prospectus (or any
amendment or supplement thereto); provided, however, that an indemnifying Seller
shall not be required to provide indemnification in any amount in excess of the
amount by which (x) the total price at which the securities sold by such
indemnifying Seller and its affiliated indemnifying Sellers and distributed to
the public were offered to the public (net of discounts and commissions paid by
the indemnifying Seller in connection with such offering) exceeds (y) the amount
of any damages which such indemnifying Seller has otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged
omission. The Company shall be entitled, to the extent customary, to receive
indemnification and contribution from underwriters, selling brokers, dealer
managers and similar securities industry professionals participating in the
distribution, to the same extent as provided above with respect to information
so furnished in writing by such Persons specifically for inclusion in any
prospectus or registration statement.

            (c) Each indemnified party or parties shall give reasonably prompt
notice to each indemnifying party or parties of any action or proceeding
commenced against it in respect of which indemnity may be sought hereunder, but
failure so to notify an indemnifying party or parties shall not relieve it or
them from any liability which it or they may have under this indemnity
agreement, except to the extent that the indemnifying party is materially
prejudiced by such failure to give notice. If the indemnifying party or parties
so elects within a reasonable time after receipt of such notice, the
indemnifying party or parties may assume the defense of such action or
proceeding at such indemnifying party's or parties' expense with counsel chosen
by the indemnifying party or parties and approved by the indemnified party
defendant in such action or proceeding, which approval shall not be unreasonably
withheld; provided, however, that, if such indemnified party or parties
reasonably determine that a conflict of interest exists and that therefore it is
advisable for such indemnified party or parties to be represented by separate
counsel or that, upon advice of counsel, there may be legal defenses available
to it or them which are different from or in addition to those available to the
indemnifying party, then the indemnifying party or parties shall not be entitled
to assume such defense and the indemnified party or parties shall be entitled to
separate counsel (limited in each jurisdiction to one counsel for all
Underwriters and another counsel for all other indemnified parties under this
Agreement) at the indemnifying party's or parties' expense. The indemnified
party or parties shall have the right to engage separate counsel and participate
in the defense of any action, but, except as stated above, the fees and expenses
of such counsel shall be the expense of such indemnified party or parties. If
any indemnifying party or parties are not so entitled to assume the defense of
such action or do not assume such defense, after having received the notice
referred to in the first sentence of this paragraph, the indemnifying party or
parties will pay the reasonable fees
<PAGE>
                                                                              22

and expenses of counsel for the indemnified party or parties (limited in each
jurisdiction to one counsel for all Underwriters and another counsel for all
other indemnified parties under this Agreement). In such event, however, no
indemnifying party or parties will be liable for any settlement effected without
the written consent of such indemnifying party or parties (which consent shall
not be unreasonably withheld or delayed); provided, however, that if at any time
the indemnified party or parties shall have requested the indemnifying party or
parties to reimburse the indemnified party or parties for fees and expenses of
counsel as contemplated by this paragraph, the indemnifying party or parties
shall be liable for any settlement of any proceeding effected without the
written consent of such indemnifying party or parties if (x) such settlement is
entered into more than 15 business days after receipt by such indemnifying party
or parties of the aforesaid request accompanied by supporting documents
reasonably satisfactory to the indemnifying party or parties and (y) such
indemnifying party or parties shall not have reimbursed the indemnified party or
parties in accordance with such request prior to the date of such settlement. No
indemnifying party or parties shall, without the prior written consent of the
indemnified party or parties, effect any settlement of any action in respect of
which any indemnified party or parties is a party, unless such settlement
includes an unconditional release of such indemnified party or parties from all
liability on claims that are the subject matter of such action. If an
indemnifying party is entitled to assume, and assumes, the defense of such
action or proceeding in accordance with this paragraph, such indemnifying party
or parties shall not, except as otherwise provided in this subsection (c), be
liable for any fees and expenses of counsel for the indemnified parties incurred
thereafter in connection with such action or proceeding.

            (d) (i) In order to provide for just and equitable contribution in
circumstances in which the indemnity agreement provided for in this Section 1.06
is for any reason held to be unenforceable by the indemnified parties although
applicable in accordance with its terms in respect of any losses, liabilities,
claims, damages, judgments and expenses suffered by an indemnified party
referred to therein, each applicable indemnifying party, in lieu of indemnifying
such indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, liabilities, claims, damages,
judgments and expenses in such proportion as is appropriate to reflect the
relative fault of the Company on the one hand and of the liable Sellers or
Underwriters (including, in each case, that of their respective officers,
directors, employees and agents) on the other in connection with the statements
or omissions which resulted in such losses, liabilities, claims, damages,
judgments or expenses, as well as any other relevant equitable considerations.
The relative fault of the Company on the one hand and of the liable Sellers or
Underwriters (including, in each case, that of their respective officers,
directors, employees and agents) on the other shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company, on the one hand, or by or on
behalf of the Sellers or Underwriters, on the other, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The amount paid or payable by a party as a result of
the losses, liabilities, claims, damages,
<PAGE>
                                                                              23

judgments and expenses referred to above shall be deemed to include, subject to
the limitations set forth in Section 1.06(c), any legal or other fees or
expenses reasonably incurred by such party in connection with investigating or
defending any action or claim.

                  (i) The Company and each Seller agree that it would not be
            just and equitable if contribution pursuant to this Section 1.06
            were determined by pro rata allocation or by any other method of
            allocation which does not take account of the equitable
            considerations referred to in sub-paragraph (i) above.
            Notwithstanding anything in this Section 1.06(d) to the contrary, in
            the case of distributions to the public, an indemnifying Seller
            shall not be required to contribute any amount in excess of the
            amount by which (A) the total price at which the securities sold by
            such indemnifying Seller and its affiliated indemnifying Sellers and
            distributed to the public were offered to the public (net of
            discounts and commissions paid by the indemnifying Seller in
            connection with such offering) exceeds (B) the amount of any damages
            which such indemnifying Seller has otherwise been required to pay by
            reason of such untrue or alleged untrue statement or omission or
            alleged omission. No Person guilty of fraudulent misrepresentation
            (within the meaning of Section 11(f) of the Securities Act) shall be
            entitled to contribution from any Person who was not guilty of such
            fraudulent misrepresentation.

                  (ii) For purposes of this Section, each Person, if any, who
            controls a Seller or an Underwriter within the meaning of Section 15
            of the Securities Act or Section 20 of the Exchange Act shall have
            the same rights to contribution as such Seller or Underwriter; and
            each director of the Company, each officer of the Company who signed
            the relevant registration statement, and each Person, if any, who
            controls the Company within the meaning of Section 15 of the
            Securities Act or Section 20 of the Exchange Act, shall have the
            same rights to contribution as the Company.

            SECTION 1.07. Miscellaneous.

            (a) No Inconsistent Agreements. Neither the Company nor the Holders
have, as of the date hereof, entered into, nor shall they, on or after the date
hereof, enter into, any agreement with respect to the Registrable Securities
that is inconsistent with the rights granted to the Holders herein or otherwise
conflicts with the provisions hereof.

            (b) Complete Agreement. This Agreement shall constitute the entire
agreement among the parties hereto with respect to the subject matter hereof and
shall supercede all prior agreements and understandings, whether written or
oral, between or among the parties with respect to such subject matter.

            (c) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, qualified,
modified or
<PAGE>
                                                                              24

supplemented, and waivers or consents to departures from the provisions hereof
may not be given, without the prior written consent of the Company Vulcan, M&JK,
DG-DW and Holders of a majority-in-interest of the Registrable Securities;
provided, however, that no amendment shall affect a Holder disproportionately
when compared to the other Holders without the consent of such Holder.

            (d) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telex, telecopier or air courier guaranteeing overnight delivery:

                  (i) if to a Holder other than Vulcan, at the most current
            address indicated for such Holder in the Company's stock transfer
            records;

                  (ii) if to the Company, at:

                  DreamWorks Animation SKG, Inc.
                  Grandview Building
                  1000 Flower Street
                  Glendale, California 91201
                  Attention: Katherine Kendrick, General Counsel
                  Telecopier: (818) 659-6123
<PAGE>
                                                                              25

                  with a copy to:

                  Cravath, Swaine & Moore LLP
                  825 Eighth Avenue
                  New York, NY 10019
                  Attention: Faiza J. Saeed, Esq.
                  Telecopier: (212) 474-3700

                  (iii) if to Vulcan, at:

                  Vulcan Inc.
                  505 Fifth Avenue South
                  Suite 900
                  Seattle, WA 98104
                  Attention:
                  Telecopier: (206) 342-3000

                  with a copy to:

                  Skadden, Arps, Slate, Meagher & Flom LLP
                  300 South Grand Avenue, Suite 3400
                  Los Angeles, CA 90071
                  Attention: Nicholas P. Saggese, Esq.
                  Telecopier: (213) 687-5600

            All such notices and communications shall be deemed to have been
duly given when received.

            The Holders or the Company by notice to the other parties may
designate additional or different addresses for subsequent notices or
communications.

            (e) Successors and Assigns. This Agreement shall be binding on and
inure to the benefit of and be enforceable by the parties hereto and, with
respect to the Company, its successors and assigns.

            (f) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

            (g) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

            (h) Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York without giving effect to
applicable
<PAGE>
                                                                              26

principles of conflicts of laws, except to the extent the substantive laws of
the State of Delaware are mandatorily applicable under Delaware law.

            (i) Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties shall be enforceable to the fullest extent permitted by law.

            (j) No Third Party Beneficiaries. Except as provided in Section
1.06, this Agreement is not intended to confer any rights or remedies hereunder
upon, and shall not be enforceable by, any Person other than the parties hereto.

            (k) Submission to Jurisdiction; Waivers. With respect to any suit,
action or proceeding relating to this Agreement (collectively, a "Proceeding"),
each party to this Agreement irrevocably (a) consents and submits to the
exclusive jurisdiction of the courts of the State of New York and the State of
Delaware and any court of the United States located in the Borough of Manhattan
in New York City or the State of Delaware; (b) waives any objection which such
party may have at any time to the laying of venue of any Proceeding brought in
any such court, waives any claim that such Proceeding has been brought in an
inconvenient forum and further waives the right to object, with respect to such
Proceeding, that such court does not have jurisdiction over such party; (c)
consents to the service of process at the address set forth for notices in
Section 1.07(d) herein; provided, however, that such manner of service of
process shall not preclude the service of process in any other manner permitted
under applicable law; and (d) waives, to the fullest extent permitted by
applicable law, any and all rights to trial by jury in connection with any
Proceeding.

            (l) Enforcement. (i) Each party hereto acknowledges that the other
parties would not have an adequate remedy at law for money damages in the event
that any of the covenants or agreements of any of the other parties to this
Agreement were not performed in accordance with its terms, and it is therefore
agreed that each party hereto, in addition to and without limiting any other
remedy or right it may have, will have the right to an injunction or other
equitable relief in any court of competent jurisdiction, enjoining any such
breach and enforcing specifically the terms and provisions hereof, and each
party hereto hereby waives any and all defenses it may have on the ground of
lack of jurisdiction or competence of the court to grant such an injunction or
other equitable relief.

            (ii) All rights, powers and remedies provided under this Agreement
or otherwise available in respect hereof at law or in equity shall be cumulative
and not alternative, and the exercise or beginning of the exercise of any
thereof by any party shall not preclude the simultaneous or later exercise of
any other such right, power or remedy by such party.
<PAGE>
            IN WITNESS HEREOF, the parties hereto have caused this Agreement to
be duly executed and delivered as of the date first written above.

                                    DREAMWORKS ANIMATION SKG, INC.,
                                          by
                                               _________________________________
                                                Name:
                                                Title:

                                    [HOLDCO] LLLP,

                                          by
                                               _________________________________
                                                Name:
                                                Title:

                                    M&J K DREAM LIMITED PARTNERSHIP,

                                          By      M&J K DREAM CORP.,
                                                  General Partner
                                               by
                                                    ____________________________
                                                     Name: Jeffrey Katzenberg
                                                     Title: President

                                    THE JK ANNUITY TRUST,

                                          by
                                               _________________________________
                                                Name:
                                                Title:
<PAGE>
                                                                               2

                                    THE MK ANNUITY TRUST,

                                          by
                                               _________________________________
                                                Name:
                                                Title:

                                    KATZENBERG 1994 IRREVOCABLE TRUST,

                                          by
                                               _________________________________
                                                Name:
                                                Title:

                                    DG-DW, L.P.,

                                          By      DG-DW, INC.,
                                                  General Partner
                                               by
                                                    ____________________________
                                                     Name: David Geffen
                                                     Title: President

                                    DW LIPS, L.P.,

                                          By      DW SUBS. INC.,
                                                  General Partner
                                               by
                                                    ____________________________
                                                     Name: Steven Spielberg
                                                     Title: President

                                    [VULCAN],

                                          by
                                               _________________________________
                                                Name:
                                                Title:
<PAGE>
                                                                               3

                                    LEE ENTERTAINMENT, L.L.C.,

                                          by
                                               _________________________________
                                                Name:
                                                Title:

                                    CHEMICAL INVESTMENTs, INC.,

                                          by
                                               _________________________________
                                                Name:
                                                Title

                                    MICROSOFT CORPORATION,

                                          by
                                               _________________________________
                                                Name:
                                                Title:

                                    ZIFF INVESTORS PARTNERSHIP,
                                    L.P. IIA,

                                          By      Ziff Investment Management,
                                                  LLC, General Partner
                                               by
                                                    ____________________________
                                                     Name:
                                                     Title:

                                    OSTIN MUSIC LLC,

                                          by
                                               _________________________________
                                                Name:
                                                Title:
<PAGE>
                                                                               4

                                    LENNY WARONKER,

                                               _________________________________

                                    MORRIS OSTIN,

                                               _________________________________

                                    MICHAEL OSTIN,

                                               _________________________________

                                    CARL O. ROSENDAHL,

                                               _________________________________

                                    VIVENDI UNIVERSAL ENTERTAINMENT LLLP,

                                          by
                                               _________________________________
                                                Name:
                                                Title:

                                    THOMSON INC.,

                                          by
                                               _________________________________
                                                Name:
                                                Title:
<PAGE>
                                                                               5

                                    KADOKAWA ENTERTAINMENT U.S. INC.,

                                          by
                                               _________________________________
                                                Name:
                                                Title:

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