Document:

Exhibit

Exhibit 10.2

August 8, 2017

Mr. Alan N. Braverman
Senior Executive Vice President, General Counsel and
Secretary of The Walt Disney Company
500 South Buena Vista Street
Burbank, California  91521

Dear Mr. Braverman:

Reference is made to your employment agreement with The Walt Disney Company (the “Company”), dated September 27, 2013 (the “Agreement”), as amended, which is scheduled to expire on March 31, 2018. In connection therewith, you and the Company hereby agree to the following, effective August 20, 2017:

1.    The definition “Scheduled Expiration Date” in Section 5(e) of the Agreement is hereby amended to read “Scheduled Expiration Date means July 2, 2019.”

2.    The following paragraph 2A shall be inserted immediately following paragraph 2:

2A.    Exploration of Non-competitive Board Service.  Notwithstanding the Policy on Board Service contained in the Employee Policy Manual, during the six-month period preceding the Scheduled Expiration Date, Executive shall, upon reasonable notice to and absent objection by the Chief Executive Officer of the Company, be entitled to explore opportunities for service on the board of directors of any public company that is not a Designated Business, as such term is defined in the Consulting Agreement (Exhibit A, attached hereto). For the avoidance of doubt, actual service on the board of directors of any public company while employed by the Company remains prohibited.

3.    Paragraph 3(b) is hereby deleted in its entirety and replaced with the following paragraph:

(b)    Executive shall be given the opportunity to earn an annual discretionary incentive bonus in accordance with the annual bonus plan generally applicable to the Company’s executive officers, as the same may be in effect from time to time (the “Annual Plan”).  Executive’s target annual incentive bonus opportunity under the 

Annual Plan during each fiscal year during the term hereof shall be 200% of Executive’s Base Salary as expected to be in effect at the end of such fiscal year.  The actual amount payable to Executive as an annual bonus under the Annual Plan shall be dependent upon the achievement of performance objectives established in accordance with the Annual Plan by the Board of Directors of the Company or the committee of the Board of Directors of the Company responsible for administering such Annual Plan (the “Compensation Committee”), which, as to Company performance objectives, shall be substantially the same as the objectives established under the Annual Plan for other senior executive officers of the Company, though individual performance criteria may differ to reflect differences in responsibilities.  The preceding sentence shall not limit any power or discretion of the Board of Directors of the Company or the Compensation Committee in the administration of the Annual Plan.  Any bonus payable pursuant to this Paragraph 3(b) shall be paid at the same time as annual bonuses are generally payable to the Company’s executive officers in accordance with the provisions of the Annual Plan, subject to Executive’s continued employment with the Company through the date on which such bonuses are paid. If Executive’s employment continues until and ends upon the Scheduled Expiration Date, the Chief Executive Officer of the Company will, in his discretion, recommend to the Compensation Committee an annual cash bonus for the fiscal year in which the termination occurs in consideration of Executive’s contributions during such fiscal year. Such bonus shall be payable at the same time annual cash bonuses are paid to senior management and shall be based on actual achievement of performance targets, evaluated as if Executive had remained employed through the end of the applicable performance period.

4.    The second sentence of paragraph 3(c) is hereby amended to read “For each full fiscal year during the term hereof, Executive shall receive an annual award with a target accounting award value (which value shall be as determined in accordance with the policies and practices generally applicable to the Company’s executive officers) of 225% of Executive’s Base Salary as expected to be in effect at the end of such fiscal year; it being understood that the form of the award shall be determined by the Compensation Committee and such form shall be subject to the terms of the applicable plan or plans of the Company.”

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Except as specified above, the Agreement shall otherwise continue in accordance with its terms. Defined terms used, but not defined, in this letter have the meanings ascribed thereto in the Agreement. If you agree that the foregoing sets forth our full understanding regarding the amendment of the Agreement, please evidence your agreement and acceptance by counter-signing two copies of this letter where indicated below, returning one executed copy to us.

THE WALT DISNEY COMPANY

By: /s/ Jayne Parker

Title: Executive Vice President
         and Chief Human
         Resources Officer

Date: August 15, 2017

/s/ Alan N. Braverman
Alan N. Braverman

Date: August 15, 2017

3Exhibit

Exhibit 10.3

August 3, 2017

Mr. Kevin A. Mayer
Senior Executive Vice President
and Chief Strategy Officer
The Walt Disney Company
500 South Buena Vista Street
Burbank, California  91521

Dear Mr. Mayer:

Reference is made to your employment agreement with The Walt Disney Company (the “Company”), dated as of July 1, 2015 (the “Agreement”), which is scheduled to expire on June 30, 2019. In connection therewith, you and the Company hereby agree to the following, effective upon signature by both you and the Company:

1.    The definition “Scheduled Expiration Date” in Section 5(e) of the Agreement is hereby amended to read “Scheduled Expiration Date means June 30, 2021.”

2.    The following paragraph 2A shall be inserted immediately following paragraph 2:

2A.    Exploration of Non-competitive Board Service.  Notwithstanding the Policy on Board Service contained in the Employee Policy Manual, during the six-month period preceding the Scheduled Expiration Date, Executive shall, upon reasonable notice to and absent objection by the Chief Executive Officer of the Company, be entitled to explore opportunities for service on the board of directors of any public company that is not a Designated Business, as such term is defined in the Consulting Agreement (Exhibit A, attached hereto). For the avoidance of doubt, actual service on the board of directors of any public company while employed by the Company remains prohibited.

3.    The first paragraph of paragraph 3(a) is hereby deleted in its entirety and replaced with the following paragraph:

(a)    Base Salary.  Commencing August 20, 2017, Executive shall receive an annualized base salary of $1,500,000.  Subsequent salary amounts shall be determined by the Company in its sole discretion; provided, however, that none of such subsequent annualized salaries shall be less than $1,500,000.

4.    The following paragraph 3(b)(i) shall be inserted immediately following paragraph 3(b):

(i)    If Executive’s employment continues until and ends upon the Scheduled Expiration Date, the Chief Executive Officer of the Company will, in his discretion, recommend to the Compensation Committee an annual cash bonus for the fiscal year in which the termination occurs in consideration of Executive’s contributions during such fiscal year. Such bonus shall be payable at the same time annual cash bonuses are paid to senior management and shall be based on actual achievement of performance targets, evaluated as if Executive had remained employed through the end of the applicable performance period.

5.    Paragraph 3(c) is hereby deleted in its entirety and replaced with the following paragraph:

(c)    Eligibility for Equity Awards.  Subject to the terms of this Agreement, Executive shall be entitled to participate in the equity-based long-term incentive compensation plans, programs or arrangements generally made available to the most senior executive officers of the Company.  The size of the awards made to Executive shall reflect Executive’s position with the Company and the Compensation Committee’s evaluation of Executive’s performance and competitive compensation practices.  For each full fiscal year during the term hereof, Executive shall receive an annual award with a target accounting award value of three hundred percent (300%) of Executive’s Base Salary as expected to be in effect at the end of such fiscal year.  The preceding shall not limit any power or discretion of the Board of Directors of Disney or the Committee in the administration of any such long-term incentive plan, it being understood, specifically, that the Compensation Committee may adjust (i.e. reduce or increase) the target award value of any award made in respect of any fiscal year based on its evaluation of Executive’s performance and/or any economic, financial and/or market conditions affecting the Company and/or Disney.  The actual benefits conveyed to Executive in respect of any such awards may be less than, greater than or equal to the targeted award value, as such benefits will be dependent on a series of performance and other factors, such as the value of Disney’s common stock and satisfaction of any applicable vesting requirements and performance conditions.

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6.    Paragraph 8(q) is hereby deleted in its entirety and replaced with the following new paragraph 8(q):

(q)    Subsequent Employment.  At the natural end of this Agreement, assuming the Employment Period has not been extended through amendment or subsequent agreement, on the Scheduled Expiration Date Executive (i) shall relinquish his role as Senior Executive Vice President and Chief Strategy Officer, and (ii) Company and Executive will enter into new one-year employment agreement through which Executive will serve in a consulting role at an annual salary of $200,000.

Except as specified above, the Agreement shall otherwise continue in accordance with its terms. Defined terms used, but not defined, in this letter have the meanings ascribed thereto in the Agreement. If you agree that the foregoing sets forth our full understanding regarding the amendment of the Agreement, please evidence your agreement and acceptance by counter-signing two copies of this letter where indicated below, returning one executed copy to us.

THE WALT DISNEY COMPANY

By: /s/ Jayne Parker

Title: Senior Executive Vice
         President and Chief Human
         Resources Officer

Date: August 15, 2017

/s/ Kevin A. Mayer
Kevin A. Mayer

Date: August 15, 2017

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