Document:

Severance Pay Plan

 Exhibit 10.32 
 Disney Severance Pay Plan 
 (Conformed Text Including 
 First and Second Amendments) 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 SECTION 1.
	  	 INTRODUCTION
	  	1
			
	 SECTION 2.
	  	 DEFINITIONS AND INTERPRETATIONS
	  	1
			
	 SECTION 3.
	  	 HOW DO YOU BECOME ELIGIBLE FOR BENEFITS?
	  	4
			
	 SECTION 4.
	  	 WHAT ARE YOUR BENEFITS UNDER THE PLAN?
	  	5
			
	 SECTION 5.
	  	 HOW AND WHEN WILL AMOUNTS BE PAID?
	  	8
			
	 SECTION 6.
	  	 AMENDMENT AND TERMINATION
	  	8
			
	 SECTION 7.
	  	 MISCELLANEOUS PROVISIONS
	  	8
			
	 SECTION 8.
	  	 WHAT ELSE DO YOU NEED TO KNOW ABOUT THE PLAN?
	  	9
			
		  	 Claim Procedure
	  	9
			
		  	 Plan Interpretation and Benefit Determination
	  	10
			
		  	 Your Rights Under ERISA
	  	11
			
		  	 Other Important Facts
	  	12

 SECTION 1. – INTRODUCTION 
 The Walt Disney Company (“Disney”) has adopted this Disney Severance Pay Plan (hereinafter “Plan”) effective as of May 15, 2001.

 The Plan provides severance benefits under the circumstances described below to eligible employees (referred to as “Eligible
Employees”) of Disney and certain of its subsidiaries and Affiliates (collectively the “Company”). 
 SECTION 2. –
DEFINITIONS AND INTERPRETATIONS 
 The following definitions and interpretations of important terms apply to the Plan: 
 (a) Affiliate. A company or business organization which is affiliated with the Company as defined under Securities and Exchange Commission Rule
144(a)(1), as amended from time to time. 
 (b) COBRA. Continuation health care coverage under the Consolidated Omnibus Budget
Reconciliation Act of 1985. 
 (c) Company. Disney and any subsidiary or other Controlled Group Member of Disney that, with the
approval of the Plan Administrator and subject to such conditions as the Plan Administrator may impose, adopts the Plan. Any subsidiary or other Controlled Group Member will be considered to have adopted the Plan with the approval of the Plan
Administrator if it takes significant action that is consistent with the adoption of the Plan, Disney is aware of the action, and neither objects in writing to the action. The Plan Administrator or a subsidiary or Controlled Group Member may
terminate the subsidiary or Controlled Group Member’s participation in the Plan by written notice to each other. An entity will cease to be part of the Company, and will cease to participate in the Plan, after the date on which it ceases to be
a Controlled Group Member. 
 (d) Controlled Group Member. A member of a controlled group of corporations of which Disney is a member,
or an unincorporated trade or business that is under common control with Disney, all as determined under the Sections 414(b) and 414(c) of the Internal Revenue Code. 
 (e) Disney. The Walt Disney Company. 
 (f) Effective Date. May 15, 2001. 
 (g) Eligible Employee. As of his or her Layoff Date, an Employee 
  

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

  

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

  

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

 (h) Employee. Any person employed by the Company on or after the Effective Date as a regular, full-time employee on a
payroll maintained in the United States but excluding any employee included in a unit of employees covered by a collective bargaining agreement between the Company and employee representatives unless such bargain agreement provides for his or her
inclusion hereunder. If a collective bargaining agreement does provide for inclusion of a represented employee, his or her participation hereunder will be subject to such modification in Plan terms as may be provided in the applicable collective
bargaining agreement. 
 If a person is not treated by the Company as an employee, as conclusively evidenced by failure to withhold taxes
from payment made for services rendered, then such person is not considered an Employee under this Plan even if the person is determined to have been a common law employee of the Company by a court of law, a governmental agency or by any other body
or means. 
 (i) Employment Position. The classification of an Employee by job responsibility as either a Salaried or an Hourly
Employee, a Manager or a Director or Above. An Employee’s Employment Position will be determined by the Plan Administrator in its sole and absolute discretion, taking into consideration the following definitions: 
 Salaried or Hourly Employee: An Employee who is neither a Director or Above or a Manager. 
 Manager: An Employee with a title of manager or with a title or job responsibility comparable to that of a manager. 
 Director or Above: An Employee with a title of director or higher or with a title or job responsibility comparable to that of a director or higher
position. 
 (j) ERISA. The Employee Retirement Income Security Act of 1974, as amended from time to time. 
 (k) Layoff. The involuntary termination of employment of an Eligible Employee from the Company. In no event will an involuntary termination of
employment be considered a Layoff if the involuntary termination of employment is due to Reason. 
 (l) Layoff Date. An Eligible
Employee’s last day of employment on account of his or her layoff. 
 (m) Participant. An Eligible Employee who meets the
requirements for benefits under the Plan, as set forth in Section 3 of the Plan (entitled “How Do You Become Eligible for 

  

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Benefits?”) An individual will cease being a Participant once payment of all severance pay and other benefits due to such individual under the Plan has
been completed and no person will have any further rights under the Plan with respect to such former Participant. 
 (n) Plan
Administrator. The Senior Vice President Human Resources of Disney, or any successor appointed by the President or chief operating officer of Disney. 
 (o) Reason. Any one of the following reasons for the discharge or other involuntary termination of an Employee from the Company: 
  

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

  

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

  

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

  

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

  

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

  

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

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

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

  

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	 	(ii)	is an Affiliate of Disney; or 

  

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

 (q) WARN Act. Worker Adjustment and Retraining Notification Act. 
 (r) Weekly Base Pay. An Eligible Employee’s weekly rate of salary or wages as of his or her Layoff Date, as reflected in the records maintained by the Company’s payroll department, and will
(i) include any salary reduction contributions made on his or her behalf to any plan of the Company, or pursuant to a collective bargaining agreement, under Section 125 or 401(k) of the Internal Revenue Code of 1986, and (ii) excludes
bonuses, overtime pay, temporary assignment shift differentials, incentive compensation, Company contributions to or benefits paid from any employee retirement or welfare plan (other than salary reduction contributions to such a plan), and other
additional compensation or benefits provided by the Company and, except as provided below, commissions. 
 If a significant
portion of an Eligible Employee’s compensation is sales-based commissions, as determined by the Plan Administrator in its sole and absolute discretion, then the Employee’s Weekly base Pay will include any commissions actually paid (and not
merely accrued) to him or her by the Company during the last 24 full calendar month period of his or her last continuous period of employment with the Company prior to his or her Layoff Date, divided by 104. If an Eligible Employee’s last
continuous period of employment with the Company is less than 24 full calendar months, then the amount to be included in his or her Weekly Base Pay is the amount of sales-based commissions actually paid (and not merely accrued) to him or her by the
Company during the number of full calendar months of his or her last continuous period of employment with the Company prior to his or her Layoff Date, divided by the number of weeks within those full calendar months. 
 (s) Years of Service. The number of consecutive full 12 periods of an Eligible Employee’s employment with the Company and any Controlled
Group Member since his or her most recent hire date in which the Eligible Employee is paid by the Company or a Controlled Group Member for the performance of full-time services. Years of Service will be measured in full years and partial Years of
Service will be disregarded. If the Company has a bridging of service policy, any prior employment recognized for the Eligible Employee under that policy will be recognized under this Plan and added to the Eligible Employee’s most recent period
of employment to determine Years of Service except that Years of Service for which the Eligible Employee previously received severance pay from the Company or any Controlled Group Member pursuant to this Plan or any other severance or separation
program shall be disregarded. 
 SECTION 3. – HOW DO YOU BECOME ELIGIBLE FOR BENEFITS? 
 (a) Eligibility. You become eligible for benefits under the Plan (i.e., you become a “Participant”) if you are an Eligible Employee and
your employment termination is a Layoff. 
  

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 (b) Changed Decisions. The Company has the right to cancel a Layoff or reschedule a Layoff Date at
any time before your employment terminates. You will not become eligible for benefits under this Plan if your Layoff Date is cancelled or if you voluntarily terminate employment before the Layoff Date specified by the Company. 
 SECTION 4.– WHAT ARE YOUR BENEFITS UNDER THE PLAN? 
 If you are eligible for benefits under the Plan (i.e., you become a Participant), your benefits under the Plan will be as follows: 
 (a) Severance Pay. You will be entitled to receive severance pay under the Plan based on your Employment Position and Years of Service as of your Layoff Date, and which will be equal to the number of weeks
determined in accordance with whichever of the following schedules is applicable to you, multiplied by your Weekly Base Pay: 
 Salaried or Hourly
Employee 
  

					
	 Years of Service
	 	 Severance Pay
	  	 
	Less than 1 year	 	2 weeks	  	
	1 – 4 years	 	4 weeks	  	
	5 more years	 	1 week for each Year of Service, to a maximum of 52 weeks	  	

 Manager 
  

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

  

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 Director and Above 
  

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

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

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

  

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

  

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

 The WARN-required advance notice period is generally 60 days, but under certain unusual
circumstances, may be less. 
 (c) Outplacement Support Benefits. The Company in its sole and absolute discretion may arrange to
provide you with, and you may elect to utilize, outplacement counseling services from an outplacement firm selected by the Company. You must complete any outplacement program provided to you within one year after your Layoff Date. The Company will
pay the full cost of any such outplacement services provided to you. 
  

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 (d) Stay Bonus. In certain cases, you may be asked to stay with the Company for an extended period
prior to your Layoff Date. In such case, the Company may elect, in its sole discretion, to offer you a stay bonus to induce you to remain at work until your Layoff Date. Any such offer by the Company will be made by means of a written stay bonus
offer and may contain such contingencies or variations in Plan terms as the Company may determine. For example, a stay bonus may include increased severance pay or may be contingent upon your execution of an agreement releasing the Company from
liability for any and all claims specified in the agreement. 
 (e) Other Benefits 
  

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

  

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

 (f) Integration With Other Payments. If you are a
Participant (that is, you receive benefits under the Plan), you will not be entitled to receive any other severance, separation, notice or termination payments on account of your employment with the Company or any other Controlled Group Member. In
addition, benefits under this Plan are not intended to duplicate such benefits as workers’ compensation wage replacement benefits, disability benefits, pay-in-lieu-of-notice, severance pay, or similar benefits under other benefit plans,
severance programs, employment contracts, or applicable laws, such as the WARN Act and the Paid Leave In Lieu of Notice provisions of Section 4(b). Should such other benefits be payable, benefits payable to a Participant under this Plan will be
offset or, alternatively, benefits previously paid under this Plan will be treated as having been paid to satisfy such other benefit obligations. In either case, the Plan Administrator, in its sole discretion, will determine how to apply this
provision and may override other provisions in this Plan in doing so. 
 (g) Taxes. Employment and income taxes will be deducted or
withheld from benefits under the Plan to the extent required by law, as determined by the Company. 
  

 7 

 SECTION 5. – HOW AND WHEN WILL AMOUNTS BE PAID? 
 Any severance pay payable under Section 4(a) above will be paid to you in a single lump sum payment as soon as practicable following your Layoff
Date. 
 If you received your severance pay under Section 4(a) and you are rehired by the Company or any Controlled Group Member prior
to the expiration of your Severance Period you will be required to repay to the Company a portion of your severance pay. The portion of your severance pay that you will be required to repay will be equal to your Weekly Base Pay multiplied by the
number of weeks remaining in your Severance Period from and after your date of rehire by the Company or any Controlled Group Member. Your “Severance Period” is the number of weeks used to calculate your severance pay, as specified in the
schedule applicable to you under Section 4(a) above. 
 Any other benefits provided to you under Section 4(c) through 4(e) will be
provided to you at the time and by the means specified in such Sections. If you are rehired by the Company or any Controlled Group Member, you will not be required to repay any benefits you received under Sections 4(c) through 4(e), but any
provisions of a relocation agreement entered into between you and the Company which are still applicable will continue to apply during the period of your rehire and at your later termination of employment. 
 SECTION 6. – AMENDMENT AND TERMINATION 
 Disney, acting through its President in its nonfiduciary capacity as settler of the Plan, reserves the right, in its sole and absolute discretion, to terminate, amend or modify the Plan, in whole or in part, at any time and for any reason,
prospectively or retroactively and with or without advance notice. If the Plan is terminated, amended or modified, your right to participate in, or receive benefits under, the Plan may be changed or eliminated. 
 Neither the establishment of the Plan, or any modification thereof, nor the payment of any benefits hereunder, will be construed as giving to any
Participant, Employee (or any beneficiary of either), or other person any legal or equitable right against the Company or any officer, director or employee thereof, and in no event will the terms and conditions of employment by the Company of any
Employee be modified or in any way affected by the Plan. This Plan does not give any Employee any vested right to Plan benefits. 
 No
individual may become entitled to additional benefits or other rights under the Plan after the Plan is terminated. 
 SECTION 7. –
MISCELLANEOUS PROVISIONS 
 (a) Records. The records of the Company with respect to length of employment, employment history, base
pay, absences, and all other relevant matters may be conclusively relied on by the Plan Administrator. 
  

 8 

 (b) Governing Law. This Plan is an employee welfare benefit plan that is regulated by ERISA, a
federal law. To the extent, if any, that state laws apply to the Plan, California law shall apply (except to the extent it would require use of another state’s law). 
 (c) Severability. Should any provisions of the Plan be deemed or held to be unlawful or invalid for any reason, the balance of the Plan shall remain in effect, unless it is amended or terminated as provided in
Section 6. 
 (d) Incompetency. If the Plan Administrator finds that a Participant is unable to care for his or her affairs
because of illness or accident, then benefits payable hereunder, unless claim has been made therefor by a duly appointed guardian, committee, or other legal representative, may be paid in such manner as the Plan Administrator will determine, and
will constitute a complete discharge of all liability for any payments or benefit to which such Participants was or would have been otherwise entitled under the Plan. 
 (e) Assignment and Alienation. Except as required by law, the benefits payable under this Plan will not be subject to alienation, transfer, assignment, garnishment, execution or levy of any kind, and any
attempt to cause any benefits to be so subjected will not be recognized. 
 (f) Plan Not a Contract of Employment. Nothing contained
in the Plan will be held or construed to create any liability upon the Company to retain any Employee in its service. All Employees will remain subject to discharge or discipline to the same extent as if the Plan had not been put into effect.
Nothing in this Plan shall preclude the Company from terminating an Employee for any reason or no reason or preclude a person from being or continuing to be an at-will employee. 
 (g) Overpayments. If any overpayment is made under the Plan for any reason, the Plan Administrator will have the right to recover the overpayment.
The Participant shall cooperate fully with the Plan and return any overpayment. 
 SECTION 8. – WHAT ELSE DO YOU NEED TO KNOW ABOUT THE
PLAN? 
 (a) Claim Procedure. 
 If you are
a Participant in the Plan, you will automatically receive any benefits set forth under Section 4 of the Plan for which you are entitled. If you feel you have not been provided with all benefits to which you are entitled under the Plan, you may
file a written claim with the Plan Administrator with respect to your rights to receive benefits from the Plan. You will be informed of the Plan Administrator’s decision with respect to your claim within 90 days after it is filed. Under special
circumstances, the Plan Administrator may require an additional period of not more than 90 days to review your claim. If this occurs, you will be notified in writing as to the length of the extension, the reason for the extension, and any other
information needed in order to process your claim. 
  

 9 

 If your claim is denied, in whole or in part, you will be notified in writing of the specific reason for
the denial, the exact Plan provision on which the decision was based, what additional material or information is relevant to your claim, and what procedure you should follow to get your claim reviewed again. If you are not notified within 90-day (or
180-day, if so extended) period, you may consider your claim to be denied. In either case, you then have 60 days to appeal the decision to the Plan Administrator. 
 Your appeal must be submitted in writing. You may submit a written statement of issues and comments. 
 A
decision as to your appeal will be made within 60 days after the appeal is received. Under special circumstances, the Plan Administrator may require an additional period of not more than 60 days to review your appeal. If this occurs, you will be
notified in writing as to the length of the extension, not to exceed 120 days from the day on which your appeal was received. 
 If your
appeal is denied, in whole or in part, you will be notified in writing of the specific reason for the denial and the exact Plan provision on which the decision was based. The decision on your appeal will be final and binding on all parties and
persons affected thereby. If you are not notified within the 60-day (or 120-day, if extended) period you may consider your appeal as denied. 
 (b) Plan
Interpretation and Benefit Determination. 
 The Plan is administered and operated by the Plan Administrator, who has complete authority,
in such person’s sole and absolute discretion, to construe the terms of the Plan (and any related or underlying documents or policies), to interpret applicable law, to make findings of fact and to determine the eligibility for, and amount of,
benefits due under the Plan to Participants or any persons claiming benefits derivatively through them. All such interpretations and determinations of the Plan Administrator (whether of fact or law) will be final and binding upon all parties and
persons affected thereby. If challenged in a legal proceeding, the Plan Administrator’s interpretations and determinations will be reviewed under the most deferential abuse of discretion standard of review. 
 If, due to errors in drafting, any Plan provision does not accurately reflect its intended meaning, as demonstrated by consistent interpretations or
other evidence of intent, or as determined by the Plan Administrator in its sole and absolutely discretion, the provision shall be considered ambiguous and shall be interpreted by the Plan Administrator in a fashion consistent with its intent, as
determined in the sole and absolute discretion of the Plan Administrator. 
 This Section 8(b) may not be invoked by you or any person
to require the Plan to be interpreted in a manner inconsistent with its interpretation by the Plan Administrator. 
  

 10 

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

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

  

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

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

 If you have a claim for benefits hereunder which is denied or ignored, in whole or in part, you may file suit in a state or federal court.
If it should happen that Plan fiduciaries misuse the plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file a suit in a federal court. The court
will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your
claim is frivolous. 
 If you have any questions about the Plan, you should contact the Plan Administrator. If you have any questions about
this statement or about your rights under ERISA, you should contact the nearest office of the Pension and Welfare Benefits Administrator, U.S. Department of Labor, listed in the telephone directory or the Division of Technical Assistance and
Inquiries, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the
publications hotline of the Pension and Welfare Benefits Administration. 
  

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 (d) Other Important Facts. 
  

			
	OFFICIAL NAME OF THE PLAN:	  	Disney Severance Pay Plan
		
	SPONSOR:	  	The Walt Disney Company
		  	500 South Buena Vista Street
		  	Burbank, CA 91521
		
	EMPLOYER IDENTIFICATION NUMBER (EIN):	  	95-4545390
		
	PLAN NUMBER:	  	513
		
	TYPE OF PLAN:	  	Employee Welfare Severance Benefit Plan
		
	END OF PLAN YEAR:	  	December 31
		
	TYPE OF ADMINISTRATION:	  	Employer Administered
		
	PLAN ADMINISTRATOR:	  	Senior Vice President Human Resources
		  	The Walt Disney Company
		  	500 South Buena Vista Street
		  	Burbank, CA 91521
		  	(818) 560-1000
		
	EFFECTIVE DATE:	  	May 15, 2001

  

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

 13Change in Control Agreement

 Exhibit 10.25 
 CHANGE IN CONTROL AGREEMENT 
 THIS
CHANGE IN CONTROL AGREEMENT (“Agreement”) is entered into effective as of November 8, 2007, by and between VARIAN, INC., a Delaware corporation (the “Company”)1, and Sean M. Wirtjes, an employee of the Company (“Employee”). 
 The Company’s Board
of Directors (the “Board”) has determined that it is in the best interest of the Company and its stockholders for the Company to agree to pay Employee termination compensation in the event Employee should leave the employ of the Company
under the circumstances described below. The Board recognizes that the possibility of a proposal from a third person, whether or not solicited by the Company, concerning a possible “Change in Control” of the Company (as such language is
defined in Section 3(d)) will be unsettling to Employee. Therefore, the arrangements set forth in this Agreement are being made to help assure a continuing dedication by Employee to Employee’s duties to the Company notwithstanding the
proposal or occurrence of a Change in Control. The Board believes it imperative, should the Company receive any proposal from a third party, that Employee, without being influenced by the uncertainties of Employee’s own situation, be able to
assess and advise the Board whether such proposals are in the best interest of the Company and its stockholders, and to enable Employee to take action regarding such proposals as the Board might determine to be appropriate. The Board also wishes to
demonstrate to key personnel that the Company desires to enhance management relations and its ability to retain and, if needed, to attract new management, and intends to ensure that loyal and dedicated management personnel are treated fairly.

 In view of the foregoing, the Company and Employee agree as follows: 
 1. EFFECTIVE DATE AND TERM OF AGREEMENT. 
 This Agreement is effective and binding on the Company and
Employee as of the date hereof; provided, however, that, subject to Section 2(d), the provisions of Sections 3 and 4 shall become operative only upon the Change in Control Date. 
 2. EMPLOYMENT OF EMPLOYEE. 
 (a) Except as provided in
Sections 2(b), 2(c) and 2(d), nothing in this Agreement shall affect any right which Employee may otherwise have to terminate Employee’s employment, nor shall anything in this Agreement affect any right which the Company may have to terminate
Employee’s employment at any time in any lawful manner. 
  

	 1
	 “Company” shall include the Company, any successor to the Company’s
business and/or assets, and any party which executes and delivers the agreement required by Section 7(e) or which otherwise becomes bound by the terms and conditions of this Agreement by operation of law or otherwise.

 (b) In the event of a Potential Change in Control, to be entitled to receive the benefits provided by
this Agreement, Employee will not voluntarily leave the employ of the Company, and will continue to perform Employee’s regular duties and the services specified in the recitals of this Agreement until the Change in Control Date. Should Employee
voluntarily terminate employment prior to the Change in Control Date, this Agreement shall lapse upon such termination and be of no further force or effect. 
 (c) If Employee’s employment terminates on or after the Change in Control Date, the Company will provide to Employee the payments and benefits as provided in Sections 3 and 4. 
 (d) If Employee’s employment is terminated by the Company prior to the Change in Control Date but on or after a Potential Change in Control Date,
then the Company will provide to Employee the payments and benefits as provided in Sections 3 and 4 unless the Company reasonably demonstrates that Employee’s termination of employment neither (i) was at the request of a third party who
has taken steps reasonably calculated to effect a Change in Control nor (ii) arose in connection with or in anticipation of a Change in Control. Solely for purposes of determining the timing of payments and the provision of benefits in Sections
3 and 4 under the circumstances described in this Section 2(d), Employee’s date of termination shall be deemed to be the Change in Control Date. 
 3. TERMINATION FOLLOWING CHANGE IN CONTROL. 
 (a) If a Change in Control shall have occurred, Employee shall be entitled to
the benefits provided in Section 4 upon the subsequent termination of Employee’s employment within the applicable period set forth in Section 4 unless such termination is due to Employee’s death or Disability or is for Cause or
is effected by Employee other than for Good Reason (as such terms are defined in Section 3(d)). 
 (b) If following a Change in Control,
Employee’s employment is terminated by reason of Employee’s death or Disability, Employee shall be entitled to death or long-term disability benefits from the Company no less favorable than the most favorable benefits to which Employee
would have been entitled had the death or Disability occurred at any time during the period commencing one (1) year prior to the Change in Control. 
 (c) If Employee’s employment shall be terminated by the Company for Cause or by Employee other than for Good Reason during the term of this Agreement, the Company shall pay Employee’s Base Salary through the
date of termination at the rate in effect at the time notice of termination is given, and the Company shall have no further obligations to Employee under this Agreement. 
 (d) For purposes of this Agreement: 
 “Base Salary” shall mean the annual base salary paid to
Employee immediately prior to a Change in Control, provided that such amount shall in no event be less than the annual base salary paid to Employee during the one (1) year period immediately prior to the Change in Control. 
  

 2 

 A “Change in Control” shall be deemed to have occurred if: 
 (i) Any individual or group constituting a “person”, as such term is used in Sections l3(d) and l4(d)(2) of the Exchange Act (other than
(A) the Company or any of its subsidiaries or (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of any of its subsidiaries), is or becomes the beneficial owner, directly or indirectly,
of securities of the Company representing thirty percent (30%) or more of the combined voting power of the Company’s outstanding securities then entitled ordinarily (and apart from rights accruing under special circumstances) to vote for
the election of directors; or 
 (ii) Continuing Directors cease to constitute at least a majority of the Board; or 
 (iii) there occurs a reorganization, merger, consolidation or other corporate transaction involving the Company (a “Transaction”), in each case
with respect to which the stockholders of the Company immediately prior to such Transaction do not, immediately after the Transaction, own more than 50% of the combined voting power of the Company or other corporation resulting from such
Transaction; or 
 (iv) all or substantially all of the assets of the Company are sold, liquidated or distributed; 
 provided, however, that a “Change in Control” shall not be deemed to have occurred under this Agreement if, prior to the occurrence of a specified event
that would otherwise constitute a Change in Control hereunder, the disinterested Continuing Directors then in office, by a majority vote thereof, determine that the occurrence of such specified event shall not be deemed to be a Change in Control
with respect to Employee hereunder if the Change in Control results from actions or events in which Employee is a participant in a capacity other than solely as an officer, employee or director of the Company. 
 “Change in Control Date” shall mean the date on which a Change in Control occurs. 
 “Cause” shall mean: 
 (i) The
continued willful failure of Employee to perform Employee’s duties to the Company (other than any such failure resulting from Employee’s incapacity due to physical or mental illness) after written notice thereof (specifying the particulars
thereof in reasonable detail) and a reasonable opportunity to be heard and cure such failure are given to Employee by the Board or a committee thereof; or 
 (ii) The willful commission by Employee of a wrongful act that caused or was reasonably likely to cause substantial damage to the Company, or an act of fraud in the performance of Employee’s duties on behalf of
the Company; or 
 (iii) The conviction of Employee for commission of a felony in connection with the performance of Employee’s duties
on behalf of the Company; or 
 (iv) The order of a federal or state regulatory authority having jurisdiction over the Company or its
operations or by a court of competent jurisdiction requiring the termination of Employee’s employment by the Company. 
  

 3 

 “Continuing Directors” shall mean the directors of the Company in office on the date hereof and
any successor to any such director who was nominated or selected by a majority of the Continuing Directors in office at the time of the director’s nomination or selection and who is not an “affiliate” or “associate” (as
defined in Regulation 12B under the Exchange Act) of any person who is the beneficial owner, directly or indirectly, of securities representing ten percent (10%) or more of the combined voting power of the Company’s outstanding securities
then entitled ordinarily to vote for the election of directors. 
 “Disability” shall mean Employee’s incapacity due to
physical or mental illness such that Employee shall have become qualified to receive benefits under the Company’s long-term disability plan as in effect on the date of the Change in Control. 
 “Dispute” shall mean, in the case of termination of Employee’s employment for Disability or Cause, that Employee challenges the existence
of Disability or Cause, and in the case of termination of Employee’s employment for Good Reason, that the Company challenges the existence of Good Reason for termination of Employee’s employment. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Good Reason” shall mean: 
 (i) The
assignment of Employee to duties which are materially different from Employee’s duties immediately prior to the Change in Control and which result in a material reduction in Employee’s authority and responsibility when compared to the
highest level of authority and responsibility assigned to Employee at any time during the six (6) month period prior to the Change in Control Date; or 
 (ii) A reduction of Employee’s total compensation as the same may have been increased from time to time after the Change in Control Date other than (A) a reduction implemented with the consent of Employee or
(B) a reduction that is generally comparable (proportionately) to compensation reductions imposed on senior executives of the Company generally; or 
 (iii) The failure to provide to Employee the benefits and perquisites, including participation on a comparable basis in the Company’s stock option, incentive, and other similar plans in which employees of the
Company of comparable title and salary grade participate, as were provided to Employee immediately prior to a Change in Control, or with a package of benefits and perquisites that are substantially comparable in all material respects to such
benefits and perquisites provided prior to the Change in Control; or 
 (iv) The relocation of the office of the Company where Employee is
employed immediately prior to the Change in Control Date (the “CIC Location”) to a location which is more than 50 miles away from the CIC Location or the Company’s requiring Employee to be based more than 50 miles away from the CIC
Location (except for required travel on the Company’s business to an extent substantially consistent with Employee’s customary business travel obligations in the ordinary course of business prior to the Change in Control Date); or

  

 4 

 (v) The failure of the Company to obtain promptly upon any Change in Control the express written
assumption of an agreement to perform this Agreement by any successor as contemplated in Section 7(e); or 
 (vi) The attempted
termination of Employee’s employment for Cause on grounds insufficient to constitute a basis of termination for Cause under this Agreement; or 
 (vii) The failure of the Company to promptly make any payment into escrow when so required by Section 3(f). 
 “Potential
Change in Control” shall mean the earliest to occur of (a) the execution of an agreement or letter of intent, the consummation of the transactions described in which would result in a Change in Control, (b) the approval by the Board
of a transaction or series of transactions, the consummation of which would result in a Change in Control, or (c) the public announcement of a tender offer for the Company’s voting stock, the completion of which would result in a Change in
Control; provided, that no such event shall be a “Potential Change in Control” unless (i) in the case of any agreement or letter of intent described in clause (a), the transaction described therein is subsequently consummated
by the Company and the other party or parties to such agreement or letter of intent and thereupon constitutes a “Change in Control”, (ii) in the case of any Board-approved transaction described in clause (b), the transaction so
approved is subsequently consummated and thereupon constitutes a “Change in Control” or (iii) in the case of any tender offer described in clause (c), such tender offer is subsequently completed and such completion thereupon
constitutes a “Change in Control”. 
 “Potential Change in Control Date” shall mean the date on which a Potential Change
in Control occurs. 
 (e) Any termination of employment by the Company or by Employee shall be communicated by written notice, specify the
date of termination, state the specific basis for termination and set forth in reasonable detail the facts and circumstances of the termination in order to provide a basis for determining the entitlement to any payments under this Agreement.

 (f) If within thirty (30) days after notice of termination is given, the party to whom the notice was given notifies the other party
that a Dispute exists, the parties will promptly pursue resolution of such Dispute with reasonable diligence; provided, however, that pending resolution of any such Dispute, the Company shall pay 75% of any amounts which would otherwise be
due Employee pursuant to Section 4 if such Dispute did not exist into escrow pending resolution of such Dispute and pay 25% of such amounts to Employee. Employee agrees to return to the Company such amounts to which it is ultimately determined
that he is not entitled. 
 4. PAYMENTS AND BENEFITS UPON TERMINATION. 
 (a) If within eighteen (18) months after a Change in Control, the Company terminates Employee’s employment other than by reason of Employee’s death, Disability or for Cause, or if Employee terminates
Employee’s employment for Good Reason, then the Employee shall be entitled to the following payments and benefits, subject to Section 5 below: 
  

 5 

 (i) The Company shall pay to Employee as compensation for services rendered, no later than five
(5) business days following the date of termination, a lump sum severance payment equal to 2.00 multiplied by the sum of (A) Employee’s Base Salary, and (B) the highest annual bonus that was paid to Employee in any of the three
fiscal years ending prior to the date of termination under the Company’s Management Incentive Plan (the “MIP”). 
 (ii) The
Company shall pay to Employee as compensation for services rendered, no later than five (5) business days following the date of termination, a lump sum payment equal to a pro rata portion (based on the number of days elapsed during the fiscal
year in which the termination occurs) of Employee’s target bonus under the MIP for the fiscal year in which the termination occurs. 
 (iii) The Company shall pay to Employee as compensation for services rendered, no later than five (5) business days following the date of termination, a lump sum payment equal to 100% of Employee’s target bonus (without pro
rating) under the MIP for any multi-year performance period not yet completed prior to the date of termination. 
 (iv) The Company shall pay
to Employee as compensation for services rendered, as soon as reasonably practicable following the date of termination but in no event later than the date that is two-and-one-half months from the end of the Company’s fiscal year in which the
termination occurs, a lump sum payment equal to Employee’s earned but unpaid bonus under the MIP for any completed single- and multi-year performance period. 
 (v) All waiting periods for the exercise of any stock options granted to Employee and all conditions or restrictions of any restricted stock granted to Employee shall terminate, and all such options shall be
exercisable in full according to their terms, and the restricted stock shall be transferred to Employee as soon as reasonably practicable thereafter. 
 (vi) Employee shall vest in one hundred percent (100%) of the performance shares subject to his or her performance share awards, if any, and the payment of such vested performance shares shall be made as soon as
reasonably practicable following the date of termination in accordance with the provisions of the applicable performance share award. For this purpose, if the Change of Control occurs during a performance period applicable to a performance share
award, the “performance shares subject to his or her performance share awards” shall be deemed to be one hundred percent (100%) of the Target Number of Performance Shares (as set forth in the applicable performance share award).

 (vii) With respect to any outstanding awards issued under the Company’s stock plans other than award types addressed in Sections
4(a)(v) and (vi) above, Employee shall immediately vest in and have the right to exercise such awards, all restrictions shall lapse, and all performance goals or other vesting criteria shall be deemed achieved at target levels and all other
terms and conditions met. Such awards shall be paid or otherwise settled as soon as reasonably practicable following the date of termination or, if later, the date of exercise. 
 (viii) Employee’s participation as of the date of termination in the life, medical/dental/vision and disability insurance plans of the Company shall
be continued on the same terms (including any cost sharing) as if Employee were an employee of the Company (or equivalent benefits shall be provided) until the earlier of Employee’s commencement of substantially equivalent full-time employment
with a new employer or twenty-four (24) months after the date of termination. In the event Employee shall die before the expiration of the period during which the Company is required to continue Employee’s participation in such insurance
plans, the participation of Employee’s surviving spouse and family in the Company’s insurance plans shall continue throughout such period. 
  

 6 

 (ix) Employee may elect upon termination to purchase any automobile then in the possession of Employee
and subject to a lease of which the Company is the lessor by payment to the Company of the residual value set forth in the lease, without any increase for remaining lease payments during the term or other lease breakage costs. Employee may elect to
have any such payment deducted from any payments due the Employee hereunder. 
 (x) The entire balance credited to Employee’s account
under the Company’s Supplemental Retirement Plan shall, no later than five (5) business days following the date of termination, be paid lump sum in cash to Employee. 
 (xi) The termination of Employee’s employment with the Company shall constitute a “retirement” from the Company for purposes of all
Company compensation and benefits plans and programs to the extent Employee is otherwise eligible for “retirement” as defined by the Company immediately prior to the Change in Control. 
 (xii) All payments and benefits provided under this Agreement shall be subject to applicable tax withholding. 
 (b) Following Employee’s termination of employment for any reason, the Company shall have the unconditional right to reduce any payments owed to
Employee hereunder by the amount of any due and unpaid principal and interest on any loans by the Company to Employee and Employee hereby agrees and consents to such right on the part of the Company. 
 5. SECTION 409A. 
 (a) Notwithstanding anything to the
contrary in this Agreement, if Employee is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the final regulations and any guidance promulgated
thereunder (“Section 409A”) at the time of Employee’s termination (other than due to death), then the severance benefits payable to Employee under this Agreement, if any, and any other severance payments or separation benefits that
may be considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”) otherwise due to Employee on or within the six (6) month period following Employee’s termination shall
accrue during such six (6) month period and shall become payable in a lump sum payment on the date six (6) months and one (1) day following the date of Executive’s termination of employment. All subsequent payments, if any, shall
be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Employee dies following his or her termination but prior to the six month anniversary of his or her date of
termination, then any payments delayed in accordance with this paragraph shall be payable in a lump sum as soon as administratively practicable after the date of Employee’s death and all other Deferred Compensation Separation Benefits shall be
payable in accordance with the payment schedule applicable to each payment or benefit. 
  

 7 

 (b) It is the intent of this Agreement to comply with the requirements of Section 409A so that none
of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein shall be interpreted to so comply. The Company and Employee agree to work together in
good faith to consider amendments to this Agreement and to take such reasonable actions as are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition under Section 409A prior to actual payment to
Employee 
 6. GROSS-UP PAYMENT. 
 (a)
Notwithstanding anything herein to the contrary, if it is determined that any Payment would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or any interest or
penalties with respect to such excise tax (such excise tax, together with any interest or penalties thereon, is herein referred to as an “Excise Tax”), then Employee shall be entitled to an additional payment (a “Gross-Up
Payment”) in an amount that will place Employee in the same after-tax economic position that Employee would have enjoyed if the Excise Tax had not applied to the Payment. The amount of the Gross-Up Payment shall be determined by a
nationally-recognized independent public accounting firm designated by agreement between Employee and the Company (the “Accounting Firm”). No Gross-Up Payments shall be payable hereunder if the Accounting Firm determines that the Payments
are not subject to an Excise Tax. 
 “Payment” means (i) any amount due or paid to Employee under this Agreement,
(ii) any amount that is due or paid to Employee under any plan, program or arrangement of the Company and its subsidiaries and (iii) any amount or benefit that is due or payable to Employee under this Agreement or under any plan, program
or arrangement of the Company and its subsidiaries not otherwise covered under clause (i) or (ii) hereof which must reasonably be taken into account under Section 280G of the Code in determining the amount the “parachute
payments” received by Employee, including, without limitation, any amounts which must be taken into account under Section 280G of the Code as a result of (A) the acceleration of the vesting of any option, restricted stock or other
equity award, (B) the acceleration of the time at which any payment or benefit is receivable by Employee or (C) any contingent severance or other amounts that are payable to Employee. 
 (b) Subject to the provisions of Section 6(c), all determinations required under this Section 6, including whether a Gross-Up Payment is
required, the amount of the Payments constituting excess parachute payments, and the amount of the Gross-Up Payment, shall be made by the Accounting Firm, which shall provide detailed supporting calculations both to Employee and the Company within
fifteen days of the date reasonably requested by Employee or the Company on which a determination under this Section 6 is necessary or advisable. The Company shall pay to Employee the initial Gross-Up Payment within 5 days of the receipt by
Employee and the Company of the determination of the Accounting Firm. If the Accounting Firm determines that no Excise Tax is payable by Employee, the Company shall cause its accountants to provide Employee with an opinion that the Accounting Firm
has substantial authority under the Code not to report an Excise Tax on Employee’s Federal income tax return. Any determination by the Accounting Firm shall be binding upon Employee and the Company. If the initial Gross-Up Payment is
insufficient to cover the amount of the Excise Tax that is ultimately determined to be owing by Employee with respect to any Payment (hereinafter an “Underpayment”), the Company, after exhausting its remedies under Section 6(c) below,
shall promptly pay to Employee an additional Gross-Up Payment in respect of the Underpayment. 
  

 8 

 (c) Employee shall notify the Company in writing of any claim by the Internal Revenue Service that, if
successful, would require the payment by the Company of a Gross-Up Payment. Such notice shall be given as soon as practicable after Employee knows of such claim and shall apprise the Company of the nature of the claim and the date on which the claim
is requested to be paid. Employee agrees not to pay the claim until the expiration of the thirty (30) day period following the date on which Employee notifies the Company, or such shorter period ending on the date the Taxes with respect to such
claim are due (the “Notice Period”). If the Company notifies Employee in writing prior to the expiration of the Notice Period that it desires to contest the claim, Employee shall: (i) give the Company information reasonably requested
by the Company relating to the claim; (ii) take such action in connection with the claim as the Company may reasonably request, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably
selected by the Company and reasonably acceptable to Employee; (iii) cooperate with the Company in good faith in contesting the claim; and (iv) permit the Company to participate in any proceedings relating to the claim. Employee shall
permit the Company to control all proceedings related to the claim and, at its option, permit the Company to pursue or forgo any and all administrative appeals, proceedings, hearings, and conferences with the taxing authority in respect of such
claim. If requested by the Company, Employee agrees either to pay the tax claimed and sue for refund or contest the claim in any permissible manner and to prosecute such contest to a determination before any administrative tribunal, in a court of
initial jurisdiction and in one or more appellate courts as the Company shall determine; provided, however, that, if the Company directs Employee to pay such claim and pursue a refund, the Company shall advance the amount of such payment to
Employee on an after-tax and interest-free basis (an “Advance”). The Company’s control of the contest related to the claim shall be limited to the issues related to the Gross-Up Payment and Employee shall be entitled to settle or
contest, as the case may be, any other issues raised by the Internal Revenue Service or other taxing authority. If the Company does not notify Employee in writing prior to the end of the Notice Period of its desire to contest the claim, the Company
shall pay to Employee an additional Gross-Up Payment in respect of the excess parachute payments that are the subject of the claim, and Employee agrees to pay the amount of the Excise Tax that is the subject of the claim to the applicable taxing
authority in accordance with applicable law. 
 (d) If, after receipt by Employee of an Advance, Employee becomes entitled to a refund with
respect to the claim to which such Advance relates, Employee shall pay the Company the amount of the refund (together with any interest paid or credited thereon after Taxes applicable thereto). If, after receipt by Employee of an Advance, a
determination is made that Employee shall not be entitled to any refund with respect to the claim and the Company does not promptly notify Employee of its intent to contest the denial of refund, then the amount of the Advance shall not be required
to be repaid by Employee and the amount thereof shall offset the amount of the additional Gross-Up Payment then owing to Employee. 
 (e) The
Company shall indemnify Employee and hold Employee harmless, on an after-tax basis, from any costs, expenses, penalties, fines, interest or other liabilities (“Losses”) incurred by Employee with respect to the exercise by the Company of
any of its rights under this Section 6, including, without limitation, any Losses related to the Company’s decision to contest a claim or any imputed income to Employee resulting from any Advance or action taken on Employee’s behalf
by the Company hereunder. The Company shall pay all legal fees and expenses incurred under this Section 6, and shall promptly reimburse Employee for the reasonable expenses incurred by Employee in connection with any actions taken by the
Company or required to be taken by Employee hereunder. The Company shall also pay all of the fees and expenses of the Accounting Firm, including, without limitation, the fees and expenses related to the opinion referred to in Section 6(b).

  

 9 

 7. GENERAL. 
 (a) Employee shall retain in confidence under the conditions of the Company’s confidentiality agreement with Employee any proprietary or other confidential information known to Employee concerning the Company and its business so long
as such information is not publicly disclosed and disclosure is not required by an order of any governmental body or court. If required, Employee shall return to the Company any memoranda, documents or other materials proprietary to the Company.

 (b) While employed by the Company and following the termination of such employment (other than a termination of employment by Employee for
Good Reason or by the Company other than for Cause) for a period of two (2) years, Employee shall not, whether for Employee’s own account or for the account of any other individual, partnership, firm, corporation or other business
organization, intentionally solicit, endeavor to entice away from the Company or a subsidiary of the Company (each, a “Protected Party”), or otherwise interfere with the relationship of a Protected Party with, any person who is employed by
a Protected Party or any person or entity who is, or was within the then most recent twelve (12) month period, a customer or client of a Protected Party. 
 Employee acknowledges that a breach of any of the covenants contained in this Section 7(b) may result in material irreparable injury to the Company for which there is no adequate remedy at law, that it may not be
possible to measure damages for such injuries precisely and that, in the event of such a breach, any payments remaining under the terms of this Agreement shall cease and the Company may be entitled to obtain a temporary restraining order and/or a
preliminary or permanent injunction restraining Employee from engaging in activities prohibited by this Section 7(b) or such other relief as may be required to specifically enforce all of the covenants in this Section 7(b). Employee agrees
to and hereby does submit to in personam jurisdiction before each and every such court in the State of California, County of Santa Clara, for that purpose. This Section 7(b) shall survive any termination of this Agreement. 
 (c) If litigation is brought by Employee to enforce or interpret any provision contained in this Agreement, the Company shall indemnify Employee for
Employee’s reasonable attorney’s fees and disbursements incurred in such litigation and pay prejudgment interest on any money judgment obtained by Employee calculated at the prime rate of interest in effect from time to time at the Bank of
America, San Francisco, from the date that payment should have been made under the Agreement, provided that Employee shall not have been found by the court in which such litigation is pending to have had no cause in bringing the action, or to have
acted in bad faith, which finding must be final with the time to appeal therefrom having expired and no appeal having been taken. 
  

 10 

 (d) Except as provided in Section 4, the Company’s obligation to pay to Employee the
compensation and to make the arrangements provided in this Agreement shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, any setoff, counterclaim, recoupment, defense or other right which
the Company may have against Employee or anyone else. All amounts payable by the Company hereunder shall be paid without notice or demand. Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking
other employment. 
 (e) The Company shall require any successor, whether direct or indirect, by purchase, merger, consolidation or
otherwise, to all or substantially all of the business and/or assets of the Company, by written agreement to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform
it if no such succession had taken place. 
 (f) This Agreement shall inure to the benefit of and be enforceable by Employee’s heirs,
successors and assigns. If Employee should die while any amounts would still be payable to Employee hereunder if Employee had continued to live, all such amounts shall be paid in accordance with the terms of this Agreement to Employee’s heirs,
successors and assigns. 
 (g) For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall
be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed as follows: 
  

			
	If to Employee:	  	If to the Company:
		
	To the last address on record	  	Varian, Inc.
	with the Company	  	3120 Hansen Way
		  	Palo Alto, CA 94304-1030
		  	Attn: Vice President, Human Resources

 or to such other address as either party furnishes to the other in writing in accordance herewith, except that
notices of change of address shall be effective only upon receipt. 
 (h) This Agreement, together with any equity award agreement, shall
constitute the entire agreement between Employee and the Company concerning the subject matter of this Agreement. With respect to equity awards granted on or after the date of this Agreement, the acceleration of vesting provided for herein shall
apply to such awards except to the extent otherwise explicitly provided in the applicable equity award agreement. 
 (i) The validity,
interpretation, construction and performance of this Agreement shall be governed by the laws of the State of California without giving effect to the provisions, principles or policies thereof relating to choice or conflict of laws. The invalidity or
unenforceability of any provision of this Agreement in any circumstance shall not affect the validity or enforceability of such provision in any other circumstance or the validity or enforceability of any other provision of this Agreement, and,
except to the extent such provision is invalid or unenforceable, this Agreement shall remain in full force and effect. Any provision in this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective only to the extent of such prohibition or unenforceability without invalidating or affecting the remaining provisions hereof in such jurisdiction, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. This Section 7(i) shall survive any termination of this Agreement. 
  

 11 

 (j) This Agreement may be terminated by the Company pursuant to a resolution adopted by the Board at any
time prior to a Potential Change in Control Date. After a Change in Control Date or a Potential Change in Control Date, this Agreement may only be terminated with the consent of Employee. 
 (k) No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party
which are not expressly set forth in this Agreement and this Agreement shall supersede all prior agreements, negotiations, correspondence, undertakings and communications of the parties, oral or written, with respect to the subject matter hereof,
including, without limitation, the Change in Control Agreement between Employee and the Company dated as of July 1, 2004. 
 IN WITNESS
WHEREOF, the parties acknowledge that they have read and understand the terms of this Agreement and have executed this Agreement to be effective as of November 8, 2007. 
  

									
	VARIAN, INC.	 		 	EMPLOYEE
			
	 /s/ Arthur W. Homan
	 		 	 /s/ Sean M. Wirtjes

	By:	 	Arthur W. Homan	 		 	Sean M. Wirtjes
	Title:	 	Senior Vice President, General Counsel	 		 		 	
		 	and Secretary	 		 		 	

  

 12

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