Document:

Amendment No. 3 to Rights Agreement

 Exhibit 4.1 
 AMENDMENT NO. 3 TO RIGHTS AGREEMENT 
 This AMENDMENT NO. 3
TO RIGHTS AGREEMENT (this “Amendment”), dated as of August 31, 2009, is made and entered into by and between Marvel Entertainment, Inc., a Delaware
corporation (the “Company”), and American Stock Transfer & Trust Company, as rights agent (the “Rights Agent”). Capitalized terms not otherwise defined in this Amendment shall have the
meaning ascribed to such terms in the Rights Agreement (as defined below).
 WHEREAS, the Company and
the Rights Agent previously entered into that certain Rights Agreement, dated as of August 22, 2000 (the “Rights Agreement”) as amended by that certain Amendment to Rights Agreement, dated November 30, 2001, and
that certain Amendment No. 2 to Rights Agreement, dated as of October 7, 2002; 
 WHEREAS, the
Company proposes to enter into an Agreement and Plan of Merger (the “Merger Agreement”), with The Walt Disney Company, a Delaware corporation (“Parent”), Maverick Acquisition Sub, Inc., a
Delaware corporation and wholly-owned subsidiary of Parent (“Merger Sub”) and Maverick Merger Sub, LLC a single member Delaware limited liability company and wholly owned subsidiary of Parent, pursuant to which:
(i) Merger Sub will be merged with and into the Company (the “Merger”) and the separate corporate existence of Merger Sub will cease; and (ii) in connection with the Merger, certain stockholders of the Company will
enter into Voting Agreements with Parent (the “Voting Agreements”); 
 WHEREAS,
the Board of Directors of the Company has determined that, in connection with the execution of the Merger Agreement, it is necessary and desirable to amend the Rights Agreement to exempt, among other things, the Merger Agreement, the Voting
Agreements, the approval, execution, delivery and amendment thereof and the transactions contemplated thereby, including, without limitation, the Merger, from the application of the Rights Agreement, in each case as set forth in this Amendment; and

 WHEREAS, (i) Section 26 of the Rights Agreement provides that the Company may in its sole
and absolute discretion, and the Rights Agent shall, if the Company so directs, supplement or amend any provision of the Rights Agreement in any respect without the approval of any holders of Rights, Common Shares or 8% Preferred Shares;
(ii) pursuant to the terms of the Rights Agreement and in accordance with Section 26 thereof, the Company has directed that the Rights Agreement should be amended and supplemented as set forth in this Amendment prior to the execution of
the Merger Agreement; and (iii) pursuant to Section 26 of the Rights Agreement, an appropriate officer of the Company has delivered a certificate to the Rights Agent stating that this Amendment complies with the terms of Section 26 of
the Rights Agreement. 

 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties
hereby agree as follows: 
 1. Amendments to Rights Agreement. 
  

	 	(a)	The definition of “Acquiring Person” in Section 1.1 of the Rights Agreement is amended by inserting the following as a new paragraph at the end of such definition:

 “Notwithstanding anything in this Section 1.1 or this Agreement to the contrary neither The Walt Disney Company,
a Delaware corporation (“Parent”), nor Maverick Acquisition Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (“Merger Sub”) nor Maverick Merger Sub, LLC, a
single member Delaware limited liability company and wholly owned subsidiary of Parent (“LLC”), nor any of their respective Affiliates or Associates, either individually or together, shall be deemed to be or become an
“Acquiring Person” solely by virtue of, or as a result of (i) the approval, execution, delivery and amendment of the Agreement and Plan of Merger, dated as of August 31, 2009, by and among the Company, Parent,
Merger Sub and LLC (the “Merger Agreement”), (ii) the approval, execution, delivery and amendment of the Voting Agreement, dated as of August 31, 2009, by and between Parent and certain stockholders of the Company
(together with the Merger Agreement, the “Transaction Documents”), (iii) the public announcement of the Transaction Documents or any of the transactions contemplated thereby, including, but not limited to, the Merger (as
defined in the Merger Agreement), and (iv) the performance or consummation of the transactions contemplated by the Transaction Documents, including, without limitation, the Merger (the foregoing actions being referred to as the
“Permitted Events”).” 
  

	 	(b)	The definitions of “Beneficial Owner” and “beneficially own” in Section 1.3 of the Rights Agreement are amended to add the following sentence at the end
thereof: 

 “Notwithstanding anything in this Section 1.3 or this Agreement to the contrary, neither Parent, nor
Merger Sub, nor LLC, nor any of their respective Affiliates or Associates, either individually or together, shall be deemed to be a ‘Beneficial Owner’ of, or to ‘beneficially own’, any securities solely by virtue of, or as a
result of, any Permitted Event.” 
  

	 	(c)	The definition of “Shares Acquisition Date” in Section 1.10 of the Rights Agreement is amended to add the following sentence at the end thereof:

 “Notwithstanding anything in this Section 1.10 or this Agreement to the contrary, a Shares Acquisition Date shall
not be deemed to have occurred solely by virtue of, or as a result of, any Permitted Event.” 
  

	 	(d)	The definition of “Trigger Event” in Section 1.12 of the Rights Agreement is amended to add the following sentence at the end thereof: 

 “Notwithstanding anything in this Section 1.12 or this Agreement to the contrary, a Trigger Event shall not be deemed to have occurred solely by
virtue of, or as a result of, any Permitted Event.” 

	 	(e)	Section 3.1 of the Rights Agreement is hereby deleted in its entirety and restated as follows: 

 Rights Represented by Share Certificates. Until the earlier of (i) the tenth day after the Shares Acquisition Date or (ii) the tenth Business
Day after the date of the commencement of, or first public announcement of the intent of any Person (other than an Exempt Person) to commence, a tender or exchange offer the consummation of which would result in any Person (other than an Exempt
Person) becoming the Beneficial Owner of Common Shares aggregating 15% or more of the then outstanding Common Shares of the Company (the earlier of (i) and (ii) being herein referred to as the “Distribution Date”; provided, that,
notwithstanding anything in this Section 3.1 or this Agreement to the contrary, a Distribution Date shall not be deemed to have occurred solely by virtue of, or as a result of, any Permitted Event), (x) the Rights (unless earlier expired,
redeemed or terminated) will be represented (subject to the provisions of Section 3.2) by the certificates for Common Shares and 8% Preferred Shares registered in the names of the holders thereof (which certificates for Common Shares and 8%
Preferred Shares shall also be deemed to be Right Certificates) and not by separate certificates, and (y) the Rights (and the right to receive certificates therefor) will be transferable only in connection with the transfer of the underlying
Common Shares and 8% Preferred Shares. The preceding sentence notwithstanding, prior to the occurrence of a Distribution Date as a result of an event described in clause (ii) (or such later Distribution Date as the Board of Directors of the
Company may select pursuant to this sentence), the Board of Directors may postpone, one or more times, the Distribution Date which would occur as a result of an event described in clause (ii) beyond the date set forth in such clause (ii).
Nothing herein shall permit such a postponement of a Distribution Date after a Person becomes an Acquiring Person, except as a result of the operation of Section1.1.1. As soon as practicable after the Distribution Date, the Company will prepare and
execute, the Rights Agent will countersign and the Company (or, if requested, the Rights Agent) will send, by first-class, postage-prepaid mail, to each record holder of Common Shares and 8% Preferred Shares or both as of the close of business on
the Distribution Date (other than any Acquiring Person or any Associate or Affiliate of an Acquiring Person), at the address of such holder shown on the records of the Company, one or more certificates for Rights, in substantially the form of
Exhibit B hereto (a “Right Certificate”), representing one Right (subject to adjustment as provided herein) for each Common Share or 1.039 Rights (subject to adjustment as provided herein) for each 8% Preferred Share so held. As of the
Distribution Date, the Rights will be represented solely by such Right Certificates. 
  

	 	(f)	Section 7.1 of the Rights Agreement is hereby deleted in its entirety and restated as follows: 

 “7.1 Exercise of Rights. Subject to Section 11.1.2 and except as otherwise provided herein, the registered holder of any Right Certificate may
exercise the Rights represented thereby in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate, with the form of election to purchase and certification on the reverse side thereof duly executed, to the
Rights Agent at the office of the Rights Agent designated for such purpose, together with payment 

 
of the aggregate Purchase Price for the total number of one one-hundredths of a Class A Preferred Share (or other securities, cash or other assets) as
to which the Rights are exercised, at or prior to the time (the “Expiration Date”) that is the earliest of (i) the close of business on September 15, 2010 (the “Final Expiration Date”),
(ii) the time at which the Rights are redeemed as provided in Section 23 (the “Redemption Date”), (iii) the closing of any merger of other acquisition transaction involving the Company pursuant to an agreement
of the type described in Sections 1.3(2)(A)(z) and 13.3, at which time the Rights are terminated, (iv) the time at which the Rights are exchanged as provided in Section 27, or (v) immediately prior to the Effective Time (as defined in
the Merger Agreement), at which time (A) this Agreement shall be terminated and be without any further force or effect, (B) none of the parties to this Agreement will have any rights, obligations or liabilities hereunder, and (C) no
registered holder of Right Certificates (and, prior to the Distribution Date, Common Shares and 8% Preferred Shares) and no other Person shall be entitled to any legal or equitable right, remedy or claim under this Agreement solely by virtue of, or
as a result of, any Permitted Event.” 
  

	 	(g)	Section 13.3 of the Rights Agreement is amended to add the following sentence at the end thereof: 

 “Notwithstanding anything in this Section 13.3 or this Agreement to the contrary, the Permitted Events have been approved by the Board of
Directors of the Company and are deemed to be “Approved Acquisitions” pursuant to the terms of this Section 13.3.” 
  

	 	(h)	Section 29 of the Rights Agreement is amended to add the following sentence at the end thereof: 

 “Nothing in this Agreement shall be construed to give any registered holders of the Right Certificates (and, prior to the Distribution Date, the
Common Shares and the 8% Preferred Shares) or any Person any legal or equitable right, remedy or claim under this Agreement solely by virtue of, or as a result of, any Permitted Event.” 
  

	 	(i)	The Rights Agreement is amended to add a new Section 35, which shall read in its entirety as follows” 

 “Section 35. Notice of the Effective Time. The Company shall promptly notify the Rights Agent upon the occurrence of the Effective Time.”

 2. Officer’s Certificate. By executing this Amendment below, the undersigned duly appointed officer of the Company certifies
that this Amendment has been executed and delivered in compliance with the terms of Section 26 of the Rights Agreement and directs the Rights Agent to execute this Amendment. 
 3. Interpretation. The term “Agreement” as used in the Rights Agreement shall be deemed to refer to the Rights Agreement as
amended hereby. 

 4. Severability. If any term, provision, covenant or restriction of this Amendment is held by a
court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment, and of the Rights Agreement, shall remain in full force and effect and
shall in no way be affected, impaired or invalidated. 
 5. Waiver of Notice. The Rights Agent and the Company hereby
waive any notice requirement under the Rights Agreement pertaining to the matters covered by this Amendment. 
 6.
Effectiveness. This Amendment shall be deemed effective as of the date first written above. Except as expressly amended herein, all other terms and conditions of the Rights Agreement shall remain in full force and
effect. Without limiting the foregoing, the Rights Agent shall not be subject to, nor required to interpret or comply with, or determine if any Person has complied with, the Merger Agreement even though reference thereto may be made in this
Amendment and the Rights Agreement. 
 7. Termination. Notwithstanding anything to the contrary set forth herein, this Amendment shall
terminate and be of no further force or effect in the event of the termination of the Merger Agreement for any reason. 
 8. Governing
Law. This Amendment shall be deemed a contract made under the laws of the State of Delaware, and for all purposes of this Amendment shall be governed by and construed in accordance with the laws of such State applicable to contracts made and to
be performed entirely within such State. 
 9. Counterparts. This Amendment may be executed in any number of counterparts
(including by facsimile transmission), each of which shall be an original and all of which shall constitute one and the same instrument. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the parties have
caused this Amendment to be duly executed as of the day and year first above written. 
  

			
	MARVEL ENTERTAINMENT, INC.
		
	By:	 	 /s/    John Turitzin

	Name:	 	John Turitzin
	Title:	 	 Executive Vice President,
 Office of the Chief Executive

	
	 AMERICAN STOCK TRANSFER & TRUST COMPANY,
 as Rights Agent

		
	By:	 	 /s/    Felix Orihuela

	Name:	 	Felix Orihuela
	Title:	 	Vice PresidentVoting Agreement

 Exhibit 10.1 
 VOTING AGREEMENT 
 VOTING AGREEMENT, dated as of August 31, 2009 (this “Agreement”),
by and between The Walt Disney Company, a Delaware corporation (“Parent”), Marvel Entertainment, Inc., a Delaware corporation (“Company”), and the parties listed on Schedule A attached hereto (each, a
“Stockholder” and, collectively, the “Stockholders”). 
 WITNESSETH: 
 WHEREAS, concurrently with the execution of this Agreement, Parent, Maverick Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary
of Parent (“Merger Sub”), Maverick Merger Sub, LLC, a single member Delaware limited liability company and wholly owned subsidiary of Parent (“Merger LLC”) and the Company are entering into an Agreement and Plan of
Merger (the “Merger Agreement”), pursuant to which Merger Sub will be merged with and into the Company with the Company continuing as the Surviving Corporation, and as soon as reasonably practicable thereafter, the Surviving
Corporation will merge with and into Merger LLC, on the terms and subject to the conditions of the Merger Agreement (the “Merger”). Unless otherwise indicated, capitalized terms not defined herein have the meanings given to them in
the Merger Agreement; 
 WHEREAS, each Stockholder is the record and beneficial owner of the shares of Company Common Stock, par value $0.01
per share, set forth opposite such Stockholder’s name on Schedule A hereto (together, with any additional securities of the Company described in Section 1.2, being referred to herein as the “Subject Shares”);

 WHEREAS, prior to the date hereof, the Board of Directors of the Company has approved this Agreement and the transactions contemplated
hereby for purposes of Section 203 of the DGCL; and 
 WHEREAS, as a material inducement to enter into the Merger Agreement and to
consummate the Merger, Parent has required that each of the Stockholders enter into this Agreement. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt, sufficiency and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties agree as follows: 
 1.
Voting of Subject Shares. 
 Section 1.1 Voting Agreement. 
 (a) Prior to the Expiration Date, at every meeting of the stockholders of the Company called with respect to any of the following, and at every adjournment or postponement thereof, and on every action or approval by
written consent of the stockholders of the Company with respect to any of the following, each of the Stockholders shall Vote (or cause to be Voted) such Stockholder’s Subject Shares in favor of adoption of the Merger Agreement and approval of
each of the transactions contemplated thereby and any other action reasonably requested by Parent in furtherance thereof. Furthermore, none of the Stockholders shall knowingly take any action inconsistent with this Section 1.1(a), prior
to the Expiration Date. 

 (b) In addition to the foregoing, prior to the Expiration Date, at any meeting of the Company
Stockholders or at any adjournment or postponement thereof or in any other circumstances upon which any Vote, consent or other approval is sought, each of the Stockholders shall Vote (or cause to be Voted) all of such Stockholder’s Subject
Shares against (i) the approval of any Alternative Transaction or the adoption of any agreement relating to any Alternative Transaction and (ii) any amendment of the Company Charter or Company Bylaws or any other action, agreement,
proposal or transaction involving the Company or any of its Subsidiaries which amendment or other action, agreement, proposal or transaction would, or would reasonably be expected to, result in a breach of any covenant, representation or warranty or
any other obligation or agreement of the Company contained in the Merger Agreement or of the Stockholders contained in this Agreement or would, or would reasonably be expected to, in any manner compete with, interfere with, impede, frustrate,
prevent, burden, delay or nullify the Merger, the Merger Agreement or any of the transactions contemplated hereby or by the Merger Agreement. 
 (c) Notwithstanding the foregoing, each of the Stockholders shall remain free to Vote such Stockholder’s Subject Shares with respect to any matter not covered by this Section 1.1, but only to the extent that such Vote would
not reasonably be expected to, in any manner compete with, interfere with, impede, frustrate, prevent, burden, delay or nullify the Merger Agreement, the Merger or any of the other transactions contemplated by the Merger Agreement. For purposes of
this Agreement, “Vote” shall mean voting in person or by proxy in favor of or against any action, otherwise consenting or withholding consent in respect of any action (including, without limitation, consenting in accordance with
Section 228 of the DGCL) or taking other action in favor of or against any action; “Voting” and “Voted” shall have correlative meanings. Any such Vote shall be cast, or consent shall be given, for purposes of
this Section 1, in accordance with such procedures relating thereto as shall ensure that it is duly counted for purposes of determining that a quorum is present and for purposes of recording in accordance herewith the results of such
Vote or consent. 
 (d) Each Stockholder hereby severally and irrevocably grants to, and appoints, Parent and each of its executive officers
and any of them in their capacities as officers of Parent, such Stockholder’s proxies and attorneys-in-fact (with full power of substitution), for and in the name, place and stead of such Stockholder, to Vote all of such Stockholder’s
Subject Shares in accordance with Sections 1.1(a) and 1.1(b) of this Agreement until the Expiration Date. 
 (e) Each
Stockholder represents that any proxies heretofore given in respect of such Stockholder’s Subject Shares are not irrevocable and that all such proxies are hereby revoked. 
 (f) Each Stockholder understands and acknowledges that Parent is entering into the Merger Agreement in reliance upon such Stockholder’s execution
and delivery of this Agreement. Such Stockholder hereby affirms that the irrevocable proxy set forth in this Section 1.1 is given in connection with the execution of the Merger Agreement and that such irrevocable proxy is given to secure
the performance of the duties of such Stockholder under this Agreement. Such Stockholder hereby further affirms that the irrevocable 

 
proxy is coupled with an interest and may under no circumstances be revoked prior to the termination of this Agreement pursuant to Section 6
hereof, at which time such proxy shall automatically terminate. Such Stockholder hereby ratifies and confirms all that such irrevocable proxy may lawfully do or cause to be done by virtue hereof. 
 Section 1.2 Adjustments; Additional Shares. In the event (a) of any stock dividend, stock split, recapitalization, reclassification, subdivision,
combination or exchange of shares on, of or affecting the Subject Shares, or (b) that any of the Stockholders shall have become the beneficial owners of any additional shares of common stock or other securities of the Company, then all shares
of common stock or other securities of the Company held by any Stockholder immediately following the effectiveness of any event described in clause (a) or any of the Stockholders becoming the beneficial owners of the shares or other securities
as described in clause (b), shall, in each case, automatically and without any further action become Subject Shares hereunder. 
 Section 1.3 Waiver
of Appraisal Rights. Each of the Stockholders hereby irrevocably and unconditionally waives, and agrees not to assert or perfect, any rights of appraisal, dissenters’ rights or similar rights that such Stockholder may have in connection
with the Merger. 
 2. Transfer Restrictions and Obligations. 
 Section 2.1 Lock-Up. After the execution of this Agreement and until the Expiration Date, no Stockholder will, directly or indirectly: 
  

	 	(a)	sell, transfer, exchange, offer, pledge, assign, hypothecate, encumber, tender or otherwise dispose of (collectively, a “Transfer”), or enforce or permit the
execution of the provisions of any redemption, share purchase or sale, recapitalization or other agreement with the Company or any other Person or enter into any contract, option or other agreement, arrangement or understanding with respect to the
Transfer of any Subject Shares or any securities convertible into or exercisable or exchangeable for Subject Shares, any other capital stock of the Company or any interest in any of the foregoing with any Person; 

  

	 	(b)	grant any proxies, options or rights of first offer or refusal with respect to the Subject Shares; 

  

	 	(c)	enter into any voting agreement, voting trust or other voting arrangements with respect to any of the Subject Shares; 

  

	 	(d)	enter into a swap or any other agreement or any transaction that transfers, in whole or in part, the economic consequence of ownership of any Subject Shares; or

  

	 	(e)	create or permit to exist any Encumbrance affecting any of the Subject Shares. 

 The foregoing requirements shall not prohibit any Transfer (a) under any Stockholder’s will or
pursuant to laws of descent and distribution or any such Transfer to an immediate family member or a family trust for the benefit of immediate family members or (b) to a charitable organization described in Section 170(c) of the Code by a
Stockholder in amount and frequency consistent with past practice over the past three years described on Schedule B hereto, so long as the other party to such Transfer or other arrangement executes this Agreement (or a joinder thereto in a
form reasonably satisfactory to Parent) and agrees to be bound by its terms; provided, however, that notwithstanding such Transfer or arrangement, such Stockholder shall continue to be liable for any breach by such transferee of its
agreements and covenants under this Agreement. 
 Section 2.2 Other Obligations. From and after the date of this Agreement, each of the
Stockholders agrees (a) not to, and to cause any investment banker, attorney or other advisor or representative of such Stockholder not to, directly or indirectly, solicit, initiate, knowingly encourage or facilitate, or furnish or disclose
non-public information in furtherance of, any inquiries or the making of any Alternative Transaction Proposal, or negotiate, explore or otherwise engage in discussions with any Person with respect to any Alternative Transaction, or approve, endorse
or recommend any Alternative Transaction, or enter into any agreement, arrangement or understanding with respect to any Alternative Transaction and (b) not to take any action which makes, or would reasonably be expected to make, any
representation or warranty of such Stockholder herein untrue or incorrect. Each of the Stockholders shall notify Parent promptly (but in any event within twenty-four (24) hours) of any such inquiries, proposals or offers received by, or any
such discussions or negotiations sought to be initiated or continued with, such Stockholder or, to the Stockholder’s knowledge, any of its representatives, indicating the name of such Person and providing to Parent a summary of the material
terms of such proposal or offer for an Alternative Transaction. 
 3. Representations and Warranties of the Stockholders. Each of the Stockholders
hereby represents and warrants to Parent that: 
 (a) such Stockholder is the record and beneficial owner (for purposes of this Agreement,
such term shall have the meaning set forth in Rule 13d-3 under the Exchange Act, but without regard to any conditions (including the passage of time) to the acquisition of beneficial ownership of such shares) of, and has good and valid and
marketable title to, such Stockholder’s Subject Shares free and clear of all Encumbrances; 
 (b) as of the date hereof, such
Stockholder is not the record or beneficial owner of any shares of Company Common Stock, any securities convertible into or exchangeable for any shares of Company Common Stock or other voting securities or instruments of the Company, other than such
Stockholder’s Subject Shares; 
 (c) if such Stockholder is a natural person, such Stockholder has all power and authority to execute
this Agreement and to consummate the transactions contemplated by this Agreement; 
 (d) if such Stockholder is other than a natural person,
(i) such Stockholder (A) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and (B) has all requisite organizational power and authority to 

 
execute and deliver this Agreement and to consummate the transactions contemplated by this Agreement and (ii) the execution, delivery and performance of
this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all requisite organizational action and no other organizational proceedings on the part of such Stockholder are necessary to authorize this
Agreement or the consummation of the transactions contemplated hereby; 
 (e) this Agreement has been duly and validly executed and delivered
by such Stockholder, and assuming the due authorization, execution and delivery by Parent, constitutes a valid and binding agreement of such Stockholder enforceable against such Stockholder in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’ rights and to general equity principles (regardless of whether such enforcement is considered in a proceeding at law or in
equity); and 
 (f) the execution, delivery and timely performance by such Stockholder of this Agreement and the consummation by such
Stockholder of the transactions contemplated hereby do not and shall not (including with notice or lapse of time or both): (i) require any consent, approval, order, authorization or permit of, or registration or filing with or notification to,
any Governmental Authority or other party, except for the filing with the SEC of any Schedules 13D or 13G or amendments to Schedules 13D or 13G and filings under Section 16 (as applicable) of the Exchange Act, as may be required in connection
with this Agreement and the transactions contemplated hereby, (ii) if such Stockholder is other than a natural person, contravene or conflict with the certificate of incorporation or the bylaws or other organizational documents of such
Stockholder, (iii) except as set forth on Schedule 3(f)(iii) hereto, result in any violation or the breach of, or constitute a default under, or give rise to any right of termination, cancellation or acceleration or any payments under,
or result in a loss of a benefit or in the creation or imposition of an Encumbrance under, any of the terms, conditions or provisions of any note, lease, mortgage, indenture, license, agreement or other instrument or obligation to which such
Stockholder is a party or by which such Stockholder or any of such Stockholder’s assets is bound or (iv) violate the provisions of any order, writ, injunction, judgment, decree, statute, rule or regulation applicable to such Stockholder,
except in the case of clauses (iii) and (iv) as would not, individually or in the aggregate, reasonably be expected to materially impair the ability of such Stockholder to perform its obligations under this Agreement or prevent or delay
the consummation of the transactions contemplated by this Agreement. 
 Except where expressly stated to be given as of the date hereof only,
the representations and warranties contained in this Agreement shall be made as of the date hereof and as of each date from the date hereof through and including the Expiration Date. 
 4. Representations and Warranties of Parent. Parent hereby represents and warrants to each Stockholder that: 
 (a) Parent is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to execute and deliver this Agreement and to consummate the
transactions contemplated by this Agreement; 

 (b)(i) the execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated hereby have been duly authorized by all requisite corporate action and no other corporate proceedings on the part of Parent are necessary to authorize this Agreement or the consummation of the transactions contemplated hereby and
(ii) this Agreement has been duly and validly executed and delivered by Parent and, assuming the due authorization, execution and delivery by each of the Stockholders, constitutes a valid and binding agreement of Parent enforceable against it
in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’ rights and to general equity principles (regardless of whether such
enforcement is considered in a proceeding at law or in equity); and 
 (c) the execution, delivery and performance by Parent of this
Agreement and the consummation by Parent of the transactions contemplated hereby do not and shall not (including with notice or lapse of time or both): (i) require any consent, approval, order, authorization or permit of, or registration or
filing with or notification to, any Governmental Authority or other party, except for the filing with the SEC of any Schedules 13D or 13G or amendments to Schedules 13D or 13G and filings under Section 16 (as applicable) of the Exchange Act, as
may be required in connection with this Agreement and the transactions contemplated hereby, (ii) contravene or conflict with the certificate of incorporation or the bylaws of Parent, (iii) result in any violation or the breach of, or
constitute a default under, or give rise to any right of termination, cancellation or acceleration or any payments under, or result in a loss of a benefit or in the creation or imposition of an Encumbrance under, any of the terms, conditions or
provisions of any note, lease, mortgage, indenture, license, agreement or other instrument or obligation to which Parent is a party or by which Parent or any of its assets may be bound or (iv) violate the provisions of any order, writ,
injunction, judgment, decree, statute, rule or regulation applicable to Parent, except in the case of clauses (iii) and (iv) as would not, individually or in the aggregate, reasonably be expected to materially impair the ability of Parent
to perform its obligations under this Agreement or prevent or delay the consummation of the transactions contemplated by this Agreement. 
 5. Covenants
of the Stockholders and Parent. To the extent reasonably requested by Parent, each of the Stockholders shall use such Stockholder’s commercially reasonable efforts to cooperate with Parent in making all filings with, and to obtain consents
of, all third parties and Governmental Authorities reasonably necessary or desirable for the consummation of the transactions contemplated by this Agreement. Each of the Stockholders shall notify Parent of any development occurring after the date of
this Agreement that causes, or that would reasonably be expected to cause, any breach of any representation or warranties set forth in Section 3 herein. 
 6. Termination. This Agreement and the proxy granted pursuant to Section 1.1(d) hereof shall terminate upon and shall have no further force or effect after the earliest to occur of (a) the
Effective Time and (b) the termination of the Merger Agreement in accordance with its terms (such earliest to occur shall be the “Expiration Date”); provided, that any termination shall not relieve any party from
liability for any breach of this Agreement prior to such termination. 
 7. Fiduciary Duties. No Person executing this Agreement who is or becomes
during the term hereof a director or officer of the Company shall be deemed to make any agreement or understanding in this Agreement in such Person’s capacity as a director or officer. Each of the Stockholders is entering into this Agreement
solely in such Stockholder’s capacity as the record holder or 

 
beneficial owner of, or the trustee of a trust whose beneficiaries are the beneficial owners of, such Stockholder’s Subject Shares and nothing herein
shall limit or affect any actions taken by such Stockholder in such Stockholder’s capacity as a director or officer of the Company to the extent specifically permitted by the Merger Agreement or following the termination of the Merger
Agreement. 
 8. Miscellaneous. 
 Section 8.1 Fees
and Expenses. All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such expenses. 
 Section 8.2
Amendments and Modification. This Agreement may not be amended, modified, or supplemented except upon the execution and delivery of a written agreement executed by the parties hereto. 
 Section 8.3 Notices. All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be deemed given
(a) on the date of delivery if delivered personally or sent via facsimile (receipt confirmed) or (b) on the first Business Day following the date of dispatch if sent by a nationally recognized overnight courier (providing proof of
delivery), in each case, to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 
 if to
Parent, to: 
 The Walt Disney Company 
 500 South Buena Vista
Street 
 Burbank, California 91521 
 Telecopy:
(818) 560-7896 
 Attention: Alan N. Braverman 
 Tom Staggs 
 with a copy (which shall not constitute notice) to: 
 Dewey & LeBoeuf LLP 
 1301 Avenue of the Americas 
 New York, NY 10019 
 Telecopy: (212) 259-6333 
 Attention: Morton A. Pierce, Esq. 
 Chang-Do
Gong, Esq. 
 if to Company, to: 
 Marvel Entertainment, Inc.

 417 Fifth Avenue 
 New York, New York 10016 
 Telecopy: (212) 576-4005 
 Attention: John Turitzin, Executive Vice
President 

 with a copy (which shall not constitute notice) to: 
 Paul, Hastings, Janofsky & Walker LLP 
 75 East 55th Street, First Floor 
 New York, NY 10022 
 Telecopy: (212) 230-7752 
 Attention: Michael Zuppone, Esq. 
 and: 
 Paul, Hastings, Janofsky & Walker LLP 
 4747 Executive Drive,
Twelfth Floor 
 San Diego, CA 92121 
 Telecopy:
(858) 458-3130 
 Attention: Carl R. Sanchez, Esq. 
 and if
to any of the Stockholders, to: 
 Isaac Perlmutter 
 P.O.
Box 1028 
 Lake Worth, FL 33460 
 with a copy (which shall
not constitute notice) to: 
 Paul, Hastings, Janofsky & Walker LLP 
 75 East 55th Street, First Floor 
 New York, NY 10022 
 Telecopy: (212) 230-7752 
 Attention: Michael Zuppone, Esq. 
 and: 
 Paul, Hastings, Janofsky & Walker LLP 
 4747 Executive Drive, Twelfth Floor 
 San Diego, CA 92121 
 Telecopy: (858) 458-3130 
 Attention: Carl R. Sanchez, Esq. 

Section 8.4 Counterparts. This Agreement may be executed in one or more counterparts (whether delivered by facsimile or otherwise), each of which shall be
considered one and the same agreement. 
 Section 8.5 Entire Agreement. This Agreement and the documents and the instruments referred to herein
constitute the entire agreement among the parties with respect to the subject matter hereof. The parties acknowledge and agree that there were no prior agreements, arrangements or understandings, either written or oral, among the parties with
respect to the subject matter hereof. 

 Section 8.6 Severability. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability or the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid or unenforceable in any
applicable jurisdiction, (a) 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 to the fullest extent permitted by applicable Law in an acceptable
manner to the end that the transactions contemplated hereby are fulfilled to the greatest extent possible and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected by
such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 
 Section 8.7 Governing Law. All disputes, claims or controversies arising out of or relating to this Agreement, or the negotiation, validity or performance of
this Agreement, or the transactions contemplated hereby shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its rules of conflict of laws. 
 Section 8.8 Enforcement. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and
provisions of this Agreement in the Court of Chancery of the State of Delaware (or, if under applicable law exclusive jurisdiction over such matter is vested in the federal courts, any court of the United States located in the State of Delaware),
this being in addition to any other remedy to which they are entitled at law or in equity. In addition, each of the parties (a) consents to submit itself to the personal jurisdiction of the Court of Chancery of the State of Delaware (or, if
under applicable law exclusive jurisdiction over such matter is vested in the federal courts, any court of the United States located in the State of Delaware) in the event any dispute arises out of this Agreement or any of the transactions
contemplated by the Merger Agreement and (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court. Each party hereto agrees that it will not seek, and agrees to
waive any requirement for, the securing or posting of a bond in connection with any other party’s seeking or obtaining such equitable relief. PARENT, THE COMPANY AND THE STOCKHOLDERS EACH IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT THEY MAY
HAVE TO TRIAL BY JURY IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 8.9 Extension, Waiver. At any time
prior to the Expiration Date, the parties to this Agreement may (a) extend the time for the performance of any of the obligations or other acts of the other party to this Agreement, (b) waive any inaccuracies in the representations and
warranties of the other party contained in this Agreement or in any document delivered pursuant to this Agreement or (c) waive compliance by the other party with any of the agreements or conditions contained in this Agreement. Any agreement on
the part of a party to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. The failure of any party to this Agreement to assert any of its rights under this Agreement or otherwise
shall not constitute a waiver of those rights. 

 Section 8.10 Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder
shall be assigned by any of the parties to this Agreement (whether by operation of law or otherwise) without the prior written consent of the other party to this Agreement. 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 and assigns. Without limiting any of the restrictions set forth in Section 2 or elsewhere in this Agreement, this Agreement shall be binding upon
any Person to whom any Subject Shares are transferred prior to the Expiration Date. No assignment by any party hereto shall relieve such party of its obligations under this Agreement. 
 Section 8.11 No Third Party Rights. Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person (other than the parties hereto) any right, benefit or remedy of any nature
whatsoever under or by reason of this Agreement. 
 Section 8.12 Agreement Negotiated. The form of this Agreement has been negotiated by or on
behalf of Parent and the Stockholders, each of which was represented by their own attorneys who have carefully negotiated the provisions hereof. No law or rule relating to the construction or interpretation of contracts against the drafter of any
particular clause should be applied with respect to this Agreement. 
 Section 8.13 Effect of Headings. The Section headings herein are for
convenience only and shall not affect the construction or interpretation of this Agreement. 
 [Signature Page to Follow]

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed on the date and year first
above written. 
  

			
	THE WALT DISNEY COMPANY
		
	By:	 	 /s/    Alan N. Braverman

	Name:	 	Alan N. Braverman
	Title:	 	 Senior Executive Vice President,
 General Counsel and
Secretary

	
	MARVEL ENTERTAINMENT, INC.
		
	By:	 	 /s/    Isaac Perlmutter

	Name:	 	Isaac Perlmutter
	Title:	 	Chief Executive Officer
	
	ISAAC PERLMUTTER
		
	By:	 	 /s/    Isaac Perlmutter

	Name:	 	Isaac Perlmutter
	
	OBJECT TRADING CORP.
		
	By:	 	 /s/    Isaac Perlmutter

	Name:	 	Isaac Perlmutter
	Title:	 	President
	
	ZIB INC.
		
	By:	 	 /s/    Isaac Perlmutter

	Name:	 	Isaac Perlmutter
	Title:	 	President

  

			
	ISAAC PERLMUTTER TRUST
		
	By:	 	 /s/    Isaac Perlmutter

	Name:	 	Isaac Perlmutter
	Title:	 	Trustee

 Schedule A 
  

							
	 Name and Address of Stockholder
	  	 Number of Outstanding
Shares of Common Stock
 Owned of Record
	  	 Number of Shares Under
 Options for Common
 Stock that are

 Exercisable within 60 days
	  	 Other Shares
 Beneficially Owned

	 Mr. Perlmutter
 Marvel Entertainment, Inc.
 417 Fifth Avenue
 New York, NY 10016
	  	     206,355	  	1,264,354	  	28,681,430
				
	 Object Trading Corp.
 P.O. Box 1028
 Lake Worth, FL 33460
	  	14,622,680	  	              0	  	                0
				
	 Zib, Inc.
 P.O. Box 1028
 Lake Worth, FL 33460
	  	  3,694,645	  	              0	  	                0
				
	 Isaac Perlmutter Trust
 01/28/1993
 P.O. Box 1028
 Lake Worth, FL 33460
	  	10,364,105	  	              0	  	18,317,325

 Schedule B 
 None. 

 Schedule 3(f)(iii) 
 None.

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