Document:

Amended and Restated Severance Pay Plan

 Exhibit 10.4 
 Disney Severance Pay Plan 
 As Amended and Restated 
 Effective January 1, 2009 
 (Conformed Text Including 
 First Amendment to Plan as Amended 
 and Restated January 1, 2009) 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	SECTION 1.	  	INTRODUCTION	  	1
			
	SECTION 2.	  	DEFINITIONS AND INTERPRETATIONS	  	1
			
	SECTION 3.	  	HOW DO YOU BECOME ELIGIBLE FOR BENEFITS?	  	5
			
	SECTION 4.	  	WHAT ARE YOUR BENEFITS UNDER THE PLAN?	  	5
			
	SECTION 5.	  	HOW AND WHEN WILL AMOUNTS BE PAID?	  	9
			
	SECTION 6.	  	AMENDMENT AND TERMINATION	  	10
			
	SECTION 7.	  	MISCELLANEOUS PROVISIONS	  	11
			
	SECTION 8.	  	WHAT ELSE DO YOU NEED TO KNOW ABOUT THE PLAN?	  	12
			
		  	Claim Procedure	  	12
			
		  	Plan Interpretation and Benefit Determination	  	13
			
		  	Your Rights Under ERISA	  	14
			
		  	Other Important Facts	  	15

  

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 SECTION 1. - INTRODUCTION 
 The Walt Disney Company (“Disney”) adopted the Disney Severance Pay Plan (hereinafter “Plan”) originally effective as of May 15, 2001. The Plan was thereafter amended three times and,
effective as of January 1, 2009, the Plan as set forth herein has been amended and restated in its entirety. 
 The Plan provides
severance benefits under the circumstances described below to eligible employees (referred to as “Eligible Employees”) of Disney and certain of its subsidiaries and Affiliates (collectively the “Company”). 
 SECTION 2. - DEFINITIONS AND INTERPRETATIONS 
 The following definitions and interpretations of important terms apply to the Plan: 
 (a) Affiliate. A company or business
organization which is affiliated with the Company as defined under Securities and Exchange Commission Rule 144(a)(1), as amended from time to time. 
 (b) COBRA. Continuation health care coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985. 
 (c)
Code. The Internal Revenue Code of 1986, as amended. 
 (d) Company. Disney and any subsidiary or other Controlled Group Member
of Disney that, with the approval of the Plan Administrator and subject to such conditions as the Plan Administrator may impose, adopts the Plan. Any subsidiary or other Controlled Group Member will be considered to have adopted the Plan with the
approval of the Plan Administrator if it takes significant action that is consistent with the adoption of the Plan, the Plan Administrator is aware of the action, and neither objects in writing to the action. The Plan Administrator or a subsidiary
or Controlled Group Member may terminate the subsidiary or Controlled Group Member’s participation in the Plan by written notice to each other. An entity will cease to be part of the Company, and will cease to participate in the Plan, after the
date on which it ceases to be a Controlled Group Member. 
 (e) Controlled Group Member. A member of a controlled group of
corporations of which Disney is a member, or an unincorporated trade or business that is under common control with Disney, all as determined under the Sections 414(b) and 414(c) of the Code. 
 (f) Disney. The Walt Disney Company. 
 (g) Effective Date. January 1, 2009, the date this Plan was amended and restated. 
  

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

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

  

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

  

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

 (i) Employee. Any person employed by the Company on or after the Effective Date as a regular, full-time employee on a
payroll maintained in the United States but excluding any employee included in a unit of employees covered by a collective bargaining agreement between the Company and employee representatives unless such bargaining agreement provides for his or her
inclusion hereunder. If a collective bargaining agreement does provide for inclusion of a represented employee, his or her participation hereunder will be subject to such modification in Plan terms as may be provided in the applicable collective
bargaining agreement. 
 If a person is not treated by the Company as an employee, as conclusively evidenced by failure to withhold taxes
from payment made for services rendered, then such person is not considered an Employee under this Plan even if the person is determined to have been a common law employee of the Company by a court of law, a governmental agency or by any other body
or means. 
 (j) Employment Position. The classification of an Employee by job responsibility as either a Salaried or an Hourly
Employee, a Manager, a Director or a Vice President 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 Vice President or Above, a Director 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: An Employee with a title of director or with a title or job responsibility comparable to that of a director. 
 Vice President or Above: An Employee with a title of vice president or higher or with a title or job responsibility comparable to that of a vice
president or higher position. 
  

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 For the avoidance of doubt, a job title (such as “manager” or
“director”) is not conclusively determinative of an Employee’s classification (for example, as a Manager or Director) hereunder. 
 (k) ERISA. The Employee Retirement Income Security Act of 1974, as amended from time to time. 
 (l) Layoff. The
involuntary termination of employment of an Eligible Employee from the Company. Notwithstanding the foregoing, in no event will an involuntary termination of employment be considered a Layoff if (i) the involuntary termination of employment is
due to Reason or (ii) the involuntary termination of employment does not qualify as a “separation of service” within the meaning of Section 409A of the Code and Treasury Regulation Section 1.409A–1(h). 
 (m) Layoff Date. An Eligible Employee’s last day of employment on account of his or her Layoff. 
 (n) Participant. An Eligible Employee who meets the requirements for benefits under the Plan, as set forth in Section 3 of the Plan (entitled
“How Do You Become Eligible for Benefits?”) An individual will cease being a Participant once payment of all severance pay and other benefits due to such individual under the Plan has been completed and no person will have any further
rights under the Plan with respect to such former Participant. 
 (o) Plan Administrator. The Investment and Administrative Committee
of the Walt Disney Company Sponsored Qualified Benefit Plans and Key Employees Deferred Compensation and Retirement Plan. 
 (p)
Reason. Any one of the following reasons for the discharge or other involuntary termination of an Employee from employment with the Company: 
  

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

  

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

  

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

  

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

  

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	 	(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. 
 (q) Successor Employer. Successor Employer means any entity that: 
  

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

  

	 	(ii)	is an Affiliate of Disney; or 

  

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

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

  

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

			
	 Years of Service
	  	 Severance Pay

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

  

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 Manager 
  

			
	 Years of Service
	  	 Severance Pay

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

 Director 
  

			
	 Years of Service
	  	 Severance Pay

	Less than 5 years	  	13 weeks
		
	5 or more years	  	6 weeks plus 2 weeks for each Year of Service, to a maximum of 52 weeks

 Vice-President or Above 
  

			
	 Years of Service
	  	 Severance Pay

	Less than 5 years	  	26 weeks
		
	5 or more years	  	18 weeks plus 2 weeks for each Year of Service, to a maximum of 52 weeks

 (b) Continued Health Care Coverage and COBRA. If you are participating in a Company health
care plan at your Layoff Date, you will be eligible to continue health care coverage under this Plan for the length of your Health Care Coverage Period for you and, as applicable, your eligible dependents and Same-Sex Domestic Partner, under the
same terms and conditions of the health care plan applicable to you. If you elect such coverage, during your Health Care Coverage Period, your contributions will be those charged for the same coverage to similarly situated active employees under the
Company health care plan applicable to you. Your “Health Care Period” is four weeks if you have less than five Years of Service as of your Layoff Date or one week for each Year of Service, up to a maximum of 52 weeks, if you have five or
more Years of Service as of your Layoff Date. After your Health Care Coverage Period, your COBRA coverage or continued coverage for Same-Sex Domestic Partners under the Company health care plan applicable to you will commence, and your cost for such
coverage will be the COBRA cost charged for that coverage to other similarly situated terminated employees under 

  

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the Company health care plan applicable to you. The length and terms of your COBRA coverage will be governed by the Company health care plan applicable to
you. Your eligibility for COBRA continuation of any flexible spending account or similar benefit will be limited under this Plan and the Company health care plan applicable to you to the COBRA period specified by the Company health care plan
applicable to you and will not be extended by your Health Care Coverage Period. This Plan’s continued health care coverage will be provided through a separate plan within the Signature Benefits Plan. 
 In addition, whether or not you participate in a Company health care plan following your Layoff Date, you will remain eligible for the services provided
by the Company’s Personal Assistant Network for six months after your Layoff Date. 
 (c) Health Care Payment for Manager or
Above. If you have a Severance Period that exceeds your Health Care Coverage Period, as determined under Section 4(b) above, you will receive a health care payment to help you defray the cost of COBRA coverage for the balance of your
Severance Period. The cash payment will be determined based on the Company’s average projected cost of Signature Benefits Plan active employee health care coverage for the year of your Layoff (less applicable employee contributions) and will be
paid on or as soon as practicable following your Layoff Date. If you are not enrolled for coverage under a Company health care plan as of your Layoff Date, you will not receive a health care payment. 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. 
 (d) 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) and health benefits under Sections 4(b), and if
applicable, 4(c), but the amount of severance pay otherwise payable 

  

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will be reduced by the cash wages you received for your paid leave. You will also be entitled to the other benefits set forth below in this Section 4.

 The WARN-required advance notice period is generally 60 days, but under certain unusual circumstances, may be less. Any payment of Paid
Leave in Lieu of Notice shall be subject to the timing limitations of Section 7(h). 
 (e) Paid Terminal Leaves. If the Company
puts you on a Paid Terminal Leave, your Plan benefits will be modified in accordance with this Section. 4(e). A “Paid Terminal Leave” is a period of paid employment during which the Company does not intend to have you perform any material
services (e.g., a period of inactive employment) and at the end of which your employment will terminate on account of a Layoff not subject to WARN. Examples of activities that will not be considered the performance of material services are providing
transition assistance on substantially less than a full-time basis, and reviewing and responding to e-mails and telephone calls. The Company’s intent as to whether you are to perform material services, not the level of services you actually
provide, will be conclusive. If you are put on a Paid Terminal Leave: 
  

	 	(i)	During your Paid Terminal Leave, 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 Terminal Leave, your paid leave will end. All other Paid Terminal Leave 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 Terminal Leave ends by reason of Layoff, you will then be entitled to severance pay under Section 4(a) and health benefits under Sections 4(b), and, if
applicable, 4(c), but the amount of severance pay otherwise payable will be reduced by the cash wages you received for your Paid Terminal Leave. You will also be entitled to the other benefits set forth below in this Section 4.

 (f) Outplacement Support Benefits. The Company in its sole and absolute discretion may arrange to provide you with,
and you may elect to utilize, outplacement counseling services from an outplacement firm selected by the Company. You must complete any outplacement program provided to you within one year after your Layoff Date. The Company will pay the full cost
of any such outplacement services provided to you. Any payment for outplacement services shall be subject to the timing limitations of Section 7(h). 
 (g) 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 

  

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contain such contingencies or variations in Plan terms as the Company may determine. For example, a stay bonus may include increased severance pay or may be
contingent upon your execution of an agreement releasing the Company from liability for any and all claims specified in the agreement. Any payment of stay bonus shall be subject to the timing limitations of Section 7(h). 
 (h) Other Benefits. 
  

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

  

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

 Any payment for such other benefits shall be
subject to the timing limitations of Section 7(h). 
 (i) 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 similar benefits, damages or penalties under applicable laws, such as the WARN Act and the Paid Leave In Lieu of Notice provisions of Section 4(d) or the Paid Terminal Leave provisions of Section 4(e). Should such other
benefits, damages or penalties 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 damages, or
penalty obligations. In either case, the Plan Administrator, in its sole discretion, will determine how to apply this provision and may override other provisions of this Plan in doing so. 
 (j) Taxes. Employment and income taxes will be deducted or withheld from benefits under the Plan to the extent required by law, as determined by
the Company. 
 SECTION 5. - HOW AND WHEN WILL AMOUNTS BE PAID? 
 Any severance pay payable under Section 4(a) above and any health care payment payable under Section 4(c) above will be paid to you in a single lump sum payment as soon as practicable following your Layoff
Date, subject to the timing limitations of Section 7(h). 
  

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 If 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 under Section 4(a) and, if you received one, your health care payment under Section 4(c). 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 or 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. You will be required to repay the health care payment you received multiplied by fraction, the denominator of which
is the number of weeks used to determine your health care payment, and the numerator is the denominator minus one for each week your rehire date is later than the end of your Health Care Coverage Period under Section 4(b). 
 Any other benefits provided to you under Section 4(b) and Sections 4(f) through 4(h) 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 Section 4(b) or Sections 4(f) through 4(h), but any provisions of a relocation agreement
entered into between you and the Company which are still applicable will continue to apply during the period of your rehire and at your later termination of employment. 
 SECTION 6. - AMENDMENT AND TERMINATION 
 The Plan Administrator, acting in its nonfiduciary settlor
capacity, reserves the right, in its sole and absolute discretion, to terminate, amend or modify the Plan, in whole or in part, at any time and for any reason, prospectively or retroactively and with or without advance notice. If the Plan is
terminated, amended or modified, your right to participate in, or receive benefits under, the Plan may be changed or eliminated, regardless if benefits have already commenced or been fully paid to you. 
 If legislation is enacted enhancing Participants’ COBRA health care continuation rights or providing them other access to or subsidies for health
care coverage, Plan benefits may be modified by the Plan Administrator (without amending the Plan), to reflect that legislation, as the Plan Administrator determines to be appropriate, acting in a nonfidicuary, settlor capacity. Modifications
generally would result in the same overall level of health care or related benefits being provided under the Plan and applicable laws, as determined after taking the legislative changes into account (e.g., by reducing lump sum health care subsidies
to the extent that the legislation makes them excessive, by requiring repayment of excessive amounts, etc.). By accepting Plan benefits, Participants agree to these and all other Plan terms. 
 Neither the establishment of the Plan, nor any modification thereof, nor the payment of any benefits hereunder, will be construed as giving to any
Participant, Employee (or any beneficiary of either), or other person any legal or equitable right against the Company or any officer, director or employee thereof, and in no event will the terms and conditions of 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. 
  

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 No individual may become entitled to additional benefits or other rights under the Plan after the Plan is
terminated. 
 SECTION 7. - MISCELLANEOUS PROVISIONS 
 (a) Records. The records of the Company with respect to length of employment, employment history, reason for employment termination, base pay, absences, and all other relevant matters may be conclusively relied
on by the Plan Administrator. 
 (b) Governing Law. This Plan is an employee welfare benefit plan that is regulated by ERISA, a
federal law. To the extent, if any, that state laws apply to the Plan, California law shall apply (except to the extent it would require use of another state’s law). 
 (c) Severability. Should any provisions of the Plan be deemed or held to be unlawful or invalid for any reason, the balance of the Plan shall remain in effect, unless it is amended or terminated as provided in
Section 6. 
 (d) Incompetency. If the Plan Administrator finds that a Participant is unable to care for his or her affairs
because of illness or accident, then benefits payable hereunder, unless claim has been made therefor by a duly appointed guardian, committee, or other legal representative, may be paid in such manner as the Plan Administrator will determine, and
will constitute a complete discharge of all liability for any payments or benefits to which such Participant was or would have been otherwise entitled under the Plan. 
 (e) Assignment and Alienation. Except as required by law, the benefits payable under this Plan will not be subject to alienation, transfer, assignment, garnishment, execution or levy of any kind, and any
attempt to cause any benefits to be so subjected will not be recognized. 
 (f) Plan Not a Contract of Employment. Nothing contained
in the Plan will be held or construed to create any liability upon the Company to retain any Employee in its service. All Employees will remain subject to discharge or discipline to the same extent as if the Plan had not been put into effect.
Nothing in this Plan shall preclude the Company from terminating an Employee for any reason or no reason or preclude a person from being or continuing to be an at-will employee. 
 (g) Overpayments. If any overpayment is made under the Plan for any reason, the Plan Administrator will have the right to recover the overpayment.
The Participant shall cooperate fully with the Plan and return any overpayment. 
 (h) CODE SECTION 409A COMPLIANCE 
 (i) Timing of Payments and Benefits. Any payment of severance pay, stay bonus or Pay in Lieu of Notice made pursuant to this Plan
shall be made within the time period permitted in order to satisfy the “short-term deferral” exception under section 409A of the Code and Treasury Regulation section 1.409A-1(b)(4). Any payment in respect of outplacement benefits or other
reimbursements made pursuant to this Plan shall 

  

 11 

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

  

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

  

	(b)	Plan Interpretation and Benefit Determination 

 The
Plan is administered and operated by the Plan Administrator, who has complete authority, in its sole and absolute discretion, to construe the terms of the Plan (and any related or underlying documents or policies), to interpret applicable law, to
make findings of fact and to determine the eligibility for, and amount of, benefits due under the Plan to Participants or any persons claiming benefits derivatively through them. All such interpretations and determinations of the Plan Administrator
(whether of fact or law) will be final and binding upon all parties and persons affected thereby. If challenged in a legal proceeding, the Plan Administrator’s interpretations and determinations will be reviewed under the most deferential abuse
of discretion standard of review. 
 If, due to errors in drafting, any Plan provision does not accurately reflect its intended meaning, as
demonstrated by consistent interpretations or other evidence of intent, or as determined by the Plan Administrator in its sole and absolute discretion, the provision shall be considered ambiguous and shall be interpreted by the Plan Administrator in
a fashion consistent with its intent, as determined in the sole and absolute discretion of the Plan Administrator. 
 This Section 8(b)
may not be invoked by you or any person to require the Plan to be interpreted in a manner inconsistent with its interpretation by the Plan Administrator. 
  

 13 

	(c)	Your Rights Under ERISA 

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

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

  

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

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

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

 14 

	(d)	Other Important Facts 

  

			
	OFFICIAL NAME OF THE PLAN:	  	Disney Severance Pay Plan
		
	SPONSOR:	  	The Walt Disney Company
		  	500 South Buena Vista Street
		  	Burbank, CA 91521
		
	EMPLOYER IDENTIFICATION	  	
	NUMBER (EIN):	  	95-4545390
		
	PLAN NUMBER:	  	513
		
	TYPE OF PLAN:	  	Employee Welfare Severance Benefit Plan
		
	END OF PLAN YEAR:	  	December 31
		
	TYPE OF ADMINISTRATION:	  	Employer Administered
		
	PLAN ADMINISTRATOR:	  	Investment and Administrative Committee of The Walt Disney Company Sponsored Qualified Benefit Plans and Key Employees Deferred Compensation and Retirement Plan
		  	The Walt Disney Company
		  	500 South Buena Vista Street
		  	Burbank, CA 91521
		  	(818) 560-1000
		
	ORIGINAL EFFECTIVE DATE:	  	May 15, 2001
		
	RESTATEMENT EFFECTIVE DATE:	  	January 1, 2009

 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. 
  

 15Form of Performance-Based Stock Unit Award Agreement

 Exhibit 10.5 
 THE WALT DISNEY COMPANY 
 Performance-Based 
 Stock Unit Award 
 (Total
Shareholder Return/Average Annual Adjusted EPS Growth Goals/Section 
 162(m) Vesting Requirement) 
 AWARD AGREEMENT, dated as of <DATED> between The Walt Disney Company, a Delaware corporation (“Disney”), and
                     (the “Participant”). This Award is granted on <GRANT DATE> (the “Date of Grant”)
by the Compensation Committee of the Disney Board of Directors (the “Committee”) pursuant to the terms of the Amended and Restated 2002 Executive Performance Plan (the “Plan”), and pursuant to the terms of the
Amended and Restated 2005 Stock Incentive Plan (the “Stock Plan”). The applicable terms of the Plan and the Stock Plan are incorporated herein by reference, including the definitions of terms contained therein. 
 Section 1. Stock Unit Award. Disney hereby grants to the Participant, on the terms and conditions set
forth herein, an Award of <#STOCK UNITS> “Stock Units.” The Stock Units are notional units of measurement denominated in Shares of Disney (i.e. one Stock Unit is equivalent in value to one Share, subject to the terms
hereof). The Stock Units represent an unfunded, unsecured obligation of Disney. The Stock Units granted by this Award are grouped into subdivisions referred to herein as “Tranches.” Each of Tranche A and Tranche B constitutes one
quarter (25%) of the Award, and each of Tranche C, Tranche D, Tranche E and Tranche F constitutes one-eighth (12 1/2%) of the Award. Subject to the terms, conditions and performance-based vesting requirements set forth herein, 
 (i) Tranche A of this Award will vest on the second or fourth anniversary date of the Date of Grant, and Tranche B will vest on the fourth anniversary of the Date of Grant, and 
 (ii) Tranches C, D, E and F will vest on the first, second, third and fourth anniversary dates, respectively, of the Date of Grant. 
 Section 2. Vesting Requirements. The vesting of this Award (other than pursuant to accelerated vesting in certain circumstances as provided in Section 3
below) shall be subject to the satisfaction of the conditions set forth in subsections A, B and C of this Section 2: 
  

	 	A.	Total Shareholder Return/EPS Growth Test for Tranche A and Tranche B. 

 (a) Total Shareholder Return: One-or-Two-Year Test. The vesting of each of Tranche A and Tranche B of this Award shall be subject to the satisfaction of a performance vesting requirement under this
Section 2.A. This performance vesting requirement shall be 

 
satisfied if the Total Shareholder Return (as defined below) of Disney exceeds the Total Shareholder Return for the Standard & Poor’s 500
Composite Stock Index (the “Reference TSR”) in respect of either (i) the one-year period immediately preceding the first day of the month preceding the month in which the applicable anniversary date falls (the
“Determination Date”) or (ii) the two-year period immediately preceding such Determination Date (the “One-or-Two-Year TSR Test”). “Total Shareholder Return” shall mean, for any given
Determination Date, an amount equal to the average of the total return figures for the relevant period (i.e., one year, two years or, as provided further below, four years) as currently reported under “Comparative Returns” by
Bloomberg L.P. (or any other reporting service that the Committee may designate from time to time) (i) for Disney (as such total return figures for Disney may be adjusted by the Committee, by no later than the anniversary date in respect of
which the Total Shareholder Return performance requirement is being applied, to take into account any factors which the Committee has determined are not properly reflected in such reported figures) or (ii) for the Reference TSR, as the case may
be, for the twenty (20) trading days immediately preceding such Determination Date. For the avoidance of doubt, the One-or-Two-Year TSR Test is applicable to Tranche A on the Determination Date preceding the second anniversary date of the Date
of Grant (the “Second Anniversary Determination Date”) and to Tranche B on the Determination Date preceding the fourth anniversary date of the Date of Grant (the “Fourth Anniversary Determination Date”). 

(b) Total Shareholder Return: One Year or Four Year TSR Test for Tranche A. If the One-or-Two-Year TSR Test is not satisfied for
Tranche A on the Second Anniversary Determination Date, then Tranche A shall not vest on the second anniversary date of the Date of Grant. However, Tranche A shall not be forfeited at that time and the performance vesting requirement of this
Section 2.A shall be satisfied for Tranche A if the Total Shareholder Return of Disney, determined on the Fourth Anniversary Determination Date, exceeds the Reference TSR in respect of either (i) the period of one year preceding such
Fourth Anniversary Determination Date or (ii) the period of four years preceding such Fourth Anniversary Determination Date. 
 (c) EPS Growth Test for Tranche A and/or Tranche B. If either Tranche A or Tranche B or both of them will not vest, or shall not have vested, on the fourth anniversary date of the Date of Grant (the “Remaining Unvested
Performance-Tested Tranche(s)” by reason of the non-satisfaction of any of the vesting requirements set forth above in Sections 2.A(a) or (b) hereof), then the 

 
Committee shall, no later than sixty (60) days after the fourth anniversary date of the Date of Grant, determine the Average Annual Adjusted EPS Growth
Rate (as defined below) and apply the alternative performance vesting tests set forth below with respect to such Remaining Unvested Performance-Tested Tranche(s): 
 (i) If the Committee shall determine that the Average Annual Adjusted EPS Growth Rate (as defined below) is greater than 10%, then the performance vesting requirement of this Section 2.A shall be met with respect
to all Remaining Unvested Performance-Tested Tranche(s). 
 (ii) If the Committee shall determine that the Average Annual Adjusted EPS Growth
Rate is greater than 8% but less than or equal to 10%, then the performance vesting requirement of this Section 2.A shall be met with respect to fifty percent (50%) of all Remaining Unvested Performance-Based Tranche(s), and the remaining
fifty percent (50%) thereof shall be immediately forfeited. 
 (iii) If the Committee shall determine that the Average Annual Adjusted
EPS Growth Rate is 8% or less, then all Remaining Unvested Performance-Based Tranche(s) shall be immediately forfeited. 
 “Average
Annual Adjusted EPS Growth Rate” shall mean the average annual growth rate of the Adjusted EPS (as defined below) of Disney for the sixteen (16) fiscal quarters of Disney ended immediately prior to the fourth anniversary date of the
Date of Grant for which financial results have been filed with the Securities and Exchange Commission on a Form 10-Q or Form 10-K (the “Adjusted EPS Growth Period”). “Adjusted EPS” shall mean the diluted earnings
per share of Disney, as reported in Disney’s consolidated financial statements for the relevant period, after such adjustments thereto as the Committee deems appropriate in its sole discretion (i) to exclude the effect of extraordinary,
unusual and/or nonrecurring items and (ii) to reflect such other factors as the Committee deems appropriate to fairly reflect earnings per share growth. In the event that the Adjusted EPS Growth Period corresponds to the four completed fiscal
years of Disney immediately preceding the fourth anniversary date of the Date of Grant, then the Average Annual Adjusted EPS Growth Rate shall be the average of the annual growth rates of Adjusted EPS of Disney for such four fiscal years. If the
Adjusted EPS Growth Period does not correspond to the four completed fiscal 

 
years of Disney immediately prior to the fourth anniversary date of the Date of Grant, the sixteen (16) quarters comprising such period will be treated
as four consecutive annual periods (each equivalent to a fiscal year) for the purpose of determining the Average Annual Adjusted EPS Growth Rate. 
  

	 	B.	Section 162(m) Vesting Requirement. This Award shall also be subject to additional performance vesting requirements under this Section 2.B, with respect to all
Tranches, based upon the achievement of the Performance Targets applicable to the Performance Periods which are set forth below, subject to certification of achievement of such Performance Targets by the Committee pursuant to Section 4.8 of the
Plan. The respective Performance Targets (together with the Business Criteria with respect to such Performance Targets) shall be established by the Committee for each Tranche by no later than 90 days following the beginning of the Performance Period
applicable to such Tranche. If the Performance Target for a Tranche is not satisfied, all of the Stock Units comprising such Tranche shall be immediately forfeited. For each of the Tranches of Stock Units granted hereunder the Performance Period
(which in each case shall be a specified period of one or more fiscal years (or portions thereof) of Disney (any such fiscal year being a “Fiscal Year”)) shall be as follows: 

  

					
	 Tranche
	  	 Performance Period
	  	Stock Units
	 Tranche A
	  	Fiscal Year 2010	  	______
	 Tranche B
	  	Fiscal Year 2012	  	______
	 Tranche C
	  	Fiscal Year 2009	  	______
	 Tranche D
	  	Fiscal Year 2010	  	______
	 Tranche E
	  	Fiscal Year 2011	  	______
	 Tranche F
	  	Fiscal Year 2012	  	______

  

	 	C.	Service Vesting Requirement. In addition to the performance vesting requirements of subsections A and B of this Section 2, the right of the Participant to receive
payment of this Award shall become vested only if he or she remains continuously employed by Disney or an Affiliate from the date hereof until: 

 (i) the second anniversary of the Date of Grant in the case of Tranche A, except that if the One-or- 

 
Two-Year TSR Test provided for in Section 2.A(a) hereof is not met, and as a consequence thereof the vesting of Tranche A becomes subject to
performance vesting requirements being met after the second anniversary of the Date of Grant, the Participant shall be required, in order to vest with respect to Tranche A, to remain continuously employed by Disney or an Affiliate until the
fourth anniversary of the Date of Grant; 
 (ii) the fourth anniversary of the Date of Grant in the case of Tranche B; 
 (iii) the first anniversary of the Date of Grant in the case of Tranche C; 
 (iv) the second anniversary of the Date of Grant in the case of Tranche D; 
 (v) the third anniversary of the Date of Grant in the case of Tranche E; and 
 (vi) the fourth anniversary of the Date of Grant in the case of Tranche F; 
 provided, however, that, nothing set forth herein shall be deemed to modify, qualify, or otherwise derogate from, the requirement of
Section 4.8 of the Plan that the Committee certify in writing that the applicable Performance Targets of Section 2.B above have been satisfied prior to the payment of any amount to the Participant under this Award. 
 If the service vesting requirements of this Section 2.C are not satisfied for any Tranche or Tranches, the applicable number of Stock Units shall be
immediately forfeited and the Participant’s rights with respect thereto shall cease. 
 All Stock Units for which all of the requirements of this
Section 2 have been satisfied shall become vested and shall thereafter be payable in accordance with Section 5 hereof. 
 Section
3. Accelerated Vesting. Notwithstanding the terms and conditions of Section 2 hereof, upon the Participant’s death or disability (within the meaning of Section 409A of the Internal Revenue Code), or upon the occurrence of a
Triggering Event within the 12-month period following a Change in Control in accordance with Section 11 of the Stock Plan as in effect as of the date of the Triggering Event (provided, in each case, that the Participant is employed by Disney
(or an Affiliate) at the time of 

 
such death, disability or occurrence of a Triggering Event), this Award shall become fully vested and shall be payable in accordance with Section 5
hereof to the extent that it has not previously been forfeited. In addition, if the Participant is employed pursuant to an employment agreement with Disney, any provisions thereof relating to the effect of a termination of the Participant’s
employment upon his or her rights with respect to this Award, including, without limitation, any provisions regarding acceleration of vesting and/or payment of this Award in the event of termination of employment, shall be fully applicable and
supersede any provisions hereof with respect to the same subject matter. 
 Section 4. Dividend Equivalents. Any dividends paid in
cash on Shares of Disney will be credited to the Participant as additional Stock Units as if the Stock Units previously held by the Participant were outstanding Shares, as follows: such credit shall be made in whole and/or fractional Stock Units and
shall be based on the fair market value (as defined in the Stock Plan) of the Shares on the date of payment of such dividend. All such additional Stock Units shall be subject to the same vesting requirements applicable to the Stock Units in respect
of which they were credited and shall be payable in accordance with Section 5 hereof. 
 Section 5. Payment of Award. Payment of
vested Stock Units shall be made within 30 days following the later of: 
  

	 	(i)	the date as of which all of the applicable vesting requirements under Section 2 hereof shall have been satisfied for the applicable Tranche, or 

  

	 	(ii)	the date of certification of achievement of the applicable Performance Targets by the Committee for the applicable Tranche, as required under Sections 2.B and 2.C hereof,

 (or within 30 days following acceleration of vesting under Section 3 hereof, if applicable). The Stock Units shall be paid in cash or
in Shares (or some combination thereof), as determined by the Committee in its discretion at the time of payment, and in either case shall be paid to the Participant after deduction of applicable minimum statutory withholding taxes. 
 Section 6. Restrictions on Transfer. Neither this Stock Unit Award nor any Stock Units covered hereby may be sold, assigned, transferred,
encumbered, hypothecated or pledged by the Participant, other than to Disney as a result of forfeiture of the units as provided herein and as provided in Section 6 of the Plan. The Stock Units constitute Restricted Units as defined in
Section 2.2 of the Plan. 
 Section 7. No Voting Rights. The Stock Units granted pursuant to this Award, whether or not vested,
will not confer any voting rights upon the Participant, unless and until the Award is paid in Shares. 
 Section 8. Award Subject to
Plans, Etc. This Stock Unit Award is subject to the terms of the Plan and the Stock Plan, the terms and provisions of which are hereby incorporated by reference. In the event of a conflict or ambiguity between any term or 

 
provision contained herein and a term or provision of the Plan or the Stock Plan, the Plan or the Stock Plan (as applicable) will govern and prevail.

 Section 9. Changes in Capitalization. The Stock Units under this Award shall be subject to the provisions of the Stock Plan
relating to adjustments for changes in corporate capitalization. 
 Section 10. No Right of Employment. Nothing in this Award
Agreement shall confer upon the Participant any right to continue as an employee of Disney or an Affiliate nor interfere in any way with the right of Disney or an Affiliate to terminate the Participant’s employment at any time or to change the
terms and conditions of such employment. 
 Section 11. Prior Performance-Based Stock Unit Awards. Disney and the Participant agree
that those provisions of Section 2.B hereof relating to Tranche A and Tranche B shall (i) be fully applicable to any Performance-Based Stock Unit Award Agreement previously granted to Participant by Disney (a “Previous
Award”) as to which there are any Performance Period(s) which commence with Fiscal Year 2009 or any later Fiscal Year and (ii) supersede Section 2.A or 2.B (as applicable) of any such Previous Award in its entirety, if such
(applicable) Section provides for any Performance Period(s) of greater duration than one Fiscal Year; provided, however, that, notwithstanding the foregoing, when the provisions of Section 2.B of this Award Agreement are applied
to any Previous Award, such provisions shall only apply to Performance Period(s) (as in effect prior to this Section 11 becoming effective with respect to any such Previous Award) which commence with Fiscal Year 2009 or any later Fiscal Year,
and such provisions of this Award Agreement shall be deemed modified, solely for the purpose of applying them to the Previous Award, (a) by disregarding the Performance Periods set for in this Award Agreement and instead changing the specific
Performance Periods for “Tranche A” and “Tranche B” set forth in the corresponding Section 2.A or 2.B (as applicable) of the Previous Award to refer only to the last Fiscal Year included in such Performance Periods, and
(b) by deeming the number of Stock Units set forth as “Tranche A” and “Tranche B,” respectively, in such Previous Award (which number is set forth therein opposite the specified duration of the applicable Performance
Period(s) in such Previous Award) to continue to be the number of Stock Units for “Tranche A” and “Tranche B” in such Previous Award notwithstanding any change in the Performance Period(s) in the Previous Award effected by this
Section 11. 
 Section 12. Governing Law. This Award Agreement shall be construed and enforced in accordance with the laws of the
State of Delaware, without giving effect to the choice of law principles thereof. 

			
	THE WALT DISNEY COMPANY
		
	By:	 	
	Name:	 	
	Title:	 	
	
	PARTICIPANT

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