Document:

Form of Performance-Based Stock Unit Award Agreement

 Exhibit 10.3 
 THE WALT DISNEY COMPANY 
 Performance-Based 

Stock Unit Award 
 (Three-Year Vesting subject to Total Shareholder Return/EPS Growth 

Tests/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 2011 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 for a target number of Stock Units of <# STOCK
UNITS> (such target number of Stock Units, together with such number of additional whole or fractional Stock Unit(s), if any, as may from time to time be credited with respect thereto (as dividend equivalents) pursuant to Section 4
hereof, being referred to herein as the “Target Award Amount”). The number of Stock Units which may be awarded hereunder is dependent upon the satisfaction of the conditions set forth herein and may range from no Stock Units to 150%
of the Target Award Amount. 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. 
 Section 2. Vesting Requirements. The vesting of this Award (other than pursuant to
accelerated vesting in certain circumstances as provided in Section 3 below or vesting pursuant to Section 6 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. The vesting of the Stock Units subject to this Award shall be conditioned upon the satisfaction
of either (i) a performance vesting requirement based on Total Shareholder Return (as hereinafter defined) of Disney as compared to the Total Shareholder Returns of the S&P 500 Companies (as hereinafter defined) with respect to the
three-year period ending on the Determination Date (as hereinafter defined), all as further provided below in Section 2.A(a) hereof (the “TSR Performance Requirement”) OR (ii) under certain circumstances provided for
below, a performance vesting requirement based upon the Disney Adjusted EPS Growth Rate (as defined below) as compared to the EPS Growth Rates of the S&P 500 Companies (subject to certain exclusions as hereinafter provided), all as further

	 	 
provided in Section 2.A(b) hereof (the “EPS Growth Performance Requirement”). 

 

	 	(a)	 Total Shareholder Return: Three-Year Test. In order for the TSR Performance Requirement to be satisfied pursuant to this
Section 2.A(a) with respect to any Stock Units subject to this Award, the TSR Percentile (as hereinafter defined) of Disney must equal or exceed the TSR Percentile of 25.00% of the S&P 500 Companies (the “S&P 25th TSR Percentile”). If this requirement is met, the specific number of Stock Units subject to this Award which shall satisfy the TSR Performance Requirement shall be determined as follows:

  

	 	i.	 If the TSR Percentile of Disney is 25.00% (the “S&P 25th TSR Percentile”), then the number of Stock Units
which shall satisfy the TSR Performance Requirement shall be 50% of the Target Award Amount. 

  

	 	ii.	 If the TSR Percentile of Disney equals or exceeds the TSR Percentile of 75.00% of the S&P 500 Companies (the “S&P 75th TSR Percentile”), the number of Stock Units which shall satisfy the TSR Performance Requirement shall be 150% of the Target Award Amount. 

 

	 	iii.	 If the TSR Percentile of Disney exceeds the S&P 25th Percentile but is less than the S&P 75th Percentile, the percentage of Stock Units as to which the TSR Performance Requirement shall have been satisfied shall
be determined by multiplying the TSR Percentile of Disney by two. For example, if the TSR Percentile of Disney is 40.00%, then Stock Units equal to 80% of the Target Award Amount shall have satisfied the TSR Performance Requirement; if the TSR
Percentile of Disney is 60.55%, then 121.10% of the Target Award Amount shall have satisfied the TSR Performance Requirement. 

 For the purposes hereof, the terms set forth below shall have the following meanings: 
 “Determination Date” shall mean the date which precedes the Scheduled Vesting Date (as hereinafter defined) by one month. For example, for an Award vesting on a January 14 of any
specified year, the Determination Date of such Award is December 14 of the prior year. 
 “Total Shareholder
Return” shall mean an amount equal to the average of the total return figures for the three-year periods ending on the twenty (20) trading days referred to below as currently reported under

  
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“Comparative Returns” by Bloomberg L.P. (“Bloomberg”) (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 Scheduled Vesting Date, to take into account any factors
which the Committee has determined are not properly reflected in such reported figures) or 

  

	 	(ii)	for any other S&P 500 Company, 

 in each case for the twenty (20) latest trading days up to and (if the Determination Date is a trading day) including the Determination Date. 

“TSR Percentile” shall mean the percentile ranking (which shall be carried out to two decimal points) as determined by
Disney on the basis of the Total Shareholder Return figures reported by Bloomberg (or any other reporting service that the Committee may designate from time to time) for each of the S&P 500 Companies, including Disney (provided that in the case
of Disney adjustments may be made by the Committee with respect to Total Shareholder Return as provided above). 

“S&P 500 Companies” shall mean all of the companies which are listed on the Standard & Poor’s 500
Composite Index, including Disney, on the date which is three years and twenty (20) trading days prior to the Determination Date and which remain continuously listed on the Standard & Poor’s 500 Composite Index through and
including the Determination Date; provided however, that for the purposes hereof the Standard & Poor’s 500 Composite Index shall be deemed to include companies that were removed therefrom during the measurement period but that
continued during the entire measurement period to have their shares listed on at least one of the NYSE, NASDAQ, American Stock Exchange, Boston Stock Exchange, Chicago Stock Exchange, National Stock Exchanged (formerly Cincinnati Stock Exchange),
NYSE Arca (formerly known as the Pacific Stock Exchange), Philadelphia Stock Exchange or any other exchange(s) that the Committee may designate from time to time. 
  

	 	(b)	 EPS Growth Test. If the Award will not vest, or shall not have vested, on the Scheduled Vesting Date with respect to at least 100% of the
Target Award Amount by reason of the non-satisfaction of any vesting requirement set forth above in Section 2.A(a) hereof, then the Committee shall, no later than the Scheduled Vesting Date, determine whether or not the Disney Adjusted EPS
Growth Rate (as defined below) for the twelve (12) fiscal quarters reported on or before the Determination Date equals or exceeds the EPS Growth Rate (as 

  
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defined below) of 50% of the S&P 500 Companies over the same period (the “S&P 50th Percentile for Average Annualized EPS Growth
Rate”). If the Committee determines that the Disney Adjusted EPS Growth Rate for such period is equal to or greater than the S&P 50th Percentile for EPS Growth Rate, then the percentage of the Target
Award Amount of Stock Units which shall satisfy the performance requirement of this Section 2.A(b) (the “EPS Growth Performance Requirement”) shall be 50%, unless the TSR Percentile of Disney determined pursuant to
Section 2.A(a) above shall be greater than or equal to 25.00%, in which case the percentage of the Target Award Amount of Stock Units which shall satisfy the EPS Growth Performance Requirement shall be equal to the TSR Percentile of Disney plus
50 (it being understood for the avoidance of doubt that the percentage of the Target Award Amount of the Stock Units vesting hereunder by operation of the EPS Growth Performance Requirement cannot under any circumstances exceed 100%). Thus, for
example, if the TSR Percentile for Disney determined pursuant to Section 2.A(a) above is 5.50% and the EPS Growth Performance Requirement is satisfied, then 50% of the Target Award Amount of Stock Units shall satisfy the EPS Growth Performance
Requirement, and if the TSR Percentile of Disney is 37.50%, then 87.50% of the Target Award Amount of Stock Units shall satisfy the EPS Growth Performance Requirement. 

For the purposes hereof, the terms set forth below shall have the following meanings: 

“Disney Adjusted EPS Growth Rate” shall mean the compound annual growth rate of the Disney Adjusted EPS (as defined
below) for the twelve (12) fiscal quarters of Disney ended immediately prior to the Determination Date for which financial results have been filed with the Securities and Exchange Commission on a Form 10-Q or Form 10-K (the “Disney EPS
Growth Performance Period”). For the avoidance of doubt, the Disney Adjusted EPS Growth Rate shall be calculated on the basis of the Disney Adjusted EPS for the four fiscal quarters prior to the Disney EPS Growth Performance Period as
compared to Disney Adjusted EPS for the final four quarters of the Disney EPS Growth Performance Period. 
 “Disney
Adjusted EPS” shall mean the EPS of Disney, 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. 

  
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 “EPS Growth Rate” shall mean the compound annual growth rate of EPS (as
defined below) for the twelve (12) most recent fiscal quarters ended immediately prior to the Determination Date (the “S&P 500 EPS Growth Performance Period”) as determined on the basis of EPS reported on or prior to the
Determination Date by Bloomberg (or any other reporting service that the Committee may designate from time to time) for any of the S&P 500 Companies other than (i) Disney and (ii) any S&P 500 Company with negative EPS (as reported
by Bloomberg or any other reporting service that the Committee may designate from time to time) for the four fiscal quarters (in the aggregate) prior to the S&P 500 EPS Growth Performance Period (unless otherwise provided by the Committee on a
case by case basis) (the EPS for any such four quarters (whether or not negative) being referred to herein as the “Starting EPS”). For the avoidance of doubt, the EPS Growth Rate of any S&P 500 Company shall be calculated on the
basis of the Starting EPS of such company as compared to its EPS for the final four quarters of the S&P 500 EPS Growth Performance Period. 
 “EPS” shall mean the diluted earnings per share from continuing operations for any company for a specified period as reported by Bloomberg (or any other reporting service that the
Committee may designate from time to time). 
  

	 	(c)	Satisfaction of Section 2.A Vesting Requirement. In the event that the EPS Growth Performance Requirement has been satisfied in accordance with
Section 2.A(b) hereof with respect to any number of Stock Units, then such number of Stock Units shall be deemed to have satisfied the performance vesting requirement of this Section 2.A in lieu of any lesser number of Stock Units
determined to have satisfied the TSR Performance Requirement pursuant to Section 2.A(a). In the event that the EPS Growth Performance Requirement is not satisfied or is not required to be applied pursuant to Section 2.A(b) hereof, the
number of Stock Units, if any, which shall satisfy the performance vesting requirement of this Section 2.A shall be the number of Stock Units determined pursuant to Section 2.A(a) hereof. For the avoidance of doubt regarding the
application of the TSR Performance Requirement and the EPS Growth Performance Requirement, the following example ranges of results are given: 

  

	 	(i)	 If the TSR Percentile of Disney is less than the S&P 25th TSR 

  
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 Percentile, and the EPS Growth Performance Requirement is not met, the number of Stock
Units vesting is zero. 
  

	 	(ii)	 If the TSR Percentile of Disney is less than the S&P 25th TSR Percentile and the EPS Growth Performance Requirement is met, the percentage of Stock Units vesting is 50% of the
Target Award Amount. 

  

	 	(iii)	 If the TSR Percentile of Disney is equal to or greater than the S&P 25th TSR Percentile but less than 50.00%, and the EPS Growth Performance Requirement is not met, the percentage of the
Target Award Amount vesting is equal to the TSR Percentile of Disney multiplied by two. 

  

	 	(iv)	 If the TSR Percentile of Disney is equal to or greater than the S&P 25th TSR Percentile but less than 50.00%, and the EPS Growth Performance Requirement is met, then the percentage of the
Target Award Amount vesting is equal to the TSR Percentile of Disney plus 50. 

  

	 	(v)	If the TSR Percentile of Disney is equal to or greater than 50.00% but less than 75.00%, then the EPS Growth Performance Requirement is not applicable, then the
percentage of the Target Award Amount vesting is equal to the TSR Percentile of Disney multiplied by two. 

  

	 	(vi)	If the TSR Percentile of Disney is equal to or greater than 75.00%, then the EPS Growth Performance Requirement is not applicable and the percentage of Stock Units
vesting is equal to 150% of the Target Award Amount. 

  

	 	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 Stock Units subject to this Award, based upon the achievement of the Performance Target applicable to the Performance Period set forth below, and subject to certification of achievement of such Performance Target by the Committee
pursuant to Section 4.8 of the Plan. The Performance Target (together with the Business Criteria with respect to such Performance Target) shall be established by the Committee by no later than 90 days following the beginning of the Performance
Period applicable to this Award. If the Performance Target is not satisfied, all of the Stock Units subject to this Award shall be immediately forfeited. The Performance Period for this Award shall be the last fiscal year of Disney to be completed
prior to the Scheduled Vesting Date. 

  
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	 	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 the Scheduled Vesting Date; 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 (which writing may be the approved minutes of the Committee) that the Performance Target of
Section 2.B above has been achieved 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, all of the Stock Units subject to this Award 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. Subject to the terms, conditions and performance-based vesting requirements set forth herein, the Stock Units
subject to this Award will vest on the third anniversary date of the Date of Grant (the “Scheduled Vesting Date”). 
 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 (any of the foregoing being an “Accelerating Event”) (provided, in each case, that the Participant is employed by Disney (or an Affiliate) at the time of such Accelerating Event), this Award shall become fully vested with
respect to the Target Award Amount of Stock Units; provided, however, that notwithstanding the foregoing, if such Accelerating Event shall have occurred after the Determination Date but before the Scheduled Vesting Date, then the number of Stock
Units which shall become fully vested shall be determined on the same basis as if the Participant had been continuously employed by Disney (or an Affiliate) until the Scheduled Vesting Date and shall be payable in accordance with Section 5
hereof to the extent that it has not previously been forfeited. 
 Section 4. Dividend Equivalents. Any
dividends paid in cash on Shares of Disney will be credited to the Participant with respect to the Target Award Amount of Stock Units 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 

  
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and/or fractional Stock Units on the Target Award Amount as in effect at the time of such crediting 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 Target Award Amount of 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 vesting requirements under Section 2 hereof shall have been satisfied, or 

 

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

(or within 30 days following acceleration of vesting under Section 3 hereof, if applicable) but in no event later than the later of
(x) December 31 of the year in which the scheduled vesting date occurs and (y) two and one-half months after the Scheduled Vesting Date occurs. 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. Extended Vesting based on Age and Service Years. 
 (a) In the event that Participant’s employment with Disney or an Affiliate thereof terminates for any reason other than death, disability or “cause” (as further provided in the Stock Plan)
at a time when (i) the Participant has attained the age of sixty and has completed at least ten consecutive Service Years (as hereinafter defined) and (ii) at least one year has passed since the Date of Grant of this Award, then this Award
shall vest in accordance with its terms and provisions in the same manner as if Participant’s employment had continued through the Scheduled Vesting Date, provided that all of the conditions to such vesting (other than the condition set forth
in Section 2.C hereof), including without limitation the conditions set forth in Sections 2.A and 2.B hereof, have been met; provided, however, that to the extent that the vesting of any Stock Units under this Award is subject to the
achievement of performance condition(s) pursuant to Section 2.B hereof (which conditions were imposed under Disney’s compensation practices and policies because the Participant was at the time of grant of this Award an executive officer of
Disney who could have been a “covered employee” within the meaning of Section 162(m) at the time payment of this Award was expected to be made), and such performance condition(s) relate, in whole or in part, to any performance period
continuing after the end of Disney’s fiscal year in which the termination of Participant’s employment with Disney or an Affiliate thereof occurs, then such performance condition(s) set forth in Section 2.B hereof shall be waived with
respect to any such vesting of Stock Units hereunder (and any similar performance conditions set forth in Section 2.B of any other Award of Stock Units granted to the Participant after January 1, 2010 shall also be waived), provided that
this proviso shall not be applicable if and to the extent, in the reasonable opinion of tax counsel to Disney, the presence thereof would cause any Stock Units intended to 

  
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be qualified as other performance based compensation within the meaning of Section 162(m) of the Internal Revenue Code to fail to be so qualified at any time prior to the termination of the
Participant’s employment with Disney or any Affiliate thereof. For purposes of the foregoing, “Service Year” shall mean any calendar year during which the Participant was continuously employed by Disney or an Affiliate thereof
for the entire calendar year. In determining the total number of consecutive Service Years that the Participant has been so employed, the Company shall apply such rules regarding the bridging of service as the Committee may adopt from time to time.

 (b) Notwithstanding any other term or provision hereof, if at the time of termination of employment (other than upon the scheduled expiration
date of an employment agreement) Participant is employed pursuant to an employment agreement with Disney or an Affiliate which provides under certain circumstances for the continued vesting of any Stock Units subject to this Award in the event of
the termination of such employment agreement prior to its scheduled expiration date (a “Contractual Extension Provision”), then, except as otherwise provided in such employment agreement, (i) this Section 6 shall be
interpreted and applied in all respects as if Participant had remained continuously employed by Disney or an Affiliate thereof from the Date of Grant of this Award through the scheduled expiration date of such employment agreement and (ii) the
date of termination of Participant’s employment for all purposes under this Section 6 shall be deemed to be the scheduled expiration date of such employment agreement. 

Section 7. 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 8. 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 9. 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 10. 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 11. Effect of Employment
Agreement. 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 

  
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fully applicable and supersede any provisions hereof with respect to the same subject matter. 
 Section 12. 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 or 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 13. Data Privacy. The Participant expressly authorizes and consents to the collection, possession, use, retention and transfer of personal data of the Participant, whether in
electronic or other form, by and among Disney, its Affiliates, third-party administrator(s) and other possible recipients, in each case for the exclusive purpose of implementing, administering, facilitating and/or managing the Participant’s
Awards under, and participation in, the Plan and Stock Plan. Such personal data may include, without limitation, the Participant’s name, home address and telephone number, date of birth, Social Security Number, social insurance number or other
identification number, salary, nationality, job title and other job-related information, tax information, the number of Disney shares held or sold by the Participant, and the details of all Awards (including any information contained in this Award
and all Award-related materials) granted to the Participant, whether exercised, unexercised, vested, unvested, cancelled or outstanding (“Data”). The Participant acknowledges, understands and agrees that Data will be transferred to
Merrill Lynch, which is assisting Disney with the implementation, administration and management of the Plan and Stock Plan, and/or to such other third-party plan administrator(s) and/or recipients as may be selected by Disney in the future. The
Participant understands that one or more of the administrators or recipients of Data may be located in countries other than the country of Participant’s current residence, and that such other countries may have data privacy laws and protections
different from, and less protective than, the laws and protections of the country of Participant’s current residence, the Member States of the European Union or any other country to which the Participant may be at any time relocated.

 Section 14. 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

 

  
 10Form of Non-Qualified Stock Option Award Agreement

 Exhibit 10.4 
 THE WALT DISNEY COMPANY 
 Non-Qualified Stock Option Award Agreement

 This AWARD AGREEMENT (the “Agreement”) is between you, Participant Name, and The Walt Disney Company
(“Disney”), in connection with the Non-Qualified Stock Option Award (the “Option”) granted to you on Grant Date, by the Compensation Committee of the Board of Directors of Disney pursuant to the terms of the 2011
Stock Incentive Plan (the “Plan”), the applicable terms and conditions of which are incorporated herein by reference and made a part of this Agreement. 
 This Option gives you the opportunity to purchase #### shares of Common Stock of The Walt Disney Company at an exercise price of $Option Price per share. The exercise price is
the average of the highest and the lowest market prices for the Common Stock on the above grant date as determined pursuant to the Plan. 
 This
Option may not be exercised before First Vest Date. On or after that date, subject to your continued employment by Disney or an affiliated company (as described further below) and to the other provisions of the Plan, you may exercise
the Option with respect to the number of shares set forth opposite the first date below. As the subsequent dates set forth below occur, you may exercise as to the number of shares set forth opposite those dates: 

Vest Date 1 Exercise Qty 1 Shares 
 Vest Date 2 Exercise Qty 2 Shares 
 Vest Date 3 Exercise Qty 3
Shares 
 Vest Date 4 Exercise Qty 4 Shares 
 Provided your employment continues, the term of this Option is ten years from the grant date and, therefore, expires on [insert tenth anniversary date of grant date]. If your employment
should cease prior to the date on which your grant expires, your right to vest and exercise under the Option 

 
will be subject to early termination as provided in Sections 6.5, 12 and 13.2 of the Plan. Except under certain circumstances specified in such Sections, you will generally have the right of
continued vesting and exercisability for three months following the date of termination of your employment (such period as it may hereinafter be extended in certain circumstances as provided below being the “Extended Vesting and Exercisability
Period”), and any shares that vest during the Extended Vesting and Exercisability Period will be exercisable during such period (or, under certain circumstances, for such longer period as may be provided by the Plan). 

You may exercise this Option as to all or part of the number of shares covered by the Option which are then vested by paying the aggregate exercise price
and applicable withholding taxes on the gross gain. You will be provided with additional information at the time of exercise about the methods available for exercising your Option and paying your withholding taxes, in accordance with the methods of
exercising options permitted under Section 6.6 of the Plan. You are urged to seek advice from your tax accountant or attorney when making decisions regarding the exercise of this Option. This Option may not be transferred or assigned.

 Notwithstanding any other term or provision hereof, you agree by acceptance of this Option that, except for certain shares (the
“Tax-Available Shares”) that may be sold to pay taxes up to the Maximum Tax Liability (as defined below) upon an exercise of a portion of, or all of, this Option, you will hold, for not less than twelve months from the date of exercise of
this Option, shares representing no less than [seventy-five percent (75%)] [one hundred percent (100%)] of the shares acquired by you (other than Tax-Available Shares) upon such exercise; provided, however, that the foregoing obligation to
hold such shares (and any similar obligation in any non-qualified stock option award previously granted to you) shall not be applicable at any time when you are already holding shares of Common Stock of Disney (including any outstanding restricted
stock units (with or without performance-based vesting conditions) awarded to you by with a value equal to at least [three] [five] times your base salary as in effect at such time (the “Disney Stock Ownership Requirement”). For purposes
hereof the term “Maximum Tax Liability” shall mean the amount calculated by multiplying total income recognized, as reported by Disney for Federal income tax purposes, upon an exercise of this Option, by a percentage determined as follows:

  
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 FR + SR (100-FR) + MR 
 where: 
 FR = the highest Federal income tax rate in effect at time of exercise of the Option;

 SR = the highest state income tax rate, if any, in effect at the time of exercise of the Option in the state where your principle Disney
office is located; and 
 MR = the Medicare tax rate in effect at time of exercise of the Option. 

The number of whole shares acquired upon any exercise of the Options that may be sold to discharge the Maximum Tax Liability shall be determined by
dividing the Maximum Tax Liability by the fair market value (as defined in Section 2 of the Plan) of one share of Disney common stock on the date of exercise of the Option and disregarding any fractional amount resulting from such calculation.

 For the purposes hereof, your commitment to hold the percentage of shares referred to above for not less than twelve months unless you are
already in compliance with the Disney Stock Ownership Requirement shall constitute an undertaking by you not to sell, transfer, pledge, encumber, assign or otherwise dispose of, except for certain transfers to “family members” and certain
others permitted with the prior approval of the Committee pursuant to Section 6.7 of the Plan, any of such shares during such period. 
 If
you are employed pursuant to an employment agreement with Disney, any provisions thereof relating to the effect of a termination of your employment upon your rights with respect to this Option, including, without limitation, any provision regarding
acceleration of this Option, shall be fully applicable and shall supersede the provisions hereof relating to the same subject matter, but in no event shall the restriction on sale of shares acquired upon the exercise of this Option referred herein
apply after any termination of your employment with Disney. 

  
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 In the event that your employment with Disney or an Affiliate thereof terminates for any reason other than
death or “cause” (as further provided in the Plan) at a time when (i) you have attained the age of sixty and have completed at least ten consecutive Service Years (as hereinafter defined) and (ii) at least one year has passed
since the Grant Date of this Option, then notwithstanding any other term or provision hereof, the Extended Vesting and Exercisability Period shall continue until the earlier of five years from the date of termination of your employment or the
expiration date of this Option as provided above; provided, however, that in the event of your death during such period, all remaining unvested Tranches of this Option shall vest immediately upon such event and thereafter all remaining unexercised
Tranches (or portions thereof) of this Option shall be exercisable until the earlier of the expiration of 18 months from date of death or the expiration date of this Option. For purposes of the foregoing, “Service Year” shall mean
any calendar year during which you have been continuously employed by Disney or an Affiliate thereof for the entire calendar year. In determining the total number of consecutive Service Years that you have been so employed, the Company shall apply
such rules regarding the bridging of service as the Committee may adopt from time to time. 
 Notwithstanding any other term or provision
hereof, if you are employed pursuant to an employment agreement with Disney or an Affiliate which provides under certain circumstances for the continued vesting and/or exercisability of this Option in the event of the termination of such employment
agreement prior to its scheduled expiration date (a “Contractual Extension Provision”), then, except as otherwise expressly provided in such employment agreement, (i) this Option shall be interpreted and applied in all respects
to have the same effect as if you had remained continuously employed by Disney or an Affiliate thereof from the Grant Date of this Option through the scheduled expiration date of such employment agreement and (ii) the date of termination of
your employment for all purposes hereunder shall be deemed to be the scheduled expiration date of such employment agreement. 
 You expressly
authorize and consent to the collection, possession, use, retention and transfer of your personal data, whether in electronic or other form, by and among Disney, its Affiliates, third-party administrator(s) and other possible recipients, in each
case for the exclusive purpose of 

  
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implementing, administering, facilitating and/or managing your Awards under, and participation in, the Plan. Such personal data may include, without limitation, your name, home address and
telephone number, date of birth, Social Security Number, social insurance number or other identification number, salary, nationality, job title and other job-related information, tax information, the number of Disney shares held or sold by you, and
the details of all Awards (including any information contained in this Award and all Award-related materials) granted to you, whether exercised, unexercised, vested, unvested, cancelled or outstanding (“Data”). You acknowledge,
understand and agree that Data will be transferred to Merrill Lynch, which is assisting Disney with the implementation, administration and management of the Plan, and/or to such other third-party plan administrator(s) and/or recipients as may be
selected by Disney in the future. You understand that one or more of the administrators or recipients of Data may be located in countries other than the country of your current residence, and that such other countries may have data privacy laws and
protections different from, and less protective than, the laws and protections of the country of your current residence, the Member States of the European Union or any other country to which you may be at any time relocated. 

Please sign this Non-Qualified Stock Option Award Agreement where indicated below. Your signature acknowledges receipt of a copy of the Plan and
evidences your agreement to be bound by all the terms and provisions of this Agreement and the Plan. 
  

			
	THE WALT DISNEY COMPANY	  	PARTICIPANT
		
	 By:
	  	 By:

		  	(Signature of Participant)

  
 5

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