Document:

Employment Agreement, dated as of March 19, 2008

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT, dated March 19, 2008, by and between The Walt
Disney Company, a Delaware corporation (the “Company”), and Dennis Shuler (“Executive”). 
 W I T N E S S E T H: 
 WHEREAS, the Company and Executive
wish to enter into this Agreement which sets forth the terms and conditions of Executive’s employment by, and services to, the Company; 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the Company and Executive hereby agree as follows: 
 1.
Employment. Upon the terms and subject to the conditions of this Agreement, the Company hereby employs Executive and Executive hereby accepts employment by the Company for the period commencing on April 1, 2008 and ending on
March 31, 2011 (or such earlier date as shall be determined pursuant to Paragraph 5). The period during which Executive is employed pursuant to this Agreement shall be referred to as the “Employment Period”. 

2. Position and Duties. During the Employment Period, Executive shall serve as Executive Vice President and Chief Human Resources Officer of
the Company and in such other position or positions with the Company and its subsidiaries, consistent with his position as Executive Vice President and Chief Human Resources Officer of the Company, as the Chief Executive Officer of the Company or
the Board of Directors of the Company (the “Board”) shall reasonably assign Executive from time to time. Executive shall report to the Chief Executive Officer or to the Chief Operating Officer, President or such other senior
officer of Company as determined from time to time by the Chief Executive Officer. During the Employment Period, Executive shall devote substantially all his business time to the services required of him hereunder, and shall perform such services in
a manner consonant with the duties of his position. Executive shall be subject to the terms and conditions of any applicable policy of the Company regarding service (including as a director) on behalf of the Company or any other affiliated
organization, provided that, subject to the provisions of Paragraph 8(a), nothing herein shall preclude Executive from (i) engaging in charitable activities and community affairs, and (ii) managing his personal investments
and affairs, so long as the activities listed in subclauses (i)-(ii) do not materially interfere, individually or in the aggregate, with the proper performance of his duties and responsibilities as Executive Vice President and Chief Human
Resources Officer of the Company. 
  

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 3. Compensation. 
 (a) Base Salary. During the Employment Period, the Company shall pay Executive a base salary at the annual rate of no less than the
amount determined in accordance with the following schedule: 
  

				
	 Date Rate of Salary Effective
	  	Annual
Rate of
Base
Salary
	 April 1, 2008
	  	$	650,000
	 April 1, 2009
	  	$	675,000
	 April 1, 2010
	  	$	700,000

 The amount of annual base salary payable under this Paragraph 3(a) shall be reduced, however, to
the extent Executive elects in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and interpretations thereunder (“Section 409A”), to
defer such salary under the terms of any deferred compensation or savings plan or arrangement maintained or established by the Company or any of its subsidiaries. Executive’s annual base salary payable hereunder, without reduction for any
amounts deferred as described above, is referred to herein as the “Base Salary.” The Company shall pay Executive the portion of his Base Salary not deferred at the election of Executive in accordance with its generally
applicable policies for senior executives, but not less frequently than in equal monthly installments. 
 (b) Incentive
Compensation. Executive shall be given the opportunity to earn an annual incentive bonus in accordance with the annual bonus plan generally applicable to the Company’s executive officers, as the same may be in effect from time to time (the
“Annual Plan”). Executive’s target annual incentive bonus opportunity under the Annual Plan during each fiscal year during the term hereof shall be no less than 100% of Executive’s Base Salary as expected to be in
effect at the end of such fiscal year, as determined in accordance with the schedule established under Paragraph 3(a), it being understood, however, that the target bonus opportunity for fiscal 2008 (i.e., the fiscal year commencing
October 1, 2007) is pro rated to reflect commencement of Executive’s employment at the beginning of the seventh month of such fiscal year, thus resulting in a target bonus opportunity of 50% of Executive’s Base Salary for such year.
The actual amount payable to Executive as an annual bonus under the Annual Plan shall be dependent upon the achievement of performance objectives established in accordance with the Annual Plan by the Board or the committee of the Board responsible
for administering such Annual Plan (the “Compensation Committee”), which shall be substantially the same as the objectives established 

  

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under the Annual Plan for other senior executive officers of the Company. The preceding sentence shall not limit any power or discretion of the Board or the
Committee in the administration of the Annual Plan. Accordingly, depending on performance, the actual amount payable as an annual bonus to Executive under the Annual Plan may be less than, greater than or equal to the target bonus specified above.
Any bonus payable pursuant to this Paragraph 3(b) shall be paid at the same time as annual bonuses are payable to other officers of the Company in accordance with the provisions of the Annual Plan, subject to Executive’s continued employment
with the Company through the date on which such bonuses are paid. 
 (c) Eligibility for Equity Awards; Award Grant.
Subject to the terms of this Agreement, Executive shall be entitled to participate in any stock option, performance share, performance unit or other equity based long-term incentive compensation plan, program or arrangement generally made available
to senior executive officers of the Company, on substantially the same terms and conditions as generally apply to such other officers, except that the size of the awards made to Executive shall reflect Executive’s position with the Company and
the Compensation Committee’s evaluation of Executive’s performance and competitive compensation practices. 
 In connection with the
execution of this Agreement, the Company shall recommend to the Compensation Committee (“Committee”) of the Board that Executive be granted: 
 (i) non-qualified stock options pursuant to a stock incentive plan of the Company to purchase 150,000 shares of common stock of the Company, it being understood that such options shall have an exercise price of 100%
of fair market value of the common stock of the Company at the date of grant by the Committee (the “Grant Date”) and that such options shall vest at the rate of 50% on the second anniversary of the Grant Date and 25% on each of the
third and fourth anniversaries of the Grant Date (subject to Executive’s continued employment by the Company and to the other provisions of the applicable stock incentive plan); and 
 (ii) 40,000 restricted stock units pursuant to a stock incentive plan of the Company, it being understood that such restricted stock units shall be
scheduled to vest at the rate of 50% on the second anniversary of the Grant Date and 50% on the fourth anniversary of the Grant Date (subject to Executive’s continued employment by the Company and to the other provisions of the applicable
Company stock incentive plan and of the restricted stock unit award, including without limitation certain performance-based conditions to vesting and certain conditions designed to ensure compliance and conditions designed to comply with
Section 162(m) by the 

  

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Company with Section 162(m) of the Internal Revenue Code (“Section 162(m)”) 
 (d) Signing Bonus. Executive shall receive a special one-time signing bonus in the amount of $300,000 (less statutory withholdings)
payable within ten business days following the later of (i) the Company’s receipt of this Agreement signed by Executive or (ii) Executive’s commencement of employment hereunder. 
 4. Benefits, Perquisites and Expenses. 
 (a) Benefits. During the Employment Period, Executive shall be eligible to participate in (i) each welfare benefit plan sponsored or maintained by the Company and made available generally to its
senior officers, including, without limitation, each group life, hospitalization, medical, dental, health, accident or disability insurance or similar plan or program of the Company, and (ii) each pension, profit sharing, retirement,
deferred compensation or savings plan sponsored or maintained by the Company for its senior officers, in each case, whether now existing or established hereafter, in accordance with the generally applicable provisions thereof (excluding, however,
the Company’s Family Income Assurance Plan). In addition, in connection with Executive’s current relocation to the Los Angeles area, he shall be entitled to relocation assistance in accordance with, and subject to, the Company’s
policies and practices. 
 (b) Perquisites. During the Employment Period, Executive shall be entitled to receive such
perquisites as are generally provided to other senior officers of the Company in accordance with the then current policies and practices of the Company. 
 (c) Business Expenses. The Company shall pay or reimburse Executive for all reasonable expenses incurred or paid by Executive during the Employment Period in the performance of Executive’s duties
hereunder, upon presentation of expense statements or vouchers and such other information as the Company may require and in accordance with the generally applicable policies and procedures of the Company. 
 (d) Indemnification. The Company shall provide Executive with an indemnification agreement substantially equivalent to its form for
such agreement as currently provided to its senior officers generally, which shall continue in full force and effect in accordance with its terms. 
 5. Termination of Employment. 
 (a) Early Termination of the Employment Period. Notwithstanding
Paragraph 1, the Employment Period shall end upon the earliest to occur of (i)

  

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Executive’s death, (ii) a Termination due to Disability, (iii) a Termination for Cause, (iv) the Termination Date
specified in connection with any exercise by the Company of its Termination Right or (v) a Termination for Good Reason. If the Employment Period terminates as of a date specified under this Paragraph 5, Executive agrees that, upon
written request from the Company, he shall resign from any and all positions he holds with the Company and any of its subsidiaries and affiliates, effective immediately following receipt of such request from the Company (or at such later date as the
Company may specify). 
 (b) Benefits Payable Upon Termination. 
 (i) In the event of Executive’s death during the Employment Period or a Termination due to Disability, Executive or his beneficiaries
or legal representatives shall be provided the Unconditional Entitlements, including, but not limited to, any such Unconditional Entitlements that are or become payable under any the Company plan, policy, practice or program or any contract or
agreement with the Company by reason of Executive’s death or Termination due to Disability. 
 (ii) In the event of
Executive’s Termination for Cause, Executive shall be provided the Unconditional Entitlements. 
 (iii) In the event of a
Termination for Good Reason or the exercise by the Company of its Termination Right, Executive shall be provided the Unconditional Entitlements and the Company shall provide Executive the Conditional Benefits, subject to
(A) Executive’s execution of the Release, (B) Executive having not revoked such Release within the seven-day revocation period permitted following delivery of such Release and (C) Executive’s execution
of the Consulting Agreement. For Executive to become entitled to the Conditional Benefits, Executive must deliver both the executed Release and the executed Consulting Agreement to the Company by no later than twenty-two (22) days following the
Termination Date. 
 (c) Unconditional Entitlements. For purposes of this Agreement, the “Unconditional
Entitlements” to which Executive may become entitled under Paragraph 5(b) are as follows: 
 (i) Earned
Amounts. The Earned Compensation shall be paid within 30 days following the termination of Executive’s employment hereunder, or if any part thereof constitutes a bonus which is subject to or conditioned upon any performance conditions,
within thirty (30) days following the determination that such conditions have been met, provided that in no event shall the bonus be paid later than 90 days following his termination of employment. 
  

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 (ii) Benefits. All benefits payable to Executive under any employee benefit plans
(including, without limitation any pension plans or 401(k) plans) of the Company or any of its affiliates applicable to Executive at the time of termination of Executive’s employment with the Company and all amounts and benefits (other than the
Conditional Benefits) which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company, at or subsequent to the
date of his termination without regard to the performance by Executive of further services or the resolution of a contingency, shall be paid or provided in accordance with and subject to the terms and provisions of such plans, it being understood
that all such benefits shall be determined on the basis of the actual date of termination of Executive’s employment with the Company. Notwithstanding the immediately preceding sentence, Executive shall not be entitled to any benefits under any
severance plan or policy of the Company or any of its subsidiaries. 
 (iii) Indemnities. Any right which Executive may
have to claim a defense and/or indemnity for liabilities to or claims asserted by third parties in connection with Executive’s activities as an officer, director or employee of the Company or any of its affiliates pursuant to the terms of the
Indemnification Agreement referenced in Paragraph 4(d) shall be unaffected by Executive’s termination of employment and shall remain in effect in accordance with its terms. 
 (iv) Medical Coverage. Executive shall be entitled to such continuation of health care coverage as is required under, and in
accordance with, applicable law or otherwise provided in accordance with the Company’s policies. Executive shall be notified in writing of his rights to continue such coverage after the termination of his employment pursuant to this Paragraph
5(c)(iv), provided that Executive timely complies with the conditions to continue such coverage. Executive understands and acknowledges that Executive is responsible to make for all payments required for any such continued health care coverage that
Executive may choose to receive. 
 (v) Business Expenses. Executive shall be entitled to reimbursement, in accordance
with the Company’s policies regarding expense reimbursement as in effect from time to time, for all business expenses incurred by him prior to the termination of his employment. 
 (vi) Stock Options/RSUs. Except to the extent additional rights are provided upon Executive’s qualifying to receive the
Conditional Benefits, Executive’s rights with respect to any stock options and/or 

  

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restricted stock units granted to him by the Company shall be governed by the terms and provisions of the plans (including plan rules) and award agreements
pursuant to which such stock options and restricted stock units were awarded, as in effect at the date Executive’s employment terminates. 
 (d) Conditional Benefits. For purposes of this Agreement, the “Conditional Benefits” to which Executive may become entitled, provided he complies with the terms and conditions thereof,
are as follows: 
 (i) Remaining Salary. As specified in further detail in paragraph 2 of the Consulting
Agreement, the Company shall pay Executive a lump sum amount equal to the Consulting Amount as compensation for his consulting services under the Consulting Agreement. If the Scheduled Expiration Date is later than the end of the Consulting
Agreement Period, the Company shall also pay Executive the Severance Amount. The Consulting Amount and the Severance Amount shall be paid on the date that is six months and one day after the Termination Date (or upon Executive’s death, if
earlier). 
 (ii) Stock Options. All of Executive’s Continuing Unvested Options shall become exercisable in
accordance with the applicable Original Stock Option Award Documents, on the same basis as such options would have become vested and exercisable if Executive had remained employed under this Agreement through the Scheduled Expiration Date. Once
exercisable, all Continuing Unvested Options shall remain exercisable until the Stock Option Termination Date. All of Executive’s Remaining Stock Options that were vested and exercisable at the Termination Date shall remain exercisable until
the Stock Option Termination Date. Notwithstanding any other term or provision hereof, any of Executive’s stock options which are not vested at the Termination Date, and which are not Continuing Unvested Options, shall automatically terminate
upon the Termination Date. Except as otherwise expressly provided herein, all of the Remaining Stock Options shall continue to be subject to the Original Stock Option Award Documents. Notwithstanding the foregoing, in the event of Executive’s
death prior to the Stock Option Termination Date, all Continuing Unvested Options shall vest on the date of Executive’s death and all Remaining Stock Options shall be exercisable for the period following Executive’s death determined under
such Original Stock Option Award Documents on the same basis as though Executive was employed on the date of his death and regardless of when the Stock Option Termination Date would otherwise have occurred. However, any provisions in the Original
Stock Option Award Documents relating to disability or change in control of the Company shall not be operative after the Termination Date with respect to any Remaining Stock Options. 
  

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 (iii) RSUs. The Remaining Stock Units shall continue to vest in accordance with
the terms of the Original RSU Award Documents, regardless of Executive’s termination of employment. Except as otherwise expressly provided herein, all such Remaining Stock Units shall be subject to, and administered in accordance with, the
Original RSU Award Documents. Any of Executive’s restricted stock unit awards that have not become vested on or before the Termination Date, and that are outstanding at the Termination Date, but which are not Remaining Stock Units, shall
automatically terminate on the Termination Date. Notwithstanding any term or provision of the Original RSU Award Documents: 
 (A) any provisions in such Original RSU Award Documents relating to disability shall not be applicable to any such Remaining Stock Units after the Termination Date; 
 (B) for so long as this Agreement shall be in effect (that is, regardless of whether the Termination Right has been exercised or a
Termination for Good Reason shall have occurred), any terms in any of the Original RSU Award Documents relating to a change in control of the Company shall not be operative unless the event that constitutes a change in control of the Company also
constitutes a “change in control event” with respect to the Company within the meaning of Section 409A; 
 (C)
in the event of Executive’s death after the Termination Date but prior to the Scheduled Expiration Date, the terms and provisions of the Original RSU Award Documents shall be interpreted and applied in the same manner with respect to such
Remaining Stock Units as if Executive were an active employee on the date of his death; and 
 (D) to the extent that, under
the Company’s compensation practices and policies, any tranche of Remaining Stock Units is subject to the achievement of performance conditions which were imposed solely because Executive was an executive officer of the Company who could have
been a covered employee within the meaning of Section 162(m) at the time payment in respect of such award was expected to be made (the “Applicable 162(m) Criteria”) and such Applicable 162(m) Criteria relate, in whole or in
part, to any performance period continuing after the end of the Company’s fiscal year in which the Termination Date occurs, such Applicable 162(m) Criteria shall be waived as of the Termination Date with respect to such tranche of the Remaining
Stock Units; provided, however, that this Paragraph 

  

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5(d)(iii)(D) shall not be applicable if and to the extent, in the reasonable opinion of tax counsel to the Company, the presence of such provision would
cause any stock units intended to be qualified as other performance based compensation within the meaning of Section 162(m) of the Code to fail to be so qualified at any time prior to Executive’s Termination Date. 
 (iv) Pro-Rated Current Year Bonus. A pro rata annual bonus for the year in which the Termination Date occurs, determined on the
basis of an assumed full-year target bonus determined pursuant to Section 3(b) and the number of days in the applicable fiscal year occurring on or before the Termination Date. Such pro-rata current year bonus shall be paid no later than the
later of (i) two and a half months after the end of Executive’s tax year in which the Termination Date occurs and (ii) two and a half months after the end of the Company’s tax year in which the Termination Date
occurs. 
 (v) Additional Distribution Rules in Respect of Conditional Benefits. The following additional rules shall
apply with respect to distribution of the payments and benefits, if any, to be provided to Executive under Paragraph 5(d)(i), (iii) and (iv): 
 (A) It is intended that each installment of the payments and benefits provided under Paragraphs 5(d)(i), (iii) and (iv) shall be treated as a separate “payment” for purposes of Section 409A.
Neither the Company nor Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A; 
 (B) Distribution in respect of any tranche of Remaining Stock Units to which Paragraph 5(b)(iii)(D) applies shall be made within 90 days
following the later of the date that (i) the service conditions that had originally been specified for such tranche of Remaining Stock Units under the applicable Original RSU Award Documents would otherwise have been satisfied (had
Executive continued to be employed) and (ii) the last performance measurement period applicable in respect of such tranche of Remaining Stock Units under the applicable Original RSU Award Documents would otherwise have expired;

 (C) Each installment of the payments and benefits due under Paragraph 5(d)(i) and (iii) that would, absent this
subsection, be paid within the six-month period following Executive’s separation from service from the Company shall not be paid until 

  

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the date that is six months and one day after such separation from service (or, if earlier, Executive’s death), with any such installments that are
required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following Executive’s separation from service; provided, however, that the preceding provisions of this
sentence shall not apply to any installment of payments and benefits if and to the maximum extent that that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the
application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). (Any installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be
paid no later than the last day of Executive’s second taxable year following the taxable year of Executive’s in which the separation from service occurs.) Any subsequent installments that would be payable more than six months following
Executive’s separation from service shall be paid in accordance with the dates and terms set forth herein. 
 (e)
Definitions. For purposes of this Paragraph 5, the following terms shall have the meanings ascribed to them below: 
 “Consulting Agreement” means the consulting agreement in the form attached hereto as Exhibit A. 
 “Consulting Agreement Period” means the period established under the Consulting Agreement during which Executive shall be required to provide consulting services to the Company. 
 “Consulting Amount” means a lump sum amount equal to the aggregate Base Salary which would have been earned by Executive had his
employment under this Agreement continued after the Termination Date and through the earlier to occur of (i) the end of the Consulting Agreement Period or (ii) any earlier date that the Consulting Agreement terminates for any
reason whatsoever. 
 “Continuing Unvested Options” means any of Executive’s stock options that
were not vested and exercisable at the Termination Date, but that would have become vested and exercisable on or prior to the Latest Stock Option Vesting Date had Executive continued to be employed by the Company through the Scheduled Expiration
Date. 
  

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 “Earned Compensation” means the sum of (a) any Base Salary earned,
but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Paragraph 5(a) (but excluding any salary and interest accrued thereon payment of which has been deferred) and (b) if
Executive’s employment terminates due to Executive’s death or in a Termination due to Disability or a Termination for Good Reason or due to the Company’s exercise of its Termination Right, in any case, after the end of a fiscal year,
but before the annual incentive compensation payable for services rendered in that fiscal year has been paid, the annual incentive compensation that would have been payable to Executive for such completed fiscal year in accordance with Paragraph
3(b). 
 “Latest Stock Option Vesting Date” means the date which is three months after the Scheduled
Expiration Date. 
 “Original Stock Option Award Documents” means, with respect to any Remaining Stock Option, the
terms and provisions of the award agreement and plan pursuant to which such Remaining Stock Option was granted, each as in effect on the Termination Date. 
 “Original RSU Award Documents” means, with respect to any tranche of Remaining Stock Units, the terms and provisions of the award agreement related to and the plan governing, such
tranche of Remaining Stock Units, each as in effect on the Termination Date. 
 “Release” means the
General Release in the form set forth in Exhibit B attached hereto. 
 “Remaining Stock Options” means any of
Executive’s stock options which are (i) vested at the Termination Date or (ii) Continuing Unvested Options. 
 “Remaining Stock Units” means any of Executive’s restricted stock units (whether or not subject to performance conditions) that, subject to the satisfaction of any applicable
performance conditions, would have become vested on or prior to the Scheduled Expiration Date had Executive continued to be employed by the Company through the Scheduled Expiration Date. 
 “Scheduled Expiration Date” means the last day of the fiscal year ending on March 31, 2011. 
 “Severance Amount” means an amount equal to the aggregate Base Salary which would have been earned by Executive under this
Agreement (including any scheduled increase therein) for the period commencing on the day after termination of the Consulting Agreement Period and ending 

  

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on the Scheduled Expiration Date; provided that if the Company terminates the Consulting Agreement due to Executive’s material breach of
the terms thereof, the Severance Amount shall be reduced to zero. 
 “Stock Option Termination Date” means with
respect to any Remaining Stock Option the earlier to occur of (i) the date which is three months after the Scheduled Expiration Date and (ii) the expiration of the stated term of such award. 
 “Termination for Cause” means a termination of Executive’s employment by the Company due to (i) gross negligence,
(ii) gross misconduct, (iii) willful nonfeasance or (iv) willful material breach of this Agreement, which termination may be effected (A) immediately upon notice from the Company if the Company shall
reasonably and in good faith determine that the conduct or cause specified in such notice is not curable (it being understood that such notice shall describe in reasonable detail the conduct or cause giving rise to such notice and shall state the
reason(s) why the Company has determined that such conduct or cause is not curable); or (B) upon twenty business days notice from the Company, if the Company shall reasonably and in good faith determine that the conduct or cause specified in
such notice is curable (it being understood that such notice shall describe in reasonable detail the conduct or cause giving rise to such notice and shall state the reason(s) why the Company has determined that such conduct or cause is curable and
what steps the Company believes should or could be taken to cure such conduct or cause); provided that the Company shall not be entitled to terminate Executive’s employment for Cause, if Executive has, within five business days after the date
notice in accordance with subclause (B) has been given personally to Executive or otherwise has been received by Executive, commenced in good faith to cure the conduct or cause specified in such notice and completes such cure within 20 business
days following the date such notice was received. 
 “Termination Date” means the earlier to occur of
(i) the date the Company specifies in writing to Executive in connection with the exercise of its Termination Right or (ii) the date Executive specifies in writing to the Company in connection with any notice to effect a
Termination for Good Reason. 
 “Termination due to Disability” means a termination of Executive’s employment by
the Company because Executive has been incapable, after reasonable accommodation, of substantially fulfilling the positions, duties, responsibilities and obligations set forth in this Agreement because of physical, mental or emotional incapacity
resulting from injury, sickness or disease for a period of (i) six consecutive months or (ii) an aggregate of nine months (whether or not consecutive) in any twelve month period. 
  

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 Any question as to the existence, extent or potentiality of Executive’s disability shall be
determined by a qualified physician selected by the Company with the consent of Executive, which consent shall not be unreasonably withheld. Executive or his legal representatives or any adult member of his immediate family shall have the right to
present to such physician such information and arguments as to Executive’s disability as he, she or they deem appropriate, including the opinion of Executive’s personal physician. 
 “Termination for Good Reason” means a termination of Executive’s employment by Executive within 30 days of the Company’s
failure to cure, in accordance with the procedures set forth below, any of the following events: (i) a reduction in any of Executive’s compensation rights hereunder (that is, Base Salary and target bonus opportunity specified in
Paragraph 3(b)), it being understood that the failure of Executive to receive an actual bonus for any fiscal year equal to or greater than the target bonus opportunity is not a reduction in such compensation rights, but a failure to effect a
scheduled increase in the Base Salary would be a reduction in such compensation rights; (ii) the removal of him by the Company from the position of Executive Vice President and Chief Human Resources Officer; (iii) a material
reduction in Executive’s duties and responsibilities as in effect immediately prior to such reduction; (v) the assignment to Executive of duties that are materially inconsistent with his position or duties or that materially impair
Executive’s ability to function as Executive Vice President and Chief Human Resources Officer of the Company and any other position in which he is then serving; (vi) the relocation of Executive’s principal office to a location
that is more than 50 miles outside of the greater Los Angeles area; or (vii) a material breach of any material provision of this Agreement by the Company. In addition, following the occurrence of a Change in Control (as defined in the
2005 Stock and Incentive Plan, as amended (the “2005 Stock Plan”)), any occurrence that would constitute a Triggering Event for purposes of Section 11 of the 2005 Stock Plan shall also constitute an event upon which
Executive may effect a Termination for Good Reason in accordance with this Agreement. Notwithstanding the foregoing, a termination shall not be treated as a Termination for Good Reason (A) if Executive shall have consented in writing to
the occurrence of the event giving rise to the claim of Termination for Good Reason, or (B) unless Executive shall have delivered a written notice to the Company within three months of his having actual knowledge of the occurrence of one
of such events stating that he intends to terminate his employment for Good Reason and specifying the factual basis for such termination, and such event, if capable of being cured, shall not have been cured within 30 days of the receipt of such
notice. 
  

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 “Termination Right” means the right of the Company, in its sole, absolute and
unfettered discretion, to terminate Executive’s employment under this Agreement for any reason or no reason whatsoever. For the avoidance of doubt, any Termination for Cause effected by the Company shall not constitute the exercise of the its
Termination Right. 
 (f) Conflict With Plans. As permitted under the terms of the applicable Plans, the Company and
Executive agree that the definitions of Termination for Cause or Termination for Good Reason set forth in this Paragraph 5 shall apply in place of any similar definition or comparable concept applicable under either of the Plans (or any similar
definition in any successor plan), except that, in connection with a “Triggering Event” as defined in the Amended and Restated 1995 Stock Incentive Plan as in effect on the date hereof, the terms of the applicable plan (and not the
definitions of Termination for Cause or Termination for Good Reason set forth in this Paragraph 5) shall apply to determine Executive’s rights and entitlements in respect of the awards made under any such plan (and only in respect of such
awards). 
 (g) Section 409A. To the extent applicable, it is intended that this Agreement comply with the
requirements of Section 409A, and the Agreement shall be interpreted in a manner consistent with this intent. Notwithstanding anything else contained herein to the contrary, any payment required to be made to Executive hereunder upon his
termination of employment (including any payment pursuant to this Paragraph 5) shall be made promptly after the six month anniversary of Executive’s date of termination to the extent necessary to avoid imposition on Executive of any tax penalty
imposed under Section 409A of the Code. Solely for purposes of determining the time and form of payments due Executive under this Agreement (including any payments due under Paragraph 3(a)) or otherwise in connection with his termination
of employment with the Company, Executive shall not be deemed to have incurred a termination of employment unless and until he shall incur a “separation from service” with the meaning of Section 409A of the Code. The parties agree, as
permitted in accordance with the final regulations thereunder, a “separation from service” shall occur when Executive and the Company reasonably anticipate that Executive’s level of bona fide services for the Company (whether as an
employee or an independent contractor) will permanently decrease to no more than 40 percent of the average level of bona fide services performed by Executive for the Company over the immediately preceding 36 months. The determination of whether and
when a separation from service has occurred shall be made in accordance with this subparagraph and in a manner consistent with Treasury Regulation Section 1.409A-1(h). To the extent that the Company and Executive determine that any provision of
this Agreement could reasonably be expected to result in Executive’s being subject to the payment of interest or additional tax under Section 409A, the Company and Executive agree, to the extent reasonably possible as determined in 

  

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good faith, to amend this Agreement, retroactively, if necessary, in order to avoid the imposition of any such interest or additional tax under
Section 409A. 
 (h) Amendment of Existing Agreements. The parties acknowledge and agree that to the extent that
this Paragraph 5 affects any of the terms and conditions of Executive’s Remaining Stock Options or Remaining Stock Units, this Agreement shall constitute an amendment of the Original Stock Option Award Documents and Original RSU Award Documents
as they pertain to Executive. 
 6. Exclusive Remedy. Executive shall be under no obligation to seek other employment or other
engagement of his services. Executive acknowledges and agrees that the payments and rights provided under Paragraph 5 are fair and reasonable, and are Executive’s sole and exclusive remedy, in lieu of all other remedies at law or in equity, for
termination of his employment by the Company upon exercise of its Termination Right pursuant to this Agreement or upon a Termination for Good Reason. The failure of Executive to execute and timely deliver the Release and/or, the Consulting Agreement
for any reason (i) shall limit his rights in connection with the exercise by the Company of its Termination Right solely to the right to receive the Unconditional Entitlements, (ii) shall not effect a modification of any of
his commitments set forth in this Agreement (none of which are contingent upon execution of the Release by him) and (iii) shall not preserve or revive any rights waived by Executive hereunder. Subject to Executive’s execution and
delivery of the Release without revocation thereof and execution and delivery of the Consulting Agreement, (i) the Company agrees to enter into the Release and (ii) there shall be no offset available to the Company against any amounts due,
paid or payable to him in respect of the Conditional Benefits under Paragraph 5 with respect to any compensation, remuneration or payment attributable to any services that Executive may provide to any third party subsequent to termination of
employment hereunder, whether as an employee or otherwise. 
 7. Excise Tax Limit. Notwithstanding anything contained in this
Agreement to the contrary, in the event that any payment or distribution of any type to be received by Executive pursuant to the terms of this Agreement or otherwise (collectively, the “Total Payments”) would result in all or a
portion of the Total Payments being subject to the excise tax imposed under Section 4999 of the Code (which reference includes, for purposes of this paragraph, any similar successor provision to Section 4999) (the “Excise
Tax”), then the Total Payments will be reduced (but not below zero) so that the maximum amount of the Total Payments (after reduction) will result in no portion of the Total Payments being subject to excise tax under Section 4999 of
the Code; provided that the reduction will only be made if, taking into account the applicable Federal, state, and local employment taxes, income taxes, and the Excise Tax, the reduction would result in the receipt by Executive, on an after-tax
basis, of a greater amount of the Total 

  

 15 

 
Payments notwithstanding that all or some portion of the Total Payments may be taxable under Section 4999 of the Code. Unless Executive has given prior
written notice to the Company to effectuate a reduction in the Total Payments if such a reduction is required, the Company will reduce or eliminate the Total Payments by first reducing or eliminating any cash severance benefits, then by reducing or
eliminating any accelerated vesting of stock options, then by reducing or eliminating any accelerated vesting of other equity-based awards, then by reducing or eliminating any other remaining Total Payments. 
 All determinations required to be made under this Paragraph 7 shall be made by PricewaterhouseCoopers or any other nationally recognized accounting firm which is
Company’s outside auditor immediately prior to the event triggering the payments that are subject to the Excise Tax, which firm must have experience in such matters and be reasonably acceptable to Executive (the “Accounting
Firm”). The Company shall cause the Accounting Firm to provide detailed supporting calculations of its determinations to the Company and estimates of Executive’s after-tax net benefits before and after giving effect to such a
reduction. Notice must be given to the Accounting Firm within fifteen (15) business days after an event entitling Executive to a payment under this Agreement. All fees and expenses of the Accounting Firm shall be borne solely by the Company.
The Accounting Firm’s determinations must be made with substantial authority (within the meaning of Section 6662 of the Code). For the purposes of all calculations under Section 280G of the Code and the application of this
Paragraph 7, the Company and Executive hereby elect and agree to make all determination as to present value using 120 percent of the applicable Federal rate (determined under Section 1274(d) of the Code) compounded semiannually, as in
effect on the date of this Agreement. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Total Payments to Executive which
will not have been made by the Company should have been made. The Accounting Firm will determine the amount of such underpayment that has occurred and any such underpayment shall be promptly paid by the Company to Executive or for Executive’s
benefit. In the event that any Total Payment made to Executive is determined by the Accounting Firm to result in the imposition of any tax under Section 4999 of the Code and a reduction of Total Payments was otherwise required pursuant to this
Paragraph 7 to avoid the imputation of such tax, Executive will promptly repay the amount of such excess to the Company together with interest on such amount (at the same rate as is applied to determine the present value of payments under
Section 280G or any successor thereto), from the date Executive received the reimbursable payment to the date Executive repays the same to the Company. 
 8. Non-competition and Confidentiality. 
  

 16 

 (a) Non-competition. During the Employment Period, Executive shall not become
associated with any entity, whether as a principal, partner, employee, consultant or shareholder (other than as a holder of not in excess of 1% of the outstanding voting shares of any publicly traded company), that is actively engaged in any
geographic area in any business which is in competition with a business conducted by the Company at the time of the alleged competition. 
 (b) Confidentiality. Without the prior written consent of the Company, except (i) as reasonably necessary in the course of carrying out his duties hereunder or (ii) to the extent
required by an order of a court having competent jurisdiction or under subpoena from an appropriate government agency, Executive shall not disclose any trade secrets, customer lists, drawings, designs, information regarding product development,
existing theatrical projects, marketing plans, sales plans, manufacturing plans, management organization information (including data and other information relating to members of the Board and management), operating policies or manuals, business
plans, financial records or other financial, commercial, business or technical information relating to the Company or any of its subsidiaries or information designated as confidential or proprietary that the Company or any of its subsidiaries may
receive belonging to suppliers, customers or others who do business with the Company or any of its subsidiaries (collectively, “Confidential Information”) unless such Confidential Information has been previously disclosed to
the public by the Company or has otherwise become available to the public (other than by reason of Executive’s breach of this Paragraph 8(b)). In addition, Executive acknowledges and agrees that he will be required to execute the Company’s
standard form of agreement entitled “The Walt Disney Company and Associated Companies Confidentiality Agreement,” a copy of which has been previously provided to Executive. Executive further agrees that such confidentiality agreement
(other than certain provisions relating to ownership of intellectual property by the Company) and the provisions of this 8(b) shall become effective upon signing of this Agreement with respect to any information provided to Executive notwithstanding
the fact that such information is provided to Executive prior to the commencement of his employment with the Company. 
 (c)
Company Property. Promptly following Executive’s termination of employment, Executive shall return to the Company all property of the Company, and all copies thereof in Executive’s possession or under his control, except that
Executive may retain his personal notes, diaries, Rolodexes, calendars and correspondence of a personal nature. 
 (d)
Non-Solicitation of Employees. During the Employment Period and, subject to the provisions of applicable law, during the two-year period following any termination of Executive’s employment, Executive shall not, except in the course of
carrying out his duties hereunder, directly or indirectly induce any employee of the Company or any of its subsidiaries to terminate 

  

 17 

 
employment with such entity, and shall not directly or indirectly, either individually or as owner, agent, employee, consultant or otherwise, knowingly
employ or offer employment to any person who is or was employed by the Company or a subsidiary thereof unless such person shall have ceased to be employed by such entity for a period of at least six (6) months. 
 (e) Injunctive Relief with Respect to Covenants. Executive acknowledges and agrees that the covenants and obligations of Executive
with respect to noncompetition, nonsolicitation, confidentiality and the Company property relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants and obligations may cause the Company
irreparable injury for which adequate remedies are not available at law. Therefore, Executive agrees that the Company shall be entitled to obtain an injunction, restraining order or such other equitable relief restraining Executive from committing
any violation of the covenants and obligations contained in this Paragraph 8. These injunctive remedies are cumulative and are in addition to any other rights and remedies the Company may have at law or in equity. 
 9. Miscellaneous. 
 (a) Survival. Paragraphs 5 (relating to early termination of the Employment Period), 7 (relating to certain additional payments following a change in control), 8(a) (relating to nondisclosure and nonsolicitation of employees), 8(b)
(relating to certain confidentiality obligations) and 9(o) (relating to governing law) shall survive the termination hereof, whether such termination shall be by expiration of the Employment Period in accordance with Paragraph 1 or an early
termination of the Employment Period pursuant to Paragraph 5 hereof. 
 (b) Binding Effect. This Agreement shall be
binding on, and shall inure to the benefit of, the Company and any person or entity that succeeds to the interest of the Company (regardless of whether such succession does or does not occur by operation of law) by reason of a merger, consolidation
or reorganization involving the Company or a sale of all or substantially all of the assets of the Company. The Company further agrees that, in the event of a sale of assets as described in the preceding sentence, it shall use its reasonable best
efforts to cause such assignee or transferee to expressly assume the liabilities, obligations and duties of the Company hereunder. This Agreement shall also inure to the benefit of Executive’s heirs, executors, administrators and legal
representatives and beneficiaries as provided in Paragraph 9(d). 
 (c) Assignment. Except as provided under Paragraph
9(b), neither this Agreement nor any of the rights or obligations hereunder shall be assigned or delegated by any party hereto without the prior written consent of the other party. 
  

 18 

 (d) Beneficiaries/References. Executive shall be entitled, to the extent permitted
under any applicable law and the terms of any applicable plan, to select and change a beneficiary or beneficiaries to receive any compensation or benefit payable hereunder following Executive’s death by giving the Company written notice
thereof. In the event of Executive’s death or a judicial determination of his incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to refer to his beneficiary, estate or other legal representative.

 (e) Entire Agreement. This Agreement shall constitute the entire agreement between the parties hereto with respect
to the matters referred to herein; provided that this Agreement shall not alter, amend, or supercede the Indemnification Agreement referenced in Paragraph 4(d). There are no promises, representations, inducements or statements between the parties
other than those that are expressly contained herein. Notwithstanding the foregoing, nothing in this Agreement shall be construed to limit, modify or supersede The Walt Disney Company and Associated Companies Confidentiality Agreement executed by
Executive, which shall survive regardless of the termination of this Agreement. 
 (f) Representations. Executive
represents that his employment hereunder and compliance by him with the terms and conditions of this Agreement will not conflict with or result in the breach of any agreement to which he is a party or by which he may be bound. The Company represents
that (i) it is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. (ii) it has the full corporate power and authority to execute and deliver this Agreement and
(iii) the execution, delivery and performance of this Agreement has been duly and validly authorized. 
 (g)
Authority of the Board. For the avoidance of doubt, nothing is this Agreement shall preclude the Board from its ability to exercise any power or authority to take such actions as it is required or permitted to take as a matter of law or
pursuant to the terms of the Company’s governing documents. Nothing in this Paragraph 9(g) shall be construed to modify, amend, limit or otherwise impair the rights and entitlements of Executive set forth in the other Paragraphs of this
Agreement (including, without limitation, the rights and entitlements specified in Paragraph 5). 
 (h) Severability;
Reformation. In the event that one or more of the provisions of this Agreement shall become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be
affected thereby. In the event any of Paragraph 8(a), (b) or (d) is not enforceable in accordance with its terms, Executive and the Company agree that such subparagraph of such Paragraph 8 shall be reformed to make such Paragraph
enforceable in a manner which provides the Company the maximum rights permitted at law. 
  

 19 

 (i) Waiver. Waiver by any party hereto of any breach or default by the other party
of any of the terms of this Agreement shall not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived. No waiver of any provision of this Agreement shall be implied from any course of
dealing between the parties hereto or from any failure by either party hereto to assert its or his rights hereunder on any occasion or series of occasions. 
 (j) Notices. Any notice required or desired to be delivered under this Agreement shall be in writing and shall be delivered personally, by courier service, by registered mail, return receipt requested, or by
telecopy and shall be effective upon actual receipt when delivered or sent by telecopy and upon mailing when sent by registered mail, and shall be addressed as follows (or to such other address as the party entitled to notice shall hereafter
designate in accordance with the terms hereof): 
 If to the Company: 
 The Walt Disney Company 
 500 South Buena
Vista Avenue 
 Burbank, California 91521 
 Attention: General Counsel 
 Telecopy No.: (818) 569-5146 
 If to Executive: 
 To the
address listed as Executive’s principal resident in the Company’s human resources records and to his principal place of employment with the Company. 
 (k) Amendments. No amendment to this Agreement shall be binding between the parties unless it is in writing and signed by the party
against whom enforcement is sought. 
 (l) Headings. Headings to paragraphs in this Agreement are for the convenience
of the parties only and are not intended to be part of or to affect the meaning or interpretation hereof. 
 (m)
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 (n) Withholding. Any payments provided for herein shall be reduced by any amounts required to be withheld by the Company from time
to time under applicable federal, state or local income or employment tax laws or similar statutes or other provisions of law then in effect. 
  

 20 

 (o) Governing Law. This Agreement shall be governed by the laws of the State of
California, without reference to principles of conflicts or choice of law under which the law of any other jurisdiction would apply. 
 IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and Executive has hereunto set his hand as of the day and year first above written. 
  

									
		 		 	THE WALT DISNEY COMPANY
				
	Dated: March 19, 2008	 		 	By:	 	/s/ Alan N. Braverman
				
		 		 		 	DENNIS SHULER

  

									
				
	Dated: March 19, 2008	 		 		 	/s/ Dennis Shuler

  

 21 

 EXHIBIT A 
 CONSULTING AGREEMENT 
 THIS CONSULTING AGREEMENT (hereinafter referred to as
“Agreement”) is made and entered into by and between Dennis Shuler (hereinafter referred to as “Consultant”) and The Walt Disney Company (hereinafter referred to as “Company”) on and as
of            , 20         pursuant to that certain Employment Agreement by and between Executive and Company dated
             2008 (the “Employment Agreement”). All capitalized terms not defined herein shall have the meaning ascribed to them in the Employment Agreement.

 1.(a) Unless this Agreement is earlier terminated as hereinafter provided, for a period following the termination of Consultant’s
employment under the Employment Agreement equal to the lesser of 6 months or the remaining period of the Term of the Employment Agreement (the “Consulting Agreement Period”), Consultant shall personally and diligently provide to the
Company such consulting services as the Company may reasonably request from time to time, provided that such services shall relate to matters appropriate for the former Executive Vice President and Chief Human Resources Officer of the Company and
shall be a type and nature and duration typical for a post-employment consulting agreement with the former Executive Vice President and Chief Human Resources Officer of the Company. Consultant shall not be required to report to the Company’s
offices and shall be permitted, subject to the terms hereof, to provide consulting services to third parties during the term hereof, provided (i) in no event shall consulting services or other services or advice of any nature be provided by
Consultant, directly or indirectly (whether as an employee, consultant, independent contractor, agent, partner, principal, owner or otherwise) to any person or entity which directly or indirectly owns, operates, manages, develops, controls or
provides services to, any business involved in any of the following activities: (A) the conception, creation, development, production, purchase, sale, distribution, broadcast, transmission or other disposition (including, without limitation,
the licensing and/or merchandising of related consumer products) of audio and/or visual product or works of any nature in any media, including, without limiting the generality of the foregoing, any activity relating to (i) any aspect of
the network, cable, broadcasting, television (including pay-per-view, closed circuit or any inter-active form of distribution of television or other audio/visual product) or internet businesses, or (ii) the development, marketing or
distribution by any vehicle whatsoever of any film or television product or any similar content in any media, whether or not now existing, (B) the operation, management, development, licensing and promotion of themed resorts, hotels and
restaurants or amusement or themed entertainment parks; or (C) the design, development, publishing, promotion or sale of products based on cartoon or other animated characters, films, television and theatrical productions and other
intellectual property derived therefrom, in each case, only to the extent that such person or entity is actively engaged in any geographic area in any 

  

 1 

 
business which is in competition with a business conducted by the Company or one of its subsidiaries at the time of the performance of such services (the
“Specified Activities”), and (ii) that any services required by Company shall at all times be provided with precedence being given to Company and on a “first priority” basis to Company, although Company shall endeavor
to provide, when possible, reasonable notice to Consultant of all services required hereunder and to give due consideration, to the extent practicable, to any prior commitments Consultant may have at such time. In no event shall Consultant be
required to devote more than 13.5 hours per week to services to Company hereunder, and the parties agree and understand that Consultant’s expected commitment to such services shall regularly be less than the stated maximum weekly hours.

 (b) In the event of a material uncured breach by Consultant of any term or provision of this paragraph 1 hereof, all of which terms and
conditions Consultant acknowledges and agrees are of the essence of this Agreement, or any other term or provision hereof, Company by action of the Board shall have the right, in addition to any other right of remedy available to it at law or in
equity, to terminate this Agreement. In such event Company shall have no further obligation to make payments or perform or honor any commitments under the Release or to pay or honor any commitments which relate to or constitute any of the
Conditional Benefits; provided, however, that notwithstanding the foregoing, except as otherwise specifically provided in the immediately preceding sentence, no breach of this Agreement by Consultant, no termination of this Agreement
by Company, and no other action or inaction by either of them (other than the execution by the parties of a written agreement amending or superseding the Release or any part thereof) shall in any event or under any circumstances have any effect
whatsoever on the validity, enforceability, binding nature, effect or interpretation of the release set forth in paragraph 7 of the Release, and the release set forth therein shall remain in full force and effect. 
 (c) In the event that Consultant shall receive a notice of breach of this Agreement from the Company, Consultant shall have ten (10) business days
to cure such breach unless the Company shall have determined in its good faith business judgment that such breach is not curable. Any notice of termination pursuant to this paragraph 2 shall set forth in reasonable detail the basis for such breach
and shall contain a statement as to whether or not such breach has been determined to be curable by the Company. In the event that he receives a notice of breach of the Agreement from the Company, Executive may challenge such finding of a breach, by
written notice to the Board, and shall be afforded an opportunity to present his objection to the Company, in person or in writing, as determined by the Company, prior to Company having any right to terminate this Agreement and the Conditional
Benefits provided under the Employment Agreement. 
 2. Consultant shall receive gross consulting fees for his services hereunder which, for
any period during the Consulting Agreement Period, shall equal the amount of gross salary Consultant would have earned had he remained as an employee of the Company under the Employment Agreement for such period. The consulting fee payments shall be
made at the date set forth in Paragraph 5(d)(i) of the Employment Agreement. 
  

 2 

 3. Company shall reimburse Consultant, in accordance with the procedures of Company then in effect for
its employees, for reasonable business expenses incurred by Consultant in the course of performing the services hereunder. 
 4. Company, its
successors, privies and assigns shall be entitled to, and shall, own as their exclusive property all of the results and proceeds of the services (which results and proceeds are hereafter collectively referred to as the “Work
Product”) in whatever stage of completion, all of which shall be considered a work-for-hire, including, without limitation, all written work, research, plot outlines, computer programs, plans, drawings, paintings, sculptures, fanciful
creations, specifications, ideas, scripts, sketches, designs, concepts, software, systems, reports, documentation, and other tangible or intangible work product produced. Company shall own all rights in the Work Product in perpetuity throughout the
universe including, without limitation, the rights to produce, manufacture, record, reproduce, distribute, transfer or prepare derivative works from the Work Product by any art, medium or method and all copyrights, trademarks and/or patents in the
Work Product. Company shall be deemed the sole author of the Work Product and is entitled to the copyright therein (and all renewals and extensions thereof), and the full ownership to the original and all copies of the Work Product. Company shall
have the right to dispose of the Work Product and/or make any or all uses thereof as it, at any time and in the exercise of its sole discretion, may desire. Consultant shall deliver all originals and copies of the Work Product (whether completed or
in process) and all research, plans, designs, specifications and any other work product or information which pertains to the Work Product to Company upon completion of the Services hereunder or upon earlier termination of this Agreement. Consultant
shall not retain, use or disclose any of the Work Product without Company’s prior written consent. The termination, completion or breach of this Agreement on whatever grounds and by whomsoever affected shall not affect Company’s exclusive
ownership of the Work Product. Consultant hereby assigns to Company all now known or hereafter existing rights of every kind throughout the universe, in perpetuity and in all languages, pertaining to the Work Product, including, without limitation,
all exclusive exploitation rights, of every kind and nature, including, but not limited to, all trademarks, copyrights and neighboring rights, to the full extent such assignment is allowed by law, and any renewals and extensions therefor throughout
the universe, in perpetuity, or for the duration of the rights in each country, and in all languages. Consultant acknowledges that new rights to the Work Product may come into being or be recognized in the future, under the law or in equity (the
“New Exploitation Rights”), and Consultant intends to and does hereby grant and convey to Company any and all such New Exploitation Rights to the Work Product. Consultant is also aware and acknowledges that new or changed
technology, uses, media, format, modes of transmission and methods of distribution, dissemination, exhibition or performance (the “New Exploitation Methods”) are being and will inevitably continue to be developed in the future,
which would offer new opportunities for exploiting the Work Product. Consultant intends to and does hereby grant and convey to Company any and all rights to such New Exploitation Methods with respect to the Work Product. Consultant agrees to
execute, at any time upon Company’s request, such further documents and do such other acts as may be required to evidence or confirm Company’s 

  

 3 

 
exclusive ownership of and exploitation rights to the Work Product and to effectuate Consultant’s purpose to convey such rights to Company including,
but not limited to, the New Exploitation Rights and any and all of the New Exploitation Methods. Consultant agrees that it will not seek to (i) challenge, through the courts, administrative governmental bodies, private organizations or in any
other manner, the rights of Company to exploit the Work Product by any means whatsoever or (ii) thwart, hinder or subvert the intent of the preceding grants and conveyances to Company, or the collection by Company of any proceeds relating to
the rights conveyed under this Agreement. The provisions of this paragraph shall survive the expiration or sooner termination of this Agreement. 
 5. This Agreement is for the personal services of Consultant and may not be subcontracted or assigned by Consultant in any fashion, whether by operation of law, or by conveyance of any type, without the prior written consent of Company,
which consent Company may withhold in its sole discretion. Company may not assign all or any portion of this Agreement at any time to any of its affiliates or to any other person. 
 6.(a) Consultant, by virtue of this Agreement, shall acquire no right to use, and shall not use, the name “Disney” or “ABC” or
“American Broadcasting Companies” or “ESPN” (either alone or in conjunction with or as a part of any other word, mark, or name) or any marks, fanciful characters or designs of The Walt Disney Company, or Company or any of their
related, affiliated, or subsidiary companies in any advertising, publicity, or promotion; to express or imply any endorsement by Disney or Company or any of their related, affiliated or subsidiary companies of Consultant’s services; or in any
other manner whatsoever (whether or not similar to the uses hereinabove specifically prohibited). Consistent with his obligations under Paragraph 7, this Paragraph 6(a) shall not prevent Executive from using such names to describe his activities
with respect to Company and its subsidiaries under and prior to the Employment Agreement and under this Agreement. 
 (b) Consultant hereby
represents and warrants to Company that as of the date of this Agreement, Consultant does not provide any services (including, without limitation, as an employee) to any person or entity that (i) is engaged in, or whose affiliated entities are
engaged in, one or more of the Specified Activities or (ii) advises or provides consulting services to any person or entity that is engaged in, or whose affiliated entities are engaged in, any business or activity relating to or constituting
one or more of the Specified Activities. Consultant further represents and warrants to Company that he shall make written disclosure to Company prior to providing any services, during the term of this Agreement, to any of the above mentioned persons
or entities. 
 7. Consultant may, during the course of Consultant’s engagement hereunder, have access to, and acquire knowledge of or
from, materials, data, strategies, systems or other information relating to the services hereunder or Company, or its parent, related, affiliated or subsidiary companies, which may not be accessible or known to the general public (including, but not
limited to, the existence of this Agreement and the terms hereof 

  

 4 

 
and any Work Product not readily available to the general public) (“Confidential Information”). Any such knowledge acquired by Consultant
shall be kept confidential and shall not be used, published, or divulged by Consultant to any other person, firm, or corporation, or in any advertising or promotion regarding Consultant or Consultant’s services, or in any other manner or
connection whatsoever without first having obtained the prior written permission of Company, which permission Company may withhold in its sole discretion; provided that Consultant shall have no greater duty or obligation in respect of such
Confidential Information than applies to Executive under Paragraph 8(b) the Employment Agreement. Upon Company’s request, Consultant shall immediately return to Company or destroy, all documents, magnetic copies, or other physical evidence of
all Confidential Information in Consultant’s possession or in the possession of any of Consultant’s directors, officers, employees, agents or representatives (including, without limitation, all copies, transcriptions, notes, extracts,
analyses, compilations, studies, or other documents, records, or data prepared by Consultant) which contain or otherwise reflect or are generated from the Confidential Information without retaining any copy thereof, all of the foregoing being
Confidential Information and the sole property of Company, Consultant shall certify to Company that all of the foregoing has been returned or destroyed as provided in this paragraph. Consultant agrees that Company would be irreparably harmed by any
violation or threatened violation of this paragraph and that, therefore, Company shall be entitled to an injunction prohibiting Consultant from any violation or threatened violation of this paragraph. The provisions of this paragraph shall survive
the expiration or sooner termination of this Agreement. 
 8. This Agreement shall be construed and interpreted in accordance with the laws
of the State of California without regard to conflicts of laws principles. 
 9. The terms and provisions of this Agreement, the Release and
Paragraphs 5 and 7 of the Employment Agreement constitute the entire agreement between the parties hereto with respect to the subject matter of this Agreement and supersede all previous communications, representations, or agreements, either
oral or written, between the parties relating to such subject matter hereof. No change, alteration or modification of this Agreement shall be effective unless made in writing and signed by both parties hereto. 
 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the day and year first above written. 
  

									
	THE WALT DISNEY COMPANY	 		 	Consultant
					
	By:	 	 	 		 	By:	 	 
	Title:	 		 		 	Dennis Shuler

  

 5 

 EXHIBIT B 
 GENERAL RELEASE 
 WHEREAS, Dennis Shuler (hereinafter referred to as “Executive”) and The
Walt Disney Company (hereinafter referred to as the “Company”) are parties to an Employment Agreement , dated March __, 2008, (the “Employment Agreement”), which provided for Executive’s employment with the Company on the
terms and conditions specified therein; and 
 WHEREAS, pursuant to paragraph 6 of the Employment Agreement, Executive and the Company have
agreed to execute mutual releases of the type and nature set forth in this Agreement; 
 NOW, THEREFORE, in consideration of the premises and
mutual promises herein contained and for other good and valuable consideration received in accordance with the terms of the Employment Agreement, it is agreed as follows: 
 1.(a) Upon the later of (i) the execution hereof by the Company and Executive, (ii) the passage of seven days following execution hereof by Executive without Executive’s having exercised the revocation
rights referred to in paragraph 12 hereof and (iii) the time specified in the Employment Agreement for payment of a particular item of compensation, the Company shall (x) provide Executive the amounts and benefits described in Paragraph 5
of the Employment Agreement and (y) make full payment for vacation and floating holidays accrued but unused as of the date hereof, less amounts required to be withheld by law or authorized by Executive to be withheld (it being understood that
from and after the date hereof no further rights to vacation or floating holidays or compensation therefor shall accrue or be payable to Executive). Such payment shall be made by check payable to Executive. 
 (b) The covenants and commitments of the Company referred to herein (including, specifically, but without limitation, any and all benefits conferred upon
Executive pursuant to Paragraph 5 of the Employment Agreement) shall be in lieu of and in full and final discharge of any and all obligations to Executive for compensation, severance payments, or any other expectations of payment, remuneration,
continued coverage of any nature or benefit on the part of Executive arising out of or in connection with Executive’s employment with the Company, or under any agreement, arrangement, commitment, plan, program, practice or policy of the
Company, or otherwise, other than as expressly provided in the Employment Agreement. 
 (c) Notwithstanding the foregoing or any other term
or provision hereof, Executive shall be entitled to such rights as are vested in Executive as of the Termination Date, or as are expressly provided in the Employment Agreement, under and subject to the terms of (i) the Employment Agreement,
(ii) any applicable retirement plan(s) to which Executive may be subject, (iii) any applicable stock option plan or other incentive compensation plan of the Company to which Executive may be subject, (iv) any right which Executive now
has or may hereafter have to claim a defense and/or indemnity for liabilities to third parties in connection with his activities as an employee of the Company or any of its affiliates pursuant to the terms of 

  

 1 

 
any applicable statute, under any insurance policy, pursuant to the certificate of incorporation or bylaws or established policies of the Company or any
affiliate thereof or pursuant to written agreement (including, without limitation, the Indemnification Agreement) expressly providing for such indemnity between Executive and the Company or any affiliate thereof, and (v) any other applicable
employee welfare benefit plans to which Executive may be subject. Further, Executive shall be entitled to such continuation of health care coverage as is required under, and subject to, applicable law, of which Executive shall be notified in writing
after the Termination Date, provided Executive timely exercises Executive’s rights in accordance therewith. Executive understands and acknowledges that all payments for any such continued health care coverage he may elect will be paid by him,
except to the extent the Employment Agreement provides that such payments shall be made by the Company. 
 2. Executive confirms that, on or prior to seven
(7) days from the date hereof, Executive shall turn over to the Company all files, memoranda, records, credit cards and other documents and physical or personal property that Executive received from the Company or that Executive generated in
connection with his employment by the Company or that are the property of the Company. 
 3. It is the desire and intent of the parties hereto that the
provisions of this Agreement be enforced to the fullest extent permissible under law. Should there be any conflict between any provision hereof and any present or future law, such law will prevail, but the provisions affected thereby will be
curtailed and limited only to the extent necessary to bring them within the requirements of law, and the remaining provisions of this Agreement will remain in full force and effect and be fully valid and enforceable. 
 4. Executive represents and agrees (a) that Executive has to the extent he desires discussed all aspects of this Agreement with his attorney, (b) that
Executive has carefully read and fully understands all of the provisions of this Agreement, and (c) that Executive is voluntarily entering into this Agreement. 
 5. Excluding enforcement of the covenants, promises and/or rights reserved herein, Executive hereby irrevocably and unconditionally releases, acquits and forever discharges the Company and each of the Company’s
owners, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, representatives, attorneys, divisions, subsidiaries, affiliates (and agents, directors, officers, employees, representatives and attorneys of such
companies, divisions, subsidiaries and affiliates) and all persons acting by, through, under or in concert with any of them (collectively “Releasees”), or any of them, from any and all charges, complaints, claims, liabilities, obligations,
promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorneys’ fees and costs actually incurred) of any nature whatsoever, known or unknown, suspected or
unsuspected, including, but not limited to, rights arising out of alleged violations of any contracts, express or implied, any covenant of good faith and fair dealing, express or implied, or any tort or any legal restrictions on the Company’s
right to terminate employees, or any Federal, state or other governmental statute, regulation or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended, the Federal Age Discrimination In Employment Act of
1967, as amended, and the California Fair Employment and Housing Act that Executive now has, or has ever had, or ever will have, against each or any of the Releasees, by reason of any and all acts, omissions, events, circumstances or facts existing
or occurring up through the date of Executive’s 

  

 2 

 
execution hereof that directly or indirectly arise out of, relate to, or are connected with, Executive’s services to, or employment by the Company (any
of the foregoing being an “Executive Claim” or, collectively, the “Executive Claims”). 
 6. Executive expressly waives and relinquishes
all rights and benefits afforded by California Civil Code Section 1542 and does so understanding and acknowledging the significance of such specific waiver of Section 1542. Section 1542 states as follows: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 
 Thus, notwithstanding the provisions of
Section 1542, and for the purpose of implementing a full and complete release and discharge of the Releasees, Executive expressly acknowledges that this Agreement is intended to include in its effect, without limitation, all Executive Claims
that Executive does not know or suspect to exist in Executive’s favor at the time of execution hereof, and that this Agreement contemplates the extinguishment of any such Executive Claim or Executive Claims. 
 7. Excluding enforcement of the covenants, promises and/or rights reserved herein or in the Employment Agreement, and except as otherwise provided in the proviso
at the end of this sentence, the Company, hereby irrevocably and unconditionally releases, acquits and discharges Executive, and Executive’s heirs, assigns and successors in interest (“Executive Releasees”) from any and all charges,
complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorney’s fees and costs actually incurred), of any
nature whatsoever, known or unknown, suspected or unsuspected, including, but not limited to, rights arising out of alleged violations of any contracts, express or implied, any covenant of good faith and fair dealing, express or implied, or any
tort, that the Company now has, or has ever had, or ever will have, against Executive and/or the Executive Releasees, by reason of any and all acts, omissions, events, circumstances or facts existing or occurring up through the date of the
Company’s execution hereof, that directly or indirectly arise out of, relate to, or are connected with, Executive’s services to, or employment by the Company (hereinafter referred to as a “Claim” or collectively, the
“Claims”); provided, however, that, notwithstanding any other term or provision hereof, any Claim or Claims rising out of, or resulting from, in part or whole, (i) any illegal or fraudulent act(s) or illegal or
fraudulent omission(s) to act of Executive, (ii) any action(s) or omission(s) to act which would constitute self-dealing or a breach of Executive’s confidentiality obligations to the Company or any affiliate thereof, or a breach of The
Walt Disney Company and Associated Companies Confidentiality Agreement executed by Executive, or (iii) the Board’s policy, as the same may be in effect from time to time, regarding the ability of the Company to recoup bonus or incentive
payments as a result of the Company being required to restate its financial results due to material noncompliance with financial reporting requirements under the securities laws, are hereby expressly excluded in their entirety from the
foregoing release, acquittal and discharge and are unaffected thereby (any Claim or Claims not so excluded 

  

 3 

 
pursuant to this proviso being hereinafter referred to as a the “Company Claim” or, collectively, as the “Company Claims”).

 8. Except as expressly reserved herein, the Company expressly waives and relinquishes all rights and benefits afforded by California Civil Code
Section 1542 and does so understanding and acknowledging the significance of such specific waiver of Section 1542. Section 1542 states as follows: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY
AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 
 Thus, notwithstanding the provisions of Section 1542, and for the purpose of implementing a
full and complete release, acquittal and discharge of the Executive Releasees with respect to the Company Claims only, the Company expressly acknowledges that this Agreement is intended to include in its effect, without limitation, all the Company
Claims that the Company does not know or suspect to exist in the Company’s favor at the time of execution hereof, and that this Agreement contemplates the extinguishment of any such Company Claims. Notwithstanding anything in this Release to
the contrary, if at any time (whether during or after the Employment Period) the Company is required to restate its financial results due to material noncompliance with financial reporting requirements under the securities laws, nothing in this
Release shall be construed to limit the rights of the Company and the Board to seek or obtain recovery from Executive of any incentive compensation (including profits realized from the sale of Company securities) previously paid, or the cancellation
of any outstanding awards, in accordance with the terms of the Company’s policy, as in effect from time to time, regarding the ability of the Company to recoup any bonus or incentive payments under such circumstances. 
 9. Executive understands that Executive has been given a period of 21 days to review and consider this Agreement before signing it pursuant to the Age Discrimination In
Employment Act of 1967, as amended. Executive further understands that Executive may use as much of this 21-day period as Executive wishes prior to signing. 
 10. Executive acknowledges and represents that he understands that he may revoke the waiver of his rights under the Age Discrimination In Employment Act of 1967, as amended, effectuated in this Agreement within 7 days of signing this
Agreement. Revocation can be made by delivering a written notice of revocation to General Counsel, The Walt Disney Company, 500 South Buena Vista Street, Burbank, California 91521. For this revocation to be effective, written notice must be received
by the General Counsel no later than the close of business on the seventh day after Executive signs this Agreement. If Executive revokes the waiver of his rights under the Age Discrimination In Employment Act of 1967, as amended, the Company shall
have no obligations to Executive hereunder, and this Agreement and the Employment Agreement shall have no further force and effect. 
 11. Executive and the
Company respectively represent and acknowledge that in executing this Agreement neither of them is relying upon, and has not relied upon, any representation or statement not set forth herein made by any of the agents, representatives or attorneys of
the 

  

 4 

 
Releasees or of the Executive Releasees with regard to the subject matter, basis or effect of this Agreement or otherwise. 
 12. This Agreement shall not in any way be construed as an admission by any of the Company Releasees or Executive Releasees, respectively, that any Company Releasee or
Executive Releasee has acted wrongfully or that the Company or Executive has any rights whatsoever against any of the Company Releasees or Executive Releasees except as specifically set forth herein, and each of the Company Releasees and Executive
Releasees specifically disclaims any liability to any party for any wrongful acts. 
 13. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of California. This Agreement is binding on the successors and assigns of, and sets forth the entire agreement between, the parties hereto; fully supersedes any and all prior agreements or understandings between the
parties hereto pertaining to the subject matter hereof; and may not be changed except by explicit written agreement to that effect subscribed by the parties hereto. 
 PLEASE READ CAREFULLY. THIS SETTLEMENT AGREEMENT AND GENERAL RELEASE INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 
 Executed at             , California. 
  

			
	
	 
	DENNIS SHULER
		
	Dated:	 	 

 Executed at             , California.

  

			
	THE WALT DISNEY COMPANY
		
	By:	 	 
	Title:	 	
		
	Dated:	 	 

  

 5Terms and Conditions of Performance Share Awards - Twinspires

 Exhibit 10 (b) 
 TERMS AND CONDITIONS OF 
 PERFORMANCE SHARE AWARDS ISSUED PURSUANT TO 
 THE CHURCHILL DOWNS INCORPORATED 
 2007 OMNIBUS STOCK INCENTIVE PLAN 
 FOR EMPLOYEES OF TWINSPIRES 
 1. ESTABLISHMENT OF THE TERMS AND CONDITIONS OF PERFORMANCE SHARE AWARDS ISSUED PURSUANT TO THE CHURCHILL DOWNS INCORPORATED 2007 OMNIBUS STOCK INCENTIVE PLAN FOR
EMPLOYEES OF TWINSPIRES. 
 (a) The Compensation Committee of the Board of Directors of Churchill Downs Incorporated (the
“Company”) hereby establishes the following Twinspires Performance Share Awards Terms and Conditions for employees of Twinspires (the “Twinspires Performance Share Awards Terms and Conditions”) applicable to Performance Share
Awards granted pursuant to the Company’s 2007 Omnibus Stock Incentive Plan (the “Plan”). Any capitalized terms not defined herein shall have the meaning set forth in the Plan. In the event of a conflict between the provisions of the
Plan and the Twinspires Performance Share Awards Terms and Conditions, the provisions of the Plan shall prevail. 
 (b) For purposes of
Performance Share Awards granted pursuant to the Plan, the terms listed below shall have the following meanings: 
 (1) Award Value
shall mean the maximum dollar award value a Participant may earn for any Performance Period. 
 (2) Cause shall have the meaning set
forth in an employment agreement or other agreement, including, but not limited to a severance agreement, between Participant and the Company or a Subsidiary that contains a definition of “Cause.” If no such agreement exists,
“Cause” shall mean the occurrence of any one of the following acts by Participant: 
 (i) Participant shall have
been convicted of, or shall have pleaded guilty or nolo contendere to, any felony or any crime involving dishonesty or moral turpitude; 
 (ii) Participant shall have breached his or her Performance Share Award Agreement or any employment, non-competition or non-solicitation covenant or agreement with the Company or a Subsidiary, whether in an employment
agreement or otherwise; 
 (iii) Participant shall have failed (x) to substantially comply with the rules or policies of
general application of the Company or a Subsidiary, or (y) to devote substantial time and energy to the business and affairs of the Company or a Subsidiary (other than due to death or Disability); 

 (iv) Participant shall have engaged in any fraud, embezzlement, theft or other dishonesty
against the Company or a Subsidiary; 
 (v) Participant’s continued failure to substantially perform Participant’s
duties; 
 (vi) Participant’s repeated acts of insubordination, or failure to execute Company or Subsidiary plans and/or
strategies; or 
 (vii) Participant engages in any act that is intended or may reasonably be expected to harm the reputation,
business, prospects or operations of the Company or a Subsidiary; 
 (3) Change in Control shall mean the first to occur of the
following events: 
 (i) the acquisition, directly or indirectly, by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of either the then-outstanding voting securities of the
Company (the “Outstanding Company Common Stock”) or the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however that for purposes of this subsection (i), the following acquisitions shall not constitute a Change in Control: (w) any acquisition directly from the Company, (x) any acquisition by the Company or any of
its subsidiaries, (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (z) any acquisition by any corporation pursuant to a transaction
which complies with clauses (x), (y) and (z) of subsection (iii) of this definition; 
 (ii) individuals who,
as of the Effective Date, constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent
to the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual
were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or
other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

 (iii) consummation of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the Company or the acquisition of assets of another entity (a “Corporate Transaction”), in each case, unless, immediately following such Corporate Transaction, (x) all or
substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Corporate Transaction beneficially own,
directly or indirectly, more than 50% of, respectively, the then-outstanding shares of Common Stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be,
of the Company resulting from such Corporate Transaction (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (y) no Person
(excluding any corporation resulting from such Corporate Transaction or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Corporate Transaction) beneficially owns, directly or indirectly, 50% or more
of, respectively, the then Outstanding Company Common Stock resulting from such Corporate Transaction or the Outstanding Company Voting Securities resulting from such Corporate Transaction, except to the extent that such ownership existed prior to
the Corporate Transaction, and (z) at least a majority of the members of the Board of the Company resulting from the Corporate Transaction were members of the Incumbent Board at the time of the execution of the initial plan or action of the
Board providing for such Corporate Transaction; 
 (iv) approval by the shareholders of the Company of a complete liquidation
or dissolution of the Company; or 
 (v) the disposition by the Company of all or substantially all of the assets of the
Twinspires.com business unit. 
 (4) Disability shall mean the inability of Participant to perform his normal duties as a result of any
physical or mental injury or ailment for (i) any consecutive ninety (90)-day period, or (ii) any one hundred eighty (180) days (whether or not consecutive) during any three hundred sixty-five (365) calendar day period.

 (5) EBITDA shall mean the Twinspires.com business (which includes the BRIS Data business) net income from continuing operations plus
interest expense plus taxes plus depreciation and amortization (after giving effect to accruals for the cost of the Performance Share Awards). 

 (6) Effective Date shall mean the date the Committee approves the Twinspires Performance Share
Awards Terms and Conditions. 
 (7) Open Performance Period shall mean a Performance Period that has not been closed and for which the
Twinspires Performance Goals have not been achieved. 
 (8) Participant shall mean an eligible Employee that has been granted an Award
Value pursuant to the Twinspires Performance Share Awards Terms and Conditions. 
 (9) Performance Period shall mean each of the
2008-2011 calendar years, inclusive.  
 (10) Performance Share Award shall mean a grant of Performance Shares following
Committee certification of the Company’s Performance Goals pursuant to the Twinspires Performance Share Awards Terms and Conditions. 
 (11) Performance Share Award Agreement shall mean a written agreement between the Company and a Participant with respect to any earned Performance Shares. 
 (12) Retirement shall (i) have the meaning assigned to it in Company’s tax qualified retirement plan, or (ii) mean the attainment of such other retirement age as the Committee may designate from
time to time. 
 (13) Termination Date shall mean the date set forth in Section 12(a). 
 (14) Twinspires Performance Goals shall have the meaning set forth in Section 5(a). 

 2. ADMINISTRATION OF THE TWINSPIRES PERFORMANCE SHARE AWARDS TERMS AND CONDITIONS. 
 The Twinspires Performance Share Awards Terms and Conditions shall be administered by the Committee. The Committee shall have the sole authority, in its
absolute discretion, to adopt, amend and rescind any and all rules and regulations as, in its opinion, may be advisable in the administration, construction and interpretation of the Twinspires Performance Share Awards Terms and Conditions, its rules
and regulations, and the instruments evidencing awards granted under these terms and conditions, and to make all other determinations deemed necessary or advisable for the administration of these terms and conditions. All decisions, determinations
and interpretations of the Committee shall be binding on all Participants. 
 3. ELIGIBILITY. 
 The Committee shall determine the Employees that will be eligible for grant of Performance Share Awards under the Twinspires Performance Share Awards
Terms and Conditions, as well as his or her Award Value for each of the Performance Periods. 
 4. AVAILABILITY OF PERFORMANCE SHARE AWARDS.

 Pursuant to the terms of the Plan, up to 300,000 Performance Share Awards may be granted under the Twinspires Performance Share Awards
Terms and Conditions to any Participant in any calendar year. Performance Shares that are forfeited shall again be available for grant under the Plan and the Twinspires Performance Share Awards Terms and Conditions. 
 5. PERFORMANCE MEASURES. 
 One hundred percent
(100%) of each Performance Share Award shall be based upon Twinspires’ achievement of minimum EBITDA performance goal for a particular Performance Period. The minimum EBITDA goal for each Performance Period is as follows (each, the
“Twinspires Performance Goals”): 
  

	 	•	 	 2008 – 13.5 million 

  

	 	•	 	 2009 – 21.5 million 

  

	 	•	 	 2010 – 30.0 million 

  

	 	•	 	 2011 – 40.0 million 

 The
determination of whether such Twinspires Performance Goals have been achieved shall be made by the Company’s outside auditors. 
 6. GRANT OF
PERFORMANCE SHARE AWARDS. 
 (a) The Committee shall certify the results of the Twinspires Performance Goals in the first quarter of each
calendar year for the years 2009 through 2012, 

 
inclusive, following the Company’s completion of its year end financial reports, as audited. Except as otherwise provided in the Twinspires Performance
Share Awards Terms and Conditions, following such certification, each Participant shall be granted a Performance Share Award in respect of applicable Performance Periods; provided that no Performance Share Award may be granted in respect of a future
Performance Period. 
 (b) The value of the Performance Share Award shall be based upon Participant’s applicable Award Value and the
Committee’s certification of the Twinspires Performance Goals. Except as otherwise provided, the number of shares subject to the Performance Share Award shall be determined based on dollar value of the Performance Share Award for the particular
year divided by the closing price of the Company’s common stock on the last business day of the calendar year immediately preceding the date of grant. Except as otherwise set forth herein, the Performance Share Award shall vest and be payable
in accordance with Section 7 below. 
 (c) Once a Performance Share Award has been granted for a particular Performance Period, such
Performance Period shall be closed. In the event Twinspires does not achieve the Twinspires Performance Goals for the scheduled Performance Period, such Performance Period shall be closed. No future Performance Share Award may be granted in respect
of any closed Performance Period. Only one Performance Share Award grant may be awarded in respect of any Performance Period. 
 7. VESTING AND PAYMENT OF
PERFORMANCE SHARE AWARDS. 
 (a) Subject to Participant’s continued employment with the Company or a Subsidiary, Performance Share
Awards shall vest over a period of twelve (12) months in equal quarterly installments on the last day of each quarter, at which time such awards shall be payable as soon as administratively practicable. The first vesting date shall begin on
March 31 of the year of grant. 
 (b) At or before each vesting date, the Committee shall determine, in its sole discretion, whether the
Performance Share Award shall be settled in cash, Shares or a combination of both. 
 8. DIVIDEND EQUIVALENTS. 
 Participants shall be entitled to accrue dividend equivalents with respect to the Performance
Shares that are subject to the unvested portion of any Performance Share Award, which dividend equivalents shall be payable as soon as administratively practicable following the vesting of the Performance Share Award related to such dividend
equivalent amounts, but in no event later than March 15th of the year following the year of vesting. 

 9. EXTRAORDINARY EVENTS. 
 If the Committee determines that one or more extraordinary events has occurred during a Performance Period that alter the basis upon which the performance measures set forth in Section 5 are to be calculated, the
Committee may adjust these performance measures as may be necessary to exclude the effect of these events. Events warranting such action may include, but are not limited to, major acquisitions or divestitures, significant changes in accounting
practices, significant capital expenditures or a recapitalization of the Company. Notwithstanding the foregoing, the Committee shall not have the discretion to increase the Award Value payable that would otherwise be due upon certification of the
Twinspires Performance Goals. 
 10. TERMINATION OF EMPLOYMENT. 
 (a) Except as set forth in Sections 10(b) below, termination of a Participant’s employment with the Company or a Subsidiary prior to full vesting of the Performance Share Award for any reason (whether voluntary
or involuntary) shall result in forfeiture (i) of any then unvested Performance Share Awards and any accrued but unpaid dividend equivalents thereon and (ii) of all opportunity to receive a Performance Share Award for any Open Performance
Period. 
 (b) Termination of a Participant’s employment by reason of Participant’s death, Disability, or Retirement or by the
Company or a Subsidiary without Cause shall result in (i) full acceleration of vesting of any then unvested Performance Share Awards and, subject to Section 13(a), payout as soon as administratively practicable in a lump sum of such
accelerated Performance Shares and accrued dividend equivalents thereon to the Participant (or the Participant’s beneficiary or estate in the event of death) and (ii) forfeiture of all opportunity to receive a Performance Share Award for
any Open Performance Period. 
 11. CHANGE IN CONTROL. 
 (a) In the event of a Change in Control, the following shall apply: 
 (1) Full acceleration of vesting and,
subject to Sections 13(a) and (b), payout as soon as administratively practicable in a lump sum of such accelerated Performance Shares and accrued dividend equivalents thereon to the Participant; 
 (2) Automatic grant of a Performance Share Award equal to fifty percent (50%) of any of Participant’s unearned Award Values (without regard to
the Twinspires Performance Goal) for any Open Performance Periods. Such Performance Share Award shall be fully vested and, subject to Sections 10(b) and 13(a), shall be payable in accordance with the original payout schedule attributable to the
underlying Open Performance Periods. The number of Shares subject to such Performance Share Award shall be determined based on the closing price of the Company’s Common Stock on the last business day immediately prior to the Change in Control;
and 

 (3) Immediate termination and forfeiture of the remaining (50%) of any of Participant’s
unearned Award Values for any Open Performance Period. 
 (4) Example: 
 (i) Facts: Participant was granted an Award Value of $100,000 for 2008, $125,000 for 2009, $150,000 for 2010, and $200,000 for 2011.
Twinspires achieved the 2008 Twinspires Performance Goals, but did not achieve the 2009 Twinspires Performance Goals. In 2010, the Company was acquired in a transaction that constituted a Change in Control. The closing price of the Company’s
Common Stock on the day prior to the termination of the Twinspires Performance Share Awards Terms and Conditions was $100.00 per share. 
 (ii) Awards: There would be no effect on the Performance Share Award granted in respect of the 2008 Performance Period, which would have vested in full. Participant would not be entitled to a grant of a Performance
Share Award in respect of the 2009 Performance Period as the Twinspires Performance Goals were not met in such year. In connection with the Change in Control, each Participant would be granted two separate Performance Share Awards. 
  

	 	•	 	 The Performance Share Award in respect of the 2010 Performance Period would have a dollar value of $75,000 (50% x $150,000) and would cover 750 shares ($75,000
÷ 100.00 per share), if applicable. This Performance Share Award would be fully vested at the time of grant but would be payable in quarterly installments over a period of twelve months beginning March 31, 2011, regardless of
Participant’s continued employment with the Company or a Subsidiary. 

  

	 	•	 	 The Performance Share Award in respect of the 2011 Performance Period would have a dollar value of $100,000 (50% x $200,000) and would cover 1,000 shares ($100,000
÷ 100.00 per share), if applicable. This Performance Share Award would be fully vested at the time of grant but would be payable in quarterly installments over a period of twelve months beginning March 31, 2012, regardless of
Participant’s continued employment with the Company or a Subsidiary. 

 (iii) If Participant were
terminated pursuant to any of the conditions set forth in Section 10(b), subject to Section 13(a), Participant would be entitled to a payout as soon as administratively practicable in a lump sum of any unpaid amounts. 
 12. EXPIRATION OF THE TWINSPIRES PERFORMANCE SHARE AWARDS TERMS AND CONDITIONS; TERMINATION OF THE TWINSPIRES PERFORMANCE SHARE AWARDS TERMS AND CONDITIONS.

 (a) The Twinspires Performance Share Awards Terms and Conditions shall automatically terminate on the date the Committee determines the
grants of Performance Share Awards, if any, in respect of 2011 Performance Period (the 

 
“Termination Date”). Any Open Performance Periods as of such date shall be immediately terminated and Participant shall not be entitled to any
Performance Share Award for any remaining Open Performance Period. 
 (b) Subject to Section 409A and except as set forth in
Section 11(b), in the event the Twinspires Performance Share Awards Terms and Conditions are terminated prior to the Termination Date, the following shall apply: 
 (1) Subject to Section 10(b), any unvested Performance Share Awards and accrued dividend equivalents thereon shall continue to vest
in accordance with its existing vesting schedule; and 
 (2) Participant shall be automatically granted a Performance Share
Award, effective immediately prior to the termination of the Twinspires Performance Share Awards Terms and Conditions, equal to fifty percent (50%) of any of Participant’s unearned Award Values (without regard to the Twinspires Performance
Goals) for any Open Performance Period. The number of shares subject to such Performance Share Award shall be determined based on the closing price of the Company’s Common Stock on the last business day immediately prior to the termination of
the Twinspires Performance Share Awards Terms and Conditions. Subject to Section 10(b), such Performance Share Award shall vest in accordance with the vesting schedule attributable to the underlying Open Performance Period of each such
Performance Share Award, with the first vesting date beginning on the last day of the calendar quarter in which such Performance Share Award was granted. 
 (3) The remaining (50%) of any of Participant’s unearned Award Values shall terminate in full and Participant shall not be entitled to any Performance Share Award in respect of such unearned Award Values.

 (4) Example: 
 (i) Facts: Participant was granted an Award Value of $100,000 for 2008, $125,000 for 2009, $150,000 for 2010, and $200,000 for 2011. Twinspires achieved the 2008 Twinspires Performance Goals, but did not achieve the
2009 Twinspires Performance Goals. In 2010, the Company terminated the Twinspires Performance Share Awards Terms and Conditions. The closing price of the Company’s Common Stock on the day prior to the termination of the Twinspires Performance
Share Awards Terms and Conditions was $100.00 per share. 
 (ii) Awards: There would be no effect on the Performance Share
Award granted in respect of the 2008 Performance Period, which would have vested in full. Participant would not be entitled to a grant of a Performance Share Award in respect of the 2009 Performance Period as the Twinspires Performance Goals were
not met in such year. Participant would be granted two separate Performance Share Awards. 
  

	 	•	 	 The Performance Share Award in respect of the 2010 Performance Period would have a dollar value of $75,000 (50% x $150,000) and would cover 750 shares ($75,000
÷ 100.00 per share), if applicable. Subject to Section 10(b), this Performance Share Award would vest in quarterly installments over a period of twelve months. 

	 	•	 	 The Performance Share Award in respect of the 2011 Performance Period would have a dollar value of $100,000 (50% x $200,000) and would cover 1,000 shares ($100,000
÷ 100.00 per share), if applicable. Subject to Section 10(b), this Performance Share Award would vest in quarterly installments over a period of twelve months. 

 13. SECTION 409A. 
 (a) If any amount to be paid to a
Participant pursuant to the Twinspires Performance Share Awards Terms and Conditions is subject to Section 409A of the Code and the rules and regulations issued thereunder (“Section 409A”), and if the Participant is a “specified
employee” (as defined under Section 409A) as of the termination date, then with regard to any payment or the provision of any benefit that is specified as subject to this paragraph, such payment or benefit shall not be made or provided
prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of the Participant’s “separation from service” (as such term is defined under Section 409A), and (ii) the date of the
Participant’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this paragraph (whether they would have otherwise been payable in a single sum or in installments in the
absence of such delay) shall be paid or reimbursed to the Participant in a lump sum, and any remaining payments and benefits due under the Twinspires Performance Share Awards Terms and Conditions shall be paid or provided in accordance with the
normal payment dates specified for them herein. 
 (b) In the event of the occurrence of a Change in Control that does not also constitute a
409A Change in Control (as defined below), any payment or benefit that would become payable or distributable on an accelerated basis in connection with such Change in Control shall not be so accelerated and shall be paid out in accordance with its
originally scheduled payout date. 
 For purposes of the foregoing, a “409A Change in Control” shall be deemed to occur if any of
the following conditions are determined to have been met, provided such determination is in accordance with Treasury Regulation §1.409A-3(i)(5): 
 (i) Any one person, or more than one person acting as a group (as determined under Treasury Regulation §1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Company that, together with stock held by such
person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Company. 
 (ii)
Any one person, or more than one person acting as a group (as determined under Treasury Regulation §1.409A-3(i)(5)(v)(B)), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or
persons) ownership of stock of the Company possessing 30 percent or more of the total voting power of the stock of the Company. 

 (iii) A majority of members of the Company’s Board of Directors is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s Board of Directors before the date of the appointment or election. 
 (iv) Any one person, or more than one person acting as a group (as determined under Treasury Regulation §1.409A-3(i)(5)(v)(B)), acquires (or has
acquired during the 12- month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value
of all of the assets of the Company immediately before such acquisition or acquisitions. 
 (c) It is intended that the Twinspires
Performance Share Awards Terms and Conditions shall comply with the provisions of Section 409A so as not to subject any Participant to the payment of additional taxes and interest under Section 409A. In furtherance of this intent, this
Twinspires Performance Share Awards Terms and Conditions shall be interpreted, operated, and administered in a manner consistent with these intentions, and to the extent that any regulations or other guidance issued under Section 409A would
result in any Participant being subject to payment of additional income taxes or interest under Section 409A, the Company agrees to amend the Twinspires Performance Share Awards Terms and Conditions or any Performance Share Award Agreement as
may be necessary in order to avoid the application of such taxes or interest under Section 409A. 
 14. UNFUNDED STATUS OF THE PERFORMANCE SHARE
AWARDS TERMS AND CONDITIONS. 
 The Twinspires Performance Share Awards Terms and Conditions is intended to constitute an
“unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of
the Company.

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