Walt Disney Company (DIS)

[Seven-year Form]

This AWARD AGREEMENT (the “Agreement”) is between you, Participant Name, and The Walt Disney Company (“Disney”), in connection with the Non-Qualified Stock Option Award (the “Option”) granted to you on Grant Date, by the Compensation Committee of the Board of Directors of Disney pursuant to the terms of the Amended and Restated 1995 Stock Incentive Plan and Rules relating to Stock Options and Stock Appreciation Rights (together, the “Plan”), the applicable terms and conditions of which are incorporated herein by reference and made a part of this Agreement.

This Option gives you the opportunity to purchase ### shares of Common Stock of The Walt Disney Company at an exercise price of $Option Price per share. The exercise price is the average of the highest and the lowest market prices for the Common Stock on the above grant date as determined pursuant to the Plan.

This Option may not be exercised before First Vest Date. On or after that date, subject to your continued employment by Disney or an affiliated company (as described further below) and to the other provisions of the Plan, you may exercise the Option with respect to the number of shares set forth opposite the first date below. As the subsequent dates set forth below occur, you may exercise as to the number of shares set forth opposite those dates:

Provided your employment continues, the term of this Option is seven years from the grant date and, therefore, expires on Expiration Date. If your employment should cease prior to the date on which your grant expires, your right to vest and exercise under the Option will be subject to early termination as provided in Section 4 of the Rules relating to Stock Options under the Plan. Except under certain circumstances specified in Section 4, you will generally have the right of continued vesting for three months following the date of termination of your employment, and during that three-month period you will have the right to exercise the shares covered by the

[Seven-year Form]

This AWARD AGREEMENT (the “Agreement”) is between you, Robert A. Iger, and The Walt Disney Company (“Disney”), in connection with the Non-Qualified Stock Option Award (the “Option”) granted to you on                      (“Grant Date”), by the Compensation Committee of the Board of Directors of Disney pursuant to the terms of the Amended and Restated 2005 Stock Incentive Plan (the “Plan”), the applicable terms and conditions of which are incorporated herein by reference and made a part of this Agreement.

This Option gives you the opportunity to purchase 3,000,000 shares of Common Stock of The Walt Disney Company at an exercise price of $Option Price per share. The exercise price is the average of the highest and the lowest market prices for the Common Stock on the above grant date as determined pursuant to the Plan.

This Option may not be exercised before first anniversary of the Grant Date. On or after that date, subject to your continued employment by Disney or an affiliated company (as described further below) and to the other provisions of the Plan, you may exercise the Option with respect to the number of shares set forth opposite the first date below. As the subsequent dates set forth below occur, you may exercise the Option as to the additional number of shares set forth opposite those dates:

Provided your employment continues, the term of this Option is seven years from the grant date and, therefore, expires on                     . Except as otherwise provided below, if your employment should cease prior to the date on which your grant expires, your right to vest under and exercise the Option will be subject to early termination as provided in the Plan. Except under certain circumstances specified in the Plan or in this Agreement, you will generally have the right of continued vesting for three months following the date

of termination of your employment and, because you are retirement eligible on the date hereof, you will have the right to exercise the shares covered by the Option that were vested on the date of termination, and any shares that vest during the three-month period referenced above, for 18 months after the termination of your employment (or for the remaining term of the Option, whichever is shorter). Notwithstanding the foregoing, because you are employed pursuant to an employment agreement with Disney, in the event of your termination of employment due to the exercise by the Company of its Termination Right or a termination by you for Good Reason (as each such term is defined in such employment agreement), the provisions of Paragraph 7 thereof shall determine the extent to which you may become vested in the Option and the period of time during which the Option may be exercised following your termination of employment.

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

Notwithstanding any other term or provision hereof, you agree by acceptance of this Option that, except for certain shares (the “Tax-Available Shares”) that may be sold to pay taxes up to the Maximum Tax Liability (as defined below) upon an exercise of a portion of, or all of, this Option, you will hold, for not less than twelve months from the date of exercise of this Option, shares representing no less than one hundred percent (100%) of the shares acquired by you (other than Tax-Available Shares) upon such exercise. In no event shall the foregoing restriction on sale of shares acquired upon the exercise of the Option apply after any termination of your employment with Disney.

For purposes hereof the term “Maximum Tax Liability” shall mean the amount calculated by multiplying total income recognized, as reported by Disney for Federal income tax purposes, upon an exercise of this Option, by a percentage determined as follows:

FR + SR (100-FR) + MR

where:

FR = the highest Federal income tax rate in effect at time of exercise of the Option;

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

MR = the Medicare tax rate in effect at time of exercise of the Option.

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The number of whole shares acquired upon any exercise of the Options that may be sold to discharge the Maximum Tax Liability shall be determined by dividing the Maximum Tax Liability by the fair market value (as defined in the Plan) of one share of Disney common stock on the date of exercise of the Option and disregarding any fractional amount resulting from such calculation. For the purposes hereof, your commitment to hold the percentage of shares referred to above for not less than twelve months shall constitute and undertaking by you not to sell, transfer, pledge, encumber, assign or otherwise dispose of, except for certain transfers to “family members” and certain others permitted with the prior approval of the Committee pursuant to the Plan, any of such shares during such period.

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

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[Seven-year Form]

This AWARD AGREEMENT (the “Agreement”) is between you, Robert A. Iger, and The Walt Disney Company (“Disney”), in connection with the Non-Qualified Stock Option Award (the “Option”) granted to you on                      (“Grant Date”), by the Compensation Committee of the Board of Directors of Disney pursuant to the terms of the Amended and Restated 2005 Stock Incentive Plan (the “Plan”), the applicable terms and conditions of which are incorporated herein by reference and made a part of this Agreement.

This Option gives you the opportunity to purchase 3,000,000 shares of Common Stock of The Walt Disney Company at an exercise price of $Option Price per share. The exercise price is the average of the highest and the lowest market prices for the Common Stock on the above grant date as determined pursuant to the Plan.

This Option may not be exercised before first anniversary of the Grant Date. On or after that date, subject to your continued employment by Disney or an affiliated company (as described further below) and to the other provisions of the Plan, you may exercise the Option with respect to the number of shares set forth opposite the first date below. As the subsequent dates set forth below occur, you may exercise the Option as to the additional number of shares set forth opposite those dates:

Provided your employment continues, the term of this Option is seven years from the grant date and, therefore, expires on                     . Except as otherwise provided

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below, if your employment should cease prior to the date on which your grant expires, your right to vest under and exercise the Option will be subject to early termination as provided in the Plan. Except under certain circumstances specified in the Plan or in this Agreement, you will generally have the right of continued vesting for three months following the date of termination of your employment and, because you are retirement eligible on the date hereof, you will have the right to exercise the shares covered by the Option that were vested on the date of termination, and any shares that vest during the three-month period referenced above, for 18 months after the termination of your employment (or for the remaining term of the Option, whichever is shorter). Notwithstanding the foregoing, because you are employed pursuant to an employment agreement with Disney, in the event of your termination of employment due to the exercise by the Company of its Termination Right or a termination by you for Good Reason (as each such term is defined in such employment agreement), the provisions of Paragraph 7 thereof shall determine the extent to which you may become vested in the Option and the period of time during which the Option may be exercised following your termination of employment.

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

Notwithstanding any other term or provision hereof, you agree by acceptance of this Option that, except for certain shares (the “Tax-Available Shares”) that may be sold to pay taxes up to the Maximum Tax Liability (as defined below) upon an exercise of a portion of, or all of, this Option, you will hold, for not less than twelve months from the date of exercise of this Option, shares representing no less than one hundred percent (100%) of the shares acquired by you (other than Tax-Available Shares) upon such exercise. In no event shall the foregoing restriction on sale of shares acquired upon the exercise of the Option apply after any termination of your employment with Disney.

For purposes hereof the term “Maximum Tax Liability” shall mean the amount calculated by multiplying total income recognized, as reported by Disney for Federal income tax purposes, upon an exercise of this Option, by a percentage determined as follows:

FR + SR (100-FR) + MR

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where:

FR = the highest Federal income tax rate in effect at time of exercise of the Option;

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

MR = the Medicare tax rate in effect at time of exercise of the Option.

The number of whole shares acquired upon any exercise of the Options that may be sold to discharge the Maximum Tax Liability shall be determined by dividing the Maximum Tax Liability by the fair market value (as defined in the Plan) of one share of Disney common stock on the date of exercise of the Option and disregarding any fractional amount resulting from such calculation. For the purposes hereof, your commitment to hold the percentage of shares referred to above for not less than twelve months shall constitute and undertaking by you not to sell, transfer, pledge, encumber, assign or otherwise dispose of, except for certain transfers to “family members” and certain others permitted with the prior approval of the Committee pursuant to the Plan, any of such shares during such period.

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

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