This excerpt taken from the DIS 8-K filed Jan 12, 2010.
[Seven-year / Ten-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 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 ### 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][ten] years from the grant date and, therefore, expires on [insert, as applicable, seventh or tenth anniversary date of grant date]. If your employment should cease prior to the date on which your grant expires, your right to vest and exercise under the Option will be subject to early termination as provided in Sections 6.5, 12 and 13.2 of the Plan. Except under certain circumstances specified in such Sections, you will generally have the right of continued vesting and exercisability for three months following the date of termination of your employment (such period as it may hereinafter be extended in certain circumstances as provided below being the Extended Vesting and Exercisability Period), and any shares that vest during the Extended Vesting and Exercisability Period will be exercisable during such longer period (or, under certain circumstances, for such period as may be provided by the Plan).