EXHIBIT 10
As of December 21, 1999
Xx. Xxxxxxx X. Xxxxxx
Chairman and Chief Executive Officer
The Xxxx Disney Company
000 Xxxxx Xxxxx Xxxxx Xxxxxx
Xxxxxxx, Xxxxxxxxxx 00000
Dear Xxxxxxx:
Reference is made to the employment agreement between The Xxxx Disney
Company ("Company") and you ("Executive") dated January 8, 1997, as modified
by letter agreement dated December 29, 1998 (the "Agreement").
Company and Executive hereby agree as follows:
1. Notwithstanding any provision to the contrary in Section 4 of the
Agreement, Executive's incentive bonus for Company's fiscal year ending
September 30, 2000, shall be determined pursuant to Company's Annual
Bonus Performance Plan for Executive Officers. In furtherance of the
foregoing, Executive hereby waives all rights to any bonus for such
fiscal year pursuant to the bonus formula attached to the Agreement.
2. Executive and Company shall use their best efforts to formulate a new
incentive bonus provision for Executive which, if agreed upon, would be
effective for each fiscal year of Company ending after September 30,
2000 and on or before termination of the Agreement and for such
additional periods as are provided in Section 4(e) of the Agreement.
Company and Executive confirm their agreement that this letter agreement is
being entered into pursuant to Section 4(c) of the Agreement and shall be
subject to all of the provisions thereof. Except as modified by the foregoing,
the Agreement shall remain in full force and effect and shall be unaffected by
any failure of Company and Executive to reach agreement regarding a new
incentive bonus provision as contemplated by paragraph 2 above.
If the foregoing accurately reflects our agreement, please sign a copy of
this letter in the space provided below and return a copy of same to us.
Very truly yours,
THE XXXX DISNEY COMPANY
/s/ Xxxxxxx X. Xxxxxx
By: _________________________________
Xxxxxxx X. Xxxxxx
Title: Chairman of the Executive
Committee
AGREED AND ACCEPTED:
/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
