On December 2, 2020, The Walt Disney Company and Christine M. McCarthy entered into an amendment (the “Amendment”) to the employment agreement by and between The Walt Disney Company and Ms. McCarthy dated July 1, 2015, as previously amended (the “Employment Agreement”). Previously, the Employment Agreement expired June 30, 2021. Pursuant to the Amendment, The Walt Disney Company and Ms. McCarthy agreed to extend the term of the Employment Agreement to December 31, 2022. Additionally, the Amendment set Ms. McCarthy’s target long-term equity incentive annual award value at $11,000,000, as compared to the prior target value set at a percentage based on Ms. McCarthy’s base salary. Such annual award is subject to adjustment. The actual benefits conveyed to Ms. McCarthy in respect of any such awards may be zero or may be more than zero and less than, greater than or equal to the targeted award value.
