DS, signed “Walter E. Disney,” one page, 8.5 x 11, October 7, 1964. In part: “Refer to our employment agreement of January 1, 1961, between you and the undersigned and to the terms and conditions therein set forth…Please take notice hereby that the undersigned elects to exercise the option granted him for a ten per cent (10%) interest in tentatively entitled motion picture: ‘Darn Cat.’” Boldly signed “Walter E. Disney” and countersigned by Roy O. Disney. Small corner chip, two file holes to top edge, and adhesive residue to reverse from previous mounting, otherwise condition is very fine. PSA/DNA COA and R&R COA.