The Burbank-based entertainment company said it has agreed to an out-of-court settlement of a suit it brought against the executives of its Arvida land-development unit regarding $20 million in stock options. Terms of the settlement weren't disclosed. Disney brought its suit April 10 in Jacksonville, Fla., against the executives, including Arvida President John Temple, to keep them from receiving the disputed options for stock in Disney. Arvida is based in Boca Raton, Fla. The options were granted two years ago to buy Disney stock beginning Nov. 27, 1987. Disney claimed the executives weren't entitled to the options because Arvida is being sold before they could be exercised.