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                                IMAX CORPORATION
                                  Exhibit 10.14

                          AMENDED EMPLOYMENT AGREEMENT


      This agreement amends the amended employment agreement (the "Agreement")
between Richard L. Gelfond (the "Executive") and IMAX Corporation (the
"Company") dated July 1, 1998, as amended, on the same terms and conditions
except as set out below:

1.    TERM. The term of the Agreement is extended until December 31, 2006.

2.    CASH COMPENSATION. The Executive shall be entitled to be paid base salary
      at the rate of $500,000 per year, plus a bonus of up to two times salary.
      Such bonus shall be at the discretion of the Board of Directors and shall
      be based upon the success of the Company in achieving the goals and
      objectives set by the Board after consultation with the Executive. The
      Executive shall be considered for a bonus based upon performance to
      December 31, 2006 which is payable in 2007. Notwithstanding the above, in
      the event there is a Change of Control during the term, the Executive
      shall be guaranteed a minimum bonus of $750,000 (the "Guaranteed Bonus")
      for performance in 2006.

3.    INCENTIVE COMPENSATION. The Executive shall be granted as soon as
      practicable, in accordance with the terms of the IMAX Stock Option Plan
      (the "Plan"), stock options to purchase 75,000 common shares of the
      Company (the "Options") at an exercise price per Common Share equal to the
      Fair Market Value, as defined in the Plan. The Options shall vest as to
      50% on the first anniversary of the grant date and 50% on the second
      anniversary of the grant date. Upon a Change of Control, the Options shall
      accelerate and, in addition, the Executive shall be paid an incentive
      bonus equal to the product of (a) 225,000 and (b) the difference between
      the closing price of the Company's common shares upon such Change of
      Control and the closing price of the Company's shares on March 10, 2006.
      Nothing herein should be viewed as precedent with respect to the type of
      options the Executive is normally granted under his employment agreement
      (i.e. options that vest one year after grant date).

4.    SEVERANCE. If the Executive's employment is terminated by the Company
      without Cause, then the Company shall pay to the Executive (in addition to
      all amounts owed to the Executive that are due to be paid to and including
      the date upon which the Executive's employment is terminated) a lump sum
      equal to (a) twelve (12) months of Executive's base salary plus (b) either
      (i) the Executive's target bonus (i.e. one times salary) or, (ii) in the
      event there has been a Change of Control during the term, the Guaranteed
      Bonus.

5.    SERP PLAN. The Co-CEO SERP Benefit Plan shall be amended as provided in
      Exhibit 1.

6.    The entering into this agreement shall not prejudice any rights or waive
      any obligations under any other agreement between the Executive and the
      Company.

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7.    All capitalized terms used herein shall have the meaning ascribed to them
      in the Agreement.

      DATED as of March 8, 2006.




                               "Richard L. Gelfond"
                               ------------------------------------
                               RICHARD L. GELFOND


                               IMAX CORPORATION

                               PER:    "Garth M. Girvan"
                                        -----------------------------------
                                        Name:  Garth M. Girvan
                                        Title: Director
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                                    EXHIBIT 1

               AMENDMENT TO CO-CEO SERP BENEFIT PLAN (THE "PLAN")

1.    SERP Give-Back:

      o     Executive's COLA feature is reduced by 50% of its current level

      o     Executive's contingent spousal benefit is reduced by 50% of its
            current level

2.    Change of Control Feature:


      o     Upon Change of Control (as defined in the Plan), the Plan payment
            benefit is accelerated and paid as a lump sum under an NPV
            calculation to Executive

      o     Upon Change of Control, purchaser of Company is obligated to make an
            additional payment to Executive equivalent to 60% of the benefit
            conferred upon the Company through the Executive's forfeiture of the
            COLA and spousal benefits referenced above