Document:

ESA Payment Letter dated as of February 13, 2007

 Exhibit 10.5 
 February 13, 2007 
 American Multi-Cinema, Inc. 
 920 Main Street 
 Kansas City, Missouri 64105 
 Cinemark USA, Inc. 
 3900 Dallas Parkway, Suite 500 
 Plano, Texas 75093 
 Regal Cinemas, Inc. 
 7132 Regal
Lane 
 Knoxville, Tennessee 37918 
  

	Re:	Final Circuit Share Payments 

 Gentlemen: 
 National CineMedia, Inc., a Delaware corporation (“NMC Inc.”), is undertaking a sale of its common stock in an initial public offering (the
“IPO”). On the date of the IPO (the “Effective Date”) (i) NCM Inc. will use the net proceeds from the IPO to purchase newly issued common membership units in National CineMedia, LLC, a Delaware
limited liability company (“NCM LLC”), (ii) American Multi-Cinema, Inc., a Missouri corporation (“AMC”), Cinemark Media, Inc., a Delaware corporation, Regal CineMedia Holdings, LLC, a Delaware
limited liability company, and NCM Inc. will amend and restate the Amended and Restated Limited Liability Company Operating Agreement of National CineMedia, LLC, dated as of July 15, 2005, as amended, for the purposes of admitting NCM Inc. as a
member in, and designating NCM Inc. as the sole manager of, NCM LLC, and (iii) NCM LLC will enter into Exhibitor Services Agreements (the “New ESAs”) with each of AMC, Cinemark USA, Inc., a Texas corporation
(“Cinemark USA”), and Regal Cinemas, Inc., a Tennessee corporation (“Regal Cinemas”). 
 The New ESAs will
terminate (i) the Amended and Restated Exhibitor Services Agreements, dated as of July 15, 2005, between (x) NCM LLC and AMC (the “AMC ESA”), and (y) NCM LLC and Regal Cinemas (the “Regal
ESA”), and (ii) the Exhibitor Services Agreement, dated as of July 15, 2005, between NCM LLC and Cinemark USA (the “Cinemark ESA”; each of the AMC ESA, the Regal ESA and the Cinemark ESA shall be
referred to as an “Original ESA”). In addition to payments provided for under the New ESAs, on termination of each Original ESA, AMC, Cinemark USA and Regal Cinemas will be entitled to receive the Circuit Share Fees (as
defined in the applicable Original ESA), not yet paid and calculated through the date immediately preceding the Effective Date (each a “Final Circuit Share Payment”), owed by NCM LLC under each Original ESA. This letter
confirms that, on or before 30 days following the Effective Date, NCM LLC will calculate and pay the Final Circuit Share Payment that each 

 
of AMC, Cinemark USA and Regal Cinemas is entitled to receive under the applicable Original ESA, in complete satisfaction of all amounts due and owing
thereunder. Each Final Circuit Share Payment shall be accompanied by a detailed accounting of how the Final Circuit Share Payment was calculated. Any dispute regarding a Final Circuit Share Payment shall be resolved in accordance with the terms of
the applicable Original ESA (solely for purposes of resolving any such dispute, the provisions of the applicable Original ESA regarding dispute resolution shall survive the Effective Date until the dispute has been finally resolved). 

 Please acknowledge your agreement to this letter by signing in the space indicated below. 
 Very truly yours, 
  

			
	NATIONAL CINEMEDIA, LLC
		
	By:	 	 NATIONAL CINEMEDIA, INC.,
 its
Manager

		
	By:	 	 /s/ Gary W. Ferrera

	Name:	 	Gary W. Ferrera
	Title:	 	Executive Vice President and Chief
		 	Financial Officer

 AGREED AND ACCEPTED as of the date first written above. 
  

			
	AMERICAN MULTI-CINEMA, INC.
		
	By:	 	 /s/ Craig R. Ramsey

	Name:	 	Craig R. Ramsey
	Title:	 	Executive Vice President & Chief
		 	Financial Officer
	
	CINEMARK USA, INC.
		
	By:	 	 /s/ Michael Cavalier

	Name:	 	Michael Cavalier
	Title:	 	Senior Vice President–General Counsel
	
	REGAL CINEMAS, INC.
		
	By:	 	 /s/ Michael L. Campbell

	Name:	 	Michael L. Campbell
	Title:	 	Chief Executive OfficerCommon Unit Adjustment Agreement dated as of February 13, 2007

 Exhibit 10.6 
 NOTE: THIS DOCUMENT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST PURSUANT TO RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. PORTIONS OF THIS DOCUMENT FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED HAVE BEEN
REDACTED AND ARE MARKED HEREIN BY “***”. SUCH REDACTED INFORMATION HAS BEEN FILED SEPARATELY WITH THE COMMISSION PURSUANT TO THE CONFIDENTIAL TREATMENT REQUEST. 
 COMMON UNIT ADJUSTMENT AGREEMENT 
 This COMMON UNIT ADJUSTMENT AGREEMENT (this
“Agreement”), dated as of February 13, 2007 (the “Effective Date”), is by and among National CineMedia, Inc., a Delaware corporation (“NCM Inc.”), National CineMedia, LLC,
a Delaware limited liability company (“NCM LLC”), Regal CineMedia Holdings, LLC, a Delaware limited liability company (the “Regal Founding Member”), American Multi-Cinema, Inc., a Missouri corporation (the
“AMC Founding Member” or the “AMC ESA Party”), Cinemark Media, Inc., a Delaware corporation (the “Cinemark Founding Member”), Regal Cinemas, Inc., a Tennessee corporation (the
“Regal ESA Party”), and Cinemark USA, Inc., a Texas corporation (the “Cinemark ESA Party”). Certain terms used in this Agreement are defined in Section 1. 
 RECITALS 
 A. The Regal Founding
Member, the AMC Founding Member and the Cinemark Founding Member are historic members of NCM LLC. 
 B. As of the date hereof, NCM Inc. has
become a member of NCM LLC pursuant to the terms of that certain Common Unit Subscription Agreement, dated as of February 13, 2007, between NCM LLC and NCM Inc., and the terms of the NCM LLC Operating Agreement. 
 C. As of the date hereof, each ESA Party has entered into an Exhibitor Services Agreement with NCM LLC. 
 D. Pursuant to the terms of each Exhibitor Services Agreement and as more fully described therein, NCM LLC is to provide Services to each ESA Party.

 E. The Parties desire to enter into this Agreement for the purpose of adjusting each Founding Member Group’s Common Units in
connection with Attendance Increases and Attendance Decreases attributable to such Founding Member Group. 

 AGREEMENT 
 In consideration of the covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 1. Definitions. For purposes of this Agreement, the following terms shall have the meanings specified in this Section 1: 
 “Acquisition Date” means with respect to an ESA Party the closing date of the transaction pursuant to which a theatre becomes an
Acquisition Theatre or the opening date of any Newbuild Theatre. 
 “Acquisition Theatre(s)” when used with respect
to an ESA Party, has the meaning set forth in Article 1 of the applicable Exhibitor Services Agreement; provided that (i) an Encumbered Theatre with respect to which an ESA Party does not elect to make Run-Out Payments, and (ii) a
Theatre that has its lease renewed or extended, shall not be treated as Acquisition Theatres. 
 “Adjustment Date”
means the last day of the Fiscal Year. 
 “Advertising Services” has the meaning set forth in Article 1 of the
applicable Exhibitor Services Agreement. 
 “Affiliate” has the meaning set forth in Article 1 of the applicable
Exhibitor Services Agreement. 
 “Agreement” has the meaning set forth in the preamble of this Agreement, as the same
may be amended, supplemented or otherwise modified from time to time. 
 “AMC Attendance” has the meaning set forth
in Schedule 1 of the Exhibitor Services Agreement between the AMC ESA Party and the Company; provided that, for purposes of this Agreement (i) Encumbered Theatres with respect to which the AMC ESA Party elects to make Run-Out Payments,
and (ii) Loews Theatres, shall be treated as AMC Theatres and included in determining the AMC Attendance. 
 “AMC ESA
Party” has the meaning set forth in the preamble of this Agreement. 
 “AMC Founding Member” has the
meaning set forth in the Preamble of this Agreement. 
 “AMC Theatres” means Theatres (within the meaning set forth
in Article 1 of the Exhibitor Services Agreement between the AMC ESA Party and the Company), Loews Theatres and Encumbered Theatres with respect to which the AMC ESA Party elects to make Run-Out Payments. 
  

 2 

 “Assignment and Assumption” has the meaning set forth in Section 6(d) of
this Agreement. 
 “Attendance” means (i) when used with respect to an ESA Party, the AMC Attendance
attributable to the AMC Theatres, the Regal Attendance attributable to the Regal Theatres or the Cinemark Attendance attributable to the Cinemark Theatres (as applicable), (ii) when used with respect to a specific Theatre or Theatres, the AMC
Attendance, Regal Attendance or Cinemark Attendance (as applicable) attributable to such Theatre or Theatres, and (iii) when used with respect to all of the ESA Parties, the sum of the AMC Attendance attributable to the AMC Theatres, the Regal
Attendance attributable to the Regal Theatres and the Cinemark Attendance attributable to the Cinemark Theatres. 
 “Attendance
Decrease” means, with respect to the Disposition of any Theatre by an ESA Party since the Prior Adjustment Date, the Theatre’s Attendance during the 12 Fiscal Months preceding the Disposition Date; provided that (i) if
the purchaser or sub-lessee (other than an ESA Party) of a Theatre enters into a Third Party Theatre Agreement, the Theatre shall not be included in determining the Attendance Decrease, (ii) if an ESA Party Disposes of Theatres to another ESA
Party and those Theatres are subject to an Exhibitor Services Agreement, those Theatres will be included in determining the Attendance Decrease of the ESA Party that Disposed of the Theatres, (iii) if an ESA Party Disposes of Theatres that are
not Digitized Theatres, then the Attendance included in determining the Attendance Decrease will be reduced by one-half of the Attendance that would otherwise be included in determining the Attendance Decrease, (iv) if a Newbuild Theatre
(determined as of the Prior Adjustment Date) has been in operation for less than 12 Fiscal Months preceding the date of the event that causes such Newbuild Theatre to be included in determining the Attendance Decrease, the Attendance included in
determining the Attendance Decrease with respect to that Newbuild Theatre will be equal to the Attendance previously included in determining any Attendance Increase in clause (ii) of the definition of Attendance Increase with respect to that
Newbuild Theatre, and (v) with respect to any Newbuild Theatre to which clause (ii) of the definition of Attendance Increase applied on the Prior Adjustment Date, any negative difference between the actual Attendance during the first 12
Fiscal Months of operation and the Attendance included in determining the Attendance Increase under clause (ii) of the definition of Attendance Increase shall be taken into account in determining any Attendance Decrease on the Adjustment Date
or Extraordinary Adjustment Date (as applicable) following the date on which the Newbuild Theatre completes its first 12 Fiscal Months of operations. 
  

 3 

 “Attendance Decrease Notice” has the meaning set forth in Section 3(a) of
this Agreement. 
 “Attendance Increase” means (i) with respect to any Acquisition Theatre that has been in
operation for the 12 Fiscal Months preceding the Adjustment Date or Extraordinary Adjustment Date (as applicable) and that an ESA Party obtained control of since the Prior Adjustment Date, the Acquisition Theatre’s Attendance during the 12
Fiscal Months preceding the Adjustment Date or Extraordinary Adjustment Date (as applicable), and (ii) with respect to any Newbuild Theatre opened by an ESA Party since the Prior Adjustment Date and that has not been in operation for at least
the 12 Fiscal Months preceding the Adjustment Date or Extraordinary Adjustment Date (as applicable), seventy-five percent (75%) of the Newbuild Theatre’s Projected Attendance; provided that (a) if an Acquisition Theatre has not
been in operation for the 12 Fiscal Months preceding the Adjustment Date or Extraordinary Adjustment Date (as applicable), the Acquisition Theatre will be treated as a Newbuild Theatre under clause (ii), (b) with respect to any Newbuild Theatre
to which clause (ii) applied at such Prior Adjustment Date, any positive difference between the actual Attendance during the first 12 Fiscal Months of operation and the Attendance included in determining the Attendance Increase under clause
(ii) shall be taken into account in determining any Attendance Increase on the Adjustment Date or Extraordinary Adjustment Date (as applicable) following the date on which the Newbuild Theatre completes its first 12 Fiscal Months of operations,
(c) if an Acquisition Theatre is not a Digitized Theatre (1) the Attendance included in determining the Attendance Increase will be reduced by one-half of the Attendance that would otherwise be included under clause (i) or
(ii) as applicable, and (2) if the Acquisition Theatre is subsequently modified to become a Digitized Theatre, then one-half of such Acquisition Theatre’s Attendance during the 12 Fiscal Months preceding the date of such modification
shall be included in determining the Attendance Increase (without duplication for any Attendance previously included in clause (c)(1)) as of any Adjustment Date or Extraordinary Adjustment Date (as applicable), (d) if an ESA Party acquires
Theatres from another ESA Party and those Theatres are subject to an Exhibitor Services Agreement, those Theatres will be included in determining the Attendance Increase of the ESA Party that obtained control of the Acquisition Theatres, and
(e) if an Acquisition Theatre is subject to a pre-existing agreement with the Company other than as set forth in clause (d) above, the Acquisition Theatre will not be included in determining the Attendance Increase until the Adjustment
Date or Extraordinary Adjustment Date (as applicable) following the date on which the pre-existing agreement terminates and the Acquisition Theatre becomes subject to the Exhibitor Services Agreement. 
 “Attendance Increase Notice” has the meaning set forth in Section 2(a) of this Agreement. 
  

 4 

 “Attendance Threshold” means 2% of the Attendance Total determined as of the
Prior Adjustment Date. 
 “Attendance Total” means the sum of (i) the AMC Attendance, Cinemark Attendance and
Regal Attendance during the 12 Fiscal Months preceding the Adjustment Date or the Extraordinary Adjustment Date (as applicable) plus (ii) to the extent available, the total number of patrons in all other theatre auditoriums to which the
Company provides Advertising Services during the 12 Fiscal Months preceding the Adjustment Date or the Extraordinary Adjustment Date (as applicable). 
 “Business Day” has the meaning set forth in Section 1.1 of the NCM LLC Operating Agreement. 
 “Cash Equivalents” has the meaning set forth in Section 1.1 of the NCM LLC Operating Agreement. 
 “Cinemark Attendance” has the meaning set forth in Schedule 1 of the Exhibitor Services Agreement between the Cinemark ESA Party and the Company; provided that, for purposes of this
Agreement Encumbered Theatres with respect to which the Cinemark ESA Party elects to make Run-Out Payments shall be treated as Cinemark Theatres and included in determining the Cinemark Attendance. 
 “Cinemark ESA Party” has the meaning set forth in the preamble of this Agreement. 
 “Cinemark Founding Member” has the meaning set forth in the Preamble of this Agreement. 
 “Cinemark Theatres” means Theatres (within the meaning set forth in Article 1 of the Exhibitor Services Agreement between the
Cinemark ESA Party and the Company) and Encumbered Theatres with respect to which the Cinemark ESA Party elects to make Run-Out Payments. 
 “Common Unit” has the meaning set forth in Section 1.1 of the NCM LLC Operating Agreement. 
 “Common Unit Adjustment” means, with respect to a Founding Member Group (i) the Founding Member Group’s Net Attendance Adjustment, times (ii) the Company Enterprise Value Per Attendee, divided by
(iii) the NCM Inc. Share Price. 
 “Common Unit Adjustment Equivalent” means the product of (i) a Founding
Member Group’s Common Unit Adjustment (or any difference between the Founding Member Group’s Common Unit Adjustment and the number of whole Common Units issued under Section 4(b)(i)(1) or surrendered under Section 4(b)(ii)(1)),
times (ii) the applicable NCM Inc. Share Price used to calculate the Common Unit Adjustment. 
  

 5 

 “Company Enterprise Value” means (i) the Company Equity Value, plus
(ii) the long-term funded debt of the Company as of the Adjustment Date or Extraordinary Adjustment Date (as applicable), plus (iii) with respect to outstanding Options deemed exercised under the treasury stock method based upon the
NCM Inc. Share Price during the 60 Trading Days preceding the Adjustment Date or the Extraordinary Adjustment Date (as applicable), the amount that NCM Inc. is required to contribute to the Company under Section 3.5(c) of the NCM LLC Operating
Agreement in connection with the exercise of those Options, less (iv) the Company’s cash and Cash Equivalents. 
 “Company Enterprise Value Per Attendee” means a quotient (i) the numerator of which is the Company Enterprise Value, and (ii) the denominator of which is the Attendance Total. 
 “Company Equity Value” means the product of (i) the number of Outstanding Equity Equivalents, times (ii) the NCM Inc.
Share Price. 
 “Determination Deadline Date” has the meaning set forth in Section 4(a) of this Agreement.

 “Determination Notice” has the meaning set forth in Section 4(a) of this Agreement. 
 “Digital Programming Services” has the meaning set forth in Article 1 of the applicable Exhibitor Services Agreement. 

“Digitized Theatres” has the meaning set forth in Article 1 of the applicable Exhibitor Services Agreement. 
 “Disposition” (including the terms, “Disposes”, “Disposed” and
“Disposing”) when used with respect to an ESA Party, has the meaning set forth in Article 1 of the applicable Exhibitor Services Agreement; provided that (i) a temporary closure of any Theatre for 180 days or less
(or such longer period of time if the closure is the result of an event beyond the control of the ESA Party and so long as the ESA Party is diligently working to re-open the Theatre as soon as reasonably possible), (ii) a sale or closure of any
Theatre at or after the end of the term of a lease (whether an initial term or a renewal term) in existence as of the date of this Agreement, (iii) a sale or closure of any Theatre at or after the end of the initial term of any lease entered
into after the date of this Agreement, and (iv) any sale or closure of a Theatre that is not a Digitized Theatre in the last 3 years of the term of a lease in existence as of the date of this Agreement, shall not be deemed a Disposition.

  

 6 

 “Disposition Date” means the closing date of a Disposition of Theatres by an ESA
Party. 
 “Encumbered Theatres” has the meaning set forth in Article 1 of the applicable Exhibitor Services
Agreement. 
 “Effective Date” the meaning set forth in the preamble of this Agreement. 
 “ESA Party” means (i) the AMC ESA Party in the case of the AMC Founding Member, (ii) the Cinemark ESA Party in the case
of the Cinemark Founding Member, (iii) the Regal ESA Party in the case of the Regal Founding Member, and (iv) Affiliates of each of the AMC ESA Party, the Cinemark ESA Party and the Regal ESA Party that are subject to the applicable
Exhibitor Services Agreement. 
 “Exhibitor Services Agreement” has the meaning set forth in Section 1.1 of the
NCM LLC Operating Agreement. 
 “Extraordinary Adjustment Date” means (i) in the event of an Extraordinary
Attendance Increase, the Acquisition Date (in the case of a single transaction) and the most recent Acquisition Date (in the case of multiple transactions), (ii) in the event of an Extraordinary Attendance Decrease, the Disposition Date (in the
case of a single transaction) and the most recent Disposition Date (in the case of multiple transactions), and (iii) in the event this Agreement terminates pursuant to Section 5, the date on which this Agreement terminates. 
 “Extraordinary Attendance Decrease” means an ESA Party’s Disposition of Theatres (whether through a single transaction or
multiple transactions since the Prior Adjustment Date) resulting in an Attendance Decrease in excess of the Attendance Threshold. 
 “Extraordinary Attendance Increase” means an ESA Party’s obtaining control of Acquisition Theatres or opening Newbuild Theatres (whether through a single transaction or multiple transactions since the Prior
Adjustment Date) resulting in an Attendance Increase in excess of the Attendance Threshold. 
 “Fiscal Month” has the
meaning set forth in Section 1.1 of the NCM LLC Operating Agreement. 
 “Fiscal Year” has the meaning set forth
in Section 1.1 of the NCM LLC Operating Agreement. 
 “Founding Member” means each of the AMC Founding Member,
the Cinemark Founding Member and the Regal Founding Member. 
  

 7 

 “Founding Member Group” means, with respect to each Founding Member, the Founding
Member, its ESA Party and their Affiliates. 
 “Founding Member Group Designee” means a member of a Founding Member
Group as designated in a written notice given by the ESA Party to the Company; provided that (i) the Founding Member Group Designee must agree in writing to become a party to, and be bound by the terms of, this Agreement and the NCM LLC
Operating Agreement, and (ii) if the ESA Party does not properly designate a Founding Member Group Designee or if the designated Founding Member Designee does not have sufficient Common Units to satisfy its obligations in connection with a
negative Common Unit Adjustment, the Founding Member Group Designee shall be (1) the member of the Founding Member Group that has the largest number of Common Units (in descending order of all members of the Founding Member Group), or
(2) the ESA Party if all members of the Founding Member Group (in the aggregate) do not have sufficient Common Units to satisfy the Founding Member Group Designee’s obligations. 
 “GAAP” has the meaning set forth in Section 1.1 of the NCM LLC Operating Agreement. 
 “Independent Directors” has the meaning set forth in Section 1.1 of the NCM LLC Operating Agreement. 
 “Loews Theatres” has the meaning set forth in Article 1 of the Exhibitor Services Agreement between the AMC ESA Party and the
Company. 
 “Meeting Services” has the meaning set forth in Article 1 of the applicable Exhibitor Services Agreement.

 “NCM Inc.” has the meaning set forth in the preamble of this Agreement. 
 “NCM Inc. Share Price” means the arithmetic average of the volume weighted average prices for a share of NCM Inc. common stock on
the principal United States securities exchange or automated or electronic quotation system on which NCM Inc. common stock trades, as reported by Bloomberg, L.P., or its successor, for each of the sixty (60) consecutive full Trading Days
preceding the Adjustment Date or the Extraordinary Adjustment Date (as applicable), subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the NCM Inc. common stock. If the
NCM Inc. common stock no longer trades on a securities exchange or automated or electronic quotation system, then a majority of the Independent Directors of NCM Inc. shall determine the NCM Inc. Share Price in good faith. 
 “NCM LLC” has the meaning set forth in the preamble of this Agreement. 
  

 8 

 “NCM LLC Operating Agreement” means that certain Third Amended and Restated
Limited Liability Company Operating Agreement of National CineMedia, LLC, dated as of February 13, 2007, by and among all of the Founding Members and NCM Inc., as the same may be amended, supplemented or otherwise modified from time to time.

 “Net Attendance Adjustment” means the total of a Founding Member Group’s Attendance Increase less such
Founding Member Group’s Attendance Decrease since the Prior Adjustment Date. 
 “Newbuild Theatre(s)” when used
with respect to an ESA Party, has the meaning set forth in Article 1 of the applicable Exhibitor Services Agreement. 
 “Options” has the meaning set forth in Section 1.1 of the NCM LLC Operating Agreement. 
 “Outstanding Equity Equivalents” means the sum of (i) the average number of shares of NCM Inc. common stock issuable upon exercise, conversion or exchange of the average number of Common Units, warrants,
preferred stock, stock purchase rights or similar securities exercisable into, exchangeable for, or convertible into NCM Inc. common stock, plus (ii) the average number of outstanding shares of NCM Inc. common stock, plus
(iii) the outstanding Options deemed exercised under the treasury stock method based upon the NCM Inc. Share Price, each during the 60 Trading Days preceding the Adjustment Date or the Extraordinary Adjustment Date (as applicable). 

“Parties” means the parties listed in the preamble of this Agreement. 
 “Permitted Transfer” has the meaning set forth in Article 1 of the applicable Exhibitor Services Agreement. 
 “Person” has the meaning set forth in Section 1.1 of the NCM LLC Operating Agreement. 
 “Prior Adjustment Date” means the Adjustment Date or Extraordinary Adjustment Date (as applicable) immediately preceding the
Adjustment Date or Extraordinary Adjustment Date (as applicable) for which the Common Unit Adjustment is being determined; provided that in the case of the initial Common Unit Adjustment, the Prior Adjustment Date shall be the date of this
Agreement. 
 “Projected Attendance” means (i) with respect to any Newbuild Theatre, the Newbuild Theatre’s
estimated attendance during the first 12 Fiscal Months of operation as determined in approving development of the Newbuild Theatre by the ESA Party’s board of directors (or other investment committee designated by the board), and (ii) with
respect to any Acquisition Theatre that an ESA Party obtains control of and that has not 

  

 9 

 
been in operation for the 12 Fiscal Months preceding the Adjustment Date or Extraordinary Adjustment Date (as applicable), the Acquisition Theatre’s
estimated attendance during the first 12 Fiscal Months of operation used in approving the acquisition by the ESA Party’s board of directors (or other investment committee designated by the board). 
 “Regal Attendance” has the meaning set forth in Schedule 1 of the Exhibitor Services Agreement between the Regal ESA Party and
the Company; provided that, for purposes of this Agreement Encumbered Theatres with respect to which the Regal ESA Party elects to make Run-Out Payments shall be treated as Regal Theatres and included in determining the Regal Attendance.

 “Regal ESA Party” has the meaning set forth in the preamble of this Agreement. 
 “Regal Founding Member” has the meaning set forth in the Preamble of this Agreement. 
 “Regal Theatres” means Theatres (within the meaning set forth in Article 1 of the Exhibitor Services Agreement between the Regal
ESA Party and the Company) and Encumbered Theatres with respect to which the Regal ESA Party elects to make Run-Out Payments. 
 “Run-Out Payments” means payments made by an ESA Party to the Company with respect to an Encumbered Theatre pursuant to Sections 4.08(b) and (c) of the applicable Exhibitor Services Agreement. 
 “Services” has the meaning set forth in Article 1 of the applicable Exhibitor Services Agreement. 
 “Settlement Date” has the meaning set forth in Section 4(b) of this Agreement. 
 “Theatres” means (i) when used with respect to an ESA Party, the AMC Theatres, Regal Theatres or Cinemark Theatres (as
applicable), and (ii) when used with respect to all of the ESA Parties, all of the AMC Theatres, Regal Theatres and Cinemark Theatres. 
 “Third Party Theatre Agreement” means an agreement between the Company and a third party that gives the Company a right to provide Advertising Services with respect to the Theatres being Disposed of by an ESA Party
to such third party and that meets the following minimum requirements: (i) the third party grants the Company exclusive access to and the exclusive right to provide Advertising Services with respect to the Theatres; (ii) the Third Party
Theatre Agreement incorporates content standards no more restrictive than as set forth in Section 4.03 of the applicable Exhibitor Services Agreement; (iii) the fee payable by the Company to the third party for the Advertising 

  

 10 

 
Services does not exceed *** the Company’s total revenue attributable to such Advertising Services; (iv) the term of the Third Party Theatre
Agreement (excluding extensions) is for the shorter of (1) the term of the longest lease (excluding extensions) being Disposed of by the ESA Party in the transaction, or (2) ***; (v) the Company has substantially similar penalties
upon a breach of the Third Party Theatre Agreement by such third party than as set forth in the applicable Exhibitor Services Agreement for breaches by such ESA Party; and (vi) in all other material respects, the Third Party Theatre Agreement
imposes obligations on the third party that are substantially similar to the obligations imposed upon the ESA Party in the applicable Exhibitor Services Agreement, except that obligations arising exclusively from such ESA Party’s status as an
ESA Party shall be inapplicable to the third party. 
 “Trading Days” means a day on which the principal United
States securities exchange on which NCM Inc. common stock is listed or admitted to trading, or the NASDAQ Stock Market if NCM Inc. common stock is not listed or admitted to trading on any such securities exchange, as applicable, is open for the
transaction of business (unless such trading shall have been suspended for the entire day). 
 2. Attendance Increases. 
 (a) Notice. At least 10 Business Days prior to the Acquisition Date, the ESA Party shall give the Company written notice of the estimated
Attendance Increase resulting from the ESA Party’s obtaining control of Acquisition Theatres or the opening of a Newbuild Theatre (the “Attendance Increase Notice”). 
 (b) Extraordinary Attendance Increases. Within 5 Business Days of the date on which the Attendance Increase Notice is given, the Company shall
determine and provide written notice to the ESA Party and its Founding Member whether such Attendance Increase results in an Extraordinary Attendance Increase. In the event of an Extraordinary Attendance Increase, a Common Unit Adjustment shall be
made with respect to the Founding Member Group that caused the Extraordinary Attendance Increase in accordance with Section 4 below. 
 3. Attendance
Decreases. 
 (a) Notice. At least 10 Business Days prior to the Disposition Date, the ESA Party shall give the Company written
notice of the estimated Attendance Decrease resulting from the ESA Party’s Disposition (the “Attendance Decrease Notice”). 
 (b) Extraordinary Attendance Decreases. Within 5 Business Days of the date on which the Attendance Decrease Notice is given, the Company shall determine and provide written notice to the ESA Party and its
Founding Member whether such Attendance Decrease results in an Extraordinary Attendance Decrease. In the event of an 

  

 11 

 
Extraordinary Attendance Decrease, a Common Unit Adjustment shall be made with respect to the Founding Member Group that caused the Extraordinary Attendance
Decrease in accordance with Section 4 below. 
 4. Adjustment of Common Units. 
 (a) Determination of Common Unit Adjustment. Within (i) 90 calendar days after an Adjustment Date, or (ii) 10 Business Days after an
Extraordinary Adjustment Date (the “Determination Deadline Date”), the Company shall determine each Founding Member Group’s Common Unit Adjustment as of the Adjustment Date or, in the case of the Founding Member Group
that caused the Extraordinary Attendance Increase or Extraordinary Attendance Decrease, that Founding Member Group’s Common Unit Adjustment as of the Extraordinary Adjustment Date, and shall give the applicable Founding Member Group Designees,
ESA Parties and NCM Inc. written notice (the “Determination Notice”), on or before the Determination Deadline Date, of the Founding Member Group’s Common Unit Adjustment. 
 (b) Settlement of Common Unit Adjustment. On the day that is 10 Business Days following the date on which the Determination Notice is given (the
“Settlement Date”): (i) if a Founding Member Group’s Common Unit Adjustment is a positive number the Company shall (1) issue to the Founding Member Group Designee a number of whole Common Units equal to the
Founding Member Group’s Common Unit Adjustment (rounded down to the nearest whole number), and (2) pay to the Founding Member Group Designee, in immediately available funds, an amount equal to such Founding Member Group’s Common Unit
Adjustment Equivalent based upon the difference between the Founding Member Group’s Common Unit Adjustment and the number of whole Common Units issued under clause (i)(1); and (ii) if a Founding Member Group’s Common Unit Adjustment
is a negative number the Founding Member Group Designee shall, at the election of the ESA Party made by giving written notice to the Company on or before the Settlement Date, either (1) transfer and surrender to the Company, and the Company
shall cancel, a number of whole Common Units equal to all or part of such Founding Member Group’s Common Unit Adjustment (rounded down to the nearest whole number), or (2) pay to the Company, in immediately available funds, an amount equal
to such Founding Member Group’s Common Unit Adjustment Equivalent based upon that part of the Founding Member Group’s Common Unit Adjustment not satisfied through the surrender of Common Units under clause (ii)(1) (including any difference
between the Founding Member Group’s Common Unit Adjustment and the number of whole Common Units surrendered under clause (ii)(1)); provided that, in the event of a negative Common Unit Adjustment, if the ESA Party does not elect by the
Settlement Date to satisfy the Founding Member Group Designee’s obligation through a payment under clause (ii)(2), the Founding Member Group Designee shall be obligated to satisfy its obligation in Common Units under clause (ii)(1) (or funds
under clause (ii)(2) to the extent the Founding Member Group Designee does not have 

  

 12 

 
sufficient Common Units to satisfy the Founding Member Group’s Common Unit Adjustment). The transfer of Common Units under clause (i)(1) or (ii)(1)
shall be effective immediately prior to the close of business on the date on which the Determination Notice is given. 
 5. Term and Termination.

 (a) Duration. The term of this Agreement shall begin on the Effective Date. This Agreement shall terminate with respect to a
Founding Member Group on the same date that the applicable Exhibitor Services Agreement terminates (including any extensions or renewals) with respect to Services other than Digital Programming Services and Meeting Services. 
 (b) Extraordinary Adjustment. Upon termination of this Agreement with respect to a Founding Member Group, a Common Unit Adjustment shall be
made with respect to the Founding Member Group in accordance with Section 4 above; provided that a termination of this Agreement shall not result in a deemed Disposition of the ESA Party’s Theatres. 
 6. Miscellaneous 
 (a) Governing Law. This
Agreement shall be governed by and construed in all respects in accordance with the laws of the State of Delaware without giving effect to principles of conflicts of law. 
 (b) Notices. All notices, demands or other communications to be given under or by reason of this Agreement shall be in writing and shall be delivered by hand or sent by facsimile, electronic mail or nationally
recognized overnight delivery service and shall be deemed given when received if delivered on a Business Day during normal business hours of the recipient or, if not so delivered, on the next Business Day following receipt. All notices hereunder
shall be delivered as set forth in Exhibit A to the NCM LLC Operating Agreement (in the case of NCM Inc. and the Founding Members), and as set forth in Section 15.01 of each of the Exhibitor Services Agreements (in the case of NCM LLC and the
ESA Parties), or pursuant to such other instructions as may be designated in writing by the Party to receive such notice. Any Party may change its address or fax number by giving the other Parties written notice of its new address or fax number in
the manner set forth above. 
 (c) Waiver; Remedies. 
 (i) The waiver or failure of a Party to exercise in any respect any right provided hereunder shall not be deemed a waiver of such right in the future or a waiver of any other rights established under this Agreement.

  

 13 

 (ii) All remedies available to a Party hereto for breach of this Agreement are cumulative and may be
exercised concurrently or separately, and the exercise of any one remedy shall not be deemed an election of such remedy to the exclusion of other remedies. 
 (iii) It is understood and agreed that each Party’s remedies at law for a breach of this Agreement will be inadequate and that each Party shall, in the event of any such breach or the threat of such breach, be
entitled to equitable relief (including without limitation provisional and permanent injunctive relief and specific performance) from a court of competent jurisdiction. In the event of a breach of this Agreement by a member of a Founding Member
Group, NCM LLC shall be entitled to stop the transfer of Common Units by the Founding Member Group on NCM LLC’s books and obtain equitable relief on behalf of itself and all other Parties to this Agreement. The Parties shall be entitled to the
relief described in this Section 6(c) without the requirement of posting a bond. Nothing stated herein shall limit any other remedies provided under this Agreement or available to the Parties at law. 
 (d) Assignment. No Party may assign or transfer, by operation of law or otherwise, any of its rights or obligations under this Agreement to any
third party without the prior written consent of (i) NCM LLC in the case of an assignment or transfer by an ESA Party or Founding Member, or (ii) all of the Founding Members in the case of an assignment or transfer by NCM LLC.
Notwithstanding the foregoing, this Agreement shall not be assignable by a Party unless the assignee/transferee enters into an agreement in writing to be bound by the terms of this Agreement to the same extent as if such assignee/transferee were a
party hereto (an “Assignment and Assumption”). A Permitted Transfer shall not be deemed an assignment or transfer for purposes of this Agreement; provided, however, any Permitted Transfer by assignment to an
Affiliate of ESA Party shall be (i) conditioned upon (1) the transferee entering into an Assignment and Assumption, (2) the ESA Party agreeing in writing to remain bound by the obligations under this Agreement, and (ii) effective
only so long as the Affiliate remains an Affiliate of transferee. Any attempted assignment in violation of this section shall be void. 
 (e)
Amendment. This Agreement may not be amended, modified, altered or supplemented except by means of a written instrument executed on behalf of all of the Parties. 
 (f) Waiver. No failure on the part of any Party hereto to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of any Party hereto in exercising any power, right,
privilege or remedy under this Agreement, shall operate as a waiver thereof; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege
or remedy. 
  

 14 

 (g) Severability. If any provision of this Agreement is held invalid or unenforceable by any court
of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held
invalid or unenforceable. 
 (h) Entire Agreement. This Agreement sets forth the entire understanding of Parties with respect to the
subject matter hereof and supersedes all other agreements and understandings between the Parties relating to the subject matter hereof. 
 (i) Counterparts and Facsimiles. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by
each of the parties and delivered to the other. The parties hereto may execute the signature pages hereof and exchange such signature pages by facsimile transmission. 
 (j) Interpretation of Agreement. 
 (i) As used in this Agreement, the words
“include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, and shall be deemed to be followed by the words “without limitation.” 
 (ii) Unless otherwise specified, references in this Agreement to “Sections” and “Exhibits” are intended to refer to
Sections of, and Exhibits to, this Agreement. 
 (iii) The Section headings contained in this Agreement are solely for the
purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 
 (iv) Each Party hereto and its counsel cooperated in drafting and preparation of this Agreement. Any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against the
Party that drafted it is of no application and is hereby expressly waived. 
 [Signature Page to Follow] 
  

 15 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed on the day and year
first above written. 
  

			
	NCM INC.:
	
	NATIONAL CINEMEDIA, INC.
		
	By:	 	 /s/ Gary W. Ferrera

	Name:	 	Gary W. Ferrera
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	NCM LLC:
		
	By:	 	 NATIONAL CINEMEDIA, INC.,
 its
Manager

		
	By:	 	 /s/ Gary W. Ferrera

	Name:	 	Gary W. Ferrera
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	REGAL FOUNDING MEMBER:
	
	REGAL CINEMEDIA HOLDINGS, LLC
		
	By:	 	 /s/ Michael L. Campbell

	Name:	 	Michael L. Campbell
	Title:	 	Chief Executive Officer
	
	REGAL ESA PARTY:
		
	By:	 	 /s/ Michael L. Campbell

	Name:	 	Michael L. Campbell
	Title:	 	Chief Executive Officer
	
	AMC FOUNDING MEMBER and AMC ESA PARTY:
	
	AMERICAN MULTI-CINEMA, INC.
		
	By:	 	 /s/ Craig R. Ramsey

	Name:	 	Craig R. Ramsey
	Title:	 	Executive Vice President & Chief
		 	Financial Officer
	
	CINEMARK FOUNDING MEMBER:
	
	CINEMARK MEDIA, INC.
		
	By:	 	 /s/ Michael Cavalier

	Name:	 	Michael Cavalier
	Title:	 	Senior Vice President–General Counsel

			
	 CINEMARK ESA PARTY:

	
	CINEMARK USA, INC.
		
	By:	 	 /s/ Michael Cavalier

	Name:	 	Michael Cavalier
	Title:	 	Senior Vice President–General Counsel

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