Document:

Exhibit 10.15

Exhibit 10.15

FORM OF

IMAGE ENTERTAINMENT, INC.

INCENTIVE STOCK OPTION AGREEMENT

This Incentive Stock Option Agreement (“Option Agreement”) is between Image Entertainment,
Inc., a Delaware corporation (the “Company”), and                                          (“Optionee”), who agree as follows:

Section 1. Introduction. The Company has heretofore adopted the Image Entertainment,
Inc. 2008 Stock Awards and Incentive Plan (the “Plan”). The Company, acting through the Committee
(as defined in the Plan), has determined that its interests will be advanced by the issuance to
Optionee of an Incentive Stock Option under the Plan. This Incentive Stock Option is subject to all
of the terms and conditions as set forth herein and in the Plan.

Section 2. Option. Subject to the terms and conditions contained herein, the Company
hereby grants to Optionee the right and option (“Option”) to purchase from the Company                      shares of
the Company’s common stock, $0.0001 par value (“Stock”), at a price of $                     per
share, which is not less than the fair market value of the Stock at the date of grant of this
Option; provided, however, that if Optionee owns stock possessing more than 10% of the total
combined voting power of all classes of stock of the Company or of its Parent Corporation or
Subsidiary Corporation (as defined in the Plan), such price is not less than 110% of the fair
market value of the Stock at the date of grant of this Option. Though the Option is granted as an
Incentive Stock Option, the Company does not represent or warrant that the Option qualifies as
such.

Section 3. Option Period. Beginning on                      (the “Date of
Grant”), the Option herein granted may be exercised by Optionee in whole or in part at any time
during a ten-year period (a five-year period if Optionee owns stock possessing more than 10% of the
total combined voting power of all classes of stock of the Company or of its Parent Corporation or
Subsidiary Corporation) (the “Option Period”), subject to earlier termination in accordance with
the terms of the Plan and the Option Agreement, in accordance with the following vesting schedule:

	 	 	 
	 	 	Number of Shares Purchasable
	Vesting Date	 	(cumulative to the extent more than one Vesting Date is specified)
	 

	 	 

Notwithstanding anything in this Option Agreement to the contrary, the Committee, in its sole
discretion, may waive the foregoing schedule of vesting and upon written notice to
Optionee, accelerate the earliest date or dates on which any portion of the Option granted
hereunder is exercisable.

 

 

 

Except as otherwise provided under the Internal Revenue Code of 1986 or applicable
regulations, to the extent that the aggregate fair market value (determined at the time an option
is granted) of the Stock with respect to which the Option and any other incentive stock option
(determined without regard to this sentence) issued to Optionee under all plans of the Company and
its Parent Corporation or Subsidiary Corporations becomes exercisable for the first time during any
calendar year exceeds $100,000, such portions of options in excess of $100,000 shall be treated as
Nonqualified Stock Options. A portion of the Option also may be treated as a Nonqualified Stock
Option if certain events cause exercisability of the Option to accelerate.

Section 4. Procedure for Exercise. The Option herein granted may be exercised by the
delivery by Optionee of written notice to the Secretary of the Company setting forth the number of
shares of Stock with respect to which the Option is being exercised. The notice shall be
accompanied by (i) cash, cashier’s check, bank draft, or postal or express money order payable to
the order of the Company, or wire transfer, (ii) if permitted by the Committee, shares of Stock
theretofore owned by Optionee duly endorsed for transfer to the Company, (iii) if the Stock is
registered under the Securities Exchange Act of 1934, as amended, and to the extent permitted by
law, instructions to a broker to deliver to the Company the total payment required, all in
accordance with the regulations of the Federal Reserve Board, (iv) such other consideration as the
Committee may permit, or (v) any combination of the preceding, equal in value to the aggregate
exercise price. Notice may be delivered by facsimile. The notice shall specify the address to which
the certificates for such shares are to be mailed. The Option shall be deemed to have been
exercised immediately prior to the close of business on the date (i) written notice of such
exercise and (ii) payment in full of the exercise price for the number of shares for which the
Option is being exercised are both received by the Company and Optionee shall be treated for all
purposes as the record holder of such shares of Stock as of such date.

As promptly as practicable after receipt of such written notice and payment, the Company shall
deliver to Optionee certificates for the number of shares with respect to which such Option has
been so exercised, issued in Optionee’s name or such other name as Optionee directs; provided,
however, that such delivery shall be deemed effected for all purposes when a stock transfer agent
of the Company shall have deposited such certificates in the United States mail, addressed to
Optionee at the address specified pursuant to this Section 4.

Section 5. Termination of Employment or Service. If, for any reason other than
retirement, death or disability, Optionee ceases to be employed by the Company or its Affiliates or
ceases to serve as a director or consultant, the Option may be exercised (to the extent Optionee
would have been entitled to do so at the date of termination of employment or cessation of serving
as a director or consultant) during a three-month period after such date (after which period the
Option shall expire), but in no event may the Option be exercised after the expiration of the
Option Period; provided, however, that if Optionee’s employment or service as a director or
consultant is terminated because of the Optionee’s (a) theft or embezzlement from the Company or
its Affiliates, (b) disclosure of trade secrets of the Company or its Affiliates, (c) failure to
perform his/her job duties and services resulting in a material adverse effect on the Company or
its Affiliates or (d) the commission of a willful, felonious act while in the
employment or service of the Company or its Affiliates (such reasons shall hereinafter be
collectively referred to as “for cause”), then the Option or unexercised portion thereof shall
expire upon such termination of employment or cessation of serving as a director or consultant.

 

2

 

In the event that Optionee dies or Optionee’s employment or service ceases because Optionee is
determined to be disabled, the Option may be exercised (to the extent Optionee would have been
entitled to do so at the date of death or termination of employment or service) at any time and
from time to time, within a one year period after such death or termination of employment or
service, by Optionee or his guardian or legal representative or, in the case of death, the executor
or administrator of Optionee’s estate or by the person or persons to whom Optionee’s rights under
this Option Agreement shall pass by will or the laws of descent and distribution (after which
period the Option will expire), but in no event may the Option be exercised after the expiration of
the Option Period. Optionee shall be deemed to be disabled if, in the opinion of a physician
selected by the Committee, Optionee is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected to result
in death or which has lasted or can be expected to last for a continuous period of not less than 12
months.

Subject to the discretion of the Committee, if Optionee ceases to be an employee of the
Company (including as an officer of the Company) as a result of Retirement, Optionee need not
exercise the Option within three (3) months of termination of employment but will be entitled to
exercise the Option within the maximum term of the Option to the extent the Option was otherwise
exercisable at the date of Retirement. However, if Optionee does not exercise within three (3)
months of termination of employment, the Option will not qualify as an Incentive Stock Option if it
otherwise so qualified. The term “Retirement” as used herein means such termination of employment
in accordance with the retirement policies of the Company and its Affiliates then in effect.

The Option must be exercised within three months after termination of employment for reasons
other than death or disability and one year after termination of employment due to disability (as
such term is defined for purposes of Incentive Stock Options) to qualify for the beneficial tax
treatment afforded Incentive Stock Options.

It is Optionee’s responsibility to be aware of the date on which the Option terminates.

Section 6. Leave of Absence. The Committee shall have the discretion to determine
whether and to what extent the vesting of the Option shall be tolled during any unpaid leave of
absence; provided, however, that in the absence of such determination, vesting of the Option shall
be tolled during any such unpaid leave (unless otherwise required by any applicable law, rule or
regulation). In the event of military leave, vesting shall toll during any unpaid portion of such
leave, provided that, upon Optionee’s returning from military leave (under conditions that would
entitle him or her to protection upon such return under the Uniform Services Employment and
Reemployment Rights Act), he or she shall be given vesting credit with respect to the Option to the
same extent as would have applied had the Optionee continued to provide services to the Company
throughout the leave on the same terms as he or she was providing services
immediately prior to such leave. Notwithstanding the foregoing, certain leaves of absence may
result in a loss of the status of the Option as an Incentive Stock Option under the rules and
regulations applicable to incentive stock options. In such event, the Option will be treated for
tax purposes as a Nonqualified Stock Option.

 

3

 

Section 7. Transferability. The Option shall not be transferable by Optionee otherwise
than by Optionee’s will or by the laws of descent and distribution. During the lifetime of
Optionee, the Option shall be exercisable only by Optionee or his authorized legal representative.
Any heir or legatee of Optionee shall take rights herein granted subject to the terms and
conditions hereof. No such transfer of this Option Agreement to heirs or legatees of Optionee shall
be effective to bind the Company unless the Company shall have been furnished with written notice
thereof and a copy of such evidence as the Committee may deem necessary to establish the validity
of the transfer and the acceptance by the transferee or transferees of the terms and conditions
hereof.

Section 8. No Rights as Shareholder. Optionee shall have no rights as a shareholder
with respect to any shares of Stock covered by this Option Agreement until the Option is exercised
by written notice and accompanied by payment as provided in Section 4 of this Option Agreement.

Section 9. Extraordinary Corporate Transactions. The existence of outstanding Options
shall not affect in any way the right or power of the Company or its shareholders to make or
authorize any or all adjustments, recapitalizations, reorganizations, exchanges or other changes in
the Company’s capital structure or its business, or any merger or consolidation of the Company, or
any issuance of Stock or other securities or subscription rights thereto, or any issuance of bonds,
debentures, preferred or prior preference stock ahead of or affecting the Stock or the rights
thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any
part of its assets or business, or any other corporate act or proceedings, whether of a similar
character or otherwise. If the Company undergoes a “Change of Control” (as defined in the Plan) or
other corporate reorganization described in Section XIII of the Plan, the Option granted hereunder
shall be governed by Section XIII of the Plan.

Section 10. Changes in Capital Structure. If the outstanding shares of Stock or other
securities of the Company, or both, for which the Option is then exercisable shall at any time be
changed or exchanged by declaration of a stock dividend, stock split or combination of shares, the
number and kind of shares of Stock or other securities subject to the Plan or subject to the
Option, and the exercise price, shall be appropriately and equitably adjusted so as to maintain the
proportionate number of shares or other securities without changing the aggregate exercise price.

Section 11. Compliance with Securities Laws. Upon the acquisition of any shares
pursuant to the exercise of the Option herein granted, Optionee (or any person acting under Section
7) will enter into such written representations, warranties and agreements as the Company may
reasonably request in order to comply with applicable securities laws or with this Option
Agreement.

 

4

 

Section 12. Compliance with Laws. Notwithstanding any of the other provisions hereof,
Optionee agrees that he or she will not exercise the Option granted hereby, and that the Company
will not be obligated to issue any shares pursuant to this Option Agreement, if the exercise
of the Option or the issuance of such shares of Stock would constitute a violation by Optionee or
by the Company of any provision of any law or regulation of any governmental authority.

Section 13. Tax Provisions.

(a) Effect of Failure to Qualify for Incentive Stock Option Treatment. If Optionee
disposes of any shares of Stock acquired pursuant to the exercise of the Option prior to the later
of (i) two years from the Date of Grant or (ii) one year from the date the shares of Stock are
acquired, Optionee shall notify the Company of such disposition within ten days of its occurrence.
In the event of any such disposition, or if any other event occurs such that Optionee recognizes
compensation income with respect to this option, Optionee shall deliver to the Company any amount
of federal or state income tax withholding required by law. If Optionee fails to pay the
withholding tax, the Company is authorized to withhold from any cash remuneration then or
thereafter payable to Optionee any tax required to be withheld by reason of any disposition or
other event described in this Section.

(b) Tax Consequences. Optionee has reviewed, or has had the opportunity to review but
chose not to do so, with Optionee’s own tax or legal advisors the federal, state, local and foreign
tax consequences that may arise upon the grant, vesting or exercise of the Option and the
disposition of any shares of Stock subject to the Option. Optionee understands that Optionee (and
not the Company) shall be responsible for any tax liability that may arise with respect to the
Option and the disposition of any shares subject thereto.

Section 14. No Right to Employment. Optionee shall be considered to be in the
employment of the Company or its Affiliates so long as he or she remains an employee of the Company
or its Affiliates. Any questions as to whether and when there has been a termination of such
employment and the cause of such termination shall be determined by the Committee, and its
determination shall be final. Nothing contained herein shall be construed as conferring upon
Optionee the right to continue in the employ of the Company or its Affiliates, nor shall anything
contained herein be construed or interpreted to limit the “employment at will” relationship between
Optionee and the Company or its Affiliates.

 

5

 

Section 15. Resolution of Disputes. As a condition of the granting of the Option
hereby, Optionee and Optionee’s heirs, personal representatives and successors agree that any
dispute or disagreement which may arise hereunder shall be determined by the Committee in its sole
discretion and judgment, and that any such determination and any interpretation by the Committee of
the terms of this Option Agreement shall be final and shall be binding and conclusive, for all
purposes, upon the Company, Optionee, and Optionee’s heirs, personal representatives and
successors.

Section 16. Legends on Certificate. The certificates representing the shares of Stock
purchased by exercise of the Option will be stamped or otherwise imprinted with legends in such
form as the Company or its counsel may require with respect to any applicable restrictions on sale
or transfer and the stock transfer records of the Company will reflect stop-transfer instructions
with respect to such shares.

Section 17. Notices. Except as expressly provided otherwise in this Option Agreement,
every notice hereunder shall be in writing and shall be given by registered or certified mail. All
notices of the exercise of any Option hereunder shall be directed to Image Entertainment, Inc.,
20525 Nordhoff Street, Suite 200, Chatsworth, California 91311, Attention: Corporate Secretary. Any
notice given by the Company to Optionee directed to Optionee at the address on file with the
Company shall be effective to bind Optionee and any other person who shall acquire rights
hereunder. The Company shall be under no obligation whatsoever to advise Optionee of the existence,
maturity or termination of any of Optionee’s rights hereunder and Optionee shall be deemed to have
familiarized himself or herself with all matters contained herein and in the Plan which may affect
any of Optionee’s rights or privileges hereunder.

Section 18. Construction and Interpretation. Whenever the term “Optionee” is used
herein under circumstances applicable to any other person or persons to whom this award, in
accordance with the provisions of Section 7 hereof, may be transferred, the word “Optionee” shall
be deemed to include such person or persons.

Section 19. Agreement Subject to Plan. This Option Agreement is subject to the Plan.
The terms and provisions of the Plan (including any subsequent amendments thereto) are hereby
incorporated herein by reference thereto. In the event of a conflict between any term or provision
contained herein and a term or provision of the Plan, the applicable terms and provisions of the
Plan will govern and prevail. All definitions of words and terms contained in the Plan shall be
applicable to this Option Agreement.

 

6

 

Section 20. Binding Effect. This Option Agreement shall be binding upon and inure to
the benefit of any successors to the Company and all persons lawfully claiming under Optionee as
provided herein.

Section 21. Entire Agreement; Amendment. This Option Agreement and any other
agreements and instruments contemplated by this Option Agreement contain the entire agreement of
the parties, and this Option Agreement may be amended only in writing signed by both parties.

IN WITNESS WHEREOF, this Incentive Stock Option Agreement has been executed as of the
              
       day of         
, 20       .

	 	 	 	 	 	 	 	 	 
	 	 	Image Entertainment, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	Title: 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	OPTIONEE	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Address:	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

7

 

NOTICE OF EXERCISE

To: Image Entertainment, Inc.

Date: ____________________

The undersigned, pursuant to the provisions set forth in the attached Incentive Stock Option
Agreement, hereby irrevocably elects to purchase:

                     Shares covered by such Option.

The undersigned herewith makes payment of the full Exercise Price for such Shares at the price per
Share provided for in such Incentive Stock Option Agreement, which is an aggregate of $                    .

In exercising the Option, the undersigned hereby confirms and acknowledges that the Shares are
being acquired solely for the account of the undersigned and not a nominee for any other party, and
for investment, and that the undersigned will not offer, sell or otherwise dispose of any such
Shares except under circumstances that will not result in a violation of the Securities Act of
1993, as amended, or any applicable state securities laws.

Please issue a certificate representing said Shares in the name of the undersigned.

	 	 	 	 	 
	 

	 	OPTIONEE:	 	 
	 
	 	 	 	 
	 

	 	 

Signature
	 	 
	 
	 	 	 	 
	 

	 	 

Print Name
	 	 
	 
	 	 	 	 
	 

	 	 

Address
	 	 
	 
	 	 	 	 
	 

	 	 

Social Security No.Exhibit 10.21

Exhibit 10.21

WAIVER AND RELEASE AGREEMENT

This Waiver and Release Agreement (the “Agreement”) is entered into on this 11th day of June
2009 by and between David Borshell (“Employee”) and Image Entertainment, Inc. (the “Company”).

Recitals

WHEREAS, Employee was employed by the Company in the role of President, pursuant to an
Employment Letter Agreement, dated April 1, 2008, as amended on December 22, 2008 (the “Employment
Agreement”);

WHEREAS, the Company notified Employee of its decision to terminate Employee’s employment with
the Company without cause effective March 12, 2009;

WHEREAS, Employee and the Company desire to settle fully and finally all differences that may
exist between them, including, but in no way limited to, issues related to Employee’s employment
and/or termination of employment from the Company;

NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained and
other good and valuable consideration, receipt of which is hereby acknowledged, it is hereby agreed
by and between the parties as follows:

Agreement

1. Separation of Employment. Employee’s last day of employment with the Company was
March 12, 2009 (the “Termination Date”). As of the Termination Date, Employee has not been
employed by the Company in any capacity, nor has Employee served the Company as an officer.
Moreover, as of the Termination Date, the Employment Agreement has terminated and is of no further
force or effect.

2. Separation Pay and Benefits. In consideration for the promises set forth in this
Agreement, and pursuant to the specific terms set forth in Section 3, below, the Company shall
provide the following separation pay and benefits (the “Separation Pay and Benefits”) to Employee:

(a) A lump sum amount of One Hundred Eleven Thousand, One Hundred and Fifty-Three Dollars and
84/100 cents ($111,153.84), which is equal to Employee’s base salary from March 13, 2009 through
June 30, 2009. This payment shall be made by the Company to Employee on the eighth (8th) day
following Employee’s execution of this Agreement, provided that Employee has not revoked this
Agreement;

(b) All alleged unpaid vacation pay in the total amount of Nine Thousand, Eight Hundred and
Twenty-Four Dollars and 19/100 cents ($9,824.19). This payment shall be made by the Company to
Employee on the eighth (8th) day following Employee’s execution of this Agreement, provided that
Employee has not revoked this Agreement;

(c) Base salary continuation payments, in the amount of $35,416.67 per month, for the ten (10)
month period beginning July 1, 2009 and ending April 30, 2010, in accordance with the Company’s
regular payroll practices;

 

 

 

(d) Reimbursement for the out of pocket expenses Employee has incurred for COBRA continuation
payments made for the months of April, May and June 2009 for medical and dental insurance
continuation coverage for himself and his dependents. This payment shall be made by the Company to
Employee within ten (10) days of Employee’s submission to the Company of documentation
demonstrating the out of pocket expenses incurred by Employee; and

(e) The full amount of COBRA continuation coverage for Employee’s and his dependents’ medical
and dental insurance for twelve (12) months, beginning on July 1, 2009 and ending June 30, 2010;
provided that Employee is eligible for COBRA and properly elects such continuation coverage. Such
payment shall be made directly by the Company to the applicable insurance provider.

3. Withholdings. The payments set forth in Section 2(a), (b), and (c) shall be
subject to all applicable federal, state and local withholdings. All of the payments made to
Employee set forth in Section 2 shall be delivered to Employee by the Company via personal delivery
or overnight mail, to Employee’s last known address of record, on the date(s) described above. In
addition, the parties hereby agree that it is their intention that all payments or benefits
provided under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) and this Agreement shall be interpreted accordingly. Employee hereby is
advised to seek independent advice from Employee’s tax advisor(s) with respect to the application
of Section 409A of the Code to any payments under this Agreement. Notwithstanding the foregoing,
the Company does not guarantee the tax treatment of any payments or benefits under this Agreement,
including without limitation under the Code, federal, state or local laws.

4. Warranty. Employee acknowledges and agrees that the Separation Pay and Benefits
provided to Employee under the terms of this Agreement are in addition to anything of value to
which Employee is otherwise entitled and that Employee would not receive the Separation Pay and
Benefits except for Employee’s decision to sign this Agreement and to fulfill the promises set
forth herein. Employee further acknowledges that, other than the Separation Pay and Benefits, he
has received all wages, accrued but unused vacation pay, equity interests and other benefits due
him as a result of his employment with and termination from the Company.

5. Release of Known and Unknown Claims By Employee. In exchange for the Separation
Pay and Benefits set forth in Section 2 above, and in consideration of the further agreements and
promises set forth herein, Employee agrees unconditionally and forever to release and discharge the
Company including the Company’s current and former officers, directors, shareholders, employees,
representatives, attorneys and agents, as well as all of their predecessors, parents, subsidiaries,
affiliates, successors in interest and assigns (collectively, the “Releasees”) from any and all
claims, actions, causes of action, demands, rights, or damages of any kind or nature which Employee
may now have, or ever have, whether known or unknown, including any claims, causes of action or
demands of any nature arising out of or in any way relating to Employee’s employment with, or
termination from the Company on or before the date Employee signs this Agreement.

 

2

 

This release specifically includes, but is not limited to, any claims for fraud; breach of
contract; breach of implied covenant of good faith and fair dealing; inducement of breach;
interference with contract; wrongful or unlawful discharge or demotion; violation of public policy;
assault and battery; invasion of privacy; intentional or negligent infliction of emotional
distress; intentional or negligent misrepresentation; conspiracy; failure to pay wages, benefits,
vacation pay, severance pay, attorneys’ fees, or other compensation of any sort; wrongful
termination; retaliation; wrongful
demotion; discrimination or harassment on any basis protected by federal, state or local law
including, but not limited to age, race, color, sex, gender identity, national origin, ancestry,
religion, disability, handicap, medical condition, marital status, and sexual orientation; any
claim under Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities
Act, the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection
Act, the California Fair Employment and Housing Act, or Section 1981 of Title 42 of the United
States Code; violation of any safety and health laws, statutes or regulations; or any other
wrongful conduct, based upon events occurring prior to the date of execution of this Agreement.

Employee further agrees knowingly to waive the provisions and protections of Section 1542 of
the California Civil Code, which reads:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW
OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH, IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR.

The parties intend this release by Employee to be a full and comprehensive general release
waiving and releasing all claims, demands, and causes of action, known or unknown, to the fullest
extent permitted by law. Nothing in this Agreement is intended to nor shall it be interpreted to
release any claim under California Labor Code Section 2802 or any other claim which, by law, may
not be released.

6. Additional Representations and Warranties By Employee. Employee represents that
Employee has no pending complaints or charges against the Releasees, or any of them, with any state
or federal court, or any local, state or federal agency, division, or department based on any
event(s) occurring prior to the date Employee signs this Agreement. Employee further represents
that Employee will not in the future, file, participate in, encourage, instigate or assist in the
prosecution of any claim, complaints, charges or in any lawsuit by any party in any state or
federal court against the Releasees, or any of them, unless such aid or assistance is ordered by a
court or government agency or sought by compulsory legal process, claiming that the Releasees, or
any of them, have violated any local, state or federal laws, statutes, ordinances or regulations
based upon events occurring prior to the execution of this Agreement. Nothing in this Agreement
shall be construed as prohibiting Employee from making a future claim with the Equal Employment
Opportunity Commission or any similar state agency including, but not limited to the California
Department of Fair Employment and Housing; provided, however, that should Employee pursue such an
administrative action against the Releasees, or any of them, to the maximum extent allowed by law,
Employee agrees and acknowledges that Employee will not seek, nor shall Employee be entitled to
recover, any monetary damages from any such proceeding.

7. Knowing and Voluntary. Employee represents and agrees that, prior to signing this
Agreement, Employee has had the opportunity to discuss the terms of this Agreement with legal
counsel of his choosing. Employee further represents and agrees that he is entering into this
Agreement knowingly and voluntarily. Employee affirms that no promise was made to cause him to
enter into this Agreement, other than what is promised in this Agreement. Employee further
confirms that he has not relied upon any statement or representation by anyone other than what is
in this Agreement as a basis for his decision to sign this Agreement.

 

3

 

8. Knowing and Voluntary Waiver of Age Discrimination Claim. Employee expressly
acknowledges:

• that he has been provided twenty-one (21) days to consider this Agreement;

• that he was informed in writing to consult with counsel regarding this
Agreement;

• that he has consulted with counsel regarding this Agreement;

• that to the extent Employee has taken fewer than twenty-one (21) days to
consider this Agreement, Employee acknowledges that he had sufficient time to consider the
Agreement and to consult with counsel and that he does not desire additional time;

• that he was informed that the Agreement is revocable by Employee for a period
of seven (7) calendar days following his execution of this Agreement;

• that any revocation must be in writing, must specifically revoke this
Agreement, and must be received by the Company (attn: Jeff Framer) prior to the eighth
calendar day following the execution of this Agreement;

• that Employee understands that if he revokes this Agreement, he will not
receive the Separation Pay and Benefits; and

• that this Agreement becomes effective, enforceable and irrevocable on the
eighth calendar day following Employee’s execution of this Agreement provided that Employee
does not revoke the Agreement.

9. Release of Known and Unknown Claims by the Company. In exchange for the agreements
and promises set forth herein, the Company agrees unconditionally and forever to release and
discharge Employee from any and all claims, actions, causes of action, demands, rights, or damages
of any kind or nature which it may now have, or ever had, whether known or unknown, including, but
not limited to, any claims, causes of action or demands of any nature arising out of or in any way
relating to Employee’s employment with, or separation from the Company on or before the date of the
execution of this Agreement. This release specifically includes, but is not limited to, any claims
for fraud; breach of contract; breach of implied covenant of good faith and fair dealing;
inducement of breach; interference with contract; assault and battery; invasion of privacy;
intentional or negligent infliction of emotional distress; intentional or negligent
misrepresentation; conspiracy; or any other wrongful conduct, based upon events occurring prior to
the date of execution of this Agreement.

The Company further agrees knowingly to waive the provisions and protections of Section 1542
of the California Civil Code, which reads:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO
EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH, IF KNOWN BY HIM OR HER, MUST
HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

4

 

The parties intend this release by the Company to be a full and comprehensive general release
waiving and releasing all claims, demands, and causes of action, known or unknown, to the fullest
extent permitted by law. Nothing in this Agreement is intended to nor shall it be interpreted to
release any claim which, by law, may not be released.

10. No Admission of Liability. By entering into this Agreement, neither the Company
nor Employee suggests or admits to any liability to one another (except for the covenants herein)
or that they violated any law or any duty or obligation to one another or to any other person or
entity.

11. Confidentiality. Employee represents, warrants and agrees that neither he nor any
of his agents or representatives either has already disclosed or publicized nor will at any time in
the future disclose or publicize, or cause or permit to be disclosed or publicized, the existence
of this Agreement, any of the terms of this Agreement, or the facts underlying this Agreement, to
any person, corporation, association or governmental agency or other entity except: (1) to the
extent necessary to report income to appropriate taxing authorities; (2) to members of Employee’s
immediate family; (3) in response to an order of a court of competent jurisdiction or subpoena
issued under the authority thereof; (4) in response to any inquiry or subpoena issued by a state or
federal governmental agency; provided, however, that notice of receipt of such judicial order or
subpoena shall be immediately communicated by Employee to the Company telephonically, and confirmed
immediately thereafter in writing, so that the Company will have the opportunity to assert what
rights it has to non-disclosure prior to Employee’s response to the order, inquiry or subpoena; (5)
as needed to enforce the Agreement; (6) as needed in any action or proceeding between the Company
and Employee; (7) to his attorneys, accountants and tax advisors; and (8) as may otherwise be
required by law. However, notwithstanding the provisions of Paragraph 11, hereof, Employee may,
without breaching this Agreement, respond to inquiries by stating that his situation with the
Company has been “resolved.” Employee further represents, warrants and agrees that he has to date
maintained and will continue to maintain all non-public information regarding the Releasees, or any
of them, as strictly confidential and has not disclosed and shall not disclose such information to
any person or entity or cause such information to be disclosed to any person or entity, either
directly or indirectly, specifically or generally.

12. Cooperation. Employee agrees to consult with the Company regarding on-going
matters that commenced during Employee’s employment with the Company and, within reasonable limits,
to cooperate with the Company in connection with disputes between the Company and third parties
(including, but not limited to, current or former employees) when requested by the Company. This
cooperation may include, but is not limited to, conferring with and assisting the Company in
preparatory work in litigation matters, providing factual information to the Company, and giving
depositions and testimony in judicial and administrative proceedings. Employee agrees that he will
not be paid by the Company for his cooperation, except that the Company will reimburse Employee for
his reasonable out-of-pocket expenses incurred in connection therewith, provided that such expenses
are approved in advance by the Company.

13. No Disparagement. Employee represents, warrants and agrees that on and after the
date Employee signs this Agreement he has not disparaged or made derogatory or negative comments
nor will he at any time in the future disparage or make derogatory or negative comments to any
third party (including but not limited to employees of the Company) concerning the Releasees, or
any of them at any time. Nothing in this Section shall preclude Employee from testifying
truthfully in any deposition or judicial or administrative proceeding. Moreover, nothing in this
Section applies to communications to Employee’s immediate family or communications to his
attorneys, or to pleadings
or other documents in any proceeding to enforce this Agreement, or in any judicial,
administrative or arbitral proceedings where such information is relevant or discoverable.

 

5

 

14. Return of Property. By signing below, Employee represents and warrants that he
has returned to the Company all of the Company’s property, documents (hard copy or electronic
files), and information prior to signing this Agreement, he has not nor will he copy or transfer
any Company information, nor will he maintain any Company information after the Termination Date.

15. Non-Solicitation of Employees. Employee agrees that he will not, either alone or
jointly with any other person or entity, whether as principal, partner, agent, shareholder,
director, employee, consultant or otherwise, at any time during a period of one (1) year following
the Termination Date, directly or indirectly solicit the employment or engagement of any person who
is, at the time of the solicitation, employed by the Company or any affiliated entity in any
capacity, whether or not such person would commit any breach of his or her contract of employment
by reason of his or her leaving the service of the Company or any affiliated entity.

16. Assignment. The Company may assign this Agreement and/or any of its rights or
privileges hereunder, in one or more assignments, and this Agreement shall inure to the benefit of
all such successors and assigns.

17. Governing Law. This Agreement shall be governed by the laws of the State of
California as applied to agreements made and wholly to be performed in California. This Agreement
shall be enforceable in the Los Angeles County Superior Court pursuant to California Code of Civil
Procedure Section 664.6. The prevailing party in any action to enforce the terms of this Agreement
shall be entitled to reasonable attorneys’ fees and costs incurred in connection with the
enforcement of the Agreement.

18. Entire Agreement. This Agreement constitutes the entire understanding between the
parties with respect to its subject matter, superseding all prior agreements and understandings,
written or oral, with respect to its subject matter; provided, however that this agreement shall
not be deemed to supersede the Company’s Code of Conduct and/or any agreements between the Company
and Employee with respect to the protection of the Company’s confidential, proprietary and/or trade
secret information all of which survives. This Agreement may not be amended or modified, nor any
provision hereof waived, other than by a writing signed by Employee and an authorized
representative of the Company.

19. Ambiguities. The general rule that ambiguities are to be construed against the
drafter shall not apply to this Agreement. In the event that any language of this Agreement is
found to be ambiguous, all parties shall have the opportunity to present evidence as to the actual
intent of the parties with respect to any such ambiguous language.

20. Severability. If any sentence, phrase, paragraph, subparagraph or portion of this
Agreement is found to be illegal or unenforceable, such action shall not affect the validity or
enforceability of the remaining sentences, phrases, paragraphs, subparagraphs or portions of this
Agreement.

21. Each of the parties hereto warrants and represents to the other that they have not
previously assigned or transferred any of the claims released herein.

 

6

 

22. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, all of which together shall constitute one and the same
instrument. Facsimile or pdf copy of this Agreement (or facsimile or pdf signature) shall be
deemed an original.

PLEASE READ CAREFULLY. THIS AGREEMENT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

THE UNDERSIGNED AGREE TO THE TERMS OF THIS AGREEMENT AND VOLUNTARILY ENTER INTO IT WITH THE
INTENT TO BE BOUND THEREBY.

	 	 	 	 	 
	Dated:      June 11, 2009 	/s/ DAVID BORSHELL
 	 
	 	David Borshell 	 
	 	 	 
	Dated:      June 11, 2009 	Image Entertainment, Inc.
 	 
	 	 	 
	 	/s/ JEFF M. FRAMER
 	 
	 	By: 	Jeff M. Framer 	 
	 	Title: 	President 	 

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]