Document:

EX-10.5

 Exhibit 10.5 
 IMAX CORPORATION 
 AMENDED EMPLOYMENT AGREEMENT 

This agreement amends the amended employment agreement (the “Agreement”) between Bradley J. Wechsler (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.

  

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

DATED as of March 8, 2006. 

 

			
	/s/ Bradley J. Wechsler
	Bradley J. Wechsler
	
	IMAX CORPORATION
		
	Per:	 	/s/ Garth M. Girvan
	Name:	 	        Garth M. Girvan
	Title:	 	            Director

 Exhibit 1 

Amendment to Co-CEO SERP Benefit Plan (“Plan”) 

 

	1.	SERP Give-Back: 

  

	 	•	 	 Executive’s COLA feature is reduced by 50% of its current level 

 

	 	•	 	 Executive’s contingent spousal benefit is reduced by 50% of its current level 

 

	2.	Lump Sum Feature: 

  

	 	•	 	 Executive receives installment payments from retirement through August 1, 2010, with the remainder of the Plan payment benefit accelerated and
paid as a lump-sum under an NPV calculation at that time 

  

	3.	Change of Control Feature: 

  

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

  

	 	•	 	 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 aboveEX-10.6

 Exhibit 10.6 
 IMAX CORPORATION 
 AMENDED EMPLOYMENT AGREEMENT 

This agreement amends the amended employment agreement (the “Agreement”) between Bradley J. Wechsler (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, 2007. 

 

	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 during the year ending December 31, 2007. If the Executive’s employment is terminated without Cause prior to the end of the term, the Executive shall be entitled to no less than a pro-rata portion of his median bonus
target (i.e. one times salary). 

  

	3.	Stock Appreciation Rights. The Executive is hereby granted 300,000 stock appreciation rights (“SARS”) which shall entitle the Executive to receive in
cash from the Company any increase in the fair market value of the common shares of the Company from the fair market value thereof on the date hereof to the date of exercise of the SARS. 150,000 of the SARS shall vest immediately, and the other
150,000 SARS shall vest on December 31, 2007. All SARS will have a 10-year term and, to the extent applicable, shall be governed by the provisions of the Stock Option Plan of the Company, including for greater certainty, the provisions relating
to the calculation of the fair market value of common shares of the Company, resignation or termination. The vesting of all SARS shall be accelerated upon a “change of control” as defined in the Agreement, and shall be governed, to the
extent applicable, by the provisions in the Agreement regarding change of control. At any time and from time to time after vesting, but subject to the insider trading policy of the Company in effect at that time which shall apply to the SARS as if
they were securities covered thereby, the Executive shall be entitled to exercise some or all of the vested SARS by delivering notice of exercise in writing to the General Counsel of the Company. Within 10 business days after receipt of such notice
in writing, the Company shall pay to the Executive the amount by which the fair market value of the common shares of the Company has increased from the fair market value on the date hereof to the fair market value on the date of such notice, net of
any applicable withholdings and any other amounts owing at that time by the Executive to the Company. Notwithstanding anything to the contrary contained herein, the Company shall have the right but not the obligation to cancel at any time all, or
from time to time any part, of the SARS, in any case upon notice in writing to the Executive and to replace the cancelled SARS with stock options or, in the Company’s discretion, restricted shares, provided such options or shares have no less
favorable (to the Executive) material terms and conditions as, and are in such number as are of equivalent value to, the cancelled SARS. 

  

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

 DATED as of February 15, 2007. 

 

					
	            /s Bradley J. Wechsler
	Bradley J. Wechsler
	
	IMAX CORPORATION
		
	Per:	 	/s/ Garth M. Girvan
		 	Name:	 	Garth M. Girvan
		 	Title:	 	DirectorEX-10.12

 Exhibit 10.12 
 IMAX CORPORATION 
 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.

  

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

DATED as of March 8, 2006. 

 

			
	/s/ Richard L. Gelfond
	Richard L. Gelfond
	
	IMAX CORPORATION
		
	Per:	 	/s/ Garth M. Girvan
		 	Name:  Garth M. Girvan
		 	Title:    Director

 Exhibit 1 

Amendment to Co-CEO SERP Benefit Plan (the “Plan”) 

 

	1.	SERP Give-Back: 

  

	 	•	 	 Executive’s COLA feature is reduced by 50% of its current level 

 

	 	•	 	 Executive’s contingent spousal benefit is reduced by 50% of its current level 

 

	2.	Change of Control Feature: 

  

	 	•	 	 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

  

	 	•	 	 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

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