Document:

Exhibit 10.5

 

IMAGE ENTERTAINMENT, INC.

 

STOCKHOLDERS’ AGREEMENT

 

APRIL 14, 2010

 

 

TABLE OF CONTENTS

 

TO STOCKHOLDERS’ AGREEMENT

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Restrictions on Transferability.

  	
  4

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Tag Along and Drag Along Rights

  	
  5

  
	
   

  	
   

  	
   

  
	
   

  	
  3.1

  	
  Tag Along

  	
  5

  
	
   

  	
  3.2

  	
  Drag Along

  	
  7

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Call by the Company and the Major Stockholders

  	
  9

  
	
   

  	
   

  	
   

  
	
   

  	
  4.1

  	
  Termination

  	
  9

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Stockholder Approval of Equity Incentive Plan

  	
  11

  
	
   

  	
   

  	
   

  
	
   

  	
  5.1

  	
  Stockholder Meeting

  	
  11

  
	
   

  	
  5.2

  	
  Voting Agreement

  	
  11

  
	
   

  	
   

  	
   

  
	
  6.

  	
  Miscellaneous

  	
  11

  
	
   

  	
   

  	
   

  
	
   

  	
  6.1

  	
  Governing Law

  	
  11

  
	
   

  	
  6.2

  	
  Successors and Assigns

  	
  12

  
	
   

  	
  6.3

  	
  Entire Agreement

  	
  12

  
	
   

  	
  6.4

  	
  Notices, Etc.

  	
  12

  
	
   

  	
  6.5

  	
  Delays or Omissions

  	
  12

  
	
   

  	
  6.6

  	
  Dispute Resolution Fees

  	
  12

  
	
   

  	
  6.7

  	
  Counterparts

  	
  13

  
	
   

  	
  6.8

  	
  Severability

  	
  13

  
	
   

  	
  6.9

  	
  Titles and Subtitles

  	
  13

  
	
   

  	
  6.10

  	
  Amendment and Waiver

  	
  13

  
	
   

  	
  6.11

  	
  Rights of Stockholders

  	
  13

  
	
   

  	
  6.12

  	
  Aggregation of Stock

  	
  13

  
	
   

  	
   

  
	
  EXHIBIT A - Schedule of Stockholders

  	
   

  
	
   

  	
   

  
	
  EXHIBIT B — Form of 2010 Equity
  Incentive Award Plan

  	
   

  

 

 

STOCKHOLDERS’
AGREEMENT

 

This
Stockholders’ Agreement (the “Agreement”)
is made as of April 14. 2010,
among Image Entertainment, Inc.,
a Delaware corporation (the “Company”),
and the stockholders listed on Exhibit A hereto (individually a “Stockholder” and collectively the “Stockholders”).

 

RECITALS

 

WHEREAS,
certain Stockholders affiliated with JH Partners, LLC (the “JH Stockholders”) purchased shares
of the Company’s Series B Preferred Stock and Series C Preferred
Stock pursuant to a Securities Purchase Agreement dated as of December 21,
2010, as amended, as set forth opposite their respective names on Exhibit A
hereto;

 

WHEREAS,
certain other Stockholders (the “Management Stockholders”)
are purchasing shares of the Company’s Series B Preferred Stock and Series C
Preferred Stock from the JH Stockholders pursuant to Stock Purchase Agreements
dated as of the date hereof, as set forth opposite their respective names in Exhibit A
hereto; and

 

WHEREAS,
each of the Stockholders desires to enter into this Agreement for the purpose
of regulating certain relationships of the Stockholders with regard to the
Company and on the Shares owned by the Stockholders.

 

NOW,
THEREFORE, in consideration of the mutual promises, representations,
warranties, covenants and conditions set forth in this Agreement, and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

 

AGREEMENT

 

The
parties agree as follows:

 

1.     Definitions.  As used in this Agreement, the following
terms have the following respective meanings:

 

“Affiliate” shall mean, with respect
to any specified Person, any other Person which, directly or indirectly,
through one or more intermediaries controls, or is controlled by, or is under
common control with, such specified Person. 
For the purposes of this definition, “control” (including, with
correlative meanings, the terms “controlling,” “controlled by” and “under
common control with”), as used with respect to any Person, means the
possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of
voting securities, by agreement or otherwise.

 

“Board” means the board of directors of
the Company.

 

“Call Securities” shall mean all
Shares and all of the vested Options owned by the members of the Call Group on
the date of a Call Event.

 

1

 

“Cause” shall have the meaning as
set forth below, except with respect to any Management Stockholder who is, or
previously was, employed by the Company or one of its subsidiaries or who is,
or previously was, serving as a consultant to the Company or one of its
subsidiaries pursuant to a written employment agreement or consulting agreement
between the Company and/or one of its subsidiaries and such Management
Stockholder in which there is a definition of “Cause,” in which event the
definition of “Cause” as set forth in the currently effective or most recently
effective employment agreement or consulting agreement shall be deemed to be
the definition of “Cause” herein solely for such Management Stockholder.

 

In
all other events, “Cause” means the occurrence of any of the following:  (i) the Management Stockholder’s
admission or conviction of a felony or of any crime involving moral turpitude,
dishonesty, fraud, embezzlement, theft or misrepresentation, (ii) gross
neglect or gross misconduct by the Management Stockholder in connection with
the performance of the Management Stockholder’s duties, (iii) a material
breach by the Management Stockholder of his Proprietary Information Agreement
or of the Company’s policies, rules and regulations, or (iv) willful
engagement in any other conduct that involves a material breach of fiduciary
obligation on the part of the Management Stockholder as an officer or member of
the Board, or that could reasonably be expected to have a material adverse
effect upon the business interests or reputation of the Company or any of its
Affiliates, subject in the case of items (ii) through (iv) (but not
item (i)) to notice and an opportunity to cure. 
The Company shall give written notice to the Management Stockholder if
it believes events have occurred constituting Cause within the meaning of items
(ii) through (iv), setting forth in reasonable detail the grounds for its
belief.  The Management Stockholder shall
have five business days after notice to explain and/or remedy the situation,
and Cause shall not exist until such period has expired and the circumstances
have not been explained or remedied to the Company’s reasonable satisfaction.

 

“Commission” means the Securities and
Exchange Commission or any other federal agency at the time administering the
Securities Act.

 

“Common Stock” means the Company’s
common stock, $0.0001 par value per share.

 

“Disability” shall mean permanent
disability within the meaning of Section 22(e)(3) of the Internal
Revenue Code of 1986, as amended, except with respect to any Management
Stockholder who is, or previously was, employed by the Company or one of its
subsidiaries or who is, or previously was, serving as a consultant to the
Company or one of its subsidiaries pursuant to a written employment agreement
(or consulting agreement) between the Company and/or one of its subsidiaries
and such Management Stockholder in which there is a definition of “Disability,”
in which event the definition of “Disability” as set forth in the currently
effective or most recently effective employment agreement or consulting
agreement shall be deemed to be the definition of “Disability” herein solely
for such Management Stockholder.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, or any similar successor federal statute, and
the rules and regulations thereunder, all as the same shall be in effect
from time to time.

 

2

 

“Fair Market Value” means, as of any
date, the value of Shares determined as follows:

 

(i)            If shares of the same class are listed on any
established stock exchange, including without limitation The Nasdaq Global
Select Market, The Nasdaq Global Market or The Nasdaq Capital Market, the Fair
Market Value per Share shall be the closing sales price for shares of such
class as quoted on such exchange for such date, or if no sale occurred on such
date, the first market trading day immediately prior to such date during which
a sale occurred, as reported in The Wall Street Journal or such other source as
the Board deems reliable;

 

(ii)           If shares of the same class are not traded on a
stock exchange but are quoted on a national market or other quotation system,
the last sales price on such date, or if no sales occurred on such date, then
on the date immediately prior to such date on which sales prices are reported,
as reported in The Wall Street Journal or such other source as the Board deems reliable;
or

 

(iii)          In the absence of an established market for shares
of the same class, the Fair Market Value thereof shall be the fair market value
per share of the applicable class of Shares as of the applicable date on the
basis of a sale of such Shares in an arms length private sale between a willing
buyer and a willing seller, neither acting under compulsion, as determined in
good faith by the Board, without discounts for lack of control or
marketability.

 

“Investment Price” shall mean an
amount per Share equal to the price per Share paid for such Share at the time
of initial purchase thereof (subject to appropriate adjustments for stock
splits, recapitalizations and the like), which amount shall be zero in the case
of shares of restricted stock awarded to a Management Stockholder without the
requirement of the payment of a cash purchase price at the time of the award.

 

“JH Stockholders” shall mean JH Partners
Evergreen Fund, LP, JH Investment Partners III, LP, and JH Investment Partners
GP Fund III, LLC and their Permitted Transferees (as defined below).

 

“Options” shall mean options granted
to certain Management Stockholders under the 2010 Equity Incentive Plan to
purchase shares of the Company’s Common Stock.

 

“Person” shall mean any individual,
partnership, corporation, association, limited liability company, trust, joint
venture, unincorporated organization, entity or division, or any government,
governmental department or agency or political subdivision thereof.

 

“Plan” shall mean the 2010 Equity
Incentive Award Plan to be adopted by the Company on or after the date hereof
in substantially the form attached hereto as Exhibit B.

 

“Pro Rata Portion” means, with respect
to each class of Shares, the ratio that (x) the sum of the number of
Shares of such class held by a Stockholder, bears to (y) the sum of the
total number of Shares of such class then outstanding.  In the case of the Shares convertible into
Common Stock or Company securities exercisable into the Company’s Shares, the
calculation of Pro Rata Portion shall be made assuming full exercise and/or
conversion of all Company

 

3

 

securities
exercisable and/or convertible into the Company’s Shares of such class then
outstanding, including those held by such Stockholder, in all cases on a
non-cashless exercise basis.

 

“Rule 144” means Rule 144 as
promulgated by the Commission under the Securities Act, as such Rule may
be amended from time to time, or any similar successor rule that may be
promulgated by the Commission.

 

“Securities Act” shall mean the
Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder or any similar federal statute and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at
the time.

 

“Series B Preferred Stock” means
the Company’s Series B cumulative preferred Stock, $0.0001 par value per
share.

 

“Series C Preferred Stock” means
the Company’s Series C junior participating preferred stock, $0.0001 par
value per share.

 

“Shares” means the shares of the Company’s Series B Preferred Stock, Series C
Preferred Stock and Common Stock held by the Stockholders.

 

2.     Restrictions
on Transferability.

 

(a)           Each Stockholder agrees not
to make any disposition of all or any portion of its Shares unless and until (i) there
is then in effect a registration statement under the Securities Act covering
such proposed disposition and such disposition is made in accordance with such
registration statement, or (ii) such Stockholder shall have notified the
Company of the proposed disposition and shall have furnished the Company with a
detailed statement of the circumstances surrounding the proposed disposition,
and, if reasonably requested by the Company, such Stockholder shall have
furnished the Company with an opinion of counsel, reasonably satisfactory to
the Company, that such disposition will not require registration under the
Securities Act.  Notwithstanding the
foregoing, no such registration statement or opinion of counsel shall be necessary
for a transfer pursuant to Rule 144 or by a Stockholder which is (A) a
partnership to its partners or retired partners in accordance with partnership
interests, (B) a limited liability company to its members or former
members in accordance with their interest in the limited liability company, (C) a
corporation to its shareholders in accordance with their interests in the
corporation, or (D) to the Stockholder’s family member or trust for the
benefit of an individual Stockholder or such Stockholder’s family member,
provided in all cases enumerated in clauses (A) — (D) that the
transferee is subject to the terms of this Section 2 as if such transferee
were an original Stockholder hereunder. 
A transfer in any of the cases enumerated in clauses (A)-(D) shall
be referred to herein as a “Permitted Transfer”
and any recipient of such transfer shall be referred to herein as a “Permitted Transferee.”  Each Stockholder consents to the Company
making a notation on its records and giving instructions to any transfer agent
of the Shares in order to implement the restrictions on transfer established in
this Section 2.

 

(b)           In the case of transfers of
Shares pursuant to clause (a) above, the transferring Stockholders shall
provide at least three (3) trading days prior notice of

 

4

 

such proposed transfer to the Company and the other
Stockholders.

 

(c)           Each certificate
representing Shares shall be stamped or otherwise imprinted with legends
substantially in the following forms (in addition to any legend required under
applicable state securities laws or the Company’s charter documents):

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  SUCH SHARES MAY NOT BE SOLD,
TRANSFERRED, OR PLEDGED IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SOLD
PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION.”

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN
ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE
STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.”

 

(d)           The Company shall promptly
reissue unlegended certificates at the request of any Stockholder thereof if
the Stockholder shall have obtained an opinion of counsel reasonably acceptable
to the Company to the effect that the securities proposed to be disposed of may
lawfully be disposed of without registration, qualification, or legend.

 

3.     Tag
Along and Drag Along Rights.

 

3.1           Tag Along.  Except for Permitted Transfers or transfers
pursuant to clause (i) of Section 2(a) or Rule 144, none of
the Stockholders may transfer Shares (other than Shares received by such
Stockholder pursuant to an equity incentive plan of the Company) to any other
person or entity (a “Covered Transfer”)
without complying with the terms and conditions set forth in this
Section 3.1.

 

(a)           Any Stockholder when
desiring to effect a Covered Transfer (a “Restricted Transferor”)
shall give not less than thirty (30) days prior written notice of such intended
Transfer to each other Stockholder.  Such
notice (the “Participation Notice”) shall
set forth the terms and conditions of such proposed Covered Transfer, including
the name of the prospective transferee, the number and type of Shares proposed
to be transferred (the “Participation Securities”)
by the Restricted Transferor, the percentage of the total number of Shares of
each class, which shall be deemed to be Common Stock in the case of Shares
convertible into Common Stock and Common Stock issuable upon conversion or
exercise of any outstanding securities (all of which shall be determined on a
non-cashless exercise basis), held by the Restricted Transferor that the
Participation Securities constitute (the “Tag Along Percentage”),
the purchase price per share proposed to be paid therefor, the payment terms
and type of transfer to be effectuated and the proposed time and place of
closing.  Within twenty (20) days
following the delivery of the Participation Notice by the Restricted Transferor
to each other Stockholder, each such notified Stockholder desiring to
participate in such proposed Covered

 

5

 

Transfer (each, a “Participating
Offeree”) shall, by notice in writing to the Restricted
Transferor and to the Company, have the opportunity and right to sell to the
purchasers in such proposed Covered Transfer (upon the same terms and
conditions as the Restricted Transferor) up to that number of Shares, subject
to the last sentence of Section 3.1(c) below, as shall equal the
product of (A) the Tag Along Percentage and (B) the number of Shares
of each class proposed to be sold, including Shares issuable upon conversion or
exercise of any outstanding securities, owned by such Participating
Offeree.  The Restricted Transferor shall
attempt to obtain inclusion in the proposed Covered Transfer of the entire
number of Shares which the Restricted Transferor and the Participating Offerees
desire to have included in the proposed Covered Transfer.  In the event the Restricted Transferor shall
be unable to obtain the inclusion of such entire number of Shares in the
proposed Covered Transfer, the number of Shares to be sold in the Covered
Transfer by each Participating Offeree and the Restricted Transferor shall be
determined in accordance with Section 3.1(d) below.  The terms and conditions of any sale pursuant
to this Section 3.1 shall be the same as set forth in the Participation
Notice, except as is provided in Section 3.1(e) below and except that
the actual date of the closing of any proposed Covered Transfer may change.

 

(b)           At the closing of any
proposed Covered Transfer in respect of which a Participation Notice has been
delivered, the Restricted Transferor, together with all Participating Offerees,
shall deliver to the proposed transferee certificates evidencing the Shares to
be sold thereto duly endorsed with stock powers and shall receive in exchange
therefor the consideration to be paid or delivered by the proposed transferee in
respect of such Shares as described in the Participation Notice.

 

(c)           In the event that the
Restricted Transferor under this Section 3.1 fails to complete the
proposed Transfer within ninety (90) days from the date of the Participation
Notice, in order to complete a Transfer after such ninety (90) day period, the
Restricted Transferor must separately comply with this Section 3.1.

 

(d)           The acceptance of each
Participating Offeree shall be irrevocable except as hereinafter provided, and
each such Participating Offeree shall be bound and obligated to sell, on the
same terms and conditions specified in the Participation Notice as the
Restricted Transferor (subject to all of the provisions of this Agreement),
such number of Shares as specified in such Participating Offeree’s written
commitment; provided, however,
that in the case of vested options for the purchase of Shares (for which the
exercise price is less than the price per Share being paid in the Transfer),
the holders of such securities shall have the opportunity to exercise such
options (if then exercisable) and participate in such sale as holders of
Shares.  In the event the Restricted
Transferor shall be unable to obtain the inclusion in the sale of all Shares
which the Restricted Transferor and each Participating Offeree desires to have
included in the sale, the number of Shares to be sold in the sale by the
Restricted Transferor and each Participating Offeree shall be reduced on a pro
rata basis according to the proportion which the number of Shares (on a
class-by-class basis) which each such party desires to have included in the
sale bears to the total number of Shares desired by all such parties to have
included in the sale.

 

(e)           In connection with any
Covered Transfer, the Participating Offerees shall be obligated to become
liable in respect of any representations, warranties,

 

6

 

covenants, indemnities or otherwise to the
transferee solely to the extent provided in the immediately following
sentence.  Each Participating Offeree
agrees to execute and deliver such agreements as may be reasonably specified by
the Restricted Transferor to which such Restricted Transferor will also be
party, including, without limitation, agreements to (A) (1) make
individual representations, warranties, covenants and other agreements as to
the unencumbered title to its Shares and its power, authority and legal right
to Transfer such Shares and the absence of any adverse claim with respect to
such Shares and (2) be liable without limitation as to such
representations, warranties, covenants and other agreements and (B) be
liable (whether by purchase price adjustment, indemnity payments or otherwise)
in respect of representations, warranties, covenants and agreements in respect
of the Company and its subsidiaries; provided, however, that the
aggregate amount of liability described in this clause (B) in connection
with any Covered Transfer shall not exceed the lesser of (x) such
Participating Offeree’s pro rata portion of any such liability, to be
determined in accordance with such Participating Offeree’s portion of the total
number of Shares (on a class-by-class basis) included in such Covered Transfer
or (y) the proceeds to such Participating Offeree in connection with such
Covered Transfer.

 

3.2           Drag Along.

 

(a)           If at any time the
stockholders of the Company holding a majority of all then-outstanding shares
of Common Stock plus the number of shares of Common Stock then issuable upon
conversion of or exercise of outstanding securities (such stockholders being
referred to herein as the “Drag Along Group”)
elect to consummate, or cause the Company to consummate, any transaction
whether by sale of stock, sale of assets, merger, recapitalization,
reorganization or otherwise, pursuant to which one or more parties other than
the Company, the Stockholders or any Affiliate of the foregoing (each a “Third Party”) shall own in excess
of fifty percent (50%) of the common equity or assets of the Company on a fully
diluted basis, in each case in a single transaction or series of related
transactions (such transaction a “Company Sale”),
then upon ten (10) business days written notice by the Drag Along Group to
each other Stockholder, which notice shall set forth the terms and conditions
of such proposed Company Sale or exchange, including the name of the
prospective transferee, the number of Shares or securities convertible or
exercisable into Shares proposed to be sold or exchanged by the Drag Along
Group, if any, in the Company Sale, the percentage of Common Stock, including
Common Stock issuable upon conversion or exercise of other securities, held by
the Drag Along Group which are being sold in such Company Sale (the “Drag Along Percentage”), the
consideration to be received by the Drag Along Group and the proposed time and
place of closing (such notice being referred to as the “Sale
Request”), each other Stockholder (each, a “Seller”),
in the event the Company Sale is consummated, shall be obligated to consummate,
consent to and raise no objection to the proposed Company Sale and take all
other actions reasonably necessary or desirable to consummate the proposed
Company Sale on the terms proposed by the Drag Along Group as set forth in the
Sale Request.  Without limiting the
generality of the foregoing, (i) if the Company Sale is structured as a
merger, consolidation or sale of assets, each Seller will vote or cause to be
voted all Shares that he, she or it holds or with respect to which he, she or
it has the power to direct the voting and which he, she or it is entitled to
vote on such proposed Company Sale in favor of such proposed Company Sale and
will waive all appraisal and dissenters rights and hereby grants a proxy in
favor of the Drag Along Group to vote the Seller’s Shares in accordance with
this Section 3.2(a) and (ii) if the

 

7

 

Company Sale is structured as a sale or redemption
of Shares, each Seller will agree to sell the Drag Along Percentage of its
Shares on the same terms and conditions as the Drag Along Group.  Each proxy granted in the foregoing sentence
is irrevocable, coupled with an interest and shall survive until the expiration
of the provisions of this Section 3.2(a). 
If required, each Seller shall deliver certificates for all of its
Shares being transferred pursuant to this Section 3.2(a) at the
closing of the proposed transfer, free and clear of all claims, liens and
encumbrances.  The terms and conditions
of any sale pursuant to this Section 3.2(a) shall be no less
favorable than those set forth in the Sale Request and shall result in each
holder receiving the same form and amount of consideration per share (on a
class-by-class basis); provided, however, that in the case of any
outstanding options to purchase Common Stock, the holders of such securities
shall have the opportunity to either (i) exercise such options (if then
exercisable) and participate in such sale as holders of Common Stock issuable
upon such exercise, or (ii) upon the consummation of the sale, receive in
exchange for such options the amount determined by multiplying (1) the
same amount of consideration per share received by the stockholders for which
the option is then exercisable less the exercise price or conversion price per
share of such option by (2) the number of Shares of such class represented
by such option.  If Shares of more than
one class are sold, proceeds shall be allocated as if the Company were
liquidated at a value equal to the enterprise value of the Company in the
transaction covered by this Section 3.2(a).

 

(b)           Each Stockholder, whether in
his capacity as a Seller, stockholder, officer or director of the Company, or
otherwise, shall take or cause to be taken all such commercially reasonable
actions in order expeditiously to consummate any Company Sale and any related
transactions, including, without limitation, executing, acknowledging and
delivering consents, assignments, waivers and other documents or instruments as
may be reasonably requested and otherwise cooperating with the Drag Along Group
and any prospective buyer; provided, however,
that Stockholders shall be obligated to become liable in respect of any
representations, warranties, covenants, indemnities or otherwise to the Third
Party solely to the extent provided in the immediately following sentence.  Each Stockholder agrees to execute and
deliver such agreements as may be reasonably specified by the Drag Along Group
to which such Drag Along Group will also be party, including, without
limitation, agreements to (i) (1) make individual representations,
warranties, covenants and other agreements as to the unencumbered title to its
Shares and its power, authority and legal right to transfer such Shares and the
absence of any adverse claim with respect to such shares and (2) be liable
without limitation as to such representations, warranties, covenants and other
agreements and (ii) be liable (whether by purchase price adjustment,
indemnity payments or otherwise) in respect of representations, warranties,
covenants and agreements in respect of the Company and its subsidiaries; provided,
however, that the aggregate amount of liability described in this clause
(ii) in connection with any Company Sale shall not exceed the lesser of (A) such
Stockholder’s pro rata portion of any such liability, to be determined in
accordance with such Stockholder’s portion of the total number of Shares
included in such Company Sale or (B) the proceeds to such Stockholder in
connection with such Company Sale.

 

8

 

4.             Call by the Company and the Major Stockholders.

 

4.1           Termination.  Upon the termination of the employment or
consultancy of any Management Stockholder by the Company or any of its
subsidiaries (a “Call Event”)
for any reason, the Company or its designee shall have the right to purchase
(the “Call Option”), by delivery of a
written notice (the “Call Notice”)
to such terminated Management Stockholder no later than ninety (90) days after
the date of such Call Event, and such Management Stockholder and such
Management Stockholder’s Permitted Transferees (collectively, the “Call Group”) shall be required to
sell all (but not less than all) of the Call Securities at a price per share
equal to the Call Price (as defined below) of such Call Securities as of the date
the Call Notice is delivered; provided that for purposes of determining
whether all such Call Securities have been purchased, securities purchased by
other Stockholders pursuant to Section 4.1(c) below shall be deemed
to have been purchased by the Company. 
In the case of Options and shares of restricted stock that have not
vested as of the date of termination but that may vest in the future under the
terms of the applicable award agreement, the Company or its designee will have
a Call Option with respect to such Options (or any shares issued upon exercise
of such Options) and shares of restricted stock exercisable pursuant to a Call
Notice given within ninety (90) days following the vesting of such Options or
shares of restricted stock.

 

(a)           For purposes of this Section 4.1, the term “Call
Price” shall mean:

 

(i)            in the event of a termination of a Management
Stockholder’s employment or consultancy (A) by the Company without Cause, (B) by
virtue of death or Disability, (C) upon retirement in accordance with
Company policy, or (D) by voluntary termination, the Fair Market Value of
such Shares (other than unvested shares of restricted stock, which are
addressed in clause (v) below);

 

(ii)           in the event of a termination of a Management
Stockholder’s employment or consultancy by the Company for Cause, (A) the
lower of (x) the Investment Price or (y) the Fair Market Value of all
Shares issued to such Management Stockholder upon the exercise of Options or
pursuant to an award of restricted stock and (B) the Fair Market Value of
all other Shares then held by such Management Stockholder;

 

(iii)          with respect to any vested Options, (A) upon a
termination for Cause, zero, as such Options shall automatically expire as set
forth in the Option Certificates pursuant to which they were granted and (B) upon
any other termination, the difference between (x) the Call Price for the
Shares underlying such Options (calculated as if the Shares underlying such
Options were outstanding and had been called pursuant to this Section 4.1(a) and
therefore calculated in accordance with the procedures set forth in clause (i) above)
minus (y) the exercise price of such vested Options; provided, that such difference shall not be less than zero;

 

(iv)          with respect to any unvested Options, zero, as such
options shall automatically expire as set forth in the Option Certificates
pursuant to which they were granted; provided that in the case of
Options that have not vested as of the date of termination and that may vest in
the future pursuant to the terms of the Option Certificate

 

9

 

pursuant
to which they were granted, the Call Price shall be determined in accordance
with this clause (iv) if such Options expire unvested and shall be
determined in accordance with clause (iii) if such Options vest prior to
their expiration; and

 

(v)           with respect to any unvested shares of restricted
stock, zero; provided that in the case of shares of restricted stock
that have not vested as of the date of termination and that may vest in the
future pursuant to the terms of the award agreement pursuant to which they were
granted, the Call Price shall be determined in accordance with this clause (v) if
such shares of restricted stock do not vest within the time period specified in
the award agreement and shall be determined in accordance with clause (i) or
clause (ii), whichever is applicable, if such shares of restricted stock vest
within the time period specified in the award agreement.

 

(b)           The closing of any purchase of Call Securities by
the Company pursuant to Section 4.1(a) shall take place at the
principal office of the Company no later than the 60th day after the Call
Event.  At such closing, the Company
shall deliver to the Call Group consideration (as set forth below) in an amount
equal to the aggregate Call Price payable in respect of such Call Securities
against delivery of (i) original stock certificates and stock powers duly
endorsed in favor of the Company representing the Call Securities, and (ii) an
executed agreement, in form reasonably satisfactory to the Company, evidencing
the cancellation of any vested Options purchased at such closing. The Company
shall pay the Call Price by (i) paying the Call Group in cash subject to
clause (ii), (ii) if required to maintain compliance under any loan or
credit agreement or promissory note to which the Company or any subsidiary is a
party, issuing a subordinated promissory note in a principal amount equal to
the portion of the purchase price which is restricted from being paid under
such Company Loan Documents to maintain compliance thereunder, which note shall
be subordinated on terms satisfactory to the respective lenders and/or
purchasers under each such Company Loan Documents who are contractually
entitled to such subordination or (iii) a combination of (i) and
(ii).  The principal of such note (the “Company Note”) will be due and
payable in five equal annual installments, the first such installment becoming
due and payable on the first anniversary of the issuance of such note, and
interest will accrue thereon at a rate equal to the applicable federal rate on
the date of issuance of the Company Note plus 3% and be payable annually in
arrears.  Such Company Note may be
prepaid by the Company in whole at any time or in part from time to time
without premium or penalty and shall be subject to mandatory prepayment from
time to time to the extent that any such payment would not cause the Company to
be in non-compliance under the Company Loan Documents, and shall otherwise be
in the form approved by the Board.  The
Company shall not be obligated to make any payment pursuant to this Section 4.1(b) or
any payment of principal or interest due under a Company Note if such payment
would cause the Company or any Subsidiary to be in violation of applicable law
or in default under or otherwise in violation of the terms of, or limited by
the ceiling in the availability or credit advances under, any loan, credit or
investment agreement or promissory note to which the Company or any Subsidiary
is a party (a “Default”).  In the event the Company cannot make the
payments of principal and interest due under a Company Note because it is in
Default, the Company will undertake to make such payments at such time as the
Company is no longer in Default and would not be so in Default (i) by
virtue of the delivery of any payments, (ii) by delivery of such Company
Note or (iii) by any payment of principal and interest due under such
Company Note, as contemplated herein.

 

10

 

(c)           Notwithstanding anything set forth in this Section 4.1
to the contrary, if the Company does not elect to exercise the Call Option or
exercises the Call Option with respect to only a portion of the Call
Securities, the Board shall delegate the right to exercise the Call Option to
the Stockholders, and shall notify the Stockholders of such delegation within
30 days of the Call Event, and the Stockholders shall have the right, but not
the obligation, to exercise the Call Option and to acquire such Call Securities
at the Call Price and on the same terms and conditions as set forth in Section 4.1(a) which
apply to the purchase of Call Securities by the Company, except all payments
pursuant to this Section 4.1(c) shall be made in immediately
available funds.  The specific number of
Call Securities remaining after the Company has exercised the Call Option that
each Stockholder shall be entitled to acquire shall equal such Stockholder’s
Pro Rata Portion of such Call Securities. 
Each such Stockholder shall also be entitled to indicate within 15 days
of receiving notice a desire to purchase all or a portion of any available Call
Securities above such amount.  Each such
Stockholder shall be allocated the maximum amount of Call Securities set forth
in such Stockholder’s offer to purchase, unless such allocation would result in
the allocation of more Call Securities in the aggregate than are available for
purchase by the Stockholders, in which case such Call Securities shall be
allocated among the Stockholders pro rata in
accordance with each such Stockholders’ Pro Rata Portion; provided, however,
that if the foregoing results in any Stockholder being allocated more than the
maximum amount of Call Securities specified in such Stockholder’s offer to
purchase, such Stockholder will be allocated such maximum amount and the excess
will be allocated as provided in this sentence (including this proviso).

 

(d)           This Section 4 shall terminate automatically
ten (10) years from the date of this Agreement.

 

5.             Stockholder Approval of Equity Incentive Plan

 

5.1           Stockholder Meeting  The Company shall duly call, give notice of,
convene and hold a meeting of stockholders by December 31, 2010 at which,
among other things, the Company’s stockholders will be asked to adopt and
approve the Plan.

 

5.2           Voting Agreement.   At 
any  meeting  of 
the  stockholders  of  the
Company, however called, or at any adjournment thereof, or in any other
circumstance in which the vote, consent or other approval of the stockholders
of the Company is sought with respect to the Plan, the JH Stockholders shall (i) appear
at each such meeting or otherwise cause all of their voting Shares to be
counted as present thereat for purposes of calculating a quorum and (ii) vote
(or cause to be voted), or execute and deliver a written consent (or cause a
written consent to be executed and delivered) covering, all such Shares in
favor of the adoption and approval of the Plan and in favor of any action in
furtherance of any of the foregoing.  The
JH Stockholders shall not commit or agree to take any action inconsistent with
the foregoing.

 

6.             Miscellaneous.

 

6.1           Governing Law.  This Agreement shall be governed in all
respects by the laws of the State of Delaware without regard to choice of laws
or conflict of laws provisions thereof.

 

11

 

6.2           Successors and Assigns.  Except as otherwise provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors, and administrators of the parties
hereto. Nothing in this Agreement, express or implied, is intended to confer
upon any party other than the parties hereto or their respective successors and
assigns any rights, remedies, obligations, or liabilities under or by reason of
this Agreement, except as expressly provided by this Agreement.

 

6.3           Entire Agreement.  This Agreement and the other documents
delivered pursuant hereto constitute the full and entire understanding and
agreement among the parties with regard to the subjects hereof and
thereof.  Subject to the provisions of Section 6.10 below, neither this
Agreement nor any term hereof may be amended, waived, discharged or terminated
other than by a written instrument signed by the party against whom enforcement
of any such amendment, waiver, discharge or termination is sought, unless
otherwise provided.

 

6.4           Notices, Etc.  All notices and other communications required
or permitted hereunder shall be in writing and shall be mailed by registered or
certified mail, postage prepaid, return receipt requested, or otherwise
delivered by hand or by messenger, addressed (a) if to a Stockholder, at
such Stockholder’s address set forth on Exhibit A, or at such other
address as such Stockholder shall have furnished to the Company in writing, or (b) if
to any other holder of any Shares, at such address as such holder shall have
furnished the Company in writing, or, until any such holder so furnishes an
address to the Company, then to and at the address of the last holder of such
Shares who has so furnished an address to the Company, or (c) if to the
Company, at its address set forth on the signature page of this Agreement
addressed to the attention of the Corporate Secretary, or at such other address
as the Company shall have furnished to the Stockholders.  Unless specifically stated otherwise, if
notice is provided by mail, it shall be deemed to be delivered three (3) days
after proper deposit in a mailbox, if notice is delivered by overnight courier,
it shall be deemed to be delivered the next business day, and if notice is
delivered by hand or by messenger, it shall be deemed to be delivered upon
actual delivery.

 

6.5           Delays or Omissions.  No delay or omission to exercise any right,
power, or remedy accruing to any Stockholder upon any breach or default of the
Company under this Agreement shall impair any such right, power, or remedy of
such party, nor shall it be construed to be a waiver of any such breach or
default, or an acquiescence therein, or of or in any similar breach or default
thereafter occurring; nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter
occurring.  Any waiver, permit, consent,
or approval of any kind or character on the part of any party of any breach or
default under this Agreement, or any waiver on the part of any party of any
provisions or conditions of this Agreement, must be in writing and shall be
effective only to the extent specifically set forth in such writing or as
provided in this Agreement.  All
remedies, either under this Agreement or by law or otherwise afforded to any
party, shall be cumulative and not alternative.

 

6.6           Dispute Resolution Fees.  If any action at law or in equity is
necessary to enforce or interpret the terms of this Agreement, the prevailing
party shall be entitled to reasonable attorney’s fees, costs, and disbursements
in addition to any other relief to which such party may be entitled.

 

12

 

6.7           Counterparts.  This Agreement may be executed in any number
of counterparts and signatures may be delivered by facsimile, each of which may
be executed by less than all parties, each of which shall be enforceable
against the parties actually executing such counterparts, and all of which
together shall constitute one instrument.

 

6.8           Severability.  If any provision of this Agreement becomes or
is declared by a court of competent jurisdiction to be illegal, unenforceable,
or void, portions of such provision, or such provision in its entirety, to the
extent necessary, shall be severed from this Agreement and the balance of this
Agreement shall be enforceable in accordance with its terms.

 

6.9           Titles and Subtitles.  The titles and subtitles used in this Agreement
are used for convenience only and are not to be considered in construing or
interpreting this Agreement.

 

6.10         Amendment and Waiver.  This Agreement may be amended or terminated
and the observance of any term of this Agreement may be waived with respect to
all parties to this Agreement (either generally or in a particular instance and
either retroactively or prospectively), with the written consent of the Company
and a Stockholder or Stockholders holding more than fifty percent (50%) of the
issued and outstanding shares of each class of Shares affected by such
amendment.  Notwithstanding the
foregoing, this Agreement may not be amended or terminated and the observance
of any term hereunder may not be waived with respect to any Stockholder without
the written consent of such Stockholder, (i) if such amendment,
termination or waiver (A) alters the definition of the term “Pro Rata
Portion” or “Covered Transfer”, (B) increases the liability of such
Stockholder with respect to liabilities or indemnities under Sections 3.1(e) or
3.2(b), or (C) applies or relates to the provisions of Section 4, or (ii) with
respect to any other amendment, termination or waiver, such amendment,
termination or waiver does not apply to all Stockholders in the same fashion.
The Company shall give prompt written notice of any amendment or termination
hereof or waiver hereunder to any party hereto that did not consent in writing
to such amendment, termination or waiver. 
Any amendment, termination or waiver effected in accordance with this Section 6.10
shall be binding on all parties hereto, even if they do not execute such
consent.  No waivers of or exceptions to
any term, condition or provision of this Agreement, in any one or more
instances, shall be deemed to be, or construed as, a further or continuing
waiver of any such term, condition or provision.

 

6.11         Rights of Stockholders.  Each party to this Agreement shall have the
absolute right to exercise or refrain from exercising any right or rights that
such party may have by reason of this Agreement, including, without limitation,
the right to consent to the waiver or modification of any obligation under this
Agreement, and such party shall not incur any liability to any other party or
other holder of any securities of the Company as a result of exercising or
refraining from exercising any such right or rights.

 

6.12         Aggregation of Stock.  All shares of Series B Preferred Stock, Series C
Preferred Stock and Common Stock of the Company held or acquired by affiliated
entities or persons shall be aggregated for the purpose of determining the
availability of any rights under this Agreement.

 

13

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first above written.

 

	
   

  	
  IMAGE
  ENTERTAINMENT, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THEODORE GREEN

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Theodore
  Green

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Chairman/CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JH PARTNERS EVERGREEN FUND, LP

  
	
   

  	
  a Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  JH
  Investment Management III, LLC

  
	
   

  	
  Its:

  	
  General
  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  JOHN C. HANSEN

  
	
   

  	
   

  	
   

  	
  Name:

  	
  John
  C. Hansen

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Managing
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JH INVESTMENT PARTNERS III, LP,

  
	
   

  	
  a Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  JH
  Investment Management, LLC

  
	
   

  	
  Its:

  	
  General
  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  JOHN C. HANSEN

  
	
   

  	
   

  	
   

  	
  Name:

  	
  John
  C. Hansen

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Managing
  Member

  

 

 

SIGNATURE PAGE TO STOCKHOLDERS’ AGREEMENT

 

 

	
   

  	
  JH INVESTMENT PARTNERS GP FUND III, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  JH
  Investment Management, LLC

  
	
   

  	
  Its:

  	
  Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  JOHN C. HANSEN

  
	
   

  	
   

  	
   

  	
  Name:

  	
  John
  C. Hansen

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Managing
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  THEODORE S. GREEN

  
	
   

  	
  Theodore
  S. Green

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  JOHN AVAGLIANO

  
	
   

  	
  John
  Avagliano

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PRODUCERS SALES ORGANIZATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  JOHN HYDE

  
	
   

  	
   

  	
   

  	
  Name:

  	
  John
  Hyde

  
	
   

  	
   

  	
   

  	
  Its:

  	
  VP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  RAY GAGNON

  
	
   

  	
  Ray
  Gagnon

  
						

 

 

SIGNATURE PAGE TO STOCKHOLDERS’ AGREEMENT

 

 

EXHIBIT A

 

SCHEDULE OF STOCKHOLDERS

 

	
  Name

  	
   

  	
  Address

  	
   

  	
  Series B

  Preferred

  Stock

  	
   

  	
  Series C

  Preferred

  Stock

  	
   

  	
  Common

  Stock

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JH Partners Evergreen
  Fund, LP

  	
   

  	
  451 Jackson Street

  San Francisco, CA 94112

  Fax: (415) 364-0333

  Attention: James Williamson

  	
   

  	
  16,779.388

  	
   

  	
  150,024.510

  	
   

  	
  N/A

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JH Investment Partners
  III, LP

  	
   

  	
  451 Jackson Street

  San Francisco, CA 94112

  Fax: (415) 364-0333

  Attention: James Williamson

  	
   

  	
  2,001.324

  	
   

  	
  17,893.837

  	
   

  	
  N/A

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JH Investment Partners GP
  Fund III, LLC

  	
   

  	
  451 Jackson Street

  San Francisco, CA 94112

  Fax: (415) 364-0333

  Attention: James Williamson

  	
   

  	
  919.288

  	
   

  	
  8,219.353

  	
   

  	
  N/A

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Theodore S. Green

  	
   

  	
   

  	
   

  	
  1,000.000

  	
   

  	
  8,941.000

  	
   

  	
  N/A

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Producers Sales
  Organization

  	
   

  	
   

  	
   

  	
  850.000

  	
   

  	
  7,599.850

  	
   

  	
  N/A

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  John Avagliano

  	
   

  	
   

  	
   

  	
  400.000

  	
   

  	
  3,576.400

  	
   

  	
  N/A

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ray Gagnon

  	
   

  	
   

  	
   

  	
  50.000

  	
   

  	
  447.050

  	
   

  	
  N/AExhibit 10.6

 

ASSIGNMENT AND JOINDER

 

This
ASSIGNMENT AND JOINDER (“Agreement”) is dated April 14, 2010 by and
among the Assignors listed on the signature page hereto (“Assignors”)
and the Assignees listed on the signature page hereto (“Assignees”).

 

RECITAL

 

WHEREAS,
pursuant to Stock Purchase Agreements dated as of April 12, 2010 among the
parties hereto (the “Purchase Agreements”), Assignors have agreed to
sell to Assignees, and Assignees have agreed to purchase, shares of Series C
Convertible Preferred Stock (the “Transferred Shares”) of Image
Entertainment, Inc. (the “Company”).

 

WHEREAS,
in connection with the purchase and sale of the Transferred Shares, Assignors
have agreed to assign to Assignees certain rights under the Registration Rights
Agreement dated January 8, 2010 among the Company, Assignors and JH
Partners, LLC, as Investor Representative (the “Registration Rights
Agreement”), and Assignees have agreed to assume certain obligations
thereunder.

 

AGREEMENT

 

ACCORDINGLY,
the parties agree as follows:

 

SECTION 1.  Assignment of Registration Rights.  In accordance with Section 11(d) of
the Registration Rights Agreement, Assignors assign, transfer and convey to
Assignees as of the date hereof their rights under the Registration Rights
Agreement pertaining to the Transferred Shares such that the shares of the
Company’s common stock issuable upon conversion of such Transferred Shares
shall be “Registrable Securities” under the Registration Rights Agreement and
Assignees shall be “Investors” thereunder.

 

SECTION 2.  Assumption of Obligations.  Assignees hereby unconditionally and
irrevocably assume all of the duties and obligations of Assignors hereafter
accruing or arising under the Registration Rights Agreement related to the
Transferred Shares.  Assignees confirm
that as of the date hereof they shall be deemed parties to the Registration
Rights Agreement as “Investors,” and Assignees agree to be bound by all the
terms of, and to undertake all such obligations of, Investors under such
agreement.

 

SECTION 6.  Miscellaneous.  Each party to this Agreement shall execute
and deliver such instruments, documents and other written information and take
such other actions as the other parties may reasonably require in order to
carry out the intent of this Agreement. 
This Agreement and all the provisions hereof shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.  This Agreement may be executed
in one or more counterparts, all of which taken together shall constitute one
instrument.  The laws of Delaware shall
govern the validity and interpretation hereof and the performance of the
parties hereto of their respective duties and obligations.

 

1

 

IN WITNESS WHEREOF, the parties hereto have
executed and delivered this Agreement.

 

	
   

  	
  ASSIGNORS:

  
	
   

  	
   

  
	
   

  	
  JH PARTNERS EVERGREEN FUND, LP

  
	
   

  	
  a Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  JH
  Investment Management III, LLC

  
	
   

  	
  Its:

  	
  General
  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  JOHN C. HANSEN

  
	
   

  	
   

  	
  Name:

  	
  John
  C. Hansen

  
	
   

  	
   

  	
  Its:

  	
  Managing
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JH INVESTMENT PARTNERS III, LP,

  
	
   

  	
  a Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  JH
  Investment Management, LLC

  
	
   

  	
  Its:

  	
  General
  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  JOHN C. HANSEN

  
	
   

  	
   

  	
  Name:

  	
  John
  C. Hansen

  
	
   

  	
   

  	
  Its:

  	
  Managing
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JH INVESTMENT PARTNERS GP FUND III, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  JH
  Investment Management, LLC

  
	
   

  	
  Its:

  	
  Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  JOHN C. HANSEN

  
	
   

  	
   

  	
   

  	
  Name:

  	
  John
  C. Hansen

  
	
   

  	
   

  	
   

  	
  Its:

  	
  Managing
  Member

  

 

 

SIGNATURE PAGE TO ASSIGNMENT AND JOINDER

 

 

	
   

  	
  ASSIGNES:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  THEODORE S. GREEN

  
	
   

  	
  Theodore
  S. Green

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  JOHN AVAGLIANO

  
	
   

  	
  John
  Avagliano

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PRODUCERS SALES ORGANIZATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  JOHN HYDE

  
	
   

  	
   

  	
   

  	
  Name:

  	
  John
  Hyde

  
	
   

  	
   

  	
   

  	
  Its:

  	
  VP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  RAY GAGNON

  
	
   

  	
  Ray
  Gagnon

  
						

 

 

SIGNATURE PAGE TO ASSIGNMENT AND JOINDER

 

 

	
  Acknowledged:

  	
   

  
	
   

  	
   

  
	
  IMAGE ENTERTAINMENT, INC.,

  	
   

  
	
  a Delaware corporation

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ THEODORE S. GREEN

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Theodore S. Green

  	
   

  

 

 

SIGNATURE PAGE TO ASSIGNMENT AND JOINDER

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