Document:

<PAGE>

                                  Exhibit 10.9
                                  ------------

                          Amended Employment Agreement
                          ----------------------------

Imax (the "Company") and Executive, subject to Section 5(e) hereof, agree to
cancel the last year of the term of employment of the Executive's employment
agreement dated July 1, 1998 ("Original Employment Contract") and extend the
employment term for three additional years with the new term from July 1, 2000
to June 30, 2003 (the "Amended Contract") on the same terms and conditions as
set out in the Original Employment Contract, except as specified below.  Terms
used herein and not defined shall have the meanings assigned to them in the
Original Employment Contract.

1.  Case Compensation - As set out in the Original Employment Contract.
    -----------------

2.  Additional Option Grants - The Company agrees to issue Executive 800,000
    ------------------------
    ten-year options at a strike price equal to the closing price on the day the
    Board approves this agreement. Except as provided below, options will vest
    1/3 on January 1, 2001, 1/3 on July 1, 2001, and 1/3 on July 1, 2002.

3.  Restricted Stock Grant - The Company agrees to issue 180,000 restricted
    ----------------------
    shares (or their Phantom Stock equivalent) to Executive on the day the Board
    approves this agreement. Except, as provided below, restricted stock will
    vest 1/3 on January 1, 2001, 1/3 on July 1, 2001, and 1/3 on July 1, 2002.

4.  Should any required regulatory or shareholder approvals with respect to the
    granting of the options or restricted stock not be obtained by the Company,
    the Company shall make such adjustments to the Executive's compensation,
    hereunder as will put the Executive in the same after-tax financial position
    as he would have been if such approvals had been received.

5.  Change of Control Provisions
    ----------------------------
    (a)  In the event of a Change of Control (without regard to any subsequent
         event) there will be accelerated vesting of the Executive's stock
         options and restricted stock.

    (b)  In the event of a Change of Control and subsequent termination (or
                                             ---
         constructive termination) of the Executive there will be an
         acceleration (without any discount to present value) of the cash
         component of Executive's compensation under the Amended Contract (and
         the Original Employment Agreement if the renewal term has not yet
         commenced) equal to the number of years left on the Executive's
         agreements (including a fraction thereof) times the total cash
                                                             -----
         compensation of the Executive for the full (i.e., 12 month) fiscal
         year preceding termination.

    (c)  If there is a Change of Control by way of stock merger the options will
         vest (as set out in 5(a) directly above) and be converted at the stock
         merger conversion ratio into options of the acquiring company (if it is
         public) or a cash-out of the options (if it is not public).

                                       1
<PAGE>

    (d)  A change of control is defined as any person or persons acting in
         concert acquiring beneficial ownership of greater than 50% of the
         outstanding common shares of the Company, whether by direct or indirect
         acquisition or as a result of a merger or reorganization or a sale of
         all or substantially all of the Company's assets and will not include
         sale of the WP block to one or more third parties.

    (e)  If there is no Change of Control by 12/31/00, the contract extension
         component of this Amended Contract shall become void but the options
         and restricted stock grants included in this Amended Contract become
         fully vested upon the earlier of a Change of Control subsequent to
         12/31/00, termination, non-renewal, constructive termination or
         6/30/01. In addition, of there is no Change of Control by 12/31/00, the
         term of the Original Employment Agreement shall be reinstated whereby
         Executive shall continue to render services to Company until 6/30/01.

6.  Voluntary Resignation, Termination, Etc.
    ----------------------------------------
    (a)  If the Executive shall voluntarily resign, all unvested options and
         restricted stock shall be cancelled immediately and all vested options
         shall remain exercisable for the duration of their original term.

    (b)  If the Executive shall be terminated without cause all unvested stock
         options, restricted stock and cash compensation (salary and bonus
         without any discount to present value as described in section 5(b)
         above) shall immediately vest and become due.

    (c)  If the Executive shall be terminated for Cause all unvested options and
         unvested restricted stock (including those granted pursuant to previous
         employment agreements between Company and Executive) shall be cancelled
         immediately and all of the Executive's options and restricted stock
         must be exercised within 90 days of termination, after which date they
         shall be cancelled.

7.  Retirement and Long Term Health Coverage
    ----------------------------------------
    (a) The Company agrees to create a retirement plan for the Executive as set
        out in Exhibit 1.

    (b)  Company agrees to maintain retiree health benefits for Executive upon
         termination of the Executive's employment equal to the benefits
         provided for active employees until the Executive becomes eligible for
         Medicare and, thereafter, Medicare supplement coverage selected by
         Executive.

8.  Restrictions on Competitive Employment - As agreed upon in the Original
    --------------------------------------
    Employment Contract; however, the term of the Non-Compete shall be extended
    to four (4) years beyond termination of employment.

                                       2
<PAGE>

 9.  Consultancy - At the end of Executive's employment (for whatever reason),
     -----------
     Executive agrees to consult with Company for a period of three years on
     such issues and items as requested by Company, including but not limited to
     theatre signings, management issues, film strategy issues, technological
     issues and/or issues with respect to management transition subject to the
     Executive's other commitments.

10.  Incorporation by Reference - All clauses in the Original Employment
     --------------------------
     Contract will remain in full force and effect unless specifically amended
     in this agreement. In the event of any conflict between the Original
     Employment Contract and the Amended Contract, the Amended Contract shall
     prevail.

11.  Arbitration - All disputes under this agreement shall be subject to binding
     -----------
     arbitration under the AAA Rules and Company shall be required to cover
     Executive's legal costs and the cost of arbitration.

12.  Long Form Agreement - Until such time as this agreement is superceded by a
     -------------------
     long form agreement, it will represent the binding agreement for both
     parties.

Richard L. Gelfond                         Imax Corporation

______________________________________     _____________________________________
                                           By

______________________________________
Date

                                       3
<PAGE>

EXHIBIT 1
---------

                              SERP Benefit Summary
                                Richard Gelfond
                                Imax Corporation

Retirement Age - Age 55
--------------

SERP Benefit - Retirement and Survivor Benefits
------------

Retirement Benefit - 76.5% of final five-year average full cash compensation
------------------
(including bonus)

Survivor Benefit - 100% of Retirement Benefit
----------------

Death Benefit - Survivor Benefit
-------------

Disability Benefit - SERP Benefit
------------------

Severance Benefits -
------------------

               Change of Control - SERP Benefit

               Termination - SERP Benefit

               Registration - SERP Benefit, according to the
                              following Vesting Schedule;
                                    50% vested, plus 50% spread over the
                                    remaining working years to age 55

               For Cause - Loss of benefits

Cost of Living Adjustment -  Applies to the Retirement and Survivor Benefits
-------------------------
                             At a rate according to the published Cost of Living
                             Tables (For illustrative purposes at 3.0% per
                             annum)

                                       4<PAGE>

                                 Exhibit 10.10
                                 -------------

                          Amended Employment Agreement
                          ----------------------------

Imax (the "Company") and Executive subject to Section 5(e) here, agree to cancel
the last year of the term of employment of the Executive's employment agreement
dated July 1, 1998 ("Original Employment Contract") and extend the employment
term for three additional years with the new term from July 1, 2000 to June 30,
2003 (the "Amended Contract") on the same terms and conditions as set out in the
Original Employment Contract, except as specified below.  Terms used herein and
not defined herein shall have the meanings assigned to them in the Original
Employment Contract.

1.  Cash Compensation - As set out in the Original Employment Contract.
    -----------------

2.  Additional Option Grants - The Company agrees to issue Executive 800,000
    ------------------------
    ten-year options at a strike price equal to the closing price on the day the
    Board approves this agreement. Except as provided below, options will vest
    1/3 on January 1, 2001, 1/3 on July 1, 2001, and 1/3 on July 1, 2002.

3.  Restricted Stock Grant - The Company agrees to issue 180,000 restricted
    ----------------------
    shares (or their Phantom Stock equivalent) to Executive on the day the Board
    approves this agreement. Except as provided below, restricted stock will
    vest 1/3 on January 1, 2001, 1/3 on July 1, 2001, and 1/3 on July 1, 2002.

4.  Should any required regulatory or shareholder approvals with respect to the
    granting of the options or restricted stock not be obtained by the Company,
    the Company shall make such adjustments to the Executive's compensation
    hereunder as will put the Executive in the same after-tax financial position
    as he would have been if such approvals had been received.

5.  Change of Control Provisions
    ----------------------------
    (a)  In the event of a Change of Control (without regard of any subsequent
         event) there will be accelerated vesting of the Executive's stock
         options and restricted stock.

    (b)  In the event of a Change Of Control and subsequent termination (or
                                             ---
         constructive termination) of the Executive there will be an
         acceleration (without any discount to present value) of the cash
         component of Executive's compensation under the Amended Contract (and
         the Original Employment Agreement if the renewal term has not yet
         commenced) equal to the number of years left on the Executive's
         agreements (including a fraction thereof) times the total cash
                                                             -----
         compensation of the Executive for the full (i.e., 12 month) fiscal
         year preceding termination.
<PAGE>

    (c)  If there is a Change of Control by way of stock merger the options will
         vest (as set out in 5(a) directly above) and be converted at the stock
         merger conversion ratio into options of the acquiring company (if it is
         public) or a cash-out of the options (if it is not public).

    (d)  A change of control is defined as any person or persons acting in
         concert acquiring beneficial ownership of greater than 50% of the
         outstanding common shares of the Company, whether by direct or indirect
         acquisition or as a result of a merger or reorganization or a sale of
         all or substantially all of the Company's assets and will not include
         sale of the WP block to one or more third parties.

    (e)  If there is no Change of Control by 12/31/00, the contract extension
         component of this Amended Contract shall become void but the options
         and restricted stock grants included in this Amended Contract become
         fully vested upon the earlier of a Change of Control subsequent to
         12/31/00, termination, non-renewal, constructive termination or
         6/30/01. In addition, if there is no change of Control by 12/31/00, the
         term of the Original Employment Agreement shall be reinstated whereby
         Executive shall continue to render services to Company until 6/30/01.

6.  Voluntary Resignation, Termination, Etc.
    ----------------------------------------
    (a)  If the Executive shall voluntarily resign, all unvested options and
         restricted stock shall be cancelled immediately and all vested options
         shall remain exercisable for the duration of their original term.

    (b)  If the Executive shall be terminated without cause all unvested stock
         options, restricted stock and cash compensation (salary and bonus
         without any discount to present value as described in section 5(b)
         above) shall immediately vest and become due.

    (c)  If the Executive shall be terminated for Cause all unvested options and
         unvested restricted stock (including those granted pursuant to previous
         employment agreements between Company and Executive) shall be cancelled
         immediately and all of the Executive's options and restricted stock
         must be exercised within 90 days of termination, after which date they
         shall be cancelled.

7.  Retirement and Long Term Health Coverage
    ------------------------------------------

    (a)  The Company agrees to create a retirement plan for the Executive as set
         out in Exhibit 1.

    (b)  Company agrees to maintain retiree health benefits for Executive upon
         termination of the Executive's employment equal to the benefits
         provided for active employees until the Executive becomes eligible for
         Medicare and, thereafter, Medicare supplement coverage selected by
         Executive.

                                       2
<PAGE>

 8.  Restrictions on Competitive Employment - As agreed upon in the Original
     --------------------------------------
     Employment Contract; however, the term of the Non-Compete shall be extended
     to four (4) years beyond termination of employment.

 9.  Consultancy - At the end of Executive's employment (for whatever reason),
     -----------
     Executive agrees to consult with Company for a period of three years on
     such issues and items as requested by Company, including but not limited to
     theater signings, management issues, film strategy issues, technological
     issues and/or issues with respect to management transition subject to the
     Executive's other commitments.

10.  Incorporation by Reference - All clauses in the Original Employment
     --------------------------
     Contract will remain in full force and effect unless specifically amended
     in this agreement. In the event of any conflict between the Original
     Employment Contract and the Amended Contract, the Amended Contract shall
     prevail.

11.  Arbitration - All disputes under this agreement shall be subject to binding
     -----------
     arbitration under the AAA rules and Company shall be required to cover
     Executive's legal costs and the cost of arbitration.

12.  Long Form Agreement - Until such time as this agreement is superseded by a
     long form agreement, it will represent the binding agreement for both
     parties.

Bradley J. Wechsler                       Imax Corporation

---------------------------------------   -------------------------------------

---------------------------------------   -------------------------------------
Date

                                       3
<PAGE>

EXHIBIT 1
---------

                              SERP Benefit Summary
                                 Brad Wechsler
                                Imax Corporation

Retirement Age - Age 55
--------------

SERP Benefit - Retirement and Survivor Benefits
------------

Retirement Benefit - 73.5% of final five-year average full cash compensation
------------------
(including bonus)

Survivor Benefit - 100% of Retirement Benefit
----------------

Death Benefit - Survivor Benefit
-------------

Disability Benefit - SERP Benefit
------------------

Severance Benefits -
------------------

               Change of Control - SERP Benefit

               Termination - SERP Benefit

               Resignation - SERP Benefit, according to the
                              Following Vesting Schedule:
                                  50% vested, plus 50% spread over the
                                  remaining working years to age 55

               For Cause - Loss of Benefits

Cost of Living Adjustment - Applies to the Retirement and Survivor Benefits
-------------------------
                             At a rate according to the published Cost of
                             Living Tables
                             (For illustrative purposes at 3.0% per annum)

                                       4

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