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                                                                   EXHIBIT 10.3

                               CINEMARK USA, INC.
                            LONG TERM INCENTIVE PLAN

                                   ARTICLE I.
                                    PURPOSES

         1.1 Purpose of Plan. The purposes of the Cinemark USA, Inc. Long Term
Incentive Plan (the "Plan") are to advance the interests of Cinemark USA, Inc.
(the "Company") and its shareholders by providing significant incentives to
selected officers and employees of the Company and its Subsidiaries (as defined
herein) and to enhance the interest of such officers and employees in the
Company's success and progress by providing them with an opportunity to become
shareholders of the Company. Further, the Plan is designed to enhance the
Company's ability to attract and retain qualified management and other personnel
necessary for the success and progress of the Company. The Plan provides for (i)
Incentive Option grants, (ii) Nonqualified Option grants, (iii) stock
appreciation rights grants, (iv) Phantom Stock grants, (v) Restricted Shares
grants, and (vi) Performance Share and Performance Share Units awards.

                                   ARTICLE II.
                                   DEFINITIONS

         2.1 Definitions. Certain terms used herein shall have the meaning below
stated.

                  (a) "Board" or "Board of Directors" means the Board of
         Directors of the Company.

                  (b) "Code" means the Internal Revenue Code of 1986, as
         amended.

                  (c) "Committee" means the committee of directors appointed by
         the Board to administer the Plan pursuant to Article VII hereof.

                  (d) "Common Stock" means the authorized Class B common stock
         of the Company, par value $.01 per share, as constituted on the date
         the Plan becomes effective.

                  (e) "Company" means Cinemark USA, Inc., a Texas corporation.

                  (f) "Disabled" shall have the meaning ascribed to such term in
         Section 6.2.

                  (g) "Employee" means an officer or other employee of the
         Company or a Subsidiary.

                  (h) "Fair Market Value" on any date for which fair market
         value is to be determined hereunder means (i) the reported closing
         price on the principal national securities exchange on which the shares
         of Common Stock are listed or admitted to trading, or, (ii) if the
         shares of Common Stock are not listed or admitted to trading on any
         national securities exchange, on the National Association of Securities
         Dealers Automated Quotation National Market (the "NASDAQ National
         Market"), or, (iii) if the shares of Common Stock are not quoted on the
         NASDAQ National Market, the average of the highest reported bid and the
         lowest report asked prices as furnished by the National

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         Association of Securities Dealers, Inc. (the "NASD") through NASDAQ,
         or, (iv) if not so reported through NASDAQ as reported through the
         National Quotation Bureau, Incorporated ("NQBI") or a similar
         organization if NASDAQ or NQBI is no longer reporting such information.
         For Options approved at such times as the Common Stock is not reported
         or quoted by any such organization (including options approved prior to
         the initial public stock offering of the Company), the fair market
         value of the shares of Common Stock shall be the fair market value
         thereof determined in good faith by the Committee. In addition to the
         above rules, Fair Market Value shall be determined without regard to
         any restriction other than a restriction which, by its terms, will
         never lapse. For purposes of determining the exercise price for an
         Incentive Option, the Fair Market Value shall be the value of the
         Common Stock on the date immediately preceding the date of grant based
         on quoted prices as determined above, or, if not quoted, based on the
         good faith determination of the Committee.

                  (i) "Incentive Option" means an Option intended to qualify as
         an incentive option under Section 422 of the Code.

                  (j) "Nonqualified Option" means an Option that is not intended
         to qualify as an Incentive Option.

                  (k) "Participant" means an Employee to whom Phantom Shares,
         Restricted Shares or Performance Share Units have been granted or
         awarded under the Plan.

                  (l) "Performance Cycle" means the period of time, designated
         by the Committee, over which Performance Shares may be earned.

                  (m) "Performance Shares" means shares of Common Stock granted
         pursuant to Section 5.9 of the Plan which may be subject to the
         restrictions and other terms and conditions prescribed in the Plan.

                  (n) "Performance Share Units" means contingent rights to
         receive Performance Shares pursuant to Section 5.9 of the Plan.

                  (o) "Option" means an option to purchase Common Stock granted
         by the Company to an Employee pursuant to Article V hereof.

                  (p) "Option Agreement" means an agreement between the Company
         and an Optionee evidencing the terms of an Option granted under the
         Plan.

                  (q) "Optionee" means an Employee to whom an Option has been
         granted under the Plan.

                  (r) "Participant" means an Employee to whom Restricted Shares
         or Performance Share Units have been awarded under the Plan.

                  (s) "Plan" means the Cinemark USA, Inc. Long Term Incentive
         Plan, as set forth herein and as from time to time amended.

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                  (t) "Publicly Traded" shall mean corporate stock that is
         listed or admitted to unlisted trading privileges on a national
         securities exchange or designated as a national market system security
         on an interdealer quotation system by the NASD or if sales or bid and
         offer quotations are reported for that class of stock on the NASDAQ
         National Market.

                  (u) "Restricted Shares" means the shares that are awarded to
         an Employee pursuant to this Section which on the date of award are
         both nontransferable and subject to a substantial risk of forfeiture.

                  (v) "Restricted Period" means the period during which the
         Restricted Shares remain nontransferable and subject to the substantial
         risk of forfeiture.

                  (w) "Subsidiary" means a subsidiary of the Company within the
         meaning of Section 424(f) of the Code.

                                  ARTICLE III.
                   SHAREHOLDER APPROVAL; RESERVATION OF SHARES

         3.1 Shareholder Approval. The Plan shall become effective only if,
within 12 months from the date the Plan is adopted by the Board, the Plan is
approved by the affirmative vote of the holders of a majority of the shares of
capital stock of the Company entitled to vote thereon, or by the unanimous
written consent of such holders, in accordance with the applicable provisions of
the Articles of Incorporation and Bylaws of the Company and applicable state
law.

         3.2 Shares Reserved Under Plan. The aggregate number of shares of
Common Stock which may be issued upon the exercise of Options granted under the
Plan shall not exceed 9,794 shares, all or any part of which may be issued
pursuant to Options (as may be adjusted pursuant to Section 9.4 of the Plan). If
stock appreciation rights are granted with respect to any Options under this
Plan, the total number of shares of stock for which Options granted under this
Plan may thereafter be exercised shall be irrevocably reduced not only when
there is an exercise of an Option granted under the Plan, but also when such
Option is surrendered upon an exercise of a stock appreciation right granted
under this Plan, in either case by the number of shares covered by the portion
of such Option which is exercised or surrendered. When the exercise price for an
Option granted under this Plan is paid with previously outstanding shares or
with shares as to which the Option is being exercised, as permitted in Section
5.7, the total number of shares of stock for which Options granted under this
Plan may thereafter be exercised shall be irrevocably reduced by the total
number of shares for which such Option is thus exercised. Shares of Common Stock
issued upon the exercise of Options granted under the Plan or other awards under
the Plan may consist of either authorized but unissued shares or shares which
have been issued and which shall have been heretofore or shall be hereafter
reacquired by the Company. The total number of shares authorized under the Plan
shall be subject to increase or decrease in order to give effect to the
provisions of Section 9.4 hereof and to give effect to any amendment adopted
pursuant to Article VIII. If any Option granted under the Plan shall expire,
terminate or be cancelled for any reason without having been exercised in full,
the number of shares as to which such Option was not exercised shall again be
available for purposes of the Plan. The

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Company shall at all times while the Plan is in effect reserve such number of
shares of Common Stock as will be sufficient to satisfy the requirements of the
Plan.

                                   ARTICLE IV.
                              PARTICIPATION IN PLAN

         4.1 Eligibility. Options under the Plan may be granted and other awards
under the Plan may be made to any Employee of the Company or a Subsidiary. The
Committee shall determine those Employees to whom Options shall be granted, and,
subject to Section 3.2 hereof, the number of shares of Common Stock subject to
each such Option. Incentive Options or Nonqualified Options may be granted to an
Employee. The grant of an Option to an Employee shall not be deemed either to
entitle the Employee to, or disqualify the Employee from, participation in any
other grant of Options under the Plan. The grant of an Option or the making of
any other award under the Plan to an Employee shall not be deemed either to
entitle the Employee to, or disqualify the Employee from, participation in any
other grant of Options or awards under the Plan.

         4.2 Participation Not Guarantee of Employment. Nothing in this Plan or
in any Option Agreement or other award agreement shall in any manner be
construed to limit in any way the right of the Company or any Subsidiary to
terminate an Employee's employment at any time, without regard to the effect of
such termination on any rights such Employee would otherwise have under this
Plan, or give any right to an Employee to remain employed or retained by the
Company or a Subsidiary thereof in any particular position or at any particular
rate of compensation.

         4.3 Effect of Plan. Neither the adoption of the Plan nor any action of
the Board or the Committee shall be deemed to give any Employee any right to be
granted an Option to purchase Common Stock of the Company or any other rights
except as may be evidenced by the Option Agreement, or any amendment thereto,
duly authorized by the Committee and executed on behalf of the Company, and then
only to the extent and on the terms and conditions expressly set forth therein.
The existence of the Plan and the Options granted hereunder shall not affect in
any way the right of the Board, the Committee or the shareholders of the Company
to make or authorize any adjustment, recapitalization, reorganization or other
change in the Company's capital structure or its business, any merger or
consolidation of the Company, any issue of bonds, debentures, or shares of
preferred stock ahead of or affecting Common Stock or the rights thereof, 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 proceeding.
Nothing contained in the Plan or in any Option Agreement for an Option granted
thereunder shall confer upon any Employee any right to (i) continue in the
employ of the Company or any of its Subsidiaries or (ii) interfere in any way
with the right of the Company or any of its Subsidiaries to terminate his or her
employment at any time.

                                   ARTICLE V.
                   GRANT AND EXERCISE OF OPTIONS; OTHER AWARDS

         5.1 Grant of Options. The Committee may from time to time in its
discretion grant Options to Employees. All Options under the Plan shall be
granted within ten years from the

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date the Plan is adopted by the Board or the date the Plan is approved by
holders of the capital stock of the Company, entitled to vote thereon, whichever
is earlier.

         5.2 Incentive Stock Options. The Committee may authorize the grant of
Incentive Options subject to the terms and conditions set forth herein. The
grant of an Incentive Option shall be evidenced by a written Incentive Option
Agreement between the Company and the Optionee, setting forth the number of
shares of Common Stock subject to the Incentive Option evidenced thereby and the
terms, conditions and restrictions applicable thereto. The aggregate Fair Market
Value (determined as of the date immediately preceding the date the Incentive
Option is granted) of the Common Stock with respect to which Incentive Options
granted under all incentive stock option plans of the Company and its
Subsidiaries are exercisable for the first time by the Optionee during any
calendar year shall not exceed $100,000 or such other threshold in accordance
with applicable law.

         5.3 Nonqualified Stock Options. The Committee may authorize the grant
of Non-qualified Options subject to the terms and conditions set forth herein.
The grant of a Nonqualified Option shall be evidenced by a written Nonqualified
Option Agreement between the Company and the Optionee, setting forth the number
of shares of Common Stock subject to the Nonqualified Option evidenced thereby
and the terms, conditions and restrictions applicable thereto.

         5.4 Stock Appreciation Rights. An Option Agreement may provide, if the
Committee so determines, that upon exercise of the Option, the Committee may
elect to have the Company pay, in lieu of receipt from the Optionee of the
exercise price and issuance of certificates for the shares of stock exercised,
an amount equal to the excess of the Fair Market Value per share on the date of
exercise over the per share exercise price under the Option, multiplied by the
number of shares covered by the Option or portion thereof being exercised (the
"Stock Appreciation"). If such an election is made, the Stock Appreciation shall
be paid to the Optionee either in cash or in Common Stock (based on the fair
market value of such stock on the date of the exercise by the Optionee), as the
Committee shall determine. The Option to purchase shares shall terminate with
respect to the number of shares for which the Stock Appreciation is paid.

         5.5 Option Agreements. Each Option granted under the Plan shall be
evidenced by an Option Agreement between the Company and the Optionee in such
form as the Committee shall approve and containing such provisions and
conditions not inconsistent with the provisions of the Plan, including the term
during which the Option may be exercised and whether in installments or
otherwise, as the Committee shall determine.

         5.6 Option Terms. Options granted under the Plan shall be subject to
the following requirements:

                  (a) Option Price. The exercise price of each Incentive Option
         granted under the Plan shall not be less than the higher of the par
         value or 100% of the Fair Market Value of the shares of Common Stock
         subject to the Option on the date the Option is granted. The exercise
         price of any Nonqualified Options granted under the Plan shall be
         determined by the Committee. The exercise price of an Option may be
         subject to adjustment pursuant to Section 9.4 hereof.

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                  (b) Term of Option. The term during which an Option is
         exercisable shall be that period determined by the Committee as set
         forth in the applicable Option Agreement, provided that no Option shall
         have a term that exceeds a period of ten years from the date of its
         grant.

                  (c) Nontransferability of Options. Any Option granted under
         the Plan shall not be transferable by the Optionee other than by will
         or the laws of descent and distribution, and each such Option shall be
         exercisable during the Optionee's lifetime only by him or her. No
         transfer of an Option by an Optionee by will or by the laws of descent
         and distribution shall be effective to bind the Company unless the
         Company shall have been furnished with written notice thereof and a
         copy of the will and/or such other evidence as the Committee may
         determine necessary to establish the validity of the transfer.

                  (d) Time and Amount Exercisable. Each Option shall be
         exercisable in accordance with the provisions of the Option Agreement
         pursuant to which it is granted in whole, or from time to time in part,
         subject to any limitations with respect to the number of shares for
         which the Option may be exercised at a particular time and to such
         other conditions as the Committee in its discretion may specify in the
         Option Agreement. Any portion of an Option which has become exercisable
         shall remain exercisable until it is exercised in full or it terminates
         or expires pursuant to the terns of the Plan or the applicable Option
         Agreement.

                  (e) Options Granted to Ten Percent Shareholders. No Incentive
         Option shall be granted to any Employee who owns, directly or
         indirectly within the meaning of Section 424(d) of the Code, stock
         possessing more than 10% of the total combined voting power of all
         classes of stock of the Company or any Subsidiary, unless at the time
         the Option is granted, the exercise price of the Option is at least
         110% of the Fair Market Value of the Common Stock subject to such
         Option and such Option, by its terms, is not exercisable after the
         expiration of five years from the date such Option is granted. The
         provisions of this Section 5.4(e) shall not apply to the grant of
         Nonqualified Options.

         5.7 Payment of Exercise Price and Delivery of Shares.

                  (a) Manner of Exercise. Shares of Common Stock purchased upon
         exercise of Options shall at the time of purchase be paid for in full.
         The Company shall satisfy its employment tax and other tax withholding
         obligations by requiring the Optionee (or such Optionee's estate or
         representative) to pay the amount of employment tax and withholding
         tax, if any, that must be paid under federal, state and local law due
         to the exercise of the Option or the related stock appreciation right,
         if any. To the extent that the right to purchase shares has accrued
         hereunder, Options may be exercised from time to time by written notice
         to the Company stating the full number of shares with respect to which
         the Option is being exercised and the time of delivery thereof, which
         shall be at least five (5) days after the giving of such notice unless
         an earlier date shall have been mutually agreed upon by the Optionee
         (or other person entitled to exercise the Option) and the Company,
         accompanied by payment to the Company of the purchase price in full and
         the amount of employment tax and withholding tax due, if any, upon the
         exercise of

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         the Option. Such payment shall be effected (i) by certified or official
         bank check, (ii) if so permitted by the Company, by the delivery of a
         number of shares of Common Stock (plus cash if necessary) having a fair
         market value equal to the amount of such purchase price and employment
         or withholding tax or (iii) by delivery of the equivalent thereof
         acceptable to the Company. The Company will, as soon as reasonably
         possible notify the Optionee (or such Optionee's representative) of the
         amount of employment tax and other withholding tax that must be paid
         under federal, state and local law due to the exercise of the Option or
         the related stock appreciation right, if any. At the time of delivery,
         the Company shall, without transfer or issue tax to the Optionee (or
         other person entitled to exercise the Option), deliver to the Optionee
         (or to such other person) at the principal office of the Company, or
         such other place as shall be mutually agreed upon, a certificate or
         certificates for the shares of Common Stock; provided, however, that
         the time of delivery may be postponed by the Company for such period as
         may be required for it with reasonable diligence to comply with any
         requirements of law. The foregoing notwithstanding, the Committee may
         permit in an Option Agreement, at the time of the grant of an Option or
         by later amendment to an Option Agreement, an alternative exercise of
         an Option by a "cashless exercise" with a broker or by the surrender of
         the Option, if the Committee so permits, in exchange for an amount,
         payable in cash or shares of Common Stock (except for fractional shares
         which shall be paid in cash) valued at Fair Market Value as of the date
         of such surrender, that is equal to the difference between (i) the
         aggregate Fair Market Value of the shares subject to the portion of the
         Option being exercised, minus (ii) the total exercise price for the
         portion of the Option being exercised, plus employment tax and other
         withholding tax. In the applicable Option Agreement the Committee may
         require an Optionee to accept either cash or shares in settlement of
         any Option so surrendered or may permit the Optionee to request,
         subject to Committee approval, cash or shares to be received in
         settlement. Withholding upon such an alternative exercise shall be
         effected by any lawful means approved by the Committee and agreed to
         with the Optionee.

                  (b) Rights of Optionee in Stock. Neither any Optionee nor the
         legal representatives, heirs, legatees or distributees of any Optionee
         shall be deemed to be the holder of, or to have any of the rights of a
         holder with respect to, any shares of Common Stock issuable upon
         exercise of an Option granted hereunder unless and until such shares
         are issued to him or her or them and such person or persons have
         received a certificate or certificates therefor. Upon the issuance and
         receipt of such certificate or certificates, such Optionee or the legal
         representatives, heirs, legatees or distributees of such Optionee shall
         have absolute ownership of the shares of Common Stock evidenced
         thereby, including the right to vote such shares, to the same extent as
         any other owner of shares of Common Stock, and to receive dividends
         thereon, subject, however, to the terms, conditions and restrictions of
         the Plan.

         5.8 Restricted Shares.

                  (a) General. The Committee, in its sole discretion, may from
         time to time authorize the grant of Restricted Shares to a Participant.
         The Committee may determine that the restrictions imposed on the
         Restricted Shares may lapse with respect to all of the Restricted
         Shares at the same time, or may lapse with respect to the Restricted
         Shares on

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         a pro rata basis during the Restricted Period. A certificate or
         certificates representing the number of Restricted Shares granted shall
         be registered in the name of the Participant. Until the expiration of
         the Restriction Period or the lapse of restrictions in the manner
         provided in paragraph (d) or paragraph (e) of this Section 5.8, the
         certificate or certificates shall be held by the Company for the
         account of the Participant, and the Participant shall have beneficial
         ownership of the Restricted Shares, including the right to receive
         dividends on, and the right to vote, the Restricted Shares on any
         matters for which the holders of such Restricted Shares are entitled to
         vote.

                  (b) Restrictions. Until the expiration of the Restriction
         Period or the lapse of restrictions in the manner provided in paragraph
         (d) or paragraph (e) of this Section 5.8, Restricted Shares shall be
         subject to the following restrictions and any additional restrictions
         that the Committee, in its sole discretion, may from time to time deem
         desirable in furtherance of the objectives of the Plan.

                           (i) The Participant shall not be entitled to receive
                  the certificate or certificates representing the Restricted
                  Shares;

                           (ii) The Restricted Shares may not be sold,
                  transferred, assigned, pledged, conveyed, hypothecated, or
                  otherwise disposed of; and

                           (iii) The Restricted Shares may be forfeited
                  immediately as provided in paragraph (d) of this Section 5.8.

                  (c) Distribution of Restricted Shares. If a Participant to
         whom Restricted Shares have been granted remains in the continuous
         employment of the Company or a Subsidiary during the entire Restriction
         Period, upon the expiration of the Restriction Period all restrictions
         applicable to the Restricted Shares shall lapse, and the certificate or
         certificates representing the shares of Common Stock that were granted
         to the Participant in the form of Restricted Shares shall be delivered
         to the Participant.

                  (d) Termination of Employment. If the employment of a
         Participant is terminated for any reason other than the retirement,
         disability (as hereinafter defined), or death of the Participant before
         the expiration of the Restriction Period, the Restricted Shares shall
         be forfeited immediately and all rights of the Participant to such
         shares shall terminate immediately without further obligation on the
         part of the Company or any Subsidiary. If the Participant's employment
         is terminated by reason of the retirement, disability or death of the
         Participant before the expiration of the Restriction Period, the number
         of Restricted Shares held by the Company for the Participant's account
         shall be reduced by the proportion of the Restriction Period remaining
         after the Participant's termination of employment, the restrictions on
         the balance of such Restricted Shares shall lapse on the date the
         Participant's employment terminated; and the certificate or
         certificates representing the shares of Common Stock upon which the
         restrictions have lapsed shall be delivered to the Participant (or, in
         the event of the Participant's death, to the person or persons who
         shall have acquired the Restricted Shares by bequest or inheritance).

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                  (e) Waiver of Restrictions. The Committee, in its sole
         discretion, may waive any or all restrictions with respect to
         Restricted Shares.

                  (f) Agreement. The award of Restricted Shares shall be
         evidenced by an agreement containing such terms and provisions as are
         approved by the Committee, but not inconsistent with the Plan. The
         Company shall execute Restricted Share agreements upon instructions
         from the Committee.

                  (g) Withholding. The Committee may establish rules and
         procedures it considers desirable in order to satisfy any obligation of
         the Company to withhold federal income taxes or other employment taxes
         with respect to any Restricted Shares awarded under the Plan.

                  (h) Section 83(b) Election. Within thirty days of the date of
         the transfer of the Restricted Shares to the Employee, the Employee may
         elect to file a Section 83(b) election with the Internal Revenue
         Service with respect to all or a portion of the Restricted Shares. The
         Section 83(b) election, if any, shall be filed in compliance with the
         Treasury regulations promulgated pursuant to Section 83(b) of the Code.

         5.9 Performance Share Unit. The Committee, in its sole discretion, may
from time to time authorize the grant of Performance Share Units to a
Participant. For purposes of this Section 5.9, "Performance Share Units" means
the units that are awarded to an Employee pursuant to this Section which may
entitle the Participant to a cash payment if certain performance targets
applicable to the Company are achieved over a specified period, as provided in
this Section 5.9. Performance Share Units awarded to a Participant may be
settled entirely or in part by the payment of Performance Shares based on the
Fair Market Value of the Common Stock on the settlement date. Performance Share
Units shall entitle the Participant to Performance Shares (or cash in lieu
thereof) upon the achievement of such performance goals as may be established by
the Committee at the time of grant. At such time as it is certified by the
Committee that the performance goals established by the Committee have been
attained or otherwise satisfied, the Committee shall authorize the payment of
cash in lieu of Performance Shares or the issuance of` Performance Shares
registered in the name of the Participant.

         If the Participant's employment with the Company or a Subsidiary is
terminated before the end of a Performance Cycle for any reason other than
retirement, disability or death, the Participant shall forfeit all rights with
respect to any Performance Share Units that were being earned during the
Performance Cycle. The Committee, in its sole discretion, may establish
guidelines providing that if a Participant's employment is terminated before the
end of a Performance Cycle by reason of retirement, the Participant's rights
with respect to any Performance Share Units being earned during the Performance
Cycle shall, subject to the other provisions of this Section 5.9, continue as if
the Participant's employment had continued through the end of the Performance
Cycle.

         5.10 Phantom Stock.

                  (a) General. The Committee, in its sole discretion, may from
         time to time authorize the grant of Phantom Stock units to a
         Participant. For purposes of this Section

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         5.10, "Phantom Stock" means the aggregate number of units granted to an
         Employee pursuant to this Section which as of the date of grant shall
         be assigned a base unit value on a per unit basis equal to the Fair
         Market Value of a share of Common Stock as of the date of grant. The
         Participant shall be entitled to surrender all or a portion of the
         Phantom Stock units on and after the date or dates provided in the
         Phantom Stock agreement in exchange for a payment by the Company equal
         to the number of such units surrendered multiplied by the amount by
         which the Fair Market Value of the Common Stock on the date of
         surrender exceeds the base unit value of the units surrendered, which
         payment maybe made, at the Company's discretion, either in cash or in
         stock taken at its then Fair Market Value, or any combination of such
         cash and stock; provided, however, no such Phantom Stock units may be
         surrendered unless the Common Stock is then Publicly Traded.

                  (b) Agreement. The grant of Phantom Stock units shall be
         evidenced by an agreement containing such terms and provisions as are
         approved by the Committee, but not inconsistent with the Plan. The
         Company shall execute Phantom Stock agreements upon instructions from
         the Committee.

                  (c) Nontransferability of Phantom Stock. Any Phantom Stock
         units granted under the Plan shall not be transferable by the
         Participant other than by will or the laws of distribution, and such
         Phantom Stock units may be surrendered during the Participant's
         lifetime only by him or her. No transfer of any Phantom Stock units by
         a Participant by will or by law of descent distribution shall be
         effective to bind the Company unless the Company shall have been
         furnished with written notice thereof and a copy of the will and/or
         such other evidence as the Committee may determine necessary to
         establish the validity of the transfer.

                  (d) Withholding. The Committee may establish such rules and
         procedures as it considers desirable in order to satisfy any obligation
         of the Company to withhold federal income tax or other employment taxes
         with respect to any surrender of Phantom Stock units granted under the
         Plan.

         5.11 Change of Control.

                  (a) A "Change of Control" for purposes of this Plan shall
         mean: (i) the acquisition, by a single entity (or group of affiliated
         entities) that is not directly or indirectly controlled by the existing
         shareholders, of more than 50% of the capital stock of the Company
         issued and outstanding immediately prior to such acquisition; or (ii)
         the dissolution or liquidation of the Company or the consummation of
         any merger or consolidation of the Company or any sale or other
         disposition of all or substantially all of its assets, if the
         shareholders of the Company immediately before such transaction own
         directly or indirectly, immediately after consummation of such
         transaction, equity securities (other than options and other rights to
         acquire equity securities) possessing less than 50% of the voting power
         of the surviving or acquiring corporation. All adjustments under this
         Section shall be made by the Committee, whose determination as to what
         adjustments shall be made and the extent thereof shall be final,
         binding and conclusive for all purposes of the Plan and of each Option
         Agreement or other award agreement.

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         Upon any Change of Control, the holder of any Option shall be entitled,
         immediately prior to the effective date of any such Change of Control,
         to purchase the full number of shares not previously exercised under
         such Option or received his or her Restricted Shares or Performance
         Share Units, without regard to the periods and installments of
         exercisability made pursuant to Sections 5.6, 5.8 and 5.9, as
         applicable, if (and only if) such Option, Restricted Shares or
         Performance Share Units have not at that time expired or been
         terminated, failing which purchase, any unexercised portion shall be
         deemed cancelled as of the effective date of such Change of Control.

         5.12 Dissolution or Liquidation of the Company. In the event of the
proposed dissolution or liquidation of the Company, the Options, Restricted
Share awards and Performance Share Units granted hereunder shall terminate as of
a date to be fixed by the Committee, provided that not less than 15 days' prior
written notice of the date so fixed shall be given to the Optionee or
Participant, and the Optionee shall have the right, during the 15-day period
preceding such termination, to exercise his or her Option, Restricted Share
award and Performance Share Units and purchase or receive the full number of
shares not previously exercised under such Option, Restricted Share award and
Performance Share Units without regard to the periods and installments of
exercisability made pursuant to Sections 5.6, 5.8 and 5.9, as applicable, if
(and only if) such Option, Restricted Share award and Performance Share Units
have not at the time expired or been terminated, failing which purchase, any
unexercised portion shall be deemed canceled as of the effective date of such
liquidation or dissolution.

                                  ARTICLE VI.
                            TERMINATION OF EMPLOYMENT

         6.1 Termination of Employment for Cause. In the event that an
Optionee's employment by the Company or a Subsidiary shall terminate for Cause
(as hereinafter defined), the Options granted to the Optionee pursuant to this
Plan shall terminate immediately upon termination of employment. For the sole
purpose of this Plan, the term "Cause" shall mean "Cause" as defined in any
written employment agreement in effect between the applicable Optionee and the
Company or a Subsidiary, or if such Optionee is not a party to a written
employment agreement in which Cause is defined, then Cause shall mean (i) the
abuse of illegal drugs or other controlled substances or the intoxication of
such Optionee during working hours, (ii) the arrest for, or conviction of, a
felony, (iii) the unexcused absence by such Optionee from the Optionee's regular
job location for more than five consecutive days or for more than the aggregate
number of days permitted to the Optionee under Company vacation and sick leave
policies applicable to the Optionee or (iv) any conduct or activity of such
Optionee deemed injurious to the Company in the reasonable discretion of the
Director of Human Resources of the Company or the Board of Directors.

         6.2 Death or Disability.

                  (a) In the event that an Optionee shall die while employed by
         the Company or a Subsidiary, Optionee, his or her estate, or
         beneficiary shall have the right to exercise for the number of shares
         as to which the Option might have been exercised on the date of the
         Optionee's death, and such right shall expire on the expiration date of
         the Option. In the event that an Optionee's employment by the Company
         or a Subsidiary is terminated

                                       11
<PAGE>

         because Optionee has become disabled, the Optionee shall have the right
         to exercise the Option at any time within one (1) year of termination
         of the Optionee's employment by the Company or a Subsidiary due to
         disability, as the case may be, only to the extent the Optionee was
         entitled to exercise his or her Option immediately prior to such
         occurrence. To the extent that the Option is not so exercised as
         specified above, it shall expire at the end of the applicable period.
         For purposes of this Plan, an Optionee shall be considered disabled if
         he or she is unable to engage in any substantial gainful activity by
         reason of any medically determinable physical or mental impairment that
         can be expected to result in death or that has lasted or can be
         expected to last for a continuous period of not less than 12 months.

                  (b) If an Optionee dies during the three-month period after
         the termination of his or her position as an Employee of the Company or
         a Subsidiary and at the time of his or her death the Optionee was
         entitled to exercise an Option theretofore granted to him or her, the
         Option shall, unless the applicable Option Agreement provides
         otherwise, expire three months after the date on which his or her
         position as an Employee of the Company or a Subsidiary terminated, but
         in no event, later than the date on which the Option would have expired
         if the Optionee had lived. Until the expiration of such three-month
         period, the Option may be exercised by the Optionee's executor or
         administrator or by any person or persons who shall have acquired the
         Option directly from the Optionee by bequest or inheritance, but only
         to the extent that the Optionee was entitled to exercise the Option at
         the date of his or her death and, to the extent the Option is not so
         exercised, it shall expire at the end of such three-month period.

         6.3 Other Terminations. In the event that termination of employment
with the Company occurs other than for Cause or for death or disability pursuant
to Sections 6.1 or 6.2 above, the applicable Optionee shall have the right to
exercise his or her Option at any time within three months after such
termination to the extent he or she was entitled to exercise the same
immediately prior to such termination. To the extent that the Option is not so
exercised, it shall expire at the end of such three-month period.

         6.4 Subject to Repurchase. All shares of Common Stock purchased by an
Optionee or his or her estate or beneficiary shall be subject to repurchase by
the Company pursuant to Section 9.3 of this Plan.

         6.5 Alternative Provisions. The provisions of this Article VI shall
apply to all Options granted under the Plan except to the extent expressly
provided otherwise in any Option Agreement.

                                  ARTICLE VII.
                             ADMINISTRATION OF PLAN

         7.1 Administration. The Plan shall be administered by the Board of
Directors or a Committee of the Board of Directors. If the Common Stock of the
Company is Publicly Traded, the Committee shall consist of not less than two
directors who shall each qualify as Non-Employee Directors (within the meaning
of Item 404 of Regulation S-K of the Securities Act of 1933, as amended) and
"outside directors" within the meaning of Treas. Reg. Section 1.162-27(e)(3) as

                                       12
<PAGE>

may be appointed by the Board of the Company, all of whom are members of the
Board. Any such committee appointed by the Board, or the Board itself during
such periods as no such properly constituted and appointed committee exists, is
herein referred to as the "Committee." A majority of the Committee shall
constitute a quorum thereof and the actions of a majority of the Committee
approved at a meeting at which a quorum is present, or actions unanimously
approved in writing by all members of the Committee, shall be the actions of the
Committee. Vacancies occurring on the Committee shall be filled by the Board.
The Committee shall have full and final authority (i) to interpret the Plan and
each of the Option Agreements and other award agreements evidencing Phantom
Stock, Restricted Shares and Performance Share Units, (ii) to prescribe, amend
and rescind rules and regulations, if any, relating to the Plan, (iii) to make
all determinations necessary or advisable for the administration of the Plan and
(iv) to correct any defect, supply any omission and reconcile any inconsistency
in the Plan and any Option Agreement and other award agreements evidencing
Phantom Stock, Restricted Shares and Performance Share Units. The determination
by the Committee in all matters referred to herein shall be conclusive and
binding for all purposes and upon all persons, including, without limitation,
the Company, the shareholders of the Company, the Committee, and each of the
members thereof, and the Optionees and the Participants and their respective
successors in interest.

         7.2 Liability. No member of the Board or any Committee shall be liable
for anything done or omitted to be done by him or her or by any other member of
the Board or any Committee in connection with the Plan, except for his or her
own willful misconduct or gross negligence (unless the Company's Articles of
Incorporation or Bylaws, or any indemnification agreement between the Company
and such person, in each case in accordance with applicable law, provides
otherwise). The Board and any Committee shall have power to engage outside
consultants, auditors or other professional help to assist in the fulfillment of
the duties or the Board or any Committee under the Plan at the Company's
expense.

         7.3 Determinations. In making its determinations concerning the
Optionees who shall receive Options and awards of Phantom Stock, Restricted
Shares and Performance Share Units and the Participants who shall receive awards
of Phantom Stock, Restricted Shares and Performance Share Units as well as the
number of shares to be covered thereby and the time or times at which they shall
be granted, the Committee shall take into account the nature of the services
rendered by the respective Optionees and Participants, their past, present and
potential contribution to the Company's success and such other factors as the
Committee may deem relevant. The Committee shall determine the form of Option
Agreements and other award agreements evidencing Phantom Stock, Restricted
Shares and Performance Share Units under the Plan and the terms and conditions
to be included therein, provided such terms and conditions are not inconsistent
with the terms of the Plan, the Company's Articles of Incorporation or Bylaws.
The Committee may waive any provisions of any Option Agreement or award
agreement, provided such waiver is not inconsistent with the terms of the Plan,
the Company's Articles of Incorporation or Bylaws. The determinations of the
Committee under the Plan need not be uniform and may be made by it selectively
among persons who receive, or are eligible to receive, Options, Phantom Stock,
Restricted Shares or Performance Share Units under the Plan, whether or not such
persons are similarly situated.

                                       13
<PAGE>

         7.4 Financial Assistance. The Company is vested with authority under
this Plan to assist any Employee to whom an Option is granted hereunder in the
payment of the purchase price payable on exercise of that Option by lending the
amount of such purchase price to such Employee on such terms and at such rates
of interest and upon such security (or unsecured) as shall have been authorized
by or under authority of the Board.

                                  ARTICLE VIII.
                        AMENDMENT AND TERMINATION OF PLAN

         8.1 Amendment of Plan. The Plan may be amended at any time and from
time to time by the Board, but no amendment which (i) increases the aggregate
number of shares of Common Stock which may be issued pursuant to Options granted
under the Plan or (ii) changes the class of individuals eligible to be granted
Options, shall be effective unless and until the same is approved by the
affirmative vote of the holders of a majority of the shares of the capital stock
of the Company entitled to vote thereon, or the unanimous written consent of
such holders, in accordance with the applicable provisions of the Articles of
Incorporation and Bylaws of the Company and applicable state law. No amendment
to the Plan shall, without the consent of an Optionee or Participant, as
applicable, affect such Optionee's or Participant's rights under an outstanding
Option Agreement, Phantom Stock grant, Restricted Share award or Performance
Share Unit award.

         8.2 Other Option Provisions. Options, Restricted Share awards or
Performance Share Units granted under this Plan shall contain such other terms
and provisions which are not inconsistent with this Plan as the Board or
Committee may authorize, including but not limited to (a) vesting schedules
governing the exercisability of such Options, (b) provisions for acceleration of
such vesting schedules in certain events, (c) arrangements whereby the Company
may fulfill any tax withholding obligations it may have in connection with the
exercise of such Options, (d) provisions imposing restrictions upon the
transferability of stock acquired on exercise of such Option, whether required
by this Plan or applicable securities laws or imposed for other reasons, and (e)
provisions regarding the termination or survival of any such Option upon the
Optionee's death, retirement or other terminations of employment and the extent,
if any, to which any such Option may be exercised after such event. Incentive
Options shall contain the terms and provisions required of them under the Code.

         8.3 Termination. The Board may, at any time, terminate the Plan as of
any date specified in a resolution adopted by the Board. If not earlier
terminated, the Plan shall terminate on __________, 2008. No Options, Phantom
Stock, Restricted Shares or Performance Share Units may be granted or awarded
after the Plan has terminated but the Committee shall continue to supervise the
administration of Options, Phantom Stock, Restricted Shares or Performance Share
Units previously granted or awarded.

         8.4 Tax Status of Options. To the extent applicable, the Plan is
intended to permit the issuance of Options to Employees in accordance with the
provisions of Section 422 of the Code. Subject to the provision of Section 8.1
of the Plan; the Plan and Option Agreements may be modified or amended at any
time, both prospectively and retroactively, and in a manner that may affect
Options previously granted, if such amendment or modification is necessary for
the Plan and Options granted hereunder to qualify under said provision of the
Code. All Options granted

                                       14
<PAGE>

under the Plan to Employees shall be intended to qualify as incentive stock
options under Section 422 of the Code to the extent that any portion of the
Options granted meet the requirements of Section 422 of the Code. To the extent
that any portion of the Options granted under the Plan do not meet the
requirements of Section 422 of the Code, such Options shall be deemed to be
Nonqualified Options. Nothing in the Plan shall be deemed to prohibit the
issuance of Nonqualified Options to Employees under the Plan.

                                   ARTICLE IX.
                            MISCELLANEOUS PROVISIONS

         9.1 Restrictions Upon Grant of Options. If the listing upon any stock
exchange or the registration or qualification under any federal or state law of
any shares of Common Stock to be issued on the exercise of Options granted under
the Plan (whether to permit the grant of Options the issuance of shares of
Common Stock to any permitted transferee or the resale or other disposition of
any such shares of Common Stock by or on behalf of the Optionees receiving such
shares) should be or become necessary or desirable, the Board in its sole
discretion may determine that delivery of the certificates for such shares of
Common Stock shall not be made until such listing, registration or qualification
shall have been completed. The Company agrees that it will use its reasonable
best efforts to effect any such listing, registration or qualification;
provided, however, that the Company shall not be required to use its reasonable
best efforts to effect such registration under the Securities Act of 1933 other
than on Form S-8 or such other forms as may be in effect from time to time
calling for information comparable to that presently required to be furnished
under Form S-8. The previous sentence does not grant an Optionee registration
rights with respect to Common Stock In no event shall the Company be required to
register shares of Common Stock for issuance to a permitted transferee and any
requested exercise of Options by a permitted transferee shall be subject to any
applicable prior registration of the shares of Common Stock issuable upon such
exercise.

         9.2 Restrictions Upon Resale of Unregistered Stock. Each Optionee
shall, if the Company deems it advisable, represent and agree in writing (i)
that any shares of Common Stock acquired by such Optionee pursuant to this Plan
will not be sold except pursuant to an effective registration statement under
the Securities Act of 1933 or pursuant to an exemption from registration under
said Act, (ii) that such Optionee is acquiring such shares of Common Stock for
his or her own account and not with a view to the distribution thereof and (iii)
to such other customary matters as the Company may request. In such case, no
shares of Common Stock shall be issued to such Optionee unless such Optionee
provides such representations and agreements and the Company is reasonably
satisfied that such representations and agreements are correct.

         9.3 Repurchase by the Company.

                  (a) So long as the Common Stock subject to this Plan is not
         Publicly Traded, the Company shall have the right, exercisable within
         60 days after the later of (i) the date of Option's termination of
         employment with the Company or a Subsidiary or (ii) the date of the
         exercise by any Optionee of the Option pursuant to any provision of
         this Plan, to purchase any shares of Common Stock (or securities into
         which any Common Stock has been converted) that were acquired pursuant
         to the exercise of an Option under this Plan ("Option Shares"). To the
         extent that an Optionee holds exercisable Options at the time

                                       15
<PAGE>

         of termination of employment, the Company may elect to purchase such
         exercisable Options in the same manner as the Option Shares at a price
         equal to the Repurchase Price (as hereinafter defined) less the
         exercise price of such exercisable Options.

                  (b) The Repurchase Price for the purchase of the Option Shares
         shall be the Fair Market Value of the Common Stock.

                  (c) To the extent that the Company has the right to purchase
         Option Shares, the Company may exercise such right by delivery (upon or
         within sixty days after the later of Optionee's termination of
         employment with the Company or a Subsidiary or exercise by an Optionee
         of the Option) of written notice to the Optionee (or such other person
         exercising such Option) stating the full number of Option Shares that
         the Company has elected to purchase, the purchase price per Option
         Share, and the time of purchase (which time shall not be earlier than 5
         days from the date of notice). At the time of purchase, the Optionee
         shall deliver the certificate or certificates representing his Option
         Shares to the Company at its offices and shall execute any stock powers
         or other instruments as may be necessary to transfer full ownership of
         the Option Shares to the Company. At the time of purchase, the Company
         shall issue its own check within 60 days to the Optionee in an amount
         equal to the aggregate purchase price for the Option Shares for which
         the Company has exercised its right to purchase, less any amounts
         required to be withheld under applicable laws. In the event of
         Optionee's death or disability, the Company's right to purchase and the
         manner of purchase shall apply with regard to the Optionee's estate,
         beneficiary, administrator or personal representative.

         9.4 Adjustments. The number of shares of Common Stock of the Company
authorized for issuance under the Plan, as well as the price to be paid and the
number of shares issued upon exercise of outstanding Options, shall be adjusted
by the Company to reflect any stock split, stock dividend, recapitalization,
merger consolidation, reorganization, combination or exchange of shares or other
similar event.

         9.5 Use of Proceeds. The proceeds from the sale of Common Stock
pursuant to Options granted under the Plan shall constitute general funds of the
Company and may be used for such corporate purposes as the Company may
determine.

         9.6 Substitution of Options.

                  (a) The Committee may, with the consent of the holder of any
         Option granted under the Plan, cancel such Option and grant a new
         Option in substitution therefor, provided that the Option as so
         substituted shall satisfy all of the requirements of the Plan as of the
         date such new Option is granted.

                  (b) Options may be granted under the Plan in substitution for
         options held by individuals who are employees of another corporation
         and who become Employees of the Company or any Subsidiary of the
         Company eligible to receive Options pursuant to the Plan as a result of
         a merger, consolidation, reorganization or similar event. The terms and
         conditions of any Options so granted may vary from those set forth in
         the Plan to the extent deemed appropriate by the Committee in order to
         conform the provisions of

                                       16
<PAGE>

         Options granted pursuant to the Plan to the provisions of the options
         in substitution for which they are granted.

         9.7 Restrictive Legends.

                  (a) Certificates representing shares of Common Stock delivered
         pursuant to the exercise of Options shall bear an appropriate legend
         referring to the terms, conditions and restrictions described in this
         Plan. Any attempt to dispose of any such shares of Common Stock in
         contravention of the terms, conditions and restrictions described in
         the Plan shall be ineffective, null and void, and the Company shall not
         effect any such transfer on its books.

                  (b) Any shares of Common Stock of the Company received by an
         Optionee (or his or her heirs, legatees, distributees or legal
         representative) as a stock dividend on, or as a result of a stock
         split, combination, exchange of shares, reorganization, merger,
         consolidation or otherwise with respect to, shares of Common Stock
         received pursuant to the exercise of Options, shall be subject to the
         terms and conditions of the Plan and bear the same legend as the shares
         received pursuant to the exercise of Options.

         9.8 Notices. Any notice required or permitted hereunder shall be
sufficiently given only if delivered personally, sent by registered or certified
mail, return receipt requested, postage prepaid, addressed to the Company at its
principal place of business or sent by a nationally recognized overnight
delivery service, and to the Optionee at the address on file with the Company at
the time of grant hereunder, or to such other address as either party may
hereafter designate in writing by notice similarly given by one party to the
other.

         9.9 Prior Option Agreements. Each Option Agreement entered into prior
to the effective date of this Plan is hereby amended to conform to the
provisions of the Plan.

         9.10 Effective Dates. The Plan is effective December 1, 1998, subject
to any required shareholder approval.

         IN WITNESS WHEREOF, upon authorization of the Board of Directors and
the Shareholders of the Company entitled to vote, the undersigned has caused the
Cinemark USA, Inc. Long Term Incentive Plan to be executed effective as of the
1st day of December, 1998.

                                   CINEMARK USA, INC.

                                   By: /s/ Lee Roy Mitchell
                                       -----------------------------------------
                                   Name:  Lee Roy Mitchell
                                   Title: Chairman and Chief Executive Officer

                                       17<PAGE>

                                                                 EXHIBIT 10.4(a)

                                LICENSE AGREEMENT

     This License Agreement is made by and between Cinemark USA, Inc., a Texas
corporation ("Licensor"), and Laredo Joint Venture ("Licensee").

     WHEREAS, the Licensor is the proprietor of the "Cinemark" service mark,
name and corresponding logos and insignias (hereinafter collectively referred to
as the "Mark"); and

     WHEREAS, Licensee is a joint venture formed to acquire and hold for
operating income and appreciation certain properties to be managed by Licensor
as motion picture exhibition theatres (the "Theatre Properties") in Laredo,
Texas; and

     WHEREAS, it is the desire and intention of the parties that the Licensee be
permitted to use the Mark in Lubbock, Texas (hereinafter referred to as the
"Territory") in connection with the acquisition and ownership of the Theatre
Properties by Licensee.

     NOW, THEREFORE, in consideration of the above and other valuable
consideration, the parties hereto hereby agree as follows:

     1. Grant of License. Licensor hereby grants to Licensee and Licensee hereby
accepts from Licensor, in accordance with the following terms and conditions,
the royalty free, non-exclusive, personal and nontransferable right and license
to use the Mark in the Territory solely in connection with the acquisition and
ownership of the Theatre Properties by Licensee. Nothing contained herein shall
prohibit or otherwise limit the ability of the Licensor to use or license the
Mark within the Territory including any use or license which may compete
directly with Licensee.

     2. Use of the Mark and Nature and Quality of Services.

     (a) Licensee shall use and display the Mark as prescribed by, and shall
maintain the reasonable standards and specifications of the nature and quality
of services which are established by, Licensor for the purpose of maintaining
substantial consistency between the use of the Mark and the services offered
thereunder by Licensee and others permitted to use the Mark.

     (b) Licensee shall permit duly authorized representatives of the Licensor
to inspect on the premises of the Licensee at all reasonable times, the nature
and quality of the services, as well as the mode and manner by which the Mark is
being used and displayed, for the purpose of ascertaining or determining
compliance with subparagraph 2(a) hereof.

     (c) Cancellation of Licensee's right to use the Mark shall be the only
remedy for Licensee's noncompliance with the provisions of subparagraphs 2(a)
and 2(b), and then only after Licensee is given written notice of its
noncompliance and at least ninety (90) days in which to cure such noncompliance
and avoid cancellation.

     3. Extent of License. The right granted in Paragraph 1 hereof shall not be
transferable without the Licensor's prior written consent and Licensor shall not
be obligated to transfer the Mark to any subsequent purchasers of the Theatre
Properties, provided, however,

<PAGE>

that the Licensee shall have the right to use the Mark in the Territory for the
purpose of exercising the rights granted hereunder.

     4. Maintenance of Mark. The Licensor will use reasonable efforts to
register and maintain, or cause to be registered and maintained, the Mark in the
Territory.

     5. Indemnity. The Licensor assumes no liability to the Licensee or to third
parties with respect to the acquisition and ownership of the Theatre Properties
by Licensee, and the Licensee hereby indemnifies and holds harmless the Licensor
against all losses, damages and expenses, including attorneys fees, incurred as
a result of or related to claims of third persons arising out of Licensee's
activities.

     6. Effective Date and Term. The effective date of this License Agreement is
December 10, 1993. This License Agreement shall continue in force and effect
until such date that Licensor ceases for any reason to be the management agent
of the Theatre Properties for Licensee, unless sooner terminated as provided for
herein.

     7. Termination. Subject to the provisions of Paragraph 2(c) hereof, should
the Licensee breach its obligations under Paragraph 8 hereof, the Licensor may
terminate this Agreement upon 30 days' written notice to the Licensee, provided
that the Licensee has not corrected such default during the notice period.

     8. Ownership of Mark. The Licensee acknowledges the Licensor's exclusive
right, title and interest in and to the Mark and will not at any time do or
cause to be done any act or thing contesting or in any way impairing or tending
to impair any part of such right, title and interest. In connection with the use
of the Mark, the Licensee shall not in any manner represent that it has any
ownership in the Mark or registration thereof, and the Licensee acknowledges
that use of the Mark shall not create in the Licensee's favor any right, title
or interest in or to the Mark, but all use of the Mark by the Licensee shall
inure to the benefit of the Licensor. Upon termination of this Agreement in any
manner provided herein, the Licensee will cease and desist from all use of the
Mark in any way, and the Licensee shall at no time adopt or use, without the
Licensor's prior written consent, any mark which is likely to be similar to or
confusing with the Mark.

     9. Notices. Any notices required or permitted to be given under this
Agreement shall be deemed sufficiently given if mailed by registered mail,
postage prepaid, addressed to the party to be notified at the following
addresses:

       If to Licensor:           Cinemark USA, Inc.
                                 Suite 800, LB-9
                                 7502 Greenville Avenue
                                 Dallas, Texas  75231
                                 Attention: Michael D. Cavalier

                                       -2-

<PAGE>

       If to Licensee:           Laredo Joint Venture
                                 c/o Cinemark II, Inc.,
                                 Managing Venturer
                                 Suite 800, LB-9
                                 7502 Greenville Avenue
                                 Dallas, Texas  75231
                                 Attention: Lee Roy Mitchell

or at such other address as may be substituted by written notice given as herein
provided.

     10. GOVERNING LAW. IT IS AGREED THAT THIS LICENSE AGREEMENT SHALL BE
INTERPRETED ACCORDING TO THE LAWS OF THE STATE OF TEXAS.

     IN WITNESS WHEREOF, this Agreement has been executed as of this 10th day of
December, 1993.

                                             LICENSOR

                                             CINEMARK USA, INC.

                                             By: /s/ Jeffrey J. Stedman
                                                 ------------------------------
                                             Name:  Jeffrey J. Stedman
                                             Title: Vice President

                                             LICENSEE

                                             LAREDO JOINT VENTURE

                                             By: CINEMARK II, INC.,
                                                 Managing Venturer

                                             By: /s/ Margaret S. Richards
                                                 ------------------------------
                                             Name:  Margaret S. Richards
                                             Title: Vice President

                                       -3-

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