Document:

EX-10.32

 IMAX CORPORATION 

EXHIBIT 10.32 
  
 

 
 IMAX CORPORATION 
 2525
Speakman Drive, Sheridan Park 
 Mississauga, Ontario, Canada L5K 1B1 
  

			
	To:	  	Robert D. Lister
	From:	  	Rich Gelfond and Brad Wechsler
	Date:	  	August 21, 2000

 As we discussed a few weeks back, among our top priorities as we go through the process of evaluating potential strategic
options for the Company is the retention of our key staff members. Toward this end, we are providing our most valuable employees with incentives to remain with the Company during this process and to be committed to, and focused on, advancing the
business and supporting our continued operations. Thus, the Company is pleased to offer you the following package of incentive payments and benefits, on and subject to the terms and conditions set forth below. Please read these terms and feel free
to call us or Mary Sullivan with any questions you may have. 
 2000 Bonus: We are committing that the Company’s management bonus plan
will be honored this year and bonuses for the calendar year 2000 will be paid in accordance with past practice. If there is a Change of Control of the Company during 2000, we will ensure that any successor commits to honoring the management bonus
plan for your calendar year 2000 bonus. 
 Retention Bonus: You shall be eligible to receive a retention bonus of up to a total of US$215,000,
based upon the following terms: (a) On July 1, 2001, you shall receive US$107,500, provided that you have not resigned from the Company or been terminated For Cause prior thereto, regardless of whether there has been a Transaction;
(b) if there is a Transaction, and you are terminated Without Cause after July 1, 2001, but within two (2) years of the completion of the Transaction, you shall receive (in addition to the July 1 payment) an additional
US$107,500; (c) if there is a Transaction and you are terminated Without Cause prior to July 1, 2001, you shall receive (in lieu of the July 1 payment) US$215,000. 

Severance: If a Transaction occurs and you are terminated Without Cause by the Company within two (2) years after the completion of the
Transaction, you will be entitled to a severance benefit at least equal to six (6) months of your base salary (at the time of such termination). This benefit will be payable, at the Company’s option, in either a lump sum or by salary
continuation in accordance with the Company’s normal payroll procedures. This payment shall be in addition to any bonus that may be payable to you pursuant to the preceding paragraph. In the event you are entitled to other benefits in the
nature of severance, whether under contract or law, the severance benefit payable under this paragraph shall be offset by the amount of such other severance benefits. 

 The Company will require any successor to expressly assume and agree to perform the obligations under this letter
agreement. 
 Please make sure you have read the above and the attached terms and conditions and indicate your agreement with all of such terms and
conditions by executing this letter agreement in the space provided below and returning it to Mary Sullivan. 
  

			
	Sincerely,
	
	IMAX LTD.
	
	 “Bradley J. Wechsler

	By:	 	Bradley J. Wechsler
	Title:	 	Co-CEO

  

	
	 Agreed to and accepted,
 this 23rd day of August
2000:

	
	 “Robert D. Lister

	Robert D. Lister

 Terms and Conditions of Retention Incentive Package 

Definitions: 
 For purposes of this letter agreement, a
“Change of Control” of the Company will be deemed to occur if (a) (i) there is a sale of more than 50% of the assets of the Company to a third party (other than to a person or group including Brad Wechsler or Rich Gelfond);
or (ii) any person or group (other than a person or group including Brad Wechsler or Rich Gelfond) acquires 50% or more of the voting power of the outstanding stock of the Company or the shareholders of the Company immediately prior to any
corporate transaction cease to own at least 50% of the voting power of the outstanding stock of the surviving entity (any of the above, a “Transaction”); and (b) immediately after the Transaction is completed, Brad Wechsler and
Rich Gelfond either (i) are no longer co-CEOs of the Company or (ii) do not have the power to determine your year-end bonus for calendar year 2000. 

For purposes of this letter agreement, termination “Without Cause” shall mean termination of your employment for any reason or no reason,
including by virtue of the Company’s decision not to renew or extend your employment agreement, other than For Cause 
 For purposes of this letter
agreement, termination “For Cause” shall have the same meaning as defined in your employment agreement, and shall include as further grounds your breaching of the confidentiality provision of this letter agreement. 

Legal Terms and Conditions: 
 The payments and benefits
referred to herein are one-time-only payments and benefits, applicable to just one (1) Transaction and not to any subsequent such event. 
 The terms
of this letter agreement are strictly confidential. Your disclosure of these terms to any other person (aside from your immediate family, your legal, financial or other advisors or as required by law) shall subject you to the revocation of any or
all of the payments and benefits provided herein, at the sole discretion of the Company. 
 This letter agreement, together with your employment agreement,
shall constitute the entire agreement between the parties hereto with respect to the subject matter of benefits in connection with a Change of Control or Transaction, and all promises, representations, understandings, arrangements and prior
arrangements relating to such subject matter are merged and superseded by such agreements. 
 Any payments made under this letter agreement shall be subject
to all applicable federal, state, city or other taxes required under relevant law. 
 This letter agreement shall be binding on and inure to the benefit of
the Company and its successors and permitted assigns. This agreement shall also be binding on and inure to the benefit of you and your heirs, executors, administrators and legal representatives.EX-10.33

 IMAX CORPORATION 

EXHIBIT 10.33 

AMENDING AGREEMENT 
 This Amendment
to Employment Agreement dated and effective as of April 4, 2001 (the “Amending Agreement”) is made between: 
 IMAX CORPORATION, a
corporation incorporated under the laws of Canada (hereinafter referred to as the “Company”), 
 And 

ROBERT D. LISTER (the “Executive”) 

WHEREAS, the Company wishes to enter into this Amending Agreement to amend and extend the Employment Agreement dated as of May 17, 1999, between
Imax Ltd, the Company and Executive (the “Agreement”), whereunder the Executive provides services to the Company, and the Executive wishes to so continue such engagement, as hereinafter set forth; 

AND WHEREAS, on January 1, 2001 Imax Ltd. assigned all of its rights and obligations pursuant to the Agreement to the Company, and the Executive
has consented to such assignment; 
 NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows: 
  

	1.	Section 1.1 of the Agreement shall be amended by the addition of the following language: 

 “Effective
April 2, 2001 the Executive shall serve as the Executive Vice President, Legal Affairs, General Counsel and Corporate Secretary.” 
  

	2.	Section 1.3 of the Agreement shall be deleted and replaced with the following: 

 “Section 1.3 Term
of Employment. The Employee’s employment under this Agreement commenced on the 17th day of May, 1999 (the “Commencement Date”) and shall terminate on the earlier of (i) December 31, 2003, or (ii) the termination of
the Employee’s employment pursuant to this Agreement. The period commencing as of the Commencement Date and ending on December 31, 2003 or such later date to which the term of the Employee’s employment under this Agreement shall have
been extended is hereinafter referred to as the “Employment Term.” 
  

	3.	Section 2.1 of the Agreement shall be deleted and replaced with the following: 

 “Section 2.1 Base
Salary. Effective May 17, 2001, the Executive’s Base Salary shall be US$ 240,000. The co-CEO’s (or their successor(s)) and the Executive shall revisit the Executive’s Base Salary on January 1, 2002 and January 1,
2003.” 

	4.	Section 4.1.1 of the Agreement shall be amended by deleting the first and second paragraphs and replacing as follows: 

“ Section 4.1.1 General. Subject to the provisions of Sections 4.1.2, 4.1.3 and 6, if prior to the expiration of the Employment Term, the
Executive’s employment is terminated by the Company Without Cause, the Company shall pay the Termination Payment then due to be paid within 30 days of the date of termination and shall continue to pay the Executive the Base Salary, automobile
allowance and Executive’s target bonus (the “Target Bonus”) (on a prorated basis) pursuant to the terms of the management bonus plan referred to in Section 2.2, for the remainder of the Employment Term (such period being referred
to hereinafter as the “Severance Period”), either at such intervals as the same would have been paid had the Executive remained in the active service of the Company including the applicable portion of the Target Bonus, or, at the option of
the Company, by immediate payment to the Employee of the remaining Base Salary, automobile allowance and Target Bonus which would be payable during the Severance Period; provided however that the Severance Period shall be a minimum of twelve
(12) months in duration. Upon such termination, the Executive shall also be entitled to continue to receive his employment benefits at the Company’s expense (to the extent paid for by the Company as at the date of termination) and subject
to the consent of the applicable insurers. The Executive agrees that the Company may deduct from any payment of Base Salary to be made during the Severance Period the benefit plan contributions which are to be made by the Executive during the
Severance Period in accordance with the terms of all benefit plans for the minimum period prescribed by law. The Executive shall have no further right to receive any other compensation after such termination except as are necessary under the terms
of the Executive benefit plans or programs of the Company or as required by applicable law. Payment of Base Salary, automobile allowance and Target Bonus and the continuation of the aforementioned Executive benefits during the Severance Period as
outlined above shall be deemed to include all termination and severance pay to which the Executive is entitled pursuant to applicable statute law and common law. The date of termination of employment Without Cause shall be the date specified in a
written notice of termination to the Executive and does not include the Severance Period. 
 Except as amended herein, all other terms of the Agreement and
Amending Agreement shall remain in full force, unamended. 
 IN WITNESS WHEREOF, the Company and the Executive have duly executed and delivered this
Amending Agreement on this 4th day of April, 2001 
  

									
		 		 	IMAX CORPORATION
				
		 		 	By:	 	 “Richard L. Gelfond”

		 		 		 	Name:	 	Richard L. Gelfond
		 		 		 	Title:	 	Co-Chairman & Co-Chief Executive Officer
			
	SIGNED, SEALED AND DELIVERED	 		 	EXECUTIVE:
	in the presence of:	 		 		 		 	
			
	 “Yasmin Best”
	 		 	 “Robert D. Lister”

	Witness	 		 	Robert D. Lister

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