Document:

THIS FIFTH SUPPLEMENTAL INDENTURE AND CONSENT (this "Supplemental
Indenture") is dated as of March 30, 2005, among Panavision Inc., a Delaware
corporation (the "Issuer"), the Subsidiary Guarantors and Wilmington Trust
Company, as indenture trustee (the "Trustee") and as collateral trustee (the
"Collateral Trustee"). Capitalized terms used herein and not otherwise defined
shall have the respective meaning ascribed to such terms in the Indenture (as
defined below).

     WHEREAS, the Issuer, the Subsidiary Guarantors, the Collateral Trustee and
the Trustee entered into an Indenture (as amended by the First Supplemental
Indenture and Waiver dated as of August 11, 2004, the Second Supplemental
Indenture dated as of September 16, 2004, the Third Supplemental Indenture dated
as of September 30, 2004 and the Fourth Supplemental Indenture, dated as of
December 29, 2004, the "Indenture") dated as of January 16, 2004, to provide for
the issuance of the Issuer's 12.50% Senior Secured Notes due January 2009;

     WHEREAS, the Issuer has requested, and the Subsidiary Guarantors, the
Collateral Trustee and the Trustee have agreed, that certain provisions of the
Indenture be amended in the manner provided herein;

     WHEREAS, Section 10.2 of the Indenture generally permits the Indenture to
be amended or supplemented with the written consent of the Majority Holders;

     WHEREAS, the Issuer has received the written consent of the Majority
Holders as of March 30, 2005 to the amendments and consent contemplated by this
Supplemental Indenture; and

     WHEREAS, the Issuer, the Subsidiary Guarantors, the Collateral Trustee and
the Trustee are authorized to enter into this Supplemental Indenture;

     NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants contained in this Supplemental Indenture and for other good and
valuable consideration, the receipt and sufficiency of which are herein
acknowledged, the Issuer, the Subsidiary Guarantors and the Trustee hereby agree
for the equal and the ratable benefit of all Holders of the Notes as follows:

                                   ARTICLE ONE

          1.1 Amendments. (a) Section 1.01 of the Indenture is hereby amended by
     inserting the following new definitions in the appropriate alphabetic
     order:

               "Fifth Supplemental Indenture" means the Fifth Supplemental
Indenture and Consent, dated as of March 30, 2005, among the Issuer, the
Subsidiary Guarantors and Wilmington Trust Company, as indenture trustee and as
collateral trustee.

               "Maximum Outstanding Amount" means, with respect to any date on
which a repayment of Indebtedness under the Mafco Line of Credit is to be made
in

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accordance with Section 5.3(b)(viii), the greatest principal amount that is
outstanding at any time under the Mafco Line of Credit during the period from
(x) March 28, 2005 through and including (y) the date on which such repayment of
Indebtedness under the Mafco Line of Credit is to be made.

               "UK Asset Purchase": the purchase by the Issuer or any Subsidiary
of the Issuer of camera, lighting and grip assets from the UK Seller, pursuant
to the terms of the UK Asset Purchase Agreement and the purchase of equipment
and other assets from lessors of the UK Seller.

               "UK Asset Purchase Agreement": that certain purchase agreement,
dated on or about March 31, 2005, among the UK Seller and the Issuer or any
Subsidiary of the Issuer.

               "UK Seller": VFG Hire Limited (in administration).

          (b) The definition of "Mafco Line of Credit" is hereby amended and
     restated in its entirety to read as follows: "Mafco Line of Credit" means
     that certain Amended and Restated Senior Subordinated Line of Credit
     Agreement, dated as of the date hereof, between Issuer and MacAndrews &
     Forbes Holdings Inc., as amended and restated on March 30, 2005 and as may
     be further amended, modified or supplemented from time to time in
     accordance with Section 5.11.

          (c) The definition of "Permitted Investments" is hereby amended by (i)
     deleting the term "and" at the end of clause (xiv) thereof and (ii)
     deleting the "." at the end of clause (xiv) and replacing it with the
     following:

          "; (xv) (i) Investments by the Issuer or its Subsidiaries in
          Panavision Europe Ltd. or any other Subsidiary of the Issuer in an
          amount not to exceed $8,000,000 (which amount shall be used solely for
          the purpose of consummating the UK Asset Purchase) and (ii) for the
          avoidance of doubt, the UK Asset Purchase; provided, that (i) no
          Default or Event of Default shall then be continuing or result
          therefrom, (ii) no consents or approvals shall be needed for the UK
          Asset Purchase (other than those that have been obtained on or prior
          to the date of the UK Asset Purchase), (iii) the UK Asset Purchase
          shall have been consummated on or before May 31, 2005 and (iv) the
          total purchase price therefor (which shall include transaction costs
          and any Indebtedness assumed in connection with the UK Asset Purchase)
          shall not exceed $8,000,000; and

          (xvi) other Investments in connection with the consummation of an
          acquisition; provided, that (i) the total amount of such Investments
          (which shall include transaction costs in connection with such
          Investments) permitted pursuant to this clause (xvi)) shall not exceed

                                                                               3

          $5,000,000, (ii) no Default or Event of Default shall then be
          continuing or result therefrom and (iii) no consents or approvals
          shall be needed for such Investment (other than those that have been
          obtained on or prior to the date of such Investment)."

          (d) The definition of "Permitted Liens" is hereby amended by deleting
     clause (q) thereof and replacing it with the following:

          "Liens on any Property of any Foreign Subsidiary securing obligations
          of such Foreign Subsidiary in respect of Indebtedness permitted by
          Section 5.17(k)(i)".

          (e) The definition of "Transaction Charges" is hereby amended by (i)
     deleting the phrase "and Fourth Supplemental Indenture" in clause (d)
     thereof and (ii) replacing it with the following: ", Fourth Supplemental
     Indenture and Fifth Supplemental Indenture".

          (f) Section 5.3(b)(viii) is hereby amended by inserting the following
     language immediately after the ";":

          "provided, that if after giving effect to such repayment, the
          outstanding principal amount of Indebtedness under the Mafco Line of
          Credit would be less than the Maximum Outstanding Amount minus
          $20,000,000, then such repayment may be made only to the extent such
          payment is funded out of the portion of Excess Cash Flow (as defined
          in the Senior Credit Facility as of the date of the Fifth Supplemental
          Indenture) which is not required for mandatory prepayment under the
          Senior Credit Facility (or, if the Senior Credit Facility is amended,
          restated, supplemented or otherwise modified or refinanced after the
          date of the Fifth Supplemental Indenture, only to the extent that such
          repayment would not have been required to be applied as a mandatory
          prepayment in accordance with the provisions of the Senior Credit
          Facility as in effect on the date of the Fifth Supplemental
          Indenture)".

          (g) Section 5.17 of the Indenture is hereby amended by (i) restating
     in its entirety subsection (k) thereof as follows:

          "(k) (i) Indebtedness of Foreign Subsidiaries and (ii) Capital Lease
     Obligations and Purchase Money Indebtedness; provided, that (A) the maximum
     amount of Indebtedness that may be created, incurred, assumed or suffered
     to exist pursuant to this Section 5.17(k) will not be deemed to be
     exceeded, with respect to any such outstanding Indebtedness, due solely to
     the result of fluctuations in the exchange rates of currencies, (B) for the

                                                                               4

     purposes of determining compliance with this Section 5.17(k), the U.S.
     dollar equivalent principal amount of any such Indebtedness denominated in
     a foreign currency shall be calculated based on the relevant currency
     exchange rate in effect on the date such Indebtedness was created,
     incurred, assumed or suffered to exist, (C) the aggregate outstanding
     principal amount of Indebtedness incurred pursuant to this Section 5.17(k)
     shall not at any time exceed $20,000,000 and (D) with respect to clause
     (ii) above, the maximum amount of Indebtedness of the Issuer or any of its
     Domestic Subsidiaries in respect of Capital Leases and Purchase Money
     Indebtedness shall not exceed $15,000,000;"

     and (ii) restating in its entirety subsection (l) thereof as follows: "(l)
[Intentionally Omitted];".

          (h) Section 7.1(a)(xiii) of the Indenture is hereby amended by (i)
     deleting the dollar amount "$20,000,000" set forth therein and substituting
     in lieu thereof the following:

          "$32,000,000 (or, on and after the date of the consummation of the UK
          Asset Purchase, an amount equal to the sum of (x) $32,000,000 plus (y)
          the total purchase price (including transaction costs) of the UK Asset
          Purchase, such sum not to exceed $40,000,000 in the aggregate)".

          1.2 Consent. Notwithstanding anything to the contrary contained in
     Section 5.11 of the Indenture, the Issuer shall be permitted to enter into
     the amendment and restatement of the Mafco Line of Credit substantially in
     the form attached as Schedule I hereto.

          1.3 Supplement to Schedule II. Schedule II is hereby supplemented by
     adding to such schedule the information set forth in Annex A hereto.

                                   ARTICLE TWO

                                  Miscellaneous

          2.1 Effect of the Supplemental Indenture. This Supplemental Indenture
     supplements the Indenture and shall be a part and subject to all the terms
     thereof. Except as supplemented hereby, the Indenture and the Notes issued
     thereunder shall continue in full force and effect.

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          2.2 Effectiveness. This Supplemental Indenture shall become effective
     as of the date hereof.

          2.3 Amendment Fee. Each Holder of Notes that consents to this
     Supplemental Indenture by executing and delivering a Written Consent in the
     manner and by the date and time provided for in the Written Consent shall
     receive the amendment fee set forth therein.

          2.4 Counterparts. This Supplemental Indenture may be executed in
     counterparts, each of which shall be deemed an original, but all of which
     shall together constitute one and the same instrument.

     2.5 GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICTS OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF
THE LAW OF ANY OTHER JURISDICTION.

          2.6 Recitals. The Trustee shall not be responsible for any recital
     herein (other than the last recital as it applies to the Trustee) as such
     recitals shall be taken as statements of the Issuer, or the validity of the
     execution by the Issuer of this Supplemental Indenture. The Trustee makes
     no representations as to the validity or sufficiency of this Supplemental
     Indenture.

                  [Remainder of page intentionally left blank.]

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed on this 30 day of March, 2005.

                                     PANAVISION INC.

                                    By:  /s/ Bobby G. Jenkins
                                         ---------------------------------------
                                         Name: Bobby G. Jenkins
                                         Title: Executive Vice President and CFO

                                     PANAVISION U.K. HOLDINGS, INC., as
                                     a Subsidiary Guarantor

                                    By:  /s/ Bobby G. Jenkins
                                         ---------------------------------------
                                         Name: Bobby G. Jenkins
                                         Title: Executive Vice President and CFO

                                     LPPI, LLC, as a Subsidiary Guarantor

                                    By:  /s/ Bobby G. Jenkins
                                         ---------------------------------------
                                         Name: Bobby G. Jenkins
                                         Title: Executive Vice President and CFO

                                     PANAVISION GP Inc., as a Subsidiary
                                     Guarantor

                                    By:  /s/ Bobby G. Jenkins
                                         ---------------------------------------
                                         Name: Bobby G. Jenkins
                                         Title: Executive Vice President and CFO

                                     PANAVISION INTERNATIONAL, L.P., as
                                     a Subsidiary Guarantor
                                     By: Panavision GP Inc., as General
                                     Partner

                                    By:  /s/ Bobby G. Jenkins
                                         ---------------------------------------
                                         Name: Bobby G. Jenkins
                                         Title: Executive Vice President and CFO

                                     PANY RENTAL INC., as a Subsidiary
                                     Guarantor

                                    By:  /s/ Bobby G. Jenkins
                                         ---------------------------------------
                                         Name: Bobby G. Jenkins
                                         Title: Executive Vice President and
                                                Asst. Secretary

                                     PANAVISION FEDERAL SYSTEMS, LLC, as a
                                     Subsidiary Guarantor

                                    By:  /s/ Bobby G. Jenkins
                                         ---------------------------------------
                                         Name: Bobby G. Jenkins
                                         Title: Executive Vice President

                                     TFN LIGHTING CORP., as a Subsidiary
                                     Guarantor

                                    By:  /s/ Bobby G. Jenkins
                                         ---------------------------------------
                                         Name: Bobby G. Jenkins
                                         Title: Executive Vice President and
                                                Asst. Secretary

                                     PANAVISION REMOTE SYSTEMS, LLC, as a
                                     Subsidiary Guarantor

                                    By:  /s/ Bobby G. Jenkins
                                         ---------------------------------------
                                         Name: Bobby G. Jenkins
                                         Title: Executive Vice President and CFO

                                    WILMINGTON TRUST COMPANY, as Trustee

                                   By:  /s/ Michael G. Oller, Jr
                                        ----------------------------------------
                                        Name: Michael G. Oller, Jr
                                        Title: Senior Financial Services Officer

                                    WILMINGTON TRUST COMPANY, as Collateral
                                    Trustee

                                   By:  /s/ Michael G. Oller, Jr
                                        ----------------------------------------
                                        Name: Michael G. Oller, Jr
                                        Title: Senior Financial Services Officer

                                                                         ANNEX A

SCHEDULE II TO INDENTURE

                   INDEBTEDNESS OUTSTANDING ON THE ISSUE DATE

                               OTHER INDEBTEDNESS

1.   All indebtedness pursuant to the Indenture, dated as of February 11, 1998,
     between PX Escrow and The Bank of New York, as Trustee, as supplemented by
     the First Supplemental Indenture dated June 4, 1998, among PX Escrow,
     Panavision Inc. and The Bank of New York, as Trustee.PANAVISION INC.
                               6219 De Soto Avenue
                        Woodland Hills, California 91367

                                                                January 10, 2005

Mr. Eric Golden
740 20th Street
Santa Monica, CA 90402

Dear Eric:

     This letter agreement and release (the "Agreement") confirms the agreement
entered into between you and Panavision Inc. (the "Company") regarding the
termination of your employment with the Company effective January 14, 2005 (the
"Effective Date") and explains the package of separation pay and benefits that
has been specially developed for you in full bargained for release and
settlement of any and all claims that you have presently, may have or have had
in the past arising from your employment with and termination of your
employment from the Company up to and including the Effective Date of this
Agreement. For purposes of this Agreement, the term the "Company" includes
Panavision Inc. and any of its past, present or future parent and subsidiary
corporations, affiliates, divisions, successors and assigns (whether or not
incorporated) and any of their past, present or future employees, agents,
assigns, officers, directors and shareholders whether acting in their
individual or representative capacity.

     1. CONSIDERATION IN SETTLEMENT. If you execute (and do not revoke) this
Agreement and fully comply with its terms and conditions:

     (a) SEVERANCE PAY. You will receive severance pay of $500,000, less all
applicable federal, state and local withholding taxes, for a total of eighteen
months beginning on January 1, 2005 (the "Severance Period"). $150,000 of this
payment will be made on the Effective Date and the remainder will be made in
equal installments on the Company's regularly scheduled pay dates commencing on
the Company's first regularly scheduled pay date after the Effective Date and
continuing through the Severance Period. The initial payment of $150,000 will
be made by wire transfer to an account designated by you and the remaining
payments under this Agreement will be made by check and sent to you at the
address listed above.

     (b) CONTINUATION OF MEDICAL AND/OR DENTAL INSURANCE BENEFITS. You will be
permitted to continue participation in the Company's group medical and/or
dental insurance benefit plans as in effect and amended from time to time at
the contribution level in effect for your current employment until (i) the end
of the Severance Period, (ii) you become entitled to Medicare or (iii) you
become eligible for coverage under medical

and/or dental insurance benefit plans, as the case may be, of another employer
through your future employment, whichever occurs first. The period of
continuation of medical and/or dental insurance benefits under COBRA will
commence on the date following your termination and will run concurrently with
the Severance Period. You agree to elect continuation of benefits under COBRA if
requested by the Company, provided, however, that any premiums due for such
continuation of benefits shall be paid by the Company. You will immediately
notify the Company when you become eligible for coverage under medical and/or
dental insurance benefit plans of another employer through your future
employment.

     (c) REFERENCE. You agree to refer all inquiries from prospective employers
to Robert L. Beitcher and Barry F. Schwartz and not to any other individual
employed by or affiliated with the Company and that you will not assert any
claim against the Company based upon, arising out of, related to or in any way
connected with its responses to inquiries from prospective employers.

     (d) CONTINUATION OF LIFE INSURANCE AND AUTOMOBILE. Any basic or
supplemental life insurance coverage that may have been available to you and
that you elected, where necessary, to receive as of the Effective Date will be
continued during the Severance Period at the same cost structure as in effect
on that date. After the expiration of the Severance Period, you will be
permitted to exercise any option that may generally exist for departing
employees of the Company to convert your life insurance coverage to an
individual policy at your own expense and information regarding this conversion
option will be provided to you at that time. During the first 12 months of the
Severance Period, the Company will pay the cost of leasing and insuring a BMW
530i or other car at equal or lesser monthly cost; however, you shall be
responsible for all costs relating to maintenance and garaging.

     2. RELEASE. By executing this Agreement, you release and hold harmless (on
behalf of yourself and your family, heirs, executors, successors and assigns)
now and forever, the Company, PX Holding Corporation, their respective parents,
subsidiaries and affiliates and the respective officers, directors, employees,
agents, shareholders, successors and assigns of each of the foregoing (each, a
"Released Party") from and waive any claim in any jurisdiction that you have
presently, may have or have had in the past, known or unknown, against any
released Party upon or by reason of any matter, cause or thing whatsoever, from
the beginning of the world to the date of this release, including, without
limitation, all claims arising from or relating to your employment with, or
termination of employment from, the Company, or otherwise, other than (i) any
claim you may have to the payment of vested benefits (if any) under the terms
of any qualified pension plan or 401(k) plan, each as amended from time to
time, that the Company may sponsor; (ii) any employee benefits to which you are
entitled by law (including continuation of medical benefits under COBRA); and
(iii) claims to enforce your rights under this Agreement.

     3. EXTENT OF RELEASE. Without limiting the generality of the preceding
"RELEASE" Section, this Agreement is intended to and shall release the Company
from any and all claims or rights arising under or relating to either the
Amended and Restated Employment Agreement, dated May 9, 2003, between you and
the Company (the "Employment Agreement"), or any federal, state or local
statute (including, without limitation, Title VII of the Civil Rights

                                       2

Act of 1964, as amended, the Age Discrimination in Employment Act of 1967, as
amended, the Equal Pay Act, as amended, the Americans with Disabilities Act of
1990, as amended, the Employee Retirement Income Security Act of 1974, as
amended, the Family and Medical Leave Act of 1993, as amended, the Fair Labor
Standards Act, as amended, the California Fair Employment and Housing Act, as
amended, the Unruh Civil Rights Act, as amended, the California Family Rights
Act, as amended, the California Labor Code, as amended, and all other statutes
regulating the terms and conditions of your employment), regulation or
ordinance, under the common law or in equity (including any claim for wages,
wrongful discharge, discrimination or otherwise), or under any policy,
agreement, understanding or promise, written or oral, formal or informal,
between the Company and you, including, without limitation, any claim you might
have for severance, termination or severance pay in any legal jurisdiction,
under any agreement or understanding or pursuant to the Company's severance
policies or practices as from time to time in effect, or otherwise.

     YOU EXPRESSLY WAIVE AND RELINQUISH ALL RIGHTS AND BENEFITS AFFORDED BY
SECTION 1542 OF THE CIVIL CODE OF THE STATE OF CALIFORNIA, AND UNDERSTAND AND
ACKNOWLEDGE THE SIGNIFICANCE OF SUCH SPECIFIC WAIVER OF SECTION 1542. SECTION
1542 OF THE CIVIL CODE OF THE STATE OF CALIFORNIA STATES AS FOLLOWS:

     "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT
     KNOW OR SUSPECT TO EXIST IN FAVOR AT THE TIME OF EXECUTING THE RELEASE,
     WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE
     DEBTOR."

THUS, NOTWITHSTANDING THE PROVISION OF SECTION 1542, AND FOR THE PURPOSE OF
IMPLEMENTING A FULL AND COMPLETE RELEASE AND DISCHARGE OF THE COMPANY, YOU
EXPRESSLY ACKNOWLEDGE THAT THIS AGREEMENT IS INTENDED TO INCLUDE IN ITS EFFECT,
WITHOUT LIMITATION, ALL CLAIMS WHICH YOU DO NOT KNOW OF OR SUSPECT TO EXIST IN
YOUR FAVOR AT THE TIME OF SIGNING THIS AGREEMENT AND ARISING FROM YOUR
EMPLOYMENT WITH OR TERMINATION OF EMPLOYMENT FROM THE COMPANY, AND THAT THIS
AGREEMENT CONTEMPLATES THE RELEASE OF ANY SUCH CLAIM OR CLAIMS.

     4. CONSULTANTCY. During the Severance Period you will be available to
consult with the Company, advising it from time to time on matters which were
within your area of responsibility or knowledge while an active employee of the
Company. You shall be required to devote such time to your services hereunder
as you and the Company may reasonably determine is necessary.

     5. RIGHT TO COUNSEL. The Company hereby advises you that you should consult
with an attorney prior to execution of this Agreement. You acknowledge that you
understand it is in your best interest to have this document reviewed by an
attorney of your own choosing and at your own expense. You hereby acknowledge
that you have been afforded a period of at least twenty-one (21) days during
which to consider this Agreement and to have it reviewed by your attorney. To
the extent you take less than twenty-one (21) days to consider the Agreement
prior to execution, you acknowledge that you had sufficient time to consider
the Agreement with counsel and that you deliberately, knowingly and voluntarily
waive any additional time.

                                       3

     6. FREE WILL. You are entering into this Agreement of your own free will
and without coercion, intimidation or threat of retaliation. You acknowledge
and agree that the Company has not exerted any undue pressure or influence on
you in this regard. You acknowledge that you have had reasonable time to
determine whether entering into this Agreement is in your best interest and you
have read and fully understand the terms set forth in this Agreement. You
understand that if you request additional time to review the provisions of this
Agreement, a reasonable extension of time will be granted.

     7. CONSIDERATION. You acknowledge that the payments and other benefits
provided to you under this Agreement are good, valid and sufficient
consideration for your release and other obligations set forth herein, and you
agree that you shall not interpose any claim, defense or challenge to this
Agreement on the basis of lack or failure of consideration. You acknowledge
that no representation of any kind or character has been made by the Company to
induce your execution of this Agreement other than as set forth herein and that
the only representations made to you in order to obtain your consent to this
Agreement are as stated in this Agreement.

     8. RESTRICTIONS. You agree, to the fullest extent permitted by law, that
you will not initiate or cause to be initiated on your behalf any lawsuit or
other legal action against the Company relating to any matter released herein,
including without limitation your employment or the termination thereof,
provided that nothing in this section shall preclude you from initiating legal
action solely to enforce your rights under this Agreement. You further
represent and warrant that neither you, nor any person, organization or entity
acting on your behalf, has filed or initiated any complaint, charge, claim or
proceeding against the Company before any local, state or federal agency, court
or other body relating to your employment or the termination thereof. You
understand that by entering into this Agreement, you will be limiting the
availability of certain remedies that you may have against the Company and
limiting also your ability to pursue certain claims against the Company. You
represent and agree that you will neither seek nor be entitled to any personal
recovery in any action or proceeding that may be commenced by you or on your
behalf arising out of the matters released hereby. You further agree, to the
extent permitted by law, not to instigate, encourage, or voluntarily assist or
voluntarily participate in an action or proceeding commenced by anyone else
against the Company.

     9. PENALTIES. If you initiate or participate in any lawsuit or other legal
action, as described in the preceding "RESTRICTIONS" Section, or if you fail to
abide by any of the terms of this Agreement, the Company may, except as
otherwise prohibited by law, reclaim any amounts paid under this Agreement or
the Policy, without waiving the release granted herein, and terminate any
benefit or payments that are due under the Agreement or the Policy, in addition
to any other remedies it may have.

     10. COOPERATION. Upon request, you agree to give your assistance and
cooperation willingly in any matter relating to your expertise or experience as
the Company may reasonably request with respect to any investigation or the
Company's defense or prosecution of any existing or future claims or
litigations relating to matters in which you were involved or potentially have
knowledge by virtue of your employment or consultancy with the Company,

                                       4

including (but not limited to) your attendance and truthful testimony where
deemed appropriate by the Company. The Company and you shall mutually agree on
reasonable compensation for such cooperation. The Company shall reimburse you
for reasonable out-of-pocket expenses incurred in connection with your
cooperation and approved in advance by an officer of the Company. You further
agree to execute the letters of resignation attached hereto as Attachment A and
to deliver such letters of resignation to Damien Sullivan by the Effective
Date.

     11. NOTICE. Any notice to be given under this Agreement shall be given in
writing and delivered either personally or sent by certified mail to Damien
Sullivan at the above address and to you at your address in the Company's
records.

     12. CONFIDENTIALITY. In addition to the provisions of the Employment
Agreement related to trade secrets, confidential information and/or work
product, which shall remain in full force and effect notwithstanding any other
provision of this Agreement to the contrary, you will not at any time divulge
to any other entity or person any confidential information acquired by you
concerning the Company's or its affiliates' financial affairs or business
processes or methods or their research, development or marketing programs or
plans, any other of its or their trade secrets, any information regarding
personal matters of any directors, officers, employees or agents of the Company
or their respective family members, any non-public information concerning this
Agreement or the terms thereof, or any information concerning the circumstances
of your employment with and the termination of your employment from the
Company, or any information regarding discussions related to any of the
foregoing or make, write, publish, produce or in any way participate in placing
into the public domain any statement, opinion or information with respect to
any of the foregoing or which reflects adversely upon or would reasonably
impair the reputation or best interests of the Company or any of its directors,
officers, employees or agents or their respective family members, except in
each case (i) information which is required to be disclosed by court order,
subpoena or other judicial process, (ii) information regarding your job
responsibilities during your employment with the Company to prospective
employers in connection with an application for employment, (iii) information
regarding the financial terms of this Agreement to your spouse or your tax
advisor for purposes of obtaining tax advice provided that such persons are
made aware of and agrees to comply with the confidentiality obligation, or (iv)
information which is necessary to be disclosed to your attorney to determine
whether you should enter into this Agreement. The foregoing prohibitions shall
include, without limitation, directly or indirectly publishing (or causing,
participating in, assisting or providing any statement, opinion or information
in connection with the publication of) any diary, memoir, letter, story,
photograph, interview, article, essay, account or description (whether
fictionalized or not) concerning any of the foregoing, publication being deemed
to include any presentation or reproduction of any written, verbal or visual
material in any communication medium, including any book, magazine, newspaper,
internet publication or discussion group, theatrical production or movie, or
television or radio programming or commercial. In addition to any and all other
remedies available to the Company for any violation of this Section, you agree
to immediately remit and disgorge to the Company any and all payments paid or
payable to you in connection with or as a result of engaging in any of the
above acts. In the event that you are required to make disclosure under any
court order, subpoena or other judicial process which in any way relates to
your employment with the Company, you will

                                       5

promptly notify the Company, take all steps reasonably requested by the Company
to defend against the compulsory disclosure and permit the Company to
participate with counsel of its choice in any proceeding relating to the
compulsory disclosure. You acknowledge that all information the disclosure of
which is prohibited by this section is of a confidential and proprietary
character and of great value to the Company.

     13. RETURN OF COMPANY PROPERTY. You understand and agree that you are
obligated to return all Panavision property in your possession or control, as
required under the Employee Agreement as to Confidentiality and
Non-Competition, including, without limitation, computer disks or data
(including, data retained on any computer), any home-office equipment or
computers purchased or provided by Panavision, any records, documents, files or
other materials. By executing this Agreement, you represent and agree that you
(i) have returned all Panavision property in your possession or control to the
Company, (ii) have removed any and all computer data relating to Panavision
confidential information and trade secrets from any personal computer(s) in
your possession or control, and (iii) have not retained any such computer data
(or copies thereof) in any form. Notwithstanding the foregoing, you shall
retain as your personal property the following items: the cellular telephone,
laptop computer and Blackberry that you used during your employment with the
Company.

     14. NON-ADMISSION. Nothing contained in this Agreement shall be deemed or
construed as an admission of wrongdoing or liability on the part of the
Company.

     15. NON-DISPARAGEMENT. You shall not make or publish, or instigate, assist
or participate in making or publishing, whether orally, in writing or through
any other medium, any statement or communication that disparages, denigrates or
defames the Company (including without limitation any officer, director,
employee, agent or affiliate of Panavision Inc.).

     16. SEVERABILITY CLAUSE. Should any provision or part of this Agreement be
found to be invalid or unenforceable, only that particular provision or part so
found and not the entire agreement shall be inoperative.

     17. ASSIGNMENT. This Agreement may be assigned by the Company to (i) any
affiliate of the Company or (ii) any non-affiliate of the Company that shall
acquire all or the greater part of the business and assets of the Company. In
the event of any such assignment, the Company shall cause such affiliate or
non-affiliate, as the case may be, to assume the obligations of the Company
hereunder with the same effect as if such assignee were the "Company"
hereunder, and, in the case of such assignment to a non-affiliate, the Company
and its affiliates shall be released from all liability hereunder. This
Agreement is personal to you and you may not assign any rights or delegate any
responsibilities hereunder without the prior approval of the Company.

     18. NON-ALIENATION. You shall not have any right to pledge, anticipate or
in any way create a lien upon any payment or benefit provided under this
Agreement or the Policy, and no such payment or benefit shall be assignable in
anticipation of payment, either by voluntary or involuntary acts or by
operation of law.

                                       6

     19. OFFSET. The Company shall be entitled to offset any sums owed by you to
the Company against the severance pay payable to you.

     20. INDEMNIFICATION. The Company shall indemnify you, to the maximum extent
permitted by applicable law, against all costs, charges, and expenses incurred
or sustained by you in connection with any action, suit or proceeding to which
you may be made a party by reason of your service as an officer, director, or
employee of the Company or its affiliates.

     21. GOVERNING LAW AND CHOICE OF FORUM. This Agreement shall be governed by,
and construed pursuant to, the laws of the State of California applicable to
transactions negotiated, executed and to be wholly performed in such state
between residents of such state. The parties consent and agree to the exclusive
jurisdiction of the federal and state courts sitting in Los Angeles, California
for all purposes, and agree not to contest the jurisdiction or venue of such
courts.

     22. ENTIRE AGREEMENT. This Agreement and the attachments hereto expressly
supersede any and all previous understandings and agreements between the
Company and you and constitute the sole and exclusive understanding between the
Company and you concerning the subjects set forth herein, other than any
agreements, including the relevant provisions of the Employment Agreement,
related to non-competition or trade secrets, confidential information and/or
work product previously executed by you, the terms of which remain in full
force and effect. This Agreement and the attachments may not be altered,
modified, changed or discharged except in a writing signed by you and agreed to
by the Company. You understand and agree that other than as set forth in this
Agreement and the attachments hereto, you will not receive any compensation,
payments or benefits of any kind from the Company and you expressly agree that
you are not entitled and have no right to any additional compensation, payments
or benefits other than the payment of vested benefits (if any) under the terms
of the Company's qualified pension plans, as amended from time to time.

     If the foregoing correctly reflects our mutual agreements, please execute
and return to the undersigned the two originals of this Agreement.

     Sincerely,

     Panavision Inc.

     By: /s/ ROBERT L. BEITCHER
         -----------------------
         Robert L. Beitcher
         Chief Executive Officer

                                       7

                                  AGREEMENT AND
                                 ACKNOWLEDGMENT

     I, Eric W. Golden, acknowledge receipt of the Letter Agreement and Release
and I agree to all the terms and conditions set forth in the Letter Agreement
and Release. I have read and fully understand the terms set forth in the Letter
Agreement and Release and enter into such agreement of my own free will and
without coercion, intimidation or threat of retaliation. I also acknowledge and
understand that I have been afforded twenty-one (21) days to consider the
Letter Agreement and Release and to have the agreement reviewed by my attorney
if I so choose.

     Date: January 10, 2005
          ---------------------------------------

     Name: /s/ ERIC W. GOLDEN
          ---------------------------------------

                                       8

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