Document:

EX-4.2

 Exhibit 4.2 
 IMAX CORPORATION 
 [EXECUTION COPY] 

AMENDMENT TO SHAREHOLDERS’ AGREEMENT 
 (SELLING SHAREHOLDERS) 
 March 1, 1994 

To the Parties Named on 
   the
Signature Pages Hereto 
 Gentlemen: 
 We refer to the Shareholders Agreement dated as of January 3, 1994 (the “Shareholders Agreement”) among the undersigned and you. Unless otherwise defined herein, the terms defined in
the Shareholders Agreement shall be used herein as therein defined. 
 The parties desire to amend the Shareholders Agreement as
provided herein. Accordingly, it is hereby agreed by you and us that the second and third recitals of the Shareholders Agreement are, effective as of the date first above written, hereby amended and restated in their entirety to read as follows:

 WHEREAS, upon the Closing (as defined in the Acquisition Agreement), each of Gelfond and Wechsler will be the
registered holder and beneficial owner of an aggregate of 387,945 common shares of the Company (the “Common Stock”) and warrants (the “GW Warrants”) to purchase 143, 879 shares of Common Stock; 

WHEREAS, upon the Closing, WP and certain of its partners and affiliates will be the registered holders and beneficial
owners of an aggregate of 225,000 Class A Preferred Shares (“Class A Preferred Shares”) of the Company and warrants (“Warrants”) to purchase an aggregate of 3,562,060 shares of Common Stock; 

On an after the effective date of this letter amendment, each reference in the Shareholders Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Shareholders Agreement shall mean and be a reference to the Shareholders Agreement as amended by this letter amendment. The Shareholders Agreement, as amended by this
letter amendment, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed. 

 If you agree to the terms and provisions hereof, please evidence such agreement by executing
and returning a counterpart of this letter amendment to the undersigned. 
 This letter amendment may be executed and delivered
(including by facsimile transmission) in any number of counterparts and by and combination of the parties hereto in separate counterparts, each of which counterparts shall be an original and all of which taken together shall constitute one and the
same instrument. 
  

					
	Very truly yours,
	
	WGIM ACQUISITION CORPORATION
		
	By	 	/s/ Peter D. Lyons
		 	Name:	 	Peter D. Lyons
		 	Title:	 	 Vice President and

Assistant Secretary

 Agreed as of the date 
   first above written: 
  

	
	/s/ Richard L. Gelfond
	Richard L. Gelfond

  

	
	/s/ Bradley J. Wechsler
	Bradley J. Wechsler

  

	
	/s/ Douglas Trumbull
	Douglas Trumbull

  

							
	WASSERSTEIN PERELLA PARTNERS, L.P.
		
	By	 	 WASSERSTEIN PERELLA MANAGEMENT
 PARTNERS, INC., its general partner

			
		 	By	 	/s/ W. Townsend Ziebold
		 		 		 	Name: W. Townsend Ziebold
		 		 		 	Title: Attorney-in-Fact

  
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	WASSERSTEIN PERELLA OFFSHORE PARTNERS, L.P.
		
	By	 	 WASSERSTEIN PERELLA MANAGEMENT
 PARTNERS, INC., its general partner

			
		 	By	 	/s/ W. Townsend Ziebold
		 		 	Name: W. Townsend Ziebold
		 		 	Title: Attorney-in-Fact

  

							
				
	Jonathan Barker	 	by	 	 *
 Jonathan Barker
	 	as attorney-in-fact
				
	Nancy Bell	 	by	 	 *
 Nancy Bell
	 	as attorney-in-fact
				
	Gregory J. Breen	 	by	 	 *
 Gregory J. Breen
	 	as attorney-in-fact
				
	C.W. Breukelman	 	by	 	 *
 C.W. Breukelman
	 	as attorney-in-fact
				
	David Breukelman	 	by	 	 *
 David Breukelman
	 	as attorney-in-fact
				
	Elaine Breukelman	 	by	 	 *
 Elaine Breukelman
	 	as attorney-in-fact
				
	Marion Breukelman	 	by	 	 *
 Marion Breukelman
	 	as attorney-in-fact
				
	Tanya Breukelman	 	by	 	 *
 Tanya Breukelman
	 	as attorney-in-fact

  
 - 3 -

							
				
	W.A. Breukelman	 	by	 	 *
 W.A. Breukelman
	 	as attorney-in-fact
				
	 Canmont Investment Corp. Ltd.
	 	by	 	 *
 Canmont Investment Corp. Ltd.
	 	as attorney-in-fact
				
	James B. Cawthon, Jr.	 	by	 	 *
 James B. Cawthon, Jr.
	 	as attorney-in-fact
				
	Elizabeth Chaplin	 	by	 	 *
 Elizabeth Chaplin
	 	as attorney-in-fact
				
	Diana Chaplin	 	by	 	 *
 Diana Chaplin
	 	as attorney-in-fact
				
	Gordon Chaplin	 	by	 	 *
 Gordon Chaplin
	 	as attorney-in-fact
				
	434786 Ontario Limited	 	by	 	 *
 434786 Ontario Limited
	 	as attorney-in-fact
				
	434787 Ontario Limited	 	by	 	 *
 434787 Ontario Limited
	 	as attorney-in-fact
				
	James D. Chaplin	 	by	 	 *
 James D. Chaplin
	 	as attorney-in-fact
				
	Janet Chaplin	 	by	 	 *
 Janet Chaplin
	 	as attorney-in-fact
				
	Richard Chaplin	 	by	 	 *
 Richard Chaplin
	 	as attorney-in-fact

  
 - 4 -

							
				
	Charlford Investments Inc.	 	by	 	 *
 Charlford Investments Inc.
	 	as attorney-in-fact
				
	Ann Cochren	 	by	 	 *
 Ann Cochren
	 	as attorney-in-fact
				
	Doug Daymond	 	by	 	 *
 Doug Daymond
	 	as attorney-in-fact
				
	Stewart Daymond	 	by	 	 *
 Stewart Daymond
	 	as attorney-in-fact
				
	Daedalus Investments Ltd.	 	by	 	 *
 Daedalus Investments Ltd.
	 	as attorney-in-fact
				
	John M. Davison	 	by	 	 *
 John M. Davison
	 	as attorney-in-fact
				
	Executronics Limited	 	by	 	 *
 Executronics Limited
	 	as attorney-in-fact
				
	Allison Ferguson	 	by	 	 *
 Allison Ferguson
	 	as attorney-in-fact
				
	Betty Ferguson	 	by	 	 *
 Betty Ferguson
	 	as attorney-in-fact
				
	Graeme Ferguson	 	by	 	 *
 Graeme Ferguson
	 	as attorney-in-fact
				
	Munro Ferguson	 	by	 	 *
 Munro Ferguson
	 	as attorney-in-fact

  
 - 5 -

							
				
	Joan Fisk	 	by	 	 *
 Joan Fisk
	 	as attorney-in-fact
				
	Forden Investments Ltd.	 	by	 	 *
 Forden Investments Ltd.
	 	as attorney-in-fact
				
	Nancy Garrett	 	by	 	 *
 Nancy Garrett
	 	as attorney-in-fact
				
	Michael A. Gibbon	 	by	 	 *
 Michael A. Gibbon
	 	as attorney-in-fact
				
	Graeholdings Ltd.	 	by	 	 *
 Graeholdings Ltd.
	 	as attorney-in-fact
				
	Jano Holdings Inc.	 	by	 	 *
 Jano Holdings Inc.
	 	as attorney-in-fact
				
	David Bedford Keighley	 	by	 	 *
 David Bedford Keighley
	 	as attorney-in-fact
				
	Patricia Anne Keighley	 	by	 	 *
 Patricia Anne Keighley
	 	as attorney-in-fact
				
	Barbara Kerr	 	by	 	 *
 Barbara Kerr
	 	as attorney-in-fact
				
	Robert Kerr	 	by	 	 *
 Robert Kerr
	 	as attorney-in-fact
				
	Janet Kroitor	 	by	 	 *
 Janet Kroitor
	 	as attorney-in-fact

  
 - 6 -

							
				
	Paul Kroitor	 	by	 	 *
 Paul Kroitor
	 	as attorney-in-fact
				
	Roman Kroitor	 	by	 	 *
 Roman Kroitor
	 	as attorney-in-fact
				
	Stephanie Kroitor	 	by	 	 *
 Stephanie Kroitor
	 	as attorney-in-fact
				
	Tanya Kroitor	 	by	 	 *
 Tanya Kroitor
	 	as attorney-in-fact
				
	Yvanna Kroitor	 	by	 	 *
 Yvanna Kroitor
	 	as attorney-in-fact
				
	Karen Kurcera	 	by	 	 *
 Karen Kurcera
	 	as attorney-in-fact
				
	Ian Maxwell	 	by	 	 *
 Ian Maxwell
	 	as attorney-in-fact
				
	Lynn A. McCroskey	 	by	 	 *
 Lynn A. McCroskey
	 	as attorney-in-fact
				
	Andre Picard	 	by	 	 *
 Andre Picard
	 	as attorney-in-fact
				
	Jennifer H. Rae	 	by	 	 *
 Jennifer H. Rae
	 	as attorney-in-fact
				
	G. Mary Ruby	 	by	 	 *
 G. Mary Ruby
	 	as attorney-in-fact

  
 7 

							
				
	Scocam Investment     Corp.	 	by	 	 *
 Scocam Investment Corp.
	 	as attorney-in-fact
				
	Sero Sed Serio Inc.	 	by	 	 *
 Sero Sed Serio Inc.
	 	as attorney-in-fact
				
	James Scott Shaw	 	by	 	 *
 James Scott Shaw
	 	as attorney-in-fact
				
	William C. Shaw	 	by	 	 *
 William C. Shaw
	 	as attorney-in-fact
				
	Alexandra Shea	 	by	 	 *
 Alexandra Shea
	 	as attorney-in-fact
				
	Stephen Low
    Productions Inc.	 	by	 	 *
 Stephen Low Productions Inc.
	 	as attorney-in-fact
				
	Martha Turner	 	by	 	 *
 Martha Turner
	 	as attorney-in-fact
				
	Alvis P. Wales, Jr.	 	by	 	 *
 Alvis P. Wales, Jr.
	 	as attorney-in-fact
				
	Robert Andrew Warnock	 	by	 	 *
 Robert Andrew Warnock
	 	as attorney-in-fact
				
	James Warnock	 	by	 	 *
 James Warnock
	 	as attorney-in-fact

  
 8 

							
				
	Anne D. Watkinson	 	by	 	 *
 Anne D. Watkinson
	 	as attorney-in-fact

  
  

	*	William A. Breukelman, by signing his name hereto, does hereby sign this letter amendment on behalf of each of the Selling Shareholders after whose typed names
asterisks appear pursuant to a power of attorney duly executed by each such Selling Shareholder. 

			
		
	By	 	/s/ William A. Breukelman
		 	Attorney-in-fact

 
			
		
	By	 	/s/ William A. Breukelman
		 	William A. Breukelman

  
 9EX-4.3

 IMAX CORPORATION 

EXHIBIT 4.3 

EXECUTION COPY 

REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of February 9, 1999, by and among Imax Corporation, a corporation organized under the laws of Canada (the
“Company”), Wasserstein Perella Partners, L.P., a Delaware limited partnership (“WPLP”), Wasserstein Perella Offshore Partners, L.P., a Delaware limited partnership (“WPOP”), WPPN, Inc., a Delaware
corporation (“WPPN”), the Michael J. Biondi Voting Trust (together with WPLP, WPOP and WPPN, “WP”), Bradley J. Wechsler (“Wechsler”) and Richard L. Gelfond (“Gelfond”) and, together
with Wechsler, the (“GW Shareholders”). 
 W I T N E S S E T H: 

WHEREAS, WP is the beneficial holder of common shares of the Company (“Common Shares”); 

WHEREAS, the GW Shareholders are the beneficial holders of Common Shares and options to purchase Common Shares
(“Options”); and 
 WHEREAS, contemporaneously herewith, the parties are entering into a Second Amended and
Restated Shareholders’ Agreement (the “1999 Shareholders’ Agreement”) and the parties are entering into an Amended and Restated Standstill Agreement (the “1999 Standstill Agreement”). 

NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Definitions. 
 The terms set forth below shall have the following definitions: 

“1999 Shareholders’ Agreement” has the meaning set forth in the Recitals hereto. 

“1999 Standstill Agreement” has the meaning set forth in the Recitals hereto. 

“Advice” has the meaning set forth in Section 3(c) hereof. 

“Affiliate” of any Person means a Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by or is under common control with such 

 Person, and, in the case of a Person who is a natural person, such natural person’s
family, including any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, and shall include adoptive relationships, and any
personal representatives. A Person shall be deemed to “control” (including the correlative meanings, the terms “controlling”, “controlled by”, and “under common control with”) another Person if the controlling
Person possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of voting securities, by contract or otherwise. 

“Best Efforts” shall mean an undertaking by a party to perform or satisfy an obligation or duty or
otherwise act in a manner reasonably calculated to obtain the intended result by action not disproportionate, unreasonably burdensome or otherwise unreasonable under the circumstances; provided, that the foregoing shall not include efforts
which require the performing party to, among other things, expend any funds in an amount disproportionate, unreasonably burdensome or otherwise unreasonable under the circumstances or to institute litigation. 

“Business Day” means a day of the year other than a day on which banks are authorized or obligated to be
closed in New York, New York. 
 “Canadian Offering” has the meaning set forth in
Section 3(a)(1) hereof. 
 “Commission” has the meaning set forth in Section 3(b)(1)
hereof. 
 “Common Shares” has the meaning set forth in the Recitals hereto. 

“Company” has the meaning set forth in the introductory paragraph hereto. 

“Demand Notice” has the meaning set forth in Section 3(b)(1) hereof. 

“Demand Registration” has the meaning set forth in Section 3(b)(1) hereof. 

“Exchange Act” has the meaning set forth in Section 3(f)(1) hereof. 

“Gelfond” has the meaning set forth in the introductory paragraph hereto. 

“GW Shareholders” has the meaning set forth in the introductory paragraph hereto. 

“Inspectors” has the meaning set forth in Section 3(c)(14) hereof. 

“IPO Closing” means the closing of the Company’s initial public offering of Common Shares.

  
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 “IPO Shares” means the Liquidation Shares and the Common
Shares, including Common Shares subject to Options and warrants, beneficially owned by the parties on the date of the IPO Closing, subject to adjustment to reflect any stock dividend, stock split, reverse stock split, recapitalization or other
similar transaction after the date of the IPO Closing. 
 “Liquidation Notice” has the meaning
set forth in Section 2(c). 
 “Liquidation Shares” has the meaning set forth in the 1999
Shareholders’ Agreement. 
 “Majority Amount” has the meaning set forth in
Section 3(a) hereof. 
 “NASD” means the National Association of Securities Dealers, Inc.

 “Note Purchase Agreement” means the Note Purchase Agreement, dated as of January 3,
1994, by and among WPOP, WPLP and the Company, as amended. 
 “Options” has the meaning set
forth in the Recitals hereto. 
 “Person” means any individual, corporation, partnership, joint
venture, trust, unincorporated or governmental organization or any agency or political subdivision thereof. 

“Piggyback Registration” has the meaning set forth in Section 3(a) hereof. 

“Proposed Registration” has the meaning set forth in Section 3(a) hereof. 

“Records” has the meaning set forth in Section 3(c) hereof. 

“Registrable Securities” means the Common Shares (including the Common Shares issuable upon exercise of
options and all WP Shares), but with respect to any such Common Share, only so long as such Common Share continues to be a Restricted Security or the holder of such share is an Affiliate of the Company. 

“Registration Expenses” has the meaning set forth in Section 3(e) hereof. 

“Restricted Security” means a Common Share, (or a Common Share issuable upon exercise of an Option) until
such time as such Common Share or Option (i) has been effectively registered under the Securities Act or qualified for distribution in Canada pursuant to Canadian law in circumstances exempt under the Securities Act or when the Securities Act
does not apply and disposed of in accordance with the registration statement or prospectus, as the case may be, covering it, (ii) has been sold publicly pursuant to Rule 144 under the Securities Act (or any similar provision in force, including
any similar provision under the Securities Act or under any relevant Canadian law), or (iii) has been otherwise transferred and the Company has delivered a new 

  
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certificate or other evidence of ownership for it not subject to any legal or other restriction and not bearing a legend restricting its transfer without registration or an exemption therefrom.

 “Securities” means the Common Shares, including the Common Shares issuable upon exercise of
the Options. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Shareholders” means the GW Shareholders together with WP. 

“Subsidiary” means any corporation or other entity of which securities or other ownership interests
having ordinary voting power to elect a majority of the Board of Directors of their equivalents of such Person shall, at the time as of which any determination is being made, be owned by the Company, either directly or through Subsidiaries.

 “Wechsler” has the meaning set forth in the introductory paragraph hereto. 

“Working Capital Facility” has the meaning set forth in the Note Purchase Agreement. 

“WP” has the meaning set forth in the introductory paragraph hereto. 

“WP Shares “ has the meaning set forth in the 1999 Shareholders’ Agreement. 

“WPLP” has the meaning set forth in the introductory paragraph hereto. 

“WPOP” has the meaning set forth in the introductory paragraph thereto. 

Section 2. Issuance of Securities; Share Certificates; Miscellaneous Agreements 

(a) Legend. (i) The Company shall be entitled to affix to each certificate evidencing Restricted Securities held by a party
to this Agreement a legend in substantially the following form: 
 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO TRANSFER OF SUCH SECURITIES MAY BE MADE UNLESS SUCH TRANSFER IS MADE IN CONNECTION WITH AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACT OR SUCH ACT DOES NOT APPLY. 
 (ii) In the event that any Securities held by a party to this Agreement
shall cease to be Restricted Securities, the Company shall, upon the written request of the holder 

  
 4 

 
thereof, issue to such holder a new certificate evidencing such Securities without the legend required by Section 2(a) endorsed thereon. 

(b) Exclusive Right to Negotiate. In the event that (i) the GW Shareholders own at least 25% of the IPO Shares owned by them
at the time of the IPO Closing, (ii) WP has received cash distributions in an amount such that on a compounded annual basis it shall have received a return on its original investment in the Company (including amounts invested to purchase
securities pursuant to the Working Capital Facility) as well as a 30% compounded annual return on such investment (and such distributions shall not be subject to return by it to the Company) and (iii) WP, rather than the Board of Directors of
the Company, initiates the sale of the Company as an entirety, the Company shall give the GW Shareholders written notice thereof. WP agrees that for 60 days after receipt by the GW Shareholders of such written notice it will not solicit, initiate or
encourage submission of inquiries, proposals or offers or negotiate with any party other than the GW Shareholders with regard to the sale of the Company and that for 120 days after receipt by the GW Shareholders of such written notice it will not
enter into any agreement for any such sale to any party other than the GW Shareholders. 
 (c) Liquidating Rights of GW
Shareholders. If the GW Shareholders desire to exercise the rights set forth in this Section 2(c), they shall send written notice of such desire to the Company and WP between March 1 and March 31 of any of 1999, 2000 or 2001 (the
“Liquidation Notice”). The GW Shareholders shall only be entitled to send one Liquidation Notice pursuant to this Section 2(c). The Company shall then use its Best Efforts to cause at its option either (i) the sale of the
Company within a period of 180 days from its receipt of such Liquidation Notice, which in the case of a sale to WP or an Affiliate of WP, or in the case of a sale in a transaction where the fees to be received by WP or an Affiliate of WP are not
customary fees charged by comparable entities for similar services, shall be at a price per Common Share deemed to be fair by a nationally recognized investment banking firm that is not Affiliated with WP or any Person holding an interest in any
fund of WP, (ii) the filing of a registration statement pursuant to the Securities Act within a period of 120 days from its receipt of such Liquidation Notice pursuant to which the GW Shareholders may sell all of their Securities; or
(iii) subject to applicable Canadian law, the Company to purchase all of the GW Shareholders’ Securities for cash within the time and at the fair market value thereof determined as set forth below. The Company shall have 30 days after
receipt of such Liquidation Notice to notify the GW Shareholders in writing which of the foregoing provisions it will use Best Efforts to comply with. 
 If the Company elects to use Best Efforts to pursue the purchase of the Securities as set forth in clause (iii) above, the GW Shareholders shall have 10 days from their receipt of such notice from
the Company to notify the Company in writing of what they believe to be the fair market value of such Securities. The Company shall have 10 days from its receipt of such notice from the GW Shareholders to notify the GW Shareholders in writing that
it does not concur with their determination of the fair market value for such Securities. If the Company notifies the GW Shareholders in writing within such period that it objects to such valuation, the GW Shareholders shall have an additional 30
days to notify the Company of the fair market value of the Securities as determined by a nationally recognized investment banking firm selected by the GW Shareholders. The GW Shareholders shall include with such notification a

  
 5 

 
copy of the valuation opinion delivered to them by such investment banking firm. The Company shall have 10 days from the receipt of such notification and valuation opinion to notify the GW
Shareholders in writing that it does not concur with the fair market value for such Securities as set forth in such opinion. If the Company notifies the GW Shareholders in writing within such period that it objects to such valuation, it shall have
an additional 30 days to notify the GW Shareholders of the fair market value of the Securities as determined by a nationally recognized investment banking firm selected by the Company. The Company shall include with such notification a copy of the
valuation opinion delivered to it by such investment banking firm. If the fair market value of the Securities as determined by the nationally recognized investment banking firm selected by the Company is greater than or equal to 95% of the fair
market value of the Securities as determined by the nationally recognized investment banking firm selected by the GW Shareholders, the fair market value of the Securities shall be equal to half of the sum of the fair market values of such Securities
as set forth in such opinions. If the provisions of the preceding sentence do not apply and if within 10 days of the GW Shareholders’ receipt of notice from the Company of the fair market value of the Securities as determined by the nationally
recognized investment banking firm selected by the Company, the GW Shareholders and the Company are still unable to agree on such fair market value, then the two investment banking firms will select a third investment banking firm who will have 30
days to deliver its opinion to the Company and the GW Shareholders as to its determination of the fair market value of the Securities. The determination by such third investment banking firm shall be conclusive and binding on the Company and the GW
Shareholders; provided that in no event will such value be less than the value determined by the investment banking firm selected by the Company or more than the value determined by the investment banking firm selected by the GW Shareholders.
All determinations of the value of the GW Shareholders’ Securities made by investment banking firms in connection with the Company’s election to purchase the GW Shareholders’ Securities pursuant to this Section 2(c) shall value
such Securities by reference to such Securities’ pro rata portion of the going concern equity value of the Company as of the date of such determination, considered in the context of a hypothetical purchase of the Company negotiated between a
willing buyer and a willing seller, neither of whom is under a compulsion to act, without any discount for a minority interest, transfer restrictions, illiquidity or other similar factors. The GW Shareholders shall bear the fees, costs and expenses
of the investment banking firm retained by them and WP shall bear the fees, costs and expenses of the investment banking firm retained by the Company. The fees, costs and expenses of the third investment banking firm, if any, shall be borne 50% by
WP, on the one hand, and 50% by the GW Shareholders, on the other hand. The Company shall be obligated to purchase the Securities on a date no later than 10 days after the fair market value thereof is agreed to as set forth above. 

Section 3. Registration Rights. 
 (a) Piggyback Registration Rights. 
 (1) Right to Piggyback. Subject
to the last sentence of this paragraph (1), whenever the Company proposes to register any Common Shares under the Securities Act, other than a registration statement on Form S-4 or S-8 (or any successor forms or comparable foreign forms) or filed in
connection with an exchange offer or an offering of securities solely to the Company’s existing stockholders (a “Proposed Registration”) and the registration form to be used

  
 6 

 
may be used for the registration of the Registrable Securities (a “Piggyback Registration”), the Company will give prompt written notice to WP and the GW Shareholders of its
intention to effect such a registration and will, subject to Section 3(a)(2) hereof, include in such Piggyback Registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein from WP
and the GW Shareholders within 15 days after receipt of the Company’s notice, provided that if, at any time after giving written notice of its intention to register any Common Shares and prior to the effective date of the registration
statement filed in connection with such registration, the Company shall determine for any reason not to register or to delay registration of such shares, the Company may, at its election, give written notice of such determination to each holder of
Registrable Securities and, thereupon, (a) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such registration, and (b) in the case of delay in
registering, shall be permitted to delay registering any Registrable Securities for the same period as the delay in registering such other shares. Except as may otherwise be provided in this Agreement, Registrable Securities with respect to which
such request for registration has been received will be registered by the Company and offered to the public pursuant to this Section 3 on the same terms and subject to the same conditions applicable to similar securities of the Company included
in the Proposed Registration. 
 If the Company proposes, in conjunction with a Piggyback Registration, to file a prospectus
with any Canadian securities regulatory authority or otherwise to qualify the Common Shares for distribution in any province of Canada (a “Canadian Offering”), each holder of Registrable Securities shall be entitled, subject to
applicable Canadian securities law, to participate in such Canadian Offering to the same extent and on the same terms and conditions (before, during and after the Canadian Offering), mutatis mutandis, as such holder is entitled to participate
in the Piggyback Registration under this Agreement. 
 (2) Priority of Piggyback Registrations. If the managing
underwriter or underwriters advise the Company in writing that in its or their opinion the number or type of securities proposed to be sold in a registration statement exceeds the number or type which can be sold in such offering (a) at a price
reasonably related to the then current market value of such securities, or (b) without otherwise materially and adversely affecting the entire offering, then the Company will include in such registration the number or type of Registrable
Securities which, in the opinion of such underwriter or underwriters, can be sold as follows: (i) first, the securities that the Company proposes to sell for its own account or is required to register on behalf of any Person exercising demand
registration rights, and (ii) second, to the extent that the number of securities described in clause (i) above is less than the number of securities that the Company has been advised can be sold in such offering without the adverse effect
referred to above, the Registrable Securities of WP and the GW Shareholders which have been requested to be included in such registration under this Section 3(a) and all Common Shares requested to be included by third parties exercising rights
similar to those granted in this Section 3(a), on a pro rata basis (which, in the case of Common Shares, shall be based on the number of shares of Common Shares then owned by each holder of Registrable Securities and each such other party
assuming exercise of all of their exchange, conversion and subscription rights with respect to all securities of the Company). 

  
 7 

 (3) Selection of Underwriters. If any Piggyback Registration is an underwritten
offering, the Company will select a managing underwriter or underwriters to administer the offering, which managing underwriter or underwriters will be of nationally recognized standing and which will be reasonably acceptable (A) to WP (after
consultation with the GW Shareholders) if the Piggyback Registration is being made in connection with the exercise by WP of its Demand Registration Rights under Section 3(b), (B) to the GW Shareholders (after consultation with WP) if such
Piggyback Registration is being made in connection with the exercise by the GW Shareholders of their Demand Registration rights under Section 3(b), (C) if the foregoing clauses (A) and (B) do not apply, to WP (after consultation
with the GW Shareholders), so long as WP is a participant in such underwritten offering and either (i) holds at least 75% of the IPO Shares held by it at the time of the IPO Closing or (ii) holds more of the Securities (in each case
assuming exercise of all exchange, conversion or subscription rights with respect to all securities of the Company then held by it) than any other holder, or (D) if the foregoing clauses (A), (B) and (C) do not apply, to persons
holding a majority of each type of the Registrable Securities to be included in such registration statement (a “Majority Amount”). 
 (b) Demand Registration Rights. 
 (1) Right to Demand. WP or the GW
Shareholders may make a written request to the Company for registration with the Securities and Exchange Commission (the “Commission”) under and in accordance with the provisions of the Securities Act of all or part of its
Registrable Securities. Within 10 days after receipt of any such request, the Company will serve written notice (the “Demand Notice”) of such registration request to WP and the GW Shareholders and the Company will include in such
registration all Registrable Securities of WP and the GW Shareholders with respect to which the Company has received written requests for inclusion therein within 15 Business Days after the receipt by the applicable holder of the Demand Notice. All
requests made pursuant to this Section 3(b)(1) (each, a “Demand Registration”) will specify the aggregate number and type of the Registrable Securities to be registered and will also specify the intended methods of disposition
thereof. WP shall be entitled to four Demand Registrations and the GW Shareholders shall be entitled to two Demand Registrations. 
 (2) Priority on Demand Registrations. If the managing underwriter or underwriters of a Demand Registration (or, in the case of a Demand Registration not being underwritten, if (A) WP (after
consultation with the GW Shareholders) if such Demand Registration is being made at the request of WP pursuant to Section 3(b), (B) the GW Shareholders (after consultation with WP) if such Demand Registration is being made at the request
of the GW Shareholders pursuant to Section 3(b), (C) if the foregoing clauses (A) and (B) do not apply, WP so long as WP either (i) holds at least 75% of the IPO Shares held by it at the time of the IPO Closing or
(ii) holds more of the Securities (in each case assuming exercise of all exchange, conversion and subscription rights with respect to all securities of the Company) than any other holder or (D) if the foregoing clauses (A), (B) and
(C) do not apply, a Majority Amount of each type of holders registering Registrable Securities therein) advise the Company in writing that in its or their opinion the number or type of securities proposed to be sold in such Demand Registration
exceeds the number which can be sold in such offering (a) at a price 

  
 8 

 
reasonably related to the then current market value of such securities, or (b) without otherwise materially and adversely affecting the entire offering, then the Company will include in such
registration only the number or type of securities which, in the opinion of such underwriter or underwriters (or holders, as the case may be) can be sold in such offering without the adverse effect referred to above, (x) first, Registrable
Securities requested to be included in such offering by the party or parties exercising a right to a Demand Registration, and (y) second, other securities of the Company proposed to be included in such offering, in accordance with the
priorities then existing among the Company and the holders of such other securities. 
 (3) Selection of Underwriters. If
any Demand Registration is an underwritten offering, (A) WP (after consultation with the GW Shareholders) if such Demand Registration is being made at the request of WP pursuant to Section 3(b), (B) the GW Shareholders (after
consultation with WP) if such Demand Registration is being made at the request of the GW Shareholders pursuant to Section 3(b), (C) if the foregoing clauses (A) and (B) do not apply, WP (after consultation with the GW
Shareholders), so long as WP is a participant in such underwritten offering and either (i) holds at least 75% of the IPO Shares held by it at the time of the IPO Closing or (ii) holds more of the Securities (in each case assuming exercise
of all exchange, conversion and subscription rights with respect to all securities of the Company) than any other holder or (D) if the foregoing clauses (A), (B) and (C) do not apply, the holders of a Majority Amount of each type of
the Registrable Securities to be included in such Demand Registration will select a managing underwriter or underwriters to administer the offering. 
 (c) Registration Procedures. With respect to any Piggyback or Demand Registration, the Company will, as expeditiously as practicable: 

(1) prepare and file with the Commission a registration statement which includes the Registrable Securities and use its
best efforts to cause such registration statement to become effective; provided that before filing a registration statement or prospectus or any amendments or supplements thereto, including documents incorporated by reference after the
initial filing of the registration statement, the Company will furnish to the holders of the Registrable Securities covered by such Registration Statement and the underwriters, if any, draft copies of all such documents proposed to be filed at least
five (5) business days prior thereto, which documents will be subject to the reasonable review of such holders and underwriters, and the Company will not file any registration statement or amendment thereto or any prospectus or any supplement
thereto (including such documents incorporated by reference) to which (A) WP (after consultation with the GW Shareholders), if such registration is a Demand Registration being made at the request of WP pursuant to Section 3(b),
(B) the GW Shareholders (after consultation with WP), if such registration is a Demand Registration being made at the request of the GW Shareholders pursuant to Section 3(b), (C) if the foregoing clauses (A) and (B) do not
apply, WP so long as WP is a participant in such underwritten offering and either (i) holds at least 75% of the IPO Shares held by it at the time of the IPO Closing or (ii) holds more of the Securities (in each case assuming exercise of
all exchange, conversion and subscription rights with respect to all securities of the Company then held by it) than any other holder or (D) if the foregoing clauses (A), (B) and (C) do not apply, holders of a Majority Amount of each
type of the Registrable Securities covered by such registration 

  
 9 

 
statement or the underwriters, if any, shall reasonably object, and will notify each holder of the Registrable Securities of any stop order issued or threatened by the Commission in connection
therewith and take all reasonable actions required to prevent the entry of such stop order or to remove it if entered; 
 (2) prepare and file with the Commission such amendments and post-effective amendments to the registration statement as may be necessary to keep the registration statement effective for a period of not
less than 90 days (or such shorter period which will terminate when all Registrable Securities covered by such registration statement have been sold or withdrawn, but not prior to the expiration of the 90-day period referred to in Section 4(3)
of the Securities Act and Rule 174 thereunder, if applicable); cause the prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act; and comply with the
provisions of the Securities Act applicable to it with respect to the disposition of all securities covered by such registration statement during the applicable period in accordance with intended methods of disposition by the sellers thereof set
forth in such registration statement or supplement to the prospectus. The Company shall not be deemed to have used its best efforts to keep a registration statement effective during the applicable period if it voluntarily takes any action that would
result in selling holders of the Registrable Securities covered thereby not being able to sell such Registrable Securities during that period unless such action is required under applicable law; 

(3) furnish to any holder of Registrable Securities included in such registration statement and the underwriter or
underwriters, if any, without charge, at least one signed copy of the registration statement and any post-effective amendment thereto, upon request, and such number of conformed copies thereof and such number of copies of the prospectus (including
each preliminary prospectus) and any amendments or supplements thereto, and any documents incorporated by reference therein, as such holder or underwriter may request in order to facilitate the disposition of the Registrable Securities being sold by
such holder (it being understood that the Company consents to the use of the prospectus and any amendment or supplement thereto by each holder holding Registrable Securities covered by the registration statement and the underwriter or underwriters,
if any, in connection with the offering and sale of the Registrable Securities covered by the prospectus or any amendment or supplement thereto); provided that before filing a registration statement or prospectus or any amendment or
supplements thereto, the Company will furnish to one counsel selected by (A) WP (after consultation with the GW Shareholders) if such registration is a Demand Registration being made at the request of WP pursuant to Section 3(b),
(B) the GW Shareholders (after consultation with WP), if such registration is a Demand Registration being made at the request of the GW Shareholders pursuant to Section 3(b), (C) if the foregoing clauses (A) and (B) do not
apply, WP so long as WP is a participant in such underwritten offering and either (i) holds at least 75% of the IPO Shares held by it at the time of the IPO Closing or (ii) holds more of the Securities (in each case assuming exercise of
all exchange, conversion and subscription rights with respect to all securities of the Company then held by it) than any other holder or (D) if the foregoing clauses (A), (B) or (C) do not apply, the holders of a Majority Amount of
each type of the Registrable Securities covered by such registration 

  
 10 

 
statement, copies of all documents proposed to be filed which documents will be subject to the review and comments of such counsel; 

(4) notify each holder of Registrable Securities included in such registration statement, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, when the Company becomes aware of the occurrence of any event as a result of which the prospectus included in such registration statement (as then in effect) contains any untrue
statement of a material fact or omits to state a material fact necessary to make the statements therein (in the case of the prospectus or any preliminary prospectus, in light of the circumstances under which they were made) not misleading and, as
promptly as practicable thereafter, prepare and file with the Commission and furnish a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(5) use its Best Efforts to cause all Registrable Securities included in such registration statement to be listed, by the
date of the first sale of Registrable Securities pursuant to such registration statement, on each securities exchange on which the Common Shares are then listed or proposed to be listed, if any; 

(6) make generally available to its security holders an earnings statement satisfying the provisions of Section 11(a)
of the Securities Act no later than 45 days after the end of the 12-month period beginning with the first day of the Company’s first fiscal quarter commencing after the effective date of the registration statement, which earnings statement
shall cover said 12-month period; 
 (7) make every reasonable effort to obtain the withdrawal of any order
suspending the effectiveness of the registration statement at the earliest possible moment; 
 (8) if requested
by the managing underwriter or underwriters or any holder of Registrable Securities covered by the registration statement, promptly incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or
underwriters or such holder requests to be included therein, including, without limitation, with respect to the number of Registrable Securities, being sold by such holder to such underwriter or underwriters, the purchase price being paid therefor
by such underwriter or underwriters and with respect to any other terms of the underwritten offering of the Registrable Securities to be sold in such offering; and promptly make all required filings of such prospectus supplement or post-effective
amendment; 
 (9) as promptly as practicable after filing with the Commission of any document which is
incorporated by reference into a registration statement, deliver a copy of such document to each holder of Registrable Securities covered by such registration statement; 

  
 11 

 (10) on or prior to the date on which the registration statement is declared
effective, use its Best Efforts to register or qualify, and cooperate with the holders of Registrable Securities included in such registration statement, the underwriter or underwriters, if any, and their counsel, in connection with the registration
or qualification of the Registrable Securities covered by the registration statement for offer and sale under the securities or blue sky laws of each state and other jurisdiction as any such holder or underwriter reasonably requests in writing, to
use its best efforts to keep each such registration or qualification effective, including through new filings, or amendments or renewals, during the period such registration statement is required to be kept effective and to do any and all other acts
or things necessary or advisable to enable the disposition in all such jurisdictions of the Registrable Securities covered by the applicable registration statement; provided that the Company will not be required to qualify generally to do
business in any jurisdiction where it is not then so qualified or to take any action which would subject it to general service of process in any such jurisdiction where it is not then so subject; 

(11) cooperate with the holders of Registrable Securities covered by the registration statement and the managing
underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, and enable such securities to be in
such denominations and registered in such names as the managing underwriter or underwriters, if any, or such holders may request; 
 (12) use its Best Efforts to cause the Registrable Securities covered by the registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary
to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such securities; 
 (13) enter into such customary agreements (including, without limitation, an underwriting agreement in customary form) and take all such other actions (A) WP (after consultation with the GW
Shareholders), if such registration is a Demand Registration being made at the request of WP pursuant to Section 3(b), (B) the GW Shareholders (after consultation with WP) if such registration is a Demand Registration being made at the
request of the GW Shareholders pursuant to Section 3(b), (C) if the foregoing clauses (A) or (B) do not apply, WP so long as WP is a participant in such underwritten offering and either (i) holds at least 75% of the IPO
Shares held by it at the time of the IPO Closing or (ii) holds more of the Securities (in each case assuming exercise of all exchange, conversion and subscription rights with respect to all securities of the Company then held by it) than any
other holder or (D) if the foregoing clauses (A), (B) and (C) do not apply, the holders of a Majority Amount of each type of the Registrable Securities being sold or the underwriters retained by the holders participating in an
underwritten public offering, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities; 
 (14) make available for inspection by any holder of Registrable Securities included in such registration statement, any underwriter participating in any disposition

  
 12 

 
pursuant to such registration statement, and any attorney, accountant or other agent retained by any such seller or underwriter (collectively, the “Inspectors”), all financial
and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”) as shall be reasonably necessary to enable the Inspectors to exercise their due diligence responsibility, and cause the
Company’s officers, directors and employees to supply all information reasonably requested by any such Inspector in connection with such registration statement; provided that Records which the Company determines, in good faith, to be
confidential and which it notifies the Inspectors are confidential shall not be disclosed to the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in the registration statement or
(ii) the release of such records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction; provided further, however, that any decision not to disclose information pursuant to clause (i) shall
be made after consultation with counsel for the Company and counsel for such Inspectors; and each holder of Registrable Securities included in such registration statement agrees that it will, upon learning that disclosure of such Records is sought
in a court of competent jurisdiction, give notice to the Company and allow the Company, at the Company’s expense to undertake appropriate action to prevent disclosure of the Records deemed confidential; 

(15) use its Best Efforts to obtain a cold comfort letter from the Company’s independent public accountants and an
opinion of outside counsel to the Company, each in customary form and covering such matters of the type customarily covered by cold comfort letters or opinions of counsel, as the case may be, as (A) WP, if such registration is a Demand
Registration being made at the request of WP pursuant to Section 3(b), (B) the GW Shareholders, if such registration is a Demand Registration being made at the request of the GW Shareholders pursuant to Section 3(b), (C) if the
foregoing clauses (A) and (B) do not apply, WP so long as WP is a participant in such underwritten Offering and either (i) holds at least 75% of the IPO Shares held by it at the time of the IPO Closing or (ii) holds more of the
Securities (in each case assuming exercise of all exchange, conversion and subscription rights with respect to all securities of the Company then held by it) than any other holder or (D) if the foregoing clauses (A), (B) and (C) do
not apply, the holders of a Majority Amount of each type of the Registrable Securities being sold reasonably request; 
 (16) cooperate with each seller of Registrable Securities and each underwriter participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings
required to be made with the NASD; and 
 (17) use its reasonable efforts to take all other steps necessary to
effect the registration of the Registrable Securities contemplated hereby. 
 Each holder of Registrable Securities, upon
receipt of any notice from the Company of the happening of any event of the kind described in Section 3(c)(4) will forthwith discontinue disposition of the Registrable Securities until such holder’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 3(c)(4) or until it is advised in writing (the “Advice”) by the Company that the use of the prospectus may be resumed and has

  
 13 

 
received copies of any additional or supplemental filings which are incorporated by reference in the prospectus, and, if so directed by the Company, such holder will, or will request the managing
underwriter or underwriters, if any, to deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such holder’s possession, of the prospectus covering such Registrable Securities current at the
time of receipt of such notice. In the event the Company shall give any such notice, the time periods mentioned in Section 3(c)(2) shall be extended by the number of days during the period from and including the date of the giving of such
notice to and including the date when each seller of Registrable Securities covered by each registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 3(c)(4) or the Advice.

 (d) Holdback Arrangements. 
 (1) Restrictions on Public Sale by Holders of Registrable Securities. To the extent not inconsistent with applicable law, each holder whose Registrable Securities are included in an underwritten
registration statement agrees not to effect any public sale or distribution of the securities being registered or a similar security of the Company, or any securities convertible into or exchangeable or exercisable for such securities, including a
sale pursuant to Rule 144 under the Securities Act, during the 14 days prior to, and during the 30-day period beginning on, the effective date of such registration statement, if and to the extent requested by the managing underwriter or underwriters
of such underwritten public offering, other than pursuant to such underwritten public offering. 
 (2) Restrictions on Public
Sale by the Company and Others. The Company and the Shareholders agree (i) not to effect any public sale or distribution of any securities similar to those being registered, or any securities convertible into or exchangeable or exercisable
for such securities (other than any such sale or distribution of such securities pursuant to registration of such securities on Form S-4 or S-8 or any successor forms or comparable foreign forms or any such sale or distribution of such securities in
connection with any merger or consolidation involving the Company or a Subsidiary or the acquisition by the Company or a Subsidiary of the capital equity or substantially all of the assets of any other Person), during the 14 days prior to, and
during the 30-day period beginning on, the effective date of any registration statement except as part of such registration statement; and (ii) that any agreement entered into after the date of this Agreement pursuant to which the Company
issues or agrees to issue any privately placed securities shall contain a provision under which holders of such securities agree not to effect any public sale or distribution of any such securities during the periods described in (i) above, in
each case including a sale pursuant to Rule 144 (or any similar provision then in force) under the Securities Act (except as part of any such registration, if permitted); provided, however, that the provisions of this
Section 3(d)(2) shall not prevent the conversion or exchange of any securities pursuant to their terms into or for other securities. 
 (3) Other Registrations. If the Company has previously filed a registration statement with respect to any of its Registrable Securities, and if such previous registration has not been withdrawn or
abandoned, the Company will not file or cause to be effected any other registration of any of its Registrable Securities under the Securities Act (except on Form S-4 or S-8 or any successor forms or comparable foreign forms), whether on its own
behalf or at the 

  
 14 

 
request of any holder or holders of Registrable Securities, until a period of at least six months has elapsed from the effective date of such previous registration (provided that in the
case of a Demand Registration such period shall commence on the date the Company is first served the Notice and shall continue until at least six months have elapsed from the effective date of such Demand Registration). 

(e) Registration Expenses. All of the costs and expenses of each registration hereunder, including, without limitation, all
registration and filing fees, all fees and expenses associated with filings required to be made with the NASD (including, if applicable, the fees and expenses of any “qualified independent underwriter” as such term is defined in Schedule E
of the By-laws of the NASD, and of its counsel), as may be required by the rules and regulations of the NASD, fees and expenses of compliance with securities or blue sky laws of any jurisdiction (including reasonable fees and disbursements of
counsel in connection with blue sky qualifications of the Registrable Securities), printing expenses, messenger and delivery expenses, the Company’s internal expenses (including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, and fees and disbursements of counsel for the Company and its independent
certified public accountants (including the expenses of any special audit or comfort letters required by or incident to such performance), Securities Act liability insurance (if the Company elects to obtain such insurance), the fees and expenses of
any special experts retained by the Company in connection with such registration, fees and expenses of other persons retained by the Company, reasonable fees and expenses of one counsel for the holders of the Registrable Securities in connection
with each registration hereunder (but not including any underwriting fees, discounts or commissions attributable to the sale of Registrable Securities which shall be for the account of such holders) and any reasonable out-of-pocket expenses of the
holders of the Registrable Securities (or agents who manage their accounts) (all such expenses being herein called “Registration Expenses”), will be borne by the Company. 

(f) Indemnification; Contribution. 
 (1) Indemnification by the Company. The Company agrees to indemnify and hold harmless each selling holder of Registrable Securities, its officers, directors, agents, employees, partners and
Affiliates and each Person, if any, who controls such selling holder within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), from and
against any and all losses, claims, damages, liabilities and expenses (including reasonable costs of investigation) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any registration
statement or prospectus relating to the Registrable Securities or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or based upon any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or expenses arise out of, or are based upon, any such untrue statement or omission based upon information with
respect to such selling holder furnished in writing to the Company by such selling holder expressly for use therein. The Company also agrees to indemnify any underwriters of the Registrable Securities, their officers, directors, agents, 

  
 15 

 
employees, partners and Affiliates and each Person who controls such underwriters on substantially the same basis as that of the indemnification of the selling holders provided in this
Section 3(f). 
 (2) Conduct of Indemnification Proceedings. If any action or proceeding (including any governmental
investigation) shall be brought or asserted against any selling holder (or any of its officers, directors, agents, employees, partners or Affiliates) or any Person controlling any such selling holder in respect of which indemnity may be sought from
the Company, the Company shall be permitted, unless in the reasonable judgment of such indemnified party a conflict of interest may exist between such indemnified party and the Company with respect to such claim, to assume the defense thereof,
including the employment of counsel reasonably satisfactory to such selling holder, and shall assume the payment of all expenses. Whether or not such defense is assumed by the Company, the Company shall not be liable for any settlement of any such
action or proceeding effected without its written consent (but such consent will not be unreasonably withheld). The Company will not consent to entry of any judgment or enter into any settlement which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation. If the Company is not entitled to, or elects not to, assume the defense of a claim, it will not be
obligated to pay the fees and expenses of more than one counsel with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified
parties with respect to such claim, in which event the Company shall be obligated to pay the fees and expenses of such additional counsel or counsels. Any selling holder entitled to indemnification hereunder agrees to give prompt written notice to
the Company after the receipt by such selling holder of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof made in writing for which such selling holder will claim indemnification or
contribution pursuant to this Agreement. 
 (3) Indemnification by Holders of Registrable Securities. Each selling holder
of Registrable Securities agrees to indemnify and hold harmless the Company, its officers, directors, agents, employees, partners and Affiliates, and each Person, if any, who controls the Company within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to the selling holders of Registrable Securities, but only with respect to information furnished in writing by such selling holder
with respect to such selling holder expressly for use in any registration statement or prospectus relating to the Registrable Securities which contained a material misstatement of fact or omission of a material fact, or any amendment or supplement
thereto, or any preliminary prospectus. In no event shall the liability of any selling holder hereunder be greater in amount than the dollar amount of the proceeds received by such selling holder upon the sale of the Registrable Securities giving
rise to such indemnification obligation. In case any action or proceeding shall be brought against the Company or its officers, directors, agents, employees, partners or Affiliates, or any such controlling Person, in respect of which indemnity may
be sought against any selling holder, such selling holder shall have the rights and duties given to the Company, and the Company or its officers, directors, agents, employees, partners or Affiliates, or such controlling Person shall have the rights
and duties given to such selling holders by Section 3(f)(2). Each selling holder of Registrable Securities also agrees to 

  
 16 

 
indemnify and hold harmless underwriters of the Registrable Securities, their officers, directors, agents, employees, partners and Affiliates, and each Person who controls such underwriters on
substantially the same basis as that of the indemnification of the Company provided in this Section 3(f)(3). 
 (4)
Contribution. If the indemnification provided for in this Section 3(f) is unavailable to the Company, the selling holders or the underwriters in respect of any losses, claims, damages, liabilities or judgments referred to herein, then
each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities and judgements in such proportion as is
appropriate to reflect the relative fault of the indemnifying parties and indemnified parties in connection with such statements or omissions which resulted in such losses, claims, damages, liabilities or judgments, as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and indemnified parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 3(f)(4) were determined by
pro rata allocation or by any other method of allocation which does not take account of the equitable consideration referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses,
claims, damages, liabilities, or, judgments referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 3(f)(4), no underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the
Registrable Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission, and no selling holder shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities of such selling holder were offered to the public exceeds the amount
of any damages which such selling holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (g) Participation in Underwritten Registrations. No holder of Registrable Securities may participate in any underwritten registration hereunder unless such holder (a) agrees to sell its
securities on the basis provided in any underwriting arrangements approved by the holders as provided herein and (b) completes and executes all questionnaires, powers of attorneys, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements and these registration rights. 

  
 17 

 (h) Rule 144 Etc. The Company covenants that it will file any reports required to be
filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder (or, if the Company is not required to file such reports, it will, upon the request of any holder of Registrable Securities,
make publicly available other information so long as necessary to permit sales under Rule 144, Rule 144A and Regulation S under the Securities Act) that it will take such further action as the holders of Registrable Securities may reasonably
request, all to the extent required from time to time to enable the holders of Registrable Securities to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144,
Rule 144A or Regulation S under the Securities Act, as such Rules or such Regulation may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the Commission. 

(i) Other Registration Rights. The Company will not grant any Person any demand or piggyback registration rights with respect to
its securities other than registration rights that would not be inconsistent with the terms of this Section 3. The Company will not have the right to piggyback on any Demand Registration and the Company will not grant any registration rights
that would permit any Person the right to piggyback on any Demand Registration. 
 (j) Termination. This Section 3
shall continue in full force and effect until none of the Securities are Registrable Securities, except that paragraph (f) shall survive any termination of this Section 3. 

  
 18 

 Section 4. Miscellaneous. 

(a) Stop Transfer Order. The Company may enter a stop transfer order with the transfer agent or agents of voting securities
against the transfer of voting securities except in compliance with the requirements of this Agreement. The Company agrees to remove promptly any stop transfer order with respect to certificates for any voting securities that are no longer subject
to the restrictions contained in this Agreement. 
 (b) Binding Effect. Unless otherwise provided herein, the provisions
of this Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective successors, assigns and transferees. 
 (c) Entire Agreement. This Agreement, together with the 1999 Shareholders’ Agreement and the 1999 Standstill Agreement, represents the entire understanding and agreement between the parties
hereto with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties, including, without limitation, the Amended and Restated
Shareholders’ Agreement, dated as of June 16, 1994, among WP, the GW Shareholders and the Company. 
 (d)
Amendments, Etc. This Agreement can be amended, supplemented or changed, and any provision hereof can be waived, only by written instrument signed by the party against whom enforcement of any such amendment, supplement, modification or waiver
is sought. 
 (e) Severability. If any provision of this Agreement is invalid or unenforceable, the balance of this
Agreement shall remain in full force and effect and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted. 
 (f) Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 

(g) Notices. All communications provided for under this Agreement shall be in writing and shall be delivered by hand, by telecopy,
telegram or telex, or by mail (registered or certified mail, postage prepaid, return receipt requested) to the following addresses, or such other addresses as shall be given by notice delivered hereunder, and shall be deemed to have been given on
the day of such hand delivery thereof or the third business day after such mailing: 
 If to WPLP, WPOP, WPPN or

 the Michael J. Biondi Voting Trust, to such party: 

c/o Wasserstein Perella Management Partners, Inc. 

31 West 52nd Street 
 26th Floor 
 New York, New York 10019 

  
 19 

 Telecopier: (212) 969-7836 

Attention: W. Townsend Ziebold 
 with a copy to: 
 Stikeman, Elliott 

Suite 5300 
 Commerce Court West 
 Toronto, Ontario 

M5L1B9 
 Telecopier: (416) 947-0866 
 Attention: Marvin Yontef/Mihkel
Voore 
 and a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 919 Third
Avenue 
 New York, NY 10022 

Telecopier: (212) 735-2000 
 Attention: Robert Chilstrom/Avinash Ganatra 
 If to Wechsler, to:

 Bradley J. Wechsler 
 88 East Middle Patent Road 
 Bedford, New York 10506 

with a copy to: 
 Shearman & Sterling 
 599 Lexington Avenue 

New York, New York 10022 
 Telecopier: (212) 848-7179 
 Attention: Peter D. Lyons

 If to Gelfond, to: 
 Richard L. Gelfond 

            2 Squabble Lane 

Southampton, New York 11969 
 with a copy to: 
 Shearman & Sterling 

599 Lexington Avenue 
 New York, New York 10022 

  
 20 

 Telecopier: (212) 848-7179 

Attention: Peter D. Lyons 
 If to the Company, to: 
 Imax Corporation 

110 East 59th Street 
 Suite 2100 
 New York, New York 10022 

Telecopier: (212) 371-5510 
 Attention: Chief Executive Officer 
 With a copy to: 

Imax Corporation 
 2525 Speakman Drive 
 Mississauga, Ontario 

L5K 1B1 Canada 
 Telecopier: (905) 403-6468 
 Attention: Corporate Secretary

 and a copy to: 
 McCarthy Tétrault 
 Suite 4700 

Toronto Dominion Bank Tower 
 Toronto Dominion Centre 
 Toronto, Ontario 

M5K 1E6 Canada 
 Telecopier: (416) 868-0673 
 Attention: Garth M. Girvan

  
 21 

 and a copy to: 

Shearman & Sterling 
 599 Lexington Avenue 
 New York, New York 10022 

Telecopier: (212) 848-7179 
 Attention: Peter D. Lyons 
 or to such other Persons or at such other addresses as shall be
furnished by any such party by like notice given to the other parties of this Agreement. 
 (h) Governing Law; Submission to
Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of laws. Each of the parties hereto hereby irrevocably consents to personal
jurisdiction and venue in any court of the State of New York or any Federal court sitting in the Southern District of New York for the purposes of any suit, action or other proceeding arising out of this Agreement or any of the agreements or
transactions contemplated hereby, which is brought by or against such party, and hereby agrees that all claims in respect of any such suit, action or proceeding may be heard and determined in any such court. Each of the parties hereto hereby
irrevocably consents to the service of process of any of the aforementioned courts in any such suit, action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to such party at its address set forth
above, such service to become effective ten (10) days after such mailing. ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM OR ACTION ARISING OUT OF THIS AGREEMENT OR CONDUCT IN CONNECTION WITH THIS AGREEMENT IS HEREBY WAIVED. 

(i) Injunctive Relief. The Company and the Shareholders recognize that in the event they fail to perform, observe or discharge any
of their respective obligations or liabilities under this Agreement, no remedy at law will provide adequate relief to the injured parties, and agree that the injured parties shall be entitled to temporary and permanent injunctive relief in any such
case without the necessity of proving actual damages and without being required to post a bond or other security. 
 (j)
Termination. This Agreement shall terminate if at any time WP ceases to own at least 10% of the IPO Shares owned by them at the time of the IPO Closing, except that (i) the provisions of Section 2(c) shall terminate on April 1,
2001 and (ii) the provisions of Section 3 hereof shall terminate as provided in Section 3(j), except as otherwise provided therein. 
 (k) Limitation of Liability. No personal liability or responsibility of either GW Shareholder or any partner or shareholder of WP shall at any time be enforceable against either GW Shareholder or
any partner or shareholder of WP on account of any representation, warranty, undertaking, covenant or agreement made by it hereunder, either express or implied, all such 

  
 22 

 
personal liability, if any, being expressly waived by each party to this Agreement and by all Persons claiming by, through or under any such party, provided that any party to this
Agreement making claim hereunder may realize upon the Securities held by either the GW Shareholder and each partner or shareholder of WP at such time for satisfaction of the same. 

(l) Execution in Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in counterparts,
each of which shall be deemed an original and all of which shall constitute one and the same instrument. 

  
 23 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed
as of the day and year first above written. 
  

			
	 WASSERSTEIN PERELLA PARTNERS, L.P.
  

By   WASSERSTEIN PERELLA MANAGEMENT
                CK
PARTNERS, INC., its General Partner

		
	By:	 	/s/ W. Townsend Ziebold
		 	Name:    W. Townsend Ziebold
		 	Title:      Vice President

  

			
	 WASSERSTEIN PERELLA OFFSHORE PARTNERS, L.P.
  

By   WASSERSTEIN PERELLA MANAGEMENT

            CK PARTNERS, INC., its General Partner

		
	By:	 	/s/ W. Townsend Ziebold
		 	 Name:    W. Townsend Ziebold
 Title:      Vice President

  

			
	WPPN, INC.
		
	By:	 	/s/ James C. Kingsbury
		 	 Name:    James C. Kingsbury
 Title:      Treasurer and Secretary

  

			
	MICHAEL J. BIONDI VOTING TRUST
		
	By:	 	/s/ James C. Kingsbury
		 	 Name:    James C. Kingsbury
 Title:      Attorney-in-Fact

  

			
	/s/ Richard L. Gelfond
	Richard L. Gelfond

  
 24 

 
			
	/s/ Bradley J. Wechsler
	Bradley J. Wechsler

  

			
	IMAX CORPORATION
		
	By:	 	/s/ John M. Davison
		 	 Name:     John M. Davison
 Title:       Director

  

			
	By:	 	/s/ Garth M. Girvan
		 	 Name:     Garth M. Girvan
 Title:       Director

  
 25

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