Document:

RESTATED EMPLOYMENT
AGREEMENT/CONSULTING AGREEMENT 

        THIS
AGREEMENT (this “Agreement”) by and between Oshkosh Truck Corporation, a
Wisconsin corporation (the “Company”), and Daniel J. Lanzdorf (“Mr.
Lanzdorf”), dated as of the 25th day of June, 2004. 

WITNESSETH THAT 

        WHEREAS,
Mr. Lanzdorf and the McNeilus Companies, Inc. (the “Prior Employer”) have in
effect an Employment Agreement dated April 24, 1998 (the “Prior Employment
Agreement”), pursuant to which Mr. Lanzdorf was employed in the position of President
of the Prior Employer; 

        WHEREAS,
Mr. Lanzdorf ceased serving as President of the Prior Employer and as Executive Vice
President of the Company on May 19, 2004; 

        WHEREAS,
the Company desires Mr. Lanzdorf to remain employed as an advisor to the Chief Executive
Officer and President of the Company for a specified period of time and desires Mr.
Lanzdorf to thereafter serve as a consultant to the Company and its affiliates on
designated matters; 

        WHEREAS,
Mr. Lanzdorf wishes to serve the Company and its affiliates in the capacities and on the
terms and conditions set forth in this Agreement, which is intended to restate the Prior
Employment Agreement. 

        NOW
THEREFORE, it is hereby agreed as follows: 

PART I.    EMPLOYMENT
AGREEMENT  

	 	1. 	Employment
Period. The Company shall employ Mr. Lanzdorf,           and Mr. Lanzdorf
shall serve the Company, on the terms and conditions set forth           in this Part I
and in Part III of this Agreement, for a period commencing on May           20, 2004 and
ending on May 19, 2005, subject to earlier termination in           accordance with
Section 4 of this Part I. The term during which Mr. Lanzdorf is           employed by the
Company hereunder is hereafter referred to as the           “Employment Period.”

	 	2. 	Position
and Duties. 

	 	(a) 	During
the Employment Period, Mr. Lanzdorf shall serve as Senior Advisor to the           Chief
Executive Officer of the Company (“CEO”) with such duties and
          responsibilities relating to the Company and its affiliates as may from time to
          time be assigned to him by the CEO.  

	 	(b) 	During
the Employment Period, and excluding any periods of vacation and sick           leave to
which Mr. Lanzdorf is entitled, Mr. Lanzdorf shall devote his full           attention
and time during normal business hours to the business and affairs of           the
Company and its said affiliates and, to the extent necessary to discharge           the
responsibilities assigned to Mr. Lanzdorf under this Agreement, use Mr.           Lanzdorf’s
reasonable best efforts to carry out such responsibilities           faithfully and
efficiently. It shall not be considered a violation of the           foregoing for Mr.
Lanzdorf to serve on industry, civic, or charitable boards or           committees, so
long as such activities do not significantly interfere with the           performance of
Mr. Lanzdorf’s responsibilities as an employee of the           Company in
accordance with this Agreement.  

	 	3. 	Compensation. 

	 	(a) 	Base
Salary. Mr. Lanzdorf shall receive salary during the           Employment
Period based on an annual rate of three hundred thousand dollars           ($300,000.00)
payable in accordance with the Company’s regular payroll           practice, as in
effect from time to time.  

	 	(b) 	Bonus
Compensation. For the fiscal year ended September 30,           2004, Mr.
Lanzdorf shall be eligible to receive an annual cash bonus determined           under the
Company’s Incentive Compensation Plan under the terms in effect           for Mr.
Lanzdorf, but the amount Mr. Lanzdorf would be entitled to receive under           such
plan in respect of the Company’s performance during the fiscal year           ended
September 30, 2004 will be prorated to reflect Mr. Lanzdorf’s
          participation in such plan only from October 1, 2003 through May 31, 2004. Mr.
          Lanzdorf shall not be entitled to receive any other annual or long-term bonus
          compensation for any period prior to the Employment Period or during or
relating           to the Employment Period or any part of the Employment Period.  

	 	(c) 	Vacations
and Holidays. Mr. Lanzdorf shall be entitled to           receive twenty
(20) days of paid vacation during the Employment Period together           with the paid
holidays available to all other personnel.  

	 	(d) 	Fringe
Benefits. Except as otherwise provided in this           Agreement, during
the Employment Period, Mr. Lanzdorf shall be entitled to           participate in the
fringe benefit plans and programs in effect from time to time           for salaried
employees of the Company generally, including medical and dental           insurance,
expense reimbursements, pension and retirement benefits and other           similar
benefits.  

	 	(e) 	SERP.
Mr. Lanzdorf’s participation in the           Company’s Executive Retirement
Plan (the “SERP”) shall cease as           of May 20, 2004. Mr. Lanzdorf shall
be entitled to receive a payment from the           SERP in the amount and at such time
as the SERP provides based on his           participation in the SERP ending May 20,
2004.  

	 	(f) 	KEESA.
The Key Executive Employment and Severance Agreement           between the Company and
Mr. Lanzdorf terminated as of May 20, 2004, and the           Company and Mr. Lanzdorf
shall have no further rights or obligations thereunder.  

	 	(g) 	Stock
Awards. Mr. Lanzdorf will not receive additional           option grants
or other stock-related awards under any plan of the Company.  

	 	(h) 	Withholding.
All payments made under this Part I shall be           subject to withholding or
deduction by reason of the Federal Insurance           Contributions Act, the federal
income tax and state or local income tax and           similar laws, to the extent such
laws apply to such payments.  

	 	4. 	Termination
of Employment. 

	 	(a) 	Death
or Disability. Mr. Lanzdorf’s employment shall           terminate
automatically upon Mr. Lanzdorf’s death during the Employment           Period. The
Company shall be entitled to terminate Mr. Lanzdorf’s           employment because
of Mr. Lanzdorf’s Disability during the Employment           Period. “Disability” means
that (i) Mr. Lanzdorf has been unable, for           a period of one hundred eighty (180)
consecutive days, to perform Mr.           Lanzdorf’s duties under this Agreement,
as a result of physical or mental           illness or injury, and (ii) a physician
selected by the Company or its insurers,           and acceptable to Mr. Lanzdorf or Mr.
Lanzdorf’s legal representative, has           determined that Mr. Lanzdorf’s
incapacity will continue. A termination of           Mr. Lanzdorf’s employment by
the Company for Disability shall be           communicated to Mr. Lanzdorf by written
notice, and shall be effective on the           thirtieth (30th) day after
receipt of such notice by Mr. Lanzdorf           (the “Disability Effective date”),
unless Mr. Lanzdorf returns to           full-time performance of Mr. Lanzdorf’s
duties before the Disability           Effective Date.  

	 	(b) 	By
the Company.  

	 	(i) 	The
Company may terminate Mr. Lanzdorf’s employment during the Employment
          Period for Cause or without Cause. “Cause” means:  

	 	A. 	The
willful and continued failure of Mr. Lanzdorf to substantially perform Mr.
          Lanzdorf’s duties under this Agreement (other than as a result of physical
          or mental illness or injury), after the CEO delivers to Mr. Lanzdorf a written
          demand for substantial performance that specifically identifies the manner in
          which the CEO believes that Mr. Lanzdorf has not substantially performed Mr.
          Lanzdorf’s duties;  

	 	B. 	Illegal
conduct or gross misconduct by Mr. Lanzdorf, in either case that is           willful and
results in material and demonstrable damage to the business or           reputation of
the Company or its affiliates; or  

	 	C. 	Violation
of any of the covenants set forth under Sections 3, 4, 6 and 8 of           Part III
of this Agreement.  

	 	
No
act or failure to act on the part of Mr. Lanzdorf shall be considered “willful”unless
it is done, or omitted to be done, by Mr. Lanzdorf in bad faith or without reasonable
belief that Mr. Lanzdorf’s action or omission was in the best interests of the
Company. 

	 	(ii) 	A
termination of Mr. Lanzdorf’s employment for Cause or without Cause shall
               be effected by the CEO upon written notice to Mr. Lanzdorf.  

	 	(c) 	Good
Reason.  

	 	(i) 	Mr.
Lanzdorf may terminate employment for Good Reason or without Good Reason.
               “Good Reason” means:  

	 	A. 	Any
failure by the Company to comply with any provision of Section 3 of this
               Part I, other than an isolated, insubstantial and inadvertent failure that
is                not taken in bad faith and is remedied by the Company promptly after
receipt of                written notice thereof from Mr. Lanzdorf;  

	 	B. 	Any
purported termination of Mr. Lanzdorf’s employment by the Company for a
               reason or in a manner not expressly permitted by this Agreement; or  

	 	C. 	Any
other substantial breach of this Agreement by the Company that either is not
               taken in good faith or is not remedied by the Company promptly after
receipt of                written notice thereof from Mr. Lanzdorf.  

	 	(ii) 	A
termination of employment by Mr. Lanzdorf for Good Reason shall be effected by
               giving the Company written notice (“Notice of Termination for Good
               Reason”) of the termination within three (3) months of the event
               constituting Good Reason, setting forth in reasonable detail the specific
               conduct of the Company that constitutes Good Reason and the specific
               provision(s) of this Agreement on which Mr. Lanzdorf relies. A termination
of                employment by Mr. Lanzdorf for Good Reason shall be effective on the
fifth                business day following the date when the Notice of Termination for
Good Reason                is given, unless the notice sets forth a later date (which
date shall in no                event be later than thirty (30) days after the notice is
given).  

	 	(iii) 	A
termination of Mr. Lanzdorf’s employment by Mr. Lanzdorf without Good
               Reason shall be effected by giving the Company written notice of the
               termination.  

	 	(d) 	Date
of Termination. The “Date of Termination”               means
the date of Mr. Lanzdorf’s death, the Disability Effective Date, the
               date on which the termination of Mr. Lanzdorf’s employment by the
Company                for Cause or without Cause or by Mr. Lanzdorf for Good Reason is
effective, the                date on which Mr. Lanzdorf gives the Company notice of a
termination of                employment without Good Reason, or the expiration of the
Employment Period if                Mr. Lanzdorf remains an employee until May 19, 2005,
as the case may be.  

	 	5. 	Consequences
of Termination. 

	 	(a) 	By
the Company other than for Cause, Death or Disability; by Mr. Lanzdorf                for
Good Reason. If, during the Employment Period, the Company
               terminates Mr. Lanzdorf’s employment, other than for Cause, death, or
               Disability, or Mr. Lanzdorf terminates employment for Good Reason, then
the                Company shall continue to provide Mr. Lanzdorf with the compensation
and fringe                benefits as set forth in paragraphs (a) and (d) of Section 3 of
this Part I as                if he had remained employed by the Company pursuant to this
Agreement through                May 19, 2005, subject to Mr. Lanzdorf’s execution
of a release of all                claims against the Company and its affiliates, and its
and their past, present                and future employees, directors, officers, agents,
shareholders, insurers,                attorneys, executors, successors, assigns and
other representatives of any kind,                in such form as is requested by the
Company. The payments provided pursuant to                this paragraph (a) are intended
as liquidated damages for a termination of Mr.                Lanzdorf’s employment
by the Company other than for Cause, death or                Disability or for the
actions of the Company leading to a termination of Mr.                Lanzdorf’s
employment by Mr. Lanzdorf for Good Reason, and shall be the                sole and
exclusive remedy therefor.  

	 	(b) 	Death
and Disability. If Mr. Lanzdorf’s employment is
               terminated by reason of Mr. Lanzdorf’s death or Disability during the
               Employment Period, then the Company shall pay to Mr. Lanzdorf or, in the
case of                Mr. Lanzdorf’s death, to Mr. Lanzdorf’s estate or legal
               representative, in a lump sum in cash within thirty (30) days after the
Date of                Termination, the sum of the following amounts (the “Accrued
               Obligations”): (1) any portion of Mr. Lanzdorf’s salary through
the                Date of Termination that has not yet been paid; (2) an amount
representing the                cash bonus due (if any) described in Section 3(b) of this
Part I; and (3) any                accrued but unpaid vacation pay, and the Company shall
have no further                obligations under this Agreement, except as specified in
Part III, Section 1                below.  

	 	(c) 	By
the Company for Cause; By Mr. Lanzdorf Other than for Good                Reason.
If Mr. Lanzdorf’s employment is terminated by the                Company for Cause
during the Employment Period, then the Company shall pay Mr.                Lanzdorf any
portion of Mr. Lanzdorf’s salary through the Date of                Termination that
has not yet been paid, and the Company shall have no further                obligations
under this Agreement, except as specified in Part III, Section 1                below. If
Mr. Lanzdorf voluntarily terminates employment during the Employment
               Period, other than for Good Reason, then the Company shall pay to Mr.
Lanzdorf:                (1) any portion of Mr. Lanzdorf’s salary through the Date
of Termination                that has not yet been paid and (2) any accrued vacation
pay, both payable in a                lump sum in cash within thirty (30) days of the
Date of Termination, and the                Company shall have no further obligations
under this Agreement, except as                specified in Part III, Section 1 below.  

	 	(d) 	Expiration
of Employment Period. If Mr. Lanzdorf’s                employment
terminates due to the expiration of the Employment Period on May 19,                2005,
then the Company shall pay to Mr. Lanzdorf: (1) any portion of Mr.                Lanzdorf’s
salary through the Date of Termination that has not yet been                paid and (2)
any accrued vacation pay, both payable in a lump sum in cash within                thirty
(30) days of the Date of Termination, and the Company shall have no
               further obligations under this Agreement, except as specified in Part II
and in                Part III, Section 1 below.  

	 	(e) 	Termination.
Any termination of Mr. Lanzdorf’s                employment for purposes of this
Agreement shall constitute termination of his                employment for all other
purposes.  

	 	(f) 	Effect
of Termination on Consulting Agreement. If Mr.                Lanzdorf’s
employment terminates during the Employment Period as a result                of death or
Disability, due to termination by the Company for Cause, or due to
               termination by Mr. Lanzdorf for other than Good Reason, then the Company’s
               obligation to engage Mr. Lanzdorf as a consultant pursuant to Part II of
this                Agreement shall immediately terminate on the date thereof, and the
Company shall                have no further obligations under this Agreement (including
but not limited to                the obligation to make a payment pursuant to Section 5
of Part II of this                Agreement) except as described in Section 1 of Part III
below. If Mr.                Lanzdorf’s employment is terminated due to termination
by the Company                without Cause, or by Mr. Lanzdorf for Good Reason, then the
provisions of Part                II of this Agreement shall continue to apply.  

PART II.    CONSULTING
AGREEMENT 

	 	1. 	Consulting
Period. Subject to paragraph (f) of Section 5 of           Part I of this
Agreement and subject to Mr. Lanzdorf’s execution of the           release specified
below, the Company shall engage Mr. Lanzdorf as a consultant,           and Mr. Lanzdorf
shall serve the Company as a consultant, on the terms and           conditions set forth
in this Part II and in Part III of this Agreement, for a           period commencing on
May 20, 2005 and ending on May 19, 2007, subject to earlier           termination in
accordance with Section 4 of this Part II. The term during which           Mr. Lanzdorf
serves as a consultant hereunder is hereafter referred to as the           “Consulting
Period.” During the Consulting Period, Mr. Lanzdorf’s           status shall be
that of an independent contractor. The effectiveness of this           Part II shall be
contingent on Mr. Lanzdorf’s execution of a release of all           claims against
the Company and its affiliates, and its and their past, present           and future
employees, directors, officers, agents, shareholders, insurers,           attorneys,
executors, successors, assigns and other representatives of any kind,           in such
form as is requested by the Company, relating to the Employment Period.           If Mr.
Lanzdorf fails to execute such a release, the Company shall have no           further
obligations under this Agreement (including but not limited to the           obligation
to make a payment pursuant to Section 5 of this Part II) except as           described in
Section 1 of Part III below. 

	 	2. 	Duties.
Mr. Lanzdorf shall provide consulting services to           the Company and its
affiliates as specified by the CEO from time to time. In           this regard, Mr.
Lanzdorf shall respond in a reasonably prompt and professional           manner to
requests for information or services made by the CEO or his designee.           Except as
the CEO may otherwise request, it shall not be necessary for Mr.           Lanzdorf to
appear at the Company’s offices to perform such consulting           services.
However, at the request of the CEO, Mr. Lanzdorf may be required to           travel on
Company business in the course of the performance of his duties,           including
without limitation travel to Company locations or elsewhere for           reasonable
periods. 

	 	3. 	Compensation. 

	 	(a) 	Consulting
Fees. Mr. Lanzdorf shall receive consulting fees           during the
Consulting Period based on an annual rate of three hundred thousand           dollars
($300,000.00). Such amount shall be payable bi-monthly, on the fifteenth           (15th)
and the last day of each month, except as the Company and Mr.           Lanzdorf may
otherwise agree.  

	 	(b) 	Reimbursements.
The Company shall reimburse Mr. Lanzdorf           for actual out-of-pocket costs
incurred by him in the course of carrying out his           duties hereunder, such
reimbursements to be made in accordance with the policies           and procedures of the
Company in effect from time to time.  

	 	(c) 	Taxes.
Mr. Lanzdorf shall be solely responsible for the           payment of any taxes due on
the consulting fees under the Federal Insurance           Contributions Act, the federal
income tax and state or local income tax and           similar laws, to the extent such
laws apply to such payments. Mr. Lanzdorf           acknowledges that these fees are paid
to him solely as an independent           contractor, and Mr. Lanzdorf waives any claim
he may have against the Company or           its affiliates relating to the payment of
employment and withholding taxes           thereon.  

	 	(d) 	Other
Benefits. Mr. Lanzdorf shall not be entitled to any           other
Company benefits other than those to which he is entitled under the terms           of
any benefit plan that are applicable to him by virtue of his status as a           former
employee.  

	 	4. 	Termination
of Consulting Arrangement. 

	 	(a) 	Death
or Disability. Mr. Lanzdorf’s engagement as a           consultant
shall terminate automatically upon Mr. Lanzdorf’s death during           the
Consulting Period. The Company shall be entitled to terminate Mr.           Lanzdorf’s
services because of Mr. Lanzdorf’s Consulting Disability           during the
Consulting Period. “Consulting Disability” means that (i)           Mr.
Lanzdorf has been unable, for a period of one hundred eighty (180)           consecutive
days, to perform Mr. Lanzdorf’s duties under this Agreement, as           a result
of physical or mental illness or injury, and (ii) a physician selected           by the
Company or its insurers, and acceptable to Mr. Lanzdorf or Mr.           Lanzdorf’s
legal representative, has determined that Mr. Lanzdorf’s           incapacity will
continue. A termination of Mr. Lanzdorf’s engagement by the           Company for
Consulting Disability shall be communicated to Mr. Lanzdorf by           written notice,
and shall be effective on the thirtieth (30th) day           after receipt of
such notice by Mr. Lanzdorf (the “Consulting Disability           Effective Date”),
unless Mr. Lanzdorf returns to effective performance of           Mr. Lanzdorf’s
duties before the Consulting Disability Effective Date.  

	 	(b) 	By
the Company.  

	 	(i) 	The
Company may terminate Mr. Lanzdorf’s engagement during the Consulting
          Period for Consulting Cause or without Consulting Cause. “Consulting
          Cause” means:  

	 	A. 	The
willful and continued failure of Mr. Lanzdorf to substantially perform Mr.
          Lanzdorf’s duties under this Agreement (other than as a result of physical
          or mental illness or injury), after the CEO delivers to Mr. Lanzdorf a written
          demand for substantial performance that specifically identifies the manner in
          which the CEO believes that Mr. Lanzdorf has not substantially performed Mr.
          Lanzdorf’s duties;  

	 	B. 	Illegal
conduct or gross misconduct by Mr. Lanzdorf, in either case that is           willful and
results in material and demonstrable damage to the business or           reputation of
the Company or its affiliates; or  

	 	C. 	Violation
of any of the covenants set forth under Sections 3, 4, 6 and 8 of Part           III of
this Agreement.  

	 	
No
act or failure to act on the part of Mr. Lanzdorf shall be considered “willful”unless
it is done, or omitted to be done, by Mr. Lanzdorf in bad faith or without reasonable
belief that Mr. Lanzdorf’s action or omission was in the best interests of the
Company. 

	 	(ii) 	A
termination of Mr. Lanzdorf’s engagement for Consulting Cause or without
               Consulting Cause shall be effected by the CEO upon written notice to Mr.
               Lanzdorf.  

	 	(c) 	Good
Reason.  

	 	(i) 	Mr.
Lanzdorf may terminate his engagement as a consultant for Consulting Good
               Reason or without Consulting Good Reason. “Consulting Good Reason”               means:  

	 	A. 	Any
failure by the Company to comply with any provision of Section 3 of this
               Part II, other than an isolated, insubstantial and inadvertent failure
that is                not taken in bad faith and is remedied by the Company promptly
after receipt of                written notice thereof from Mr. Lanzdorf;  

	 	B. 	Any
purported termination of Mr. Lanzdorf’s engagement by the Company for a
               reason or in a manner not expressly permitted by this Agreement; or  

	 	C. 	Any
other substantial breach of this Agreement by the Company that either is not
               taken in good faith or is not remedied by the Company promptly after
receipt of                written notice thereof from Mr. Lanzdorf.  

	 	(ii) 	A
termination of engagement by Mr. Lanzdorf for Consulting Good Reason shall be
               effected by giving the Company written notice (“Notice of Termination
for                Consulting Good Reason”) of the termination within three (3)
months of the                event constituting Consulting Good Reason, setting forth in
reasonable detail                the specific conduct of the Company that constitutes
Consulting Good Reason and                the specific provision(s) of this Agreement on
which Mr. Lanzdorf relies. A                termination by Mr. Lanzdorf for Consulting
Good Reason shall be effective on the                fifth business day following the
date when the Notice of Termination for                Consulting Good Reason is given,
unless the notice sets forth a later date                (which date shall in no event be
later than thirty (30) days after the notice is                given).  

	 	(iii) 	A
termination of Mr. Lanzdorf’s engagement by Mr. Lanzdorf without
               Consulting Good Reason shall be effected by giving the Company written
notice of                the termination.  

	 	(d) 	Date
of Termination. The “Date of Consulting                Termination” means
the date of Mr. Lanzdorf’s death, the Consulting                Disability Effective
Date, the date on which the termination of Mr.                Lanzdorf’s engagement
by the Company for Consulting Cause or without                Consulting Cause or by Mr.
Lanzdorf for Consulting Good Reason is effective, the                date on which Mr.
Lanzdorf gives the Company notice of a termination without                Consulting Good
Reason, or the expiration of the Consulting Period if Mr.                Lanzdorf remains
a consultant until May 19, 2007, as the case may be.  

	 	5. 	Obligations
of the Company upon Termination. 

	 	(a) 	By
the Company other than for Consulting Cause, Death or Disability; by                Mr.
Lanzdorf for Consulting Good Reason. If, during the
               Consulting Period, the Company terminates Mr. Lanzdorf’s engagement,
other                than for Consulting Cause, death, or Consulting Disability, or Mr.
Lanzdorf                terminates his engagement for Consulting Good Reason, the Company
shall continue                to provide Mr. Lanzdorf with the compensation as set forth
in paragraph (a) of                Section 3 of this Part II as if he had remained a
consultant to the Company                pursuant to this Agreement through the end of
the Consulting Period, subject to                Mr. Lanzdorf’s execution of a
release of all claims against the Company and                its affiliates, and its and
their past, present and future employees, directors,                officers, agents,
shareholders, insurers, attorneys, executors, successors,                assigns and
other representatives of any kind, in such form as is requested by                the
Company. The payments provided pursuant to this paragraph (a) are intended
               as liquidated damages for a termination of Mr. Lanzdorf’s engagement
by the                Company other than for Consulting Cause, death or Consulting
Disability or for                the actions of the Company leading to a termination of
Mr. Lanzdorf’s                engagement by Mr. Lanzdorf for Consulting Good Reason,
and shall be the sole and                exclusive remedy therefor.  

	 	(b) 	Death
and Disability. If Mr. Lanzdorf’s engagement is
               terminated by reason of Mr. Lanzdorf’s death or Consulting Disability
               during the Consulting Period, the Company shall pay to Mr. Lanzdorf or, in
the                case of Mr. Lanzdorf’s death, to Mr. Lanzdorf’s estate or
legal                representative any portion of the consulting fee through the Date of
Consulting                Termination that has not yet been paid, and the Company shall
have no further                obligations under this Agreement, except as specified in
Part III, Section 1                below.  

	 	(c) 	By
the Company for Consulting Cause; By Mr. Lanzdorf Other than for Good
               Reason. If Mr. Lanzdorf’s engagement is terminated by
the                Company for Consulting Cause during the Consulting Period, or if Mr.
Lanzdorf                voluntarily terminates his engagement during the Consulting
Period other than                for Consulting Good Reason, the Company shall pay Mr.
Lanzdorf any portion of                the consulting fee through the Date of Consulting
Termination that has not yet                been paid, and the Company shall have no
further obligations under this                Agreement, except as specified in Part III,
Section 1 below.  

	 	(d) 	Expiration
of Consulting Period. If Mr. Lanzdorf’s                engagement
terminates due to the expiration of the Consulting Period on May 19,                2007,
then the Company shall pay to Mr. Lanzdorf any portion of the consulting
               fee through the Date of Consulting Termination that has not yet been paid
in a                lump sum in cash within thirty (30) days of the Date of Consulting
Termination,                and the Company shall have no further obligations under this
Agreement, except                as specified in Part III, Section 1 below.  

PART III.    OTHER TERMS
AND CONDITIONS 

	 	1. 	Non-exclusivity
of Rights. Nothing in this Agreement shall                prevent or limit
Mr. Lanzdorf’s continuing of future participation in any                plan,
program, policy or practice provided by the Company or any of its
               affiliates for which Mr. Lanzdorf may qualify during the Employment
Period, nor                shall anything in this Agreement limit or otherwise affect
such rights as Mr.                Lanzdorf may have under any contract or agreement with
the Company or any of its                affiliates relating to subject matters other
than that specifically addressed                herein. Vested benefits and other amounts
that Mr. Lanzdorf is otherwise                entitled to receive under the Company’s
compensation program or any other                plan, policy, practice or program of, or
any contract or agreement with, the                Company or any of its affiliates on or
after the Date of Termination shall be                payable in accordance with the
terms of each such plan, policy, practice,                program, contract or agreement,
as the case may be, except as explicitly                modified by this Agreement. 

	 	2. 	Full
Settlement. The Company’s obligation to make the
               payments provided for in, and otherwise to perform its obligations under,
this                Agreement shall not be affected by any set-off, counterclaim,
recoupment,                defense or other claim, right or action that the Company may
have against Mr.                Lanzdorf or others. In no event shall Mr. Lanzdorf be
obligated to seek other                employment or take any other action by way of
mitigation of the amounts payable                to Mr. Lanzdorf under any of the
provisions of this Agreement. 

	 	3. 	Confidential
Information. 

	 	(a) 	Defined.
“Confidential Information” shall mean                ideas, information,
knowledge and discoveries, whether or not patentable, that                are not
generally known in the trade or industry and about which Mr. Lanzdorf                has
knowledge as a result of his past, present or future participation in the
               business of the Company or any of its affiliates and/or his past, present
or                future employment with, engagement as a consultant by or other
relationship with                the Company or any of its affiliates, including without
limitation products                engineering information; marketing, sales,
distribution, pricing and bid process                information; product specifications;
manufacturing procedures; methods; business                plans; strategic plans;
marketing plans; internal memoranda; formulae; trade                secrets; know-how;
research and development programs and data; inventions;                improvements;
designs; sales methods; customer, supplier, sales representative,
               distributor and licensee lists; mailing lists; customer usages and
requirements;                computer programs; employee compensation information;
employee performance                evaluations and employment-related personnel
information; and other confidential                technical or business information and
data. Confidential Information shall not                include any information that Mr.
Lanzdorf can demonstrate is or becomes in the                public domain by means other
than disclosure by Mr. Lanzdorf in violation of                this Agreement.  

	 	(b) 	Nondisclosure.
All Confidential Information shall be deemed                to have been received by Mr.
Lanzdorf as a fiduciary of the Company. During the                Restricted Period and
for a period of two (2) years after the expiration or                termination of the
Restricted Period (or for such longer period as Mr. Lanzdorf                receives the
substantial payments provided for in Section 5(a) of Part II of                this
Agreement), Mr. Lanzdorf shall not, directly or indirectly, (i) disclose
               any Confidential Information to any person or entity, (ii) use any
Confidential                Information for any purpose, (iii) duplicate any Confidential
Information for                any purpose or (iv) remove any Confidential Information
from the facilities or                premises of the Company or any of its affiliates
for any purpose, except to the                extent such action is for the exclusive
benefit of the Company or any of its                affiliates as it or they may direct
or is necessary to fulfill Mr.                Lanzdorf’s continuing duties as an
employee of, or consultant to, as                applicable, the Company. “Restricted
Period” means the Employment                Period, any period during which Mr.
Lanzdorf receives the substantial payments                provided for in Section 5(a) of
Part I of this Agreement and the Consulting                Period (if any).  

	 	(c) 	Legal
Obligation to Disclose. Notwithstanding the provisions of                Section
3(b) of this Part III, Mr. Lanzdorf may disclose Confidential                Information
at such times, in such manner and to the extent such disclosure is
               required by applicable law, provided that Mr. Lanzdorf (i) provides the
Company                with prior written notice of such disclosure so as to permit the
Company or any                of its affiliates to seek a protective order or other
appropriate remedy, (ii)                limits such disclosure to what is strictly
required and (iii) attempts to                preserve the confidentiality of any such
Confidential Information so disclosed.  

	 	(d) 	Return
of Property. All memoranda, notes, records, papers,                tapes,
disks, programs or other property of any nature whatsoever and all copies
               thereof relating to the operations or business of the Company or any of
its                affiliates, some of which may be prepared by Mr. Lanzdorf, and all
objects                associated therewith in any way obtained by him shall be the sole
property of                the Company and its affiliates. Mr. Lanzdorf shall deliver to
the Company all of                the aforementioned documents and objects, if any, that
may be in his possession,                and cooperate with the Company to destroy and/or
delete any electronically                stored copies of the aforementioned documents
and objects, if any, at any time                at the request of the Company.  

	 	4. 	Restrictive
Covenants. 

	 	(a) 	Certain
Definitions. As used in this Agreement:  

	 	(i) 	“Conflicting
Organization” shall mean any person (including, without                limitation,
Mr. Lanzdorf as a sole proprietor) or entity engaged in or planning                or
attempting to become engaged in the research and development, design,
               manufacture, assembly, production, marketing, distribution, sale and
repair of                products or services that compete with products or services
researched,                developed, designed, manufactured, assembled, produced,
marketed, distributed,                sold or repaired by the Company or any of its
affiliates or within the actual or                demonstrably anticipated research,
development, expansion or business plans of                the Company or any of its
affiliates.  

	 	(ii) 	“Territory” shall
mean (A) the United States of America and (B) any                other country of the
world in which at some point during the Employment Period                or the
Consulting Period (1) the Company or any of its affiliates was
               researching, developing, designing, manufacturing, assembling, producing,
               marketing, distributing, selling or repairing its products or services or
(2) to                the extent Mr. Lanzdorf has or receives notice or knowledge of such
plans, the                Company or any of its affiliates had or was making research,
development,                expansion or business plans to do so within twelve (12)
months.  

	 	(b) 	Noncompetition.
 During the Restricted Period and for a period of                one (1) year after
the expiration or termination of the Restricted Period (or                for such longer
period as Mr. Lanzdorf receives the substantial payments                provided for in
Section 5(a) of Part II of this Agreement), Mr. Lanzdorf shall                not
directly or indirectly, without the prior written consent of the CEO:  

	 	(i) 	own
or control, whether as a shareholder, member, partner, director or
               otherwise, or manage, operate, be employed or compensated by, or consult
with,                whether as an officer, employee, consultant or otherwise, any
Conflicting                Organization conducting or planning to conduct business in the
Territory in any                capacity where Mr. Lanzdorf’s knowledge of
Confidential Information,                involvement with or knowledge of relationships
with customers of the Company or                any of its affiliates or relationship to
the goodwill of the Company and its                affiliates would reasonably be
considered useful or beneficial to such                Conflicting Organization; or  

	 	(ii) 	undertake
any action, on behalf of any Conflicting Organization conducting or
               planning to conduct business in the Territory, relating to the sale or
marketing                of products or services that compete with products or services
researched,                developed, designed, manufactured, assembled, produced,
marketed, distributed,                sold or repaired by the Company or any of its
affiliates or, to the extent Mr.                Lanzdorf has or receives notice or
knowledge of such plans, within the active                research, development,
expansion or business plans of the Company or any of its                affiliates to any
customers or prospective customers of the Company or any of                its affiliates
with respect to which Mr. Lanzdorf obtained Confidential                Information or
with whom Mr. Lanzdorf had personal contact or communications in                his
capacity as an employee or consultant of the Company or any of its
               affiliates at any time during the Employment Period or the Consulting
Period or                during his prior employment by the Prior Employer, if the effect
of such action                would reasonably be likely to cause any customer or
prospective customer of the                Company or any of its affiliates to materially
reduce its existing or future                business relationships with or purchases
from the Company or any of its                affiliates.  

	 	(c) 	Nonsolicitation. During
the Restricted Period and for a period of                one (1) year after the
expiration or termination of the Restricted Period (or                for such longer
period as Mr. Lanzdorf receives the substantial payments                provided for in
Section 5(a) of Part II of this Agreement), Mr. Lanzdorf shall                not
directly or indirectly, without the prior written consent of the CEO,
               solicit, induce or otherwise offer employment or engagement as an
independent                contractor to, or engage in discussions regarding employment
or engagement as an                independent contractor with, any person who served as
an employee, commissioned                salesperson or consultant of, or who performed
similar services for, the Company                or its affiliates during Mr. Lanzdorf’s
employment with the Company or any                of its affiliates prior to the
Employment Period, during the Employment Period                or during the Consulting
Period and who during that time reported directly to                Mr. Lanzdorf, was a
person with whom Mr. Lanzdorf had significant contact or was                a person
about whom Mr. Lanzdorf received any Confidential Information, unless                such
person has been separated from his or her employment, engagement or other
               relationship with the Company and each of its affiliates for a period of
six (6)                consecutive months.  

	 	(d) 	Remedies.
Recognizing the specialized nature of the Company                and its affiliates, Mr.
Lanzdorf acknowledges and agrees that the duration,                geographic scope,
activity and other restrictions of Section 3 of this Part III                and this
Section 4 are reasonable. Mr. Lanzdorf agrees that the Company and its
               affiliates will suffer irreparable damage in the event any of the
provisions of                paragraphs (b) and (c) of Section 3 of this Part III and
paragraphs (b) and (c)                of this Section 4 are breached, and his acceptance
of the provisions of Section                3 of this Part III and this Section 4 is a
material factor in his decision to                enter into this Agreement. Mr. Lanzdorf
further agrees that the Company shall be                entitled as a matter of right to
injunctive relief to prevent a breach by Mr.                Lanzdorf of any of the
provisions of Sections 3 and 4 of this Part III. Resort                to such equitable
relief, however, shall not constitute a waiver of any other                rights or
remedies the Company may have. Nothing in this Agreement modifies or
               reduces Mr. Lanzdorf’s obligation to comply with applicable laws
relating                to trade secrets, confidential information or unfair competition.
Accordingly,                notwithstanding anything to the contrary in this Agreement,
Mr. Lanzdorf’s                obligations under paragraph (b) of Section 3 of this
Part III with respect to                Confidential Information that constitutes a trade
secret under applicable law                shall continue until such Confidential
Information no longer constitutes a trade                secret under applicable law.  

	 	5. 	Resignations.
Mr. Lanzdorf hereby resigns from his                positions as Executive Vice President
of the Company and President of the Prior                Employer and from any other
officer or management positions he may hold with the                Company and its
affiliates. At the request of the Company, Mr. Lanzdorf will                execute any
specific documents confirming any such resignations. 

	 	6. 	Cooperation.
Mr. Lanzdorf will cooperate with the Company                and its affiliates, and their
financial and legal advisors, when and as the                Company requests in
connection with any claims, investigations, or                administrative or other
proceedings involving the Company or any of its                affiliates with respect to
matters occurring while Mr. Lanzdorf was employed by                the Company or any of
its affiliates, or was engaged by the Company as a                consultant. This
provision shall survive termination of this Agreement. 

	 	7. 	Successors. 

	 	(a) 	This
Agreement is personal to Mr. Lanzdorf and, without the prior written
               consent of the Company, shall not be assignable by Mr. Lanzdorf. This
Agreement                shall inure to the benefit of and be enforceable by Mr. Lanzdorf’s
legal                representatives.  

	 	(b) 	This
Agreement shall inure to the benefit of and be binding upon the Company and
               its successors and assigns.  

	 	8. 	Entire
Agreement. 

	 	(a) 	Entire
Agreement; Release. This Agreement constitutes the                entire
agreement between Mr. Lanzdorf and the Company and the Prior Employer                with
respect to the subject matter hereof and supersedes all prior agreements
               and undertakings, both written and oral, between the Company and its
affiliates,                on the one hand, and Mr. Lanzdorf, on the other hand, with
respect to the                subject matter hereof, including the Prior Employment
Agreement. Mr. Lanzdorf                specifically agrees that execution of this
Agreement releases and forever                discharges the Company, its subsidiaries
and affiliated companies, and its and                their past, present and future
employees, directors, officers, agents,                shareholders, insurers, attorneys,
executors, successors, assigns and other                representatives of any kind
(referred to in this Agreement collectively as                “Released Parties”)
from any and all claims, charges, demands,                liabilities or causes of action
of any kind, known or unknown, arising through                the date Mr. Lanzdorf
executes this Agreement, including, but not limited to,                any claims,
liabilities or causes of action of any kind arising in connection                with Mr.
Lanzdorf’s change in employment from President of the Prior                Employer
to Senior Advisor and related events. Mr. Lanzdorf also releases and
               waives any claim or right to further compensation, benefits, damages,
penalties,                attorneys’ fees, costs or expenses of any kind from the
Company or any of                the other Released Parties, provided that nothing in
this release shall affect                any rights Mr. Lanzdorf may have as of the date
Mr. Lanzdorf executes this                Agreement (1) under this Agreement, (2) under
any funded or unfunded retirement                or 401(k) plan of the Company, or (3) to
so-called “COBRA” health                insurance benefits. This release
specifically includes, but is not limited to, a                release of any and all
claims under state or federal wage payment laws; federal,                state and local
fair employment law(s); Title VII of the Civil Rights Act of                1964; the
Reconstruction Era Civil Rights Acts, 42 U.S.C.                §§ 1981-1988;
the Civil Rights Act of 1991; the Age                Discrimination in Employment Act;
the Older Workers Benefits Protection Act; the                Americans with Disabilities
Act; Executive Order 11246; state or federal family                and/or medical leave
acts; the Consolidated Omnibus Budget Reconciliation Act of                1985; the
Employee Retirement Income Security Act of 1974; and any other                federal,
state or local laws or regulations of any kind, whether statutory or
               decisional. This release also includes, but is not limited to, a release
of any                claims for breach of contract (including the Prior Employment
Agreement),                wrongful termination or constructive discharge (including as
Executive Vice                President of the Company or as President of the Prior
Employer), tort,                defamation, misrepresentation, violation of public policy
or invasion of                privacy.  

	 	(b) 	Consultation
with Counsel. MR. LANZDORF ACKNOWLEDGES THAT                HE HAS BEEN
ADVISED, IN THIS WRITING, TO CONSULT WITH AN ATTORNEY OF HIS CHOICE                PRIOR
TO SIGNING THIS AGREEMENT AND THAT HE HAS SIGNED THIS AGREEMENT KNOWINGLY,
               VOLUNTARILY, AND FREELY, AND WITH SUCH COUNSEL (IF ANY) AS HE DEEMED
               APPROPRIATE. Mr. Lanzdorf understands, however, that whether or not to
consult                with an attorney is his decision. Mr. Lanzdorf agrees that the
Company shall not                be required to pay any of his attorneys’ fees in
this or any related matter                or lawsuit, now or later, and that the amounts
payable or that may be payable                under Sections 3 and 5 of Part I and Part
II of this Agreement are in full and                complete payment of all matters
between Mr. Lanzdorf and the Company, including,                without limitation,
attorneys’ fees and costs.  

	 	(c) 	Right
to Revoke Agreement. MR. LANZDORF ACKNOWLEDGES THAT                HE HAS
BEEN PROVIDED WITH A PERIOD OF TWENTY-ONE (21) DAYS IN WHICH TO CONSIDER
               WHETHER OR NOT TO ENTER INTO THIS AGREEMENT. FURTHER, MR. LANZDORF
ACKNOWLEDGES                THAT HE HAS BEEN ADVISED OF HIS RIGHT TO REVOKE THIS
AGREEMENT DURING THE SEVEN                (7)-DAY PERIOD FOLLOWING EXECUTION OF THIS
AGREEMENT. TO REVOKE, MR. LANZDORF                MUST GIVE THE COMPANY WRITTEN NOTICE OF
HIS REVOCATION WITHIN THE SEVEN (7)-DAY                REVOCATION PERIOD.  

	 	9. 	Miscellaneous. 

	 	(a) 	This
Agreement shall be governed by, and construed in accordance with, the laws
               of the State of Minnesota, without reference to principles of conflict of
laws.                Mr. Lanzdorf stipulates that any dispute or disagreement between any
of the                parties as to the interpretation of any provision of, or the
performance of                obligations under, this Agreement (collectively, any “Dispute”)
shall                be commenced and prosecuted in its entirely in, and Mr. Lanzdorf
consents to the                exclusive jurisdiction and proper venue of, the state and
federal courts located                within the State of Minnesota, and Mr. Lanzdorf
consents to personal and subject                matter jurisdiction and venue in such
courts and waives and relinquishes all                right to attack the suitability or
convenience of such venue or forum by reason                of his present or future
domiciles, or by any other reason. All directions                issued by the forum
court, including all injunctions and other decrees, shall be                binding and
enforceable in all jurisdictions and countries. Mr. Lanzdorf waives                any
right to trial by jury with respect to any Dispute.  

	 	(b) 	The
captions of this Agreement are not part of the provisions hereof and shall
               have no force or effect. This Agreement may not be amended or modified
except by                a written agreement executed by the parties hereto or their
respective                successors and legal representatives.  

	 	(c) 	All
notices and other communications under this Agreement shall be in writing
               and shall be given by hand delivery to the other party or by registered or
               certified mail, return receipt requested, postage prepaid, addressed as
follows:  

	 	(i) 	If
to Mr. Lanzdorf:  

	 	
Daniel
J. Lanzdorf
4433 Ettenmoor Lane SW
Rochester, MN 55902

	 	(ii)	If
to the Company:  

	 	
Oshkosh
Truck Corporation
2307 Oregon Street
P. O. Box 2566
Oshkosh, WI 54903-2566

	 	
or
to such other address as either party furnishes to the other in writing in accordance
with this paragraph (c). Notices and communications shall be effective when actually
received by the addressee.  

	 	(d) 	The
invalidity or unenforceability of any provision of this Agreement shall not
               affect the validity or enforceability of any other provision of this
Agreement.                If a court of competent jurisdiction determines that the
provisions of this                Agreement, including, without limitation, the
provisions set forth in Sections 3                and 4 of this Part III, are illegal or
excessively broad, then this Agreement                shall be construed so that the
remaining provisions shall not be affected, but                shall remain in full force
and effect, and any such illegal or overbroad                provisions shall be deemed,
without further action on the part of any person or                entity, to be
modified, amended and/or limited to the extent necessary to render                the
same valid and enforceable in such jurisdiction.  

	 	(e) 	Notwithstanding
any other provisions of this Agreement, the Company may withhold                from
amounts payable under this Agreement all federal, state, local and foreign
               taxes that the Company believes are required to be withheld by applicable
laws                or regulations.  

	 	(f) 	Mr.
Lanzdorf’s or the Company’s failure to insist upon strict
               compliance with any provisions of, or to assert any right under, this
Agreement                (including, without limitation, the right of Mr. Lanzdorf to
terminate                employment for Good Reason pursuant to this Agreement) shall not
be deemed to be                a waiver of such provision or right or of any other
provision of or right under                this Agreement.  

	 	(g) 	The
rights and benefits of Mr. Lanzdorf under this Agreement may not be
               anticipated, assigned, alienated or subject to attachment, garnishment,
levy,                execution or other legal or equitable process except as required by
law. Any                attempt by Mr. Lanzdorf to anticipate, alienate, assign, sell,
transfer, pledge,                encumber or charge the same shall be void. Payments
hereunder shall not be                considered assets of Mr. Lanzdorf in the event of
insolvency or bankruptcy.  

	 	(h) 	This
Agreement may be executed in several counterparts, each of which shall be
               deemed an original, and said counterparts shall constitute but one and the
same                instrument.  

	 	(i) 	In
connection with actions involving Mr. Lanzdorf’s outstanding
               stock-related awards under any plan of the Company and his holdings of
Company                stock, during the Employment Period and the Consulting Period, Mr.
Lanzdorf will                comply with the Company’s trading policies in effect
from time to time that                are applicable to senior officers of the Company,
and at all times, Mr. Lanzdorf                will comply with applicable law.  

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

		OSHKOSH TRUCK CORPORATION
	
 	By:  Matthew J. Zolnowski
		Title:  Executive Vice President
		Date:  June 25, 2004
	

 	AGREED TO:
	
 	/s/ Daniel J. Lanzdorf
		Daniel J. Lanzdorf
		Date:  June 25, 2004

        Executed
for purposes of confirming that this Agreement restates the Prior Employment Agreement
referred to above. 

		McNEILUS COMPANIES, INC.
	

 	By:  Michael J. Wuest
		Title:                              
		Date:  June 25, 2004<PAGE>
                         SECOND SUPPLEMENTAL INDENTURE

         Second Supplemental Indenture (this "Second Supplemental Indenture"),
dated as of July 14, 2004 among IMAX Corporation, a corporation incorporated
under the federal laws of Canada (the "Company"), the Guarantors named in the
Indenture referred to below (the "Existing Guarantors"), the First Supplemental
Guarantors named in the Supplemental Indenture referred to below, Big Engine
Films Inc. (the "Guaranteeing Subsidiary") and U.S. Bank National Association,
as trustee under the Indenture referred to below (the "Trustee").

                               W I T N E S S E T H

         WHEREAS, the Company and the Existing Guarantors have heretofore
executed and delivered to the Trustee an indenture (the "Indenture"), dated as
of December 4, 2003, as amended by the First Supplemental Indenture dated as of
April 1, 2004 among the Company, the Existing Guarantors, 3D Sea II Ltd. and
Taurus-Littrow Productions Inc. (the "First Supplemental Guarantors") and the
Trustee (the "First Supplemental Indenture"), providing for the issuance of
9-5/8% Senior Notes due 2010 (the "Securities");

         WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental
indenture pursuant to which any newly-acquired or created Guarantor shall
unconditionally guarantee all of the Company's obligations under the Securities
and the Indenture on the terms and conditions set forth herein (the "Subsidiary
Guarantee"); and

         WHEREAS, pursuant to Section 901 of the Indenture, the Trustee is
authorized to execute and deliver this Second Supplemental Indenture.

         NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders of the Securities as follows:

         1. Capitalized Terms. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

         2. Agreement to Guarantee. The Guaranteeing Subsidiary irrevocably and
unconditionally guarantees the Guarantee Obligations, which include (i) the due
and punctual payment of the principal of, premium, if any, and interest and
Special Interest, if any, on the Securities, whether at maturity, by
acceleration, redemption, upon a Change of Control Offer, upon an Asset Sale
Offer or otherwise, the due and punctual payment of interest on the overdue
principal and premium, if any, and (to the extent permitted by law) interest on
any interest on the Securities, and payment of expenses, and the due and
punctual performance of all other obligations of the Company, to the Holders or
the Trustee all in accordance with the terms set forth in Article XIII of the
Indenture, and (ii) in case of any extension of time of payment or renewal of
any Securities or any such other obligations, that the same will be promptly
paid in full when due or performed in accordance with the terms of the extension
or renewal, whether at stated maturity, by acceleration, redemption, upon a
Change of Control Offer, upon an Asset Sale Offer or otherwise.

<PAGE>

         The obligations of the Guaranteeing Subsidiary to the Holders and to
the Trustee pursuant to this Subsidiary Guarantee and the Indenture are
expressly set forth in Article XIII of the Indenture and reference is hereby
made to such Indenture for the precise terms of this Subsidiary Guarantee.

         No past, present or future director, officer, partner, manager,
employee, incorporator or stockholder (direct or indirect) of the Guaranteeing
Subsidiary (or any such successor entity), as such, shall have any liability for
any obligations of the Guaranteeing Subsidiary under this Subsidiary Guarantee
or the Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation, except in their capacity as an obligor or
Guarantor of the Securities in accordance with the Indenture.

         This is a continuing Guarantee and shall remain in full force and
effect and shall be binding upon the Guaranteeing Subsidiary and its successors
and assigns until full and final payment of all of the Company's obligations
under the Securities and Indenture or until released in accordance with the
Indenture and shall inure to the benefit of the successors and assigns of the
Trustee and the Holders, and, in the event of any transfer or assignment of
rights by any Holder or the Trustee, the rights and privileges herein conferred
upon that party shall automatically extend to and be vested in such transferee
or assignee, all subject to the terms and conditions hereof. This is a Guarantee
of payment and not of collectibility.

         The obligations of the Guaranteeing Subsidiary under its Subsidiary
Guarantee shall be limited to the extent necessary to insure that it does not
constitute a fraudulent conveyance under applicable law.

         THE TERMS OF ARTICLE XIII OF THE INDENTURE ARE INCORPORATED HEREIN BY
REFERENCE.

         3. NEW YORK LAW TO GOVERN. THE LAWS OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SECOND SUPPLEMENTAL INDENTURE.

         4. Counterparts. The parties may sign any number of copies of this
Second Supplemental Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement.

         5. Effect of Headings. The Section headings herein are for convenience
only and shall not affect the construction hereof.

                                       2
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Second
Supplemental Indenture to be duly executed and attested, all as of the date
first above written.

                                IMAX Corporation

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Sr. Vice President, Legal Affairs

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President Finance, Special Projects

                                EXISTING GUARANTORS:

                                David Keighley Productions 70MM Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX II U.S.A. Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                       3
<PAGE>

                                IMAX Chicago Theatre LLC
                                By its Managing Member
                                IMAX Theatre Holding (California I) Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Forum Ride, Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Minnesota Holding Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Rhode Island Limited Partnership
                                By its General Partner
                                IMAX Providence General Partner Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                       4
<PAGE>

                                IMAX Sandde Animation Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Scribe Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Space Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Holding Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                       5
<PAGE>

                                IMAX Theatre Holdings (OEI) Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Management Company

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Services Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX U.S.A. Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                       6
<PAGE>

                                Miami Theatre LLC
                                By its Managing Member
                                IMAX Theatre Holding (California I) Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Mountainview Theatre Management Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Nyack Theatre LLC
                                By its Managing Member
                                IMAX Theatre Holding (Nyack I) Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Parker Pictures Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                       7
<PAGE>

                                Ridefilm Corporation

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Sacramento Theatre LLC
                                By its Managing Member
                                IMAX Theatre Holding (California I) Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Sonics Associates, Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Starboard Theatres Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                       8
<PAGE>

                                Tantus Films Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Wire Frame Films Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                1329507 Ontario Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                924689 Ontario Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                       9
<PAGE>

                                IMAX (Titanica) Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX (Titanic) Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Music Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Holding (Brossard) Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                       10
<PAGE>

                                IMAX Film Holding Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Indianapolis LLC

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Pictures Corporation

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Immersive Entertainment Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                       11
<PAGE>

                                IMAX Providence General Partner Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Providence Limited Partner Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Holding (California I) Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Holding (California II) Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                       12
<PAGE>

                                IMAX Theatre Holding (Nyack I) Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Holding (Nyack II) Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Management (Scottsdale), Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Panda Productions Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                       13
<PAGE>

                                Strategic Sponsorship Corporation

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Tantus II Films Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                RPM Pictures Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                FIRST SUPPLEMENTAL GUARANTORS:

                                Taurus-Littrow Productions Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                       14
<PAGE>

                                3D Sea II Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                GUARANTEEING SUBSIDIARY:

                                Big Engine Films Inc.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary

                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                TRUSTEE:

                                U.S. Bank National Association,
                                         As Trustee

                                By: /s/ Frank P. Leslie III
                                  ----------------------------------------------
                                Name:   Frank P. Leslie III
                                Title:  Vice President

                                       15

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