Document:

EXHIBIT 10.1

       UBS AG, Cayman Islands Branch                     UBS WARBURG LLC
        c/o UBS AG, Stamford Branch                      299 Park Avenue
          677 Washington Boulevard                  New York, New York 10171
        Stamford, Connecticut 06901

                                                               February 28, 2003

The Interpublic Group of Companies, Inc.
1271 Avenue of the Americas
New York, New York 10020

             Amended and Restated Credit Facility Commitment Letter
             ------------------------------------------------------

Ladies and Gentlemen:

         The Interpublic Group of Companies, Inc., a Delaware corporation
("Borrower" or "you"), has requested UBS AG, Cayman Islands Branch ("UBS") to
commit to provide a senior unsecured revolving credit facility of up to $500.0
million (the "Credit Facility") to be available on or after May 15, 2003, as
described in the Summary of Principal Terms and Conditions attached hereto as
Annex I (the "Term Sheet"). In addition, Borrower has requested UBS Warburg LLC
("UBSW," "we" or "us") to agree to structure, arrange and syndicate the Credit
Facility. All references to "dollars" or "$" in this agreement and the
attachments hereto (collectively, this "Commitment Letter") are references to
United States dollars.

         Borrower has advised us that holders of its Zero-Coupon Convertible
Senior Notes due 2021 (the "Zero-Coupon Notes") will be entitled to require
Borrower to purchase such holders' Zero-Coupon Notes (the "Put Obligation") as
of December 14, 2003. We understand that Borrower intends to fund the Put
Obligation with proceeds of one or more of the following: (i) the issuance or
sale by Borrower or any entity in which Borrower directly or indirectly owns a
majority equity interest (each, a "Subsidiary") of equity, equity-linked or debt
securities; (ii) the sale of stock or assets comprising the NFO WorldGroup unit;
and (iii) borrowings under committed and/or uncommitted lines of credit
available to Borrower or any of its Subsidiaries for such purpose.

         We understand that borrowings under the Credit Facility would be used
to fund cash requirements for general corporate purposes not prohibited under
the negative covenants of the Credit Documentation (as defined below), including
to fund all or a portion of the Put Obligation, in the event that proceeds from
one or more of the above are insufficient to fund such cash requirements.

         You have further advised us that you will (1) incur non-cash charges of
up to $280.0 million in the aggregate (the "Charges") with respect to the fiscal
quarters ended September 30, 2002, June 30, 2002 and March 31, 2002 and the
fiscal years ended December 31, 2001, 2000, 1999, 1998 and 1997, relating
largely to the impairment of the assets of your Subsidiaries Brands Hatch
Leisure Limited, Octagon Worldwide Limited and Octagon Worldwide Inc. and their
respective Subsidiaries and (2) restate your unaudited consolidated financial
statements for such fiscal quarters and your audited consolidated financial
statements for such fiscal years to reflect the Charges (such restatements, the
"Restatements").

     Commitments.

         UBS is pleased to advise you of its commitment to provide the entire
amount of the Credit Facility to Borrower upon the terms and subject to the
conditions set forth or referred to in this Commitment Letter. The commitment of
UBS and each other Lender (as defined below) hereunder is subject to the
negotiation, execution and delivery of definitive documentation (the "Credit
Documentation") with respect to the Credit Facility reasonably satisfactory to
UBS and the other Lenders reflecting, among other things, the terms and
conditions set forth in the Term Sheet and in the letter of even date herewith
addressed to you providing, among other things, for certain fees relating to the
Credit Facility (the "Fee Letter").

         The aggregate amount of the Lenders' commitments under this Commitment
Letter will be reduced upon the circumstances specified in the second paragraph
under "Commitment Reductions" in the Term Sheet occurring after February 10,
2003 and prior to the execution and delivery of the Credit Documentation (the
date thereof, the "Closing Date") in the amounts so specified therein.

     Syndication.

         It is agreed that UBSW will act as the sole and exclusive advisor,
arranger and bookmanager for the Credit Facility and will, in such capacities,
exclusively perform the duties and exercise the authority customarily associated
with such roles. It is further agreed that no additional advisors, agents,
co-agents, arrangers or bookmanagers will be appointed with respect to the
Credit Facility, and no Lender (as defined below) will receive compensation with
respect to the Credit Facility outside the terms contained herein and in the Fee
Letter in order to obtain its commitment to participate in the Credit Facility,
in each case unless you and we so agree.

         UBS reserves the right, prior to or after the execution of the Credit
Documentation, to syndicate all or a portion of its commitment to one or more
financial institutions reasonably satisfactory to Borrower that will become
parties to the Credit Documentation (UBS and the institutions that will become
parties to the Credit Documentation, the "Lenders"). Upon any such additional
Lender executing and delivering a counterpart of this Commitment Letter to the
other parties hereto agreeing to assume a portion of the Credit Facility on the
terms and conditions of this Commitment Letter, UBS shall be released from a
portion of its commitment in respect of the Credit Facility in an aggregate
amount equal to the commitment of such Lender.

         UBSW will, in consultation with Borrower, exclusively manage all
aspects of the syndication of the Credit Facility, including selection of
additional Lenders reasonably satisfactory to Borrower, determination of when
UBSW will approach potential additional Lenders, any naming rights and the final
allocations of the commitments in respect of the Credit Facility among the
additional Lenders. Following May 15, 2003, you agree to actively assist UBSW in
achieving a timely syndication of the Credit Facility that is satisfactory to
UBSW and the Lenders. To assist UBSW in its syndication efforts, you agree that
you will (a) use commercially reasonable efforts to ensure that the syndication
efforts benefit materially from your and your Subsidiaries' existing lending
relationships, (b) make available to prospective Lenders, at reasonable times
and with reasonable prior notice, your senior management (including but not
limited to the chief executive officer, chief financial officer and treasurer)
and advisors, (c) host, with UBSW, one or more meetings with prospective Lenders
and (d) assist, and will use all commercially reasonable efforts to cause your
representatives and advisors to assist, UBSW in the preparation of one or more
confidential information memoranda satisfactory to UBSW, which shall include
financial projections for 2003 (the "Projections"), and to provide such
supplemental information as UBSW reasonably deems necessary in connection with
the syndication of the Credit Facility.

     Information.

         You hereby represent and warrant that, as of February 10, 2003, (a)(i)
Borrower's Annual Report on Form 10-K for the year ended December 31, 2001 (as
amended) (the "Annual Report") and Quarterly Reports on Form 10-Q for the
quarterly periods ended March 31, 2002 (as amended), June 30, 2002 (as amended)
and September 30, 2002 (each, a "Quarterly Report") and (ii) all other
information (other than the Projections) that has been made available to UBSW
(in any capacity) (whether in oral, written, electronic or other form) by you or
any of your representatives in connection with the transactions contemplated
hereby (the "Information"), when taken as a whole, is complete and correct in
all material respects and does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements contained
therein, in light of the circumstances under which such statements are made, not
misleading, and (b) the Projections that have been available to UBSW by you or
any of your representatives in connection with the transactions contemplated
hereby have been prepared in good faith based upon assumptions believed by you
to be reasonable at the time of preparation and at the time such Projections
were made available; provided, however, that with respect to clause (a)(i), in
the event that subsequent to the date hereof Borrower shall file with the
Securities and Exchange Commission any amendment to the Annual Report or any
Quarterly Report to reflect the Charges, references to the Annual Report and/or
a Quarterly Report shall refer to the Annual Report and/or such Quarterly Report
as so amended or further amended, as applicable, to reflect the Charges. You
agree to advise UBSW on a timely basis of all developments that are material to
you and your Subsidiaries taken as a whole or material to the transactions
contemplated hereby, and to supplement the Information and the Projections from
time to time until the Closing Date, so that the representations and warranties
in the preceding sentence will be true and correct as if the Information and
Projections (as so supplemented) were being furnished on the Closing Date. You
acknowledge that, in connection with the transactions contemplated hereby, UBS
and UBSW may share with any of their affiliates, and such affiliates may share
with UBS and UBSW, any information related to you or any of your Subsidiaries
(including in each case information relating to creditworthiness) and the
transactions contemplated hereby; provided that any such affiliate agrees to be
bound by the confidentiality agreement between Borrower and us.

     Compensation.

         As consideration for the commitments of the Lenders hereunder with
respect to the Credit Facility and the agreement of UBSW to structure, arrange
and syndicate the Credit Facility and to provide advisory services in connection
therewith, you agree to pay, or cause to be paid, to UBS the fees set forth in
the Term Sheet and the Fee Letter. Once paid, such fees shall not be refundable
under any circumstances.

     Conditions.

         The commitment of the Lenders hereunder with respect to the Credit
Facility and UBSW's agreement to perform the services described herein may be
terminated prior to the Closing Date by UBS if (i) any condition set forth in
the Term Sheet is not satisfied or any covenant or agreement in this Commitment
Letter or the Fee Letter is not complied with, in each case, to the extent
required to be satisfied or complied with prior to the Closing Date, or any
representation in this Commitment Letter is breached, (ii) in the sole judgment
of UBS, a material adverse change or material disruption has occurred after
February 27, 2003 in the financial, banking or capital markets generally, in any
such case, which has had or could reasonably be expected to have a material
adverse effect on the syndication of the Credit Facility or the marketing of any
Securities Offering (as defined in the Fee Letter), (iii) in the sole judgment
of UBS, a material adverse change or material disruption has occurred after
February 27, 2003 in the securities lending market for Borrower's equity
securities, which has had or could reasonably be expected to have a material
adverse effect on the marketing of any Securities Offering of convertible debt
securities, or (iv) there shall have been after February 27, 2003 an outbreak or
escalation of hostilities involving the United States, or the declaration by the
United States of a national emergency or war, or the occurrence of any other
national or international calamity or crisis, or any material adverse change in
financial, political or economic conditions in the United States or elsewhere,
in any such case, which, in the sole judgment of UBS, has had or could
reasonably be expected to have a material adverse effect on the syndication of
the Credit Facility or the marketing of any Securities Offering.

     Clear Market.

         From February 10, 2003 until the completion of syndication (as
determined by us and notified in writing to you) of the Credit Facility and, if
later, of the Securities Offering (as defined in the Fee Letter), you will
ensure that no financing (other than the Credit Facility or any Securities
Offering (as defined in the Fee Letter)) for you or any of your Subsidiaries or
affiliates is announced, syndicated or placed without the prior written consent
of UBS (it being understood that such consent shall be deemed given with respect
to any transaction in which UBS or UBSW is a bookrunner) if such financing,
announcement, syndication or placement would have, in the reasonable judgment of
UBS, a detrimental effect upon the transactions contemplated hereby. The
foregoing shall not limit your ability to seek, or effect, (i) the extension of
the termination date of Borrower's 364-Day Credit Agreement dated as of May 16,
2002, as amended and restated as of December 31, 2002 (the "364-Day Facility")
in accordance with the terms thereof, or the amendment or amendment and
restatement of the 364-Day Facility, or the replacement of the 364-Day Facility
with another unsecured committed term loan or revolving credit facility, (ii)
the amendment, amendment and restatement or replacement of any committed or
uncommitted lines of credit of any Subsidiary of Borrower existing on February
10, 2003, (iii) additional unsecured debt financing for Borrower's U.S.
Subsidiaries up to $25.0 million in the aggregate at any time outstanding and
(iv) any additional unsecured debt financing for Borrower's non-U.S.
Subsidiaries.

         Securities Demand.

         You agree to engage an investment bank (the "Investment Bank")
reasonably satisfactory to the Lenders and Borrower to publicly sell, privately
place or arrange, alone or with one or more additional bookrunners (together
with the Investment Bank, the "Bookrunners") and/or underwriters, placement
agents or initial purchasers, in one or more transactions (each, a "Securities
Offering"), at least $500.0 million (at least $800.0 million on or after May 15,
2003) aggregate net cash proceeds of equity or equity-linked (including
convertible debt) securities and/or senior unsecured, senior secured, senior
subordinated and/or subordinated debt of Borrower and/or any of its Subsidiaries
(collectively, the "Securities"). You shall use all commercially reasonable
efforts to take any and every action necessary or desirable so that the
Investment Bank and, if before March 1, 2003, the other Bookrunners can, as soon
as practicable whether prior to or after the making of loans under the Credit
Facility, publicly sell, privately place or arrange the Securities. Without
limiting the foregoing, you agree to:

         (i) promptly, and in the case of a Securities Offering of convertible
     debt securities no later than the opening of trading on the New York Stock
     Exchange on March 11, 2003 and in the case of any other Securities Offering
     no later than April 1, 2003, prepare an offering memorandum for a private
     placement pursuant to Rule 144A or file, and use all commercially
     reasonable efforts to cause to become effective, a registration statement
     (which may be a "universal" shelf registration statement) and prepare a
     prospectus under the Securities Act, with respect to each Securities
     Offering, in each case, as requested by the Investment Bank and, if before
     March 1, 2003, the other Bookrunners, in form for distributions to
     investors and otherwise in form and substance reasonably satisfactory to
     Borrower, the Investment Bank and, if before March 1, 2003, the other
     Bookrunners; provided that an offering memorandum for a Securities Offering
     of convertible debt securities shall be substantially completed no later
     than March 10, 2003 subject to such revisions as are necessary to reflect
     the disclosures contemplated by clause (vii) below;

         (ii) cooperate in the preparation of other marketing materials that the
     Investment Bank and, if before March 1, 2003, the other Bookrunners
     reasonably deem necessary in connection with the Securities Offering;
     provided that in the case of a Securities Offering of convertible debt
     securities such other material materials shall be prepared no later than
     March 10, 2003 (subject to such revisions as are necessary to reflect the
     disclosures contemplated by clause (vii) below) and in the case of any
     other Securities Offering no later than April 1, 2003;

         (iii) obtain, at your expense, monitored public ratings of each of the
     Securities that are debt securities from Moody's Investors Service and
     Standard & Poor's Ratings Group not later than April 1, 2003 and
     participate actively in the process of securing such ratings, including
     having your senior management meet with such rating agencies;

         (iv) continue to promptly provide to the Investment Bank access to
     management and advisors of Borrower and other information reasonably
     required to effect the issue and sale of each Securities Offering,
     including in connection with due diligence investigations;

         (v) make senior management of Borrower (including but not limited to
     the chief executive officer, chief financial officer and treasurer)
     available to participate in "road show" meetings with prospective
     investors, as reasonably requested by the Investment Bank and, if prior to
     March 1, 2003, the other Bookrunners;

         (vi) use all commercially reasonable efforts to cause the independent
     auditors of Borrower to issue comfort letters, and counsel to Borrower to
     issue legal opinions (including 10b-5 negative assurance), each in form and
     substance customary for transactions of this type and otherwise reasonably
     satisfactory to the Investment Bank and, if prior to March 1, 2003, the
     other Bookrunners; provided that, no later than the opening of trading on
     the New York Stock Exchange on March 11, 2003, the independent auditors of
     Borrower and the Investment Bank shall have agreed to the form of such
     comfort letter to be executed and delivered upon pricing of a Securities
     Offering of convertible debt securities;

         (vii) promptly, and not later than the opening of trading on the New
     York Stock Exchange on March 11, 2003, make public disclosures regarding
     Borrower's (a) future dividend policy, (b) amendment of existing credit
     facilities and (c) actual or estimated fourth quarter 2002 financial
     results, projected 2003 financial results and any anticipated material
     charges or range of such charges; provided that, not later than the close
     of trading on the New York Stock Exchange on March 11, 2003, Borrower shall
     file with the Securities and Exchange Commission a Current Report on Form
     8-K that includes such disclosures;

         (viii) not later than the opening of trading on the New York Stock
     Exchange on March 11, 2003, file with the Securities and Exchange
     Commission an amendment to Borrower's Quarterly Report on Form 10-Q/A for
     the quarterly period ended September 30, 2002 reflecting the Restatement
     for such quarterly period, and, not later than April 5, 2003, file with the
     Securities and Exchange Commission Borrower's Annual Report on Form 10-K
     for the year ended December 31, 2002 containing audited financial
     statements of Borrower as of December 31, 2002 and 2001 and for the three
     years ended December 31, 2002, which financial statements shall be
     accompanied by an opinion of the independent auditors of Borrower which
     shall be unqualified, except that such opinion may (a) to the extent
     consistent with past practice, state that it relies upon the reports of
     other auditors of certain Subsidiaries of Borrower and (b) refer to the
     Restatements; and

         (ix) otherwise cooperate with and assist the Investment Bank and, if
     prior to March 1, 2003, the other Bookrunners in connection with each
     Securities Offering.

         Upon notice by the Investment Bank (a "Securities Demand"), at any time
and from time to time, (A) on or after the earlier of (x) March 11, 2003 and (y)
completion of the matters specified in clauses (i), (vi) and (vii) above and (B)
prior to the termination of this Commitment Letter without the Closing Date
having occurred or, if the Closing Date has occurred, the repayment in full of
the Credit Facility and the termination of all commitments under the Credit
Facility, you will cause the issuance and sale of Securities, in one or more
transactions, upon such terms and conditions and in such amounts as specified in
the Securities Demand, as the Investment Bank in its sole reasonable judgment
determines to be appropriate in light of prevailing circumstances and market
conditions and the financial condition and prospects of Borrower and its
Subsidiaries at the time of sale; provided that (i) prior to April 1, 2003, any
Securities Demand may be only with respect to a Securities Offering of
convertible debt securities (x) generating aggregate net cash proceeds of at
least $400.0 million and (y) having pricing terms thereof no less favorable than
those offered by any other Bookrunner; (ii) on or after April 1, 2003 and prior
to May 15, 2003, the Investment Bank shall be entitled to require the issuance
of up to $500.0 million aggregate net cash proceeds of Securities; (iii) on or
after May 15, 2003, the Investment Bank shall be entitled to require the
issuance of up to $800.0 million aggregate net cash proceeds of Securities
(provided that to the extent exceeding $500.0 million the Investment Bank deems
such excess necessary to market such an offering in order to provide adequate
liquidity needs of Borrower and its Subsidiaries); and (iv) the Investment Bank
shall not be entitled to make a Securities Demand on any date that trading in
securities generally on the New York Stock Exchange is suspended, a banking
moratorium declared by federal or New York State authorities is effective or, in
the reasonable judgment of the majority of the Bookrunners (if prior to March 1,
2003) and in the sole reasonable judgment of the Investment Bank (if on or after
March 1, 2003), a temporary disruption exists in the capital markets generally
or in securities of companies similar to Borrower generally that, in the
reasonable judgment of the majority of the Bookrunners (if prior to March 1,
2003) and in the sole reasonable judgment of the Investment Bank (if on or after
March 1, 2003), would result in materially adverse pricing terms in the
Securities Offering than the Securities Offering would achieve in the absence of
such temporary disruption. For the avoidance of doubt, the parties agree that a
disruption shall be deemed not temporary if it lasts more than 5 business days.
Notwithstanding anything to the contrary, in no event shall Borrower be required
to consummate any Securities Offering if to do so would, in the written opinion
of outside counsel to Borrower, result in a violation of applicable law,
including applicable disclosure requirements, despite Borrower's compliance with
its obligations in the preceding paragraph. The Securities will be issued
pursuant to one or more indentures, securities purchase agreements and/or
registration rights agreements, which shall contain such terms, conditions and
covenants as are typical and customary for similar financings (as determined by
the Investment Bank) and as are reasonably satisfactory in all respects to the
Investment Bank. All other arrangements with respect to the Securities shall be
reasonably satisfactory in all respects to the Investment Bank in light of the
then prevailing market conditions.

         This section "Securities Demand" shall remain in effect only until the
earlier of (i) the repayment in full of the Credit Facility and the termination
of all commitments thereunder and (ii) the termination or expiration of this
Commitment Letter prior to the execution and delivery of the Credit
Documentation. So long as no borrowings are outstanding under the Credit
Facility, the termination of all commitments under this Commitment Letter (prior
to the Closing Date) or the Credit Facility (on or after the Closing Date) shall
be the sole remedy for breach of this section "Securities Demand."

     Indemnity.

         By your acceptance below, you hereby agree to indemnify and hold
harmless each of UBSW, UBS and the other Lenders and their respective affiliates
(including, without limitation, controlling persons) and the directors,
officers, employees, advisors and agents of the foregoing (each, an "Indemnified
Person") from and against any and all losses, claims, costs, expenses, damages
or liabilities (or actions or other proceedings commenced or threatened in
respect thereof) that arise out of or in connection with this Commitment Letter,
the Term Sheet, the Fee Letter, the Credit Facility or any of the transactions
contemplated hereby or the providing or syndication of the Credit Facility, and
to reimburse each Indemnified Person upon presentation of a summary statement
for all reasonable out-of-pocket legal or other expenses incurred in connection
with investigating, preparing to defend or defending against, or participating
in, any such loss, claim, cost, expense, damage, liability or action or other
proceeding (whether or not such Indemnified Person is a party to any action or
proceeding), other than any of the foregoing of any Indemnified Person to the
extent determined by a final judgment of a court of competent jurisdiction to
have resulted solely by reason of the gross negligence or willful misconduct of
such Indemnified Person. You shall not be liable for any settlement of any such
proceeding effected without your written consent, but if settled with such
consent or if there shall be a final judgment for the plaintiff, you shall
indemnify the Indemnified Persons from and against any loss or liability by
reason of such settlement or judgment subject to your rights in this paragraph
to claim exemption from your indemnity obligations. You shall not, without the
prior written consent of any Indemnified Person, effect any settlement of any
pending or threatened proceeding in respect of which such Indemnified Person is
or could have been a party and indemnity could have been sought hereunder by
such Indemnified Person, unless such settlement includes an unconditional
release of such Indemnified Person from all liability or claims that are the
subject matter of such proceeding. None of UBSW, UBS or any other Lender (or any
of their respective affiliates) shall be responsible or liable to you or any of
your Subsidiaries, affiliates or stockholders or any other person or entity for
any consequential damages which may be alleged as a result of this Commitment
Letter, the Term Sheet, the Fee Letter, the Credit Facility or the transactions
contemplated hereby. In addition, you hereby agree to reimburse UBSW from time
to time upon presentation of a summary statement for all reasonable
out-of-pocket costs and expenses (including, without limitation, reasonable
outside legal fees and expenses of UBS and UBSW, and printing, reproduction,
document delivery, travel and communication costs) incurred in connection with
the syndication and execution of the Credit Facility, and the preparation,
review, negotiation, execution and delivery of the Original Commitment Letter
(as defined below), the Term Sheet attached thereto as Annex I, the letter dated
February 10, 2003 addressed to you providing, among other things, for certain
fees relating to the Credit Facility (the "Original Fee Letter"), and any
amendment or waiver thereof (including without limitation, this Commitment
Letter, the Term Sheet and the Fee Letter) and the Credit Documentation, whether
or not any Credit Documentation is executed and delivered or any extensions of
credit are made under the Credit Facility.

     Confidentiality.

         This Commitment Letter is furnished for your benefit, and may not be
relied on by any other person or entity. This Commitment Letter is delivered to
you upon the condition that neither the existence of the Original Commitment
Letter, the Term Sheet attached thereto as Annex I, the Original Fee Letter, any
amendment or waiver thereof (including without limitation this Commitment
Letter, the Term Sheet and the Fee Letter) nor any of their contents shall be
disclosed by you or any of your affiliates, directly or indirectly, to any other
person, except that such existence and contents may be disclosed (i) as may be
compelled in a judicial or administrative proceeding or as otherwise required by
law, including applicable disclosure requirements as determined by Borrower in
its sole discretion (provided that you agree to give us reasonable prior notice
of any public disclosure by you or any of your affiliates relating to the Credit
Facility, UBS or any of its affiliates and/or UBS's commitment hereunder or
under the Credit Facility and reasonable opportunity to comment thereon (it
being understood that we will use reasonable efforts to provide any such
comments expeditiously)), (ii) to your directors, officers, employees, advisors
and agents, in each case on a confidential and "need-to-know" basis and only in
connection with the transactions contemplated hereby and (iii) to rating
agencies.

         Notwithstanding the foregoing, and notwithstanding any other express or
implied agreement or understanding to the contrary, you and your employees,
representatives, and other agents are authorized by us, each of our affiliates,
and each person acting on our behalf to disclose the structure and tax aspects
(as such terms are used in Internal Revenue Code Sections 6011, 6111 and 6112
and the regulations promulgated thereunder) of these transactions to any and all
persons, without limitation of any kind. You may disclose all materials of any
kind (including opinions or other tax analyses) insofar as they relate to the
structure and tax aspects of the transactions. The authorization in this
paragraph does not extend to disclosure of any other information including
(without limitation) (a) the identities of participants or potential
participants in the transactions, (b) the existence or status of any
negotiations, (c) any pricing information or (d) any other term or detail not
related to the structure or tax aspects of the transactions.

     Other Services.

         You acknowledge and agree that UBS, UBSW and/or their affiliates may be
requested to provide additional services with respect to you, your Subsidiaries
and/or affiliates or other matters contemplated hereby. Any such services will
be set out in and governed by a separate agreement(s) (containing terms
relating, without limitation, to services, fees and indemnification) in form and
substance satisfactory to the parties thereto. Nothing in this Commitment Letter
is intended to obligate or commit UBS or UBSW or any of their affiliates to
provide any services other than as set out herein.

     Governing Law, Etc.

         This Commitment Letter and the commitment of the Lenders shall not be
assignable (i) by you without the prior written consent of the Lenders and UBSW
or (ii) by us except to one or more financial institutions reasonably
satisfactory to you, and any purported assignment in violation of the foregoing
shall be void. This Commitment Letter amends and restates in its entirety the
Credit Facility Commitment Letter (including the Term Sheet attached thereto as
Annex I, collectively, the "Original Commitment Letter"), dated February 10,
2003, among you, UBS and UBSW and supersedes it in all respects. This Commitment
Letter also supercedes in all respects the provisions contained under the
caption "Commitment Letter" (other than the last sentence of the first paragraph
thereunder, which shall survive in full) and under the caption "Fee Letter," in
each case, in the letter dated February 28, 2003 (the "February 28 Letter")
among Borrower, UBS, UBSW and UBS AG, Stamford Branch providing, among other
things, for certain amendments and waivers to the Original Commitment Letter and
the Original Fee Letter. In all other respects the February 28 Letter shall
survive in full. This Commitment Letter may not be amended or any provision
hereof waived or modified except by an instrument in writing signed by UBS, UBSW
and you. This Commitment Letter may be executed in any number of counterparts,
each of which shall be an original and all of which, when taken together, shall
constitute one agreement. Delivery of an executed counterpart of a signature
page of this Commitment Letter by facsimile transmission shall be effective as
delivery of a manually executed counterpart of this Commitment Letter. Headings
are for convenience only. This Commitment Letter is intended to be for the
benefit of the parties hereto and is not intended to confer any benefits upon,
or create any rights in favor of, any person other than the parties hereto, the
Lenders and, with respect to the indemnification provided under the heading
"Indemnity," each Indemnified Person. This Commitment Letter shall be governed
by, and construed in accordance with, the laws of the State of New York without
regard to principles of conflicts of law to the extent that the application of
the laws of another jurisdiction will be required thereby. Any right to trial by
jury with respect to any claim or action arising out of this Commitment Letter
is hereby waived. Each of the parties hereto submits to the non-exclusive
jurisdiction of the federal and New York State courts located in The City of New
York (and appellate courts thereof) in connection with any dispute related to
this Commitment Letter or any of the matters contemplated hereby, and agrees
that service of any process, summons, notice or document by registered mail
addressed to it at its address first written above (or such other address as
notified to the other parties hereto) shall be effective service of process for
any suit, action or proceeding relating to any such dispute. The parties hereto
irrevocably and unconditionally waive any objection to the laying of such venue
of any such suit, action or proceeding brought in any such court and any claim
that any such suit, action or proceeding has been brought in an inconvenient
forum. A final judgment in any such suit, action or proceeding brought in any
such court may be enforced in any other courts to whose jurisdiction the party
against whom enforcement is sought is or may be subject by suit upon judgment.

         Please indicate your acceptance of the terms hereof and of the Term
Sheet and the Fee Letter by returning to us executed counterparts of this
Commitment Letter and the Fee Letter not later than 8:00 p.m., New York City
time, on the date hereof. This Commitment Letter and the commitments of the
Lenders hereunder and the agreement of UBSW to provide the services described
herein are also conditioned upon your acceptance hereof and of the Fee Letter,
and our receipt of executed counterparts hereof and thereof.

     Termination.

         This Commitment Letter and the commitments of the Lenders hereunder and
the agreement of UBSW to provide the services described herein shall
automatically terminate unless the Lenders and UBSW shall, in their discretion,
agree to an extension, upon the earliest to occur of any of the following: (i)
the execution and delivery of the Credit Documentation by all of the parties
thereto; (ii) May 16, 2003, if the Credit Documentation shall not have been
executed and delivered by all such parties prior to that date; (iii) the
extension of the termination date of 364-Day Facility in accordance with the
terms thereof, or the amendment or amendment and restatement of the 364-Day
Facility resulting in an extension of the term thereof, or the replacement of
the 364-Day Facility with, or the entering into, another committed term loan or
revolving credit facility, that, in each case, provides for aggregate borrowings
of at least $500.0 million; (iv) receipt by Borrower and/or its Subsidiaries
after February 10, 2003 of Net Cash Proceeds (as defined in the 364-Day
Facility) of not less than $400.0 million in the aggregate from a combination of
one or more transactions involving the sale, lease, transfer or other
disposition of any assets by Borrower or any of its Subsidiaries or the
incurrence or issuance of any debt in the capital markets having neither a put
exercisable, nor a maturity, earlier than July 31, 2005 or the sale or issuance
of any equity interests by Borrower or any of its Subsidiaries; or (v) at the
option of Borrower upon written notice to UBS and UBSW.

         The compensation, expense reimbursement, confidentiality,
indemnification and governing law and forum provisions hereof and in the Term
Sheet and the Fee Letter shall survive termination of this Commitment Letter or
the commitments of the Lenders hereunder, except to the extent superseded by the
Credit Documentation. The provisions under the headings "Syndication" and "Clear
Market" above shall survive the execution and delivery of the Credit
Documentation.

                            [Signature Page Follows]

<PAGE>

         We are pleased to have been given the opportunity to assist you in
connection with this financing.

                                      Very truly yours,

                                      UBS AG, CAYMAN ISLANDS BRANCH

                                      By: /s/ David A. Juge
                                          --------------------------------
                                          Name: David A. Juge
                                          Title: Managing Director

                                      By: /s/ Oliver O. Trumbo II
                                          --------------------------------
                                          Name: Oliver O. Trumbo II
                                          Title: Director

                                      UBS WARBURG LLC

                                      By: /s/ David A. Juge
                                          --------------------------------
                                          Name: David A. Juge
                                          Title: Managing Director

                                      By: /s/ Oliver O. Trumbo II
                                          --------------------------------
                                          Name: Oliver O. Trumbo II
                                          Title: Director

Accepted and agreed to as of
the date first written above:

THE INTERPUBLIC GROUP OF COMPANIES, INC.

By: /s/ Steven Berns
    --------------------------------
    Name: Steven Berns
    Title: Vice President and Treasurer<PAGE>

                                IMAX CORPORATION
                                  EXHIBIT 10.2

                              EMPLOYMENT AGREEMENT

         This Employment Agreement dated and effective as of July 15, 1997 (the
"Agreement"), is made between

70 MM INC.,
a corporation incorporated
under the laws of the State
of Delaware
(hereinafter referred to as "70MM")

                                                           OF THE FIRST PART

and

DAVID BEDFORD KEIGHLEY
of the City of Markham in the
Province of Ontario
(hereinafter referred to as the "Executive")

                                                           OF THE SECOND PART

and

IMAX CORPORATION,
a corporation incorporated
under the laws of Canada
(hereinafter referred to as the "Imax Corporation")
(Imax Corporation, together with all its subsidiaries and affiliates are
hereinafter referred to as "Imax")

                                                           OF THE THIRD PART

         WHEREAS, Imax Corporation and 70MM wish to enter into this Agreement to
engage the Executive to provide services to the 70MM, and the Executive wishes
to be so engaged, pursuant to the terms and conditions hereinafter set forth;

         AND WHEREAS 70MM is an indirect wholly-owned subsidiary of Imax
Corporation;

         NOW, THEREFORE, in consideration of the covenants and agreements
hereinafter set forth, the parties hereto agree as follows:
<PAGE>

                                       -2-

1.       EMPLOYMENT AND DUTIES

1.1.     Employment. 70MM hereby employs the Executive, and the Executive hereby
agrees to serve, as President of 70MM and Senior Vice President of Imax
Corporation and the Executive hereby accepts the foregoing employment, all on
the terms and conditions contained in this Agreement.

The Executive agrees to serve 70MM faithfully and to the best of his ability
under the direction of the "Senior Operating Officer" of Imax Corporation. The
Executive shall report to the "Senior Operating Officer" of Imax Corporation.
Senior Operating Officer shall mean Chief Operating Officer, Chief Executive
Officer, Vice Chairman or Chairman.

1.2.     Exclusive Services. Except as may otherwise be approved in advance by
the President and/or the Senior Operating Officer of Imax Corporation, the
Executive shall devote his full working time throughout the Employment Term (as
defined in Section 1.3) to the services required of him hereunder. The Executive
shall render his services exclusively to 70MM during the Employment Term, and
shall use his best efforts, judgment and energy to improve and advance the
business and interests of Imax in a manner consistent with the duties of his
position.

1.3.     Term of Employment. The Executive's employment under this Agreement
shall commence on the date hereof (the "Commencement Date") and shall terminate
on the earlier of (i) the fifth anniversary of the Commencement Date, or (ii)
termination of the Executive's employment pursuant to this Agreement. The period
commencing as of the Commencement Date and ending on the fifth anniversary of
the Commencement Date or such later date to which the term of the Executive's
employment under this Agreement shall have been extended is hereinafter referred
to as the "Employment Term". Executive agrees to notify Imax Corporation of his
desire to renew this Agreement, on terms and conditions to be negotiated, on or
before December 31, 2001. Imax Corporation agrees to advise Executive of its
intention to renew this Agreement on or before December 31, 2001.

1.4.     Place of Employment. During the Employment Term the Executive will
principally work at 70MM's offices in Los Angeles and from time to time, as
requested or as required by circumstance, at Imax Corporation's main offices in
Mississauga and New York. It is anticipated that the Executive will spend some
portion of his time in Imax Corporation's Mississauga area offices, but in no
event will the Executive spend more than 180 days in Canada in any calendar year
during the Employment Term. The Executive shall spend the balance of his working
time in such location or locations as are necessary and appropriate for the
performance of the duties of the Executive, subject to the reasonable direction
of the Senior Operating Officer.

1.5.     Reimbursement of Expenses. 70MM shall reimburse the Executive for
reasonable travel and other business expenses incurred by him in the fulfilment
of his duties hereunder in

<PAGE>

                                       -3-

accordance with 70MM practices consistently applied. Without limitation, 70MM
shall pay, or reimburse the Executive for, reasonable accommodation costs for
the Executive in Toronto.

2.       COMPENSATION

2.1.     Base Salary. During the Employment Term, the Executive shall be paid a
base salary ("Base Salary") of US$212,405 in the first year of the Employment
Term, US$223,025 in the second year of the Employment Term, US$234,176 in the
third year of the Employment Term, US$245,885 in the fourth year of the
Employment Term and US$258,179 in the fifth year of the Employment Term, payable
no less frequently than monthly in accordance with 70MM's payroll practices. In
respect of any year in which the Executive is employed pursuant to this
Agreement less than the entirety of such year, the annual base salary of the
Executive for such part year as he is employed hereunder shall be reduced
proportionately based on the number of days he was actually employed hereunder.

2.2.     Bonus. In addition to the Base Salary, for each year during the
Employment Term (excluding fiscal 2002), the Executive shall be entitled to be
paid and 70MM agrees to pay to the Executive a bonus of one-third of the
Executive's base salary for such year (pro-rated as necessary to reflect any
partial year worked) upon the attainment of the pre-tax profit threshold
established as detailed in paragraph 2.3 below. The Executive will be entitled
to be paid and 70MM agrees to pay to the Executive a further bonus for each year
(or portion thereof) during which the Executive has performed services hereunder
in an amount equal to 10% of the difference calculated by subtracting the pre
tax profit threshold established in Section 2.3 below from 70MM's profit before
taxes as confirmed by Imax's auditors for the financial year being considered.
This bonus will also be pro-rated as necessary to reflect a partial year worked.
Bonuses payable pursuant to these bonuses shall be calculated and paid not later
than April 30 of the following year.

2.3      Pre Tax Profit Threshold

Pre tax profit threshold for purposes of determining bonuses to be paid pursuant
to 2.2 above shall be as follows:

<TABLE>
<CAPTION>
  Pre tax Profit Threshold                Applicable to Bonus
  for Financial Year Ending                  Payments Due
-----------------------------             -------------------
<S>                                       <C>
December 31, 1997 US$ 229,629               April 30, 1998
December 31, 1998 US$ 241,110               April 30, 1999
December 31, 1999 US$ 253,166               April 30, 2000
December 31, 2000 US$ 265,824               April 30, 2001
December 31, 2001 US$ 279,115               April 30, 2002
</TABLE>

<PAGE>

                                       -4-

3.       EMPLOYEE BENEFITS

3.1.     General. The Executive shall, during the Employment Term, receive
employee benefits including vacation time, medical benefits, disability and life
insurance, all at least consistent with those established by Imax Corporation
for its other key employees at a level commensurate with that of the Executive.
Without limitation, however, the Executive shall be entitled to the following
benefits:

         (i)      no less than five (5) weeks' paid vacation in the first year
                  of the Employment Term and in accordance with Imax
                  Corporation's policy for senior executives thereafter but in
                  any event no less than 5 weeks in any year of the Employment
                  Term;

         (ii)     business class air travel within North America and
                  internationally and the same class of travel enjoyed by
                  executives more senior than the Executive, when travelling
                  with these executives, subject to availability;

         (iii)    such audio/visual, computer, fax, cellular telephone, paging
                  services and other like equipment as may be necessary in
                  connection with the performance of the Executive's
                  responsibilities shall be made available to the Executive
                  including, without limitation, a personal computer and
                  necessary link-up equipment;

         (iv)     reimbursement for the expenses of obtaining or maintaining the
                  Executive's membership in the Society of Motion Picture and
                  Television Engineers and the expenses of any memberships which
                  in the reasonable opinion of the Executive are essential or
                  necessary to enable him to perform his duties hereunder; and

         (iv)     standard Imax benefits for U.S. resident employees.

3.2.     Automobile. In addition to the Base Salary, 70MM shall pay the
Executive US $ 700 each month during the Employment Term as an allowance towards
the cost to the Executive of an automobile for business and personal use
(hereinafter referred to as the "Automobile Allowance"). In addition, the
Executive will be reimbursed in respect of all reasonable out-of-pocket
operating costs incurred in connection with such automobile.

<PAGE>

                                       -5-

4.       TERMINATION OF EMPLOYMENT

                  Definitions. As used in this Article 4, the following terms
have the following meanings:

(a)               "Termination Payment" means each of the following amounts to
the extent that such amounts are due to be paid to and including the date upon
which the Executive's employment is terminated (i) Base Salary, (ii) Automobile
Allowance, (iii) unreimbursed business expenses, (iv) any amounts to be paid
pursuant to the terms of any benefit plans of 70MM in which the Executive
participates or pursuant to any policies of 70MM applicable to the Executive,
and (vi) any outstanding vacation pay calculated up to and including such date.

(b)               "Without Cause" means termination of the Executive's
employment by 70MM other than for Cause (as defined in Section 4.2), death or
disability (as set forth in Article 5).

4.1.     Termination without Cause.

4.1.1.   General. Subject to the provisions of Sections 4.1.2, 4.1.3 and Article
6, if, prior to the expiration of the Employment Term, the Executive's
employment is terminated by 70MM Without Cause, 70MM shall pay the Termination
Payment then due to be paid within 30 days of the date of termination and shall
continue to pay the Executive the Base Salary, and the Automobile Allowance for
the duration of the Employment Term then remaining to a maximum of three (3)
years, (such period being referred to hereinafter as the "Severance Period")
either at such intervals as the same would have been paid had the Executive
remained in the active service of 70MM, or, at the option of 70MM, by immediate
payment to the Executive of the remaining Base Salary and Automobile Allowance
which would be payable during the Severance Period. Upon such termination, the
Executive shall also be entitled to continue to receive his employment benefits
at 70MM's expense (to the extent paid for by 70MM as at the date of
termination), other than those set forth in clauses 3.1 (ii) and (iii).

The Executive agrees that 70MM may deduct from any payment of Base Salary to be
made during the Severance Period the benefit plan contributions which are to be
made by the Executive during the Severance Period in accordance with the terms
of all benefit plans for the minimum period prescribed by law. The Executive
shall have no further right to receive any other compensation or benefits after
such termination of employment except as are necessary under the terms of the
employee benefit plans or programs of 70MM or as required by applicable law.
Payment of Base Salary and the Automobile Allowance and the continuation of the
aforementioned employee benefits during the Severance Period as outlined above
shall be deemed to include all termination and severance pay to which the
Executive is entitled pursuant to applicable statute law and common law. The
date of termination of employment Without Cause shall be the date specified in a
written notice of termination to the Executive.

<PAGE>

                                       -6-

4.1.2.   Fair and Reasonable The parties confirm that notice and pay in lieu of
notice provisions contained in Section 4.1.1 are fair and reasonable and the
parties agree that upon any termination of this Agreement Without Cause, the
Executive shall have no action, cause of action, claim or demand against 70MM or
Imax or any other person as a consequence of such termination other than to
enforce Section 4.1.1.

4.1.3.   Conditions Applicable to the Severance Period. If, during the Severance
Period, the Executive breaches his obligations under Article 7 of this
Agreement, 70MM may, upon written notice to the Executive, terminate the
Severance Period and cease to make any further payments described in Section
4.1.1.

4.2.     Termination for Cause; Resignation. At any time prior to the expiration
of the Employment Term the Executive's employment may be terminated by 70MM
immediately upon notice for Cause. If, prior to the expiration of the Employment
Term, the Executive's employment is terminated by 70MM for Cause, or the
Executive resigns from his employment hereunder, other than circumstances
constituting constructive dismissal, the Executive shall only be paid, within 15
days of the date of such termination or resignation, the Termination Payment,
then due to be paid. The Executive shall have no further right to receive any
other compensation or benefits after such termination or resignation of
employment, except as determined in accordance with the terms of the employee
benefit plans or programs of 70MM. The date of termination for Cause shall be
the date specified in a written notice of termination to the Executive. The date
of resignation shall be (i) the date specified in the written notice of
resignation from the Executive to 70MM, or if no date is specified therein, 10
days (not including a Saturday, Sunday or statutory holiday in Ontario, Canada)
after receipt by 70MM of such written notice or (ii) if no such notice is
delivered to 70MM, the date determined by the Senior Operating Officer of Imax
Corporation in good faith.

4.3.     Cause. Termination for "Cause" shall mean termination of the
Executive's employment because of:

         (i)      the cessation of the Executive's ability to work legally in
                  Canada or the United States other than for reasons within the
                  Executive's reasonable control;

         (ii)     any act or omission that constitutes a material breach by the
                  Executive of any of his obligations under this Agreement;

         (iii)    the continued failure or refusal of the Executive to perform
                  the duties reasonably required of him as President of 70MM;

         (iv)     any material violation by the Executive of any Canadian or
                  United States Federal, provincial, state or local law or
                  regulation applicable to the business of 70MM or Imax, which
                  violation is injurious to the financial condition or business
                  reputation of 70MM or Imax, or the Executive's conviction of a
                  felony

<PAGE>

                                       -7-

                  or commission of an indictable offense for which he is not
                  pardoned, or any perpetration by the Executive of a common law
                  fraud; or

         (v)      any other action by the Executive which is materially
                  injurious to the financial condition or business reputation
                  of, or is otherwise materially injurious to, 70MM or Imax, or
                  which results in a violation by 70MM or Imax of any Canadian
                  or United States Federal, provincial, state or local law or
                  regulation applicable to the business of 70MM or Imax, which
                  violation is injurious to the financial condition or business
                  reputation of 70MM or Imax.

5.       DEATH OR DISABILITY

                  In the event of termination of employment by reason of death
or Permanent Disability (as hereinafter defined), the Executive (or his estate,
as applicable) shall be paid the Termination Payment then due to be paid within
30 days of the date of such termination of employment. Both the employment of
the Executive and the entitlement of the Executive to be paid amounts under
Section 4.1.1, in respect of the Severance Period, shall terminate immediately
and without notice upon his death or upon his Permanent Disability (as
hereinafter defined). Any benefits thereafter shall be determined in accordance
with the benefit plans maintained by 70MM, and 70MM shall have no further
obligation hereunder. For purposes of this Agreement, "Permanent Disability"
means a physical or mental disability or infirmity of the Executive that
prevents the normal performance of substantially all his duties under this
Agreement as an employee of 70MM, which disability or infirmity shall exist for
any continuous period of 180 days.

6.       MITIGATION

                  Subject to Section 7.2, the Executive shall be required to
mitigate the amount of any payment provided for in Section 4.1.1 (other than the
Termination Payment) by seeking other employment or remunerative activity
reasonably comparable to his duties hereunder, and any payment to be made by
70MM under Section 4.1.1 (other than the Termination Payment) will be reduced by
the amount of the Executive's remuneration from such other employment or other
activity during the Severance Period (whether paid or not to the Executive
during such period). The Executive shall be required as a condition of any
payment under Section 4.1.1 (other than the Termination Payment) promptly to
disclose to 70MM any such mitigation compensation.

<PAGE>

                                       -8-

7.       NON-SOLICITATION, CONFIDENTIALITY, NON-COMPETITION, GRANT OF RIGHTS

7.1.     Non-solicitation. For so long as the Executive is employed by 70MM and
continuing for one year thereafter, notwithstanding whether the Executive's
employment is terminated with or without Cause or whether the Executive resigns,
the Executive shall not, without the prior written consent of 70MM and Imax
Corporation, directly or indirectly, for the Executive's own benefit or the
benefit of any other person, whether as a sole proprietor, member of a
partnership, stockholder or investor (other than a stockholder or investor
owning not more than a 5% interest), officer or director of a corporation, or as
a trustee, employee, associate, consultant, principal or agent of any person,
partnership, corporation or other business organization or entity other than
Imax: (x) solicit or endeavour to entice away from Imax, any person or entity
who is, or, during the then most recent 12-month period, was employed by, or had
served as an agent or key consultant of, Imax; or (y) solicit, endeavour to
entice away or gain the custom of, canvass or interfere in Imax's relationship
with any person or entity who is, or was within the then most recent 12-month
period, a customer or client (or reasonably anticipated to become a customer or
client) of Imax and with whom the Executive had dealings during his employment
with 70MM. The Executive confirms that all restrictions in this Section are
reasonable and valid and waives all defences to the strict enforcement thereof.

7.2      Non-Competition For so long as the Executive is employed by 70MM and
continuing for the period of time during which 70MM is obliged to pay any
amounts to the Executive under Section 4.1.1 hereof (up to three years) after
the date of the termination of the employment of the Executive with 70MM,
notwithstanding whether the Executive's employment is terminated with or without
Cause or whether the Executive resigns, the Executive shall not, without the
prior written consent of Imax, directly or indirectly anywhere within Canada,
the United States, Europe or Asia, as a sole proprietor, member of a
partnership, stockholder or investor (other than a stockholder or investor
owning not more than a 5% interest), officer or director of a corporation, or as
a trustee, employee, associate, consultant, principal or agent of any person,
partnership, corporation or other business organization or entity other than
Imax, render any service to or in any way be affiliated with a competitor (or
any person or entity that is, at the time the Executive would otherwise commence
rendering services to or become, affiliated with such person or entity,
reasonably anticipated to become a competitor) of Imax (a "Competitor"), which
is principally engaged or reasonably anticipated to become principally engaged
in designing or supplying large screen theatres, distributing projection and
sound systems for large screen theatres or designing or supplying motion
simulation theatres or producing or distributing films for motion simulation
theatres or, where such Competitor is not principally engaged in these
activities but carries on these activities as part of its business then the
Executive shall not directly or indirectly provide services to such Competitor
in connection with these activities. Subsequent to the period referenced above,
the Executive shall be free to create and work within a "post production"
business (whether or not incorporated), provided that, during the one year
period following the period referenced above, no such "post-production" business
shall be financed by, directly or indirectly, nor may the

<PAGE>

                                      -9-

Executive be directly or indirectly employed by, a direct competitor of Imax
(including, without limiting the generality of the term "direct competitor",
Iwerks Entertainment, Inc. or Showscan Entertainment Inc. or their successors
and affiliates) in the large format film business. The Executive confirms that
all restrictions in this Section are reasonable and valid and waives all
defences to the strict enforcement thereof. "Post production" business is
defined to include post production services related to large format motion
pictures, including negative cutting, laboratory supervision, release print
assembly and preparation, print quality assurance, print coating and
rejuvenation, film storage and inventory control, supervision of optical
effects, film production consultation, 35mm daily printdowns, color timing
including V.I.S.T. timing, video mastering supervision and tape duplication and
supply of ancillary products. Nothing in this provision restricts the Executive
during the one year period referred to above from performing services for a
direct competitor of Imax as a customer of a post production business.

7.3      Confidentiality. The Executive covenants and agrees with Imax that he
will not at any time during employment hereunder or thereafter, except in
performance of his obligations to 70MM hereunder or with the prior written
consent of the President and/or Senior Operating Officer of Imax Corporation,
directly or indirectly, disclose or use any secret or confidential information
that he may learn or has learned by reason of his association with Imax. The
term "confidential information" includes information not previously disclosed to
the public or to the trade by Imax's management, or otherwise in the public
domain, with respect to Imax's products, facilities, applications and methods,
trade secrets and other intellectual property, systems, procedures, manuals,
confidential reports, product price lists, customer lists, technical
information, financial information, business plans, prospects or opportunities,
but shall exclude any information which (i) is or becomes available to the
public or is generally known in the industry or industries in which Imax
operates other than as a result of disclosure by the Executive in violation of
his agreements under this Section or (ii) the Executive is required to disclose
under any applicable laws, regulations or directives of any government agency,
tribunal or authority having jurisdiction in the matter or under subpoena or
other process of law. The Executive confirms that all restrictions in this
Section are reasonable and valid and waives all defences to the strict
enforcement thereof.

7.4      Exclusive Property. The Executive confirms that all confidential
information is and shall remain the exclusive property of Imax. All business
records, papers and documents regardless of the form of their records kept or
made by Executive relating to the business of Imax shall be and remain the
property of Imax, and shall be promptly returned by the Executive to Imax upon
any termination of employment.

7.5      Injunctive Relief. Without intending to limit the remedies available to
Imax, the Executive acknowledges that a material breach of any of the covenants
contained in Article 7 will result in material and irreparable injury to Imax
for which there is no adequate remedy at law, that it will not be possible to
measure damages for such injuries precisely and that, in the event of such a
breach or threat thereof, Imax shall be entitled to seek a temporary restraining
order and/or a preliminary, interim or permanent injunction restraining the
Executive from engaging in activities prohibited by Article 7 or such other
relief as may be required specifically

<PAGE>

                                      -10-

to enforce any of the covenants in Article 7. The Executive waives any defences
to the strict enforcement by Imax of the covenants contained in Article 7. If
for any reason it is held that the restrictions under Article 7 are not
reasonable or that consideration therefor is inadequate, such restrictions shall
be interpreted or modified to include as much of the duration and scope
identified in Article 7 as will render such restrictions valid and enforceable.

7.6      Representation. The Executive represents and warrants that he is not
subject to any non-competition covenant or any other agreement with any party
which would in any manner restrict or limit his ability to render the services
required of him hereunder.

7.7.     Grant of Rights. The Executive hereby: (a) grants to Imax Corporation
all copyrights, patent rights and other rights in all work furnished or created
by the Executive during the Employment Term; (b) agrees to sign all documents
which may be required to confirm Imax Corporation's absolute ownership of such
work; (c) waives the moral rights associated with such work, within the meaning
of the Canadian Copyright Act; and (d) grants the Corporation the rights to and
to license others to use of the name, likeness, biography and other
identifications of the Executive in connection with any and all uses and
promotions of such work and derivatives thereof. Without limiting the generality
of the foregoing, all rights of whatsoever nature and kind (now or hereafter
known) in any projects developed or contributed to by the Executive pursuant to
this Agreement shall be, from the inception of the creation thereof, the
exclusive property of the Corporation, and for the purposes of the United States
Copyright Act same shall be deemed to constitute "works-made-for-hire"; provided
that in the event that for whatever reason the Executive retains any rights in
any projects, the Executive hereby assigns same exclusively to Imax Corporation
and free, clear and unencumbered.

8.       MISCELLANEOUS

8.1.     Notices. All notices or communications hereunder shall be in writing,
addressed as follows:

To 70MM:                               c/o Imax Corporation
                                       2525 Speakman Drive
                                       Mississauga, Ontario
                                       L5K 1B1

                                       Telecopier No:            905-403-6468

<PAGE>

                                      -11-

To Imax Corporation:                   Imax Corporation
                                       2525 Speakman Drive
                                       Mississauga, Ontario
                                       L5K 1B1

                                       Telecopier No.:           (905) 403-6468
                                       Attention:                General Counsel

To the Executive:                      David Keighley
                                       7 McCarty Crescent
                                       Markham, Ontario
                                       L3P 4R4

All such notices shall be conclusively deemed to be received and shall be
effective, (i) if sent by hand delivery, upon receipt or (ii) if sent by
registered or certified mail, on the fifth day after the day on which such
notice is mailed.

8.2.     Severability. Each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be prohibited by or invalid under
applicable law, such provision will be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Agreement. The parties agree that Section 7
shall survive the termination of this Agreement.

8.3.     Assignment. This Agreement shall be binding upon and inure to the
benefit of the heirs and representatives of the Executive and the assigns and
successors of 70MM and Imax Corporation, if any are permitted by law and
provided that 70MM and Imax Corporation and its assignee shall each remain
liable to the Executive in the event of any assignment, but neither this
Agreement nor any rights hereunder shall be assignable or otherwise subject to
hypothecation by the Executive.

8.4.     Entire Agreement: Amendment. In addition to the letter between the
parties dated May 27, 1997, this Agreement represents the entire agreement of
the parties and shall supersede any and all previous contracts, arrangements or
understandings between 70 MM and Imax Corporation and the Executive. This
Agreement may only be amended at any time by mutual written agreement of the
parties hereto.

8.5.     Withholding. The payment of any amount pursuant to this Agreement shall
be subject to any applicable withholding and payroll taxes, and such other
deductions as may be required under applicable law or 70MM's employee benefit
plans, if any.

<PAGE>

                                      -12-

8.6.     Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the Province of Ontario and the laws of Canada
applicable therein without regard to principles of conflicts of laws.

         IN WITNESS WHEREOF, 70MM, Imax Corporation and the Executive have duly
executed and delivered this Agreement as of the day and year first above
written.

                                        IMAX CORPORATION:

                                        By: "John M. Davison"
                                            ------------------------------------
                                            Name: John M. Davison
                                            Title: Executive Vice President
                                            & Chief Financial Officer

                                        By: "G. Mary Ruby"
                                            ------------------------------------
                                            Name: G. Mary Ruby
                                            Title: Vice President, Legal Affairs

                                        70 MM INC.

                                        By: "G. Mary Ruby"
                                            ------------------------------------
                                            Name: G. Mary Ruby
                                            Title: Vice President, Legal Affairs

SIGNED, SEALED AND DELIVERED            EXECUTIVE:
in the presence of:

"Beverly Harrison"                      "David Bedford Keighley"
----------------------------            ----------------------------------------
Witness                                 David Bedford Keighley

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00047-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00047-of-00352.parquet"}]]