Document:

EX-10.2

 Exhibit 10.2 
 IMAX CORPORATION 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

As amended and Restated as of January 1, 2006 

 IMAX CORPORATION 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 ARTICLE I 
 Definitions 

For purposes of this IMAX Corporation Supplemental Executive Retirement Plan, the following words and phrases shall have the following
meanings. 
 1.1 “Actuarial Equivalent” and “Actuarially Equal” mean a benefit of equal
actuarial value to another benefit determined by using the following actuarial assumptions: 
 (a) Interest 

The lesser of (x) 7% or (y) the interest rate used by the Pension Benefit Guaranty Corporation as of the first day of the Plan
year in which falls the Annuity Starting Date to value a benefit upon termination of an insufficient trusteed single-employer plan. 
 (b) Mortality 
 The UP-1984 Mortality Table. 

(c) Cost of Living 
 As of any Annuity Starting Date, a fraction, not less than one, the numerator of which shall be the Cost-of-Living Index for the October immediately preceding such Annuity Starting Date and the
denominator of which shall be the Cost of Living Index for the immediately preceding October. 
 1.2
“Affiliate” means any partnership, association, corporation, trust, limited liability company or other business entity directly or indirectly controlling, controlled by or under common control with the Company. 

1.3 “Annuity Starting Date” means the day specified in Article III hereof. 

1.4 “Benefit” means (i) with respect to a Participating Executive, the benefit earned by such Participating
Executive under the Plan, including without limitation, the spousal benefit described in Section 3.6 and (ii) with respect to a Surviving Spouse, the benefit to which such Surviving Spouse is entitled under Section 3.6 of the Plan.

 1.5 “Cause” shall have the meaning ascribed to such term under the Participating Executive’s employment
agreement with the Company dated July 1, 1998, as extended on July 12, 2000. 
  

  
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 1.6 “Change in Control” shall have the meaning ascribed to such term under
the Participating Executive’s employment agreement with the Company dated July 1, 1998, as extended on July 12, 2000, provided that for purposes of Article III of the Plan only, a Change in Control will not have been deemed to have
occurred unless such circumstances would constitute a change in control as defined by Section 409A of the Code. 
 1.7
“Code” means the Internal Revenue Code of 1986, as amended. 
 1.8 “Company” means IMAX
Corporation and any successor thereto. 
 1.9 “Cost-of-Living Adjustment” means an adjustment to the Monthly
Annuity , effective as of each January 1 following the Annuity Starting Date with respect to such Monthly Annuity, and continuing for as long as such Benefit continues to be payable, such that the amount of the monthly payment in respect of
such Benefit shall be adjusted by adding 50% of the product of (i) the amount of such monthly payment as in effect immediately prior to such January 1 by (ii) a fraction, not less than one, the numerator of which shall be the
Cost-of-Living Index for the October immediately preceding such Annuity Starting Date and the denominator of which shall be the Cost of Living Index for the immediately preceding October; provided, however, that with respect to the
adjustment on the first January 1 following the Annuity Starting Date for each Benefit, the fraction described in the preceding clause (ii) shall be further multiplied by a fraction, the numerator of which is the number of full months from
the applicable Annuity Starting Date through such January 1 and the denominator of which is twelve. 
 1.10
“Cost-of-Living Index” means the Consumer Price Index for All Urban Consumers (CPI-U) All Items Unadjusted published by the Bureau of Labor Statistics of the United States Department of Labor. In the event such Index ceases to be
published, the Company and each Participating Executive (or upon the death of a Participating Executive, such Participating Executive’s Surviving Spouse) shall agree on a comparable index to be used with respect to the Benefit of such
Participating Executive or Surviving Spouse. 
 1.11 “Deferred Retirement” means a Termination of Employment
after the Participating Executive’s Normal Retirement Date other than by reason of death, Disability, or by the Company for Cause. 
 1.12 “Disability Retirement” means a Termination of Employment due to a “disability” entitling the Participating Executive to benefits under the long-term disability policy of
the Company in which he is entitled to participate. If there is no such policy, then “disability” means a physical or mental condition which a physician selected by the Company determines has prevented the Participating Executive from
substantially performing his responsibilities for the Company for a period of at least 180 consecutive days. 
 1.13
“Final Average Compensation” means the Participating Executive’s average annual compensation from the Company and its Affiliates determined by considering the sixty (60) consecutive months which afford the highest such
average during the Participating Executive’s employment by the Company and its Affiliates. For this calculation, compensation shall include only base salary and regular annual bonus, including amounts deferred as before tax contributions to
plans maintained under Sections 401(k) or 125 of the Code. Compensation does 

  
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not include the value of any awards under any long-term incentive plan, any benefits in the nature of severance pay, or any amounts of additional W-2 income representing taxable employee benefits
and employer payments of additional withholding (commonly referred to as “grossed up” compensation). Final Average Compensation is determined without regard to transfers between or among the Company and any Affiliate. 

1.14 “Involuntary Retirement” means a Termination of Employment that is directed by the Company or its Affiliates and is
involuntary on the part of the Participating Executive prior to the Participating Executive’s Normal Retirement Date for any reason other than for Cause or by reason of Disability Retirement or death. 

1.15 “Lump Sum Payment” means, with respect to any Benefit, a payment which is the Actuarial Equivalent of all, or the
remaining portion, of such Benefit (including, for a Participating Executive, the survivor portion of the Benefit earned by him), which payment shall serve to discharge any and all obligations of the Company to provide such Benefit. For purposes of
clarity, (x) the value of a Participant’s Benefit shall be determined at the Participant’s Annuity Starting Date and shall not be redetermined thereafter (including following the death of the Participant) and (y) the Lump Sum
Payment shall reflect the projected Cost-of-Living Adjustment. 
 1.16 “Monthly Annuity” means a monthly
annuity payable for the life of the Participating Executive with a survivor benefit payable for the life of the Participating Executive’s Surviving Spouse in monthly amounts initially equal to 50% of the amount payable to the Participating
Executive immediately prior to his death (determined without regard to Section 3.3(c) hereof), such amounts to be adjusted to reflect the Cost of Living Adjustment. 
 1.17 “Normal Retirement” means a Termination of Employment on the Participating Executive’s Normal Retirement Date other than by reason of death, Disability, or by the Company for
Cause. 
 1.18 “Normal Retirement Date” means, with respect to each Participating Executive, the first day of
the calendar month coincident with or next following such Participating Executive’s 55th birthday. 
 1.19
“Participating Executive” means a key employee of the Company or any of its Affiliates who has been designated as a participant by the Company as provided in Section 2.1 hereof. 

1.20 “Plan” means the IMAX Corporation Supplemental Executive Retirement Plan, as it may be amended from time to time.

 1.21 “Rabbi Trust” means a trust in form and substance as agreed by the Company and the Participating
Executives. 
 1.22 “Surviving Spouse” means the person to whom a Participating Executive is married on the
earlier of the date of his death or his Annuity Starting Date. A spouse of a Participating Executive shall not be considered a Surviving Spouse if, at the time that spouse’s right to a Benefit otherwise would be determined, it is established to
the satisfaction of the 

  
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Committee that (a) the spouse cannot be located; or (b) the Participating Executive is legally separated or the Participating Executive has been abandoned (as determined in accordance
with the local law) and the Participating Executive has a court order to such effect. 
 1.23 “Termination of
Employment” means circumstances which would constitute a “separation from service” with the Company and its Affiliates for purposes of Section 409A of the Code. In the case of Disability Retirement, Termination of Employment
shall be deemed to occur (i) upon the commencement of disability payments under the Company’s long-term disability policy or (ii) upon the determination described in Section 1.12 hereof, as the case may be. 

1.24 “Vesting Percentage” shall have the same meaning ascribed to it in Section 4.1 hereof. 

1.25 “Voluntary Retirement” means a Termination of Employment that is directed by such Participating Executive and is
voluntary on the part of the Participating Executive prior to his Normal Retirement Date other than by reason of his death or Disability. 
 ARTICLE II 
 Participants 

2.1 Designation of Participating Executives. 
 The Company, in its sole discretion, shall designate those key employees of the Company or its Affiliates who are eligible to participate in the Plan. 

2.2 Effectiveness. 
 The designation of an employee as a Participating Executive shall be effective from the date of such designation. A Participating Executive shall cease to be a Participating Executive (a) upon his
death, (b) upon the payment of his entire nonforfeitable Benefit under the Plan or (c) upon his Termination of Employment for Cause. 
 ARTICLE III 
 Benefits 

3.1 Normal Retirement. 
 (a) Subject to Section 3.8 and 3.9 herein, upon Normal Retirement, a Participating Executive will be entitled to receive a Benefit that has a value that is Actuarially Equal to the value of a Monthly
Annuity providing annual payments to him equal to 75% of his Final Average Compensation increased to reflect the Cost-of-Living Adjustment and payments to his Surviving Spouse as set forth herein. If the Participating Executive’s Normal
Retirement occurs prior to August 1, 2010, then the Benefit shall be paid in monthly installments, each of which shall be equal to the amount of the Monthly Annuity payments, until the earlier of (i) a Change in Control or
(ii) August 1, 2010, at which time the Participating Executive shall receive 

  
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the Lump Sum Payment that has an Actuarially Equivalent value to the excess, if any, of (i) the value of the Benefit earned by such Participating Executive (including the survivor portion
thereof) determined as of his Annuity Starting Date over (ii) the value, adjusted for interest at the rate of 7% per annum, of such installment payments previously paid, provided that, if a Change in Control occurs after the
Participating Executive’s Normal Retirement and prior to January 1, 2007, then (x) on the date of the consummation of the Change in Control, the Lump Sum Payment will be deposited into a Rabbi Trust and (y) the amount held in the
Rabbi Trust will be distributed to the Participating Executive on January 2, 2007. If the Participating Executive’s Normal Retirement occurs on or after August 1, 2010, then the Benefit shall be paid in its entirety as a Lump Sum
Payment the value of which is Actuarially Equal to the value of the Benefit earned by such Participating Executive. 
 (b) The
Participating Executive’s Annuity Starting Date shall be his Normal Retirement Date. 
 (c) Upon the death of the
Participating Executive, the Participating Executive’s Surviving Spouse will be entitled to receive a Benefit as specified in Section 3.6 herein. 
 3.2 Deferred Retirement. 
 (a) Subject to Section 3.8 and 3.9 herein,
upon Deferred Retirement, a Participating Executive will be entitled to receive a Benefit that has a value that is Actuarially Equal to the value of a Monthly Annuity providing annual payments to him initially equal to the product of (i) 75% of
his Final Average Compensation, and (ii) a fraction, not less than one, the numerator of which shall be the Cost-of-Living Index for the month that is two months prior to the Participating Executive’s Annuity Starting Date and the
denominator of which shall be the Cost-of-Living Index for the month that is two months prior to the month in which occurs the Participating Executive’s Normal Retirement Date, and payments to his Surviving Spouse as set forth herein. Such
annual payments shall be adjusted after the Annuity Starting Date by the Cost of Living Adjustment. If the Participating Executive’s Deferred Retirement occurs prior to August 1, 2010, then the Benefit shall be paid in monthly
installments, each of which shall be equal to the amount of the Monthly Annuity payments, until the earlier of (i) a Change in Control or (ii) August 1, 2010, at which time the Participating Executive shall receive the Lump Sum
Payment that has an Actuarially Equivalent value to the excess, if any, of (i) the value of the Benefit earned by such Participating Executive (including the survivor portion thereof) determined as of his Annuity Starting Date over
(ii) the value, adjusted for interest at the rate of 7% per annum, of such installment payments previously paid, provided that, if a Change in Control occurs after the Participating Executive’s Deferred Retirement and prior to
January 1, 2007, then (x) on the date of the consummation of the Change in Control, the Lump Sum Payment will be deposited into a Rabbi Trust and (y) the amount held in the Rabbi Trust will be distributed to the Participating
Executive on January 2, 2007. If the Participating Executive’s Deferred Retirement occurs on or after August 1, 2010, then the Benefit shall be paid in its entirety as a Lump Sum Payment the value of which is Actuarially Equal to the
value of the Benefit earned by such Participating Executive. 
  

  
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 (b) The Participating Executive’s Annuity Starting Date shall be the first day of the
month following the effective date of his Termination of Employment. 
 (c) Upon the death of the Participating Executive, the
Participating Executive’s Surviving Spouse will be entitled to receive a Benefit as specified in Section 3.6 herein. 

3.3. Disability Retirement. 
 (a) Subject to Section 3.8 and 3.9 herein, upon Disability Retirement, a Participating Executive will be entitled to receive a Benefit that has a value that is Actuarially Equal to the value of a
Monthly Annuity providing annual payments to him equal to 75% of his Final Average Compensation increased to reflect the Cost-of-Living Adjustment, and payments to his Surviving Spouse as set forth herein. If the Participating Executive’s
Disability Retirement occurs prior to August 1, 2010, then the Benefit shall be paid in monthly installments, each of which shall be equal to the amount of the Monthly Annuity payments, until the earlier of (i) a Change in Control or
(ii) August 1, 2010, at which time the Participating Executive shall receive the Lump Sum Payment that has an Actuarially Equivalent value to the excess, if any, of (i) the value of the Benefit earned by such Participating Executive
(including the survivor portion thereof) determined as of his Annuity Starting Date over (ii) the value, adjusted for interest at the rate of 7% per annum, of such installment payments previously paid, provided that, if a Change in
Control occurs after the Participating Executive’s Disability Retirement and prior to January 1, 2007, then (x) on the date of the consummation of the Change in Control, the Lump Sum Payment will be deposited into a Rabbi Trust and
(y) the amount held in the Rabbi Trust will be distributed to the Participating Executive on January 2, 2007. If the Participating Executive’s Disability Retirement occurs on or after August 1, 2010, then the Benefit shall be
paid in its entirety as a Lump Sum Payment the value of which is Actuarially Equal to the value of the Benefit earned by such Participating Executive. 
 (b) The Participating Executive’s Annuity Starting Date shall be the first day of the month following the effective date of his Termination of Employment. 

(c) The amount of the payments payable pursuant to Section 3.3(a) shall be reduced on an after-tax basis by the Actuarially
Equivalent value of the benefit payable to a Participating Executive pursuant to any disability insurance policy maintained by the Company or its Affiliates. 
 (d) Upon the death of the Participating Executive, the Participating Executive’s Surviving Spouse will be entitled to receive a Benefit as specified in Section 3.6 herein. 

3.4 Involuntary Retirement. 
 (a) Subject to Section 3.8 and 3.9 herein, upon Involuntary Retirement, a Participating Executive will be entitled to receive a Benefit that has a value that is Actuarially Equal to the value of a
Monthly Annuity providing annual payments to him equal to 75% of his Final Average Compensation increased to reflect the Cost-of-Living Adjustment, and payments to his Surviving Spouse as set forth herein. If the Participating Executive’s
Involuntary 

  
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Retirement occurs prior to August 1, 2010, then the Benefit shall be paid in monthly installments, each of which shall be equal to the amount of the Monthly Annuity payments, until the
earlier of (i) a Change in Control or (ii) August 1, 2010, at which time the Participating Executive shall receive the Lump Sum Payment that has an Actuarially Equivalent value to the excess, if any, of (i) the value of the
Benefit earned by such Participating Executive (including the survivor portion thereof) determined as of his Annuity Starting Date over (ii) the value, adjusted for interest at the rate of 7% per annum, of such installment payments
previously paid, provided that, if a Change in Control occurs after the Participating Executive’s Involuntary Retirement and prior to January 1, 2007, then (x) on the date of the consummation of the Change in Control, the Lump
Sum Payment will be deposited into a Rabbi Trust and (y) the amount held in the Rabbi Trust will be distributed to the Participating Executive on January 2, 2007. If the Participating Executive’s Involuntary Retirement occurs on or
after August 1, 2010, then the Benefit shall be paid in its entirety as a Lump Sum Payment the value of which is Actuarially Equal to the value of the Benefit earned by such Participating Executive. 

(b) The Participating Executive’s Annuity Starting Date shall be the first day of the month following the effective date of his
Termination of Employment. 
 (c) Upon the death of the Participating Executive, the Participating Executive’s Surviving
Spouse will be entitled to receive a Benefit as specified in Section 3.6 herein. 
 3.5 Voluntary Retirement.

 (a) Subject to Section 3.8 and 3.9 herein, upon Voluntary Retirement, a Participating Executive will be entitled to
receive a Benefit that has a value that is Actuarially Equal to the value of a Monthly Annuity providing annual payments to him equal to the product of (x) his Vesting Percentage and (y) 75% of his Final Average Compensation increased to
reflect the Cost-of-Living Adjustment, and payments to his Surviving Spouse as set forth herein. If the Participating Executive’s Voluntary Retirement occurs prior to August 1, 2010, then the Benefit shall be paid in monthly installments,
each of which shall be equal to the amount of the Monthly Annuity payments, until the earlier of (i) a Change in Control or (ii) August 1, 2010, at which time the Participating Executive shall receive the Lump Sum Payment that has an
Actuarially Equivalent value to the excess, if any, of (i) the value of the Benefit earned by such Participating Executive (including the survivor portion thereof) determined as of his Annuity Starting Date over (ii) the value, adjusted
for interest at the rate of 7% per annum, of such installment payments previously paid, provided that, if a Change in Control occurs after the Participating Executive’s Voluntary Retirement and prior to January 1, 2007, then
(x) on the date of the consummation of the Change in Control, the Lump Sum Payment will be deposited into a Rabbi Trust and (y) the amount held in the Rabbi Trust will be distributed to the Participating Executive on January 2, 2007.
If the Participating Executive’s Voluntary Retirement occurs on or after August 1, 2010, then the Benefit shall be paid in its entirety as a Lump Sum Payment the value of which is Actuarially Equal to the value of the Benefit earned by
such Participating Executive. 
 (b) The Participating Executive’s Annuity Starting Date shall be the first day of the
month following the effective date of his Termination of Employment. 
  

  
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 (c) Upon the death of the Participating Executive, the Participating Executive’s
Surviving Spouse will be entitled to receive a Benefit as specified in Section 3.6 herein. 
 3.6 Death Benefit.

 (a) The Surviving Spouse of a Participating Executive who dies while an employee of the Company or its Affiliates shall be
entitled to receive a Benefit that has an Actuarially Equivalent value to the Monthly Annuity earned by such Participating Executive (including the survivor portion thereof) determined as if the Participating Executive had a Termination of
Employment (treated as set forth in the following sentence) on the day preceding the date of his death (and determined without regard to the Participating Executive’s actual death). For purposes of clarity, such Benefit shall be Actuarially
Equivalent to the 50% joint and survivor annuity that constitutes the Monthly Annuity, determined as if the Participating Executive had a Termination of Employment on the day preceding the date of his death. If the Participating Executive’s
death occurs on or prior to his Normal Retirement Date, then such Termination of Employment shall be treated as if it was a Normal Retirement and otherwise such Termination of Employment shall be treated as if it was a Deferred Retirement.

 (b) The Surviving Spouse of a Participating Executive who dies after a Termination of Employment and prior to the
Participating Executive having received a Lump Sum Payment of his entire Benefit shall be entitled to receive a Benefit that has a value equal to the excess, if any, of (i) the Actuarially Equivalent value of the Monthly Annuity earned by such
Participating Executive (including the survivor portion thereof) determined as of his Annuity Starting Date (and determined without regard to the Participating Executive’s actual death) over (ii) the value, adjusted for interest at the
rate of 7% per annum, of the payments made pursuant to the Plan to the Participating Executive during his life. 
 (c) The
benefits payable under this Section 3.6 shall be paid in the form of a Lump Sum Payment payable as soon as practicable, but not more than 30 days following, the Participating Executive’s death. 

3.7 Termination of Employment Due to Cause. 
 Upon a Participating Executive’s Termination of Employment by the Company or its Affiliates for Cause prior to a Change in Control, the Participating Executive (and his Surviving Spouse) shall
forfeit any and all Benefits to which he may have been entitled, whether or not vested. 
 3.8 Change in Control

 (a) Notwithstanding anything to the contrary herein, in the event of a Change in Control coincident with or prior to the
Participating Executive’s Termination of Employment, the Participating Executive shall be entitled to receive a Benefit (payable in the form of a Lump Sum Payment as set forth below) that has an Actuarially Equivalent value to the sum of
(i) the Actuarially Equivalent value of the Benefit earned by such Participating Executive (including the survivor portion thereof) determined as if the Participating Executive had a Termination of Employment (treated as set forth in the
following sentence) on the date of the Change in Control 

  
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(the “Adjusted Amount”) and (ii) the Actuarially Equivalent value of 60% of the excess of the Prior Amount (as defined below) over the Adjusted Amount. If the Change in Control
occurs on or prior to the Participating Executive’s Normal Retirement Date, then such Termination of Employment shall be treated as if it was a Normal Retirement and if the Change in Control occurs after the Participating Executive’s
Normal Retirement Date then such Termination of Employment shall be treated as if it was a Deferred Retirement. For purposes of this paragraph, the term “Prior Amount” means the Adjusted Amount determined by replacing “50%” in
the definition of the term “Monthly Annuity” herein with “100%” and by replacing “50%” in the definition of the term “Cost-of-Living Adjustment” herein with “100%.” The Benefit shall be payable in
the form of an Actuarially Equivalent Lump Sum Payment on the date of the Change in Control, provided that, if the Change in Control occurs prior to January 1, 2007, then (x) on the date of the consummation of the Change in Control,
the Lump Sum Payment will be deposited into a Rabbi Trust and (y) the amount held in the Rabbi Trust will be distributed on January 2, 2007. 
 (b) Subject to Section 3.7 hereof, in the event of a Change in Control after the Participating Executive’s Termination of Employment and prior to January 1, 2016, the Participating
Executive (or if the Change in Control occurs after the Participating Executive’s death, the Participating Executive’s Surviving Spouse or her heirs or assigns) shall be entitled to receive an amount that is Actuarially Equivalent to the
product of (x) amount determined under clause (ii) of paragraph (a) above, with the Prior Amount and Adjusted Amount determined as of the date of the Change in Control but based on the date of the Participating Executive’s actual
Termination of Employment and (y) the Participating Executive’s Vesting Percentage. Such amount shall be payable in an Actuarially Equivalent Lump Sum Payment on the date of the Change in Control, provided that, if the Change in
Control occurs prior to January 1, 2007, then (x) on the date of the consummation of the Change in Control, the Lump Sum Payment will be deposited into a Rabbi Trust and (y) the amount held in the Rabbi Trust will be distributed on
January 2, 2007. The amount payable pursuant to this paragraph 3.8(b) shall be in addition to, and not in lieu of, any other amount payable under the Plan. 
 3.9 Section 409A Six Month Rule 
 Notwithstanding anything herein to
the contrary, to the extent required by Section 409A(a)(2)(B) of the Code, in event that a Participating Executive is a “specified employee” within the meaning of such Section any distribution hereunder resulting from a Termination of
Employment that is required to be made prior to six months following such Termination of Employment shall instead be made deferred and paid on the first day of the seventh month following such Termination of Employment, in which case the
Participating Executive shall be entitled to receive interest on the deferred amount credited at the applicable federal rate for short-term obligations (determined pursuant to Section 7872 of the Code in effect as of the date of such
Termination of Employment). 

  
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 ARTICLE IV 
 Vesting 
 4.1 Vesting Percentage. 

(a) The Vesting Percentage of a Participating Executive who undergoes a Termination of Employment other than by reason of Voluntary
Retirement shall be 100%. 
 (b) The Vesting Percentage of a Participating Executive whose employment terminates by Voluntary
Retirement shall be the sum of (i) 50% plus (ii) the product of (x) a fraction (not to exceed one), the numerator of which is the Participating Executive’s number of whole years of service for the Company or its Affiliates from
the date such Participating Executive became a Participating Executive in the Plan to the date of his Termination of Employment, and the denominator of which is the number of whole years from the date such Participating Executive became a
Participating Executive in the Plan to such Participating Executive’s Normal Retirement Date and (y) 50%; provided, that the Vesting Percentage shall be 100% if the Participating Executive’s Termination of Employment occurs after the
occurrence of a Change in Control. 
 ARTICLE V 
 Plan Administration 
 5.1 Amendment and Termination. 

The Plan may be amended with respect to a Participating Executive only by an instrument in writing signed by such Participating Executive
and the Company. 
 5.2 Funding. 
 The Company shall be solely responsible for the payment of such Participating Executive’s or Surviving Spouse’s Benefit. The Plan shall be unfunded. Benefits under the Plan shall be paid from
the general assets of the Company and each Participating Executive’s and Surviving Spouse’s rights against the Company shall be those of an unsecured general creditor. 

5.3 Benefits Not Assignable. 
 Benefits provided under the Plan may not be anticipated, assigned (either at law or in equity), alienated or subject to attachment, garnishment, levy, execution or other legal or equitable process.

 5.4 Plan Not a Contract of Employment. 
 The Plan is not a contract of employment, and the terms of employment of any Participating Executive shall not be affected in any way by the Plan or related instruments except as specifically provided in
the Plan or such related instruments. The establishment of the Plan shall not be construed as conferring any legal rights upon any Participating Executive for a 

  
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continuation of employment, nor shall it interfere with the right of the Company to discharge any employee and to treat him without regard to the effect which such treatment might have upon him
as a Participating Executive. Each Participating Executive and all persons who may have or claim any right by reason of his participation shall be bound by the terms of the Plan and all agreements entered into pursuant thereto. 

5.5 Construction. 
 (a) The Plan is intended to qualify as a plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees as referred to in
Section 201(2) of the Employee Retirement Income Security Act of 1974, as amended, and its terms shall be interpreted accordingly. Otherwise, the laws of the State of New York shall control the interpretation and performance of the terms of the
Plan. 
 (b) If any provision of the Plan, or the application of any such provision to any person or circumstances, shall be
invalid under any federal or state law, neither the application of such provision to persons or circumstances other than those as to which such provision is invalid nor any other provisions of the Plan shall be affected thereby. 

(c) The headings and subheadings in the Plan have been inserted for convenience of reference only, and are to be ignored in any
construction of the provisions thereof. 
 (d) The Plan is intended not to give rise to tax under Section 409A of the Code.
In the event that the Company and a Participating Executive determine that any provision of the Plan would be expected to give rise to tax under Section 409A, then the Plan shall be construed (as to such Participating Executive) in a manner
that the Company and such Participating Executive agree would avoid such tax, or the Plan shall be amended in a manner and to the extent that the Company and such Participating Executive agree is necessary to avoid such tax. 

5.6 Taxes. 
 The Company shall not be responsible for the tax consequences under federal, state or local law of any election made by any Participating Executive under the Plan. All payments under the Plan shall be
subject to withholding and reporting requirements to the extent applicable law requires. 
  

			
	IMAX CORPORATION
		
	By:	 	“Garth M. Girvan”
		 	Garth M. Girvan
	Title:	 	Director
	Date:	 	May 4, 2007

  
 11EX-10.3

 Exhibit 10.3 
 IMAX CORPORATION 
 EMPLOYMENT AGREEMENT dated and effective as of
July 1, 1998 (the “Agreement”), between IMAX CORPORATION, a corporation organized under the laws of Canada (“Imax”), and BRADLEY J. WECHSLER (the “Executive”). 

WHEREAS, the Executive is currently the Chairman and Co-Chief Executive Officer of Imax and is employed pursuant to an Employment
Agreement dated as of January 1, 1997, (the “1997 Agreement”); and 
 WHEREAS, the Imax Board of Directors (the
“Board”) has approved revised terms of employment, effective July 1, 1998, on August 26, 1998; and 

WHEREAS, Imax wishes to enter into this Agreement to engage the Executive to continue to provide services to Imax, and the Executive
wishes to be so engaged, pursuant to the terms and conditions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the
premises and of the mutual covenants and agreements herein contained, the parties hereto agree as follows: 
 1. Employment. (a)
Imax hereby employs the Executive, and the Executive hereby agrees to serve in accordance with the terms and conditions hereof. 

(b) The Executive’s continued employment as Co-Chief Executive Officer under this Agreement shall commence effective July 1,
1998, and shall continue until June 30, 2001 (the “Employment Term”). 
 (c) During the Employment Term, the
Executive shall perform such services with respect to Imax’s business as may be reasonably requested from time to time by the Board and which are consistent with the Executive’s status and the function performed by individuals holding a
similar position with similarly situated companies, and agrees to act in accordance with the written instructions of the Board. It is anticipated that such services shall be performed primarily within the United States. 

(d) The Executive shall devote that portion of his business time that is necessary to perform the services reasonably required of him
hereunder, which portion shall constitute a significant majority of his business time. The Executive agrees that during the Employment Term (i) he will use reasonable efforts to resolve any conflicting engagements and (ii) he will remain
actively involved in Imax’s business. 

 (e) As compensation for the services to be performed by the Executive hereunder during the
Employment Term, the Executive shall be entitled to receive a base salary (“Base Salary”) of U.S. $500,000 per annum, payable no less frequently than monthly in accordance with Imax’s payroll practices. 

(f) In addition to the Base Salary, the Executive shall be eligible to participate during the Employment Term in the annual incentive
bonus plan adopted by the Board. The Executive shall be paid a bonus in respect of each of 1998, 1999, 2000 and the period January 1, 2001 to June 30, 2001 at a level of U.S. $605,000, U.S. $500,000, U.S. $500,000, and U.S. $250,000
(subject to adjustment as described below), respectively, (the “Standard”). Based on certain qualitative and quantitative measures determined by the CEO Advisors (as defined in Imax’s Articles of Incorporation), for so long as Imax
continues to have CEO Advisors, and the Compensation Committee (the “Committee”) of the Board, as set forth below, the Committee shall determine the actual bonus paid, which shall be a multiple of the Standard ranging from 0.0x—2.0 x,
provided, however, that the multiple shall be at least 1.0x if Imax’s reported earnings per share (EPS) for the year (excluding any extraordinary charges approved by the Board), or the six months ended June 30, 2001, as the case may be,
meet the approved budget target (except that, if in the sole discretion of the Committee, the achievement EPS target was at the expense of, or to the material detriment of, other(s) of the qualitative and quantitative measures set forth below, then
such minimum shall not apply). 
 Among the various factors the Committee shall consider in determining the bonus to be paid for
1998, and, subject to amendment from year to year by the Committee, after good faith consultation with the Executive, for 1999, 2000 and 2001, are: (i) the actual financial performance of Imax versus the approved budget for EBITDA, EPS, revenue
growth, and/or other financial targets; and (ii) the Committee shall also take into account other qualitative factors including (in no order of importance): (A) progress in theater signings, (B) development of an enhanced management
team, (C) improved performance of the Ridefilm division (for 1998 only), (D) further advancement of Imax’s film strategy, (E) progress in “owned and operated” strategy (this factor to have diminishing weighting beyond
1998, as Imax’s “owned and operated” emphasis refocuses on theatre joint ventures with conventional cinema operators), (F) brand development, (G) continued growth of the business, and (H) other performance related
issues including, but not limited to, other goals established in the budget process approved by the Board. 
 The bonus for
1998, 1999 and 2000 shall be paid within 50 days of the applicable year-end, and for the period January 1, 2001 to June 30, 2001 within 50 days of June 30, 2001. 

  
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 (g) Pursuant to the 1997 Agreement, at the beginning of each of 1997 and 1998, Imax granted
the Executive the right to receive 30,000 common shares (on a post-split basis) of Imax (the “Restricted Stock”), or, if such Restricted Stock may not be issued without shareholder approval, the 1997 Agreement provided it shall be issued
as “phantom stock”. The Executive has the right to request the Restricted Stock granted on January 1, 1997 and January 1, 1998 be issued to him (or, if “phantom stock” is utilized, have payment made to him in an amount
equal to the fair market value of such number of common shares of Imax on the date of such request), at any time after January 1, 1998 and January 1, 1999, respectively. It is hereby agreed that one half (i.e. 15,000) of such Restricted
Stock / “phantom stock” for 1998 shall be cancelled forthwith, and that the Executive shall continue to have the right to the 30,000 Restricted Stock / “phantom stock” that have vested, and the remaining 15,000 Restricted Stock /
“phantom stock” that shall vest on January 1, 1999. The Restricted Stock / “phantom stock” shall be adjusted for stock splits and other similar events. Imax agrees to indemnify the Executive, on an after-tax basis, for any
income taxes imposed by any taxing authority and resulting from any taxable benefits to the Executive with respect to the Restricted Stock / “phantom stock” which arises prior to the date of any such request (it being understood that this
indemnity relates to the timing of the payment of such taxes and not the ultimate tax payable). Any request for payment with respect to “phantom stock” must be made on or before December 31, 2009, after which date such “phantom
stock” shall lapse. The provisions of this Section 1(g) shall survive any termination of this Agreement. 
 (h)
Stock Options – Grant & Vesting. The Executive has been granted effective August 26, 1998, in accordance with the terms of the Imax Stock Option Plan (the “SOP”), 378,000 options to purchase common shares,
and effective January 1, 1999 shall be granted a further 400,000 options, as follows: 
  

							
	 Number of Options
	  	Grant Date	  	Exercise Price	  	Vesting Date
	 111,333
	  	August 26, 1998	  	$22.38	  	August 26, 1998
	 100,000
	  	August 26, 1998	  	$22.38	  	January 1, 1999
	 166,667*
	  	August 26, 1998	  	$22.38	  	January 1, 1999
	 266,667*
	  	January 1, 2000	  	to be determined	  	January 1, 2000
	 133,333*
	  	January 1, 2000	  	to be determined	  	January 1, 2001
	  
	  		  		  	
	 778,000
	  		  		  	

  

	*	These options are subject to Imax obtaining any required regulatory and shareholder approvals. 

 The exercise price of all options granted on August 26, 1998 in accordance with the SOP is U.S. $22.38, and all such options shall expire on August 25, 2008. The exercise price of all options to
be granted on January 1, 2000 shall be determined in accordance with the SOP, and all such options shall expire on December 31, 2009. Should any required 

  
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regulatory or shareholder approvals with respect to the granting of the 566,667 options subject thereto not be obtained by Imax, Imax shall make such adjustments to the Executive’s
compensation hereunder as will put the Executive in the same after-tax financial position as he would have been if such approvals had been received. The provisions of this Section 1(h) shall survive any termination of this Agreement.

 All of the Executive’s stock options shall be adjusted for stock splits and other similar events after the effective
date hereof and shall contain other terms no less favorable to the Executive than the management stock options of Imax’s other senior level executives. 
 Resignation / Termination. If the Executive shall voluntarily resign prior to the end of the Employment Term, (i) all unvested options (including those granted pursuant to previous
employment agreements between Imax and the Executive) shall be cancelled immediately upon such resignation, and (ii) all vested options shall remain exercisable for the duration of their original term. 

If (i) the employment of the Executive is not continued after the end of the Employment Term, (ii) the Executive is terminated
by Imax without “Cause” (as defined below), or (iii) the Executive suffers a “Permanent Disability” (as defined in the SOP), or dies: all options granted on or before August 26, 1998 shall remain exercisable for the
duration of their original term. 
 Change of Control. Upon a “change of control” of Imax (i.e. any
person or persons acting in concert acquiring greater than 50% of the outstanding common shares of Imax, whether by direct or indirect acquisition or as a result of a merger or reorganization), the vesting of the options granted on August 26,
1998 and/or January 1, 1999 shall be accelerated as follows: 
  

					
	 Change of Control Period
	  	% of Options Subject to Accelerated Vesting	 
	On or Prior to December 31, 1998	  	 	12.5% of options scheduled to vest on January 1, 1999	  
	January 1, 1999 to June 30, 1999	  	 	25% of options scheduled to vest on January 1, 2000	 * 
	July 1, 1999 to December 31, 1999	  	 	50% of options scheduled to vest on January 1, 2000	 * 
	January 1, 2000 to June 30, 2000	  	 	25% of options scheduled to vest on January 1, 2001	  
	July 1, 2000 to December 31, 2000	  	 	50% of options scheduled to vest on January 1, 2001	  

  

	*	 If a “change of control” occurs prior to the grant of such options on January 1, 2000, stock appreciation rights (“SARs”)
equivalent in number to the options subject to accelerated vesting shall be granted, with a reference price of U.S. $22.38, and an expiry date of December 31, 2009. The SARs shall be treated, in connection with a “change of control”,
in the same manner as if they were options (i.e. a cash offer for all shares and options would trigger a payout of the SARs; a “rollover” of options would result in the

  
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continuation of the SARs, reflecting the relevant exchange ratio and with reference to the price of the substituted shares). 

Miscellaneous. If the Executive is terminated with “Cause”, the Executive’s unvested options (including
those granted pursuant to previous employment agreements between Imax and the Executive) shall be cancelled immediately, and all of the Executive’s vested options must be exercised within 90 days of termination, after which date they shall be
cancelled. “Cause” for purposes of this Section 1(g) only means any willful and material violation by the Executive of any law or regulation applicable to the business of Imax or one of its subsidiaries, or the Executive’s
conviction of a felony, or any willful perpetration by the Executive of a common law fraud. Imax’s remedy for a “breach of restrictive covenants” shall be the specific enforcement thereof, and not the application of Section 14 of
the SOP; and Imax shall be entitled to seek any other legal and equitable remedies it may have against the Executive. In the event of any conflict between the provisions of this Agreement and the provisions of the SOP, the provisions of this
Agreement shall prevail. 
 (i) The Executive shall, during the Employment Term, be eligible to receive employee benefits at a
level not less than those established by Imax for, or made available to, its other key employees. 
 (j) Imax agrees to
reimburse the Executive for all reasonable out-of-pocket expenses incurred by the Executive in the performance of his obligations under this Agreement for which documentation reasonably satisfactory to Imax is provided, including expenses relating
to the Executive’s travel to, and performance of duties in, Toronto, Canada. 
 (k) Any amounts payable to the Executive
under this Agreement shall be subject to applicable withholding taxes, and such other deductions as may be required under applicable law. 
 2. Restrictions on Competitive Employment. During the term of the Executive’s employment hereunder, absent Imax’s prior written approval, the Executive shall not (as principal, agent,
employee, consultant or otherwise), directly or indirectly, engage in activities with, or render services to, any business engaged or about to become engaged in the business of producing or distributing projection and sound systems or films for
large screen theaters or designing or supplying motion simulation theaters or producing or distributing films for movie rides (collectively, “Competitive Business”); provided, however, that, notwithstanding the
foregoing, the Executive may (i) have equity interests in companies engaged in a Competitive Business so long as he is not employed by and does not consult with such companies in areas related to the Competitive Business, (ii) render
consulting services to or be employed by a company 

  
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engaged in a Competitive Business so long as he is not employed in, or rendering services related to, the Competitive Business of such company or (iii) perform usual investment banking
services for a company engaged in a Competitive Business. 
 3. Confidentiality. The Executive covenants and agrees with
Imax that he will not at any time, except in performance of his obligations to Imax hereunder or with the prior written consent of Imax, directly or indirectly, disclose any secret or confidential information that he may learn or has learned by
reason of his association with Imax or any of its subsidiaries. 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 or any of its subsidiaries’ 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 3 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 the subpoena or other process of law. 
 4. Assignment.
Neither this Agreement nor any right, interest or obligation hereunder shall be assignable by the Executive without the prior written consent of Imax. Neither this Agreement nor any right, interest or obligation hereunder shall be assignable by Imax
without the prior written consent of the Executive, except that Imax may assign this Agreement or any such right, interest or obligation to an affiliate of Imax without consent of the Executive; provided, however, that no such
assignment shall relieve Imax of any of its obligations hereunder. 
 5. Indemnification. (a) Imax shall hold the
Executive harmless and indemnify the Executive, to the fullest extent permitted by applicable law, against any and all liabilities (and all expenses related thereto) incurred by the Executive as a result of, or in connection with, the services
provided under this Agreement; provided, however, that such indemnification shall not apply with respect to any action taken by the Executive that (i) is contrary to the written instructions of the Board or (ii) constitutes
gross negligence or willful misconduct. Imax shall maintain a director and officer’s liability insurance policy covering the Executive and containing customary terms and conditions. 

(b) Imax shall hold the Executive harmless and indemnify the Executive, on an after-tax basis, against the amount of any income taxes
imposed by Revenue Canada, the United States Federal government or any state or local taxing 

  
 - 6 -

 
authority in Canada or the United States (collectively, “Taxes”) with respect to any amounts payable to the Executive under Section 1 of this Agreement, to the extent such Taxes
exceed the amount of Taxes that would have been imposed on such amounts had all of the services performed by the Executive under this Agreement been performed within the United States. Imax shall hold the Executive harmless and indemnify the
Executive, on an after-tax basis, against the amount of any penalties or interest that are imposed on the Executive by Revenue Canada, the United States Federal government or any state or local taxing authority in Canada or the United States as a
result of Imax’s failure to properly withhold any tax with respect to any amounts payable to the Executive under Section 1 of this Agreement, to the extent such penalties or interest are not attributable to the failure of the Executive to
file any required tax returns or pay any required taxes or any other willful act or omission of the Executive. 
 6. Binding
Effect. This Agreement shall inure to the benefit of, and be binding upon, the parties hereto, any successors to or permitted assigns of the parties hereto. 
 7. Notices. Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and either delivered in person or sent by first class certified or registered mail,
postage prepaid, to the parties at the following address (or to such other address or addresses as either party shall have designated in writing to the other party hereto:) 

 

	 	(a)	if to Imax: 

2525 Speakman Drive 
 Mississauga, Ontario, Canada 
 L5K 1B1 

Attention: General Counsel 
  

	 	(b)	if to the Executive: 

 784 Park Avenue, Apt 7B 
 New York, NY, 10028 

  
 - 7 -

 8. Severability; Waiver. If any provision of this Agreement shall be determined to be
invalid, illegal or unenforceable in whole or in part, neither the validity of the remaining part of such provision nor the validity of any other provision of this Agreement shall in any way be affected thereby. Failure to insist upon strict
compliance with any term, covenant or condition hereof shall not be deemed a waiver of such term, covenant or condition, nor shall any waiver or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or
relinquishment of such right or power at any other time or times. 
 9. Injunctive Relief. Without intending to limit the
remedies available to Imax or the Executive, as the case may be, in the event of a breach or threatened breach of any of the covenants contained in this Agreement, Imax or the Executive, as the case my be, shall be entitled to seek such injunctive
relief as may be required specifically to enforce any such covenant. 
 10. Miscellaneous. This Agreement constitutes the
entire agreement of the parties with respect to the subject matter hereof and, from the effective date hereof, supersedes and terminates all prior agreements, oral and written, between the parties hereto with respect to the subject matter hereof.
Notwithstanding the preceding sentence, nothing in this Agreement shall abrogate the Executive’s entitlement to (i) the 45,000 (post-split) Restricted Stock / “phantom stock” granted pursuant to Section 1(g) of the 1997
Agreement, as reduced from 60,000 (post-split) pursuant to Section 1(g) of this Agreement, (ii) the 40,000 options (for 80,000 post-split shares) granted January 2, 1997 and the 80,000 options (for 80,000 post-split shares) granted
January 2, 1998, or (iii) the Special Bonus (as defined in Section 1(g) of the Employment Agreement between Imax and the Executive dated as of March 1, 1994) payable after a sale of Imax or upon the exercise of the
Executive’s liquidation rights. Further, for so long as the Executive is the Co-CEO, Imax shall continue to use its best efforts to cause the Executive to be elected to the Board and, for so long as Imax continues to have CEO Advisors, to the
designation as a CEO Advisor under Imax’s by-laws, provided that nothing in this sentence shall abrogate any rights the Executive may have pursuant to any other agreement. This Agreement may be modified or amended only by an instrument in
writing signed by both parties hereto. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
 - 8 -

 11. 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, Imax and the Executive have duly executed and delivered this Agreement, as of the day and year first above written, on this 3rd day of November, 1998. 

 

			
	IMAX CORPORATION
		
	By:	 	“Garth M. Girvan”
		 	Garth M. Girvan
		 	Director

 
			
		
	By:	 	“John M. Davison”
		 	John M. Davison
		 	 Executive Vice President, Operations and
 Chief Financial Officer

  

	
	EXECUTIVE
	
	“Bradley J. Wechsler l.s.
	BRADLEY J. WECHSLER

  
 - 9 -

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