Document:

Exhibit

Exhibit 10.1

BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
EXECUTIVE VICE PRESIDENT SEVERANCE PAY PLAN

SUMMARY PLAN DESCRIPTION 
Effective October 19, 2016

TABLE OF CONTENTS
Page
		
	INTRODUCTION
	1

		
	SECTION 1  PLAN PARTICIPATION
	1

		
	SECTION 2  SEVERANCE BENEFITS
	2

When Severance Benefits Are Paid                                2
When Severance Benefits Are Not Paid                                3
		
	SECTION 3  PAYMENT AMOUNT
	3

Calculation of Severance Pay                                    3
Commencement and Payment of Severance Pay                            4
Effect of Other Severance Pay                                    4
Loans or Other Obligations                                    4
Taxation of Severance Pay                                    4
		
	SECTION 4  OTHER BENEFITS
	5

Outplacement                                            5
Bonus                                                5
Vesting of Equity Awards                                    5
Medical and Dental Benefit Continuation                            5
Other Benefits                                            6
		
	SECTION 5  SITUATIONS AFFECTING PLAN BENEFITS
	6

		
	SECTION 6  PLAN ADMINISTRATION
	7

Administration                                            7
Delegation                                            7
Powers                                                7

i

Rules and Procedures                                        8
Reports                                                8
Effect of Mistake                                        8
Applicable Law                                            8
Nonalienation of Benefits                                    8
No Vested Interest                                        8
No Employment Rights                                        8
Section 409A                                            9
		
	SECTION 7  CLAIMS PROCEDURE
	10

		
	SECTION 8  ADDITIONAL DEFINITIONS
	11

		
	SECTION 9  ERISA REQUIRED INFORMATION
	12

Official Plan Name                                    12
Plan Administrator And Sponsor                                12
Plan Number                                        13
Plan Type                                        13
Plan Year                                        13
Agent for Service of Legal Process                            13
Funding                                        13
Pension Benefit Guaranty Corporation                            13
ERISA Rights                                        13
		
	SECTION 10  AMENDMENT AND TERMINATION
	14

ii

INTRODUCTION
This is the summary plan description (“SPD”) for the Boston Private Financial Holdings, Inc. Executive Vice President Severance Pay Plan (the “EVP Plan”).  This SPD also serves as the official plan document.  
The EVP Plan provides employees with the title of Executive Vice President or above of Boston Private Financial Holdings, Inc. (“BPFH”) and Boston Private Bank & Trust Company (the “Bank”) and the Bank’s subsidiaries (collectively with the Bank, “Participating Employers”) with the opportunity to receive certain pay and benefits in connection with an involuntary termination of employment due to a job elimination or a termination of employment by the Company without cause as described below (“Severance Benefits”).  For purposes of the EVP Plan, the “Company” refers to any and all of BPFH and the Participating Employers.  The Company may discharge its responsibilities through BPFH or any Participating Employer. 
A covered employee’s own employer is referred to in this SPD as the “Employer.”  This SPD contains information that will help you understand your Severance Benefits.  Therefore, we encourage you to read through the material carefully.  
If you are eligible for severance benefits specified in Section 2 (“Severance Benefits”) under the EVP Plan, you will generally receive your severance pay in the form of salary continuation (“Severance Pay”) over a period of twelve months following your termination of employment. 
Additional capitalized terms used herein are defined in Section 8 or otherwise below.  
If you have any questions regarding the EVP Plan and your eligibility for coverage under the EVP Plan, please contact BPFH’s Executive Vice President, Human Resources.  
SECTION 1 
PLAN PARTICIPATION
To be potentially eligible for Severance Benefits under the EVP Plan, you must hold the title of Executive Vice President or above with BPFH or a Participating Employer.  Any Employees who are employed at a level of comparable position to Executive Vice President or above for entities that do not use the EVP titling structure are also eligible.  All employees who are potentially eligible for Severance Benefits under the EVP Plan are referred to herein as “EVP Employees.”  Employees of an Employer eligible for the Boston Private Financial Holdings, Inc. Severance Pay Plan or who are parties to an agreement with an Employer that provides an opportunity to receive severance pay other than under this EVP Plan are not eligible for Severance Benefits under the EVP Plan.

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SECTION 2 
SEVERANCE BENEFITS
When Severance Benefits Are Paid
To be eligible to receive Severance Benefits, BPFH must find that your employment with your Employer has been terminated involuntarily due to a Job Elimination as described in (1) below or your termination is a Termination Without Cause as described in (2) below.  
		
	1.
	A “Job Elimination” is the elimination of an EVP Employee's position due to restructuring, other organizational change or a reduction in force.  Even if your position is eliminated, a termination of your employment due to misconduct and unsatisfactory job performance would not be a Job Elimination:

In addition, you will not be considered to have experienced a Job Elimination if you are offered a Comparable Position, regardless of whether you accept such position.  
		
	2.
	A “Termination Without Cause” is a termination of an EVP Employee’s employment by the Participating Employer for reasons other than: (i) conduct by the EVP Employee constituting a material act of misconduct in connection with the performance of his or her duties, including, without limitation, misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; (ii) actions or omissions by the EVP Employee that satisfy the elements of (A) any felony or (B) a misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) any conduct by the EVP Employee that would reasonably be expected to result in material injury or reputational harm to the Company or any of its subsidiaries and affiliates; (iv) continued non-performance or unsatisfactory performance by the EVP Employee of his or her duties (including by reason of the EVP Employee’s physical or mental illness, incapacity or disability) which has continued for more than 45 days following written notice of such non-performance or unsatisfactory performance from the BPFH Board or the Chief Executive Officer of the Employer; (v) a material violation by the Executive of any of the Company’s (A) written employment policies or (B) written policies regarding confidential information; or (vi) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.

As with other determinations under the EVP Plan, BPFH’s determination of the reason for a termination of employment is conclusive and binding on all parties.
In order to receive (and to continue receiving) Severance Benefits, you must sign and not revoke an agreement that releases the Company, among others, from all legal claims (the “Release Agreement”).

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 The Release Agreement must be in a form satisfactory to the Company.  The Release Agreement may include provisions in addition to a release of legal claims, including without limitation provisions prohibiting disparagement, prohibiting solicitation of employees and/or clients, requiring the preservation of Company confidential information, confirming the return of all Company property, and requiring post-termination assistance with the transition of responsibilities and any litigation or regulatory matters involving the Company.  You must sign and return the Release Agreement within the time period specified in the Release Agreement.  If you otherwise qualify for Severance Benefits, the Company shall propose a Release Agreement to you.
When Severance Benefits Are Not Paid
You will not be eligible for Severance Benefits, and Severance Benefits will not be paid or provided, if: 
		
	*
	you voluntarily choose to leave the Company; 

		
	*
	you become disabled or die before the termination of your employment due to a Job Elimination or a Termination Without Cause; 

		
	*
	the termination of your employment is due to a reason other than a Job Elimination or a Termination Without Cause;

 
		
	*
	you fail to sign and return the Release Agreement required by BPFH in a timely manner or you revoke the Release Agreement after signing;

 
		
	*
	the EVP Plan is ended, suspended or modified;

		
	*
	other circumstances set forth in Section 5 of the EVP Plan affect your entitlement to Severance Benefits, to the extent provided in Section 5.  

If you receive notice of a Job Elimination or a Termination Without Cause, you need to remain employed until the date scheduled by your Employer for the termination of your employment.  If you leave employment before that date (including either a voluntary termination or an involuntary termination for a reason other than the Job Elimination or Termination Without Cause), you will not be eligible for Severance Benefits unless BPFH’s Executive Vice President, Human Resources or General Counsel gives written approval to you that an earlier departure will be considered a Job Elimination or a Termination Without Cause for purposes of the EVP Plan.  
SECTION 3 
PAYMENT AMOUNT
Calculation of Severance Pay
Severance Pay consists of the payment of your Base Salary for a period of twelve months following your termination of employment (the “Severance Pay Period”).

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Commencement and Payment of Severance Pay
The Severance Pay Period begins immediately after the date of termination.  However, the Company is not obligated to commence the payment of Severance Pay immediately.  The Company shall commence the payment of Severance Pay within sixty (60) days of the date of an otherwise qualifying involuntary termination, provided that you have not rejected the Release Agreement.  Notwithstanding the foregoing, if such sixty (60) day period commences in one calendar year and ends in another, the payments shall commence in the second calendar year.  Solely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), each installment payment of Severance Pay is considered to be a separate payment.
You will be considered to have rejected the Release Agreement if you either (1) do not sign and return the Release Agreement as directed within the time period specified in the Release Agreement or (2) if applicable, you exercise a right to revoke the Release Agreement within the time period specified in the Release Agreement.  If Severance Pay or any other Severance Benefits commence but you subsequently reject the Release Agreement, your right to Severance Pay and any other Severance Benefits shall immediately end.  
The Company shall pay Severance Pay on regular payroll dates applicable to your position for the Severance Pay Period, if practicable, in accordance with the Company’s regular pay practice.  If payments commence after the first regular payroll date following the date of termination, the first payment of Severance Pay will include all Base Pay that would otherwise have been paid for the period between the date of termination and the first payment of Severance Pay if the Release had been signed and effective on the date of termination and Severance Pay had commenced on the first payroll date after termination.  
Effect of Other Severance Pay
If an employee is eligible for Severance Pay under this EVP Plan, Severance Pay will be reduced by any termination payments required to be paid under applicable federal, state and local laws (other than state unemployment compensation) and any amounts payable due to a termination of employment under any other severance pay plan, policy or agreement.  
Loans or Other Obligations
Any amounts that you owe to the Company may be deducted from your Severance Pay, unless such deduction violates Section 409A of the Code.
Taxation of Severance Pay 
Your Severance Pay is considered taxable income.  All required federal, state and local taxes will be deducted from Severance Pay.  

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SECTION 4 
OTHER BENEFITS
In addition to Severance Pay, the Company shall provide the following benefits, also subject to the Release Agreement requirement described above.  
Outplacement
The Company shall provide outplacement benefits.  The terms for the provision of outplacement benefits will be determined by the Company.  
Bonus
The “pro-rated bonus” to which you would otherwise be entitled under the Company’s annual bonus plan, which bonus will be prorated for the portion of the year you were employed by the Company, determined based on actual performance of the Company for the year, and paid when bonuses for the same period are paid to other executives, but no later than March 15 of the year following the year of your termination. 
Vesting of Equity Awards
Except to the extent expressly addressed in the applicable agreement, the vesting of restricted stock awards that provide for only time-based vesting will be accelerated on a pro-rated basis from the grant date through the date of the termination of employment.  Restricted stock awards that are subject to performance-based vesting will be vested and paid out at the end of the performance period based on the achievement of performance criteria during such performance period and pro-rated through the date of the EVP Employee’s termination of employment. 
Medical and Dental Benefit Continuation
Unless otherwise expressly provided under a separate, existing agreement with an EVP Employee, the Company shall provide a monthly cash payment equal to the employer share of the premium for group medical and/or dental benefit plan continuation under COBRA effective for the Severance Pay Period, subject to the following:
		
	1.
	The Employee must timely elect COBRA continuation for the applicable plan or plans.

		
	2.
	The Severance Pay will be reduced by the regular employee share of the applicable plan premium for the same coverage.

If the EVP Employee becomes eligible for coverage under another group medical and/or dental benefit plan before the end of the Severance Pay Period, the EVP Employee’s continued eligibility for such paid COBRA coverage shall cease.  Such an EVP Employee is expected to notify the Company promptly in the event of such eligibility or anticipated eligibility.  As a condition of continued receipt of Severance Pay, an EVP Employee is obligated to respond promptly and fully to any reasonable inquiries concerning the

5

EVP Employee’s eligibility or anticipated eligibility for other group plan coverage.  In the event that the Company pays for group plan coverage beyond the date when such payments are due under the EVP Plan, the Company may withhold any such overpayments from any remaining Severance Pay due to the EVP Employee.  
Other Benefits
Severance Pay is not employment compensation for benefit plan purposes.  You do not accrue any vacation, retirement or other benefits by reason of receiving Severance Pay.  Rights to pay and benefits under other benefit plans or programs, including equity plans and programs, will be based on your period of employment up to the date of termination and the terms of the applicable plans and programs.   
SECTION 5 
SITUATIONS AFFECTING PLAN BENEFITS
In addition to what has been stated elsewhere, the following could affect Severance Benefits:
		
	*
	If you do not properly provide the requested information or do not comply with the conditions and requirements specified in the EVP Plan, Severance Benefits may be delayed or denied.

  
		
	*
	If you are offered a Comparable Position by BPFH, a Participating Employer or a Successor after your employment ends, your right to receive Severance Benefits shall end upon the extension of that offer, regardless of whether you accept it.

  
		
	*
	If you commence employment with BPFH, a Participating Employer or a Successor either immediately upon or at any time after the termination of your employment, your right to receive Severance Benefits, with respect to your former position, will end upon commencement of such employment, regardless of whether the employment is in a Comparable Position.

		
	*
	Coverage under the EVP Plan ends when your Severance Benefits end, if your title or status changes and you no longer meet the eligibility conditions, or if the EVP Plan is terminated. 

 
		
	*
	If you violate any contractual or other legal obligations to the Company, including without limitation, your obligations under the Release Agreement, your right to receive Severance Benefits shall end immediately.

 
		
	*
	If you do not comply with the Non-Solicitation Condition of this EVP Plan set forth in Appendix A, your right to receive Severance Benefits shall end immediately.

 
		
	*
	If the Company determines that providing Severance Benefits may be contrary to law, a regulatory requirement or regulatory guidance, no Severance Benefits will be paid or otherwise provided.  The Company may, in its discretion, request a determination or other

6

guidance from one or more regulatory authorities concerning the permissibility of providing Severance Benefits.  If the Company has made such a request but has not received sufficient information to make a determination by the date of the termination of your employment regarding whether such a payment is permissible, the Company shall not offer Severance Benefits in exchange for a Release Agreement until and unless the Company subsequently determines that payment would be permissible under the law, regulatory requirements and regulatory guidance.  In the event that the Company determines that payment would be permissible, it shall offer Severance Benefits in exchange for a Release Agreement.  In such event, for the purpose of the “Commencement and Payment of Severance Pay” provision of Section 3 of the EVP Plan, the sixty (60) day period referenced in the first paragraph of that provision shall commence on the date of the determination by the Company that providing Severance Benefits would be permissible rather than on the date of an otherwise qualifying involuntary termination.  In no event will the Company be obligated to provide Severance Benefits if it determines that such payment is not permissible.  

SECTION 6 
PLAN ADMINISTRATION
Administration
BPFH is the “Plan Administrator.”  The Plan Administrator is responsible for carrying out the provisions of the EVP Plan.  
Delegation
BPFH may delegate any of its authority or responsibilities as Plan Administrator or otherwise under the EVP Plan to a Participating Employer with respect to its Employees.  BPFH or its delegate may from time to time appoint one or more individuals, or a committee, and delegate such of its power and duties as it deems desirable to any such individual or individuals or committee, in which case every reference herein made to BPFH shall be deemed to mean or include the individual or individuals or committee so appointed as to matters so delegated.  Such individual or individuals shall be officers or other employees of BPFH or such other persons as BPFH may appoint.  
Powers
The Plan Administrator shall have complete control of the administration of the EVP Plan, with all powers necessary to enable it properly to carry out its duties in that respect.  BPFH shall be authorized and have full discretion to apply the terms of the EVP Plan, to interpret the EVP Plan and to determine all questions arising in the administration, construction and application of the EVP Plan.  In addition, BPFH may increase the amount of severance provided and make other changes to the terms and conditions of severance if it determines special circumstances exist.  The decision of BPFH upon all matters within the scope of its authority shall be conclusive and binding on all parties.  

7

Rules and Procedures
The Plan Administrator may from time to time establish such supplemental rules and procedures for the administration of the EVP Plan and the transaction of its business as it deems necessary.  
Reports
The Plan Administrator shall be responsible for the preparation and delivery of all reports, notices, plan summaries and plan descriptions required to be filed with any governmental office or to be given to any Employee, former Employee or beneficiary.  
Effect of Mistake
If there is a mistake or misstatement about eligibility, participation, or service, or about the amount of payment made to a participant or beneficiary, the Plan Administrator will, if possible, try to correct the error.  This may be done by withholding, accelerating, or adjusting payments as necessary to ensure the proper payment from the EVP Plan is made, except to the extent that such correction would result in a Section 409A violation.
Applicable Law
This EVP Plan, and any and all rights hereunder, shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts (without regard to any conflicts of law provisions thereof), to the extent not preempted by federal law.  
Nonalienation of Benefits 
No Severance Benefit will be subject in any way to alienation, sale, transfer, assignment, pledge, attachment, garnishment, execution, or encumbrance of any kind.  Any attempt to accomplish the same will be void.  In the event that the Plan Administrator finds that such an attempt has been made with respect to any such Severance Benefit due or to become due to any Employee hereunder, the Plan Administrator in its sole discretion may terminate the interest of such Employee in such Severance Benefit and apply the amount of such Severance Benefit to or for the Severance Benefit of such Employee as the Plan Administrator may determine, and any such application will be a complete discharge of all liability with respect to such Severance Benefit.  
No Vested Interest
No other person other than the Plan Administrator has any right, title or interest in or to any assets of the EVP Plan or to any Company contribution thereto.  
No Employment Rights  
Nothing contained in the EVP Plan will give any Employee the right to be retained in the employment of his or her Employer, or affect the right of any Employer to dismiss any Employee.  The adoption and maintenance of the EVP Plan will not constitute a contract between any Employer and any Employee or consideration for, or an inducement to or condition of, the employment of any Employee.  

8

Section 409A
All payments to be made under the EVP Plan are intended to be exempt from Section 409A of the Code and the provisions of the EVP Plan will be interpreted in accordance with that intent.  Each payment of Severance Pay is considered to be a separate payment.  Anything in the EVP Plan to the contrary notwithstanding, if at the time of an Employee’s separation from service within the meaning of Section 409A of the Code, the Company determines that the Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Employee becomes entitled to under the EVP Plan on account of the Executive’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Employee’s separation from service, or (B) the Employee’s death.  The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A1(h).  To the extent that any amounts payable under the EVP Plan are determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code, such amounts shall be subject to such additional rules and requirements as specified by the Company from time to time in order to comply with Section 409A of the Code. 

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SECTION 7 
CLAIMS PROCEDURE
If you believe that you are entitled to Severance Benefits under the EVP Plan that you are not receiving or that have been denied to you, you may make a written request for such Severance Benefits to:  
Boston Private Financial Holdings, Inc.
Ten Post Office Square
Boston, MA 02109
Attention:  Executive Vice President, Human Resources or General Counsel

You will be notified in writing within 90 days after your request is received whether your claim for Severance Benefits is approved or denied.  (Under special circumstances, the Plan Administrator may require an additional 90 days to consider the claim.  If an extension is needed, you will receive written notice of the extension before the end of the initial 90-day period.  In no event will a decision be rendered later than 180 days after receipt of your request for Severance Benefits.)  
If your claim is denied by the Plan Administrator, the notice of denial will contain the following information:  
		
	•
	The specific reason or reasons for the denial; 

		
	•
	Specific reference to the EVP Plan provisions on which the denial is based; 

		
	•
	A description of any additional material or information necessary in order to receive the Severance Benefits claimed; 

		
	•
	An explanation of the claims appeal procedure; and

 
		
	•
	A statement that you have the right to bring a civil action under Section 502(a) of ERISA (following a denial of an appeal).  You must exhaust the claims and appeals process described below before you can bring legal action against the EVP Plan either in state or federal court.  Also, failure to follow the EVP Plan’s prescribed claims and appeals process in a timely manner will also cause you to lose your right to bring legal action against the EVP Plan regarding a denial of your appeal.

  
If you disagree with the decision of the Plan Administrator, you may file an appeal.   
Your request must include the following:  
		
	•
	the reasons for your appeal; 

10

		
	•
	the EVP Plan provisions on which the appeal is based; and

 
		
	•
	copies of all documents or materials that support your claim.

  
You, or your authorized representative, may review all documents, records and other information relevant to your claim for Severance Benefits.  
The Plan Administrator will reexamine all facts relating to the appeal taking into account all comments, documents, records and other information submitted by you relating to your claim, regardless of whether such information was submitted to or considered by the Plan Administrator in the initial benefit eligibility determination.  Normally, a decision on your appeal will be made within 60 days after your appeal is received.  If special circumstances require a further extension of time for reviewing your appeal, you will receive written notice of the extension before the end of the initial 60-day period.  In no event will a decision be rendered later than 120 days after receipt of your appeal.    
The final decision will be in writing, will refer to the EVP Plan provisions on which the decision is based, and will be binding on all persons affected.  If your appeal is denied, the Plan Administrator’s written notification to you will include: 
		
	•
	the specific reason for the denial of your appeal;

		
	•
	specific reference to pertinent Plan provisions on which the Plan Administrator based its denial of your appeal;

		
	•
	a statement that you are entitled to receive, upon request and free of charge, reasonable access to and copies of, all documents, records and other information relevant to your claim for Severance Benefits; and   

		
	•
	a statement that you have a right to bring a civil action under Section 502(a) of ERISA.  

SECTION 8 
ADDITIONAL DEFINITIONS
The “Base Salary” is your base annual compensation rate as of the date your employment is terminated, including any before-tax contributions you make to your Employer’s 401(k) plan, cafeteria plan or pre-tax transportation plan, or any elective contribution you make to your Employer’s elective non-qualified deferred compensation plan.     
The Base Salary does not include bonuses, incentive awards, overtime pay and any other form of compensation.  In the case of an Employee who is scheduled to work on a part-time basis, the Base Salary means the base annual compensation rate based on the Employee’s part-time schedule.  
 “COBRA” means the group health benefit continuation provisions of the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended.  

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A “Comparable Position” is any job with BPFH, any Participating Employer or any Successor, if such job:  
		
	•
	does not require you to commute more than fifty (50) miles further than you did immediately preceding your termination; and 

		
	•
	has a Base Salary and short-term target incentive opportunity equal to or greater than the prior Base Salary and short-term target incentive opportunity.

  
The “Effective Date” of the EVP Plan is October 19, 2016.
An “Employee” is a person who is treated as a regular employee by BPFH or any Participating Employer and whose monetary compensation from his or her Employer is reported to the Internal Revenue Service as W-2 income.  
“ERISA” is the Employee Retirement Income Security Act of 1974, as amended.  
A “Successor” means an entity that acquires all or a controlling portion of the business of BPFH or a Participating Employer through any form of acquisition, merger or reorganization.
SECTION 9 
ERISA REQUIRED INFORMATION
Official Plan Name
The official name of the EVP Plan is the Boston Private Financial Holdings, Inc. Executive Vice President Severance Pay Plan. 
Plan Administrator and Sponsor 
The Plan Administrator and sponsor of the EVP Plan is:
Boston Private Financial Holdings, Inc.
Ten Post Office Square
Boston, MA 02109
Telephone (617) 912-3799
Fax (617) 912-4511
The Plan Administrator has the exclusive discretionary right to apply the terms of the EVP Plan, to interpret the terms and provisions of the EVP Plan and to determine any and all questions arising under the EVP Plan or in connection with the administration thereof, including, without limitation, the right to remedy or resolve possible ambiguities, inconsistencies, or omissions, by general rule or particular decision.  

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Plan Number
Documents and reports for the EVP Plan are filed with the U.S. Department of Labor under two numbers: BPFH’s Employer Identification Number (EIN) and the EVP Plan Number (PN).  The EIN for BPFH is 04-2976299.   The PN is 505.  
Plan Type
The EVP Plan is an employee benefit welfare plan.  
Plan Year
The plan year is January 1 through December 31.  
Agent for Service of Legal Process
BPFH is the EVP Plan’s agent for service of legal process and may be served at the address indicated in the section entitled “Plan Administrator and Sponsor.”  
Funding
All Severance Benefits are paid from the Company’s general assets.  
Pension Benefit Guaranty Corporation 
A governmental agency known as the Pension Benefit Guaranty Corporation (“PBGC”) insures the benefits payable under plans which provide for fixed and determinable retirement benefits. Because the EVP Plan does not provide a fixed and determinable retirement benefit, the PBGC does not include the EVP Plan within its insurance program.  
ERISA Rights 
The EVP Plan is subject to ERISA.  As a Plan participant, you are entitled to certain rights and protections under ERISA.  
Under ERISA, Plan participants are entitled to:  
		
	•
	Examine, without charge at the Plan Administrator’s office, all official Plan documents (including insurance contracts) and copies of all documents filed with the U.S. Department of Labor, such as detailed Summary Annual Reports. 

 
		
	•
	Obtain copies of all official Plan documents and other Plan information upon written request to the Plan Administrator. The Plan Administrator may charge a reasonable fee for the copies.

  
		
	•
	Receive a summary of the EVP Plan’s annual financial report.  The Plan Administrator is required to furnish each participant with a copy of this Summary Annual Report.

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You also have the right to expect “fiduciaries,” the people who are responsible for the management of the EVP Plan, to act prudently and to act in the interest of you and other EVP Plan participants and beneficiaries.  Another one of your ERISA-guaranteed rights means that no one - including your Employer or any other person - may fire you or otherwise discriminate against you in any way to prevent you from obtaining a Plan benefit or exercising your rights under ERISA.  
ERISA also guarantees your rights to written notice if any part of a claim is denied or ignored, in whole or in part.  Because your rights under ERISA are protected by law, you also can file suit if a right is denied.  For example, if you request certain Plan-related materials from the Plan Administrator and do not receive them within 30 days, you may file suit in a Federal court.  In such a case, the court may require the Plan Administrator to provide the materials and pay a fine of up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator.  You may file suit in a Federal court if you have a claim for Benefits under the EVP Plan that is denied or ignored, in whole or in part.  You also can seek assistance from the U.S. Department of Labor or file suit in a Federal court if a Plan fiduciary has misused Plan funds or if you are discriminated against for asserting your rights.  The court will decide who should pay court costs and legal fees.  If you are successful, the court may order the person you have sued to pay these costs and fees.  If you lose because, for example, the court finds your claim frivolous, you may be ordered to pay all these costs and fees on your own, including any court costs and attorney fees.  
If you have any questions about the EVP Plan, you should contact the Plan Administrator.  If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Ave. N.W., Washington, D.C. 20210.  
SECTION 10 
AMENDMENT AND TERMINATION
BPFH reserves the right to make from time to time any amendment or amendments to the EVP Plan.  BPFH further reserves the right to terminate the EVP Plan at any time.  A termination of employment or an amendment of the EVP Plan will not affect rights of any Employee whose employment terminates before such amendment or termination.  Any Employee who is terminated from employment after an amendment or termination will have the right to receive only such benefits, if any, as are due under the EVP Plan’s terms as in effect after such amendment or termination.  

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APPENDIX A
Boston Private Financial Holdings, Inc. Executive Vice President
Severance Pay Plan - Non-Solicitation Condition

In accordance with the terms of the Boston Private Financial Holdings, Inc. Executive Vice President Severance Pay Plan (“EVP Plan”), in order to receive (and to continue receiving) Severance Benefits, EVP Employees must comply with the following requirements.  Capitalized terms not defined in this Appendix A are defined in the EVP Plan.  Specifically, during the Severance Pay Period, as a condition to continued eligibility for Severance Benefits, an EVP Employee shall not directly or indirectly:  
		
	1.
	solicit or accept for employment with another employer or employ any person who is then, or was within the prior six (6) months, employed by the Company, or request, influence or advise any person who at the time of such communication is employed by the Company to leave such employment; or 

		
	2.
	influence or advise any business that is or may be competitive with the business of the Company to employ any person who is employed by the Company; or 

		
	3.
	(A) solicit any known customer or client of the Company to do business with any person or entity other than the Company, (B) accept from any known customer or client of the Company any business for the benefit of any person or entity other than the Company, or (C) request, induce or advise any known customer or client of the Company to withdraw, curtail, diminish or cease his, her or its business with the Company; or

		
	4.
	(A) solicit any prospect of the Company to do business with any person or entity other than the Company, or (B) accept from any prospect of the Company any business for the benefit of any person or entity other than the Company.

For purposes of this Appendix A:
		
	1.
	A business “is or may be competitive with the business of the Company” if such business is engaged in banking, investment management, financial planning, trust administration or other related financial services.

		
	2.
	To be “employed” means to perform services as a common law employee or as an independent contractor.

		
	3.
	If the EVP Employee advises others to encourage a person to become employed or become a customer of some person other than the Company, the EVP Employee will be considered to have solicited such person or customer regardless of whether the EVP Employee directly engages in solicitation of the person.

		
	4.
	The EVP Employee shall be considered to “accept for employment” or “employ” any person who becomes employed by another employer if:

15

  
		
	a.
	the EVP Employee advises any other business with which the EVP Employee is affiliated to consider such person for employment, 

		
	b.
	the EVP Employee participates in any way in the consideration of any such person for employment, or

 
		
	c.
	such person becomes employed in a position in which the EVP Employee supervises such person.

		
	5.
	The EVP Employee shall be considered to “accept” business from a customer or client if the EVP Employee performs services for such customer or client;

  
		
	6.
	A “customer or client of the Company” means any person or entity who or which at any time did business with the Company; 

		
	7.
	A “known customer or client of the Company” means any customer or client of the Company either:  

		
	a.
	whom or which the EVP Employee serviced during his or her employment with the Company (or, after the EVP Employee’s employment has ended, whom or which the EVP Employee serviced during the last twelve (12) months of the EVP Employee’s employment); or 

		
	b.
	about whom or which the EVP Employee learned Restricted Information during his or her employment (or, after the EVP Employee’s employment has ended, about whom or which the EVP Employee learned Restricted Information during the last twelve (12) months of his or her employment).  

		
	8.
	A “prospect of the Company” means any person or entity with which the EVP Employee had individual contact during the EVP Employee’s employment with the Company (or, after the EVP Employee’s employment has ended, during the last twelve (12) months of his or her employment); provided that such contact included soliciting such person or entity to become a customer or client of the Company.

		
	9.
	“Restricted Information” means all information concerning the Company that is confidential, proprietary, or not readily available to the general public, however and whenever acquired, whether or not in writing, whether or not a trade secret or marked or designated as “secret” or “confidential,” and whether or not obtained before or after the date of this Agreement, and includes the following: (i) all account, financial, and personal information, including identifying information, regarding any customer or client of the Company that is in the possession of the Company; (ii) all financial data, budgets, reports, forecasts, schedules, statements, and projections; (iii) all information identifying or tending to identify any of the clients, vendors, employees, suppliers, contractors, consultants, or referral sources of the Company; (iv) all information regarding all intellectual property of the Company, including any and all patents, trademarks, copyrights, trade names, service marks, and trade secrets, and any and all copy, ideas, plans, designs, methods, scripts, concepts, creations, inventions, recordings, know how, discoveries developments, improvements, and advertising and promotional  materials, and all computer systems, programs, software, access codes, object codes, source codes, and specifications; (v) all information regarding the markets, products, services, programs, 

16

contracts, prospects, capital projects, research and development, business plans and strategies, and methods, processes, procedures, and techniques of business and operation of the Company; and (vi) every study, report, summary, analysis, notation, synopsis, compilation, and other document that is prepared by or for the Company, or any agent, officer, member, manager, or employee of the Company and contains or reflects any of the foregoing information concerning the Company; but excludes in each case information that is readily available to the general public.

During the Severance Pay Period, as a further condition of continued eligibility for Severance Benefits, the EVP Employee shall notify the Company in writing of any subsequent engagement, occupation or employment, whether as owner, employee, officer, director, agent, consultant, independent contractor or the like, and of his or her duties and responsibilities with respect to any such position.  
Notwithstanding the foregoing, if the EVP Employee’s employment is involuntarily terminated due to a Termination Without Cause upon or following a Change of Control, the EVP Employee’s obligations under this Appendix A shall no longer be in effect.  For purposes of this Appendix A, a “Change of Control” means the consummation of (i) the dissolution or liquidation of BPFH, (ii) the sale of all or substantially all of the assets of BPFH on a consolidated basis to an unrelated person or entity, (iii) a merger, reorganization or consolidation pursuant to which the holders of BPFH’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity (or its ultimate parent, if applicable), or (iv) the acquisition of all or a majority of the outstanding voting stock of BPFH in a single transaction or a series of related transactions by an entity or a group of persons or entities; provided, however, that a capital raising event or a merger effected solely to change BPFH’s domicile shall not constitute a Change of Control.  

17EX-10.43

 IMAX CORPORATION 

Exhibit 10.43 
 EMPLOYMENT
AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”), dated as of September 1st, 2016,
is between IMAX CORPORATION, a corporation organized under the laws of Canada (the “Company”), and GREG FOSTER, of the City of Los Angeles in the State of California (the “Executive”). 

WHEREAS, the Executive currently serves as the CEO, IMAX Entertainment and Senior Executive Vice President, IMAX Corporation;

 WHEREAS, the Company wishes to enter into this Agreement to engage the Executive to continue to provide services to the
Company, 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: 

Employment and Duties. 

(a) General. Subject to the terms and conditions hereof, the Executive shall serve as CEO, IMAX Entertainment and Senior
Executive Vice President, IMAX Corporation, reporting to the Company’s Chief Executive Officer (the “CEO”). The foregoing title must be used in complete form (including both the IMAX Entertainment and IMAX Corporation
portions) and in the order in which it appears in this Agreement at all times. The Executive shall perform duties and services for the Company commensurate with the Executive’s position as directed by the CEO from time to time. The
Executive’s principal place of employment shall be the offices of the Company in Los Angeles, California, subject to regular travel as required by the performance of his duties and the business of the Company. 

(b) Exclusive Services. For so long as the Executive is employed by the Company, the Executive shall devote his full
business working time to his duties hereunder, shall faithfully serve the Company, shall in all respects conform to and comply with the lawful and good faith directions and instructions given to him by the CEO, and shall use his best efforts to
promote and serve the interests of the Company. Further, the Executive shall not, directly or indirectly, render material services to any other person or organization without the consent of the CEO or otherwise engage in activities that would impede
his ability to fully perform his obligations hereunder. Notwithstanding the foregoing, it is understood and agreed that the Executive may serve as a director for the entities listed on Exhibit A hereto. 

(c) Board of Directors. The Company shall recommend the appointment of the Executive to its Board of Directors (the
“Board”) effective as of a date to be 

 
determined by the parties, but in any event as soon as practicable after the date of this Agreement. Further, the Company shall recommend to the Governance Committee of the Board the nomination
of the Executive for election to the Board at the annual meeting of the Company’s shareholders to be held in 2017. 
 Term. The Executive’s
employment pursuant to this Agreement shall be effective as of July 2, 2016 (the “Effective Date”), and shall terminate upon the earlier to occur of (i) the Executive’s termination of employment pursuant to
Section 4 hereunder and (ii) July 2, 2019. The period commencing as of the Effective Date and ending on July 2, 2019 is hereinafter referred to as the “Term”. 

Compensation and Other Benefits. Subject to the provisions of this Agreement, the Company shall pay and provide the following compensation and other
benefits to the Executive during the Term as compensation for services rendered hereunder: 
 (a) Base Salary. The
Company shall pay to the Executive an annual salary (the “Base Salary”) of $1,000,000, which shall increase to $1,050,000 effective July 2, 2017, and which shall further increase to $1,100,000 effective July 2,
2018, in each case less applicable withholdings and deductions. The Base Salary will be payable in substantially equal installments in accordance with the Company’s regular payroll practices as established from time to time. Any portion of the
Base Salary that has been earned between the Effective Date through the date of this Agreement and that has not been paid by the date of this Agreement shall be paid in the first payroll cycle occurring after the date of this Agreement. 

(b) Bonus. The Executive shall be eligible to receive a discretionary incentive bonus under the Company’s bonus
plans in effect from time to time, as determined in the sole discretion of the Company (the “Bonus”). The target amount of the Bonus shall be 100% of the Base Salary (the “Target Bonus”), with no
maximum and the potential to overachieve. The actual amount of the Bonus shall be based upon the attainment of individual and Company performance goals and objectives consistent with the Company’s practices with respect to similarly-situated
executives and approved by the Compensation Committee of the Board in its sole discretion, with the individual and Company portions of the Bonus each carrying 50% weight towards the overall Bonus. The Bonus (if any) shall be paid on the date on
which the Company pays out bonuses to senior executives generally; provided, however, that except as otherwise set forth herein, the Executive must remain employed by the Company on the payout date. 

(c) Equity Awards. 

(i) As soon as practicable following the date hereof, the Executive shall be granted restricted share units
(“RSUs”) with an aggregate grant date fair market value of $1,575,000. Thereafter, on each of July 2, 2017 and July 2, 2018, the Executive shall be granted additional RSUs, with each grant having an aggregate grant
date fair market value of $787,500. 

 (ii) As soon as practicable following the date hereof, the Executive shall be
granted nonqualified stock options (“Options”) to purchase common shares of the Company, no par value, with an aggregate grant date fair market value of $1,050,000. Thereafter, on or as soon as practicable after each of
July 2, 2017 and July 2, 2018, the Executive shall be granted additional Options, with each grant having an aggregate grant date fair market value of $1,050,000. 

(iii) The Options and RSUs to be granted pursuant to this Section 3(c) shall be granted on the terms and conditions set
forth in the IMAX Corporation Amended and Restated Long-Term Incentive Plan (as amended from time to time, the “LTIP”), the grant agreements to be entered into between the Company and the Executive pursuant to the LTIP, and
this Agreement. The Executive must be employed by the Company on the date of grant in order to receive the Options and RSUs. 

(iv) For purposes of determining the number of Options and RSUs to be granted pursuant to this Section 3(c), the Company
shall value (i) the Options in a manner consistent with the Company’s financial statement reporting; and (ii) the RSUs based on the Fair Market Value (as defined in the LTIP) of the Common Shares on the date of grant. The Options and
RSUs shall vest in three (3) equal annual installments beginning on the first anniversary of the applicable grant date. The exercise price of the Options shall be the Fair Market Value of the Common Shares on the date of grant. The Options
shall have a seven (7)-year term.
 (d) Benefit Plans. During the Term, the Executive shall be entitled to
participate, on the same basis and at the same level as generally available to other senior executives of the Company, in any group insurance, hospitalization, medical, dental, health and accident, disability, fringe benefit and deferred
compensation plans or programs of the Company (including executive supplemental health benefits) now existing or hereafter established, as in effect from time to time. In addition, the Executive shall be reimbursed by the Company for up to $15,000
per year of the Term (for a maximum of $45,000 over the Term) for additional medical services and fees (the “Additional Medical Expenses”); provided that this shall be a taxable benefit to the Executive. 

(e) Defined Contribution Retirement Plan. The Company shall establish a defined contribution retirement plan (the
“Retirement Plan”) that will be created and managed solely for the Executive. The Company will establish the Retirement Plan as promptly as practicable following the date hereof; provided that the Retirement Plan will
contain the following provisions: 
  

	 	(i)	 During each year of the Term, the Company shall contribute an aggregate amount equal to the Executive’s Base
Salary for such year, with contributions to be made by the Company in monthly installments, for a total contribution over the Term of $3,150,000 (the “Aggregate Contribution”); provided, however, the Company
shall not be required to make any further contributions following the date of the Executive’s 

	 	 
Separation from Service (as defined in Section 4(b)) in the event that, before the end of the Term, the Company terminates the Executive’s employment for Cause (as defined in
Section 5(a)) or the Executive resigns his employment without Good Reason (as defined in Section 5(c)); 

  

	 	(ii)	The Retirement Plan will be subject to a vesting schedule based on continued employment with the Company, such that the Retirement Plan will be: (A) 25% vested on July 2, 2019; (B) 50% vested on
July 2, 2022; (C) 75% vested on July 2, 2025; and (D) 100% vested on July 2, 2027; provided, however, that if the Executive incurs a Separation from Service for any reason other than (x) the Company’s
termination of his employment for Cause, (y) the Executive’s resignation from his employment without Good Reason, or (z) the Executive’s declining an offer by the Company to renew the Executive’s employment following the
expiration of the Term on terms that are not materially less favorable than those set forth herein, then the Executive will be considered 100% vested in the Retirement Plan as of the date of his Separation from Service; 

 

	 	(iii)	The Executive or his delegate will be involved in decisions relating to investment or management of Retirement Plan assets; and 

  

	 	(iv)	The schedule for payment of the Executive’s benefits under the Retirement Plan will be set forth in the documentation for the Retirement Plan. 

Notwithstanding any of the foregoing, the Retirement Plan shall be established and administered in a manner intended to comply with
Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and subject to any applicable taxes. 

(f) Automobile. The Company shall provide the Executive with an automobile allowance of $1,100 per month (the
“Automobile Payment”). In addition, the Company shall reimburse Executive for the costs of gasoline, insurance, and reasonable operating expenses for that automobile, in accordance with Company policies in effect for senior
executives from time to time, up to a maximum of $11,800 per year of the Term. 
 (g) Vacation. The Executive shall be
entitled to vacation time consistent with the applicable policies of the Company for other senior executives as in effect from time to time, but in no event less than twenty-five (25) days per year. 

(h) Expenses. The Company shall reimburse the Executive for reasonable travel and other business-related expenses
incurred by him in the fulfillment of his duties hereunder upon presentation of written documentation thereof, in accordance with the business expense reimbursement policies and procedures of the Company as in effect from time to time. Payments with
respect to reimbursements of expenses shall be made consistent with the Company’s reimbursement policies and procedures and in no event 

 
later than the last day of the calendar year following the calendar year in which the relevant expense is incurred. 

(i) Life Insurance. For the first two years of the Term, the Company shall continue to pay up to $135,000 per year in
premiums for life insurance for the benefit of a beneficiary (or beneficiaries) designated by the Executive, which amounts constitute the remaining two premium payments owed to the Executive under his prior employment agreement dated March 1,
2006, as amended. This shall be a taxable benefit to the Executive. The Company’s payments shall cease upon resignation by the Executive without Good Reason or termination of the Executive for Cause. 

(j) Other Benefits. The Company shall reimburse the Executive for up to $10,000 per year of the Term for financial,
estate and tax planning services (for a maximum of $30,000 over the Term), which shall be a taxable benefit to the Executive. In addition, the Company will pay up to $5,000 per year for business club memberships (for a maximum of $15,000 over the
Term). The foregoing reimbursements for financial, estate and tax planning services and business club memberships, together with the Additional Medical Expenses, are collectively referred to as the “Fringe Benefits”. 

Termination of Employment. Subject to this Section 4, the Company shall have the right to terminate the Executive’s employment at any time,
with or without Cause (as defined in Section 5), and the Executive shall have the right to terminate his employment at any time and for any reason. 

(a) Termination Due to Death or Disability. The Executive’s employment under this Agreement will terminate upon the
Executive’s death or the Executive’s Disability (as defined in Section 5). In the event the Executive’s employment terminates as a result of the Executive’s death or Disability, the Company shall pay to the Executive (or his
estate, as applicable) (i) the Base Salary and Automobile Payment through and including the date of termination; (ii) an amount equal to the Executive’s accrued and unused vacation pay as of the date of termination; (iii) any
other amounts or benefits required to be paid or provided by law or under any plan, program, policy or practice of the Company (including unreimbursed business expenses properly incurred through the date of termination) ((i) through
(iii) collectively the “Other Accrued Compensation and Benefits”), and (iv) a pro-rated Target Bonus for the year in which the termination occurs, in each case payable within thirty (30) days of the
Executive’s Separation from Service (as defined in Section 4(b)) by reason of death or Disability (or as otherwise expressly set forth in the applicable plan, program or agreement). Furthermore, upon a termination of employment as a result
of the Executive’s death or Disability, a portion of the Executive’s Options and RSUs that have already been granted pursuant to this Agreement shall vest such that, when combined with previously vested Options and RSUs, an aggregate of
50% of all of the Options and RSUs that have been granted pursuant to this Agreement shall have vested. Any vested Options shall continue to be exercisable for a period of 180 days following the date of the Executive’s death or Disability (but
in no event later than the expiration of the term of such Options). All Options not exercised within such 180-day period shall be cancelled and shall revert back to the Company for no consideration and the Executive or his estate, as applicable,
shall 

 
have no further right or interest therein. Except as provided in this Section 4(a), the Executive shall have no further right to receive any other compensation or benefits after a
termination of employment due to the Executive’s death or Disability. 
 (b) Termination for Cause; Resignation
without Good Reason. At any time prior to the expiration of the Term, the Executive’s employment may be terminated by the Company immediately for Cause. If, prior to the expiration of the Term, the Executive incurs a “Separation
from Service” within the meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as amended (the “Code”) by reason of the Company’s termination of the Executive’s employment for Cause, or if
the Executive resigns from his employment during the Term for any reason other than Good Reason (as defined in Section 5), (i) the Executive shall be entitled to payment of his Other Accrued Compensation and Benefits, payable within thirty
(30) days after the Executive’s Separation from Service (or as otherwise expressly set forth in the applicable plan, program or agreement); (ii) all unvested Options and RSUs will be cancelled without consideration and the Executive
shall have no further rights with respect to such Options and RSUs; and (iii) the Executive will have thirty (30) days to exercise any vested options, in accordance with the terms of the LTIP. The Executive shall have no further right to
receive any other compensation or benefits after his termination for Cause or resignation of employment other than for Good Reason. The Executive shall provide thirty (30) days’ written notice to the Company prior to resigning his
employment during the Term. 
 (c) Termination without Cause; Resignation for Good Reason. 

(i) If, prior to the expiration of the Term, the Executive incurs a Separation from Service by reason of the Company’s
termination of the Executive’s employment without Cause, or as a result of his resignation for Good Reason, then the Executive shall receive the Other Accrued Compensation and Benefits and, subject to Section 4(e): 

(A) the Company shall continue to pay the Executive the Base Salary and Automobile Payment in accordance with the
Company’s ordinary payroll practices in effect from time to time for a period equal to the greater of: (i) twelve (12) months; and (ii) the remainder of the Term, with payments commencing on the 60th day following the Executive’s Separation from Service (the “Severance Period”); 

(B) the Company shall provide the Executive with cash payments equal to a pro-rated Target Bonus (i) for time worked up
through the termination date and for which a bonus has not yet been paid; and (ii) in respect of the Severance Period, in each case at such intervals as the same would have been paid had the Executive remained in the active service of the
Company; provided, however, that in no event will payment commence prior to the 60th day following the Executive’s Separation from Service; 

 (C) the Company shall provide the Executive and his eligible dependents with
continued participation in the Company’s group medical plans during the Severance Period or, in the event such participation is not permitted, the Company shall pay for the cost of continuing medical insurance coverage for the Executive and his
eligible dependents under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). The Executive shall continue to be obligated to pay his share of premiums, deductibles and co-payments which may be deducted from the
payment made pursuant to this Section 4(c)(i)(C) in the same manner as if the Executive were actively employed. In the event that the Executive obtains subsequent employment and is eligible to participate in the group medical plans of his new
employer, the Executive agrees to notify the Company promptly, and any coverage provided under the Company’s group medical plans, or COBRA payments, as the case may be, shall terminate when coverage under the new employer’s medical plans
become effective; 
 (D) the Company shall continue to pay the life insurance premiums contemplated by Section 3(i);

 (E) the Company shall continue to provide the Executive with the Fringe Benefits; 

(F) in the event the Aggregate Contribution has not yet been made to the Retirement Plan as of the date of the Separation from
Service, the Company will continue to make monthly contributions to the Retirement Plan for the duration of the Severance Period, up to a maximum contribution of $1,000,000 over the Severance Period; provided that in no event shall the total
amount contributed to the Retirement Plan exceed the Aggregate Contribution; and 
 (G) all outstanding equity will be
treated in accordance with the terms of the LTIP or the applicable award letters. 
 (ii) The Executive agrees that the
provisions of Section 4(c) are fair and reasonable and that if his employment is terminated without Cause or he resigns for Good Reason he shall have no further right to receive any other compensation or benefits. 

(d) Non-Renewal of Agreement. If, following the expiration of the Term, the Company does not offer to continue the
Executive’s employment on substantially similar terms to those set forth herein and upon the expiration of the Term the Executive incurs a Separation from Service, the Company will pay the Executive a pro-rated Target Bonus for time worked
during the year in which the Separation from Service occurs, payable within thirty (30) days of the Executive’s Separation from Service. In addition, for a period equal to eighteen (18) months from the date of the Separation of
Service (the “Non-Renewal Period”): 

 (i) the Company will permit the Executive to continue using his Company e-mail
account; provided that e-mail account access shall expire at such time the Executive obtains subsequent employment; 

(ii) the Company shall provide the Executive and his eligible dependents with continued participation in the Company’s
group medical plans during such Non-Renewal Period or, in the event such participation is not permitted, the Company shall pay for the cost of continuing medical insurance coverage for the Executive and his eligible dependents under COBRA. The
Executive shall continue to be obligated to pay his share of premiums, deductibles and co-payments which may be deducted from the payment made pursuant to this Section 4(d)(ii) in the same manner as if the Executive was actively employed. In
the event that the Executive obtains subsequent employment and is eligible to participate in the group medical plans of his new employer, the Executive agrees to notify the Company promptly, and any coverage provided under the Company’s group
medical plans, or COBRA payments, as the case may be, shall terminate when coverage under the new employer’s medical plans become effective; and 

(iii) the Company will reimburse the Executive for up to $50,000, to be used by the Executive for: (A) office rent,
administrative assistance and related expenses; (B) conference fees and related expenses; (C) advisory services; and (D) business related travel and expenses, to be used in the Executive’s discretion. 

(iv) The Executive agrees that apart from the foregoing, in the event of a non-renewal of the Agreement, the Executive shall
have no further right to receive any other compensation or benefits, unless required by law and subject to the terms of the LTIP or applicable award letters. 

(e) Execution and Delivery of Release; Restrictive Covenants. The Company shall not be required to make the payments and
provide the benefits under Section 4(c) (other than the Other Accrued Compensation and Benefits) unless (i) the Executive executes and delivers to the Company, within sixty (60) days following the Executive’s Separation from
Service, a general waiver and release of claims in the Company’s standard form and the release has become effective and irrevocable in its entirety, and (ii) the Executive remains in material compliance with the Confidentiality,
Non-Competition and Intellectual Property Agreement attached hereto as Exhibit B (the “Non-Competition Agreement”), through the Severance Period. The Executive’s failure or refusal to sign the release (or the
revocation of such release in accordance with applicable laws) or the Executive’s failure to materially comply with the Non-Competition Agreement shall result in the forfeiture of the payments and benefits payable under Section 4(c). 

(f) Notice of Termination. Any termination of employment by the Company or the Executive shall be communicated by a
written “Notice of Termination” to the other party hereto given in accordance with Section 22 of this Agreement, except that the Company may waive the requirement for such Notice of Termination by the Executive.

 
The date of the Executive’s termination of employment shall be the date specified in the Notice of Termination. 

(g) Resignation from Directorships and Officerships. The termination of the Executive’s employment for any reason
shall constitute the Executive’s resignation from (i) any director, officer or employee position the Executive has with the Company and its subsidiaries and affiliates, and (ii) all fiduciary positions (including as a trustee) the
Executive may hold with respect to any employee benefit plans or trusts established by the Company and its subsidiaries and affiliates. The Executive agrees that this Agreement shall serve as written notice of his resignation in this circumstance.

  

	 	1.	Definitions. 

 (a) Cause. For purposes of this Agreement,
“Cause” shall mean the termination of the Executive’s employment because of: 
 (i) the
cessation of the Executive’s ability to work legally in the United States or Canada other than for reasons not 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;
provided, however, that if such act or omission is related to the Executive’s performance of his duties within the scope of his employment, then he shall have thirty (30) days after written notice is received by the Executive
of such material breach to cure such breach; 
 (iii) the continued failure or refusal of the Executive to perform the duties
reasonably required of him in his role, which is not cured within thirty (30) days after written notice is received by the Executive of such failure or refusal; 

(iv) the Executive’s commission of, or plea of nolo contendere to, (A) any felony or (B) any crime
involving dishonesty or moral turpitude which reflects negatively upon the Company and materially impairs or impedes its operations; 

(v) the Executive’s engaging in any misconduct, gross negligence, act of dishonesty, violence or threat of violence that
is materially injurious to the Company or any of its subsidiaries or affiliates; 
 (vi) the Executive’s breach of the
Non-Competition Agreement or any material written policy of the Company or any of its subsidiaries or affiliates, in each case which is not cured within thirty (30) days after written notice is received by the Executive of such breach; or 

(vii) any other action by the Executive which is materially injurious to the financial condition or business reputation of, or
is otherwise materially injurious to, the Company or any of its subsidiaries or affiliates, or which results in the violation by the Company or any of its subsidiaries or affiliates of any law. 

 (b) Disability. For purposes of this Agreement,
“Disability” means a physical or mental disability or infirmity of the Executive that prevents the normal performance of substantially all of his duties under this Agreement as an Executive of the Company, which disability or
infirmity shall exist for any continuous period of 180 days. 
 (c) Good Reason. For purposes of this agreement,
“Good Reason” shall mean the Executive’s resignation as a result of a material reduction in the Executive’s responsibilities from those set forth in this Agreement; provided, however, that no such
event shall constitute Good Reason unless (A) the Executive first gives the Company written notice of his intention to resign his employment for Good Reason and the grounds for such resignation, (B) such grounds for resignation (if
susceptible to correction) are not corrected by the Company within thirty (30) days of its receipt of such notice and (C) the Executive actually resigns his employment with the Company within thirty (30) days following the expiration
of the thirty (30) day cure period. 
 Nondisparagement. The Executive agrees that at no time during the Executive’s employment by the
Company or thereafter shall the Executive make, or cause or assist any other person to make, any statement or other communication to any third party that impugns or attacks, or is otherwise critical of, the reputation, business or character of the
Company, its subsidiaries and affiliates, and their respective directors, officers or employees. 
 Recovery of Compensation. All payments and
benefits provided under this Agreement shall be subject to any compensation recovery or clawback as required under law and Company policy. 

Section 409A of the Code. 

(a) The payments and benefits provided under this Agreement are intended to comply with, or be exempt from, Section 409A
and shall be interpreted or construed consistent with that intent. The Company shall not accelerate any payment or the provision of any benefits under this Agreement or make or provide any such payment or benefits if such payment or provision of
such benefits would, as a result, be subject to tax under Section 409A. If, in the good faith judgment of the Company, any provision of this Agreement could cause the Executive to be subject to adverse or unintended tax consequences under
Section 409A, such provision shall be modified by the Company in its sole discretion to maintain, to the maximum extent practicable, the original intent of the applicable provision without contravening the requirements of Section 409A.
This Section 8(a) does not create an obligation on the part of the Company to modify this Agreement and does not guarantee that the amounts or benefits owed under this Agreement will not be subject to tax, interest and penalties under
Section 409A. 
 (b) Anything in this Agreement to the contrary notwithstanding, each payment of compensation made to
the Executive shall be treated as a separate and distinct installment payment from all other such payments for purposes of Section 409A. The actual date of payment pursuant to this Agreement shall be within the sole discretion of the Company.
In no event may the Executive be permitted to control the year in which payment occurs. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A:
(i) the right 

 
to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits,
provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year; and (iii) such payments shall be made on or before the last day of the Executive’s
taxable year following the taxable year in which the expense occurred, or such earlier date as required hereunder. 
 (c)
Notwithstanding any other provision of this Agreement, to the extent that the right to any payment (including the provision of benefits) hereunder provides for the “deferral of compensation” within the meaning of Section 409A(d)(1),
if the Executive is a “Specified Executive” within the meaning of Section 409A(a)(2)(B)(i) on the date of the Executive’s Separation from Service, then no such payment shall be made or commence during the period beginning on the
date of the Executive’s Separation from Service and ending on the date that is six (6) months following the Executive’s Separation from Service or, if earlier, on the date of the Executive’s death. The amount of any payment that
would otherwise be paid to the Executive during this period shall instead be paid to the Executive on the fifteenth (15th) day of the first calendar month following the end of the six
(6)-month period. 
 Source of Payments. All payments provided under this Agreement, other than payments made pursuant to a plan which provides
otherwise, shall be paid in cash from the general funds of the Company, and no special or separate fund shall be established, and no other segregation of assets shall be made, to assure payment. The Executive shall have no right, title or interest
whatsoever in or to any investments which the Company may make to aid the Company in meeting its obligations hereunder. To the extent that any person acquires a right to receive payments from the Company hereunder, such right shall be no greater
than the right of an unsecured creditor of the Company. 
 Representation and Warranty. The Executive represents and warrants that he is not subject
to any non-competition covenant or any other agreement with any party that would in any manner restrict or limit his ability to render the services required of him hereunder. 

Assignment. This Agreement may be assigned by the Company. The Executive may not assign or delegate his duties under this Agreement. 

Binding Agreement. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and
permitted assigns. 
 Withholding. Any payments made or benefits provided to the Executive under this Agreement shall be reduced by any applicable
withholding taxes or other amounts required or permitted to be withheld by law or contract. 
 Amendment; Waiver. Subject to Section 8, this
Agreement may not be modified, amended or waived in any manner, except by an instrument in writing signed by both parties hereto. The waiver by either party of compliance with any provision of this Agreement by the other party (including the failure
to insist upon strict compliance with any term, covenant or condition) shall 

 
not operate or be construed as a waiver of (i) any other provision of this Agreement, or (ii) any subsequent breach by such party of a provision of this Agreement. 

Governing Law. All matters affecting this Agreement, including the validity thereof, are to be subject to, and interpreted and construed in accordance
with, the laws of the State of New York applicable to contracts executed in and to be performed in that State. 
 Arbitration. Any dispute or
controversy arising under or in connection with this Agreement or otherwise in connection with the Executive’s employment by the Company that cannot be mutually resolved by the parties to this Agreement and their respective advisors and
representatives shall be settled exclusively by arbitration in Los Angeles County, California in accordance with the rules of the American Arbitration Association before one arbitrator of exemplary qualifications and stature, who shall be selected
jointly by an individual to be designated by the Company and an individual to be selected by the Executive, or if such two individuals cannot agree on the selection of the arbitrator, who shall be selected by the American Arbitration Association.

 Survival of Certain Provisions. The rights and obligations set forth in this Agreement that, by their terms, extend beyond the Term shall survive
the Term. 
 Entire Agreement. This Agreement and the Non-Competition Agreement contains the entire agreement and understanding of the parties hereto
with respect to the matters covered herein, and supersedes all prior or contemporaneous negotiations, commitments, agreements and writings with respect to the subject matter hereof. All such other negotiations, commitments, agreements and writings
shall have no further force or effect, and the parties to any such other negotiation, commitment, agreement or writing shall have no further rights or obligations thereunder. 

Severability. In the event any provision or part of this Agreement is found to be invalid or unenforceable, only that particular
provision or part so found, and not the entire Agreement, will be inoperative. 
 Counterparts. This Agreement may be executed by either of the
parties hereto in counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 

Headings. The headings of sections herein are included solely for convenience of reference and shall not control the meaning or interpretation of any
of the provisions of this Agreement. 
 Notices. All notices or communications hereunder shall be in writing, addressed as follows: 

if to the Company: 
 IMAX
Corporation 
 110 East 59th Street 

Suite 2100 
 New York, NY 10022

 Attention: Chief Legal Officer 

Facsimile:        (212) 371-7584 

 if to the Executive: 

Greg Foster 
 Address on file
with the Company. 
 All such notices shall be conclusively deemed to be received and shall be effective (i) if sent by hand delivery
or overnight courier, upon receipt or (ii) if sent by electronic mail or facsimile, upon receipt by the sender of confirmation of such transmission; provided, however, that any electronic mail or facsimile will be deemed received
and effective only if followed, within 48 hours, by a hard copy sent by certified United States mail. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the Company and the Executive have duly executed this Agreement as of the
date first written above. 
  

			
	IMAX CORPORATION
		
	By:	 	 /s/ Carrie Lindzon-Jacobs

	Name:	 	 Carrie Lindzon-Jacobs

	Title:	 	 Executive Vice President, Human Resources

		
	By:	 	 /s/ Michael Lynne

	Name:	 	 Michael Lynne

	Title:	 	 Director

	
	GREG FOSTER
	
	 /s/ Greg Foster

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