Document:

Tax Receivable Agreement dated as of February 13, 2007

 Exhibit 10.7 
  

 TAX RECEIVABLE AGREEMENT 
 among 
 NATIONAL CINEMEDIA, INC., 
 NATIONAL CINEMEDIA, LLC, 
 REGAL CINEMEDIA
HOLDINGS, LLC, 
 CINEMARK MEDIA, INC., 
 REGAL CINEMAS, INC., 
 AMERICAN MULTI-CINEMA, INC., and 
 CINEMARK USA, INC. 
 DATED AS OF FEBRUARY 13, 2007 
  

 TABLE OF CONTENTS 
  

							
	  	  	 	  	 	  	Page
	 ARTICLE I DEFINITIONS
	  	2
	 SECTION 1.01. Definitions
	  		  		  	2
		
	 ARTICLE II DETERMINATION OF REALIZED TAX BENEFIT OR REALIZED TAX DETRIMENT
	  	12
	 SECTION 2.01. Tax Characterization of Transactions; Basis Adjustments
	  		  		  	12
	 (a)    Initial ESA Modification Payments
	  	12
	 (b)    Initial Deemed Exchange
	  	12
	 (c)    Positive Theatre Access Adjustments
	  	12
	 (d)    Negative Theatre Access Adjustments
	  	13
	 (e)    Subsequent Deemed Exchanges
	  	13
	 (f)    Payments Under Agreement.
	  	14
	 SECTION 2.02. Basis Schedules.
	  		  		  	15
	 (a)    Initial Deemed Exchange.
	  	15
	 (b)    Initial ESA Modification Payments.
	  	16
	 (c)    Positive Theatre Access Adjustments.
	  	17
	 (d)    Subsequent Deemed Exchanges.
	  	18
	 SECTION 2.03. Tax Benefit Schedules.
	  		  		  	19
	 (a)    NCM Inc. Tax Benefit Schedules
	  	19
	 (b)    Amended NCM Inc. Tax Benefit Schedules
	  	20
	 (c)    Applicable Principles
	  	20
		
	 ARTICLE III PAYMENTS
	  	22
	 SECTION 3.01. Exchange-Related Payments.
	  		  		  	22
	 (a)    Payments In Respect of NCM Inc. Tax Benefit Schedules
	  	22
	 (b)    Payments In Respect of Amended NCM Inc. Tax Benefit Schedules
	  	22
	 SECTION 3.02. ESA-Related Payments.
	  		  		  	23
	 (a)    Payments In Respect of NCM Inc. Tax Benefit Schedules
	  	23
	 (b)    Payments In Respect of Amended NCM Inc. Tax Benefit Schedules
	  	24
	 SECTION 3.03. Suspension of Tax Benefit Payments Following Change Notice.
	  		  		  	24
	 (a)    Receipt of Change Notice
	  	24
	 (b)    Suspension of Payments
	  	24
	 (c)    Release of Escrowed Funds
	  	25
	 SECTION 3.04. No Duplicative Payments; Other Matters
	  		  		  	25
		
	 ARTICLE IV TERMINATION
	  	25
	 SECTION 4.01. Early Termination of Agreement
	  		  		  	25
	 SECTION 4.02. Early Termination Notice
	  		  		  	26
	 SECTION 4.03. Payment Upon Early Termination.
	  		  		  	26
	 (a)    Payment
	  	26
	 (b)    Determination of Early Termination Payment
	  	26
	 SECTION 4.04. No Other Right of Early Termination
	  		  		  	26
	 SECTION 4.05. Term of Agreement
	  		  		  	26

  

 i 

							
	 ARTICLE V SUBORDINATION AND LATE PAYMENTS
	  	27
	 SECTION 5.01. Subordination
	  	27
	 SECTION 5.02. Late Payments by NCM Inc. or NCM LLC
	  	27
	 SECTION 5.03. Rights of Offset
	  	27
	 SECTION 5.04. Late Payments by the Founding Members or ESA Parties
	  	27
		
	 ARTICLE VI NO DISPUTES; CONSISTENCY; COOPERATION
	  	28
	 SECTION 6.01. Participation In NCM Group Tax Matters
	  	28
	 SECTION 6.02. Consistency
	  	28
	 SECTION 6.03. Cooperation
	  	29
		
	 ARTICLE VII GENERAL PROVISIONS
	  	29
	 SECTION 7.01. Notices
	  	29
	 SECTION 7.02. Counterparts
	  	29
	 SECTION 7.03. Entire Agreement; No Third Party Beneficiaries
	  	29
	 SECTION 7.04. Governing Law; Submission to Jurisdiction.
	  	29
	 (a)    Governing Law
	  	29
	 (b)    Jurisdiction
	  	30
	 (c)    Costs and Expenses
	  	30
	 SECTION 7.05. Severability
	  	30
	 SECTION 7.06. Successors; Assignment
	  	31
	 SECTION 7.07. Titles and Subtitles
	  	31
	 SECTION 7.08. Withholding
	  	31
	 SECTION 7.09. Reconciliation Procedures
	  	31
	 SECTION 7.10. Indemnification
	  	31

  

 ii 

 TAX RECEIVABLE AGREEMENT 
 This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of February 13, 2007, by and among National CineMedia, Inc., a Delaware
corporation (“NCM Inc.”), National CineMedia, LLC, a Delaware limited liability company (“NCM LLC”), Regal CineMedia Holdings, LLC, a Delaware limited liability company (“Regal Founding Member”),
Cinemark Media, Inc., a Delaware corporation (“Cinemark Founding Member”), Regal Cinemas, Inc., a Tennessee corporation (“Regal ESA Party”), American Multi-Cinema, Inc., a Missouri corporation
(“AMCI”), and Cinemark USA, Inc., a Texas corporation (“Cinemark ESA Party”). 
 RECITALS

 WHEREAS, on December 29, 2006, National Cinema Network, Inc., a Delaware corporation and previously a member of NCM LLC,
merged with and into AMCI with AMCI surviving, whereby AMCI, which had previously entered into an exhibitor services arrangement with NCM LLC, became a member of NCM LLC (AMCI, in its capacity as a member in NCM LLC, referred to as the “AMC
Founding Member,” and AMCI in its capacity as a party to an exhibitor services arrangement with NCM LLC, referred to as the “AMC ESA Party”); 
 WHEREAS, each of the Regal Founding Member, the AMC Founding Member, and the Cinemark Founding Member (each a “Founding Member” and, collectively, the “Founding Members”) is an
historic member of NCM LLC; 
 WHEREAS, as of the date hereof, NCM Inc. has become a member of NCM LLC pursuant to the terms of that certain
Common Unit Purchase Agreement and that certain NCM LLC Operating Agreement; 
 WHEREAS, as of the date hereof, each of the Regal ESA Party,
the AMC ESA Party, and the Cinemark ESA Party (each an “ESA Party” and, collectively, the “ESA Parties”) has entered into an Exhibitor Services Agreement with NCM LLC; 
 WHEREAS, as of the date hereof, NCM LLC has received the Net IPO Proceeds from NCM Inc. and NCM LLC has incurred the NCM LLC Indebtedness; 
 WHEREAS, as of the date hereof, NCM LLC has made a payment (an “Initial ESA Modification Payment”) to each ESA Party pursuant to
Section 2.05(a)(i) of each ESA Party’s Exhibitor Services Agreement with NCM LLC; 
 WHEREAS, as of the date hereof, NCM LLC has
distributed the Redemption Proceeds to the Founding Members in redemption of their Preferred Units pursuant to Section 3.4(d) of the NCM LLC Operating Agreement; 
 WHEREAS, on and after the date hereof, the Founding Members have the right to have their Common Units redeemed by NCM LLC pursuant to the terms of Sections 9.1 and 3.5(b) of the NCM LLC Operating Agreement;

  

 1 

 WHEREAS, on and after the date hereof, the Initial ESA Modification Payments are subject to contingent
positive or negative adjustments pursuant to the terms of Section 2.05(a)(iii) of each ESA Party’s Exhibitor Services Agreement with NCM LLC and the Common Unit Adjustment Agreement (a “Positive Theatre Access Adjustment”
or a “Negative Theatre Access Adjustment,” respectively); and 
 WHEREAS, the Parties desire to make certain arrangements
with respect to the Realized Tax Benefits and Realized Tax Detriments, if any, associated with the foregoing relationships, agreements, and transactions. 
 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the Parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS

 SECTION 1.01. Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 
 “Adjusted Allocable Shares” means the ESA-Related Allocable Shares of the ESA Parties and the Exchange-Related Allocable Shares of the Founding Members, in each case, in effect as of the date of an Early Termination Notice
and, in the case of the Exchange-Related Allocable Shares of the Founding Members, as adjusted as of the date of an Early Termination Notice to account for clause (i) of the Valuation Assumptions. 
 “Administrative Agent” means Lehman Commercial Paper, Inc., as administrative agent under the NCM LLC Credit Agreement
and any successors and assignees in accordance with the terms of the NCM LLC Credit Agreement. 
 “Advisory
Firm” means an accounting or law firm that is nationally recognized as being expert in Covered Tax matters, as determined by the Audit Committee. The Audit Committee shall select the Advisory Firm, and the Audit Committee may replace the
Advisory Firm at its discretion (subject to the consistency requirements of Section 6.02 of this Agreement). 
 “Advisory Firm Letter” shall mean a letter from the Advisory Firm stating that any relevant schedule, notice or other information to be provided by NCM Inc. or NCM LLC to the Founding Members or the ESA Parties pursuant to
this Agreement and all supporting schedules and work papers were prepared in a manner consistent with the terms of this Agreement and, to the extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and law in
existence on the date such schedule, notice or other information is delivered. 
 “Agreed Rate” means LIBOR
plus 200 basis points. 
 “Agreement” is defined in the preamble. 
  

 2 

 “AMC ESA Party” is defined in the preamble of this Agreement.

 “AMC Founding Member” is defined in the preamble of this Agreement. 
 “AMCI” is defined in the preamble. 
 “Amended NCM Inc. Tax Benefit Schedule” is defined in Section 2.03(b) of this Agreement. 
 “Applicable Treasury Rate” means a rate equal to (1) if an Early Termination Notice is delivered prior to the third
anniversary of the date hereof, 4.76% or (2) the yield to maturity as of the date an Early Termination Notice is delivered of U.S. Treasury securities with a constant maturity (the “Applicable Maturity”) (as compiled and
published in the most recent Federal Reserve Statistical Release H 15 (519)) equal to (a) if such Early Termination Notice is delivered on or after the third anniversary of the date hereof but prior to the fifth anniversary of the date
hereof, 10 years, (b) if such Early Termination Notice is delivered on or after the fifth anniversary of the date hereof but prior to the fifteenth anniversary of the date hereof, the number of years from the date such Early Termination Notice
is delivered through the fifteenth anniversary of the date hereof, or (c) if such Early Termination Notice is delivered on or after the fifteenth anniversary of the date hereof, 2 years. If there are no U.S. Treasury securities with a constant
maturity equal to the Applicable Maturity, the yield to maturity shall be interpolated from the U.S. Treasury securities with constant maturities that are most nearly longer than and shorter than the Applicable Maturity. 
 “Audit Committee” means the independent audit committee of the board of directors of NCM Inc. 
 “Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C. § 101 et seq.), as amended from time to time.

 “Basis Adjustment” means the increase or decrease to NCM Inc.’s share of the tax basis of NCM
LLC’s Original Assets or Exchange Assets, as the case may be, (i) under Sections 743(b) and 754 of the Code and the comparable sections of U.S. state and local income and franchise Tax law as a result of the Initial Deemed Exchange,
(ii) under Section 743(b) and 754 of the Code and the comparable sections of U.S. state and local income and franchise Tax law as a result of any Subsequent Deemed Exchange, and (iii) under Sections 743(b) and 754 as a result of any
Exchange-Related Payments made under this Agreement. For the avoidance of doubt, any ESA-Related Payments or payments of Imputed Interest under this Agreement shall not be treated as resulting in a Basis Adjustment. 
 “Business Day” means any calendar day that is not a Saturday, Sunday or other calendar day on which banks are required or
authorized to be closed in the City of New York. 
 “Change Notice” is defined in Section 3.03(a) of
this Agreement. 
  

 3 

 “Cinemark ESA Party” is defined in the preamble of this Agreement.

 “Cinemark Founding Member” is defined in the preamble of this Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended, and the Treasury Regulations issued thereunder. 

“Common Stock” means the common stock of NCM Inc., par value $0.01 per share. 
 “Common Units” is defined in Section 1.1 of the NCM LLC Operating Agreement. 
 “Common Unit Adjustment Agreement” means that certain Common Unit Adjustment Agreement by and among the Parties to this
Agreement and dated as of the date hereof. 
 “Common Unit Purchase Agreement” means that certain Common Unit
Subscription Agreement by and between NCM Inc. and NCM LLC and dated as of the date hereof. 
 “Covered Taxable Year” means with respect to each Founding Member or ESA Party, each Taxable Year of NCM Inc. for which Covered Taxes are due and payable, beginning with the Taxable Years that include the date of this
Agreement, and ending with NCM Inc.’s Taxable Years that include: (i) the 30th anniversary of the date
hereof; or, if earlier, (ii) the occurrence of a material and uncured breach of this Agreement by such Founding Member or ESA Party or, in the case of an ESA Party, the occurrence of a material and uncured breach of such ESA Party’s ESA
with NCM LLC. 
 “Covered Taxes” means U.S. Federal Income Taxes and U.S. state and local income and
franchise Taxes. 
 “Determination” shall have the meaning ascribed to such term in Section 1313(a) of
the Code or similar provision of state or local income or franchise Tax law, as applicable. 
 “Distribution”
is defined in Section 2.01(b) of this Agreement. 
 “Early Termination Notice” is defined in
Section 4.02 of this Agreement. 
 “Early Termination Payment” is defined in Section 4.03(b) of
this Agreement. 
 “Early Termination Rate” means the Applicable Treasury Rate plus 300 basis points.

 “ESA Party” is defined in the recitals to this Agreement. 
 “ESA Parties” is defined in the recitals to this Agreement. 
  

 4 

 “ESA-Related Allocable Share” means with respect to each ESA Party, and
in connection with any ESA-Related Payment for any Covered Taxable Year, the quotient (expressed as a percentage) obtained by dividing (x) the Realized Tax Benefits or Realized Tax Detriments, if any, for such Covered Taxable Year that result
from the Initial ESA Modification Payment made to, or any Positive Theatre Access Adjustments made in respect of, such ESA Party, by (y) the aggregate Realized Tax Benefits or aggregate Realized Tax Detriments, if any, for such Covered Taxable
Year that result from the Initial ESA Modification Payments made to, or any Positive Theatre Access Adjustments made in respect of, all ESA Parties. For the avoidance of doubt, an ESA Party’s ESA-Related Allocable Share shall be zero with
respect to all future periods following the last Covered Taxable Year with respect to such ESA Party, however, the Initial ESA Modification Payment and any prior or subsequent Positive Theatre Adjustments attributable to such ESA Party will continue
to be taken into consideration for purposes of the denominator (clause (y) in the preceding sentence) used to determine the continuing ESA-Related Allocable Shares of other ESA Parties with respect to any future Covered Taxable Years.

 “ESA-Related Payment” means any payment made by NCM LLC or an ESA Party under Section 3.02 of this
Agreement. 
 “ESA-Related Tax Benefit Payment” means for any Covered Taxable Year the sum of (x) 90% of
the Realized Tax Benefit, if any, for such Covered Taxable Year that is attributable to the Initial ESA Modification Payments and any Positive Theatre Access Adjustments, plus (y) interest on such amount at the Agreed Rate from the due date
(without extensions) of NCM Inc.’s U.S. Federal Income Tax Return for such Covered Taxable Year to the date of payment. 
 “ESA-Related Tax Detriment Payment” means for any Covered Taxable Year the sum of (x) 100% of the Realized Tax Detriment, if any, for such Covered Taxable Year that is attributable to the Initial ESA Modification
Payments and any Positive Theatre Access Adjustments, plus (y) interest on such amount at the Agreed Rate from the due date (without extensions) of NCM Inc.’s U.S. Federal Income Tax Return for such Covered Taxable Year to the date of
payment. 
 “Escrow Agent” means any escrow agent engaged pursuant to Section 3.03(b) of this Agreement.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute thereto.

 “Exchange Assets” means the assets owned by NCM LLC as of an applicable Subsequent Deemed Exchange Date
(and any asset whose tax basis is determined, in whole or in part, by reference to the adjusted basis of any such asset). 
 “Exchange-Related Allocable Share” means with respect to each Founding Member, and in connection with any Exchange-Related Payment for any Covered Taxable Year, the quotient (expressed as a percentage) obtained by dividing
(x) the 

  

 5 

 
Realized Tax Benefits or Realized Tax Detriments, if any, for such Covered Taxable Year that result from any Basis Adjustments attributable to such Founding
Member, by (y) the aggregate Realized Tax Benefits or aggregate Realized Tax Detriments, if any, for such Covered Taxable Year that result from any Basis Adjustments attributable to all Founding Members. For the avoidance of doubt, a Founding
Member’s Exchange-Related Allocable Share shall be zero with respect to all future periods following the last Covered Taxable Year with respect to such Founding Member, however, any remaining prior and subsequent Basis Adjustments attributable
to such Founding Member will continue to be taken into consideration for purposes of the denominator (clause (y) in the preceding sentence) used to determine the continuing Exchange-Related Allocable Shares of other Founding Members with
respect to any future Covered Taxable Years. 
 “Exchange-Related Payment” means any payment made by NCM Inc.
or a Founding Member under Section 3.01 of this Agreement. 
 “Exchange-Related Tax Benefit Payment”
means for any Covered Taxable Year the sum of (x) 90% of the Realized Tax Benefit, if any, for such Covered Taxable Year that is attributable to any Basis Adjustments made in connection with the Initial Deemed Exchange or any Subsequent Deemed
Exchanges, plus (y) interest on such amount at the Agreed Rate from the due date (without extensions) of NCM Inc.’s U.S. Federal Income Tax Return for such Covered Taxable Year to the date of payment. 
 “Exchange-Related Tax Detriment Payment” means for any Covered Taxable Year the sum of (x) 100% of the Realized Tax
Detriment, if any, for such Covered Taxable Year that is attributable to any Basis Adjustments made in connection with the Initial Deemed Exchange or any Subsequent Deemed Exchanges, plus (y) interest on such amount at the Agreed Rate from the
due date (without extensions) of NCM Inc.’s U.S. Federal Income Tax Return for such Covered Taxable Year to the date of payment. 
 “Exhibitor Services Agreement” means, in the case of each ESA Party, that certain amended Exhibitor Services Agreement by and between such ESA Party and NCM LLC and dated as of the date hereof.

 “Federal Income Tax” means any tax imposed under Subtitle A of the Code or any other provision of U.S.
Federal income tax law (including, without limitation, the taxes imposed by Sections 11, 55, 59A, 881, 882, 884 and 1201(a) of the Code), and any interest, additions to tax or penalties applicable or related to such tax. 
 “Founding Member” is defined in the recitals of this Agreement. 
 “Founding Members” is defined in the recitals of this Agreement. 
 “Governmental Entity” means any federal, state, local, provincial or foreign government or any court of competent
jurisdiction, administrative agency or commission or other governmental authority or instrumentality, whether domestic or foreign. 
 “Hypothetical Tax Allocations and Deductions” means, with respect to NCM Inc. at any time, (i) the special tax allocations, if any, that would have been made to NCM 

  

 6 

 
Inc. pursuant to the terms of Section 6.4(a) of the LLC Operating Agreement if no capital contributions had been made by NCM Inc. to NCM LLC pursuant to
the terms of Section 5.1(b) of the LLC Operating Agreement and in respect of the ESA-Related Payments to be made pursuant to Section 3.02 of this Agreement, and (ii) the deductions that would be available to NCM Inc. if no Imputed
Interest had arisen in connection with NCM Inc.’s payment obligations under this Agreement. 
 “Hypothetical Tax
Basis” means, with respect to any asset at any time, the tax basis that such asset would have at such time if (i) no Basis Adjustments had been made as a result of the Initial Deemed Exchanges or any applicable Subsequent Deemed
Exchanges, as the case may be, or (ii) no Initial ESA Modification Payments had been made, or (iii) no Positive Theatre Access Adjustments or Negative Theatre Access Adjustments had been made, or (iv) no Exchange-Related Payments or
ESA-Related Payments had been made. 
 “Hypothetical Tax Liability” means, with respect to any Covered
Taxable Year, the hypothetical liability of NCM Inc. that would arise in respect of Covered Taxes using the same methods, elections, conventions and similar practices used on the actual Tax Returns of NCM Inc., but using the Hypothetical Tax Basis
instead of the actual tax basis of each relevant asset and using the Hypothetical Tax Allocations and Deductions. 
 “Imputed Interest” shall mean any interest imputed under Section 1272, 1274, or 483 or other provision of the Code (or any successor U.S. Federal Income Tax statute) and the similar section of the applicable U.S. state
or local income or franchise Tax law with respect to NCM Inc.’s payment obligations under this Agreement. 
 “Initial Deemed Exchange” is defined in Section 2.01(b) of this Agreement. 
 “Initial
Deemed Exchange Basis Schedule” is defined in Section 2.02(a)(1) of this Agreement. 
 “Initial ESA
Modification Payment” is defined in the recitals to this Agreement. 
 “Initial ESA Modification Payment
Basis Schedule” is defined in Section 2.02(b)(1) of this Agreement. 
 “Initial Exchange
Proceeds” is defined in Section 2.01(b) of this Agreement. 
 “IRS” means the U.S. Internal
Revenue Service. 
 “LIBOR” means, for each month (or portion thereof) during any period, an interest rate
per annum equal to the rate per annum reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBO”
or by any other publicly available source of such market rate) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof). 
 “NCM Inc.” is defined in the preamble of this Agreement. 
  

 7 

 “NCM Inc. Certificate of Incorporation” means the Certificate of
Incorporation of NCM Inc. 
 “NCM Inc. Payment” is defined in Section 5.01 of this Agreement.

 “NCM Inc. Tax Benefit Schedule” is defined in Section 2.03(a) of this Agreement. 
 “NCM LLC” is defined in the preamble of this Agreement. 
 “NCM LLC Credit Agreement” is defined within the term “NCM LLC Indebtedness” as defined in
Section 1.01 of this Agreement. 
 “NCM LLC Indebtedness” means the debt incurred by NCM LLC as of the
date hereof pursuant to that certain $805,000,000 Credit Agreement by and among NCM LLC, as borrower, Lehman Brothers, Inc. and J.P. Morgan Securities, Inc., as arrangers, J.P. Morgan Chase Bank, N.A., as syndication agent, Credit Suisse (USA) LLC
and Morgan Stanley Senior Funding, Inc., as co-documentation agents, and Lehman Commercial Paper Inc., as administrative agent, and the several lenders from time to time parties thereto, and dated as of the date hereof and as amended, modified or
supplemented from time to time and any extension, refunding, refinancing or replacement (in whole or in part) thereof (the “NCM LLC Credit Agreement”). 
 “NCM LLC Operating Agreement” means that certain Third Amended and Restated Limited Liability Company Operating Agreement
by and among NCM LLC, NCM, Inc., and the Founding Members and dated as of the date hereof. 
 “NCM LLC
Payment” is defined in Section 5.01 of this Agreement. 
 “Negative Theatre Access Adjustment”
is defined in the recitals to this Agreement. 
 “Net IPO Proceeds” means the cash proceeds contributed by
NCM Inc. to the capital of NCM LLC in connection with NCM Inc.’s purchase of Common Units pursuant to the Common Unit Purchase Agreement. 
 “Non-TRA Portion” is defined in Section 2.03(c) of this Agreement. 
 “Original Assets” means the assets of NCM LLC as of the date hereof (and any asset whose tax basis is determined, in whole or in part, by reference to the adjusted basis of any such asset). 
 “Parties” means the parties listed in the preamble to this Agreement. 
 “Percentage Interest” is defined in Section 1.1 of the NCM LLC Operating Agreement. 
  

 8 

 “Permitted Transfer” means (a) with respect to the rights and
obligations of NCM LLC under this Agreement, (i) the grant of a security interest by NCM LLC in this Agreement and all rights and obligations of NCM LLC hereunder to the Administrative Agent, on behalf of the Secured Parties, pursuant to the
Security Documents, (ii) the assignment or other transfer of such rights and obligations to the Administrative Agent (on behalf of the Secured Parties) or other third party upon the exercise of remedies in accordance with the NCM LLC Credit
Agreement and the Security Documents and (iii) in the event that the Administrative Agent is the initial assignee or transferee under the preceding clause (ii), the subsequent assignment or other transfer of such rights and obligations by the
Administrative Agent on behalf of the Secured Parties to a third party, or (b) in the event that NCM LLC becomes a debtor in a case under the Bankruptcy Code, the assumption and/or assignment by NCM LLC of this Agreement under section 365 of
the Bankruptcy Code, notwithstanding the provisions of section 365(c) thereof. 
 “Person” means and includes
any individual, firm, corporation, partnership (including, without limitation, any limited, general or limited liability partnership), company, limited liability company, trust, joint venture, association, joint stock company, unincorporated
organization or similar entity or Governmental Entity, or other entity or organization of any nature whatsoever or any “group” (as used in Section 13(d) and 14(d) of the Exchange Act) of two or more of the foregoing. 
 “Positive Theatre Access Adjustment” is defined in the recitals to this Agreement. 
 “Positive Theatre Access Adjustment Basis Schedule” is defined in Section 2.01(c)(1) of this Agreement. 

“Preferred Units” is defined in Section 1.1 of the NCM LLC Operating Agreement. 
 “Realized Tax Benefit” means, for a Covered Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the
actual liability for Covered Taxes of NCM Inc. for such Covered Taxable Year, less the fees, charges, and expenses related to the administration of this Agreement, including any fees, charges, and expenses of the Advisory Firm and, if applicable,
the expert described in Section 7.09, in each case paid by NCM LLC or NCM Inc. in the relevant Covered Taxable Year. If all or a portion of the actual tax liability for Covered Taxes for the Covered Taxable Year arises as a result of an audit
by a Taxing Authority of any Covered Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 
 “Realized Tax Detriment” means, for a Covered Taxable Year, the excess, if any, of the actual liability for Covered Taxes
of NCM Inc. over the Hypothetical Tax Liability for such Covered Taxable Year, plus the fees, charges, and expenses related to the administration of this Agreement, including the fees, charges, and expenses of the Advisory Firm and, if applicable,
the expert described in Section 7.09, in each case paid by NCM LLC or NCM Inc. in the relevant Covered Taxable Year. If all or a portion of the actual tax liability for Covered Taxes for the Covered Taxable Year arises as a result 

  

 9 

 
of an audit by a Taxing Authority of any Covered Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and
until there has been a Determination. 
 “Reconciliation Procedures” shall mean those procedures set forth in
Section 7.09 of this Agreement. 
 “Redemption Proceeds” means the cash used by NCM LLC to redeem the
Preferred Units pursuant to the terms of Section 3.4(d) of the NCM LLC Operating Agreement. 
 “Regal ESA
Party” is defined in the preamble of this Agreement. 
 “Regal Founding Member” is defined in the
preamble of this Agreement. 
 “Relevant NCM Taxpayer” means (i) NCM Inc. (or its successors or assigns)
or (ii) NCM LLC (or its successors or assigns) and (iii) any consolidated, combined or unitary group containing either NCM Inc. or NCM LLC, as the case may be, or any of their respective successors or assigns. 
 “Scheduled Termination Date” shall mean the date specified in Section 4.05 of this Agreement. 
 “Secured Parties” means the “Secured Parties” (or any analogous concept) as defined in the NCM LLC Credit
Agreement. 
 “Security Documents” means the “Security Documents” as defined in the NCM LLC Credit
Agreement and any amendment, modification, supplement or replacement of such Security Documents. 
 “Subsequent Deemed
Exchange” is defined in Section 2.01(e) of this Agreement. 
 “Subsequent Deemed Exchange Basis
Schedule” is defined in Section 2.02(d)(1) of this Agreement. 
 “Subsequent Deemed Exchange
Date” is defined in Section 2.01(e) of this Agreement. 
 “Subsequent Exchange Proceeds” is
defined in Section 2.01(e) of this Agreement. 
 “Supplemental Theatre Access Fee” is defined in
Section 1.01 of each of the Exhibitor Services Agreements. 
 “Taxable Year” means a Taxable Year as
defined in Section 441(b) of the Code or comparable section of U.S. state or local income or franchise Tax law, as applicable, (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is
made). 
  

 10 

 “Taxes” means (i) all forms of taxation or duties imposed, or
required to be collected or withheld, including, without limitation, charges, together with any related interest, penalties or other additional amounts, (ii) liability for the payment of any amount of the type described in the preceding clause
(i) as a result of being a member of an affiliated, consolidated, combined or unitary group, and (iii) liability for the payment of any amounts as a result of being party to any tax sharing agreement (other than this Agreement) or as a
result of any express or implied obligation to indemnify any other person with respect to the payment of any amount described in the immediately preceding clauses (i) or (ii) (other than an obligation to indemnify under this Agreement).

 “Tax Return” means any return, filing, report, questionnaire, information statement or other document
required to be filed, including amended returns that may be filed, for any taxable period with any Taxing Authority (whether or not a payment is required to be made with respect to such filing). 
 “Taxing Authority” means the IRS and any other state, local, foreign or other Governmental Entity responsible for the
administration of Taxes. 
 “Theatre Access Fee” is defined in Section 1.01 of each of the Exhibitor
Services Agreements. 
 “TRA Portion” is defined in Section 2.03(c) of this Agreement. 
 “Treasury Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time
(including corresponding provisions of succeeding provisions) as in effect for the relevant taxable period. 
 “Valuation Assumptions” mean the following assumptions to be made in connection with determining the amount of any Early Termination Payment: (i) for purposes of determining the individual and aggregate cumulative
Basis Adjustments attributable to the Founding Members, all Common Units outstanding as of the date of the Early Termination Notice will be assumed to be exchanged in taxable Subsequent Deemed Exchanges as of the date on which the Early Termination
Notice is delivered, and at a price equal to the 30-day volume-weighted average price per share of Common Stock (determined over the 30 trading days prior to the delivery of the Early Termination Notice); (ii) NCM Inc. will be assumed to have
sufficient taxable income in each of the relevant Covered Taxable Years ending after the date of the Early Termination Notice and continuing through the Scheduled Termination Date to fully utilize the applicable amortization deductions attributable
to the Initial ESA Modification Payment, any Positive Theatre Access Adjustments made prior to the Early Termination Notice, and any Basis Adjustments made prior to the Early Termination Notice (or deemed made pursuant to clause (i)), and any
Imputed Interest; (iii) U.S. Federal Income Tax rates and applicable state and local income and franchise tax rates for each of the relevant Covered Taxable Years ending after the date of the Early Termination Notice and continuing through the
Scheduled Termination Date shall be assumed to equal such rates in effect for the Covered Taxable Year in which the Early Termination Notice is delivered; and (iv) any loss carryforwards of NCM Inc. available as of the date of the Early
Termination 

  

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Notice will be utilized by NCM Inc. on a pro rata basis in each of the relevant Covered Taxable Years ending after the date of the Early Termination Notice
and continuing through the Scheduled Termination Date. 
 ARTICLE II 
 DETERMINATION OF REALIZED TAX BENEFIT 
 OR REALIZED TAX DETRIMENT

 SECTION 2.01. Tax Characterization of Transactions; Basis Adjustments. For purposes of determining the liability of each of
the relevant Parties for Covered Taxes, and for purposes of determining the amount of any Realized Tax Benefits or Realized Tax Detriments under this Agreement, the Parties agree as follows: 
 (a) Initial ESA Modification Payments. Each ESA Party will treat its receipt of an Initial ESA Modification Payment as being immediately taxable in
full and NCM LLC will treat such Initial ESA Modification Payments as giving rise to, in the aggregate, a $686,334,398 intangible asset within NCM LLC that will be amortized on a straight-line basis over the thirty (30) year term of the
Exhibitor Services Agreements. 
 (b) Initial Deemed Exchange. Each Founding Member will treat its receipt of a proportionate share of
the Redemption Proceeds, in part, as a distribution from NCM LLC under Section 731 of the Code (each a “Distribution”) and, in part, as sale proceeds received directly from NCM Inc. in connection with a taxable sale of Units to
NCM Inc. under Section 707(a)(2)(B) of the Code (each such taxable sale an “Initial Deemed Exchange”). The total amount of sales proceeds that will be treated as received by the Founding Members in respect of the Initial Deemed
Exchanges (the “Initial Exchange Proceeds”) will equal the sum of (i) the portion of the Redemption Proceeds, if any, attributable to the Net IPO Proceeds, plus (ii) the portion of the Redemption Proceeds attributable to
the NCM LLC Indebtedness and treated as consideration in excess of the Founding Members’ allocable share of the NCM LLC Indebtedness, as determined under Proposed Treasury Regulation Section 1.707-7. The total amount of the Distributions
will equal (x) the Redemption Proceeds, minus (y) the Initial Exchange Proceeds. NCM LLC and NCM Inc. will each treat the distribution of the Redemption Proceeds in a manner consistent with the Founding Members, and NCM LLC will have in
effect an election under Section 754 of the Code (and under any similar provisions of applicable state and local law) for the Taxable Year in which the Initial Deemed Exchanges occur, and NCM LLC intends to maintain such elections throughout
the term of this Agreement. NCM Inc. will be treated as receiving a Basis Adjustment in connection with each Initial Deemed Exchange. The Founding Members and NCM Inc. shall treat the gain recognized by the Founding Members in respect of the Initial
Deemed Exchanges and NCM Inc.’s related Basis Adjustments as occurring entirely as of the date hereof, unless there is a Determination to the contrary. For purposes of this Agreement, the Founding Members and NCM Inc. shall not take into
account the fair market value of any Exchange-Related Tax Benefit Payments to be made under this Agreement in determining the gain recognized by the Founding Members in respect of the Initial Deemed Exchanges or in determining NCM Inc.’s
related Basis Adjustments. 
 (c) Positive Theatre Access Adjustments. Each ESA Party will treat any issuance of Common Units in
connection with a Positive Theatre Access Adjustment as being 

  

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immediately taxable in full and NCM LLC will treat any such issuance as giving rise to an intangible asset within NCM LLC that (i) will equal the fair
market value of the Common Units issued (as determined by multiplying the number of such Common Units issued by the NCM Inc. Share Price as defined in the Common Unit Adjustment Agreement), and (ii) will be amortized on a straight-line basis
over the then remaining term of the relevant ESA Party’s Exhibitor Services Agreement. The ESA Parties and NCM LLC recognize and agree that the amount of any Positive Theatre Access Adjustment is intended to account for NCM LLC’s future
utilization of additional theatre assets over the then remaining term of the Exhibitor Services Agreements (and the Positive Theatre Access Adjustment is not intended to account in any way for the past utilization of any theatre assets), such that
no portion of the Positive Theatre Access Adjustment will be treated as Imputed Interest. 
 (d) Negative Theatre Access Adjustments.
Each ESA Party will treat any surrender of Common Units to NCM LLC or any payment of cash to NCM LLC in connection with a Negative Theatre Access Adjustment as a subsequent adjustment to its Initial ESA Modification Payment that results in an
immediate deduction. NCM LLC will treat any such surrender of Common Units to NCM LLC or any such payment of cash to NCM LLC in connection with a Negative Theatre Access Adjustment (i) as an immediate reduction to the accumulated adjusted basis
of (x) the $686,334,398 intangible asset within NCM LLC that was originally created in connection with the Initial ESA Modification Payments, and then to (y) the amount of any Positive Theatre Access Adjustments, and then to (z) the
amount of any ESA-Related Payments made by NCM LLC to the ESA Parties under this Agreement, and (ii) to the extent the accumulated adjusted bases of such intangible assets are insufficient to fully absorb such an immediate reduction, as income.
The amount of the foregoing adjustments by each ESA Party and the adjustments (and possibly income) by NCM LLC will equal either the fair market value of the Common Units surrendered (as determined by multiplying the number of such Common Units
surrendered by the NCM Inc. Share Price as defined in the Common Unit Adjustment Agreement), or the amount of cash paid. The ESA Parties and NCM LLC recognize and agree that the amount of any Negative Theatre Access Adjustment is intended to account
for NCM Inc.’s inability to continue to utilize certain theatre assets over the then remaining term of the Exhibitor Services Agreements (and the Negative Theatre Access Adjustment is not intended to account in any way for the past utilization
of any theatre assets), such that no portion of the Negative Theatre Access Adjustment will be treated as Imputed Interest. 
 (e)
Subsequent Deemed Exchanges. Each Founding Member will treat any redemption of Common Units pursuant to Sections 9.1 and 3.5(b) of the NCM LLC Operating Agreement as a taxable sale of Common Units to NCM Inc. under Section 707(a)(2)(B)
of the Code, and each Founding Member will also treat any actual sale of Common Units to NCM Inc. in connection with the underwriters’ exercise of their over-allotment option as a taxable sale of Common Units to NCM Inc. (each such taxable sale
a “Subsequent Deemed Exchange”), except to the extent that any such redemption is part of a transaction that qualifies as a non-taxable transaction under the Code (for example, as part of a transaction that qualifies as a
non-taxable exchange under Section 351 of the Code). NCM Inc. will be treated as receiving a Basis Adjustment in connection with each Subsequent Deemed Exchange. The sales proceeds that will be treated as received by a Founding Member in
connection with a Subsequent Deemed Exchange (the “Subsequent Exchange Proceeds”) will equal the fair market value of the Common Stock or the amount of cash, or both, received by such Founding Member. For this 
  

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purpose, the fair market value of any Common Stock received by a Founding Member will equal the number of shares of such Common Stock multiplied by the NCM
Inc. Redemption Price, as defined in the NCM LLC Operating Agreement. In the case of a redemption of Common Units under Sections 9.1 and 3.5(b) of the NCM LLC Operating Agreement, each Founding Member and NCM Inc. shall treat the gain recognized by
a Founding Member in respect of a Subsequent Deemed Exchange and NCM Inc.’s related Basis Adjustment as occurring entirely on the relevant Redemption Date as defined in Section 9.1(a) of the NCM LLC Operating Agreement, and in the case of
any actual sale of Common Units to NCM Inc. in connection with the underwriters’ exercise of their over-allotment option each Founding Member and NCM Inc. shall treat the gain recognized by a Founding Member in respect of a Subsequent Deemed
Exchange and NCM Inc.’s related Basis Adjustment as occurring entirely on the date of such actual sale (each such date a “Subsequent Deemed Exchange Date”), unless there is a Determination to the contrary. For purposes of this
Agreement, and unless a Founding Member elects out of installment sale treatment pursuant to Section 2.01(f) of this Agreement, each Founding Member and NCM Inc. shall not take into account the fair market value of any Exchange-Related Payments
to be made under this Agreement in determining the gain recognized by such Founding Member in respect of a Subsequent Deemed Exchange or in determining NCM Inc.’s related Basis Adjustment. 
 (f) Payments Under Agreement. 
 (1)
Exchange-Related Payments. Any Exchange-Related Tax Benefit Payments made by NCM Inc. under Section 3.01(a) of this Agreement in respect of an NCM Inc. Tax Benefit Schedule, as well as any payments made by NCM Inc. under
Section 3.01(b) of this Agreement with respect to an Amended NCM Inc. Tax Benefit Schedule, will be treated as subsequent upward purchase price adjustments that give rise to further Basis Adjustments for NCM Inc. The Parties recognize and agree
that the treatment described in the preceding sentence will have the effect of creating additional Basis Adjustments for NCM Inc. in the year of payment and, as a result, such additional Basis Adjustments will be incorporated into the current year
calculation and into future year calculations, as appropriate, with any circularity created in the current year continuing until any incremental current year benefits equal an immaterial amount. Any such Exchange-Related Payments will be reported by
the Founding Members using the installment method under Section 453 of the Code (to the extent applicable, and taking into account the rules under Section 453A of the Code), unless in connection with a Subsequent Deemed Exchange a Founding
Member affirmatively elects out of the installment method and treats the fair market value of its rights to receive such Exchange-Related Payments under this Agreement as received on the relevant Subsequent Deemed Exchange Date. To affirmatively
elect out of the installment method, the relevant Founding Member shall deliver a written notice to NCM Inc. as of the relevant Subsequent Deemed Exchange Date. The principles of Sections 1272, 1274, or 483 of the Code, as applicable, and the
principles of any similar provisions of state and local law, will apply to cause a portion of each Exchange-Related Payment made by NCM Inc. to the Founding Members under this Agreement to be treated as imputed interest (the “Imputed
Interest”). Any Exchange-Related Tax Detriment Payments made by a Founding Member under Section 3.01(a) of this Agreement in respect of an NCM Inc. Tax Basis Schedule, as well as any payments made by a Founding Member under
Section 3.01(b) of this Agreement with respect to an Amended NCM Inc. Tax Basis Schedule, will be treated as downward purchase price adjustments that reduce both the amount previously realized by such Founding Member and the amount of any prior
Basis Adjustments for NCM Inc. 
  

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 (2) ESA-Related Payments. Any ESA-Related Tax Benefit Payments made by NCM LLC under
Section 3.02(a) of this Agreement with respect to an NCM Inc. Tax Benefit Schedule, as well as any payments made by NCM LLC under Section 3.02(b) of this Agreement with respect to an Amended NCM Inc. Tax Benefit Schedule, will be treated
as additional Initial ESA Modification Payments, to the extent attributable to an Initial ESA Modification Payment, or as additional Positive Theatre Access Adjustments, to the extent attributable to a Positive Theatre Access Adjustment. The Parties
recognize and agree that the treatment described in the preceding sentence will have the effect of creating additional amortization deductions within NCM LLC in the year of payment and, as a result, such additional amortization deductions will be
incorporated into the current year calculation and into future year calculations, as appropriate, with any circularity created in the current year continuing until any incremental current year benefits equal an immaterial amount. Any ESA-Related Tax
Detriment Payments made by an ESA Party under Section 3.02(a) of this Agreement with respect to an NCM Inc. Tax Benefit Schedule, as well as any payments made by an ESA Party under Section 3.02(b) of this Agreement with respect to an
Amended NCM Inc. Tax Benefit Schedule, will be treated as downward adjustments that reduce both the amount previously realized by such ESA Party and the amount of (x) any ESA-Related Payments previously made by NCM LLC to the ESA Parties under
this Agreement, and then (y) any Positive Theatre Access Adjustments or Initial ESA Modification Payments, as appropriate. 
 SECTION
2.02. Basis Schedules. 
 (a) Initial Deemed Exchange. 
 (1) Initial Deemed Exchange Basis Schedule. Within 180 calendar days after the date hereof, NCM LLC shall deliver to each of the Founding Members
a schedule (the “Initial Deemed Exchange Basis Schedule”) approved by the Audit Committee that shows, in reasonable detail, for purposes of Covered Taxes, (i) the actual tax basis as of the date hereof of the Original Assets,
(ii) the Basis Adjustment with respect to the Original Assets as a result of the Initial Deemed Exchanges and (iii) the period or periods, if any, over which the Original Assets are amortizable or depreciable for purposes of Covered Taxes.
At the time NCM LLC delivers the Initial Deemed Exchange Basis Schedule to the Founding Members, NCM LLC shall (x) deliver to the Founding Members schedules and work papers providing reasonable detail regarding the preparation of the Initial
Deemed Exchange Basis Schedule and an Advisory Firm Letter supporting such Initial Deemed Exchange Basis Schedule and (y) allow the Founding Members reasonable access to the appropriate representatives at NCM Inc., NCM LLC, and the Advisory
Firm in connection with their review of such schedule. The Initial Deemed Exchange Basis Schedule shall become final and binding on the Parties unless the Founding Members, within 30 calendar days after receiving such Initial Deemed Exchange Basis
Schedule, provide NCM LLC with a written notice of a material objection to such Initial Deemed Exchange Basis Schedule made in good faith and specifying the reasons for such material objection. If the Founding Members and NCM LLC, negotiating in
good faith, are unable to successfully resolve the issues raised in such written notice within 60 calendar days after such Initial Deemed Exchange Basis Schedule was delivered to the Founding Members, the Founding Members and NCM LLC shall employ
the Reconciliation Procedures. 
  

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 (2) Amended Initial Deemed Exchange Basis Schedule. The Initial Deemed Exchange Basis Schedule
may be amended from time to time by NCM LLC with the consent of the Audit Committee (i) in connection with a Determination, (ii) to correct inaccuracies to the original Initial Deemed Exchange Basis Schedule identified after the date
hereof as a result of the receipt of additional information relating to facts or circumstances on or prior to the date hereof, or (iii) to comply with the expert’s determination under the Reconciliation Procedures. At the time NCM LLC
delivers such amended Initial Deemed Exchange Basis Schedule (an “Amended Initial Deemed Exchange Basis Schedule”) to the Founding Members, NCM LLC shall (x) deliver to the Founding Members schedules and work papers providing
reasonable detail regarding the preparation of the Amended Initial Deemed Exchange Basis Schedule and an Advisory Firm Letter supporting such Amended Initial Deemed Exchange Basis Schedule and (y) allow the Founding Members reasonable access to
the appropriate representatives at NCM Inc., NCM LLC, and the Advisory Firm in connection with their review of such schedule. The Amended Initial Deemed Exchange Basis Schedule shall become final and binding on the Parties unless the Founding
Members, within 30 calendar days after receiving such Amended Initial Deemed Exchange Basis Schedule, provide NCM LLC with a written notice of a material objection to such Amended Initial Deemed Exchange Basis Schedule made in good faith and
specifying the reasons for such material objection. If the Founding Members and NCM LLC, negotiating in good faith, are unable to successfully resolve the issues raised in such written notice within 60 calendar days after such Amended Initial Deemed
Exchange Basis Schedule was delivered to the Founding Members, the Founding Members and NCM LLC shall employ the Reconciliation Procedures. 
 (b) Initial ESA Modification Payments. 
 (1) Initial ESA Modification Payment Basis Schedule. Within 180 calendar
days after the date hereof, NCM LLC shall deliver to each of the ESA Parties a schedule (the “Initial ESA Modification Payment Basis Schedule”) approved by the Audit Committee that confirms, in reasonable detail, for purposes of
Covered Taxes, (i) the tax basis as of the date hereof of the expected $686,334,398 million intangible asset created by the Initial ESA Modification Payments, and (ii) the thirty-year period over which such asset is expected to be
amortizable or depreciable for purposes of Covered Taxes. At the time NCM LLC delivers the Initial ESA Modification Payment Basis Schedule to the ESA Parties, NCM LLC shall (x) deliver to the ESA Parties any schedules and work papers providing
reasonable detail regarding the preparation of the Initial ESA Modification Payment Basis Schedule and an Advisory Firm Letter supporting such Initial ESA Modification Payment Basis Schedule and (y) allow the ESA Parties reasonable access to
the appropriate representatives at NCM Inc., NCM LLC, and the Advisory Firm in connection with their review of such schedule. The Initial ESA Modification Payment Basis Schedule shall become final and binding on the Parties unless the ESA Parties,
within 30 calendar days after receiving such Initial ESA Modification Payment Basis Schedule, provide NCM LLC with a written notice of a material objection to such Initial ESA Modification Payment Basis Schedule made in good faith and specifying the
reasons for such material objection. If the ESA Parties and NCM LLC, negotiating in good faith, are unable to successfully resolve the issues raised in such written notice within 60 calendar days after such Initial ESA Modification Payment Basis
Schedule was delivered to the ESA Parties, the ESA Parties and NCM LLC shall employ the Reconciliation Procedures. 
  

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 (2) Amended Initial ESA Modification Payment Basis Schedule. The Initial ESA Modification Payment
Basis Schedule may be amended from time to time by NCM LLC with the consent of the Audit Committee (i) in connection with a Determination, (ii) to correct inaccuracies to the original Initial ESA Modification Payment Basis Schedule
identified after the date hereof as a result of the receipt of additional information relating to facts or circumstances on or prior to the date hereof, (iii) to adjust for a Negative Theatre Access Adjustment, or (iv) to comply with the
expert’s determination under the Reconciliation Procedures. At the time NCM LLC delivers such amended Initial ESA Modification Payment Basis Schedule (an “Amended Initial ESA Modification Payment Basis Schedule”) to the ESA
Parties, NCM LLC shall (x) deliver to the ESA Parties any schedules and work papers providing reasonable detail regarding the preparation of the Amended Initial ESA Modification Payment Basis Schedule and an Advisory Firm Letter supporting such
Amended Initial ESA Modification Payment Basis Schedule and (y) allow the ESA Parties reasonable access to the appropriate representatives at NCM Inc., NCM LLC, and the Advisory Firm in connection with their review of such schedule. The Amended
Initial ESA Modification Payment Basis Schedule shall become final and binding on the Parties unless the ESA Parties, within 30 calendar days after receiving such Amended Initial ESA Modification Payment Basis Schedule, provide NCM LLC with a
written notice of a material objection to such Amended Initial ESA Modification Payment Basis Schedule made in good faith and specifying the reasons for such material objection. If the ESA Parties and NCM LLC, negotiating in good faith, are unable
to successfully resolve the issues raised in such written notice within 60 calendar days after such Amended Initial ESA Modification Payment Basis Schedule was delivered to the ESA Parties, the ESA Parties and NCM LLC shall employ the Reconciliation
Procedures. 
 (c) Positive Theatre Access Adjustments. 
 (1) Positive Theatre Access Adjustment Basis Schedules. Within 180 calendar days after the date of a Positive Theatre Access Adjustment, NCM LLC shall deliver to each of the ESA Parties a schedule (the
“Positive Theatre Access Adjustment Basis Schedule”) approved by the Audit Committee that shows, in reasonable detail, for purposes of Covered Taxes, (i) the tax basis as of the date of the Positive Theatre Access Adjustment
the intangible asset created by the Positive Theatre Access Adjustment, and (ii) the period over which such asset is amortizable or depreciable for purposes of Covered Taxes. At the time NCM LLC delivers the Positive Theatre Access Adjustment
Basis Schedule to the ESA Parties, NCM LLC shall (x) deliver to the ESA Parties any schedules and work papers providing reasonable detail regarding the preparation of the Positive Theatre Access Adjustment Basis Schedule and an Advisory Firm
Letter supporting such Positive Theatre Access Adjustment Basis Schedule and (y) allow the ESA Parties reasonable access to the appropriate representatives at NCM Inc., NCM LLC, and the Advisory Firm in connection with their review of such
schedule. The Positive Theatre Access Adjustment Basis Schedule shall become final and binding on the Parties unless the ESA Parties, within 30 calendar days after receiving such Positive Theatre Access Adjustment Basis Schedule, provide NCM LLC
with a written notice of a material objection to such Positive Theatre Access Adjustment Payment Basis Schedule made in good faith and specifying the reasons for such material objection. If the ESA Parties and NCM LLC, 

  

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negotiating in good faith, are unable to successfully resolve the issues raised in such written notice within 60 calendar days after such Positive Theatre
Access Adjustment Basis Schedule was delivered to the ESA Parties, the ESA Parties and NCM LLC shall employ the Reconciliation Procedures. 
 (2) Amended Positive Theatre Access Adjustment Basis Schedules. Each Positive Theatre Access Adjustment Basis Schedule may be amended from time to time by NCM LLC with the consent of the Audit Committee (i) in connection with a
Determination, (ii) to correct inaccuracies to the original Positive Theatre Access Adjustment Basis Schedule identified after the date hereof as a result of the receipt of additional information relating to facts or circumstances on or prior
to the date of the relevant Positive Theatre Access Adjustment, (iii) to adjust for a Negative Theatre Access Adjustment, or (iv) to comply with the expert’s determination under the Reconciliation Procedures. At the time NCM LLC
delivers such amended Positive Theatre Access Adjustment Basis Schedule (an “Amended Positive Theatre Access Adjustment Basis Schedule”) to the ESA Parties, NCM LLC shall (x) deliver to the ESA Parties any schedules and work
papers providing reasonable detail regarding the preparation of the Amended Positive Theatre Access Adjustment Basis Schedule and an Advisory Firm Letter supporting such Amended Positive Theatre Access Adjustment Basis Schedule and (y) allow
the ESA Parties reasonable access to the appropriate representatives at NCM Inc., NCM LLC, and the Advisory Firm in connection with their review of such schedule. Each Amended Positive Theatre Access Adjustment Basis Schedule shall become final and
binding on the Parties unless the ESA Parties, within 30 calendar days after receiving such Amended Positive Theatre Access Adjustment Basis Schedule, provide NCM LLC with a written notice of a material objection to such Amended Positive Theatre
Access Adjustment Basis Schedule made in good faith and specifying the reasons for such material objection. If the ESA Parties and NCM LLC, negotiating in good faith, are unable to successfully resolve the issues raised in such written notice within
60 calendar days after such Amended Positive Theatre Access Adjustment Basis Schedule was delivered to the ESA Parties, the ESA Parties and NCM LLC shall employ the Reconciliation Procedures. 
 (d) Subsequent Deemed Exchanges. 
 (1) Subsequent Deemed Exchange Basis Schedules. Within 180 calendar days after the end of a Covered Taxable Year in which any Subsequent Deemed Exchange has been effected, NCM Inc. shall deliver to the Founding Members a schedule
(the “Subsequent Deemed Exchange Schedule”) approved by the Audit Committee that shows, in reasonable detail, for purposes of Covered Taxes, (i) the actual tax basis of the Exchange Assets as of each Subsequent Deemed Exchange
Date in such Covered Taxable Year, (ii) the Basis Adjustment with respect to the Exchange Assets as a result of each Subsequent Deemed Exchange effected in such Covered Taxable Year and (iii) the period or periods, if any, over which the
Exchange Assets are amortizable or depreciable as a result of each Subsequent Deemed Exchange effected in such Covered Taxable Year. At the time NCM Inc. delivers the Subsequent Deemed Exchange Basis Schedule to the Founding Members, NCM Inc. shall
(x) deliver to the Founding Members schedules and work papers providing reasonable detail regarding the preparation of the Subsequent Deemed Exchange Basis Schedule and an Advisory Firm Letter supporting such Subsequent Deemed Exchange Basis
Schedule and (y) allow the Founding Members reasonable access to the appropriate representatives at NCM Inc., NCM 

  

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LLC, and the Advisory Firm in connection with their review of such schedule. The Subsequent Deemed Exchange Basis Schedule shall become final and binding on
the Parties unless the Founding Members, within 30 calendar days after receiving such Subsequent Deemed Exchange Basis Schedule, provide NCM Inc. with notice of a material objection to such Subsequent Deemed Exchange Basis Schedule made in good
faith and specifying the reasons for such material objection. If the Founding Members and NCM Inc., negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 60 calendar days after such Subsequent Deemed
Exchange Basis Schedule was delivered to the Founding Members, the Founding Members and NCM Inc. shall employ the Reconciliation Procedures. 
 (2) Amended Subsequent Deemed Exchange Basis Schedules. Each Subsequent Deemed Exchange Basis Schedule may be amended from time to time by NCM Inc. with the consent of the Audit Committee (i) in connection with a Determination,
(ii) to correct inaccuracies to the original Subsequent Deemed Exchange Basis Schedule identified after the date of the Subsequent Deemed Exchanges as a result of the receipt of additional information relating to facts or circumstances on or
prior to the relevant Subsequent Deemed Exchange Dates, or (iii) to comply with the expert’s determination under the Reconciliation Procedures. At the time NCM Inc. delivers such amended Subsequent Deemed Exchange Basis Schedule (an
“Amended Subsequent Deemed Exchange Basis Schedule”) to the Founding Members, NCM Inc. shall (x) deliver to the Founding Members schedules and work papers providing reasonable detail regarding the preparation of the Amended
Subsequent Deemed Exchange Basis Schedule and an Advisory Firm Letter supporting such Amended Subsequent Deemed Exchange Basis Schedule and (y) allow the Founding Members reasonable access to the appropriate representatives at NCM Inc., NCM
LLC, and the Advisory Firm in connection with their review of such schedule. Each Amended Subsequent Deemed Exchange Basis Schedule shall become final and binding on the Parties unless the Founding Members, within 30 calendar days after receiving
such Amended Subsequent Deemed Exchange Basis Schedule, provide NCM Inc. with written notice of a material objection to such Amended Subsequent Deemed Exchange Basis Schedule made in good faith and specifying the reasons for such material objection.
If the Founding Members and NCM Inc., negotiating in good faith, are unable to successfully resolve the issues raised in such written notice within 60 calendar days after such Amended Subsequent Deemed Exchange Basis Schedule was delivered to the
Founding Members, the Founding Members and NCM Inc. shall employ the Reconciliation Procedures. 
 SECTION 2.03. Tax Benefit
Schedules. 
 (a) NCM Inc. Tax Benefit Schedules. Within 30 calendar days after filing the U.S. Federal Income Tax Returns of NCM
Inc. and NCM LLC for the relevant Covered Taxable Year, NCM Inc. shall provide to the Founding Members and the ESA Parties a schedule approved by the Audit Committee showing, in reasonable detail, the calculation of NCM Inc.’s Realized Tax
Benefit or Realized Tax Detriment for such Covered Taxable Year (the “NCM Inc. Tax Benefit Schedule”). At the time NCM Inc. delivers an NCM Inc. Tax Benefit Schedule to the Founding Members and the ESA Parties, NCM Inc. shall
(i) deliver to the Founding Members and the ESA Parties schedules and work papers providing reasonable detail regarding the preparation of such NCM Inc. Tax Benefit Schedule and an Advisory Firm Letter supporting such NCM Inc. Tax Benefit
Schedule and (ii) allow the Founding Members and the ESA Parties reasonable access to the appropriate representatives at NCM Inc., NCM LLC, and the Advisory 

  

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Firm in connection with their review of such schedules. Each NCM Inc. Tax Benefit Schedule shall become final and binding on the Parties unless the Founding
Members or the ESA Parties, within 30 calendar days after receiving such Tax Benefit Schedule, provides NCM Inc. with a written notice of a material objection to such Tax Benefit Schedule made in good faith and specifying the reasons for such
material objection. If the Founding Members or the ESA Parties, or both, and NCM Inc., negotiating in good faith, are unable to successfully resolve the issues raised in such written notice within 60 calendar days after such NCM Inc. Tax Benefit
Schedule was delivered to the Founding Members and the ESA Parties, the Founding Members or the ESA Parties, or both, and NCM Inc. shall employ the Reconciliation Procedures. 
 (b) Amended NCM Inc. Tax Benefit Schedules. Each NCM Inc. Tax Benefit Schedule for any Covered Taxable Year may be amended from time to time by
NCM Inc. with the consent of the Audit Committee (i) in connection with a Determination affecting such NCM Inc. Tax Benefit Schedule, (ii) to correct inaccuracies in the original NCM Inc. Tax Benefit Schedule identified as a result of the
receipt of additional factual information relating to a Covered Taxable Year after the date the NCM Inc. Tax Benefit Schedule was provided to the Founding Members and the ESA Parties, (iii) to reflect a change in the Realized Tax Benefit or
Realized Tax Detriment for such Covered Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such Covered Taxable Year, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such
Covered Taxable Year attributable to an amended Tax Return filed for such Covered Taxable Year (provided, however, that such a change attributable to an audit of a Tax Return by an applicable Taxing Authority shall not be taken into account on an
amended NCM Inc. Tax Benefit Schedule unless and until there has been a Determination with respect to such change), or (v) to comply with the expert’s determination under the Reconciliation Procedures. At the time NCM Inc. delivers such an
amended NCM Inc. Tax Benefit Schedule (an “Amended NCM Inc. Tax Benefit Schedule”) to the Founding Members and the ESA Parties it shall (x) deliver to the Founding Members and the ESA Parties schedules and work papers providing
reasonable detail regarding the preparation of the Amended NCM Inc. Tax Benefit Schedule and an Advisory Firm Letter supporting such Amended NCM Inc. Tax Benefit Schedule and (y) allow the Founding Members and the ESA Parties reasonable access
to the appropriate representatives at NCM Inc., NCM LLC, and the Advisory Firm in connection with their review of such schedule. Each Amended NCM Inc. Tax Benefit Schedule shall become final and binding on the Parties unless the Founding Members or
the ESA Parties, within 30 calendar days after receiving such Amended NCM Inc. Tax Benefit Schedule, provides NCM Inc. with a written notice of a material objection to such Amended NCM Inc. Tax Benefit Schedule made in good faith and specifying the
reasons for such material objection. If the Founding Members or the ESA Parties, or both, and NCM Inc., negotiating in good faith, are unable to successfully resolve the issues raised in such written notice within 60 calendar days after such Amended
NCM Inc. Tax Benefit Schedule was delivered to the Founding Members and the ESA Parties, the Founding Members or the ESA Parties, or both, and NCM Inc. shall employ the Reconciliation Procedures. 
 (c) Applicable Principles. 
 (1) The Realized Tax Benefit or Realized Tax Detriment for each Covered Taxable Year is intended to measure the decrease or increase in the actual Covered Tax liability of NCM Inc. for such Covered Taxable Year attributable to any 

  

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Basis Adjustments, the Initial ESA Modification Payments, any Positive Theatre Access Adjustments, any Negative Theatre Access Adjustments, and Imputed
Interest, determined using a “with and without” methodology and based on the Parties’ interpretation of applicable law as of the date hereof. Any subsequent change in an individual Party’s interpretation of applicable law (or
potentially differing interpretation by the Advisory Firm), or actual change in applicable law, may result in a change in the procedures and methodologies utilized for purposes of this Agreement, provided that any such change in procedures and
methodologies is agreed to by each Party to this Agreement and approved by the Advisory Firm for purposes of issuing the Advisory Firm Letter (subject to the Reconciliation Procedures if the Parties are unable to reach unanimous agreement with
respect to such change within 60 calendar days of such change being first proposed by a Party). 
 (2) For purposes of this
Agreement, any Tax items that may potentially reduce gross taxable income (“Tax Reduction Items”) shall be divided as between (i) those Tax Reduction Items that are attributable to any Basis Adjustments, any Initial ESA
Modification Payments, any Positive Theatre Access Adjustments, any Negative Theatre Access Adjustments, or Imputed Interest (the “TRA Portion”), and (ii) all other Tax Reduction Items (the “Non-TRA Portion”).
With respect to any Covered Taxable Year, the use of any current Tax Reduction Items, and the use of any Tax Reduction Items attributable to any carryovers or carrybacks, will be deemed utilized in a manner that first applies the amount of any
Non-TRA Portion, and then applies the amount of any TRA Portion (with the TRA Portion being applied on a proportionate basis determined by the relative amount of each Tax Reduction Item that comprises such TRA Portion); provided, however, that in
the case of any carryback of a Non-TRA Portion to a prior Covered Taxable Year, such carryback shall not affect the original “with and without” calculation in such prior Covered Taxable Year to the extent that the original “with”
calculation is not affected under applicable law. Carryovers or carrybacks of any TRA Portion or Non-TRA Portion shall be considered to be subject to the rules of the Code (or any successor U.S. Federal Income Tax statute) and the Treasury
Regulations or the appropriate provisions of U.S. state and local income and franchise Tax law, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. 
 (3) As an example of the intended operation of the principles in the preceding paragraph, assume that: (i) in the first Covered
Taxable Year, $250 of gross taxable income arose and was reduced by a $100 TRA Portion (which resulted in a Hypothetical Tax Liability of $100 under the “without” calculation and an actual tax liability of $60 under the “with”
calculation); (ii) in the second Covered Taxable Year, $0 of gross taxable income arose along with both a TRA Portion of $100 ($50 attributable to Basis Adjustments and $50 attributable to Initial ESA Modification Payments) and a Non-TRA
Portion of $200 (attributable to general operating expenses); (iii) in the third Covered Taxable Year, $100 of gross taxable income arose along with a $100 TRA Portion; (iv) in the fourth Covered Taxable Year, $250 of gross taxable income
arose along with a $100 TRA Portion; (v) any unutilized TRA Portions and Non-TRA Portions are both able to be carried back and carried over under applicable law; and (vi) there are no other items of income, gain, loss, or deduction in such
Covered Taxable Years and 

  

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NCM Inc.’s effective tax rate is 40% for such Covered Taxable Years. Using the intended operating principles set forth in the preceding paragraph, the
following results would be deemed to occur: (a) in the second Covered Taxable Year, the $100 TRA Portion and the $200 Non-TRA Portion arising in the second Covered Taxable Year would be carried back to the first Covered Taxable Year and $150 of
the $200 Non-TRA Portion would be deemed utilized for purposes of modifying the original “with” and “without” calculations in such first Covered Taxable Year (resulting in a Hypothetical Tax Liability of $40 under the modified
“without” calculation and an actual tax liability of $0 under the modified “with” calculation, with no net change in Realized Tax Benefits arising with respect to such first Covered Taxable Year for purposes of this Agreement);
(b) also in the second Covered Taxable Year, the remaining $50 Non-TRA Portion and $100 TRA Portion unutilized after being carried back as against the first Covered Taxable Year would remain unutilized in the second Covered Taxable Year as
against $0 of gross taxable income; (c) in the third Covered Taxable Year, the remaining $50 Non-TRA Portion and $100 TRA Portion carried over from the second Covered Taxable Year would be utilized in the third Covered Taxable Year by deeming
the $50 Non-TRA Portion to be used first, followed by $50 of the TRA Portion with $25 attributable to Basis Adjustments and $25 attributable to Initial ESA Modification Payments (resulting in a Hypothetical Tax Liability of $20 under the
“without” calculation and an actual tax liability of $0 under the “with” calculation, with Realized Tax Benefits of $20 arising in such third Covered Taxable Year for purposes of this Agreement); and (d) in the fourth
Covered Taxable Year, the remaining unutilized $50 TRA Portion carried over from the second Covered Taxable Year, along with the unutilized $100 TRA Portion generated in the third Covered Taxable Year, would both be carried over into the fourth
Covered Taxable Year and utilized along with the $100 TRA Portion generated in the fourth Covered Taxable Year (resulting in a Hypothetical Tax Liability of $100 under the “without” calculation and an actual tax liability of $0 under the
“with” calculation, with Realized Tax Benefits of $100 arising in such fourth Covered Taxable Year for purposes of this Agreement). 
 ARTICLE III 
 PAYMENTS 
 SECTION 3.01. Exchange-Related Payments. 
 (a) Payments In Respect of NCM Inc. Tax Benefit
Schedules. Except as provided in Section 3.03 below, within 45 calendar days of the delivery of a final NCM Inc. Tax Benefit Schedule to the Founding Members for any Covered Taxable Year: (i) NCM Inc. will pay to each Founding Member
an amount equal to (x) such Founding Member’s Exchange-Related Allocable Share for such Covered Taxable Year, multiplied by (y) the Exchange-Related Tax Benefit Payment for such Covered Taxable Year; or, alternatively, as applicable,
(ii) each Founding Member will pay to NCM Inc. an amount equal to (x) such Founding Member’s Exchange-Related Allocable Share for such Covered Taxable Year, multiplied by (y) the Exchange-Related Tax Detriment Payment for such
Covered Taxable Year. 
 (b) Payments In Respect of Amended NCM Inc. Tax Benefit Schedules. Except as provided in Section 3.03
below, within 45 calendar days of the delivery of a final 

  

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Amended NCM Inc. Tax Benefit Schedule to the Founding Members for any Covered Taxable Year: (i) NCM Inc. will pay to each Founding Member an amount
equal to (x) such Founding Member’s Exchange-Related Allocable Share for such Covered Taxable Year, multiplied by (y) the sum of (1) any increase in the amount of any Exchange-Related Tax Benefit Payment for such Covered Taxable
Year (as determined by comparing the Exchange-Related Tax Benefit Payments previously made pursuant to Section 3.01 of this Agreement to the Exchange-Related Tax Benefit Payments shown on the Amended NCM Inc. Tax Benefit Schedule), plus
(2) any decrease in the amount of any Exchange-Related Tax Detriment Payment for such Covered Taxable Year (as determined by comparing the Exchange-Related Tax Detriment Payments previously made pursuant to Section 3.01 of this Agreement
to the Exchange-Related Tax Detriment Payments shown on the Amended NCM Inc. Tax Benefit Schedule); or, alternatively, as applicable, (ii) each Founding Member will pay to NCM Inc. an amount equal to (x) such Founding Member’s
Exchange-Related Allocable Share for such Covered Taxable Year, multiplied by (y) the sum of (1) any increase in the amount of any Exchange-Related Tax Detriment Payment for such Covered Taxable Year (as determined by comparing the
Exchange-Related Tax Detriment Payments previously made pursuant to Section 3.01 of this Agreement to the Exchange-Related Tax Detriment Payments shown on the Amended NCM Inc. Tax Benefit Schedule), plus (2) any decrease in the amount of
any Exchange-Related Tax Benefit Payment for such Covered Taxable Year (as determined by comparing the Exchange-Related Tax Benefit Payments previously made pursuant to Section 3.01 of this Agreement to the Exchange-Related Tax Benefit Payments
shown on the Amended NCM Inc. Tax Benefit Schedule). As an example of the intended operation of clause (i) of the preceding sentence, if the original Exchange-Related Tax Benefit Payment paid in connection with an original NCM Inc. Tax Benefit
Schedule was $100, and a subsequent change resulted in an Amended NCM Inc. Tax Benefit Schedule that gave rise to a $200 Exchange-Related Tax Benefit Payment, then NCM Inc. would pay the net increase in the Exchange-Related Tax Benefit Payment of
$100 to the Founding Members based on each Founding Member’s Exchange-Related Allocable Share for the Covered Taxable Year to which the Amended NCM Inc. Tax Benefit Schedule relates. As an example of the intended operation of clause
(ii) of the first sentence of this paragraph, if the original Exchange-Related Tax Benefit Payment paid in connection with an original NCM Inc. Tax Benefit Schedule was $100, and a subsequent change resulted in an Amended NCM Inc. Tax Benefit
Schedule that gave rise, instead, to a $10 Exchange-Related Tax Detriment Payment (due to, for example, the imposition of interest charges in connection with a Determination), then the Founding Members would pay the total net difference of $110 (the
sum of the $10 increase in the Exchange-Related Tax Detriment Payment plus the $100 decrease in the Exchange-Related Tax Benefit Payment) to NCM Inc. based on each Founding Member’s Exchange-Related Allocable Share for the Covered Taxable Year
to which the Amended NCM Inc. Tax Benefit Schedule relates. 
 SECTION 3.02. ESA-Related Payments. 
 (a) Payments In Respect of NCM Inc. Tax Benefit Schedules. Except as provided in Section 3.03 below, and pursuant to the terms of
Section 2.05(a)(ii) of the Exhibitor Services Agreements and Sections 5.1(b) and 6.4(b) of the NCM LLC Operating Agreement, within 45 calendar days of the delivery of a final NCM Inc. Tax Benefit Schedule to the ESA Parties for any Covered
Taxable Year: (i) NCM LLC will pay to each ESA Party an amount equal to (x) such ESA Party’s ESA-Related Allocable Share for such Covered Taxable Year, 
  

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multiplied by (y) the ESA-Related Tax Benefit Payment for such Covered Taxable Year; or, alternatively, as applicable, (ii) each ESA Party will pay
to NCM LLC (for distribution to NCM Inc.) an amount equal to (x) such ESA Party’s ESA-Related Allocable Share for such Covered Taxable Year, multiplied by (y) the ESA-Related Tax Detriment Payment for such Covered Taxable Year.

 (b) Payments In Respect of Amended NCM Inc. Tax Benefit Schedules. Except as provided in Section 3.03 below, within 45
calendar days of the delivery of a final Amended NCM Inc. Tax Benefit Schedule to the ESA Parties for any Covered Taxable Year: (i) NCM LLC will pay to each ESA Party an amount equal to (x) such ESA Party’s ESA-Related Allocable Share
for such Covered Taxable Year, multiplied by (y) the sum of (1) any increase in the amount of any ESA-Related Tax Benefit Payment for such Covered Taxable Year (as determined by comparing the ESA-Related Tax Benefit Payments previously
made pursuant to Section 3.02 of this Agreement to the ESA-Related Tax Benefit Payments shown on the Amended NCM Inc. Tax Benefit Schedule), plus (2) any decrease in the amount of any ESA-Related Tax Detriment Payment for such Covered
Taxable Year (as determined by comparing the ESA-Related Tax Detriment Payments previously made pursuant to Section 3.02 of this Agreement to the ESA-Related Tax Detriment Payments shown on the Amended NCM Inc. Tax Benefit Schedule); or,
alternatively, as applicable, (ii) each ESA Party will pay to NCM LLC (for distribution to NCM Inc.) an amount equal to (x) such ESA Party’s ESA-Related Allocable Share for such Covered Taxable Year, multiplied by (y) the sum of
(1) any increase in the amount of any ESA-Related Tax Detriment Payment for such Covered Taxable Year (as determined by comparing the ESA-Related Tax Detriment Payments previously made pursuant to Section 3.02 of this Agreement to the
ESA-Related Tax Detriment Payments shown on the Amended NCM Inc. Tax Benefit Schedule), plus (2) any decrease in the amount of any ESA-Related Tax Benefit Payment for such Covered Taxable Year (as determined by comparing the ESA-Related Tax
Benefit Payments previously made pursuant to Section 3.02 of this Agreement to the ESA-Related Tax Benefit Payments shown on the Amended NCM Inc. Tax Benefit Schedule). For the avoidance of doubt, the general principles set forth in this
paragraph are intended to operate in the same manner as the general principles illustrated through the two examples set forth at the end of Section 3.01(b) of this Agreement with respect to Exchange-Related Payments. 
 SECTION 3.03. Suspension of Tax Benefit Payments Following Change Notice. 
 (a) Receipt of Change Notice. If any Party, or an affiliate of any Party, receives a 30-day letter, a final audit report, a statutory notice of
deficiency, or similar written notice from any Taxing Authority relating to the Tax treatment of either the Initial Deemed Exchange, the Initial ESA Modification Payments, any Positive Theatre Access Adjustments, any Negative Theatre Access
Adjustment, or any Subsequent Deemed Exchanges, or any other Tax matter relating to this Agreement (a “Change Notice”), prompt written notification (and a copy of the Change Notice) shall be delivered by the Party, or its affiliate,
receiving such Change Notice to each other Party to this Agreement. 
 (b) Suspension of Payments. From and after the date such Change
Notice is received, any Exchange-Related Payments required to be made by NCM Inc. or any ESA-Related Payments required to be made by NCM LLC under this Agreement, or both, as 
  

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appropriate based on the adjustments proposed in the Change Notice, will instead be paid by NCM Inc. or NCM LLC, or both, as appropriate, to a national bank
mutually agreeable to the affected Parties to act as escrow agent to hold such funds in escrow pursuant to an escrow agreement until a Determination is received with respect to the Change Notice. 
 (c) Release of Escrowed Funds. If a Determination results in no adjustment in any Exchange-Related Payments or ESA-Related Payments under this
Agreement, then the escrowed funds (along with any net interest earned on such funds, and less the out-of-pocket expenses incurred by NCM Inc. or NCM LLC in administering the escrow and in contesting the Determination) shall be distributed to the
affected Founding Members or ESA Parties in accordance with their respective Exchange-Related Allocable Shares or ESA-Related Allocable Shares, respectively. If a Determination results in an adjustment in any Exchange-Related Payments or ESA-Related
Payments under this Agreement, then the escrowed funds (along with any net interest earned on such funds) shall be distributed as follows: (i) first, to NCM Inc. or NCM LLC, as appropriate, in an amount equal to the out-of-pocket expenses
incurred by NCM Inc. or NCM LLC in administering the escrow and in contesting the Determination and (ii) second, to the relevant Parties (which, for the avoidance of doubt and depending on the nature of the adjustments, may include NCM Inc. or
NCM LLC, or both) in accordance with the recalculated Exchange-Related Payments or ESA-Related Payments determined under Sections 3.01(b) and 3.02(b) of this Agreement and set forth on one or more Amended NCM Inc. Tax Benefit Schedules. 

SECTION 3.04. No Duplicative Payments; Other Matters. No duplicative payment of any amount (including interest) will be required under this
Agreement. Any Exchange-Related Payment or ESA-Related Payment to be made by any Party under this Agreement shall be made by wire transfer of immediately available funds to the bank accounts specified in writing by the relevant recipient (subject
to, in the case of the Founding Members and the ESA Parties, the rights of offset described in Section 5.03). For the avoidance of doubt, no Exchange-Related Payments or ESA-Related Payments shall be made in respect of estimated tax payments,
including, without limitation, estimated Federal Income Tax payments. 
 ARTICLE IV 
 TERMINATION 
 SECTION 4.01.
Early Termination of Agreement. At any time after the date of this Agreement, NCM Inc. may terminate its obligations under this Agreement, or NCM LLC may terminate its obligations under this Agreement, or both NCM Inc. and NCM LLC may
terminate their obligations under this Agreement, in whole or in part, with the consent of the Audit Committee by paying to the Founding Members or the ESA Parties, or both, as applicable, the Early Termination Payment determined as of the date of
the Early Termination Notice. Upon payment of the Early Termination Payment, NCM Inc. or NCM LLC, or both, as applicable, shall have no further payment obligations under this Agreement with respect to the portion of the obligations to which the
Early Termination Payment relates (which in the case of a complete termination of this Agreement by both NCM Inc. and NCM LLC, would mean that both NCM Inc. and NCM LLC would have no further obligations under this Agreement). 
  

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 SECTION 4.02. Early Termination Notice. If NCM Inc. or NCM LLC, or both, choose to exercise the
right of early termination under Section 4.01 above, NCM Inc. shall deliver to the Founding Members or the ESA Parties, or both, as applicable, advance written notice (the “Early Termination Notice”) specifying the intention to
exercise such right. At the time NCM Inc. delivers the Early Termination Notice, NCM Inc. shall also (i) deliver schedules and work papers providing reasonable detail regarding the calculation of the Early Termination Payment in a manner
consistent with the guidelines set forth in Section 4.03 of this Agreement (such schedules and work papers comprising the “Early Termination Payment Schedule”) and an Advisory Firm Letter supporting such Early Termination
Payment Schedule and (ii) allow the Founding Members or the ESA Parties, or both, as applicable, reasonable access to the appropriate representatives at NCM Inc., NCM LLC, and the Advisory Firm in connection with the review of such Early
Termination Payment Schedule. The Early Termination Payment Schedule shall become final and binding on the relevant Parties unless a Founding Member or ESA Party, within 30 calendar days after receiving such Early Termination Schedule, provides NCM
Inc. with written notice of a material objection to such Early Termination Schedule made in good faith and specifying the reasons for such material objection. If the relevant Parties, negotiating in good faith, are unable to successfully resolve the
issues raised in such Early Termination Schedule within 60 calendar days after such Early Termination Schedule was delivered, the relevant Parties shall employ the Reconciliation Procedures. 
 SECTION 4.03. Payment Upon Early Termination. 
 (a) Payment. Within 5 Business Days after the Early Termination Payment Schedule becomes final, NCM Inc. or NCM LLC, or both, as applicable, shall pay to the Founding Members or the ESA Parties, or both, as applicable, an amount
equal to the Early Termination Payment multiplied by their respective Adjusted Allocable Shares. Such payment shall be made by wire transfer of immediately available funds to a bank account designated in writing by each relevant Founding Member or
ESA Party entitled to receive a payment. 
 (b) Determination of Early Termination Payment. The payment to be made upon the early
termination of this Agreement in accordance with the provisions of this Article IV (the “Early Termination Payment”) will be determined as of the date of delivery of the Early Termination Notice and will be shown on the Early
Termination Payment Schedule and shall equal the present value, discounted at the Early Termination Rate, of all Exchange-Related Tax Benefit Payments or ESA-Related Tax Benefit Payments, or both, that would be required to be paid by NCM Inc. or NCM
LLC, or both, to the Founding Members or the ESA Parties, or both, as applicable, during the period from the date of the Early Termination Notice through the Scheduled Termination Date using the Valuation Assumptions. 
 SECTION 4.04. No Other Right of Early Termination. For the avoidance of doubt, a Founding Member or an ESA Party shall not be entitled to cause an
early termination of this Agreement. 
 SECTION 4.05. Term of Agreement. Unless terminated at any earlier time in accordance with the
provisions of this Article IV, the term of this Agreement begins as of the date hereof and will continue until 90 days following the expiration of all applicable statutes of limitations (including any waivers or extensions) with respect to any
Covered Taxable Years for which Exchange-Related Payments or ESA-Related Payments are made. 
  

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 ARTICLE V 
 SUBORDINATION AND LATE PAYMENTS 
 SECTION 5.01. Subordination. Notwithstanding any
other provision of this Agreement to the contrary, any Exchange-Related Payment or all or any portion of any Early Termination Payment to be made by NCM Inc. to the Founding Members under this Agreement (an “NCM Inc. Payment”) shall
rank (i) subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any current or future secured obligations of NCM Inc. and (ii) pari passu with any current or future unsecured
obligations of NCM Inc. Notwithstanding any other provision of this Agreement to the contrary, any ESA-Related Payment or all or any portion of any Early Termination Payment to be made by NCM LLC to the ESA Parties under this Agreement (an
“NCM LLC Payment”) shall rank (i) subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any current or future secured obligations of NCM LLC and (ii) pari
passu with any current or future unsecured obligations of NCM LLC. 
 SECTION 5.02. Late Payments by NCM Inc. or NCM LLC. The amount
of all or any portion of an NCM Inc. Payment or NCM LLC Payment not made to the Founding Members or the ESA Parties, respectively, when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Agreed
Rate and commencing from the date on which such NCM Inc. Payment or NCM LLC Payment was due and payable. 
 SECTION 5.03. Rights of
Offset. To the extent that all or any portion of a payment payable by a Founding Member under the terms of this Agreement is not paid to NCM Inc. when due, any such unpaid amount will be offset against (i) such Founding Member’s
distributions that would otherwise be received by such Founding Member from NCM LLC (and such offset amounts will instead be distributed by NCM LLC to NCM Inc.) and (ii) against any payments owed to such Founding Member by NCM Inc. under this
Agreement, in each case, until such unpaid amount is fully satisfied (including any interest that may be owed under Section 5.04 of this Agreement). To the extent that all or any portion of a payment payable by an ESA Party under the terms of
this Agreement is not paid to NCM LLC when due, any such unpaid amount will be offset against such ESA Party’s Theatre Access Fee payments (and any Supplemental Theatre Access Fee payments) that would otherwise be made under the terms of such
ESA Party’s Exhibitor Services Agreement (and such offset amounts will instead be distributed by NCM LLC to NCM Inc.) until such unpaid amount is fully satisfied (including any interest that may be owed under Section 5.04 of this
Agreement). Any such amounts distributed by NCM LLC to NCM Inc. under this Section 5.03 will be treated as if they were first distributed to such Founding Member or paid to such ESA Party, as the case may be, and immediately thereafter
effectively paid to NCM Inc. pursuant to Sections 3.01 and 3.02 of this Agreement, as appropriate. 
 SECTION 5.04. Late Payments by the
Founding Members or ESA Parties. After applying the rights of offset described in Section 5.03 of this Agreement and after receiving any payments from a Founding Member or an ESA Party under this Agreement, in each case at the 

 

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time a payment by a Founding Member or an ESA Party is first due and payable under this Agreement, the amount of any remaining unsatisfied payment obligation
by such Founding Member or ESA Party shall be immediately due and payable in accordance with the provisions of Article III, and, to the extent not timely paid, subject to further offset under Section 5.03 of this Agreement together with
interest thereon, computed at the Agreed Rate and commencing from the date on which such payment was due and payable. 
 ARTICLE VI

 NO DISPUTES; CONSISTENCY; COOPERATION 
 SECTION 6.01. Participation In NCM Group Tax Matters. Except as otherwise provided herein, and except as otherwise provided in Section 5.2(l) of the NCM Inc. Certificate of Incorporation and Sections
4.3(a) and 4.3(b)(vii) of the NCM LLC Operating Agreement, NCM Inc. shall have full responsibility for, and sole discretion over, all Tax matters concerning any Relevant NCM Taxpayer, including, without limitation, the preparation, filing or
amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, NCM Inc. shall notify the Founding Members and the ESA Parties of, and keep them reasonably informed with respect to, and
the Founding Members and the ESA Parties shall have the right to participate in and monitor at their own expense (but, for the avoidance of doubt, not to control), the portion of any audit of the Relevant NCM Taxpayers by a Taxing Authority the
outcome of which is reasonably expected to affect the Founding Members’ or the ESA Parties’ rights under this Agreement. NCM Inc. shall provide to the Founding Members and the ESA Parties reasonable opportunity to provide information and
other input to NCM Inc. and its advisors concerning the conduct of any such portion of such audits. No Relevant NCM Taxpayer shall settle or otherwise resolve any audit or other challenge by a Taxing Authority relating to Realized Tax Benefits or
Realized Tax Detriments that are subject of this Agreement without the consent of the Audit Committee and the Founding Members and the ESA Parties, which consent the Founding Members and the ESA Parties shall not unreasonably withhold, condition or
delay. 
 SECTION 6.02. Consistency. Unless there is a Determination to the contrary, the Relevant NCM Taxpayers, the Founding Members
and the ESA Parties, on their own behalf and on behalf of each of their affiliates, agree to report and cause to be reported for all Tax purposes, including U.S. Federal Income, state and local income and franchise Tax purposes, all Tax-related
items relating to this Agreement (including, without limitation, the Initial ESA Modification Payments, the Initial Deemed Exchange, any Positive Theatre Access Adjustments, any Negative Theatre Access Adjustments, any Subsequent Deemed Exchanges,
any Basis Adjustments, any Imputed Interest, any Exchange-Related Payments, and any ESA-Related Payments) in a manner consistent with that specified in any schedule, letter or certificate required to be provided by or on behalf of the Relevant NCM
Taxpayers under this Agreement. In the event that an Advisory Firm is replaced with another firm acceptable to the Audit Committee, such replacement Advisory Firm shall be required to perform its services under this Agreement using procedures and
methodologies consistent with the previous Advisory Firm, unless otherwise required by law or unless NCM Inc., the Audit Committee, the Founding Members, and the ESA Parties agree to the use of other procedures and methodologies. 
  

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 SECTION 6.03. Cooperation. The Founding Members and the ESA Parties shall (and shall cause their
affiliates to) (a) furnish to the Relevant NCM Taxpayers in a timely manner such information, documents and other materials as the Relevant NCM Taxpayers may reasonably request which are relevant for purposes of making any determination or
computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make its employees available during normal business hours to the
Relevant NCM Taxpayers and their representatives to provide explanations of documents and materials and such other information as the Relevant NCM Taxpayers or their representatives may reasonably request in connection with any of the matters
described in clause (a) above, and (c) otherwise reasonably cooperate in connection with the Relevant NCM Taxpayers’ efforts to administer this Agreement. 
 ARTICLE VII 
 GENERAL PROVISIONS 
 SECTION 7.01. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed duly
given and received (a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax machine if sent on a Business Day (or otherwise on the next Business Day) or (b) on the
first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth in Exhibit A to the NCM LLC Operating Agreement (in the case of NCM Inc. and the Founding
Members), and as set forth in Section 15.01 of each of the Exhibitor Services Agreements (in the case of NCM LLC and the ESA Parties), or pursuant to such other instructions as may be designated in writing by the Party to receive such notice.
Any Party may change its address or fax number by giving the other Parties written notice of its new address or fax number in the manner set forth above. 
 SECTION 7.02. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have
been signed by each of the Parties and delivered to the other Parties, it being understood that all Parties need not sign the same counterpart. 
 SECTION 7.03. Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the Parties with respect to the
subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each Party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer
upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 SECTION 7.04.
Governing Law; Submission to Jurisdiction. 
 (a) Governing Law. This Agreement is to be construed in accordance with and
governed by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of
the Parties. 
  

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 (b) Jurisdiction. Each Party hereto agrees that any legal action or other legal proceeding
relating to this Agreement or the enforcement of any provision of this Agreement shall be brought or otherwise commenced exclusively in any state or federal court located in Delaware or in New York, New York. Subject to the preceding sentence, each
Party hereto: 
 (1) expressly and irrevocably consents and submits to the jurisdiction of each state and federal court located in New York,
New York (and each appellate court located in the State of New York) in connection with any such legal proceeding, including to enforce any settlement, order or award; 
 (2) consents to service of process in any such proceeding in any manner permitted by the laws of the State of New York, and agrees that service of process by registered or certified mail, return receipt requested, at
its address specified pursuant to Section 7.01 is reasonably calculated to give actual notice; 
 (3) agrees that each state and
federal court located in New York, New York shall be deemed to be a convenient forum; 
 (4) waives and agrees not to assert (by way of
motion, as a defense or otherwise), in any such legal proceeding commenced in any state or federal court located in New York, New York, any claim that such Party is not subject personally to the jurisdiction of such court, that such legal proceeding
has been brought in an inconvenient forum, that the venue of such proceeding is improper or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court; and 
 (5) agrees to the entry of an order to enforce any resolution, settlement, order or award made pursuant to this Section by the state and federal courts
located in New York, New York and in connection therewith hereby waives, and agrees not to assert by way of motion, as a defense, or otherwise, any claim that such resolution, settlement, order or award is inconsistent with or violative of the laws
or public policy of the laws of the State of New York or any other jurisdiction. 
 (c) Costs and Expenses. In the event of any action
or other proceeding relating to this Agreement or the enforcement of any provision of this Agreement, the prevailing Party (as determined by the court) shall be entitled to payment by the non-prevailing Party of all costs and expenses (including
reasonable attorneys’ fees) incurred by the prevailing Party, including any costs and expenses incurred in connection with any challenge to the jurisdiction or the convenience or propriety of venue of proceedings before any state or federal
court located in New York, New York. 
 SECTION 7.05. Severability. If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 
  

 30 

 SECTION 7.06. Successors; Assignment. Each Founding Member and each ESA Party may not assign this
Agreement to any Person without the prior written consent of NCM Inc., NCM LLC, and the Audit Committee. Except in the case of a Permitted Transfer by NCM LLC, NCM Inc. and NCM LLC may not assign this Agreement to any Person without the prior
written consent of the Audit Committee, the Founding Members, and the ESA Parties. 
 SECTION 7.07. Titles and Subtitles. The titles
of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
 SECTION 7.08. Withholding. NCM Inc. and NCM LLC and the Escrow Agent shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as NCM Inc. and NCM LLC and the Escrow Agent are required
to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or other Tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by NCM Inc. or NCM LLC
or the Escrow Agent, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the relevant Founding Member or ESA Party. 
 SECTION 7.09. Reconciliation Procedures. In the event that one or more Parties are unable to resolve a disagreement within the relevant period designated in this Agreement, the matter shall be submitted for
determination to a nationally recognized expert in the particular area of disagreement employed by a nationally recognized accounting firm or a law firm (other than the Advisory Firm), which expert is mutually acceptable to all affected Parties and
the Audit Committee. After a matter has been submitted to an expert for resolution, the expert will use its reasonable best efforts to resolve the matter within 30 calendar days. If the matter is not resolved before any Tax Return reflecting the
subject of a disagreement is due, such Tax Return may be filed as prepared by NCM Inc. or other Relevant NCM Taxpayer, subject to potential adjustment or amendment upon resolution. The costs and expenses relating to the engagement of the expert
shall be borne by the Party that did not have the prevailing position, or if a compromise is reached by the expert or by the affected Parties prior to a resolution by the expert, the costs and expenses will be borne equally by the affected Parties.
The determinations of the expert pursuant to this Section 7.09 shall be binding on the affected Parties absent manifest error. 
 SECTION 7.10. Indemnification. The liabilities and obligations of the Founding Members and the ESA Parties under this Agreement shall be several and not joint. 
 [Signature Page Follows] 
  

 31 

 IN WITNESS WHEREOF, NCM Inc., NCM LLC, the Founding Members, and the ESA Parties have duly
executed this Agreement as of the date first written above. 
  

									
	NATIONAL CINEMEDIA, INC.	 		 	NATIONAL CINEMEDIA, LLC
					
		 		 		 	By:	 	NATIONAL CINEMEDIA, INC.,
		 		 		 		 	 its Manager

					
	By:	 	 /s/ Gary W. Ferrera
	 		 	By:	 	 /s/ Gary W. Ferrera

	Name:	 	Gary W. Ferrera	 		 	Name:	 	Gary W. Ferrera
	Title:	 	 Executive Vice President and
 Chief Financial
Officer
	 		 	Title:	 	 Executive Vice President and Chief
 Financial
Officer

			
	REGAL CINEMEDIA HOLDINGS, LLC	 		 	REGAL CINEMAS, INC.
					
	By:	 	 /s/ Michael L. Campbell
	 		 	By:	 	 /s/ Michael L. Campbell

	Name:	 	Michael L. Campbell	 		 	Name:	 	Michael L. Campbell
	Title:	 	Chief Executive Officer	 		 	Title:	 	Chief Executive Officer
			
	CINEMARK MEDIA, INC.	 		 	CINEMARK USA, INC.
					
	By:	 	 /s/ Michael Cavalier
	 		 	By:	 	 /s/ Michael Cavalier

	Name:	 	Michael Cavalier	 		 	Name:	 	Michael Cavalier
	Title:	 	 Senior Vice President–General
 Counsel
	 		 	Title:	 	 Senior Vice President–General
 Counsel

				
	AMERICAN MULTI-CINEMA, INC	 		 		 	
					
	By:	 	 /s/ Craig R. Ramsey
	 		 		 	
	Name:	 	Craig R. Ramsey	 		 		 	
	Title:	 	 Executive Vice President and
 Chief Financial
Officer
	 		 		 	

 [Signature Page to Tax Receivable Agreement] 
  

 32First Amended and Restated Loews Screen Integration Agreement

 Exhibit 10.8 
 NOTE: THIS DOCUMENT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST PURSUANT TO RULE 24b-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. PORTIONS OF THIS DOCUMENT FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED HAVE BEEN
REDACTED AND ARE MARKED HEREIN BY “***”. SUCH REDACTED INFORMATION HAS BEEN FILED SEPARATELY WITH THE COMMISSION PURSUANT TO THE CONFIDENTIAL TREATMENT REQUEST. 
 FIRST AMENDED AND RESTATED 
 LOEWS SCREEN INTEGRATION AGREEMENT 

THIS FIRST AMENDED AND RESTATED LOEWS SCREEN INTEGRATION AGREEMENT (this “Agreement”) is made and entered into as of
February 13, 2007, between NATIONAL CINEMEDIA, LLC, a Delaware limited liability company (“NCM LLC”) and AMERICAN MULTI-CINEMA, INC., a Missouri corporation (“AMC;” collectively with NCM LLC, the
“Parties”). 
 RECITALS 
 A. The Parties desire to hereby amend and restate that certain Loews Screen Integration Agreement, dated as of January 23, 2007 but effective as of January 5, 2007, between the Parties. 
 B. AMC has acquired the Loews Theatres and will grant NCM LLC exclusive rights to access and use the Loews Theatres for the Services as defined in and
pursuant to the terms of the AMC ESA after the expiration of an existing third party contract for similar uses. 
 C. Pursuant to
Section 4.08 of the AMC ESA, AMC will make payments as set forth herein in recognition of the fact that AMC will not be capable of providing access to and use of the Loews Theatres for the Services until the expiration of the existing third
party contract. 
 D. In consideration of the payments to be made by AMC and in consideration of the additional theatre screens and patrons
that AMC will make available for the Services upon the expiration of the existing third party contract with respect to the Loews Theatres, the Class A membership units of NCM LLC (the “Units”) were reallocated pursuant to
Section 8.7 of NCM LLC’s Second Amendment to the Amended and Restated Limited Liability Company Operating Agreement, dated as of January 23, 2007 but effective as of January 5, 2007. 

 AGREEMENT 
 In consideration of the covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 1. Definitions. 
 The following terms shall have the
indicated meaning: 
 “Administrative Agent” means Lehman Commercial Paper Inc., as administrative agent under the LLC Credit
Agreement and any successors and assignees in accordance with the terms of the LLC Credit Agreement. 
 “Advertising
Services” has the meaning assigned to it in the AMC ESA. 
 “Affiliate” means with respect to a Person, any other
Person that directly, or indirectly through one or more intermediaries, Controls, or is Controlled by, or is under common Control with, such Person. 
 “AMC ESA” means that certain Exhibitor Services Agreement of even date herewith between AMC and NCM LLC as the same may be amended, restated, supplemented or otherwise modified from time to time.

 “Bankruptcy Code” means Title 11 of the United States Code (11 U.S.C. §101 et seq.), as amended from time to time.

 “Beverage Agreement” has the meaning assigned to it in the AMC ESA. 
 “Beverage Agreement Advertising Rate” has the meaning assigned to it in the AMC ESA. 
 “Business Day” means a day other than a Saturday, Sunday, federal holiday or other day on which commercial banks in New York, New York
are authorized or required by law to close. 
 “Change of Control” with respect to any Person that is not an individual,
means (i) any merger or consolidation with or into any other entity or any other similar transaction, whether in a single transaction or series of related transactions, where (A) the members or stockholders of such Person immediately prior
to such transaction in the aggregate cease to own more than 50% of the general voting power of the entity surviving or resulting from such transaction (or its stockholders) or (B) any Person or Group becomes the beneficial owner of more than
50% of the general voting power of the entity surviving or resulting from such transaction (or its stockholders), (ii) any 

  

 2 

 
transaction or series of related transactions in which in excess of 50% of such Person’s general voting power is Transferred to any other Person or
Group or (iii) the sale or Transfer by such Person of all or substantially all of its assets. 
 “Common Unit Adjustment
Agreement” means the Common Unit Adjustment Agreement, dated as of February 13, 2007, by and among AMC, Cinemark Media, Inc., a Delaware corporation, Cinemark USA, Inc., a Texas corporation, Regal CineMedia Holdings, LLC, a Delaware
limited liability company, Regal Cinemas, Inc., a Tennessee corporation, National CineMedia, Inc., a Delaware corporation, and NCM LLC, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Control,” (including the terms “Controlled by” and “under common Control with”), with respect to the
relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether through ownership of voting Equity Interests, as trustee
or executor, by contract or otherwise. 
 “Digitized Theatre” has the meaning assigned to it in the AMC ESA. 
 “Equity Interests” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated, whether voting or non-voting) of capital stock, partnership interests (whether general or limited), limited liability company interests or equivalent ownership interests in or issued by, or interests, participations or other equivalents
to share in the revenues or earnings of (except as provided in any service agreement that includes a revenue sharing component entered into in the ordinary course of business), such Person or securities convertible into, or exchangeable or
exercisable for, such shares, interests, participations or other equivalents and options, warrants or other rights to acquire such shares, interests, participations or other equivalents; provided that discounts and rebates granted in the
ordinary course of business shall not in any event constitute an Equity Interest. 
 “Exclusivity Run-Out Payment” has the
meaning assigned to it in Attachment A. 
 “Governmental Authority” means any nation or government, any state or other
political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Group” has the meaning used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934. 
 “Legacy Agreement” has the meaning assigned to it in the AMC ESA. 
 “LLC
Agreement” means that certain Third Amended and Restated Limited Liability Company Operating Agreement of National CineMedia, LLC, dated as of 

  

 3 

 
February 13, 2007, by and among AMC, Cinemark Media, Inc., a Delaware corporation, Regal CineMedia Holdings, LLC, a Delaware limited liability company,
and National CineMedia, Inc., a Delaware corporation, as the same may be amended, supplemented or otherwise modified from time to time. 
 “LLC Credit Agreement” means the Credit Agreement dated as of February 13, 2007 among LLC, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as syndication agent, Credit Suisse (USA) LLC
and Morgan Stanley Senior Funding, Inc., as co-documentation agents and the Administrative Agent, as amended, modified or supplemented from time to time and any extension, refunding, refinancing or replacement (in whole or in part) thereof.

 “Loews Exhibitor Allocation” has the meaning assigned to it in Attachment A. 
 “Loews Theatres” mean the theatres acquired (and not divested under government order or subject to a divestiture order issued by a
Governmental Authority after January 5, 2007) by AMC Entertainment Inc. in connection with its merger with Loews Cineplex Entertainment Corporation completed on January 26, 2006 and which were operating as of January 5, 2007.

 “Marquee Holdings” means Marquee Holdings Inc. or its successor or any Person that wholly-owns Marquee Holdings, directly
or indirectly, in the future. 
 “Permitted Transfer” means 
 (a) with respect to the rights and obligations of LLC under this Agreement, (i) the grant of a security interest by LLC in this Agreement and all
rights and obligations of LLC hereunder to the Administrative Agent, on behalf of the Secured Parties, pursuant to the Security Documents, (ii) the assignment or other transfer of such rights and obligations to the Administrative Agent (on
behalf of the Secured Parties) or other third party upon the exercise of remedies in accordance with the LLC Credit Agreement and the Security Documents and (iii) in the event that the Administrative Agent is the initial assignee or transferee
under the preceding clause (ii), the subsequent assignment or other transfer of such rights and obligations by the Administrative Agent on behalf of the Secured Parties to a third party, or 
 (b) in the event that LLC becomes a debtor in a case under the Bankruptcy Code, the assumption and/or assignment by LLC of this Agreement under section
365 of the Bankruptcy Code, notwithstanding the provisions of section 365(c) thereof. 
 “Permitted Transferee” means in the
case of AMC and any Permitted Transferee of AMC (i) an Affiliate of AMC or such Permitted Transferee, or (ii) a non-Affiliate of AMC or such Permitted Transferee if more than 50% of the non-Affiliate’s general voting power is owned
directly or indirectly through one or more entities that are the same entities that own 50% or more of the general voting power of Marquee Holdings. 
  

 4 

 “Person” means any individual, corporation, limited liability company, partnership,
trust, joint stock company, business trust, unincorporated association, joint venture, Governmental Authority or other entity or organization of any nature whatsoever or any Group of two or more of the foregoing. 
 “Services” has the meaning assigned to it in the AMC ESA. 
 “Secured Parties” means the “Secured Parties” (or any analogous concept) as defined in the LLC Credit Agreement. 
 “Securities Act” means the Securities Act of 1933, as it may be amended from time to time. 
 “Security Documents” means the “Security Documents” as defined in the LLC Credit Agreement and any amendment, modification,
supplement or replacement of such Security Documents. 
 “Theatre” has the meaning assigned to it in the AMC ESA.

 “Theatre Access Fee” has the meaning assigned to it in the AMC ESA. 
 “Transfer” (including the term “Transferred”) means, directly or indirectly, to sell, transfer, give, exchange,
bequest, assign, pledge, encumber, hypothecate or otherwise dispose of, either voluntarily or involuntarily (including (i) except as provided in clause (a) below, the direct or indirect Change of Control of AMC or any Permitted Transferee
(or any direct or indirect holder of equity in AMC or a Permitted Transferee), and (ii) upon the foreclosure under any pledge or hypothecation permitted by clause (b) below that results in a change of title), any Equity Interests in NCM
LLC or other assets beneficially owned by a Person or any interest in any Equity Interests in NCM LLC or other assets beneficially owned by a Person. Notwithstanding the foregoing: (a) the Change of Control of AMC or its stockholders shall not
be deemed to be a Transfer hereunder, and (b) a bona fide pledge of Equity Interests in NCM LLC by AMC any of its Affiliates shall not be deemed to be a Transfer hereunder. 
 In addition to the foregoing, the following terms have the meanings assigned in the Sections referred to in the table below: 
  

									
	 Term
	  	 Section
	  	 	 	 Term
	  	 Section

	Agreement	  	Preamble	  		 	Non-Exclusivity Run-Out Payment	  	2.2(b)
	AMC	  	Preamble	  		 	Parties	  	Preamble

  

 5 

									
	 Term
	  	 Section
	  	 	 	 Term
	  	 Section

	Distributed Units	  	3.1	  		 	Run-Out End Date	  	5.6
	NCM LLC	  	Preamble	  		 	Run-Out Exclusivity End Date	  	5.6
		  		  		 	Units	  	Recitals

 2. Loews. 
 2.1 Integration of Loews Theatres. Loews Theatres are subject to certain valid, pre-existing contractual obligations with a third party cinema advertising provider that provides on-screen advertising services
on an exclusive basis and certain other advertising services on a non-exclusive basis to the Loews Theatres (the “Run-Out Obligations”). AMC shall discuss the Run-Out Obligations and related contracts as reasonably requested by NCM
LLC from time to time, provided such discussion will not breach confidentiality provisions related to the Run-Out Obligations. AMC and/or its Affiliates (as applicable) shall be permitted to abide by the terms of the Run-Out Obligations;
however, AMC agrees it shall neither extend nor renew such Run-Out Obligations. AMC further agrees not to enter into any new agreement with any third party with respect to any Loews Theatre, or amend or modify any Run-Out Obligation, to the extent
such agreement, amendment or modification would be inconsistent with the exclusive rights granted to NCM LLC pursuant to the AMC ESA or have the effect of any extension of the Run-Out Obligation. Prior to the expiration of the Run-Out Obligations
and upon NCM LLC’s provision of at least ten days’ advance written notice to AMC, NCM LLC may provide some or all Services to any or all Loews Theatres as if such theatres were Theatres as defined in and subject to the AMC ESA,
provided NCM LLC’s provision of Services does not create a default under any Run-Out Obligation. In any event, except in accordance with Section 4.13 of the AMC ESA (Excluded Theatres; IMAX Screens) or as may be mutually agreed by
the Parties in writing, each Loews Theatre shall automatically become a Theatre, as defined in and for all purposes of the AMC ESA, no later than Run-Out End Date. 
 2.2 Loews Payments. 
 (a) Exclusive Run-Out Obligations. With respect to each of the Services
for which the third party to the Run-Out Obligations has exclusive rights, AMC shall, until such Run-Out Obligations have terminated, make a quarterly Exclusivity Run-Out Payment to NCM LLC. The method of calculating the Exclusivity Run-Out Payment
is summarized in Attachment A. NCM LLC shall give AMC written notice of the amount of the Exclusivity Run-Out Payment within 30 days following the last day of the fiscal quarter in which one or more of the Theatres is used by the third party
for any use that is included within the definition of the Services. AMC shall pay the Exclusivity Run-Out Payment to NCM LLC with three (3) Business Days following the date on which AMC receives the written notice provided for in the
immediately preceding sentence. 
  

 6 

 (b) Non-Exclusive Run-Out Obligations. With respect to each of the Services for which the third
party to the Run-Out Obligations has non-exclusive rights, AMC shall, until such Run-Out Obligations have terminated, pay NCM LLC the full amount received from the third party for such Service (the “Non-Exclusivity Run-Out
Payment”). Any such Non-Exclusivity Run-Out Payments shall be due on or before the last day of AMC’s fiscal month following the fiscal quarter in which one or more of the Theatres is used by the third party for any use that is included
within the definition of Services. 
 (c) Beverage Agreement Advertising Rate. The Loews Theatres shall be included in the calculation
of the Beverage Agreement Advertising Rate paid by AMC to NCM LLC pursuant to the AMC ESA. 
 (d) Theatre Access Fee. For the
avoidance of doubt, the calculation of the Theatre Access Fee paid by NCM LLC pursuant to the AMC ESA shall not include the Loews Theatres prior to the Run-Out Exclusivity End Date. On and after the Run-Out Exclusivity End Date, the Loews Theatres
are eligible to be included in the Theatre Access Fee, subject to the terms of the AMC ESA. 
 (e) Legacy Agreements. For the
avoidance of doubt, that certain Co-Marketing Agreement between Cingular Wireless and Loews Cineplex Theatres, Inc., dated as of December 2004, and any other agreement in effect as of the date hereof pursuant to which services which fall within the
definition of Advertising Services are provided to Loews Theatres and which are expected to result in the generation of revenue payable to AMC or its Affiliates on or after the date hereof (but excluding the agreement with a third party cinema
advertising provider that contains the Run-Out Obligations, the Beverage Agreement and agreements between AMC, its Affiliates and any third-party theatres regarding the exhibition of content, advertisements or promotions in such third-party
theatres) is a Legacy Agreement as defined in the AMC ESA. Such Legacy Agreements shall be assigned to NCM LLC pursuant to Section 4.06(b) of the AMC ESA. 
  

 7 

 3. Reallocation of Units. AMC acknowledges that it has received 91.761988913253 Units, now represented by
4,064,230 common units in NCM LLC, in connection with the addition of Loews Theatres (“Distributed Units”) in consideration of the foregoing payments, and in consideration of AMC’s agreement to make additional theatre screens
and patrons available for the Services upon the expiration of the existing third party contract with respect to the Loews Theatres. 
 4. Restrictions on
Distributed Units. 
 4.1 Failure to Make Payments. If the AMC fails to make an Exclusivity Run-Out Payment or a Non-Exclusivity
Run-Out Payment on or before the date such payment is due, and fails to cure such non-payment within ten (10) days, then NCM LLC shall have the right to offset the amount of such non-payment against Theatre Access Fee payments, dividends,
distributions or any other payments due from NCM LLC to AMC pursuant to the AMC ESA or the LLC Agreement until the Exclusivity Run-Out Payment or Non-Exclusivity Run-Out Payment has been paid in full. 
 4.2 Covenant to Hold Distributed Units. AMC shall not Transfer or convert any Distributed Units until after the Run-Out End Date has passed and
all Exclusivity Run-Out Payments and Non-Exclusivity Run-Out Payments have been made. 
 4.3 Legend. If the Distributed Units are
certificated, the certificates representing the Distributed Units shall bear the following legend: 
 THE SALE OR TRANSFER OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN LOEWS SCREEN INTEGRATION AGREEMENT BETWEEN THE UNIT HOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT ARE AVAILABLE UPON REQUEST TO THE SECRETARY OF THE COMPANY.

 After the Run-Out End Date has passed and all Exclusivity Run-Out Payments and Non-Exclusivity Run-Out Payments have been made, NCM LLC shall, upon
request of AMC, remove the foregoing legend from the certificates representing the Distributed Units. 
 5. Representations and Warranties of AMC.

 5.1 Organization and Corporate Power. AMC is a corporation duly organized, validly existing and in good standing under the laws of
the State of Missouri and is qualified to do business in every jurisdiction in which its ownership of property or conduct of business requires it to qualify, except for such jurisdictions in which the failure to so qualify would not have a material
adverse effect on its financial condition, operating results or business prospects. AMC has all requisite corporate power and authority and all material licenses, permits and authorizations necessary to own and operate its properties, to carry on
its businesses as now conducted and to carry out the transactions contemplated by this Agreement. 
  

 8 

 5.2 Authorization. The execution, delivery and performance of this Agreement has been duly
authorized by AMC. This Agreement is a valid and binding obligation of AMC, enforceable in accordance with its terms. 
 5.3 Investment
Representations. AMC hereby represents that it is acquiring the Distributed Units for its own account with the present intention of holding such securities for investment purposes and that it has no intention of selling such securities in a
public distribution in violation of the federal securities laws or any applicable state securities laws. AMC acknowledges that the Distributed Units have not been registered under the Securities Act or applicable state securities laws and that the
Distributed Units will be issued to AMC in reliance on exemptions from the registration requirements of the Securities Act and applicable state statutes and in reliance on the AMC’s representations and agreements contained herein. 

5.4 Other Representations and Warranties. AMC hereby represents and warrants to the Company that: (i) AMC has had an opportunity to ask
questions and receive answers concerning the terms and conditions of the Distributed Units and such other information concerning NCM LLC as AMC may have requested; (ii) AMC is an “accredited investor” as defined in Rule 501 under the
Securities Act; and (iii) AMC has all requisite power and authority to carry out the transactions contemplated by this Agreement; and the execution, delivery and performance of this Agreement and all other agreements contemplated hereby to
which AMC is a party and the acquisition of the Distributed Units have been duly authorized by the AMC. 
 5.5 Digitized Theatres. AMC
covenants that at least 90 percent of Loews Theatres shall be Digitized Theatres, as such term is defined in the AMC ESA, as of the Run-Out Exclusivity End Date. Notwithstanding the foregoing, AMC acknowledges and agrees that the Loews Theatres
shall be treated as Digitized Theatres for purposes of the Common Unit Adjustment Agreement. 
 5.6 Duration of Run-Out Obligations.
The Run-Out Obligations pursuant to which a third party cinema advertising provider provides any service to the Loews Theatres on an exclusive basis shall terminate no later than May 31, 2008 (the “Run-Out Exclusivity End
Date”). The third party cinema advertising provider may continue to provide (i) on-screen advertising services from June 1, 2008 through November 30, 2008, with respect to advertising services sold by the third party as of
the Run-Out Exclusivity End Date, and (ii) up to 60 seconds of on-screen advertising per screen prior to a feature film from December 1, 2008 through February 28, 2009. The date on which all Run-Out Obligations for the Loews Theatres
have expired (the “Run-Out End Date”) shall be no later than March 1, 2009. 
  

 9 

 6. Representations and Warranties of NCM LLC. 
 6.1 Organization and Corporate Power. NCM LLC is a limited liability company duly organized, validly existing and in good standing under the laws
of the State of Delaware and is qualified to do business in every jurisdiction in which its ownership of property or conduct of business requires it to qualify, except for such jurisdictions in which the failure to so qualify would not have a
material adverse effect on its financial condition, operating results or business prospects. NCM LLC has all requisite corporate power and authority and all material licenses, permits and authorizations necessary to own and operate its properties,
to carry on its businesses as now conducted and to carry out the transactions contemplated by this Agreement. 
 6.2 Authorization.
The execution, delivery and performance of this Agreement has been duly authorized by NCM LLC. This Agreement is a valid and binding obligation of each of NCM LLC, enforceable in accordance with its terms. 
 7. Further Actions. From and after the Closing Date, AMC shall cooperate with NCM LLC, and shall execute and deliver such documents and take such other actions as
NCM LLC may reasonably request, for the purpose of evidencing the transactions contemplated by this Agreement. 
 8. Miscellaneous. 
 8.1 Governing Law. This Agreement shall be governed by and construed in all respects in accordance with the laws of the State of Delaware without
giving effect to principles of conflicts of law. 
 8.2 Notices. All notices, demands or other communications to be given under or by
reason of this Agreement shall be in writing and shall be deemed to have been received when delivered personally, or when transmitted by overnight delivery service, addressed as follows: 
  

	
	 If to NCM LLC:

	
	National CineMedia, LLC
	9110 East Nichols Avenue
	Suite 200
	Centennial CO 80112-3405
	Attention: General Counsel
	Fax: (303) 792-8649

  

 10 

	
	with a copy to:
	
	 Holme Roberts & Owen LLP

	 1700 Lincoln Street, Suite 4100

	 Denver, Colorado 80203-4541

	 Attention: W. Dean Salter

	 Fax: (303) 866-0200

	
	 If to AMC:

	
	 American Multi-Cinema, Inc.

	 920 Main St.

	 Kansas City, MO 64105

	 Attention: Kevin M. Connor

	 Fax: (816) 480-4700

	
	 with a copy to:

	
	 Latham & Watkins LLP

	 885 Third Avenue

	 New York, NY 10022

	 Attention: David S. Allinson

	 Fax: (212) 751-4864

 Any Party hereto may change its address for notices, demands and other communications under this Agreement
by giving notice of such change to the other Parties hereto in accordance with this Section 8.2. 
 8.3 Benefit of Parties;
Assignment. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective successors, legal representatives and permitted assigns. This Agreement may not be assigned by any Party except with the
prior written consent of all other Parties; provided, however, no prior consent shall be required for an assignment by NCM LLC of this Agreement to an Affiliate or for a Permitted Transfer. Nothing herein contained shall confer or is
intended to confer on any third party or entity that is not a Party to this Agreement any rights under this Agreement. 
 8.4
Amendment. This Agreement may not be amended, modified, altered or supplemented except by means of a written instrument executed on behalf of each of the Parties. 
  

 11 

 8.5 Waiver; Remedies. 
 (a) No failure on the part of any Party hereto to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of any
Party hereto in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver thereof; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or further exercise
thereof or of any other power, right, privilege or remedy. 
 (b) It is understood and agreed that each Party’s remedies at law for a
breach of this Agreement will be inadequate and that each Party shall, in the event of any such breach or the threat of such breach, be entitled to equitable relief (including without limitation provisional and permanent injunctive relief and
specific performance) from a court of competent jurisdiction. The Parties shall be entitled to the relief described in this Section 8.5(b) without the requirement of posting a bond. Nothing stated herein shall limit any other remedies provided
under this Agreement or available to the Parties at law. 
 8.6 Severability. If any provision of this Agreement is held invalid or
unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and
effect to the extent not held invalid or unenforceable. 
 8.7 Entire Agreement. This Agreement sets forth the entire understanding of
Parties hereto and supersedes all other agreements and understandings between the Parties hereto relating to the subject matter hereof. 
 8.8 Counterparts and Facsimiles. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by
each of the Parties and delivered to the other. The Parties hereto may execute the signature pages hereof and exchange such signature pages by facsimile transmission. 
 8.9 Interpretation of Agreement. 
 (a) As used in this Agreement, the words
“include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, and shall be deemed to be followed by the words “without limitation.” 
 (b) Unless otherwise specified, references in this Agreement to “Sections” and “Attachments” are intended to refer to
Sections of, and Attachments to, this Agreement. 
 (c) The Section headings contained in this Agreement are solely for the
purpose of reference, are not part of the agreement of the Parties and shall not in any way affect the meaning or interpretation of this Agreement. 
  

 12 

 (d) Each Party hereto and its counsel cooperated in drafting and preparation of this
Agreement and the documents referred to in this Agreement. Any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against the Party that drafted it is of no application and is hereby expressly
waived. 
 [Signature page to follow] 
  

 13 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed on the day and year
first above written. 
  

			
	NCM LLC:
	
	NATIONAL CINEMEDIA, LLC
		
	By:	 	 NATIONAL CINEMEDIA, INC.,
 its
Manager

		
	 By:
	 	 /s/ Gary W. Ferrera

	 Name:
	 	Gary W. Ferrera
	 Title:
	 	Executive Vice President and Chief Financial Officer
	
	AMC:
	
	AMERICAN MULTI-CINEMA, INC.
		
	 By:
	 	 /s/ Craig R. Ramsey

	 Name:
	 	Craig R. Ramsey
	 Title:
	 	Executive Vice President and Chief Financial Officer

 Attachment A 
 Calculation of Loews Exhibitor Allocation and Exclusivity Run-Out Payment 
 A. Definitions 

Within the context of this Attachment A, the following terms shall have the following meanings: 
 “Advertising-Related EBITDA” means, for the applicable fiscal quarter, LLC EBITDA, less the sum of Meeting Services EBITDA, Digital
Programming EBITDA and Non-Service EBITDA. 
 “Aggregate Advertising Revenue” has the meaning assigned to it in the AMC ESA.

 “AMC Attendance” has the meaning assigned to it in the AMC ESA, calculated for the applicable fiscal quarter. For the
avoidance of doubt, during the term of this Agreement, AMC Attendance does not include Loews Attendance. 
 “AMC Screen
Count” has the meaning assigned to it in the AMC ESA, calculated for the applicable fiscal quarter. 
 “Attendance
Factor” has the meaning assigned to it in the AMC ESA, calculated for the applicable fiscal quarter. 
 “Beverage Agreement
Revenue” means the aggregate revenue received by NCM LLC related to the Beverage Agreement and Regal’s and Cinemark’s beverage agreements for the applicable measurement period. 
 “Cinemark” means Cinemark USA, Inc., a Texas corporation. 
 “Cinemark Attendance” has the meaning assigned to it in the AMC ESA, calculated for the applicable fiscal quarter. 
 “Cinemark Screen Count” has the meaning assigned to it in the AMC ESA, calculated for the applicable fiscal quarter. 
 “Cinemark Theatre” has the meaning assigned to it in the AMC ESA. 
 “Cinemark’s Exhibitor Services Agreement” means that certain Exhibitor Services Agreement, of even date herewith, between Cinemark and NCM LLC, as the same may be amended, supplemented or otherwise modified from time
to time. 
 “Digital Programming” has the meaning assigned to it in the AMC ESA. 
 “Digital Programming Services” has the meaning assigned to it in the AMC ESA. 
 “Digital Programming EBITDA” means, for the applicable measurement period, the portion of LLC EBITDA attributable to the Digital
Programming business line, as set forth on NCM LLC’s Digital Programming business line profit and loss statement. 
  

 A-1 

 “Digitized Theatre” has the meaning assigned to it in the AMC ESA. 
 “EBITDA” means, for the applicable fiscal quarter, earnings before interest, taxes, depreciation and amortization, all as defined by
GAAP. 
 “Encumbered Service Revenue” means ***. 
 “Event Sponsorship” has the meaning assigned to it in the AMC ESA. 
 “Exclusivity EBITDA” means ***. 
 “Exclusivity Percentage” means ***. 
 “Exclusivity Run-Out Payment” means, for the applicable
fiscal quarter, ***. 
 “Founding Members” means the AMC, Cinemark Media, Inc., a Delaware corporation, and Regal CineMedia
Holdings, LLC, a Delaware limited liability company. 
 “Founding Member Attendance” means the total of the AMC Attendance,
the Cinemark Attendance and the Regal Attendance for the applicable fiscal quarter. 
 “Founding Member Screen Count” means
the total of the AMC Screen Count, the Cinemark Screen Count and the Regal Screen Count for the applicable fiscal quarter. 
 “GAAP” means generally accepted accounting principles in the United States in effect as of the relevant date on which GAAP is to be determined. 
 “Gross Advertising EBITDA” means, for the applicable fiscal quarter, Advertising-Related EBITDA less any Beverage Agreement Revenue. 
 “Inventory” has the meaning assigned to it in the AMC ESA. 
 “LLC EBITDA” means the aggregate EBITDA of NCM LLC for the applicable fiscal quarter, excluding any Exclusivity Run-Out Payments paid
pursuant to the AMC ESA, Regal’s Exhibitor Services Agreement or Regal’s Exhibitor Services Agreement. 
 “Loews
Attendance” means the total number of patrons in all Loews Theatre auditoriums during the applicable measurement period. 
 “Loews Attendance Ratio” means, for the applicable measurement period, the quotient of (i) Loews Attendance, divided by (ii) the sum of (A) the Loews Attendance and (B) the Founding Member Attendance.

 “Loews Exhibitor Allocation” means ***. 
 “Loews Screen Count” means the total number of screens in Loews Theatres, calculated as an average between the number of screens on the last day of the applicable fiscal quarter and the average number
of screens on the last day of the preceding fiscal quarter. 
  

 A-2 

 “Loews Screen Ratio” means, for the applicable measurement period, the quotient of
(i) Loews Screen Count divided by (ii) the sum of (A) the Loews Screen Count and (B) the Founding Member Screen Count. 
 “Meeting Services” has the meaning assigned to it in the AMC ESA. 
 “Meeting Services EBITDA”
means, for the applicable measurement period, the portion of LLC EBITDA attributable to the Meeting Services business line, as set forth on NCM LLC’s Meeting Services business line profit and loss statement. 
 “Non-Loews Exhibitor Allocation” means ***. 
 “Non-Service EBITDA” means, for the applicable fiscal quarter, the portion of LLC EBITDA attributable to a business line other than Advertising Services, Meeting Services or Digital Programming
Services. For the avoidance of doubt, Non-Service EBITDA shall not include Exclusivity Run-Out Payments pursuant to this Agreement or any other Exhibitor Services Agreement. 
 “Regal” means Regal Cinemas, Inc., a Tennessee corporation. 
 “Regal Attendance” has the meaning assigned to it in the AMC ESA, calculated for the applicable fiscal quarter. 
 “Regal Screen Count” has the meaning assigned to it in the AMC ESA, calculated for the applicable fiscal quarter. 
 “Regal Theatre” has the meaning assigned to it in the AMC ESA. 
 “Regal’s Exhibitor Services Agreement” means that certain Amended and Restated Exhibitor Services Agreement, of even date herewith,
between Regal and NCM LLC, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Screen
Factor” means the percentage resulting from 1 minus the Attendance Factor. 
 “Screen Number” has the meaning
assigned to it in the AMC ESA, calculated for the applicable fiscal quarter. 
 In addition to the foregoing, the following terms have the
meanings assigned in the Sections of this Agreement referred to in the table below: 
  

									
	 Term
	  	 Section
	  	 	 	 Term
	 	 Section

	Advertising Services	  	1	  		 	Loews Theatres	 	1
	AMC ESA	  	1	  		 	NCM LLC	 	Preamble
	AMC	  	Preamble	  		 	Theatre	 	1
	Beverage Agreement	  	1	  		 		 	

  

 A-3 

 B. Exhibitor Allocation 
 Formula1 
 Loews Exhibitor Allocation = (Screen Factor * Loews
Screen Ratio) + (Attendance Factor * Loews Attendance Ratio); where: 
  

	 	(1)	Screen Factor = 1- Attendance Factor 

  

	 	(2)	Loews Screen Ratio = Loews Screen Count / (Loews Screen Count + Founding Member Screen Count) 

  

	 	(a)	Loews Screen Count = Total number of screens in Loews Theatres on the applicable measurement date 

  

	 	(b)	Founding Member Screen Count = AMC Screen Count (not including Loews Theatres) + Cinemark Screen Count + Regal Screen Count 

  

	 	(i)	Screen Count (for each of AMC, Cinemark and Regal) = Screen Number for that exhibitor during the applicable measurement period 

  

	 	(ii)	Screen Number = Number of screens available in the exhibitor’s Theatres on each day of the applicable measurement period to exhibit Inventory / Total number of days in the
applicable measurement period 

  

	 	(3)	Attendance Factor = Percentage of advertising revenue attributable to contracts with pricing based on any factor other than number of screens (e.g., pricing based on attendance or
flat fee), as calculated on the first day of each fiscal quarter 

  

	 	(4)	Loews Attendance Ratio = Loews Attendance / (Loews Attendance + Founding Member Attendance) 

  

	 	(a)	Founding Member Attendance = AMC Attendance (not including Loews Theatres) + Cinemark Attendance + Regal Attendance 

  

	 	(b)	Attendance (for each of Loews, AMC, Cinemark and Regal) = Total number of patrons in all of the exhibitor’s Theatre auditoriums during the applicable measurement period

	 1
	 The meaning of each term used in this Loews Exhibitor Allocation formula is qualified by the definitions
in this Attachment A. 

 C. Exclusivity Run-Out Payment 
 Formula1 for Quarterly Payments 
 Exclusivity Run-Out Payment = *** 

	 1
	 The meaning of each term used in this Exclusivity Run-Out Payment formula is qualified by the
definitions in this Attachment A.

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