Document:

First Amendment to Employment Agreement

 Exhibit 10.18.1 
 FIRST AMENDMENT 
 TO 
 EMPLOYMENT AGREEMENT 
 This First Amendment to Employment Agreement is entered
into, among National CineMedia, Inc., a Delaware corporation (the “Company” or “NCM, Inc.”), National CineMedia, LLC, a Delaware limited liability company (“NCM LLC”), and Ralph E. Hardy (the
“Executive”) to be effective as of January 1, 2009 (the “Effective Date”), unless otherwise provided 
 RECITALS 
 A. The Executive currently serves as the Executive Vice President and General Counsel of the Company and the
Company provides management services to NCM LLC. 
 B. The terms of the Executive’s employment are covered by an employment agreement
among the Executive, the Company and NCM LLC, effective February 13, 2007 (the “Agreement”). 
 C. Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”) requires a nonqualified deferred compensation plan to meet specified design and operational requirements. The Agreement is required to be amended for compliance with
Section 409A of the Code and the final Treasury Regulations thereunder (“Section 409A”). 
 D. The Executive, the
Company and NCM LLC desire to amend the Agreement for the purpose of bringing the Agreement into compliance with the requirements of Section 409A and to make technical changes to the bonus-related provisions to comply with Section 162(m)
of the Code. The Agreement, as amended by this First Amendment, is intended to comply with the requirements of Section 409A and Section 162(m) of the Code. 
 AGREEMENT 
 In consideration of the mutual promises contained in the Agreement and herein and for
good and valuable consideration, the receipt of which is mutually acknowledged, the Executive, the Company, and NCM LLC agree as follows: 
 1. Section 4 of the Agreement, “Bonuses,” is hereby amended by adding a new subsection (c) to read in its entirety as follows: 
 (c) Effective on and after January 2, 2008, notwithstanding the foregoing, the amount, time and form of payment of any bonus award to
the Executive hereunder shall be determined under the Company’s applicable performance bonus plan. 

 2. Section 8 of the Agreement, “Termination of Employment,” is hereby amended by
adding a new subsection (i) to read in its entirety as follows: 
 (i) Section 409A; Time and Form of Payments
and Benefits. The parties intend that each payment and benefit provided to the Executive upon his termination of employment, shall be eligible for certain regulatory exceptions to the limitations imposed on deferred compensation by
Section 409A or shall comply with the requirements of Section 409A. The purpose of this subsection 8(i) is to amend the Agreement to comply with, or be eligible for one or more exceptions from, the requirements of Section 409A.

  

	 	(i)	Time and Form of Payment. Each of the following amounts payable to the Executive under this Agreement shall constitute a separate payment for purposes of
Section 409A: 

  

	 	(1)	The amount of Base Salary payable pursuant to subsection 8(b)(i), and each installment thereof, shall constitute a separate payment defined as the “Disability
Payment.” The Disability Payment shall be paid in equal installments on the same date that the Company makes its normal payroll payments in accordance with the Company’s payroll practices in effect for the Executive on the Effective
Date, provided, however, that if the six month delay in payment required by subsection 8(i)(iii) hereof applies, the installment payments for the first six months following the date of separation from service shall be withheld and paid on the first
pay date that is more than six months following the date of separation from service. The first installment payment of the Disability Payment shall be made on the first pay date that is 60 days or more following the date of separation from service by
the Executive, provided that the Executive must execute and not revoke a release of claims against the Company within such 60 day period. 

  

	 	(2)	The amount of Base Salary payable pursuant to subsections 8(d)(i) or 8(e), and each installment thereof, shall constitute a separate payment defined as the “Severance
Payment.” The Severance Payment shall be paid in equal installments on the same date that the Company makes its normal payroll payments in accordance with the Company’s payroll practices in effect for the Executive on the Effective
Date, provided, however, that if the six month delay in payment required by subsection 8(i)(iii) hereof applies, the installment payments for the first six months following the date of separation from service shall be withheld and paid on the first
pay date that is more than six months following the date of separation from service. The first installment payment of the Severance Payment shall be made on the first pay date that is 60 days or more following the date of separation from service by
the Executive, provided that the Executive must execute and not revoke a release against the Company within such 60 day period. 

  

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	 	 (3)
	 Any incentive bonus payable to the Executive pursuant to subsections 8(a)(ii), 8(b)(ii), 8(c)(ii), 8(d)(ii) or 8(e)
shall be determined under the terms of the applicable performance bonus plan in which he participates (the “Bonus Plan”) and shall constitute a separate payment defined as the “Accrued Bonus.” The Accrued Bonus
shall be paid in a lump sum payment no later than the 15th day of the third month following the later of (A) the end of the Company’s
taxable year or (B) the end of the calendar year to which the performance bonus relates, except as required by subsection 8(i)(iii) hereof, and provided further that the release required of the Executive shall have been executed and not revoked
within the time period specified in subsections 1 and 2 above. 

  

	 	(ii)	Continuation of Benefits; Reimbursements. For purposes of the Agreement, with respect to continued coverage or participation by the Executive in employee benefit plans
and programs or reimbursement of expenses for the specified periods, the Agreement shall be interpreted as follows: 

  

	 	(1)	Continuation of Medical Benefits Following Death. Payments by the Company for the continued medical benefits pursuant to COBRA for the Executive’s surviving
Spouse and “eligible dependents” set forth in subsection 8(a)(iii) shall be paid in monthly installments for the one year period following the death of the Executive consistent with the amount and time of payment required under the
applicable plan. The first such payment for continued medical benefits pursuant to COBRA shall be made on the first day of the month immediately following the month in which the Executive dies. The right to continued coverage shall not be subject to
liquidation or exchange for another benefit. 

  

	 	(2)	Continuation of Benefits. In lieu of, and in full satisfaction of, continued participation in all employee benefit plans or programs in which the Executive was
participating on the date of his termination of employment, pursuant to subsection 8(d)(iii) or 8(e) of this Agreement, the Executive shall receive payments at the same time, and subject to the same conditions, as the Severance Payments or the
Disability Payments, as applicable, the “Benefit Payment”, except as required by subsection 8(i)(iii) hereof. The amount of the Benefit Payment shall be determined as the sum of the Company payments or contributions on behalf of the
Executive (and his family) under each such benefit plan for the immediately preceding calendar year, divided by 12 (the “Monthly Benefit Amount”). The Monthly Benefit Amount shall be paid for the number of months specified in the
relevant subsection of Section 8 of the Agreement, as applicable, and shall be divided by the number of pay periods in each such month and the applicable portion of the Monthly Benefit Amount shall be paid at the same time as installment
payments of Severance Payments or Disability Payments are made in accordance with this subsection 8(i). 

  

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	 	(3)	Reimbursement of Expenses. Section 5 and subsections 8(a)(iv), 8(b)(iii), 8(c)(iii), 8(d)(iv), and 8(e) provide for reimbursement of any business expenses
incurred by the Executive prior to his separation from service (or death). The amount of any such reimbursement shall be paid to the Executive (or his beneficiary or estate) on or before December 31 of the calendar year following the calendar
year in which the Executive incurred the eligible expenses. The amount of expenses eligible for reimbursement during any calendar year shall not affect the amount of expenses eligible or reimbursement in any other calendar year. The right to
reimbursement shall not subject to liquidation or exchange for another benefit. 

  

	 	(iii)	Delay in Payment. Notwithstanding anything contained in the Agreement to the contrary, if the Executive is deemed by the Company at the time of the Executive’s
“separation from service” with the Company and NCM LLC to be a “specified employee,” any “nonqualified deferred compensation” to which the Executive is entitled in connection with such separation from service after
taking into account all applicable exceptions from Section 409A, shall not be paid or commence payment until the date which is the first business day following the six-month period after the Executive’s separation from service (or if
earlier, the Executive’s death). Such delay in payment shall only be effected with respect to each separate payment to the extent required to avoid adverse tax treatment to the Executive under Section 409A. Any payments and benefits not
subject to such delay, shall be paid pursuant to the time and form of payment specified as above. Any compensation which would have otherwise been paid during the delay period in the absence of this subsection 8(i)(iii) shall be paid to the
Executive (or his beneficiary or estate) in a lump sum payment on the first business day following the expiration of the delay period. 

  

	 	(iv)	Good Reason. The parties intend that the definition of Good Reason and the operation of subsection 8(e) be treated as an involuntary separation from service consistent
with the requirements of Treasury Regulation § 1.409A-1(n). “Good Reason” shall mean the Executive’s resignation following a material diminution in the Executive’s authority, duties, or responsibilities without the
written consent of the Executive. The Executive shall provide written notice to the Company within 90 days of the initial existence of the Good Reason condition. Upon receipt of such notice, the Company shall have a period of 20 days during which it
may remedy the condition and not be required to pay the amounts. 

  

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	 	(v)	Key Definitions. For purposes of the Agreement, the term “termination of employment” shall mean “separation from service” and the terms
“separation from service,” “specified employee” and “nonqualified deferred compensation” shall have the meanings ascribed to such terms pursuant to Section 409A and other applicable guidance.

 3. Section 24, “Section 409A; Deferred Compensation,” shall be amended and restated to read in its
entirety as follows: 
 24. Section 409A; Deferred Compensation. The parties intend that any amounts
payable and benefits provided under this Agreement and the exercise of authority or discretion by the Company or by the Executive (a) shall be eligible for certain regulatory exceptions to the limitations imposed on deferred compensation by
Section 409A; or (b) shall comply with the provisions of Section 409A, in both cases so as not to subject the Executive to the payment of additional taxes and interest that may be imposed under Section 409A. To the extent that
any amount payable or benefit provided to the Executive would trigger the additional tax or interest imposed under Section 409A, the Company and the Executive agree to work together to modify the Agreement to the minimum extent necessary to
reasonably comply with the requirements of Section 409A, provided that the Company and NCM LLC shall not be required to assume any increased economic burden. 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, each of the parties have executed this First Amendment to Agreement on the
dates set forth below, to be effective as of the Effective Date. 
  

			
	 NATIONAL CINEMEDIA, INC.
 The
Company; NCM Inc.

		
	By:	 	/s/ Kurt C. Hall
		 	Kurt C. Hall
		 	President and Chief Executive Officer
		
	Date:	 	December 30, 2008
	
	 NATIONAL CINEMEDIA, LLC
 NCM
LLC

		
	By:	 	/s/ Kurt C. Hall
		 	National CineMedia, Inc., as Managing
		 	Member
		 	Kurt C. Hall
		 	President and Chief Executive Officer
		
	Date:	 	December 30, 2008
	
	EXECUTIVE
		
	By:	 	/s/ Ralph E. Hardy
		 	Ralph E. Hardy
		
	Date:	 	December 30, 2008

  

 6First Amendment to 2007 Equity Incentive Plan

 Exhibit 10.19.1 
 FIRST AMENDMENT 
 TO 
 NATIONAL CINEMEDIA, INC. 
 2007 EQUITY INCENTIVE PLAN 
 NATIONAL CINEMEDIA, INC., a Delaware corporation (the “Company”) adopted the National CineMedia, Inc. 2007 Equity Incentive Plan,
effective February 6, 2007. This First Amendment to the Plan is made effective as of January 1, 2009 (the “Effective Date”). 
 RECITALS 
 A. Section 17 of the Plan permits the Company to amend the Plan from time to time.

 B. Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) requires a nonqualified deferred
compensation plan to meet specified design and operational requirements. Certain awards granted under the Plan may provide for nonqualified deferred compensation within the meaning of Section 409A of the Code. 
 C. The Company hereby amends the Plan for the purpose of compliance with Section 409A of the Code and the final Treasury Regulations thereunder.

 AMENDMENT 
 1.
Section 13, Parachute Limitations, of the Plan is hereby amended by replacing the last sentence of such Section with the following: 
 In the event that the receipt of any such right to exercise, vesting, payment, or benefit under this Plan, in conjunction with all other rights, payments or benefits to or for the Participant under any Other Agreement
or any Benefit Arrangement would cause the Participant to be considered to have received a Parachute Payment under this Plan that would have the effect of decreasing the after-tax amount received by the Participant as described in clause
(ii) of the preceding sentence, then the amount payable to the Participant under any Benefit Arrangement in cash that constitutes a Parachute Payment shall first be reduced to the extent necessary, or eliminated, so as to avoid having the
payment or benefit to the Participant under this Plan be deemed to be a Parachute Payment. Cash payable under any such Benefit Arrangement shall be reduced, or eliminated, in the order that such payments would be made to the Participant under the
provisions of such Benefit Arrangement, with the payments to be made to the Participant at the earliest date reduced first and any required additional reductions made from cash payments with respect to any such Benefit Arrangement reduced in order
of time of payment, so that the Benefit Arrangement payable in cash that would be paid furthest in time from the date of the event triggering the payments would be reduced or eliminated last. 

 2. Section 16.10, Section 409A, of the Plan is hereby amended and restated to
read in its entirety as follows: 
 16.10. Section 409A. 
 (a) Time and Form of Payment. Notwithstanding anything contained in this Plan or in an Award Agreement to the contrary, the
time and form of payment of an Award that is subject to the limitations imposed by Section 409A of the Code, shall be set forth in the applicable Award Agreement on or before the time at which the Participant obtains a legally binding right to
the Award (or such other time permitted under Section 409A of the Code) and such time and form of payment shall comply with the requirements of Section 409A of the Code. 
 (b) Delay in Payment. Notwithstanding anything contained in this Plan or an Award Agreement to the contrary, if the
Participant is deemed by the Company at the time of the Participant’s “separation from service” with the Company to be a “specified employee” as determined under Section 409A of the Code, any “nonqualified deferred
compensation” to which the Participant is entitled in connection with such separation from service after taking into account all applicable exceptions from Section 409A, shall not be paid or commence payment until the date that is the
first business day following the six month period after the Participant’s separation from service (or if earlier, the Participant’s death). Such delay in payment shall only be effected with respect to each separate payment to the extent
required to avoid adverse tax treatment to the Participant under Section 409A of the Code. Any compensation which would have otherwise been paid during the delay period (whether in a lump sum or in installments) in the absence of this
Section 16.10 shall be paid to the Participant (or his or her beneficiary or estate) in a lump sum payment on the first business day following the expiration of the delay period. 
 (c) Key Definitions. For purposes of this Plan, the term “termination of employment” shall mean “separation
from service” and the terms “separation from service,” “specified employee” and “nonqualified deferred compensation” shall have the meanings ascribed to the terms pursuant to Section 409A and other applicable
guidance. 
 (d) Amendments. Notwithstanding anything in the Plan to the contrary, the Plan and Awards
granted under the Plan are intended to be eligible for certain regulatory exceptions to the limitations of, or to comply with, the requirements of Section 409A of the Code. The Committee, in the exercise of its sole discretion and without the
consent of the Participant, may amend or modify the terms of an Award in any manner and delay the payment of any amounts payable pursuant to an Award to the minimum extent necessary to reasonably comply with the requirements of Section 409A of
the Code, provided that the Company shall not be required to assume any increased economic burden. No action taken by the Committee with respect to the requirements of Section 409A of the Code shall be deemed to adversely affect a
Participant’s rights with respect to an Award or to require the consent of such Participant. The Committee reserves the right to make additional changes to the Plan and Awards from time to time to the extent it deems necessary with respect to
Section 409A of the Code. 
  

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 This First Amendment has been executed on the date set forth below, to be effective as of the Effective
Date set forth above. 
  

			
	 NATIONAL CINEMEDIA, INC.
 The
Company

		
	By:	 	/s/ Kurt C. Hall
		 	Kurt C. Hall
		 	President and Chief Executive Officer
		
	Date:	 	February 23, 2009

  

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