Document:

Exhibit 10.21

 

 

Nov 19th, 2018

 

To:

Micronet Ltd

Att: Mr. David Markus, Micronet CEO

 

	 	RE:	Micronet Ltd (“Micronet”) - Financial backing

 

Reference is made to your
request made to MICT Inc. (“MICT”) dated November 19 2018 in connection with the financial backing required to Micronet
in support of its cash flow and working capital needs.

 

Pursuant to the resolution
of the board of Directors of MICT, the undersigned confirms that MICT has agreed to assume the obligation and extend Micronet with
a funding in the total amount of up to USD 250,000 (“the Funding”).

 

The Funding shall be made
available to Micronet as follows:

 

(a) In the event Micronet
shall independently secure funding from third parties in any form (such as by way of equity or loan or any combination thereof),
MICT shall participate in such funding and extend the funding in such portion based on its pro rata holdings in Micronet (up to
the Funding amount) and pursuant to the same terms conditions secured by Micronet vis a vis the applicable funding third parties;

 

Or, at the alternative
of Micronet,

 

(b) the Funding will be
extended either in a form of a loan, equity, convertible loan combined with certain warrants coverage or a firm commitment to provide
Micronet with a guaranty securing its loans or any combination of the above. Under this alternative, the final and formal structure
of Funding shall be determined and agreed by the parties pursuant to good faith negotiations to be completed by no later than December
15th 2018.

 

It is agreed that if the
Funding will be in a form of a loan then Micronet shall pay back such loan not before January 1 2020 but no later than December
31, 2020.

 

	Sincerely, 	 
	 	 
	Mict Inc 	 
	 	 
	/s/ David Lucatz	 
	David Lucatz, CEOimax-ex44_95.htm

 

Exhibit 4.4

 

DESCRIPTION OF Registrant’s securities registered UNDER section 12 of the securities exchange act of 1934

 

The following is a description of IMAX Corporation’s (the “Company,” “we” or “us”) shares of common stock, no par value per share (“Common Shares”) registered under Section 12 of the Securities Exchange Act of 1934, as amended.  This description is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to the Company’s Restated Articles of Incorporation (the “Articles”) and the Company’s By-Law No. 1 (the “By-Laws”), each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit is a part. We encourage you to read the Articles, the By-Laws and the applicable provisions of the Canada Business Corporations Act (the “CBCA”), for additional information.

 

DESCRIPTION OF COMMON SHARES

 

Our authorized capital shares include an unlimited number of Common Shares. The outstanding shares of our Common Shares are fully paid and nonassessable.

 

Voting Rights

 

Each holder of our Common Shares is entitled to one vote for each share on all matters submitted to a vote of our stockholders, including the election of our directors. The rights attached to the Common Shares do not provide for cumulative voting rights or preemptive rights. Accordingly, the holders of a majority of our outstanding Common Shares entitled to vote in any election of directors can elect all of the directors standing for election, if they should so choose. Subject to the Articles and the By-Laws, at all meetings of the Board, every question shall be decided by a majority of the votes cast.

 

Dividend Rights

 

The holders of Common Shares are entitled to receive dividends if, as and when declared by our Board of Directors (the “Board”), subject to the rights of the holders of any other class of our shares entitled to receive dividends in priority to the Common Shares. Certain of the instruments governing our existing indebtedness restrict our rights to pay dividends to the holders of the Common Shares.

 

Liquidation, Dissolution or Winding Up

 

If we liquidate, dissolve or wind up, the holders of our Common Shares are entitled to share ratably in all assets legally available for distribution to shareholders after payment of any liquidation or distribution preference payable with respect to any other then outstanding classes of stock entitled to such preference.

 

 

 

Rights and Preferences

 

Our Common Shares have no preemptive, conversion or subscription rights. There are no redemption or sinking fund provisions applicable to our Common Shares.

 

Board Classification

 

Under our Articles, members of our Board are elected on an annual basis.  Our Board is not classified.

 

Anti-Takeover Provisions of the Articles, By-Laws and the CBCA

 

Provisions of the Articles, By-Laws and the CBCA may delay or discourage transactions involving an actual or potential change in control of the Company or change in its management, including transactions in which shareholders might otherwise receive a premium for their Common Shares, or transactions that its shareholders might otherwise deem to be in their best interests. Among other things, such provisions include the following:

 

	
 
	
•
	
Under Canadian law, the affirmative vote of two-thirds of the votes cast in person or by proxy at a meeting of shareholders is required for shareholder approval of an amalgamation (other than certain short form amalgamations), for any sale, lease or exchange of all, or substantially all, of our assets, if not in the ordinary course of our business, voluntary liquidation and dissolution and certain other fundamental changes including amendments to the Articles. Other shareholder action is generally decided by a majority of the votes cast at a meeting of shareholders.

 

	
 
	
•
	
Pursuant to the Articles, the Board may from time to time, without shareholder approval, issue one or more series of special shares issuable in series, no par value per share (“Special Shares”) having rights, privileges, restrictions and conditions attaching thereto. The authorization of undesignated Special Shares in our Articles makes it possible for our Board to issue Special Shares with rights or preferences that could impede the success of any attempt to change control of the Company. These and other provisions may have the effect of deterring hostile takeovers or delaying changes in control or management of the Company.

 

	
 
	
•
	
The CBCA requires that 25% of the directors of the Board be resident Canadians. Directors must be nominated in accordance with the procedures set out in Section 4.1 of the By-Laws and are elected by a majority of the votes cast at meeting of the shareholders.

 

	
 
	
•
	
There is no limitation imposed by the Articles or other charter documents on the right of a non-resident to hold or vote Common Shares. However, notification and, in certain cases, advance review and approval by the Government of Canada of the acquisition by a non-Canadian of control of a Canadian business may be required under Canadian law.

 

 

 

Listing

 

The Common Shares are traded on The New York Stock Exchange under the trading symbol “IMAX.”imax-ex104_93.htm

 

EXHIBIT 10.4

 

IMAX CORPORATION

AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN
FORM OF RESTRICTED SHARE UNIT AWARD AGREEMENT

THIS RESTRICTED SHARE UNIT AGREEMENT (the “Agreement”) is made effective as of _________ (the “Date of Grant”) between IMAX Corporation, a Canadian corporation (the “Company”), and _________ (the “Participant”).

This Agreement sets forth the general terms and conditions of Restricted Share Units (“RSUs”). By accepting the RSUs, the Participant agrees to the terms and conditions set forth in this Agreement and the IMAX Corporation Amended and Restated Long-Term Incentive Plan (the “IMAX LTIP”) as well as the Employment Agreement between _________ and the Company, dated as of _________ (the “Employment Agreement”).

Capitalized terms not otherwise defined herein shall have the same meanings as in the IMAX LTIP.

1.Grant of the RSUs. Subject to the provisions of this Agreement and the IMAX LTIP, the Company hereby grants to the Participant an aggregate of _________ RSUs, subject to adjustment as set forth in the IMAX LTIP. Each RSU gives the Participant the unsecured right to receive, subject to the terms and conditions of the IMAX LTIP and this Agreement, one Common Share. The Participant shall not be required to pay any additional consideration for the issuance of the Common Shares upon settlement of the RSUs.

2.Vesting Schedule. Subject to the terms and conditions hereof, the Participant shall vest in the RSUs as follows, unless previously vested or cancelled in accordance with the provisions of the IMAX LTIP or this Agreement (each applicable date, a “Scheduled Vesting Date”):

 

	
Scheduled Vesting Date
	
RSUs Vesting on Such Date

	
First Vesting Date
	
TBD

	
Second Vesting Date
	
TBD

	
Third Vesting Date
	
TBD

	
Fourth Vesting Date
	
TBD

 

3.Settlement. Each RSU shall be settled by delivery of one Common Share within thirty (30) days following the applicable Scheduled Vesting Date or such earlier date on which the RSUs vest pursuant to Sections 4, 5 or 6 (each, a “Settlement Date”); provided, however, that in no event shall settlement occur later than March 15th of the year following the applicable vesting date.

4.Termination of Employment Generally. In the event that the Participant’s employment with the Company terminates for any reason, including termination with or without Cause, resignation with or without Good Reason, death, Disability or retirement (each term as defined in the Employment Agreement), the RSUs shall be treated as set forth in the Employment Agreement.

 

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5.Termination upon Achievement of Service Factor.  If the Participant’s employment with the Company terminates prior to the Scheduled Vesting Date as a result of the Participant’s resignation after the achievement of the Service Factor, the RSUs shall continue to vest in accordance with the Scheduled Vesting Dates.  For purposes of this Agreement, “Service Factor” shall mean the Participant’s resignation (i) at or after attaining age 55 and (ii) following the Participant’s continuous service with the Company or any of its Subsidiaries and Affiliates for at least ten (10) years, or such other resignation by the Participant that is deemed by the Committee to be an achievement of the Service Factor, provided that the Participant provides the Company a six (6)-month written notice of the Participant’s intent to resign.

6.Change of Control. In the event of a Change of Control, the RSUs shall be treated as set forth in the Employment Agreement or the IMAX LTIP, as applicable. 

7.Nontransferability of RSUs. Unless otherwise determined by the Committee pursuant to the terms of the IMAX LTIP, the RSUs may not be transferred, pledged, alienated, assigned or otherwise attorned other than by last will and testament or by the laws of descent and distribution or pursuant to a domestic relations order, as the case may be.

8.Rights as a Shareholder. The Participant shall have no rights as a shareholder with respect to the RSUs. Upon settlement, the Participant shall have all rights as a shareholder with respect to the Common Shares delivered to the Participant, if any, including, without limitation, voting rights and the right to receive dividends.

9.Dividend Equivalents. If, after the Date of Grant and prior to the applicable Settlement Date, dividends with respect to the Common Shares are declared or paid by the Company, the Participant shall be entitled to receive dividend equivalents in an amount, without interest, equal to the cumulative dividends declared or paid on a Common Share, if any, during such period multiplied by the number of RSUs being settled. Dividend equivalents will be subject to the same terms and conditions of this Agreement applicable to the RSUs. The dividend equivalents will be paid on the applicable Settlement Date for the underlying RSUs in cash or Common Shares, as determined by the Company in its discretion. If the underlying RSUs are cancelled prior to the applicable Settlement Date for any reason, any accrued and unpaid dividend equivalents shall be cancelled.

10.No Entitlements.

(a)No Right to Continued Employment. This Agreement does not constitute an employment agreement and nothing in the IMAX LTIP or this Agreement shall modify the terms of the Participant’s employment, including, without limitation, the Participant’s status as an “at will” employee of the Company, if applicable. None of the IMAX LTIP, the Agreement, the grant of RSUs, nor any action taken or omitted to be taken shall be construed (i) to create or confer on the Participant any right to be retained in the employ of the Company, (ii) to interfere with or limit in any way the right of the Company to terminate the Participant’s employment at any time and for any reason or (iii) to give the Participant any right to be reemployed by the Company following a termination of employment for any reason.

(b)No Right to Future Awards. This award of RSUs and all other equity-based awards under the IMAX LTIP are discretionary. This award does not confer on the Participant any right or entitlement to receive another award of RSUs or any other equity-based award at any time in the future or in respect of any future period.

11.Taxes and Withholding. The Participant must satisfy any federal, state, provincial, local or foreign tax withholding requirements applicable with respect to the settlement of the RSUs. The Company may require or permit the Participant to satisfy such tax withholding obligations through the Company withholding Common Shares that would otherwise be received by such individual upon settlement of the RSUs. The obligations of the Company to deliver the Common Shares under this Agreement shall be conditioned upon the Participant’s payment of all applicable taxes and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant.

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12.Breach of Restrictive Covenants. If the Participant materially breaches any of the restrictive covenants set forth in the Employment Agreement or any other agreement with the Company or any of its Subsidiaries or Affiliates (including, without limitation, any restrictive covenants relating to non-competition, non-solicitation or confidentiality), then all of the RSUs (whether or not vested) shall terminate and be cancelled without consideration being paid therefor.

13.Securities Laws. The Company shall not be required to issue Common Shares in settlement of or otherwise pursuant to the RSUs unless and until (i) the Common Shares have been duly listed upon each stock exchange on which the Common Shares are then registered; (ii) a registration statement under the Securities Act of 1933, as amended, with respect to such Common Shares is then effective; and (iii) the issuance of the Common Shares would comply with such legal or regulatory provisions of such countries or jurisdictions outside the United States as may be applicable in respect of the RSUs. In connection with the grant or vesting of the RSUs, the Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement.

14.Miscellaneous Provisions.

(a)Notices. Any notice necessary under this Agreement shall be addressed to the Company in care of its Corporate Secretary at the principal executive office of the Company and to the Participant at the address appearing in the records of the Company for the Participant or to either party at such other address as either party hereto may hereafter designate in writing to the other. Notwithstanding the foregoing, the Company may deliver notices to the Participant by means of email or other electronic means that are generally used for employee communications. Any such notice shall be deemed effective upon receipt thereof by the addressee.

(b)Headings. The headings of sections and subsections are included solely for convenience of reference and shall not affect the meaning of the provisions of this Agreement.

(c)Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

(d)Incorporation of IMAX LTIP; Entire Agreement. This Agreement and the RSUs shall be subject to the IMAX LTIP, the terms of which are incorporated herein by reference, and in the event of any conflict or inconsistency between the IMAX LTIP and this Agreement or the Employment Agreement, the IMAX LTIP shall govern. This Agreement, the Employment Agreement and the IMAX LTIP constitute the entire agreement between the parties hereto with regard to the subject matter hereof. They supersede all other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the subject matter hereof. The Participant acknowledges receipt of the IMAX LTIP, and represents that the Participant is familiar with its terms and provisions.

(e)Amendments. Subject to all applicable laws, rules and regulations, the Committee shall have the power to amend this Agreement at any time provided that such amendment does not adversely affect, in any material respect, the Participant’s rights under this Agreement without the Participant’s consent. Notwithstanding the foregoing, the Company shall have broad authority to alter or amend this Agreement and the terms and conditions applicable to the RSUs without the consent of the Participant to the extent it deems necessary or desirable in its sole discretion (i) to comply with or take into account changes in, or rescissions or interpretations of, applicable tax laws, securities laws, employment laws, accounting rules or standards and other applicable laws, rules, regulations, guidance, ruling, judicial decision or legal requirement, (ii) to ensure that the RSUs are not subject to taxes, interest and penalties under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) to take into account unusual or nonrecurring events or market conditions, or (iv) in any other manner set forth in Section 15 of the IMAX LTIP. Any amendment, modification or termination shall, upon adoption, become and be binding on all persons affected thereby without requirement for consent or other action with respect thereto by any such person. The Committee shall give written notice to the Participant in accordance with Section 13(a) of any such amendment, modification or termination as promptly as practicable after the adoption thereof. The foregoing shall not restrict the 

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ability of the Participant and the Company by mutual consent to alter or amend the terms of the RSUs in any manner that is consistent with the IMAX LTIP and approved by the Committee.

(f)Section 409A.

(i)The RSUs are intended to constitute “short-term deferrals” for purposes of Section 409A of the Code and the regulations and guidance promulgated thereunder (“Section 409A”). If any provision of the IMAX LTIP or this Agreement would, in the reasonable good faith judgment of the Committee, result or likely result in the imposition on the Participant, a beneficiary or any other person of a penalty tax under Section 409A, the Committee may modify the terms of the IMAX LTIP or this Agreement, without the consent of the Participant, beneficiary or such other person, in the manner that the Committee may reasonably and in good faith determine to be necessary or advisable to avoid the imposition of such penalty tax. This Section 13(f) does not create an obligation on the part of the Company to modify the IMAX LTIP or this Agreement and does not guarantee that the RSUs will not be subject to taxes, interest and penalties under Section 409A.

(ii)Notwithstanding anything to the contrary in the IMAX LTIP or this Agreement, to the extent that the RSUs constitute deferred compensation for purposes of Section 409A and Participant is a “Specified Employee” (within the meaning of the Committee’s established methodology for determining “Specified Employees” for purposes of Section 409A), no payment or distribution of any amounts with respect to the RSUs that are subject to Section 409A may be made before the first business day following the six (6) month anniversary from the Participant’s Separation from Service from the Company Group (as defined in Section 409A) or, if earlier, the date of the Participant’s death.

(g)Successor. Except as otherwise provided herein, this Agreement shall be binding upon and shall inure to the benefit of any successor or successors of the Company, and to any Permitted Transferee pursuant to Section 7.

(h)Choice of Law. Except as to matters of federal law, this Agreement and all actions taken thereunder shall be governed by and construed in accordance with the laws of the State of New York (other than its conflict of law rules).

          (i)             Clawback. Any awards made pursuant to the IMAX LTIP shall be subject to clawback or recoupment as permitted or mandated in the Employment Agreement and by applicable law, rules, regulations or any Company policy as enacted, adopted or modified from time to time.

[Signatures on Following Page]

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IMAX CORPORATION

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
 

	
 
	
Name:
	
 
	
Robert Lister

	
 
	
Title:
	
 
	
Chief Legal Officer and Senior Executive Vice President

 

	
 
	
By:
	
 
	
 

	
 
	
Name:
	
 
	
Kenneth Weissman

	
 
	
Title:
	
 
	
Senior Vice President, Legal Affairs & Corporate Secretary

 

The undersigned hereby acknowledges having read the IMAX LTIP and this Agreement, and hereby agrees to be bound by all the provisions set forth in the IMAX LTIP and this Agreement.

 

	
Name (Printed):
	
 
	
 

	
Signature:  
	
 
	
 

	
Date:  
	
 
	
 

 

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