Document:

exv4w20

 

IMAX CORPORATION

EXHIBIT 4.20

THIRTEENTH SUPPLEMENTAL INDENTURE

          Thirteenth Supplemental Indenture (this “Thirteenth Supplemental Indenture”), dated as of
February 25, 2008 among IMAX Corporation, a corporation incorporated under the federal laws of
Canada (the “Company”), the Guarantors named in the Indenture referred to below (the “Existing
Guarantors”), the First Supplemental Guarantors named in the Supplemental Indenture referred to
below, the Second Supplemental Guarantor named in the Second Supplemental Indenture referred to
below, the Fourth Supplemental Guarantors named in the Fourth Supplemental Indenture referred to
below, the Fifth Supplemental Guarantor named in the Fifth Supplemental Indenture referred to
below, the Sixth Supplemental Guarantor named in the Sixth Supplemental Indenture referred to
below, the Seventh Supplemental Guarantor named in the Seventh Supplemental Indenture referred to
below, the Eighth Supplemental Guarantor named in the Eighth Supplemental Indenture referred to
below, the Tenth Supplemental Guarantor named in the Tenth Supplemental Indenture referred to
below, the Eleventh Supplemental Guarantors named in the Eleventh Supplemental Indenture referred
to below, the Twelfth Supplemental Guarantor named in the Twelfth Supplemental Indenture referred
to below, Nellcote Pictures Ltd. (the “Guaranteeing Subsidiary”) and U.S. Bank National
Association, as trustee under the Indenture referred to below (the “Trustee”).

WITNESSETH

          WHEREAS, the Company and the Existing Guarantors have heretofore executed and delivered to the
Trustee an indenture (the “Indenture”), dated as of December 4, 2003, as amended by the First
Supplemental Indenture dated as of April 1, 2004 among the Company, the Existing Guarantors, 3D Sea
II Ltd. and Taurus-Littrow Productions Inc. (the “First Supplemental Guarantors”) and the Trustee
(the “First Supplemental Indenture”), as further amended by the Second Supplemental Indenture dated
as of July 14, 2004 among the Company, the Existing Guarantors, the First Supplemental Guarantors
and Big Engine Films Inc. (the “Second Supplemental Guarantor”) and the Trustee (the “Second
Supplemental Indenture”), as further amended by the Third Supplemental Indenture dated as of
February 2, 2005 among the Company, the Existing Guarantors, the First Supplemental Guarantors, the
Second Supplemental Guarantor and Automation Productions Ltd. (the “Third Supplemental Guarantor”)
and the Trustee (the “Third Supplemental Indenture”), as further amended by the Fourth Supplemental
Indenture dated as of April 10, 2006 among the Company, the Existing Guarantors, the First
Supplemental Guarantors, the Second Supplemental Guarantor, Conversion Films Ltd., Feathered Films
Ltd. and Great Ant Productions Ltd. (the “Fourth Supplemental Guarantors”) and the Trustee (the
“Fourth Supplemental Indenture”), as further amended by the Fifth Supplemental Indenture dated as
of June 19, 2006 among the Company, the Existing Guarantors, the First Supplemental Guarantors, the
Second Supplemental Guarantor, the Fourth Supplemental Guarantors, Acorn Rain Productions Ltd. (the
“Fifth Supplemental Guarantor”) and the Trustee (the “Fifth Supplemental Indenture”), as further
amended by the Sixth Supplemental Indenture dated as of November 9, 2006 among the Company, the
Existing Guarantors, the First Supplemental Guarantors, the Second Supplemental Guarantor, the
Fourth Supplemental Guarantors, the Fifth Supplemental Guarantor, Walking Bones Pictures Ltd. (the
“Sixth Supplemental Guarantor”) and the Trustee (the “Sixth Supplemental Indenture”), as further
amended by the Seventh Supplemental Indenture dated as of January 29, 2007 among the Company, the
Existing Guarantors, the

 

First Supplemental Guarantors, the Second Supplemental Guarantor, the Fourth Supplemental
Guarantors, the Fifth Supplemental Guarantor, the Sixth Supplemental Guarantor, Raining Arrows
Productions Ltd. (the “Seventh Supplemental Guarantor”) and the Trustee (the “Seventh Supplemental
Indenture”), as further amended by the Eighth Supplemental Indenture dated as of March 26, 2007
among the Company, the Existing Guarantors, the First Supplemental Guarantors, the Second
Supplemental Guarantor, the Fourth Supplemental Guarantors, the Fifth Supplemental Guarantor, the
Sixth Supplemental Guarantor, the Seventh Supplemental Guarantor, Coral Sea Films Ltd. (the “Eighth
Supplemental Guarantor”) and the Trustee (the “Eighth Supplemental Indenture”), as further amended
by the Ninth Supplemental Indenture dated as of April 16, 2007 among the Company, the Existing
Guarantors, the First Supplemental Guarantors, the Second Supplemental Guarantor, the Fourth
Supplemental Guarantors, the Fifth Supplemental Guarantor, the Sixth Supplemental Guarantor, the
Seventh Supplemental Guarantor, the Eighth Supplemental Guarantor and the Trustee (the “Ninth
Supplemental Indenture”), as further amended by the Tenth Supplemental Indenture dated as of May
30, 2007 among the Company, the Existing Guarantors, the First Supplemental Guarantors, the Second
Supplemental Guarantor, the Fourth Supplemental Guarantors, the Fifth Supplemental Guarantor, the
Sixth Supplemental Guarantor, the Seventh Supplemental Guarantor, the Eighth Supplemental
Guarantor, IMAX International Sales Corporation (the “Tenth Supplemental Guarantor”) and the
Trustee (the “Tenth Supplemental Indenture”), as further amended by the Eleventh Supplemental
Indenture dated as of September 20, 2007 among the Company, the Existing Guarantors, the First
Supplemental Guarantors, the Second Supplemental Guarantor, the Fourth Supplemental Guarantors, the
Fifth Supplemental Guarantor, the Sixth Supplemental Guarantor, the Seventh Supplemental Guarantor,
the Eighth Supplemental Guarantor, the Tenth Supplemental Guarantor, IMAX Space Productions Ltd.,
6822967 Canada Ltd. and 3183 Films Ltd. (the “Eleventh Supplemental Guarantors”) and the Trustee
(the “Eleventh Supplemental Indenture”), and as further amended by the Twelfth Supplemental
Indenture dated as of November 20, 2007 among the Company, the Existing Guarantors, the First
Supplemental Guarantors, the Second Supplemental Guarantor, the Fourth Supplemental Guarantors, the
Fifth Supplemental Guarantor, the Sixth Supplemental Guarantor, the Seventh Supplemental Guarantor,
the Eighth Supplemental Guarantor, the Tenth Supplemental Guarantor, the Eleventh Supplemental
Guarantors and 6861806 Canada Ltd. (the “Twelfth Supplemental Guarantor”) and the Trustee (the
“Twelfth Supplemental Indenture”) providing for the issuance of 95/8% Senior Notes due 2010 (the
“Securities”);

          WHEREAS, IMAX Sandde Animation Inc., one of the Existing Guarantors, was dissolved on February
8, 2005, the Third Supplemental Guarantor was dissolved on December 31, 2005, and Miami Theatre
LLC, one of the Existing Guarantors, was dissolved on June 29, 2007, and each is therefore no
longer a Guarantor;

          WHEREAS, the name of the Fifth Supplemental Guarantor was changed from Acorn Rain Productions
Ltd. to Ruth Quentin Films Ltd. on January 29, 2008;

          WHEREAS, the Indenture provides that under certain circumstances each Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which any
newly-acquired or created Guarantor shall unconditionally guarantee all of the Company’s
obligations under the Securities and the Indenture on the terms and conditions set forth herein
(the “Subsidiary Guarantee”); and

          WHEREAS, pursuant to Section 901 of the Indenture, the Trustee is authorized to execute and
deliver this Thirteenth Supplemental Indenture;

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          NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the
Securities as follows:

          1. Capitalized Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

          2. Agreement to Guarantee. The Guaranteeing Subsidiary irrevocably and unconditionally
guarantees the Guarantee Obligations, which include (i) the due and punctual payment of the
principal of, premium, if any, and interest and Special Interest, if any, on the Securities,
whether at maturity, by acceleration, redemption, upon a Change of Control Offer, upon an Asset
Sale Offer or otherwise, the due and punctual payment of interest on the overdue principal and
premium, if any, and (to the extent permitted by law) interest on any interest on the Securities,
and payment of expenses, and the due and punctual performance of all other obligations of the
Company, to the Holders or the Trustee all in accordance with the terms set forth in Article XIII
of the Indenture, and (ii) in case of any extension of time of payment or renewal of any Securities
or any such other obligations, that the same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration,
redemption, upon a Change of Control Offer, upon an Asset Sale Offer or otherwise.

          The obligations of the Guaranteeing Subsidiary to the Holders and to the Trustee pursuant to
this Subsidiary Guarantee and the Indenture are expressly set forth in Article XIII of the
Indenture and reference is hereby made to such Indenture for the precise terms of this Subsidiary
Guarantee.

          No past, present or future director, officer, partner, manager, employee, incorporator or
stockholder (direct or indirect) of the Guaranteeing Subsidiary (or any such successor entity), as
such, shall have any liability for any obligations of such Guaranteeing Subsidiary under this
Subsidiary Guarantee or the Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation, except in their capacity as an obligor or Guarantor of the
Securities in accordance with the Indenture.

          This is a continuing Guarantee and shall remain in full force and effect and shall be binding
upon the Guaranteeing Subsidiary and its successors and assigns until full and final payment of all
of the Company’s obligations under the Securities and Indenture or until released in accordance
with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and
the Holders, and, in the event of any transfer or assignment of rights by any Holder or the
Trustee, the rights and privileges herein conferred upon that party shall automatically extend to
and be vested in such transferee or assignee, all subject to the terms and conditions hereof. This
is a Guarantee of payment and not of collectibility.

          The obligations of the Guaranteeing Subsidiary under its Subsidiary Guarantee shall be limited
to the extent necessary to insure that it does not constitute a fraudulent conveyance under
applicable law.

          THE TERMS OF ARTICLE XIII OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

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          3. NEW YORK LAW TO GOVERN. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE THIS THIRTEENTH SUPPLEMENTAL INDENTURE.

          4. Counterparts. The parties may sign any number of copies of this Thirteenth Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

          5. Effect of Headings. The Section headings herein are for convenience only and shall not
affect the construction hereof.

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          IN WITNESS WHEREOF, the parties hereto have caused this Thirteenth Supplemental Indenture to
be duly executed and attested, all as of the date first above written.

	 	 	 	 	 
	 	IMAX Corporation

 	 
	 	By  	                    “G. Mary Ruby”
 	 
	 	 	Name:  	G. Mary Ruby 	 
	 	 	Title:  	Sr. Vice President, Legal Affairs,

Deputy General Counsel and

Corporate Secretary 	 
	 
	 	 	 
	 	By  	                    “Edward MacNeil”
 	 
	 	 	Name:  	Edward MacNeil 	 
	 	 	Title:  	Sr. Vice President, Finance 	 
	 

Existing Guarantors:

David Keighley Productions 70MM Inc.

IMAX II U.S.A. Inc.

IMAX Chicago Theatre LLC

   By its Managing Member

   IMAX Theatre Holding (California I) Co.

IMAX Minnesota Holding Co.

IMAX Rhode Island Limited Partnership

   By its General Partner

    IMAX Providence General Partner Co.

IMAX Scribe Inc.

IMAX Space Ltd.

IMAX Theatre Holding Co.

IMAX Theatre Holdings (OEI) Inc.

IMAX Theatre Management Company

IMAX Theatre Services Ltd.

IMAX U.S.A. Inc.

Nyack Theatre LLC

   By its Managing Member

   IMAX Theatre Holding (Nyack I) Co.

Parker Pictures Ltd.

Ridefilm Corporation

Sacramento Theatre LLC

   By its Managing Member

   IMAX Theatre Holding (California I) Co.

Sonics Associates, Inc.

Starboard Theatres Ltd.

Tantus Films Ltd.

1329507 Ontario Inc.

924689 Ontario Inc.

IMAX (Titanica) Ltd.

 

IMAX (Titanic) Inc.

IMAX Music Ltd.

IMAX Film Holding Co.

IMAX Indianapolis LLC

IMAX Providence General Partner Co.

IMAX Providence Limited Partner Co.

IMAX Theatre Holding (California I) Co.

IMAX Theatre Holding (California II) Co.

IMAX Theatre Holding (Nyack I) Co.

IMAX Theatre Holding (Nyack II) Co.

IMAX Theatre Management (Scottsdale), Inc.

Strategic Sponsorship Corporation

Tantus II Films Ltd.

RPM Pictures Ltd.

	 	 	 	 	 
	 	 	 
	 	By  	                    “G. Mary Ruby”
 	 
	 	 	Name:  	G. Mary Ruby 	 
	 	 	Title:  	Secretary 	 
	 
	 	 	 
	 	By  	                   “Edward MacNeil”
 	 
	 	 	Name:  	Edward MacNeil 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	First Supplemental Guarantors:

Taurus-Littrow Productions Inc.

3D Sea II Ltd.

 	 
	 	By  	                “G. Mary Ruby”
 	 
	 	 	Name:  	G. Mary Ruby 	 
	 	 	Title:  	Secretary 	 
	 
	 	 	 
	 	By  	                                    “Edward MacNeil”
 	 
	 	 	Name:  	Edward MacNeil 	 
	 	 	Title:  	Vice President 	 

 

	 	 	 	 	 
	 	Second Supplemental Guarantor:

Big Engine Films Inc.

 	 
	 	By  	  “G. Mary Ruby”
 	 
	 	 	Name:  	G. Mary Ruby 	 
	 	 	Title:  	Secretary 	 
	 
	 	 	 
	 	By  	                                   “Edward MacNeil”
 	 
	 	 	Name:  	Edward MacNeil 	 
	 	 	Title:  	Vice President 	 
	 
	 	Fourth Supplemental Guarantors:

Conversion Films Ltd.

Feathered Films Ltd.

Great Ant Productions Ltd.

 	 
	 	 	 
	 	By  	                                     “G. Mary Ruby”
 	 
	 	 	Name:  	G. Mary Ruby 	 
	 	 	Title:  	Secretary 	 
	 
	 	 	 
	 	By  	                                 “Edward MacNeil”
 	 
	 	 	Name:  	Edward MacNeil 	 
	 	 	Title:  	Vice President 	 

 

	 	 	 	 	 
	 	Fifth Supplemental Guarantor:

Ruth Quentin Films Ltd.

 	 
	 	By  	                       “G. Mary Ruby”
 	 
	 	 	Name:  	G. Mary Ruby 	 
	 	 	Title:  	Secretary 	 
	 
	 	 	 
	 	By  	                             “Edward MacNeil”
 	 
	 	 	Name:  	Edward MacNeil 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	Sixth Supplemental Guarantor:

Walking Bones Pictures Ltd.

 	 
	 	By  	                  “G. Mary Ruby”
 	 
	 	 	Name:  	G. Mary Ruby 	 
	 	 	Title:  	Secretary 	 
	 
	 	 	 
	 	By  	                                       “Edward MacNeil”
 	 
	 	 	Name:  	Edward MacNeil 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	Seventh Supplemental Guarantor:

Raining Arrows Productions Ltd.

 	 
	 	By  	             “G. Mary Ruby”
 	 
	 	 	Name:  	G. Mary Ruby 	 
	 	 	Title:  	Secretary 	 
	 
	 	 	 
	 	By  	                                       “Edward MacNeil”
 	 
	 	 	Name:  	Edward MacNeil 	 
	 	 	Title:  	Vice President 	 

 

	 	 	 	 	 
	 	Eighth Supplemental Guarantor:

Coral Sea Films Ltd.

 	 
	 	By  	            “G. Mary Ruby”
 	 
	 	 	Name:  	G. Mary Ruby 	 
	 	 	Title:  	Secretary 	 
	 
	 	 	 
	 	By  	                                      “Edward MacNeil”
 	 
	 	 	Name:  	Edward MacNeil 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	Tenth Supplemental Guarantor:

IMAX International Sales Corporation

 	 
	 	By  	                      “G. Mary Ruby”
 	 
	 	 	Name:  	G. Mary Ruby 	 
	 	 	Title:  	Secretary 	 
	 
	 	 	 
	 	By  	                                       “Edward MacNeil”
 	 
	 	 	Name:  	Edward MacNeil 	 
	 	 	Title:  	Vice President 	 

 

	 	 	 	 	 
	 	Eleventh Supplemental Guarantors:

IMAX Space Productions Ltd.

6822967 Canada Ltd.

3183 Films Ltd.

 	 
	 	By  	                    “G. Mary Ruby”
 	 
	 	 	Name:  	G. Mary Ruby 	 
	 	 	Title:  	Secretary 	 
	 
	 	 	 
	 	By  	                                        “Edward MacNeil”
 	 
	 	 	Name:  	Edward MacNeil 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	Twelfth Supplemental Guarantor:

6861806 Canada Ltd.

 	 
	 	By  	                    “G. Mary Ruby”
 	 
	 	 	Name:  	G. Mary Ruby 	 
	 	 	Title:  	Secretary 	 
	 
	 	 	 
	 	By  	                                        “Edward MacNeil”
 	 
	 	 	Name:  	Edward MacNeil 	 
	 	 	Title:  	Vice President 	 

 

	 	 	 	 	 
	 	Guaranteeing Subsidiary:

Nellcote Pictures Ltd.

 	 
	 	By  	                                      “G. Mary Ruby”
 	 
	 	 	Name:  	G. Mary Ruby 	 
	 	 	Title:  	Secretary 	 
	 
	 	 	 
	 	By  	                                      “Edward MacNeil”
 	 
	 	 	Name:  	Edward MacNeil 	 
	 	 	Title:  	Vice President 	 

 

	 	 	 	 	 
	 	Trustee:

U.S. Bank National Association,

     As Trustee

 	 
	 	By  	                   “Lawrence J. Bell”
 	 
	 	 	Name:  	Lawrence J. Bell 	 
	 	 	Title:  	Vice Presidentexv10w7

 

IMAX CORPORATION

EXHIBIT 10.7

AMENDED EMPLOYMENT AGREEMENT

     This agreement amends the amended employment agreement (the “Agreement”) between Bradley J.
Wechsler (the “Executive”) and IMAX Corporation (the “Company”) dated July 1, 1998, as amended, on
the same terms and conditions except as set out below:

	1.	 	Term. The term of the Agreement is extended until December 31, 2009.
	 
	2.	 	Cash Compensation. The Executive shall be entitled to be paid base salary at the rate of
$500,000 per year, plus a bonus of up to two times salary. Such bonus shall be at the
discretion of the Board of Directors and shall be based upon the success of the Company in
achieving the goals and objectives set by the Board after consultation with the Executive.
The Executive shall be considered for a bonus based upon performance during the years ending
December 31, 2008 and 2009. If the Executive’s employment is terminated without Cause prior
to the end of the term, the Executive shall be entitled to no less than a pro-rata portion of
his median bonus target (i.e. one times salary).
	 
	3.	 	Stock Appreciation Rights. The Executive is hereby granted 600,000 stock appreciation
rights (“SARS”) which shall entitle the Executive to receive in cash from the Company any
increase in the fair market value of the common shares of the Company from the fair market
value thereof on December 31, 2007 to the date of exercise of the SARS. The SARS shall
vest according to the following schedule: 150,000 on June 30, 2008, 150,000 on December 31,
2008, 150,000 on June 30, 2009 and 150,000 on December 31, 2009. All SARS will have a
10-year term and, to the extent applicable, shall be governed by the provisions of the
Stock Option Plan of the Company (“SOP”), including for greater certainty, the provisions
relating to the calculation of the fair market value of common shares of the Company;
provided, however, that all vested SARS shall remain exercisable for a
period of three (3) years after either a termination without Cause of the Executive or the
non-renewal of this Agreement, and for one (1) year after a resignation by the Executive.
The vesting of all SARS shall be accelerated upon a “change of control” as defined in the
Agreement, and shall be governed, to the extent applicable, by the provisions in the
Agreement regarding change of control. At any time and from time to time after vesting,
but subject to the insider trading policy of the Company in effect at that time which shall
apply to the SARS as if they were securities covered thereby, the Executive shall be
entitled to exercise some or all of the vested SARS by delivering notice of exercise in
writing to the General Counsel of the Company. Within 10 business days after receipt of
such notice in writing, the Company shall pay to the Executive the amount by which the fair
market value of the common shares of the Company has increased from the fair market value
on December 31, 2007 to the fair market value on the date of such notice, net of any
applicable withholdings and any other amounts owing at that time by the Executive to the
Company. Notwithstanding anything to the contrary contained herein, the Company shall have
the right but not the obligation to cancel at any time all, or from time to time any part,
of the SARS, in any case upon notice in writing to the Executive and to replace the
cancelled SARS with stock options, provided that (i) such options or shares have no less
favorable (to the Executive) material terms and conditions as, and are in such number as
are of equivalent value to, the cancelled SARS, and (ii) the Company cannot replace
cancelled SARS with stock options if such options have a higher exercise price than the
price of the common shares of the Company on December 31, 2007.

 

	4.	 	The entering into this agreement shall not prejudice any rights or waive any
obligations under any other agreement between the Executive and the Company.

DATED as of December 31, 2007.

	 	 	 	 	 
	 	 	 
	 	“Bradley J. Wechsler”
 	 
	 	Bradley J. Wechsler 	 
	 	 	 
	 

	 	 	 	 	 
	 	IMAX CORPORATION

 	 
	 	Per:  	/s/ “Garth M. Girvan”
 	 
	 	 	Name:  	Garth M. Girvan 	 
	 	 	Title:  	Director

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