Document:

Form of Employment Agreement by and among NCM Inc., NCM LLC & Kurt C. Hall

 Exhibit 10.15 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (the “Agreement”) is made effective
as of [                    , 2007] (the “Effective Date”) by and among National CineMedia, Inc., a Delaware corporation
(“NCM Inc.”, the “Company”), National CineMedia, LLC, a Delaware limited liability company (“NCM LLC”), and Kurt C. Hall (“Executive”). 
 RECITALS 
 A. Executive currently
serves as the President, Chief Executive Officer and Chairman of the Board of Directors of NCM LLC and the terms of his employment are covered by an employment agreement by and between Executive and NCM LLC, effective May 25, 2005, for a term
of three years (the “Prior Agreement”). 
 B. NCM LLC and NCM Inc. have entered into an agreement for NCM Inc. to provide
certain management services and employees to NCM LLC. 
 C. In connection with the formation of NCM Inc. and the management services to be
provided by NCM Inc. to NCM LLC, Executive will become employed by NCM Inc. and will perform services for NCM Inc., including services for the benefit of NCM LLC. 
 AGREEMENT 
 Executive, the Company and NCM LLC agree that the Prior Agreement is hereby assigned by
NCM LLC to the Company, the Prior Agreement is hereby restated in the form of this Agreement, and NCM LLC remains directly liable for any payment obligations set forth in this Agreement. In consideration of the premises and mutual covenants
contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the Company, NCM LLC and Executive agree as follows: 
 1. Employment. 
 1.1 Position. Subject to the terms and conditions of this Agreement, the Company
agrees to employ Executive during the Term (as defined herein) as its President and Chief Executive Officer and as a member of its Board of Directors. Executive shall report to the Board of Directors of the Company (the “Board”) and
shall have the powers, responsibilities and authorities of chief executive officers of corporations of the size, type and nature of the Company, as it exists from time to time, as are assigned by the Board consistent with Executive’s position.
At the request of the Company, Executive will serve as an officer and/or director of any of the Company’s subsidiaries for no additional compensation. 
 1.2 Duties. Subject to the terms and conditions of this Agreement, Executive hereby agrees to be employed as the President and Chief Executive Officer of the Company and to serve as a member of the Board, and
agrees to devote such working time and efforts (except for permitted vacation periods and reasonable periods of illness and other incapacity), to the best of his ability, experience and talent, to the performance of services, duties and
responsibilities in 

 
connection therewith so that such performance shall be his primary business activity. Executive shall perform such duties and exercise such powers with
respect to the activities of the Company, commensurate with his positions as the President and Chief Executive Officer of the Company and as a member of the Board, as the Board shall from time to time reasonably delegate to him. Executive will be
responsible for the selection of the members of the Company’s management team, subject to the good faith approval of the Board. 
 1.3
Other Service. Nothing in this Agreement shall preclude Executive from serving on boards of directors of other companies or trade organizations and participating in charitable, community or religious activities that do not substantially
interfere with his duties and responsibilities hereunder or conflict with the interest of the Company. 
 1.4 Office. Executive’s
primary office will be located in the Company’s office facility located in Centennial, Colorado, or any other location acceptable to Executive. 
 2. Term. 
 2.1 Term of Employment. Executive’s term of employment under this Agreement
shall commence as of the Effective Date and, subject to the terms hereof, shall terminate on the earlier of (i) May 24, 2009, or (ii) termination of Executive’s employment pursuant to this Agreement (the “Term”);
provided, however, that any termination of employment by Executive (other than for death or Permanent Disability) or by the Company may only be made upon 90 days prior written notice to the other party hereto. Executive shall resign from any
and all positions, including board memberships, held by him with the Company or any subsidiary of the Company upon any termination of employment. 
 2.2 Extensions. On each May 24, commencing May 24, 2007, one year shall be added to the termination date specified in Section 2.1(i) hereof, so that as of each May 24, the remaining Term of Executive’s
employment as determined under Section 2.1(i) hereof shall be three (3) years. 
 3. Compensation. 
 3.1 Salary. The Company shall pay Executive a base salary (“Base Salary”) at the rate of
$                     per annum. Base Salary shall be payable in accordance with the ordinary payroll practices of the Company. The
Compensation Committee of the Board will review Executive’s salary at least annually and may increase (but not reduce) Executive’s Base Salary in its sole discretion. Once increased, such Base Salary shall not be reduced and, as so
increased, shall constitute “Base Salary” hereunder. 
 3.2 Annual Bonus. In addition to his Base Salary, Executive shall be
afforded a reasonable opportunity to earn an annual cash bonus (the “Bonus”) during the Term. In determining Executive’s bonus, Executive’s target bonus shall be at least 100% of Base Salary (the “Target
Bonus”) and Executive’s stretch bonus shall be at least 150% of Base Salary. The Compensation Committee of the Board, after consultation with management, will, in conjunction with the preparation and approval of the Company’s
annual budget, establish a reasonable performance target for the Company’s bonus plan for the next year based on the actual and projected performance of the Company; provided, however, for any year for which a budget is 

  

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not adopted by the Board, the most recently approved performance target shall be applicable. Executive shall be eligible to receive any bonus awarded under
the Company’s bonus plan so long as Executive is employed by the Company as of the last day of the Company’s fiscal year.  
 4. Employee Benefits. 
 4.1 Employee Benefit Programs, Plans and Practices. The Company shall during the Term provide
Executive with coverage under all employee pension and welfare benefit programs, plans and practices (to the extent permitted under any employee benefit plan) in accordance with the terms thereof, which the Company generally makes available to its
senior executives. 
 4.2 Vacation. While employed hereunder, Executive shall be entitled to no less than 20 business days paid
vacation in each calendar year, which shall be taken at such times as are consistent with Executive’s responsibilities hereunder. 
 5.
Expenses. Executive is authorized to incur reasonable expenses in carrying out his duties and responsibilities under this Agreement. The Company will reimburse Executive for such expenses upon presentation by Executive from time to time of
appropriately itemized and approved (consistent with the Company’s policy) accounts of such expenditures. 
 6. Termination of
Employment. 
 6.1 Termination Without Cause. Except as provided in Section 6.3, if Executive’s employment is terminated
by the Company (other than for Permanent Disability, death or Cause), Executive shall receive such payments, if any, under applicable plans or programs, including but not limited to those referred to in Section 4.1 hereof, to which he is
entitled pursuant to the terms of such plans or programs, and any unpaid payments of Base Salary previously earned, any unpaid Bonus earned or awarded for prior periods, accrued vacation and expense incurred for which Executive is entitled to
reimbursement hereunder. If Executive is terminated under this Section 6.1, Executive shall also be entitled to receive: 
 (a) an amount in lieu of any other cash compensation beyond that provided in the immediately preceding sentence, which amount shall be equal to the sum of: 
 (i) the actual bonus, if any, he would have received in respect of the fiscal year in which his termination occurs, prorated by a
fraction, the numerator of which is the number of days in such fiscal year prior to the date of Executive’s termination and the denominator of which is 365, payable at the same time as bonuses are paid to other executives; 
 (ii) two times Executive’s annual Base Salary; payable in installments as normal payroll over the 24 months following such
termination of employment; and 
 (b) continued coverage for a 24-month period under any employee medical, health and life
insurance plans in accordance with the respective terms thereof 

  

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applicable to active employees (other than the requirement of continued employment); provided, however, that payments and benefits due hereunder shall be
reduced by any amounts owed by Executive to the Company and, where applicable, shall be made pursuant to COBRA. 
 In no event shall
Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not Executive obtains
other employment. 
 6.2 Termination For Good Reason. Except as provided in Section 6.3, if Executive resigns for Good Reason
(as defined below), Executive shall receive such payments, if any, under applicable plans or programs, including but not limited to those referred to in Section 4.1 hereof, to which he is entitled pursuant to the terms of such plans or
programs, and any unpaid payments of Base Salary previously earned, any unpaid Bonus earned or awarded for prior periods, accrued vacation and expense incurred for which Executive is entitled to reimbursement hereunder. If Executive resigns under
this Section 6.2, Executive shall also be entitled to receive: 
 (a) an amount (the “Section 6.2 Termination
Amount”) in lieu of any other cash compensation beyond that provided in the immediately preceding sentence, which amount shall be equal to the sum of: 
 (i) the actual bonus, if any, he would have received in respect of the fiscal year in which his termination occurs, prorated by a
fraction, the numerator of which is the number of days in such fiscal year prior to the date of Executive’s termination and the denominator of which is 365, payable at the same time as bonuses are paid to other executives; 
 (ii) two times Executive’s annual Base Salary; plus one times Executive’s Target Bonus; payable in a lump sum within 30 days
following such termination of employment; and 
 (b) continued coverage for a 24-month period under any employee medical,
health and life insurance plans in accordance with the respective terms thereof applicable to active employees (other than the requirement of continued employment); provided, however, that payments and benefits due hereunder shall be reduced by any
amounts owed by the Executive to the Company and, where applicable, shall be made pursuant to COBRA. 
 Good Reason shall be defined as (i) a
reduction in Executive’s Base Salary or the establishment of or any amendment to the annual cash bonus plan which would materially impair the ability of Executive to receive the Target Bonus (other than the establishment of reasonable
performance targets to be set annually in good faith by the Board), (ii) a diminution of Executive’s titles, offices, positions or authority, excluding for this purpose a change in Executive’s status as Chairman of the Board and an
action not taken in bad faith and which is remedied within twenty (20) days after receipt of written notice thereof given by Executive; or the assignment to 

  

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Executive of any duties inconsistent with Executive’s position (including status or reporting requirements), authority, or material responsibilities, or
the removal of Executive’s authority or material responsibilities, excluding for this purpose an action not taken in bad faith and which is remedied by the Company within twenty (20) days after receipt of notice thereof given by Executive,
(iii) a transfer of Executive’s primary workplace by more than fifty (50) miles from the current workplace, (iv) a material breach of this Agreement by the Company which is not remedied within twenty (20) days after receipt
of written notice thereof given by Executive, (v) Executive is not the President and Chief Executive Officer of the Company, or (vi) Executive is not a member of the Board. 
 6.3 Termination During a Change of Control. Notwithstanding Section 6.1 or 6.2, if within three months prior to or one year after a Change of
Control (as defined below), Executive’s employment is terminated by the Company (other than for Permanent Disability, death or Cause) or the Executive resigns for Good Reason, Executive shall receive such payments, if any, under applicable
plans or programs, including but not limited to those referred to in Section 4.1 hereof, to which he is entitled pursuant to the terms of such plans or programs, and any unpaid payments of Base Salary previously earned, any unpaid Bonus earned
or awarded for prior periods, accrued vacation and expense incurred for which Executive is entitled to reimbursement hereunder. If Executive is terminated or resigns under this Section 6.3, Executive shall also be entitled to receive:

 (a) an amount (the “Section 6.3 Termination Amount”) in lieu of any other cash compensation beyond that
provided in the immediately preceding sentence, which amount shall be equal to the sum of: 
 (i) the actual bonus, if any, he
would have received in respect of the fiscal year in which his termination occurs, prorated by a fraction, the numerator of which is the number of days in such fiscal year prior to the date of Executive’s termination and the denominator of
which is 365, payable at the same time as bonuses are paid to other executives; and 
 (ii) two and one half times
Executive’s annual Base Salary; plus two times Executive’s Target Bonus payable in a lump sum within 30 days following such termination of employment; and 
 (b) continued coverage for a 30-month period under any employee medical, health and life insurance plans in accordance with the respective
terms thereof applicable to active employees (other than the requirement of continued employment); provided, however, that payments and benefits due hereunder shall be reduced by any amounts owed by the Executive to the Company and, where
applicable, shall be made pursuant to COBRA. 
 A Change of Control shall be deemed to have occurred upon the occurrence of:

 (i) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership 

  

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(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (x) the then outstanding shares of common stock of the
Company (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from the Company, (B) any acquisition by
the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, (D) any acquisition by any corporation pursuant to a transaction which
complies with clauses (A) or (B) of paragraph (iv) below, or (E) any acquisition by a Founding Member (as defined in the National CineMedia, LLC Third Amended and Restated Limited Liability Operating Agreement, dated as of
                    , 2007); or 
 (ii) The acquisition by any Person, other than a Founding Member, of the right to (A) elect, or (B) nominate for election or (C) designate for nomination pursuant to a Director Designation Agreement
dated                     , 2007 among the Company and the Founding Members, a majority of the members of the Company’s Board;

 (iii) The acquisition by any Person, other than the Company or a Founding Member, of beneficial ownership of more than 50%
of the Units of NCM LLC; or 
 (iv) Consummation of a reorganization, merger or consolidation or sale or other disposition of
all or substantially all of the assets of the Company or an acquisition of assets of another corporation (a “Business Combination”), in each case, unless, following such Business Combination, (A) (x) all or substantially
all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the
corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be; and (y) at least a
majority of the members of the board of directors of the corporation resulting from such Business Combination were individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”); provided, however, that any
individual becoming a director subsequent to the Effective Date whose election, or nomination for 

  

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election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board or was
designated pursuant to a Director Designation Agreement dated                     , 2007 among the Company and the Founding Members shall be
considered as though such individual were a member of the Incumbent Board, at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination or (B) the Founding Members have acquired
directly or indirectly, more than 50% of, respectively, the outstanding shares of common stock or voting power of the then outstanding voting securities entitled to vote generally in the election of directors; or 
 (v) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company; or 
 (vi) Approval by the members of NCM LLC of a complete liquidation or dissolution of NCM LLC. 
 6.4 Permanent Disability. If Executive is unable to engage in the activities required by Executive’s job by reason of any medically
determined physical or mental impairment which has lasted or can be expected to last for a continuous period of not less than six (6) consecutive months (“Permanent Disability”), the Company or Executive may terminate
Executive’s employment on written notice thereof, and Executive shall receive or commence receiving, as soon as practicable: 
 (i) the actual bonus, if any, he would have received in respect of the fiscal year in which his termination occurs, prorated by a fraction, the numerator of which is the number of days of the fiscal year until termination and the
denominator of which is 365, payable at the same time as bonuses are paid to other executives; 
 (ii) for a period of one
year from the time of termination of employment, other benefits to which he is then entitled in accordance with applicable plans and programs of the Company; and 
 (iii) accrued but unpaid Base Salary and such payments under applicable plans or programs, including but not limited to those referred to
in Sections 4.1, 4.2 and 5 hereof, to which he is entitled pursuant to the terms of such plans or programs. 
 6.5 Death. In the event
of Executive’s death during the Term, Executive’s estate or designated beneficiaries shall receive or commence receiving, as soon as practicable: 
 (i) the actual bonus, if any, he would have received in respect of the fiscal year in which his death occurs, prorated by a fraction, the numerator of which is the number of days of the fiscal year until his death and
the denominator of which is 365, payable at the same time as bonuses are paid to other executives; 
  

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 (ii) continuation of the medical benefits pursuant to COBRA to which he, his surviving
Spouse and “eligible dependents” (as defined below) were entitled at the time of his death, for a period of one year following his death at the expense of the Company; and 
 (iii) accrued but unpaid Base Salary and such payments under applicable plans or programs, including but not limited to those referred to
in Sections 4.1, 4.2 and 5 hereof, to which Executive’s estate or designated beneficiaries are entitled pursuant to the terms of such plans or programs. 
 “Eligible dependents” means dependents of Executive who are eligible to receive medical benefits under the Company’s medical plan. 
 6.6 Termination for Cause; Resignation by Executive. 
 (a) The Company shall have the right to terminate the employment of Executive for Cause. In the event that Executive’s employment is terminated by the Company for Cause or by Executive for any reason (other than
by Executive for Good Reason or as a result of the Executive’s Permanent Disability or death) during the Term, Executive shall not be entitled to the payment of any compensation otherwise included under this Agreement. After the termination of
Executive’s employment under this Section 6.6, the obligations of the Company under this Agreement to make any further payments, or provide any benefits specified herein, to Executive shall thereupon cease and terminate. 
 (b) As used herein, the term “Cause” shall be limited to (i) any willful breach of any material written policy of
the Company that results in material and demonstrable liability or loss to the Company; (ii) the engaging by Executive in conduct involving moral turpitude that causes material and demonstrable injury, monetarily or otherwise, to the Company,
including, but not limited to, misappropriation or conversion of assets of the Company (other than immaterial assets); (iii) conviction of or entry of a plea of nolo contendere to a felony; or (iv) a material breach of this Agreement by
engaging in action in violation of the restrictive covenants in this Agreement. No act or failure to act by the Executive shall be deemed “willful” if done, or omitted to be done, by him in good faith and with the reasonable belief that
his action or omission was in the best interest of the Company. 
 7. Indemnification. To the fullest extent permitted by the
indemnification provisions of the charter, articles of incorporation and bylaws of the Company and the Limited Liability Operating Agreement of NCM LLC and any indemnification agreement between Executive and the Company or NCM LLC, in effect as of
the date of this Agreement, and the indemnification provisions of the relevant statute of the jurisdiction of the Company’s and NCM LLC’s organization as in effect from time to time (collectively, the “Indemnification
Provisions”), and in each case subject to the conditions hereof, the Company and NCM LLC jointly and severally agree to (i) indemnify Executive, as a director and officer of the Company or a subsidiary of the Company or a trustee or
fiduciary of an employee benefit plan of the Company or a subsidiary of the Company, or, if Executive shall be serving in such capacity at the Company’s written 

  

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request, as a director or officer of any other corporation (other than a subsidiary of the Company) or as a trustee or fiduciary of an employee benefit plan
not sponsored by the Company or a subsidiary of the Company, against all liabilities and reasonable expenses that may be incurred by Executive in any threatened, pending, or completed action, suit or proceeding, whether civil, criminal or
administrative, or investigative and whether formal or informal, because Executive is or was a director or officer of the Company, a director or officer of such other corporation or a trustee or fiduciary of such employee benefit plan, and against
which Executive may be indemnified by the Company, and (ii) pay for or reimburse the reasonable expenses incurred by Executive in the defense of any proceeding to which Executive is a party because Executive is or was a director or officer of
the Company or of NCM LLC, a director or officer of such other corporation or a trustee or fiduciary of such employee benefit plan. The rights of Executive under the Indemnification Provisions shall survive the termination of the employment of
Executive by the Company. 
 8. Notices. All notices or communications hereunder shall be in writing, addressed as follows:

 To the Company: 
 National
CineMedia, Inc. 
 9110 East Nichols Avenue, Suite 200 
 Centennial, CO 80112 
 Attn: Ralph E. Hardy, General Counsel 
 To NCM LLC: 
 National CineMedia, LLC

 9110 East Nichols Avenue, Suite 200 
 Centennial, CO 80112 
 Attn: Ralph E. Hardy, General Counsel 
 To Executive: 
 Mr. Kurt C. Hall

  

									
	  
	  		  		  		  	
					
	  
	  		  		  		  	

 Any such notice or communication shall be delivered by hand or by courier or sent certified or registered mail,
return receipt requested, postage prepaid, addressed as above (or to such other address as such party may designate in a notice duty delivered as described above), and the third business day after the actual date of mailing hall constitute the time
at which notice was given. 
 9. Separability; Legal Fees. If any provision of this Agreement shall be declared to be invalid or
unenforceable, in whole or in part, such invalidity or unenforceability shall not affect the remaining provisions hereof which shall remain in full force and effect. The non-prevailing party shall bear the costs of any legal fees and other fees and
expenses which may be incurred by the prevailing party in respect of enforcing its respective rights under this Agreement. 
  

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 10. Assignment. This contract shall be binding upon and inure to the benefit of the heirs and
representatives of Executive and the assigns, and successors of the Company, but neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise subject to hypothecation by Executive (except by will or by operation of
the laws of intestate succession) or by the Company, except that the Company may assign this Agreement to any successor (whether by merger, purchase or otherwise) to all or substantially all of the stock, assets or businesses of the Company, if such
successor expressly agrees to assume the obligations of the Company hereunder. 
 11. Amendment. This Agreement may only be amended by
written agreement of the Company and Executive. 
 12. Nondisclosure of Confidential Information: Non-Competition. 
 (a) Executive shall not, without the prior written consent of the Company, use, divulge, disclose or make accessible to any other person,
firm, partnership, corporation or other entity any Confidential Information pertaining to the business of the Company or any of its affiliates except, (i) while employed by the Company, in the business of and for the benefit of the Company, or
(ii) as required by law. For purposes of this Section 12(a), “Confidential Information” shall mean non-public information concerning the financial data, strategic business plans, product development (or other proprietary
product data), customer lists, marketing, acquisition and divestiture plans and other non-public, proprietary and confidential information of the Company, its subsidiaries, its affiliates (the “Restricted Group”) or suppliers or
vendors, that, in any case, is not otherwise available to the public (other than by Executive’s breach of the terms hereof). 
 (b) During the period of his employment hereunder and for one year thereafter (except in the case where Executive terminates his employment with the Company for the Good Reason event described in clause (v) of the definition of
“Good Reason”), Executive agrees that, without the prior written consent of the Company, (A) he will not, directly or indirectly, either as principal, manager, agent, consultant, officer, stockholder, partner, investor, lender or
employee or in any other capacity, carry on, be engaged in, or have any financial interest in, any business in Competition (as defined in Section 12(c)) with the business of the Restricted Group and (B) he shall not, on his own behalf or
on behalf of any person, firm or company, directly or indirectly, solicit or hire for the benefit of anyone, other than the Restricted Group, any person who is, or was at any time during the six (6) months immediately preceding the time of the
solicitation or hiring by Executive employed by the Restricted Group (other than Executive’s secretary or other administrative employee who worked directly for him). 
 (c) For purposes of this Section 12, a business shall be deemed to be in “Competition” with the Restricted Group if it
sells, promotes or distributes advertising through digital media for display at movie theatres or other public venues or retail 

  

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establishments. Nothing in this Section 12 shall be construed so as to preclude Executive from investing in a publicly or privately held company,
provided Executive’s beneficial ownership of any class of such company’s securities does not exceed 1% of the outstanding securities of such class. 
 (d) Executive and the Company agree that this covenant not to compete is a reasonable covenant under the circumstances, and further agree
that if in the opinion of any court of competent jurisdiction such restraint is not reasonable in any respect, such court shall have the right, power and authority to excise or modify such provision or provisions of this covenant as to the court
shall appear not reasonable and to enforce the remainder of the covenant as so amended. Executive agrees that any breach of the covenants contained in this Section 12 would irreparably injure the Company. Accordingly, Executive agrees that the
Company may, in addition to pursuing any other remedies it may have in equity, obtain an injunction against Executive from any court having jurisdiction over the matter restraining any further violation of this Agreement by Executive and cease
making any payments otherwise required by this Agreement; provided, however, that in the event a court of competent jurisdiction, which recognizes the validity of the provisions of this Section 12, finds Executive not to be in violation
of the provisions of this Section 12, then the Company shall pay to Executive, in a lump sum, within ten days of such determination, all amounts that would have been payable to Executive hereunder through the date of such determination and
continue making any other payments due with respect to periods of time subsequent to such determination in accordance with the provisions of this Agreement. 
 13. Beneficiaries: References. Executive shall be entitled to select (and change, to the extent permitted under any applicable law) a beneficiary or beneficiaries to receive any compensation or benefit payable
hereunder following Executive’s death, and may change such election, in either case by giving the Company written notice thereof. In the event of Executive’s death or a judicial determination of his incompetence, reference in this
Agreement to Executive shall be deemed, where appropriate, to refer to his beneficiary, estate or other legal representative, and the Company shall pay amounts payable under this Agreement, unless otherwise provided herein, in accordance with the
terms of this Agreement, to Executive’s personal or legal representatives, executors, administrators, heirs, distributees, devisees, legatees or estate, as the case may be. Any reference to the masculine gender in this Agreement shall include,
where appropriate, the feminine. 
 14. Survival. The respective rights and obligations of the parties hereunder shall survive any
termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations. The provisions of this Section 14 are in addition to the survivorship provisions of any other section of this Agreement.

 15. Governing Law. This Agreement shall be construed, interpreted and governed in accordance with the laws of the state of
Colorado, without reference to rules relating to conflicts of law. 
 16. Effect on Prior Agreements. Except for amendments to this
Agreement, this Agreement contains the entire understanding between the parties hereto and supersedes in all respects any prior or other agreement or understanding between the Company or any affiliate of the Company and Executive. 
  

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 17. Withholding. The Company shall be entitled to withhold from payment any amount of withholding
required by law. 
 18. Section 409A; Deferred Compensation. Notwithstanding anything herein to the contrary, (i) if at the
time of the Executive’s termination of employment the Executive is a “specified employee” as defined in Section 409A of the Internal Revenue Code (the “Code”), if necessary to avoid any accelerated or additional
tax under Section 409A of the Code, then the Company will defer the commencement of the payments or benefits hereunder (without any reduction in such payments or benefits) until the date that is six months following the Executive’s
termination of employment (or the earliest date as is permitted under Section 409A of the Code) and (ii) if any other payment or other benefits due to the Executive hereunder could cause accelerated or additional tax under
Section 409A of the Code, such payment or other benefits shall be deferred or otherwise restructured, to the extent possible, in a manner, determined by the Board (but subject to the reasonable consent of the Executive), to avoid any
accelerated or additional tax. The Company shall consult with the Executive in good faith regarding application of this provision; provided that neither the Company nor any of its employees or representatives shall have any liability to the
Executive with respect thereto. Nothing contained in this Section 18 shall have the effect of increasing the amount of any payment or benefit which is otherwise owed by the Company to the Executive. 
 19. Performance. NCM LLC hereby agrees that it shall be directly and jointly and severally liable for the payment of all sums due hereunder.

 20. Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original. 

[Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the dates set forth below,
to be effective as of the date set forth in the first paragraph. 
  

			
	 NATIONAL CINEMEDIA, INC.
 The
Company; NCM Inc.

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	Date:	 	  

	
	 NATIONAL CINEMEDIA, LLC
 NCM
LLC

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	Date:	 	  

	
	EXECUTIVE
	
	  

	Kurt C. Hall
	Date:	 	  

  

 13Form of Employment Agreement by and among NCM Inc., NCM LLC & Clifford E. Marks

 Exhibit 10.16 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”), is made
effective as of                     , 2007, among National CineMedia, Inc., a Delaware corporation (“NCM Inc.,” the
“Company”), National CineMedia, LLC, a Delaware limited liability company (“NCM LLC”), and Clifford E. Marks (the “Executive”). 
 RECITALS 
 A. The Executive currently
serves as the President of Sales and Chief Marketing Officer of NCM LLC and the terms of his employment are covered by an employment agreement by and between the Executive and NCM LLC, effective October 1, 2006, for a term of 24 months
commencing October 1, 2006 (the “Prior Agreement”). 
 B. NCM LLC and NCM Inc. have entered into an agreement
for NCM Inc. to provide certain management services and employees to NCM LLC. 
 C. In connection with the formation of NCM Inc. and the
management services to be provided by NCM Inc. to NCM LLC, the Executive will become employed by NCM Inc. and will perform services for NCM Inc., including services for the benefit of NCM LLC. 
 AGREEMENT 
 Executive, the Company and NCM LLC agree that the Prior Agreement is
hereby assigned by NCM LLC to the Company, the Prior Agreement is hereby restated in the form of this Agreement, and NCM LLC remains directly liable for any payment obligations set forth in this Agreement. In consideration of the premises and mutual
covenants contained herein and for good and valuable consideration, the receipt of which is mutually acknowledged, the Company, NCM LLC and the Executive agree as follows: 
 1. DEFINITIONS. 
 (a)
Base Salary shall mean the annual salary provided for in Section 3 below, as adjusted from time to time pursuant to Section 3. 
 (b) Beneficiary shall mean the person or persons named by the Executive pursuant to Section 19 below, or in the event no such person is named and survives the Executive, his estate. 
 (c) Board shall mean the Board of Directors of the Company. 
 (d) Cause shall mean any one of more of the following: 
 (i) willful breach of any
material written policy of the Company that results in material and demonstrable liability or loss to the Company or its affiliates; 

 (ii) conduct by the Executive involving moral turpitude that causes material and demonstrable
injury, monetarily or otherwise, to the Company or its affiliates including, but not limited to, misappropriation or conversion of assets of the Company or its affiliates (other than immaterial assets); 
 (iii) conviction of or entry of a plea of nolo contendere to a felony; or 
 (iv) material breach of this Agreement, including but not limited to any action by the Executive that violates the terms of Section 9 of this
Agreement. 
 (e) Disability shall mean the illness or other mental or physical disability of the Executive, resulting in his
failure to perform substantially his duties under this Agreement for a period of six or more consecutive months. 
 (f) Spouse
shall mean, during the Term of Employment, the person who as of the relevant date is legally married to the Executive. 
 (g) Term of
Employment shall mean the period specified in subsection 2(b) below. 
 2. TERM OF EMPLOYMENT, POSITIONS AND DUTIES.

 (a) The Company hereby employs the Executive, and the Executive hereby accepts employment with the Company, in the position of President of
Sales and Chief Marketing Officer of the Company and with the duties and responsibilities set forth below, and upon such other terms and conditions as are hereinafter stated. 
 (b) The Term of Employment shall commence on the Effective Date (as defined in Section 27) and shall terminate on September 30, 2008. On the
last calendar day of the Term of Employment (as extended from time to time pursuant to the terms hereof), 24 months shall be added to the termination date hereof. 
 (c) Until the date of his termination of employment hereunder, the Executive shall perform such duties as are customarily associated with the Executive’s position and any further duties as may be assigned to him
from time to time by the Company’s Chief Executive Officer or his designee. 
 (d) Anything herein to the contrary notwithstanding,
nothing shall preclude the Executive from (i) serving on the boards of directors of a reasonable number of other corporations or the boards of a reasonable number of trade associations and/or charitable organizations, and (ii) engaging in
charitable activities and community affairs; provided, however, that in the opinion of the Board or Chief Executive Officer of the Company such activities do not materially interfere with the proper performance of his duties and responsibilities
specified in subsection 2(c) above and/or do not conflict with the Executive’s obligations under Section 9 below. 
  

 2 

 3. BASE SALARY. 
 The Executive shall receive from the Company a Base Salary, payable in accordance with the Company’s regular payroll practices, of $675,000 per
annum, (increasing on each anniversary date hereof by 1% per annum, less standard payroll deductions and withholdings. The Compensation Committee of the Board will review the Executive’s salary at least annually and may increase (but not
reduce) the Executive’s Base Salary in its sole discretion. Once increased, such Base Salary shall not be reduced and, as so increased, shall constitute “Base Salary” hereunder. 
 4. BONUSES. 
 (a) The Executive
shall be eligible to receive bonuses during the Term of Employment, as follows. The Company’s bonus programs otherwise applicable for its employees shall not apply to the Executive. For each calendar year of the Term of Employment the Executive
shall be eligible to be paid bonuses as follows: 
 (i) The Company’s Chief Executive Officer and the Executive shall mutually agree
upon certain goals to be achieved by the Executive and his staff for each such calendar year. If the Company’s Chief Executive Officer is satisfied, in his sole discretion, that such goals have been achieved with respect to any calendar year,
then the Executive shall be entitled to payment of a bonus equal to 25% of his Base Salary as of the end of such year payable on or before 60 days after December 31 of such year. 
 (ii) The Company’s Chief Executive Officer shall establish goals for each such calendar year for Company consolidated sales for which the Executive
is responsible and that portion of the Company’s revenue that will be counted toward the achievement of those goals. The Company’s Chief Executive Officer shall determine, in his sole discretion, the extent to which the Executive has
achieved such goals for any calendar year. His determination shall be made as a percentage of the sales target achieved. The following table sets forth a schedule of the percentage of the Executive’s Base Salary at the end of such year that he
will be paid as a bonus on or before 60 days after December 31 of such year if the Company’s Chief Executive Officer determines, in his sole discretion, that the Executive has achieved certain percentages of the sales target. 

 

				
	 Percentage of Sales Target Achieved
(“PSTA”)
	  	 Bonus
 Percentage
	 
	 Less than 80%
	  	0	%
	 80%
	  	35	%
	 85%
	  	40	%
	 90%
	  	55	%
	 95%
	  	60	%
	 100%
	  	75	%
	 105%
	  	77.5	%
	 110%
	  	80	%

  

 3 

 If the PSTA is at least 80%, but at a percentage that is between two of the stated ranges set forth in
the left column immediately preceding this paragraph, then the applicable Bonus Percentage will be calculated as follows assuming the actual PSTA is 82.5%. 
 (82.5 - 80.0)÷(85 - 80) x (40% - 35%) + 35% = 37.5% 
 (b) The Compensation Committee of the
Board will review the Executive’s bonus structure set forth in subsection 4(a) at least annually and may adjust such bonus structure in its sole discretion. 
 5. EXPENSE REIMBURSEMENT. 
 During the Term of Employment, the Executive shall be entitled to
prompt reimbursement by the Company for all reasonable out-of-pocket expenses incurred by him in performing services under this Agreement, upon his submission of such accounts and records as may be required under Company policy. 
 6. OTHER BENEFITS. 
 The
Executive shall receive such other benefits as are then customarily provided generally to the other officers of the Company and of its subsidiaries, as determined from time to time by the Company’s Board of Directors or Chief Executive Officer,
including, without limitation, paid vacation. The Executive shall be entitled to four weeks of paid vacation annually, which will accrue at the rate of approximately 1.67 days per month. If the total amount of vacation accrued reaches 30 days
(including any vacation accrued during employment with NCM LLC), further accrual of vacation time will stop until the Executive brings the total amount of accrued vacation below 30 days. The Executive shall be permitted to carry over any accrued but
unused vacation time from the previous year. 
 7. EMPLOYEE BENEFIT PLANS. 
 The Executive shall be entitled to participate in all employee benefit plans and programs made available to other of the Company’s executives having
the same title or to its employees generally, as such plans or programs may be in effect from time to time, including, without limitation, Section 401(k) and related supplemental plans, group life insurance, accidental death and dismemberment
insurance, travel accident insurance, hospitalization insurance, surgical insurance, major and excess major medical insurance, dental insurance, short-term and long-term disability insurance, sick leave (including salary continuation arrangements),
holidays and any other employee benefit plans or programs that may be sponsored by the Company from time to time, including any plans that supplement the above-listed types of plans, whether funded or unfunded. 
  

 4 

 8. TERMINATION OF EMPLOYMENT. 
 (a) Termination by Death. In the event that the Executive’s employment is terminated by death, his beneficiaries as defined in
Section 19 hereof, shall be entitled to: 
 (i) the Executive’s Base Salary, at the rate in effect on the date of
his death, through the end of the month in which his death occurs; 
 (ii) any annual bonuses awarded for prior periods but
not yet paid; 
 (iii) continuation of the medical benefits pursuant to COBRA to which he, his surviving Spouse and
“eligible dependents” (as defined below) were entitled at the time of his death, for a period of one year following his death at the expense of the Company; 
 (iv) reimbursement in accordance with this Agreement of any business expenses incurred by the Executive but not yet paid to him on the
date of his death; and 
 (v) other benefits to which he is then entitled in accordance with the applicable plans and programs
of the Company. 
 “Eligible dependents” means dependents of the Executive who are eligible to receive medical benefits under the
Company’s medical plan. 
 (b) Termination Due to Disability. The Company or the Executive may terminate the
Executive’s employment due to Disability of the Executive, such termination to be effective 30 days after delivery of written notice thereof. In the event that the Executive’s employment is terminated due to Disability and in exchange for
a release of claims against the Company, the Executive shall be entitled to: 
 (i) his Base Salary, at the rate in effect
when he is terminated due to Disability, for a period of six months following such termination, offset by any payments that he receives under the Company’s long-term disability plan and any supplement thereto, whether funded or unfunded, that
is adopted or provided by the Company for the Executive’s benefit; 
 (ii) any annual bonuses awarded for prior periods
but not yet paid; 
 (iii) reimbursement in accordance with this Agreement of any business expenses incurred by the Executive
but not yet paid to him on the date of his termination of employment; and 
 (iv) for a period of one year from the time of
termination of employment, other benefits to which he is then entitled in accordance with applicable plans and programs of the Company. 
  

 5 

 In the case of the termination of the Executive’s employment for Disability, the Executive shall be entitled to
receive the amounts described in clauses (i)-(iii) as a lump sum payment promptly after the termination of employment. 
 (c)
Termination by the Company for Cause. In the event that the Executive’s employment is terminated for Cause, he shall only be entitled to: 
 (i) his Base Salary through the date of his termination for Cause; 
 (ii) any annual bonuses awarded but not yet paid; 
 (iii) reimbursement in accordance with this Agreement for any business expenses incurred by the Executive but not yet paid to him on the
date of his termination of employment; and 
 (iv) other benefits accrued and earned by the Executive through the date of
termination in accordance with applicable plans and programs of the Company. 
 (d) Termination Without Cause or Expiration of Term of
Employment. A Termination Without Cause shall mean a termination of the Executive’s employment by the Company other than due to death, Disability or for Cause, including termination of the Executive’s employment by reason of the
Company’s refusal to renew this Agreement on economic terms and conditions at least equal to this Agreement and for a term at least equal to twenty-four months at the end of the Term of Employment. 
 In the event of a Termination Without Cause and in exchange for a release of claims against the Company, the Executive shall be entitled to: 

(i) the greater of (A) his Base Salary, at the rate in effect on the date of his termination of employment, for the then remaining
Term of Employment (as if his employment had not been Terminated Without Cause, but without considering any additional extensions of the Term of Employment), payable in accordance with the Company’s normal payroll practices, plus a bonus equal
to the most recent annual bonus awarded to the Executive pursuant to subsection 4(a), divided by 12, and multiplied by the number of months remaining in the Term of Employment (as if his employment had not been Terminated Without Cause, but without
considering any additional extensions of the Term of Employment) or (B) his Base Salary for a period of 12 months, payable in accordance with the Company’s normal payroll practices, plus an amount equal to the most recent annual bonus
awarded to the Executive pursuant to subsection 4(a); 
 (ii) any annual bonuses for prior fiscal year awarded but not yet
paid; 
 (iii) continued participation in all employee benefit plans or programs as in effect from time to time in which he
was participating on the date of his termination of employment until the date he receives equivalent coverage in benefits, but in no event for a period longer than the period of time for which Base Salary is paid pursuant to subsection 8(d)(i);

  

 6 

 (iv) reimbursement in accordance with this Agreement for any business expenses incurred
by the Executive but not yet paid to him on the date of his termination of employment; and 
 (v) other benefits (other than
for the payment of severance) that are made available to employees of the Company in general upon termination of employment under similar circumstances in accordance with applicable severance plans and programs of the Company. 
 In the event that, under the terms of any employee benefit plan referred to in subsection 8(d)(iii) above, the Executive may not continue his
participation, he shall be provided with the after-tax economic equivalent of the benefits provided under any plan in which he is unable to participate for the period specified in subsection 8(d)(iii) above. 
 The economic equivalent of any benefit foregone shall be deemed the after-tax cost that would be incurred by the Executive in obtaining such benefit on
the lowest available individual basis. 
 (e) Termination for Good Reason. The Executive may elect to terminate his employment
with the Company for Good Reason, which shall be defined as a material reduction of the Executive’s title or authority, which the Company fails to remedy within twenty (20) days after receipt from the Executive of written notice thereof,
specifically citing this subsection 8(e). 
 In the event the Executive terminates his employment for Good Reason, the Executive shall be
entitled to receive the benefits outlined in subsections 8(d)(i) through 8(d)(v). 
 (f) Voluntary Resignation by the
Executive. The Executive may voluntarily terminate his employment with the Company at any time with or without notice and with or without reason. Such voluntary termination by the Executive shall include, without limitation, the
Executive’s decision not to renew this Agreement upon expiration of the Term of Employment if the Company offers to renew this Agreement on economic terms and conditions at least equal to this Agreement and for a term at least equal to 24
months. In the event the Executive voluntarily terminates his employment, the Executive’s salary shall cease on the termination date and the Executive will not be entitled to severance pay, pay in lieu of notice, or any other compensation other
than payment of accrued salary and vacation and other benefits as expressly required in such event by applicable law or the terms of applicable benefit plans. 
 (g) No Mitigation; No Offset. In the event of any termination of employment under this Section 8, the Executive shall be under no obligation to seek other employment, and except as provided in
subsection 8(d)(iii), he shall have no obligation to offset or repay any payments he receives under this Agreement by any payments he receives from a subsequent employer; provided, however, that (without limiting any rights of the
Company for any breach of this Agreement under law, equity or otherwise), if the Executive engages in any Covered Activity (as defined in Section 9), any obligation of the Company to make payments to the Executive under Section 8 of this
Agreement shall cease. 
  

 7 

 (h) Nature of Payments. Any amounts due under this Section 8 are in the nature of
severance payments or liquidated damages or both, and shall fully compensate the Executive and his dependents or Beneficiary, as the case may be, for any and all direct damages and consequential damages that any of them may suffer as a result of
termination of the Executive’s employment, and they are not in the nature of a penalty. 
 9. COVENANTS AND CONFIDENTIAL
INFORMATION. 
 (a) During the Executive’s employment with the Company and for one year after termination of that employment, the
Executive will not, directly or indirectly, own, manage, control or participate in the ownership, management or control of, or be employed or engaged by or otherwise affiliated or associated as a consultant, independent contractor or otherwise with,
any other corporation, partnership, proprietorship, firm, association or other business entity or otherwise engage in: (i) any business that, during the Executive’s employment with the Company in any capacity (including as a consultant),
competes with the business of the Company or any of the Company’s affiliates or subsidiaries; or (ii) any business that, during the one-year period following the Executive’s termination date, competes with the business of the Company
as conducted on the date the Executive ceases to be employed by the Company in any capacity, (including as a consultant) (collectively, the “Covered Activities”); provided, that the ownership of not more than 1% of the
stock of any publicly traded corporation shall not be deemed a violation of this covenant; provided, further, that in the event of a Termination Without Cause, the Executive may engage in any Covered Activity if prior to accepting any
such employment he enters into a confidentiality agreement with the Company in form and substance satisfactory to the Company in its sole discretion (it being agreed that such confidentiality agreement may be broader in scope than the provisions of
this Agreement and that such confidentiality agreement is intended to protect the Company from any risks which may arise in connection with the specific prospective employment of the Executive). 
 (b) During the Term of Employment and for one year after termination of the Executive’s employment, the Executive will not, directly or indirectly
induce any person who is an employee, officer or agent of the Company or any of the Company’s affiliates or subsidiaries to terminate said relationship. 
 (c) During the Term of Employment and any time thereafter, the Executive will not, directly or indirectly disclose, divulge, discuss, copy or otherwise use or suffer to be used in any manner in competition with, or
contrary to the interests of, the Company or any of the Company’s affiliates or subsidiaries, the customer lists, or trade secrets of the Company or any of the Company’s affiliates or subsidiaries, it being acknowledged by the Executive
that all such information regarding the business of the Company and the Company’s affiliates or subsidiaries, compiled or obtained by, or furnished to, the Executive while the Executive shall have been employed by or associated with the Company
is confidential information and the Company’s exclusive property; provided, however, that this subsection 9(c) shall not apply to the disclosure by the Executive of confidential information in the course of carrying out his duties 

  

 8 

 
under this Agreement or when required to do so by a court of law, to any governmental agency having jurisdiction over the business of the Company and its
subsidiaries or to any administrative body or legislative body (including a committee thereof) with jurisdiction to order him to divulge, discuss or make accessible such information. 
 (d) The Executive expressly agrees and understands that the remedy at law for any breach by him of this Section 9 will be inadequate and that the
damages flowing from such breach are not readily susceptible of being measured in monetary terms. Accordingly, it is acknowledged that upon adequate proof of the Executive’s violation of any legally enforceable provision of this Section 9,
the Company shall be entitled to seek immediate injunctive relief and may obtain a temporary order restraining any threatened or further breach (all as determined by a court of competent jurisdiction). Nothing in this Section 9 shall be deemed
to limit the Company’s remedies at law or in equity for any breach by the Executive of any of the provisions of this Section 9 that may be pursued or availed of by the Company. 
 (e) In the event that the Executive shall violate any legally enforceable provision of this Section 9 (as determined by a court of competent
jurisdiction) as to which there is a specific time period during which he is prohibited from taking certain actions or from engaging in certain activities, as set forth in such provision, then such violation shall toll the running of that time
period from the date of its commencement until the date of its cessation. 
 10. WITHHOLDING TAXES. 
 All payments to the Executive or his Beneficiary shall be subject to withholding on account of federal, state and local taxes as required by law. If any
payment hereunder is insufficient to provide the amount of such taxes required to be withheld, the Company may withhold such taxes from any other payment due the Executive or his Beneficiary. In the event all cash payments due the Executive are
insufficient to provide the required amount of such withholding taxes, the Executive or his Beneficiary, within five days after written notice from the Company, shall pay to the Company the amount of such withholding taxes in excess of all cash
payments due the Executive or his Beneficiary. 
 11. INDEMNIFICATION. 
 The Company and NCM LLC jointly and severally agree to indemnify the Executive to the fullest extent permitted by applicable law consistent with the
charter, articles of incorporation and bylaws of the Company and the Limited Liability Operating Agreement of NCM LLC as in effect on the effective date of this Agreement with respect to any acts or non-acts he may have committed while he was an
officer, director and/or employee (i) of the Company or any subsidiary thereof including NCM LLC or (ii) of any other entity if his service with such entity was at the request of the Company. This provision shall survive the termination of
this Agreement. 
  

 9 

 12. EFFECT OF AGREEMENT ON OTHER BENEFITS. 
 Except as expressly set forth herein, the existence of this Agreement shall not prohibit or restrict the Executive’s entitlement to participate fully
in the executive compensation, employee benefit and other plans or programs of the Company in which senior executives are eligible to participate, as the Executive and the Company may agree from time to time. 
 13. ASSIGNABILITY; BINDING NATURE. 
 This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, heirs (in the case of the Executive) and assigns. No rights or obligations of the Company under this Agreement may be assigned or
transferred by the Company except that such rights or obligations may be assigned or transferred pursuant to (i) a merger or consolidation in which the Company is not the continuing entity or (ii) sale or liquidation of all or
substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the
Company, as contained in this Agreement, either contractually or as a matter of law. The Company each further agree that, in the event of a sale of assets or liquidation as described in the preceding sentence, it will use its best efforts to cause
such assignee or transferee expressly to assume the liabilities, obligations and duties of the Company hereunder. No obligations of the Executive under this Agreement may be assigned or transferred by the Executive. 
 14. REPRESENTATION. 
 The
Company and NCM LLC each represent and warrant that it is fully authorized and empowered to enter into this Agreement and that the performance of its obligations under this Agreement will not violate any agreement between the Company or NCM LLC and
any other person, firm or organization. 
 15. ENTIRE AGREEMENT. 
 Except to the extent otherwise provided herein, this Agreement contains the entire understanding and agreement between the parties concerning the subject
matter hereof and supersedes any prior agreements, whether written or oral, between the parties concerning the subject matter hereof. 
 16. AMENDMENT OR WAIVER. 
 No provision in this Agreement may be amended unless such amendment is agreed to in writing
and signed by the Executive and an authorized officer of the Company. No waiver by any party of any breach by any other party of any condition or provision contained in this Agreement to be performed by such other party shall be deemed a waiver of a
similar or dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be in writing and signed by the Executive or an authorized officer of the Company, as the case may be. 
  

 10 

 17. SEVERABILITY. 
 In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, the
remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law. 
 18. SURVIVORSHIP. 
 The respective rights and obligations of the parties hereunder shall
survive any termination of the Executive’s employment with the Company to the extent necessary to the intended preservation of such rights and obligations as described in this Agreement. 
 19. BENEFICIARIES; REFERENCES. 
 The Executive shall be entitled to select (and change, to the extent permitted under any applicable law) a beneficiary or beneficiaries to receive any compensation or benefit payable hereunder following the Executive’s death by giving
the Company written notice thereof. In the event of the Executive’s death or of a judicial determination of his incompetence, reference in this Agreement to the Executive shall be deemed to refer to his beneficiary, and if the Executive shall
not have designated a beneficiary, his estate. 
 20. GOVERNING LAW; JURISDICTION. 
 This Agreement shall be governed by and construed and interpreted in accordance with the laws of Colorado, without reference to principles of conflict of
laws. 
 21. RESOLUTION OF DISPUTES. 
 (a) Any disputes arising under or in connection with this Agreement shall be resolved, in the Executive’s discretion, by arbitration, to be held in Denver, Colorado, in accordance with the rules and procedures of
the American Arbitration Association. 
 (b) All costs, fees and expenses, including attorneys’ fees, of any arbitration or litigation
in connection with this Agreement, including, without limitation, attorneys’ fees of both the Executive and the Company, shall be borne by, and be the obligation of, the Company unless the Company shall substantially prevail, in which event the
Executive shall be required to pay the costs and expenses incurred by him relating to such arbitration or litigation. The obligation of the Company under this Section 21 shall survive the termination for any reason of this Agreement (whether
such termination is by the Company, by the Executive, upon the expiration of this Agreement or otherwise). 
 (c) Pending the outcome or
resolution of any arbitration or litigation, the Company shall continue payment of all amounts due the Executive under this Agreement without regard to any dispute. 
  

 11 

 22. NOTICES. 
 Any notice given to any party shall be in writing and shall be deemed to have been given when delivered either personally, faxed, by overnight delivery service (such as Federal Express), or sent by certified or
registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently give such notice of: 
 If to the Company or the Board: 
 National
CineMedia, Inc. 
 9110 East Nichols Avenue 
 Centennial, Colorado 80112 
 Attention: General Counsel 
 Fax: (303) 792-8649 
 If to the NCM
LLC: 
 National CineMedia, LLC 
 9110 East Nichols Avenue 
 Centennial, Colorado 80112 
 Attention: General Counsel 
 Fax:
(303) 792-8649 
 If to the Executive: 
 Cliff Marks 
 _____________ 
 _____________ 
 23. HEADINGS. 
 The headings of the sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction
of any provision of this Agreement. 
 24. SECTION 409A; DEFERRED COMPENSATION. 
 Notwithstanding anything herein to the contrary, (i) if at the time of the Executive’s termination of employment the Executive is a
“specified employee” as defined in Section 409A of the Internal Revenue Code (the “Code”), if necessary to avoid any accelerated or additional tax under Section 409A of the Code, then the Company will
defer the commencement of the payments or benefits hereunder (without any reduction in such payments or benefits) until the date that is six months following the Executive’s termination of employment (or the earliest date as is permitted under
Section 409A of the Code) and (ii) if any 

  

 12 

 
other payment or other benefits due to the Executive hereunder could cause accelerated or additional tax under Section 409A of the Code, such payment or
other benefits shall be deferred or otherwise restructured, to the extent possible, in a manner, determined by the Board (but subject to the reasonable consent of the Executive), to avoid any accelerated or additional tax. The Company shall consult
with the Executive in good faith regarding application of this provision; provided that neither the Company nor any of its employees or representatives shall have any liability to the Executive with respect thereto. Nothing contained in this
Section 24 shall have the effect of increasing the amount of any payment or benefit which is otherwise owed by the Company to the Executive. 
 25. PERFORMANCE. 
 NCM LLC hereby agrees that it shall be directly and jointly and severally liable for the payment of
all sums due hereunder. 
 26. COUNTERPARTS. 
 This Agreement may be executed in two or more counterparts. 
 27. EFFECTIVE DATE. 

This Agreement shall be effective as of
                    , 2007 (the “Effective Date”). 
 [Signature Page to Follow] 
  

 13 

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

			
	 NATIONAL CINEMEDIA, INC.
 The
Company; NCM Inc.

		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	Date:	 	  

	
	 NATIONAL CINEMEDIA, LLC
 NCM
LLC

		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	Date:	 	  

	
	EXECUTIVE
	
	  

	Clifford E. Marks
		
	Date:	 	  

  

 14

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