Document:

Form of Restricted Stock Substitution Award

 Exhibit 4.5 
 Restricted Stock No.:         
 NATIONAL CINEMEDIA,
INC. 
 2007 EQUITY INCENTIVE PLAN 
 RESTRICTED STOCK SUBSTITUTION AWARD 
 On February 13, 2007 (the “Effective
Date”), National CineMedia, Inc., a Delaware corporation (the “Company”), completed an initial public offering of shares of common stock, $0.01 par value per share, of the Company (“Stock”) (the
“IPO”). On the Effective Date, pursuant to Section 14.6 of the National CineMedia, LLC (“NCM LLC”) 2006 Unit Option Plan, as amended (the “LLC Plan”), the individual named below
(“Grantee”) was granted restricted units of NCM LLC (the “IPO Restricted Units”). Pursuant to Section 14.3 of the LLC Plan, upon the completion of the IPO the IPO Restricted Units are being exchanged for and
substituted with a grant of shares of Restricted Stock issued under the National CineMedia, Inc. 2007 Equity Incentive Plan (the “Plan”). This Restricted Stock Substitution Award (the “Award”) evidences the terms of
the Company’s grant of Restricted Stock to Grantee in substitution for the grant of IPO Restricted Units and the cancellation of the IPO Restricted Units. 
 A. NOTICE OF GRANT 
  

					
	 Name of Grantee:
	  	  	  	
	 Number of Shares of Restricted Stock: 
	  	  	  	
	 Grant Date:
	  	  	  	
	 Vesting Start Date:
	  	  	  	

 Vesting Schedule: Except as provided otherwise in this Award or the Plan (including but not limited to
Section 14.2 of the Plan which provides for accelerated vesting upon certain terminations in connection with a Change of Control), subject to Grantee’s continuous Service, the Restricted Stock shall vest and the restrictions set forth in
Section 2 of this Award shall lapse as follows: 
  

					
	 Service Vesting Date
	  	Percentage of
Shares that Vest	  	Number of
Shares that Vest
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

  

					
	 NATIONAL CINEMEDIA, INC.
 RESTRICTED STOCK SUBSTITUTION Award
	 		 	

 B. IPO AWARD AND SUBSTITUTION 
 1. IPO Award. Pursuant to Section 14.6 of the LLC Plan, in connection with certain reorganization transactions of NCM LLC and the IPO, the
Board of Directors of NCM LLC approved the grant of IPO Restricted Units to holders of outstanding options of NCM LLC immediately prior to the IPO to maintain the economic position of each such option holder immediately prior to the reorganization
transactions. 
 2. Substitution. Pursuant to Section 14.3 of the LLC Plan, upon the occurrence of the IPO, outstanding IPO
Restricted Units shall be exchanged for a grant of Restricted Stock, the number of shares of Restricted Stock shall be determined pursuant to a fixed exchange ratio of 1:1, and following the exchange, the IPO Restricted Units issued under the LLC
Plan shall be cancelled. 
 3. Award. In contemplation of the exchange of the IPO Restricted Units for shares of Restricted Stock
immediately upon completion of the IPO, this Award sets forth the terms of the Restricted Stock granted in substitution of the IPO Restricted Units and confirms the cancellation of the IPO Restricted Units. 
 C. RESTRICTED STOCK AWARD 
 1.
Grant of Restricted Stock. Subject to the terms and conditions of this Award and the Plan, the Company hereby grants to Grantee, the number of shares of Restricted Stock set forth in the Notice of Grant, effective on the Grant Date set forth
in the Notice of Grant, and subject to the terms and conditions of the Plan, which is incorporated herein by reference. In the event of a conflict between the terms and conditions of the Plan and this Award, the terms and conditions of the Plan
shall govern. All capitalized terms in this Award shall have the meaning assigned to them in this Award or in the Plan. 
 2. Forfeiture
Restrictions. Grantee shall not sell, transfer, assign, pledge or otherwise encumber or dispose of, by operation of law or otherwise, the Restricted Stock for the period commencing on the Grant Date and ending on the dates
described in the Vesting Schedule set forth in the Notice of Grant (the “Restriction Period”). Upon vesting, the restrictions in this Section 2 shall lapse and Grantee may transfer the shares of Stock in accordance with
applicable securities law requirements. 
 3. Vesting; Lapse of Restrictions. Except as provided otherwise in this Award
and the Plan (including but not limited to Section 14.2 of the Plan which provides for accelerated vesting upon certain terminations in connection with a Change of Control), if Grantee has been in continuous Service since the Grant Date, the
Restricted Stock shall vest as set forth on the Vesting Schedule in the Notice of Grant. Grantee shall forfeit the unvested portion of the Restricted Stock upon termination of Service. 
 4. Dividends. During the Restriction Period, Grantee shall be entitled to receive regular cash dividends declared and paid with respect to shares
of Restricted Stock. Grantee shall not be entitled to receive a special or extraordinary cash dividend or distribution during the Restriction Period. All shares distributed, if any, received by Grantee with respect to shares of Restricted Stock as a
result of any split, stock dividend, combination of shares of stock, or other similar transaction shall be subject to the same restrictions during the Restriction Period as the related shares of Restricted Stock. 
  

					
	 NATIONAL CINEMEDIA, INC.
 RESTRICTED STOCK SUBSTITUTION Award
	 	2	 	

 5. Termination of Service. Upon the termination of Grantee’s Service, any shares of
Restricted Stock held by Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be forfeited. Upon forfeiture of the shares of Restricted Stock, Grantee shall have no
further rights with respect to such shares, including but not limited to any right to vote the shares or any right to receive dividends. Section 14.2 of the Plan provides for accelerated vesting with respect to certain terminations in
connection with a Change of Control. 
 6. Leave of Absence. For purposes of the Restricted Stock, Service does not terminate when
Grantee goes on a bona fide employee leave of absence that was approved by the Company or an Affiliate in writing, if the terms of the leave provide for continued Service crediting, or when continued Service crediting is required by
applicable law. However, Service will be treated as terminating 90 days after Grantee went on the approved leave, unless Grantee’s right to return to active work is guaranteed by law or by a contract. Service terminates in any event when the
approved leave ends unless Grantee immediately returns to active Service. The Committee determines, in its sole discretion, which leaves of absence count for this purpose, and when Service terminates for all purposes under the Plan. 
 7. Purchase and Delivery of Shares. Grantee shall be required, to the extent required by applicable law, to purchase the shares of Restricted
Stock from the Company at the aggregate par value of the shares of Stock represented by such Restricted Stock (the “Purchase Price”). The Purchase Price shall be payable in cash or in cash equivalents acceptable to the Company. Upon
the expiration or termination of the Restriction Period, the restrictions applicable to Restricted Stock shall lapse, and, a certificate for such shares of Stock shall be delivered, free of all such restrictions, to Grantee or Grantee’s
beneficiary or estate, as the case may be. Notwithstanding anything in this Award to the contrary, the Company may elect to satisfy any requirement for the delivery of stock certificates through the use of book-entry. 
 8. Enforcement of Restrictions. All certificates representing shares of Restricted Stock shall include applicable restrictive legends regarding
restrictions on transfer and compliance with securities law requirements, as determined by the Committee. 
 9. Tax Withholding. The
Company or any Affiliate shall have the right to deduct from payments of any kind otherwise due to Grantee, any federal, state, local or foreign taxes of any kind required by law to be withheld upon the issuance, vesting or payment of any shares of
Stock or dividends. Subject to the prior approval of the Committee, which may be withheld by the Committee, in its sole discretion, Grantee may elect to satisfy the minimum statutory withholding obligations, in whole or in part, (i) by having
the Company withhold shares of Stock otherwise issuable to Grantee or (ii) by delivering to the Company shares of Stock already owned by Grantee. The shares delivered or withheld shall have an aggregate Fair Market Value not in excess of the
minimum statutory total tax withholding obligations. The Fair Market Value of the shares used to satisfy the withholding obligation shall be determined by the Company as of the date that the amount of tax to be withheld is to be determined. Shares
used to satisfy any tax withholding obligation must be vested and cannot be subject to any repurchase, forfeiture, or other similar requirements. Any election to withhold shares shall be irrevocable, 

  

					
	 NATIONAL CINEMEDIA, INC.
 RESTRICTED STOCK SUBSTITUTION Award
	 	3	 	

 
made in writing, signed by Grantee, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate.

 10. Effect of Prohibited Transfer. If any transfer of shares is made or attempted to be made contrary to the terms of this Award,
the Company shall have the right to acquire for its own account, without the payment of any consideration, such shares from the owner thereof or his transferee, at any time before or after such prohibited transfer. In addition to any other legal or
equitable remedies it may have, the Company may enforce its rights to specific performance to the extent permitted by law and may exercise such other equitable remedies then available. The Company may refuse for any purpose to recognize any
transferee who receives shares contrary to the provisions of this Award as a stockholder of the Company and may retain and/or recover all dividends on such shares that were paid or payable subsequent to the date on which the prohibited transfer was
made or attempted. 
 11. Market Stand-Off Agreement. In connection with the IPO, Grantee agrees not to sell, make any short sale of,
loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose or transfer for value or agree to engage in any of the foregoing transactions with respect to any shares of Stock without prior written consent of the Company or
its underwriters, for such period of time after the effective date of the IPO registration statement under the Securities Act as may be requested by the Company or the underwriters (not to exceed 180 days in length). 
 12. Investment Representations. The Committee may require Grantee (or Grantee’s estate or heirs) to represent and warrant in writing that the
individual is acquiring the shares of Stock for investment and without any present intention to sell or distribute such shares and to make such other representations as are deemed necessary or appropriate by the Company and its counsel. 

13. Continued Service. Neither the grant of shares of Restricted Stock nor this Award gives Grantee the right to continue Service with
the Company or its Affiliates in any capacity. The Company and its Affiliates reserve the right to terminate Grantee’s Service at any time and for any reason not prohibited by law. 
 14. Governing Law. The validity and construction of this Award and the Plan shall be construed in accordance with and governed by the laws of the
State of Delaware other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan and this Award to the substantive laws of any other jurisdiction. 
 15. Binding Effect. This Award shall be binding upon and inure to the benefit of the Company and Grantee and their respective heirs, executors,
administrators, legal representatives, successors and assigns. 
 16. Tax Treatment; Section 83(b); Section 409A.
Grantee may incur tax liability as a result of the vesting of shares of Restricted Stock and payment of dividends or the disposition of shares of Stock. Grantee should consult his or her own tax adviser for tax advice. 
  

					
	 NATIONAL CINEMEDIA, INC.
 RESTRICTED STOCK SUBSTITUTION Award
	 	4	 	

 Grantee hereby acknowledges that Grantee has been informed that he or she may file with
the Internal Revenue Service, within 30 days of the Grant Date, an irrevocable election pursuant to Section 83(b) of the Code to be taxed as of the Grant Date on the amount by which the Fair Market Value of the Restricted Stock on that date
exceeds the Purchase Price. If Grantee chooses to file an election under Section 83(b) of the Code, Grantee hereby agrees to promptly deliver a copy of any such election to the Chief Financial Officer of the Company (or his designee).

 Grantee acknowledges that the Committee, in the exercise of its sole discretion and without Grantee’s consent, may
amend or modify this Award in any manner and delay the payment of any amounts payable pursuant to this Award to the minimum extent necessary to satisfy the requirements of Section 409A of the Code. The Company will provide Grantee with notice
of any such amendment or modification. 
 17. Amendment. The terms and conditions set forth in this Award may only be amended by the
written consent of the Company and Grantee, except to the extent set forth in Section 16 regarding Section 409A of the Code and any other provision set forth in the Plan. 
 18. 2007 Equity Incentive Plan. The shares of Restricted Stock and payment of dividends granted hereunder shall be subject to such additional
terms and conditions as may be imposed under the terms of the Plan, a copy of which has been provided to Grantee. 
  

			
	NATIONAL CINEMEDIA, INC.
		
	By:	 	  
		 	 Kurt C. Hall
 President and Chief Executive
Officer

		
	 Date:
	 	  

 Attachments: 
 2007 Equity Incentive Plan 
 Form S-8 Prospectus 
  

					
	 NATIONAL CINEMEDIA, INC.
 RESTRICTED STOCK SUBSTITUTION Award
	 	5Form of Stock Option Agreement

 Exhibit 4.6 
 Stock Option No.:         
 NATIONAL CINEMEDIA, INC.

 2007 EQUITY INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 
 The Board of Directors of National CineMedia, Inc., a Delaware corporation (the
“Company”), granted an option under the National CineMedia, Inc. 2007 Equity Incentive Plan (the “Plan”) to purchase shares of common stock, $0.01 par value per share, of the Company (“Stock”) to
the Optionee named below. This Stock Option Agreement (the “Agreement”) evidences the terms of the Company’s grant of an Option to Optionee. 
 A. NOTICE OF GRANT 
 Name of Optionee:
                     
 Number of Shares of
Stock Covered by the Option:                      
 Option Price per Share of Stock: $                     
 Vesting Start Date:                      
 Expiration Date:                      
 Type of Option: Non-Qualified Stock Option 
 Vesting Schedule: Except as provided otherwise in this Agreement
and the Plan (including but not limited to Section 14.2 of the Plan which provides for accelerated vesting upon certain terminations in connection with a Change of Control), Optionee’s right to purchase shares of Stock under this Option
vests, as set forth below: 
  

					
	 Service Vesting Date
	 	 Percentage of
 Shares that Vest
	 	 Number of
 Shares that Vest

		 		 	
		 		 	
		 		 	
		 		 	

  

					
	 NATIONAL CINEMEDIA, INC.
 STOCK OPTION AGREEMENT
	 		 	

 B. STOCK OPTION AGREEMENT 
 1. Grant of Option. Subject to the terms and conditions of this Agreement and the Plan, the Company granted to Optionee, an Option to purchase the
number of shares of Stock, at the Exercise Price (each as set forth on the cover page of this Agreement), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. In the event of a conflict between the terms
and conditions of the Plan and this Agreement, the terms and conditions of the Plan shall govern. All capitalized terms in this Agreement shall have the meaning assigned to them in this Agreement or in the Plan. 
 2. Type of Option. This Option is a Non-Qualified Stock Option. 
 3. Vesting. The Option is only exercisable, in whole or in part, before it expires and then only with respect to the vested portion
of the Option. Subject to the preceding sentence, Optionee may exercise this Option, by following the procedures set forth in this Agreement. 
 Except as provided otherwise in this Agreement and the Plan (including but not limited to Section 14.2 of the Plan which provides for accelerated vesting upon certain terminations in connection with a Change of Control),
Optionee’s right to purchase shares of Stock under this Option vests as set forth on the Vesting Schedule in the Notice of Grant. No additional shares will vest after Optionee’s termination of Service for any reason. 
 4. Option Term; Expiration Date. This Option shall have a maximum term of ten (10) years measured from the original Grant Date (as set forth
in the table on the cover sheet of this Agreement) and shall accordingly expire at the close of business at Company headquarters on the tenth anniversary of the Grant Date, unless sooner terminated in accordance with Section 5 of this Agreement
(the “Expiration Date”). 
 5. Termination of Service; Expiration of Option. If Optionee terminates
Service with the Company and its Affiliates prior to the Expiration Date, the following shall apply: 
 (a) By the Company Without Cause or By Optionee for Good Reason. If Optionee’s Service is terminated by the Company or its Affiliate without Cause or Optionee terminates Service for
Good Reason, then the vested portion of the Option will expire at the close of business at Company headquarters on the 90th day after Optionee terminates Service, but in no event after the Expiration Date. The unvested portion of the Option automatically expires on the date of termination of Service. Section 14.2 of the Plan provides for accelerated
vesting upon certain conditions in connection with a Change of Control. 
 (b) By Optionee Without Good
Reason. If Optionee terminates Service without Good Reason, then Optionee shall immediately forfeit all rights to the Option (whether or not vested) and the Option shall immediately expire on the date of termination of Service.

 (c) Termination for Cause. If Optionee’s Service is terminated by the Company or an Affiliate for Cause, then
Optionee shall immediately forfeit all rights to the Option (whether or not vested) and the Option shall immediately expire on the date of termination of Service. 
  

					
	 NATIONAL CINEMEDIA, INC.
 STOCK OPTION AGREEMENT
	 	2	 	

 (d) Disability. If Optionee terminates Service because of
Optionee’s Disability, then the vested portion of the Option will expire at the close of business at Company headquarters on the date twelve (12) months after Optionee’s termination of Service, but in no event after the Expiration
Date. The unvested portion of the Option automatically expires on the date of termination of Service. 
 (e)
Death. If Optionee terminates Service because of Optionee’s death, then the vested portion of the Option will expire at the close of business at Company headquarters on the date twelve (12) months after the date of
death, but in no event after the Expiration Date. During that twelve (12) month period, Optionee’s estate or heirs may exercise the vested portion of the Option. The unvested portion of the Option automatically expires on the date of
termination of Service. In addition, if Optionee dies during the 90-day period described in subsection 5(a), and a vested portion of the Option has not yet been exercised, then the vested portion of the Option will instead expire on the date twelve
(12) months after Optionee’s termination of Service, but in no event after the Expiration Date. In such a case, during the period following Optionee’s death up to the date twelve (12) months after termination of Service,
Optionee’s estate or heirs may exercise the vested portion of the Option. 
 6. Leave of Absence. For purposes of the Option,
Service does not terminate when Optionee goes on a bona fide employee leave of absence that was approved by the Company or an Affiliate in writing, if the terms of the leave provide for continued Service crediting, or when continued Service
crediting is required by applicable law. However, Service will be treated as terminating 90 days after Optionee went on the approved leave, unless Optionee’s right to return to active work is guaranteed by law or by a contract. Service
terminates in any event when the approved leave ends unless Optionee immediately returns to active Service. The Committee determines, in its sole discretion, which leaves of absence count for this purpose, and when Service terminates for all
purposes under the Plan. 
 7. Option Exercise. 
 (a) Right to Exercise. The Option shall be exercisable on or before the Expiration Date in accordance with the vesting schedule set
forth in Section 3. 
 (b) Notice of Exercise. The Option shall be exercised by delivery of written
notice to the Committee (or an officer of the Company designated by the Committee) on any business day, at the Company’s principal office, on the form specified by the Company. The notice shall specify the number of shares of Stock to be
purchased, accompanied by full payment of the Exercise Price for the shares being purchased. The notice must also specify how the shares should be registered (in the name of Optionee or in both the names of Optionee and Optionee’s spouse as
joint tenants with right of survivorship). The notice of exercise will be effective when it is received by the Company. Anyone exercising the Option after the death of Optionee must provide appropriate documentation to the satisfaction of the
Company that the individual is entitled to exercise the Option. 
 (c) Payment of Exercise Price. Payment
of the Exercise Price for the number of shares of Stock being purchased in full shall be made in one (or a combination) of the following forms: 
 (i) Cash or cash equivalents acceptable to the Company. 
  

					
	 NATIONAL CINEMEDIA, INC.
 STOCK OPTION AGREEMENT
	 	3	 	

 (ii) Shares of Stock which have already been owned by Optionee (purchased on the open
market or owned for at least six months or such other period designated by the Committee) which are surrendered to the Company. The Fair Market Value of the shares, determined as of the effective date of the Option exercise, will be applied to the
Exercise Price. 
 (iii) To the extent a public market for the shares of Stock exists as determined by the Company, by
delivery (on a form prescribed by the Company) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell shares and to deliver all or part of the sale proceeds to the Company in payment of the aggregate Exercise
Price and any withholding taxes. 
 8. Tax Withholding. The Company or any Affiliate shall have the right to deduct from payments of
any kind otherwise due to Optionee, any federal, state, local or foreign taxes of any kind required by law to be withheld upon the issuance of any shares of Stock or payment of any kind upon the exercise of this Option. Subject to the prior approval
of the Committee, which may be withheld by the Committee, in its sole discretion, Optionee may elect to satisfy the minimum statutory withholding obligations, in whole or in part, (i) by having the Company withhold shares of Stock otherwise
issuable to Optionee or (ii) by delivering to the Company shares of Stock already owned by Optionee. The shares delivered or withheld shall have an aggregate Fair Market Value not in excess of the minimum statutory total tax withholding
obligations. The Fair Market Value of the shares used to satisfy the withholding obligation shall be determined by the Company as of the date that the amount of tax to be withheld is to be determined. Shares used to satisfy any tax withholding
obligation must be vested and cannot be subject to any repurchase, forfeiture, or other similar requirements. Any election to withhold shares shall be irrevocable, made in writing, signed by Optionee, and shall be subject to any restrictions or
limitations that the Committee, in its sole discretion, deems appropriate. 
 9. Transfer of Option. During Optionee’s lifetime,
only Optionee (or, in the event of Optionee’s legal incapacity or incompetency, Optionee’s guardian or legal representative) may exercise the Option. Optionee cannot transfer or assign the Option. Upon any attempt to transfer or assign the
Option, the Option will immediately become invalid. Regardless of any marital property settlement agreement, the Company is not obligated to honor a notice of exercise from Optionee’s spouse, nor is the Company obligated to recognize
Optionee’s spouse’s interest in the Option in any other way. 
 10. Market Stand-Off Agreement. In connection with the
initial public offering of shares of Common Stock of the Company (the “IPO”), Optionee agrees not to sell, make any short sale of, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose or transfer for value
or agree to engage in any of the foregoing transactions with respect to any shares of Stock without prior written consent of the Company or its underwriters, for such period of time after the effective date of the IPO registration statement under
the Securities Act as may be requested by the Company or the underwriters (not to exceed 180 days in length). 
 11. Investment
Representations. The Committee may require Optionee (or Optionee’s estate or heirs) to represent and warrant in writing that the individual is acquiring the shares of Stock for investment and without any present intention to sell or
distribute such 

  

					
	 NATIONAL CINEMEDIA, INC.
 STOCK OPTION AGREEMENT
	 	4	 	

 
shares and to make such other representations as are deemed necessary or appropriate by the Company and its counsel. 
 12. Continued Service. Neither the grant of the Option nor this Agreement gives Optionee the right to continue Service with the Company or its
Affiliates in any capacity. The Company and its Affiliates reserve the right to terminate Optionee’s Service at any time and for any reason not prohibited by law. 
 13. Stockholder Rights. Optionee and Optionee’s estate or heirs shall not have any rights as a stockholder of the Company until Optionee becomes the holder of record of such shares of Stock, and no
adjustments shall be made for dividends or other distributions or other rights as to which there is a record date prior to the date Optionee becomes the holder of record of such shares, except as provided in Section 14 of the Plan.

 14. Adjustments. The number of shares of Stock outstanding under this Option shall be proportionately increased or decreased
for any increase or decrease in the number of shares of Stock on account of any Corporate Event. Any such adjustment in the Option shall not increase the aggregate Exercise Price payable with respect to shares that are subject to the unexercised
portion of the outstanding Option and the adjustment shall comply with the requirements under Section 409A of the Code. The conversion of any convertible securities of the Company shall not be treated as an increase in shares effected without
receipt of consideration. In the event of any distribution to the Company’s stockholders of an extraordinary cash dividend or securities of any other entity or other assets (other than ordinary dividends payable in cash or shares of Stock)
without receipt of consideration by the Company, the Company shall proportionately adjust (a) the number and kind of shares subject to this Option and/or (b) the Exercise Price of this Option to reflect such distribution. 
 15. Additional Requirements. Optionee acknowledges that shares of Stock acquired upon exercise of the Option may bear such legends, as the Company
deems appropriate to comply with applicable federal, state or foreign securities laws. In connection therewith and prior to the issuance of the shares, Optionee may be required to deliver to the Company such other documents as may be reasonably
necessary to ensure compliance with applicable laws. 
 16. Governing Law. The validity and construction of this Agreement and the
Plan shall be construed in accordance with and governed by the laws of the State of Delaware other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan and this Agreement to the
substantive laws of any other jurisdiction. 
 17. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the Company and Optionee and their respective heirs, executors, administrators, legal representatives, successors and assigns. 
 18. Tax
Treatment; Section 409A. Optionee may incur tax liability as a result of the exercise of the Option or the disposition of shares of Stock. Optionee should consult his or her own tax adviser before exercising the Option or
disposing of the shares. 
  

					
	 NATIONAL CINEMEDIA, INC.
 STOCK OPTION AGREEMENT
	 	5	 	

 Optionee acknowledges that the Committee, in the exercise of its sole discretion and
without Optionee’s consent, may amend or modify the Option and this Agreement in any manner and delay the payment of any amounts payable pursuant to this Agreement to the minimum extent necessary to satisfy the requirements of Section 409A
of the Code. The Company will provide Optionee with notice of any such amendment or modification. 
 19. Amendment. The terms and
conditions set forth in this Agreement may only be amended by the written consent of the Company and Optionee, except to the extent set forth in Section 18 hereof regarding Section 409A of the Code and any other provision set forth in the
Plan. 
 20. 2007 Equity Incentive Plan. The Option and shares of Stock acquired upon exercise of the Option granted hereunder shall
be subject to such additional terms and conditions as may be imposed under the terms of the Plan, a copy of which has been provided to Optionee. 

			
	NATIONAL CINEMEDIA, INC.
		
	By:	 	  
		 	 Kurt C. Hall
 President and Chief Executive
Officer

		
	Date:	 	  

 [Optionee Signature Page Follows] 
  

					
	 NATIONAL CINEMEDIA, INC.
 STOCK OPTION AGREEMENT
	 	6	 	

 ACKNOWLEDGMENT AND AGREEMENT 
 Optionee acknowledges receipt of this Agreement, agrees to all of the terms and conditions described in this Agreement and in the Plan, a copy of which
is attached. Optionee acknowledges that Optionee has carefully reviewed the Plan, and agrees that the Plan will control in the event of any provision in this Agreement is in conflict with the Plan. Optionee also agrees that the to the extent the
Plan is silent, or to the extent the Plan provides, this Agreement and the terms hereof will control. 
  

			
	Optionee
	
	   
	Signature
		
	Print Name:	 	   

			
		
	Date:	 	   

 Attachments: 
 2007 Equity Incentive Plan 
 Form S-8 Prospectus 
  

					
	 NATIONAL CINEMEDIA, INC.
 STOCK OPTION AGREEMENT
	 	7

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