Attached files
file | filename |
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EX-31.1 - EX-31.1 - IMAX CORP | o63931exv31w1.htm |
EX-31.2 - EX-31.2 - IMAX CORP | o63931exv31w2.htm |
EX-32.1 - EX-32.1 - IMAX CORP | o63931exv32w1.htm |
EX-32.2 - EX-32.2 - IMAX CORP | o63931exv32w2.htm |
EX-10.31 - EX-10.31 - IMAX CORP | o63931exv10w31.htm |
10-Q - FORM 10-Q - IMAX CORP | o63931e10vq.htm |
IMAX CORPORATION
Exhibit 10.32
Exhibit 10.32
SECOND AMENDING AGREEMENT
This Amendment to Employment Agreement dated as of May 14th, 2010 (the Amending Agreement) is
made between:
IMAX CORPORATION, a corporation incorporated under the laws of Canada (hereinafter referred to as
the Company),
and
JOSEPH SPARACIO, of the Town of Holmdel in the State of New Jersey
(the Executive),
(the Executive),
WHEREAS, the Company wishes to enter into this Amending Agreement to amend and extend the
Employment Agreement dated as of May 14th, 2007 between the Company and Executive as
amended by the First Amending Agreement dated May 14th, 2009 (together, the
Agreement), whereunder the Executive provides services to the Company, and the Executive wishes
to so continue such engagement, as on the same terms and conditions as set out thereunder.
NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:
1. Section 1.3 of the Agreement shall be deleted and replaced with the following:
Section 1.3 Term of Employment. The Employees employment under this Agreement
commenced on the 14th day of May, 2007 (the Commencement Date) and shall terminate on the earlier
of (i) May 14, 2012, or (ii) the termination of the Employees employment pursuant to this
Agreement. The period commencing as of the Commencement Date and ending on May 13, 2012 or such
later date to which the term of the Employees employment under this Agreement shall have been
extended is hereinafter referred to as the Employment Term. The Company shall notify the Executive
at least six (6) months prior to the second anniversary of this Amending agreement of its
intentions with respect to renewing the Agreement.
2. Section 2.1 of the Agreement shall be deleted and replaced with the following:
Section 2.1 Base Salary. Effective May 14th, 2010, the Executives
Base Salary shall be
US$ 385,000. Effective May 14th, 2011, the Executives Base Salary shall be US$
400,000.
3. Section 4 (b) of the Agreement will be deleted and replaced with the following:
(b) Without Cause means termination of the Executives employment by the Company other than for
Cause (as defined in Section 4.2), death or disability (as set forth in Section 5) and shall also
be deemed to include a change in the principal place of employment of the Executive to a location
outside of the borough of Manhattan in New York City where the travel time from the Executives
home exceeds 1 hour.
4. Section 6 of the Agreement shall be deleted and replaced with the following:
Section 6 Mitigation. Subject to Section 7.1 and 7.2, and other than in the
case of a termination without cause following a Change of Control as defined in Section 4.1.1, the
Executive shall be required to mitigate the amount of any payment provided for in Section 4.1.1 by
seeking other employment or remunerative activity reasonably comparable to his duties hereunder.
The Executive shall be required as a condition of any payment under Section 4.1.1 (other than the
Termination Payment) promptly to disclose to the Company any such mitigation compensation.
Except as amended herein, all other terms of the Agreement shall remain in full force, unamended.
IN WITNESS WHEREOF, the Company and the Executive have duly executed and delivered this Amending
Agreement on this 14th day of May, 2010.
IMAX CORPORATION |
||||
By: | /s/ G. Mary Ruby | |||
Name: | G. Mary Ruby | |||
Title: | Exec. VP Corporate Services, & Corporate Secretary | |||
By: | /s/ Gary Moss | |||
Name: | Gary Moss | |||
Title: | Chief Operating Officer | |||
SIGNED, SEALED AND DELIVERED
|
EXECUTIVE: | |
in the presence of: |
||
/s/ Lauren Russell
|
/s/ Joe Sparacio | |
Witness Lauren Russell
|
Joe Sparacio |