IMAX Corporation Summary of Directors’ Compensation Agreement (August 11, 2005)

Summary

This agreement outlines the annual compensation for directors of IMAX Corporation. Eligible directors receive a yearly fee of $20,000 CAD, with the option to receive stock options instead. Additional payments are made for attending board and committee meetings, and directors are granted options to purchase 8,000 common shares each year. The Chair of the Audit Committee receives an extra $8,000 CAD annually. Directors are also reimbursed for expenses related to board duties. These terms remain in effect until changed by the company.

EX-10.32 6 o67926exv10w32.htm EX-10.32 exv10w32

IMAX CORPORATION

Exhibit 10.32

Summary of Directors’ Compensation

In respect of each year during which an Eligible Director serves as a Director of the Corporation, he shall receive:

	a.		$20,000 (Cdn.) per year payable quarterly in arrears provided that an Eligible Director may elect, at the commencement of each year of office, or as soon as practicable thereafter, to receive such number of options to purchase an equivalent number of Common Shares of the Corporation under the terms of the IMAX Stock Option Plan (the “Plan”). The options will be granted annually and will vest in equal amounts quarterly, in arrears;

	b.		$1,500 (Cdn.) for every Board meeting attended in which an Eligible Director participates whether in person or by telephone;

	c.		$1,200 (Cdn.) for any Committee of the Board meetings in which the Eligible Director participates, whether in person or by telephone;

	d.		at the commencement of each year of office or upon joining the Board, or as soon as practicable thereafter, a grant of options to purchase 8,000 Common Shares of the Corporation under the terms of the IMAX Stock Option Plan at an exercise price equal to the Fair Market Value of the shares, as defined in the Plan; and

	e.		reimbursement of any expenses incurred by the Eligible Director in connection with participation in Board or Committee meetings.

2.		The Chair of the Audit Committee shall receive $8,000 (Cdn.) per year payable quarterly, in arrears.

3.		The annual compensation for Directors, as set out above, shall remain in effect until it is amended or revoked by further resolution.

August 11, 2005