imax corporation exhibit 10. 29 imax international sales corporation january 31st, 2012 st andrew cripps 19 gerard road barnes, london sw13 9rq england dear andrew : i am very pleased to offer you the position of executive vice president, imax corporation and president, europe, middle east and africa of imax international sales corporation. the terms and conditions of your employment are summarized below : title : executive vice president, imax corporation and president, europe, middle east and africa of imax international sales corporation reporting to : greg foster on film related matters and richard gelfond on all other matters. term : february 27, 2012 to february 27, 2014. base salary : £475, 000 ( pounds sterling ) per annum, to be paid in no less than equal monthly instalments and no later than by the end of each calendar month. bonus : you will be eligible to participate in the imax management bonus program, under which your target annual bonus is 100 % of your base salary. in the first calendar year of employment, your bonus payment will be prorated based on your start date. calculation of this bonus will be weighted as 50 % based on personal performance and 50 % based on company performance. payment of this bonus is discretionary and requires that you be employed with imax on the payout date. stock options : effective as soon as practicable after your start date of employment, you will be granted non - qualified options ( the “ options ” ) to purchase 400, 000 shares of common stock of the company ( the “ common shares ” ), at an exercise price per common share equal to the fair market value, as defined in the company ’ s stock option plan ( the “ option plan ” ). twenty five percent ( 25 % ) of the options shall vest and become exercisable on each of the first four anniversary dates of the grant date. title : executive vice president, imax corporation and president, europe, middle east and africa of imax international sales corporation reporting to : greg foster on film related matters and richard gelfond on all other matters. term : february 27, 2012 to february 27, 2014. base salary : £475, 000 ( pounds sterling ) per annum, to be paid in no less than equal monthly instalments and no later than by the end of each calendar month. bonus : you will be eligible to participate in the imax management bonus program, under which your target annual