EXHIBIT
10.14
First Amendment to
the
LOAN OUT SERVICE
AGREEMENT
WHEREAS, Panavision Inc.
(the ‘‘Company’’) entered into a Loan Out
Service Agreement (the ‘‘Service
Agreement’’) with Ziffren, Brittenham, Branca, Fischer,
Gilbert-Lurie & Stiffelman LLP, (now known as Ziffren,
Brittenham, Branca, Fischer, Gilbert-Lurie, Stiffelman & Cook
LLP and referred to herein as
‘‘ZBBFG-LS&C’’) with reference to the
utilization of the services provided by Kenneth Ziffren, Esq.
(‘‘Executive’’), dated March 26,
2003.
WHEREAS, the Company and
ZBBFG-LS&C now desire to amend the Service Agreement on the
terms and conditions described herein (the
‘‘Amendment’’);
NOW, THEREFORE, the
Company and ZBBFG-LS&C hereby agree to amend the Service
Agreement, as follows:
1. The Term of the
Service Agreement shall be extended for a further period of three
years (unless terminated sooner as provided in the Service
Agreement) commencing on March 25 th 2006 and ending on
March 25 th 2009.
2. Section 2 shall
be amended such that the references to the ‘‘Executive
Committee’’ in Section 2 shall be replaced by
references to the ‘‘Board of
Directors’’.
3. Section 3.3
shall be amended and restated as follows:
