Exhibit 10.20

                                IMAX CORPORATION


                       SUMMARY OF DIRECTORS' COMPENSATION

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

     1.   $20,000 (Cdn.) per year payable quarterly in arrears provided that an
          eligible director may elect, at the commencement of his term of
          office, or as soon as practicable thereafter, to receive such number
          of options to purchase Common Shares of the Corporation under the
          terms of the IMAX Stock Option Plan (the "Plan") as shall be
          calculated using the Black Scholes Option Valuation Model, at an
          exercise price equal to the Fair Market Value of the shares, as
          defined in the Plan. The options will be granted annually and will
          vest in equal amounts quarterly, in arrears;

     2.   $1,500 (Cdn.) for every Board meeting attended in person together with
          $750 (Cdn.) for every telephone Board meeting in which he
          participates;

     3.   $750 (Cdn.) for any Committee of the Board meetings in which the
          Eligible Director participates, whether in person or by telephone;

     4.   at the commencement of each year, 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, on the date on which the Eligible Director joins
          IMAX's Board; and

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




                                                                    June 7, 2001