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     <!-- Filer's Name:    Panavision Inc                    -->
     <!-- Project Name:    NY15212                       -->
     <!-- Attorney Name:   P. Serating                       -->
     <TITLE>Form 8K </TITLE>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> UNITED
STATES <BR>SECURITIES AND EXCHANGE COMMISSION</FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WASHINGTON, D.C. 20549 </FONT></H1></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>FORM 8-K</B></FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CURRENT REPORT
<BR>Pursuant to Section 13 or 15(d) of the<BR> Securities Exchange Act of 1934</B> </FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
of Report (Date of Earliest Event Reported):&nbsp;&nbsp;October 5, 2005 (September 30, 2005)</FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><U>Panavision Inc.</U>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Exact Name of Registrant as Specified in Its Charter)</FONT></TD></TR>
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<TD WIDTH="33%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Delaware</U><!-- State--></FONT></TD>
<TD WIDTH="34%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>001-12391</U><!-- File No.--></FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>13-3593063</U><!-- Irs No.--></FONT></TD>
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<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(State or Other Jurisdiction <BR>of Incorporation)</font></td>
<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(Commission<BR>File Number) </FONT></TD>
<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(IRS Employer<BR> Identification No.) </FONT></TD>
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     <TD WIDTH="70%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
6219 De Soto Avenue <BR>
<U>Woodland Hills, California</U> <!-- ADDRESS --> </FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;<U>91367</U><!-- ZIP CODE --></FONT></TD></TR>
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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of Principal Executive Offices)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Zip Code)</FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>(818) 316-1000</U><!-- TELEPHONE NO. --> <BR>
(Registrant's Telephone Number, Including Area Code)</FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;<!-- FORMER NAME OR ADDRESS --> </FONT></TD></TR>
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(Former Name or Former Address, if Changed Since Last Report) </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (<I>see</I>
General Instruction A.2.):  </FONT></TD></TR>
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<TD WIDTH=4%><font face="wingdings"> &#168; </font></TD>
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 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD>
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 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD>
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 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act <BR>(17 CFR
240.14d-2(b)) </FONT></TD>
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 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act <BR>(17 CFR
240.13e-4(c)) </FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Entry into a Material Definitive Agreement</U>.  </FONT></TD></TR></TABLE><BR>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On September 30, 2005, Panavision Inc. (the &#147;Company&#148;) entered into an Employment
Agreement (the &#147;Landsbaum Agreement&#148;) with Ross Landsbaum (the &#147;Executive&#148;),
pursuant to which the Executive will be employed as Executive Vice President and Chief
Financial Officer of the Company. The term of the Landsbaum Agreement will commence on
October 17, 2005 and continue through December 31, 2008. Under the Landsbaum Agreement,
the Executive will be paid an initial base salary of $575,000, which amount will be
increased to $625,000 for the period from April 1, 2007 through the remainder of the
term. The Executive&#146;s base salary may be increased, but not decreased, by the
Compensation Committee of the Company&#146;s Board of Directors. The Executive will be
eligible to earn a target annual bonus in an amount equal to 60% of his base salary upon
attainment of certain performance goals, provided that such annual bonus shall not be
less than $200,000 (except that for the fiscal years ending December 31, 2005 and
December 31, 2006, such annual bonuses shall not be less than $75,000 and $250,000,
respectively). In addition, the Executive shall be entitled to receive a corporate
performance payment within 15 days following the issuance of audited financial statements
for the fiscal year ending December 31, 2008 in an amount based on the Company&#146;s
EBITDA as described in the Landsbaum Agreement. The Executive will receive a signing
bonus equal to $25,000 payable within 30 days of his commencement of employment. The
Executive also shall be entitled to participate in each employee benefit program that the
Company generally makes available to its senior executive employees.  </FONT></TD></TR>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event of a termination of employment by the Company without Cause (as defined in the
Landsbaum Agreement) or by the Executive for Good Reason (as defined in the Landsbaum
Agreement), the Executive will be entitled to receive, in each case depending on the date
of termination of employment, salary continuation for 12 to 24 months and payments in an
aggregate amount equal to 50% to 100% of his target bonus (payable over such periods). In
the event of a termination of employment as a result of the Executive&#146;s death, or by
the Company as a result of the Executive&#146;s disability, the Executive (or his estate,
as applicable) shall generally be entitled to receive 60% of his base salary in the form
of salary continuation for the remainder of the term of the Landsbaum Agreement or 24
months, whichever is longer, plus amounts equal to 50% of his target bonus on each of the
next two bonus payment dates following termination of employment. If the Landsbaum
Agreement is terminated as a result of the Executive&#146;s death, by the Company for
disability or without Cause, or by the Executive for Good Reason, and the date of
termination is on or after January 1, 2008, then the Executive (or his estate, as
applicable) shall also be entitled to receive a pro-rata portion of the corporate
performance payment described in the paragraph above.  </FONT></TD></TR>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that any amounts payable under the Landsbaum Agreement or any other plan or
agreement would constitute &#147;excess parachute payments&#148; that exceed the Executive&#146;s
&#147;safe harbor&#148; (as each term is defined in Section 280G of the Internal Revenue
Code and the regulations promulgated thereunder) by more than $150,000, the Company will
provide a gross-up payment to the Executive to compensate him fully for the imposition of
excise taxes under Code Section 280G. If the amounts payable exceed the &#147;safe harbor&#148; limit,
but not by more than $150,000, then the amounts payable to the Executive shall be reduced
so that no payments are deemed to be &#147;excess parachute payments.&#148; </FONT></TD></TR>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Landsbaum Agreement provides for, among other restrictive covenants, a non-compete
covenant that restricts the Executive from engaging in certain defined competitive
activities and a non-solicitation covenant, in each case effective for periods, depending
on the circumstances, of up to two years following the Executive&#146;s termination of
employment.  </FONT></TD></TR>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A copy of the Landsbaum Agreement is attached to this report as Exhibit 10.1 and is
incorporated herein by reference. The description of the Landsbaum Agreement is qualified
in its entirety by reference to the Landsbaum Agreement.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 1.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of a Material Definitive Agreement</U>.  </FONT></TD></TR></TABLE><BR>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
See Item 5.02, which is incorporated herein by reference.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Departure
of Directors or Principal Officers; Election of Directors; Appointment of Principal<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Officers</U>.  </FONT></TD></TR></TABLE><BR>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October 5, 2005, the Company issued a press release (the &#147;Press Release&#148;)
announcing that, effective October 17, 2005, Ross Landsbaum will become Executive Vice
President and Chief Financial Officer of the Company. Mr. Landsbaum, 43, was previously
Executive Vice President, Operations and Finance, and Chief Financial Officer of Miramax
Films Corp., a subsidiary of The Walt Disney Company, a leading producer and distributor
of filmed entertainment, from November 2001 through October 2005. From mid-2000 through
early 2001, Mr. Landsbaum was an independent general business consultant. From 1994
through 2000, Mr. Landsbaum held various positions at Spelling Entertainment Group Inc.,
a NYSE-listed company principally engaged in the production and distribution of
television content, last serving as Senior Vice President and Chief Financial Officer. In
connection with Mr. Landsbaum&#146;s appointment, the Company and Mr. Landsbaum entered
into the Landsbaum Agreement described in Item 1.01 of this report (which description is
incorporated herein by reference).  </FONT></TD></TR>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company also announced that Bobby Jenkins, the current Executive Vice President and Chief
Financial Officer of the Company, will not be renewing his contract with the Company, as
he and his family have decided to return to the East Coast. Mr. Jenkins will cease to
serve the Company as Executive Vice President and Chief Financial Officer effective
October 17, 2005 and will assist in the transition until December 31, 2005 or such earlier date as agreed between Mr. Jenkins and
the Company. At such time, Mr. Jenkins&#146; employment pursuant to the Amended and
Restated Employment Agreement with the Company, dated May 9, 2003 (the &#147;Jenkins
Employment Agreement&#148;), will end. A description of the Jenkins Employment Agreement
is included under &#147;Executive Employment Arrangements&#148; in the Company&#146;s
Proxy Statement dated April 27, 2005 (which description is incorporated herein by
reference). A copy of the Employment Agreement is included as Exhibit 10.32 to the Company&#146;s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2003. The description of
the Jenkins Employment Agreement is qualified in its entirety by reference to the Jenkins
Employment Agreement.  </FONT></TD></TR>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A copy of the Press Release is attached to this report as Exhibit 99.1 and is incorporated
herein by reference.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Statements and Exhibits</U>.  </FONT></TD></TR></TABLE><BR>



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<TD ALIGN=CENTER WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<!-- STATE--> </FONT></TD>
<TD ALIGN=LEFT WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<U>Exhibit No.</U><!-- FILE NO.--> </FONT></TD>
<TD ALIGN=LEFT WIDTH=63%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<U>Description</U><!-- IRS NO.--> </FONT></TD>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;
</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;
</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employment Agreement, dated September 30, 2005, between
                                            Panavision Inc. and Ross Landsbaum</FONT></TD>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;
</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;
</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press Release, dated October 5, 2005</FONT></TD>
</TR>

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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;
</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;
</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section entitled "Executive Employment Arrangements" of the Proxy
                                            Statement, dated April 27, 2005 (incorporated herein by reference
                                            to such section of the Company's Proxy Statement filed with the
                                            SEC on April 28, 2005)</FONT></TD>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURE </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></TD></TR>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- TYPE "DATE:" HERE--> </FONT></TD>
    <TD WIDTH="44%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="48%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">PANAVISION INC.<!-- COMPANY --> </FONT></TD>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date: </FONT></TD>
    <TD WIDTH="39%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;October 5, 2005 <!-- DATE--> </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="43%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; /s/   <!-- NAME -->&nbsp;&nbsp;&nbsp;Robert L. Beitcher </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>&nbsp; </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR SIZE="1" WIDTH="71%" ALIGN="LEFT"> </TD>
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    <TD WIDTH="57%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name:&nbsp;</FONT></TD>
    <TD WIDTH="35%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><!-- NAME -->Robert L. Beitcher</FONT></TD>
</TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title: </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><!-- TITLE -->President and Chief Executive Officer</FONT></TD></TR>
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<BR>
<BR>


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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>EXHIBIT
INDEX</U>  </FONT></TD></TR>
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<BR>


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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Exhibit No.</B></U></FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Document</B></U></FONT></TD>
</TR>
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<BR>


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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.1<!-- EXHIBIT NO. --> </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employment Agreement, dated September 30, 2005, between
                                            Panavision Inc. and Ross Landsbaum<!-- DESCRIPTION --></FONT></TD>
</TR>
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<BR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;99.1<!-- EXHIBIT NO. --> </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press Release, dated October 5, 2005<!-- DESCRIPTION --></FONT></TD>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;99.2<!-- EXHIBIT NO. --> </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section entitled "Executive Employment Arrangements" of the Proxy
                                            Statement, dated April 27, 2005 (incorporated herein by reference
                                            to such section of the Company's Proxy Statement filed with the
                                            SEC on April 28, 2005)<!-- DESCRIPTION --></FONT></TD>
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{"company-data": {"conformed-name": "PANAVISION INC", "cik": "0001022911", "assigned-sic": "3861", "irs-number": "133593063", "state-of-incorporation": "DE", "fiscal-year-end": "1204"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12391", "film-number": "051123924"}, "business-address": {"street1": "6219 DE SOTO AVE", "city": "WOODLAND HILLS", "state": "CA", "zip": "91367", "phone": "8183161000"}}
Form 8K
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported):  October 5, 2005 (September 30, 2005)
Panavision Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
001-12391
13-3593063
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
6219 De Soto Avenue
Woodland Hills, California
91367
(Address of Principal Executive Offices)
(Zip Code)
(818) 316-1000
(Registrant's Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2.):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement
.
On September 30, 2005, Panavision Inc. (the "Company") entered into an Employment
Agreement (the "Landsbaum Agreement") with Ross Landsbaum (the "Executive"),
pursuant to which the Executive will be employed as Executive Vice President and Chief
Financial Officer of the Company. The term of the Landsbaum Agreement will commence on
October 17, 2005 and continue through December 31, 2008. Under the Landsbaum Agreement,
the Executive will be paid an initial base salary of $575,000, which amount will be
increased to $625,000 for the period from April 1, 2007 through the remainder of the
term. The Executive's base salary may be increased, but not decreased, by the
Compensation Committee of the Company's Board of Directors. The Executive will be
eligible to earn a target annual bonus in an amount equal to 60% of his base salary upon
attainment of certain performance goals, provided that such annual bonus shall not be
less than $200,000 (except that for the fiscal years ending December 31, 2005 and
December 31, 2006, such annual bonuses shall not be less than $75,000 and $250,000,
respectively). In addition, the Executive shall be entitled to receive a corporate
performance payment within 15 days following the issuance of audited financial statements
for the fiscal year ending December 31, 2008 in an amount based on the Company's
EBITDA as described in the Landsbaum Agreement. The Executive will receive a signing
bonus equal to $25,000 payable within 30 days of his commencement of employment. The
Executive also shall be entitled to participate in each employee benefit program that the
Company generally makes available to its senior executive employees.
In the event of a termination of employment by the Company without Cause (as defined in the
Landsbaum Agreement) or by the Executive for Good Reason (as defined in the Landsbaum
Agreement), the Executive will be entitled to receive, in each case depending on the date
of termination of employment, salary continuation for 12 to 24 months and payments in an
aggregate amount equal to 50% to 100% of his target bonus (payable over such periods). In
the event of a termination of employment as a result of the Executive's death, or by
the Company as a result of the Executive's disability, the Executive (or his estate,
as applicable) shall generally be entitled to receive 60% of his base salary in the form
of salary continuation for the remainder of the term of the Landsbaum Agreement or 24
months, whichever is longer, plus amounts equal to 50% of his target bonus on each of the
next two bonus payment dates following termination of employment. If the Landsbaum
Agreement is terminated as a result of the Executive's death, by the Company for
disability or without Cause, or by the Executive for Good Reason, and the date of
termination is on or after January 1, 2008, then the Executive (or his estate, as
applicable) shall also be entitled to receive a pro-rata portion of the corporate
performance payment described in the paragraph above.
In the event that any amounts payable under the Landsbaum Agreement or any other plan or
agreement would constitute "excess parachute payments" that exceed the Executive's
"safe harbor" (as each term is defined in Section 280G of the Internal Revenue
Code and the regulations promulgated thereunder) by more than $150,000, the Company will
provide a gross-up payment to the Executive to compensate him fully for the imposition of
excise taxes under Code Section 280G. If the amounts payable exceed the "safe harbor" limit,
but not by more than $150,000, then the amounts payable to the Executive shall be reduced
so that no payments are deemed to be "excess parachute payments."
The Landsbaum Agreement provides for, among other restrictive covenants, a non-compete
covenant that restricts the Executive from engaging in certain defined competitive
activities and a non-solicitation covenant, in each case effective for periods, depending
on the circumstances, of up to two years following the Executive's termination of
employment.
A copy of the Landsbaum Agreement is attached to this report as Exhibit 10.1 and is
incorporated herein by reference. The description of the Landsbaum Agreement is qualified
in its entirety by reference to the Landsbaum Agreement.
Item 1.02.
Termination
of a Material Definitive Agreement
.
See Item 5.02, which is incorporated herein by reference.
Item 5.02.       Departure
of Directors or Principal Officers; Election of Directors; Appointment of Principal
Officers
.
On October 5, 2005, the Company issued a press release (the "Press Release")
announcing that, effective October 17, 2005, Ross Landsbaum will become Executive Vice
President and Chief Financial Officer of the Company. Mr. Landsbaum, 43, was previously
Executive Vice President, Operations and Finance, and Chief Financial Officer of Miramax
Films Corp., a subsidiary of The Walt Disney Company, a leading producer and distributor
of filmed entertainment, from November 2001 through October 2005. From mid-2000 through
early 2001, Mr. Landsbaum was an independent general business consultant. From 1994
through 2000, Mr. Landsbaum held various positions at Spelling Entertainment Group Inc.,
a NYSE-listed company principally engaged in the production and distribution of
television content, last serving as Senior Vice President and Chief Financial Officer. In
connection with Mr. Landsbaum's appointment, the Company and Mr. Landsbaum entered
into the Landsbaum Agreement described in Item 1.01 of this report (which description is
incorporated herein by reference).
The Company also announced that Bobby Jenkins, the current Executive Vice President and Chief
Financial Officer of the Company, will not be renewing his contract with the Company, as
he and his family have decided to return to the East Coast. Mr. Jenkins will cease to
serve the Company as Executive Vice President and Chief Financial Officer effective
October 17, 2005 and will assist in the transition until December 31, 2005 or such earlier date as agreed between Mr. Jenkins and
the Company. At such time, Mr. Jenkins' employment pursuant to the Amended and
Restated Employment Agreement with the Company, dated May 9, 2003 (the "Jenkins
Employment Agreement"), will end. A description of the Jenkins Employment Agreement
is included under "Executive Employment Arrangements" in the Company's
Proxy Statement dated April 27, 2005 (which description is incorporated herein by
reference). A copy of the Employment Agreement is included as Exhibit 10.32 to the Company's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2003. The description of
the Jenkins Employment Agreement is qualified in its entirety by reference to the Jenkins
Employment Agreement.
A copy of the Press Release is attached to this report as Exhibit 99.1 and is incorporated
herein by reference.
Item 9.01.
Financial
Statements and Exhibits
.
Exhibit No.
Description
10.1
Employment Agreement, dated September 30, 2005, between
                                            Panavision Inc. and Ross Landsbaum
99.1
Press Release, dated October 5, 2005
99.2
Section entitled "Executive Employment Arrangements" of the Proxy
                                            Statement, dated April 27, 2005 (incorporated herein by reference
                                            to such section of the Company's Proxy Statement filed with the
                                            SEC on April 28, 2005)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
PANAVISION INC.
Date:
October 5, 2005
By:
/s/
Robert L. Beitcher
Name:
Robert L. Beitcher
Title:
President and Chief Executive Officer
EXHIBIT
INDEX
Exhibit No.
Document
10.1
Employment Agreement, dated September 30, 2005, between
                                            Panavision Inc. and Ross Landsbaum
99.1
Press Release, dated October 5, 2005
99.2
Section entitled "Executive Employment Arrangements" of the Proxy
                                            Statement, dated April 27, 2005 (incorporated herein by reference
                                            to such section of the Company's Proxy Statement filed with the
                                            SEC on April 28, 2005)