Transfer Videos from iMovie 7 to iMovie 10

I recently updated my iMac, and I need to transfer the videos from iMovie 7 so that I can view and edit them in my new iMovie 10.

When I click Update Projects and Events, iMovie 10 says that it could not find any projects or events to update. I am sure the setting is correct for the external hard drive that I'm searching, and the files are there in the most top layer of the drive. The only other thing I can think of is to Import the files, but I wanted to check if there was another way.