Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain

Officers.

Compensation Arrangements with other Named Executive Officers

On January 4, 2021, the Compensation Committee of the Board of Directors (the "Committee") of IMAX Corporation (the "Company") approved a one-time grant of time-vesting restricted stock units ("RSUs") with a grant value of $400,000 under the Company's Second Amended and Restated Long-Term Incentive Plan to its Chief Executive Officer, Richard Gelfond (the "Executive Retention Award"). The Executive Retention Award was granted in lieu of a cash bonus for Mr. Gelfond for 2020, who has an annual target bonus of $1.2 million. The RSUs will vest over two years and be subject to forfeiture to the extent of an event of voluntary termination prior to end of the vesting period.

Under Mr. Gelfond's leadership during the COVID-19 crisis, swift and decisive actions were taken to protect the Company amid the uncertainty of the pandemic including drawing down its revolving credit facility in March, amending its existing credit agreement to provide maximum financial and operating flexibility, executing on significant cost reductions, including non-essential SG&A and capital expenditures, overseeing the seamless reopening and ramp up of the Company's Asian theater network, which is close to 100% operational, and returning the Company's stock price to pre-pandemic levels.


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