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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