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Imax Corporation (NYSE:IMAX) announced Thursday that it has entered into a third amendment to the employment agreement with Chief Executive Officer Richard L. Gelfond. The amendment, effective January 1, 2026, extends Mr. Gelfond’s employment through December 31, 2028, according to a statement based on a SEC filing.
Under the revised agreement, Mr. Gelfond will continue to receive an annual base salary of $1.2 million and remains eligible for a target annual bonus equal to 100% of his base salary, with the potential to earn up to 200% of his base salary.
The amendment provides that, as soon as practicable after each of January 1, 2026, 2027, and 2028, Mr. Gelfond will be granted restricted share units (RSUs) valued at $3.5 million per year. These RSUs will vest in three equal installments on each of the first three anniversaries of the grant date. He will also be awarded performance stock units (PSUs) with a grant date value of $3.5 million per year, which will vest based on the achievement of certain performance criteria over a three-year period. The number of shares issued upon settlement of PSUs will depend on meeting pre-set performance metrics, ranging from 0% to 200% of the PSUs granted. Sixty percent of the PSUs will be tied to an EBITDA-based performance condition, while 40% will be linked to a relative total shareholder return performance condition.
Severance and compensation terms remain unchanged except for several adjustments. Mr. Gelfond’s right to severance upon termination by the company without cause or by him for good reason now applies to any such termination before December 31, 2028. In the event of termination, unvested equity awards will continue to vest according to their original schedules, and outstanding stock options will remain exercisable for their original terms, subject to certain notice requirements.
All other material terms of Mr. Gelfond’s existing employment agreement remain unchanged. The amendment will be filed as an exhibit to the company’s quarterly report for the quarter ending September 30, 2025.
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