Imax Corp. CEO Richard Gelfond has renewed his employment contract with the giant-screen exhibitor for another three years.
Imax on Monday in an SEC filing said Gelfond and Imax agreed to terms on a new deal on Nov. 8 that replaces the current contract that was to end on Dec. 31. The latest agreement, to run to Dec. 31, 2019, will see Gelfond receive an annual base salary of $1.2 million, an annual discretionary bonus of up to twice the base salary and a target bonus equal to 100 percent of his base salary.
Gelfond, who oversees Toronto-based Imax from corporate offices in New York City, also will receive three annual stock option grants valued at $3.3 million per year and an upfront grant of restricted share units valued at $6.6 million. The re-upped contract follows China becoming a major focus for Imax and the large-screen specialist growing its theater network elsewhere beyond North America.
That includes a recent 25-theater deal with AMC and a five-theater deal with U.K.-based Cineworld Group in Europe. Gelfond and then business partner Bradley Wechsler acquired Imax in 1994 from its Canadian founders through a leveraged buyout.