IMAX Corporation and Andrew Cripps Employment Renewal Term Sheet (2014)
This agreement is between IMAX Corporation and Andrew Cripps, outlining the terms of his continued full-time, permanent employment. Andrew will receive a base salary of £500,000, subject to annual review, and is eligible for a discretionary bonus based on company and personal performance. He will receive restricted stock units (RSUs) as part of a long-term incentive plan and continue to receive health, life insurance, and pension benefits. The agreement specifies severance terms for termination without cause, a six-month notice period for resignation, and includes non-compete, confidentiality, and non-solicitation protections for IMAX.
IMAX CORPORATION
EXHIBIT 10.30
Andrew Cripps Renewal – Term Sheet
January 23, 2014
Term: Indefinite - Full time/Permanent
Base salary: £500,000 - eligible for annual review as part of regular company cycle starting Q1 2015.
Bonus target: 70%. Bonus is discretionary, based 50% on company performance and 50% on personal performance
LTIP:
Q1 2014: $65,000 worth of RSUs (20/25/25/30 4 year vest)
Q1 2015: $75,000 worth of RSUs (20/25/25/30 4 year vest)
Effective Q1 2016 will participate as a “regular” employee in the standard LTIP grant process.
Benefits: We will continue to pay for health benefits, life insurance and pension. If Andrew reaches a pension cap we will contribute the same amount as we currently are to his pension to a Life Insurance product or something else instead.
Car allowance: No change to current £850 per month + expenses
Termination/Severance: In the case of termination without cause, we will provide Andrew with working notice or pay in lieu of notice equal to six months +1 month of base salary and benefits for every full year of service from the effective date of the new agreement to a max of 12 months in total.
Resignation: Andrew will be required to provide us with 6 months’ notice of resignation
Non-compete / confidentiality / non-solicit: We will get as much protection for IMAX as possible under UK law
