Amended Employment Agreement Between IMAX Corporation and Richard L. Gelfond (2011 Extension)

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement extends the employment of Richard L. Gelfond with IMAX Corporation until December 31, 2013. It grants Mr. Gelfond stock options to purchase 400,000 IMAX shares, with specific vesting dates in 2013 and accelerated vesting if there is a change of control. The agreement does not affect any other rights or obligations from previous agreements between Mr. Gelfond and IMAX. Both parties signed the amendment on December 12, 2011.

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EX-10.17 6 d304280dex1017.htm EX-10.17 EX-10.17

Exhibit 10.17

IMAX CORPORATION

AMENDED EMPLOYMENT AGREEMENT

This agreement amends the amended employment agreement (the “Agreement”) between Richard L. Gelfond (the “Executive”) and IMAX Corporation (the “Company”) dated July 1, 1998, as amended, on the same terms and conditions except as set out below:

 

1. Term. The term of the Agreement (the “Term”) is extended until December 31, 2013 (the “Term End”).

 

2. Incentive Compensation. On December 31, 2011, the Executive shall be granted, in accordance with the terms of the IMAX Stock Option Plan (the “Plan”), stock options to purchase 400,000 common shares of the Company (the “Options”) at an exercise price per Common Share equal to the Fair Market Value, as defined in the Plan. The Options shall have a 10-year term and vest as follows:

 

Number of Options

   

Vesting Date

133,333

    May 1, 2013

133,333

    September 1, 2013

133,334

    December 31, 2013

The vesting of the Options shall be accelerated upon a “change of control” as defined in the Agreement, and shall be governed, to the extent applicable, by the provisions in the Agreement regarding change of control.

 

3. The entering into this agreement shall not prejudice any rights or waive any obligations under any other agreement between the Executive and the Company.

DATED as of December 12, 2011.

 

AGREED AND ACCEPTED:
/s/ Richard L. Gelfond
Richard L. Gelfond

 

IMAX CORPORATION
Per:       /s/ Garth M. Girvan
  Name: Garth M. Girvan
  Title:    Director