×

Imax Board Extends CEO Richard Gelfond’s Contract to 2019

Imax Corp.’s board of directors has extended CEO Richard L. Gelfond’s contract for three years, to the end of 2019.

The giant-screen specialist made the disclosure Monday in an 8k filing with the U.S. Securities and Exchange Commission. The board said it entered into the employment agreement on Nov. 8, replacing and superseding Gelfond’s prior three-year employment agreement, which would have expired on Dec. 31. Gelfond has been the CEO since 2009.

Gelfond will receive an annual base salary of $1.2 million and continue to be eligible for an annual discretionary incentive bonus of up to two times his base salary, with a target bonus equal to 100% of his base salary. The bonus is granted at the discretion of the board and is based upon the success of the company in achieving goals and objectives that will be established by the board after consultation with Gelfond.

Gelfond will receive three annual stock option grants valued at $3.3 million and granted annually in January. He will also receive an upfront grant of restricted share units with a grant date value of $6.6 million, with one-third of the RSUs vesting on Jan. 1, 2018.

If Gelfond’s employment is terminated without cause, or he resigns for good reason, the company will continue to pay him his annual base salary and benefits for a period equal to whichever is greater — 12 months or the remainder of his contract.

On Oct. 20, Imax reported lower third-quarter earnings of $7.9 million, or 12 cents a share, on slightly higher revenue of $86.6 million, and issued a bullish forecast for the current quarter. The results were in line with Wall Street forecasts.

“We anticipate box office will pick up again in the fourth quarter with titles such as Marvel’s ‘Doctor Strange,’ which includes more than an hour of footage specially formatted exclusively for Imax, the ‘Harry Potter’ spinoff ‘Fantastic Beasts and Where to Find Them,’ and of course ‘Rogue One: A Star Wars Story,'” he said.

More Film

  • Fox Searchlight logo

    Film News Roundup: Fox Searchlight Launches Searchlight Shorts

    In today’s film news roundup, Fox Searchlight starts a shorts channel, Uma Thurman signs with ICM and Miramax signs animation exec Michael Lachance. SEARCHLIGHT SHORTS Fox Searchlight Pictures’ chairmen Nancy Utley and Stephen Gilula have announced the launch of “Searchlight Shorts” as a collection of short films. The shorts are available on Fox Searchlight’s YouTube [...]

  • ImMature - cr: MX Player

    Indian Streamers Ramp up Original Productions

    Ever since global streaming giants Amazon Prime Video and Netflix entered the Indian OTT space in 2016, the conversation around original series has mostly revolved around them, thanks in part to market leader 21st Century Fox’s Hotstar’s circumspect attitude at the time about producing content. Netflix had great success with “Sacred Games,” while Amazon rode [...]

  • WGA Agents Contract Tug of War

    Hollywood Agents, Writers Guild Make Little Progress in Talks

    Leaders of Hollywood agencies and the Writers Guild of America made little progress in Tuesday meeting to negotiate proposed rule revisions to how agents represent writers. The WGA said after the meeting — the fifth since Feb. 5 — that talks would resume later this week but did not give a specific day. “The Agencies [...]

  • Village Rockstars

    Female Filmmakers Are a Growing Voice in India

    The Indian film industry has historically been a male-dominated one, but the winds of change are blowing across the country, albeit slowly. Better-served than the rest of the country is the Mumbai-based Hindi-language industry, where there are several active female filmmakers including Zoya Akhtar (“Gully Boy”), Reema Kagti (“Gold”), Leena Yadav (“Rajma Chawal”), Gauri Shinde [...]

  • Florence Pugh

    Scarlett Johansson's 'Black Widow' Movie Adds Florence Pugh

    “Black Widow’s” web may soon be growing. Sources tell Variety that Florence Pugh is in talks to join Scarlett Johansson’s standalone superhero film. Pugh has been on the hot list for this second lead role since last fall, but Marvel wanted to open up the field to other actresses at the beginning of the year. [...]

  • Mira Lesmana Sets up Indonesia Remake

    Mira Lesmana Sets Up Indonesian Remake of CJ's 'Sunny'

    Indonesia’s Miles Film and Korea’s CJ Entertainment are to co-produce an Indonesian remake of Korean hit “Sunny.” The film is a female-driven dramedy about a group of adult friends who reunite 20 years after high school. Directed by Kang Hyoung-chul, “Sunny” was one of the highest-grossing movies in Korea when it was released in 2011. [...]

More From Our Brands

Access exclusive content