Document:

imax-ex101_80.htm

EXHIBIT 10.1

 

 

April 28, 2021

Approved by the Compensation Committee and effective as of May 14, 2021

Strictly Private & Confidential

 

Joseph Sparacio 

jspara@comcast.net

 

Dear Joe,

 

I am writing to confirm our agreement with respect to your service as Interim Chief Financial Officer of IMAX Corporation ("IMAX" or the "Company"). 

 

We have agreed as follows: 

 

Title:Interim Chief Financial Officer

 

	
Reporting to:         
	
Rich Gelfond, CEO

 

	
Duration:
	
Start date: June 1, 2021

End date: When a new CFO begins employment at the Company, which the parties anticipate to be no later than December 31, 2021

 

	
Work schedule:
	
Average of three days per week 

 

	
Salary:
	
Your annualized salary will be $500,000 USD, less applicable withholding taxes. 

 

	
Signing Equity Grant:
	
As soon as practicable following your start date you will be eligible for a one-time equity award in the form of Restricted Share Units (RSUs) under the Company’s Second Amended and Restated Long-Term Incentive Plan (the “LTIP”) with an aggregate grant date fair market value equal to $650,000 USD (the “Signing Grant”). The Signing Grant will be subject to the terms and conditions of the LTIP and it will vest upon the successful completion of the end of your term as Interim CFO.

 

	
Bonus:
	
You will not be eligible to participate in the IMAX performance bonus program.

 

	
Travel Expenses: 
	
You may expense and be reimbursed for reasonable business expenses including car expenses as a result of traveling into the New York office such as gas, tolls and parking when needed. 

 

	
Benefits:
	
You will be eligible to participate in the Company’s employee benefit plans and as requested, this will start 60 days after your start date. These plans will be consistent with the plans given to Executive Vice Presidents 

		
at the Company including health benefits, life insurance, and auto enrolment into the Company’s 401(k) plan.

 

	
Location:
	
Your principal working arrangement will be remote with travel to the Company’s New York City office as required. 

 

	
Background Check:
	
This offer is subject to the satisfactory completion of a background check, including a criminal record check.

 

You will be required to review and acknowledge by way of signature the IMAX Code of Business Conduct and Ethics, the IMAX Confidentiality and Non-Competition Agreement, and the IMAX Anti-Bribery and Anti-Corruption policy prior to your start date.

 

Please indicate your formal acceptance by signing this offer and returning via email to me by April 29, 2021 at jbassani@imax.com. 

 

 

Sincerely,

/s/ Jacqueline Bassani/s/ Kenneth Weissman

 

 

Jacqueline BassaniKenneth Weissman

EVP & Chief People OfficerSVP, Legal Affairs and Corporate Secretary

May 14, 2021

 

 

I accept the above offer of employment as written.

 

 

 

__/s/ Joseph Sparacio_______________

Joseph Sparacio

 

_4/28/21________________

Dateimax-ex102_104.htm

 

Exhibit 10.2

IMAX CORPORATION

SECOND AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN
RESTRICTED SHARE UNIT AWARD AGREEMENT FOR NON-EMPLOYEE DIRECTOR

THIS RESTRICTED SHARE UNIT AGREEMENT (the “Agreement”) is made effective as of June 10, 2021 (the “Date of Grant”) between IMAX Corporation, a Canadian corporation (the “Company”), and [Director name] (the “Participant”).

This Agreement sets forth the general terms and conditions of Restricted Share Units (“RSUs”). By accepting the RSUs, the Participant agrees to the terms and conditions set forth in this Agreement and the IMAX Corporation Second Amended and Restated Long-Term Incentive Plan (as amended, the “IMAX LTIP”).

Capitalized terms not otherwise defined herein shall have the same meanings as in the IMAX LTIP.

1.Grant of the RSUs. Subject to the provisions of this Agreement and the IMAX LTIP the Company hereby grants to the Participant an aggregate of [# of units] RSUs, subject to adjustment as set forth in the IMAX LTIP. Each RSU gives the Participant the unsecured right to receive, subject to the terms and conditions of the IMAX LTIP and this Agreement, one Common Share. The Participant shall not be required to pay any additional consideration for the issuance of the Common Shares upon settlement of the RSUs.

2.Vesting Schedule. Subject to the terms and conditions hereof, the Participant shall vest in the RSUs as follows, unless previously vested or cancelled in accordance with the provisions of the IMAX LTIP or this Agreement (each applicable date, a “Scheduled Vesting Date”):

		
	
Scheduled Vesting Date
	
RSUs Vesting on Such Date

	
June 10, 2021
	
[# of RSUs]

3.Settlement. Each RSU shall be settled by delivery of one Common Share within thirty (30) days following the applicable Scheduled Vesting Date (“Settlement Date”); provided, however, that in no event shall settlement occur later than March 15th of the year following the applicable Scheduled Vesting Date; provided further, that if a Change in Control occurs at a time where settlement has not yet occurred, settlement shall occur upon such Change in Control.

4.Nontransferability of RSUs. Unless otherwise determined by the Committee pursuant to the terms of the IMAX LTIP, the RSUs may not be transferred, pledged, alienated, assigned or otherwise attorned other than by last will and testament or by the laws of descent and distribution or pursuant to a domestic relations order, as the case may be.

5.Rights as a Shareholder. The Participant shall have no rights as a shareholder with respect to the Common Shares underlying the RSUs. Upon settlement, the Participant shall have all rights as a shareholder with respect to the Common Shares delivered to the Participant, if any, including, without limitation, voting rights and the right to receive dividends.

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6.Dividend Equivalents. If, after the Date of Grant and prior to the applicable Settlement Date, dividends with respect to the Common Shares are declared or paid by the Company, the Participant, upon settlement of RSUs in accordance with Section 3, shall be entitled to receive dividend equivalents in an amount, without interest, equal to the cumulative dividends declared or paid on a Common Share, if any, during such period multiplied by the number of RSUs being settled. Dividend equivalents will be subject to the same terms and conditions of this Agreement applicable to the RSUs. The dividend equivalents will be paid on the applicable Settlement Date for the underlying RSUs in cash or Common Shares, as determined by the Company in its discretion. If the underlying RSUs are cancelled prior to the applicable Settlement Date for any reason, any accrued and unpaid dividend equivalents shall be cancelled.

	
 
	
7.
	
No Entitlements.

(a) No Right to Continued Service. This Agreement does not constitute a service agreement and nothing in the IMAX LTIP or this Agreement shall modify the terms of the Participant’s service, including, without limitation, the Participant’s status as an “at will” employee of the Company, if applicable. None of the IMAX LTIP, the Agreement, the grant of RSUs, nor any action taken or omitted to be taken shall be construed (i) to create or confer on the Participant any right to be retained by the Company, (ii) to interfere with or limit in any way the right of the Company to terminate the Participant’s service at any time and for any reason or (iii) to give the Participant any right to be retained by the Company following a termination of service for any reason.

(b) No Right to Future Awards. This award of RSUs and all other equity-based awards under the IMAX LTIP are discretionary. This award does not confer on the Participant any right or entitlement to receive another award of RSUs or any other equity-based award at any time in the future or in respect of any future period.

8.Taxes and Withholding. The Participant must satisfy any federal, state, provincial, local or foreign tax withholding requirements applicable with respect to the settlement of the RSUs. The Company may require or permit the Participant to satisfy such tax withholding obligations through the Company withholding Common Shares that would otherwise be received by such individual upon settlement of the RSUs. The obligations of the Company to deliver the Common Shares under this Agreement shall be conditioned upon the Participant’s payment of all applicable taxes and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant.

9.Breach of Restrictive Covenants. If (i) the Participant is a party to a service agreement or other agreement with the Company or any of its Subsidiaries or Affiliates and (ii) such Participant materially breaches any of the restrictive covenants set forth in such agreement (including, without limitation, any restrictive covenants relating to non-competition, non-solicitation or confidentiality), then all of the RSUs (whether or not vested) shall terminate and be cancelled without consideration being paid therefor.

10.Securities Laws. The Company shall not be required to issue Common Shares in settlement of or otherwise pursuant to the RSUs unless and until (i) the Common Shares have been duly listed upon each stock exchange on which the Common Shares are then registered; (ii) a registration statement under the Securities Act of 1933, as amended, with respect to such Common Shares is then effective; and (iii) the issuance of the Common Shares would comply with such legal or regulatory provisions of such countries or jurisdictions outside the United States as may be applicable in respect of the RSUs. In connection with the grant or vesting of the RSUs, the Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement.

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11.
	
Miscellaneous Provisions.

(a) Notices. Any notice necessary under this Agreement shall be addressed to the Company in care of its Corporate Secretary at the principal executive office of the Company and to the Participant at the address appearing in the records of the Company for the Participant or to either party at such other address as either party hereto may hereafter designate in writing to the other. Notwithstanding the foregoing, the Company may deliver notices to the Participant by means of email or other electronic means that are generally used for employee communications. Any such notice shall be deemed effective upon receipt thereof by the addressee.

(b) Headings. The headings of sections and subsections are included solely for convenience of reference and shall not affect the meaning of the provisions of this Agreement.

(c) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

(d) Incorporation of IMAX LTIP; Entire Agreement. This Agreement and the RSUs shall be subject to the IMAX LTIP, the terms of which are incorporated herein by reference, and in the event of any conflict or inconsistency between the IMAX LTIP and this Agreement, the IMAX LTIP shall govern. This Agreement and the IMAX LTIP constitute the entire agreement between the parties hereto with regard to the subject matter hereof. They supersede all other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the subject matter hereof. The Participant acknowledges receipt of the IMAX LTIP, and represents that the Participant is familiar with its terms and provisions.

(e) Amendments. Subject to all applicable laws, rules and regulations, the Committee shall have the power to amend this Agreement at any time provided that such amendment does not adversely affect, in any material respect, the Participant’s rights under this Agreement without the Participant’s consent. Notwithstanding the foregoing, the Company shall have broad authority to alter or amend this Agreement and the terms and conditions applicable to the RSUs without the consent of the Participant to the extent it deems necessary or desirable in its sole discretion (i) to comply with or take into account changes in, or rescissions or interpretations of, applicable tax laws, securities laws, employment laws, accounting rules or standards and other applicable laws, rules, regulations, guidance, ruling, judicial decision or legal requirement, (ii) to ensure that the RSUs are not subject to taxes, interest and penalties under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) to take into account unusual or nonrecurring events or market conditions, or (iv) in any other manner set forth in Section 15 of the IMAX LTIP. Any amendment, modification or termination shall, upon adoption, become and be binding on all persons affected thereby without requirement for consent or other action with respect thereto by any such person. The Committee shall give written notice to the Participant in accordance with Section 11(a) of any such amendment, modification or termination as promptly as practicable after the adoption thereof. The foregoing shall not restrict the ability of the Participant and the Company by mutual consent to alter or amend the terms of the RSUs in any manner that is consistent with the IMAX LTIP and approved by the Committee.

 

 

(f) Section 409A.

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(i) The RSUs are intended to constitute “short-term deferrals” for purposes of Section 409A of the Code and the regulations and guidance promulgated thereunder (“Section 409A”). If any provision of the IMAX LTIP or this Agreement would, in the reasonable good faith judgment of the Committee, result or likely result in the imposition on the Participant, a beneficiary or any other person of a penalty tax under Section 409A, the Committee may modify the terms of the IMAX LTIP or this Agreement, without the consent of the Participant, beneficiary or such other person, in the manner that the Committee may reasonably and in good faith determine to be necessary or advisable to avoid the imposition of such penalty tax. This Section 11(f) does not create an obligation on the part of the Company to modify the IMAX LTIP or this Agreement and does not guarantee that the RSUs will not be subject to taxes, interest and penalties under Section 409A.

(ii) Notwithstanding anything to the contrary in the IMAX LTIP or this Agreement, to the extent that the RSUs constitute deferred compensation for purposes of Section 409A and Participant is a “Specified Employee” (within the meaning of the Committee’s established methodology for determining “Specified Employees” for purposes of Section 409A), no payment or distribution of any amounts with respect to the RSUs that are subject to Section 409A may be made before the first business day following the six (6) month anniversary from the Participant’s Separation from Service from the Company Group (as defined in Section 409A) or, if earlier, the date of the Participant’s death.

(g) Successor. Except as otherwise provided herein, this Agreement shall be binding upon and shall inure to the benefit of any successor or successors of the Company, and to any Permitted Transferee pursuant to Section 4.

(h) Choice of Law. Except as to matters of federal law, this Agreement and all actions taken thereunder shall be governed by and construed in accordance with the laws of the State of New York (other than its conflict of law rules).

 

 

[Signatures on Following Page]

 

4

 

 

 

			
	
 
	
IMAX CORPORATION

 

	
 
	
 
	
 

	
 
	
By:
	
 

 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

 

			
	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

The undersigned hereby acknowledges having read the IMAX LTIP and this Agreement, and hereby agrees to be bound by all the provisions set forth in the IMAX LTIP and this Agreement.

Name (Printed):                                             

Signature:  

Date:  

 

 

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