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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:
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1.
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Employment . Effective April 1, 2009, the
Executive shall assume the role of the Company’s sole Chief
Executive Officer through the remainder of the Term.
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2.
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Term. The term of the Agreement is
extended until December 31, 2010 (the
“Term”).
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3.
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Cash Compensation.
The Executive shall
continue to be paid a base salary at the rate of $500,000 per year
for 2009. Effective January 1, 2010, the Executive shall be
paid a base salary at the rate of $600,000 per year.
Executive’s bonus shall continue to be up to two times
salary. Such bonus shall be at the discretion of the Board of
Directors and shall be based upon the success of the Company in
achieving the goals and objectives set by the Board after
consultation with the Executive. If the Executive’s
employment is terminated without Cause prior to the end of the
Term, the Exe
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