Imax CEO Richard Gelfond Gets Big Salary Raise
Imax CEO Richard Gelfond is getting an outsized salary increase for the next three years.
Just days before his employment contract was scheduled to terminate, Gelfond has re-upped for the next three years. According to a statement filed with the SEC, Gelfond will now be making $1.1 million each year in salary, which is up more than 46 percent from the $750K he was previously making annually.
Gelfond also figures to be bringing home more earnings in other ways. He is eligible to receive a cash bonus of up to two times his base salary, with a target bonus of one times salary. Additionally, he has been granted three annual stock option grants valued at $3.9 million per annum.
The new employment agreement is favorable. If he is terminated without cause or resigns for good reason at any time, his unvested stock options vest automatically.
Imax's stock is up more than 27 percent in 2013 to just under $29 a share. The company's fortunes this year were boosted at the box office by the sci-fi extravaganza Gravity.