Imax Exec Andrew Cripps Gets Incentive Bonus to Grow International Network
TORONTO - Imax is giving Andrew Cripps more incentive to continue growing its theater network internationally.
The former Paramount Pictures International exec joined the giant screen exhibitor in 2012 as president, Europe, Middle East and Africa, charged with expanding its screen count in those regions.
Releasing an 8K SEC filing on Friday, Imax said terms for Cripps' renewed employment contract includes a target annual bonus of 70 percent of his base salary of £500,000 ($831,000).
Cripps has been key in taking Imax beyond North America, which includes recent deals in the U.K., Germany and a three-screen deal with Gulf Film to launch theaters in Dubai, Qatar and Bahrain.
Toronto-based Imax is also driving towards emerging markets like Russia and China.
Cripps will also receive annual equity grants -- $65,000 in 2014, and $75,000 in 2015.
Imax also re-upped the employment contract for Robert D. Lister, chief legal officer and chief business development officer, for another four years to December 31, 2017.
His previous contract ended on January 10, 2014.
The new arrangement sees Lister’s annual salary progressively increase from $625,000 for 2014 to $700,000 for 2017.
Lister’s target bonus will be 60 percent of his base salary.