Imax Extends CFO Joseph Sparacio's Contract to 2016

The former Loews Cineplex Entertainment and iN Demand exec joined the giant screen exhibitor in 2007.

TORONTO – Imax has extended the contract for CFO Joseph Sparacio into 2016.

The giant screen exhibitor in an SEC 8-K filing on Wednesday said the new contract was reached on May 21, 2014 and will run to May 13, 2016.

As part of the new agreement, Sparacio’s annual salary will jump to $475,000 in the first year of the contract, and increase to $500,000 for the second year, effective May 15, 2015.

Sparacio’s target bonus will remain at 35% of his annual base salary.

He will also receive an equity grant in the first quarter of 2015, valued at $650,000, comprising 25% stock options and 75% restricted share units.

Sparacio joined Imax in May 2007 as executive vp and was named CFO in August 2007.

He earlier served as senior vp and CFO for the programming company iN Demand and before that was a controller for Loews Cineplex Entertainment Corp.