IMAX (NYSE: IMAX) keeps chief legal officer under contract to 2029
Rhea-AI Filing Summary
IMAX CORP (IMAX) amended the employment agreement of Chief Legal Officer and Senior Executive Vice President Robert D. Lister. The third amendment extends his agreement’s term to December 31, 2029, with compensation and severance terms unchanged from prior disclosures.
The amendment clarifies equity treatment. If IMAX terminates Mr. Lister for cause or he resigns without Good Reason before December 31, 2029, all granted but unvested equity awards are cancelled without consideration. However, if he resigns after giving at least six months’ written notice, or if his employment ends after December 31, 2029 because IMAX does not offer to continue his employment on substantially similar terms, all unvested equity awards as of that date will, under the LTIP’s Service Factor provision, continue to vest on the original schedule, with PSUs remaining subject to their original performance conditions.
Positive
- None.
Negative
- None.
8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Extended agreement term end date: December 31, 2029
Notice period for continued vesting on resignation: six months
Original employment agreement date: December 18, 2017
+2 more
5 metrics
Extended agreement term end date
December 31, 2029
New end date of Robert D. Lister’s employment agreement term
Notice period for continued vesting on resignation
six months
Minimum written notice before final day of employment for equity to continue vesting
Original employment agreement date
December 18, 2017
Date of Robert D. Lister’s existing employment agreement
First amendment date
March 11, 2020
Date of First Amending Agreement to Mr. Lister’s employment agreement
Second amendment date
October 20, 2023
Date of Second Amending Agreement to Mr. Lister’s employment agreement
Key Terms
Good Reason, performance stock units, Service Factor, Long-Term Incentive Plan
4 terms
Good Reason financial
"if Mr. Lister resigns from his employment without Good Reason prior to"
performance stock units financial
"in the case of performance stock units (“PSUs”), subject to the achievement"
Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.
Service Factor financial
"pursuant to the Service Factor provision in the Company’s Second Amended"
Long-Term Incentive Plan financial
"in the Company’s Second Amended and Restated Long-Term Incentive Plan"
A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.
FAQ
What executive employment change did IMAX (IMAX) announce for Robert D. Lister?
IMAX and Robert D. Lister, Chief Legal Officer and Senior Executive Vice President, entered into a third amendment to his employment agreement, extending its term to December 31, 2029, while keeping his compensation and severance terms the same as previously disclosed.
How long is Robert D. Lister’s employment with IMAX (IMAX) now extended?
The term of Robert D. Lister’s employment agreement is extended to December 31, 2029. This date serves as the new endpoint for his existing agreement, as modified by the third amendment described in the filing.
What happens to Robert D. Lister’s unvested equity if IMAX (IMAX) terminates him for cause?
If IMAX terminates Robert D. Lister’s employment for cause, all granted but unvested equity awards will be cancelled without consideration, meaning he does not receive value for those unvested awards.
How are Robert D. Lister’s unvested equity awards treated if he resigns with notice at IMAX (IMAX)?
If Robert D. Lister resigns after giving at least six months’ written notice, all unvested equity awards will, under the LTIP’s Service Factor provision, continue to vest on the original schedule, with PSUs still subject to their original performance conditions.
What if IMAX (IMAX) does not offer Robert D. Lister continued employment after 2029?
If, after December 31, 2029, IMAX does not offer to continue Robert D. Lister’s employment on substantially similar terms and his employment terminates, all unvested equity awards as of that date will continue to vest under the LTIP’s Service Factor provision on the original vesting schedule.
Did IMAX (IMAX) change Robert D. Lister’s compensation or severance terms?
No. The filing states that Robert D. Lister’s compensation and severance terms remain the same as previously disclosed, with the amendment focused on extending the term and clarifying treatment of unvested equity in specified termination or resignation scenarios.
AI-generated analysis. How Rhea-AI works. Not financial advice.
