Daniel Manwaring
IMAXAbout Daniel Manwaring
Chief Executive Officer of IMAX China since January 9, 2023; age 41 as of the 2025 proxy. Based in China since 2006, fluent in Mandarin, with dual degrees from the University of Florida (B.S. Finance; B.A. Chinese Language & Culture) . In 2023, IMAX China achieved $298.4M IMAX Global Box Office, 28 signings, 26 installations, and a 57.9% Adjusted EBITDA margin; his annual bonus paid at 113% of target reflected these results . At the corporate level, IMAX delivered a 70.4% total shareholder return in 2024, with multi‑year PSU vesting tied to Adjusted EBITDA and relative TSR performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Creative Artists Agency (CAA) | Head of Media Finance (Asia) | 2020–2022 | Led financing for Asia media projects; built deal flow and studio relationships in China |
| CAA | Head of Motion Pictures China | 2018–2020 | Drove China feature film packaging/dealmaking; expanded local-language pipeline |
| CAA | Agent | 2013–2018 | Represented film clients; cultivated industry network |
| China Hydroelectric (NYSE: CHC) | Senior Financial Analyst | 2008–2011 | Corporate finance/analysis at NYSE‑listed issuer |
| Friedland Capital | Financial Analyst | 2007–2008 | Investment analysis and execution |
External Roles
No public company directorships or committee roles disclosed in IMAX proxy filings for Manwaring .
Fixed Compensation
Contracted compensation and 2023 actuals:
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base Salary (contract) | $600,000 | $600,000 | Through 12/31/2025 term |
| Target Bonus % of Salary | 40% | 40% | 40% |
| Annual Equity Grant – Grant Date Fair Value | $725,000 (IMAX China RSUs/PSUs) | $750,000 (IMAX Corp RSUs/PSUs) | $700,000 (IMAX Corp RSUs/PSUs) |
| 2023 Actual Cash Compensation | Amount (USD) |
|---|---|
| Salary Paid | $589,080 |
| Target Bonus | $240,000 |
| Actual Bonus Paid | $270,185 (113% of target) |
| Signing Bonus | $75,000 |
Performance Compensation
2023 IMAX China annual bonus scorecard:
| Metric | Weight | Target | Actual | Payout (% of target) |
|---|---|---|---|---|
| IMAX Global Box Office ($) | 25% | $270.8M | $298.4M | 151% |
| Installations (count) | 25% | 40 | 26 | 0% |
| Signings (count) | 25% | 25 | 28 | 160% |
| Adjusted EPS ($) | 10% | $0.09 | $0.08 | 80% |
| Adjusted EBITDA Margin (%) | 15% | 55.4% | 57.9% | 130% |
| Formulaic Component Outcome | — | — | — | 105.2% |
| Qualitative Component Outcome | — | — | — | 113% |
Long-term incentives:
- 2023 equity under IMAX China LTIP: 454,546 RSUs and 151,515 PSUs (PSUs tied to IMAX China 3‑yr Adjusted EBITDA) .
- 2024 equity under IMAX Corporation LTIP: $750,000 grant value, split RSUs/PSUs 50/50; RSUs generally vest 33/33/34; PSUs assessed on 3‑yr Adjusted EBITDA and relative TSR per corporate PSU framework .
Equity Ownership & Alignment
- IMAX Corporation share ownership: No beneficial holdings disclosed for Manwaring as of April 8, 2024; below 1% threshold .
- Stock ownership guidelines: Not subject given IMAX China CEO role (publicly listed subsidiary) .
- Hedging/pledging: Prohibited under IMAX Insider Trading Policy .
Equity grant detail:
| Grant | Vehicle | Terms | Quantity/Value |
|---|---|---|---|
| 2023 (IMAX China) | RSUs | Time‑based; vest 33/33/34 on anniversaries | 454,546 |
| 2023 (IMAX China) | PSUs | 3‑yr performance; IMAX China Adjusted EBITDA | 151,515 |
| 2024 (IMAX Corp) | RSUs/PSUs | 50/50 mix; RSUs 33/33/34; PSUs 3‑yr EBITDA/relative TSR | $750,000 grant date fair value |
Perquisites and allowances (2023):
- Housing: $137,696; Education allowance: $83,499; Supplemental health reimbursement: $29,607; Relocation: $16,033; Executive Wellness: $1,000 .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | Dated Nov 14, 2022; effective Jan 9, 2023; term through Dec 31, 2025 |
| Base Salary | $600,000 |
| Target Bonus | 40% of base salary |
| Annual Equity | 2023: $725,000 (IMAX China RSUs/PSUs); 2024: $750,000 (IMAX Corp RSUs/PSUs); 2025: $700,000 (IMAX Corp RSUs/PSUs) |
| Non‑compete/Non‑solicit | Customary restrictions apply |
| Severance (No‑cause/Good Reason) | Cash: $553,897, equal to four months of base salary and allowances |
| Change‑in‑Control (double‑trigger) | Accelerated vesting value: $519,800 if terminated within 24 months post‑CIC (or if successor does not assume awards); no separate CIC cash severance listed for Manwaring |
| Clawback | Company policy (SEC/NYSE compliant) applies to incentive comp based on financial reporting measures, including TSR |
| Hedging/Pledging | Prohibited |
| Stock Ownership Guidelines | Not applicable to IMAX China CEO |
Performance & Track Record
- 2023 operational outcomes: Exceeded IMAX China box office target ($298.4M vs $270.8M), achieved 28 signings, and delivered 57.9% EBITDA margin; installations under target (26 vs 40), underscoring execution risk in deployment pace .
- Leadership impact: The Compensation Committee credited Manwaring with cost‑cutting, streamlined operations, and IMAX China growth initiatives; qualitative bonus set at 113% of target .
- Corporate backdrop: IMAX’s 2024 TSR +70.4%, strong three‑year PSU vesting aligned to Adjusted EBITDA and relative TSR frameworks .
Compensation Structure Analysis
- Mix shift and risk: 2023 China equity was 75% RSUs / 25% PSUs, increasing retention security; 2024 migrated to 50% RSUs / 50% PSUs under IMAX Corp LTIP, raising performance linkage (Adjusted EBITDA and relative TSR) .
- Short‑term incentive rigor: Balanced scorecard with financial and operating KPIs; under‑performance in installations drove a zero component payout, evidencing metric strictness .
- Perquisite footprint: Material housing/education allowances standard for expatriate roles; monitor for optics but consistent with jurisdictional practice .
Vesting Schedules and Insider Selling Pressure
- RSUs typically vest 33%/33%/34% over three years, creating periodic delivery events; PSUs cliff‑vest after three‑year performance periods, increasing event risk around vest dates .
- No IMAX Corporation common share ownership disclosed for Manwaring (as of April 8, 2024), reducing immediate Form 4‑driven selling pressure signals; equity exposure primarily via RSUs/PSUs .
Equity Ownership & Pledging
- Beneficial ownership of IMAX Corporation shares: None disclosed; <1% .
- Hedging/pledging of company securities is prohibited by policy, mitigating alignment red flags .
- Stock ownership guidelines not applicable to IMAX China CEO role .
Compensation & Change‑of‑Control Economics
- Severance: Four months base salary and allowances on no‑cause termination .
- CIC treatment: Double‑trigger equity vesting within 24 months post‑CIC (or immediate if successor does not assume awards); 2023 table indicates $519,800 accelerated value under CIC termination scenario .
Say‑on‑Pay & Shareholder Feedback Context
IMAX’s broader program emphasizes pay‑for‑performance with increased PSU weighting, relative TSR usage, and strict clawbacks; shareholders expressed support for structure in 2023/2024 engagement cycles .
Investment Implications
- Alignment: 2024 move to 50/50 RSU/PSU increases Manwaring’s direct linkage to IMAX‑level EBITDA and TSR outcomes; bonus scorecard rigor (zero payout on installations) supports discipline .
- Retention risk: Modest severance (four months) and multi‑year equity vesting suggest retention relies on performance‑driven upside rather than guaranteed cash; expatriate allowances are meaningful but typical .
- Trading signals: Upcoming RSU/PSU vesting cycles can create event‑driven flow; lack of disclosed IMAX Corp share ownership reduces near‑term insider sale concerns, but monitor vest delivery dates and any Form 4 activity around performance vestings .