Jose Zlatar
IMAXAbout Jose Zlatar
Senior Vice President, Finance and Principal Accounting Officer at IMAX, appointed PAO effective April 30, 2025; age 38. He joined IMAX in February 2025 to lead global controllership, accounting and reporting; he is a CPA (Canada) and holds a Bachelor of Commerce (Honours) from McMaster University . Company performance context: for the nine months ended Sept 30, 2025, IMAX reported revenues of $285.0M and Adjusted EBITDA per Credit Facility attributable to common shareholders of $112.7M; trailing-12-month revenues were $377.7M and Adjusted EBITDA per Credit Facility $146.9M . IMAX’s incentive framework emphasizes Adjusted EBITDA and relative TSR over multi-year periods .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Canadian National Railway | Associate Vice President, Accounting | Feb 2023 – Feb 2025 | Led external reporting, global accounting policy and financial systems; oversaw SOX controls |
| Yamana Gold Inc. | Senior Director, Assistant Corporate Controller | Mar 2018 – Feb 2023 | Oversaw accounting functions; supported treasury, budgeting, and long-range planning |
| Various mining companies | Increasingly senior finance roles | Prior to 2018 | Roles across accounting, treasury, budgeting, and planning |
| PricewaterhouseCoopers Ltd. | Senior Associate | Prior | Audit/assurance foundation; professional training |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Chartered Professional Accountants Canada | Member | Not disclosed | Professional credential and adherence to CPA standards |
Fixed Compensation
| Component | Detail | Currency | Source |
|---|---|---|---|
| Base Salary | 275,000 per annum | CAD | |
| Target Annual Bonus | 30% of base salary | CAD | |
| Wellness Allowance | Eligible for annual wellness allowance | USD/CAD (company program) | |
| Vehicle/Car Allowance | Car allowance replaced with annual cash allowance of 18,500 | CAD | |
| Signing Equity Grant (RSUs) | Grant date fair value 100,000; vests over 3 years | USD |
Performance Compensation
| Component | Detail | Currency | Source |
|---|---|---|---|
| Target Annual Equity Award | 150,000 in equity vehicles (consistent with similarly situated executives) | USD | |
| LTIP Design – PSUs | Two PSU types: Adjusted EBITDA (60% weighting) and Relative TSR (40% weighting); 3-year performance period; payout ranges 0–175% (EBITDA) and 0–150% (TSR) | Shares (units) | |
| LTIP Design – RSUs | Time-based RSUs vest in 3 tranches (33%, 33%, 34%) over 3 years | Shares (units) |
IMAX annual cash bonus framework (2024 disclosure, indicative of corporate plan mechanics)
| Metric | Weight | Threshold | Target | Maximum | Actual (2024) | Quantitative Payout |
|---|---|---|---|---|---|---|
| Total Revenue ($M) | 25% | 328.1 | 386.0 | 463.2 | 352.2 | 71% |
| Total Adjusted EBITDA ($M) | 19% | 124.5 | 146.5 | 175.8 | 138.9 | 83% |
| Free Cash Flow before Growth CAPEX ($M) | 13% | 59.5 | 70.0 | 84.0 | 54.0 | 0% |
| Installations (count) | 19% | 119 | 140 | 168 | 146 | 121% |
| Signings (count) | 19% | 111 | 130 | 156 | 130 | 100% |
| Streaming Technology Bookings ($M) | 6% | 12.8 | 15.0 | 18.0 | 3.2 | 0% |
| Overall quantitative factor | — | — | — | — | — | 74.7% |
Equity Ownership & Alignment
| Category | Detail | Value | Source |
|---|---|---|---|
| Beneficial Common Shares (as of 4/30/2025) | Direct ownership | 0 | |
| RSUs Outstanding | Opening balance RSUs | 3,000; vest 1,000 each on 3/7/2026, 3/7/2027, 3/7/2028 | |
| RSUs Outstanding | Additional RSUs | 4,000; vest 1,333 on 3/7/2026, 1,333 on 3/7/2027, 1,334 on 3/7/2028 | |
| Ownership as % of Shares Outstanding | Based on 53,742,014 shares outstanding (record date 4/14/2025) | 0.00% | |
| Hedging/Pledging | Company policy prohibits hedging and pledging of company securities | Prohibited | |
| Clawback Policy | Applies to incentive compensation (cash/equity) tied to financial reporting measures, including TSR | In place | |
| Stock Ownership Guidelines | Company raised CEO to 500% and broadened coverage to more executives in 2025; NEOs at 100% | Program expanded; individual coverage for Zlatar not specified |
RSU Vesting Schedule (chronological)
| Grant Description | 2026-03-07 | 2027-03-07 | 2028-03-07 |
|---|---|---|---|
| 3,000 RSUs (time-based) | 1,000 | 1,000 | 1,000 |
| 4,000 RSUs (time-based) | 1,333 | 1,333 | 1,334 |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Employment Start Date | Effective Date: February 27, 2025 (SVP, Finance) | |
| PAO Appointment | Appointed Principal Accounting Officer effective April 30, 2025 | |
| Reporting Line | Reports to CFO, Natasha Fernandes | |
| Contract Term | Indefinite employment; governed by laws of Ontario, Canada | |
| Restrictive Covenants | Agreement references IMAX Employee Confidentiality, Non-Competition, and Intellectual Property Agreement | |
| Termination/Notice | ESA minimum standards apply; cash allowance continues through ESA statutory notice period if employment ends | |
| Compensation Elements | Base CAD 275,000; target bonus 30%; target annual equity USD 150,000; one-time RSU USD 100,000; wellness and vehicle/cash allowances |
Investment Implications
- Pay-for-performance alignment: Equity-heavy mix and exposure to PSUs (Adjusted EBITDA and relative TSR) align incentives with shareholder value creation; clawback and prohibition on hedging/pledging reinforce governance quality .
- Retention and selling pressure: All disclosed RSUs are unvested until March 2026–2028, implying minimal near-term selling pressure; vesting will create periodic delivery events in 2026–2028 where tax-withholding sales are possible .
- Ownership “skin in the game”: As of becoming an insider, Zlatar held zero common shares and 7,000 RSUs, indicating alignment primarily via unvested equity rather than material open-market ownership; if covered by expanded ownership guidelines, he may face future accumulation requirements, but individual applicability is not disclosed .
- Severance/COC: No executive-level severance multiples or change-of-control terms are disclosed in his filings; termination references ESA minimums, suggesting limited guaranteed economics versus NEO contracts, which reduces payout risk but may modestly increase mobility risk if external opportunities arise .