Pablo Calamera
IMAXAbout Pablo Calamera
Pablo Calamera is Chief Technology Officer and Executive Vice President at IMAX, joining in February 2020 after senior technology leadership roles at JW Player, Vonage, iHeartRadio, Apple, and Danger Inc. He is 62 years old and oversees IMAX technology vision, architecture, R&D, and technical operations . IMAX’s executive pay programs are explicitly tied to performance metrics including Revenue, Adjusted EBITDA, Free Cash Flow before Growth CAPEX, Installations, Signings, Streaming Technology Bookings, and Relative TSR; 2024 annual bonuses paid out at 97.3–108.5% of target and the 2022–2024 PSUs vested at 154.4% of target, with Adjusted EBITDA growth at 24.0% and TSR at the 79th percentile versus peers .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| JW Player | Chief Technology Officer | 2017–2019 | Led technology development and operations supporting video tech and monetization across web, mobile, embedded devices |
| Vonage | Chief Technology Officer | 2014–2017 | Directed technology vision, architecture, R&D, technical operations for communications platform |
| iHeartRadio | Chief Technology Officer | 2011–2014 | Led tech vision, architecture, R&D, operations for digital audio and streaming |
| Apple Inc. | Director | 2006–2010 | Technology leadership within a major consumer tech ecosystem |
| Danger Inc. | Senior Director | 2001–2006 | Senior technology leadership in mobile software/hardware platform |
External Roles
- No public company board roles or external directorships disclosed in the latest proxy .
Fixed Compensation
- Calamera is an executive officer but was not listed as a Named Executive Officer (NEO) in the 2024 Summary Compensation Table; his specific base salary, target bonus, and equity grant values are not disclosed in the proxy .
- IMAX’s target pay mix (for context) emphasizes at‑risk compensation: the CEO’s target mix was 15.2% base, 15.2% bonus, 34.8% PSUs, 34.8% RSUs; other NEOs averaged 30.5% base, 17.5% bonus, 23.3% PSUs, 28.7% RSUs in 2024 .
| Role Group | Base (%) | Bonus (%) | PSUs (%) | RSUs (%) |
|---|---|---|---|---|
| CEO target mix (2024) | 15.2 | 15.2 | 34.8 | 34.8 |
| Other NEO average target mix (2024) | 30.5 | 17.5 | 23.3 | 28.7 |
Performance Compensation
Short‑Term Incentive (Annual Bonus) Design
| Metric Category | Metric | Weighting – CEO | Weighting – Other NEOs |
|---|---|---|---|
| Outcomes (lagging) | Revenue | 25% | — |
| Outcomes (lagging) | Adjusted EBITDA | 19% | — |
| Outcomes (lagging) | Free Cash Flow before Growth CAPEX | 12% | — |
| Strategic drivers (leading) | Installations | 19% | — |
| Strategic drivers (leading) | Signings | 19% | — |
| Strategic drivers (leading) | Streaming Technology Bookings | 6% | — |
| Blended weighting | Short‑term metrics subtotal | 80% | 50% |
| Individual performance | Individual performance assessment | 20% | 50% |
2024 annual bonus outcomes for NEOs ranged from 97.3%–108.5% of target; specific NEO payouts are shown below for context (Calamera not included as he was not an NEO in 2024) .
| Officer | Currency | Target Bonus | Actual Bonus | Actual as % of Target |
|---|---|---|---|---|
| Richard L. Gelfond | USD | $1,200,000 | $1,196,391 | 99.7% |
| Natasha Fernandes | CAD | $322,500 | $350,000 | 108.5% |
| Anne Globe | USD | $336,068 | $327,027 | 97.3% |
| Robert D. Lister | USD | $465,490 | $452,968 | 97.3% |
| Mark Welton | CAD | $560,000 | $544,936 | 97.3% |
Long‑Term Incentive (PSUs and RSUs) Design
- PSUs (for NEOs other than Ms. Globe): 60% Average Annual Adjusted EBITDA Growth; 40% Relative TSR vs peer group; earn‑out 0–165% of target over 3‑year period ending Dec 31, 2026 .
- RSUs: time‑vest 33%/33%/34% on the first, second, and third anniversaries of grant .
| PSU Metric | Threshold | Threshold–Target | Target | Maximum | Vesting at Threshold | Vesting at Target | Vesting at Max |
|---|---|---|---|---|---|---|---|
| Average Annual Adjusted EBITDA Growth | 5.0% | 10.0% | 12.5% | ≥20% | 50% | 100% | 175% |
| Relative TSR Percentile Rank | 25th | — | 50th | ≥90th | 30% | 100% | 150% |
2022–2024 PSU results: Adjusted EBITDA growth achieved 24.0% (max vesting), TSR percentile 79th (payout 123.5%), driving total PSU vesting at 154.4% of target .
| PSU Cycle | Adjusted EBITDA Growth Actual | EBITDA Vesting | TSR Percentile Actual | TSR Vesting | Total PSU Payout |
|---|---|---|---|---|---|
| 2022–2024 | 24.0% | 175% of target | 79th percentile | 123.5% of target | 154.4% of target |
Equity Ownership & Alignment
- Beneficial ownership: the proxy discloses holdings for directors and NEOs individually; Calamera’s individual beneficial ownership is not listed (he was not a 2024 NEO) . The group of all directors and executive officers (20 persons) beneficially owned 12,459,468 common shares as of April 14, 2025 .
- Share ownership guidelines: executives must meet multi‑year shareholding thresholds; compliance is assessed annually and all NEOs were in compliance as of April 1, 2025 .
- Hedging and pledging: prohibited by IMAX’s Insider Trading Policy; directors, officers, and employees may not hedge or pledge IMAX shares or hold them in margin accounts .
- Equity plan context: as of December 31, 2024, 5,032,849 securities were issuable upon exercise of outstanding options/warrants/rights; weighted average option exercise price $26.27; 4,110,219 shares remained available for future issuance (excludes 1,870,888 potential PSU shares at max performance) . IMAX does not currently grant stock options; outstanding options reflect prior‑year grants .
| Equity Plan Snapshot (12/31/2024) | Count / Value |
|---|---|
| Securities to be issued upon exercise of outstanding options, warrants, rights | 5,032,849 |
| Weighted average exercise price (options) | $26.27 |
| Securities remaining available for future issuance | 4,110,219 |
| Potential PSU shares at full achievement (excluded from above) | 1,870,888 |
| Current option grant practice | No current option grants; policy governs future timing |
Employment Terms
- Role and start date: Chief Technology Officer and Executive Vice President; joined February 2020 .
- Employment agreement, severance, change‑of‑control terms: not disclosed for Calamera in the latest proxy. The proxy summarizes non‑compete/non‑solicitation as applying to NEO employment agreements and provides detailed terms for the CEO; no equivalent individual terms are provided for Calamera .
Investment Implications
- Compensation alignment: IMAX ties incentives to both lagging outcomes (Revenue, Adjusted EBITDA, FCF) and leading drivers (Installations, Signings, Streaming Technology Bookings), plus Relative TSR for PSUs—strong alignment with shareholder value creation and future growth levers that intersect directly with CTO responsibilities in streaming and technology deployment .
- Payout signals: 2024 annual bonuses at near‑target and 2022–2024 PSU vesting at 154.4% indicate robust performance momentum; PSU design (EBITDA/TSR) suggests realized equity value could be meaningful for senior leaders, supporting retention while maintaining pay‑for‑performance discipline .
- Ownership and trading risk: Hedging/pledging bans reduce misalignment and collateral risk; share ownership guidelines bolster skin‑in‑the‑game, though Calamera’s personal holdings are not disclosed—limiting granularity of insider‑pressure analysis .
- Option overhang: Company no longer grants options; outstanding options stem from prior years, mitigating future option‑related dilution and repricing risk; equity mix focuses on PSUs/RSUs with clear performance and vesting schedules, reducing governance red flags .
- Retention risk: The bonus metric “Streaming Technology Bookings” and long‑term focus on EBITDA growth/TSR elevate the CTO’s strategic relevance; combined with at‑risk equity, the structure incentivizes execution on technology commercialization. Lack of disclosed individual contract terms (severance/CoC) for Calamera modestly increases uncertainty around transition economics .