IMAX Corp. has extended its long-term incentive plan to all of its employees and managers.
The company has extended the program, which had previously been available to those at the director level and above, to all employees can be a shareholder in the company.
“We want all our employees to feel like owners of the company, so annually everyone will receive a grant of restricted share units,” says Heather Davis, director of global compensation, payroll and HRIS at IMAX. “Employees don’t have to pay or contribute. The [restricted share units] are granted to them at the company’s expense as an employee benefit.”
Read: American Airlines brings back profit-sharing plan
All employees on the payroll as of Jan. 1, 2016, received a grant of restricted share units in March. The number of units granted is determined by job level, although IMAX declined to share the specific amounts that each group of employees receives.
Since it’s a long-term incentive plan, the restricted share units vest after two years. “Upon vesting, the [restricted share units] convert to shares,” says Davis. “Employees can hold the IMAX shares or sell some or all for cash. . . . There are different options.”