6 unchanged sentences
The achievement of the Adjusted EBITDA and TSR targets in these PSUs is determined over a three-year performance period.
−Removed: At the conclusion of the three-year performance period, the number of PSUs that ultimately vest can range from 0% to a maximum vesting opportunity of 175% of the initial Adjusted EBITDA PSU award or 150% of the initial TSR PSU award depending upon actual performance versus the established Adjusted EBITDA and TSR, respectively.
+Added: For PSUs granted as of December 31, 2025, the number of PSUs that ultimately vest can range from 0% to a maximum vesting opportunity of 175% of the initial Adjusted EBITDA PSU award or 150% of the initial TSR PSU award depending upon actual performance versus the established Adjusted EBITDA and TSR targets, respectively, at the end of the three-year performance.
Performance Graph
The following graph compares the total cumulative shareholder return for $100 invested on December 31, 2020 (assuming that all dividends were reinvested) in common shares of the Company against the cumulative total return of the NYSE Composite Index, the S&P/TSX Composite Index and the IMAX Peer Group to the end of the most recently completed fiscal year.
−Removed: The IMAX Peer Group consists of Ambarella, Inc., Cinemark Holdings, Inc., Cineplex Inc., Corsair Gaming, Inc., Dolby Laboratories, Inc., fuboTV Inc., Harmonic Inc., Knowles Corporation, Lions Gate Entertainment Corp., The Marcus Corporation, WildBrain Ltd., and Xperi Inc.
+Added: The IMAX Peer Group consists of Ambarella, Inc., Cinemark Holdings, Inc., Cineplex Inc., Corsair Gaming, Inc., Dolby Laboratories, Inc., fuboTV Inc., Harmonic Inc., Knowles Corporation, The Marcus Corporation, WildBrain Ltd., and Xperi Inc.
The performance period includes the COVID-19 pandemic, which significantly impacted the out-of-home entertainment industry.
−Removed: The impact of the pandemic on the Company’s operations are discussed elsewhere herein.
+Added: $ 100.00 $ 99.00 $ 81.35 $ 83.35 $ 142.06 $ 205.11
+Added: NYSE Composite
+Added: $ 100.00 $ 118.17 $ 104.54 $ 116.03 $ 131.48 $ 151.49
+Added: S&P/TSX Composite
+Added: $ 100.00 $ 122.78 $ 104.55 $ 116.15 $ 125.65 $ 169.06
+Added: $ 100.00 $ 134.42 $ 77.11 $ 83.68 $ 91.16 $ 80.43
Issuer Purchases of Equity Securities
−Removed: In 2017, the Company announced that the Board approved a $200.0 million share repurchase program for its common shares that would have initially expired on June 30, 2020, which was subsequently extended and increased in the total share repurchase authority to $400.0 million.
−Removed: In 2023, the Company’s Board approved a 36-month extension to its share repurchase program through June 30, 2026.
−Removed: As of December 31, 2024, the Company had $150.7 million authorized for repurchase under its approved share repurchase program.
+Added: In 2017, the Company announced its Board of Directors approved a $200.0 million share repurchase program for its common shares that would have initially expired on June 30, 2020, which was subsequently extended for a 12-month period in 2020, 2021, and 2022 and increased in the total share repurchase authority to $400.0 million.
+Added: In 2023, the Board of Directors approved a 36-month extension to its share repurchase program through June 30, 2026.
+Added: In 2025, the Company announced an increase of $100.0 million in the Company’s share repurchase program along with a 12-month extension through June 30, 2027.
+Added: As of December 31, 2025, the Company had $250.7 million available under the program.
The repurchases may be made either in the open market or through private transactions, including repurchases made pursuant a plan intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements, and other relevant factors.
−Removed: The Company has no obligation to repurchase shares and the
−Removed: share repurchase program may be suspended or discontinued by the Company at any time.
+Added: The Company has no obligation to repurchase shares and the share repurchase program may be suspended or discontinued by the Company at any time.
During the three months ended December 31, 2025, the Company did not repurchase any common shares.
17 unchanged sentences
This program expired on the date of the 2025 Annual General Meeting of IMAX China on June 12, 2025.
−Removed: During the 2024 Annual General Meeting, shareholders approved the repurchase of shares of IMAX China not to exceed 10% of the total number of shares as of June 7, 2024 (34,000,845 shares).
+Added: During the 2025 Annual General Meeting, shareholders granted its Board of Directors a general mandate authorizing the IMAX China Board, subject to applicable laws, to repurchase share of IMAX China not to exceed 10% of the total number of shares outstanding as of June 12, 2025 (33,919,122 shares).
This program will be valid until the 2026 Annual General Meeting of IMAX China.
5 unchanged sentences
Issuer Sales of Unregistered Securities
−Removed: Refer to “Capital Stock — Shared-Based Compensation ” in Note 16 to “Consolidated Financial Statements” in Part II, Item 8.
−Removed: Selected Financial Data
+Added: Refer to “Capital Stock — Share-Based Compensation ” in Note 16 to “Consolidated Financial Statements” in Part II, Item 8.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.