Amc Entertainment Holdings Inc — Definitive Proxy Statement (DEF 14A)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No.   )

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

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Preliminary Proxy Statement

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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

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☒

Definitive Proxy Statement

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Definitive Additional Materials

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Soliciting Material under §240.14a-12

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AMC ENTERTAINMENT HOLDINGS, INC.

(Name of Registrant as Specified In Its Charter)

 

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

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No fee required.

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Fee paid previously with preliminary materials.

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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11.

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NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON DECEMBER 10, 2025

DEAR STOCKHOLDERS:

We cordially invite you to attend the Annual Meeting of Stockholders of AMC Entertainment Holdings, Inc. (the “Company”) which will be held on December 10, 2025, at 1:00 p.m. (Central Time) at the AMC Theatre Support Center, located at One AMC Way, 11500 Ash Street, Leawood, Kansas 66211 (the “Annual Meeting”), for the following purposes:

1.

To approve an amendment to our Third Amended and Restated Certificate of Incorporation (our “Certificate of Incorporation”) to declassify our Board of Directors, shorten all existing terms of directors to expire at the Annual Meeting, and remove restrictions on the number of directors (“Proposal 1”).

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2(a).

If Proposal 1 is approved, to elect to our Board of Directors the following nominees for terms expiring at the 2026 Annual Meeting: Mr. Adam M. Aron, Ms. Denise M. Clark, Mr. Marcus Glover, Ms. Sonia Jain, Mr. Howard W. “Hawk” Koch, Jr., Mr. Philip Lader, Mr. Gary F. Locke, Ms. Keri S. Putnam, Dr. Anthony J. Saich, and Mr. Adam J. Sussman (“Proposal 2a”).

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2(b).

If Proposal 1 is not approved, to elect to our Board of Directors the following nominees for terms expiring at the 2028 Annual Meeting: Mr. Adam M. Aron, Mr. Howard W. “Hawk” Koch, Jr. and Dr. Anthony J. Saich (“Proposal 2b”).

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3.

To approve an amendment to our Certificate of Incorporation to eliminate the prohibition against stockholders acting by written consent (“Proposal 3”).

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4.

To approve an amendment to our Certificate of Incorporation to remove the limitation on stockholders’ ability to call special meetings (“Proposal 4”).

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5.

To approve an amendment to our Certificate of Incorporation to increase the total number of authorized shares of our Class A Common Stock, par value $0.01 per share (“Common Stock”) from 550,000,000 shares to 1,100,000,000 shares (“Proposal 5”).

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6.

To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for 2025 (“Proposal 6”).

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7.

To conduct a non-binding advisory vote to approve the compensation of named executive officers (“Proposal 7”).

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8.

To approve one or more adjournments of the Annual Meeting, if necessary, to permit further solicitation of proxies if there are insufficient votes to adopt the foregoing proposals (“Proposal 8”).

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These items of business (collectively, the “Proposals”) are more fully described in the Proxy Statement accompanying this notice.

Our Board has fixed the close of business on October 13, 2025, as the record date for determining the stockholders entitled to notice of and to vote at the Annual Meeting or at any adjournment or postponement thereof.

Only registered stockholders and persons holding proxies from registered stockholders may attend the meeting. If your shares are registered in your name, you should bring your proxy card and a proper form of identification such as your driver’s license to the meeting. If your shares are held in the name of a broker, trust, bank, or other nominee, you will need to bring a proxy or letter from that broker, trust, bank, or other nominee that confirms you are the beneficial owner of those shares and a proper form of identification.

Although we currently intend to hold the Annual Meeting in person, we may impose additional procedures or limitations on meeting attendees or may decide to hold the Annual Meeting in a different location or solely by means of remote communication (i.e., a virtual-only meeting). We plan to announce any such updates regarding the Annual Meeting by issuing a press release and filing the press release as definitive additional soliciting material with the Securities and Exchange Commission (the “SEC”). We encourage you to regularly check these resources prior to the Annual Meeting if you plan to attend. While we value your participation, stockholders are strongly encouraged to vote by proxy as the preferred means of fully and safely exercising their rights.

We plan to provide a listen-only webcast of the Annual Meeting for those who are unable to attend in person. The webcast will be accessible through the Investor Relations section of our website at www.investor.amctheatres.com. Stockholders and interested parties should go to the website at least 15 minutes before the Annual Meeting time to register and/or download any necessary audio software. While the webcast will provide an opportunity to listen to the proceedings, it will not be considered attendance at the meeting, and you will not be able to vote via the webcast.

Important Notice Regarding the Availability of Proxy Materials for Stockholder Meeting to be held on December 10, 2025.   Pursuant to rules promulgated by the SEC, we have elected to provide access to our proxy materials by notifying you of the availability of our proxy materials on the Internet. Instead of mailing paper copies of our proxy materials, we sent stockholders the Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting, with instructions for accessing the proxy materials and voting via the Internet (the “Notice”). In accordance with the SEC notice and access rule, the Notice allows us to provide our stockholders with the information they need to vote through various means, while reducing the costs and environmental impact of printing and delivering proxy materials. The Notice is not a proxy and cannot be used to authorize a proxy to vote your shares. The Notice, which was mailed on or around October 24, 2025, also provides information on how stockholders may obtain paper copies of our proxy materials if they so choose. If you receive a Notice this year, you will not receive paper copies of the Proxy Materials unless you request the materials by following the instructions on the Notice. The Proxy Statement and our 2024 Annual Report may be accessed at www.envisionreports.com/amc and www.investor.amctheatres.com. As discussed in the Proxy Statement, certain stockholders were sent a full set of printed proxy materials or an email with instructions on how to access the proxy materials electronically, based on their previously indicated delivery preferences.

Whether or not you plan to attend the Annual Meeting in person and regardless of the number of shares you may own, we urge you to vote your shares over the Internet, as provided in the Notice and the Proxy Statement. If you already received or if you request proxy materials by mail, you may vote over the Internet or sign, date and mail the proxy card you receive in the envelope provided or vote via the toll-free telephone number set forth on the proxy card. Please also indicate when voting your shares over the Internet or via the toll-free number or on your proxy card whether you plan to attend the Annual Meeting. You may revoke your proxy and vote your shares in person in accordance with the procedures described in the Proxy Statement.

If you have any questions regarding the accompanying Proxy Statement or how to vote your shares, you may contact D.F. King & Co., Inc., our proxy solicitor, toll-free at (800) 735-3591 or collect at (212) 256-9086 or email at AMC@dfking.com.

ALL STOCKHOLDERS ARE EXTENDED A CORDIAL INVITATION TO
ATTEND THE ANNUAL MEETING OF STOCKHOLDERS

October 24, 2025

AMC ENTERTAINMENT HOLDINGS, INC.

​	PROXY SUMMARY	​	​	​	​	1	​	​
​	GENERAL INFORMATION	​	​	​	​	3	​	​
​	VOTING AT THE ANNUAL MEETING	​	​	​	​	4	​	​
​	The Proxy and Voting	​	​	​	​	4	​	​
​	Other Matters	​	​	​	​	5	​	​
​	Voting Requirement to Approve each of the Proposals	​	​	​	​	5	​	​
​	How Votes Are Counted	​	​	​	​	6	​	​
​	Proxy Solicitation	​	​	​	​	6	​	​
​	DIRECTORS OF THE COMPANY	​	​	​	​	8	​	​
​	PROPOSALS 1, 3, 4, and 5 EXPLANATORY NOTE	​	​	​	​	9	​	​
​	PROPOSAL 1: APPROVAL OF AN AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO DECLASSIFY THE BOARD AND MAKE CERTAIN OTHER CHANGES	​	​	​	​	10	​	​
​	PROPOSAL 2(a) or 2(b): ELECTION OF DIRECTORS	​	​	​	​	13	​	​
​	Nominees for Election as Directors	​	​	​	​	13	​	​
​	PROPOSAL 3: APPROVAL OF AN AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO ELIMINATE THE PROHBITION AGAINST STOCKHOLDERS ACTING BY WRITTEN CONSENT	​	​	​	​	19	​	​
​	PROPOSAL 4: APPROVAL OF AN AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO REMOVE THE LIMITATION ON STOCKHOLDERS’ ABILTIY TO CALL SPECIAL MEETINGS	​	​	​	​	21	​	​
​	PROPOSAL 5: APPROVAL OF AN AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO INCREASE THE TOTAL NUMBER OF AUTHORIZED SHARES OF COMMON STOCK	​	​	​	​	23	​	​
​	CORPORATE GOVERNANCE	​	​	​	​	28	​	​
​	Corporate Governance Guidelines	​	​	​	​	28	​	​
​	Risk Oversight	​	​	​	​	28	​	​
​	Cybersecurity Risk	​	​	​	​	28	​	​
​	Compensation Policies and Practices as They Relate to Risk Management	​	​	​	​	30	​	​
​	Code of Business Conduct and Ethics	​	​	​	​	30	​	​
​	Insider Trading Policy	​	​	​	​	31	​	​
​	Board and Committee Meeting Attendance	​	​	​	​	31	​	​
​	Communications with the Board	​	​	​	​	31	​	​
​	Director Independence	​	​	​	​	31	​	​
​	Board Leadership Structure	​	​	​	​	31	​	​
​	Executive Sessions	​	​	​	​	32	​	​
​	Attendance at Annual Meetings	​	​	​	​	32	​	​
​	Board and Committee Evaluations; Director Education	​	​	​	​	32	​	​
​	Committees	​	​	​	​	32	​	​
​	Audit Committee	​	​	​	​	33	​	​
​	Compensation Committee	​	​	​	​	33	​	​

​	Nominating and Corporate Governance Committee	​	​	​	​	34	​	​
​	Director Nomination Process	​	​	​	​	34	​	​
​	Compensation Committee Interlocks and Insider Participation	​	​	​	​	35	​	​
​	DIRECTOR COMPENSATION	​	​	​	​	36	​	​
​	Non-Employee Director Compensation	​	​	​	​	36	​	​
​	Director Compensation Table	​	​	​	​	37	​	​
​	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT	​	​	​	​	38	​	​
​	DELINQUENT SECTION 16(A) REPORTS	​	​	​	​	40	​	​
​	CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS	​	​	​	​	41	​	​
​	Policies and Procedures with Respect to Related Person Transactions	​	​	​	​	41	​	​
​	Related Person Transactions	​	​	​	​	41	​	​
​	PROPOSAL 6: RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	​	​	​	​	42	​	​
​	AUDIT COMMITTEE REPORT	​	​	​	​	43	​	​
​	PRINCIPAL ACCOUNTANT FEES AND SERVICES	​	​	​	​	44	​	​
​	Audit Committee Pre-Approval Process	​	​	​	​	44	​	​
​	COMPENSATION COMMITTEE REPORT	​	​	​	​	45	​	​
​	COMPENSATION DISCUSSION AND ANALYSIS	​	​	​	​	46	​	​
​	Consideration of Say-on-Pay Results and Stockholder Outreach	​	​	​	​	46	​	​
​	EXECUTIVE SUMMARY	​	​	​	​	48	​	​
​	2024 Business Review	​	​	​	​	48	​	​
​	Compensation Decisions	​	​	​	​	48	​	​
​	How Our Compensation Program Works	​	​	​	​	50	​	​
​	Components of Our Pay	​	​	​	​	51	​	​
​	Pay Mix	​	​	​	​	51	​	​
​	EXECUTIVE COMPENSATION PHILOSOPHY AND PROGRAM OBJECTIVES	​	​	​	​	52	​	​
​	EXECUTIVE COMPENSATION PROGRAM ELEMENTS	​	​	​	​	52	​	​
​	Base Salaries	​	​	​	​	52	​	​
​	Annual Incentive Program	​	​	​	​	52	​	​
​	Payout Opportunities	​	​	​	​	53	​	​
​	2024 Performance Goals	​	​	​	​	53	​	​
​	2024 Payouts	​	​	​	​	54	​	​
​	Retention Bonus for Mr. Goodman	​	​	​	​	54	​	​
​	Equity-Based Incentive Compensation Program	​	​	​	​	55	​	​
​	2024 Annual Equity Grants	​	​	​	​	55	​	​
​	2024 Tranche Year Performance Goals and Modification	​	​	​	​	56	​	​
​	2023 Tranche Year Modification	​	​	​	​	57	​	​
​	COMPENSATION SETTING PROCESS	​	​	​	​	59	​	​
​	Independent Compensation Consultant	​	​	​	​	59	​	​
​	2024 Peer Group	​	​	​	​	59	​	​

​	OTHER COMPENSATION PRACTICES	​	​	​	​	60	​	​
​	Compensation Clawback Policy	​	​	​	​	60	​	​
​	Executive Stock Ownership Guidelines	​	​	​	​	60	​	​
​	Equity Award Grant Practices	​	​	​	​	60	​	​
​	Anti-Hedging Policy	​	​	​	​	60	​	​
​	Anti-Pledging Policy	​	​	​	​	61	​	​
​	Retirement Benefits	​	​	​	​	61	​	​
​	Non-Qualified Deferred Compensation Program	​	​	​	​	61	​	​
​	Severance and Other Benefits Upon Termination of Employment	​	​	​	​	61	​	​
​	Tax and Accounting	​	​	​	​	61	​	​
​	EXECUTIVE COMPENSATION	​	​	​	​	62	​	​
​	Summary Compensation Table	​	​	​	​	62	​	​
​	Description of Employment Agreements—Salary and Bonus Amounts	​	​	​	​	64	​	​
​	Limitation of Liability and Indemnification of Directors and Officers	​	​	​	​	65	​	​
​	Grants and Modifications of Plan-Based Awards	​	​	​	​	65	​	​
​	Outstanding Equity Awards as of December 31, 2024	​	​	​	​	67	​	​
​	Option Exercises and Stock Vested	​	​	​	​	69	​	​

​	Potential Payments Upon Termination or Change of Control	​	​	​	​	70	​	​
​	Employment Agreements	​	​	​	​	70	​	​
​	Equity Compensation Plan Information	​	​	​	​	71	​	​
​	Pay Ratio Disclosure	​	​	​	​	72	​	​
​	Pay versus Performance	​	​	​	​	73	​	​
​	PROPOSAL 7: NON-BINDING ADVISORY VOTE TO APPROVE THE COMPENSATION OF NAMED EXECUTIVE OFFICERS	​	​	​	​	77	​	​
​	PROPOSAL 8: ADJOURNMENT OF ANNUAL MEETING	​	​	​	​	78	​	​
​	OTHER INFORMATION	​	​	​	​	79	​	​
​	Costs of Proxy Statement	​	​	​	​	79	​	​
​	Delivery of Stockholder Documents	​	​	​	​	79	​	​
​	STOCKHOLDER PROPOSALS	​	​	​	​	80	​	​
​	AVAILABILITY OF REPORT ON FORM 10-K	​	​	​	​	81	​	​
​	APPENDIX A	​	​	​	​	A-1	​	​
​	APPENDIX B	​	​	​	​	B-1	​	​
​	APPENDIX C	​	​	​	​	C-1	​	​
​	APPENDIX D	​	​	​	​	D-1	​	​

PROXY SUMMARY

This summary highlights selected information and does not contain all the information that you should consider in deciding how to vote. You should read the entire Proxy Statement carefully before voting.

Voting Recommendations

GENERAL INFORMATION

This Proxy Statement is provided in connection with the solicitation of proxies by the Board of Directors (the “Board”) of AMC Entertainment Holdings, Inc., a Delaware corporation (“we,” “us,” the “Company” or “AMC”), for use at the 2025 Annual Meeting of Stockholders of the Company, to be held on December 10, 2025, at 1:00 p.m. (Central Time), or any adjournment or postponement thereof, at the AMC Theatre Support Center located at One AMC Way, 11500 Ash Street, Leawood, Kansas 66211 (the “Annual Meeting”).

Although we currently intend to hold the Annual Meeting in person, we may impose additional procedures or limitations on meeting attendees or may decide to hold the Annual Meeting in a different location or solely by means of remote communication (i.e., a virtual-only meeting). We plan to announce any such updates regarding the Annual Meeting by issuing a press release and filing the press release as definitive additional soliciting material with the Securities and Exchange Commission (the “SEC”). We encourage you to regularly check these resources prior to the Annual Meeting if you plan to attend.

We plan to provide a listen-only webcast of the Annual Meeting. The webcast will be accessible through the Investor Relations section of our website at www.investor.amctheatres.com. Stockholders and interested parties should go to the website at least 15 minutes before the Annual Meeting time to register and/or download any necessary audio software. While the webcast will provide an opportunity to listen to the proceedings, it will not be considered attendance at the meeting, and you will not be able to vote via the webcast.

Important Notice Regarding the Availability of Proxy Materials
for Stockholder Meeting to be held on December 10, 2025.

Pursuant to rules promulgated by the SEC, we have elected to provide access to our proxy materials by notifying you of the availability of our proxy materials on the Internet. Instead of mailing paper copies of our proxy materials, we sent stockholders the Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting to be held on December 10, 2025, with instructions for accessing the proxy materials and voting via the Internet (the “Notice”). In accordance with the SEC notice and access rule, the Notice allows us to provide our stockholders with the information they need to vote through various means, while reducing the costs and environmental impact of printing and delivering proxy materials. The Notice is not a proxy and cannot be used to authorize a proxy to vote your shares. The Notice, which was mailed on or around October 24, 2025, also provides information on how stockholders may obtain paper copies of our proxy materials if they so choose. If you receive a Notice this year, you will not receive paper copies of the Proxy Materials unless you request the materials by following the instructions on the Notice. This Proxy Statement and our 2024 Annual Report may be accessed at www.envisionreports.com/amc and www.investor.amctheatres.com. As discussed in this Proxy Statement, certain stockholders were sent a full set of printed proxy materials or an email with instructions on how access the proxy materials electronically, based on their previously indicated delivery preferences.

This Proxy Statement and the accompanying proxy are first being made available to stockholders beginning on or about October 24, 2025. The costs of this proxy solicitation will be borne by the Company, which maintains its principal executive offices at One AMC Way, 11500 Ash Street, Leawood, KS 66211.

If you have any questions regarding this Proxy Statement, you may contact D.F. King & Co., Inc., our proxy solicitor, toll-free at (800) 735-3591 or collect at (212) 256-9086 or email at AMC@dfking.com.

VOTING AT THE ANNUAL MEETING

The only outstanding voting securities of the Company are its shares of Class A common stock (the “Common Stock”). Only stockholders of record of our Common Stock at the close of business on October 13, 2025 (the “Record Date”), the date selected as the record date by our Board, are entitled to vote at the Annual Meeting. On the Record Date, there were 512,943,561 shares of Common Stock outstanding. The holders of our Common Stock are entitled to one vote per share.

The Proxy and Voting

Pursuant to rules promulgated by the SEC, we are making this Proxy Statement and our 2024 Annual Report available to stockholders electronically via the Internet. On or around October 24, 2025, we sent our stockholders of record on the Record Date the Notice, which provides information regarding accessing the proxy materials for the Annual Meeting and voting via the Internet. Some stockholders have previously requested to receive either a full set of printed proxy materials or an email with instructions on how to access the proxy materials electronically. Stockholders that have not submitted a specific delivery preference were sent the Notice. If you would like to change the way you receive materials in the future, please follow the instructions on the Notice you received. This Proxy Statement and our 2024 Annual Report may be accessed at www.envisionreports.com/amc and www.investor.amctheatres.com.

Registered holders are stockholders who hold their shares directly with the Company and have their names and addresses recorded in the Company’s share registry, which is maintained by our transfer agent, Computershare. Registered stockholders can vote by proxy in any of the following three ways, each of which is valid under Delaware law. If you are a registered holder and would like to receive a full printed set of proxy materials, please follow the instructions on the Notice.

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By Internet: Access our Internet voting site at www.envisionreports.com/amc or scan the QR code on the Notice or your proxy card and follow the instructions on the screen prior to 11:59 p.m., Eastern Time, on December 9, 2025.

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By Telephone: Call toll-free at 1-800-652-8683 and follow the voice instructions, prior to 11:59 p.m., Eastern Time, on December 9, 2025.

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By Mail: After receiving the full set of printed proxy materials, mark, sign, date, and return the proxy or voting instruction form in the enclosed envelope so it is received before the Annual Meeting.

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Beneficial owners are stockholders who hold their shares through a brokerage account, bank, or other record holder. You also may have heard the term “held in street name” when describing stock ownership. When you buy securities through a brokerage firm, most firms will automatically put your securities into “street name.” This means your brokerage firm will hold your securities in its name or another nominee and not in your name, but your brokerage firm will keep records showing you as the real or “beneficial owner.” Under the rules of the New York Stock Exchange (“NYSE”), member stockbrokers who hold shares of Common Stock in their name for customers are required to obtain directions from their customers on how to vote the shares. NYSE rules permit brokers to vote shares on certain proposals when they have not received any directions. The staff of the NYSE, prior to the Annual Meeting, informs brokers of those proposals on which they are entitled to vote the undirected shares.

Under rules of the NYSE, brokers may not vote on “non-routine” proposals unless they have received voting instructions from the beneficial owner, and to the extent that they have not received voting instructions, brokers report such number of shares as “non-votes.” Your bank, broker or other nominee may vote your shares in its discretion on “routine” matters. Proposals 1, 2(a) or 2(b), as applicable, 3, 4, 5, and 7, are considered “non-routine,” which means that brokerage firms may not vote in their discretion regarding these items on behalf of beneficial owners who have not furnished voting instructions. Proposals 6 and 8, however, are considered “routine” items, which means that brokerage firms may vote in their discretion on behalf of beneficial owners who have not furnished voting instructions.

If you are the beneficial owner of your shares, you should have received a notice regarding the availability of proxy materials, a full set of printed proxy materials with a voting instruction form, or an email copy of the proxy materials with instructions on how to vote from your broker or other nominee holding your shares. You should follow the instructions in the

Notice or voting instruction form provided by your broker or other nominee to instruct your broker on how to vote your shares; in most instances you may vote by Internet, telephone or by mail.

Beneficial stockholders who wish to attend the Annual Meeting must obtain a legal proxy by contacting their account representative at the bank, broker, or other record holder that holds their shares and e-mail a copy (a legible photograph is sufficient) of their legal proxy to our proxy solicitor at AMCattend@dfking.com. If you want to vote in person, you must obtain a legal proxy from your broker, bank or other nominee and bring it to the meeting.

Proxies provided by telephone or over the Internet or by mailed proxy card by stockholders of record, unless revoked, will be voted at the Annual Meeting as directed by you, or, in the absence of such direction, as the Board recommends for the Proposals at the Annual Meeting. A stockholder submitting a proxy by telephone or over the Internet or by mailed proxy card may revoke such proxy at any time before it is used by giving written notice of revocation to the Secretary of the Company, by delivering to the Secretary of the Company a duly executed proxy bearing a later date or by voting in person at the Annual Meeting. Attendance at the Annual Meeting will not, in and of itself, revoke a proxy.

If you have any questions about how to vote your shares, you may contact our proxy solicitor at:

D.F. King & Co, Inc.
28 Liberty Street, Floor 53
New York, NY 10005
Call Toll-Free: (800) 735-3591
Banks and Brokers Call: (212) 256-9086
AMC@dfking.com

Other Matters

As of the date of this Proxy Statement, we do not know of any other matter to be raised at the meeting. If any matters not described in this Proxy Statement are properly presented at the Annual Meeting, the proxies will use their own judgment to determine how to vote your shares. If the Annual Meeting is adjourned or postponed, the proxies can vote your shares at the adjournment or postponement as well.

Voting Requirement to Approve each of the Proposals

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Proposal 1: Amendment of our Certificate of Incorporation to declassify our Board of Directors, shorten all existing terms of directors to expire at the Annual Meeting, and remove restrictions on the number of directors requires approval of a majority of the outstanding shares of Common Stock entitled to vote thereon. Our Board recommends a vote “for” this proposal.

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Proposal 2(a): Election of directors requires a plurality of the votes cast, which means that the 10 nominees for director receiving the highest number of votes FOR election will be elected as directors. Our Board recommends a vote “for” the election of each nominee.

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Proposal 2(b): Election of directors requires a plurality of the votes cast, which means that the three nominees for director receiving the highest number of votes FOR election will be elected as directors. Our Board recommends a vote “for” the election of each nominee.

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Proposal 3: Amendment of our Certificate of Incorporation to eliminate the prohibition against stockholders acting by written consent requires approval of a majority of the outstanding shares of Common Stock entitled to vote thereon. Our Board recommends a vote “for” this proposal.

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Proposal 4: Amendment of our Certificate of Incorporation to remove the limitation on stockholders’ ability to call special meetings requires approval of a majority of the outstanding shares of Common Stock entitled to vote thereon. Our Board recommends a vote “for” this proposal.

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Proposal 5: Amendment of our Certificate of Incorporation to increase the total number of authorized shares of our Common Stock from 550,000,000 shares to 1,100,000,000 shares requires approval by a majority of the votes cast with respect to this matter. Our Board recommends a vote “for” this proposal.

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Proposal 6: Ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm requires approval by a majority of the votes cast with respect to this matter. Our Board recommends a vote “for” this proposal.

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Proposal 7: Non-binding advisory vote on compensation of named executive officers (the “Say-On-Pay Vote”) requires approval by a majority of the votes cast with respect to this matter. Our Board recommends a vote “for” this proposal. The vote on Proposal 7 is a non-binding advisory vote.

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Proposal 8: Adjournment of the Annual Meeting, if necessary, to permit further solicitation of proxies requires approval by a majority of the votes cast with respect to this matter. Our Board recommends a vote “for” this proposal.

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How Votes Are Counted

A quorum is required to transact business at the Annual Meeting. Stockholders of record holding shares of Common Stock constituting one-third of the shares issued and outstanding and entitled to vote at the Annual Meeting constitute a quorum. If you have returned valid proxy instructions or attend the meeting in person, your shares will be counted for the purpose of determining whether there is a quorum, even if you abstain from voting on some or all matters introduced at the meeting. As of the close of business on October 13, 2025, the record date for the Annual Meeting, there were 512,943,561 shares of Common Stock issued and outstanding, held by 14,281 registered holders. Thus, the holders of at least 170,981,187 shares of Common Stock must be present in person or represented by proxy at the Annual Meeting to constitute a quorum.

Abstentions will be treated as shares present and entitled to vote for purposes of determining a quorum. However, abstentions will not be considered votes cast on any matter requiring the affirmative vote of a majority or other proportion of the votes cast. Accordingly, abstentions with respect to Proposals 5, 6, 7, and 8, will have no impact on the voting results for such proposals. Abstentions with respect to Proposals 1, 3, and 4, which require the affirmative vote of a majority of the shares outstanding entitled to vote thereon, will have the same effect as a vote against such proposals. Because a plurality of the votes cast is required for Proposal 2(a) or 2(b), as applicable, abstentions and withheld votes will have no effect on such proposals.

Under the rules of the NYSE, brokers may not vote on “non-routine” proposals unless they have received voting instructions from the beneficial owner, and to the extent that they have not received voting instructions, brokers report such number of shares as “non-votes.” Your bank, broker or other nominee may vote your shares in its discretion on “routine” matters. Proposals 1, 2(a) or 2(b), as applicable, 3, 4, 5, and 7, are considered “non-routine,” which means that brokerage firms may not vote in their discretion regarding these items on behalf of beneficial owners who have not furnished voting instructions. Proposals 6 and 8, however, are considered “routine” items, which means that brokerage firms may vote in their discretion on behalf of beneficial owners who have not furnished voting instructions. Broker non-votes will be considered as represented for purposes of determining a quorum. Broker non-votes will have the same effect as a vote against Proposals 1, 3, and 4 and will have no effect on the vote on Proposals 2(a) or 2(b), as applicable, 5, 6, 7, and 8.

Although Proposal 7 is a non-binding advisory vote, our Board will review the results and will take them into account in making determinations concerning executive compensation.

Proxy Solicitation

The Company is soliciting proxies for use at the Annual Meeting by means of the proxy materials. When stockholders vote over the Internet, by telephone, or when proxies are properly dated, executed, and returned, the shares represented by such proxies will be voted at the Annual Meeting in accordance with the instruction of the stockholder. If no specific instructions are given, however, the shares will be voted in accordance with the recommendation of our Board as described above and, if any other matters are properly brought before the Annual Meeting, the shares will be voted in accordance with the proxies’ judgment.

The Company will pay for the Annual Meeting, including the cost of mailing the Notice, paper copies of our proxy materials as requested by stockholders, and any supplemental materials. Directors, officers, and employees of the Company may, either in person, by telephone or otherwise, solicit proxies. They have not been specifically engaged for that purpose, however, nor will they be compensated for their efforts. The Company has engaged D.F. King & Co., Inc., to assist in the solicitation of proxies for the Annual Meeting. We will bear the entire cost of proxy solicitation, including the preparation, assembly, printing, mailing and distribution of the proxy materials. AMC will pay D.F. King & Co., Inc., a fee of $16,000. AMC will also reimburse D.F. King & Co., Inc., for reasonable out-of-pocket costs and other agreed-upon expenses and will indemnify D.F. King & Co., Inc., and its affiliates against certain claims, liabilities, losses, damages, and expenses. In addition, we will reimburse brokerage firms and other persons representing beneficial owners of our shares for their reasonable expenses in forwarding the Notice, paper copies of our proxy materials as requested by beneficial owners, and other soliciting materials to the beneficial owners.

If you receive more than one set of printed materials, your shares may be registered in more than one name and/or are registered in different accounts. Please follow the voting instructions on each set of printed materials to ensure that all your shares are voted.

INTERNET AVAILABILITY OF PROXY MATERIALS

This Proxy Statement and the Annual Report are available at
www.envisionreports.com/amc and www.investor.amctheatres.com.

If you choose to access the proxy materials and/or vote over the Internet, you are responsible for any Internet access charges you may incur.

DIRECTORS OF THE COMPANY

Our business and affairs are managed by our Board, which currently consists of the following eleven members: Adam M. Aron, Denise M. Clark, Marcus Glover, Sonia Jain, Howard W. “Hawk” Koch, Jr., Philip Lader, Gary F. Locke, Kathleen M. Pawlus, Keri S. Putnam, Anthony J. Saich, and Adam J. Sussman. Mr. Aron serves as our Chairman and Chief Executive Officer (“CEO”). Mr. Lader serves as our Lead Independent Director.

Pursuant to our Certificate of Incorporation, our Board is currently divided into three classes. The members of each class serve for a staggered, three-year term. Upon the expiration of the term of a class of directors, directors in that class will be elected for three-year terms at the annual meeting of stockholders in the year in which their term expires. The classes are composed as follows:

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Mr. Glover, Mr. Lader, Mr. Locke, and Mr. Sussman are Class I directors, whose terms will expire at the 2027 annual meeting of stockholders;

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Mr. Aron, Mr. Koch, Ms. Pawlus, and Dr. Saich are Class II directors, whose terms will expire at the Annual Meeting; and

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Ms. Clark, Ms. Jain, and Ms. Putnam are Class III directors, whose terms will expire at the 2026 annual meeting of stockholders.

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Ms. Pawlus, a Class II director, will retire from the Board on the date of the Annual Meeting and is not standing for re-election. Upon Ms. Pawlus’ retirement from the Board, the Board intends to reduce the size of the Board to 10 directors and reduce the number of Class II directors to three.

The Board has proposed an amendment to the Certificate of Incorporation to be voted on at the Annual Meeting that would declassify the Board such that all directors would serve in a single class serving a one-year term. In addition, the proposed amendment would shorten the terms of all currently serving directors to expire at the Annual Meeting.

PROPOSALS 1, 3, 4, AND 5 EXPLANATORY NOTE

Proposals 1, 3, 4 and 5 relate to the amendment of our Certificate of Incorporation. As a result of our periodic review of our key governance mechanisms, our Board believes there are a number of provisions in our current Certificate of Incorporation that should be updated to assist in assuring fair and equitable treatment for all our stockholders. Proposals 1, 3 and 4 relate to corporate governance matters. Proposal 5 relates to an increase in the number of authorized shares of Common Stock.

Each of the proposed amendments discussed below are being voted on separately by the stockholders of the Company, and each of the proposed amendments approved by the stockholders will be incorporated in an amended and restated certificate of incorporation that will be filed with the Delaware Secretary of State. If the stockholders approve some, but not all, of Proposals 1, 3, 4 and 5, the Certificate of Incorporation will be amended and restated to reflect only those amendments approved by the stockholders. Certain conforming changes, such as moving and modifying defined terms and updating cross-references and section and article references, will also be necessary in connection with the foregoing amendments and such conforming changes will be reflected in the amended and restated certificate of incorporation. The amended and restated certificate of incorporation will also reflect certain immaterial and administrative changes that do not require stockholder approval, such as the removal of references to the previously effected reverse stock split and the previously eliminated Class B common stock and other unnecessary sections affected by the same.

The Board, upon recommendation from the Nominating and Corporate Governance Committee, has considered each of the changes discussed in Proposals 1, 3, 4 and 5 and has approved the Fourth Amended and Restated Certificate of Incorporation which incorporates all of these changes as well as conforming and immaterial changes, and the form of the proposed Fourth Amended and Restated Certificate of Incorporation is attached to this Proxy Statement as Appendix B.

Conforming changes will also be necessary to our Bylaws and have been approved by our Board, upon recommendation from the Nominating and Corporate Governance Committee, if Proposals 1, 3 and 4 are approved by our stockholders. We plan to file with the SEC our Fifth Amended and Restated Bylaws, reflecting changes that will become effective if Proposals No. 1, 3, and 4 are approved by our stockholders. Such Fifth Amended and Restated Bylaws will only reflect those proposals that are approved by our stockholders at the Annual Meeting.

PROPOSAL 1
APPROVAL OF AN AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO DECLASSIFY THE BOARD AND MAKE CERTAIN OTHER CHANGES

Proposed Amendment

We are submitting for stockholder approval an amendment to our Certificate of Incorporation to immediately declassify the Board, shorten all existing terms of directors to expire at the Annual Meeting and remove restrictions on the number of directors. Our Board, upon recommendation from the Nominating and Corporate Governance Committee, has unanimously approved, and recommends that all stockholders approve, the proposed amendments to Sections A and B of Article V of the Certificate of Incorporation to immediately declassify the Board, shorten all existing terms of directors to expire at the Annual Meeting and remove restrictions on the number of directors. The discussion regarding this proposal is qualified in its entirety by reference to the complete text of Sections A and B of Article V of the Certificate of Incorporation, which are set forth below (with deletions to existing language indicated by strikethrough text and additions to existing language indicated by underlined text).

A.      The directors of the Corporation, subject to any rights of the holders of shares of any class or series of Preferred Stock to elect directors, shall be classified with respect to the time for which they severally hold office into three classes, as nearly equal in number as possible. One class’s initial term will expire at the first annual meeting of the stockholders following the effectiveness of this Certificate of Amendment, another class’s initial term will expire at the second annual meeting of the stockholders following the effectiveness of this Certificate of Amendment and another class’s initial term will expire at the third annual meeting of stockholders following the effectiveness of this Certificate of Amendment, with directors of each class to hold office until their successors are duly elected and qualified; provided that the term of each director shall continue until the election and qualification of a successor and be subject to such director’s earlier death, resignation or removal. At each annual meeting of stockholders of the Corporation beginning with the first annual meeting of stockholders following the filing of this Certificate of Amendment, subject to any rights of the holders of shares of any class or series of Preferred Stock, the successors of the directors whose term expires at that meeting shall be elected to hold office for a term expiring at the annual meeting of stockholders held in the third year following the year of their election. In the case of any increase or decrease, from time to time, in the number of directors of the Corporation, the number of directors in each class shall be apportioned as nearly equal as possible. No decrease in the number of directors shall shorten the term of any incumbent director.

B.      The number of directors shall be no less than three and no more than 15. Subject to any special rights of any holders of any class or series of Preferred Stock to elect directors, the precise number of directors of the Corporation within the limitations specified in the preceding sentence shall be as fixed, and may be altered from time to time in accordance with the bylaws of the Corporation, only by resolution of the Board of Directors.

If you approve Proposal 1, the above Section A of Article V will be deleted from our Certificate of Incorporation and replaced with a new Section A set forth below and Section B of Article V will be amended by deleting the strikethrough text above and adding the underlined text above.

A.      Subject to the rights of the holders of any class or series of Preferred Stock to elect directors, at each annual meeting of stockholders of the Corporation commencing with the annual meeting of stockholders to be held in 2025, all directors shall be elected for a term, expiring at the next succeeding annual meeting of stockholders, by such stockholders having the right to vote on such election. The term of each director serving as of the date of the 2025 annual meeting of stockholders shall expire at such annual meeting of stockholders, notwithstanding that such director may have been elected for a term that extended beyond the date of such annual meeting. Each director shall serve until the director’s term expires in accordance with the foregoing provisions or until the director’s prior death, resignation, disqualification or removal from office; provided that each director shall serve notwithstanding the expiration of the director’s term until the director’s successor shall be duly elected and qualified.

We urge you to carefully read the sections in their entirety and consider the implications of the changes because this summary may not contain all the information about the amendments that are important to you.

Background and Reason for the Recommendation

A similar proposal to declassify the Board was submitted at the 2024 Annual Meeting where it received the support of approximately 87% of the shares present and voting. However, the proposal failed to pass due to insufficient stockholder participation to obtain the required majority of shares outstanding entitled to vote thereon. Given the overwhelming support for the prior proposal, the Board decided to resubmit the proposal at the 2025 Annual Meeting.

The Board is currently divided into three classes, with the members of each class serving for a staggered, three-year term. If this proposal is approved, all directors will stand for election on an annual basis, beginning immediately at the Annual Meeting. Each elected director will serve a term expiring at the following annual meeting of stockholders and until his or her respective successor is duly elected and qualified, or until his or her earlier death, resignation, disqualification, or removal.

The Board considered factors that favor continuing with a classified board structure, as well as factors that favor adopting a declassified board structure. After weighing the various factors, the Board determined that it would be in the best interests of the Company and our stockholders to amend the Certificate of Incorporation to declassify the Board and shorten all existing terms of directors to expire at the Annual Meeting.

A classified board structure has a number of advantages. It allows a majority of the board to remain in place from year to year, which promotes continuity and stability and encourages the board to plan for long-term goals. Further, at any one time, approximately two-thirds of the elected board has experience with the business and operations of the company it manages.

The Board also recognizes that a classified board structure can be viewed as diminishing a board’s accountability to stockholders, because such structure does not enable stockholders to express a view on each director’s performance by means of an annual vote. Annual voting allows stockholders to express their views on the individual performance of each director and on the entire board of directors more frequently than with a classified board structure, which provides stockholders with a more active role in shaping and implementing corporate governance policies. Moreover, many institutional investors believe that the election of directors is the primary means for stockholders to influence corporate governance policies and to hold management accountable for implementing those policies. Public companies with classified boards also face increased scrutiny from proxy advisory firms.

Our Certificate of Incorporation currently provides that the number of directors shall be no less than three and no more than 15. If this proposal is approved, the number of directors will be determined in accordance with our Bylaws. A change to our Bylaws has been approved by the Board, subject to stockholder approval of this proposal, to provide that the number of authorized directors will be fixed from time to time by the Board.

Amendment and Effectiveness

The proposed amendment to our Certificate of Incorporation would delete Section A of Article V of our Certificate of Incorporation and replace it with a new Section A and modify the text of Section B of Article V, the text of which is set forth above. The foregoing amendment will be reflected in our proposed Fourth Amended and Restated Certificate of Incorporation, a copy of which is set forth in Appendix B and incorporates changes that will be made to our Certificate of Incorporation, assuming Proposals 1, 3, 4 and 5 are approved by our stockholders at the Annual Meeting. If this proposal is approved by our stockholders, we will amend and restate our Certificate of Incorporation to reflect the revisions contemplated by this proposal (as well as any other revisions contemplated by Proposals 3, 4 and 5, if such proposals are also approved by our stockholders) and the resulting Fourth Amended and Restated Certificate of Incorporation will become effective upon its filing with the Secretary of State of the State of Delaware, which is anticipated to occur promptly after the Annual Meeting.

Conforming changes will also be necessary to our Bylaws and have been approved by our Board if Proposals 1, 3 and 4 are approved by our stockholders. We plan to file with the SEC our Fifth Amended and Restated Bylaws, reflecting changes that will become effective if Proposals No. 1, 3, and 4 are approved by our stockholders. Such Fifth Amended and Restated Bylaws will only reflect those proposals that are approved by our stockholders at the Annual Meeting.

Required Vote

The affirmative vote of the holders of a majority of our outstanding shares of Common Stock entitled to vote thereon is required to approve this Proposal 1. If this proposal is approved, the Board will immediately be declassified and stockholders will vote to elect 10 directors to hold office for a term expiring at the Company’s 2026 annual meeting, as described in Proposal 2(a). If this proposal is not approved, the Board will remain classified and stockholders will vote to elect three individuals to be elected as Class II directors to hold three-year terms expiring at the Company’s 2028 annual meeting, as described in Proposal 2(b) and the changes related to the determination of the number of directors will not be made.

Approval of this proposal is not contingent on the approval of any other proposals in this Proxy Statement.

Board Recommendation

The Board recommends a vote “FOR” approval of an amendment to our Certificate of Incorporation to immediately declassify the Board, shorten all existing terms of directors to expire at the Annual Meeting and remove restrictions on the number of directors.

PROPOSAL 2(a) OR 2(b)
ELECTION OF DIRECTORS

At the Annual Meeting, depending upon the outcome of the vote on Proposal 1, stockholders will either (i) vote to elect 10 unclassified directors to hold a term of office from the date of their election until the Company’s 2026 annual meeting and until their successors are duly elected and qualified or (ii) vote to elect three individuals to be elected as Class II directors to hold a term of office from the date of their election until the Company’s 2028 annual meeting and until their successors are duly elected and qualified. Ms. Pawlus, a Class II director, will retire from the Board on the date of the Annual Meeting and is not standing for re-election.

If Proposal 1 is approved, stockholders will vote on Proposal 2(a) at the Annual Meeting. Pursuant to Proposal 2(a), 10 individuals are to be elected as unclassified directors to hold a term of office from the date of their election until the Company’s 2026 annual meeting and until their successors are duly elected and qualified. Under Proposal 2(a), the 10 nominees for election as directors are: Adam M. Aron, Denise M. Clark, Marcus Glover, Sonia Jain, Howard W. “Hawk” Koch, Jr., Philip Lader, Gary F. Locke, Keri S. Putnam, Anthony J. Saich, and Adam J. Sussman.

If Proposal 1 is not approved, stockholders will vote on Proposal 2(b) at the Annual Meeting. Pursuant to Proposal 2(b), three individuals are to be elected as Class II directors to hold a term of office from the date of their election until the Company’s 2028 annual meeting and until their successors are duly elected and qualified. Under Proposal 2(b), the three nominees for election as Class II directors are: Adam M. Aron, Howard W. “Hawk” Koch, Jr. and Anthony J. Saich.

Required Vote

Election of directors requires a plurality of the votes cast, which means that the nominees for director receiving the highest number of votes FOR election will be elected as directors.

Board Recommendation

The Board, upon recommendation from the Nominating and Corporate Governance Committee, believes that the nominees under either Proposal 2(a) or Proposal 2(b) have the requisite qualifications to oversee our business. Set forth below, you will find certain information for each of the directors, which we believe demonstrates the directors’ qualifications to serve on the Board.

Regardless of whether voting on Proposal 2(a) or Proposal 2(b), the Board recommends a vote “FOR” each of the nominees.

Nominees for Election as Directors

Our director nominees have a broad range of skills and experiences that are critical to the Board’s ability to provide effective oversight of the Company and are relevant to the Company’s strategic priorities and the scope and complexity of the Company’s business. Their varying tenure strengthens the Board’s oversight with a balance of historical insights about the Company and new perspectives.

Board Characteristics Summary

Director Skills Matrix

Each of the biographies of our directors below contains information regarding the person’s service as a director, business experience, director positions held currently or at any time during the past five years, and the experience, qualifications, attributes, and skills that caused the Board to determine that the person should be nominated for election as a director at the Annual Meeting. The following information is as of September 30, 2025.

Mr. Adam M. Aron

Mr. Aron, 71, has served as Chief Executive Officer, President, and a director of the Company since January 2016, and as Chairman of the Board since July 2021. From February 2015 to December 2015, Mr. Aron was Chief Executive Officer of Starwood Hotels and Resorts Worldwide, Inc. and served on its board of directors from 2006 to 2015. Since 2006, Mr. Aron has also served as Chairman and Chief Executive Officer of World Leisure Partners, Inc., which he founded and which serves as a personal consultancy for matters related to travel and tourism, high-end real estate development, and professional sports. Mr. Aron served as Chief Executive Officer and Co-Owner of the Philadelphia 76ers from 2011 to 2013 and remained an investor in the team through early 2023. From 2006 to 2015, Mr. Aron served as Senior Operating Partner of Apollo Management L.P., a leading private equity investor. During the past ten years, Mr. Aron has previously served on the board of directors of Norwegian Cruise Line Holdings, Ltd., Centricus Acquisitions Corp., Prestige Cruise Holdings, Inc., and HBSE, which is a private company that owns the NHL’s New Jersey Devils and the NBA’s Philadelphia 76ers. Mr. Aron received a Master of Business Administration degree with distinction from the Harvard Business School and a Bachelor of Arts degree cum laude from Harvard College. Mr. Aron brings to the Board significant business and executive leadership experience, including valuable insight into consumer services. In a variety of industries, he has more than 30 years of experience as a Chief Executive Officer, more than 35 years of experience as a corporate director, and more than 45 years of consumer-engagement experience.

Ms. Denise M. Clark

Ms. Clark, 67, has served as a director of the Company since January 2023. Ms. Clark is a global information technology executive with experience leading technical groups for multiple companies. Ms. Clark served as Senior Vice President and Global Chief Information Officer for The Estée Lauder Companies Inc. from November 2012 until her retirement in March 2017. Prior to that role, Ms. Clark served as Senior Vice President and Chief Information Officer for Hasbro Inc. from October 2007 to November 2012. Ms. Clark also served at Mattel, Inc., where she was Global Chief Technology Officer and later Chief Information Officer for the Fisher Price brand between January 2000 and February 2007. Ms. Clark’s previous experience also

includes positions at Warner Music Group and Apple Inc. Ms. Clark has been a member of the board of directors of United Natural Foods, Inc. (UNFI) since 2013, where she is currently the chair of the nominating and governance committee. She previously served as a director of Six Flags Entertainment Corporation from March 2021 to August 2022 and Caesars Entertainment Corporation, including as chair of its compensation committee from October 2018 to May 2020. Ms. Clark also serves on the board of directors of Best Friends Animal Society, a national non-profit organization. Ms. Clark holds a B.S. in Sociology from the University of Missouri and an MBA from San Jose State University. Ms. Clark is a veteran of the United States Navy. Ms. Clark brings extensive public company executive experience to the Board, with particular expertise in information technology, strategic planning, and transformative business initiatives.

Mr. Marcus Glover

Mr. Glover, 50, has served as a director of the Company since September 2024. Mr. Glover has served as Executive Vice President, Global Operations of Bally’s Corporation since March 2025 and was Executive Vice President and Chief Financial Officer from May 2023 to March 2025. Mr. Glover was Chief Strategy Officer for QPSI LLC, a supply chain solutions and contract packaging company, from October 2021 to May 2023. Prior to that, Mr. Glover served as President and Chief Operating Officer of the Borgata Hotel, Casino & Spa from August 2017 to May 2020, and President and Chief Operating Officer of the Beau Rivage Resort & Casino from July 2015 to August 2017. Mr. Glover was a senior executive with Caesars Entertainment in various positions from May 2003 to June 2015, including Senior Vice President & General Manager for the Horseshoe Casino and Thistledown Racino, Assistant General Manager at Harrah’s/Caesars Entertainment in St. Louis, Missouri, and Vice President of Operations at Harrah’s/Caesars Entertainment in Biloxi, Mississippi. Mr. Glover holds an M.B.A. from The Duke University Fuqua School of Business and received a B.A. in Business Administration, Finance from Morehouse College. Mr. Glover brings to the Board extensive financial, operational and management experience, including as a chief financial officer of a publicly traded company.

Ms. Sonia Jain

Ms. Jain, 46, has served as a director of the Company since March 2024. Ms. Jain has served as Chief Financial Officer of Cars.com Inc. since October 2022, a position she also held from July 2020 to April 2022. Ms. Jain was Chief Financial Officer of Convoy Inc. from April 2022 to September 2022. Prior to her initial tenure at Cars.com Inc., Ms. Jain served as Chief Financial Officer of Redbox Automated Retail LLC from September 2016 to June 2020. Ms. Jain holds a B.S. in Electrical Engineering from Princeton University, an M.S. in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology, and an M.B.A. from Harvard Business School. Ms. Jain brings to the Board extensive financial and accounting experience, including as a chief financial officer of a publicly traded company.

Mr. Howard W. “Hawk” Koch, Jr.

Mr. Koch, 79, has served as a director of the Company since October 2014. Mr. Koch is a veteran movie producer and principal at The Koch Company, the former president of the Academy of Motion Picture Arts and Sciences (“AMPAS”), and former President of the Producers Guild of America. Mr. Koch serves on the board of directors of the Motion Picture & Television Fund. He served on the board of governors of AMPAS from 2004 to 2013 and the board of directors of the Producers Guild of America from 1999 to 2020. Mr. Koch has been intimately involved with the making of over 60 major motion pictures, among them such films as “Source Code”, “Fracture”, “Primal Fear”, “Marathon Man,” “Chinatown,” “Wayne’s World,” “Peggy Sue Got Married,” “The Idolmaker,” “Heaven Can Wait,” “The Way We Were” and “Rosemary’s Baby.” Mr. Koch continues to develop and produce movies. Mr. Koch has over 50 years of experience in the motion picture industry and provides our Board with a unique insight into the production of movies that are exhibited on our screens.

Mr. Philip Lader

Mr. Lader, 79, has served as a director of the Company since June 2019 and as Lead Independent Director since July 2021. Mr. Lader is a Senior Advisor to Morgan Stanley Institutional Securities as well as a partner emeritus with the law firm of Nelson Mullins Riley & Scarborough LLP. He is also the former U.S. Ambassador to the Court of St. James’s and Chairperson of WPP plc. Mr. Lader served in President Clinton’s Cabinet as Administrator of the US Small Business Administration, White House Deputy Chief of Staff, Assistant to the President, and Deputy Director of the Office of Management & Budget. Previously,

he was Executive Vice President of Sir James Goldsmith’s US holdings and was President of Sea Pines Company, universities in South Carolina and Australia, and Business Executives for National Security. He previously served as a trustee and Investment Committee Chairperson of RAND Corporation. Also, Mr. Lader currently serves on several foundations, as well as a member of the boards of several privately held companies, the investment committees of Morgan Stanley’s Global Infrastructure and Real Estate Funds, and the Council on Foreign Relations. He currently or has previously served on the boards of Lloyds of London, Marathon Oil, AES, WPP plc, Songbird (Canary Wharf), Rusal Corporations, the British Museum, American Red Cross, Smithsonian Museum of American History, St. Paul’s Cathedral Foundation, Atlantic Council, and several banks and universities. He is the founder and co-host of Renaissance Weekends. Mr. Lader’s education includes Duke, Michigan, Oxford, and Harvard Law School, and he has been awarded honorary doctorates by 14 universities. He is an Honorary Fellow of Oxford University’s Pembroke College and London Business School and Honorary Bencher of Middle Temple (British Inns of Court). He was awarded the Benjamin Franklin Medal by The Royal Society for Arts, Manufactures & Commerce for his contributions to trans-Atlantic relations. Mr. Lader brings vast experience in business, government, and law to the Board.

Mr. Gary F. Locke

Mr. Locke, 75, has served as a director of the Company since February 2016. Mr. Locke is a trade consultant and has owned Locke Global Strategies, LLC since 2014. Mr. Locke has served as a senior advisor to Dorsey & Whitney LLP since November 2023 and served as the interim President of Bellevue College from June 2020 until July 2023. Mr. Locke was the first Chinese American to be elected as a U.S. Governor when the voters of Washington elected him in 1996 and re-elected him in 2000. During his administration, he strengthened economic ties between China and Washington State. Mr. Locke served as U.S. Commerce Secretary from 2009-2011, where he led the effort to implement President Obama’s National Export Initiative to double American exports in five years. He served as America’s 10th Ambassador to China from 2011-2014. During his service he opened markets for made-in-USA goods and services and reduced wait times for visa interviews of Chinese applicants from 100 days to three days. Mr. Locke has served as a member of the board of directors of nLight, Inc. since August 2017. Mr. Locke served on the boards of directors of Fortinet, Inc. from September 2015 until June 2020, and Port Blakely Tree Farms from August 2019 until June 2022. He attended Yale University, graduating with a bachelor’s degree in political science and received his law degree from Boston University. Mr. Locke brings to the Board a global and valuable business perspective due to his extensive role in politics and experience as an Ambassador to China.

Ms. Kathleen M. Pawlus

Ms. Pawlus, 65, has served as a director of the Company since December 2014. Ms. Pawlus, a retired partner of Ernst and Young, LLP (“EY”), served as the Global Assurance Chief Financial Officer and Chief Operating Officer from 2012 to 2014. EY’s Assurance practice is the largest of EY’s four service lines and includes its Audit Practice, Fraud, Investigation and Dispute Services Practice, Climate Change and Sustainability Services Practice and its Financial Accounting Advisory Services Practice. From 2006 to 2012, Ms. Pawlus served as EY’s Americas Vice Chairperson and Chief Financial Officer, Global PBFA Function Leader and US Firm Vice Chairperson and Chief Financial Officer responsible for finance, IT operations, treasury, purchasing and facilities. Ms. Pawlus served on EY’s U.S. Executive Board from 2006 to 2012. Ms. Pawlus has been a member of the board of directors of Kenvue Inc. since August 2024. Ms. Pawlus earned her Bachelor of Science degree from Indiana University and was a Certified Public Accountant from 1982 through 2021. Ms. Pawlus brings to the Board extensive financial, accounting, operational and management experience in various capacities with more than 30 years of experience. Ms. Pawlus is retiring from the Board on the date of the Annual Meeting and is not standing for re-election.

Ms. Keri S. Putnam

Ms. Putnam, 60, has served as a director of the Company since January 2023. She is a film and television producer, strategic advisor to start-ups, established media companies, and nonprofits, and board member who works at the intersection of the creative and business sides of the media and arts fields. In 2022, Ms. Putnam founded Putnam Pictures to produce film and television content. Ms. Putnam served as CEO of the Sundance Institute from April 2010 until September 2021. Ms. Putnam was a production executive in film and television, including roles as President of Production at Miramax, a division of the Walt Disney Company, and Executive Vice President at HBO Films. Ms. Putnam is an independent board observer of the privately held independent production company PICTURESTART, Board Chair of the not-for-profit New Public, an advisory board member of TOPIC Studios/First Look Media, and co-founder of ReFrame, which advances women in the screen industries. Ms. Putnam is a member of the Academy of Motion Picture Arts and Sciences and of BAFTA North America and is an A.D. White

Professor-at-Large at Cornell University. She was a 2023-2024 Walter Shorenstein Media and Democracy Fellow at the at Harvard Kennedy School’s Shorenstein Center for Media, Politics and Public Policy and currently serves on the Shorenstein Center Advisory Board. Ms. Putnam holds a B.A. in Theatre History and Literature from Harvard College. Ms. Putnam brings extensive media company executive experience to the Board, with particular expertise in leadership, film production, independent film distribution, and content creation.

Dr. Anthony J. Saich

Dr. Saich, 72, has served as a director of the Company since August 2012. Dr. Saich is the Director of the Rajawali Foundation Institute for Asia and the Daewoo Professor of International Affairs at Harvard University. In this capacity, he directs training and research programs throughout Asia, including Bangladesh, China, Indonesia, Taiwan, and Vietnam. Dr. Saich also serves as a board member of International Bridges to Justice and as the U.S. Secretary-General of the China United States Strategic Philanthropy Network. Dr. Saich sits on the executive committees of the John King Fairbank Center for Chinese Studies and the Asia Center, both at Harvard University. His executive teaching focuses on creating public value, leadership, and innovation. Dr. Saich holds a bachelor’s degree in politics and geography from the University of Newcastle, United Kingdom, a master’s degree in politics with special reference to China from the School of Oriental and African Studies, London University, and has a Ph.D. from the Faculty of Letters, University of Leiden, the Netherlands. Dr. Saich has over 45 years of experience in international affairs and provides valuable international insights to the Company.

Mr. Adam J. Sussman

Mr. Sussman, 54, has served as a director of the Company since May 2019. Mr. Sussman has served as President of Epic Games, Inc. since January 2020. From 2017 until 2020, Mr. Sussman served as Nike, Inc.’s first-ever Chief Digital Officer, was previously head of Nike’s Global Strategy and Corporate Development and served as the VP/GM Direct Digital and Geographies. He built Nike’s portfolio of world-class digital consumer experiences and innovations and transforming retail for the world’s leading sports brand. He managed Nike’s digital teams globally and Nike’s direct-to-consumer GMs across the four key operating geographies of the company. Prior to Nike, Mr. Sussman was Senior Vice President of Global Publishing at Zynga responsible for marketing, sales, growth, and digital products. He also served as Senior Vice President of Publishing at Disney, building the global team that managed gaming properties across all media platforms around the world. At Electronic Arts, he was Vice President of Worldwide Publishing, leading the team that established EA Mobile as the #1 publisher on the Apple App store. Mr. Sussman started his career as a creative executive at Hearst Entertainment, a division of the Hearst Corporation. He holds a BA from Harvard College and an MBA from Harvard University Graduate School of Business Administration. Mr. Sussman brings valuable experience as president of large company and in marketing, information technology and digital platforms to the Board.

PROPOSAL 3
APPROVAL OF AN AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO ELIMINATE THE PROHIBITION AGAINST STOCKHOLDERS ACTING BY WRITTEN CONSENT

Proposed Amendment

We are submitting for stockholder approval an amendment to the Certificate of Incorporation to remove the prohibition against stockholders taking action by written consent without holding a meeting. Our Board, upon recommendation from the Nominating and Corporate Governance Committee, has unanimously approved, and recommends that all stockholders approve, the proposed amendment to Section A of Article VI of the Certificate of Incorporation to remove this prohibition by deleting Section A of Article VI in its entirety. The discussion regarding this proposal is qualified in its entirety by reference to the complete text of Section A of Article VI of the Certificate of Incorporation, which is set forth below:

A.      Any action required or permitted to be taken at any annual or special meeting of stockholders of the Corporation may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock of the Corporation having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its registered office in Delaware, its principal place of business, or to an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded; provided, however, that if at any time Wanda or its affiliates no longer beneficial owns, in the aggregate, more than 50.0% of the voting power of all the then outstanding shares of stock of the Corporation entitled to vote generally in the election of directors, then any action required or permitted to be taken at any annual or special meeting of stockholders of the Corporation must be effected at a duly called annual or special meeting of such stockholders and may no longer be effected by any consent in writing.

If you approve Proposal 3, the above section will be deleted from our Certificate of Incorporation.   We urge you to carefully read the section in its entirety and consider the implications of its deletion from our Certificate of Incorporation because this summary may not contain all the information about this amendment that is important to you.

Background and Reason for the Recommendation

A similar proposal was submitted at the 2024 Annual Meeting where it received the support of approximately 81% of the shares present and voting. However, the proposal failed to pass due to insufficient stockholder participation to obtain the required majority of shares outstanding entitled to vote thereon. Given the overwhelming support for the prior proposal, the Board decided to resubmit the proposal at the 2025 Annual Meeting.

As part of the Board’s review of our corporate governance policies, the Nominating and Corporate Governance Committee and the Board considered the advantages and disadvantages of prohibiting stockholder action by written consent similar to that currently found in Section A of Article VI of our Certificate of Incorporation. This type of prohibition generally is intended to facilitate corporate stability by requiring stockholder action to occur at a duly called and convened stockholder meeting. These voting limitations prohibiting stockholder action by written consent may also have the effect of providing anti-takeover protection to the Company. However, many investors and others view prohibitions against stockholder action by written consent as conflicting with principles of good corporate governance by preventing stockholders from fully exercising their voting rights as stockholders due to the need to convene at an annual or special meeting to effect change. Section 228 of the Delaware General Corporation Law (the “DGCL”) allows stockholders to act by written consent unless otherwise provided in the corporation’s certificate of incorporation. If the proposal is approved, the related provisions set forth in Article II, Section 10 of our proposed Fifth Amended and Restated Bylaws previously approved by our Board and attached to this Proxy Statement as Appendix C, allowing stockholder action by written consent and providing for certain procedures in connection with such action, will become effective.

After considering the advantages and disadvantages of the prohibition on stockholder action by written consent set forth in Section A of Article VI of our Certificate of Incorporation, the Board has unanimously voted to propose to the

stockholders that Section A of Article VI be amended to remove the prohibition, and instead allow stockholders to take actions as provided by law and our proposed Fifth Amended and Restated Bylaws. In reaching this determination to propose this amendment to our Certificate of Incorporation, the Board concluded that the benefits of prohibiting stockholder action by written consent were outweighed by the Board’s belief that removing the prohibition is a meaningful step towards achieving our goal of ensuring that our corporate governance policies conform to current best practices and maximizing the ability of our stockholders to appropriately participate in the affairs of the Company.

For the reasons described above, our Board believes that this proposal to amend our Certificate of Incorporation by deleting Section A of Article VI is advisable and in the best interests of the Company and its stockholders.

Amendment and Effectiveness

The proposed amendment to our Certificate of Incorporation would delete Section A of Article VI of our Certificate of Incorporation, the text of which is set forth above. The foregoing amendment will be reflected in our proposed Fourth Amended and Restated Certificate of Incorporation, a copy of which is set forth in Appendix B and incorporates changes that will be made to our Certificate of Incorporation, assuming Proposals 1, 3, 4 and 5 are approved by our stockholders at the Annual Meeting. If this proposal is approved by our stockholders, we will amend and restate our Certificate of Incorporation to reflect the revisions contemplated by this proposal (as well as any other revisions contemplated by Proposals 1, 4 and 5, if such proposals are also approved by our stockholders) and the resulting Fourth Amended and Restated Certificate of Incorporation will become effective upon its filing with the Secretary of State of the State of Delaware, which is anticipated to occur promptly after the Annual Meeting.

Conforming changes will also be necessary to our Bylaws and have been approved by our Board if Proposals 1, 3 and 4 are approved by our stockholders. We plan to file with the SEC our Fifth Amended and Restated Bylaws, reflecting changes that will become effective if Proposals No. 1, 3, and 4 are approved by our stockholders. Such Fifth Amended and Restated Bylaws will only reflect those proposals that are approved by our stockholders at the Annual Meeting.

Required Vote

The affirmative vote of the holders of a majority of our outstanding shares of Common Stock entitled to vote thereon is required to approve this Proposal 3. Approval of this proposal is not contingent on the approval of any other proposals in this Proxy Statement.

Board Recommendation

The Board recommends a vote “FOR” approval of an amendment to our Certificate of Incorporation to eliminate the prohibition against stockholders acting by written consent.

PROPOSAL 4
APPROVAL OF AN AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO REMOVE THE LIMITATION ON STOCKHOLDERS’ ABILITY TO CALL SPECIAL MEETINGS

Proposed Amendment

We are submitting for stockholder approval an amendment to the Certificate of Incorporation to remove the prohibition against stockholders calling a special meeting of stockholders. Our Board, upon recommendation from the Nominating and Corporate Governance Committee, has unanimously approved, and recommends that all stockholders approve, the proposed amendment to Section B of Article VI of the Certificate of Incorporation to remove this prohibition by deleting Section B of Article VI in its entirety. The discussion regarding this proposal is qualified in its entirety by reference to the complete text of Section B of Article VI of the Certificate of Incorporation, which is set forth below:

B.      Except as otherwise required by law and subject to the rights, if any, of the holders of any series of Preferred Stock, special meetings of the stockholders of the Corporation for any purpose or purposes may be called at any time pursuant to a resolution of the Board of Directors (and the Chairman of the Board of Directors, the Chief Executive Officer or Secretary of the Corporation shall call the meeting pursuant to such resolution), and special meetings of stockholders of the Corporation may not be called by any other person or persons.

If you approve Proposal 4, the above section will be deleted from our Certificate of Incorporation.   We urge you to carefully read the section in its entirety and consider the implications of its deletion from our Certificate of Incorporation because this summary may not contain all the information about this amendment that is important to you.

Background and Reason for the Recommendation

A similar proposal was submitted at the 2024 Annual Meeting where it received the support of approximately 82% of the shares present and voting. However, the proposal failed to pass due to insufficient stockholder participation to obtain the required majority of shares outstanding entitled to vote thereon. Given the overwhelming support for the prior proposal, the Board decided to resubmit the proposal at the 2025 Annual Meeting.

Section B of Article VI of the Certificate of Incorporation does not permit our stockholders to call a special meeting of stockholders, limiting that right to the Board. As part of its continuing review of the elements of our corporate governance standards and practices, the Nominating and Corporate Governance Committee recommended to the Board the removal of the limitation and a corresponding amendment to our Bylaws to permit stockholders to call a special meeting of stockholders, as described below.

If the proposal is approved, the related provisions set forth in Article II, Section 2 of our proposed Fifth Amended and Restated Bylaws previously approved by our Board and attached to this Proxy Statement as Appendix D, allowing stockholders to call a special meeting and providing for certain procedures in connection with such action, will become effective. If a requesting stockholder does not comply with these requirements and conditions in the proposed Fifth Amended and Restated Bylaws, a special meeting request by that stockholder will be deemed invalid. The Board believes these requirements and limitations are important to, among other things, avoid inappropriate, duplicative, and/or unnecessary special meetings. Special meetings involve significant management time and attention that could disrupt focus on other corporate priorities and impose new legal, administrative, and distribution costs on the Company. As such, the Board believes that special meetings should only be convened in special or extraordinary circumstances, compelled by fiduciary, strategic, material, or similar considerations that should be addressed immediately, not delayed until the next annual meeting, and are of interest to a broad base of stockholders. Accordingly, the Secretary of the Company is not required to call a special meeting if the purpose of the meeting relates to matters recently presented at a meeting of stockholders.

Removing the restriction on stockholder-called special meetings from our Certificate of Incorporation, together with the Bylaw changes implementing a mechanism for such action, represents a meaningful increase in the voting rights of our

stockholders and is consistent with investor feedback as well as our and the Board’s continuing commitment to corporate governance excellence. The Board supports a special meeting right for stockholders, so long as the request is made by stockholders owning at least twenty percent (20%) of the voting power. In accordance with the procedures set forth in our proposed Fifth Amended and Restated Bylaws, Stockholders owning at least twenty percent (20%) of the voting power may request that the Secretary of the Company call a special meeting of stockholders.

The Board believes that establishing a twenty percent (20%) ownership threshold to request that the Secretary of the Company call a special meeting strikes a reasonable and acceptable balance between enhancing stockholder rights and protecting against the risk that a small minority of stockholders, including stockholders with special interests that are not shared generally by all the Company’s stockholders, could request that the Company call one or more special meetings that could result in unnecessary financial expense and disruption to our business operations. Additionally, the Board recognizes that the power to call a special meeting of stockholders has historically been used by acquirors in the hostile merger and acquisition context. Potential acquirors seeking to take over the Company for an inadequate price could threaten to call a special meeting of stockholders to replace members of the Board, thereby increasing their negotiating leverage or creating a way to avoid negotiating with the Board at all, frustrating the Board’s exercise of its legal duty to protect the interests of all stockholders. Likewise, the Board believes that only stockholders with a true economic interest in the Company should be entitled to employ the special meeting mechanism and, after reviewing multiple factors, determined that a threshold of twenty percent (20%) is appropriate.

After considering the advantages and disadvantages of removing the restriction on stockholder-called special meetings from our Certificate of Incorporation, the Board has unanimously voted to propose to the stockholders that Section B of Article VI be removed to allow stockholders to call special meetings in the manner provided in Article II, Section 2 of the proposed Fifth Amended and Restated Bylaws.

For the reasons described above, our Board believes that this proposal to amend our Certificate of Incorporation by amending Section B of Article VI is advisable and in the best interests of the Company and its stockholders.

Amendment and Effectiveness

The proposed amendment to our Certificate of Incorporation would delete Section B of Article VI of our Certificate of Incorporation, the text of which is set forth above. The foregoing amendment will be reflected in our proposed Fourth Amended and Restated Certificate of Incorporation, a copy of which is set forth in Appendix B and incorporates changes that will be made to our Certificate of Incorporation, assuming Proposals 1, 3, 4 and 5 are approved by our stockholders at the Annual Meeting. If this proposal is approved by our stockholders, we will amend and restate our Certificate of Incorporation to reflect the revisions contemplated by this proposal (as well as any other revisions contemplated by Proposals 1, 3 and 5, if such proposals are also approved by our stockholders) and the resulting Fourth Amended and Restated Certificate of Incorporation will become effective upon its filing with the Secretary of State of the State of Delaware, which is anticipated to occur promptly after the Annual Meeting.

Conforming changes will also be necessary to our Bylaws and have been approved by our Board if Proposals 1, 3 and 4 are approved by our stockholders. We plan to file with the SEC our Fifth Amended and Restated Bylaws, reflecting changes that will become effective if Proposals No. 1, 3, and 4 are approved by our stockholders. Such Fifth Amended and Restated Bylaws will only reflect those proposals that are approved by our stockholders at the Annual Meeting.

Required Vote

The affirmative vote of the holders of a majority of our outstanding shares of Common Stock entitled to vote thereon is required to approve this Proposal 4. Approval of this proposal is not contingent on the approval of any other proposals in this Proxy Statement.

Board Recommendation

The Board recommends a vote “FOR” approval of an amendment to our Certificate of Incorporation to remove the limitation on stockholders’ ability to call special meetings.

PROPOSAL 5
APPROVAL OF AN AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK

Proposed Amendment

We are submitting for stockholder approval an amendment to the Certificate of Incorporation to increase the number of authorized shares of Common Stock from 550,000,000 shares to 1,100,000,000 shares. The additional authorized shares will enable the outstanding Senior Secured Exchangeable Notes due 2030 issued by Muvico, LLC, a wholly owned subsidiary of the Company (“Muvico”), in July 2025 (the “New Exchangeable Notes”) to become exchangeable, which will reduce the interest rate payable under the New Exchangeable Notes, permit further deleveraging of the Company’s indebtedness and avoid increased interest expense and other costs should the Company fail to authorize additional shares of Common Stock. The additional authorized shares will also be used to establish a reserve of available shares of Common Stock that may be issued in the future to meet corporate needs. THE COMPANY CURRENTLY HAS NO REMAINING UNRESERVED AUTHORIZED SHARES AVAILABLE AND WITHOUT APPROVAL OF THIS PROPOSAL WE WILL BE UNABLE TO ISSUE COMMON STOCK TO CONVERT DEBT TO EQUITY, RAISE ADDITIONAL CAPITAL, OR FOR OTHER CORPORTE PURPOSES SUCH AS ACQUISITIONS.

Our Board, upon recommendation from the Nominating and Corporate Governance Committee, has unanimously approved, and recommends that all stockholders approve, the proposed amendment to Section A of Article IV of the Certificate of Incorporation to increase the number of authorized shares of Common Stock. The discussion regarding this proposal is qualified in its entirety by reference to the complete text of the proposed amendment to Section A of Article IV of the Certificate of Incorporation, which is set forth below (with deletions to existing language indicated by strikethrough text and additions to existing language indicated by underlined text):

A.      The total number of shares of capital stock that the Corporation has authority to issue is 600,000,000 1,150,000,000 shares, consisting of  (i) 550,000,000 1,100,000,000 shares of Class A Common Stock, par value $0.01 per share (the “Common Stock”) and (ii) 50,000,000 shares of Preferred Stock, par value $0.01 per share (the “Preferred Stock”).

If you approve Proposal 5, the strikethrough text above will be deleted and the underlined text above will be added to Section A of Article IV of our Certificate of Incorporation.   We urge you to carefully read the section in its entirety and consider the implications of the added language because this summary may not contain all the information about this amendment that is important to you.

If this proposal is approved, 1,100,000,000 shares of Common Stock and 50,000,000 shares of preferred stock will be authorized. There will be no changes to the issued and outstanding shares of Common Stock as a result of the amendment.

Background and Reason for the Recommendation

New Exchangeable Notes and Senior Secured Notes

On July 24, 2025, the Company and Muvico completed a series of refinancing transactions, including the issuance of (i) New Exchangeable Notes in an aggregate principal amount of approximately $194.4 million, which was subsequently adjusted down to approximately $154.5 million and (ii) Senior Secured Notes due 2029 (the “New 2029 Notes”) in an aggregate principal amount of approximately $834.4 million. The New Exchangeable Notes were issued pursuant to an indenture by and among Muvico, as issuer, the Company and certain of its subsidiaries, as guarantors, and the trustee and collateral agent (the “Exchangeable Notes Indenture”).

The New Exchangeable Notes are not exchangeable into Common Stock until the Company’s stockholders approve an increase in the number of authorized shares of Common Stock to permit the New Exchangeable Notes to be exchanged in full for shares of Common Stock pursuant to the terms of the Exchangeable Notes Indenture (the “Required Shareholder Approval”). Following the Required Shareholder Approval, the New Exchangeable Notes will be exchangeable, at the option of the holders thereof, into Common Stock at a stock price calculated based on a formula described in the Exchangeable Notes

Indenture, which will be fixed during an agreed period following the Required Shareholder Approval. If Proposal 5 is approved at the Annual Meeting, depending on the stock price fixed for exchange, we would expect to reserve between 66.9 million and 122.6 million shares of Common Stock to be exchanged for the New Exchangeable Notes. In connection with refinancing transactions and the issuance of the New Exchangeable Notes, the Company agreed to pay a consent fee to an ad hoc group of creditors, in the form of, upon Required Shareholder Approval, $15.0 million payable in shares of Common Stock, determined based on a price determined during the 60 consecutive trading days immediately following the Required Shareholder Approval. If the Required Shareholder Approval is not obtained on or before January 20, 2026, Muvico is required to issue $15.0 million aggregate principal amount of additional New Exchangeable Notes to the holders of the New Exchangeable Notes to satisfy such fee.

The New Exchangeable Notes initially bear interest at a rate per annum of 6.00% cash interest and 2.00% PIK interest, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2025; provided that so long as the Required Shareholder Approval has been obtained on or before December 10, 2025 (the “Interest Adjustment Date”), the interest rate will be decreased, from and after the Interest Adjustment Date, to 1.50% cash interest (and no PIK interest) per annum. In the event that receipt of the Required Shareholder Approval does not occur prior to the Interest Adjustment Date, the interest rate on the New Exchangeable Notes will be increased, from and after the Interest Adjustment Date, to 9.50% cash interest and 3.50% PIK interest per annum until any later date on which such Required Shareholder Approval is obtained, from and after which the interest rate will be decreased to 1.50% cash interest (and no PIK interest) per annum. The New Exchangeable Notes will mature on April 30, 2030, unless redeemed or exchanged in full prior to such maturity date, pursuant to the terms contained in the Exchangeable Notes Indenture.

The New 2029 Notes were issued pursuant to an indenture by and among Muvico, as issuer, the Company and certain of its subsidiaries, as guarantors, and a trustee and collateral agent (the “New 2029 Notes Indenture”). The New 2029 Notes initially bear interest at a rate per annum equal to the Applicable Rate (as defined in the New 2029 Notes Indenture), payable semi-annually in arrears in cash and, to the extent required, in payment-in-kind (“PIK”) interest on June 15 and December 15 of each year, beginning on December 15, 2025; provided that if the Required Shareholder Approval is not obtained on or before December 10, 2025, the interest rate will increase by an additional 1.00% cash interest or 2.00% PIK interest per annum effective no later than concurrently with any corresponding interest rate adjustments to the New Exchangeable Notes. The New 2029 Notes will mature on February 19, 2029, unless redeemed in full prior to such maturity date, pursuant to the terms contained in the New 2029 Notes Indenture.

In addition, the Applicable Rate (as defined in the New 2029 Notes Indenture) and the applicable rate of interest under the Company’s $2.0 billion term loan credit agreement is set based on the Company’s total leverage ratio. Accordingly, the amount of debt outstanding (and the inability to equitize the New Exchangeable Notes or other outstanding indebtedness) may directly affect the amount of interest expense payable under the New 2029 Notes and the Company’s credit facility.

Factors Considered by the Board in its Recommendation

The proposed amendment to our Certificate of Incorporation to increase the number of authorized shares of Common Stock by 550,000,000 would satisfy the Required Shareholder Approval. The Board believes that increasing the number of authorized shares of Common Stock so that the New Exchangeable Notes are exchangeable into Common Stock is desirable to allow for the reduction of debt without the use of cash. Failure to approve this Proposal 5 will, among other things:

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prevent potential conversion of  $154.5 million of New Exchangeable Notes to equity,

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preclude a direct reduction in the interest payable under the New Exchangeable Notes from 8% per year (6.00% cash and 2% PIK) down to 1.5% per year prior to any such conversion or maturity,

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result in a direct increase in the interest rate payable under the New 2029 Notes and the New Exchangeable Notes, resulting in incremental annual interest expense of an estimated $35.0 million per year,

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require payment of a $15.0 million fee in the form of New Exchangeable Notes (rather than in the form of Common Stock),

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preclude further deleveraging of other outstanding indebtedness through debt for equity exchanges, and

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preclude any reduction in the applicable interest rates under the New 2029 Notes and the Company’s term loan credit agreement resulting from any such deleveraging.

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Furthermore, our working capital requirements are significant and may require us to raise additional capital through additional equity financings in the future. The Board believes that the availability of additional authorized shares of Common Stock (above the number of shares needed to satisfy the Required Shareholder Approval) is necessary to provide us with appropriate flexibility to utilize equity for business and financial purposes that the Board determines to be in our best interests on a timely basis without the expense and delay of a stockholders’ meeting. The Board believes that it is imperative that the Company have an available reserve of authorized but unissued Common Stock and that the additional authorized shares of Common Stock will provide us with essential flexibility to use our Common Stock, without further stockholder approval (except to the extent such approval may be required by law or by NYSE standards) for any proper corporate purposes, including, without limitation, raising capital through one or more future public offerings (including at-the-market offerings) or private placements of equity securities, expanding our business, acquisition transactions, entering into strategic relationships, providing equity-based compensation and/or incentives to employees, consultants, officers and directors, effecting stock dividends or for other general corporate purposes. Having a pool of authorized but unissued shares of Common Stock would allow us to take prompt action with respect to corporate opportunities that develop, without the delay and expense of convening a special meeting of stockholders for the purpose of approving an increase in our capitalization. The Board will determine whether, when and on what terms the issuance of shares of Common Stock may be warranted in connection with any of the foregoing purposes.

For the reasons described above, our Board believes that this proposal to amend our Certificate of Incorporation by amending Section A of Article IV is advisable and in the best interests of the Company and its stockholders.

Current Plans, Proposals or Arrangements to Issue Shares of Common Stock

As of the Record Date:

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512,943,561 shares of our Common Stock were issued and outstanding

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14,712,432 shares of Common Stock were reserved for issuance upon vesting of outstanding restricted stock unit and performance stock unit awards (assuming maximum payout attainment);

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87,648 shares of Common Stock were reserved for future issuance under the AMC Entertainment Holdings, Inc. 2024 Equity Incentive Plan (the “2024 EIP”); and

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22,256,359 shares of Common Stock were reserved for issuance upon exchange of the Company’s Senior Secured Exchangeable Notes due 2030 issued by Muvico in July 2024 (the “Existing Exchangeable Notes”).

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Following the approval of this proposal and the filing of the Fourth Amended and Restated Certificate of Incorporation and the determination of the stock price for such exchange, depending on such stock price, we estimate that between 66.9 million and 122.6 million shares of Common Stock will be reserved for issuance upon exchange of the New Exchangeable Notes. Further, 7,805,387 shares of Common Stock will be allocated to the reserve for future issuance under the 2024 EIP to restore that reserve to the level previously approved by stockholders. The Company may explore additional financing opportunities or strategic transactions that would require the issuance of additional shares of Common Stock. If we issue additional shares, the ownership interest of holders of our capital stock will be diluted. Pursuant to the terms of the Exchangeable Notes, we may not engage in an at-the-market offering for six months following the Required Shareholder Approval, other than at-the-market offerings for the lesser of 25,000,000 shares of Common Stock or $50,000,000 in net proceeds raised through such at-the-market offering; provided, that such restrictions will cease to apply if the share price of our Common Stock exceeds certain thresholds, as described in the Exchangeable Notes Indenture.

Effects of the Increase in Authorized Shares of Common Stock

Following approval of this proposal and the filing of the Fourth Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware, we will have the authority to issue up to an additional 550,000,000 shares of Common Stock. These shares may be issued without stockholder approval at any time (except as such approval may be required in

particular cases by applicable law or the rules of the NYSE), in the sole discretion of the Board. The authorized and unissued shares may be issued for cash or for any other purpose that is deemed to be in the best interests of the Company.

The increase in our authorized Common Stock could have a number of effects on the Company’s stockholders depending upon the exact nature and circumstances of any actual issuances of authorized but unissued shares. If we issue additional shares of Common Stock or other securities convertible into shares of our Common Stock in the future, it could dilute the voting rights of existing stockholders and could also dilute earnings per share and book value per share of existing stockholders.

Approval of this proposal will have no immediate dilutive effect on the proportionate voting power or other rights of the Company’s existing stockholders. However, any future issuance of additional authorized shares of our Common Stock (including the exchange of the New Exchangeable Notes for shares of Common Stock) at the future direction of the Board (and generally without the requirement of stockholder approval, unless specifically required by applicable law or NYSE regulation) may, among other things, dilute the earnings per share of Common Stock and the equity and voting rights of those holding Common Stock at the time such additional shares are issued.

Depending on the stock price fixed for the exchange of the New Exchangeable Notes, the number of shares of Common Stock potentially issuable upon exchange under the New Exchangeable Notes could range from approximately 13% to 24% of our outstanding shares as of the Record Date (based on the range of shares that may be reserved for issuance under the Exchangeable Notes Indenture described above, ranging from 66.9 million shares if the exchange price is set at the maximum price per share to up to 122.6 million shares if the exchange price is set at the minimum price per share, in each case in accordance with the terms of the Exchangeable Notes Indenture), and as such, to the extent the issuance could exceed the 20% threshold under applicable NYSE regulations, stockholder approval of the proposed amendment to our Certificate of Incorporation to increase the number of authorized shares of Common Stock is also being requested to satisfy NYSE Listed Company Manual Rule 312.03.

Potential Anti-Takeover Effects

This proposal could adversely affect the ability of third parties to effect a takeover or a change in control by, for example, permitting issuances that would dilute the ownership of a person seeking to effect a change in the composition of the Board or contemplating a tender offer or other transaction that the Board determines is not in our best interests or in the best interests of our stockholders. The ability of the Board to issue substantial amounts of Common Stock without the need for stockholder approval, except as may be required by law or NYSE rules, upon such terms and conditions as the Board may determine from time to time in the exercise of its business judgment, may, among other things, be used to create voting impediments with respect to a change in control or to dilute the stock ownership of stockholders seeking to obtain control of the Company. The issuance of Common Stock, while providing desirable flexibility in connection with potential financings and other corporate transactions, may have the effect of discouraging, delaying or preventing a change in control of the Company. The request to increase the authorized number of shares of Common Stock is not being proposed in response to any known threat to acquire control of the Company. The Board does not intend or view this proposal as an anti-takeover measure, nor does it contemplate its use in this manner at any time in the foreseeable future and is not aware of any attempt or plan to obtain control of the Company.

Rights of Additional Authorized Shares

Any newly authorized shares of Common Stock will be identical to the shares of Common Stock now authorized and outstanding. This proposal will not affect the rights of current holders of Common Stock, none of whom have preemptive or similar rights to acquire the newly authorized shares.

Dissenters’ or Appraisal Rights

Pursuant to the DGCL, stockholders are not entitled to any dissenters’ or appraisal rights with respect to this proposal and we will not independently provide stockholders with any such right.

Amendment and Effectiveness

The proposed amendment to our Certificate of Incorporation, which is set forth above, shows the proposed revisions to Section A of Article IV of our Certificate of Incorporation, with deletions indicated by strikethrough text and additions

indicated by underlined text. The foregoing amendment will be reflected in our proposed Fourth Amended and Restated Certificate of Incorporation, a copy of which is set forth in Appendix B and incorporates changes that will be made to our Certificate of Incorporation, assuming Proposals 1, 3, 4 and 5 are approved by our stockholders at the Annual Meeting. If this proposal is approved by our stockholders, we will amend and restate our Certificate of Incorporation to reflect the revisions contemplated by this proposal (as well as any other revisions contemplated by Proposals 1, 3 and 4, if such proposals are also approved by our stockholders) and the resulting Fourth Amended and Restated Certificate of Incorporation will become effective upon its filing with the Secretary of State of the State of Delaware, which is anticipated to occur promptly after the Annual Meeting.

Required Vote

The affirmative vote by a majority of the votes cast is required to approve this Proposal 5. Approval of this proposal is not contingent on the approval of any other proposals in this Proxy Statement.

Board Recommendation

The Board recommends a vote “FOR” approval of an amendment to our Certificate of Incorporation to increase the number of authorized shares of Common Stock.

CORPORATE GOVERNANCE

Corporate Governance Guidelines

Our Corporate Governance Guidelines and Principles reflect the principles by which the Board operates and sets forth director qualification standards, responsibilities, compensation, evaluation, orientation and continuing education, board committee structure, chief executive officer performance review, management succession planning and other policies for the governance of the Company. A copy of the Corporate Governance Guidelines and Principles is available on our website at www.amctheatres.com under “Investor Relations”—“Governance”—“Governance Documents.”

Risk Oversight

The Board executes its oversight responsibility for risk management directly and through its committees, as follows:

The Audit Committee has primary oversight responsibility with respect to the Company’s annual enterprise risk management analysis, including financial and accounting risks. The Audit Committee discusses with management the Company’s significant financial and non-financial risk exposures and the Company’s risk assessment and risk management policies. Management provides the Audit Committee periodic assessments of the Company’s risk management processes and systems of internal control. The Chairperson of the Audit Committee reports to the full Board regarding material risks as deemed appropriate.

The Board’s other committees oversee risks associated with their respective areas of responsibility. For example, the Compensation Committee considers the risks associated with our compensation policies and practices, with respect to both executive compensation and employee compensation generally. The Board is kept abreast of its committees’ risk oversight and other activities via reports of the committee chairpersons to the full Board. These reports are presented at every regular Board meeting and include discussions of committee agenda topics, including matters involving risk oversight.

The Board, together with its committees, considers specific risk topics, covering the range of material risks to the Company, including risks associated with our annual operating plan, our capital structure, our strategic initiatives, compliance, human capital management, the environment and climate change, information systems and technology, privacy, and other cyber security risks. The Board and its committees regularly review our risk management policies, processes, and controls. In addition, the Board receives reports from the members of our senior leadership team that include discussions of the risks and exposures involved in their respective areas of responsibility. Further, the Board is informed of developments that could affect our risk profile or other aspects of our business.

Cybersecurity Risk

The Company recognizes the importance of developing, implementing, and maintaining cybersecurity measures to assess, identify, and manage material risks from cybersecurity (including cybersecurity threats associated with the use of third-party service providers), to safeguard our information systems, and to protect the confidentiality, integrity, and availability of the data on our information systems.

Managing Material Risks & Integrated Overall Risk Management

The Company has strategically integrated cybersecurity risk management into our broader risk management framework. Management has formed cross-functional risk and information security committees (the “Security Committees”) to initiate, develop, review and implement cybersecurity policies, procedures and training to mitigate cybersecurity risks. Our information technology (“IT”) cybersecurity leadership team works closely with our Security Committees and internal audit team to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs.

Using a risk-based prioritization approach, the IT cybersecurity leadership team and the Security Committees focus on securing our high value assets, updating our cybersecurity detection and prevention capabilities to identify new threats, and improving compliance processes to protect the Company’s operations and data. During this process, the following factors, among others, are considered: likelihood and severity of risk, impact on the Company and others if a risk materializes, feasibility and cost of controls, and impact of controls on operations.

The Company has also implemented technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality, access controls, and vulnerability and patch management.

Risk Management Personnel

The Company’s senior IT leadership, comprised of the Chief Information Officers of both AMC and Odeon, and IT cybersecurity teams have the primary responsibility for assessing, monitoring, and managing, our cybersecurity programs. The Company’s senior IT leadership bring over fifty years of combined IT experience to their roles. Each member of the Company’s IT cybersecurity leadership team, comprised of the AMC Director Cybersecurity, the Odeon Group Head of Cyber, Risk and Operations and the AMC SVP & Chief Information Officer, brings 20+ years of IT experience. The Company regularly invests in training on these teams, and key leadership positions hold CISSP certifications. Our senior IT leadership and IT cybersecurity team, with input as appropriate from the Security Committees, oversee our governance programs, tests our compliance with standards, remediate known risks, and direct employee training.

Monitoring Cybersecurity Incidents

The Security Committees are continually informed about the latest developments in cybersecurity, including potential threats and risk management techniques. The Security Committees, and in particular senior IT leadership, IT cybersecurity and internal audit members serving on the Security Committees, implement and oversee processes for the regular monitoring of our information systems. The Company follows the National Institute of Standards and Technology framework to design and implement security processes, tools and procedures, and regular system audits identify and lead to prompt remediation of potential vulnerabilities. In the event of a cybersecurity incident, senior IT leadership and the Security Committees are equipped with a well-defined incident response plan. This plan includes immediate actions to mitigate the impact, internal and external communication plans, and notification requirements.

Engagement of Consultants for Risk Management Services

Recognizing the complexity and evolving nature of cybersecurity threats, the Company engages with a range of external experts to perform a variety of functions for the Company. These include, but are not limited to, cybersecurity audits, targeted ransomware assessment and table-top exercises, red and purple team attack simulations, internal penetration tests and other internal and external audits. These partnerships enable us to leverage specialized knowledge and insights into our cybersecurity strategies and processes.

Overseeing Third-Party Risk

Because we are aware of the risks associated with third-party service providers, the Company implements processes to oversee and manage these risks. The Company utilizes software products and services to monitor and protect the Company’s environment from possible third-party breaches impacting the Company’s environment. This approach is designed to mitigate risks related to data breaches or other security incidents originating from third-parties. Third-parties who have access to highly sensitive information due to services performed and data retained are subject to increased scrutiny.

Risks from Cybersecurity Threats

We have not experienced any cybersecurity incidents that we believe have materially affected, or are likely to materially affect, the Company.

Board of Directors and Audit Committee Oversight

Our Board understands the critical nature of managing risks associated with cybersecurity threats. The Board has established robust oversight mechanisms to ensure effective governance in managing risks associated with cybersecurity threats.

The Audit Committee is central to the Board’s oversight of cybersecurity risks and bears the primary responsibility for overseeing these risks. Senior IT leadership regularly informs the Audit Committee, the Chief Financial Officer, and other members of the Company’s senior leadership of cybersecurity risks and incidents. This ensures that the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing the Company.

Management’s Role Managing Risk

Senior IT leadership play a pivotal role in managing cybersecurity risk and keeping the Audit Committee apprised of cybersecurity developments. Senior IT leadership provide comprehensive briefings to the Audit Committee on a periodic basis. These briefings encompass a broad range of topics, including:

•

current cybersecurity landscape and emerging threats;

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•

status of ongoing cybersecurity initiatives and strategies;

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•

learnings from any cybersecurity events; and

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•

compliance with regulatory requirements and industry standards.

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In addition to our scheduled meetings, the Audit Committee and senior IT leadership maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. The Company, at the direction of the Audit Committee, conducts periodic reviews of the Company’s cybersecurity posture and the effectiveness of its risk management strategies. These reviews help in identifying areas for improvement and ensuring the alignment of cybersecurity efforts with the overall risk management framework.

Compensation Policies and Practices as They Relate to Risk Management

The Compensation Committee has reviewed and discussed the concept of risk as it relates to the Company’s compensation policies, and it does not believe the Company’s compensation policies or practices create or encourage the taking of excessive risks that are reasonably likely to have a material adverse effect on the Company. Below are some of the highlights of the Company’s compensation programs that mitigate risks associated with compensation:

•

Compensation is comprised of a combination of base salary, annual cash incentive, and long-term equity incentive awards;

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•

While annual cash incentives are available for all full-time employees, only senior officers receive equity awards;

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•

Equity compensation vesting is multi-year service based and performance based with overlapping performance periods; and

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•

Maximum payout for cash and equity incentives is 200% of the value at target.

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The Compensation Committee has identified no material risks in the compensation programs for 2024.

Code of Business Conduct and Ethics

We have a Code of Business Conduct and Ethics that applies to all our associates, including our principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. These standards are designed to deter wrongdoing and to promote honest and ethical conduct. The Code of Business Conduct and Ethics, which addresses the subject areas covered by the SEC’s rules, may be obtained free of charge through our website: www.amctheatres.com under “Investor Relations”—“Governance”—“Governance Documents.” Any amendment to, or waiver from, any provision of the Code of Business Conduct and Ethics required to be disclosed with respect to any senior executive or financial officer shall be posted on this website.

Insider Trading Policy

We have adopted an Insider Trading Policy that governs the purchase, sale, and/or other transactions of our securities by our directors, officers and employees and their immediate family members. A copy of our Insider Trading Policy is filed as Exhibit 19 to our 2024 Annual Report on Form 10-K. In addition, with regard to trading in the Company’s securities, it is the Company’s policy to comply with the federal securities laws and the applicable exchange listing requirements, and we believe our Insider Trading Policy is reasonably designed to promote compliance with insider trading laws, rules, and regulations, and the NYSE listing standards applicable to the Company.

Board and Committee Meeting Attendance

The Board held nine meetings during the year ended December 31, 2024. Each then-serving director attended at least 75% of the total combined meetings held by the Board plus the meetings held by the committees of the Board on which such director served, except for Mr. Sussman.

Communications with the Board

Our stockholders and other interested parties may communicate to our Board, its committees, or our non- management directors as a group, by writing to the Secretary of AMC Entertainment Holdings, Inc. at One AMC Way, 11500 Ash Street, Leawood, KS 66211. Stockholders and other interested parties should indicate that their correspondence is intended to be communicated to the Board.

Director Independence

Currently, ten of our directors are independent: Ms. Clark, Mr. Glover, Ms. Jain, Mr. Koch, Mr. Lader, Mr. Locke, Ms. Pawlus, Ms. Putnam, Dr. Saich, and Mr. Sussman, as determined by our Board in accordance with NYSE rules. The remaining member of the Board, Mr. Aron, is not independent under the NYSE rules or within the meaning of the Securities Exchange Act of 1934 (the “Exchange Act”).

Our Board determined that Ms. Clark, Mr. Glover, Ms. Jain, Mr. Lader, Ms. Pawlus, Ms. Putnam, and Dr. Saich, all of whom served on the Audit Committee during 2024, are independent in accordance with NYSE rules and within the meaning of the Exchange Act for purposes of serving on our Audit Committee. The Compensation Committee is composed of six directors: Mr. Koch, Mr. Lader, Mr. Locke, Ms. Pawlus, Dr. Saich, and Mr. Sussman, all of whom are independent in accordance with NYSE rules. The Nominating and Corporate Governance Committee is composed of five directors: Ms. Clark, Mr. Koch, Mr. Locke, Ms. Putnam, and Mr. Sussman, all of whom are independent in accordance with NYSE rules.

Board Leadership Structure

Pursuant to the Company’s Corporate Governance Guidelines, the Board does not have a fixed policy regarding the separation of the offices of Chairperson of the Board and CEO. Under our current leadership structure, both of those roles are held by Mr. Aron. Because the roles of Chairperson and CEO are combined, the Board has appointed Mr. Lader to serve as the non-executive Lead Independent Director. At this time, our Board believes this structure is best for the Company as it allows our Chairperson and CEO to oversee the operational leadership and strategic direction of the Company, while enabling the Lead Independent Director to facilitate the Board’s independent oversight of management, including evaluation of the CEO’s performance. Our Chairperson is not considered independent under the NYSE rules.

The responsibilities of the Lead Independent Director include:

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Convening, chairing, and determining agendas for executive sessions of the non-management and independent directors;

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Serving as a liaison between the Board and management;

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Determining, in consultation with the Chairperson, the schedule and agendas for meetings of the Board;

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Discussing with the other directors any concerns they may have about the Company and its performance and relaying such concerns, when appropriate, to the full Board;

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Consulting with the Chief Executive Officer of the Company regarding concerns of the directors;

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Being available for consultation with any of the senior executives of the Company as to any concerns they might have; and

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Being available for communications with the Company’s stockholders.

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Executive Sessions

Our non-management directors meet in an executive session, without members of management present, no less than once per year in accordance with the NYSE rules. Our Lead Independent Director presides over these executive sessions.

Attendance at Annual Meetings

We encourage our directors to attend our Annual Meeting of Stockholders, absent unusual circumstances. All our directors except Ms. Clark, Mr. Locke, Mr. Saich and Mr. Sussman attended the 2024 Annual Meeting of Stockholders.

Board and Committee Evaluations; Director Education

Our Board engages in ongoing self-evaluation and assessment. Annually, the directors review and complete evaluations on Board effectiveness, committee performance and peer assessment. Each of the committees and the full Board discuss their self-assessments at least annually. The Nominating and Corporate Governance Committee periodically reviews the form and process for Board and committee self-evaluations. The Board also receives periodic briefings and education on core concepts and trends that impact our businesses and society.

Committees

Our Board has established three standing committees. The standing committees consist of an Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee. The standing committees are comprised of directors as provided in the table below:

(1)

Ms. Pawlus will retire from the Board on the date of the Annual Meeting.

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Each of our standing committees, the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee, operates under a charter, which is available on our website at www.amctheatres.com under “Investor Relations”—“Governance”—“Governance Documents.” The functions performed by each of the standing committees of the Board are briefly described below.

Audit Committee

Our Audit Committee currently consists of Ms. Clark, Mr. Glover, Ms. Jain, Ms. Pawlus, and Ms. Putnam. Mr. Lader and Dr. Saich served on the Audit Committee until February 2025, when the size of the Audit Committee was reduced. Ms. Jain currently serves as the chairperson of the Audit Committee, a position Ms. Pawlus held until February 2025. The Board has determined that each of Ms. Pawlus, Mr. Glover and Ms. Jain qualify as an Audit Committee financial expert as defined in Item 407(d)(5) of Regulation S-K and that each member of our Audit Committee is financially literate as defined in the NYSE rules and is independent within the meaning of Rule 10A-3 of the Exchange Act and the NYSE rules.

The principal duties and responsibilities of our Audit Committee are as follows:

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to oversee our financial reporting process and internal control system;

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to appoint and replace our independent registered public accounting firm from time to time, determine their compensation and other terms of engagement, oversee their work, and perform an annual evaluation;

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to oversee the performance of our internal audit function;

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to oversee the Company’s information systems, privacy, and data security risks; and

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to oversee our compliance with legal, ethical, and regulatory matters.

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The Audit Committee has the power to investigate any matter brought to its attention within the scope of its duties. It also has the authority to retain counsel and advisors to fulfill its responsibilities and duties.

Compensation Committee

Our Compensation Committee consists of Mr. Koch, Mr. Lader, Mr. Locke, Ms. Pawlus, Dr. Saich, and Mr. Sussman, all of whom are independent in accordance with the NSYE rules. Dr. Saich serves as the chairperson of the Compensation Committee.

The principal duties and responsibilities of our Compensation Committee are as follows:

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to provide oversight on the development and implementation of the compensation policies, strategies, plans and programs for our key employees and non-employee directors and disclosure relating to these matters;

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to review and approve the compensation of our CEO and our other executive officers;

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to provide oversight concerning the compensation of our CEO, performance of our CEO and compensation related matters; and

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to review the Company’s strategies, policies, and practices related to human capital.

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The Compensation Committee may delegate to management administration of incentive compensation plans for non-executive officers. The Compensation Committee engaged and retained Aon, as an independent executive compensation consultant, to provide advice on 2024 compensation matters. During 2024, Aon provided advice on executive and director compensation programs, executive and director market pay analysis, compensation peer group, CEO pay recommendations and drafting of the Compensation Discussion and Analysis disclosures contained in this Proxy Statement. The Compensation Committee reviewed the nature of its relationship with Aon and determined that there were no conflicts of interest with respect to Aon’s independence.

During 2024, the Compensation Committee issued a request for proposals in connection with its engagement of an independent executive compensation consultant. Following the request for proposals process, which included written submissions and interviews, the Compensation Committee selected Korn Ferry as its independent executive compensation consultant to replace Aon and advise the Compensation Committee on compensation matters related to the executive and director compensation programs for 2025.

Nominating and Corporate Governance Committee

Our Nominating and Corporate Governance Committee consists of Ms. Clark, Mr. Koch, Mr. Locke, Ms. Putnam, and Mr. Sussman, all of whom are independent in accordance with the NSYE rules. Ms. Clark serves as chairperson of the Nominating and Corporate Governance Committee.

The principal duties and responsibilities of the Nominating and Corporate Governance Committee are as follows:

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to establish criteria for board and committee membership and recommend to our Board proposed nominees for election to the Board and for membership on committees of the Board;

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to make recommendations to our Board regarding board governance matters and practices;

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to provide oversight concerning succession planning for our CEO and other key executive officers; and

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to provide oversight of the Company’s approach to environmental, social and governance (“ESG”) initiatives, strategies, and programs.

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Director Nomination Process

The Nominating and Corporate Governance Committee is responsible for reviewing with the Board, on an annual basis, the appropriate criteria that directors are required to fulfill (including experience, qualifications, attributes, skills and other characteristics) in the context of the current make-up of the Board and the needs of the Board given the circumstances of the Company. In identifying and screening director candidates, the Nominating and Corporate Governance Committee considers whether the candidates fulfill the criteria for directors approved by the Board, including integrity, objectivity, independence, sound judgment, leadership, courage and diversity of experience (for example, in relation to finance and accounting, strategy, risk, cybersecurity, technical expertise, policymaking, etc.).

Pursuant to the Company’s Corporate Governance Guidelines and Principles, the Board broadly construes diversity to mean diverse background, education, skills, age, expertise with a proven record of accomplishment and the ability to work well with others. The Nominating and Corporate Governance Committee does not assign specific weight to any particular factor but in selecting members for open Board positions, the Board takes into account such factors as it deems appropriate, which may include the current composition of the Board, the range of talents, experiences and skills that would best complement those already represented on the Board and the need for financial or other specialized expertise. The Nominating and Corporate Governance Committee has adopted a policy to ensure that individuals considered for open Board seats include candidates with diversity of race, ethnicity and gender. The Board seeks to achieve a mix of members whose experience and backgrounds are relevant to the Company’s strategic priorities and the scope and complexity of the Company’s business. Overall, each of our Board members is committed to the growth of the Company for the benefit of the stockholders, contributes new ideas in a productive and congenial manner and regularly attends board meetings. See the skills matrix prior to our director and nominee biographies under Proposal 2(a) or 2(b)—Election of Directors.

The Nominating and Corporate Governance Committee considers recommendations for Board candidates submitted by stockholders using substantially the same criteria it applies to recommendations from the Nominating and Corporate Governance Committee, directors, and members of management. Stockholders may submit recommendations by providing the person’s name and appropriate background and biographical information in writing to the Nominating and Corporate Governance Committee at: Company Secretary, One AMC Way, 11500 Ash Street, Leawood, Kansas 66211 or by emailing: EGladbach@amctheatres.com. Invitations to serve as a nominee are extended by the Board itself via the Chairperson and the Chairperson of the Nominating and Corporate Governance Committee.

Compensation Committee Interlocks and Insider Participation

During 2024, our Compensation Committee consisted of Mr. Koch, Mr. Locke, Mr. Lader, Ms. Pawlus, Dr. Saich (Chairperson), and Mr. Sussman. During the period January 1, 2024, through December 31, 2024, no member of the Compensation Committee had a relationship required to be described under the SEC rules relating to disclosure of related person transactions and none of our executive officers served on the board of directors or compensation committee of any entity that had one or more of its executive officers serving on the Board or the Compensation Committee of the Company.

DIRECTOR COMPENSATION

The following section presents information regarding the compensation paid during the year ended December 31, 2024, to members of our Board who were not employees of the Company (“Non-Employee Directors”). Employee members of our Board do not receive any compensation from the Company for service as a director. We reimburse all directors for any out-of-pocket expenses incurred by them in connection with their services provided in such capacity.

Non-Employee Director Compensation

In order to attract and retain qualified Non-Employee Directors, the Company amended and restated its Non-Employee Director Compensation Program on October 27, 2022, pursuant to which Non-Employee Directors were compensated for their service to the Company in 2024. Each non-employee director is eligible for the following annual compensation for services as a Board member:

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an annual cash retainer of $150,000;

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an annual stock award with a calculation value of $105,000, subject to a one-year holding requirement;

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an annual cash retainer of $50,000 for the Lead Independent Director; and

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an annual cash retainer for non-employee directors who serve on a committee as follows:

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Cash retainers are paid in quarterly installments and are pro-rated for partial years of service.

Stock awards are made pursuant to the Company’s equity incentive plan, are fully vested at the date of grant, and are issued on the later of (i) the date annual grants are made to senior management and (ii) the date the director is elected to the Board. For 2024, stock awards for non-employee directors other than Ms. Jain and Mr. Glover were approved on February 22, 2024, subject to stockholder approval of the 2024 EIP. Stock awards are pro-rated for the director’s first partial year of service, but not for the last partial year of service. The stock awards for Ms. Jain and Mr. Glover were approved on March 1, 2024 and September 12, 2024, respectively, when each was elected to the Board. Ms. Jain’s stock award was subject to stockholder approval of the 2024 EIP. Directors may elect to receive all or a portion of their cash retainer in stock. Stock awards must be retained until the earlier to occur of the first anniversary of the grant date or the director’s departure from the Board.

Unless otherwise specified by the Board, the number of shares awarded to each non-employee director is determined by dividing the value of the award by the average closing price of the stock for the five trading days prior to the date of the stock award. For stock awards subject to stockholder approval of the 2024 EIP, the number of shares was determined based on the average closing price for the five trading days prior to the date the award was approved. Stockholders approved the 2024 EIP on June 5, 2024 and a Form S-8 registration statement was filed with the SEC on June 7, 2024 for the shares authorized for issuance pursuant to the 2024 EIP. The grant date for the stock awards that were subject to stockholder approval of the 2024 EIP was June 10, 2024, the first business day after the Form S-8 was filed with the SEC. Since the stock prices used to calculate the grants and determine the compensation value are different, in times of high volatility the reflected compensation may ultimately be higher or lower than that targeted by the Board. For the 2024 stock awards, the Common Stock price used to calculate the shares awarded was $4.75, $4.60 and $4.92 for stock awards approved on February 22, March 1 and September 12, 2024, respectively, and the Common Stock price used to calculate the compensation included in the table was $ $4.71 and $4.90 for stock awards with grant dates of June 10 and September 12, 2024, respectively.

The Compensation Committee, in consultation with its independent executive compensation consultant, annually reviews the Non-Employee Director Compensation Program and recommends updates, if any, to the full Board for approval.

Director Compensation Table

The following table presents information regarding the compensation of our non-employee directors during the year ended December 31, 2024.

(1)

Includes the annual cash retainer for services as (a) a board member, (b) the Lead Independent Director, and (c) a chairperson or member of a committee.

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(2)

Represents the aggregate grant date fair values, as computed in accordance with Financial Accounting Standards Board’s Accounting Standard Codification (“ASC”) Topic 718, Compensation—Stock Compensation, calculated based upon the closing price of the Common Stock on the grant dates June 10, 2024 and September 12, 2024, of $4.71 and $4.90 per share, respectively. Mr. Glover received his pro-rated annual stock award on September 12, 2024 when he was elected to the Board. All other non-employee directors received their annual stock award on June 10, 2024. Ms. Jain’s annual stock award was pro-rated based on her election to the Board on March 1, 2024. As discussed above, the number of shares of Common Stock granted was calculated using a price of $4.75, $4.60 and $4.92 for the June 10, 2024 and September 12, 2024 grants, (representing a five-day average closing price prior to the date the stock awards were approved on February 22, March 1 and September 12, 2024, respectively) resulting in the variance between the award calculation value and the ultimate compensation value included in the table.

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth certain information regarding beneficial ownership of our Common Stock outstanding as of October 13, 2025, with respect to:

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each person or group of affiliated persons known by us to own beneficially more than 5% of the outstanding shares of Common Stock, together with their addresses;

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each of our directors, director nominees and our Named Executive Officers (“NEOs”); and

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all directors and executive officers as a group.

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The address for each of our directors, director nominees and NEOs is c/o AMC Entertainment Holdings, Inc., One AMC Way, 11500 Ash Street, Leawood, Kansas 66211. Each person has sole voting and dispositive power over shares held by them, except as described below.

*

Less than 1%

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(1)

Based on a Schedule 13G/A filed July 10, 2024, by The Vanguard Group. In such filing The Vanguard Group lists its address as 100 Vanguard Blvd., Malvern, PA 19355. The Schedule 13G/A indicates sole voting power over 0 shares, sole dispositive power over 30,006,989 shares, shared voting power over 184,831 shares, and shared dispositive power over 507,766 shares.

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(2)

Based on a Schedule 13G filed November 8, 2024, by Blackrock, Inc. In such filing Blackrock, Inc. lists its address as 50 Hudson Yards, New York, NY 10001. The Schedule 13G indicates sole voting power over 25,353,887 shares, sole dispositive power over 25,921,107 shares, shared voting power over 0 shares, and shared dispositive power over 0 shares.

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(3)

Based on a Schedule 13G filed July 8, 2025, by Discovery Capital Management, LLC. In such filing Discovery Capital Management, LLC lists its address as 20 Marshall Street, Suite 310, South Norwalk, CT 06854. The Schedule 13G indicates sole voting power and sole dispositive power over 0 shares, and shared voting power and shared dispositive power over 29,974,654 shares.

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(4)

Ms. Frank resigned from the Company effective February 7, 2025. Common Stock ownership is based on Ms. Franks’ Form 144 filing on February 28, 2025.

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(5)

Includes 197,458 shares of Common Stock beneficially held by executive officers not named in the table.

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DELINQUENT SECTION 16(A) REPORTS

Section 16(a) of the Exchange Act requires our directors and executive officers, and persons who own more than 10% of a registered class of our equity securities, to file with the SEC initial reports of ownership and reports of changes in ownership of our Common Stock and other equity securities. Officers, directors and holders of greater than 10% of our Common Stock are required by regulations of the SEC to furnish us with copies of all Section 16(a) reports they file.

To our knowledge, based solely upon a review of the copies of such reports filed electronically with the SEC and/or written representations that no other reports were required to be filed during 2024, all filing requirements under Section 16(a) applicable to our executive officers, directors and 10% stockholders were satisfied timely, except that on January 10, 2024, due to an administrative error, each of our executive officers as of that date filed a late Form 4 to report the vesting of restricted stock units.

CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS

Policies and Procedures with Respect to Related Party Transactions

The Board has adopted the AMC Entertainment Holdings, Inc. Policy on Transactions with Related Persons as our policy for the review, approval or ratification of any transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) in which the Company (including any of its subsidiaries) was, is, or will be a participant, and one of the Company’s executive officers, directors, director nominees, 5% stockholders (or the immediate family or household members of any of the foregoing) or any firm, corporation or other entity in which any of the foregoing persons controls, is employed by, or has a material ownership interest (each, a “Related Person”) has a direct or indirect material interest.

This policy is administered by the Audit Committee. As appropriate for the circumstances, the Audit Committee will review and consider relevant facts and circumstances in determining whether to approve or ratify such transaction. Our policy includes certain factors that the Audit Committee takes into consideration when determining whether to approve a related person transaction as follows:

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the position within or relationship of the related person with the Company;

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the materiality of the transaction to the related person and the Company, including the dollar value of the transaction, without regard to profit or loss;

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the business purpose for and reasonableness of the transaction (including the anticipated profit or loss from the transaction), taken in the context of the alternatives available to the Company for attaining the purposes of the transaction;

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whether the transaction is comparable to a transaction that could be available on an arms-length basis or is on terms that the Company offers generally to persons who are not related persons;

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whether the transaction is in the ordinary course of the Company’s business and was proposed and considered in the ordinary course of business; and

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the effect of the transaction on the Company’s business and operations, including on the Company’s internal control over financial reporting and system of disclosure controls and procedures, and any additional conditions or controls (including reporting and review requirements) that should be applied to such transaction.

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Related Person Transactions

Since January 1, 2024, there have been no related person transactions.

PROPOSAL 6:
RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee has selected Ernst & Young, LLP (“EY”) as the independent registered public accounting firm to perform the audit of our consolidated financial statements and our internal control over financial reporting for 2025. EY has served as our independent registered public accounting firm since 2020.

The Audit Committee is responsible for overseeing the qualifications, engagement, compensation, independence, and performance of the independent registered public accounting firm retained to audit the Company’s consolidated financial statements and its internal control over financial reporting. The Audit Committee is required to, and with its chairperson, oversees the selection process for new lead audit engagement and concurring partners every five years. Throughout this process, the Audit Committee and management will provide input to EY about AMC priorities, discuss candidate qualifications and interview potential candidates put forth by the firm. The Audit Committee will also require other key EY partners assigned to our audit to be rotated as required by the PCAOB. To help ensure continuing auditor independence, the Audit Committee will continue to periodically consider whether there should be a regular rotation of the independent auditor.

We are asking our stockholders to ratify the selection of EY as our independent registered public accounting firm for 2025. Even if the selection is ratified, the Audit Committee in its discretion may select a different independent registered public accounting firm at any time during the year if it determines that a change would be in the best interests of the Company and our stockholders. If the stockholders fail to ratify the selection of this firm, the Audit Committee may appoint another independent registered public accounting firm or may decide to maintain its appointment of EY.

Representatives from EY are expected to attend the 2025 Annual Meeting. They will have an opportunity to make a statement if they desire to do so and will be available to respond to appropriate stockholder questions.

Required Vote

The affirmative vote by a majority of the votes cast is required to approve this Proposal 6. Approval of this proposal is not contingent on the approval of any other proposals in this Proxy Statement.

Board Recommendation

The Board recommends a vote “FOR” ratification of the selection of EY as our independent registered public accounting firm for 2025.

AUDIT COMMITTEE REPORT

Our Audit Committee reviews our financial reporting process on behalf of our Board. In fulfilling its responsibilities, the Audit Committee has reviewed and discussed the audited financial statements contained in the 2024 Annual Report on Form 10-K with our management and our independent registered public accounting firm for 2024, EY. Our management is responsible for the financial statements and the reporting process, including the system of internal controls. EY is responsible for expressing an opinion on the conformity of those audited financial statements with U.S. generally accepted accounting principles and expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.

The Audit Committee has discussed with EY the matters requiring discussion by Statement on Auditing Standard No. 1301, Communication with Audit Committees (as amended), and all other matters required to be discussed with the auditors. In addition, the Audit Committee has received the written disclosures and the letters from EY required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent auditor’s communications with the Audit Committee concerning independence and has discussed with the independent auditors their independence. The Audit Committee has concluded that the independent auditors currently meet applicable independence standards.

Based on the reviews and discussions to which we refer above, the Audit Committee recommended to our Board (and our Board has approved) that the audited financial statements be included in our 2024 Annual Report on Form 10-K, for filing with the SEC.

Audit Committee of the Board of Directors:

Sonia Jain (Chairperson)
Denise M. Clark
Marcus Glover
Kathleen M. Pawlus
Keri S. Putnam

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table shows the fees that the Company was billed for the audit and other services provided by EY for the years ended December 31, 2024, and 2023. The Audit Committee has considered whether the provision of such services is compatible with maintaining the independence of EY and determined they were compatible. The Audit Committee has the sole right to engage and terminate the Company’s independent registered public accounting firm, to pre-approve their performance of audit services and permitted non-audit services, and to approve all audit and non-audit fees.

(1)

Audit Fees include the audit of our annual financial statements and our internal control over financial reporting, review of financial statements included in our Quarterly Reports on Form 10-Q and services that are normally provided by the independent registered public accounting firm in connection with statutory and regulatory filings or engagements for the years ended December 31, 2024, and December 31, 2023.

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(2)

Audit-Related Fees includes assurance and related services by EY that are reasonably related to the performance of the audit or review of our financial statements and are not reported under “Audit Fees.”

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(3)

Tax Fees include professional services rendered by EY for U.S. and international tax return preparation and tax compliance.

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Audit Committee Pre-Approval Process

The Audit Committee has adopted policies and procedures for the pre-approval of audit services and permitted non-audit services to be performed by our independent registered public accounting firm in order to assure that the provision of such services does not impair the independent registered public accounting firm’s independence. The policies provide general pre-approval for certain types of services, as well as approved costs for those services. The term of any general pre-approval is twelve months from the date of pre-approval unless the Audit Committee specifies otherwise. Any costs or services that are not given general pre-approval require specific pre-approval by the Audit Committee. The policy directs that, if management must make a judgment as to whether a proposed service is a pre-approved service, management should seek approval of the Audit Committee before such service is performed.

Requests to provide services that require specific approval by the Audit Committee must be submitted to the Audit Committee (or the chairperson of the Audit Committee as provided below) by both the independent auditor and management, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence. Under the Audit Committee’s pre-approval policy, the chairperson of the Audit Committee has the authority to address any requests made for pre-approval of services between Audit Committee meetings, and the chairperson must report any pre-approval decisions made between Audit Committee meetings to the Audit Committee at its next scheduled meeting. The policy prohibits the Audit Committee from delegating its responsibility to pre-approve any permitted services to management.

The Audit Committee pre-approved all services provided by EY for 2024.

COMPENSATION COMMITTEE REPORT

The Compensation Committee has reviewed and discussed with management the disclosures contained in the following section entitled “Compensation Discussion and Analysis.” Based on this review and discussion, the Compensation Committee recommended to the Board that the section entitled “Compensation Discussion and Analysis” be included in this Proxy Statement for the 2025 Annual Meeting.

Compensation Committee of the Board of Directors:

Anthony J. Saich (Chairperson)
Howard W. “Hawk” Koch, Jr.
Philip Lader
Gary F. Locke
Kathleen M. Pawlus
Adam J. Sussman

COMPENSATION DISCUSSION AND ANALYSIS

The following Compensation Discussion & Analysis (“CD&A”) describes the philosophy, objectives, and structure of our fiscal year 2024 executive compensation program. This CD&A is intended to be read in conjunction with the tables below, which provide further detail and historical compensation information for our NEOs as identified below.

(1)

Ms. Frank resigned from the Company, effective February 7, 2025.

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Consideration of Say on Pay Results and Stockholder Outreach

The Board and the Compensation Committee continually evaluate our compensation policies and practices. As part of that process, the Board and the Compensation Committee consider the results of our annual advisory vote on executive compensation, commonly known as the “say-on-pay” vote. At our 2024 Annual Meeting, we were disappointed that only approximately 39% of the votes were cast in support of the say-on-pay proposal and that stockholders representing only about 18% of the eligible votes on the say-on-pay proposal participated in the vote, regardless of their support or opposition. During 2024, institutional investors held about 40% of our outstanding stock with the balance held by retail investors.

The Compensation Committee and the Company continues to maintain that the compensation decisions on which the 2024 say-on-pay vote was based were necessary to retain our talented executive team and reward them for their outstanding efforts. However, we have also undertaken efforts to engage with stockholders to understand and address their concerns with our compensation programs. During the last year, the Company, including participation by independent members of the Board, initiated stockholder outreach dialogue with our largest stockholders to solicit feedback on corporate governance and executive compensation. In the aggregate, discussions were held with stockholders representing approximately 12% of our outstanding stock. Further, we have continued to emphasize the AMC Investor Connect initiative focused on our large base of retail investors. The Company also considered the analysis of proxy advisory firms relating to our 2024 proxy statement when determining the appropriate responses.

Our compensation policies and decisions continue to be focused on financial performance and aligning the interests of executives with the interests of stockholders. Although our large and diverse stockholder base with limited institutional participation can make it difficult to ascertain a consensus among our stockholders, the below chart summarizes the Company’s responses to key feedback from stockholders and the analysis from the proxy advisory firms.

Executive Summary

2024 Business Review

The Company entered 2024 optimistic that industry box office performance would stabilize following the years-long recovery from the COVID-19 pandemic and the impact of the strikes by the Writers Guild of America (“WGA”) and Screen Actors Guild-American Federation of Television and Radio Artists (“SAG-AFTRA”) during 2023. However, the WGA and SAG-AFTRA strikes severely affected the industry’s recovery trajectory due to delays in movie release schedules through the first half of 2024.

As an illustration of the impacts to our industry, the North American industry box office in 2024 was $8.7 billion compared to AMC internal projections of $9.0 billion at the beginning of the year and a 2019 pre-pandemic level of $11.4 billion. Industry box office during the first half of 2024 was $3.1 billion compared to $5.6 billion in the second half of 2024.

Notwithstanding the challenging macro-industry environment, the Company maintained its focus on maximizing results and adapted to industry conditions. AMC management continued to undertake decisive measures to strategically position the Company to navigate temporary setbacks and re-establish its longer-term recovery path. AMC has tightened operating hours, mitigated costs, rationalized its theatre portfolio, and innovated new merchandise and food and beverage offerings. Most importantly, we strengthened our balance sheet through (i) the July 2024 refinancing transactions that extended debt maturities, (ii) equity capital raising, (iii) debt exchanges and (iv) debt repurchases at a discount.

Below is a summary of some of the impressive accomplishments achieved by the management team during 2024:

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We generated Adjusted EBITDA in 2024 of $343.9 million.

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We completed refinancing transactions with two creditor groups to refinance and extend to 2029 and 2030 the maturities of approximately $2.4 billion of our debt previously maturing in 2026.

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We reduced the principal balance of our corporate borrowings and finance leases by $375.9 million.

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$261.8 million in gross proceeds were raised through the sale of equity to further bolster our balance sheet.

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•

On December 31, 2024, we had cash of $632.3 million.

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•

We achieved all-time records for admissions revenue per patron, food and beverage revenue per patron and total revenue per patron. Total revenue per patron is approximately 35% higher than it was in pre-pandemic 2019, driven primarily by growth in food and beverage revenue per patron of 50%.

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•

As of December 31, 2024, we had approximately 35 million member households enrolled in our AMC Stubs loyalty program across our A-List, Premiere, and Insider membership tiers.

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•

We announced AMC’s Go Plan, a multi-year plan to expand premium large format, extra large format and Laser at AMC footprint in theatres, as well upgrade seating and renovate theatres.

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Our laser projector upgrade program continued with 2,125 laser projector installations completed, representing approximately 61% of the 3,500 projectors eligible for upgrade.

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Compensation Decisions

Our compensation program is grounded in a pay-for-performance philosophy and is designed with equity as a significant component of compensation. Performance goals in both our short- and long-term incentive plans are set at challenging levels, with the ultimate goal that the achievement of operating, financial and other goals will drive long-term, sustainable stockholder value. In addition, a key goal of executive compensation is to attract, retain, motivate, and reward talented executives. However, the impacts of the strikes by the WGA and SAG-AFTRA during 2023 dramatically impacted the

Company’s financial performance during 2024 for reasons unrelated to the performance by our officers and employees in managing the Company’s business and preserving stockholder value. While our response to, and ongoing recovery from, the industry strikes warranted uncommon actions with respect to compensation programs, our underlying philosophy has not been permanently altered or abandoned.

In the view of the Compensation Committee, management successfully undertook major initiatives to reduce and control costs, raise additional capital, refinance and extend maturities for a substantial portion of the Company’s debt, operate theatres safely, promote attendance, and lay the groundwork to seek opportunities to diversify the business. These initiatives were essential to preserving the Company’s business and stockholder value at a critical time for the Company. Like recent years, the challenges facing our industry and the recognition that retention of the Company’s leadership was one of the most critical issues facing the Company required the Compensation Committee to remain flexible in its approach to executive compensation. Consequently, the Compensation Committee believes its compensation decisions during 2024 were reasonable and necessary in light the circumstances. Further, the Compensation Committee believes that its actions will enable the Company to return to a normalized compensation structure and approach as the industry stabilizes. Each of the decisions outlined below is more fully described in the subsequent sections of this CD&A and the tables that follow.

2024 Key Compensation Determinations

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For the CEO, the value of his annual equity grant decreased approximately 37% and his base salary and annual bonus opportunity did not change, resulting in a reduction in total compensation at target of 25%.

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•

For NEOs other than the CEO, base salaries increased approximately 5% on average, annual bonus opportunities as a percentage of base salary did not change, and annual equity grants were relatively flat compared to 2023.

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•

Despite significant industry underperformance compared to forecasts for 2024, Company performance achieved levels that resulted in an annual incentive plan pay out at 146% of the industry-adjusted target.

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•

On February 22, 2024, the Compensation Committee determined that the industry underperformance and prolonged strikes by the WGA and SAG-AFTRA had a material impact on the Company’s performance in 2023. In light of the fact that these industry impediments were outside the control of the Company and were not known at the time the performance targets were established, the Compensation Committee, in consultation with the Company’s independent compensation consultant, approved modifications to the performance goals applicable to equity grants allocated to the 2023 Tranche Year. As a result of the modifications, the impacted equity grants vested at the maximum level. For accounting purposes, the incremental increase in fair value resulting from the modifications are reflected in the Company’s 2024 compensation tables that follow.

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2025 Actions

•

The base salary and annual bonus opportunity for the CEO remain at the 2024 levels. The value of the annual equity grant for the CEO was returned to its 2023 level. However, the mix of time and performance-based vesting equity grants was changed from 50/50 to 40/60 and additional strategic initiative targets were added to the performance-based grants.

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•

For the CFO’s 2025 compensation, base salary was increased approximately 17.5%, annual bonus opportunity as a percentage of base salary remains at 2024 levels, and the value of the annual equity grant was increased 10%. The changes in CFO compensation were approved in order to maintain competitive compensation levels for that position and to recognize his outstanding performance.

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•

For NEOs other than the CEO and CFO, base salary increases for 2025 averaged 4.8%, the annual bonus opportunity as a percentage of base salary was increased by 10% for one position, and annual equity grants remain at 2024 levels.

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•

As disclosed in Item 9B of the Company’s 2024 Annual Report on Form 10-K, the Compensation Committee determined that the industry underperformance, primarily due to changes to studio movie release schedules in response to the continuing impacts of industry strikes in the prior year, had a material impact on the Company’s

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performance in 2024. In light of the fact that these industry impediments were outside the control of the Company and were not known at the time the performance targets were established, the Compensation Committee, in consultation with the Company’s independent compensation consultant, approved modifications to the Adjusted EBITDA performance goals applicable to equity grants allocated to the 2024 Tranche Year. As a result of the modifications, the impacted equity grants vested at a level of 146% instead of 98% before the modifications. There was no impact on equity grants subject to Free Cash Flow performance goals. For accounting purposes, the incremental increase in fair value resulting from the modifications will be reflected in the Company’s 2025 compensation tables.

How Our Compensation Program Works

The Compensation Committee regularly reviews best practices in executive compensation and uses the following guidelines to design our compensation programs during ordinary business cycles, with exceptions made only under extraordinary circumstances:

Components of Our Pay

Our Compensation Committee oversees our executive compensation program, which includes three primary compensation elements: base salary, annual cash incentives, and long-term equity awards. The Compensation Committee has tailored our program to incentivize and reward specific aspects of Company performance that it believes are central to delivering long-term stockholder value. In 2024, the components of NEO pay were as follows:

Pay Mix

The Compensation Committee utilizes the above-mentioned compensation elements to promote a performance-based culture that aligns the interests of management and stockholders. The Compensation Committee chooses an appropriate balance of fixed and variable pay as well as long-term versus short-term incentives and opportunities. In 2024, our target pay mix was as follows:

Executive Compensation Philosophy and Program Objectives

The goals of the Compensation Committee with respect to executive compensation are:

•

to attract, retain, motivate, and reward talented executives;

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•

to tie annual compensation incentives to the achievement of specified performance objectives; and

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•

to achieve long-term creation of value for our stockholders by aligning the interests of these executives with those of our stockholders.

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To achieve these goals, we endeavor to maintain compensation plans that tie a substantial portion of executives’ overall compensation to key strategic, operational, and financial goals and other non-financial goals that the Compensation Committee deems important. The Compensation Committee evaluates our compensation programs to ensure they are supportive of these goals and our business strategy and align the interests of our executives with those of our stockholders.

Executive Compensation Program Elements

Our executive compensation program primarily consists of a combination of base salary, annual cash incentives, and long-term equity incentives. Our Compensation Committee believes that a combination of these elements offers the best approach to achieving our compensation goals, including attracting and retaining talented and capable executives and motivating our executives and other officers to expend maximum effort to improve the business results and earnings and create long-term, sustainable growth of stockholder value.

Base Salaries

Base salaries for our NEOs are reviewed from time to time by the Compensation Committee and may be increased pursuant to such review and in accordance with guidelines contained in the various employment agreements to realign salaries with market levels after taking into account individual responsibilities, performance, and experience. Base salaries for our NEOs are established based on several considerations, including:

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the scope of their responsibilities

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•

current competitive practices of peer group companies

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•

individual performance and achievements

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•

current compensation

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•

recommendations from the CEO for executives (other than the CEO)

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The table below shows the annual base salaries for our NEOs for 2024, compared to 2023:

Annual Incentive Program

The Compensation Committee has the authority to award annual incentive bonuses to our NEOs pursuant to our annual incentive compensation program (“AIP”), which historically have been paid in cash and traditionally have been paid in a single installment in the first quarter of the subsequent year upon certification of performance by the Compensation Committee.

Under employment agreements with our NEOs, each NEO is eligible for an annual bonus, as may be determined by the Compensation Committee from time to time. We believe that annual bonuses based on performance serve to align the interests of management and stockholders. Individual bonuses are performance-based and, as such, can be highly variable from year to year. The annual incentive bonus opportunities for our NEOs are determined by our Compensation Committee, taking into account the recommendation of our CEO (except with respect to his own bonus).

Payout Opportunities

Consistent with the prior year, the target bonus for each NEO was set as a percentage of base salary ranging from 65% to 200% and, except for Mr. Aron and Mr. Goodman, was apportioned to a Company component (80%) and an individual component (20%). In the case of Mr. Aron and Mr. Goodman, their aggregate bonus is entirely based on Company performance with no individual component. There were no changes in AIP payout opportunities as a percentage of base salary for any NEOs between the 2023 and 2024 fiscal years.

2024 Performance Goals

Company Performance:   Consistent with past years, for 2024, the Company component was based on attainment of an Adjusted EBITDA goal. For purposes of the AIP, Adjusted EBITDA is determined in the same manner as described and defined in the Company’s 2024 Annual Report on Form 10-K (see “Reconciliation of Adjusted EBITDA and Free Cash Flow” below for the calculation of Adjusted EBITDA). Payouts under the AIP can range from 0% to 200% of target depending upon actual performance measured against the Adjusted EBITDA goal. There is no payout for attainment below 80% of the goal, at the 80% threshold payout is 50% of target, at 100% attainment payout is 100% of target, and at the maximum attainment of 120% payout is 200% of target. The following chart represents the AIP payout scale for the Company component:

Company performance is highly dependent upon the timing and popularity of the films released by distributors in the markets in which we operate, leading to the potential for volatility and requiring a significant number of assumptions and projections involved in setting performance goals. Box office volatility and the difficulty of making assumptions continued to be amplified for 2024 because of the continuing impacts of the WGA and SAG-AFTRA strikes in the prior year. Based on an estimated domestic industry box office of $9.0 billion and international market industry attendance of 397.5 million for 2024 at the beginning of the year, the projected Adjusted EBITDA performance levels ranged from a threshold of $280.2 million (50% payout) to a target of $350.2 million (100% payout) to a maximum of $420.2 million (200% payout). Although overall industry performance was expected to be relatively flat between 2023 and 2024, targeted Adjusted EBITDA was projected to be lower in 2024 due to certain factors, including the outsized benefit of distributing theatrical releases in 2023, inflationary cost pressures and foreign exchange rate impacts from our international operations. Consistent with prior year plan design and in recognition of the box office volatility and the high level of uncertainty around planning assumptions, the Compensation Committee determined that, in order to maintain an incentive for management in the event of industry underperformance and to limit compensation expense exposure in the event of industry overperformance, that the AIP performance goal should be indexed to domestic industry box office and international market industry attendance levels (due to lack of visibility into industry box office in certain international markets where we operate). Therefore, the Adjusted EBITDA goal was indexed to actual North American industry box office results and industry attendance in the international markets in which the Company operates using the following scale:

2024 AIP Industry Indexed Consolidated Adjusted EBITDA Target

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*

If actual industry domestic box office and/or international attendance performance falls between two stated levels, the target components shall be determined by linear interpolation

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Individual Performance:   The individual component of the bonus is based on overall individual performance and contribution to our strategic and financial goals. Our Compensation Committee and our CEO retain certain discretion to decrease or increase individual component bonuses relative to the targets based on qualitative or other subjective factors deemed relevant by the Compensation Committee.

2024 Payouts

The following table summarizes the AIP bonus for our NEOs for 2024:

Our Compensation Committee approved bonus amounts to be paid for performance during 2024. The Company attained Adjusted EBITDA of $343.9 million (calculated as set forth in “Reconciliation of Adjusted EBITDA and Free Cash Flow” below) for the year ended December 31, 2024. Actual North American industry box office was $8.7 billion for 2024 and industry attendance in the international markets in which the Company operates was 409.5 million in 2024, which resulted in an industry-adjusted Adjusted EBITDA goal of $315.0 million. As a result, the Compensation Committee determined performance attainment to be 109% of target, equating to a 146% payout of the Company component.

For the NEOs other than the CEO and CFO, the individual component was approved ranging from 100% to 110% of target by the Compensation Committee following a review of each such NEO’s individual performance.

Retention Bonus for Mr. Goodman

In order to secure retention of his services as the Company’s CFO and to preempt recruitment attempts, in March 2021, the Compensation Committee approved a special cash retention bonus for Mr. Goodman. The committee determined that it was essential to provide stability in the role of CFO during the Company’s recovery from the COVID-19 pandemic. The retention bonus was paid as set forth below, subject to Mr. Goodman’s continued employment as of each date.

Equity-Based Compensation Program

Our Compensation Committee believes that the equity-based compensation program furthers our goal to attract, retain and motivate talented executives by enabling such executives to participate in the Company’s long-term growth and financial success and aligns the interests of management and stockholders.

Our annual grants are equally split between:

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Time-vesting Restricted Stock Units (“RSUs”); and

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Performance-vesting Performance Stock Units (“PSUs”).

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Each RSU and PSU represents the right to receive one share of Common Stock on a future settlement date. To determine the size of grants, our Compensation Committee considers prior executive performance, level of responsibility, the executive’s ability to influence the Company’s long-term growth and business performance, among other factors. The Compensation Committee does not apply a strict methodology to these factors and does not benchmark executive pay to a particular reference point of the peer group. Company performance is highly dependent upon the timing and popularity of the films released by distributors in the markets in which we operate leading to the potential for volatility and requiring a significant number of assumptions and projections involved in setting performance goals.

In making annual grants of RSUs and PSUs, the Compensation Committee approves a target award value for each participant. The award value is then divided by a stock price, which is typically the average closing price for our Common Stock over the five days preceding the date of grant, to determine the number of RSUs and PSUs granted. However, because 2024 annual grants were made subject to stockholder approval of the 2024 Equity Incentive Plan (“EIP”), the stock price used to determine the number of RSUs and PSUs granted was the average closing price for our Common Stock over the five days preceding the date that the Compensation Committee approved the grants in February 2024. Equity-based compensation components reflected in the executive compensation tables represent the aggregate grant date fair value of the award and are based upon the closing price for our Common Stock on the date of grant, which for the 2024 annual grants was the date that stockholders approved the 2024 EIP in June 2024. Since the stock prices used to calculate the grants and determine the compensation value are different, in times of high volatility, the reflected compensation may ultimately be higher or lower than that targeted by the Compensation Committee. For the 2024 grants, the price used to calculate the grants was $4.75 and the price used to calculate the compensation included in the tables was $5.15.

2024 Annual Equity Grants

On February 22, 2024, the Compensation Committee approved grants of RSUs, and PSUs (the “2024 RSUs” and “2024 PSUs”), to certain of the Company’s employees contingent upon stockholder approval of the 2024 EIP at the 2024 annual meeting of stockholders. Our NEOs received the following grants (in units):

Restricted Stock Units

The 2024 RSUs vest ratably over a three-year period, with the first tranche vesting on the first business day of the fiscal year starting after the grant date. The executive must remain employed by the Company through the last day of the fiscal year immediately prior to the vesting date. A dividend equivalent equal to the amount paid, if any, in respect of one share of the securities underlying the RSUs begins accruing with respect to the RSUs on the date of grant. Such accrued dividend equivalents are paid to the holder upon vesting of the RSUs.

Performance Stock Units

The 2024 PSUs are subject to Adjusted EBITDA and free cash flow (“FCF”) performance goal conditions and service conditions over a three-year performance period. For purposes of the EIP, Adjusted EBITDA is determined in the same manner as described and defined in the Company’s 2024 Annual Report on Form 10-K. For purposes of the EIP, FCF is defined as cash flow from operating activities less gross capital expenditures and changes in construction payables. Of the 2024 PSUs, 60% were allocated to Adjusted EBITDA targets with the remaining 40% allocated to FCF targets. See “Reconciliation of Adjusted EBITDA and Free Cash Flow” below for the calculation of these numbers. Adjusted EBITDA and FCF are non-GAAP financial measures and should not be construed as an alternative to net earnings and cash flow from operating activities (each as determined in accordance with U.S. GAAP) as indicators of operating performance.

Company performance is highly dependent upon the timing and popularity of the films released by distributors in the markets in which we operate, leading to the potential for volatility and requiring a significant number of assumptions and projections involved in setting performance goals. Projecting industry performance becomes exponentially more difficult as we plan further into the future and the industry continues to find itself in a turnaround situation following the COVID-19 pandemic and the actors and writers strikes. Therefore, the 2024 PSUs are divided into three tranches with each tranche allocated to a fiscal year within the three-year performance period covered by the grant (each a “Tranche Year”). Each tranche is subject to a separate performance goal applicable to its corresponding Tranche Year. At the time of approval, the Compensation Committee established the performance goals for the first Tranche Year covered by the 2024 PSUs. The subsequent tranches remain subject to substantive performance goals established and approved by the Compensation Committee in conjunction with the budgeting process for their applicable Tranche Year. Tranches are not valued and included in the compensation tables until the year in which the performance goals for their applicable Tranche Year are established. The PSUs will be forfeited upon termination of the holder’s employment for any reason prior to the end of the applicable Tranche Year. PSUs will vest based upon certification of performance for the applicable Tranche Year by the Compensation Committee. A dividend equivalent equal to the amount paid, if any, in respect of one share of the securities underlying the PSUs begins accruing with respect to the PSUs on the date of grant. Such accrued dividend equivalents are paid to the holder upon, and only to the extent of, vesting of the PSUs.

2024 Tranche Year Performance Goals & Modification

For purposes of reporting executive compensation and accounting for stock compensation expense, PSU tranches are not considered granted until such time as the performance goals are established. As a result, only the PSU tranches allocated to the 2024 Tranche Year are included in the summary compensation tables. Subsequent tranches will be included in the summary compensation tables for the years in which performance goals for such tranches are established. The 2024 Tranche Year was applicable to the following PSU awards: (i) tranche I of the 2024 PSUs, (ii) tranche II of the 2023 PSUs, and (iii) tranche III of the 2022 PSUs. The table below summarizes the number of PSUs at target allocated to the 2024 Tranche Year for each NEO:

Company performance is highly dependent upon the timing and popularity of the films released by distributors in the markets in which we operate leading to the potential for volatility and requiring a significant number of assumptions and projections involved in setting performance goals. Box office volatility and the difficulty of making assumptions were amplified for 2024 due to the continuing impact of the WGA and SAG-AFTRA strikes. Based upon expectations that domestic box office performance would improve in 2024 to $9.0 billion and attendance in our international markets would be 397.5 million, the Company projected positive Adjusted EBITDA, but continuing negative FCF for 2024. On February 22, 2024, the Compensation Committee established the following performance goals for vesting of the PSU tranches allocated to the 2024 Tranche Year: