Agreement and General Release
Exhibit 10.1
Agreement and General Release
Agreement and General Release (“Agreement”), by and between Laura W. Doerre (“Executive” and referred to herein as “you”) and Six Flags Entertainment Corporation, a Delaware corporation (the “Company”).
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[Signature Pages Follow]
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IN WITNESS WHEREOF, Executive and the Company have caused this Agreement to be executed as of the date set forth below.
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| EXECUTIVE | |
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| /s/ Laura W. Doerre | |
| Laura W. Doerre | |
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| Date: | December 3, 2021 |
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| RE-EXECUTION SIGNATURE | |
| (Not to be signed by Executive prior to Separation Date) | |
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| Laura W. Doerre | |
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| Date: |
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| SIX FLAGS ENTERTAINMENT CORPORATION | |
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| /s/ Selim A. Bassoul | |
| By: | Selim A. Bassoul |
| Its: | President and Chief Executive Officer |
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| Date: | December 3, 2021 |
[Signature Page to Agreement and General Release]
Exhibit A
Entitlements under Section 1(b) of the Agreement and General Release
Subject to (a) your continued compliance with Sections 5, 6, and 7 of the Employment Agreement, (b) your execution (and re-execution in accordance with Section 8 of this Agreement) and delivery of this Agreement, and (c) your nonrevocation of this Agreement prior to the expiration of the Subsequent Revocation Period, you will be entitled to the following payments and benefits, in accordance with the terms set forth in the Employment Agreement:
1. | Payment of the full amount of the annual bonus that would otherwise have been paid to you if you had remained employed by the Company through December 31, 2021 (the “Annual Bonus”), which Annual Bonus, for the avoidance of doubt, (w) shall be calculated based on the Company’s performance for the full 2021 calendar year, (x) shall be calculated in the same manner that annual bonuses are calculated for other executives of the Company by the Compensation Committee of the Company’s board of directors (the “Committee”), (y) after giving effect to foregoing provisions set forth in (w) and (x) above, shall not be subject to negative adjustment by the Committee and (z) paid at the time annual bonuses are normally paid to the Company’s executives but in no event later than March 15, 2022, it being understood that the Annual Bonus shall be paid to you at such time set forth in clause (z) (subject to your compliance with this Agreement) notwithstanding the earlier termination of your employment on the Separation Date; |
2. | Payment of an amount equal to the product of one (1) times Base Salary and Target Bonus within sixty (60) days following the Separation Date; |
3. | Subject to your making a timely election pursuant to COBRA, continued health care coverage for a period of three (3) months commencing on the Separation Date or until you receive comparable coverage from a subsequent employer for you (and your eligible dependents, if any) under the Company’s health plans on the same basis as such coverage is made available to executives employed by the Company (including, without limitation, co-pays, deductibles and other required payments and limitations) with the Company paying the applicable COBRA premium in excess of the amount paid by active employees for such coverage or otherwise providing such coverage to you for the amount paid by active employees for such coverage and your qualifying event for purposes of COBRA shall be treated as occurring at the Separation Date; |
4. | Immediate vesting of then-outstanding unvested equity awards that are scheduled to vest in the twelve (12) month period following your Separation Date (which, for the avoidance of doubt, shall not include any outstanding performance-vesting restricted stock units) as set forth in the table below; |
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Award Type | Grant Date | Total Number of Shares Subject to Award | Shares Underlying Portion of the Award Vested as of the Separation Date | Shares Underlying Accelerated Portion of Award | Shares Underlying Forfeited Portion of Award |
RSU | 3/8/2021 | 7,993 | 0 | 2,664 | 5,329 |
RSU | 5/6/2020 | 42,083 | 14,027 | 14,028 | 14,028 |
RSU | 3/9/2020 | 31,546 | 0 | 31,546 | 0 |
5. | Reimbursement on or before March 15, 2022 for executive outplacement services provided by a firm of your choosing of up to $10,000, subject to your presentation of appropriate invoices or other reasonable documentation no later than March 1, 2022, with it being understood that such outplacement services shall provide all associated administrative support, including, without limitation, résumé editing support; and |
6. | You shall be entitled to retain your cellular telephone (including the associated telephone number) that has been issued to you by the Company; provided, however, that you agree to cooperate with the Company in order to facilitate the removal of materials relating to the Company or its affiliates from such device. |
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