# EDGAR Filing Document

**Accession Number:** 0001564902
**File Stem:** 0000950170-23-001286
**Filing Date:** 2023-1
**Character Count:** 18780
**Document Hash:** 1f78fef24492a76601223cf06e0cf129
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-001286.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0000950170-23-001286

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230127

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SeaWorld Entertainment, Inc.
- **CENTRAL INDEX KEY:** 0001564902
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **IRS NUMBER:** 271220297
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35883
- **FILM NUMBER:** 23559722

**BUSINESS ADDRESS:**
- **STREET 1:** 6240 SEA HARBOR DRIVE
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32821
- **BUSINESS PHONE:** (407) 226-5011

**MAIL ADDRESS:**
- **STREET 1:** 6240 SEA HARBOR DRIVE
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32821

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** January 27, 2023<br>

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SeaWorld Entertainment, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-35883 | 27-1220297 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 6240 Sea Harbor Drive |  |  |
| Orlando**,** Florida |  | 32821 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** 407 226-5011<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | SEAS | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

Appointment of Chief Transformation Officer

On January 27, 2023, the Board of Directors of SeaWorld Entertainment, Inc. (the "Company") promoted Ms. Michelle ("Chelle") Adams to the position of Chief Transformation Officer of the Company. Ms. Adams will transition from her current roles of Chief Financial Officer and Treasurer of the Company to her new position effective as of January 27, 2023. As the Chief Transformation Officer, Ms. Adams will be responsible for streamlining and re-engineering organizational processes and implementing high-value initiatives to ensure successful execution of the Company's transformation strategy. Additionally, Ms. Adams will also be responsible for leading the Company's business development and growth activities.

Appointment of Interim Chief Financial Officer and Treasurer

Effective as of January 27, 2023, the Board of Directors of the Company elected James ("Jim") W. Forrester, Jr., the Company's Vice President, Finance, to serve as Interim Chief Financial Officer and Treasurer until a permanent Chief Financial Officer is appointed. Mr. Forrester, 54, has served as the Company's Vice President, Finance for SeaWorld Orlando, Aquatica Orlando and Discovery Cove since February 2019. Prior to that, he served as Vice President of Operations, Finance, Human Resources and Revenue Management for ICON Orlando 360 from October 2017 to February 2019. Additionally, Mr. Forrester has more than two decades of theme park finance and operations experience including at the Walt Disney Company, Walt Disney World Resort, and Hershey Entertainment & Resorts, among others.

There are no arrangements or understandings between Mr. Forrester and any other persons pursuant to which Mr. Forrester was elected to serve as Interim Chief Financial Officer and Treasurer. There are no family relationships between Mr. Forrester and any director or executive officer of the Company, and there are no transactions between Mr. Forrester and the Company that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K.

Pursuant to Mr. Forrester's appointment as Interim Chief Financial Officer and Treasurer, Mr. Forrester will receive: (i) an annual base salary of $285,000; (ii) an annual bonus opportunity with a target amount equal to 80% of Mr. Forrester's base salary, payable in cash and/or Company common stock consistent with the terms and conditions of the Company's 2023 annual bonus plan; and (iii) a long-term incentive opportunity with a target amount equal to 150% of Mr. Forrester's base salary. In addition, Mr. Forrester will receive: (i) a one-time grant of a number of options determined by dividing $200,000 by the stock price of the Company's common stock at the close of trading on the date of grant and with an exercise price equal to the stock price of the Company's common stock at the close of trading on the date of grant, with such options vesting in four equal annual installments over the first four anniversaries of the date of grant; (ii) a one-time grant of a number of restricted stock units with a grant date fair value of $200,000 based on the stock price at the close of trading on the date of grant, with such restricted stock units vesting in four equal annual installments on the first four anniversaries of the date of grant; and (iii) a one-time grant of a number of performance stock units with a grant date fair value of $200,000 and determined in accordance with the Company's 2023 performance-vesting long term equity incentive plan, each pursuant to the Company's 2017 Omnibus Incentive Plan and the applicable award agreement. Mr. Forrester will also participate in the Company's Key Employee Severance Plan.

Appointment of Chief Accounting Officer

Effective as of January 27, 2023, the Board of Directors of the Company elected Shekufeh Shirazi Boyle to serve as Chief Accounting Officer. Ms. Boyle, 36, has served as the Company's Corporate Controller and Vice President of Accounting since May 2022. Before that, she served as the Company's Corporate Controller from November 2021 to May 2022, the Company's Director of Corporate and Technical Accounting from October 2019 to November 2021 and as a Corporate Accounting Manager of the Company from August 2014 to October 2019. Prior to joining the Company, Ms. Boyle worked in public accounting at McDirmit Davis & Co LLC from 2007 to 2014, where she most recently served as an Audit Manager. Ms. Boyle is a Certified Public Accountant.

There are no arrangements or understandings between Ms. Boyle and any other persons pursuant to which Ms. Boyle was elected to serve as Chief Accounting Officer. There are no family relationships between Ms. Boyle and any director or executive officer of the Company, and there are no transactions between Ms. Boyle and the Company that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K.

Pursuant to Ms. Boyle's appointment as Chief Accounting Officer, Ms. Boyle will receive: (i) an annual base salary of $275,000; (ii) an annual bonus opportunity with a target amount equal to 60% of Ms. Boyle's base salary, payable in cash and/or Company common stock consistent with the terms and conditions of the Company's 2023 annual bonus plan; and (iii) a long-term incentive opportunity with a target amount equal to 80% of Ms. Boyle's base salary. In addition, Ms. Boyle will receive: (i) a one-time grant of a number of options determined by dividing $100,000 by the stock price of the Company's common stock at the close of trading on the date of grant and with an exercise price equal to the stock price of the Company's common stock at the close of trading on the date of grant, with such options vesting in four equal annual installments over the first four anniversaries of the date of grant; (ii) a one-time grant of a number of restricted stock units with a grant date fair value of $400,000 based on the stock price at the close of trading on the date of grant, with such restricted stock units vesting in four equal annual installments on the first four anniversaries of the date of grant; and (iii) a one-time grant of a number of performance stock units with a grant date fair value of $100,000 and determined in accordance with the Company's 2023 performance-vesting long term equity incentive plan, each pursuant to the Company's 2017 Omnibus Incentive Plan and the applicable award agreement. Ms. Boyle will also participate in the Company's Key Employee Severance Plan.

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**Item 7.01 Regulation FD Disclosure.**

A press release announcing these and other key Company transitions is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

**(d) Exhibits**

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99.1 | [<u>Press release dated January 27, 2023</u>](seas-ex99_1.htm) |
| 104 | Cover page interactive data filed (embedded within the Inline XBRL document). |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| Date: | January 27, 2023 | By:  | /s/ G. Anthony (Tony) Taylor |
|  |  | Name:<br>Title: | G. Anthony (Tony) Taylor<br>Chief Legal Officer, General Counsel and Corporate Secretary  |

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## Exhibit 99.1

**Exhibit 99.1**

![img152087777_0.jpg](img152087777_0.jpg)

**FOR IMMEDIATE RELEASE**

**SeaWorld Entertainment, Inc. Announces Eight Leadership Promotions and Organizational Changes to Accelerate Business Transformation, Performance and Growth** 

&nbsp;&nbsp;&nbsp;&nbsp;•Newly created role of Chief Transformation Officer to be held by current Chief Financial Officer (CFO) and Treasurer; internal interim CFO and Treasurer named

&nbsp;&nbsp;&nbsp;&nbsp;•Co-Chief Parks Operation Officer roles created which include one leader for the Florida parks and one for the non-Florida parks

&nbsp;&nbsp;&nbsp;&nbsp;•Three new Park Presidents announced for parks in Orlando and San Antonio

&nbsp;&nbsp;&nbsp;&nbsp;•Chief Accounting Officer (CAO) named

**ORLANDO, Fla. (January 27, 2023)** – SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today announced the promotion of eight leaders across the business as part of organizational adjustments designed to position the Company for continued growth and long-term value creation. This includes the formation of a new Chief Transformation Officer role and appointment of two seasoned park leaders to the co-role of Chief Parks Operation Officer (CPOO), one for the Florida parks and the other to lead all the non-Florida parks. The Company also named an interim CFO and Treasurer, three new Park Presidents and a new CAO. All the roles involve promotions from within the organization.

Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. said, "I am excited to announce these important leadership promotions and organizational changes that will help us better execute our plans and initiatives, capitalize on opportunities, and deliver improved operational and financial results."

Swanson went on to say, "I'm proud of the progress we've made over the past several years, including coming out of the pandemic an even stronger and more profitable business with industry leading results. And, I am excited for our plans for 2023 with a terrific line up of new rides, attractions, events and new and improved in park venues and offerings. The changes announced today along with our long-term plans to drive increased revenue, improved in-park experience and operational execution and better cost management will put us in an even stronger position to deliver greater value for our stakeholders – the millions of guests that

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enjoy our parks each year, our Ambassadors across the company, the communities in which we operate, our partners and our investors."

Current Chief Financial Officer and Treasurer Chelle Adams was promoted to the new position of Chief Transformation Officer. In this new role, Adams will be responsible for streamlining and re-engineering organizational processes and implementing high-value initiatives to ensure successful execution of our transformation strategy. She will also be responsible for leading our business development and growth activities. Adams joined the company last year from The Cosmopolitan of Las Vegas where she was responsible for, among other things, driving business transformation and process improvement across the organization.

Jim Forrester was promoted to serve as Interim Chief Financial Officer and Treasurer. Forrester has been with SeaWorld since 2019, most recently serving as the VP of Finance for the Orlando Parks including SeaWorld, Aquatica and Discovery Cove. He has more than two decades of theme park finance experience including at the Walt Disney Company, Walt Disney World, and Hershey Entertainment & Resorts, among others.

Two seasoned park leaders were promoted to the co-position of Chief Parks Operations Officer (CPOO). The CPOOs will jointly be responsible for overseeing all park operations. Kyle Miller was promoted to CPOO for all the Florida parks. Miller has served as the Park President for SeaWorld Orlando, Discovery Cove and Aquatica Orlando since 2019 and has been with the company for approximately 28 years. Byron Surrett was promoted to CPOO for all the non-Florida parks. Surrett served as Park President of SeaWorld San Antonio and Aquatica San Antonio since 2019 and in June he will celebrate 47 years with the company.

Three leaders were promoted into Park President positions. This includes Jon 'JP' Peterson, who was promoted to Park President of SeaWorld Orlando. Peterson has been with SeaWorld for approximately 30 years and has served as Vice President of Zoological Operations for SeaWorld Orlando since 2019. Bradley Gilmour was promoted to Park President of Aquatica Orlando and Discovery Cove. Gilmour served as Vice President of Park Operations for Discovery Cove for the last four years and 2023 marks his 20<sup>th</sup> year with the company. Jodi Davenport was promoted to Park President of SeaWorld San Antonio and Aquatica San Antonio. Davenport has been with SeaWorld since 2020, most recently serving as the Vice President of Finance and IT for the park. Prior to joining SeaWorld, Davenport had an almost 20-year career at Six Flags where she served in a variety of finance roles including Director of Finance.

Shekufeh Boyle was promoted to Chief Accounting Officer, reporting to the Chief Financial Officer and Treasurer. In her ninth year at SeaWorld Entertainment, Boyle most recently served as the company's Corporate Controller and Vice President of Accounting. Prior to joining SeaWorld, she served in public accounting as an Audit Manager. Boyle is a Certified Public Accountant.

All promotions and changes take effect immediately.

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**About SeaWorld Entertainment, Inc.**

SeaWorld Entertainment, Inc. (NYSE: SEAS) is a leading theme park and entertainment company providing experiences that matter, and inspiring guests to protect animals and the wild wonders of our world. The Company is one of the world's foremost zoological organizations and a global leader in animal welfare, training, husbandry and veterinary care. The Company collectively cares for what it believes is one of the largest zoological collections in the world and has helped lead advances in the care of animals. The Company also rescues and rehabilitates marine and terrestrial animals that are ill, injured, orphaned or abandoned, with the goal of returning them to the wild. The SeaWorld® rescue team has helped over 40,000 animals in need over the Company's history. SeaWorld Entertainment, Inc. owns or licenses a portfolio of recognized brands including SeaWorld®, Busch Gardens®, Aquatica®, Sesame Place® and Sea Rescue®. Over its more than 60-year history, the Company has built a diversified portfolio of 12 destination and regional theme parks that are grouped in key markets across the United States, many of which showcase its one-of-a-kind zoological collection. The Company's theme parks feature a diverse array of rides, shows and other attractions with broad demographic appeal which deliver memorable experiences and a strong value proposition for its guests.

Copies of this and other news releases as well as additional information about SeaWorld Entertainment, Inc. can be obtained online at www.seaworldentertainment.com. Shareholders and prospective investors can also register to automatically receive the Company's press releases, SEC filings and other notices by e-mail by registering at that website.

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**Investor Relations:**<br> Matthew Stroud<br>Investor Relations<br>855-797-8625 <br>Investors@SeaWorld.com

**Media Relations:**<br> Lisa Cradit<br>SVP – Head of Communications<br>(646) 245-2476<br>Lisa.cradit@seaworld.com

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