Complex sentence: With the town in a panic over the impending doom, Plankton (an evil genius/failed fast food icon) hatches a scheme: hypnotize the entire town of Bikini Bottom into liking the chum that he serves at his restaurant, the Chum Bucket.
Split into simpler sentences: With the town in a panic over the impending doom, evil genius/failed fast food icon, Plankton, hatches a scheme. He plots to hypnotize the entire town of Bikini Bottom into liking the chum that he serves at his restaurant, the Chum Bucket.