Document:

Exhibit

Exhibit 10.1

THIRD AMENDMENT AND LIMITED WAIVER TO 
AMENDED AND RESTATED CREDIT AGREEMENT

THIS THIRD AMENDMENT AND LIMITED WAIVER TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of June 21, 2017, is by and among SIX FLAGS ENTERTAINMENT CORPORATION, a Delaware corporation (the “Parent”), SIX FLAGS OPERATIONS INC., a Delaware corporation (“Holdings”), SIX FLAGS THEME PARKS INC., a Delaware corporation (the “Borrower”), the Subsidiary Guarantors listed on the signature pages hereof, WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (in such capacity, together with its successors in such capacity, the “Administrative Agent”) for the lenders party to the Credit Agreement referred to below (the “Lenders”), and the Lenders party hereto.
R E C I T A L S
A.    The Borrower, Parent, Holdings, the Lenders, the Administrative Agent and the other agents referred to therein are parties to that certain Amended and Restated Credit Agreement dated as of June 30, 2015, as amended by that certain First Amendment to Amended and Restated Credit Agreement, dated as of June 16, 2016 and that certain Second Amendment to Amended and Restated Credit Agreement, dated as of December 20, 2016 (as further amended, restated, amended and restated or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”, and the Existing Credit Agreement as amended or waived by this Amendment, the “Credit Agreement”), pursuant to which the Lenders have made certain financial accommodations (subject to the terms and conditions thereof) to the Borrower.
B.    Six Flags Concord LLC, a California limited liability company (“SF Concord”), an indirect wholly-owned subsidiary of the Borrower, and EPR Parks, LLC, a Delaware limited liability company (“Landlord”) are party to that certain Waterworld Concord, California Sublease Agreement, dated as of April 24, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Concord Sublease Agreement” and the property leased by SF Concord thereunder, the “Concord Leased Property”). 
C.    SF Concord, as an indirect subsidiary of the Borrower, (a) is required, pursuant to Section 8.6(b) of the Existing Credit Agreement, to enter into (and record) a leasehold mortgage in favor of the Administrative Agent covering certain real property leased by SF Concord, including the Concord Leased Property, (b) is required, pursuant to Section 8.6(c) of the Existing Credit Agreement, to guarantee the Obligations and grant a security interest to the Administrative Agent in substantially all of SF Concord’s assets, property and interests and (c) is prohibited, pursuant to Section 9.12 of the Existing Credit Agreement, from entering into any agreement that, directly or indirectly, prohibits or restrains the granting of Liens on its Property for the benefit of the Administrative Agent and the Lenders. 
D.    The Concord Sublease Agreement prohibits SF Concord from directly or indirectly, creating or causing to be imposed, claimed or filed upon any of SF Concord’s assets (including the Concord Leased Property) any Lien of any nature whatsoever. 

1

E.     The Borrower has requested, and the Lenders party hereto and the Administrative Agent have agreed, on the terms and conditions set forth herein, (a) to make certain amendments to the Existing Credit Agreement and (b) to waive the requirements of Section 8.6 and Section 9.12 of the Existing Credit Agreement in respect of SF Concord and the Concord Leased Property.
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Existing Credit Agreement.  Unless otherwise indicated, all article, schedule, exhibit and section references in this Amendment refer to articles, schedules, exhibits and sections of the Existing Credit Agreement.
Section 2.Amendments to Existing Credit Agreement. Subject to the satisfaction or waiver in writing of each condition precedent set forth in Section 5 hereof, and in reliance on the representations, warranties, covenants and agreements contained in this Amendment, the Administrative Agent and the Lenders party hereto hereby consent to the following amendments to the Existing Credit Agreement: 
2.1Amendments to Section 1.01 (Defined Terms).
(a)The definition of “Agreement” is hereby amended by replacing the words “and the Second Amendment” before the period at the end thereof with the words “, the Second Amendment and the Third Amendment”.
(b)The definition of “Applicable Margin” is hereby amended by deleting clause (a) thereof in its entirety and replacing it with the following: 
(a) (i) in the case of Tranche B Term Loans which are Base Rate Loans, 1.00% per annum, and (ii) in the case of Tranche B Term Loans which are Eurocurrency Loans, 2.00% per annum 
(c)The definition of “Repricing Transaction” is hereby amended by replacing the words “Second Amendment Effective Date” in each place they appear with the words “Third Amendment Effective Date.”
(d)The definition of “Tranche B Term Loan Commitment” is hereby amended by (i) replacing the word “or” immediately before the words “the Second Amendment” with a comma and (ii) inserting the words “or the Third Amendment” immediately after the words “the Second Amendment”.
(e)The following definitions are hereby added to Section 1.01 of the Credit Agreement where alphabetically appropriate:
“Third Amendment”:  the Third Amendment and Limited Waiver to Amended and Restated Credit Agreement, dated as of June 21, 2017, by and among Holdings, the 

2

Parent, the Borrower, the Subsidiary Guarantors party thereto, the Administrative Agent and the Lenders party thereto.
“Third Amendment Effective Date”:  the Effective Date (as defined in the Third Amendment), which, for the avoidance of doubt, is June 21, 2017.
2.2Amendment to Section 5.4 (Optional Prepayments).  Section 5.4 of the Existing Credit Agreement is hereby amended by replacing the words “Second Amendment Effective Date” in each place they appear with the words “Third Amendment Effective Date.”
Section 3.Limited Waiver under Existing Credit Agreement.  Subject to the satisfaction or waiver in writing of each condition precedent set forth in Section 5 hereof, and in reliance on the representations, warranties, covenants and agreements contained in this Amendment, the Administrative Agent and the Lenders party hereto hereby (i) consent to the waiver of, solely with respect to SF Concord and the Concord Leased Property, the requirement set forth in Section 8.6(b) of the Existing Credit Agreement for SF Concord to deliver a Mortgage and the related deliverables in clauses (ii) through (v) of such Section with respect to SF Concord’s right, title and interest in and to the Concord Leased Property and (ii) if SF Concord is unable to obtain consent from Landlord to waive the restrictions set forth in the Concord Sublease Agreement which prohibit SF Concord from directly or indirectly, creating or causing to be imposed, claimed or filed upon the Concord Leased Property, or SF Concord’s assets, properties or income or any portion thereof, or upon the interest of Landlord therein, any Lien of any nature whatsoever (the “Excluded SF Concord Property”) after SF Concord’s use of commercially reasonable efforts to obtain such waiver (it being understood that commercially reasonable efforts shall not require the payment of additional amounts or require SF Concord to consent to material amendments (as determined by SF Concord) to the Concord Sublease Agreement), such waiver to be in form and substance reasonably satisfactory to the Administrative Agent, (A) consent to the waiver of the requirement set forth in Section 8.6(c) of the Existing Credit Agreement for SF Concord to grant a security interest and Lien in its assets, property and interests that constitute Excluded SF Concord Property, (B) agree that the Excluded SF Concord Property shall be deemed to be “Excluded Assets” (as defined in and for all purposes of the Guarantee and Collateral Agreement) and (C) agree that Section 9.12 of the Existing Credit Agreement shall not apply to SF Concord with respect to the Excluded SF Concord Property, in each case, until such time that such security interest and Lien ceases to be prohibited by the Concord Sublease Agreement.  The foregoing waiver and agreements set forth above in this Section 3 shall be limited precisely as written and relate solely to the waiver of, and agreements to the modification to, the provisions of the Existing Credit Agreement and the Guarantee and Collateral Agreement in the manner and to the extent described above, and nothing in this Amendment shall be deemed to (y) constitute a waiver of compliance by any Loan Party with respect to any other term, provision or condition of the Existing Credit Agreement or any other instrument or agreement referred to therein, or (z) prejudice any right or remedy that the Administrative Agent or any Lender may have (except to the extent such right or remedy was based upon existing defaults that will not exist after giving effect to this Amendment) or may have in the future under or in connection with the Credit Agreement or any other instrument or agreement referred to therein.
For so long as the Borrower shall not meet the requirements set forth in Sections 8.6 and 9.12 of the Credit Agreement with respect to the Concord Leased Property (without giving 

3

effect to the waiver set forth above in this Section 3), neither the Borrower nor any Subsidiary shall permit to exist any valid Mortgage with respect to the ground sub-leasehold interests of SF Concord in all or any portion of the Concord Leased Property (or any other leasehold interest in the Concord Leased Property hereafter acquired by SF Concord), other than Liens granted pursuant to the Loan Documents.
		
	Section 4.
	Tranche B Term Loans.  

4.1Subject to the terms and conditions set forth herein (i) each existing Tranche B Term Loan Lender (collectively, the “Continuing Tranche B Term Loan Lenders”) that executes and delivers a Lender Addendum (Cashless Roll) in the form attached hereto as Exhibit A (a “Lender Addendum (Cashless Roll)”) agrees to continue all (or such lesser amount as notified to such Lender by the Administrative Agent prior to the Effective Date to give effect to any cash prepayment of the Tranche B Term Loans to be made by the Borrower on the Effective Date) of its existing Tranche B Term Loans outstanding immediately before giving effect to this Amendment as a Tranche B Term Loan on the Effective Date in a principal amount equal to such Continuing Tranche B Term Loan Lender’s Tranche B Term Loan Commitment (as defined in the Credit Agreement) and (ii) each Person (other than a Continuing Tranche B Term Loan Lender in its capacity as such) (collectively, the “Additional Tranche B Term Loan Lenders”) that executes and delivers a Lender Addendum (Additional Tranche B Term Loan Lender) in the form attached hereto as Exhibit B (a “Lender Addendum (Additional Tranche B Term Loan Lender)” and, together with a Lender Addendum (Cashless Roll), a “Lender Addendum”) agrees to take by assignment on the Effective Date from one or more Non-Consenting Lenders a principal amount of Tranche B Term Loans equal to such Additional Tranche B Term Loan Lender’s Tranche B Term Loan Commitment (as defined in the Credit Agreement). For purposes hereof, a Person shall become a party to the Credit Agreement and a Tranche B Term Loan Lender as of the Effective Date by executing and delivering to the Administrative Agent, on or prior to the Effective Date, a Lender Addendum (Additional Tranche B Term Loan Lender) in its capacity as a Tranche B Term Loan Lender. For the avoidance of doubt, the existing Term Loans of a Continuing Tranche B Term Loan Lender must be continued in whole and may not be continued in part unless otherwise notified by the Administrative Agent prior to the Effective Date to give effect to any cash prepayment of the Tranche B Term Loans to be made by the Borrower on the Effective Date.
4.2Any Non-Consenting Lender whose Tranche B Term Loans are repaid or assigned to one or more Additional Tranche B Term Loan Lender on the Effective Date in accordance with this Amendment shall be entitled to the benefits of Section 5.14 of the Credit Agreement with respect thereto. The Continuing Tranche B Term Loan Lenders hereby waive the benefits of Section 5.14 of the Credit Agreement with respect to that portion of the Tranche B Term Loans of such Lender continued hereunder.
4.3Notwithstanding anything herein to the contrary, the provisions of the Credit Agreement with respect to indemnification, reimbursement of costs and expenses, increased costs and break funding payments (other than to the extent waived pursuant to Section 4.2) shall continue in full force and effect with respect to, and for the benefit of, each existing Tranche B Term Loan Lender in respect of such Lender’s existing Term Loans to the same extent expressly set forth therein. 

4

4.4Notwithstanding anything in this Amendment to the contrary, the continuation of existing Tranche B Term Loans may be implemented pursuant to other procedures specified by the Administrative Agent, including by replacement of such existing Tranche B Term Loans by a deemed repayment of such existing Tranche B Term Loans of a Continuing Tranche B Term Loan Lender followed by a subsequent deemed assignment to it of new Tranche B Term Loans in the same amount. 
4.5For the avoidance of doubt, the Lenders hereby acknowledge and agree that, at the sole option of the Administrative Agent, any Lender with existing Tranche B Term Loans that are replaced as contemplated hereby (whether by assignment of its Tranche B Term Loans to one or more Additional Tranche B Term Loan Lenders or otherwise) shall, automatically upon receipt (or deemed receipt) of the amount necessary to purchase such Lender’s existing Term Loans so replaced, at par, and pay all accrued interest thereon, be deemed to have assigned such Loans pursuant to a form of Assignment and Acceptance and, accordingly, no other action by the Lenders, the Administrative Agent or the Loan Parties shall be required in connection therewith. The Lenders hereby agree to waive any notice requirements of the Credit Agreement in connection with the replacement of existing Tranche B Term Loans contemplated hereby (whether by assignment of its Tranche B Term Loans to one or more Additional Tranche B Term Loan Lenders or otherwise).
Section 5.Conditions Precedent.  
5.1Effectiveness.  The amendments set forth in Section 2 of this Amendment, the waivers set forth in Section 3 of this Amendment and the agreement of each Tranche B Term Loan Lender that delivers a Lender Addendum to make (or be deemed to have made) the extension of credit requested to be made by it on the date hereof shall not become effective until the earliest date on or after June 21, 2017 (the “Effective Date”) on which each of the following conditions has been satisfied (or waived in accordance with Section 12.1 of the Credit Agreement): 
(a)Counterparts.    Administrative Agent shall have received (i) executed counterparts of this Amendment from each of the Loan Parties and (ii) a Lender Addendum, executed and delivered by a duly authorized officer of each of the Additional Tranche B Term Loan Lenders and the Continuing Tranche B Term Loan Lenders.
(b)No Default or Event of Default.  As of the date hereof after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing.  
(c)Representations and Warranties.    Each of the Loan Parties does hereby represent and warrant to the Lenders that, as of the date hereof after giving effect to the amendments set forth in this Amendment, all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects (except for such representations and warranties that have a materiality or Material Adverse Effect qualification, which shall be true and correct in all respects), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall be true and correct in all material respects (except for such representations and warranties that have a materiality or Material Adverse Effect qualification, which shall be true and correct in all respects) as of such specified earlier date.

5

(d)Fees.  Subject to the terms and conditions of Section 12.5 of the Credit Agreement, the Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the Effective Date, or substantially simultaneously with the effectiveness of this Amendment, including to the extent invoiced at least one Business Day prior thereto, reimbursement or payment of all out of pocket expenses required to be reimbursed or paid to the Administrative Agent by the Borrower under the Credit Agreement.
(e)Required Lender Consent.    The Continuing Tranche B Term Loan Lenders and any Revolving Credit Lenders that have executed and delivered a Lender Addendum in the form attached hereto as Exhibit C shall constitute Required Lenders.
(f)Replacement of Non-Consenting Lenders.    Any existing Tranche B Term Loan Lender that does not consent to this Amendment shall have been replaced or terminated (or substantially concurrently with the effectiveness of this Amendment shall be replaced or terminated) in accordance with Section 5.17 of the Credit Agreement pursuant to the reallocations contemplated by Section 4 hereof.
Section 6.Miscellaneous.
6.1Confirmation.  The provisions of the Loan Documents, as amended or waived by this Amendment, shall remain in full force and effect in accordance with their terms following the effectiveness of this Amendment.
6.2Ratification and Affirmation.  Each of the undersigned does hereby adopt, ratify, and confirm the Existing Credit Agreement and the other Loan Documents, as amended and waived hereby, and its obligations thereunder.  Each of the Loan Parties hereby acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended or waived hereby, notwithstanding the amendments and waivers contained herein.
6.3Loan Document.  This Amendment and each agreement, instrument, certificate or document executed by the Borrower or any of its officers in connection therewith are “Loan Documents” as defined and described in the Existing Credit Agreement and all of the terms and provisions of the Loan Documents relating to other Loan Documents shall apply hereto and thereto.  On and after the Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended or otherwise modified by this Amendment.
6.4Counterparts.  This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

6

6.5NO ORAL AGREEMENT.  THIS AMENDMENT, THE EXISTING CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.
6.6GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
5.7    Severability.  Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
[signature pages follow]

7

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.

                        	
	
	SIX FLAGS ENTERTAINMENT CORPORATION,
as Parent

By:  /s/ Marshall Barber
Name:  Marshall Barber
Title:    CFO

	 

	SIX FLAGS OPERATIONS INC.,
as Holdings

By:  /s/ Marshall Barber
Name:  Marshall Barber
Title:    CFO

	 

	SIX FLAGS THEME PARKS INC.,
  as Borrower

By:  /s/ Marshall Barber
Name:  Marshall Barber
Title:    CFO

	 

[Signature Page to Third Amendment and Limited Waiver to Amended and Restated Credit Agreement]

                        	
	
	FIESTA TEXAS, INC.
FUNTIME, INC.
FUNTIME PARKS, INC.
GREAT AMERICA LLC
GREAT ESCAPE HOLDING INC.
HURRICANE HARBOR GP LLC
HURRICANE HARBOR LP LLC
MAGIC MOUNTAIN LLC
PARK MANAGEMENT CORP.
PREMIER INTERNATIONAL HOLDINGS INC.
PREMIER PARKS HOLDINGS INC.
PREMIER PARKS OF COLORADO INC. 
RIVERSIDE PARK ENTERPRISES, INC.
SF HWP MANAGEMENT LLC
SIX FLAGS AMERICA PROPERTY CORPORATION
SIX FLAGS GREAT ADVENTURE LLC
SIX FLAGS INTERNATIONAL DEVELOPMENT CO.
SIX FLAGS SERVICES, INC.
SIX FLAGS SERVICES OF ILLINOIS, INC.
SIX FLAGS ST. LOUIS LLC
SOUTH STREET HOLDINGS LLC
STUART AMUSEMENT COMPANY

By:  /s/ Marshall Barber
Name:  Marshall Barber
Title:    CFO

	 

[Signature Page to Third Amendment and Limited Waiver to Amended and Restated Credit Agreement]

                        	
	
	HURRICANE HARBOR LP

By: Hurricane Harbor GP LLC, 
its General Partner 

By:  /s/ Marshall Barber
Name:  Marshall Barber
Title:    CFO

	 

	SIX FLAGS AMERICA LP

By: Funtime, Inc., 
its General Partner 

By:  /s/ Marshall Barber
Name:  Marshall Barber
Title:    CFO
 

	

SIX FLAGS GREAT ESCAPE L.P.
GREAT ESCAPE THEME PARK L.P.
GREAT ESCAPE RIDES L.P.

By: Great Escape Holding Inc., 
their General Partner 

By:  /s/ Marshall Barber
Name:  Marshall Barber
Title:    CFO

	 

 

[Signature Page to Third Amendment and Limited Waiver to Amended and Restated Credit Agreement]

                        	
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, an Issuing Bank and the Swing Line Lender 

	By:  /s/ Patrick Levesque
   Name:  Patrick Levesque
   Title:    Director

[Signature Page to Third Amendment and Limited Waiver to Amended and Restated Credit Agreement]

Exhibit A to
Third Amendment and Limited Waiver to 
Amended and Restated Credit Agreement

LENDER ADDENDUM (CASHLESS ROLL)
June 21, 2017
Reference is made to the Amended and Restated Credit Agreement, dated as of June 30, 2015 (as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of June 16, 2016, that certain Second Amendment to Amended and Restated Credit Agreement dated as of December 20, 2016 and that certain Third Amendment and Limited Waiver to Amended and Restated Credit Agreement dated as of June 21, 2017 (the “Third Amendment”) and as further amended, supplemented, restated, refinanced, replaced or otherwise modified from time to time, the “Amended and Restated Credit Agreement”; unless otherwise defined herein, terms defined therein being used herein as therein defined), among Six Flags Entertainment Corporation, a Delaware corporation, Six Flags Operations Inc., a Delaware corporation, Six Flags Theme Parks Inc., a Delaware corporation, the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), Wells Fargo Bank, National Association, as administrative agent, and the other agents named therein. 
As provided in Section 4 of the Third Amendment, upon execution and delivery of this Lender Addendum (Cashless Roll) by the undersigned, the Continuing Tranche B Term Loan Lender named herein hereby agrees to continue its existing Tranche B Term Loans outstanding immediately before giving effect to the Third Amendment as a Tranche B Term Loan under the Amended and Restated Credit Agreement in a principal amount equal to the Tranche B Term Loan Commitment set forth on the signature pages hereto, effective as of the Effective Date (as defined in the Third Amendment).
Upon execution and delivery of this Lender Addendum (Cashless Roll), the undersigned hereby agrees and consents to all amendments, waivers and consents in the Third Amendment (including the waiver in Section 3 thereof regardless of whether any other amendments in the Third Amendment become effective).
THIS LENDER ADDENDUM (CASHLESS ROLL) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
Delivery of an executed signature page hereof by facsimile or electronic mail transmission shall be effective as delivery of a manually executed counterpart hereof.
[SIGNATURE PAGES FOLLOW]

    

IN WITNESS WHEREOF, the parties hereto have caused this Lender Addendum (Cashless Roll) to be duly executed and delivered by their proper and duly authorized officers as of the date first set forth above.
Name of Institution:

_____________________________, as Lender

By:___________________________
Name:
Title:

For any Lender requiring a second signature line:

By:___________________________
Name:
Title:

Tranche B Term Loan Commitment:    $______________

[Signature Page to Third Amendment and Limited Waiver Lender Addendum (Cashless Roll)]

Exhibit B to
Third Amendment and Limited Waiver to 
Amended and Restated Credit Agreement
LENDER ADDENDUM (Additional Tranche B Term Loan Lender)
June 21, 2017
Reference is made to the Amended and Restated Credit Agreement, dated as of June 30, 2015 (as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of June 16, 2016, that certain Second Amendment to Amended and Restated Credit Agreement dated as of December 20, 2016 and that certain Third Amendment and Limited Waiver to Amended and Restated Credit Agreement dated as of June 21, 2017 (the “Third Amendment”) and as further amended, supplemented, restated, refinanced, replaced or otherwise modified from time to time, the “Amended and Restated Credit Agreement”; unless otherwise defined herein, terms defined therein being used herein as therein defined), among Six Flags Entertainment Corporation, a Delaware corporation, Six Flags Operations Inc., a Delaware corporation, Six Flags Theme Parks Inc., a Delaware corporation, the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), Wells Fargo Bank, National Association, as administrative agent, and the other agents named therein. 
As provided in Section 4 of the Third Amendment, upon execution and delivery of this Lender Addendum (Additional Tranche B Term Loan Lender) (this “Addendum”) by the undersigned, the Additional Tranche B Term Loan Lender named herein hereby takes by assignment from one or more Non-Consenting Lenders a principal amount of Tranche B Term Loans equal to the Tranche B Term Loan Commitment set forth on the signature pages hereto (such commitment, the “Assigned Interest”) and, as a result, effective as of the Effective Date (as defined in the Third Amendment), hereby becomes a Tranche B Term Loan Lender under the Amended and Restated Credit Agreement.
Upon execution and delivery of this Lender Addendum (Additional Tranche B Term Loan Lender), the undersigned hereby agrees and consents to all amendments, waivers and consents in the Third Amendment (including the waiver in Section 3 thereof regardless of whether any other amendments in the Third Amendment become effective).
The undersigned (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Addendum and to consummate the transactions contemplated hereby and to become a Lender under the Amended and Restated Credit Agreement, (ii) it is not a natural person, a Disqualified Institution or a Defaulting Lender and otherwise meets all the requirements to be an assignee under Section 12.6(b) of the Amended and Restated Credit Agreement, (iii) from and after the date hereof, it shall be bound by the provisions of the Amended and Restated Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Amended and Restated Credit Agreement, and has received or has been accorded the opportunity to receive 

copies of the most recent financial statements delivered pursuant to Section 8.1 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Addendum and to purchase the Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Addendum and to purchase the Assigned Interest, (vii) attached to the Addendum is any tax or other documentation required to be delivered by it pursuant to the terms of the Amended and Restated Credit Agreement, duly completed and executed by the undersigned, and (viii) is not in possession of any information regarding any Loan Party, its assets, its ability to perform its Obligations or any other matter that may be material to a decision by any Term Loan Lender to participate in the transactions contemplated hereby that has not previously been disclosed to the Administrative Agent and the Lenders; (b) agrees that (i) it will, independently and without reliance on the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender and (c) appoints and authorizes the Administrative Agent to take such action on its behalf and to exercise such powers under the Amended and Restated Credit Agreement and the other Loan Documents (including the Junior Lien Intercreditor Agreement and Pari Passu Intercreditor Agreement) as are delegated to or otherwise conferred upon the Administrative Agent, by the terms thereof, together with such powers as are reasonably incidental thereto.
THIS LENDER ADDENDUM (Additional Tranche B Term Loan Lender) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
Delivery of an executed signature page hereof by facsimile or electronic mail transmission shall be effective as delivery of a manually executed counterpart hereof.
[SIGNATURE PAGES FOLLOW]

    

IN WITNESS WHEREOF, the parties hereto have caused this Lender Addendum (Additional Tranche B Term Loan Lender) to be duly executed and delivered by their proper and duly authorized officers as of the date first set forth above.
Name of Institution:

_____________________________, as Lender

By:___________________________
Name:
Title:

For any Lender requiring a second signature line:

By:___________________________
Name:
Title:

Additional Tranche B Term Loan Commitment:    $______________

[Signature Page to Third Amendment and Limited Waiver Lender Addendum (Additional Tranche B Term Loan Lender)]

Exhibit C to
Third Amendment and Limited Waiver to 
Amended and Restated Credit Agreement

LENDER ADDENDUM (REVOLVING CREDIT LENDER)
June 21, 2017
Reference is made to the Amended and Restated Credit Agreement, dated as of June 30, 2015 (as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of June 16, 2016, that certain Second Amendment to Amended and Restated Credit Agreement dated as of December 20, 2016 and that certain Third Amendment and Limited Waiver to Amended and Restated Credit Agreement dated as of June 21, 2017 (the “Third Amendment”) and as further amended, supplemented, restated, refinanced, replaced or otherwise modified from time to time, the “Amended and Restated Credit Agreement”; unless otherwise defined herein, terms defined therein being used herein as therein defined), among Six Flags Entertainment Corporation, a Delaware corporation, Six Flags Operations Inc., a Delaware corporation, Six Flags Theme Parks Inc., a Delaware corporation, the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), Wells Fargo Bank, National Association, as administrative agent, and the other agents named therein. 
Upon execution and delivery of this Lender Addendum (Revolving Credit Lender) by the parties hereto, the undersigned hereby agrees and consents to the limited waiver set forth in Section 3 of the Third Amendment.
THIS LENDER ADDENDUM (REVOLVING CREDIT LENDER) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
Delivery of an executed signature page hereof by facsimile or electronic mail transmission shall be effective as delivery of a manually executed counterpart hereof.
[SIGNATURE PAGES FOLLOW]

    

IN WITNESS WHEREOF, the parties hereto have caused this Lender Addendum (Revolving Credit Lender) to be duly executed and delivered by their proper and duly authorized officers as of the date first set forth above.
Name of Institution:

_____________________________, as Lender

By:___________________________
Name:
Title:

For any Lender requiring a second signature line:

By:___________________________
Name:
Title:

[Signature Page to Third Amendment and Limited Waiver Lender Addendum (Revolving Credit Lender)]Exhibit 10.1

  

EMPLOYMENT AGREEMENT

 

This Employment
Agreement (this “Agreement”), dated as of June 19, 2017 (the “Effective Date”), by and between Icagen,
Inc., a corporation organized under the laws of the State of Delaware with a principal address located at 4222 Emperor Blvd., Suite
350, Research Triangle Park, Durham, North Carolina 27703 (the “Corporation”) and Douglas Krafte, Ph.D., an individual
with an address located at 106 Gateridge Place, Carrboro, North Carolina 27510 (the “Executive”).

 

1.            EMPLOYMENT;
DUTIES

 

(a)            The
Corporation desires to continue to engage and employ Executive as the Chief Scientific Officer of the Corporation, and Executive
hereby accepts such engagement and employment as the Chief Scientific Officer of the Corporation, for the term of this Agreement
as long as Executive desires to serve. It is expected that Executive will perform such duties commensurate with such title and
as the Chief Executive Officer of the Corporation shall reasonably determine, and the employment duties of Executive will include
reporting directly to the Chief Executive Officer of the Corporation.

 

(b)            Executive
shall devote all of his professional time under this Agreement to the business of the Corporation. Executive’s employment
under this Agreement shall be Executive’s exclusive employment during the term of this Agreement. Executive may not engage,
directly or indirectly, in any other business, investment, or activity that interferes with Executive's performance of Executive's
duties hereunder, is contrary to the interest of the Corporation or any of its subsidiaries, or requires any significant portion
of Executive's business time. The foregoing notwithstanding, the parties recognize and agree that Executive may engage in personal
investments, other business activities and civic, charitable or religious activities which do not conflict with the business and
affairs of the Corporation or interfere with Executive's performance of his duties hereunder. Executive may not serve on the board
of directors of any entity without the written approval of the Chief Executive Officer or at the sole discretion of the Chief Executive
Officer and the Board of Directors. Executive shall be permitted to retain any compensation received for approved service on any
unaffiliated corporation's board of directors.

 

(c)            The
Corporation shall pay or reimburse reasonable travel, lodging, meal and related incidental costs of the Executive when the Executive
is requested to travel to or from the Corporation’s locations and while on business for the Corporation, consistent with
the Corporation’s travel policies in effect from time to time.

 

(d)            The
Corporation shall provide a computer, cellular phone and office for Executive.

 

2.           TERM

 

The term of
Executive’s employment shall be four (4) years from the execution date of this Agreement (the “Term”) unless
terminated earlier under Section 8 of this Agreement.

 

3.           COMPENSATION

 

(a)           As
compensation for the performance of his duties on behalf of the Corporation, Executive shall receive the following:

 

(i)       Base
Salary. Executive shall receive an annual base salary of Two Hundred Eighty Five Thousand Dollars ($285,000) for the Term (the
“Base Salary”), payable semi-monthly subject to annual increases following customary policies of the Company.

 

     

     

    

 

(ii)      Bonus.
The Executive shall be eligible for an annual discretionary bonus of up to thirty five percent (35%) of his base salary payable
in cash. Any bonus awarded will be in the sole and absolute discretion of both the Compensation Committee and the Board of Directors
of the Corporation. The amount of any such bonus shall depend on the achievement by the Executive and/or the Corporation of certain
objectives to be established by the Chief Executive Officer in consultation with the Executive, along with such other factors the
Board and Compensation Committee deems relevant. Any such bonus for a given fiscal year shall be payable in one lump sum upon approval
by the Board of Directors of the Corporation or the Compensation Committee, which shall be obtained at the same time as the bonuses
paid to other Executive Officers.

 

(b)          The
Corporation shall reimburse Executive for all normal, usual and necessary expenses incurred by Executive, including all travel,
lodging and entertainment, against receipt by the Corporation, as the case may be, of appropriate vouchers or other proof of Executive’s
expenditures and otherwise in accordance with the Corporation’s Expense Reimbursement Policy as may from time to time be
adopted by the Corporation.

 

(c)          Executive
shall be entitled to four (4) weeks paid vacation and sick leave in accordance with the Corporation’s policies. The Corporation
shall provide Executive and his family with healthcare coverage pursuant to the Corporation’s healthcare insurance policy
plan as well as any other benefits provided to similarly situated Executive Officers.

 

4.            REPRESENTATIONS
AND WARRANTIES AND COVENANTS OF EXECUTIVE

 

Executive hereby
represents and warrants and covenants to the Corporation as follows:

 

(a)           Neither
the execution and delivery of this Agreement nor the performance by Executive of his duties and other obligations hereunder violates
or will violate any statute, law, determination or award, or conflict with or constitute a default under (whether immediately,
upon the giving of notice or lapse of time or both) any prior employment agreement, contract, or other instrument to which Executive
is a party or by which he is bound. Executive will not improperly use or disclose confidential information or trade secrets, if
any, of any former employer or any other person to whom Executive has an obligation of confidentiality, and will not bring onto
the premises of Corporation any unpublished documents or any property belonging to any former employer or any other person to whom
Executive has an obligation of confidentiality unless consented to in writing by that former employer or person.

   

(b)           Executive has the
full right, power and legal capacity to enter and deliver this Agreement and to perform his duties and other obligations hereunder.
This Agreement constitutes the legal, valid and binding obligation of Executive enforceable against him in accordance with its
terms. No approvals or consents of any persons or entities are required for Executive to execute and deliver this Agreement or
perform his duties and other obligations hereunder.

 

5.            CONFIDENTIAL
INFORMATION

 

(a)           Executive agrees
that he has not previously and during the course of his employment or at any time thereafter, he will not disclose or make accessible
to any other person, the Corporation’s Confidential Information (as defined below). Executive agrees: (i) not to use any
such information for himself or others except as required in connection with Executive’s work for the Corporation, and (ii)
not to take any such material or reproductions thereof from the Corporation’s facilities at any time during his employment
by the Corporation other than to perform his duties hereunder. Executive agrees immediately to return all such material and reproductions
thereof in his possession to the Corporation upon request and in any event upon termination of employment. Executive hereby assigns
to the Corporation any rights Executive may have or acquire in such confidential information and recognize that all Confidential
Information shall be the sole and exclusive property of the Corporation and its assigns. Executive agrees to take all reasonable
precautions to prevent the inadvertent accidental disclosure of Confidential Information.

  

    	 	2	 

     

    

  

(b)          Except with prior
written authorization by the Corporation, Executive agrees not to disclose or publish any of the Confidential Information or material
of the Corporation, its clients or any other party to whom the Corporation owes an obligation of confidence, at any time during
or after his employment with the Corporation.

 

(c)           In the event that
Executive breaches any provisions of this Section 5 or there is a threatened breach, then, in addition to any other rights which
the Corporation may have, the Corporation shall be entitled, without the posting of a bond or other security, to injunctive relief
to enforce the restrictions contained herein. In the event that an actual proceeding is brought in equity to enforce the provisions
of this Section 5, Executive shall not urge as a defense that there is an adequate remedy at law, nor shall the Corporation be
prevented from seeking any other remedies which may be available. In addition, Executive agrees that in the event that he breaches
the covenants in this Section 5, in addition to any other rights that the Corporation may have, Executive shall be required to
pay to the Corporation any amounts he receives in connection with such breach. The obligation in this Section 5 shall survive termination
of this Agreement.

 

(d)           Executive
recognizes that in the course of his duties hereunder, he may receive from the Corporation or others information which may be considered
“material, non-public information” concerning a public company that is subject to the reporting requirements of the
United States Securities and Exchange Act of 1934, as amended (the “Exchange Act”). Executive agrees not to:

 

(i)       Buy or sell any
security, option, bond or warrant while in possession of relevant material, non-public information received from the Corporation
or others in connection herewith excluding purchases or acquisitions of securities made pursuant to the terms of a 10b5-1 plan
that meets the requirements of Rule 10b5-1 of the Securities Exchange Act of 1934, including being established when the Executive
is unaware of any material non-public information and

 

(ii)      Provide the Corporation
with information with respect to any public company that may be considered material, non-public information, unless first specifically
agreed to in writing by the Corporation.

 

(e)           Notwithstanding
the foregoing, pursuant to 18 U.S.C. Section 1833(b), Executive shall not be held criminally or civilly liable under any Federal
or State trade secret law for the disclosure of a trade secret that: (1) is made in confidence to a Federal, State, or local government
official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected
violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made
under seal.

 

    	 	3	 

     

    

 

(f)            For
purposes of this Agreement, Confidential Information includes (a) trade secrets, inventions, mask works, ideas, processes,
formulas, software in source or object code versions, data, programs, assays developed, other works of authorship, know-how, improvements,
discoveries, developments, designs and techniques and any other proprietary technology and all trade secrets, copyrights, trademarks,
mask work rights, patents and other intellectual property rights therein (collectively, “Inventions”); (b) information
regarding research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements,
licenses, prices and costs, margins, discounts, credit terms, pricing and billing policies, quoting procedures, methods of obtaining
business, forecasts, future plans and potential strategies, financial projections and business strategies, operational plans, financing
and capital-raising plans, activities and agreements, internal services and operational manuals, methods of conducting the Corporation’s
business, suppliers and supplier information, and purchasing; (c) information regarding customers and potential customers of the
Corporation, including customer lists, names, representatives, their needs or desires with respect to the types of services offered
by the Corporation, proposals, bids, contracts and their contents and parties, the type and quantity of services provided or sought
to be provided to customers and potential customers of the Corporation and other non-public information relating to customers and
potential customers; (d) information regarding any of the Corporation’s business partners and their services, including names;
representatives, proposals, bids, contracts and their contents and parties, the type and quantity of services received by the Corporation,
and other non-public information relating to business partners; (e) information regarding personnel, Executive lists, compensation,
and Executive skills; and (f) any other non-public information which a competitor of the Corporation could use to the competitive
disadvantage of the Corporation.

 

6.            INVENTIONS DISCOVERED BY EXECUTIVE

 

Executive shall
promptly disclose to the Corporation any Invention made, conceived or first reduced to practice by Executive, either alone or jointly
with others, while during the period of my employment (or, if based on any Confidential Information, within one (1) year after
the Term), (a) which pertain to any line of business activity of the Corporation, whether then conducted or then being actively
planned by the Corporation, with which Executive was or is involved; (b) which is developed using time, material or facilities
of the Corporation, whether or not during working hours or on the Corporation premises; or (c) which directly relates to any of
Executive’s work during the Term, whether or not during normal working hours. Executive agrees that the Corporation will
exclusively own all work product that is made by Executive (solely or jointly with others) within the scope of Executive’s
employment, and Executive hereby irrevocably and unconditionally assign to the Corporation all right, title, and interest worldwide
in and to such work product and any such Inventions. During and after the Term, Executive shall execute any documents necessary
to perfect the assignment of such Inventions to the Corporation and to enable the Corporation to apply for, obtain and enforce
patents, trademarks and copyrights in any and all countries on such Inventions, including, without limitation, the execution of
any instruments and the giving of evidence and testimony, without further compensation beyond Executive’s agreed compensation
during the course of Executive’s employment. All such acts shall be done without cost or expense to Executive. Executive
shall be compensated for the giving of evidence or testimony after the term of Executive’s employment at the rate of $500/day.
Without limiting the foregoing, Executive further acknowledges that all original works of authorship by Executive, whether created
alone or jointly with others, related to Executive’s employment with the Corporation and which are protectable by copyright,
are "works made for hire" within the meaning of the United States Copyright Act, 17 U.S.C. (S) 101, as amended, and the
copyright of which shall be owned solely, completely and exclusively by the Corporation. If any Invention is considered to be work
not included in the categories of work covered by the United States Copyright Act, 17 U. S.C. (S) 101, as amended, such work is
hereby assigned or transferred completely and exclusively to the Corporation. Executive hereby irrevocably designates counsel to
the Corporation as Executive's agent and attorney-in-fact to do all lawful acts necessary to apply for and obtain patents and copyrights
and to enforce the Corporation's rights under this Section. This Section 6 shall survive the termination of this Agreement. Any
assignment of copyright hereunder includes all rights of paternity, integrity, disclosure and withdrawal and any other rights that
may be known as or referred to as "moral rights" (collectively "Moral Rights"). To the extent such Moral Rights
cannot be assigned under applicable law and to the extent the following is allowed by the laws in the various countries where Moral
Rights exist, Executive hereby waives such Moral Rights and consents to any action of the Corporation that would violate such Moral
Rights in the absence of such consent. Executive agrees to confirm any such waivers and consents from time to time as requested
by the Corporation.

 

    	 	4	 

     

    

 

7.            NON-COMPETE;
NON-SOLICITATION

 

(a)            NON-COMPETE.
For a period commencing on the date hereof and ending (9 months) after the date Executive ceases to be employed by the Corporation
(the “Non-Competition Period”), Executive shall not, directly or indirectly, either for himself or any other person,
own, manage, control, materially participate in, invest in, permit his name to be used by, act as consultant or advisor to, render
material services for (alone or in association with any person, firm, corporation or other business organization) or otherwise
assist in any manner any business which develops, markets or sells products or provides services that are directly competitive
with the products being developed or sold by the Corporation or the services being provided by the Corporation at the time of termination
(collectively, a “Competitor”). Nothing herein shall prohibit Executive from being a passive owner of not more than
five percent (5%) of the equity securities of a Competitor which is publicly traded, so long as he has no active participation
in the business of such Competitor.

 

(b)            NON-SOLICITATION.  During
the Non-Competition Period, Executive shall not, directly or indirectly, (i) solicit, induce or attempt to induce, encourage or
aid others in inducing anyone working at or for the Corporation as an Executive, consultant, or independent contractor to cease
working at or for the Corporation, or in any way interfere with the relationship between the Corporation and anyone working at
or for the Corporation except in the proper exercise of Executive’s authority; (ii) hire, employ, or engage in a business
venture with as partners or owners or other joint capacity, or attempt to hire, employ, or engage in a business venture as partners
or owners or other joint capacity, with any person then employed by Corporation or who has left the employment of Corporation within
the preceding three (3) months to research, develop, market, sell, perform or provide products or services to a Competitor; or
(iii) in any way interfere with the relationship between the Corporation and any customer, potential customer, supplier, licensee
or other business relation of the Corporation.

 

(c)            SCOPE.  If,
at the time of enforcement of this Section 7, a court shall hold that the duration, scope, area or other restrictions stated herein
are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope, area or other restrictions
reasonable under such circumstances shall be substituted for the stated duration, scope, area or other restrictions.

 

(d)            INDEPENDENT
AGREEMENT.  The covenants made in this Section 7 shall be construed as an agreement independent of any other provisions
of this Agreement, and shall survive the termination of this Agreement.  Moreover, the existence of any claim or cause
of action of Executive against the Corporation or any of its affiliates, whether or not predicated upon the terms of this Agreement,
shall not constitute a defense to the enforcement of these covenants.

 

8.            TERMINATION

 

Executive’s
employment hereunder shall continue as set forth in Section 2 hereof unless terminated upon the first to occur of the following
events:

 

(a)            The
Executive’s death.

 

    	 	5	 

     

    

 

(b)           The
Executive’s “Disability”, meaning the Executive’s incapacity, due to physical or mental illness, which
results in Executive having been absent from fully performing his duties with the Company for a continuous period of more than
sixty (60) days or more than ninety (90) days in any period of three hundred sixty-five (365) consecutive days. In the event that
the Corporation intends to terminate the employment of Executive by reason of Disability, the Corporation shall give the Executive
no less than thirty (30) days’ prior written notice of the Corporation’s intention to terminate Executive’s employment.  The
Executive agrees, in the event of any dispute hereunder as to whether a Disability exists, and if requested by the Corporation,
to submit to a physical examination in the state of the Corporation’s Executive offices by a licensed physician selected
by mutual agreement between the Corporation and the Executive, the cost of such examination to be paid by the Corporation. The
written medical opinion of such physician shall be conclusive and binding upon each of the parties hereto as to whether a Disability
exists and the date when such Disability arose. If the Executive refuses to submit to appropriate examinations by such physician
at the request of the Corporation, the determination of the Executive’s Disability by the Corporation in good faith will
be conclusive as to whether such Disability exists. This Agreement shall be interpreted and applied so as to comply with the provisions
of the Americans with Disabilities Act (to the extent that it is applicable) and any other applicable laws regarding disability.

 

(c)           “Just
Cause”, meaning the Executive’s:

 

(i)       gross
insubordination; acts of embezzlement or misappropriation of funds; fraud; dereliction of fiduciary obligations;

 

(ii)      conviction
of any crime or offense involving money or other property of the Corporation or its subsidiaries or which constitutes a felony
in the jurisdiction involved;

 

(iii)     willful
unauthorized disclosure of confidential information belonging to the Corporation or entrusted to the Corporation by a client;

 

(iv)     material
violation of any provision of the Agreement, which is not cured by Executive within ten (10) days of receiving written notice of
such violation by the Corporation;

 

(v)      being
under the influence of drugs (other than prescription medicine or other medically-related drugs to the extent that they are taken
in accordance with their directions) during the performance of Executive’s duties under this Agreement;

 

(vi)    engaging
in behavior that would constitute grounds for liability for harassment (as proscribed by the U.S. Equal Employment Opportunity
Commission Guidelines or any other applicable state or local regulatory body) or other egregious conduct that violates laws governing
the workplace;

 

(vii)    willful
failure to perform his written assigned tasks, where such failure is attributable to the fault of Executive which is not cured
by Executive within thirty (30) days of receiving written notice of such violation by the Corporation.

 

In the event
that the Corporation intends to terminate the employment of Executive by reason of Just Cause, the Corporation shall give the Executive
written notice of the Corporation’s intention to terminate Executive’s employment, and such termination may be effective
immediately, unless a cure period applies, in which case the termination date may not precede the expiration date of the applicable
cure period.

 

(d)           “Without
Just Cause”, meaning written notice by the Corporation to the Executive of a termination without Just Cause and other than
due to death or Disability.

 

(e)           “Good
Reason”, meaning:

 

(i)       a
material breach by the Corporation of the terms of this Agreement, which breach is not cured within thirty (30) days after notice
thereof from Executive; or

 

    	 	6	 

     

    

 

(ii)      an
assignment to Executive of any duties materially inconsistent with Executive’s position(including status, office, title and
reporting requirements) authority, duties or responsibilities as contemplated by this Agreement which results in material diminution
in such position, authority, duties or responsibilities, specifically excluding for this purpose an isolated and insubstantial
action not taken in bad faith which is remedies by the Corporation after receipt of notice thereof given by Executive; or

 

(iii)     a
change in control which shall mean (a) any person becomes the beneficial owner (as term is defined in the Exchange Act) directly
or indirectly, of securities representing more than fifty percent (50%) of the total voting power of Company’s shares; or
(b) a change in the composition of the Board of Directors as a result of which fewer than a majority of the directors are Incumbent
Directors.  Incumbent Directors shall mean directors who are either directors of the Company on the date hereof or are
elected by the Board of Directors with the affirmative vote of a majority of the Incumbent Directors at the time of election; or
(c) the Company merges with another corporation after which a majority of the shares of the resulting entity are not held by shareholders
of the Company prior to the merger.

 

(iv)     relocation of
the Corporation’s office and laboratories to which the Executive currently reports to a location more than fifty miles from
the Corporation’s current office in Durham, North Carolina or the requirement that Executive be physically present for more
than twenty percent (20%) of his business time at any site of the Corporation that is greater than 50 miles from his current site
of employment.

 

In the event
that the Executive intends to terminate his employment for Good Reason, the Executive shall give the Corporation written notice
of his intention to terminate his employment, and such termination may be effective immediately, unless a cure period applies,
in which case the termination date may not precede the expiration date of the applicable cure period.

 

(f)            Without
Good Reason, meaning written notice by the Executive to the Corporation of a termination without Good Reason.

 

(g)            If
the Executive’s employment hereunder is terminated for any reason, the Executive or his estate as the case may be, will be
entitled to receive the accrued base salary, vacation pay, expense reimbursement and any other entitlements accrued by Executive
under Section 3(b), to the extent not previously paid (the sum of the amounts described in this subsection shall be hereinafter
referred to as the “Accrued Obligations”); provided, however, that if Executive’s employment is
terminated at any time after July 1, 2017 (1) by the Corporation without Just Cause or by the Executive for Good Reason then in
addition to paying the Accrued Obligations, the Corporation shall continue to pay the Executive his then-current base salary and
continue to provide benefits to the Executive at least equal to those which he had at the time of termination for a period of nine
months after termination; provided that Executive first executes within sixty (60) days of such termination and does not revoke
a release and settlement agreement in form acceptable to the Corporation releasing the Corporation from all claims arising for
his employment.. The right to receive any option which has not yet vested or been awarded shall terminate upon the termination
of Executive’s employment for any reason. The period(s) to exercise the option following termination of employment, shall
be according to the Corporation’s existing stock option plan and customary form of Executive stock option agreement. If Executive
commences employment with another employer and is eligible to receive medical or other welfare benefits under another employer
provider plan, the medical and other welfare benefits to be provided by the Corporation as described herein shall terminate.

 

    	 	7	 

     

    

 

9.            NO
DISPARAGEMENT

 

Executive agrees
that during the course of his employment or at any time thereafter, he shall refrain and cause his agents, family and/or representatives
to refrain from (i) all conduct, verbal or otherwise, which would materially damage the reputation, goodwill or standing in the
community of the Corporation, its affiliates, subsidiaries, divisions, agents and related parties and their respective principals,
owners (direct or indirect), members, directors, officers, agents, servants, Executives, parties, attorneys and other professionals,
successors and assigns (collectively, the “the Corporation Related Parties”) and (ii) referring to or in any way commenting
on the Corporation and/or any of the other the Corporation Related Parties in or through the general media or any public domain
(including without limitation, internet websites, blogs, chat rooms and the like), which would materially damage, the reputation,
goodwill or standing in the community of the Corporation and/or any of the Corporation Related Parties. The provisions of this
Section 9 shall survive termination of this Agreement.

 

10.          NOTICES

 

Any notice or
other communication under this Agreement shall be in person or in writing and shall be deemed to have been given (i) when delivered
personally against receipt therefor; (ii) one (1) day after being sent by Federal Express or similar overnight delivery; (iii)
three (3) days after being mailed registered or certified mail, postage prepaid, return receipt requested, to either party at the
address set forth above, or to such other address as such party shall give by notice hereunder to the other party; or (iv) when
sent by; facsimile, followed by oral confirmation and with a hard copy sent as in (ii) or (iii) above.

 

11.          SEVERABILITY
OF PROVISIONS

 

If any provision
of this Agreement shall be declared by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced
in whole or in part, such provision shall be interpreted so as to remain enforceable to the maximum extent permissible consistent
with applicable law and the remaining conditions and provisions or portions thereof shall nevertheless remain in full force and
effect and enforceable to the extent they are valid, legal and enforceable, and no provision shall be deemed dependent upon any
other covenant or provision unless so expressed herein.

 

12.          ENTIRE AGREEMENT MODIFICATION

 

This Agreement
contains the entire agreement of the parties relating to the subject matter hereof, and the parties hereto have made no agreements,
representations or warranties relating to the subject matter of this Agreement which are not set forth herein. No modification
of this Agreement shall be valid unless made in writing and signed by the parties hereto.

 

13.          BINDING
EFFECT

 

The rights,
benefits, duties and obligations under this Agreement shall inure to, and be binding upon, the Corporation, its successors and
assigns, and upon Executive and his legal representatives. This Agreement constitutes a personal service agreement, and the performance
of Executive’s obligations hereunder may not be transferred or assigned by Executive.

 

    	 	8	 

     

    

 

14.          NON-WAIVER

 

The failure
of either party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement shall not
be construed as a waiver or relinquishment of future compliance therewith, and said terms, conditions and provisions shall remain
in full force and effect. No waiver of any term or condition of this Agreement on the part of either party shall be effective for
any purpose whatsoever unless such waiver is in writing and signed by such party.

 

15.          GOVERNING LAW, DISPUTE
RESOLUTION

 

This Agreement
shall be governed by, and construed and interpreted in accordance with, the laws of the State of North Carolina of the United States
of America without regard to principles of conflict of laws. The State of North Carolina shall be the exclusive jurisdiction for
any disputes arising under this Agreement and the Parties hereby consent to such jurisdiction.

 

16.          HEADINGS

 

The headings
of paragraphs are inserted for convenience and shall not affect any interpretation of this Agreement.

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

Corporation:

 

	ICAGEN, INC.	 
	 
	By:	                	 
	Name:	Richard Cunningham	 
	Title:	President and Chief Executive Officer	 
	 	 	 
	Executive:	 
	 	 	 
	 	 
	Douglas Krafte, Ph.D.	 

 

 

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]