Document:

seas-ex107_133.htm

Exhibit 10.7

PATENT SECURITY AGREEMENT

Patent Security Agreement, dated as of April 30, 2020, by SeaWorld Parks & Entertainment, Inc., a Delaware corporation (the “Grantor”), in favor of Wilmington Trust, National Association, in its capacity as collateral agent pursuant to the Indenture (in such capacity, the “Collateral Agent”).

WITNESSETH:

WHEREAS, the Grantor is party to a Security Agreement dated as of April 30, 2020 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Grantor is required to execute and deliver this Patent Security Agreement;

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the Indenture, the Grantor hereby agrees with the Collateral Agent as follows:

SECTION 1.Defined Terms.  Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement.

SECTION 2.Grant of Security Interest in Patent Collateral.  The Grantor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Article 9 Collateral (excluding any Excluded Assets) of the Grantor:

(a)Patents of the Grantor, including, without limitation, those listed on Schedule I attached hereto (hereinafter, the “Patent Collateral”).

SECTION 3.The Security Agreement.  The security interest granted pursuant to this Patent Security Agreement is granted in conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and the Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the security interest in the Patent Collateral made and granted hereby are more fully set forth in the Security Agreement.  In the event that any provision of this Patent Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine.

SECTION 4.Termination.  Upon the termination of the Security Agreement in accordance with Section 6.12 thereof, the Collateral Agent shall, at the expense of the Grantor, execute, acknowledge, and deliver to the Grantor an instrument in writing in recordable form releasing the lien on and security interest in the Patent Collateral under this Patent Security Agreement and any other documents required to evidence the termination of the Collateral Agent’s interest in the Patent Collateral.

SECTION 5.Counterparts.  This Patent Security Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Patent Security Agreement by signing and delivering one or more counterparts.

[Signature pages follow.]

 

 

Exhibit 10.7

SEAWORLD PARKS & ENTERTAINMENT, INC.

By:/s/ Harold J. Herman

Name: Harold J. Herman

Title: Assistant Secretary

 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Agent

By:/s/ Jane Schweiger

Name: Jane Schweiger

Title: Vice President

 

 

[Signature Page to Patent Security Agreement]seas-ex108_132.htm

Exhibit 10.8

TRADEMARK SECURITY AGREEMENT

Trademark Security Agreement, dated as of April 30, 2020, by SeaWorld Entertainment, Inc., a Delaware corporation, Sea World LLC, a Delaware limited liability company and SeaWorld Parks & Entertainment LLC, a Delaware limited liability company (each, a “Grantor” and collectively, the “Grantors”), in favor of Wilmington Trust, National Association, in its capacity as collateral agent pursuant to the Indenture (in such capacity, the “Collateral Agent”).

WITNESSETH:

WHEREAS, the Grantors are party to a Security Agreement dated as of April 30, 2020 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Grantors are required to execute and deliver this Trademark Security Agreement;

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the Indenture, each Grantor hereby agrees with the Collateral Agent as follows:

SECTION 1.Defined Terms.  Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement.

SECTION 2.Grant of Security Interest in Trademark Collateral.  Each Grantor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Article 9 Collateral (excluding any Excluded Assets) of such Grantor:

Trademarks of the Grantor, including, without limitation, those listed on Schedule I attached hereto (hereinafter, the “Trademark Collateral”);

provided, however, that the foregoing grant of security interest does not and will not cover any Trademark applications filed in the USPTO on the basis of any Grantor’s “intent-to-use” such Trademark, unless and until acceptable evidence of use of such Trademark has been filed with and accepted by the USPTO pursuant to Section 1(c) or Section 1(d) of the Lanham Act (15 U.S.C. 1051, et seq.), to the extent that granting a lien in such Trademark application prior to such filing would adversely affect the enforceability, validity, or other rights in such Trademark application. 

SECTION 3.The Security Agreement.  The security interest granted pursuant to this Trademark Security Agreement is granted in conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and each Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the security interest in the Trademark Collateral made and granted hereby are more fully set forth in the Security Agreement.  In the event that any provision of this Trademark Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine.

SECTION 4.Termination.  Upon the termination of the Security Agreement in accordance with Section 6.12 thereof, the Collateral Agent shall, at the expense of the Grantors, execute, acknowledge, and deliver to the Grantors an instrument in writing in recordable form releasing the lien on and security interest in the Trademark Collateral under this Trademark Security Agreement and any other 

 

 

documents required to evidence the termination of the Collateral Agent’s interest in the Trademark Collateral.

SECTION 5.Counterparts.  This Trademark Security Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Trademark Security Agreement by signing and delivering one or more counterparts.

[Signature pages follow]

 

Exhibit 10.8

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date

first written above.

 

SEAWORLD ENTERTAINMENT, INC.

 

 

 

By:/s/ Harold J. Herman

Name: Harold J. Herman

Title: Assistant Secretary

 

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date

first written above.

 

SEAWORLD PARKS & ENTERTAINMENT LLC

 

By:/s/ Harold J. Herman

Name: Harold J. Herman

Title: Assistant Secretary

 

 

Signature Page to Trademark Security Agreement

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date

first written above.

 

SEA WORLD LLC

By:/s/ Harold J. Herman

Name: Harold J. Herman

Title: Assistant Secretary

Signature Page to Trademark Security Agreement

 

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Agent

By:/s/ Jane Schweiger

Name: Jane Schweiger

Title: Vice President

 

 

Signature Page to Trademark Security Agreementseas-ex109_206.htm

Exhibit 10.9

SeaWorld Entertainment, Inc.

6240 Sea Harbor Drive

Orlando, Florida 32821

February [  ], 2020

 

[LTIP PARTICIPANT]

 

Re: Notice of Modification to 2019 LTIP Award

 

Dear [LTIP PARTICIPANT],

 

On February 25, 2020, SeaWorld Entertainment, Inc., a Delaware corporation (the “Company”) approved a modification (the “Modification”) to the Long-Term Incentive Performance-Based Restricted Stock Units originally granted by the Company on [DATE] under its 2017 Omnibus Incentive Plan, including your grant pursuant to the Performance Stock Unit Grant Notice and Restricted Stock Unit Agreement (your “2019 LTIP Award”). The Modification was approved in order to better align the performance period and performance metrics in your 2019 LTIP Award with the performance period and performance metrics set forth in the performance-based restricted stock units award granted to the Company’s Chief Executive Officer in November 2019, upon his commencement of employment with the Company.  Capitalized terms not otherwise defined herein shall have the meaning set forth in your 2019 LTIP Award.

 

 

The Modification extended the Performance Period and Extended Performance Period.  Following the Modification the following dates apply:

 

(i) The term “Performance Period” is revised in its entirety to mean the period commencing on January 1, 2019 and ending on December 31, 2022.

 

(ii)The term “Extended Performance Period” is revised in its entirety to mean the period commencing on January 1, 2023 and ending on December 31, 2023.

 

As a result of these changes the Vesting Date shall also include reference to the 2023 fiscal year and the forfeiture provision in Section 1(c) of Exhibit A to your 2019 LTIP Award shall be updated accordingly to reflect “fiscal year 2022 and/or 2023, as applicable”.

 

In connection with the Modification, the Board determined a new “Adjusted EBITDA Target”, referred to herein as the “Revised Adjusted EBITDA Target”, and a new “Adjusted EBITDA Threshold”, referred to herein as the “Revised Adjusted EBITDA Threshold”.  In addition to the current vesting terms set forth in your 2019 LTIP Award, your 2019 LTIP Award shall also vest in accordance with its terms if the Revised Adjusted EBITDA Target and/or Revised Adjusted EBITDA Threshold, as applicable, are achieved during the Performance Period or Extended Performance Period, as applicable.  For the avoidance of doubt, all terms and conditions that apply to (i) the Adjusted EBITDA Target shall also apply to the Revised Adjusted EBITDA Target and (ii) the Adjusted EBITDA Threshold shall also apply to the Revised Adjusted EBITDA Target.

 

Except as set forth herein, the terms and conditions of your 2019 LTIP Award remain unchanged.  The Company believes aligning your award with the CEO Performance Award puts everyone on the same path to success. 

 

If you have any questions please reach out to [•] at [•].

 

Sincerely,

 

 

 

SeaWorld Entertainment, Inc.

 

By: ___________________________

Name: 

Title: 

ACCEPTED AND ACKNOWLEDGED

 

 

 

 

[LTIP PARTICIPANT]

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