Document:

seas-ex1055_877.htm

Exhibit 10.55

AMENDMENT #1 TO

OFFER LETTER OF EMPLOYMENT

This AMENDMENT #1 TO OFFER LETTER OF EMPLOYMENT (this “Amendment”) is made and entered into as of this 21st day of February 2017 (the “Effective Date”), by and between SeaWorld Entertainment, Inc., a Delaware corporation (the “Company”), and Denise L. Godreau (the “Executive”).  

W I T N E S S E T H :

WHEREAS, the Company and Executive previously entered into the Offer Letter of Employment, dated as of December 28, 2016 (the “Offer Letter”); 

WHEREAS, the Company and Executive wish to amend the Offer Letter in certain respects, effective as of the Effective Date; and

WHEREAS, the Compensation Committee of the Board of Directors of the Company has approved an amendment to the Offer Letter as set forth herein.

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the Company and Executive hereby agree as follows:

1.Amendment to the Relocation Expenses. Section 9 of the Offer Letter is hereby amended and restated in its entirety to read as  follows: 

 

Relocation Expenses. To assist you with relocation, we offer relocation reimbursement and assistance as outlined in the Company’s executive relocation policy, as in effect from time to time (the “Relocation Policy”).  Notwithstanding the terms of the Relocation Policy, the Company will provide (a) temporary housing accommodations (as outlined in the Relocation Policy) for up to nine (9) months for a total cost not to exceed $40,500 and (b) Home Sale Assistance (as outlined in the Relocation Policy) for a home value of up to $2,000,000.

 

2.Effect of Amendment. Except as expressly amended and modified by this Amendment, all provisions of the Offer Letter shall remain in full force and effect.  This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Offer Letter other than as set forth herein.

 

3.Governing Law; Waiver of Jury Trial. THIS AMENDMENT IS GOVERNED BY AND IS TO BE CONSTRUED UNDER THE LAWS OF THE STATE OF FLORIDA WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAWS.  EACH PARTY TO THIS AMENDMENT ALSO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AMENDMENT.

 

4.Counterparts.  This Amendment may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

***

[Signatures to appear on the following pages.]

 

 

 

IN WITNESS WHEREOF, the Company has executed this Amendment as of the date first above written.

SEAWORLD ENTERTAINMENT, INC.

/s/ G. Anthony (Tony) Taylor 
By: G. Anthony (Tony) Taylor
Title: Chief Legal Officer, General Counsel and Corporate Secretary

 

 

 

 

 

IN WITNESS WHEREOF, the Executive has executed this Amendment as of the date first above written.

 

 

EXECUTIVE

/s/ Denise L. Godreau 
Denise L. Godreauseas-ex1056_478.htm

 

Exhibit 10.56

SEAWORLD ENTERTAINMENT, INC.

SECOND AMENDED & RESTATED STOCK OWNERSHIP GUIDELINES

 

Adopted January 18, 2017

 

	
I.
	
General Statement

 

The Board of Directors of SeaWorld Entertainment, Inc., a Delaware corporation (the “Company”) has adopted these Stock Ownership Guidelines (these “Guidelines”) to further align the interests of the Company’s executives and non-employee members of the Company’s Board of Directors with the interests of the Company’s stockholders.

 

	
II.
	
Stock Ownership Guidelines

 

These Guidelines provide that members of the Company’s senior management who are considered executive officers for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, other members of the Company’s Operations Committee and non-employee members of the Company’s Board of Directors, will be subject to stock ownership guidelines established as a multiple of annual base salary or annual cash retainer, as follows:

 

	
Leadership Position
	
Value of Shares 

	
Chief Executive Officer
	
6x annual base salary

	
Non-employee directors
	
5x annual cash retainer

	
Chief Financial Officer

Chief Parks Operations Officer

Chief Creative Officer

Chief Marketing Officer

Chief Human Resources & Culture Officer

Chief Legal Officer

Chief Zoological Officer
	
3x annual base salary

	
Park Presidents

Chief Accounting Officer

Chief Information Officer

Corp. VP Investor Relations

Sr. Business Development

Sr. Marketing Officer
	
2x annual base salary

 

	
III.
	
Stock Ownership Definition

 

Stock that counts toward satisfaction of these Guidelines include: (a) shares of the Company’s common stock owned directly by the individual or his or her immediate family members residing in the same household, whether held individually or jointly (including, without limitation, shares of restricted stock to the extent the restrictions applicable thereto have lapsed and shares received upon the settlement of restricted stock units); (b) shares of time-based restricted stock (to the extent the restrictions have not lapsed) or time-based restricted stock units (whether or not the restrictions have lapsed); (c) shares of the Company’s common stock held in a grantor trust for the benefit of the individual or his or her immediate family members residing in the same household; and (d) shares of the Company’s common stock owned by a partnership, limited liability company or other entity to the extent of the individual’s interest therein (or the interest therein of his or her immediate family members residing in the same household) but only if the individual has or shares power to vote or dispose of the shares.  For avoidance of doubt, the following equity awards do not count toward satisfaction of these Guidelines: (1) outstanding stock options and (2) performance-based restricted stock (to the extent the restrictions have not lapsed) or performance based restricted stock units (whether or not the restrictions have lapsed). 

 

	
IV.
	
Compliance with Stock Ownership Guidelines 

 

The determination of whether an individual meets the specified guideline level of ownership will be made as of the last day of the fiscal year by using the average closing market price on the New York Stock Exchange (or such other national securities exchange on which the Company’s common stock is then principally listed) of a share of the Company’s common stock for the prior 60-day period.

 

 

 

	
V.
	
Stock Retention Requirements

 

Until such time as an individual covered by these Guidelines has achieved compliance with these Guidelines, or becomes non-compliant due to a reduction in stock price, he or she will be required to retain at least fifty percent (50%) of the Net Shares that are acquired as a result of the exercise, vesting or payment of any Company equity awards granted to such individual until compliance is achieved or re-achieved. “Net Shares” are those shares that remain after shares are sold or withheld, as the case may be, to pay any applicable exercise price for the award and satisfy any tax obligations arising in connection with the exercise, vesting or payment of the award.  Because an individual covered by these Guidelines must retain a percentage of Net Shares acquired from Company equity awards until such individual satisfies the specified guideline level of ownership, there is no minimum time period required to achieve the specified guideline level of ownership.  The retention requirements of this Section V shall only apply to Net Shares realized after the date of the initial adoption of these Guidelines.

 

	
VI.
	
Hardships and Waivers

 

There may be instances in which these Guidelines would place a hardship on an individual covered by these Guidelines or prevent such individual from complying with a court order, such as a divorce settlement. In these instances, such individual must submit a request in writing to the Company’s Compensation Committee summarizing the circumstances and describing the extent to which an exemption is being requested. The Compensation Committee, in its sole discretion, shall make the final decision as to whether an exemption will be granted.

2seas-ex1057_677.htm

 

Exhibit 10.57

SEAWORLD ENTERTAINMENT, INC.
KEY EMPLOYEE SEVERANCE PLAN

 

Originally Effective August 1, 2010

Amended and Restated Effective March 1, 2017

 

This document sets forth the terms of the SeaWorld Entertainment, Inc. Key Employee Severance Plan (formerly known as the SeaWorld Parks & Entertainment, Inc. Key Employee Severance Plan) (the “Plan”).  The Plan provides severance compensation and benefits to certain employees designated as members of the Senior Leadership Team of SeaWorld Entertainment, Inc. (the “Company”).  When an eligible employee’s employment terminates under the Plan such individual may be entitled to certain severance payments (less applicable tax withholdings) and continuation of certain benefits, depending upon the circumstances under which employment terminates.  The amount of the payments is determined by tier (as defined by the Company).

	
SECTION I.
	
ELIGIBILITY

	
 
	
1.1
	
Employees who are classified as members of the Company’s Senior Leadership Team by the Company’s Chief Executive Officer and the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”).

	
 
	
1.2
	
In order to be eligible for the Plan severance payments and benefits, the employee must fully execute and timely return a valid and effective separation agreement and release and waiver of claims in a form and manner acceptable to and provided by the Company (the “Confidential Separation Agreement and General Release and Waiver of Claims”) that will include but is not limited to:

	
 
	
1.2.1
	
One-year non-compete agreement;

	
 
	
1.2.2
	
Two-year non-solicitation agreement;

	
 
	
1.2.3
	
Non-disparagement agreement;

	
 
	
1.2.4
	
Confidentiality clauses pertaining to the disclosure of confidential information and the existence of the Confidential Separation Agreement and General Release and Waiver of Claims

	
 
	
1.2.5
	
Agreement to cooperate in any current or future legal matters relating to activities or matters that the employee worked on, learned of, or became familiar with during the employee’s term of employment; and

	
 
	
1.2.6
	
Release of any and all claims that the employee may have against the Company (including all related entities and persons)

	
 
	
1.3
	
All severance payments and benefits must be approved by the Chief Human Resources & Culture Officer and the Chairman of the Compensation Committee.  Severance payments and benefits are payable if the employee’s employment terminates as a result of:

	
 
	
1.3.1
	
Job elimination resulting from a business reorganization, reduction in force, facility closure, business consolidation; 

	
 
	
1.3.2
	
Job elimination resulting from a sale or merger; or

	
 
	
1.3.3
	
Lack of an available position following a return from a certified medical leave of absence or work related injury or illness.

	
 
	
1.4
	
Benefits are not payable under the Plan if:

	
 
	
1.4.1
	
The employee fails or refuses to return the Confidential Separation Agreement and General Release and Waiver of Claims; 

 

 

	
 
	
1.4.2
	
The employee voluntarily leaves the Company for “any” reason (including but not limited to retirement, job abandonment, or voluntary resignation); 

	
 
	
1.4.3
	
The employee’s employment terminates as a result of (or it is discovered that grounds for a termination for any of the following reasons existed at the time of employee’s termination) (i) misconduct, (ii) a violation of Company rules, policies and/or practices, or (iii) poor performance based on an employee’s unwillingness, inability or refusal to perform job duties or responsibilities as determined by the discretion of the Plan administrator; or

	
 
	
1.4.4
	
The employee’s death, disability, or failure to return to work following an approved leave of absence.

	
SECTION II.
	
SCHEDULE OF BENEFITS

	
 
	
2.1
	
Plan severance compensation and benefits are based upon the normal base monthly salary and the actual bonus earned through the termination date for the plan year in place at the time of termination.

	
 
	
2.2
	
Tier is determined by position and/or by length of employment.

	
 
	
2.3
	
Generally, all other benefits are subject to the terms of the Company’s plans, programs and policies.  

	
 
	
2.4
	
Executive outplacement services (as determined by the Company) will be available to eligible employees.  Services must be engaged within 30 days of the termination of employment.

	
SECTION III.
	
SEVERANCE PAYMENT

To the extent an eligible employee becomes entitled to severance payments and benefits under this Plan in accordance with Section 1.3 of the Plan the payments shall be made in accordance with the following: 

	
 
	
3.1
	
Tier 1 is designated for the Company’s Chief Executive Officer.

	
 
	
3.1.1
	
As a Tier 1 employee, such individual will be entitled to (i) severance pay equal to 24 months of the employee’s base salary in effect on the termination date, payable in substantially equal, bi-monthly installments made in accordance with the Company’s standard payroll schedule for salaried employees over a period of 24 months; and (ii) the pro-rata portion (pro-rated from the beginning of the bonus plan year through the termination date) of the annual cash bonus such individual would have otherwise been entitled to receive based on actual performance (not to exceed the individual’s annual target bonus amount) had such individual remained employed through the payment date, subject to advance approval by the Compensation Committee with consideration given to the individual’s circumstances and payable when such bonuses are generally paid to other employees (the “Pro-Rata Bonus”).

	
 
	
3.1.2
	
A lump sum cash payment in the amount of $25,000, which is intended to be used to defray the employee’s post-termination health insurance expenses, including but not limited to COBRA premiums, ACA marketplace premiums, or other coverage premiums, payable on the first payroll date following the Release Effective Date.  

	
 
	
3.2
	
Tier 2 is designated for Senior Leadership Team member hires to the Company who have been employed by the Company for less than 2 years at the time of termination.

	
 
	
3.2.1
	
As a Tier 2 employee, such individual will be entitled (i) severance pay equal to 18 months of the employee’s base salary in effect on the termination date, payable in substantially equal, bi-monthly installments made in accordance with the Company’s standard payroll schedule over a period of 18 months; and (ii) the Pro-Rata Bonus.

2

 

	
 
	
3.2.2
	
A lump sum cash payment in the amount of $20,000, which is intended to be used to defray the employee’s post-termination health insurance expenses, including but not limited to COBRA premiums, ACA marketplace premiums, or other coverage premiums, payable on the first payroll date following the Release Effective Date.  

	
 
	
3.3
	
Tier 3 is designated for Senior Leadership Team member employees of the Company who have been employed for 2 years or more at the time of termination.

	
 
	
3.3.1
	
As a Tier 3 employee, such individual will be entitled to (i) severance pay equal to 12 months of the employee’s base salary in effect on the termination date, payable in substantially equal, bi-monthly installments made in accordance with the Company’s standard payroll schedule over a period of 12 months; and (ii) the Pro-Rata Bonus.

	
 
	
3.3.2
	
A lump sum cash payment in the amount of $15,000, which is intended to be used to defray the employee’s post-termination health insurance expenses, including but not limited to COBRA premiums, ACA marketplace premiums, or other coverage premiums, payable on the first payroll date following the Release Effective Date.  

	
 
	
3.4
	
Separation Agreement, Including General Release and Restrictive Covenants. Notwithstanding any provision herein to the contrary, the payment of any amount or provision of any benefit pursuant to the Plan as described in this Section 3 above shall be conditioned upon the applicable employee’s execution, delivery to the Company, and non-revocation of the Confidential Separation Agreement and General Release and Waiver of Claims (and the expiration of any revocation period contained therein) within 45 days following the date of a qualifying termination (the date upon which the Confidential Separation Agreement and General Release and Waiver of Claims becomes effective, the “Release Effective Date”) .  If an employee fails to execute the Confidential Separation Agreement and General Release and Waiver of Claims in such a timely manner so as to permit any revocation period to expire prior to the end of such 45 day period, or timely revokes his or her acceptance of such release following its execution, such employee shall not be entitled to payment of any severance and other benefits under the Plan.  Further, to the extent that any of the payments hereunder constitute “nonqualified deferred compensation” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and the rules, regulations or other interpretative guidance promulgated thereunder, as well as any successor laws in replacement thereof, (the “Code”), any payment of any amount or provision of any benefit otherwise scheduled to occur prior to the 45th day following the date of such qualifying termination, but for the condition of executing the Confidential Separation Agreement and General Release and Waiver of Claims as set forth herein, shall not be made until the first regularly scheduled payroll date following such 45th day, after which any remaining payments shall thereafter be provided to the employee according to the applicable schedule set forth herein.

	
 
	
3.5
	
Additional Benefits.  To the extent an employee is eligible for severance payments and benefits under this Plan, such employee shall not be entitled to any other severance payments or benefits.

	
SECTION IV.
	
PLAN MODIFICATION AND TERMINATION

	
 
	
4.1
	
The Plan may be modified, amended or terminated by the Company at any time, with or without notice.

	
SECTION V.
	
ADDITIONAL TERMS

	
 
	
5.1
	
Taxes and Withholdings.  Severance and other payments under the Plan will be subject to all required taxes and may be impacted by any legally required withholdings, such as wage attachments, child support and bankruptcy deductions.  Notwithstanding anything else contained herein to the contrary, nothing in this Plan is intended to constitute, nor does it constitute, tax advice, and in all cases, each eligible employee should obtain and rely solely on the tax advice provided by his or her own independent tax advisors (and not this Plan, the Company, or any officer, employee or agent of the Company).  Each eligible employee shall be solely responsible for his or her own tax liability with respect to participation in this Plan.  

3

 

	
 
	
5.2
	
Other Benefits.  In the event that an individual is eligible for severance compensation and benefits under this Plan and for severance compensation and/or benefits under a separate agreement with the Company or another severance policy/plan of the Company, the individual shall receive the greater of the severance compensation and benefits available, but shall not be eligible for or entitled to duplicate compensation or benefits. 

	
 
	
5.3
	
Specified Employees.  Notwithstanding anything herein to the contrary, if (i) at the time of an eligible employee’s qualifying termination by the Company, such employee is a “specified employee” as defined in Section 409A of the Code, and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent the imposition of any accelerated or additional tax under Section 409A of the Code, then the commencement of the payment of any such payments or benefits hereunder will be deferred (without any increase or decrease in such payments or benefits ultimately paid or provided to the employee) until the date that is 6 months following such employee’s qualifying termination (or the earliest date that is permitted under Section 409A of the Code) and (ii) any other payments of money or other benefits due to the employee hereunder would cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by or at the direction of the Company, that does not cause such an accelerated or additional tax or result in additional cost to the Company.  The Company shall consult with its legal counsel and tax advisors in good faith regarding the implementation of this Section 5.1; provided, however, that none of the, or any of their respective employees or representatives, shall have any liability to the terminated employee with respect thereto.

	
 
	
5.4
	
Code Section 409A Compliance.  To the fullest extent possible, amounts and other benefits under the Plan are intended to be exempt from the definition of “nonqualified deferred compensation” under Section 409A of the Code.  If, and to the extent that any such amount or benefit provided under this Plan is, or becomes subject to, Section 409A of the Code due to a failure to qualify for an exemption from the definition of nonqualified deferred compensation under Section 409A of the Code, this Plan is intended to comply with the applicable requirements of Section 409A of the Code with respect to such amounts or benefits so as to avoid the imposition of any taxes and/or penalties due to a violation of Section 409A of the Code.  To the extent possible, this Plan shall be interpreted and administered in a manner consistent with the foregoing statement of intent.  Each installment payment of severance pay shall be deemed a separate payment for all purposes, including for purposes of Section 409A of the Code.

	
 
	
5.5
	
Plan Not Funded.  Amounts payable under the Plan shall be payable from the general assets of the Company, and no special or separate reserve, fund or deposit shall be made to assure payment of such amounts.  No employee, beneficiary or other Person (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) shall have any right, title or interest in any fund or in any specific asset of the Company by reason of participation hereunder.  Neither the provisions of the Plan, nor the creation or adoption of the Plan, nor any action taken pursuant to the provisions of the Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between the Company and any employee, beneficiary or other Person.  To the extent that an employee, beneficiary or other Person acquires a right to receive payment under the Plan, such right shall be no greater than the right of any unsecured general creditor of the Company.  Notwithstanding the foregoing, the Company shall have the right to implement or set aside funds in a grantor trust, subject to the claims of the Company's creditors or otherwise, to discharge its obligations under the Plan.

	
 
	
5.6
	
Employment Status.  The Plan does not constitute a contract of employment and nothing in the Plan provides or may be construed to provide that participation in the Plan is a guarantee of continued employment with the Company or any of its subsidiaries or affiliates.

	
 
	
5.7
	
Severability.  If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability will not affect any other provision of the Plan, and the Plan will be construed and enforced as if such provision had not been included.

4

 

	
 
	
5.8
	
Applicable Law and Dispute Resolution.  The Plan is to be construed according to the laws of the State of Florida without reference to principles of conflicts or choice of law under which the law of any other jurisdiction would apply.  Any dispute or controversy arising under or in connection with the Plan shall be settled exclusively through the SeaWorld Parks & Entertainment Dispute Resolution Program Policy, which includes final and binding arbitration of covered claims.  

	
 
	
5.9
	
Administration.  The Plan shall be administered by the Board of Directors of the Company, the Compensation Committee or subcommittee thereof. All questions regarding the interpretation and administration of this policy should be directed to the Company’s Chief Human Resources & Culture Officer.  The Plan is not administered or regarded as a welfare benefit plan as defined by the Employee Retirement Income Act of 1974.

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]