Document:

Exhibit 10.1

 

Execution Version

 

EMPLOYMENT AGREEMENT

 

This
Employment Agreement (the “Agreement”),
dated as of August 12, 2010, is entered into by and between Six Flags
Entertainment Corporation, a Delaware corporation (the  “Company”) and James Reid-Anderson (the “Executive”).

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS,
the Company and Executive desire that Executive serve as Chairman of the
Company’s Board of Directors (the “Board”)
and as President and Chief Executive Officer of the Company on the terms set
forth in this Agreement and to confirm the terms and conditions of such
employment by entering into this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants set forth in this
Agreement, it is hereby agreed as follows:

 

1.             Term of Employment.  The term of Executive’s employment by
the Company pursuant to this Agreement shall commence on August 12, 2010
(the “Effective Date”) and shall
terminate in accordance with Section 4 hereof (such term, the “Term”).

 

2.             Position, Duties and Location.

 

(a)           Position and Duties.  Executive
shall serve as the President and Chief Executive Officer of the Company and,
during any period the Executive is a member of the Board, as Chairman of the
Board.  The Company shall nominate the
Executive for election as a member of the Board at each stockholders’ meeting
occurring during the Term that the Executive’s seat is scheduled for election
and shall use best efforts to have the Executive so elected.  During the Term, Executive shall have the
duties and responsibilities for the position(s) then held by Executive
that are commensurate with those held by similarly situated executives at
similarly situated companies of similar size, and such other duties and
responsibilities assigned by the Board that are consistent with Executive’s
position.  Executive shall report solely
and directly to the Board.

 

(b)           Attention and Time.  Executive
shall devote substantially all his business attention and time to his duties
hereunder and shall use his reasonable best efforts to carry out such duties
faithfully and efficiently.  During the Term, it shall not be a violation
of this Agreement for Executive to (i) serve on industry, trade, civic or
charitable boards or committees; (ii) deliver lectures or fulfill speaking
engagements; (iii) manage personal investments, as long as such activities
do not materially interfere with the performance of Executive’s duties and
responsibilities as described herein; or (iv) serve as a director of
Stericycle, Inc., Brightpoint, Inc. or Inovasi.  Executive shall
be permitted to serve on for-profit corporate boards of directors if approved
in advance by the Board, which approval shall not be unreasonably withheld or
delayed.  Notwithstanding the foregoing,
Executive shall use his best efforts to resign from any outside positions
consistent with his obligations with respect to such position if the Board
determines in good faith that such activities interfere in any material respect
with the performance of Executive’s duties and responsibilities for the
Company.  Notwithstanding the foregoing,
Executive may continue to serve as a consultant to Apollo Consulting
Investment, LLC through October, 2010.

 

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(c)           Location.  Executive’s
principal place of employment shall be located at the Company’s main corporate
headquarters in Dallas, Texas (the “Headquarters”) but Executive shall
be required to travel to and render services at other Company locations, as may
reasonably be required by his duties hereunder.

 

3.             Compensation.

 

(a)           Base Salary.  Executive shall
receive a base salary (as applicable, the “Base
Salary”) at an annual rate of no less than $1,200,000.  Executive’s Base Salary shall be reviewed by
the Company at least annually for increase, beginning on the first anniversary
of the Effective Date.  Base Salary shall be paid at such times and in
such manner as the Company customarily pays the base salaries of its
employees.  In the event that Executive’s Base Salary is increased by the
Board in its discretion at any time during the Term, such increased amount
shall thereafter constitute the Base Salary.

 

(b)           Annual Bonus.  During the Term,
Executive shall participate in the Company’s annual bonus program generally
applicable to named executive officers of the Company on substantially the same
terms and conditions generally applicable to such named executive officers;
provided that (i) 50% of the Executive’s annual bonus will be determined
based on achieving Adjusted EBITDA-based performance goals and 50% based on achieving
net cash flow-related performance goals; and (ii) the applicable
performance goals will be established by the Compensation Committee of the
Board (the “Committee”) in good
faith after consultation with the Executive in advance.  Executive’s minimum bonus opportunity (“Minimum Bonus”), target bonus opportunity
(“Target Bonus”) and maximum bonus
opportunity (“Maximum Bonus”)
shall be 50%, 120% and 240%, respectively of Base Salary.  Executive will earn the applicable portion of
his Maximum Bonus upon achievement of 115% of the applicable performance goal
established by the Committee after consultation with Executive.  Executive will earn the applicable portion of
his Minimum Bonus upon achievement of 90% of the applicable performance goal
established by the Committee after consultation with Executive.  Executive’s annual bonus will be determined
based on linear interpolation for performance falling between the applicable
performance goals for Target Bonus and Maximum Bonus and between the applicable
performance goals for Minimum Bonus and Target Bonus.  Notwithstanding the foregoing, for the 2010
performance year, Executive’s Target Bonus shall be (i) based on the
Company’s attainment of an Adjusted EBITDA-based performance target that has
been mutually agreed upon by the Compensation Committee and the Executive and
(ii) pro rated for the portion of the 2010 fiscal year this Agreement is
in effect.  Any annual bonus payable to
Executive shall be paid during the calendar year following the calendar year
performance year and no later than five days following the filing of the
Company’s Form 10-K for the performance year (or, if the Company is not
required to or does not file a Form 10-K, no later than five days
following the completion of the audit of the applicable performance year).

 

(c)           Equity Awards.  On the Effective
Date, the Executive shall be granted shares of common stock of the Company in
accordance with the agreement attached as Exhibit A.  In addition, on the Effective Date, Executive
shall be granted restricted stock in accordance with the agreement attached as
Exhibit A and options in accordance with the agreement attached as
Exhibit B.  In addition,
notwithstanding anything to the contrary in this Agreement, the Executive shall
participate in the Company’s Project 350 Program in accordance with the terms 

 

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attached as Exhibit C and shall have a Base
Number (as such term is used under such Program) equal to 1.25% of the
Outstanding Common Stock (as defined below). 
For purposes of this Agreement, “Outstanding
Common Stock” means the fully diluted number of shares of common
stock of the Company outstanding on the Effective Date, including both
outstanding shares of common stock or equivalents as well as all outstanding
options, stock appreciation rights and other derivative securities, restricted
stock and restricted stock units on an as-converted basis, whether or not
vested or exercisable, and assuming the issuance of the awards in this
Agreement that are to be issued on the Effective Date.  The Company represents that the Outstanding
Common Stock is 29,135,233.

 

(d)           Other Compensation and Benefits. 
During the Term, Executive shall be entitled to participate in or receive
benefits under any employee benefit programs of the Company (including life,
health and disability programs) that are made available to named executive
officers of the Company to the extent that Executive complies with the
conditions attendant with coverage under such plans or arrangements.  Nothing contained herein shall be construed
to prevent the Company from modifying or terminating any plan or arrangement
(excluding, as it relates to Executive, the annual bonus program described in
Section 3(b), expense reimbursements described in Section 3(e) and
the equity awards provided hereunder). 
Notwithstanding the foregoing, Executive shall be entitled to six weeks
of paid vacation per calendar year.

 

(e)           Expenses.  During the Term,
Executive shall be entitled to (i) perquisites on the same basis as other
named executive officers of the Company, (ii) an automobile allowance of
$1,000 per month, and (iii) a tax and legal allowance of $15,000 per
calendar year.  In addition, the Company
shall promptly reimburse Executive in accordance with applicable Company policy
for all reasonable expenses that Executive incurs during his employment with
the Company in carrying out Executive’s duties under this Agreement.  Notwithstanding the foregoing, the Executive
shall be entitled to first class air travel on Company business, including,
without limitation, travel between Company offices and will be permitted to fly
privately using NetJets or other similar arrangements as appropriate for the
performance of his duties in an efficient way (as determined in the Executive’s
good faith discretion) for up to 25 flight hours per year.  In addition, the Company shall reimburse
Executive for reasonable legal fees and expenses in an amount up to $75,000
incurred in connection with negotiating this Agreement.   Without limitation on the foregoing, the
Company shall (i) reimburse Executive for all reasonable costs incurred in
traveling to the Headquarters , including, without limitation, lodging (hotel,
apartment or otherwise), meals and transportation in the Dallas area, subject
to the Company’s reasonable requirements with respect to reporting and
documentation of such expenses, and (ii) fully gross-up the Executive for
tax purposes for any income or employment taxes imposed upon any reimbursements
described in the preceding clause, so that the Executive is in the same tax
position he would have been if such reimbursements were provided on a
non-taxable basis to the Executive.

 

(f)            Additional Compensation and Benefits. 
Nothing contained in this Agreement shall limit the Board in awarding, in its
discretion, additional compensation and benefits to Executive.

 

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4.             Termination of Employment.  Executive’s employment shall terminate
automatically upon his death or Disability.  The Company may terminate
Executive’s employment for Cause or without Cause.  Executive may
terminate his employment with or without Good Reason.  Upon termination of
Executive’s employment for any reason, the Company shall pay Executive within
10 business days of his Date of Termination (except with respect to
reimbursements described in clause (D), which shall be paid within 20 business
days of Executive’s  Date of
Termination): (A) unpaid Base Salary through the Date of Termination,
(B) any earned but unpaid bonus for the prior fiscal year, (C) any
benefits due to Executive under any employee benefit plan of the Company and
any payments due to Executive under the terms of any Company program,
arrangement or agreement, including insurance policies but excluding any
severance program or policy and (D) any expenses owed to Executive,
provided Executive properly submits documentation therefor in accordance with
applicable Company policy  within 10
business days after the Date of Termination ((A), (B), (C) and (D) collectively,
the “Accrued Amounts”).

 

(a)           Death; Disability; Termination For Cause; Termination without Good Reason.  Upon a termination of Executive’s employment (i) due to
Executive’s death or Disability, or (ii) by the Company for Cause or by
Executive without Good Reason, Executive (or, in the case of Executive’s death,
Executive’s estate and/or beneficiaries) shall be entitled to Executive’s
Accrued Amounts and Executive shall have no further right or entitlement under
this Agreement to payments arising from termination of his employment due to
death or Disability, by the Company for Cause or by Executive without Good
Reason.  In addition, in the event of the termination of Executive’s
employment due to death or Disability, Executive (or Executive’s estate) shall
be entitled to (i) a pro rata portion (based on the number of days during
the applicable performance year Executive was employed by the Company) of the
annual bonus that would otherwise have been paid to Executive if his employment
had not so terminated (a “Pro Rata Bonus”),
payable at the time described in Section 3(b) and (ii) immediate
vesting of all time-vested options, stock appreciation rights, restricted
stock, restricted stock units and other time-vested equity-based incentive
awards then held by Executive (excluding any awards issued pursuant to the
Company’s Project 350 Program) (collectively, “Equity Awards”), with all outstanding options and stock
appreciation remaining exercisable for the shorter of their originally
scheduled respective terms and one year following Executive’s Date of
Termination.  Moreover, in the event of
the termination of Executive’s employment due to Disability, Executive shall be
entitled to payment of an amount equal to the product of 2 and the sum of Executive’s
Base Salary and Target Bonus for the year of termination, such amount to be
paid in a lump sum as soon as practicable after the Date of Termination but no
later than the earliest time permitted under Section 4(c) and
Section 19.

 

(b)           Termination Without Cause or for Good Reason.  In the event that, during the
Term, the Company terminates Executive’s employment without Cause or Executive
terminates his employment for Good Reason, Executive shall be entitled to the
Accrued Amounts and, subject to Executive’s compliance with Sections 5, 6 and
7, the following payments and benefits in lieu of any payments or benefits
under any severance program or policy of the Company or its Affiliates:

 

(A)          payment of a Pro Rata Bonus, payable at the
time described in Section 3(b);

 

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(B)           payment of an amount equal to the product of 2
and the sum of (X) Executive’s Base Salary (excluding any reductions
thereto that serve as the basis for a termination for Good Reason) and (Y) Target
Bonus for the year of termination, such amount to be paid in a lump sum as soon
as practicable after the Date of Termination but no later than the earliest
time permitted under Section 4(c) and Section 19;

 

(C)           continued coverage for a period of twenty-four
(24) months commencing on the Date of Termination or until Executive receives
comparable coverage (determined on a benefit-by-benefit basis) from a
subsequent employer for Executive (and his eligible dependents, if any) under
the Company’s health plans (including medical and dental) and life insurance
plans on the same basis as such coverage is made available to executives
employed by the Company (including, without limitation, co-pays, deductibles
and other required payments and limitations) and Executive’s qualifying event
for purposes of COBRA shall be treated as occurring at the end of such
continuation period; and

 

(D)          immediate vesting of the greater of
(i) the unvested Equity Awards that are scheduled to vest in the twelve
(12) month period following Executive’s Date of Termination and (ii) 75%
of the unvested component of each outstanding Equity Award, with all vested
options and stock appreciation rights remaining exercisable for the shorter of
their originally scheduled respective terms and one year following Executive’s
Date of Termination; provided that if a termination under this
Section 4(b) occurs before and with the cooperation of the acquirer
or merger partner in the Change in Control, in anticipation of a Change in Control  or on or during the twenty-four (24) month
period following a Change in Control, all of the Equity Awards shall fully
vest.

 

(c)           Release.  As a condition to receiving the payments and
benefits set forth in Section 4(b), Executive shall be required, within 60
days of Executive’s Date of Termination (including, without limitation, a Date
of Termination that occurs after the expiration of the Term), to execute,
deliver and not revoke (with any applicable revocation period having expired) a
general release of claims in a form attached hereto as Exhibit D.  To the extent required by Section 19,
any payments or benefits that would otherwise have been made during such 60-day
period shall not be made and shall be accumulated and paid in a single lump sum
on the expiration of such 60-day period.

 

(d)           Full Discharge.  The amounts payable to Executive under this
Section following termination of Executive’s employment shall be in full
and complete satisfaction of Executive’s rights under this Agreement and any
other claims he may have in respect of his employment by the Company or any of
its subsidiaries, and Executive acknowledges that such amounts are fair and
reasonable, and his sole and exclusive remedy, in lieu of all other remedies at
law or in equity, with respect to the termination of his employment hereunder
or breach of this Agreement.  Nothing
contained in this sub-section shall serve as a bar to any claim that would not
have been released if Executive executed the release attached as Exhibit D
upon Executive’s Date of Termination, whether or not such release is required
to be executed in connection with such termination.

 

5

 

(e)           Definitions.  For purposes of
this Agreement, the following definitions shall apply:

 

(i)            “Adjusted EBITDA” means the
Company’s consolidated income (loss) from continuing operations:  (i) excluding the cumulative effect of
changes in accounting principles, fresh start accounting valuation adjustments,
discontinued operations, income tax expense or benefit, reorganization items,
restructuring expenses, other income or expense, gain or loss on early
extinguishment of debt, equity in operations of partnerships, interest expense
(net), amortization, depreciation, stock-based compensation, gain or loss on
disposal of assets, interests of third parties in the Adjusted EBITDA of
properties that are less than wholly owned (currently consisting of Six Flags
Over Georgia, Six Flags Over Texas, Six Flags White Water Atlanta and Six Flags
Great Escape Lodge & Indoor Waterpark), and (ii) plus the
Company’s share of the Adjusted EBITDA of dick clark productions, inc.  The Committee shall equitably adjust Adjusted
EBITDA to exclude the impact of equity puts by partnership parks, acquisitions
and dispositions and other one-time or extraordinary events.

 

(ii)           “Affiliate” shall mean a
person or other entity that directly or indirectly controls, is controlled by,
or is under common control with the Company.

 

(iii)          “Cause” shall mean: 
(A) Executive’s continued failure (except where due to physical or mental
incapacity) to endeavor in good faith to substantially perform his duties
hereunder after written notice from the Company requesting such performance and
specifying Executive’s alleged non-compliance; (B) Executive’s material
malfeasance or gross neglect in the performance of his duties hereunder;
(C) Executive’s conviction of, or plea of guilty or nolo contendere to, a misdemeanor
involving moral turpitude or a felony; (D) the commission by Executive of
an act of fraud or embezzlement against the Company or any Affiliate
constituting a crime; (E) Executive’s material breach of any material
provision of this Agreement (as determined in good faith by the Board) that is
not remedied within fifteen (15) days after (I) written notice from the
Company specifying such breach and (II) the opportunity to appear before
the Board; (F) Executive’s material violation of a material Company policy
that causes demonstrable damage to the Company, which damage is not insignificant;  (G) Executive’s continued failure to
cooperate in any audit or investigation involving the Company or its Affiliates
or its or their financial statements or business practices that is not remedied
within fifteen (15) days of written notice from the Company specifying such
failure; or (H) Executive’s actual gross misconduct that the Board
determines in good faith adversely and materially  affects the business or reputation of the Company and its
Subsidiaries taken as a whole; provided that in any dispute pursuant to
Section 10 regarding whether “Cause” exists under this clause (H), the
arbitrator shall make a de novo review of whether Executive’s actual gross
misconduct adversely and materially affected the business or reputation of the
Company and its Subsidiaries taken as a whole, it being understood that
Executive’s termination shall be determined by the arbitrator to have been by
the Company without Cause under this clause (H) if either
(a) Executive did not actually engage in gross misconduct or (b) such
gross misconduct did not in fact have an adverse and material effect on the
business or reputation of the Company and its Subsidiaries taken as a whole.

 

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(iv)          “Change in Control” shall
mean:  (A) any “person” (as such term is used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), but
excluding (x) any employee benefit plan of the Company, (y) any
Permitted Holder or (z) any acquisitions pursuant to a transaction
described in clause (D) below, that does not constitute a Change in
Control), is or becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Exchange Act, except that a person shall be deemed to have
“beneficial ownership” of all shares that any such person has the right to
acquire, whether such right is exercisable immediately or only through the
passage of time), directly or indirectly, of more than thirty-five percent
(35%)  of the voting stock of the
Company; (B) at any time, the Continuing Directors (as defined below)
cease for any reason to constitute at least a majority of the Board;  (C) a direct or indirect sale or other
transfer of all or substantially all of the assets of the Company and its
Subsidiaries, taken as a whole, or (D) consummation of any merger,
consolidation or like business combination or reorganization of the Company
that results in the voting securities of the Company outstanding
immediately prior to the consummation of such merger, consolidation or like
business combination or reorganization not representing (either by remaining
outstanding or by being converted into voting securities of the applicable
surviving or other entity) more than fifty percent (50%) of the combined voting
power of the voting securities of the Company (or its successor) (or the
ultimate parent company thereof) outstanding immediately after such merger,
consolidation or like business combination or reorganization.  Only one
(1) Change in Control may occur during the Term.

 

(v)           “Continuing Directors” shall
mean, as of any date of determination, any member of the Board who (i) was
a member of the Board on the date of this Agreement or (ii) was nominated
for election or elected to the Board with the approval of a majority of the
Continuing Directors who were members of the Board at the time of such
nomination or election.

 

(vi)          “Date of Termination” / “Notice of
Termination.”  Any termination of Executive’s employment by the
Company or by Executive under this Section 4 (other than termination due
to death) shall be communicated by a written notice to the other party hereto
indicating the specific termination provision in this Agreement relied upon,
setting forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of Executive’s employment under the provision
so indicated, and specifying a “Date of Termination” (a “Notice of Termination”) which, if submitted
by Executive, shall be at least thirty (30) days following the date of such
notice.  A Notice of Termination submitted by the Company may provide for
a “Date of Termination” on the date Executive receives the Notice of
Termination, or any date thereafter elected by the Company in its sole
discretion not to exceed thirty (30) days following the date of such
notice.  The failure by Executive or the Company to set forth in the
Notice of Termination any fact or circumstance which contributes to a showing
of Cause or Good Reason shall not waive any right of Executive or the Company
hereunder or preclude Executive or the Company thereafter from asserting such
fact or circumstance within a period of six months from the Date of Termination
in order to enforce Executive’s or the Company’s otherwise applicable rights
hereunder.

 

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(vii)         “Disability” shall mean the Executive’s
inability due to a mental or physical impairment to substantially perform his
duties for the Company for 90 consecutive days or 180 days in any two-year
period.

 

(viii)        “Good Reason” shall mean the occurrence,
without Executive’s express written consent, of:  (A) the removal of
the Executive as President or Chief Executive Officer of the Company or an
adverse change in Executive’s reporting obligations; (B) the failure of
the Company to nominate the Executive for election as a member of the Board or
the failure to appoint the Executive as Chairman of the Board while he is a
member thereof or the failure of the Company’s stockholders to elect him to the
Board once nominated; (C) a material diminution in Executive’s employment
duties, responsibilities or authority, or the assignment to Executive of duties
that are materially inconsistent with his position; (D) any reduction in
Base Salary or any reduction in Executive’s Minimum Bonus, Target Bonus or Maximum
Bonus (as expressed as a percentage of Base Salary); or (E) any material
breach by the Company of Section 3 or Section 9 of this Agreement;
provided that Executive may terminate for Good Reason only if (I) within
90 days of the date Executive has actual knowledge of the occurrence of an
event of Good Reason, Executive provides written notice of the Company
specifying such event, (II) the Company does not cure such event within 5
business days of such notice if the event is nonpayment of an amount due to
Executive or within 60 days of such notice for other events and
(III) Executive terminates his employment within 30 business days of the
end of such cure period.

 

(ix)           “Permitted Holders” shall
mean each person or entity (and any affiliate of such person) beneficially
owning more than 10%  of the
Company’s voting stock on the Effective Date.

 

(x)            “Subsidiary” of the Company
shall mean any corporation of which the Company owns, directly or indirectly,
more than fifty percent (50%) of the voting stock.

 

(f)            Other Positions.  Executive
shall immediately resign, and shall be deemed to have immediately resigned
without the requirement of any additional action, from any and all position
Executive holds (including, if applicable, as a member of the Board) with the
Company and its Affiliates on Executive’s Date of Termination.

 

(g)           Breach of Payment Obligation.  If the Company fails (other than pursuant to
Section 18) to pay any amount due to Executive (or Executive’s estate)
pursuant to this Section 4 as a result of Executive’s termination of
employment within the fifteen (15) day period following written notice by
Executive (it being understood and agreed that such notice may not be given
until any such material payment has not been paid for at least 15 days following
its scheduled payment date), the restrictions imposed by
Section 7(a)(i) and (ii) shall immediately terminate.

 

5.             Confidentiality of Trade Secrets and Business Information. 
Executive agrees that Executive shall not, at any time during Executive’s employment
with the Company or thereafter, disclose or use any trade secret, proprietary
or confidential information of the Company or any 

 

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Subsidiary
of the Company (collectively, “Confidential
Information”), obtained by him during the course of such employment,
except for (i) disclosures and uses required in the course of such
employment or with the written permission of the Company, (ii) disclosures
with respect to any litigation, arbitration or mediation involving this
Agreement, including but not limited to, the enforcement of Executive’s rights
under this Agreement, or (iii) as may be required by law or by any court,
arbitrator, mediator or administrative or legislative body (including any committee
thereof) with apparent jurisdiction to order such disclosure; provided that,
if, in any circumstance described in clause (iii), Executive receives notice
that any third party shall seek to compel him by process of law to disclose any
Confidential Information, Executive shall promptly notify the Company and
provide reasonable cooperation to the Company (at the Company’s sole expense)
in seeking a protective order against such disclosure. Notwithstanding the
foregoing, “Confidential Information” shall not include information that is or
becomes publicly known outside the Company or any of its subsidiaries other
than due to a breach of Executive’s obligations under this paragraph.

 

6.             Return of Information.  Executive agrees
that at the time of any termination of Executive’s employment with the Company
or expiration of the Term, whether at the instance of Executive or the Company,
and regardless of the reasons therefore, Executive shall deliver to the Company
(at the Company’s expense), any and all notes, files, memoranda, papers and, in
general, any and all physical (including electronic) matter containing
Confidential Information that are in Executive’s possession or under
Executive’s control, except as otherwise consented in writing by the Company at
the time of such termination.  The foregoing shall not prevent Executive
from retaining copies of personal diaries, personal notes, personal address
books, personal calendars, and any other personal information (including,
without limitation, information relating to Executive’s compensation), but only
to the extent such copies do not contain any Confidential Information other
than that which relates directly to Executive, including his compensation.

 

7.             Noncompetition, Noninterference, Nondisparagement and Cooperation.

 

(a)           General.  In consideration
for the compensation payable to Executive under this Agreement, Executive
agrees that Executive shall not, other than in carrying out his duties
hereunder, directly or indirectly, do any of the following (i) during
Executive’s employment with the Company and its Subsidiaries and for a period
of one (1) year after any termination of such employment, render services
in any capacity (including as an employee, director, member, consultant,
partner, investor or independent contractor) to a Competitor, (ii) during
Executive’s employment with the Company and its Subsidiaries and for a period
of two (2) years after any termination of such employment, attempt to, or
assist any other person in attempting to, employ, engage, retain or partner
with, any person who is then, or at any time during the ninety (90) day-period
prior thereto was, a director, officer or other executive of the Company or a
Subsidiary, or encourage any such person or any consultant, agent or
independent contractor of the Company or any Subsidiary to terminate or
adversely alter or modify such relationship with the Company or any Subsidiary,
provided that this section (ii) shall not be violated by general
advertising, general internet postings or other general solicitation in the
ordinary course not specifically targeted at such persons, nor
(iii) during Executive’s employment with the Company and its Subsidiaries
and for a period of two (2) years after any termination of employment,
solicit any then current customer (excluding any patrons of the 

 

9

 

Company’s amusement parks) or business partner of
the Company or any Subsidiary to terminate, alter or modify its relationship
with the Company or the Subsidiary or to interfere with the Company’s or any
Subsidiary’s relationships with any of its customers or business partners.  During the Term and for two (2) years
thereafter, Executive agrees not to make any public statement that is intended
to or would reasonably be expected to disparage the Company, its Affiliates or
its or their directors, officers, employees, businesses or products other than
as required in the good faith discharge of his duties hereunder.  During the Term and for two (2) years
thereafter, the Company (including directors and officers of the Company in
their capacity as such) agrees that it shall not make any public statement that
is intended to or would reasonably be expected to disparage Executive.  At the request of Executive, the Company
shall direct its directors and officers to not make any statements that would
violate this Section 7(a) if they were made by the Company and shall
use its commercially reasonable efforts to enforce such direction.  Notwithstanding the foregoing, nothing in
this Section shall prevent any person from (A) responding publicly to
any incorrect, disparaging or derogatory public statement made by or on behalf
of the other party to the extent reasonably necessary to correct or refute such
public statement or (B) making any truthful statement to the extent  required by law.

 

(b)           Cooperation.  Executive agrees to cooperate, in a
reasonable manner and at the expense of the Company, with the Company and its
attorneys, both during and after the termination of Executive’s employment, in
connection with any litigation or other proceeding arising out of or relating
to matters in which Executive was involved prior to the termination of
Executive’s employment so long as such cooperation does not materially
interfere with Executive’s employment or consulting.  In the event that such cooperation is
required after the termination of the Executive’s employment with the Company
and its Subsidiaries, the Company shall pay the Executive at the rate of $7,500
per day and out-of-pocket expenses approved in advance by the Company after
presentation by the Executive of reasonable documentation related thereto.

 

(c)           Definition.  For purposes of
this Agreement, “Competitor” shall
mean any business or enterprise in the theme park business, which shall include,
without limitation, amusement and water parks.  Notwithstanding the
foregoing, Executive’s provision of services to an Affiliate or unit of a
Competitor that is not directly engaged in the theme park business shall not be
a violation of the restrictions of this Section 7 so long as Executive
does not provide material services in respect of the theme park business and
does not have material direct or indirect managerial or oversight
responsibility or authority for the theme park business.  Nothing contained herein shall prevent
Executive from acquiring, solely as an investment, any publicly-traded
securities of any person so long as he remains a passive investor in such
person and does not own more than one percent (1%) of the outstanding
securities thereof.

 

8.             Enforcement.  Executive acknowledges and agrees
that:  (i) the purpose of the covenants set forth in Sections 5
through 7 above (the “Restrictive Covenants”)
is to protect the goodwill, trade secrets and other confidential information of
the Company; (ii) because of the nature of the business in which the
Company is engaged and because of the nature of the Confidential Information to
which Executive has access, it would be impractical and excessively difficult
to determine the actual damages of the Company in the event Executive breached
any such covenants; and (iii) remedies at law (such as monetary damages)
for any breach of Executive’s obligations under the Restrictive Covenants would
be inadequate.  Executive 

 

10

 

therefore
agrees and consents that if Executive commits any breach of a Restrictive
Covenant, the Company shall have the right (in addition to, and not in lieu of,
any other right or remedy that may be available to it) to temporary and permanent
injunctive relief from a court of competent jurisdiction, without posting any
bond or other security and without the necessity of proof of actual
damage.  If any portion of the Restrictive Covenants is hereafter
determined to be invalid or unenforceable in any respect, such determination
shall not affect the remainder thereof, which shall be given the maximum effect
possible and shall be fully enforced, without regard to the invalid
portions.  In particular, without limiting the generality of the foregoing,
if the covenants set forth in Section 7 are found by a court or an
arbitrator to be unreasonable, Executive and the Company agree that the maximum
period, scope or geographical area that is found to be reasonable shall be
substituted for the stated period, scope or area, and that the court or
arbitrator shall revise the restrictions contained herein to cover the maximum
period, scope and area permitted by law.  If any of the Restrictive
Covenants are determined to be wholly or partially unenforceable in any
jurisdiction, such determination shall not be a bar to or in any way diminish
the Company’s right to enforce any such covenant in any other jurisdiction.

 

9.             Indemnification.

 

(a)           The Company agrees that if Executive is made a party to, is threatened to
be made a party to, receives any legal process in, or receives any discovery
request or request for information in connection with, any action, suit or
proceeding, whether civil, criminal, administrative or investigative, excluding
any action instituted by Executive, any action related to any actual violation
of Section 16 of the Exchange Act by Executive or  any action brought by the Company  for compensation or damages related to
Executive’s breach of this Agreement (a “Proceeding”),
by reason of the fact that he was a director, officer, employee, consultant or
agent of the Company, or was serving at the request of, or on behalf of, the
Company as a director, officer, member, employee, consultant or agent of
another corporation, limited liability corporation, partnership, joint venture,
trust or other entity, including service with respect to employee benefit
plans, whether or not the basis of such Proceeding is Executive’s alleged
action in an official capacity while serving as a director, officer, member,
employee, consultant or agent of the Company or other entity, Executive shall
be indemnified and held harmless by the Company to the fullest extent permitted
or authorized by the Company’s certificate of incorporation or by-laws or, if
greater, by applicable law, against any and all costs, expenses, liabilities
and losses (including, without limitation, attorneys’ fees reasonably incurred,
judgments, fines, taxes or penalties and amounts paid or to be paid in
settlement and any reasonable cost and fees incurred in enforcing his rights to
indemnification or contribution) incurred or suffered by Executive in
connection therewith, and such indemnification shall continue as to Executive
even though he has ceased to be a director, officer, member, employee,
consultant or agent of the Company or other entity and shall inure to the
benefit of Executive’s heirs, executors and administrators.  The Company
shall reimburse Executive for all costs and expenses (including, without
limitation, reasonable attorneys’ fees) incurred by him in connection with any
Proceeding within twenty (20) business days after receipt by the Company of a
written request for such reimbursement and appropriate documentation associated
with these expenses.  Such request shall include an undertaking by
Executive to repay the amount of such advance if it shall ultimately be
determined that he is not entitled to be indemnified against such costs and
expenses; provided that the amount of such obligation to repay shall be limited
to the 

 

11

 

after-tax amount of any such advance except to the
extent Executive is able to offset such taxes incurred on the advance by the
tax benefit, if any, attributable to a deduction for repayment.

 

(b)           Neither the failure of the Company (including its board, independent
legal counsel or stockholders) to have made a determination prior to the
commencement of any proceeding concerning payment of amounts claimed by
Executive under Section 9(a) above that indemnification of Executive
is proper because he has met the applicable standard of conduct, nor a
determination by the Company (including its board, independent legal counsel or
stockholders) that Executive has not met such applicable standard of conduct,
shall create a presumption or inference that Executive has not met the
applicable standard of conduct.

 

(c)           The Company agrees to continue and maintain a directors’ and officers’
liability insurance policy covering Executive at a level, and on terms and
conditions, no less favorable to him than the coverage the Company provides
other similarly-situated executives for six years after Executive’s Date of
Termination or such longer statute of limitation period.

 

(d)           Nothing in this Section 9 shall be construed as reducing or waiving
any right to indemnification, or advancement of expenses, Executive would
otherwise have under the Company’s certificate of incorporation or by-laws or
under applicable law.

 

10.           Arbitration.  Subject to Section 8, in the event that
any dispute arises between the Company and Executive regarding or relating to
this Agreement and/or any aspect of Executive’s employment relationship with
the Company, the parties consent to resolve such dispute through mandatory
arbitration under the Commercial Rules of the American Arbitration
Association (“AAA”), before a
single arbitrator in Chicago IL.  The
parties hereby consent to the entry of judgment upon award rendered by the
arbitrator in any court of competent jurisdiction.  Notwithstanding the
foregoing, however, should adequate grounds exist for seeking immediate
injunctive or immediate equitable relief, any party may seek and obtain such
relief.  The parties hereby consent to the exclusive jurisdiction of the
state and Federal courts of or in the State of New York for purposes of seeking
such injunctive or equitable relief as set forth above.  Out-of-pocket
costs and expense reasonably incurred by Executive in connection with such
arbitration (including attorneys’ fees) shall be paid by the Company with
respect to each claim on which the arbitrator determines Executive  prevails.

 

11.           Mutual Representations.

 

(a)           Executive acknowledges that before signing this Agreement, Executive was
given the opportunity to read it, evaluate it and discuss it with Executive’s
personal advisors.  Executive further acknowledges that the Company has
not provided Executive with any legal advice regarding this Agreement.

 

(b)           Executive represents and warrants to the Company that the execution and
delivery of this Agreement and the fulfillment of the terms hereof
(i) shall not constitute a default under, or conflict with, any agreement
or other instrument to which he is a party or by which he is bound and
(ii) as to his execution and delivery of this Agreement do not require the
consent of any other person.

 

12

 

(c)           The Company represents and warrants to Executive that
(i) the execution, delivery and performance of this Agreement by the
Company has been fully and validly authorized by all necessary corporate
action, (ii) the person signing this Agreement on behalf of the Company is
duly authorized to do so, (iii) the execution, delivery and performance of
this Agreement does not violate any applicable law, regulation, order, judgment
or decree or any agreement, plan or corporate governance document to which the
Company is a party or by which it is bound and (iv) upon execution and
delivery of this Agreement by the parties, it shall be a valid and binding
obligation of the Company enforceable against it in accordance with its terms,
except to the extent that enforceability may be limited by applicable
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’
rights generally.

 

(d)           Each party hereto represents and warrants to the other
that this Agreement constitutes the valid and binding obligations of such party
enforceable against such party in accordance with its terms.

 

12.           Notices.  All notices and
other communications required or permitted hereunder shall be in writing and
shall be deemed given when delivered (i) personally, (ii) by registered
or certified mail, postage prepaid with return receipt requested, (iii) by
facsimile with evidence of completed transmission, or (iv) delivered by
overnight courier to the party concerned at the address indicated below or to
such changed address as such party may subsequently give such notice of:

 

	
  If
  to the Company:

  	
  Six
  Flags Entertainment Corporation.

  
	
   

  	
  924
  Avenue J East

  
	
   

  	
  Grand
  Prairie, Texas 75050

  
	
   

  	
  Phone:
  (972) 595-5000

  
	
   

  	
   

  
	
   

  	
  Attention:
  General Counsel

  
	
   

  	
  Fax:
  (972) 641-0323

  
	
   

  	
   

  
	
  If
  to Executive:

  	
  James
  Reid-Anderson

  
	
   

  	
  c/o Perkins Coie LLP

  
	
   

  	
  131
  South Dearborn, Suite 1700

  
	
   

  	
  Chicago, Illinois
  60603

  
	
   

  	
  Attention:
  Mr. Phillip Gordon

  

 

13.           Assignment and Successors.  This
Agreement is personal in its nature and none of the parties hereto shall,
without the consent of the others, assign or transfer this Agreement or any
rights or obligations hereunder; provided, however, that in the event of a
merger, consolidation, or transfer or sale of all or substantially all of the
assets of the Company with or to any other individual(s) or entity, this
Agreement shall, subject to the provisions hereof, be binding upon and inure to
the benefit of such successor and such successor shall discharge and perform
all the promises, covenants, duties, and obligations of the Company hereunder,
and such transferee or successor shall be required to assume such obligations
by contract (unless such assumption occurs by operation of law).  Anything
herein to the contrary notwithstanding, Executive shall be entitled to select
(and change, to the extent permitted under any applicable law) a beneficiary or
beneficiaries to receive any compensation or benefit payable hereunder 

 

13

 

following
Executive’s death or judicially determined incompetence by giving the Company
written notice thereof.  In the event of Executive’s death or a judicial
determination of his incompetence, reference in this Agreement to Executive
shall be deemed, where appropriate, to refer to his beneficiary, estate or
other legal representative.

 

14.           Governing Law; Amendment.  This Agreement shall
be governed by and construed in accordance with the laws of Delaware, without
reference to principles of conflict of laws.  This Agreement may not be
amended or modified except by a written agreement executed by Executive and the
Company or their respective successors and legal representatives.

 

15.           Severability.  The invalidity or
unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement.  If
any provision of this Agreement shall be held invalid or unenforceable in part,
the remaining portion of such provision, together with all other provisions of
this Agreement, shall remain valid and enforceable and continue in full force
and effect to the fullest extent consistent with law.

 

16.           Tax Withholding.  Notwithstanding any
other provision of this Agreement, the Company may withhold from amounts
payable under this Agreement all federal, state, local and foreign taxes that
are required to be withheld by applicable laws or regulations.

 

17.           No Waiver.  Executive’s or the
Company’s failure to insist upon strict compliance with any provision of, or to
assert any right under, this Agreement shall not be deemed to be a waiver of
such provision or right or of any other provision of or right under this
Agreement.  Any provision of this Agreement may be waived by the parties
hereto; provided that any waiver by any person of any provision of this
Agreement shall be effective only if in writing and signed by each party and
such waiver must specifically refer to this Agreement and to the terms or
provisions being modified or waived.

 

18.           No Mitigation.  In no event shall
Executive be obligated to seek other employment or take other action by way of
mitigation of the amounts payable to Executive under any of the provisions of
this Agreement and, except as set forth herein, such amounts shall not be
subject to offset or otherwise reduced whether or not Executive obtains other
employment.  The Company’s obligation to make any payment pursuant to, and
otherwise to perform its obligations under, this Agreement shall not be
affected by any offset, counterclaim or other right that the Company have
against Executive for any reason; provided that the Company may cease making
the payments or providing the benefits, in each case, under Section 4 if
Executive materially violates the provisions of Sections 5, 6 and 7 and, if
curable, does not cure such violation within fifteen (15) days after written
notice from the Company.

 

19.           Section 409A.  This Agreement is
intended to satisfy the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended (“Section 409A”)
with respect to amounts, if any, subject thereto and shall be interpreted and
construed and shall be performed by the parties consistent with such
intent.  To the extent Executive would otherwise be entitled to any
payment under this Agreement, or any plan or arrangement of the Company or its
Affiliates, that constitutes a “deferral of compensation” subject to
Section 409A and that if paid during the six (6) months beginning on
the Date of Termination of Executive’s employment would be 

 

14

 

subject
to the Section 409A additional tax because Executive is a “specified
employee” (within the meaning of Section 409A and as determined by the
Company), the payment will be paid to Executive on the earlier of the six
(6) month anniversary of his Date of Termination or death.  To the
extent Executive would otherwise be entitled to any benefit (other than a
payment) during the six (6) months beginning on termination of Executive’s
employment that would be subject to the Section 409A additional tax, the
benefit will be delayed and will begin being provided on the earlier of the
first day following the six (6) month anniversary of Executive’s Date of
Termination or death.  Any payment or benefit due upon a termination of
employment that represents a “deferral of compensation” within the meaning of
Section 409A shall be paid or provided only upon a “separation from
service” as defined in Treasury Regulation § 1.409A-1(h).  Each payment
made under this Agreement shall be deemed to be a separate payment for purposes
of Section 409A.  Amounts payable under this Agreement shall be
deemed not to be a “deferral of compensation” subject to Section 409A to
the extent provided in the exceptions in Treasury Regulation §§
1.409A-1(b)(4) (“Short-Term Deferrals”)
and (b)(9) (“Separation Pay Plans,”
including the exception under subparagraph (iii)) and other applicable
provisions of Treasury Regulation § 1.409A-1 through A-6.  Notwithstanding
anything to the contrary in this Agreement or elsewhere, any payment or benefit
under this Agreement or otherwise that is exempt from Section 409A
pursuant to Treasury Regulation § 1.409A-1(b)(9)(v)(A) or
(C) (relating to certain reimbursements and in-kind benefits) shall be
paid or provided only to the extent that the expenses are not incurred, or the
benefits are not provided, beyond the last day of the second calendar year
following the calendar year in which Executive’s “separation from service”
occurs; and provided further that such expenses are reimbursed no later than
the last day of the third calendar year following the calendar year in which
Executive’s “separation from service” occurs.  To the extent any expense
reimbursement (including without limitation any reimbursement of interest or
penalties related to taxes) or the provision of any in-kind benefit is
determined to be subject to Section 409A (and not exempt pursuant to the
prior sentence or otherwise), the amount of any such expenses eligible for
reimbursement, or the provision of any in-kind benefit, in one calendar year
shall not affect the expenses eligible for reimbursement in any other calendar
year (except for any life-time or other aggregate limitation applicable to
medical expenses), in no event shall any expenses be reimbursed after the last
day of the calendar year following the calendar year in which Executive
incurred such expenses, and in no event shall any right to reimbursement or the
provision of any in-kind benefit be subject to liquidation or exchange for
another benefit.

 

20.           Headings.  The
Section headings contained in this Agreement are for convenience only and
in no manner shall be construed as part of this Agreement.

 

21.           Entire Agreement.  This Agreement
constitutes the entire agreement of the parties with respect to the subject
matter hereof and shall supersede all prior agreements, whether written or
oral, with respect thereto.  In the event
of any inconsistency between the terms of this Agreement and the terms of any
other Company plan, policy, equity grant, arrangement or agreement with Executive,
the provisions most favorable to Executive shall govern.

 

22.           Duration of Terms.  The respective
rights and obligations of the parties hereunder shall survive any termination
of Executive’s employment to the extent necessary to give effect to such rights
and obligations.

 

15

 

23.           Counterparts.  This Agreement may
be executed simultaneously in two or more counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same
instrument.

 

24.           Certain Change in Control Payments.  Notwithstanding any provision of this
Agreement to the contrary, if any payments or benefits Executive would receive
from the Company under this Agreement or otherwise in connection with the
Change in Control (the “Total Payments”) (a) constitute “parachute
payments” within the meaning of Section 280G of the Code, and (b) but
for this Section 24, would be subject to the excise tax imposed by
Section 4999 of the Code, then Executive will be entitled to receive
either (i) the full amount of the Total Payments or (ii) a portion of
the Total Payments having a value equal to $1 less than three (3) times
such individual’s “base amount” (as such term is defined in
Section 280G(b)(3)(A) of the Code), whichever of (i) and (ii),
after taking into account applicable federal, state, and local income taxes and
the excise tax imposed by Section 4999 of the Code, results in the receipt
by such employee on an after-tax basis, of the greatest portion of the Total
Payments.  Any determination required
under this Section 24 shall be made in writing by the accountant or tax
counsel selected by the Executive.  If
there is a reduction pursuant to this Section 24 of the Total Payments to
be delivered to the applicable Executive and to the extent that an ordering of
the reduction other than by the Executive is required by Section 19 or
other tax requirements, the payment reduction contemplated by the preceding
sentence shall be implemented by determining the “Parachute Payment Ratio” (as
defined below) for each “parachute payment” and then reducing the “parachute
payments” in order beginning with the “parachute payment” with the highest
Parachute Payment Ratio.  For “parachute
payments” with the same Parachute Payment Ratio, such “parachute payments” shall
be reduced based on the time of payment of such “parachute payments,” with
amounts having later payment dates being reduced first.  For “parachute payments” with the same
Parachute Payment Ratio and the same time of payment, such “parachute payments”
shall be reduced on a pro rata basis (but not below zero) prior to reducing
“parachute payments” with a lower Parachute Payment Ratio.  For purposes hereof, the term “Parachute
Payment Ratio” shall mean a fraction the numerator of which is the value of the
applicable “parachute payment” for purposes of Section 280G of the Code
and the denominator of which is the actual present value of such payment.

 

IN
WITNESS WHEREOF, Executive and the Company have caused this Agreement to be
executed as of the date first above written.

 

	
   

  	
   

  	
  SIX
  FLAGS ENTERTAINMENT CORPORATION.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Usman Nabi

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  James Reid-Anderson

  
	
   

  	
   

  	
  James
  Reid-Anderson

  

 

16

 

Exhibit A

 

RS Agreement

 

 

RESTRICTED SHARES AGREEMENT

PURSUANT TO THE

SIX FLAGS ENTERTAINMENT CORPORATION LONG-TERM INCENTIVE PLAN

 

*  *  * 
*  *

 

Participant:
James Reid-Anderson

 

Grant
Date: August 12, 2010

 

Number
of Restricted Shares Granted: 145,676

 

*  *  * 
*  *

 

THIS
RESTRICTED SHARE AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date
specified above, is entered into by and between Six Flags Entertainment
Corporation, a corporation organized in the State of Delaware (the “Company”),
and the Participant specified above, pursuant to the Six Flags Entertainment
Corporation Long-Term Incentive Plan, as in effect and as amended from time to
time (the “Plan”), which is administered by the Committee;

 

WHEREAS,
it has been determined under the Plan that it would be in the best interests of
the Company to grant the Restricted Shares provided herein to the Participant;
and

 

WHEREAS,
the Executive and the Company are party to an Employment Agreement dated
August 12, 2010 (the “Employment Agreement”).

 

NOW,
THEREFORE, in consideration of the mutual covenants and promises hereinafter
set forth and for other good and valuable consideration, the parties hereto
hereby mutually covenant and agree as follows:

 

1.             Incorporation
By Reference; Plan Document Receipt.  This Agreement is subject in all respects to the
terms and provisions of the Plan (including, without limitation, any amendments
thereto adopted at any time and from time to time unless such amendments are
expressly intended not to apply to the Award provided hereunder), all of which
terms and provisions are made a part of and incorporated in this Agreement as
if they were each expressly set forth herein. 
Any capitalized term not defined in this Agreement shall have the same
meaning as is ascribed thereto in the Plan. 
The Participant hereby acknowledges receipt of a true copy of the Plan
and that the Participant has read the Plan carefully and fully understands its
content.  In the event of any conflict
between the terms of this Agreement and the terms of the Plan, the terms of the
Plan shall control.

 

2.             Grant of
Restricted Shares.  The
Company hereby grants to the Participant, as of the Grant Date specified above,
the number of Restricted Shares specified above.  Except as otherwise provided by the Plan, the
Participant agrees and understands that nothing contained in this Agreement
provides, or is intended to provide, the Participant with any protection
against potential future dilution of the Participant’s interest in the Company
for any 

 

 

reason,
and no adjustments shall be made for dividends in cash or other property,
distributions or other rights in respect of any such Shares.

 

3.             Vesting.

 

(a)           Subject to Section 4 of the
Employment Agreement, the Restricted Shares shall become unrestricted and
vested as follows, provided that the Participant has not incurred a termination
of employment with the Company and its Subsidiaries (a “Termination”)
prior to each such vesting date:

 

	
  Vesting
  Date

  	
   

  	
  Number of Shares

  	
   

  
	
  Grant Date (the “Grant Date Tranche”)

  	
   

  	
  50%

  	
   

  
	
  First anniversary of the Grant Date

  	
   

  	
  12.5%

  	
   

  
	
  Second anniversary of the Grant Date

  	
   

  	
  12.5%

  	
   

  
	
  Third anniversary of the Grant Date

  	
   

  	
  12.5%

  	
   

  
	
  Fourth anniversary of the Grant Date

  	
   

  	
  12.5%

  	
   

  

 

There
shall be no proportionate or partial vesting in the periods prior to each
vesting date and all vesting shall occur only on the appropriate vesting date,
subject to the Participant’s continued service with the Company or any of its
Subsidiaries on each applicable vesting date.

 

(b)           Committee Discretion to Accelerate
Vesting.  Notwithstanding the
foregoing, the Committee may, in its sole discretion, provide for accelerated
vesting of the Restricted Shares any time and for any reason.

 

(c)           Forfeiture.  All unvested Restricted Shares (determined
after giving effect to any accelerated vesting of the Restricted Shares) shall
be immediately forfeited upon the Participant’s Termination for any reason.

 

(d)           Employment Agreement.  For the sake of clarity, Section 4 of
the Employment Agreement shall apply to determine any accelerated vesting of
this Award.

 

4.             Period of
Restriction; Delivery of Unrestricted Shares.  During the period the Restricted Shares are
unvested, the Company shall hold the certificates representing the Restricted
Shares and may appropriately legend such certificates.  When Restricted Shares awarded by this
Agreement become vested, the Company shall deliver to the Participant one
unrestricted Share for each vested Restricted Share and if the Participant’s
Share certificates contain legends restricting the transfer of such Shares, the
Participant shall be entitled to receive new Share certificates free of such
legends (except any legends requiring compliance with securities laws).

 

5.             Dividends
and Other Distributions; Voting. 
The Participant shall be entitled to receive all dividends and other
distributions paid with respect to the Restricted Shares, provided that any
such dividends or other distributions will be subject to the same vesting
requirements as the underlying Restricted Shares and shall be paid at the time
the Restricted Shares becomes vested pursuant to Section 3 hereof.  If any dividends or distributions are paid in

 

 

Shares,
the Shares shall be deposited with the Company and shall be subject to the same
restrictions on transferability and forfeitability as the Restricted Shares
with respect to which they were paid. 
The Participant may exercise full voting rights with respect to the
Restricted Shares granted hereunder.

 

6.             Non-Transferability.  No portion of the Restricted Shares may be
sold, assigned, transferred, encumbered, hypothecated or pledged by the
Participant, other than to the Company as a result of forfeiture of the
Restricted Shares as provided herein, unless and until the Restricted Shares
vest in accordance with the provisions hereof and the Participant has become
the holder of record of such vested Shares.

 

7.             Governing
Law.  All questions
concerning the construction, validity and interpretation of this Agreement
shall be governed by, and construed in accordance with, the laws of the State
of Delaware, without regard to the choice of law principles thereof.

 

8.             Withholding
of Tax.  As a condition to
receiving vested Shares hereunder, the Participant must remit to the Company an
amount sufficient to satisfy any federal, state, local and foreign taxes of any
kind (including, but not limited to, the Participant’s FICA and SDI
obligations) which the Company, in its sole discretion, deems necessary to be
withheld or remitted to comply with the Code and/or any other applicable law,
rule or regulation with respect to the vested Shares and, if the
Participant fails to do so, the Company may refuse to issue or transfer any
Shares otherwise required to be issued pursuant to this Agreement.

 

9.             Section 83(b).  If the Participant properly elects (as
required by Section 83(b) of the Code) within 30 days after the
issuance of the Restricted Shares to include in gross income for federal income
tax purposes in the year of issuance the Fair Market Value of such Restricted
Shares, the Participant shall pay to the Company or make arrangements satisfactory
to the Company to pay to the Company upon such election, any federal, state or
local taxes required to be withheld with respect to the Restricted Shares.  If the Participant shall fail to make such
payment, the Company shall, to the extent permitted by law, have the right to
deduct from any payment of any kind otherwise due to the Participant any
federal, state or local taxes of any kind required by law to be withheld with
respect to the Restricted Shares, as well as the rights set forth in Section 8
hereof.  The Participant acknowledges
that it is the Participant’s sole responsibility, and not the Company’s, to
file timely and properly the election under Section 83(b) of the Code
and any corresponding provisions of state tax laws if the Participant elects to
make such election, and the Participant agrees to timely provide the Company
with a copy of any such election.

 

10.           Legend.  The Company may at any time place legends
referencing any applicable federal, state or foreign securities law
restrictions on all certificates representing Restricted Shares issued pursuant
to this Agreement.  The Participant
shall, at the request of the Company, promptly present to the Company any and
all certificates representing Restricted Shares acquired pursuant to this Agreement
in the possession of the Participant in order to carry out the provisions of
this Section 10.

 

 

11.           Securities Representations.  This Agreement is being entered into by the
Company in reliance upon the following express representations and warranties
of the Participant.  The Participant
hereby acknowledges, represents and warrants that:

 

(a)           The Participant has been advised that
the Participant may be an “affiliate” within the meaning of Rule 144 under
the Securities Act and in this connection the Company is relying in part on the
Participant’s representations set forth in this Section 11.

 

(b)           If the Participant is deemed an
affiliate within the meaning of Rule 144 of the Securities Act, the
Restricted Shares must be held indefinitely unless an exemption from any
applicable resale restrictions is available or the Company files an additional
registration statement (or a “re-offer prospectus”) with regard to the
Restricted Shares and the Company is under no obligation to register the
Restricted Shares (or to file a “re-offer prospectus”).

 

(c)           If the Participant is deemed an
affiliate within the meaning of Rule 144 of the Securities Act, the
Participant understands that (i) the exemption from registration under
Rule 144 will not be available unless (A) a public trading market
then exists for the Shares, (B) adequate information concerning the
Company is then available to the public, and (C) other terms and
conditions of Rule 144 or any exemption therefrom are complied with, and
(ii) any sale of the Shares may be made only in limited amounts in
accordance with the terms and conditions of Rule 144 or any exemption
therefrom.

 

12.           Entire Agreement;
Amendment.  This
Agreement, together with the Plan and the Employment Agreement, contains the
entire agreement between the parties hereto with respect to the subject matter
contained herein, and supersedes all prior agreements or prior understandings,
whether written or oral, between the parties relating to such subject
matter.  The Committee shall have the
right, in its sole discretion, to modify or amend this Agreement from time to
time in accordance with and as provided in the Plan.  This Agreement may also be modified or
amended by a writing signed by both the Company and the Participant.  The Company shall give written notice to the
Participant of any such modification or amendment of this Agreement as soon as
practicable after the adoption thereof.

 

13.           Notices.  Any notice hereunder by the Participant shall
be given to the Company in writing and such notice shall be deemed duly given
only upon receipt thereof by the General Counsel of the Company.  Any notice hereunder by the Company shall be
given to the Participant in writing and such notice shall be deemed duly given
only upon receipt thereof at such address as the Participant may have on file
with the Company.

 

14.           No Right to Employment.  Any questions as to whether and when there
has been a Termination and the cause of such Termination shall be determined in
the sole discretion of the Committee. 
Nothing in this Agreement shall interfere with or limit in any way the
right of the Company, its Subsidiaries or its Affiliates to terminate the
Participant’s employment or service at any time, for any reason and with or
without Cause.

 

15.           Transfer of Personal Data.  The Participant authorizes, agrees and
unambiguously consents to the transmission by the Company (or any Subsidiary)
of any personal data information related to the Restricted Shares awarded under
this Agreement for legitimate 

 

 

business
purposes (including, without limitation, the administration of the Plan).  This authorization and consent is freely
given by the Participant.

 

16.           Compliance with Laws.  The grant of Restricted Shares or
unrestricted Shares pursuant to this Agreement shall be subject to, and shall
comply with, any applicable requirements of any foreign and U.S. federal and
state securities laws, rules and regulations (including, without
limitation, the provisions of the Securities Act of 1933, as amended, the
Exchange Act and in each case any respective rules and regulations
promulgated thereunder) and any other law, rule, regulation or exchange
requirement applicable thereto.  The
Company shall not be obligated to issue the Restricted Shares or any Shares
pursuant to this Agreement if any such issuance would violate any such
requirements.

 

17.           Binding Agreement;
Assignment.  This
Agreement shall inure to the benefit of, be binding upon, and be enforceable by
the Company and its successors and assigns. 
The Participant shall not assign (except in accordance with
Section 3 hereof) any part of this Agreement without the prior express
written consent of the Company.

 

18.           Headings.  The titles and headings of the various
sections of this Agreement have been inserted for convenience of reference only
and shall not be deemed to be a part of this Agreement.

 

19.           Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
shall constitute one and the same instrument.

 

20.           Further Assurances.  Each party hereto shall do and perform (or
shall cause to be done and performed) all such further acts and shall execute
and deliver all such other agreements, certificates, instruments and documents
as either party hereto reasonably may request in order to carry out the intent
and accomplish the purposes of this Agreement and the Plan and the consummation
of the transactions contemplated thereunder.

 

21.           Severability.  The invalidity or unenforceability of any
provisions of this Agreement in any jurisdiction shall not affect the validity,
legality or enforceability of the remainder of this Agreement in such
jurisdiction or the validity, legality or enforceability of any provision of
this Agreement in any other jurisdiction, it being intended that all rights and
obligations of the parties hereunder shall be enforceable to the fullest extent
permitted by law.

 

22.           Acquired Rights.  The Participant acknowledges and agrees that:
(a) the Company may terminate or amend the Plan at any time; (b) the
Award of Restricted Shares made under this Agreement is completely independent
of any other award or grant and is made at the sole discretion of the Company;
(c) no past grants or awards (including, without limitation, the Restricted
Shares awarded hereunder) give the Participant any right to any grants or
awards in the future whatsoever; and (d) any benefits granted under this
Agreement are not part of the Participant’s ordinary salary, and shall not be
considered as part of such salary in the event of severance, redundancy or
resignation.

 

*  *  * 
*  *

 

 

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

 

	
   

  	
  SIX FLAGS ENTERTAINMENT
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  

 

 

Exhibit B

 

Option Agreement

 

 

NONQUALIFIED STOCK OPTION AGREEMENT

PURSUANT TO THE

SIX FLAGS ENTERTAINMENT CORPORATION LONG-TERM PLAN

 

*  *  * 
*  *

 

Participant:
James Reid-Anderson

 

Grant
Date: August 12, 2010

 

Per
Share Exercise Price:  $31.99

 

Number
of Shares subject to this Option: 728,381

 

*  *  * 
*  *

 

THIS
NON-QUALIFIED STOCK OPTION AWARD AGREEMENT (this “Agreement”), dated as
of the Grant Date specified above, is entered into by and between Six Flags
Entertainment Corporation, a corporation organized in the State of Delaware
(the “Company”), and the Participant specified above, pursuant to the
Six Flags Entertainment Corporation Long-Term Incentive Plan, as in effect and
as amended from time to time (the “Plan”), which is administered by the
Committee;

 

WHEREAS,
it has been determined under the Plan that it would be in the best interests of
the Company to grant the Non Qualified Stock Option provided for herein to the
Participant; and

 

WHEREAS,
the Executive and the Company are party to an Employment Agreement dated
August 12, 2010 (the “Employment Agreement”).

 

NOW,
THEREFORE, in consideration of the mutual covenants and promises hereinafter
set forth and for other good and valuable consideration, the parties hereto
hereby mutually covenant and agree as follows:

 

1.             Incorporation By Reference; Plan
Document Receipt.  This
Agreement is subject in all respects to the terms and provisions of the Plan
(including, without limitation, any amendments thereto adopted at any time and
from time to time unless such amendments are expressly intended not to apply to
the Award provided hereunder), all of which terms and provisions are made a
part of and incorporated in this Agreement as if they were each expressly set
forth herein.  Any capitalized term not
defined in this Agreement shall have the same meaning as is ascribed thereto in
the Plan.  The Participant hereby
acknowledges receipt of a true copy of the Plan and that the Participant has
read the Plan carefully and fully understands its content.  In the event of any conflict between the
terms of this Agreement and the terms of the Plan, the terms of the Plan shall
control.  No part of the Option granted
hereby is intended to qualify as an “incentive stock option” under
Section 422 of the Code.

 

 

2.             Grant of Option.  The Company hereby grants to the Participant,
as of the Grant Date specified above, a Non Qualified Stock Option (this “Option”)
to acquire from the Company at the Per Share Exercise Price specified above,
the aggregate number of Shares specified above (the “Option Shares”).  Except as otherwise provided by the Plan, the
Participant agrees and understands that nothing contained in this Agreement
provides, or is intended to provide, the Participant with any protection
against potential future dilution of the Participant’s interest in the Company
for any reason.  The Participant shall
have no rights as a stockholder with respect to any Shares covered by the
Option unless and until the Participant has become the holder of record of such
Shares, and no adjustments shall be made for dividends in cash or other
property, distributions or other rights in respect of any such Shares, except
as otherwise specifically provided for in the Plan or this Agreement.

 

3.             Vesting and Exercise.

 

(a)           Vesting.  Subject to the applicable provisions of
Section 4 of the Employment Agreement, the Option shall vest and become
exercisable as follows, provided that the Participant has not incurred a
termination of employment with the Company and its Subsidiaries (a “Termination”)
prior to each such vesting date:

 

	
  Vesting
  Date

  	
   

  	
  Number of Option Shares

  	
   

  
	
  First anniversary of the Grant Date

  	
   

  	
  25%

  	
   

  
	
  Second anniversary of the Grant Date

  	
   

  	
  25%

  	
   

  
	
  Third anniversary of the Grant Date

  	
   

  	
  25%

  	
   

  
	
  Fourth anniversary of the Grant Date

  	
   

  	
  25%

  	
   

  

 

There
shall be no proportionate or partial vesting in the periods prior to each
vesting date and all vesting shall occur only on the appropriate vesting date,
subject to the Participant’s continued service with the Company or any of its
Subsidiaries on each applicable vesting date. 
Upon expiration of the Option, the Option shall be cancelled and no
longer exercisable.

 

(b)           Committee Discretion to
Accelerate Vesting. 
Notwithstanding the foregoing, the Committee may, in its sole
discretion, provide for accelerated vesting of the Option at any time and for
any reason.

 

(c)           Expiration.  Unless earlier terminated in accordance with
the terms and provisions of the Plan and/or this Agreement, all portions of the
Option (whether vested or not vested) shall expire and shall no longer be
exercisable after the expiration of ten (10) years from the Grant Date.

 

(d)           Employment Agreement.  For the sake of clarity, Section 4 of
the Employment Agreement shall apply to determine any accelerated vesting of
the Award.

 

 

4.             Termination.        Subject to the terms of the
Plan and this Agreement, the Option, to the extent vested at the time of the
Participant’s Termination, shall remain exercisable as follows:

 

(a)           Termination Without Cause.  In the event of the Participant’s Termination
for any reason, other than by the Company for Cause, the vested portion of the
Option shall remain exercisable until the earlier of (i) ninety (90) days
from the date of such termination, and (ii) the expiration of the stated
term of the Option pursuant to Section 3(c) hereof; provided that if
the Executive is entitled to any longer period of time to exercise the vested
portion of the Option pursuant to the Employment Agreement, the terms of the
Employment Agreement shall apply.

 

(b)           Termination for Cause.  In the event of the Participant’s Termination
for Cause, the Participant’s entire Option (whether or not vested) shall
terminate and expire upon such Termination.

 

(c)           Treatment of Unvested
Options upon Termination.  Any
portion of the Option that is not vested (determined after giving effect to any
accelerated vesting of the Option) as of the date of the Participant’s
Termination for any reason shall terminate and expire as of the date of such
Termination.

 

5.             Method of Exercise and Payment.  Subject to Section 8 hereof, to the
extent that the Option has become vested and exercisable with respect to a
number of Shares as provided herein, the Option may thereafter be exercised by
the Participant, in whole or in part, at any time or from time to time prior to
the expiration of the Option as provided herein and in accordance with Sections
5(c) and 5(d) of the Plan, including, without limitation, by the
filing of any written form of exercise notice as may be required by the
Committee and payment in full of the Per Share Exercise Price specified above
multiplied by the number of Shares underlying the portion of the Option
exercised.

 

6.             Non-Transferability.  The Option, and any rights and interests with
respect thereto, issued under this Agreement and the Plan shall not be sold,
exchanged, transferred, assigned or otherwise disposed of in any way by the
Participant (or any beneficiary of the Participant), other than by testamentary
disposition by the Participant or the laws of descent and distribution.  Notwithstanding the foregoing, the Committee
may, in its sole discretion, permit the Option to be transferred to a Permitted
Transferee for no value, provided that such transfer shall only be valid upon
execution of a written instrument in form and substance acceptable to the
Committee in its sole discretion evidencing such transfer and the transferee’s
acceptance thereof signed by the Participant and the transferee, and provided,
further, that the Option may not be subsequently transferred other than by will
or by the laws of descent and distribution or to another Permitted Transferee
(as permitted by the Committee in its sole discretion) in accordance with the
terms of the Plan and this Agreement, and shall remain subject to the terms of
the Plan and this Agreement.  Any attempt
to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of
or hypothecate in any way the Option, or the levy of any execution, attachment
or similar legal process upon the Option, contrary to the terms and provisions
of this Agreement and/or the Plan shall be null and void and without legal
force or effect.

 

 

7.             Governing Law.  All questions concerning the construction,
validity and interpretation of this Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware, without regard
to the choice of law principles thereof.

 

8.             Withholding of Tax.  As a condition to exercising the Option, the
Participant must remit to the Company an amount sufficient to satisfy any
federal, state, local and foreign taxes of any kind (including, but not limited
to, the Participant’s FICA and SDI obligations) which the Company, in its sole
discretion, deems necessary to be withheld or remitted to comply with the Code
and/or any other applicable law, rule or regulation with respect to the
Option.  If the Participant fails to do
so this Option shall not be deemed to have been exercised and the Company may
refuse to issue or transfer any Shares otherwise required to be issued pursuant
to this Agreement.

 

9.             Entire Agreement; Amendment.  This Agreement, together with the Plan and
the Employment Agreement, contains the entire agreement between the parties
hereto with respect to the subject matter contained herein, and supersedes all
prior agreements or prior understandings, whether written or oral, between the
parties relating to such subject matter. 
The Committee shall have the right, in its sole discretion, to modify or
amend this Agreement from time to time in accordance with and as provided in
the Plan.  This Agreement may also be
modified or amended by a writing signed by both the Company and the
Participant.  The Company shall give
written notice to the Participant of any such modification or amendment of this
Agreement as soon as practicable after the adoption thereof.

 

10.           Notices.  Any notice hereunder by the Participant shall
be given to the Company in writing and such notice shall be deemed duly given
only upon receipt thereof by the General Counsel of the Company.  Any notice hereunder by the Company shall be
given to the Participant in writing and such notice shall be deemed duly given
only upon receipt thereof at such address as the Participant may have on file
with the Company.

 

11.           No Right to Employment.  Any questions as to whether and when there has
been a Termination and the cause of such Termination shall be determined in the
sole discretion of the Committee. 
Nothing in this Agreement shall interfere with or limit in any way the
right of the Company, its Subsidiaries or its Affiliates to terminate the
Participant’s employment or service at any time, for any reason and with or
without Cause.

 

12.           Transfer of Personal Data.  The Participant authorizes, agrees and
unambiguously consents to the transmission by the Company (or any Subsidiary)
of any personal data information related to the Option awarded under this
Agreement for legitimate business purposes (including, without limitation, the
administration of the Plan).  This
authorization and consent is freely given by the Participant.

 

13.           Compliance with Laws.  The issuance of the Option (and the Option
Shares upon exercise of the Option) pursuant to this Agreement shall be subject
to, and shall comply with, any applicable requirements of any foreign and U.S.
federal and state securities laws, rules and regulations (including,
without limitation, the provisions of the Securities Act of 1933, as amended,
the Exchange Act and in each case any respective rules and regulations
promulgated thereunder) and any other law, rule, regulation or exchange requirement
applicable 

 

 

thereto.  The Company shall not be obligated to issue
the Option or any of the Option Shares pursuant to this Agreement if any such
issuance would violate any such requirements.

 

14.           Section 409A.  Notwithstanding anything herein or in the
Plan to the contrary, the Option is intended to be exempt from the applicable
requirements of Section 409A of the Code and shall be limited, construed
and interpreted in accordance with such intent.

 

15.           Binding Agreement; Assignment.  This Agreement shall inure to the benefit of,
be binding upon, and be enforceable by the Company and its successors and
assigns.  The Participant shall not
assign (except in accordance with Section 6 hereof) any part of this Agreement
without the prior express written consent of the Company.

 

16.           Headings.  The titles and headings of the various
sections of this Agreement have been inserted for convenience of reference only
and shall not be deemed to be a part of this Agreement.

 

17.           Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
shall constitute one and the same instrument.

 

18.           Further Assurances.  Each party hereto shall do and perform (or
shall cause to be done and performed) all such further acts and shall execute
and deliver all such other agreements, certificates, instruments and documents
as either party hereto reasonably may request in order to carry out the intent
and accomplish the purposes of this Agreement and the Plan and the consummation
of the transactions contemplated thereunder.

 

19.           Severability.  The invalidity or unenforceability of any
provisions of this Agreement in any jurisdiction shall not affect the validity,
legality or enforceability of the remainder of this Agreement in such
jurisdiction or the validity, legality or enforceability of any provision of
this Agreement in any other jurisdiction, it being intended that all rights and
obligations of the parties hereunder shall be enforceable to the fullest extent
permitted by law.

 

20.           Acquired Rights.  The Participant acknowledges and agrees
that:  (a) the Company may terminate
or amend the Plan at any time; (b) the Award of the Option made under this
Agreement is completely independent of any other award or grant and is made at
the sole discretion of the Company; (c) no past grants or awards
(including, without limitation, the Option awarded hereunder) give the
Participant any right to any grants or awards in the future whatsoever; and
(d) any benefits granted under this Agreement are not part of the
Participant’s ordinary salary, and shall not be considered as part of such
salary in the event of severance, redundancy or resignation.

 

*  *  * 
*  *

 

 

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

 

	
   

  	
  SIX
  FLAGS ENTERTAINMENT CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  

 

 

EXHIBIT C

 

PROJECT 350 PROGRAM

 

	
  Value

  	
  Eligibility.  The Executive will be granted a Project 350
  Award after the Company achieves $350 million of Adjusted EBITDA (as defined
  in the Employment Agreement) (the “Target EBITDA”) for the 2011
  calendar year.

  
	
   

  	
   

  
	
   

  	
  Grant.  The number of shares included in an
  Executive’s Project 350 Award if the Target EBITDA is achieved will be the
  number of shares of restricted stock units equal to 1.25% of the Outstanding
  Common Stock (as defined in the Employment Agreement) (the “Base Number”).

  
	
   

  	
   

  
	
   

  	
  Grant
  Date. The grant date of any Project 350 Award will be after completion of
  the Company’s 2011 audit (the “Grant Date”).

  
	
   

  	
   

  
	
   

  	
  Pro
  Rated Award.  The
  Executive will be granted a Project 350 Award in the following amounts after
  achievement of the applicable Adjusted EBITDA targets:

  

 

	
  Adjusted
  EBITDA

  	
   

  	
  Percentage of Base Number

  	
   

  
	
  Below $330 million

  	
   

  	
  0%

  	
   

  
	
  $330 million

  	
   

  	
  50%

  	
   

  
	
  $350 million or greater

  	
   

  	
  100%

  	
   

  

 

	
   

  	
  The
  size of the Project 350 Award will be interpolated on a straight line basis
  for performance between two amounts (e.g., a Project 350 Award equal to 75%
  of the Base Number for Adjusted EBITDA of $340 million).

  
	
   

  	
   

  
	
   

  	
  Target
  EBITDA Adjustment: The 2011 Adjusted EBITDA targets assume the
  Company achieves $275 million of Adjusted EBITDA for 2010.  If the Company’s 2010 Adjusted EBITDA is
  more or less than $275 million, the 2011 Adjusted EBITDA targets will be
  reduced or increased appropriately (e.g., if the 2010 Adjusted EBITDA is $280
  million, the applicable 2011 Adjusted EBITDA targets will be decreased by $5
  million and if the 2010 Adjusted EBITDA is $270 million, the applicable 2011
  Adjusted EBITDA targets will be increased by $5 million).

  
	
   

  	
   

  
	
   

  	
  Adjusted
  EBITDA.  The Audit
  Committee of the Board will determine the Company’s Adjusted EBITDA after
  reviewing the Company’s audited financial statements for the applicable year.  As a general matter, Adjusted EBITDA will
  exclude the impact of equity puts by partnership parks, acquisitions and
  dispositions and other one-time or extraordinary events.

  
	
   

  	
   

  
	
  Form

  	
  Form.  100% of the value of the Project 350 Award
  will be granted in the form of restricted stock units.

  
	
   

  	
   

  
	
  Vesting

  	
  Normal
  Vesting.  The
  Project 350 Award will vest if the following two vesting conditions are met:

  

 

 

	
   

  	
  ·      2012 EBITDA.  The Company’s Adjusted EBITDA for 2012 must
  be at least 97.5% of the lesser of: (i) Adjusted EBITDA achieved for
  2011 or (ii) $350 million.  If
  this target is not achieved, 50% of the Project 350 Award will be immediately
  forfeited.

  
	
   

  	
   

  
	
   

  	
  ·      Time Vesting.  The outstanding Project 350 Award (i.e.,
  determined after any forfeiture due to the failure to achieve the 2012
  Adjusted EBITDA target) will vest on completion of the Company’s 2012 audit
  if the Executive is then employed by the Company.

  
	
   

  	
   

  
	
   

  	
  Accelerated
  Vesting.

  
	
   

  	
   

  
	
   

  	
  ·      Qualifying Termination On or After Grant Date.  In the event of the Executive’s Qualifying
  Termination on or after the Grant Date of the Project 350 Award and before
  the completion of the audit for the 2012 calendar year (the “Vesting Date”),
  the Executive will vest on the Vesting Date in 75% of the portion of the
  Project 350 Award that would otherwise have vested upon the Vesting Date
  (e.g., assuming the 2012 Adjusted EBITDA targets are achieved, the Executive
  will vest in 75% of the Executive’s Project 350 Award).

  
	
   

  	
   

  
	
   

  	
  ·      Qualifying Termination After September 30,
  2011 and Before the Grant Date.  In the event of the Executive’s Qualifying
  Termination after September 30, 2011 and before the Grant Date, the
  Executive shall be deemed to have been granted on the Grant Date the number
  of restricted stock units the Executive would otherwise have been granted on
  such date (based on the proviso included in this paragraph) and will vest on
  the Vesting Date in 75% of the portion of the Project 350 Award that would
  otherwise have vested on the Vesting Date (e.g., assuming the 2011 and 2012 Adjusted
  EBITDA targets are achieved (or deemed achieved pursuant to this paragraph),
  the Executive will vest in 75% of the Executive’s Project 350 Award);
  provided that the number of restricted stock units that are deemed to have
  been granted on the Grant Date shall be based on the Company’s reasonable
  good faith forecast at the time of such termination of the Company’s Adjusted
  EBITDA for 2011.

   

  ·      Qualifying Termination After a Change in Control.  In the event of the Executive’s Qualifying
  Termination that occurs before and with the cooperation of the acquirer or
  merger partner in the Change in Control, in anticipation of a Change in
  Control or on or during the 12-month period following a Change in Control and
  such termination is otherwise described in one of the two paragraphs above,
  the applicable paragraph shall be applied by substituting “100%” for
  “75%”.  Notwithstanding the foregoing,
  Executive shall be treated no less favorably than other executives with
  respect to any Change in Control.

   

  ·      Death/Disability.  If the Executive’s employment is terminated
  due to death/Disability (as defined in the Employment Agreement) and such

  

 

 

	
   

  	
  termination
  occurs at a time described in one of the first two paragraphs in this
  “Accelerated Vesting” section, the applicable paragraph shall be applied by
  substituting “100%” for “75%”.

  
	
   

  	
   

  
	
  Example

  	
  By
  way of example, assume that the Executive’s employment ends in a Qualifying
  Termination on October 1, 2011 and that the Project 350 Award had not
  yet been granted at that time.

  
	
   

  	
   

  
	
   

  	
  ·      Assume the Company’s reasonable good faith
  forecast at the time of termination was for the Company’s EBITDA for 2011 to
  be $350 million.  If the 2012 EBITDA
  goal is achieved, the Executive would receive shares of common stock in an
  amount equal to 0.938% (i.e. 75% * 1.25%) of the Outstanding Common
  Stock.  If the 2012 EBITDA goal is not
  achieved, the Executive would receive shares of common stock in an amount
  equal to 0.469% (i.e. 50% * (75%*1.25%)) of the Outstanding Common Stock.

  
	
   

  	
   

  
	
   

  	
  ·      Assume instead that the Company’s reasonable good
  faith forecast at the time of such termination was for the Company’s EBITDA
  for 2011 to be $330 million.  If the
  2012 EBITDA goal is achieved, the Executive would receive shares of common
  stock in an amount equal to 0.469% (i.e. 75% * (50%*1.25%)) of the
  Outstanding Common Stock.  If the 2012
  EBITDA goal is not achieved, the Executive would receive 0.234% (i.e. 50% *
  (75%*(50%*1.25%))).

  
	
   

  	
   

  
	
  Other

  	
  Qualifying
  Termination.  “Qualifying
  Termination” means termination of employment by the Company without Cause
  or by the Executive for Good Reason.  

  

 

 

Exhibit D

 

Agreement and General Release

 

Agreement
and General Release (“Agreement”),
by and between James Reid-Anderson (“Executive”
and referred to herein as “you”)
and Six Flags Entertainment Corporation, a Delaware corporation (the “Company”).

 

1.             In
exchange for your waiver of claims against the Released Persons (as defined
below) and compliance with the other terms and conditions of this Agreement,
upon the effectiveness of this Agreement, the Company agrees to provide you
with the payments and benefits provided in Section 4 of your employment
agreement with the Company, dated
August       , 2010 (the “Employment Agreement”) in accordance with
the terms and conditions of the Employment Agreement.

 

2.             (a) 
In consideration for the payments and benefits to be provided to you pursuant
to section 1 above, you, for yourself and for your heirs, executors,
administrators, trustees, legal representatives and assigns (hereinafter
referred to collectively as “Releasors”),
forever release and discharge the Company and its subsidiaries, divisions,
affiliates and related business entities, successors and assigns, and any of
its or their respective directors, officers, fiduciaries, agents, trustees,
administrators, employees and assigns (in each case, in their capacity as such)
(collectively the “Released Persons”)
from any and all claims, suits, demands, causes of action, covenants,
obligations, debts, costs, expenses, fees and liabilities of any kind
whatsoever in law or equity, by statute or otherwise, whether known or unknown,
vested or contingent, suspected or unsuspected and whether or not concealed or
hidden (collectively, the “Claims”),
which you have had, now have, or may have against any of the Released Persons
by reason of any act, omission, transaction, practice, plan, policy, procedure,
conduct, occurrence, or other matter arising up to and including the date on
which you sign this Agreement, except as provided in subsection (c) below.

 

(b)           Without
limiting the generality of the foregoing, this Agreement is intended to and
shall release the Released Persons from any and all such claims, whether known
or unknown, which you have had, now have, or may have against the Released Persons
arising out of your employment or termination thereof, including, but not
limited to: (i) any claim under the Age Discrimination in Employment Act,
Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act,
the Employee Retirement Income Security Act of 1974 (excluding claims for
accrued, vested benefits under any employee benefit or pension plan of the
Released Persons subject to the terms and conditions of such plan and
applicable law), the Family and Medical Leave Act, the Worker Adjustment and
Retraining Notification Act of 1988, or the Fair Labor Standards Act of 1938,
in each case as amended [update as
appropriate]; (ii) any other claim whether based on federal,
state, or local law (statutory or decisional), rule, regulation or ordinance,
including, but not limited to, breach of contract (express or implied),
wrongful discharge, detrimental reliance, defamation, emotional distress or
compensatory or punitive damages; and (iii) any claim for attorneys’ fees,
costs, disbursements and/or the like.

 

(c)           Notwithstanding
the foregoing, nothing in this Agreement shall be a waiver of claims:
(1) that arise after the date on which you sign this Agreement, including,
without limitation, such

 

 

claims related to any equity award held by you;
(2) for the payments or benefits required to be provided under
Section 4 of the Employment Agreement; (3) regarding rights of
indemnification and receipt of legal fees and expenses to which you are
entitled under the Employment Agreement, the Company’s or a subsidiary of the
Company’s Certificate of Incorporation or By-laws (or similar instrument),
pursuant to any separate writing between you and the Company or any subsidiary
of the Company or pursuant to applicable law; or (4) relating to any claims
for accrued, vested benefits under any employee benefit plan or retirement plan
of the Released Persons subject to the terms and conditions of such plan and
applicable law (excluding any severance or termination pay plan, program or
arrangement, claims to which are specifically waived hereunder.

 

(d)           In
signing this Agreement, you acknowledge that you intend that this Agreement
shall be effective as a bar to each and every one of the Claims hereinabove
mentioned or implied.  You expressly
consent that this Agreement shall be given full force and effect according to
each and all of its express terms and provisions, including those relating to
unknown, unsuspected or unanticipated Claims, if any, as well as those relating
to any other Claims hereinabove mentioned or implied.  [Update to
include reference to any applicable statute regarding the waiver of unknown
claims.]

 

3.             (a) 
This Agreement is not intended, and shall not be construed, as an admission
that any of the Released Persons has violated any federal, state or local law
(statutory or decisional), ordinance or regulation, breached any contract or
committed any wrong whatsoever against you.

 

(b)           Should
any provision of this Agreement require interpretation or construction, it is
agreed by the parties that the entity interpreting or constructing this
Agreement shall not apply a presumption against one party by reason of the
rule of construction that a document is to be construed more strictly
against the party who prepared the document.

 

(c)           You  represent and warrant that you have not
assigned or transferred to any person or entity any of my rights which are or
could be covered by this Agreement, including but not limited to the waivers
and releases contained in this Agreement.

 

4.             This
Agreement is binding upon, and shall inure to the benefit of, the parties and
their respective heirs, executors, administrators, successors and assigns.

 

5.             This
Agreement shall be construed and enforced in accordance with the laws of the
State of Delaware applicable to agreements made and to be performed entirely
within such State.

 

6.             You
acknowledge that you: (a) have carefully read this Agreement in its
entirety; (b) have had an opportunity to consider for at least [twenty-one (21)] [forty[five (45)] days
the terms of this Agreement; (c) are hereby advised by the Company in
writing to consult with an attorney of your choice in connection with this
Agreement; (d) fully understand the significance of all of the terms and
conditions of this Agreement and have discussed them with your independent
legal counsel, or have had a reasonable opportunity to do so; (e) have had
answered to your satisfaction by your independent legal counsel any questions
you have asked with regard to the meaning and significance of any of the provisions
of this Agreement; and (f) are signing

 

 

this Agreement voluntarily and of your own free
will and agree to abide by all the terms and conditions contained herein.

 

7.             You
understand that you will have at least [twenty-one
(21)] [forty[five (45)]  days
from the date of receipt of this Agreement to consider the terms and conditions
of this Agreement.  You may accept this
Agreement by signing it and returning it to the Company’s General Counsel at
the address specified pursuant to Section 12 of the Employment Agreement
on or before
                  .  After executing this Agreement, you shall
have seven (7) days (the “Revocation
Period”) to revoke this Agreement by indicating your desire to do so
in writing delivered to the General Counsel at the address above by no later
than 5:00 p.m. on the seventh (7th) day after the date you sign this
Agreement.  The effective date of this
Agreement shall be the eighth (8th) day after you sign the Agreement (the “Agreement Effective Date”).  If the last day of the Revocation Period
falls on a Saturday, Sunday or holiday, the last day of the Revocation Period
will be deemed to be the next business day. 
In the event you do not accept this Agreement as set forth above, or in
the event you revoke this Agreement during the Revocation Period, this
Agreement, including but not limited to the obligation of the Company to
provide the payments and benefits provided in Section 1 above, shall be
deemed automatically null and void.

 

8.             Any
dispute regarding this Agreement shall be subject to Delaware law without
reference to its choice of law provisions. 
You agree to reimburse the Company for out-of-pocket costs and expense
reasonably incurred by in connection with enforcing this Agreement (including
attorney’s fees) with respect to each claim on which the Company substantially
prevails.

 

 

	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  James
  Reid-Anderson

  
	
   

  	
   

  
	
   

  	
  SIX FLAGS ENTERTAINMENT CORPORATIONExhibit
10.2

 

RESTRICTED SHARES AGREEMENT

PURSUANT TO THE

SIX FLAGS ENTERTAINMENT CORPORATION LONG-TERM
INCENTIVE PLAN

 

* 
*  *  *  *

 

Participant: James Reid-Anderson

 

Grant Date: August 12, 2010

 

Number of Restricted Shares Granted: 145,676

 

*  * 
*  *  *

 

THIS RESTRICTED SHARE AWARD AGREEMENT (this “Agreement”), dated
as of the Grant Date specified above, is entered into by and between Six Flags
Entertainment Corporation, a corporation organized in the State of Delaware
(the “Company”), and the Participant specified above, pursuant to the
Six Flags Entertainment Corporation Long-Term Incentive Plan, as in effect and
as amended from time to time (the “Plan”), which is administered by the
Committee;

 

WHEREAS, it has been determined under the Plan that it would be in the
best interests of the Company to grant the Restricted Shares  provided herein to the Participant; and

 

WHEREAS, the Executive and the Company are party to an Employment
Agreement dated August 12, 2010 (the “Employment Agreement”).

 

NOW,
THEREFORE, in consideration of the mutual covenants and promises hereinafter
set forth and for other good and valuable consideration, the parties hereto
hereby mutually covenant and agree as follows:

 

1.             Incorporation
By Reference; Plan Document Receipt.  This Agreement
is subject in all respects to the terms and provisions of the Plan (including,
without limitation, any amendments thereto adopted at any time and from time to
time unless such amendments are expressly intended not to apply to the Award
provided hereunder), all of which terms and provisions are made a part of and
incorporated in this Agreement as if they were each expressly set forth
herein.  Any capitalized term not
defined in this Agreement shall have the same meaning as is ascribed thereto in
the Plan.  The Participant hereby acknowledges receipt of a true copy of the Plan
and that the Participant has read the Plan carefully and fully understands its
content.  In the event of any conflict
between the terms of this Agreement and the terms of the Plan, the terms of the
Plan shall control.

 

2.             Grant of
Restricted Shares.  The
Company hereby grants to the Participant, as of the Grant Date specified above,
the number of Restricted Shares specified above.  Except as otherwise provided by the Plan, the
Participant agrees and understands that
nothing contained in this Agreement provides, or is intended to provide, the
Participant with any protection against potential future dilution of the
Participant’s interest in the Company for any 

 

 

reason, and no adjustments shall be made for dividends
in cash or other property, distributions or other rights in respect of any such
Shares.

 

3.             Vesting.

 

(a)           Subject to Section 4 of the Employment
Agreement, the Restricted Shares shall become unrestricted and vested as
follows, provided that the Participant has not incurred a termination of
employment with the Company and its Subsidiaries (a “Termination”) prior
to each such vesting date:

 

	
  Vesting Date

  	
   

  	
  Number of Shares

  	
   

  
	
  Grant Date (the “Grant Date Tranche”)

  	
   

  	
  50%

  	
   

  
	
  First anniversary of the Grant Date

  	
   

  	
  12.5%

  	
   

  
	
  Second anniversary of the Grant Date

  	
   

  	
  12.5%

  	
   

  
	
  Third anniversary of the Grant Date

  	
   

  	
  12.5%

  	
   

  
	
  Fourth anniversary of the Grant Date

  	
   

  	
  12.5%

  	
   

  

 

There shall be no
proportionate or partial vesting in the periods prior to each vesting date and
all vesting shall occur only on the appropriate vesting date, subject to the
Participant’s continued service with the Company or any of its Subsidiaries on
each applicable vesting date.

 

(b)           Committee Discretion to Accelerate Vesting.  Notwithstanding the foregoing, the Committee
may, in its sole discretion, provide for accelerated vesting of the Restricted
Shares any time and for any reason.

 

(c)           Forfeiture.  All
unvested Restricted Shares (determined after giving effect to any accelerated
vesting of the Restricted Shares) shall be immediately forfeited upon the
Participant’s Termination for any reason.

 

(d)           Employment Agreement.  For
the sake of clarity, Section 4 of the Employment Agreement shall apply to
determine any accelerated vesting of this Award.

 

4.             Period of
Restriction; Delivery of Unrestricted Shares.   During the period the Restricted Shares are
unvested, the Company shall hold the certificates representing the Restricted
Shares and may appropriately legend such certificates.  When Restricted Shares awarded by this
Agreement become vested, the Company shall deliver to the Participant one
unrestricted Share for each vested Restricted Share and if the Participant’s
Share certificates contain legends restricting the transfer of such Shares, the
Participant shall be entitled to receive new Share certificates free of such
legends (except any legends requiring compliance with securities laws).

 

5.             Dividends
and Other Distributions; Voting.  The Participant shall be entitled to receive
all dividends and other distributions paid with respect to the Restricted
Shares, provided that any such dividends or other distributions will be subject
to the same vesting requirements as the underlying Restricted Shares and shall
be paid at the time the Restricted 

 

2

 

Shares becomes vested pursuant to Section 3
hereof.  If any dividends or
distributions are paid in Shares, the Shares shall be deposited with the
Company and shall be subject to the same restrictions on transferability and
forfeitability as the Restricted Shares with respect to which they were
paid.  The Participant may exercise full
voting rights with respect to the Restricted Shares granted hereunder.

 

6.             Non-Transferability.  No portion of the Restricted
Shares may be sold, assigned, transferred, encumbered, hypothecated or pledged
by the Participant, other than to the Company as a result of forfeiture of the
Restricted Shares as provided herein, unless and until the Restricted Shares
vest in accordance with the provisions hereof and the Participant has become
the holder of record of such vested Shares.

 

7.             Governing
Law.  All
questions concerning the construction, validity and interpretation of this
Agreement shall be governed by, and construed in accordance with, the laws of
the State of Delaware, without regard to the choice of law principles thereof.

 

8.             Withholding of Tax.  As a condition to receiving vested Shares
hereunder, the Participant must remit to the Company an amount sufficient to
satisfy any federal, state, local and foreign taxes of any kind (including, but
not limited to, the Participant’s FICA and SDI obligations) which the Company,
in its sole discretion, deems necessary to be withheld or remitted to comply
with the Code and/or any other applicable law, rule or regulation with
respect to the vested Shares and, if the Participant fails to do so, the
Company may refuse to issue or transfer any Shares otherwise required to be
issued pursuant to this Agreement.

 

9.             Section 83(b).  If the Participant properly
elects (as required by Section 83(b) of the Code) within 30 days
after the issuance of the Restricted Shares to include in gross income for
federal income tax purposes in the year of issuance the Fair Market Value of such
Restricted Shares, the Participant shall pay to the Company or make
arrangements satisfactory to the Company to pay to the Company upon such
election, any federal, state or local taxes required to be withheld with
respect to the Restricted Shares.  If the
Participant shall fail to make such payment, the Company shall, to the extent
permitted by law, have the right to deduct from any payment of any kind
otherwise due to the Participant any federal, state or local taxes of any kind
required by law to be withheld with respect to the Restricted Shares, as well
as the rights set forth in Section 8 hereof.  The Participant acknowledges that it is the
Participant’s sole responsibility, and not the Company’s, to file timely and
properly the election under Section 83(b) of the Code and any
corresponding provisions of state tax laws if the Participant elects to make
such election, and the Participant agrees to timely provide the Company with a
copy of any such election.

 

10.           Legend.  The Company may at any time place legends
referencing any applicable federal, state or foreign securities law
restrictions on all certificates representing Restricted Shares issued pursuant
to this Agreement.  The Participant
shall, at the request of the Company, promptly present to the Company any and
all certificates representing Restricted Shares acquired pursuant to this
Agreement in the possession of the Participant in order to carry out the
provisions of this Section 10.

 

3

 

11.           Securities Representations.  This Agreement is being entered into by the
Company in reliance upon the following express representations and warranties
of the Participant.  The Participant
hereby acknowledges, represents and warrants that:

 

(a)           The Participant has been advised that the
Participant may be an “affiliate” within the meaning of Rule 144 under the
Securities Act and in this connection the Company is relying in part on the
Participant’s representations set forth in this Section 11.

 

(b)           If the Participant is deemed an affiliate
within the meaning of Rule 144 of the Securities Act, the Restricted Shares must be held
indefinitely unless an exemption from any applicable resale restrictions is
available or the Company files an additional registration statement (or a “re-offer
prospectus”) with regard to the Restricted Shares and the Company is under no obligation to register the Restricted Shares
(or to file a “re-offer prospectus”).

 

(c)           If the Participant is deemed an affiliate
within the meaning of Rule 144 of the Securities Act, the Participant
understands that (i) the exemption from registration under Rule 144
will not be available unless (A) a public trading market then exists for
the Shares, (B) adequate information concerning the Company is then available
to the public, and (C) other terms and conditions of Rule 144 or any
exemption therefrom are complied with, and (ii) any sale of the Shares may
be made only in limited amounts in accordance with the terms and conditions of Rule 144
or any exemption therefrom.

 

12.           Entire
Agreement; Amendment.  This Agreement, together with
the Plan and the Employment Agreement, contains the entire agreement between
the parties hereto with respect to the subject matter contained herein, and
supersedes all prior agreements or prior understandings, whether written or
oral, between the parties relating to such subject matter.  The Committee shall have the right, in its
sole discretion, to modify or amend this Agreement from time to time in
accordance with and as provided in the Plan. 
This Agreement may also be modified or amended by a writing signed by
both the Company and the Participant. 
The Company shall give written notice to the Participant of any such
modification or amendment of this Agreement as soon as practicable after the
adoption thereof.

 

13.           Notices.  Any notice hereunder by the Participant shall be given to the Company in
writing and such notice shall be deemed duly given only upon receipt thereof by
the General Counsel of the Company.  Any
notice hereunder by the Company shall be given to the Participant in writing
and such notice shall be deemed duly given only upon receipt thereof at such
address as the Participant may have on file with the Company.

 

14.           No Right to
Employment.  Any questions as to whether and when there
has been a Termination and the cause of such Termination shall be determined in
the sole discretion of the Committee. 
Nothing in this Agreement shall interfere with or limit in any way the
right of the Company, its Subsidiaries or its Affiliates to terminate the
Participant’s employment or service at any time, for any reason and with or
without Cause.

 

15.           Transfer of Personal Data.  The
Participant authorizes, agrees and unambiguously consents to the transmission
by the Company (or any Subsidiary)
of any personal data information related to the Restricted Shares awarded under
this Agreement for legitimate 

 

4

 

business purposes (including, without limitation, the
administration of the Plan).  This
authorization and consent is freely given by the Participant.

 

16.           Compliance
with Laws.  The grant of Restricted Shares or
unrestricted Shares pursuant to this Agreement shall be subject to, and shall
comply with, any applicable requirements of any foreign and U.S. federal and
state securities laws, rules and regulations (including, without
limitation, the provisions of the Securities Act of 1933, as amended, the
Exchange Act and in each case any respective rules and regulations
promulgated thereunder) and any other law, rule, regulation or exchange
requirement applicable thereto.  The
Company shall not be obligated to issue the Restricted Shares or any Shares
pursuant to this Agreement if any such issuance would violate any such
requirements.

 

17.           Binding Agreement; Assignment.  This
Agreement shall inure to the benefit of, be binding upon, and be enforceable by
the Company and its successors and assigns. 
The Participant shall not assign (except
in accordance with Section 3 hereof) any part of this Agreement without
the prior express written consent of the Company.

 

18.           Headings.  The titles
and headings of the various sections of this Agreement have been inserted for convenience of reference only and
shall not be deemed to be a part of this Agreement.

 

19.           Counterparts.  This Agreement may be executed
in one or more counterparts, each of which shall be deemed to be an original,
but all of which shall constitute one and the same instrument.

 

20.           Further Assurances.  Each
party hereto shall do and perform (or shall cause to be done and performed) all
such further acts and shall execute and deliver all such other agreements,
certificates, instruments and documents as either party hereto reasonably may
request in order to
carry out the intent and accomplish the purposes of this Agreement and the Plan
and the consummation of the transactions contemplated thereunder.

 

21.           Severability.  The invalidity or
unenforceability of any provisions of this Agreement in any jurisdiction shall
not affect the validity, legality or enforceability of the remainder of this
Agreement in such jurisdiction or the validity, legality or enforceability of
any provision of this Agreement in any other jurisdiction, it being intended
that all rights and obligations of the parties hereunder shall be enforceable
to the fullest extent permitted by law.

 

22.           Acquired
Rights.  The Participant acknowledges and agrees that:
(a) the Company may terminate or amend the Plan at any time; (b) the
Award of Restricted Shares made under this Agreement is completely independent
of any other award or grant and is made at the sole discretion of the Company; (c) no
past grants or awards (including, without limitation, the Restricted Shares
awarded hereunder) give the Participant any right to any grants or awards in
the future whatsoever; and (d) any
benefits granted under this Agreement are not part of the Participant’s
ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or
resignation.

 

*  *  * 
*  *

 

5

 

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

 

	
   

  	
  SIX
  FLAGS ENTERTAINMENT CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Usman Nabi

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Usman
  Nabi

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Chairman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  James Reid-Anderson

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  James
  Reid-Anderson

  

 

6

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