Document:

Exhibit 10.2

 

PROJECT 500

 

PERFORMANCE AWARD UNDER
 SIX FLAGS ENTERTAINMENT CORPORATION
 LONG-TERM INCENTIVE PLAN

 

	
Award
    	
 
    	
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Eligibility: On the   terms in the documents governing the Project 500 Award, Mr. /   Ms.                        (“Executive”) will be granted a   Project 500 Award on the Grant Date after the Company achieves $500 million   of Modified EBITDA in the 2013, 2014 or 2015 calendar year (“Target EBITDA”) provided such   Executive is employed on the first day of the calendar year immediately   following the calendar year during which such Target EBITDA is achieved.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
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Target   Award:  The number of shares   included in the Executive’s Project 500 Award if the Target EBITDA is   achieved in calendar year 2015 and there has been no Early Achievement Award   or Partial Achievement Award will be equal to                    shares (“Target Award”).
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
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Early   Achievement Awards:
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
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2013: If Target   EBITDA is achieved in calendar year 2013, the Target Award is increased by   35% and a grant of [135% x Target Award]   shares will be made on the Grant Date. No additional grants of shares under   this Performance Award would be made.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
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2014: If the   Target EBITDA is achieved in calendar year 2014 and there was no 2013 Partial   Achievement Award, the Target Award is increased by 15% and a grant of [115% x Target Award] shares will   be made on the Grant Date. No additional grants of shares under this   Performance Award would be made.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
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Partial   Achievement Awards:
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
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2013: If $475   million of Modified EBITDA (“Partial Achievement   EBITDA”) but not Target EBITDA is achieved in calendar year   2013, a grant of [75% x 135% x Target   Award]  shares (“2013 Partial   Achievement Award”)  will be made   on the Grant Date.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
The   excess by which the Modified EBITDA for calendar year 2013 exceeds $475   million is referred to as “Excess 2013 Modified   EBITDA”.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
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2014: A “2014 Partial Achievement Award”  is:
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
If   no 2013 Partial Achievement Award was earned, then if the Modified EBITDA in   calendar year 2014 equals or exceeds $475 million of Modified EBITDA but   Target EBITDA is not achieved in calendar year 2014, a grant of [50% x 115% x Target Award]  shares will be made on the Grant Date.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
If   a 2013 Partial Achievement Award was earned, then if Modified EBITDA in   calendar year 2014 equals or exceeds (i) $475 million less (ii) the   Excess 2013 Modified EBITDA, a grant of [25% x 115% x Target   Award] shares will be made on the Grate Date. No additional   grants of shares under this Performance Award would be made.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
The   excess by which the Modified EBITDA for calendar year 2014 exceeds $475   million is referred to as “Excess 2014 Modified   EBITDA”.
    
								

 

 

	
 
    	
 
    	
 
    	
 
    	
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2015: A “2015 Partial Achievement Award”   is:
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
If   neither a 2014 Partial Achievement Award nor a 2013 Partial Achievement Award   was earned, then if Modified EBITDA in calendar year 2015 equals or exceeds   $475 million but Target EBITDA is not achieved in calendar year 2015, a grant   of [50% x Target Award] shares will   be made on the Grant Date. No additional grants of shares under this   Performance Award would be made.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
If   a 2014 Partial Achievement Award was earned but no 2013 Partial Achievement   Award was earned, then if Modified EBITDA in calendar year 2015 equals or   exceeds (i) $475 million less (ii) the Excess 2014 Modified EBITDA,   a grant of [50% x Target Award] shares   will be made on the Grant Date. No additional grants of shares under this   Performance Award would be made.
    
								

 

	
Grant   Date
    	
 
    	
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The   grant date of any Project 500 Award will be the date of the Compensation   Committee’s certification of the achievement of the Modified EBITDA required   for the applicable Target Award, Early Achievement Award or Partial   Achievement Award after completion of the Audit Committee’s review of the   Company’s audited financial statements for the applicable calendar year.  Such certification and grant shall occur   during the calendar year following the calendar year during which the   requisite Modified EBITDA was achieved.    To receive a grant of shares under the Project 500 Award, (i) the   Company must have a profit for at least one of the 2013, 2014 or 2015   calendar years and (ii) unless otherwise determined by the Compensation   Committee, the Executive must be employed by the Company or its affiliates on   the first day of the calendar year immediately following the calendar year   during which the requisite Modified EBITDA was achieved.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Modified
   EBITDA
    	
 
    	
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Modified   EBITDA has the meaning contained in the notes to the financial statements   filed with the Company’s quarterly earnings releases, subject to potential   adjustments by the Compensation Committee as set forth in the following   sentence. In the event of acquisitions, dispositions, extraordinary or other   unusual or one-time transactions and other events set forth in   Section 9(d)(ii) of the Long-Term Incentive Plan, the Compensation   Committee, in consultation with the Audit Committee, shall equitably adjust   the applicable Modified EBITDA level(s) necessary to earn an Early   Achievement Award, Partial Achievement Award and Target Award.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
[Stockholder
   Approval
    	
 
    	
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Executive   understands and acknowledges that this Project 500 Award is contingent upon   and subject to the receipt by the Company of stockholder approval of an   amendment to the Long-Term Incentive Plan to increase the number of shares   available under the Long-Term Incentive Plan and, if such stockholder   approval is not obtained, this award shall be null and void — J.   Reid-Anderson and A. Weber awards.]
    

 

2

 

	
Other
    	
 
    	
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Whether   a Partial Achievement Award is earned for any calendar year shall be   determined prior to whether a Target Award or Early Achievement Award is   earned for such calendar year. The Target Award may be earned only if no   Partial Achievement Award or Early Achievement Award was earned in any calendar   year. For the sake of clarity, if (i) the Target EBITDA has been   achieved in either 2013 or 2014, no additional grants of shares under this   Performance Award would be made after such Early Achievement Award,   (ii) there has been a 2014 Partial Achievement Award, the number of   shares that will be issued upon achievement of the Target EBITDA in 2015   shall be determined pursuant to the rules applicable to 2015 Partial   Achievement Awards or (iii) a 2013 Partial Achievement Award is earned   but no 2014 Partial Achievement Award is earned, no additional grants of   shares under this Performance Award would be made after such 2013 Partial   Achievement Award.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
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In   the event of any significant merger or acquisition or other extraordinary   transaction following the date of this Performance Award and prior to the   last possible issuance of any shares, the Compensation Committee shall   equitably adjust the Performance Award as it deems appropriate to preserve   the value of the Performance Award to the Executive and the intended purpose   of the Performance Award; provided that, notwithstanding anything to the   contrary contained herein, in the event of a Change in Control, the   Compensation Committee may terminate and cancel this Performance Award on   such terms and conditions as it determines in its discretion, including   without delivery of any shares hereunder or payment of any other   consideration.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
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The   terms of this Performance Award supersede any applicable employment or other   agreement provision which might be construed to vary the terms set forth in   this Performance Award or otherwise entitle the Executive to a Target Award,   Early Achievement Award or Partial Achievement Award other than on the terms   set forth in this Performance Award and the Executive waives any such   provision as a condition to receiving this Performance Award.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
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The   Project 500 Award may contain other customary terms and conditions determined   by the Compensation Committee and is subject to the terms and conditions of   the Long-Term Incentive Plan (except as modified herein).
    

 

3Exhibit 10.3

 

DIRECTOR DEFERRAL ELECTION

 

DEFERRAL:  Pursuant to the Six Flags Entertainment Corporation Long-Term Incentive Plan (“Plan”) and the decision to make Deferred Share Units pursuant to Section 8 of the Plan available to directors of the Company, I hereby elect to receive stock units (“Director Deferred Share Units”) in lieu of the cash retainer for my service as a director (but not as a committee chair or member) in 2012 and thereafter as follows:

 

                                percent (                      %) of cash retainer in Director Deferred Share Units.

 

For purposes of clarity, cash retainer for purposes of this Deferral Election refers to the cash retainer for being a director and does not include any cash retainer for being the lead independent director or chair of the Board of Directors of the Company or the chair or a member of any committee of the Board of Directors of the Company.

 

The number of Director Deferred Share Units shall be granted on the day of the Company’s annual meeting (or last day of the calendar year if there is no annual meeting during the calendar year) (collectively, “Annual Meeting Day”) based on the aggregate cash retainer anticipated for the calendar year divided by the closing price of a share of Six Flags Entertainment Corporation common stock (“Share”) on such Annual Meeting Day.  If I do not continue as a director of the Company for the full calendar year, Director Deferred Share Units attributable to the cash retainer that would not have been paid me if I was receiving the cash retainer in cash rather than in Director Deferred Share Units for the year shall be forfeited.

 

I understand that I may revoke or modify this Deferral Election only with respect to director cash retainer fees payable for service on or after the first day of a subsequent calendar year and only by filing a new Deferral Election form before the first day of such subsequent calendar year in accordance with Plan procedures.

 

DISTRIBUTION:  The distribution of Shares with respect to any Director Deferred Share Units will occur on the first business day following the 30th day after my service as a director of the Company ceases provided that the cessation of my service as a director constitutes a “Separation from Service” for purposes of Section 409A of the Code as set forth in Section 8 of the Plan and such distribution is otherwise in compliance with Section 409A of the Code.

 

ACKNOWLEDGEMENT:  By signing this Deferral Election, I hereby acknowledge my understanding and acceptance of the following:

 

1.                                       Dividend Equivalents.  I understand that I will be credited with dividend equivalents with respect to Director Deferred Share Units.  Such dividend equivalents will be credited and treated as additional Director Deferred Share Units.

 

2.                                       Limited Ability to Change Deferral Election.  I understand that I may revoke or modify this Deferral Election only with respect to director cash retainer fees payable for service on or after the first day of a subsequent calendar year and only by filing a new Deferral Election form with the Company before the first day of such subsequent calendar year in accordance with Plan procedures.  Otherwise, this Deferral Election is irrevocable with respect to Director Deferred Share Units (except in such limited circumstances as the Committee under the Plan may permit in accordance with law).

 

3.                                       Company Right to Terminate Deferral Election.  Notwithstanding any election made herein but only to the extent permitted by Section 409A of the Code, the Company reserves the right to transfer to me all of the Shares associated with the Director Deferred Share Units following a termination of the Plan.

 

4.                                       Code Section 409A.  This Deferral Election and the Director Deferred Share Units shall be construed in accordance with the terms and provisions set forth in this Deferral Election as well as the Plan and the requirements of Section 409A of the Code and the Company can unilaterally amend this Deferral Election and Director Deferred Share Units to comply with Seciton 409A of the Code.  I understand that Section 409A of Code may require changes in this Deferral Election or may otherwise impact the effectiveness of this Deferral Election or may delay the timing of distribution.

 

5.                                       Undertaking.  I hereby agree to take whatever additional action and execute whatever additional documents the Committee under the Plan may deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on me, the Director Deferred Share Units or the Shares acquired upon conversion of the Director Deferred Share Units pursuant to the provisions of this Deferral Election or the Plan.

 

By signing this Deferral Election, I hereby acknowledge my understanding of and agreement with all the terms and provisions set forth in this Deferral Election as well as the Six Flags Entertainment Corporation Long-Term Incentive Plan.

 

 

	
Received   this                      day of                           ,   201 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Director’s   Signature
    	
 
    	
Date
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Company   Representative
    	
 
    	
Print   Director’s Name

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