Document:

EXHIBIT 10.3

                                    As of January 11, 2006

Mr. Mark Shapiro

                  Re:   Grant of $12 Share Price Stock Option

Dear Mr. Shapiro:

            The Compensation Committee (the "Committee") of the Board of
Directors of Six Flags, Inc., a Delaware corporation (the "Company"), has
granted certain options under the Company's 2001 Stock Option and Incentive Plan
(the "Plan"). The purpose of the Plan is to afford officers and key employees of
the Company and subsidiary corporations who are responsible for the continued
growth of the Company an opportunity to acquire a proprietary interest in the
Company, and thus to create in such officers and employees an increased interest
in and a greater concern for the welfare of the Company. (A copy of the Plan is
annexed to this letter agreement (the "Stock Option Agreement") and shall be
deemed a part of this Stock Option Agreement as if fully set forth herein
subject to the terms of the Employment Agreement between you and the Company,
dated as of September 26, 2006 (the "Employment Agreement"). Unless the context
otherwise requires, all terms defined in the Plan shall have the same meaning
when used herein subject to the terms of the Employment Agreement.

      1.    The Grant

            On January 11, 2006 (the "Date of Grant"), the Company granted to
you, as a matter of separate inducement and not in lieu of any salary or other
compensation for your services, the right and option to purchase (the "Option"),
in accordance with the terms and conditions set forth in the Plan, an aggregate
of 237,500 shares of common stock of the Company (the "Option Shares") at a
price of $9.21 per share (the "Exercise Price"). The Option is subject to the
limitations set forth in this Stock Option Agreement and in the Employment
Agreement. In the event of any conflict or inconsistency between the terms
hereof and the terms of the Employment Agreement, the terms of the Employment
Agreement shall govern.

            The Option is intended to be an incentive stock option within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
"Code") ("Incentive Stock Option"), to the extent permitted by Section 422(d) of
the Code, but the Company makes no warranty as to the tax treatment of the
Option or the qualification of the Option as an Incentive Stock Option. To the
extent all or any portion of the Option fails to qualify as an Incentive Stock
Option, such portion shall be a nonqualified stock option.

      2.    Restrictions on Time of Exercise

            Subject to the provisions and limitations contained herein
(including, without limitation, the conditions set forth in Section 1) and in
the Plan and until the termination of the Option as provided for herein, the
Option shall vest on the first date on which the closing price of the Company's
common stock on the New York Stock Exchange or other principal securities
exchange or market on which the Company's common stock is traded is at or above
$12.00 per share on each trading day for a period of 90 calendar days, provided
that such Option may not be exercised prior to the second anniversary of the
Date of Grant. In the event of a spin off, split up, stock split, stock
dividend, share combination, exchange of shares, recapitalization, merger,
consolidation, reorganization, dissolution, liquidation or other comparable
distributions, changes or transactions of or by the Company, appropriate
adjustments to the Exercise Price, number and/or type of shares into which the
Option is exercisable shall be made to give proper effect to such event so as to
avoid dilution of the value of the Option.

            If the Option is not exercised for the total number of Option Shares
available for purchase during such period, the Option shall not thereby
terminate as to such unexercised portion. In no event may you exercise the
Option for a fraction of a share.

            Any unexercised portion of the Option shall automatically and
without notice terminate and become null and void upon the expiration of ten
(10) years from the Date of Grant (the "Option Term"); provided, however, that
if your employment with the Company terminates (and your employment with any
subsidiary corporation of the Company that you are then employed with also
terminates) before the expiration of the Option Term, the Option shall terminate
on the applicable date described in Section 4 below.

            If a change of control (as defined below, a "Change of Control") of
the Company occurs, then the restrictions on the exercise of the Option
described above shall become null and void and cease to exist, the Option shall
fully vest immediately and the Option shall immediately become exercisable in
full. For this purpose, a Change of Control means:

                  (i) A change of control of the direction and administration of
the Company's business of a nature that would be required to be reported in
response to item 6(e) of Schedule 14A of Regulation 14A (or any successor rule
or regulation) promulgated under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), whether or not the Company is then subject to such
reporting requirement; or

                  (ii) Any "person" (as such term is used in Sections 13(d) and
14(d)(2) of the Exchange Act but excluding any employee benefit plan of the
Company) is or becomes the "beneficial owner" (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company
representing thirty-five percent (35%) or more of the combined voting power of
the Company's outstanding securities then entitled ordinarily (and apart from
rights accruing under special circumstances) to vote for the election of
directors; or

                  (iii) During any period of two (2) consecutive years, the
individuals who at the beginning of such period constitute the Board of
Directors or any individuals who would be continuing directors (as defined
below, the "Continuing Directors") cease for any reason to constitute at least a
majority of the Board of Directors; or

                  (iv) The Board of Directors shall approve a sale of all or
substantially all of the assets of the Company; or

                  (v) The Board of Directors shall approve any merger,
consolidation or like business combination or reorganization of the Company, the
consummation of which would result in the occurrence of any event described in
clause (ii) or (iii) above.

            For purposes of this Stock Option Agreement, Continuing Directors
means (i) the directors of the Company in office on the date hereof, (ii) any
successor to any such director and (iii) any additional director who after the
date hereof (A) is nominated or selected by a majority of the Continuing
Directors in office at the time of his nomination or selection and (B) at the
time of his nomination or selection is not an "affiliate" or "associate" (as
defined in Regulation 12B under the Exchange Act) of any person who is the
beneficial owner, directly or indirectly, of securities representing ten percent
(10%) or more of the combined voting power of the Company's securities then
entitled ordinarily to vote for the election of directors.

      3.    Other Terms of Exercise

            Any exercise by you of the Option shall be in writing, addressed to
the Secretary of the Company at its principal place of business (the "Notice"),
substantially in the form of Schedule A hereto, and shall specify the number of
Option Shares to be purchased, the form of payment of the Exercise Price and a
business day not more than fifteen (15) days from the date the Notice is given
for payment of the Exercise Price (the "Payment Date").

            The Exercise Price is payable by delivery to the Company on the
Payment Date of any combination of the following:

            (a) a validly issued personal check payable to the order of the
Company in the full amount of the Exercise Price for that portion of the Option
being exercised by delivery of such check;

            (b) common stock of the Company (in proper form for transfer and
accompanied by all requisite stock transfer tax stamps or cash in lieu thereof)
owned by you (or your legal representative) having a fair market value equal to
the full amount of the Exercise Price for that portion of the Option being
exercised by delivery of such stock (the fair market value of the stock so
delivered being determined (i) by the Board of Directors or the Committee in its
sole discretion as of the date immediately preceding the Payment Date or (ii) in
such other manner or at such other time as may be required to comply with or
conform to the requirements of any applicable law or regulation); or

            (c) by surrender of all or part of the Option to the Company in
exchange for a number of shares of the Company's common stock having a total
market value as of the date of surrender, equal to the excess of (i) the market
value, as of the date of surrender, of the number of shares that could be
acquired by the exercise of the portion of the Option that is surrendered, over
(ii) the aggregate Exercise Price which would otherwise be paid to the Company
upon a normal exercise of the Option as to that number of shares. In the event
the foregoing calculation would require the issuance of a fractional share, the
Company shall, in lieu thereof, pay cash to the holder in an amount equal to the
fair market value of such fractional share as of the date of surrender.

      4.    Termination of Employment

            Upon the termination of your employment with (i) the Company and
(ii) any subsidiary corporation of the Company with which you are employed at
the time of your termination of employment with the Company, the Option shall,
to the extent not previously exercised, automatically terminate and become null
and void; except that:

            (a) if you shall die while in the employ of the Company or any
subsidiary corporation of the Company if you are no longer in the employ of the
Company at the time of your death), the Option shall fully vest (without regard
to whether the performance requirements in Section 2 have been met) and become
exercisable immediately, the restrictions thereon shall immediately lapse and
your legal representative, or such other person who acquired the Option by
bequest or inheritance or otherwise by reason of your death, may exercise the
Option, to the extent not theretofore exercised, at any time during the
originally scheduled Option Term;

            (b) if your employment with the Company (or with any subsidiary
corporation of the Company if you are not employed by the Company at the time of
your becoming disabled) shall terminate by reason of your disability (within the
meaning of Section 22(e)(3) of the Code but only if and to the extent any
portion of the Option constitutes an Incentive Stock Option; otherwise
disability shall have the meaning given it in Section 4(c)(iii) of the
Employment Agreement) the Option shall fully vest (without regard to whether the
performance requirements in Section 2 have been met) and become exercisable
immediately, the restrictions thereon shall immediately lapse and you may
exercise the Option, to the extent not theretofore exercised, at any time during
the originally scheduled Option Term;

            (c) if your employment with the Company (or with any subsidiary
corporation of the Company if you are not employed by the Company at the time of
your termination) shall terminate by reason of your involuntary dismissal or
removal, other than an involuntary dismissal or removal for cause, the Option,
to the extent not theretofore exercised, shall fully vest (without regard to
whether the performance requirements in Section 2 have been met) and become
exercisable immediately, the restrictions thereon shall immediately lapse and
shall remain exercisable for its originally scheduled Option Term. For this
purpose, the term "for cause" means the definition of "Cause" in your Employment
Agreement and your involuntary dismissal or removal other than for Cause shall
include a termination by you for Good Reason as defined in Section 4(c)(iv) of
the Employment Agreement; and

            (d) if your employment with the Company (or with any subsidiary
corporation of the Company if you are not employed by the Company at the time of
your termination) ceases due to your death or Disability (as defined in the
Employment Agreement) following the expiration of the Term (as defined in the
Employment Agreement) and while the Option is still outstanding, the terms of
Section 4(a) of the Employment Agreement with respect to the Option shall apply.

            In respect of any portion of the Option that constitutes an
Incentive Stock Option, for purposes hereof, an employment relationship shall be
deemed to exist between an individual and a corporation if at the time of the
determination, the individual is an employee for purposes of Section 422 of the
Code. If an individual is on military, sick or other bona fide leave of absence,
such individual shall be considered an "employee" and shall be entitled to
exercise the Option during such leave; provided that the period of such leave
does not exceed ninety (90) days or, if longer, that the individual's right to
reemployment by the Company or any subsidiary corporation of the Company is
guaranteed either by statute or by contract. Where the period of leave is longer
than ninety (90) days and where the individual's right to reemployment is not
guaranteed either by statute or by contract, the employment relationship shall
be deemed, for this purpose, to have terminated on the ninety-first (91st) day
of such leave.

            Subject to the terms of the Employment Agreement, termination of
employment shall be deemed not to occur by reason of your transfer from
employment by the Company to employment by a subsidiary corporation of the
Company or from employment by a subsidiary corporation of the Company to
employment by the Company or by another subsidiary corporation of the Company.

            In the event of the complete liquidation or dissolution of a
subsidiary corporation of the Company, or in the event such corporation ceases
to be a subsidiary corporation of the Company, any unexercised Options
theretofore granted to any employee of such subsidiary corporation shall,
subject to the next following sentence, be cancelled, unless such employee is
employed by the Company or by another subsidiary corporation of the Company
after the occurrence of such event. Thirty (30) days prior to any cancellation
of an Option pursuant to the previous sentence, notice shall be given to each
employee holding an Option subject to cancellation and such employee shall have
the right to exercise such Option in full (without regard to the restrictions on
exercise described in Section 2 of this Stock Option Agreement) for thirty (30)
days following the receipt of such notice. Notwithstanding the foregoing
provisions of this paragraph, in the event of such liquidation or dissolution of
a subsidiary corporation of the Company or in the event of such subsidiary
corporation ceasing to be a subsidiary corporation of the Company, the Board of
Directors or the Committee, in its discretion, may elect to terminate any
unexecuted Options theretofore granted to any employee of such subsidiary
corporation within a specified number of days after notice to the holder of the
Option and provide for such holder to receive, with respect to each Option
Share, cash in an amount equal to the excess of the fair market value of the
Option Share immediately prior to the date of such liquidation, dissolution or
cessation over the Exercise Price.

      5.    Transferability

            All or any portion of the Option that constitutes an Incentive Stock
Option is not transferable by you otherwise than by will or the laws of descent
and distribution and is exercisable, during your lifetime, only by you or, if
you are disabled (within the meaning of Section 22(e)(3) of the Code), by your
guardian or legal representative. Any portion of the Option that does not
constitute an Incentive Stock Option is transferable only (i) as provided in the
preceding sentence or (ii) to your immediate family members, trusts for their
exclusive benefit or partnerships of which such family members are the only
partners. Except as set forth in the preceding sentences, the Option may not be
assigned, transferred, pledged or hypothecated in any way (whether by operation
of law or otherwise) and shall not be subject to execution, attachment or
similar proceedings. Any attempted assignment, transfer, pledge, hypothecation
or other disposition of the Option contrary to the provisions hereof or of the
Plan, and the levy of any attachment or similar proceeding upon the Option,
shall be null and void and without effect.

      6.    Reservation, Registration, Issuance of Certificates, Legends,
            Payment of Expenses

            (a) Reservation, Registration and Listing of Shares. The Company
shall at all times reserve out of its authorized and unissued shares, a number
of shares sufficient to provide for the exercise in full of this Option. Shares
deliverable to you upon exercise of this Option, when delivered to you, shall be
fully paid and nonassessable and shall be free and clear of any and all liens,
encumbrances, charges and other third party rights. The Company agrees that all
shares delivered hereunder shall be (i) validly issued, (ii) registered for
resale by you (or a permitted transferee) under Federal and state securities
laws and shall remain registered so long as the shares may not be freely sold in
the absence of such registration and (iii) listed, or otherwise qualified, for
trading in the United States on each national securities exchange or national
securities market system on which the shares are listed or qualified. Except as
provided herein or by the Plan, the Employment Agreement or applicable law, this
Option may not be cancelled for any reason without your prior written consent.

            (b) The Company shall pay all issue or transfer taxes imposed upon
the issuance or transfer of the Option Shares, as well as all fees and expenses
incurred by the Company in connection with such issuance or transfer, including,
without limitation, all fees and expenses that may be necessitated by the filing
or amending of a registration statement under any Federal or state securities
law.

            (c) Securities Law Restrictions. Regardless of whether the offering
and sale of Shares under the Plan have been registered under the Securities Act
of 1933, as amended (the "Securities Act"), or have been registered or qualified
under the securities laws of any state, the Company may impose restrictions upon
the sale, pledge or other transfer of such Shares (including the placement of
appropriate legends on stock certificates or the imposition of stop-transfer
instructions) if, in the reasonable judgment of the Company's counsel, such
restrictions are necessary in order to achieve compliance with the Securities
Act or the securities laws of any state or any other law. In the event of any
such restriction, the Company shall take all such action as may be necessary or
appropriate to eliminate such restriction at the earliest possible date.

      7.    Withholding Taxes

            The Company's obligations to deliver Option Shares upon the exercise
of the Option shall be subject to your satisfaction of all applicable Federal,
state and local income, excise and employment tax withholding requirements ("Tax
Obligations"). Withholdings shall be calculated at the minimum statutory rate.
You may satisfy any such Tax Obligations (a) by payment of the applicable tax in
cash to the Company, (b) by authorizing the Company to withhold Option Shares
that would otherwise have been delivered to you having a fair market value as
defined in the Employment Agreement equal to, but not greater than, the minimum
amount of tax required to be withheld; or (c) by any combination of (a) and (b).

      8.    Entire Agreement, Grant Subject to Plan; Conflict

            Except for the Employment Agreement, this Stock Option 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. This Stock Option Agreement is subject to all of the
terms, conditions, limitations and restrictions contained in the Plan. In the
event of any conflict or inconsistency between the terms hereof and the terms of
the Plan, the terms of the Plan shall be controlling except in the event of any
conflict or inconsistency between the terms of the Plan and the terms of the
Employment Agreement, in which case the terms of the Employment Agreement shall
be controlling.

      9.    Miscellaneous

            (a) This Stock Option Agreement is not a contract of employment and
the terms of your employment shall not be affected hereby or by any agreement
referred to herein, except to the extent specifically so provided herein or
therein. Nothing herein shall be construed to impose any obligation on (i) the
Company or on any subsidiary corporation of the Company to continue your
employment or (ii) you to remain in the employ of the Company or of any
subsidiary corporation of the Company.

            (b) In respect of any portion of the Option that constitutes an
Incentive Stock Option, you hereby agree to notify the Company immediately upon
any "disqualifying disposition" (as defined in Section 421(b) of the Code) by
you of any Option Shares.

            (c) Neither you nor your permitted transferees, under Section 5 of
this Stock Option Agreement, shall have the right to act as stockholders of the
Company with respect to Option Shares, until the Exercise Price for such Option
Shares has been paid in full to the Company.

            (d) You represent that you have had ample opportunity to review the
Plan and ask questions with respect thereto.

            (e) You and the Company hereby agree that, to the extent applicable,
this Stock Option Agreement shall be interpreted in accordance with Section 409A
of the Code and the provisions of Section 20 of the Employment Agreement
regarding Section 409A shall, to the extent applicable, be applied to this Stock
Option Agreement.

            (f) This Stock Option Agreement shall be governed by and construed
in accordance with the laws of Delaware, without reference to principles of
conflict of laws.

            (g) Any disputes arising out of or relating to this Stock Option
Agreement shall be resolved in accordance with Section 10 of the Employment
Agreement, which shall be deemed to be incorporated herein in full.

            (h) No provision of this Agreement may be amended or modified except
in writing signed by you and an authorized officer of the Company. No waiver of
any breach or condition of this Stock Option Agreement by either party shall be
deemed to be a waiver of any other or subsequent breach or condition whether of
like or different nature. Any waiver must be in writing and signed by the party
against whom the waiver is being enforced (either you or an authorized officer
of the Company, as the case may be).

            (i) Except as otherwise expressly set forth in this Stock Option
Agreement or the Employment Agreement, the respective rights and obligations of
you and the Company hereunder shall survive any termination of your employment.

            (j) The Company represents and warrants to you that (i) all
corporate action required to be taken by the Company to fully authorize the
execution, delivery and performance of this Stock Option Agreement and the
consummation of the transactions contemplated hereby (including, without any
limitation, any action required to be taken by the Board of Directors, any
committee of the Board of Directors, or any other person or body to interpret or
otherwise act with respect to any Company agreement, policy, program or
arrangement) has been duly and effectively taken, (ii) the execution, delivery
and performance of this Stock Option Agreement does not violate any applicable
law, regulation, order, judgment or decree or any agreement, arrangement, plan
or corporate governance document to which the Company is a party or by which it
is bound, (iii) the person signing this Stock Option Agreement on behalf of the
Company is duly authorized to do so and (iv) upon the execution and delivery of
this Stock Option 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.

<PAGE>

      Your acceptance of the Option shall constitute your agreement to all of
the terms and conditions of this Stock Option Agreement, the Option and the
Plan.

                                    Very truly yours,

                                    SIX FLAGS, INC.

                                    By: /s/ Harvey Weinstein
                                       ---------------------------------
                                       Harvey Weinstein
                                       Chairman of the Compensation
                                       Committee

Agreed and Accepted:

By: /s/ Mark Shapiro
   --------------------
      Mark Shapiro

Enclosures

<PAGE>

                                                                      Schedule A

                                FORM OF EXERCISE

                                                [Date of Exercise]

Six Flags, Inc.
11501 Northeast Expressway
Oklahoma City, Oklahoma  73131
Attention:   Secretary

                  Re:   Six Flags, Inc. (the "Company")
                        2001  Stock  Option  and  Incentive   Plan  (the "Plan")

Dear Sir:

      Pursuant to the "Grant of $12 Share Price Stock Option" from the Company
to me, dated as of January 11, 2006 (the "Stock Option Agreement"), I am the
holder of an Option granted under the Plan to purchase shares of the Company's
common stock (the "Option Shares"). All capitalized terms not defined herein
shall have the meaning ascribed to such terms in the Stock Option Agreement
subject to the provisions of the Plan and the Employment Agreement between me
and the Company dated September 26, 2006.

      On [a date not later than fifteen (15) days from the date hereof], I shall
exercise the Option to acquire [specify number of shares for which Option is
being exercised] Option Shares, the Exercise Price for which is $9.21, to be
paid by [specify the amount of a check, the number of shares of the Company's
common stock and/or the surrender of all or part of the Option to pay the
Exercise Price]. I would like the Option Shares to be represented by [specify
number of certificates and number of shares represented by each certificate],
registered in [my name or other] and should be delivered [at the address
indicated below or specify other arrangements].

      To the extent such taxes are not otherwise taken care of by my payment of
cash to the Company or the withholding of Option Shares or otherwise, I hereby
authorize the Company to withhold from any cash compensation paid to me or on my
behalf, an amount sufficient to discharge any federal, state and local wage
withholding taxes imposed in connection with my exercise of the Option.
Withholdings shall be calculated at the minimum statutory rate. To the extent
such payment of taxes is not so taken care of, I agree that the Company may hold
the stock certificates for the Option Shares in an amount sufficient to satisfy
the withholding taxes as security for payment of such taxes.

      I agree to all the terms, conditions, limitations and restrictions
contained in the Plan and the Stock Option Agreement to the extent such terms,
conditions, limitations and restrictions are not in conflict or inconsistent
with the Employment Agreement, in which case the provisions of the Employment
Agreement shall be controlling.

      Please acknowledge receipt of this Notice of my exercise of my Option on
the attached copy of this letter.

                                          Very truly yours,

                                          By:
                                             -------------------------------
                                          Name:
                                          Address:

RECEIPT ACKNOWLEDGED:

SIX FLAGS, INC.

By:
   -----------------------------
Name:
Title:EXHIBIT 10.4

                                    As of January 11, 2006

Mr. Mark Shapiro

                  Re:   Grant of $15 Share Price Stock Option

Dear Mr. Shapiro:

      The Compensation Committee (the "Committee") of the Board of Directors of
Six Flags, Inc., a Delaware corporation (the "Company"), has granted certain
options under the Company's 2001 Stock Option and Incentive Plan (the "Plan").
The purpose of the Plan is to afford officers and key employees of the Company
and subsidiary corporations who are responsible for the continued growth of the
Company an opportunity to acquire a proprietary interest in the Company, and
thus to create in such officers and employees an increased interest in and a
greater concern for the welfare of the Company. (A copy of the Plan is annexed
to this letter agreement (the "Stock Option Agreement") and shall be deemed a
part of this Stock Option Agreement as if fully set forth herein subject to the
terms of the Employment Agreement between you and the Company, dated as of
September 26, 2006 (the "Employment Agreement"). Unless the context otherwise
requires, all terms defined in the Plan shall have the same meaning when used
herein. subject to the terms of the Employment Agreement.

      1.    The Grant

            On January 11, 2006 (the "Date of Grant"), the Company granted to
you, as a matter of separate inducement and not in lieu of any salary or other
compensation for your services, the right and option to purchase (the "Option"),
in accordance with the terms and conditions set forth in the Plan, an aggregate
of 237,500 shares of common stock of the Company (the "Option Shares") at a
price of $9.21 per share (the "Exercise Price"). The Option is subject to the
limitations set forth in this Stock Option Agreement and in the Employment
Agreement. In the event of any conflict or inconsistency between the terms
hereof and the terms of the Employment Agreement, the terms of the Employment
Agreement shall govern.

            The Option is intended to be an incentive stock option within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
"Code") ("Incentive Stock Option"), to the extent permitted by Section 422(d) of
the Code, but the Company makes no warranty as to the tax treatment of the
Option or the qualification of the Option as an Incentive Stock Option. To the
extent all or any portion of the Option fails to qualify as an Incentive Stock
Option, such portion shall be a nonqualified stock option.

      2.    Restrictions on Time of Exercise

            Subject to the provisions and limitations contained herein
(including, without limitation, the conditions set forth in Section 1) and in
the Plan and until the termination of the Option as provided for herein, the
Option shall vest on the first date on which the closing price of the Company's
common stock on the New York Stock Exchange or other principal securities
exchange or market on which the Company's common stock is traded is at or above
$15.00 per share on each trading day for a period of 90 calendar days, provided
that such Option may not be exercised prior to the second anniversary of the
Date of Grant. In the event of a spin off, split up, stock split, stock
dividend, share combination, exchange of shares, recapitalization, merger,
consolidation, reorganization, dissolution, liquidation or other comparable
distributions, changes or transactions of or by the Company, appropriate
adjustments to the Exercise Price, number and/or type of shares into which the
Option is exercisable shall be made to give proper effect to such event so as to
avoid dilution of the value of the Option.

            If the Option is not exercised for the total number of Option Shares
available for purchase during such period, the Option shall not thereby
terminate as to such unexercised portion. In no event may you exercise the
Option for a fraction of a share.

            Any unexercised portion of the Option shall automatically and
without notice terminate and become null and void upon the expiration of ten
(10) years from the Date of Grant (the "Option Term"); provided, however, that
if your employment with the Company terminates (and your employment with any
subsidiary corporation of the Company that you are then employed with also
terminates) before the expiration of the Option Term, the Option shall terminate
on the applicable date described in Section 4 below.

            If a change of control (as defined below, a "Change of Control") of
the Company occurs, then the restrictions on the exercise of the Option
described above shall become null and void and cease to exist, the Option shall
fully vest immediately and the Option shall immediately become exercisable in
full. For this purpose, a Change of Control means:

                  (i) A change of control of the direction and administration of
the Company's business of a nature that would be required to be reported in
response to item 6(e) of Schedule 14A of Regulation 14A (or any successor rule
or regulation) promulgated under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), whether or not the Company is then subject to such
reporting requirement; or

                  (ii) Any "person" (as such term is used in Sections 13(d) and
14(d)(2) of the Exchange Act but excluding any employee benefit plan of the
Company) is or becomes the "beneficial owner" (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company
representing thirty-five percent (35%) or more of the combined voting power of
the Company's outstanding securities then entitled ordinarily (and apart from
rights accruing under special circumstances) to vote for the election of
directors; or

                  (iii) During any period of two (2) consecutive years, the
individuals who at the beginning of such period constitute the Board of
Directors or any individuals who would be continuing directors (as defined
below, the "Continuing Directors") cease for any reason to constitute at least a
majority of the Board of Directors; or

                  (iv) The Board of Directors shall approve a sale of all or
substantially all of the assets of the Company; or

                  (v) The Board of Directors shall approve any merger,
consolidation or like business combination or reorganization of the Company, the
consummation of which would result in the occurrence of any event described in
clause (ii) or (iii) above.

            For purposes of this Stock Option Agreement, Continuing Directors
means (i) the directors of the Company in office on the date hereof, (ii) any
successor to any such director and (iii) any additional director who after the
date hereof (A) is nominated or selected by a majority of the Continuing
Directors in office at the time of his nomination or selection and (B) at the
time of his nomination or selection is not an "affiliate" or "associate" (as
defined in Regulation 12B under the Exchange Act) of any person who is the
beneficial owner, directly or indirectly, of securities representing ten percent
(10%) or more of the combined voting power of the Company's securities then
entitled ordinarily to vote for the election of directors.

      3.    Other Terms of Exercise

            Any exercise by you of the Option shall be in writing, addressed to
the Secretary of the Company at its principal place of business (the "Notice"),
substantially in the form of Schedule A hereto, and shall specify the number of
Option Shares to be purchased, the form of payment of the Exercise Price and a
business day not more than fifteen (15) days from the date the Notice is given
for payment of the Exercise Price (the "Payment Date").

            The Exercise Price is payable by delivery to the Company on the
Payment Date of any combination of the following:

            (a) a validly issued personal check payable to the order of the
Company in the full amount of the Exercise Price for that portion of the Option
being exercised by delivery of such check;

            (b) common stock of the Company (in proper form for transfer and
accompanied by all requisite stock transfer tax stamps or cash in lieu thereof)
owned by you (or your legal representative) having a fair market value equal to
the full amount of the Exercise Price for that portion of the Option being
exercised by delivery of such stock (the fair market value of the stock so
delivered being determined (i) by the Board of Directors or the Committee in its
sole discretion as of the date immediately preceding the Payment Date or (ii) in
such other manner or at such other time as may be required to comply with or
conform to the requirements of any applicable law or regulation); or

            (c) by surrender of all or part of the Option to the Company in
exchange for a number of shares of the Company's common stock having a total
market value as of the date of surrender, equal to the excess of (i) the market
value, as of the date of surrender, of the number of shares that could be
acquired by the exercise of the portion of the Option that is surrendered, over
(ii) the aggregate Exercise Price which would otherwise be paid to the Company
upon a normal exercise of the Option as to that number of shares. In the event
the foregoing calculation would require the issuance of a fractional share, the
Company shall, in lieu thereof, pay cash to the holder in an amount equal to the
fair market value of such fractional share as of the date of surrender.

      4.    Termination of Employment

            Upon the termination of your employment with (i) the Company and
(ii) any subsidiary corporation of the Company with which you are employed at
the time of your termination of employment with the Company, the Option shall,
to the extent not previously exercised, automatically terminate and become null
and void; except that:

            (a) if you shall die while in the employ of the Company (or of any
subsidiary corporation of the Company if you are no longer in the employ of the
Company at the time of your death), the Option shall fully vest (without regard
to whether the performance requirements in Section 2 have been met) and become
exercisable immediately, the restrictions thereon shall immediately lapse and
your legal representative, or such other person who acquired the Option by
bequest or inheritance or otherwise by reason of your death, may exercise the
Option, to the extent not theretofore exercised, at any time during the
originally scheduled Option Term;

            (b) if your employment with the Company (or with any subsidiary
corporation of the Company if you are not employed by the Company at the time of
your becoming disabled) shall terminate by reason of your disability (within the
meaning of Section 22(e)(3) of the Code but only if and to the extent any
portion of the Option constitutes an Incentive Stock Option; otherwise
disability shall have the meaning given it in Section 4(c)(iii) of the
Employment Agreement) the Option shall fully vest (without regard to whether the
performance requirements in Section 2 have been met) and become exercisable
immediately, the restrictions thereon shall immediately lapse and you may
exercise the Option, to the extent not theretofore exercised, at any time during
the originally scheduled Option Term;

            (c) if your employment with the Company (or with any subsidiary
corporation of the Company if you are not employed by the Company at the time of
your termination) shall terminate by reason of your involuntary dismissal or
removal, other than an involuntary dismissal or removal for cause, the Option,
to the extent not theretofore exercised, shall fully vest (without regard to
whether the performance requirements in Section 2 have been met) and become
exercisable immediately, the restrictions thereon shall immediately lapse and
shall remain exercisable for its originally scheduled Option Term. For this
purpose, the term "for cause" means the definition of "Cause" in the Employment
Agreement and your involuntary dismissal or removal other than for Cause shall
include a termination by you for Good Reason as defined in Section 4(c)(iv) of
the Employment Agreement; and

            (d) if your employment with the Company (or with any subsidiary
corporation of the Company if you are not employed by the Company at the time of
your termination) ceases due to your death or Disability (as defined in the
Employment Agreement) following the expiration of the Term (as defined in the
Employment Agreement) and while the Option is still outstanding, the terms of
Section 4(a) of the Employment Agreement with respect to the Option shall apply.

            In respect of any portion of the Option that constitutes an
Incentive Stock Option, for purposes hereof, an employment relationship shall be
deemed to exist between an individual and a corporation if at the time of the
determination, the individual is an employee for purposes of Section 422 of the
Code. If an individual is on military, sick or other bona fide leave of absence,
such individual shall be considered an "employee" and shall be entitled to
exercise the Option during such leave; provided that the period of such leave
does not exceed ninety (90) days or, if longer, that the individual's right to
reemployment by the Company or any subsidiary corporation of the Company is
guaranteed either by statute or by contract. Where the period of leave is longer
than ninety (90) days and where the individual's right to reemployment is not
guaranteed either by statute or by contract, the employment relationship shall
be deemed, for this purpose, to have terminated on the ninety-first (91st) day
of such leave.

            Subject to the terms of the Employment Agreement, termination of
employment shall be deemed not to occur by reason of your transfer from
employment by the Company to employment by a subsidiary corporation of the
Company or from employment by a subsidiary corporation of the Company to
employment by the Company or by another subsidiary corporation of the Company.

            In the event of the complete liquidation or dissolution of a
subsidiary corporation of the Company, or in the event such corporation ceases
to be a subsidiary corporation of the Company, any unexercised Options
theretofore granted to any employee of such subsidiary corporation shall,
subject to the next following sentence, be cancelled, unless such employee is
employed by the Company or by another subsidiary corporation of the Company
after the occurrence of such event. Thirty (30) days prior to any cancellation
of an Option pursuant to the previous sentence, notice shall be given to each
employee holding an Option subject to cancellation and such employee shall have
the right to exercise such Option in full (without regard to the restrictions on
exercise described in Section 2 of this Stock Option Agreement) for thirty (30)
days following the receipt of such notice. Notwithstanding the foregoing
provisions of this paragraph, in the event of such liquidation or dissolution of
a subsidiary corporation of the Company or in the event of such subsidiary
corporation ceasing to be a subsidiary corporation of the Company, the Board of
Directors or the Committee, in its discretion, may elect to terminate any
unexecuted Options theretofore granted to any employee of such subsidiary
corporation within a specified number of days after notice to the holder of the
Option and provide for such holder to receive, with respect to each Option
Share, cash in an amount equal to the excess of the fair market value of the
Option Share immediately prior to the date of such liquidation, dissolution or
cessation over the Exercise Price.

      5.    Transferability

            All or any portion of the Option that constitutes an Incentive Stock
Option is not transferable by you otherwise than by will or the laws of descent
and distribution and is exercisable, during your lifetime, only by you or, if
you are disabled (within the meaning of Section 22(e)(3) of the Code), by your
guardian or legal representative. Any portion of the Option that does not
constitute an Incentive Stock Option is transferable only (i) as provided in the
preceding sentence or (ii) to your immediate family members, trusts for their
exclusive benefit or partnerships of which such family members are the only
partners. Except as set forth in the preceding sentences, the Option may not be
assigned, transferred, pledged or hypothecated in any way (whether by operation
of law or otherwise) and shall not be subject to execution, attachment or
similar proceedings. Any attempted assignment, transfer, pledge, hypothecation
or other disposition of the Option contrary to the provisions hereof or of the
Plan, and the levy of any attachment or similar proceeding upon the Option,
shall be null and void and without effect.

      6.    Reservation, Registration, Issuance of Certificates, Legends,
            Payment of Expenses

            (a) Reservation, Registration and Listing of Shares. The Company
shall at all times reserve out of its authorized and unissued shares, a number
of shares sufficient to provide for the exercise in full of this Option. Shares
deliverable to you upon exercise of this Option, when delivered to you, shall be
fully paid and nonassessable and shall be free and clear of any and all liens,
encumbrances, charges and other third party rights. The Company agrees that all
shares delivered hereunder shall be (i) validly issued, (ii) registered for
resale by you (or a permitted transferee) under Federal and state securities
laws and shall remain registered so long as the shares may not be freely sold in
the absence of such registration and (iii) listed, or otherwise qualified, for
trading in the United States on each national securities exchange or national
securities market system on which the shares are listed or qualified. Except as
provided herein or by the Plan, the Employment Agreement or applicable law, this
Option may not be cancelled for any reason without your prior written consent.

            (b) The Company shall pay all issue or transfer taxes imposed upon
the issuance or transfer of the Option Shares, as well as all fees and expenses
incurred by the Company in connection with such issuance or transfer, including,
without limitation, all fees and expenses that may be necessitated by the filing
or amending of a registration statement under any Federal or state securities
law.

            (c) Securities Law Restrictions. Regardless of whether the offering
and sale of Shares under the Plan have been registered under the Securities Act
of 1933, as amended (the "Securities Act"), or have been registered or qualified
under the securities laws of any state, the Company may impose restrictions upon
the sale, pledge or other transfer of such Shares (including the placement of
appropriate legends on stock certificates or the imposition of stop-transfer
instructions) if, in the reasonable judgment of the Company's counsel, such
restrictions are necessary in order to achieve compliance with the Securities
Act or the securities laws of any state or any other law. In the event of any
such restriction, the Company shall take all such action as may be necessary or
appropriate to eliminate such restriction at the earliest possible date.

      7.    Withholding Taxes

            The Company's obligations to deliver Option Shares upon the exercise
of the Option shall be subject to your satisfaction of all applicable Federal,
state and local income, excise and employment tax withholding requirements ("Tax
Obligations"). Withholdings shall be calculated at the minimum statutory rate.
You may satisfy any such Tax Obligations (a) by payment of the applicable tax in
cash to the Company, (b) by authorizing the Company to withhold Option Shares
that would otherwise have been delivered to you having a fair market value as
defined in the Employment Agreement equal to, but not greater than, the minimum
amount of tax required to be withheld; or (c) by any combination of (a) and (b).

      8.    Entire Agreement, Grant Subject to Plan; Conflict

            Except for the Employment Agreement, this Stock Option 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. This Stock Option Agreement is subject to all of the
terms, conditions, limitations and restrictions contained in the Plan. In the
event of any conflict or inconsistency between the terms hereof and the terms of
the Plan, the terms of the Plan shall be controlling except in the event of any
conflict or inconsistency between the terms of the Plan and the terms of the
Employment Agreement, in which case the terms of the Employment Agreement shall
be controlling.

      9.    Miscellaneous

            (a) This Stock Option Agreement is not a contract of employment and
the terms of your employment shall not be affected hereby or by any agreement
referred to herein, except to the extent specifically so provided herein or
therein. Nothing herein shall be construed to impose any obligation on (i) the
Company or on any subsidiary corporation of the Company to continue your
employment or (ii) you to remain in the employ of the Company or of any
subsidiary corporation of the Company.

            (b) In respect of any portion of the Option that constitutes an
Incentive Stock Option, you hereby agree to notify the Company immediately upon
any "disqualifying disposition" (as defined in Section 421(b) of the Code) by
you of any Option Shares.

            (c) Neither you nor your permitted transferees, under Section 5 of
this Stock Option Agreement, shall have the right to act as stockholders of the
Company with respect to Option Shares, until the Exercise Price for such Option
Shares has been paid in full to the Company.

            (d) You represent that you have had ample opportunity to review the
Plan and ask questions with respect thereto.

            (e) You and the Company hereby agree that, to the extent applicable,
this Stock Option Agreement shall be interpreted in accordance with Section 409A
of the Code and the provisions of Section 20 of the Employment Agreement
regarding Section 409A shall, to the extent applicable, be applied to this Stock
Option Agreement.

            (f) This Stock Option Agreement shall be governed by and construed
in accordance with the laws of Delaware, without reference to principles of
conflict of laws.

            (g) Any disputes arising out of or relating to this Stock Option
Agreement shall be resolved in accordance with Section 10 of the Employment
Agreement, which shall be deemed to be incorporated herein in full.

            (h) No provision of this Agreement may be amended or modified except
in writing signed by you and an authorized officer of the Company. No waiver of
any breach or condition of this Stock Option Agreement by either party shall be
deemed to be a waiver of any other or subsequent breach or condition whether of
like or different nature. Any waiver must be in writing and signed by the party
against whom the waiver is being enforced (either you or an authorized officer
of the Company, as the case may be).

            (i) Except as otherwise expressly set forth in this Stock Option
Agreement or the Employment Agreement, the respective rights and obligations of
you and the Company hereunder shall survive any termination of your employment.

            (j) The Company represents and warrants to you that (i) all
corporate action required to be taken by the Company to fully authorize the
execution, delivery and performance of this Stock Option Agreement and the
consummation of the transactions contemplated hereby (including, without any
limitation, any action required to be taken by the Board of Directors, any
committee of the Board of Directors, or any other person or body to interpret or
otherwise act with respect to any Company agreement, policy, program or
arrangement) has been duly and effectively taken, (ii) the execution, delivery
and performance of this Stock Option Agreement does not violate any applicable
law, regulation, order, judgment or decree or any agreement, arrangement, plan
or corporate governance document to which the Company is a party or by which it
is bound, (iii) the person signing this Stock Option Agreement on behalf of the
Company is duly authorized to do so and (iv) upon the execution and delivery of
this Stock Option 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.

<PAGE>

      Your acceptance of the Option shall constitute your agreement to all of
the terms and conditions of this Stock Option Agreement, the Option and the
Plan.

                                          Very truly yours,

                                          SIX FLAGS, INC.

                                          By: /s/ Harvey Weinstein
                                             ---------------------------
                                             Harvey Weinstein
                                             Chairman of the Compensation
                                             Committee

Agreed and Accepted:

By: /s/ Mark Shapiro
   -------------------------
   Mark Shapiro

Enclosures

<PAGE>

                                                                      Schedule A

                                FORM OF EXERCISE

                                                [Date of Exercise]

Six Flags, Inc.
11501 Northeast Expressway
Oklahoma City, Oklahoma  73131
Attention:   Secretary

                  Re:   Six Flags, Inc. (the "Company") 2001 Stock Option and
                        Incentive Plan (the "Plan")

Dear Sir:

      Pursuant to the "Grant of $15 Share Price Stock Option" from the Company
to me, dated as of January 11, 2006 (the "Stock Option Agreement"), I am the
holder of an Option granted under the Plan to purchase shares of the Company's
common stock (the "Option Shares"). All capitalized terms not defined herein
shall have the meaning ascribed to such terms in the Stock Option Agreement,
subject to the provisions of the Plan and the Employment Agreement between me
and the Company dated September 26, 2006.

      On [a date not later than fifteen (15) days from the date hereof], I shall
exercise the Option to acquire [specify number of shares for which Option is
being exercised] Option Shares, the Exercise Price for which is $9.21, to be
paid by [specify the amount of a check, the number of shares of the Company's
common stock and/or the surrender of all or part of the Option to pay the
Exercise Price]. I would like the Option Shares to be represented by [specify
number of certificates and number of shares represented by each certificate],
registered in [my name or other] and should be delivered [at the address
indicated below or specify other arrangements].

      To the extent such taxes are not otherwise taken care of by my payment of
cash to the Company or the withholding of Option Shares or otherwise, I hereby
authorize the Company to withhold from any cash compensation paid to me or on my
behalf, an amount sufficient to discharge any federal, state and local wage
withholding taxes imposed in connection with my exercise of the Option.
Withholdings shall be calculated at the minimum statutory rate. To the extent
such payment of taxes is not so taken care of, I agree that the Company may hold
the stock certificates for the Option Shares in an amount sufficient to satisfy
the withholding taxes as security for payment of such taxes.

      I agree to all the terms, conditions, limitations and restrictions
contained in the Plan and the Stock Option Agreement to the extent such terms,
conditions, limitations and restrictions are not in conflict or inconsistent
with the Employment Agreement, in which case the provisions of the Employment
Agreement shall be controlling.

      Please acknowledge receipt of this Notice of my exercise of my Option on
the attached copy of this letter.

                                          Very truly yours,

                                          By:
                                             ------------------------------
                                             Name:
                                             Address:

RECEIPT ACKNOWLEDGED:

SIX FLAGS, INC.

By:
   --------------------------------
   Name:
   Title:

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