Document:

Exhibit 10(pp)

 

EXECUTION
COPY

 

EMPLOYMENT AGREEMENT

 

This Agreement, dated as of
January 17, 2006, by and between Mark Quenzel (the “Executive”) and Six Flags,
Inc., a Delaware corporation (the “Company”).

 

WITNESSETH

 

WHEREAS, the Company has
offered Executive, and Executive has accepted, employment on the terms and conditions
set forth in this Agreement; and

 

WHEREAS, the Company and
Executive wish to set forth such terms and conditions in a binding written
agreement.

 

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

 

1.             Term of Employment. Executive’s employment with the Company under this
Agreement shall begin on December 14, 2005 (the “Effective Date”) and end on
the fourth anniversary thereof (the “Term”), subject to earlier termination in
accordance with Section 4 hereof.

 

2.             Position, Duties and Location.

 

(a)           Position. Beginning on the Effective Date,
Executive shall serve as the Executive Vice President, Park Strategy and
Management of the Company, with the duties and responsibilities customarily
assigned to such position and such other duties as may reasonably be assigned
to Executive from time to time by the Chief Executive Officer consistent with
such position. The Executive shall at all times report directly to the Chief
Executive Officer.

 

(b)           Duties. During his employment with the Company,
Executive shall devote substantially all his business attention and time to the
duties reasonably assigned to him by the Chief Executive Officer consistent
with Executive’s position and shall use his reasonable best efforts to carry
out such duties faithfully and efficiently.

 

(c)           Location.
Executive’s principal place of employment shall be located in New York, New
York; provided that Executive will travel and render services at such
locations as may reasonably be required by his duties hereunder.

 

3.             Compensation.

 

(a)           Base Salary. During his employment with the
Company, Executive shall receive a base salary (the “Base Salary”) at an annual
rate of $500,000. Base Salary shall be paid at such times and in such
installments as the Company customarily pays the 

 

 

base
salaries of its employees. The Base Salary may be increased, but not be
reduced, in the discretion of the Company, and the term “Base Salary” shall
thereafter refer to the Base Salary as so increased. Executive has been
rendering services to the Company prior to the Effective Date and, therefore,
as soon as practicable following the Effective Date, Executive shall be paid a
lump sum equal to the Base Salary that he would have earned from December 14,
2005, through the Effective Date (less applicable withholding) if this Section
3(a) had applied to such period.

 

(b)           Annual Bonus. During his employment with the
Company, Executive shall be paid an annual bonus in the discretion of the
Company.

 

(c)           Equity Awards.

 

(i)            As
soon as practicable following Executive’s execution of this Agreement, the
Company shall grant Executive an option to purchase 100,000 shares of its
common stock (the “Option”) under the Company’s applicable Stock Option and Incentive
Plan (the “Plan”). The per share exercise price of the Option shall be the fair
market value (as determined under the Plan) of the Company’s common stock on
the date of grant. Subject to Executive’s continuing employment with the
Company and the provisions of Section 4(b), the Option shall vest 20% on the
date of grant and the remainder shall vest in four equal installments on the
first four anniversaries of the Effective Date. In the event of stock split,
stock dividend, share combination, exchange of shares, recapitalization,
merger, consolidation, reorganization, liquidation or other comparable changes
or transactions of or by the Company, an appropriate adjustment to the number
and/or type of shares into which the Option is exercisable shall be made to
give proper effect to such event.

 

(ii)           As
soon as practicable following Executive’s execution of this Agreement, the
Company shall grant Executive an award of 100,000 restricted shares of its
common stock (the “Restricted Shares”) under the Plan. Subject to Executive’s
continuing employment with the Company and the provisions of Section 4(b), the
Restricted Shares shall become vested and the restrictions thereon shall lapse
in three equal installments on each of January 1, 2007, January 1, 2008 and
January 1, 2009. In the event of stock split, stock dividend, share
combination, exchange of shares, recapitalization, merger, consolidation,
reorganization, liquidation or other comparable changes or transactions of or
by the Company, an appropriate adjustment to the number and/or type of
Restricted Shares shall be made to give proper effect to such event.

 

(d)           Benefits. During his
employment with the Company, the Company shall provide, and the Executive
shall be entitled to participate in or receive benefits under any pension plan,
profit sharing plan, stock option plan, stock purchase plan or arrangement,
health and accident plan or any other employee benefit plan or arrangement made
available now or in the future to executives of the Company; provided Executive
complies with the conditions attendant with coverage under such plans or
arrangements. Nothing contained herein shall be construed to require the
Company to establish any plan or arrangement not in existence on the date
hereof or to prevent the Company from modifying or terminating any plan or
arrangement in existence on the date hereof. Without limiting the generality of the foregoing, Executive shall be
entitled to no less than four weeks of paid vacation per calendar year.

 

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(e)           Perquisites; Expenses. During his employment
with the Company, Executive
shall be entitled to (i) perquisites on the same basis as perquisites
are generally provided to executives of the Company and (ii) first class air travel. In addition,
the Company shall promptly pay or, if such expenses are paid directly by
Employee, the Executive shall be entitled to receive prompt reimbursement, for
all reasonable expenses that Executive incurs during his employment with the
Company in carrying out Executive’s duties under this Agreement, including,
without limitation, those incurred in connection with business related travel
or entertainment, upon presentation of expense statements and customary
supporting documentation.

 

4.             Termination of Employment.

 

(a)           Death; Disability; Termination For Cause. Executive’s
employment shall terminate automatically upon his death or Disability (as
defined below). The Company may terminate Executive’s employment for Cause (as
defined below) without prior notice. Upon a termination of Executive’s
employment (i) due to Executive’s death or Disability, or (ii) by the Company
for Cause, Executive (or, in the case of Executive’s death, Executive’s estate
and/or beneficiaries) shall be entitled to: (A) unpaid Base Salary through the
date of the termination; (B) any earned but unpaid bonus for the prior fiscal
year of the Company; and (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, excluding any severance
program or policy (collectively, the “Accrued Amounts”). Executive shall have
no further right or entitlement under this Agreement; provided, however,
that in the event of a termination of Executive’s employment due to Executive’s
death or Disability, all Options and Restricted Shares previously granted to
Executive shall fully vest.

 

(b)           Termination Without Cause or for Good Reason. (i)  The Company may terminate Executive’s
employment without Cause and Executive may terminate his employment for Good
Reason, in each case upon thirty days prior written notice. In the event that,
during the Term, the Company terminates the Executive’s employment without
Cause or Executive terminates his employment for Good Reason, Executive shall
be entitled to the following in lieu of any payments or benefits under any
severance program or policy of the Company, and subject to execution by
Executive of a waiver and release of claims in a form reasonably determined by
the Company:

 

(i)
the Accrued Amounts;

 

(ii)
a lump sum cash severance payment equal to the unpaid balance of the Base
Salary and annual bonuses Executive would have been paid for the balance of the
Term hereof measured from the date of termination of employment pursuant to
this paragraph 4(b) to the expiration date of the Term; the severance payable
shall be computed based upon (A) Executive’s highest Base Salary in effect at any
time during his employment with the Company and (B)  Executive’s annual bonus, if any received for
the most recent completed fiscal year of the Company prior to the date of
termination;

 

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(iii)
continued coverage for a period of twelve months commencing on the date of
termination (A) for Executive (and his eligible dependents, if any) under the
Company’s health 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 (B) under any
Company life insurance plan in which Executive was participating immediately
prior to the date of termination; and

 

(iv)
other than in the event of a termination for Good Reason pursuant to Section
4(c)(iii)(D), full vesting of all Options and Restricted Shares previously
granted to Executive.

 

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

 

(i)            “Cause”
shall mean: (A) Executive’s willful and continuing failure (except where due to
physical or mental incapacity) to perform his duties hereunder; (B) Executive’s
willful malfeasance or gross neglect in the performance of his duties
hereunder; (C) Executive’s conviction of, or plea of guilty or nolo
contendere to, the commission of a felony or a misdemeanor involving moral
turpitude; (D) the commission by Executive of an act of fraud or embezzlement
against the Company or any affiliate; or (E) Executive’s willful breach of any
material provision of this Agreement. For purposes of the preceding sentence,
no act or failure to act by Executive shall be considered “willful” unless done
or omitted to be done by Executive in bad faith and without reasonable belief
that Executive’s action or omission was in the best interests of the Company.

 

(ii)           “Disability”
shall have the same meaning as in, and shall be determined in a manner
consistent with any determination under, the long-term disability plan of the
Company in which Executive participates from time to time, or if Executive is
not covered by such a plan, “Disability” shall mean Executive’s permanent
physical or mental injury, illness or other condition that prevents Executive
from performing his duties to the Company, as reasonably determined by the
Board of Directors of the Company.

 

(iii)          “Good
Reason” shall mean the occurrence, without Executive’s express written consent,
of: (A) an adverse change in Executive’s employment’s title; (B) a significant
diminution in Executive’s employment duties, responsibilities or authority, or
the assignment to Executive of duties that are materially inconsistent with his
position; (C) any reduction in Base Salary; (D) a relocation of Executive’s
principal place of employment to a location outside of the New York
metropolitan area; or (E) any willful breach by the Company of any material
provision of this Agreement which is not cured within 15 days after written
notice is received from the Executive.

 

5.             Confidentiality of Trade Secrets and Business
Information. Executive agrees that Executive will 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
subsidiary or affiliate of the Company (collectively, “Confidential Information”),
obtained during the course of such employment, except for disclosures and uses 

 

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required
in the course of such employment or with the written permission of the Company
or, as applicable, any subsidiary or affiliate of the Company or as may be
required by law; provided that, if Executive receives notice that any party
will seek to compel him by process of law to disclose any Confidential
Information, Executive shall promptly notify the Company and cooperate with the
Company in seeking a protective order against such disclosure.

 

6.             Return of Information. Executive agrees that at
the time of any termination of Executive’s employment with the Company, whether
at the instance of Executive or the Company, and regardless of the reasons
therefore, Executive will deliver to the Company, and not keep or deliver to
anyone else, any and all notes, files, memoranda, papers and, in general, any and
all physical (including electronic) matter containing Confidential Information
and other information relating to the business of the Company or any subsidiary
or affiliate of the Company which are in Executive’s possession, 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.

 

7.             Noncompetition. In
consideration for the compensation payable to Executive under this Agreement,
Executive agrees that Executive will not, during Executive’s employment with
the Company and for a period of one (1) year after any termination of
employment, render services to a competitor of the Company or any affiliate,
regardless of the nature thereof, or engage in any activity which is in direct
conflict with or adverse to the interests of the Company or any affiliate. For
purposes of this Agreement, “Competitor” shall mean any business or enterprise
which operates theme parks, or otherwise directly solicits business, or
provides entertainment or media-related services or products that are
competitive with those of the Company. Notwithstanding the foregoing, Executive’s
providing services to an affiliate of a Competitor that are not competitive
with the business activities of the Company shall not be a violation of the
restrictions of this Section 7.

 

8.             Noninterference. During
Executive’s employment with the Company and for a period of one (1) year
following any Termination, Executive agrees not to directly or indirectly
recruit, solicit or induce, any employees, consultants or independent
contractors of the Company, any entity in which the Company has made a
significant investment, or any entity to which Executive renders services
pursuant to the terms of this Agreement (each, a “Restricted Entity”) to
terminate, alter or modify their employment or other relationship with the
Company or any Restricted Entity. During Executive’s employment with the
Company and for a period of one (1) year following any termination thereof,
Executive agrees not to directly or indirectly solicit any customer or business
partner of the Company or any Restricted Entity to terminate, alter or modify
its relationship with the Company or the Restricted Entity or to interfere with
the Company’s or any Restricted Entity’s relationships with any of its
customers or business partners on behalf of any enterprise that directly or
indirectly competes with the Company or the Restricted Entity.

 

9.             Enforcement. Executive
acknowledges and agrees that:  (i) the
purpose of the covenants set forth in Sections 5 through 8 above is to protect
the goodwill, trade secrets and 

 

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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 Sections 5 through 8 would be inadequate. Executive therefore
agrees and consents that if Executive commits any breach of a covenant under
Sections 5 through 8, 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 Sections 5 through 8 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 covenants of Sections 5 through 8 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.

 

10.           Indemnification. The Company shall indemnify Executive against any
and all losses, liabilities, damages, expenses (including attorneys’ fees)
judgments, fines and amounts paid in settlement incurred by Executive in
connection with any claim, action, suit or proceeding (whether civil, criminal,
administrative or investigative), including any action by or in the right of
the Company, by reason of any act or omission to act in connection with the
performance of his duties hereunder to the full extent that the Company is
permitted to indemnify a director, officer, employee or agent against the
foregoing under applicable law. The Company shall at all times cause Executive to
be included, in his capacity hereunder, under all liability insurance coverage
(or similar insurance coverage) maintained by the Company from time to time.

 

11.           Executive’s Representations. 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.

 

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12.           Notices. All notices and other
communications required or permitted hereunder shall be in writing and shall be
deemed given when delivered (a) personally, (b) by facsimile with evidence of
completed transmission, or (c) 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:

 

 

If to the Executive:

 

 

13.           Assignment and Successors. This
Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns. The Company may assign this Agreement to another
corporation, limited liability company, partnership, joint venture or other
business in which the Company has made an investment.

 

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 either party; provided that both parties agree to such
waiver in writing.

 

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 such
amounts shall not be subject to offset or otherwise reduced whether or not
Executive obtains other employment.

 

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

 

20.           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.

 

21.           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.

 

22.           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.

 

[The remainder of
this page is intentionally left blank.]

 

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IN WITNESS WHEREOF, the
Executive has hereunto set Executive’s hand and, pursuant to the authorization
of its Board of Directors, the Company has caused this Agreement to be executed
in its name on its behalf, all as of the day and year first above written.

 

 

	
   

  	
  SIX
  FLAGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Shapiro

  	
   

  
	
   

  	
  Name:

  	
  Mark Shapiro

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Mark Quenzel

  	
   

  
	
   

  	
   

  	
  Mark QuenzelExhibit
10(qq)

 

EXECUTION
COPY

 

EMPLOYMENT AGREEMENT

 

This Agreement, dated as of
January 17, 2006, by and between Michael Antinoro (the “Executive”) and Six
Flags, Inc., a Delaware corporation (the “Company”).

 

WITNESSETH

 

WHEREAS, the Company has
offered Executive, and Executive has accepted, employment on the terms and conditions
set forth in this Agreement; and

 

WHEREAS, the Company and
Executive wish to set forth such terms and conditions in a binding written
agreement.

 

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

 

1.             Term of Employment. Executive’s employment with the Company under this
Agreement shall begin on December 14, 2005 (the “Effective Date”) and end on
the fourth anniversary thereof (the ‘Term”), subject to earlier termination in
accordance with Section 4 hereof.

 

2.             Position, Duties and Location.

 

(a)           Position. Beginning on the Effective Date,
Executive shall serve as the Executive Vice President, Entertainment and Marketing
of the Company, with the duties and responsibilities customarily assigned to
such position and such other duties as may reasonably be assigned to Executive
from time to time by the Chief Executive Officer consistent with such position.
The Executive shall at all times report directly to the Chief Executive
Officer.

 

(b)           Duties. During his employment with the Company,
Executive shall devote substantially all his business attention and time to the
duties reasonably assigned to him by the Chief Executive Officer consistent
with Executive’s position and shall use his reasonable best efforts to carry
out such duties faithfully and efficiently.

 

(c)           Location.
Executive’s principal place of employment shall be located in New York, New
York; provided that Executive will travel and render services at such
locations as may reasonably be required by his duties hereunder.

 

3.             Compensation.

 

(a)           Base Salary. During his employment with the
Company, Executive shall receive a base salary (the “Base Salary”) at an annual
rate of $400,000. Base

 

 

Salary
shall be paid at such times and in such installments as the Company customarily
pays the base salaries of its employees. The Base Salary may be increased, but
not be reduced, in the discretion of the Company, and the term “Base Salary”
shall thereafter refer to the Base Salary as so increased. Executive has been
rendering services to the Company prior to the Effective Date and, therefore,
as soon as practicable following the Effective Date, Executive shall be paid a
lump sum equal to the Base Salary that he would have earned from December 14,
2005, through the Effective Date (less applicable withholding) if this Section
3(a) had applied to such period.

 

(b)           Annual Bonus. During his employment with the
Company, Executive shall be paid an annual bonus in the discretion of the
Company.

 

(c)           Equity Awards.

 

(i)            As
soon as practicable following Executive’s execution of this Agreement, the
Company shall grant Executive an option to purchase 100,000 shares of its
common stock (the “Option”) under the Company’s applicable Stock Option and Incentive
Plan (the “Plan”). The per share exercise price of the Option shall be the fair
market value (as determined under the Plan) of the Company’s common stock on
the date of grant. Subject to Executive’s continuing employment with the
Company and the provisions of Section 4(b), the Option shall vest 20% on the
date of grant and the remainder shall vest in four equal installments on the
first four anniversaries of the Effective Date. In the event of stock split,
stock dividend, share combination, exchange of shares, recapitalization,
merger, consolidation, reorganization, liquidation or other comparable changes
or transactions of or by the Company, an appropriate adjustment to the number
and/or type of shares into which the Option is exercisable shall be made to
give proper effect to such event.

 

(ii)           As
soon as practicable following Executive’s execution of this Agreement, the
Company shall grant Executive an award of 100,000 restricted shares of its
common stock (the “Restricted Shares”) under the Plan. Subject to Executive’s
continuing employment with the Company and the provisions of Section 4(b), the
Restricted Shares shall become vested and the restrictions thereon shall lapse
in three equal installments on each of January 1, 2007, January 1, 2008 and
January 1, 2009. In the event of stock split, stock dividend, share
combination, exchange of shares, recapitalization, merger, consolidation,
reorganization, liquidation or other comparable changes or transactions of or
by the Company, an appropriate adjustment to the number and/or type of
Restricted Shares shall be made to give proper effect to such event.

 

(d)           Benefits. During his
employment with the Company, the Company shall provide, and the Executive
shall be entitled to participate in or receive benefits under any pension plan,
profit sharing plan, stock option plan, stock purchase plan or arrangement,
health and accident plan or any other employee benefit plan or arrangement made
available now or in the future to executives of the Company; provided Executive
complies with the conditions attendant with coverage under such plans or
arrangements. Nothing contained herein shall be construed to require the
Company to establish any plan or arrangement not in existence on the date
hereof or to prevent the Company from modifying or terminating any plan or
arrangement in existence on the date hereof. Without limiting the generality of the foregoing, Executive shall be
entitled to no less than four weeks of paid vacation per calendar year.

 

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(e)           Perquisites; Expenses. During his employment
with the Company, Executive
shall be entitled to (i) perquisites on the same basis as perquisites
are generally provided to executives of the Company and (ii) first class air travel. In addition,
the Company shall promptly pay or, if such expenses are paid directly by
Employee, the Executive shall be entitled to receive prompt reimbursement, for
all reasonable expenses that Executive incurs during his employment with the
Company in carrying out Executive’s duties under this Agreement, including,
without limitation, those incurred in connection with business related travel
or entertainment, upon presentation of expense statements and customary
supporting documentation.

 

4.             Termination of Employment.

 

(a)           Death; Disability; Termination For Cause. Executive’s
employment shall terminate automatically upon his death or Disability (as
defined below). The Company may terminate Executive’s employment for Cause (as
defined below) without prior notice. Upon a termination of Executive’s
employment (i) due to Executive’s death or Disability, or (ii) by the Company
for Cause, Executive (or, in the case of Executive’s death, Executive’s estate
and/or beneficiaries) shall be entitled to: (A) unpaid Base Salary through the
date of the termination; (B) any earned but unpaid bonus for the prior fiscal
year of the Company; and (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, excluding any severance
program or policy (collectively, the “Accrued Amounts”). Executive shall have
no further right or entitlement under this Agreement; provided, however,
that in the event of a termination of Executive’s employment due to Executive’s
death or Disability, all Options and Restricted Shares previously granted to
Executive shall fully vest.

 

(b)           Termination Without Cause or for Good Reason. (i)  The Company may terminate Executive’s
employment without Cause and Executive may terminate his employment for Good
Reason, in each case upon thirty days prior written notice. In the event that,
during the Term, the Company terminates the Executive’s employment without
Cause or Executive terminates his employment for Good Reason, Executive shall
be entitled to the following in lieu of any payments or benefits under any
severance program or policy of the Company, and subject to execution by
Executive of a waiver and release of claims in a form reasonably determined by
the Company:

 

(i)
the Accrued Amounts;

 

(ii)
a lump sum cash severance payment equal to the unpaid balance of the Base
Salary and annual bonuses Executive would have been paid for the balance of the
Term hereof measured from the date of termination of employment pursuant to
this paragraph 4(b) to the expiration date of the Term; the severance payable
shall be computed based upon (A) Executive’s highest Base Salary in effect at
any time during his employment with the Company and (B)  Executive’s annual bonus, if any received for
the most recent completed fiscal year of the Company prior to the date of
termination;

 

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(iii)
continued coverage for a period of twelve months commencing on the date of
termination (A) for Executive (and his eligible dependents, if any) under the
Company’s health 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 (B) under any
Company life insurance plan in which Executive was participating immediately
prior to the date of termination; and

 

(iv)
other than in the event of a termination for Good Reason pursuant to Section
4(c)(iii)(D), full vesting of all Options and Restricted Shares previously
granted to Executive.

 

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

 

(i)            “Cause”
shall mean: (A) Executive’s willful and continuing failure (except where due to
physical or mental incapacity) to perform his duties hereunder; (B) Executive’s
willful malfeasance or gross neglect in the performance of his duties
hereunder; (C) Executive’s conviction of, or plea of guilty or nolo
contendere to, the commission of a felony or a misdemeanor involving moral
turpitude; (D) the commission by Executive of an act of fraud or embezzlement
against the Company or any affiliate; or (E) Executive’s willful breach of any
material provision of this Agreement. For purposes of the preceding sentence,
no act or failure to act by Executive shall be considered “willful” unless done
or omitted to be done by Executive in bad faith and without reasonable belief
that Executive’s action or omission was in the best interests of the Company.

 

(ii)           “Disability”
shall have the same meaning as in, and shall be determined in a manner
consistent with any determination under, the long-term disability plan of the
Company in which Executive participates from time to time, or if Executive is
not covered by such a plan, “Disability” shall mean Executive’s permanent
physical or mental injury, illness or other condition that prevents Executive
from performing his duties to the Company, as reasonably determined by the
Board of Directors of the Company.

 

(iii)          “Good
Reason” shall mean the occurrence, without Executive’s express written consent,
of: (A) an adverse change in Executive’s employment’s title; (B) a significant
diminution in Executive’s employment duties, responsibilities or authority, or
the assignment to Executive of duties that are materially inconsistent with his
position; (C) any reduction in Base Salary; (D) a relocation of Executive’s
principal place of employment to a location outside of the New York
metropolitan area; or (E) any willful breach by the Company of any material
provision of this Agreement which is not cured within 15 days after written
notice is received from the Executive.

 

5.             Confidentiality of Trade Secrets and Business
Information. Executive agrees that Executive will 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
subsidiary or affiliate of the Company (collectively, “Confidential Information”),
obtained during the course of such employment, except for disclosures and uses 

 

4

 

required
in the course of such employment or with the written permission of the Company
or, as applicable, any subsidiary or affiliate of the Company or as may be
required by law; provided that, if Executive receives notice that any party
will seek to compel him by process of law to disclose any Confidential
Information, Executive shall promptly notify the Company and cooperate with the
Company in seeking a protective order against such disclosure.

 

6.             Return of Information. Executive agrees that at
the time of any termination of Executive’s employment with the Company, whether
at the instance of Executive or the Company, and regardless of the reasons
therefore, Executive will deliver to the Company, and not keep or deliver to
anyone else, any and all notes, files, memoranda, papers and, in general, any and
all physical (including electronic) matter containing Confidential Information
and other information relating to the business of the Company or any subsidiary
or affiliate of the Company which are in Executive’s possession, 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.

 

7.             Noncompetition. In
consideration for the compensation payable to Executive under this Agreement,
Executive agrees that Executive will not, during Executive’s employment with
the Company and for a period of one (1) year after any termination of
employment, render services to a competitor of the Company or any affiliate,
regardless of the nature thereof, or engage in any activity which is in direct
conflict with or adverse to the interests of the Company or any affiliate. For
purposes of this Agreement, “Competitor” shall mean any business or enterprise
which operates theme parks or engages in the media or entertainment business or
in any other business that is competitive with the business of the Company. Notwithstanding
the foregoing, Executive’s providing services to an affiliate of a Competitor
that are not competitive with the business activities of the Company shall not
be a violation of the restrictions of this Section 7.

 

8.             Noninterference. During
Executive’s employment with the Company and for a period of one (1) year
following any Termination, Executive agrees not to directly or indirectly
recruit, solicit or induce, any employees, consultants or independent
contractors of the Company, any entity in which the Company has made a
significant investment, or any entity to which Executive renders services
pursuant to the terms of this Agreement (each, a “Restricted Entity”) to
terminate, alter or modify their employment or other relationship with the
Company or any Restricted Entity. During Executive’s employment with the
Company and for a period of one (1) year following any termination thereof,
Executive agrees not to directly or indirectly solicit any customer or business
partner of the Company or any Restricted Entity to terminate, alter or modify
its relationship with the Company or the Restricted Entity or to interfere with
the Company’s or any Restricted Entity’s relationships with any of its
customers or business partners on behalf of any enterprise that directly or
indirectly competes with the Company or the Restricted Entity.

 

9.             Enforcement. Executive
acknowledges and agrees that:  (i) the
purpose of the covenants set forth in Sections 5 through 8 above is to protect
the goodwill, trade secrets and 

 

5

 

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 Sections 5 through 8 would be inadequate. Executive therefore
agrees and consents that if Executive commits any breach of a covenant under
Sections 5 through 8, 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 Sections 5 through 8 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 covenants of Sections 5 through 8 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.

 

10.           Indemnification. The Company shall indemnify Executive against any
and all losses, liabilities, damages, expenses (including attorneys’ fees)
judgments, fines and amounts paid in settlement incurred by Executive in
connection with any claim, action, suit or proceeding (whether civil, criminal,
administrative or investigative), including any action by or in the right of
the Company, by reason of any act or omission to act in connection with the
performance of his duties hereunder to the full extent that the Company is
permitted to indemnify a director, officer, employee or agent against the
foregoing under applicable law. The Company shall at all times cause Executive
to be included, in his capacity hereunder, under all liability insurance
coverage (or similar insurance coverage) maintained by the Company from time to
time.

 

11.           Executive’s Representations. 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.

 

6

 

12.           Notices. All notices and other
communications required or permitted hereunder shall be in writing and shall be
deemed given when delivered (a) personally, (b) by facsimile with evidence of
completed transmission, or (c) 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:

 

 

If to the Executive:

 

 

13.           Assignment and Successors. This
Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns. The Company may assign this Agreement to another
corporation, limited liability company, partnership, joint venture or other
business in which the Company has made an investment.

 

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 either party; provided that both parties agree to such
waiver in writing.

 

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 such
amounts shall not be subject to offset or otherwise reduced whether or not
Executive obtains other employment.

 

7

 

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

 

20.           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.

 

21.           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.

 

22.           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.

 

[The remainder of
this page is intentionally left blank.]

 

8

 

IN WITNESS WHEREOF, the
Executive has hereunto set Executive’s hand and, pursuant to the authorization
of its Board of Directors, the Company has caused this Agreement to be executed
in its name on its behalf, all as of the day and year first above written.

 

 

	
   

  	
  SIX
  FLAGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Shapiro

  	
   

  
	
   

  	
  Name:

  	
  Mark Shapiro

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Michael Antinoro

  	
   

  
	
   

  	
   

  	
  Michael Antinoro

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