Document:

Exhibit
10.1

 

RESTRICTED STOCK UNIT AGREEMENT

PURSUANT TO THE

SIX FLAGS ENTERTAINMENT CORPORATION LONG-TERM
INCENTIVE PLAN

 

* 
*  *  *  *

 

Participant:

 

Grant Date:

 

Number of Restricted Stock Units Granted:

 

*  * 
*  *  *

 

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

 

WHEREAS, it has been determined under the Plan that it would be in the
best interests of the Company to grant the Restricted Stock Units (“RSUs”)
provided herein to the Participant.

 

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

 

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

 

2.             Grant of Restricted Stock
Unit Award.  The Company hereby grants to the Participant,
as of the Grant Date specified above, the number of RSUs specified above. Each
RSU corresponds to one share of Company Stock. 
Except as otherwise provided by the Plan, the Participant agrees and
understands that nothing
contained in this Agreement provides, or is intended to provide, the
Participant with any protection against potential future dilution of the
Participant’s interest in the Company for any reason, and no adjustments shall
be made for dividends in cash or other property, distributions or other rights
in respect of the shares of Company
Stock underlying the RSUs, except as otherwise specifically provided for in the
Plan or this Agreement.  By accepting
this Award, the Participant (i) agrees that the Company and its 

 

 

Affiliates have fully discharged any and all obligations
or commitments to grant equity awards to the Participant, including, without
limitation, any such obligations or commitments set forth in any employment
agreement and (ii) waives, discharges and releases any claims the
Participant may have to any equity award from the Company or its Affiliates.

 

3.             Vesting.

 

(a)           Subject
to the provisions of Sections 3(b) through 3(e) hereof, the RSUs
subject to this Award shall become vested as follows, provided that the
Participant has not incurred a termination of employment with the Company and
its Subsidiaries prior to each such vesting date:

 

	
  Vesting Date

  	
   

  	
  Number of RSUs

  	
   

  
	
  [•]

  	
   

  	
  [•]

  	
   

  

 

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

 

(b)           Termination of Employment without
Cause or for Good Reason.  In the
event the Participant’s employment with the Company and its Subsidiaries is
terminated by the Company without Cause or by the Participant for Good Reason,
then the unvested RSUs that would have vested on the next regularly scheduled
vesting date in the twelve (12) month period following the date of such
termination shall vest upon the date of such termination.

 

(c)           Termination due to Death or
Disability.  The RSUs shall become fully vested upon the
Participant’s termination of employment with the Company and its Subsidiaries
due to the Participant’s death or upon the Participant becoming Disabled.

 

(d)           Change in Control.  The RSUs shall become fully vested upon the
Participant’s termination of employment with the Company and its Subsidiaries
by the Company without Cause or by the Participant for Good Reason, in each
case, within the twelve (12) month period following a Change in Control.

 

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

 

(f)            Wavier of Accelerated Vesting.  Notwithstanding anything set forth in any
agreement between the Participant and the Company and/or an Affiliate to the
contrary, including, without limitation, any employment agreement between the
Participant and the Company and/or an Affiliate effective as of the date
hereof, for purposes of this Agreement, the accelerated vesting provisions set
forth in Sections 3(b), 3(c), 3(d), and 3(e) hereof shall be the exclusive
provisions that shall accelerate the vesting of the RSUs granted hereunder and
the Participant hereby waives any provision set forth in any agreement between
the Participant and the Company and/or an Affiliate that would otherwise
accelerated the vesting of the RSUs granted hereunder.

 

2

 

(g)           Forfeiture.  Subject to Section 3(b) and the
Committee’s discretion to accelerate vesting hereunder, all unvested RSUs shall
be immediately forfeited upon the Participant’s termination of employment for
any reason.

 

4.             Delivery of Shares.

 

(a)           General.  Subject to the provisions of Sections 4(b) and
4(c) hereof, within thirty (30) days following the vesting of the RSUs,
the Participant shall receive the number of shares
of Company Stock that correspond to the
number of RSUs that have become vested on the applicable vesting date.

 

(b)           Blackout
Periods.  If the Participant is
subject to any Company “blackout” policy or other trading restriction imposed
by the Company on the date such distribution would otherwise be made pursuant
to Section 4(a) hereof, such distribution shall be instead made on
the earlier of (i) the date that the Participant is not subject to any
such policy or restriction and (ii) the later of (A) the end of the
calendar year in which such distribution would otherwise have been made and (B) a
date that is immediately prior to the expiration of two and one-half months
following the date such distribution would otherwise have been made hereunder.

 

(c)           Deferrals.  If permitted by the Company, the Participant
may elect, subject to the terms and conditions of the Plan and any other
applicable written plan or procedure adopted by the Company from time to time
for purposes of such election, to defer the distribution of all or any portion
of the shares of Company Stock that would otherwise be distributed to
the Participant hereunder (the “Deferred Shares”), consistent with the
requirements of Section 409A of the Code. 
Upon the vesting of RSUs that have been so deferred, the applicable
number of Deferred Shares shall be credited to a bookkeeping account
established on the Participant’s behalf (the “Account”).  Subject to Section 5 hereof, the number
of shares of Company Stock equal
to the number of Deferred Shares credited to the Participant’s Account shall be
distributed to the Participant in accordance with the terms and conditions of
the Plan and the other applicable written plans or procedures of the Company,
consistent with the requirements of Section 409A of the Code.

 

5.             Dividends; Rights
as Stockholder.  Cash dividends on shares of Company Stock issuable hereunder shall
be credited to a dividend book entry account on behalf of the Participant with
respect to each RSU granted to the Participant, provided that such cash
dividends shall not be deemed to be reinvested in shares of Company Stock and shall be held
uninvested and without interest and paid in cash at the same time that the
shares of Company Stock
underlying the RSUs are delivered to the Participant in accordance with the
provisions hereof.  Stock dividends on
shares of Company Stock shall be
credited to a dividend book entry account on behalf of the Participant with
respect to each RSU granted to the Participant, provided that such stock
dividends shall be paid in shares of Company
Stock at the same time that the shares of Company Stock underlying the RSUs are delivered to the Participant
in accordance with the provisions hereof. 
Except as otherwise provided herein, the Participant shall have no
rights as a stockholder with respect to any shares of Company Stock covered by any RSU unless and until the Participant
has become the holder of record of such shares.

 

3

 

6.             Non-Transferability.  No portion of the RSUs may be sold, assigned,
transferred, encumbered, hypothecated or pledged by the Participant, other than
to the Company as a result of forfeiture of the RSUs as provided herein, unless
and until payment is made in respect of vested RSUs in accordance with the
provisions hereof and the Participant has become the holder of record of the
vested shares of Company Stock
issuable hereunder.

 

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

 

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

 

9.             Legend.  The Company may at any time place legends
referencing any applicable federal, state or foreign securities law
restrictions on all certificates representing shares of Company Stock issued pursuant to this Agreement.  The Participant shall, at the request of the
Company, promptly present to the Company any and all certificates representing
shares of Company Stock acquired
pursuant to this Agreement in the possession of the Participant in order to
carry out the provisions of this Section 9.

 

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

 

(a)           The
Participant has been advised that the Participant may be an “affiliate” within
the meaning of Rule 144 under the Securities Act and in this connection
the Company is relying in part on the Participant’s representations set forth
in this Section 10.

 

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

 

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

 

4

 

and
(ii) any sale of the shares of Company
Stock issuable hereunder may be made
only in limited amounts in accordance with the terms and conditions of Rule 144
or any exemption therefrom.

 

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

 

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

 

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

 

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

 

15.          Compliance with Laws.  The
grant of RSUs and the issuance of shares of Company Stock hereunder shall be
subject to, and shall comply with, any applicable requirements of any foreign
and U.S. federal and state securities laws, rules and regulations
(including, without limitation, the provisions of the Securities Act of 1933,
as amended, the Exchange Act and in each case any respective rules and
regulations promulgated thereunder) and any other law, rule, regulation or
exchange requirement applicable thereto. 
The Company shall not be obligated to issue the RSUs or any shares of
Company Stock pursuant to this Agreement if any such issuance would violate any
such requirements.  As a condition
to the settlement of the RSUs, the Company may require the Participant to
satisfy any qualifications that may be necessary or appropriate to evidence
compliance with any applicable law or regulation.

 

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

 

5

 

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

 

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

 

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

 

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

 

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

 

22.          Definitions.  For purposes of this Agreement, the following
terms shall have the following meanings:

 

(a)           “Cause”
shall mean the Participant’s: (i) willful or serious misconduct or gross
negligence in the performance of the Participant’s duties to the Company; (ii) willful
or repeated failure to satisfactorily perform the Participant’s duties to the
Company or to follow the lawful directives of the Board or any executive or
supervisor to which the Participant reports (other than as a result of death or
becoming Disabled); (iii) commission of, indictment for, conviction of, or
pleading of guilty or nolo contendere to, a felony or any crime involving moral
turpitude; (iv) performance of any act of theft, embezzlement, fraud,
malfeasance, dishonesty or misappropriation of the Company’s property; or (v) breach
of, or failure to comply with, any material agreement with the Company, or a
violation of the Company’s code of conduct or other written policy.

 

(b)           “Change
in Control” shall mean the occurrence of any one or more of the following
events to the extent such event also constitutes a “change in control event”
within the meaning of Section 409A of the Code:

 

6

 

(i)            any “person” as such term is used in Sections 13(d) and
14(d) of the Exchange Act (other than the Company, any trustee or other
fiduciary holding securities under any employee benefit plan of the Company, or
any company owned, directly or indirectly, by the shareholders of the Company
in substantially the same proportions as their ownership of Company Stock or
any person who owns five percent (5%) or more of the Company Stock on the date
of the Company’s emergence from Chapter 11 bankruptcy proceedings (a “Five
Percent Owner”) or pursuant to any merger or consolidation that is not
considered to be a Change in Control under clause (iii) below), becoming
the beneficial owner (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing more than 50%
of the combined voting power of the Company’s then outstanding securities;

 

(ii)           during any one-year period, individuals who at the
beginning of such period constitute the Board, and any new director (other than
a director designated by a person who has entered into an agreement with the
Company to effect a transaction described in paragraph (i), (iii), or (iv) of
this definition of “Change in Control” or a director whose initial assumption
of office occurs as a result of either an actual or threatened election contest
(as such term is used in Rule 14a-11 of Regulation 14A promulgated under
the Exchange Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of a person other than the Board) whose election by
the Board or nomination for election by the Company’s shareholders was approved
by a vote of at least two-thirds of the directors then still in office who
either were directors at the beginning of the one-year period or whose election
or nomination for election was previously so approved, cease for any reason to
constitute at least a majority of the Board;

 

(iii)          a merger or consolidation of the Company or a direct or
indirect Subsidiary of the Company with any other company, other than a merger
or consolidation which would result in either (A) a Five Percent Owner
beneficially owning more than fifty percent (50%) of the combined voting power
of the voting securities of the Company or the surviving entity (or the
ultimate parent company of the Company of the surviving entity) or (B) the
voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than 50% of the combined
voting power of the voting securities of the Company or its successor (or the
ultimate parent company of the Company or its successor); provided,
however, that a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in which no person
(other than those covered by the exception in subparagraph (ii)) acquires more
than 50% of the combined voting power of the Company’s then outstanding
securities shall not constitute a Change in Control; or

 

(iv)          the consummation of a sale or disposition of all or
substantially all the assets of the Company and/or its direct and indirect
Subsidiaries, other than the sale or disposition of all or substantially all of
the assets of the Company to a Five Percent Owner or a person or persons who
beneficially own, directly or indirectly, more than 50% of the combined voting
power of the outstanding voting securities of the Company at the time of the
sale.

 

(c)           “Good
Reason” shall mean, without the express written consent of the Participant,
a material reduction in the Participant’s base salary, other than as part of a
reduction by a substantially similar percentage in the total cash compensation
of all other similarly-situated employees, unless such event is fully corrected
in all material respects by the Company within 

 

7

 

thirty
(30) days following written notification by the Participant to the Company. The
Participant shall provide the Company with a written notice detailing the
specific circumstances alleged to constitute Good Reason within fifteen (15)
days after the first occurrence of such circumstances, and actually terminate
employment within thirty (30) days following the expiration of the Company’s
thirty (30)-day period described above. 
Otherwise, any claim of such circumstances as “Good Reason” shall be
deemed irrevocably waived by the Participant.

 

*  *  * 
*  *

 

8

 

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

 

	
   

  	
  SIX
  FLAGS ENTERTAINMENT CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Social Security Number:

  	
   

  
				

 

9Exhibit
10.2

 

NONQUALIFIED
STOCK OPTION AGREEMENT

PURSUANT TO THE

SIX FLAGS
ENTERTAINMENT CORPORATION LONG-TERM PLAN

 

*  * 
*  *  *

 

Participant:

 

Grant Date:

 

Per Share Exercise Price:  $

 

Number
of Shares subject to this Option:

 

*  *  * 
*  *

 

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

 

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

 

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

 

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

 

2.             Grant of Option.  The
Company hereby grants to the Participant, as of the Grant Date specified above,
a Non-Qualified Stock Option (this “Option”) to acquire from the Company
at the Per Share Exercise Price specified above, the aggregate number of shares
of Company Stock specified above (the “Option Shares”).  Except as otherwise provided by the 

 

 

Plan, the Participant
agrees and understands that nothing contained in this Agreement provides, or is
intended to provide, the Participant with any protection against potential
future dilution of the Participant’s interest in the Company for any
reason.  The Participant shall have no
rights as a stockholder with respect to any shares of Company Stock covered by
the Option unless and until the Participant has become the holder of record of
such shares, and no adjustments shall be made for dividends in cash or other
property, distributions or other rights in respect of any such shares, except
as otherwise specifically provided for in the Plan or this Agreement.  By accepting this Award, the Participant (i) agrees
that the Company and its Affiliates have fully discharged any and all
obligations or commitments to grant equity awards to the Participant,
including, without limitation, any such obligations or commitments set forth in
any employment agreement and (ii) waives, discharges and releases any
claims the Participant may have to any equity award from the Company or its
Affiliates.

 

3.             Vesting and Exercise.

 

(a)           Vesting.  Subject to the provisions of Sections 3(b) through
3(e) hereof, the Option shall vest and become exercisable as follows,
provided that the Participant has not incurred a termination of employment with
the Company and its Subsidiaries prior to each such vesting date:

 

	
  Vesting Date

  	
   

  	
  Number of Option Shares

  	
   

  
	
  [•]

  	
   

  	
  [•]

  	
   

  

 

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

 

(b)           Termination of Employment without
Cause or for Good Reason.  In the
event the Participant’s employment with the Company and its Subsidiaries is
terminated by the Company without Cause or by the Participant for Good Reason,
then the unvested portion of the Option that would have vested on the next
anniversary of the Grant Date specified above shall immediately vest and become
exercisable upon the date of such termination.

 

(c)           Termination due to Death or
Disability.  The Option shall immediately vest and become
exercisable in full upon the Participant’s termination of employment with the
Company and its Subsidiaries due to the Participant’s death or upon the
Participant becoming Disabled.

 

(d)           Change in Control.  The Option shall immediately vest and become
exercisable in full upon the Participant’s termination of employment with the
Company and its Subsidiaries by the Company without Cause or by the Participant
for Good Reason, in each case, within the twelve (12) month period following a
Change in Control.

 

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

 

2

 

(f)            Wavier of Accelerated Vesting.  Notwithstanding anything set forth in any
agreement between the Participant and the Company and/or an Affiliate to the
contrary, including, without limitation, any employment agreement between the
Participant and the Company and/or an Affiliate effective as of the date
hereof, for purposes of this Agreement, the accelerated vesting provisions set
forth in Sections 3(b), 3(c), 3(d), and 3(e) hereof shall be the exclusive
provisions that shall accelerate the vesting of the Option granted hereunder
and the Participant hereby waives any provision set forth in any agreement
between the Participant and the Company and/or an Affiliate that would
otherwise accelerate the vesting of this Option.

 

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

 

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

 

(a)           Termination Without Cause.  In the event of the Participant’s termination
of employment with the Company and its Subsidiaries for any reason, other than
by the Company for Cause, the vested portion of the Option shall remain
exercisable until the earlier of (i) ninety (90) days from the date of
such termination, and (ii) the expiration of the stated term of the Option
pursuant to Section 3(g) hereof.

 

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

 

(c)           Treatment of Unvested Options upon
Termination.  Subject to Section 3(b),
any portion of the Option that is not vested as of the date of the Participant’s
termination of employment for any reason shall terminate and expire as of the
date of such termination.

 

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

 

6.             Non-Transferability. 
The Option, and any rights and interests with respect thereto, issued
under this Agreement and the Plan shall not be sold, exchanged, transferred,
assigned or otherwise disposed of in any way by the Participant (or any
beneficiary of the Participant), other than by testamentary disposition by the
Participant or the laws of descent and distribution.  Notwithstanding the foregoing, the Committee
may, in its sole discretion, permit the Option to be transferred to a Permitted
Transferee for no value, provided 

 

3

 

that such transfer shall
only be valid upon execution of a written instrument in form and substance
acceptable to the Committee in its sole discretion evidencing such transfer and
the transferee’s acceptance thereof signed by the Participant and the
transferee, and provided, further, that the Option may not be subsequently
transferred other than by will or by the laws of descent and distribution or to
another Permitted Transferee (as permitted by the Committee in its sole discretion)
in accordance with the terms of the Plan and this Agreement, and shall remain
subject to the terms of the Plan and this Agreement.  Any attempt to sell, exchange, transfer,
assign, pledge, encumber or otherwise dispose of or hypothecate in any way the
Option, or the levy of any execution, attachment or similar legal process upon
the Option, contrary to the terms and provisions of this Agreement and/or the
Plan shall be null and void and without legal force or effect.

 

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

 

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

 

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

 

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

 

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

 

4

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

20.          Acquired
Rights.  The Participant
acknowledges and agrees that:  (a) the
Company may terminate or amend the Plan at any time; (b) the Award of the
Option made under this Agreement is completely independent of any other award
or grant and is made at the sole discretion of the Company; (c) no past
grants or awards (including, without limitation, the 

 

5

 

Option awarded hereunder)
give the Participant any right to any grants or awards in the future
whatsoever; and (d) any benefits granted under this Agreement are
not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in
the event of severance, redundancy or resignation.

 

21.          Definitions.  For purposes of this Agreement, the following
terms shall have the following meanings:

 

(a)           “Cause”
shall mean the Participant’s: (i) willful or serious misconduct or gross
negligence in the performance of the Participant’s duties to the Company; (ii) willful
or repeated failure to satisfactorily perform the Participant’s duties to the
Company or to follow the lawful directives of the Board or any executive or
supervisor to which the Participant reports (other than as a result of death or
becoming Disabled); (iii) commission of, indictment for, conviction of, or
pleading of guilty or nolo contendere to, a felony or any crime involving moral
turpitude; (iv) performance of any act of theft, embezzlement, fraud,
malfeasance, dishonesty or misappropriation of the Company’s property; or (v) breach
of, or failure to comply with, any material agreement with the Company, or a
violation of the Company’s code of conduct or other written policy.

 

(b)           “Change
in Control” shall mean the occurrence of any one or more of the following
events to the extent such event also constitutes a “change in control event”
within the meaning of Section 409A of the Code:

 

(i)            any “person” as such term is used in Sections 13(d) and
14(d) of the Exchange Act (other than the Company, any trustee or other
fiduciary holding securities under any employee benefit plan of the Company, or
any company owned, directly or indirectly, by the shareholders of the Company
in substantially the same proportions as their ownership of Company Stock or
any person who owns five percent (5%) or more of the Company Stock on the date
of the Company’s emergence from Chapter 11 bankruptcy proceedings (a “Five
Percent Owner”) or pursuant to any merger or consolidation that is not
considered to be a Change in Control under clause (iii) below), becoming
the beneficial owner (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing more than 50%
of the combined voting power of the Company’s then outstanding securities;

 

(ii)           during any one-year period, individuals who at the
beginning of such period constitute the Board, and any new director (other than
a director designated by a person who has entered into an agreement with the
Company to effect a transaction described in paragraph (i), (iii), or (iv) of
this definition of “Change in Control” or a director whose initial assumption
of office occurs as a result of either an actual or threatened election contest
(as such term is used in Rule 14a-11 of Regulation 14A promulgated under
the Exchange Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of a person other than the Board) whose election by
the Board or nomination for election by the Company’s shareholders was approved
by a vote of at least two-thirds of the directors then still in office who
either were directors at the beginning of the one-year period or whose election
or nomination for election was previously so approved, cease for any reason to
constitute at least a majority of the Board;

 

6

 

(iii)          a merger or consolidation of the Company or a direct or
indirect Subsidiary of the Company with any other company, other than a merger
or consolidation which would result in either (A) a Five Percent Owner
beneficially owning more than fifty percent (50%) of the combined voting power
of the voting securities of the Company or the surviving entity (or the
ultimate parent company of the Company of the surviving entity) or (B) the
voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than 50% of the combined
voting power of the voting securities of the Company or its successor (or the
ultimate parent company of the Company or its successor); provided,
however, that a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in which no person
(other than those covered by the exception in subparagraph (ii)) acquires more
than 50% of the combined voting power of the Company’s then outstanding
securities shall not constitute a Change in Control; or

 

(iv)          the consummation of a sale or disposition of all or
substantially all the assets of the Company and/or its direct and indirect
Subsidiaries, other than the sale or disposition of all or substantially all of
the assets of the Company to a Five Percent Owner or a person or persons who
beneficially own, directly or indirectly, more than 50% of the combined voting
power of the outstanding voting securities of the Company at the time of the
sale.

 

(c)           “Good
Reason” shall mean, without the express written consent of the Participant,
a material reduction in the Participant’s base salary, other than as part of a
reduction by a substantially similar percentage in the total cash compensation
of all other similarly-situated employees, unless such event is fully corrected
in all material respects by the Company within thirty (30) days following
written notification by the Participant to the Company. The Participant shall
provide the Company with a written notice detailing the specific circumstances
alleged to constitute Good Reason within fifteen (15) days after the first
occurrence of such circumstances, and actually terminate employment within
thirty (30) days following the expiration of the Company’s thirty (30)-day
period described above.  Otherwise, any
claim of such circumstances as “Good Reason” shall be deemed irrevocably waived
by the Participant.

 

*  *  * 
*  *

 

7

 

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

 

	
   

  	
  SIX
  FLAGS ENTERTAINMENT CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Social Security Number:

  	
   

  
				

 

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