Document:

Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”),
dated as of November 29, 2010, is entered into by and between Six Flags
Entertainment Corporation, a Delaware corporation (the “Company”)
and Walter S. Hawrylak (the “Executive”).

 

W  I  T
N  E  S  S  E  T  H:

 

WHEREAS,
the Company and Executive desire that Executive continue to serve as Senior Vice President, Administration of the
Company on the terms set forth in this Agreement and to confirm the terms and
conditions of such employment by entering into this Agreement.

 

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

 

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

 

2.                                       Position, Duties and Location.

 

(a)                                  Position and Duties. 
Executive shall serve as the Senior Vice
President, Administration of the Company.  During the Term, Executive shall have the
duties and responsibilities for the position(s) then held by Executive
that are commensurate with those held by similarly situated executives at
similarly situated companies of similar size, and such other duties and
responsibilities assigned by the Chief Executive Officer that are reasonably
consistent with Executive’s position. 
Executive shall report to the Chief Executive Officer.

 

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

 

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

 

 

3.                                       Compensation.

 

(a)                                  Base Salary.  Executive
shall receive a base salary (as applicable, the “Base Salary”) at an annual rate of no less than $300,000.  Executive’s Base Salary shall be reviewed by
the Company in 2011 and at least annually thereafter for increase.  Base Salary shall be paid at such times and
in such manner as the Company customarily pays the base salaries of its
employees.  In the event that Executive’s
Base Salary is increased by the Board in its discretion at any time during the
Term, such increased amount shall thereafter constitute the Base Salary.

 

(b)                                 Annual Bonus.  During the
Term, Executive shall have a target bonus opportunity (“Target Bonus”) of 50% of Base Salary.  Any
annual bonus payable to Executive shall be paid during the calendar year
following the calendar year performance year and no later than five days
following the filing of the Company’s Form 10-K for the performance year
(or, if the Company is not required to or does not file a Form 10-K, no
later than five days following the completion of the audit of the applicable
performance year).

 

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

 

(d)                                 Expenses.  The
Company shall promptly reimburse Executive in accordance with applicable
Company policy for all reasonable expenses that Executive incurs during
Executive’s employment with the Company in carrying out Executive’s duties
under this Agreement.

 

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

 

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(a)                                  Death; Disability; Termination For Cause;
Termination without Good Reason.  Upon a
termination of Executive’s employment (i) due to Executive’s death or
Disability, or (ii) by the Company for Cause or by Executive without Good
Reason, Executive (or, in the case of Executive’s death, Executive’s estate
and/or beneficiaries) shall be entitled to Executive’s Accrued Amounts and Executive
shall have no further right or entitlement under this Agreement to payments
arising from termination of Executive’s employment due to death or Disability,
by the Company for Cause or by Executive without Good Reason.  In addition, in the event of the termination
of Executive’s employment due to death or Disability, Executive (or Executive’s
estate) shall be entitled to (i) a pro rata portion (based on the number
of days during the applicable performance year Executive was employed by the
Company) of the annual bonus that would otherwise have been paid to Executive
if Executive’s employment had not so terminated (a “Pro Rata Bonus”), payable at the time described in Section 3(b) and
(ii) immediate vesting of all time-vested options, stock appreciation rights,
restricted stock, restricted stock units and other time-vested equity-based
incentive awards then held by Executive (excluding any awards issued pursuant
to the Company’s Project 350 Program) (collectively, “Equity Awards”), with all outstanding options
and stock appreciation rights remaining exercisable for the shorter of their
originally scheduled respective terms and one year following Executive’s Date
of Termination.  Moreover, in the event
of the termination of Executive’s employment due to Disability, Executive shall
be entitled to payment of an amount equal to the product of one (1) and
the sum of Executive’s Base Salary and Target Bonus for the year of
termination, such amount to be paid in a lump sum as soon as practicable after
the Date of Termination but no later than the earliest time permitted under Section 4(d) and
Section 19.

 

(b)                                 Termination Without Cause or for Good Reason
Not Related to a Change in Control.  In the
event that, during the Term, the Company terminates Executive’s employment
without Cause or Executive terminates Executive’s employment for Good Reason
other than as set forth in Section 4(c), Executive shall be entitled to
the Accrued Amounts and, subject to Executive’s compliance with Sections 5, 6
and 7, the following payments and benefits in lieu of any payments or benefits
under any severance program or policy of the Company or its Affiliates:

 

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

 

(B)                                payment of an amount equal to the product of one (1) and the sum of (X) Executive’s
Base Salary (excluding any reductions thereto that serve as the basis for a
termination for Good Reason) and (Y) Target Bonus for the year of
termination, such amount to be paid in a lump sum as soon as practicable after
the Date of Termination but no later than the earliest time permitted under Section 4(d) and
Section 19;

 

(C)                                subject to Executive’s making a timely election pursuant to COBRA,
continued health care coverage for a period of eighteen (18) months commencing
on the Date of Termination or until Executive receives comparable coverage from
a subsequent employer for Executive (and Executive’s 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, 

 

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co-pays,
deductibles and other required payments and limitations) with the Company
paying the applicable COBRA premium in excess of the amount paid by active
employees for such coverage or otherwise providing such coverage to Executive
for the amount paid by active employees for such coverage and Executive’s
qualifying event for purposes of COBRA shall be treated as occurring at the
Date of Termination;

 

(D)                               immediate vesting of the unvested Equity Awards that are scheduled to
vest in the twelve (12) month period following Executive’s Date of Termination,
with all vested options and stock appreciation rights remaining exercisable for
the shorter of their originally scheduled respective terms and one year
following Executive’s Date of Termination; and

 

(E)                                 executive outplacement services as reasonably determined by the Company.

 

(c)                                  Termination Without Cause or for Good Reason
Related to a Change in Control.  In the
event that, during the Term on or within two years after or in anticipation of
a Change in Control, the Company terminates Executive’s employment without
Cause or Executive terminates Executive’s employment for Good Reason other than
as set forth in Section 4(b), Executive shall be entitled to the Accrued
Amounts and, subject to Executive’s compliance with Sections 5, 6 and 7, the
following payments and benefits in lieu of any payments or benefits under any
severance program or policy of the Company or its Affiliates:

 

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

 

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

 

(C)                                subject to Executive’s making a timely election pursuant to COBRA,
continued health care coverage for a period of eighteen (18) months commencing
on the Date of Termination or until Executive receives comparable coverage from
a subsequent employer for Executive (and Executive’s 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)
with the Company paying the applicable COBRA premium in excess of the amount
paid by active employees for such coverage or otherwise providing such coverage
to Executive for the amount paid by active employees for such coverage and
Executive’s qualifying event for purposes of COBRA shall be treated as
occurring at the Date of Termination;

 

(D)                               all of the Equity Awards shall fully vest; and

 

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(E)                                 executive outplacement services as reasonably determined by the Company.

 

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

 

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

 

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

 

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

 

(ii)                                  “Board” shall mean the Board
of Directors of the Company.  The duties
and responsibilities of the Board hereunder may be exercised by a committee of
the Board, which shall be considered to be the “Board” for purposes hereof.

 

(iii)                               “Cause” shall mean:  (A) Executive’s continued failure
(except where due to physical or mental incapacity) to endeavor in good faith
to substantially perform Executive’s duties hereunder after written notice from
the Company requesting such performance and specifying Executive’s alleged
non-compliance; (B) Executive’s material malfeasance or gross neglect in
the performance of Executive’s duties hereunder; (C) Executive’s
conviction of, or plea of guilty or nolo contendere
to, a misdemeanor involving moral turpitude or a felony; (D) the
commission by Executive of an act of fraud or embezzlement against the Company
or any Affiliate constituting a crime; (E) Executive’s material breach of
any material provision of this Agreement (as determined in good faith by the
Board) that is not remedied within fifteen (15) days after (I) written
notice from the Company specifying such breach and (II) the opportunity to
appear before the Board; (F) Executive’s material violation of a material
Company policy 

 

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that
causes demonstrable damage to the Company, which damage is not insignificant; (G) Executive’s
continued failure to cooperate in any audit or investigation involving the
Company or its Affiliates or its or their financial statements or business
practices that is not remedied within fifteen (15) days of written notice from
the Company specifying such failure; or (H) Executive’s actual gross
misconduct that the Board determines in good faith adversely and materially
affects the business or reputation of the Company and its Subsidiaries taken as
a whole; provided that in any dispute pursuant to Section 10 regarding
whether “Cause” exists under this clause (H), the arbitrator shall make a de
novo review of whether Executive’s actual gross misconduct adversely and
materially affected the business or reputation of the Company and its
Subsidiaries taken as a whole, it being understood that Executive’s termination
shall be determined by the arbitrator to have been by the Company without Cause
under this clause (H) if either (a) Executive did not actually engage
in gross misconduct or (b) such gross misconduct did not in fact have an
adverse and material effect on the business or reputation of the Company and
its Subsidiaries taken as a whole.

 

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

 

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

 

(vi)                              “Date of Termination” / “Notice
of Termination.”  Any
termination of Executive’s employment by the Company or by Executive under this

 

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

 

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

 

(viii)                        “Good Reason” shall mean the
occurrence, without Executive’s express written consent, of:  (A) a material diminution in Executive’s
employment duties, responsibilities or authority, or the assignment to
Executive of duties that are materially inconsistent with Executive’s position;
(B) any reduction in Base Salary or any reduction in Executive’s Target
Bonus (as expressed as a percentage of Base Salary); or (C) any material
breach by the Company of Section 3 or Section 9 of this Agreement;
provided that Executive may terminate for Good Reason only if (I) within
90 days of the date Executive has actual knowledge of the occurrence of an
event of Good Reason, Executive provides written notice of the Company
specifying such event, (II) the Company does not cure such event within 10
business days of such notice if the event is nonpayment of an amount due to
Executive or within 60 days of such notice for other events and (III) Executive
terminates Executive’s employment within 30 business days of the end of such
cure period.

 

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

 

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

 

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

 

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

 

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

 

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

 

7.                                       Noncompetition, Noninterference, Nondisparagement and Cooperation.

 

(a)                                  General.  In
consideration for the compensation payable to Executive under this Agreement,
Executive agrees that Executive shall not, other than in carrying out Executive’s
duties hereunder, directly or indirectly, do any of the following (i) during
Executive’s employment with the Company and its Subsidiaries and for a period
of one (1) year after any termination of such employment, render services
in any capacity (including as an employee, director, member, consultant,
partner, investor or independent contractor) to a 

 

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Competitor,
(ii) during Executive’s employment with the Company and its Subsidiaries
and for a period of one (1) year after any termination of such employment,
attempt to, or assist any other person in attempting to, employ, engage, retain
or partner with, any person who is then, or at any time during the ninety (90)
day-period prior thereto was, a director, officer or other executive of the
Company or a Subsidiary, or encourage any such person or any consultant, agent
or independent contractor of the Company or any Subsidiary to terminate or
adversely alter or modify such relationship with the Company or any Subsidiary,
provided that this section (ii) shall not be violated by general
advertising, general internet postings or other general solicitation in the ordinary
course not specifically targeted at such persons, nor (iii) during
Executive’s employment with the Company and its Subsidiaries and for a period
of one (1) year after any termination of employment, solicit any then
current customer (excluding any patrons of the Company’s amusement parks) or
business partner of the Company or any Subsidiary to terminate, alter or modify
its relationship with the Company or the Subsidiary or to interfere with the
Company’s or any Subsidiary’s relationships with any of its customers or
business partners.  During the Term and
for one (1) year thereafter, Executive agrees not to make any public
statement that is intended to or would reasonably be expected to disparage the
Company, its Affiliates or its or their directors, officers, employees,
businesses or products other than as required in the good faith discharge of
Executive’s duties hereunder.  During the
Term and for one (1) year thereafter, the Company (including directors and
officers of the Company in their capacity as such) agrees that it shall not
make any public statement that is intended to or would reasonably be expected
to disparage Executive.  At the request
of Executive, the Company shall direct its directors and officers to not make
any statements that would violate this Section 7(a) if they were made
by the Company and shall use its commercially reasonable efforts to enforce
such direction.  Notwithstanding the
foregoing, nothing in this Section shall prevent any person from (A) responding
publicly to any incorrect, disparaging or derogatory public statement made by
or on behalf of the other party to the extent reasonably necessary to correct
or refute such public statement or (B) making any truthful statement to
the extent required by law.

 

(b)                                 Cooperation.  Executive
agrees to cooperate, in a reasonable manner and at the expense of the Company,
with the Company and its attorneys, both during and after the termination of
Executive’s employment, in connection with any litigation or other proceeding
arising out of or relating to matters in which Executive was involved prior to
the termination of Executive’s employment so long as such cooperation does not
materially interfere with Executive’s employment or consulting.  In the event that such cooperation is required
after the termination of the Executive’s employment with the Company and its
Subsidiaries, the Company shall pay the Executive at the rate of $1,500 per day
and out-of-pocket expenses approved in advance by the Company after
presentation by the Executive of reasonable documentation related thereto.

 

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

 

9

 

traded
securities of any person so long as Executive remains a passive investor in
such person and does not own more than one percent (1%) of the outstanding
securities thereof.

 

8.                                       Enforcement.  Executive acknowledges and agrees that:  (i) the purpose of the covenants set
forth in Sections 5 through 7 above (the “Restrictive
Covenants”) is to protect the goodwill, trade secrets and other
confidential information of the Company; (ii) because of the nature of the
business in which the Company is engaged and because of the nature of the
Confidential Information to which Executive has access, it would be impractical
and excessively difficult to determine the actual damages of the Company in the
event Executive breached any such covenants; and (iii) remedies at law
(such as monetary damages) for any breach of Executive’s obligations under the
Restrictive Covenants would be inadequate. 
Executive therefore agrees and consents that if Executive commits any
breach of a Restrictive Covenant, the Company shall have the right (in addition
to, and not in lieu of, any other right or remedy that may be available to it)
to temporary and permanent injunctive relief from a court of competent jurisdiction,
without posting any bond or other security and without the necessity of proof
of actual damage.  If any portion of the
Restrictive Covenants is hereafter determined to be invalid or unenforceable in
any respect, such determination shall not affect the remainder thereof, which
shall be given the maximum effect possible and shall be fully enforced, without
regard to the invalid portions.  In
particular, without limiting the generality of the foregoing, if the covenants
set forth in Section 7 are found by a court or an arbitrator to be
unreasonable, Executive and the Company agree that the maximum period, scope or
geographical area that is found to be reasonable shall be substituted for the
stated period, scope or area, and that the court or arbitrator shall revise the
restrictions contained herein to cover the maximum period, scope and area
permitted by law.  If any of the
Restrictive Covenants are determined to be wholly or partially unenforceable in
any jurisdiction, such determination shall not be a bar to or in any way
diminish the Company’s right to enforce any such covenant in any other
jurisdiction.

 

9.                                       Indemnification.

 

(a)                                  The Company agrees that if Executive is made a
party to, is threatened to be made a party to, receives any legal process in,
or receives any discovery request or request for information in connection
with, any action, suit or proceeding, whether civil, criminal, administrative
or investigative, excluding any action instituted by Executive, any action
related to any actual violation of Section 16 of the Exchange Act by
Executive or any action brought by the Company for compensation or damages
related to Executive’s breach of this Agreement (a “Proceeding”), by reason of the fact that Executive was a
director, officer, employee, consultant or agent of the Company, or was serving
at the request of, or on behalf of, the Company as a director, officer, member,
employee, consultant or agent of another corporation, limited liability
corporation, partnership, joint venture, trust or other entity, including
service with respect to employee benefit plans, whether or not the basis of
such Proceeding is Executive’s alleged action in an official capacity while
serving as a director, officer, member, employee, consultant or agent of the
Company or other entity, Executive shall be indemnified and held harmless by
the Company to the fullest extent permitted or authorized by the Company’s
certificate of incorporation or by-laws or, if greater, by applicable law,
against any and all costs, expenses, liabilities and losses (including, without
limitation, attorneys’ fees reasonably incurred, judgments, fines, taxes or
penalties and amounts paid or to be paid in settlement and any reasonable cost
and fees incurred in enforcing Executive’s rights to indemnification or 

 

10

 

contribution)
incurred or suffered by Executive in connection therewith, and such
indemnification shall continue as to Executive even though Executive has ceased
to be a director, officer, member, employee, consultant or agent of the Company
or other entity and shall inure to the benefit of Executive’s heirs, executors
and administrators.  The Company shall
reimburse Executive for all costs and expenses (including, without limitation,
reasonable attorneys’ fees) incurred by Executive in connection with any
Proceeding within twenty (20) business days after receipt by the Company of a
written request for such reimbursement and appropriate documentation associated
with these expenses.  Such request shall
include an undertaking by Executive to repay the amount of such advance if it
shall ultimately be determined that Executive is not entitled to be indemnified
against such costs and expenses; provided that the amount of such obligation to
repay shall be limited to the after-tax amount of any such advance except to
the extent Executive is able to offset such taxes incurred on the advance by
the tax benefit, if any, attributable to a deduction for repayment.

 

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

 

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

 

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

 

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

 

11

 

11.                                 Mutual Representations.

 

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

 

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

 

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

 

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

 

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

 

	
  If
  to the Company:

  	
   

  	
  Six
  Flags Entertainment Corporation

  
	
   

  	
   

  	
  924
  Avenue J East

  
	
   

  	
   

  	
  Grand
  Prairie, Texas 75050

  
	
   

  	
   

  	
  Phone:
  (972) 595-5000

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:
  General Counsel

  
	
   

  	
   

  	
  Fax:
  (972) 595-5175

  
	
   

  	
   

  	
   

  
	
  If
  to Executive:

  	
   

  	
  At
  the Executive’s last residence shown on the records of the Company

  

 

13.                                 Assignment and Successors.  This Agreement is personal in its nature and
none of the parties hereto shall, without the consent of the others, assign or
transfer this Agreement or any rights or obligations hereunder; provided,
however, that in the event of a merger,

 

12

 

consolidation, or transfer
or sale of all or substantially all of the assets of the Company with or to any
other individual(s) or entity, this Agreement shall, subject to the
provisions hereof, be binding upon and inure to the benefit of such successor
and such successor shall discharge and perform all the promises, covenants,
duties, and obligations of the Company hereunder, and such transferee or
successor shall be required to assume such obligations by contract (unless such
assumption occurs by operation of law). 
Anything herein to the contrary notwithstanding, Executive shall be
entitled to select (and change, to the extent permitted under any applicable
law) a beneficiary or beneficiaries to receive any compensation or benefit
payable hereunder following Executive’s death or judicially determined
incompetence by giving the Company written notice thereof.  In the event of Executive’s death or a
judicial determination of Executive’s incompetence, reference in this Agreement
to Executive shall be deemed, where appropriate, to refer to Executive’s
beneficiary, estate or other legal representative.

 

 

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

 

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

 

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

 

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

 

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

 

13

 

19.           Section 409A.  This Agreement is intended to satisfy the
requirements of Section 409A of the Internal Revenue Code of 1986, as
amended (“Section 409A”) with
respect to amounts, if any, subject thereto and shall be interpreted and
construed and shall be performed by the parties consistent with such
intent.  To the extent Executive would otherwise
be entitled to any payment under this Agreement, or any plan or arrangement of
the Company or its Affiliates, that constitutes a “deferral of compensation”
subject to Section 409A and that if paid during the six (6) months
beginning on the Date of Termination of Executive’s employment would be subject
to the Section 409A additional tax because Executive is a “specified
employee” (within the meaning of Section 409A and as determined by the
Company), the payment will be paid to Executive on the earlier of the six (6) month
anniversary of Executive’s Date of Termination or death.  To the extent Executive would otherwise be
entitled to any benefit (other than a payment) during the six (6) months
beginning on termination of Executive’s employment that would be subject to the
Section 409A additional tax, the benefit will be delayed and will begin
being provided on the earlier of the first day following the six (6) month
anniversary of Executive’s Date of Termination or death.  Any payment or benefit due upon a termination
of employment that represents a “deferral of compensation” within the meaning
of Section 409A shall be paid or provided only upon a “separation from
service” as defined in Treasury Regulation § 1.409A-1(h).  Each payment made under this Agreement shall
be deemed to be a separate payment for purposes of Section 409A.  Amounts payable under this Agreement shall be
deemed not to be a “deferral of compensation” subject to Section 409A to
the extent provided in the exceptions in Treasury Regulation §§ 1.409A-1(b)(4) (“Short-Term Deferrals”) and (b)(9) (“Separation Pay Plans,” including the
exception under subparagraph (iii)) and other applicable provisions of Treasury
Regulation § 1.409A-1 through A-6. 
Notwithstanding anything to the contrary in this Agreement or elsewhere,
any payment or benefit under this Agreement or otherwise that is exempt from Section 409A
pursuant to Treasury Regulation § 1.409A-1(b)(9)(v)(A) or (C) (relating
to certain reimbursements and in-kind benefits) shall be paid or provided only
to the extent that the expenses are not incurred, or the benefits are not
provided, beyond the last day of the second calendar year following the
calendar year in which Executive’s “separation from service” occurs; and
provided further that such expenses are reimbursed no later than the last day
of the third calendar year following the calendar year in which Executive’s “separation
from service” occurs.  To the extent any
expense reimbursement (including without limitation any reimbursement of
interest or penalties related to taxes) or the provision of any in-kind benefit
is determined to be subject to Section 409A (and not exempt pursuant to
the prior sentence or otherwise), the amount of any such expenses eligible for
reimbursement, or the provision of any in-kind benefit, in one calendar year
shall not affect the expenses eligible for reimbursement in any other calendar
year (except for any life-time or other aggregate limitation applicable to
medical expenses), in no event shall any expenses be reimbursed after the last
day of the calendar year following the calendar year in which Executive
incurred such expenses, and in no event shall any right to reimbursement or the
provision of any in-kind benefit be subject to liquidation or exchange for
another benefit.

 

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

 

21.           Entire Agreement.  This Agreement constitutes the entire
agreement of the parties with respect to the subject matter hereof and shall
supersede all prior agreements, whether written or oral, with respect
thereto.  In the event of any
inconsistency between the terms of this 

 

14

 

Agreement and the terms of
any other Company plan, policy, equity grant, arrangement or agreement with
Executive, the provisions most favorable to Executive shall govern.

 

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

 

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

 

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

 

15

 

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

 

	
   

  	
  SIX
  FLAGS ENTERTAINMENT CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  James Reid-Anderson

  
	
   

  	
   

  	
  James
  Reid-Anderson

  
	
   

  	
   

  
	
   

  	
  /s/
  Walter S. Hawrylak

  
	
   

  	
  Walter S. Hawrylak

  

 

 

Exhibit A

 

Agreement and General Release

 

Agreement
and General Release (“Agreement”), by
and between Walter S. Hawrylak (“Executive” and
referred to herein as “you”) and Six Flags Entertainment Corporation, a
Delaware corporation (the “Company”).

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

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

 

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

 

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

 

	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Walter S. Hawrylak

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIX
  FLAGS ENTERTAINMENT CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  

 

3Exhibit 10.2

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”),
dated as of November 29, 2010, is entered into by and between Six Flags
Entertainment Corporation, a Delaware corporation (the “Company”)
and Brett Petit (the “Executive”).

 

W  I  T
N  E  S  S  E  T  H:

 

WHEREAS,
the Company and Executive desire that Executive continue to serve as Senior Vice President, Marketing and Sales of
the Company on the terms set forth in this Agreement and to confirm the terms
and conditions of such employment by entering into this Agreement.

 

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

 

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

 

2.                                       Position, Duties and Location.

 

(a)                                  Position and Duties. 
Executive shall serve as the Senior Vice
President, Marketing and Sales of the Company.  During the Term, Executive shall have the
duties and responsibilities for the position(s) then held by Executive
that are commensurate with those held by similarly situated executives at
similarly situated companies of similar size, and such other duties and
responsibilities assigned by the Chief Executive Officer that are reasonably
consistent with Executive’s position. 
Executive shall report to the Chief Executive Officer.

 

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

 

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

 

 

3.                                       Compensation.

 

(a)                                  Base Salary.  Executive
shall receive a base salary (as applicable, the “Base Salary”) at an annual rate of no less than $300,000.  Executive’s Base Salary shall be reviewed by
the Company in 2011 and at least annually thereafter for increase.  Base Salary shall be paid at such times and
in such manner as the Company customarily pays the base salaries of its
employees.  In the event that Executive’s
Base Salary is increased by the Board in its discretion at any time during the
Term, such increased amount shall thereafter constitute the Base Salary.

 

(b)                                 Annual Bonus.  During the
Term, Executive shall have a target bonus opportunity (“Target Bonus”) of 50% of Base Salary.  Any
annual bonus payable to Executive shall be paid during the calendar year
following the calendar year performance year and no later than five days
following the filing of the Company’s Form 10-K for the performance year
(or, if the Company is not required to or does not file a Form 10-K, no
later than five days following the completion of the audit of the applicable
performance year).

 

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

 

(d)                                 Expenses.  The
Company shall promptly reimburse Executive in accordance with applicable
Company policy for all reasonable expenses that Executive incurs during
Executive’s employment with the Company in carrying out Executive’s duties
under this Agreement.

 

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

 

2

 

(a)                                  Death; Disability; Termination For Cause;
Termination without Good Reason.  Upon a
termination of Executive’s employment (i) due to Executive’s death or
Disability, or (ii) by the Company for Cause or by Executive without Good
Reason, Executive (or, in the case of Executive’s death, Executive’s estate
and/or beneficiaries) shall be entitled to Executive’s Accrued Amounts and Executive
shall have no further right or entitlement under this Agreement to payments
arising from termination of Executive’s employment due to death or Disability,
by the Company for Cause or by Executive without Good Reason.  In addition, in the event of the termination
of Executive’s employment due to death or Disability, Executive (or Executive’s
estate) shall be entitled to (i) a pro rata portion (based on the number
of days during the applicable performance year Executive was employed by the
Company) of the annual bonus that would otherwise have been paid to Executive
if Executive’s employment had not so terminated (a “Pro Rata Bonus”), payable at the time described in Section 3(b) and
(ii) immediate vesting of all time-vested options, stock appreciation
rights, restricted stock, restricted stock units and other time-vested
equity-based incentive awards then held by Executive (excluding any awards
issued pursuant to the Company’s Project 350 Program) (collectively, “Equity Awards”), with all outstanding options
and stock appreciation rights remaining exercisable for the shorter of their
originally scheduled respective terms and one year following Executive’s Date
of Termination.  Moreover, in the event
of the termination of Executive’s employment due to Disability, Executive shall
be entitled to payment of an amount equal to the product of one (1) and
the sum of Executive’s Base Salary and Target Bonus for the year of
termination, such amount to be paid in a lump sum as soon as practicable after
the Date of Termination but no later than the earliest time permitted under Section 4(d) and
Section 19.

 

(b)                                 Termination Without Cause or for Good Reason
Not Related to a Change in Control.  In the
event that, during the Term, the Company terminates Executive’s employment
without Cause or Executive terminates Executive’s employment for Good Reason
other than as set forth in Section 4(c), Executive shall be entitled to
the Accrued Amounts and, subject to Executive’s compliance with Sections 5, 6
and 7, the following payments and benefits in lieu of any payments or benefits
under any severance program or policy of the Company or its Affiliates:

 

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

 

(B)                                payment of an amount equal to the product of one (1) and the sum of (X) Executive’s
Base Salary (excluding any reductions thereto that serve as the basis for a
termination for Good Reason) and (Y) Target Bonus for the year of
termination, such amount to be paid in a lump sum as soon as practicable after
the Date of Termination but no later than the earliest time permitted under Section 4(d) and
Section 19;

 

(C)                                subject to Executive’s making a timely election pursuant to COBRA,
continued health care coverage for a period of eighteen (18) months commencing
on the Date of Termination or until Executive receives comparable coverage from
a subsequent employer for Executive (and Executive’s 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, 

 

3

 

co-pays,
deductibles and other required payments and limitations) with the Company
paying the applicable COBRA premium in excess of the amount paid by active
employees for such coverage or otherwise providing such coverage to Executive
for the amount paid by active employees for such coverage and Executive’s
qualifying event for purposes of COBRA shall be treated as occurring at the Date
of Termination;

 

(D)                               immediate vesting of the unvested Equity Awards that are scheduled to
vest in the twelve (12) month period following Executive’s Date of Termination,
with all vested options and stock appreciation rights remaining exercisable for
the shorter of their originally scheduled respective terms and one year
following Executive’s Date of Termination; and

 

(E)                                 executive outplacement services as reasonably determined by the Company.

 

(c)                                  Termination Without Cause or for Good Reason
Related to a Change in Control.  In the
event that, during the Term on or within two years after or in anticipation of
a Change in Control, the Company terminates Executive’s employment without
Cause or Executive terminates Executive’s employment for Good Reason other than
as set forth in Section 4(b), Executive shall be entitled to the Accrued
Amounts and, subject to Executive’s compliance with Sections 5, 6 and 7, the
following payments and benefits in lieu of any payments or benefits under any
severance program or policy of the Company or its Affiliates:

 

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

 

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

 

(C)                                subject to Executive’s making a timely election pursuant to COBRA,
continued health care coverage for a period of eighteen (18) months commencing
on the Date of Termination or until Executive receives comparable coverage from
a subsequent employer for Executive (and Executive’s 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)
with the Company paying the applicable COBRA premium in excess of the amount
paid by active employees for such coverage or otherwise providing such coverage
to Executive for the amount paid by active employees for such coverage and
Executive’s qualifying event for purposes of COBRA shall be treated as
occurring at the Date of Termination;

 

(D)                               all of the Equity Awards shall fully vest; and

 

4

 

(E)                                 executive outplacement services as reasonably determined by the Company.

 

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

 

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

 

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

 

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

 

(ii)                                  “Board” shall mean the Board
of Directors of the Company.  The duties
and responsibilities of the Board hereunder may be exercised by a committee of
the Board, which shall be considered to be the “Board” for purposes hereof.

 

(iii)                               “Cause” shall mean:  (A) Executive’s continued failure
(except where due to physical or mental incapacity) to endeavor in good faith
to substantially perform Executive’s duties hereunder after written notice from
the Company requesting such performance and specifying Executive’s alleged
non-compliance; (B) Executive’s material malfeasance or gross neglect in
the performance of Executive’s duties hereunder; (C) Executive’s
conviction of, or plea of guilty or nolo contendere
to, a misdemeanor involving moral turpitude or a felony; (D) the
commission by Executive of an act of fraud or embezzlement against the Company
or any Affiliate constituting a crime; (E) Executive’s material breach of
any material provision of this Agreement (as determined in good faith by the
Board) that is not remedied within fifteen (15) days after (I) written
notice from the Company specifying such breach and (II) the opportunity to
appear before the Board; (F) Executive’s material violation of a material
Company policy 

 

5

 

that
causes demonstrable damage to the Company, which damage is not insignificant; (G) Executive’s
continued failure to cooperate in any audit or investigation involving the
Company or its Affiliates or its or their financial statements or business
practices that is not remedied within fifteen (15) days of written notice from
the Company specifying such failure; or (H) Executive’s actual gross
misconduct that the Board determines in good faith adversely and materially
affects the business or reputation of the Company and its Subsidiaries taken as
a whole; provided that in any dispute pursuant to Section 10 regarding
whether “Cause” exists under this clause (H), the arbitrator shall make a de
novo review of whether Executive’s actual gross misconduct adversely and
materially affected the business or reputation of the Company and its
Subsidiaries taken as a whole, it being understood that Executive’s termination
shall be determined by the arbitrator to have been by the Company without Cause
under this clause (H) if either (a) Executive did not actually engage
in gross misconduct or (b) such gross misconduct did not in fact have an
adverse and material effect on the business or reputation of the Company and
its Subsidiaries taken as a whole.

 

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

 

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

 

(vi)                              “Date of Termination” / “Notice
of Termination.”  Any
termination of Executive’s employment by the Company or by Executive under this

 

6

 

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

 

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

 

(viii)                        “Good Reason” shall mean the
occurrence, without Executive’s express written consent, of:  (A) a material diminution in Executive’s
employment duties, responsibilities or authority, or the assignment to
Executive of duties that are materially inconsistent with Executive’s position;
(B) any reduction in Base Salary or any reduction in Executive’s Target
Bonus (as expressed as a percentage of Base Salary); or (C) any material
breach by the Company of Section 3 or Section 9 of this Agreement;
provided that Executive may terminate for Good Reason only if (I) within
90 days of the date Executive has actual knowledge of the occurrence of an
event of Good Reason, Executive provides written notice of the Company
specifying such event, (II) the Company does not cure such event within 10
business days of such notice if the event is nonpayment of an amount due to
Executive or within 60 days of such notice for other events and (III) Executive
terminates Executive’s employment within 30 business days of the end of such
cure period.

 

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

 

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

 

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

 

7

 

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

 

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

 

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

 

7.                                       Noncompetition, Noninterference, Nondisparagement and Cooperation.

 

(a)                                  General.  In
consideration for the compensation payable to Executive under this Agreement,
Executive agrees that Executive shall not, other than in carrying out Executive’s
duties hereunder, directly or indirectly, do any of the following (i) during
Executive’s employment with the Company and its Subsidiaries and for a period
of one (1) year after any termination of such employment, render services
in any capacity (including as an employee, director, member, consultant,
partner, investor or independent contractor) to a 

 

8

 

Competitor,
(ii) during Executive’s employment with the Company and its Subsidiaries
and for a period of one (1) year after any termination of such employment,
attempt to, or assist any other person in attempting to, employ, engage, retain
or partner with, any person who is then, or at any time during the ninety (90)
day-period prior thereto was, a director, officer or other executive of the
Company or a Subsidiary, or encourage any such person or any consultant, agent
or independent contractor of the Company or any Subsidiary to terminate or
adversely alter or modify such relationship with the Company or any Subsidiary,
provided that this section (ii) shall not be violated by general
advertising, general internet postings or other general solicitation in the
ordinary course not specifically targeted at such persons, nor (iii) during
Executive’s employment with the Company and its Subsidiaries and for a period
of one (1) year after any termination of employment, solicit any then
current customer (excluding any patrons of the Company’s amusement parks) or
business partner of the Company or any Subsidiary to terminate, alter or modify
its relationship with the Company or the Subsidiary or to interfere with the
Company’s or any Subsidiary’s relationships with any of its customers or
business partners.  During the Term and
for one (1) year thereafter, Executive agrees not to make any public
statement that is intended to or would reasonably be expected to disparage the
Company, its Affiliates or its or their directors, officers, employees,
businesses or products other than as required in the good faith discharge of
Executive’s duties hereunder.  During the
Term and for one (1) year thereafter, the Company (including directors and
officers of the Company in their capacity as such) agrees that it shall not
make any public statement that is intended to or would reasonably be expected
to disparage Executive.  At the request
of Executive, the Company shall direct its directors and officers to not make
any statements that would violate this Section 7(a) if they were made
by the Company and shall use its commercially reasonable efforts to enforce
such direction.  Notwithstanding the
foregoing, nothing in this Section shall prevent any person from (A) responding
publicly to any incorrect, disparaging or derogatory public statement made by
or on behalf of the other party to the extent reasonably necessary to correct
or refute such public statement or (B) making any truthful statement to
the extent required by law.

 

(b)                                 Cooperation.  Executive
agrees to cooperate, in a reasonable manner and at the expense of the Company,
with the Company and its attorneys, both during and after the termination of
Executive’s employment, in connection with any litigation or other proceeding
arising out of or relating to matters in which Executive was involved prior to
the termination of Executive’s employment so long as such cooperation does not
materially interfere with Executive’s employment or consulting.  In the event that such cooperation is required
after the termination of the Executive’s employment with the Company and its
Subsidiaries, the Company shall pay the Executive at the rate of $1,500 per day
and out-of-pocket expenses approved in advance by the Company after
presentation by the Executive of reasonable documentation related thereto.

 

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

 

9

 

traded
securities of any person so long as Executive remains a passive investor in
such person and does not own more than one percent (1%) of the outstanding
securities thereof.

 

8.                                       Enforcement.  Executive acknowledges and agrees that:  (i) the purpose of the covenants set
forth in Sections 5 through 7 above (the “Restrictive
Covenants”) is to protect the goodwill, trade secrets and other
confidential information of the Company; (ii) because of the nature of the
business in which the Company is engaged and because of the nature of the
Confidential Information to which Executive has access, it would be impractical
and excessively difficult to determine the actual damages of the Company in the
event Executive breached any such covenants; and (iii) remedies at law
(such as monetary damages) for any breach of Executive’s obligations under the
Restrictive Covenants would be inadequate. 
Executive therefore agrees and consents that if Executive commits any
breach of a Restrictive Covenant, the Company shall have the right (in addition
to, and not in lieu of, any other right or remedy that may be available to it)
to temporary and permanent injunctive relief from a court of competent jurisdiction,
without posting any bond or other security and without the necessity of proof
of actual damage.  If any portion of the
Restrictive Covenants is hereafter determined to be invalid or unenforceable in
any respect, such determination shall not affect the remainder thereof, which
shall be given the maximum effect possible and shall be fully enforced, without
regard to the invalid portions.  In
particular, without limiting the generality of the foregoing, if the covenants
set forth in Section 7 are found by a court or an arbitrator to be
unreasonable, Executive and the Company agree that the maximum period, scope or
geographical area that is found to be reasonable shall be substituted for the
stated period, scope or area, and that the court or arbitrator shall revise the
restrictions contained herein to cover the maximum period, scope and area
permitted by law.  If any of the
Restrictive Covenants are determined to be wholly or partially unenforceable in
any jurisdiction, such determination shall not be a bar to or in any way
diminish the Company’s right to enforce any such covenant in any other
jurisdiction.

 

9.                                       Indemnification.

 

(a)                                  The Company agrees that if Executive is made a
party to, is threatened to be made a party to, receives any legal process in,
or receives any discovery request or request for information in connection
with, any action, suit or proceeding, whether civil, criminal, administrative
or investigative, excluding any action instituted by Executive, any action
related to any actual violation of Section 16 of the Exchange Act by
Executive or any action brought by the Company for compensation or damages
related to Executive’s breach of this Agreement (a “Proceeding”), by reason of the fact that Executive was a
director, officer, employee, consultant or agent of the Company, or was serving
at the request of, or on behalf of, the Company as a director, officer, member,
employee, consultant or agent of another corporation, limited liability
corporation, partnership, joint venture, trust or other entity, including
service with respect to employee benefit plans, whether or not the basis of
such Proceeding is Executive’s alleged action in an official capacity while
serving as a director, officer, member, employee, consultant or agent of the Company
or other entity, Executive shall be indemnified and held harmless by the
Company to the fullest extent permitted or authorized by the Company’s
certificate of incorporation or by-laws or, if greater, by applicable law,
against any and all costs, expenses, liabilities and losses (including, without
limitation, attorneys’ fees reasonably incurred, judgments, fines, taxes or
penalties and amounts paid or to be paid in settlement and any reasonable cost
and fees incurred in enforcing Executive’s rights to indemnification or 

 

10

 

contribution)
incurred or suffered by Executive in connection therewith, and such
indemnification shall continue as to Executive even though Executive has ceased
to be a director, officer, member, employee, consultant or agent of the Company
or other entity and shall inure to the benefit of Executive’s heirs, executors
and administrators.  The Company shall
reimburse Executive for all costs and expenses (including, without limitation,
reasonable attorneys’ fees) incurred by Executive in connection with any
Proceeding within twenty (20) business days after receipt by the Company of a
written request for such reimbursement and appropriate documentation associated
with these expenses.  Such request shall
include an undertaking by Executive to repay the amount of such advance if it
shall ultimately be determined that Executive is not entitled to be indemnified
against such costs and expenses; provided that the amount of such obligation to
repay shall be limited to the after-tax amount of any such advance except to
the extent Executive is able to offset such taxes incurred on the advance by
the tax benefit, if any, attributable to a deduction for repayment.

 

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

 

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

 

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

 

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

 

11

 

11.                                 Mutual Representations.

 

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

 

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

 

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

 

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

 

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

 

	
  If
  to the Company:

  	
   

  	
  Six
  Flags Entertainment Corporation

  
	
   

  	
   

  	
  924
  Avenue J East

  
	
   

  	
   

  	
  Grand
  Prairie, Texas 75050

  
	
   

  	
   

  	
  Phone:
  (972) 595-5000

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:
  Senior Vice President Administration

  
	
   

  	
   

  	
  Fax:
  (972) 595-5175

  
	
   

  	
   

  	
   

  
	
  If
  to Executive:

  	
   

  	
  At
  the Executive’s last residence shown on the records of the Company

  

 

13.                                 Assignment and Successors.  This Agreement is personal in its nature and
none of the parties hereto shall, without the consent of the others, assign or
transfer this Agreement or any rights or obligations hereunder; provided,
however, that in the event of a merger,

 

12

 

consolidation, or transfer or sale of all or
substantially all of the assets of the Company with or to any other individual(s) or
entity, this Agreement shall, subject to the provisions hereof, be binding upon
and inure to the benefit of such successor and such successor shall discharge
and perform all the promises, covenants, duties, and obligations of the Company
hereunder, and such transferee or successor shall be required to assume such
obligations by contract (unless such assumption occurs by operation of
law).  Anything herein to the contrary
notwithstanding, Executive shall be entitled to select (and change, to the
extent permitted under any applicable law) a beneficiary or beneficiaries to
receive any compensation or benefit payable hereunder following Executive’s
death or judicially determined incompetence by giving the Company written
notice thereof.  In the event of
Executive’s death or a judicial determination of Executive’s incompetence,
reference in this Agreement to Executive shall be deemed, where appropriate, to
refer to Executive’s beneficiary, estate or other legal representative.

 

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

 

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

 

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

 

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

 

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

 

13

 

19.           Section 409A.  This Agreement is intended to satisfy the
requirements of Section 409A of the Internal Revenue Code of 1986, as
amended (“Section 409A”) with
respect to amounts, if any, subject thereto and shall be interpreted and
construed and shall be performed by the parties consistent with such
intent.  To the extent Executive would otherwise
be entitled to any payment under this Agreement, or any plan or arrangement of
the Company or its Affiliates, that constitutes a “deferral of compensation”
subject to Section 409A and that if paid during the six (6) months
beginning on the Date of Termination of Executive’s employment would be subject
to the Section 409A additional tax because Executive is a “specified
employee” (within the meaning of Section 409A and as determined by the
Company), the payment will be paid to Executive on the earlier of the six (6) month
anniversary of Executive’s Date of Termination or death.  To the extent Executive would otherwise be
entitled to any benefit (other than a payment) during the six (6) months
beginning on termination of Executive’s employment that would be subject to the
Section 409A additional tax, the benefit will be delayed and will begin
being provided on the earlier of the first day following the six (6) month
anniversary of Executive’s Date of Termination or death.  Any payment or benefit due upon a termination
of employment that represents a “deferral of compensation” within the meaning
of Section 409A shall be paid or provided only upon a “separation from
service” as defined in Treasury Regulation § 1.409A-1(h).  Each payment made under this Agreement shall
be deemed to be a separate payment for purposes of Section 409A.  Amounts payable under this Agreement shall be
deemed not to be a “deferral of compensation” subject to Section 409A to
the extent provided in the exceptions in Treasury Regulation §§ 1.409A-1(b)(4) (“Short-Term Deferrals”) and (b)(9) (“Separation Pay Plans,” including the
exception under subparagraph (iii)) and other applicable provisions of Treasury
Regulation § 1.409A-1 through A-6. 
Notwithstanding anything to the contrary in this Agreement or elsewhere,
any payment or benefit under this Agreement or otherwise that is exempt from Section 409A
pursuant to Treasury Regulation § 1.409A-1(b)(9)(v)(A) or (C) (relating
to certain reimbursements and in-kind benefits) shall be paid or provided only
to the extent that the expenses are not incurred, or the benefits are not
provided, beyond the last day of the second calendar year following the
calendar year in which Executive’s “separation from service” occurs; and
provided further that such expenses are reimbursed no later than the last day
of the third calendar year following the calendar year in which Executive’s “separation
from service” occurs.  To the extent any
expense reimbursement (including without limitation any reimbursement of
interest or penalties related to taxes) or the provision of any in-kind benefit
is determined to be subject to Section 409A (and not exempt pursuant to
the prior sentence or otherwise), the amount of any such expenses eligible for
reimbursement, or the provision of any in-kind benefit, in one calendar year
shall not affect the expenses eligible for reimbursement in any other calendar
year (except for any life-time or other aggregate limitation applicable to
medical expenses), in no event shall any expenses be reimbursed after the last
day of the calendar year following the calendar year in which Executive
incurred such expenses, and in no event shall any right to reimbursement or the
provision of any in-kind benefit be subject to liquidation or exchange for
another benefit.

 

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

 

21.           Entire
Agreement.  This Agreement
constitutes the entire agreement of the parties with respect to the subject
matter hereof and shall supersede all prior agreements, whether written or
oral, with respect thereto.  In the event
of any inconsistency between the terms of this 

 

14

 

Agreement and the terms of any other Company plan,
policy, equity grant, arrangement or agreement with Executive, the provisions
most favorable to Executive shall govern.

 

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

 

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

 

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

 

15

 

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

 

	
   

  	
  SIX
  FLAGS ENTERTAINMENT CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Walter S. Hawrylak 

  
	
   

  	
   

  	
  Walter
  S. Hawrylak 

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Brett Petit

  
	
   

  	
  Brett Petit

  

 

 

Exhibit A

 

Agreement and General Release

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

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

 

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

 

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

 

	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Brett Petit

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SIX
  FLAGS ENTERTAINMENT CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  

 

3

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