SEC Contract Filing

Filing Date: 2021-08-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>seas-ex101_12.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
<head>
<title>
seas-ex101_12.htm
</title>
</head>
<!-- NG Converter v5.0.2.50 -->
<body>

<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.1</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">May 28, 2021</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Tom Iven</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dear Tom:</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Congratulations and welcome to the SeaWorld Parks &amp; Entertainment team! As you begin your journey here, you&#8217;re starting more than just a job, you&#8217;re joining a mission. We&#8217;ve rescued over 38,000 animals, brought joy to millions of guests, and we&#8217;re just getting started.&nbsp;&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are pleased to offer you the position of<font style="font-weight:bold;"> Chief Operating Officer </font>with a start date commencing on <font style="font-weight:bold;">TBD. </font>You will be compensated at an annual rate of<font style="font-weight:bold;"> $300,000</font>, payable semi-monthly. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">You will be eligible to participate in the <font style="font-weight:bold;">annual incentive bonus plan</font>, as adopted by the Company from time to time (&#8220;Annual Bonus Plan&#8221;), with a target annual incentive bonus of 80<font style="font-weight:bold;">%</font> of your base salary, less applicable taxes, deductions, and withholdings, payable in cash and/or stock in the Company&#8217;s sole discretion. &nbsp;&nbsp;<font style="font-size:10.5pt;color:#000000;">The plan year is from January 1 - December 31 and awards are prorated based on date of hire. </font>Target incentives do not constitute a promise of payment. Any actual bonus paid will be subject to the terms and conditions of the Annual Bonus Plan and contingent upon the level of achievement of Company performance objectives as established by the Compensation Committee for such fiscal year and, to the extent applicable, the assessment of your individual performance goals for such fiscal year. To qualify for an incentive bonus, you must remain continuously employed by the Company through the date that the incentive bonus is paid.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subject to Compensation Committee approval, you will receive an <font style="font-weight:bold;">initial equity award.</font>&nbsp;&nbsp;This award will consist of a number of Options equal to <font style="font-weight:bold;">$500,000</font> (Option number determined by <font style="font-weight:bold;">$500,000</font>/stock price on date of grant).&nbsp;&nbsp;You will also receive a grant of Restricted Share Units (&#8220;RSUs&#8221;) (i) with a grant date value of <font style="font-weight:bold;">$500,000.</font> One third of the Restricted Stock Units and Options shall vest on each of the first three anniversaries of the date of the grant. You will also receive Performance Share Units (&#8220;PSUs&#8221;) equal to <font style="font-weight:bold;">$1,250,000 </font><font style="color:#000000;">in value under the </font><font style="font-weight:bold;color:#000000;">2021</font><font style="color:#000000;"> </font><font style="font-weight:bold;color:#000000;">long-term equity incentive plan</font>. The actual number of Options, RSUs and PSUs that you will receive will be determined based upon the fair market value of the Company&#8217;s common stock on the grant date. These initial equity grants will be made as of your start date so long as such start date is within the Company's open trading window and the Company is not otherwise restricted from granting the shares.&nbsp;&nbsp;In the event the company is unable to make the initial equity gr