Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
As part of a strategic reorganization, on December 3, 2021, Six Flags
Entertainment Corporation (the "Company") announced that it eliminated the role
of Executive Vice President, General Counsel & Chief Administrative Officer. In
connection with the elimination, Laura W. Doerre will depart her role as
Executive Vice President, General Counsel & Chief Administrative Officer of the
Company, effective December 12, 2021 (the "Separation Date"), following a
transition of her duties. On December 3, 2021, Ms. Doerre and the Company
entered into an Agreement and General Release (the "Doerre Agreement"). Subject
to Ms. Doerre's compliance with certain obligations under the Doerre Agreement,
including certain re-execution and non-revocation requirements, the Doerre
Agreement provides that Ms. Doerre will be entitled to receive, among other
things, (1) payment of her full 2021 annual bonus in accordance with the
Company's procedures for the payment of executive bonuses and payable at such
time as bonuses are ordinarily paid; (2) payment of a cash amount equal to the
sum of one year's base salary and target bonus within 60 days of the Separation
Date; and (3) accelerated vesting of certain outstanding unvested equity awards
held by Ms. Doerre pursuant to the terms of her employment agreement with the
Company. The Doerre Agreement also contains a release of claims against the
Company and its affiliates.
The foregoing description of the Doerre Agreement does not purport to be
complete and is qualified in its entirety by the text of the Doerre Agreement, a
copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K, and
is incorporated by reference into this Item 5.02.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
10.1 Agreement and General Release, dated December 3, 2021, by and
between Laura W. Doerre and Six Flags Entertainment Corporation
104 Cover Page Interactive Data File (cover page XBRL tags are embedded
within the Inline XBRL document)
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