Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Six Flags Entertainment Corporation (the "Company") has appointed Gary Mick as
Chief Financial Officer effective June 1, 2022. Mr. Mick, 61, brings 40 years of
business and strategy experience, primarily in the food industry. Most recently,
he was President and Chief Financial Officer of Ice-O-Matic, an Ali Group
Company based in Denver, Colorado. Prior to that, he was Group President for
Middleby Corporation, where he managed multiple foodservice divisions in the
U.S. and Denmark. Prior to his role as Group President, he served in finance
leadership roles of increasing responsibility and ultimately became President of
Blodgett Ovens, a division of Middleby Corporation. Mr. Mick has a B.S. in
Accounting from the University of Virginia and an M.B.A. from the University of
Vermont.
In connection with Mr. Mick's appointment as Chief Financial Officer, the
Company entered into an employment agreement, dated May 31, 2022, with Mr. Mick
(the "Mick Employment Agreement") that provides for, among other things, a base
salary of $450,000 per year and an annual bonus opportunity with a target of 90%
of his base salary. On June 1, 2022, in accordance with applicable grant
agreements under the Company's Long-Term Incentive Plan, Mr. Mick will be
granted (i) restricted stock units of the Company with a value of $400,000,
which will vest in equal installments on each of the first three anniversaries
of the grant date, and (ii) performance stock units of the Company with a value
of $1,200,000, which will vest in accordance with the achievement of the
established performance goals. Mr. Mick will also be entitled to participate in
or receive benefits under the employee benefit programs of the Company,
including the Company's life, health and disability programs and relocation
program, as well as to receive reimbursement of certain expenses incurred during
his employment. The Mick Employment Agreement also contains provisions for
separation payments and benefits upon certain types of termination of employment
as well as contains customary non-competition, indemnification, confidentiality
and proprietary information provisions.
The foregoing description of the Mick Employment Agreement does not purport to
be complete and is qualified in its entirety by the text of the agreement, a
copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
Stephen Purtell, who has acted as interim chief financial officer since March
28, 2022, will continue to serve as Senior Vice President, Corporate
Communications, Investor Relations and Treasurer, reporting to Selim Bassoul,
President and Chief Executive Officer.
Item 7.01 Regulation FD Disclosure
On May 31, 2022, the Company issued a press release announcing the appointment
of Mr. Mick as Chief Financial Officer, a copy of which is furnished as
Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
10.1 Employment Agreement, dated as of May 31, 2022, by and between
Gary Mick and Six Flags Entertainment Corporation
99.1 Press Release of Six Flags Entertainment Corporation, dated May
31, 2022
104 Cover Page Interactive Data File (cover page XBRL tags are embedded
within the Inline XBRL document)
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