Six Flags Entertainment Corporation (NYSE:SIX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As part of its normal succession planning process, Six Flags Entertainment Corporation (the “Company”) is announcing today that it has commenced a search process, and retained an outside search firm, to locate a successor for James Reid-Anderson, the Company’s Chairman, President and Chief Executive Officer, who has informed the Company of his intention to retire by the end of February 2020. The search process, being led by the Company’s board of directors (the “Board”), will evaluate both internal and external candidates for the position of Chief Executive Officer. While there can be no assurance as to the exact timing or the success of the process, it is the Company’s current intention to be in a position to name a new Chief Executive Officer by February 2020. The Board will also undergo a process to evaluate candidates for Chairman of the Board following Mr. Reid-Anderson’s retirement.
In connection with the succession planning process, on March 7, 2019, the Company and Mr. Reid-Anderson entered into a retirement agreement that becomes effective upon the earlier of: (i) notice from Mr. Reid-Anderson of a retirement date on or after February 28, 2020 and (ii) notice from the Company of the commencement date of an individual to become the next Chief Executive Officer of the Company. The retirement agreement provides for continuation of Mr. Reid-Anderson’s compensation arrangement under his current employment agreement through his retirement date. Under the retirement agreement, if the Company identifies a new Chief Executive Officer before February 28, 2020,Mr. Reid-Anderson will continue to receive his salary through February 28, 2020 and if Mr. Reid-Anderson’s retirement date is before the bonus for calendar year 2019 is paid, any bonus Mr. Reid-Anderson would have received for calendar year 2019 will be paid based on actual Company results and consistent with the manner calculated for other senior executives.The retirement agreement also provides for vesting of outstanding stock options that would have vested if Mr. Reid-Anderson had remained employed through February 28, 2021, a discretionary bonus for 2020 considering any portion of 2020 he remains as Chief Executive Officer,and provision for benefit continuation. The retirement agreement continues the non-competition, indemnification, confidentiality and proprietary information provisions in Mr. Reid-Anderson’s current employment agreement.
The foregoing description of Mr. Reid-Anderson’s retirement agreement does not purport to be complete and is qualified in its entirety by the text of the retirement agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
Six Flags Entertainment Corp Exhibit
EX-10.1 2 reid-andersonretirementagr.htm EXHIBIT 10.1 Exhibit Exhibit 10.1RETIREMENT AGREEMENT This Retirement Agreement (the “Agreement”),…
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About Six Flags Entertainment Corporation (NYSE:SIX)
Six Flags Entertainment Corporation (Six Flags) is a regional theme park operator. The Company operates in the theme parks segment. The Company operates approximately 20 regional theme and water parks. Its parks occupy approximately 4,500 acres of land, and it owns approximately 800 acres of other developable land. Its parks are located in geographically diverse markets across North America. Its parks offer a selection of thrill rides, water attractions, themed areas, concerts and shows, restaurants, game venues and retail outlets. Its parks offer approximately 830 rides, including over 130 roller coasters. The Company’s parks include Six Flags America, Six Flags Discovery Kingdom, Six Flags Fiesta Texas, Six Flags Great Adventure & Safari/ Six Flags Hurricane Harbor, Six Flags Great America, Six Flags St. Louis, Six Flags Magic Mountain/ Six Flags Hurricane Harbor, Six Flags Mexico and Six Flags New England.