CEO Zimmerman Given Huge Bonus for Sheparding Six Flags Merger

[Leland Wykoff]

The Cedar Fair board has began the process of awarding executives bonuses for arranging the proposed Six Flags merger.  No doubt other payouts will be announced as time marches on.  It is telling former CEO, board member, and man charged with acquisitions, Matt Ouimett is no longer onboard and seems to be left out of the bonus gravy train.  Things to think about.

https://www.tipranks.com/news/company-announcements/cedar-fair-grants-special-award-to-executive-pre-merger

[Tr0y]

Adorable as it is predictable:

On 2/6/2024 at 9:47 AM, DispatchMaster said:

And the current CF board seems clearly fixated on short term gains at the expense of long term health, probably so they can put some bullet points on their resumes when they abandon a sinking ship in the future.

[disco2000]

Meanwhile they cut the hourly wages of the people who are actually "running the park" pretty much chain-wide...

KD was always hurting for staff, let's cut the wages to $13 and then complain about being understaffed...

[DiamondbackFan]

In case you missed it:

Quote

The Merger Agreement contemplates the payment of a cash transaction bonus (the “Closing Bonus”) of $3,000,000 to Mr. Selim Bassoul, the Chief Executive Officer of Six Flags, upon consummation of the transactions contemplated by the Merger Agreement (the “Mergers”). Effective on December 20, 2023, Six Flags entered into a letter agreement with Mr. Bassoul (the “Letter Agreement”) to memorialize the terms of such Closing Bonus. The Letter Agreement provides that fifty percent of the Closing Bonus ($1,500,000) will be paid to Mr. Bassoul no later than December 31, 2023, in the form of restricted stock (the “Restricted Stock Closing Bonus”) granted under the Six Flags Entertainment Corporation Long-Term Incentive Plan, and which will vest at the consummation of the Mergers, and which will vest at the consummation of the Mergers, subject to Mr. Bassoul’s continued employment with Six Flags through the consummation of the Mergers. The remaining fifty percent of the Closing Bonus ($1,500,000) will be paid in a cash lump-sum payment (the “Cash Closing Bonus”) at the consummation of the Mergers, subject to Mr. Bassoul’s continued employment with Six Flags through the consummation of the Mergers. In the event Mr. Bassoul’s employment with Six Flags is terminated prior to the consummation of the Mergers other than for Cause or Mr. Bassoul resigns for Good Reason (as such terms are defined in Mr. Bassoul’s employment agreement, dated November 14, 2021, between Mr. Bassoul and Six Flags), the Restricted Stock Closing Bonus shall immediately vest and the Cash Closing Bonus shall be paid in full within thirty days following the date of such termination.

https://otp.tools.investis.com/clients/us/sixflags3/SEC/sec-show.aspx?Type=html&FilingId=17140222&CIK=0000701374&Index=10000
 

[Oldiesmann]

Pro tip... When pasting stuff from other sites, paste it as plain text (CTRL+Shift+V or right-click -> paste as plain text). It's hard to read that text in the quote above in dark mode.

[BoddaH1994]

I know it sounds slimy but this is very typical in business. 

[IndyGuy4KI]

1 hour ago, Oldiesmann said:

Pro tip... When pasting stuff from other sites, paste it as plain text (CTRL+Shift+V or right-click -> paste as plain text). It's hard to read that text in the quote above in dark mode.

Another option is to use the format eraser button. I will some times edit a post, select all and use that button to fix it.