UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) July 21, 2005
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Six Flags, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-13703 13-3995059
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(Commission File Number) (IRS Employer Identification No.)
11501 Northeast Expressway
Oklahoma City, Oklahoma 73131
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(Address of Principal Executive Offices) (Zip Code)
(405) 475-2500
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
On July 21, 2005, Six Flags, Inc. (the "Company") entered into
severance agreements with certain of its employees, including James M. Coughlin,
General Counsel, and Hue Eichelberger and Thomas J. Iven, each an Executive Vice
President. A copy of the form of agreement is attached as Exhibit 10.1 to this
report and incorporated herein by reference.
Under the terms of the agreements, each employee is entitled to a
cash severance payment equal to the sum of one year of base salary at the
employee's highest annual base salary rate in effect at any time on or after
July 21, 2005 through the termination of his or her employment and the
employee's annual bonus for the most recent fiscal year ending prior to such
termination. The payment is only due if both of the following occur: (a) a
change in effective control (as defined in the agreement) of the Company and (b)
the termination of such employee`s employment by the Company without cause, or
by the employee for good reason, within eighteen months following such a change
in effective control (or prior to such a change in effective control if done in
anticipation of such change). In addition, in the event the foregoing conditions
are met, the agreements provide for continuing coverage under the Company's
health plans and life insurance policies, if applicable, for one year commencing
on the employee's termination date.
The term of the agreements expires on December 31, 2007. However, the
agreements remain in effect for a period of two years following the occurrence
of a change in effective control. Please refer to Exhibit 10.1 hereto for the
complete terms of the agreements.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
10.1 Form of Employee Severance Agreement.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SIX FLAGS, INC.
By: /s/ James F. Dannhauser
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Name: James F. Dannhauser
Title: Chief Financial Officer
Date: July 22, 2005
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EXHIBIT INDEX
Exhibit No. Description
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10.1 Form of Employee Severance Agreement, dated July 21, 2005.
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