Six Flags CEO may get $3 million restructuring bonus

Posted April 15, 2009, 8:09P | Contributed by Lord Gonchar

Six Flags Inc., the U.S. theme-park owner facing possible bankruptcy, set a $3 million “success bonus” for Chief Executive Officer Mark Shapiro, to be awarded if the company restructures its debt out of court or goes through Chapter 11 reorganization. The bonus is part of an employment agreement with Shapiro extended through April 1, 2013, Six Flags said in a regulatory filing yesterday. Five other managers also had contracts extended with such bonuses. The accords keep the base salaries at current levels.