Six Flags Inc., the U.S. theme-park owner facing possible bankruptcy, set a $3-million "success bonus" for Chief Executive 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 this week in a regulatory filing. Five other managers also had contracts extended with such bonuses. The accords keep the base salaries at current levels.
Shapiro receives a base salary of $1.3 million a year. Chief Financial Officer Jeffrey Speed, who earns $775,000, would get $750,000 more as a "success bonus." The plan would also give the executives stock options and restricted shares.
Six Flags hasn't posted a profit since 1998.