United Parks & Resorts Inc 8-K, filed Jun 28, 2021
United Parks & Resorts Inc. (PRKS)
About this 8-K
United Parks & Resorts Inc filed this 8-K on June 28, 2021, reporting on events of June 27, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Chief Operating Officer
On June 28, 2021, SeaWorld Entertainment, Inc. (the “Company”) announced the appointment of Mr. Thomas Iven as Chief Operating Officer of the Company effective immediately.
Pursuant to his employment offer letter, Mr. Iven will receive an annual base salary of $300,000; (ii) an annual bonus opportunity with a target amount equal to 80% of his base salary (which, for fiscal year 2021, will be pro-rated), with 50% payable in cash and 50% payable in fully vested Company common stock consistent with the terms and conditions of the Company’s 2021 annual bonus plan; (iii) a long-term incentive opportunity with a target amount equal to 150% of his base salary (which will begin with the 2022 long-term incentive period). In addition, Mr. Iven will receive (i) a one-time grant of non-qualified stock options in respect of a number of shares of the Company’s common stock equal to $500,000 divided by the price of the Company’s common stock on the date of grant and an exercise price equal to the closing price of the Company’s common stock on the New York Stock Exchange on the date of grant which will vest in three equal annual installments over the first three anniversaries of the date of grant; (ii) a one-time grant of restricted stock units with a value on the grant date equal to $500,000 which will vest in three equal annual installments over the first three anniversaries of the date of grant; (iii) a one-time grant of performance stock units under the Company’s 2021 long-term incentive plan with a value on the grant date (using the price of the Company’s common stock) equal to $1,250,000 which will vest subject to the achievement of certain performance goals during the 2021-2023 calendar years (or, extended through the end of the 2024 calendar year, as applicable), subject to Mr. Iven’s continued employment by the Company on the date of the applicable final determination. Mr. Iven will also participate in the Company's Key Employee Severance Plan.
Prior to joining the Company, Mr. Iven, 62, served as Senior Vice President of Park Operations for Six Flags Entertainment Corp. He was responsible for the management of all of Six Flags' parks and properties. Mr. Iven began his career at Six Flags in 1976 as a seasonal employee and became a full-time employee in 1981. He held a number of management positions within several parks including Six Flags Magic Mountain and Six Flags Over Texas before being named General Manager of Six Flags St. Louis in 1998. In 2001, Mr. Iven was promoted to Executive Vice President, Western Region, comprised of 17 parks, a post he held until 2006 when he was named Senior Vice President. From 2010 until 2014, Mr. Iven was the Senior Vice President, Park Operations and was responsible for the management of Six Flags' parks in the Western region as well as the oversight of engineering, maintenance and operating efficiency programs for all Six Flags parks. Mr. Iven holds a B.S. degree from Missouri State University.
There are no arrangements or understandings between Mr. Iven and any other persons pursuant to which Mr. Iven was elected to serve as Chief Operating Officer. There are no family relationships between Mr. Iven and any director or executive officer of the Company and there are no transactions between Mr. Iven and the Company that would be required to be disclosed pursuant to Item 401(a) of Regulation S-K.
Former Chief Operating Officer
Mr. Walter Bogumil’s employment as COO terminated effective June 27, 2021.
Mr. Bogumil is subject to various restrictive covenants as outlined in his equity award agreements and, under certain circumstances, may be eligible for certain benefits as outlined in the Company’s Key Employee Severance Plan, as amended.
Item 7.01 Regulation FD Disclosure.
A press release announcing the appointment of Mr. Iven as Chief Operating Officer is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
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Description |
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99.1 |
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104 |
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Cover page interactive data filed (embedded within the Inline XBRL document). |
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.
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SEAWORLD ENTERTAINMENT, INC. |
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Date: June 28, 2021 |
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By: |
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/s/ G. Anthony (Tony) Taylor |
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Name: |
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G. Anthony (Tony) Taylor |
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Title: |
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Chief Legal Officer, General Counsel and Corporate Secretary |
Exhibit 99.1
SEAWORLD ENTERTAINMENT, INC. appoints Tom iven as chief operating officer
ORLANDO, FL, June 28, 2021 — SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today announced the appointment of Tom Iven to the position of Chief Operating Officer (“COO”) effective June 28, 2021. SeaWorld’s Board of Directors unanimously approved the appointment.
“We are excited to have Tom join the SeaWorld team as we continue to drive the business forward and emerge an even stronger company post COVID-19,” said Marc Swanson, Chief Executive Officer of SeaWorld Entertainment, Inc. “Tom brings significant theme park operating experience and a long, successful operating track record. I am confident he will make immediate contributions as we continue to execute on our strategic plans to realize the full, long-term potential of the company,” continued Swanson.
Prior to joining the Company, Mr. Iven, 62, served as Senior Vice President of Park Operations for Six Flags Entertainment Corp. He was responsible for the operations management of all of Six Flags' parks and properties. Mr. Iven began his career at Six Flags as a seasonal employee and had a successful career spanning several decades. Mr. Iven served in key operating and leadership roles both at the park and corporate level. In addition, Mr. Iven led the development and acquisition of numerous parks and other special projects that contributed to multiple years of consecutive record-breaking results for Six Flags. Mr. Iven holds a B.S. degree from Missouri State University.
Walter Bogumil’s employment as COO has been terminated effective June 27, 2021.
About SeaWorld Entertainment, Inc.
SeaWorld Entertainment, Inc. (NYSE: SEAS) is a leading theme park and entertainment company providing experiences that matter, and inspiring guests to protect animals and the wild wonders of our world. The Company is one of the world’s foremost zoological organizations and a global leader in animal welfare, training, husbandry and veterinary care. The Company collectively cares for what it believes is one of the largest zoological collections in the world and has helped lead advances in the care of animals. The Company also rescues and rehabilitates marine and terrestrial animals that are ill, injured, orphaned or abandoned, with the goal of returning them to the wild. The SeaWorld® rescue team has helped more than 38,600 animals in need over the Company’s history. SeaWorld Entertainment, Inc. owns or licenses a portfolio of recognized brands including SeaWorld®, Busch Gardens®, Aquatica®, Sesame Place® and Sea Rescue®. Over its more than 60-year history, the Company has built a diversified portfolio of 12 destination and regional theme parks that are grouped in key markets across the United States, many of which showcase its one-of-a-kind zoological collection. The Company’s theme parks feature a diverse array of rides, shows and other attractions with broad demographic appeal which deliver memorable experiences and a strong value proposition for its guests.
Copies of this and other news releases as well as additional information about SeaWorld Entertainment, Inc. can be obtained online at www.seaworldentertainment.com. Shareholders and prospective investors can also register to automatically receive the Company’s press releases, SEC filings and other notices by e-mail by registering at that website.
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CONTACT:
Investor Relations:
Matthew Stroud
Vice President, Investor Relations
855-797-8625
Investors@SeaWorld.com
Media Relations:
Stephen Schuler
Vice President, Public Relations
786-322-8041
Stephen.Schuler@SeaWorld.com
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