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FUN > SEC Filings for FUN > Form 8-K on 21-Oct-2013All Recent SEC Filings

Show all filings for CEDAR FAIR L P

Form 8-K for CEDAR FAIR L P


Entry into a Material Definitive Agreement, Change in Directors or Principal Offic

Item 1.01 Entry into a Material Definitive Agreement.

The information set forth in Item 5.02 of this Current Report on Form 8-K is hereby incorporated into this Item 1.01 by reference.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 21, 2013, Cedar Fair entered into an amended and restated employment agreement with Matthew A. Ouimet, its President and Chief Executive Officer. Mr. Ouimet's existing contract was modified to:
extend the term of his employment to December 31, 2016;

            increase his base salary from $850,000 to $900,000 through June
             2015. The increase in his base salary is retroactive to July 1,

            add target annual cash incentives for the calendar years 2013 and
             2014. For 2013, the target award is a blend of 110% of $850,000 and
             120% of $900,000, both prorated for actual time the base salaries
             are in effect and using 2013 performance metrics. For 2014, the
             target award will be 120% of his base salary. Also for 2014, the
             maximum annual cash incentive payable by Cedar Fair is 180% of his
             base salary and the minimum payment threshold is 90% of the target
             performance threshold.

            require that the Board consider development and implementation of a
             new long-term incentive compensation plan for Mr. Ouimet, after Mr.
             Ouimet designs and presents to the Board, and the Board adopts, a
             long-term adjusted EBITDA program goal providing multi-year
             financial targets;

            change the payment owed to Mr. Ouimet upon the termination of his
             employment without cause, for disability, or by his resignation with
             good reason (other than following a change in control) to two times
             his base salary, payable in a single lump sum;

            provide that, if Mr. Ouimet is terminated without cause or resigns
             for good reason, he becomes fully vested in any equity awards made
             under Cedar Fair's Omnibus Incentive Plan that vest within 18 months
             after his termination of employment.

The foregoing description of the amended agreement is qualified by the text of the agreement, a copy of which was filed as Exhibit 10.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1         Amended and Restated Employment Agreement, by and among Cedar Fair,
             L.P., Cedar Fair Management, Inc., Magnum Management Corporation and
             Matthew A. Ouimet, dated October 21, 2013.

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