This excerpt taken from the FUN 8-K filed Jul 24, 2007.
Amendment and Restatement of Employment Agreements
On July 20, 2007, Cedar Fair entered into amended and restated employment agreements with Richard L. Kinzel, its chairman, president and chief Executive officer, Jacob T. Falfas, its chief operating officer, and Peter J. Crage, its chief financial officer. These agreements amend
and supercede the previous employment agreements between Cedar Fair and the executive officers that were entered into on December 12, 2006. The amended and restated employment agreements were updated to comply with Section 409A of the Code and to include change in control provisions with a related tax gross-up. Due to the change in control provisions in the employment agreements, these executive officers will not participate in the Cedar Fair, L.P. Amended and Restated Change of Control Plan discussed above. Except with respect to the changes outlined below, the majority of the employment agreements terms and conditions, including salary, term and welfare benefits, remain the same as the previous agreements.
Pursuant to the terms of the amended and restated employment agreement, if Mr. Kinzels employment is terminated (other than for cause, as defined in the agreement) within 24 months of a change in control, Mr. Kinzel will receive:
Pursuant to the terms of Mr. Falfass amended and restated employment agreement and Mr. Crages amended and restated employment agreement, each will receive the same benefits and payments for their respective positions as indicated above under Amendment and Restatement of Change of Control Plan for the positions of Chief Operating Officer and Chief Financial Officer, respectively. In addition, the amended and restated employment agreements provide tax gross-up payments to reimburse the executive officer for any excise tax he may incur under Section 280G and 4999 of the Code.