This excerpt taken from the FUN DEF 14A filed Mar 31, 2009.
Performance-Based Phantom Unit Grants
In March of each year, the Board approves targets for executives that relate either to park or corporate-level performance or some combination of both. Although the plan contains guidelines relative to the percentages that must be achieved and the awards to be granted, the Compensation Committee has the discretion to grant the phantom unit awards as it deems appropriate. Although we did not make any performance-based phantom unit awards in 2008, we resumed this practice in 2009.
Provided that the executive continues in our employ, the phantom unit awards vest in the third and fourth year after grant. The awards are payable in either a cash equivalent at the time of the payment or units, or a combination of both, as determined by the Board, in two equal installments in the third and fourth year after the award is earned. The phantom unit awards accrue additional phantom units on the date of each quarterly distribution paid by us, calculated at the NYSE closing price on that date.