This excerpt taken from the FUN DEF 14A filed Mar 31, 2009.
In August 2008, we made multi-year performance unit awards to certain vice presidents and mid-level employees in accordance with the terms of the 2008 Omnibus Incentive Plan. Mr. Bender was the only named executive officer to receive such an award, and the award he received is based on the attainment of certain performance targets from June 2008 through 2011. This award is reflected in the Grants of Plan Based Awards Table, and the compensation expense associated with this performance award for 2008 is reflected in Column (e) of the Summary Compensation Table. Mr. Benders performance unit award will vest in the fourth and fifth year after grant, assuming the performance metrics are achieved and that he remains employed. If all performance metrics are met over the three and a half year period, Mr. Bender will receive a value equal to 5,654 units, payable in cash or units, or a combination of both, as determined by the Compensation Committee. If Mr. Bender leaves our employment prior to the end of the performance period, the performance unit award would be forfeited except in the case of death, disability, or retirement at age 62 or over, in which cases the performance unit award would be prorated and made after the end of the performance period, subject to compliance with Section 409A of the Code. In the event of a change of control, the performance unit award will be deemed earned and payable in full.
This excerpt taken from the FUN 8-K filed May 20, 2008.
This excerpt taken from the FUN DEF 14A filed Mar 28, 2008.
This excerpt taken from the FUN 10-Q filed Aug 3, 2007.
SECTION 9. PERFORMANCE AWARDS.
(a) GRANTS. Performance Awards may be granted hereunder to Participants, for no cash consideration or for such minimum consideration as may be required by applicable law, either alone or in addition to other Awards granted under the Plan. The performance criteria to be achieved during any Performance Period, the length of the Performance Period, and the time and form of payment of Performance Awards shall be determined and specified by the Committee upon the grant of each Performance Award.
(b) PAYMENT OF PERFORMANCE AWARDS.
(i) Determination of Award. Determination of the performance levels achieved for each Performance Period and the amount of the Award to be distributed shall be conclusively determined by the Committee.
(ii) Payment of Award. Except as provided in Section 11 (Change in Control), Performance Awards will be paid only after the end of the relevant Performance Period. Performance Awards may be paid in cash, Units, other property, or any combination thereof, in the sole discretion of the Committee at the time of payment. Subject to Section 9(b)(iii), Performance Awards shall be paid in a lump sum within seventy-five (75) days following the close of the Performance Period; provided that the Committee may in the alternative at the time of grant specify a number of installment payments and the period over and time at which they will be paid and provided further that if such seventy-five- (75-) day period begins in one calendar year and ends in another, the Participant shall not have the right to designate the taxable year of payment.
(iii) In the event that payment of Performance Awards as provided in Section 9(b)(ii) to Participants who incur Retirement is considered to be payment upon Separation from Service, payment to any Participant who is a Specified Employee shall not be made until
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the date that is six (6) months and one (1) day after such Specified Employee Participants Retirement.
(c) FORFEITURES. Except as determined by the Committee at the time of grant, a Participant who, before the end of the relevant Performance Period, incurs a Separation from Service for any reason other than death or Retirement, shall forfeit any unpaid Performance Award. Performance Awards of Participants who die or who incur Retirement prior to the end of the Performance Period shall be prorated, unless the Committee determines otherwise.