CEDAR FAIR, L.P. (NYSE:FUN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

CEDAR FAIR, L.P. (NYSE:FUN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

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On October4, 2017, Cedar Fair, L.P. (“Cedar Fair” or the “Partnership”) announced that Richard Zimmerman (age 57), its President and Chief Operating Officer, will succeed Matthew A. Ouimet as Chief Executive Officer of the Partnership, effective January1, 2018, as part of the Partnership’s planned leadership succession. Mr.Zimmerman will continue to serve as President of the Partnership. Mr.Zimmerman has served as President of the Partnership since October 2016, and has served as Chief Operating Officer since October 2011. He has held roles of increasing responsibility within the Partnership since joining Cedar Fair in 2006. In connection with Mr.Zimmerman’s promotion, the Partnership entered into an Employment Agreement with Mr.Zimmerman that will become effective on January1, 2018, and will supersede and replace his previous employment agreement. to the Employment Agreement, beginning on January1, 2018, Mr.Zimmerman will receive an annual base salary of $750,000 in connection with his election as Chief Executive Officer. Mr.Zimmerman also will participate in the Partnership’s annual cash incentive compensation program with a target award level for 2018 equal to 115% of his annual base salary, a minimum payment threshold of 90% of the target and a maximum award level equal to 172.5% of his annual base salary. Mr.Zimmerman also will participate in the Partnership’s long-term equity incentive compensation program commensurate with his new position.

In addition, Cedar Fair announced that Mr.Ouimet, the Partnership’s current Chief Executive Officer and Director, will become executive chairman of the board of directors of the Partnership on that same day. Accordingly, Mr.Ouimet will remain an executive of the Partnership. In connection with Mr.Ouimet’s new position, the Partnership entered into an Employment Agreement with Mr.Ouimet that will become effective on January1, 2018, and will supersede and replace his previous employment agreement. to the Employment Agreement, beginning on January1, 2018, Mr.Ouimet will receive an annual base salary of $500,000 in connection with his new position as Executive Chairman. Mr.Ouimet also will continue to participate in the Partnership’s annual cash incentive compensation program with a target award level equal to 120% of his annual base salary, a minimum payment threshold of 90% of the target and a maximum award level equal to 180% of his annual base salary. Mr.Ouimet also will participate in the Partnership’s long-term equity incentive compensation program commensurate with his new position. If Mr.Ouimet’s employment is terminated at any time by the Partnership without cause, for disability or he resigns for good reason, Mr.Ouimet will be entitled to an amount equal to his base salary at the time of termination of employment. As a result of Mr.Ouimet’s new position, Eric Affeldt will no longer serve as chairman of the board of directors but will remain a Director of Cedar Fair.

The Company also announced that Debra Smithart-Oglesby, a current Director of the Partnership, will become lead independent director, effective January1, 2018.

A copy of the news release making these announcements is attached as Exhibit 99.1 to this Current Report on Form 8-K. The foregoing descriptions of the Employment Agreements for each of Mr.Zimmerman and Mr.Ouimet are qualified by the text of their respective agreements, copies of which are filed as Exhibit 10.1 and 10.2 to this Current Report on Form 8-K.

Item 5.02 Financial Statements and Exhibits.

(d) Exhibits

Exhibit(10.1) Employment Agreement, dated October4, 2017, by and among Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Management Corporation, and Richard A. Zimmerman.
Exhibit(10.2) Employment Agreement, dated October4, 2017, by and among Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Management Corporation, and Matthew A. Ouimet.
Exhibit(99.1) News release of Cedar Fair, L.P., dated October4, 2017.


CEDAR FAIR L P Exhibit
EX-10.1 2 d466011dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 Execution Version EMPLOYMENT AGREEMENT This Employment Agreement (this “Agreement”),…
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About CEDAR FAIR, L.P. (NYSE:FUN)

Cedar Fair, L.P. is an operator of regional amusement parks. The Company owns approximately 10 amusement parks, three outdoor water parks, an indoor water park and five hotels. The Company operates through amusement/water parks with accompanying resort facilities segment. Its amusement parks include Cedar Point, located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Kings Island near Cincinnati, Ohio; Canada’s Wonderland near Toronto, Canada; Dorney Park & Wildwater Kingdom (Dorney Park), located near Allentown in South Whitehall Township, Pennsylvania; Valleyfair, located near Minneapolis/St. Paul in Shakopee, Minnesota; Michigan’s Adventure located near Muskegon, Michigan; Kings Dominion near Richmond, Virginia; Carowinds in Charlotte, North Carolina; Worlds of Fun located in Kansas City, Missouri; Knott’s Berry Farm, located near Los Angeles in Buena Park, California, and California’s Great America (Great America) located in Santa Clara, California.

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