Document ID: 10413

Text:
12.9 Code Section280G. Anything in this Agreement to the contrary notwithstanding, Executive and Cedar Fair agree that in no event shall the present value of all payments, distributions and benefits provided to Executive or for Executives benefit pursuant to the terms of this Agreement or otherwise which constitute a parachute payment when aggregated with other payments, distributions, and benefits which constitute parachute payments, exceed two hundred ninety-nine percent ( 299% )of Executives base amount. As used herein, parachute payment has the meaning ascribed to it in Section280G(b)(2) of the Code, without regard to Code Section280G(b)(2)(A)(ii); and base amount has the meaning ascribed to it in Code Section280G and the regulations thereunder. If the present value as defined in Code Sections 280G (d)(4)and 1274(b) (2), of such aggregate parachute payments exceeds the 299% limitation set forth herein, such payments, distributions and benefits shall be reduced by Cedar Fair in accordance with the order of priority set forth below so that such reduced amount will result in no portion of the payments, distributions and benefits being subject to excise tax. Such payments, distributions and benefits will be reduced by Cedar Fair in accordance with the following order of priority (A)reduction of cash payments; (B)cancellation of accelerated vesting of unit awards; and (C)reduction of employee benefits. If acceleration of vesting of unit award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of the Executives unit awards.

Named Entities:
3
4
Regulation
17
18
Parties
40
40
Role
77
78
Percentage

Tokenized Text:
12
.
9
Code
Section280G
.
Anything
in
this
Agreement
to
the
contrary
notwithstanding
,
Executive
and
Cedar
Fair
agree
that
in
no
event
shall
the
present
value
of
all
payments
,
distributions
and
benefits
provided
to
Executive
or
for
Executives
benefit
pursuant
to
the
terms
of
this
Agreement
or
otherwise
which
constitute
a
parachute
payment
when
aggregated
with
other
payments
,
distributions
,
and
benefits
which
constitute
parachute
payments
,
exceed
two
hundred
ninety-nine
percent
(
299
%
)
of
Executives
base
amount
.
As
used
herein
,
parachute
payment
has
the
meaning
ascribed
to
it
in
Section280G
(
b
)
(
2
)
of
the
Code
,
without
regard
to
Code
Section280G
(
b
)
(
2
)
(
A
)
(
ii
)
;
and
base
amount
has
the
meaning
ascribed
to
it
in
Code
Section280G
and
the
regulations
thereunder
.
If
the
present
value
as
defined
in
Code
Sections
280G
(
d
)
(
4
)
and
1274
(
b
)
(
2
)
,
of
such
aggregate
parachute
payments
exceeds
the
299
%
limitation
set
forth
herein
,
such
payments
,
distributions
and
benefits
shall
be
reduced
by
Cedar
Fair
in
accordance
with
the
order
of
priority
set
forth
below
so
that
such
reduced
amount
will
result
in
no
portion
of
the
payments
,
distributions
and
benefits
being
subject
to
excise
tax
.
Such
payments
,
distributions
and
benefits
will
be
reduced
by
Cedar
Fair
in
accordance
with
the
following
order
of
priority
(
A
)
reduction
of
cash
payments
;
(
B
)
cancellation
of
accelerated
vesting
of
unit
awards
;
and
(
C
)
reduction
of
employee
benefits
.
If
acceleration
of
vesting
of
unit
award
compensation
is
to
be
reduced
,
such
acceleration
of
vesting
shall
be
cancelled
in
the
reverse
order
of
the
date
of
grant
of
the
Executives
unit
awards
.