Factoring in the new bonus tiered structure, Ouimet could earn $1.6 million in 2014.
“I am fortunate to work with an extremely talented team and look forward to continuing in my role for the years to come,” Ouimet said.
Ouimet was hired in as president of Cedar Fair LLC in June 2011, with a starting annual salary of $750,000 and a guaranteed bonus of another $750,000.
When longtime CEO Dick Kinzel retired in 2011, he was earning an annual salary of $1.39 million. Kinzel received a cash bonus of $1.4 million in 2010, when the company hit targeted financial performance goals.
Ouimet’s extended contract was done to ensure stability within the company’s management.
“Our board of directors recognize the importance our unit holders place on having a stable and talented management team. Early renewal of Matt’s contract confirms this stability,” said Stacy Frole, Cedar Fair spokeswoman.
When Ouimet joined Cedar Fair, units were trading at $18.30. Today they are trading at around $45.
Other modifications to his existing contract include:
• Ouimet will design and present a long-term adjusted earnings program providing multi-year financial targets, after which the Cedar Fair board will be required to consider a new long-term incentive compensation plan for Ouimet.
• If Ouimet is fired without cause, for disability or resigns with good cause, he will be paid two times his base salary.