Document:

Employment Agreement with Robert A. Decker

 Exhibit 10.9 
 2007 Amended and Restated 
 Employment Agreement 
 This 2007 AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of July 20, 2007, to be effective as of
July 18, 2007 (the “Effective Date”), by and among CEDAR FAIR, L.P., a publicly traded Delaware limited partnership, CEDAR FAIR MANAGEMENT, INC., an Ohio corporation (“Cedar Fair Management”), MAGNUM
MANAGEMENT CORPORATION, an Ohio corporation (“Magnum”), and ROBERT A. DECKER, an individual (“Executive”). 
  

	1.	Recitals. 

 (a) Cedar Fair, L.P. is
affiliated with several corporations and partnerships including, without limitation, Cedar Fair Management and Magnum (hereinafter collectively referred to as “Cedar Fair” or the “Company”). 
 (b) The Board of Directors of Cedar Fair Management (the “Board”) and its Chief Executive Officer have caused Cedar Fair to enter into an
employment agreement with Executive, dated December 1, 2006 (“2006 Agreement”). 
 (c) The 2006 Agreement is required to be
amended and restated for compliance with Section 409A of the Internal Revenue Code of 1986, as amended, and the April 10, 2007, final regulations thereunder (collectively “Section 409A”). This Agreement, which amends, restates,
and supersedes the 2006 Agreement, is intended to comply with the requirements of Section 409A. 
 (d) In consideration of the mutual
promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Executive and Cedar Fair have entered into this Agreement. 
  

	2.	Term of Employment. 

 Except as otherwise
provided in this Agreement, the term of this Agreement shall be for a period commencing on the Effective Date and ending on May 31, 2008. This Agreement shall renew automatically for a period of eighteen (18) months commencing June 1,
2008, and on every eighteen- (18-) month anniversary of June 1, 2008, thereafter unless one of the parties provides written notice of intent to terminate not less than sixty (60) days prior to June 1, 2008 or any such eighteen- (18-)
month anniversary thereafter; provided, however, that Cedar Fair shall have the right to terminate this Agreement at any time, subject to the obligations to provide the benefits and make the payments provided herein. The term of Executive’s
employment, as it may be extended pursuant to this Section 2, is hereinafter referred to as the “Employment Term.” Upon Executive’s termination of employment, Executive will resign all officer positions with Cedar Fair and all
affiliates of Cedar Fair. 
  

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	3.	Nature of Duties. 

 Executive agrees to
devote his entire business time to the affairs of Cedar Fair so as to achieve the goals and objectives set by the Chief Executive Officer and/or the Board, and to use his best efforts to promote the interests of Cedar Fair. Executive further agrees
to perform faithfully and efficiently the responsibilities that may be assigned to him from time to time. Executive further understands that he is governed by a duty of loyalty and fidelity to Cedar Fair by virtue of his position. 
  

	4.	Compensation. 

 (a) Base Salary. As
compensation for Executive’s services, Cedar Fair shall pay to Executive during the Employment Term an annual salary in accordance with Cedar Fair’s normal payroll practices (but no less frequently than monthly) (“Base Salary”).
Executive’s Base Salary shall be no less than Two Hundred Fifty Thousand United States Dollars (US $250,000) per year and may be adjusted each year in an amount determined by the Board. 
 (b) Incentive Compensation. During the Employment Term, Executive will be eligible to participate in one or more of Cedar Fair’s incentive
compensation plans and equity incentive plans at a level appropriate to Executive’s position, as solely determined by the Board. 
  

	5.	Benefits. 

 (a) Cedar Fair agrees that
Executive shall be eligible to participate in such vacation, medical, dental, life insurance, 401(k) plan, and other benefit plans and programs that Cedar Fair may have or establish from time to time and in which he would be entitled to participate
pursuant to the terms of the applicable plan. 
 (b) In compliance with Section 409A, notwithstanding any other provision of such plans
and programs: 
 (i) The amount of expenses eligible for reimbursement and the provision of in-kind benefits during any calendar year shall
not affect the amount of expenses eligible for reimbursement or the provision of in-kind benefits in any other calendar year; 
 (ii) The
reimbursement of an eligible expense shall be made on or before December 31 of the calendar year following the calendar year in which the expense was incurred; and 
 (iii) The right to reimbursement or right to in-kind benefit shall not be subject to liquidation or exchange for another benefit. 
  

	6.	Business Expenses and Perquisites. 

 (a)
During the Employment Term, reasonable travel, entertainment, and other business expenses incurred by Executive in the performance of his duties hereunder shall be reimbursed by Cedar Fair in accordance with Cedar Fair’s policies as in effect
from time to time. 
  

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 (b) In compliance with Section 409A, notwithstanding the terms of any policy to the contrary:

 (i) The amount of expenses eligible for reimbursement during any calendar year shall not affect the amount of expenses eligible for
reimbursement in any other calendar year; 
 (ii) The reimbursement of an eligible expense shall be made on or before December 31 of the
calendar year following the calendar year in which the expense was incurred; and 
 (iii) The right to reimbursement shall not be subject to
liquidation or exchange for another benefit. 
  

	7.	Termination by Cedar Fair Other Than for Cause. 

 (a) If, other than pursuant to Section 10 or Section 12 hereof, Cedar Fair shall terminate Executive’s employment (including by written notice of intent, pursuant to Section 2 hereof, not to renew this Agreement), then,
subject to Sections 7(b), 7(c), and 7(d): 
 (i) Executive’s Base Salary shall be continued for either one (1) year or the
remaining Employment Term, whichever period of time is longer, payable in accordance with Cedar Fair’s then effective payroll practices; and 
 (ii) Executive shall continue to receive medical and dental insurance coverage during such Base Salary continuation period; provided that in compliance with Section 409A: 
 (A) The amount of expenses eligible for reimbursement and the provision of in-kind benefits during any calendar year shall not affect the amount of
expenses eligible for reimbursement or the provision of in-kind benefits in any other calendar year; 
 (B) The reimbursement of an eligible
expense shall be made on or before December 31 of the calendar year following the calendar year in which the expense was incurred; and 
 (C) The right to reimbursement or right to in-kind benefit shall not be subject to liquidation or exchange for another benefit. 
 All other
benefits provided by Cedar Fair shall end as of the last day of Executive’s active employment. 
 (b) Notwithstanding the provisions of
Section 7(a), no payment or benefit shall be paid or provided unless and until Executive has incurred a “separation from service” (as that term is defined under Section 409A) at the time his employment is terminated. 

 

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 (c) Notwithstanding the provisions of Section 7(a), in the event Executive is a “specified
employee” (as that term is defined under Section 409A) at the time his employment is terminated, no payments hereunder shall be made, or benefits conferred, prior to the first day that is six (6) months after the date of his
“separation from service” (as defined in Section 7(b)); provided that this Section 7(c) shall be effective only to the extent that such payment or provision of benefits would constitute “nonqualified deferred
compensation” under Section 409A. Any payments that are subject to the “specified employee” six- (6-) month delay under Section 409A shall be accumulated and paid, and any delayed provision of benefits and reimbursements
shall commence (with retroactive effect), within the first five (5) business days after the expiration of such six- (6-) month delay; provided that if the five- (5-) day period begins in one calendar year and ends in another, Executive shall
not have the right to designate the taxable year of payment. 
 (d) The payment of any amounts or provision of any benefits under this
Section 7 are conditioned upon the execution and non-revocation of a separation agreement and release in a form mutually acceptable to Executive and the Company. 
  

	8.	Termination Upon Executive’s Death. 

 In
the event of Executive’s death, this Agreement shall terminate and Cedar Fair shall pay to Executive’s estate any compensation and benefits earned but not yet paid as of the date of Executive’s death. Such payment shall be made within
ninety (90) days following Executive’s death; provided that where the ninety- (90-) day period begins in one calendar year and ends in another year, neither the estate nor Executive’s beneficiary(ies) shall have the right to designate
the taxable year of payment. Upon Executive’s death, during the remainder of the Employment Term (not in excess of twenty-four (24) months following Executive’s death), Cedar Fair, at its expense, shall continue the health care
coverage for Executive’s spouse and eligible dependents, subject to the terms and conditions of Section 5(b) hereof. 
  

	9.	Termination for Disability. 

 (a) Cedar Fair
may terminate Executive’s employment for “Disability” if Executive is “Disabled.” For purposes of this Agreement, Executive shall be considered Disabled only if, as a result of his incapacity due to physical or mental
illness, he shall have been absent from his duties with Cedar Fair on a full-time basis for a period of six (6) consecutive months. 
 (b) Any termination of employment pursuant to this Section 9 shall be deemed a termination by Cedar Fair other than for Cause, and Executive shall be entitled to compensation and benefits in the same amounts and subject to the same
terms and conditions as provided in Section 7. Notwithstanding the preceding sentence, monetary payments actually received by Executive from any bona fide short-term or long-term disability plan maintained by Cedar Fair shall be used to reduce
any Base Salary or incentive compensation payments made by Cedar Fair pursuant to this Section 9; provided that: 
 (i) The disability
plan payments qualify as “disability pay” under Treasury Regulation Section 31.3121(v)(2)-1(b)(4)(iv)(C); 
  

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 (ii) Such reduction does not otherwise affect the time of payment of such Base Salary or the provision of
benefits; 
 (iii) The disability plan covers a substantial number of employees and, was in effect before Executive became Disabled; and

 (iv) Any subsequent amendment of such plan or any change in the benefits payable under such plan results from actions taken by an
independent third party or, if taken by Cedar Fair, that they are generally applicable to a substantial number of other employees. 
  

	10.	Termination for Cause. 

 (a) Cedar Fair may
terminate Executive’s employment for Cause. For the purposes of this Agreement, “Cause” shall mean (i) Executive’s conviction of, or plea of guilty or nolo contendere to a felony; (ii) upon continued failure by
Executive to substantially perform his duties with Cedar Fair which failure results in significant injury or damage, including damage to the reputation of Cedar Fair; (iii) the failure of Executive to comply with the provisions of Sections 13
and 14 hereof; (iv) violation of Cedar Fair’s policies or procedures relating to discrimination and/or harassment in the workplace; (v) the commission of a fraudulent act or practice by Executive affecting Cedar Fair; (vi) an act
of gross negligence or gross misconduct that relates to the affairs of Cedar Fair; or (vii) an act or acts of dishonesty or significant impropriety by Executive resulting or intended to result directly or indirectly in gain or personal
enrichment (monetary or otherwise) to Executive at the expense of or detriment to Cedar Fair. 
 (b) If Executive’s employment shall be terminated for Cause, Cedar Fair shall pay Executive, in a lump sum, on the twentieth (20th) business day following the date of termination for Cause, his Base Salary through the date of his termination. 
 (c) Cedar Fair shall have no further obligations to Executive under this Agreement. 
  

	11.	Termination By Resignation. 

 In the event
Executive resigns his employment, all benefits and compensation shall cease on the last day of Executive’s active employment with Cedar Fair. 
  

	12.	Change in Control. 

 (a) If, at any time upon
or within twenty-four (24) months after a Change in Control occurs, Executive’s employment with Cedar Fair is involuntarily terminated, other than for Cause, or Executive incurs a “Deemed Termination” hereunder, Cedar Fair shall
pay/provide to Executive the following cash payment, benefits, and tax gross-up payments: 
 (i) Two (2) times average annual “Cash
Compensation” for the previous three (3) years (or for the period of such Executive’s employment with Cedar Fair if less than three (3) years) preceding the calendar year in which the Change in Control of Cedar Fair occurred,
less one United States dollar (US $1.00). “Cash Compensation” is defined, with respect to any calendar year, as (i) the total salary 

  

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payable in such calendar year, (ii) the annual cash bonuses earned by the Executive during such calendar year, and accrued by the Company and/or the
Partnership with respect to such calendar year, notwithstanding the fact that a portion of such bonuses may be paid to the Executive by March 15 of the following calendar year in compliance with the short-term deferral rule under
Section 409A, and (iii) respect to any multi-year cash bonuses, the amount actually paid in such calendar year. For the avoidance of doubt, the term Cash Compensation does not include payments or benefits to the Executive under any
employee benefit or fringe benefit plan, program, or arrangement or awards or payments under the Cedar Fair, L.P. Amended and Restated Senior Management Long-Term Incentive Compensation Plan, the Cedar Fair, L.P. Amended and Restated 2000 Equity
Incentive Plan, or the Cedar Fair, L.P. Amended and Restated Supplemental Retirement Program, as such plans, programs, or arrangements currently exist or are hereafter amended. 
 (ii) For a twenty-four- (24-) month period after the date of such involuntary termination (other than for Cause) or Deemed Termination, the Company shall
provide life, disability, accident, and health insurance benefits substantially similar to those that were received or entitled to be received by Executive immediately before such termination; provided that, in compliance with Section 409A:

 (A) The amount of expenses eligible for reimbursement during any calendar year shall not affect the amount of expenses eligible for
reimbursement in any other calendar year; 
 (B) The reimbursement of an eligible expense shall be made on or before December 31 of the
calendar year following the calendar year in which the expense was incurred; and 
 (C) The right to reimbursement shall not be subject to
liquidation or exchange for another benefit. 
 Notwithstanding the foregoing, the Company shall not provide such insurance benefits upon the
reemployment of Executive. 
 (iii) Gross-up payments equal to all federal taxes imposed on Executive, if any, under Sections 280G and 4999 of
the Internal Revenue Code of 1986, as amended, on the payments and benefits provided under this Section 12(a) and the federal, state, and local taxes imposed upon Executive as a result of Cedar Fair’s payment of the such taxes; provided
that such gross-up payments shall be made by the end of Executive’s taxable year next following his taxable year in which he remits such taxes under Sections 280G and 4999. 
 Cedar Fair shall make cash payments and begin to provide benefits under this Section 12(a) to Executive not later than sixty (60) days
following the date of such involuntary termination (other than for Cause) or Deemed Termination; provided that the terms and 

  

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conditions of Sections 7(b), 7(c), and 7(d) are satisfied; and provided further, if the sixty- (60-) day period is applicable (because the six- (6-) month
delay of Section 7(c) is not applicable), Executive shall not have the right to designate the taxable year of payment if such sixty- (60-) day period spans two calendar years. Except as provided in this Section 12, Cedar Fair shall have no
further obligations to Executive under this Agreement upon a termination of employment upon or within twenty-four (24) months after a Change in Control. 
 (b) For purposes of this Section 12, a “Change in Control” shall mean a change in control of Cedar Fair, L.P., if, by analogy to the rules applicable to corporations under Section 409A, Cedar Fair,
L.P., would be considered to have undergone a “change in control event” under Section 409A. 
 (c) For purposes of this
Section 12, a “Deemed Termination” shall mean: 
 (i) Forced relocation of Executive’s place of employment by the greater
of thirty-five (35) miles or the distance constituting a “material change in the geographic location” of Executive’s place of employment within the meaning of Section 409A; 
 (ii) Reduction of Executive’s Base Salary; 
 (iii) Significant reduction of Executive’s responsibility; or 
 (iv) Job elimination. 
 Notwithstanding the foregoing, Executive shall not have incurred a Deemed Termination unless: 
 (A) Executive incurs a “separation from service” (as defined in Section 7(b)) within the twenty-four (24) month period following the
effective date of the Change in Control; and 
 (B) Executive provides notice to Cedar Fair (or its successor) within ninety (90) days
of the event that constitutes the Deemed Termination; and 
 (C) Cedar Fair (or its successor) has at least thirty (30) days in which to
remedy its action. 
  

	13.	Disclosure of Information. 

 (a) Executive
acknowledges that it is the policy of Cedar Fair to maintain as secret and confidential all “Confidential Information” (as defined herein). The parties hereto recognize that the services to be performed by Executive pursuant to this
Agreement are special and unique, and that by reason of his employment by Cedar Fair after the Effective Date, Executive will acquire, or may have acquired, Confidential Information. Executive recognizes that all such Confidential Information is and
shall remain the sole property of Cedar Fair, free of any rights of Executive, and acknowledges that Cedar Fair has a vested interest in assuring that all such Confidential Information remains secret and confidential. Therefore, in consideration of

  

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Executive’s employment with Cedar Fair pursuant to this Agreement, Executive agrees that at all times from after the Effective Date, he will not,
directly or indirectly, disclose to any person, firm, company or other entity (other than Cedar Fair) any Confidential Information, except as specifically required in the performance of his duties hereunder, without the prior written consent of
Cedar Fair, except to the extent that (i) any such Confidential Information becomes generally available to the public, other than as a result of a breach by Executive of this Section 13 or by any other executive officer of Cedar Fair
subject to confidentiality obligations, or (ii) any such Confidential Information becomes available to Executive on a non-confidential basis from a source other than Cedar Fair, or its executive officers or advisors; provided, that such source
is not known by Executive to be bound by a confidentiality agreement with, or other obligation of secrecy to, Cedar Fair or another party. In addition, it shall not be a breach of the confidentiality obligations hereof if Executive is required by
law to disclose any Confidential Information; provided, that in such case, Executive shall (a) give Cedar Fair the earliest notice possible that such disclosure is or may be required and (b) cooperate with Cedar Fair, at Cedar Fair’s
expense, in protecting to the maximum extent legally permitted, the confidential or proprietary nature of the Confidential Information which must be so disclosed. The obligations of Executive under this Section 13 shall survive any termination
of this Agreement. During the Employment Term, Executive shall exercise all due and diligent precautions to protect the integrity of the business plans, customer lists, statistical data, financial data and compilation, agreements, contracts, manuals
or other documents of Cedar Fair which embody the Confidential Information, and upon the expiration or the termination of the Employment Term, Executive agrees that all Confidential Information in his possession, directly or indirectly, that is in
writing or other tangible form (together with all duplicates thereof) will forthwith be returned to Cedar Fair and will not be retained by Executive or furnished to any person, either by sample, facsimile film, audio or video cassette, electronic
data, verbal communication or any other means of communication. Executive agrees that the provisions of this Section 13 are reasonably necessary to protect the proprietary rights of Cedar Fair in the Confidential Information and its trade
secrets, goodwill and reputation. 
 (b) For purposes hereof, the term “Confidential Information” means all information
developed or used by Cedar Fair relating to the “Business” (as herein defined), operations, employees, customers, suppliers and distributors of Cedar Fair, including, but not limited to, customer lists, purchase orders, financial data,
pricing information and price lists, business plans and market strategies and arrangements and any strategic plan, all books, records, manuals, advertising materials, catalogues, correspondence, mailing lists, production data, sales materials and
records, purchasing materials and records, personnel records, quality control records and procedures included in or relating to the Business or any of the assets of Cedar Fair and all trademarks, copyrights and patents, and applications therefore,
all trade secrets, inventions, processes, procedures, research records, market surveys and marketing know-how and other technical papers. The term “Confidential Information” also includes any other information heretofore or
hereafter acquired by Cedar Fair and deemed by it to be confidential. For purposes of this Agreement, the term “Business” shall mean (i) the business of leisure/theme parks, amusement and/or water parks, (ii) leisure theme
parks, (iii) any other business engaged in or being developed (including production of materials used in Cedar Fair’s businesses) by Cedar Fair, or being considered by Cedar Fair, at the time of Executive’s termination, and
(iv) any joint venture, partnership or agency arrangements relating to the businesses described in (b)(i) through (iii) above. 
  

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 (c) Return of Company Property. Executive agrees that following the termination of his employment
for any reason, he shall return all property of the Company, its subsidiaries, affiliates and any divisions thereof he may have managed which is then in or thereafter comes into his possession, including, but not limited to, documents, contracts,
agreements, plans, photographs, books, notes, electronically stored data and all copies of the foregoing as well as any automobile or other materials or equipment supplied by the Company to Executive. 
 (d) Inventions. Any and all inventions made, developed or created by Executive (whether at the request or suggestion of Cedar Fair or otherwise,
whether alone or in conjunction with others, and whether during regular working hours or otherwise) during the period of his employment with Cedar Fair, which may be directly or indirectly useful in, or relate to, the Business of Cedar Fair, shall
be promptly and fully disclosed by Executive to the Chief Executive Officer of Cedar Fair, and shall be Cedar Fair’s exclusive property as opposed to Executive’s. Executive shall promptly deliver to the Chief Executive Officer of Cedar
Fair all papers, drawings, models, data and other material relating to any invention made, developed or created by him as aforesaid. Executive hereby assigns any and all such inventions to Cedar Fair and hereby agrees to execute and deliver such
agreements, certificates, assignments or other documents as may be necessary to effect the assignment to Cedar Fair of any and all such inventions as contemplated by this Section 13. Executive shall, upon Cedar Fair’s request and without
any payment therefor, execute any documents necessary or advisable in the opinion of Cedar Fair’s counsel to direct issuance of patents or copyrights of Cedar Fair with respect to such inventions as are to be in Cedar Fair’s exclusive
property as against Executive under this Section 13 or to vest in Cedar Fair title to such inventions as against Executive, the expense of securing any such patent or copyright, to be borne by Cedar Fair. 
  

	14.	Noncompetition. 

 (a) Executive agrees that,
during the Employment Term and for a period of twelve (12) months following the termination date of his employment with Cedar Fair for any reason (the “Noncompetition Period”), Executive will not directly or indirectly, own,
manage, operate, control or participate in the ownership, management or control of, or be connected as an officer, employee, partner, director, or otherwise with, or have any financial interest in, or aid, consult, advise or assist anyone else in
the conduct of, any entity or business (i) in which 10% or more of whose annual revenues are derived from a Business as defined above and (ii) which conducts business in any locality or region of the United States, Canada, Mexico, Europe
or Asia (whether or not such competing entity or business is physically located in the United States, Canada, Mexico, Europe or Asia), where Business is being conducted by Cedar Fair on the date Executive’s employment is terminated hereunder.
Notwithstanding the forgoing, Executive’s ownership of securities of a public company engaged in competition with Cedar Fair not in excess of 5% of any class of such securities shall not be considered a breach of the covenants set forth in this
Section 14(a). 
 (b) Executive agrees that, at all times from after the Effective Date, Executive will not, either personally or by his
agent or by letters, circulars or advertisements, and whether for himself or on behalf of any other person, company, firm or other entity, (i) seek to persuade any employee of Cedar Fair to discontinue his or her status or employment therewith
or to become employed in a business or activities likely to be competitive with the Business; or (ii) solicit or 

  

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employ any such person at any time within twelve (12) months following the date of cessation of employment of such person with Cedar Fair, in any
locality or region of the United States or Canada and in each and every other area where Cedar Fair conducts its Business. 
 (c) Executive
expressly agrees and understands that the remedy at law for any breach by him of Sections 13 and 14 will be inadequate and that the damages flowing from such breach are not readily susceptible to being measured in monetary terms. Accordingly, it is
acknowledged that upon adequate proof of a violation by Executive of any provision of Sections 13 and 14, Cedar Fair shall be entitled to immediate injunctive relief and may obtain a temporary order restraining any threatened or further breach.
Nothing in Sections 13 and 14 shall be deemed to limit Cedar Fair’s remedies at law or in equity for any breach by Executive of any of the provisions of Sections 13 and 14 which may be pursued or availed of by Cedar Fair. In addition,
Executive’s violation either of Sections 13 or 14 shall result in Executive’s forfeiture and repayment of any monetary payments and/or benefits provided to Executive subsequent to the cessation of his employment. 
 (d) Executive has carefully considered the nature and extent of the restrictions upon Executive and the rights and remedies conferred upon Cedar Fair
under Sections 13 and 14, and hereby acknowledges and agrees that the same are reasonable in time and territory, are intended to eliminate competition which otherwise would be unfair to Cedar Fair, do not stifle the inherent skill and experience of
Executive, would not operate as a bar to Executive’s sole means of support, are fully required to protect the business interests of Cedar Fair and do not confer a benefit upon Cedar Fair disproportionate to the detriment to Executive.

  

	15.	Assignment. 

 This Agreement may not be
assigned by Executive or Cedar Fair except that Cedar Fair may assign this Agreement to any affiliate of Cedar Fair or any successor in interest to Cedar Fair. 
  

	16.	Successors, Binding Agreement. 

 (a) Cedar
Fair will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of Cedar Fair to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that Cedar Fair would be required to perform it if no such succession had taken place. 
 (b) Failure of Cedar
Fair to obtain an agreement to assume and perform this Agreement prior to the effectiveness of any such succession shall be a breach of this Agreement; and Executive shall be entitled to compensation and benefits from Cedar Fair in the same amounts
and on the same terms and conditions as would apply under Section 7 as if Executive was terminated other than for Cause; provided that: 
 (i) Executive incurs a “separation from service” (as defined in Section 7(b) hereof) within the twenty-four (24-) month period following the effective date of the succession; and 
  

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 (ii) Executive provides notice within ninety (90) days of the effective date of the succession to
the successor to Cedar Fair that it is a breach of this Agreement not to assume and agree to perform the Agreement; and 
 (iii) The successor
has at least thirty (30) days in which to remedy its inaction. 
  

	17.	Amendment or Modification. 

 This Agreement
shall supersede and replace the 2006 Agreement. This Agreement shall, for so long as the provisions of Section 12 hereof and this Agreement remain in effect, also supersede and replace Executive’s participation in, and rights to
participate in and receive benefits under, the Cedar Fair, L.P. Amended and Restated Executive Change in Control Plan, as amended from time to time. No provisions of this Agreement may be amended modified, waived, or discharged unless such
modification, waiver, or discharge is agreed to in writing signed by Executive and such officer as may be specifically designated by the Board. 
  

	18.	Right to Amend or Terminate Plans or Programs. 

 Nothing in this Agreement shall be construed to prevent or otherwise inhibit the right of the Company to alter, amend, discontinue, or terminate any plan, program, fringe benefit, or perquisite hereunder; provided that any such action is of
general application to all similarly situated executives and is not specific to Executive. 
  

	19.	Arbitration. 

 (a) Executive and Cedar Fair
agree that any dispute, claim or controversy arising out of or relating to this Agreement, including but not limited to claims of employment discrimination and/or claims over whether Executive’s employment was terminated for “Cause,”
except as set forth in Section 19(f) below, shall be settled by final and binding arbitration, and judgment upon the award of the arbitration panel may be entered and enforced in any federal or state court having jurisdiction over the parties.
Executive expressly acknowledges that this agreement to arbitrate applies without limitation to any claims of unlawful discrimination, harassment, retaliation, wrongful discharge, constructive discharge, claims related to the payment of wages or
benefits, contract claims and tort claims under federal, state or local law. By agreeing to submit any and all claims (except as set forth in Section 19(f) below) to arbitration, Executive and Cedar Fair expressly waive any right that they may
have to resolve such claims through any other means, including a jury trial or court trial. 
 (b) Arbitration shall be conducted by a panel
of three (3) arbitrators in accordance with the arbitration rules of the American Arbitration Association (“AAA”). Within twenty (20) days after notice from one party to the other of the notifying party’s election to
arbitrate, each party shall select one (1) arbitrator. Within twenty (20) days after the selection of the two (2) arbitrators by the parties, said arbitrators shall in turn select a third arbitrator. If the two arbitrators cannot
agree upon the selection of a third arbitrator, the parties agree that the third arbitrator shall be appointed by the AAA. 
 (c) Both
parties shall be entitled to representation by individuals of their choice and to written information directly relevant to the arbitration of their claims. Each party will be 

  

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entitled to take three depositions, not including any depositions necessary to perpetuate the testimony of unavailable witnesses. The arbitration panel shall
have authority to award any remedy or relief that an Ohio or federal court in Ohio could grant in conformity with applicable law on the basis of the claims actually made in the arbitration. The arbitration panel shall not have the authority either
to abridge or change substantive rights available under existing law. Should Executive prevail in arbitration, Cedar Fair shall reimburse Executive for reasonable costs, expenses, and attorneys’ fees incurred by Executive. The arbitration panel
shall issue a written award listing the issues submitted by the parties, together with a succinct explanation of the manner in which the panel resolved or decided the issues. The costs of the arbitration panel shall be paid by Cedar Fair.

 (d) All arbitration proceedings, including the arbitration panel’s decision and award, shall be confidential. Neither party shall
disclose any information or evidence adduced by the other in the arbitration proceedings, or the panel’s award except (i) to the extent that the parties agree otherwise in writing; (ii) as may be appropriate in any subsequent
proceedings between the parties such as to enforce the arbitration award; or (iii) as may otherwise be compelled by law. 
 (e) The
terms of this arbitration procedure are severable. The invalidity or unenforceability of any provisions herein shall not affect the application of any other provisions. Where possible, consistent with the procedure, any otherwise invalid provision
of the procedure will be governed by the Federal Arbitration Act as will any actions to compel, enforce, vacate or confirm proceedings, awards, orders of the arbitration panel, or settlements under the procedure. 
 (f) The parties agree and acknowledge that the promises and agreements set forth in Sections 13 (Disclosure of Information) and 14 (Noncompetition) of
this Agreement shall not be subject to the arbitration provisions set forth herein in Section 19, but rather such claims may be brought in any federal or state court of competent jurisdiction. Any claims made by Executive, for workers’
compensation (except retaliation claims), or unemployment benefits are also excepted from the arbitration provisions set forth herein in Section 19. 
  

	20.	Survival of Certain Provisions. 

 The
provisions of Sections 13 and 14 shall survive the termination of this Agreement. 
  

	21.	Tax Reporting and Withholding. 

 The Company
(and any agent of the Company) shall report all income required to be reported, and withhold from any payment under the Agreement the amount of withholding taxes due, in the opinion of the Company in respect of such income or payment and shall take
any other action as may be necessary, in the opinion of the Company, to satisfy all obligations for the reporting of such income and payment of such taxes. The Company, the Board, or any delegatee shall not be held liable for any taxes, penalties,
interest, or other monetary amounts owed by Executive or other person as a result of the deferral or payment of any amounts under this Agreement or as a result of the Company’s administration of amounts subject to the Agreement, except as
expressly provided herein. 
  

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	22.	Section 409(A). 

 To the extent
applicable, Cedar Fair and Executive intend that this Agreement comply with Section 409A. Cedar Fair and Executive hereby agree that this Agreement shall be construed in a manner to comply with Section 409A and that should any provision be
found not in compliance with Section 409A, the parties are hereby contractually obligated to execute any and all amendments to this Agreement deemed necessary and required by legal counsel for Cedar Fair to achieve compliance with
Section 409A. By execution and delivery of this Agreement, Executive irrevocably waives any objections he may have to the amendments required by Section 409A. Cedar Fair and Executive also agree that in no event shall any payment, benefit,
or reimbursement required to be made pursuant to this Agreement that is considered “nonqualified deferred compensation” within the meaning of Section 409A be accelerated in violation of Section 409A or be made to Executive unless
he has incurred a “separation from service” (as defined in Section 409A). In the event Executive is a “specified employee” (as defined in Section 409A) so that payments, benefits, and/or reimbursements that are
nonqualified deferred compensation cannot commence until the lapse of six (6) months after a separation from service, then any such payments, benefits, or reimbursements that are required to be paid or provided in a single lump sum may not be
made or provided until the date which is six (6) months after Executive’s separation from service; specifically such lump sum payments shall be paid within the first five (5) business days of the seventh (7th) month following
Executive’s separation from service. Furthermore, the first six (6) months of any such payments, benefits, or reimbursements of nonqualified deferred compensation that are required to be paid or provided in installments shall be
accumulated and paid or provided (with retroactive effect) within the first five (5) business days of the seventh (7th) month following Executive’s separation from service. In all cases, if the five- (5-) day period begins in one
calendar year and ends in another, Executive shall not have the right to designate the taxable year of payment. All remaining installment payments or periodic benefits shall be made or provided as they would ordinarily have been under the provisions
of this Agreement. If, notwithstanding actions taken in compliance with this Section 22, Executive incurs taxes under Section 409A, Cedar Fair shall, subject to the same terms and conditions of Sections 7(b), 7(c), and 7(d), make gross-up
payments to Executive equal to all federal taxes and interest imposed on Executive, if any, under Section 409A on the payments and benefits provided under this Agreement and the federal, state, and local taxes imposed upon Executive as a result
of Cedar Fair’s payment of such taxes; provided that such taxes do not result from Executive’s choice to retain the right to payments and/or benefits that were available to Executive prior to the amendment and restatement of this Agreement
for Section 409A; and provided further that such gross-up payments shall be made by the end of Executive’s taxable year next following his taxable year in which he remits such taxes under Section 409A. 
  

	23.	Assignment and Alienation Prohibited. 

 Neither Executive, his surviving spouse, nor other beneficiaries shall have the power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber, in advance, any of the amounts payable hereunder,
nor shall any of such payments be subject to seizure for the payment of any debts, judgments, alimony, or separate maintenance owed by Executive or his beneficiary, nor be transferable by operation of law in the event of bankruptcy, insolvency, or
otherwise. 
  

 78 

	24.	Captions. 

 Captions are not controlling for
interpretation of this Agreement. 
  

	25.	Waiver. 

 The waiver of the enforcement of
any provision by a party hereto shall not be construed as the waiver of any other provision of this Agreement. 
  

	26.	Validity. 

 The invalidity or
unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of Ohio, without giving effect to its conflicts of laws provisions. 
  

	27.	Counterparts. 

 This Agreement may be
executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
 [The Remainder Of This Page Has Been Intentionally Left Blank.] 
  

 79 

			
	CEDAR FAIR, L.P.
		
	By:	 	  

	Printed Name	 	  

	Title:	 	  

	Date:	 	  

	
	CEDAR FAIR MANAGEMENT, INC.
		
	By:	 	  

	Printed Name	 	  

	Title:	 	  

	Date:	 	  

	
	MAGNUM MANAGEMENT CORP.
		
	By:	 	  

	Printed Name	 	  

	Title:	 	  

	Date:	 	  

	
	  

	ROBERT A. DECKER
		
	Date:	 	  

  

 80ECP Form of Unit Award to cover Grants to Employees

 Exhibit 10.23.3 
 RAIT FINANCIAL TRUST 
 2005 EQUITY COMPENSATION PLAN 
 UNIT AWARD AGREEMENT 
 This UNIT AWARD AGREEMENT, dated as of
     , 200     (the “Date of Grant”), is delivered by RAIT Financial Trust (“RAIT”), to (the “Participant”). 
 RECITALS 
 A. The RAIT Investment
Trust 2005 Equity Compensation Plan (the “Plan”) provides for the grant of phantom units (“Units”), which represent the right to receive one or more common shares of beneficial interest, par value $0.01, of RAIT (“Common
Shares”), on a future redemption date. 
 B. The Compensation Committee of the Board of Trustees of RAIT (the “Committee”) has
decided to make a restricted Unit grant, subject to the terms and conditions set forth in this Unit Award Agreement (the “Agreement”) and the Plan, as an inducement for the Participant to promote the best interests of RAIT and its
shareholders. The Participant may receive a copy of the Plan by contacting                     , at
            . 
 NOW, THEREFORE, the parties to this Agreement,
intending to be legally bound hereby, agree as follows: 
 1. Grant of Units. Subject to the terms and conditions set forth in this Agreement and the
Plan, RAIT hereby grants to the Participant              Units (the “Restricted Units”). The Restricted Units will become vested in accordance with Paragraph 3
below and will be redeemed in accordance with Paragraph 4 below. 
 2. Accounts. RAIT shall establish and maintain a Restricted Unit account (the
“Restricted Unit Account”) as a bookkeeping account on its records for the Participant and shall record in such Restricted Unit Account the number of Restricted Units granted to the Participant. RAIT shall also establish and maintain a
dividend equivalent account (the “Dividend Equivalent Account”) as a bookkeeping account on its records for the Participant and shall credit to such Dividend Equivalent Account the value of dividend equivalents credited on the
Participant's Restricted Units pursuant to Paragraph 5 below. The Participant shall not have any interest in any fund or specific assets of RAIT by reason of this grant or the Restricted Unit Account or Dividend Equivalent Account established for
the Participant. 
 3. Vesting. 
 (a) The
Participant will become vested in the Restricted Units awarded pursuant to this grant according to the following vesting schedule, provided the Participant does not incur a termination of employment or service with the Company (as defined in the
Plan) prior to the applicable vesting date (the “Vesting Date”): 

				
	 Vesting Date
	  	Percentage of
Restricted Units Vesting	 
	 First anniversary of Date of Grant
	  	20	%
	 Second anniversary of Date of Grant
	  	20	%
	 Third anniversary of Date of Grant
	  	20	%
	 Fourth anniversary of Date of Grant
	  	40	%

 The vesting of the Restricted Units is cumulative, but shall not exceed 100% of the Restricted
Units subject to this Agreement. If the foregoing vesting schedule would produce fractional Restricted Units, the number of Restricted Units that are vested shall be rounded down to the nearest whole Restricted Unit. The Participant’s
Restricted Units shall become fully vested if the Participant is employed by, or providing service to, the Company on the fourth anniversary of the Date of Grant. 
 (b) If the Participant’s employment or service with the Company terminates for any reason prior to the Participant vesting in any of the Restricted Units as provided in subparagraph (a), the Restricted Units that
are not vested as of the Participant’s termination of employment or service shall terminate and the Participant shall not have any redemption rights with respect to any of such unvested Restricted Units. 
 4. Redemption. On the earliest to occur of (i) the first anniversary of the applicable Vesting Date, (ii) the date of death of the Participant, or
(iii) the Participant becomes disabled (within the meaning of section 409A(a)(2)(C) of the Internal Revenue Code of 1986, as amended (the “Code”)), (the “Redemption Date”), RAIT shall redeem: 
 (a) in the case of clause (i) above, all of the Restricted Units for which it is the first anniversary of the applicable Vesting Date; or 

(b) in the case of clauses (ii) or (iii) above, all of the vested Restricted Units; 
 (the “Redeemed Units”) as provided in Paragraph 3, then credited to the Participant’s Restricted Unit Account as of such date. On the Redemption
Date, all Redeemed Units will be converted to an equivalent number of Common Shares, and the Participant shall receive a single sum distribution of such Common Shares, which shall be issued under the Plan. 
 5. Dividend Equivalents. Until such time as the vested Restricted Units are redeemed, if any dividends are declared with respect to the Common Shares, at the same
time that dividends are paid with respect to the Common Shares, a cash payment will be paid to the Participant by RAIT equal to the value of the dividends that would have been distributed if the vested Restricted Units credited to the
Participant’s Restricted Unit Account at the time of the record date of the relevant dividend were Common Shares. With respect to unvested Restricted Units, an amount equal to the value of the dividends that would have been distributed if the
unvested Restricted Units credited to the Participant’s Restricted Unit Account at the time of the record date of the relevant dividend were Common Shares shall be credited to the Participant's Dividend Equivalent Account. Within thirty
(30) days following the Vesting Date of any unvested Restricted Units, a cash payment will be paid to the Participant by RAIT equal to the value of the aggregate amount credited to the Participant's Dividend Equivalent Account for the
corresponding unvested 

 
Restricted Units that vested as of the Vesting Date. No interest shall accrue with respect to any amounts credited to the Participant's Dividend Equivalent
Account. If any unvested Restricted Units terminate for any reason prior to the Vesting Date, the aggregate amount credited to the Dividend Equivalent Account with respect to such unvested Restricted Units shall terminate and the Participant shall
not have any rights with respect to any such amounts. Each cash payment pursuant to this Paragraph 5 shall be deemed as a separate payment for purposes of section 409A of the Code. 
 6. Change of Control. The provisions set forth in the Plan applicable to a Change of Control (as defined in the Plan) shall apply to the Restricted Units, and, in the event of a Change of Control, the Committee
may take such actions as it deems appropriate in accordance with the terms of the Plan and the requirements of section 409A of the Code. 
 7.
Acknowledgment by Participant. By executing this Agreement, the Participant hereby acknowledges that with respect to any right to redemption or distribution pursuant to this Agreement, the Participant is and shall be an unsecured general
creditor of RAIT without any preference as against other unsecured general creditors of RAIT, and the Participant hereby covenants for himself or herself, and anyone at any time claiming through or under the Participant not to claim any such
preference, and hereby disclaims and waives any such preference which may at any time be at issue, to the fullest extent permitted by applicable law. The Participant also hereby agrees to be bound by the terms and conditions of the Plan and this
Agreement. The Participant further agrees to be bound by the determinations and decisions of the Committee with respect to this Agreement and the Plan and the Participant’s rights to benefits under this Agreement and the Plan, and agrees that
all such determinations and decisions of the Committee shall be binding on the Participant, his or her beneficiaries and any other person having or claiming an interest under this Agreement and the Plan on behalf of the Participant. 
 8. Restrictions on Issuance or Transfer of Common Shares. 
 (a) The obligation of RAIT to deliver Common Shares upon the redemption of the Restricted Units shall be subject to the condition that if at any time the Committee shall determine in its discretion that the listing, registration or
qualification of the Common Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of
Common Shares, the Common Shares may not be issued in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The issuance of
Common Shares and the payment of cash to the Participant pursuant to this Agreement is subject to any applicable taxes and other laws or regulations of the United States or of any state having jurisdiction thereof. 
 (b) The Participant agrees to be bound by RAIT’s policies regarding the transfer of the Common Shares and understands that there may be certain
times during the year in which the Participant will be prohibited from selling, transferring, pledging, donating, assigning, mortgaging, or encumbering Common Shares. 
 (c) As soon as reasonably practicable after the Redemption Date, a certificate representing the Common Shares that are redeemed shall be issued to the Participant. 

 9. Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated
herein by reference, and in all respects shall be interpreted in accordance with the Plan. In the event of any contradiction, distinction or difference between this Agreement and the terms of the Plan, the terms of the Plan will control. Except as
otherwise defined in this Agreement, capitalized terms used in this Agreement shall have the meanings set forth in the Plan. This grant is subject to the interpretations, regulations and determinations concerning the Plan established from time to
time by the Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes, (ii) the registration, qualification or listing of
the Common Shares, (iii) changes in capitalization of RAIT, and (iv) other requirements of applicable law. The Committee shall have the authority to interpret and construe this grant pursuant to the terms of the Plan, its decisions shall
be conclusive as to any questions arising hereunder and the Participant’s acceptance of this grant is the Participant’s agreement to be bound by the interpretations and decisions of the Committee with respect to this grant and the Plan.

 10. No Rights as Shareholder. The Participant shall not have any rights as a shareholder of RAIT, including the right to any cash dividends (except
as provided in Paragraph 5), or the right to vote, with respect to any Restricted Units. 
 11. No Rights to Continued Employment or Service.
This grant shall not confer upon the Participant any right to be retained in the employment or service of the Company and shall not interfere in any way with the right of the Company to terminate the Participant’s employment or service at any
time. The right of the Company to terminate at will the Participant’s employment or service at any time for any reason is specifically reserved. 
 12.
Assignment and Transfers. No Restricted Units or dividend equivalents awarded to the Participant under this Agreement may be transferred, assigned, pledged, or encumbered by the Participant and a Restricted Unit shall be redeemed and a
dividend equivalent distributed during the lifetime of the Participant only for the benefit of the Participant. Any attempt to transfer, assign, pledge, or encumber the Restricted Unit or dividend equivalent by the Participant shall be null, void
and without effect. The rights and protections of RAIT hereunder shall extend to any successors or assigns of RAIT. This Agreement may be assigned by RAIT without the Participant’s consent. 
 13. Withholding. The Participant shall be required to pay to the Company, or make other arrangements satisfactory to the Company to provide for the payment of,
any federal, state, local or other taxes that the Company is required to withhold with respect to the grant, vesting or redemption/distribution of the Restricted Units and dividend equivalents. Subject to Committee approval, the Participant may
elect to satisfy any tax withholding obligation of the Company with respect to the Restricted Units by having Common Shares withheld up to an amount that does not exceed the minimum applicable withholding tax rate for federal (including FICA),
state, local and other tax liabilities. 
 14. Effect on Other Benefits. The value of Common Shares and dividend equivalents distributed with respect
to the Restricted Units shall not be considered eligible earnings for 

 
purposes of any other plans maintained by the Company. Neither shall such value be considered part of the Participant’s compensation for purposes of
determining or calculating other benefits that are based on compensation, such as life insurance. 
 15. Applicable Law. The validity, construction,
interpretation and effect of this Agreement shall be governed by and construed in accordance with the laws of the State of Maryland, without giving effect to the conflicts of laws provisions thereof. 
 16. Notice. Any notice to RAIT provided for in this instrument shall be addressed to RAIT in care of the Board of Trustees at the principal office of RAIT, and
any notice to the Participant shall be addressed to such Participant at the current address shown on the payroll records of the Company, or to such other address as the Participant may designate to RAIT in writing. Any notice shall be delivered by
hand, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service. 
 17. Section 409A of the Code. Notwithstanding anything in the Plan or this Agreement to the contrary, the Committee may, without the Participant’s
consent, amend this Agreement to comply with the requirements of Section 409A of the Code and any corresponding guidance and regulations issued under Section 409A of the Code to the extent it is subsequently determined, in the sole
discretion of the Committee, that such amendments are necessary for this grant to comply with the requirements of Section 409A of the Code. 

 IN WITNESS WHEREOF, RAIT has caused its duly authorized officer to execute this Unit Award Agreement, and
the Participant has placed his or her signature hereon, effective as of the Date of Grant. 
  

			
	RAIT FINANCIAL TRUST
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 I hereby accept the award of Restricted Units and dividend equivalents described in this
Agreement, and I agree to be bound by the terms of this Agreement and the Plan. I hereby acknowledge and agree that all of the decisions, interpretations and determinations of the Committee with respect to the Restricted Units and dividend
equivalents shall be final, binding and conclusive on me, my beneficiaries and any other persons having or claiming an interest under this Agreement. 
  

					
	  
	 		 	  

	Date	 		 	Participant

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