Document ID: 10463

Text:
(a)Executive covenants that during Executives employment with the Company and for a period of two (2) years following the termination of Executives employment, for any reason, Executive will not, except with the prior written consent of the President and CEO, directly or indirectly own, manage, operate, join, control, finance or participate in the ownership, management, operation, control or financing of, or be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise with, or use or permit his name to be used in connection with, any business or enterprise that is engaged in a Competing Enterprise, which is defined as an entity whose operations are conducted within the ski industry in North America.For the sake of clarity, real estate companies which are not owned, directly or indirectly, by an entity in the ski industry are not considered a Competing Enterprise for the purposes of this Agreement, and an entity shall not be deemed to be in the ski industry solely by virtue of developing residential or lodging facilities which may be in or near ski areas or used in whole or part by skiers. The foregoing restrictions shall not be construed to prohibit the ownership by Executive of less than five percent (5%) of any class of securities of any corporation which is engaged in any of the foregoing businesses having a class of securities registered pursuant to the Securities Exchange Act of 1934 (the Exchange Act ), provided that such ownership represents a passive investment and that neither Executive nor any group of persons including Executive in any way, either directly or indirectly, manages or exercises control of any such corporation, guarantees any of its financial obligations, otherwise takes any part in its business (other than exercising his rights as a shareholder), or seeks to do any of the foregoing.

Named Entities:
45
45
Role
47
47
Role
241
243
Percentage
270
274
Act

Tokenized Text:
(
a
)
Executive
covenants
that
during
Executives
employment
with
the
Company
and
for
a
period
of
two
(
2
)
years
following
the
termination
of
Executives
employment
,
for
any
reason
,
Executive
will
not
,
except
with
the
prior
written
consent
of
the
President
and
CEO
,
directly
or
indirectly
own
,
manage
,
operate
,
join
,
control
,
finance
or
participate
in
the
ownership
,
management
,
operation
,
control
or
financing
of
,
or
be
connected
as
an
officer
,
director
,
employee
,
partner
,
principal
,
agent
,
representative
,
consultant
or
otherwise
with
,
or
use
or
permit
his
name
to
be
used
in
connection
with
,
any
business
or
enterprise
that
is
engaged
in
a
Competing
Enterprise
,
which
is
defined
as
an
entity
whose
operations
are
conducted
within
the
ski
industry
in
North
America
.
For
the
sake
of
clarity
,
real
estate
companies
which
are
not
owned
,
directly
or
indirectly
,
by
an
entity
in
the
ski
industry
are
not
considered
a
Competing
Enterprise
for
the
purposes
of
this
Agreement
,
and
an
entity
shall
not
be
deemed
to
be
in
the
ski
industry
solely
by
virtue
of
developing
residential
or
lodging
facilities
which
may
be
in
or
near
ski
areas
or
used
in
whole
or
part
by
skiers
.
The
foregoing
restrictions
shall
not
be
construed
to
prohibit
the
ownership
by
Executive
of
less
than
five
percent
(
5
%
)
of
any
class
of
securities
of
any
corporation
which
is
engaged
in
any
of
the
foregoing
businesses
having
a
class
of
securities
registered
pursuant
to
the
Securities
Exchange
Act
of
1934
(
the
Exchange
Act
)
,
provided
that
such
ownership
represents
a
passive
investment
and
that
neither
Executive
nor
any
group
of
persons
including
Executive
in
any
way
,
either
directly
or
indirectly
,
manages
or
exercises
control
of
any
such
corporation
,
guarantees
any
of
its
financial
obligations
,
otherwise
takes
any
part
in
its
business
(
other
than
exercising
his
rights
as
a
shareholder
)
,
or
seeks
to
do
any
of
the
foregoing
.