EX-10.18





 Exhibit 10.18 

VAIL HOLDCO CORP 
 Radnor
Corporate Center 
 Building One, Suite 200 

100 Matsonford Road, Radnor, PA 19087 

November 10, 2017 
 Bjorn Hofman 

RE: Employment Letter Agreement 
 Dear Bjorn: 

The following are the terms of your employment with Vail Holdco Corp (the “Company”) effective as of the Merger Closing (as defined in that
Agreement and Plan of Merger, dated as of May 4, 2017, by and among Avantor, Inc., Vail Acquisition Corp and VWR Corporation (the “Merger Agreement”)), under which you will provide services to the Company and its various
affiliates, as applicable. This Letter Agreement will supersede and replace any prior employment agreements you may have with the Company or any of its affiliates (including without limitation, Avantor, Inc. and VWR Corporation and their respective
affiliates), which, for the avoidance of doubt, shall not include any agreements governing previously granted special bonuses or equity awards in the Company or its affiliates. For the avoidance of doubt, in the event the Merger Agreement is
terminated and the Merger Closing is not consummated, this Letter Agreement shall be void ab initio. 
  

			
	Position:	  	EVP, Chief Operating Officer.
		
	Base Salary:	  	$450,000 per year, payable in installments on the Company’s regular payroll dates.
		
	Duties:	  	Your duties shall include such duties as are commensurate with your position.
		
	Reporting:	  	You will report solely and directly to the Chief Executive Officer of the Company.
		
	Office Location:	  	Your office will be located in Radnor, PA.
		
	Annual Bonus:	  	You will be eligible to participate in the Company’s Management Incentive Program (MIP) with a target bonus of 80% of base salary.
		
	Long-Term Incentive:	  	Subject to the approval of the board of directors of the Company following the Merger Closing, as soon as practicable after the Merger Closing, you will be granted options in respect of shares of common stock of the Company, which
options shall be in an amount and have an exercise price as determined by such board pursuant to the terms and conditions of the applicable equity incentive plan of the Company and the form of option grant agreement awarded thereunder.
Notwithstanding anything contained in this Letter Agreement, all equity grants shall be controlled exclusively by the applicable equity plan and award agreement pursuant to which such grants are
made.














			
		
	 Benefits:
	  	You will be entitled to participate in all vacation, health, welfare and other similar benefits available to similarly situated employees of the Company. You will be entitled to four weeks of vacation annually.
		
	Severance/Restrictive Covenants:	  	If your employment with the Company is terminated by the Company without Cause, other than within a two year period following a Change in Control (each as defined on Annex 1), you will be entitled to receive (A) an
amount equal to 1.5 times your annual base salary then in effect, payable in equal installments on the Company’s regular payroll dates during a period of twelve months after such termination, (B) an amount equal to 1.5 times your target
bonus, prorated for the year of such termination, payable in equal installments on the Company’s regular payroll dates during a period of twelve months after such termination and (C) continued health benefits for a period ending on the
earlier of (x) your becoming eligible to receive health benefits from a new employer and (y) twelve months after such termination. The payments (and benefits) described in the immediately preceding sentence that are due to be paid (or
provided) more than sixty (60) days after your termination are subject to your execution and non-revocation of a general release in the form attached to this Letter Agreement as Annex 2 no later than
fifty (50) days after your termination.
		
		  	If your employment with the Company or its successor, as applicable, is terminated by you for Good Reason (as defined on Annex 1) or by the Company without Cause within a two year period following a Change in Control, you
will be entitled to receive (A) an aggregate amount equal to two times the sum of (x) your base salary then in effect, plus (y) your target bonus for the year of such termination, payable in equal installments on the Company’s
regular payroll dates during a period of twelve months after such termination and (B) continued health benefits for a period ending on the earlier of (x) your becoming eligible to receive health benefits from a new employer and
(y) twelve months after such termination. The payments (and benefits) described in the immediately preceding sentence that are due to be paid (or provided) more than sixty (60) days after your termination are subject to your execution and non-revocation of a general release in the form attached to this Letter Agreement as Annex 2 no later than fifty (50) days after your
termination.


  
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		  	If your employment is terminated by the Company by reason of your Disability (as defined on Annex 1), you will be entitled to any compensation and benefits accrued prior to the termination date, including the
Company’s standard applicable disability insurance benefits.
		
		  	If your employment with the Company is terminated by reason of your death, your beneficiary or estate, as applicable, will be entitled to any compensation and benefits accrued prior to the termination date, including the
Company’s standard applicable life insurance benefits.
		
		  	If your employment is terminated by you without Good Reason, you will only be entitled to any compensation and benefits accrued prior to the termination date. Any such resignation shall require that written notice be delivered by
you to the Company at least 90 days prior to your termination and any failure by you to provide such written notice shall be considered a material breach of this Agreement by you.
		
		  	If your employment is terminated by the Company for Cause, you will only be entitled to any compensation and benefits accrued prior to the termination date.
		
		  	In the event of a termination of your employment for any reason, you agree to be subject to those restrictions set forth on Annex 1 attached hereto, which are a part of this Letter Agreement (the “Employee
Covenants”).
		
		  	You shall be under no obligation to seek other employment for any reason or to mitigate any severance payments following a termination of your employment with the Company for any reason. In addition, there shall be no offset
against amounts due to you upon termination of your employment with the Company on account of any compensation attributable to any employment subsequent to your employment with the Company. Subject to the notice requirement as set forth above,
either you or the Company may terminate your employment with the Company at any time.
		
		  	Except as provided above in this Severance/Restrictive Covenants section, you shall not be entitled to any other salary, compensation or benefits from the Company after termination of your employment with the Company, except as
otherwise specifically provided for in the Company’s employee benefit plans or as otherwise expressly required by applicable law.
		
		  	Notwithstanding anything herein to the contrary, if any payments due hereunder would subject you to any tax imposed under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), as a result
of your characterization as a “specified employee” of the Company (within the meaning of Treasury Regulation Section 1.409A-1(i)),
then


  
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		  	such payments that would otherwise cause such taxation shall be payable in a single lump sum on the first business day that is six months following your “separation from service” (within the meaning of Code
Section 409A and the regulations thereunder), and any remaining payments will be made in accordance with the foregoing provisions of this section.
		
	Personal Services Agreement:	  	As a condition to entering into this Letter Agreement with the Company, you shall execute the Personal Services, Confidentiality and Inventions Agreement, in the form attached hereto as Exhibit A.
		
	Entire Agreement:	  	This Letter Agreement, (including any Annexes attached hereto) and the Personal Services, Confidentiality and Inventions Agreement referenced above set forth the entire understanding between you and the Company with respect to the
subject matter hereof and thereof, and supersede and preempt all prior oral or written understandings and agreements with respect to the subject matter hereof and thereof between you and the Company and its affiliates (including without limitation,
Avantor, Inc. and VWR Corporation and their respective affiliates), which shall terminate and be of no further effect upon the execution of this Letter Agreement.
		
		  	This Letter Agreement, and all of your rights and duties hereunder, shall not be assignable or delegable by you. Any purported assignment or delegation by you in violation of the foregoing shall be null and void ab initio and
of no force and effect. This Letter Agreement may be assigned by the Company to a person or entity which is a successor in interest to substantially all of the business operations of the Company, or to a subsidiary or affiliate of the Company. Upon
such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such subsidiary, affiliate or successor person or entity.
		
	Code Section 409A:	  	This Letter Agreement will be interpreted to avoid any tax under §409A of the Code. For purposes of §409A, each payment made under this Letter Agreement will be treated as a separate payment. With respect to any
reimbursements provided under this Letter Agreement that are subject to §409A, the amount of expenses eligible for reimbursement during a calendar year cannot affect the expenses eligible for reimbursement in any other calendar year.

 [Signature page follows] 

  
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	VAIL HOLDCO CORP
		
	By:	 	 /s/ Joseph Braun

	Name:	 	Joseph Braun
	Title:	 	Chief Legal Officer


  

	
	Accepted and Agreed
	
	 /s/ Bjorn Hofman

	Bjorn Hofman
	
	Date: 11/12/2017


  
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 Exhibit A - Personal Services, Confidentiality and Inventions Agreement 

See Attached. 












 VAIL HOLDCO CORP 

PERSONAL SERVICES, CONFIDENTIALITY AND INVENTIONS AGREEMENT 

THIS AGREEMENT (this “Agreement”) is between Vail Holdco Corp, presently headquartered at Radnor Corporate Center, Building
One, Suite 200, 100 Matsonford Road, Radnor, PA 19087 (with its various affiliates, the “Company”) and Bjorn Hofman (“Executive” or “I”) who is employed by the Company. 

The Company’s sound business policy requires that its trade secrets, technical and non-technical know-how, business knowledge, plans, systems, business methods, business records and customer relations to be protected and not utilized by any person or firm who competes or wants to compete with the Company. The
parties wish to evidence the terms of the employment relationship between them and particularly to set forth certain restrictions which shall apply to Executive in the event of termination of his/her employment with the Company. 

In consideration of and as part of the terms of employment by the Company, it is agreed as follows: 

 

	1.	 Compensation and Benefits. Executive shall be entitled to a salary, annual bonus and other monetary
compensation, which shall be established by the Company at the inception of employment, and may be periodically thereafter adjusted for increase only. Executive shall also be entitled to participate in various Company employee benefit plans (for
example, health insurance, retirement, and the like), in accordance with the participation requirements of said plans, and nothing contained herein shall confer benefit eligibility which is in any manner inconsistent with the terms of the benefit
plans. 


  

	2.	 Executive’s General Obligations; Conflicts of Interest. During my employment with the Company, I
agree to devote substantially all my working time during normal business hours to the Company. During my employment with the Company, I agree to use my best efforts to perform the duties associated with my position and title with the Company as the
Company may direct, not to engage in any other business or activity the nature of which shall be determined by the Company to be competitive with the Company, its suppliers or its customers and to comply with any Conflict of Interest Policy of the
Company. I acknowledge and agree that I will not serve on the board of directors of any other companies during my employment with the Company without first obtaining prior written approval from the Company’s Chief Executive Officer. I further
agree to conform to all Company policies, practices, and procedures, to the extent such policies, practices and procedures have been provided to me in writing, as well as lawful directions of the Company and/or its affiliates as to performance of
services for the Company, to the extent that the same are consistent with my position and title with the Company. 


  

	3.	 No Existing Restrictive Agreements. I represent that I am not a party to any contract limiting my
present or future right to work for the Company or to perform such activities as shall be required from time to time by the Company. 















	4.	 Prior Employer Information. I agree that I will not use improperly or disclose any confidential or
proprietary information or trade secrets of my former or current employers, principals, partners, co-venturers, customers, or suppliers, or the vendors or customers of such persons or entities, and I will not
violate any nondisclosure or proprietary rights agreement I might have signed in connection with any such employer, person or entity. 


  

	5.	 Non-Disclosure of Information. I recognize that, in the
performance of my duties with the Company, Confidential Information belonging to the Company will come into my possession, including, without limitation, information regarding business methods, plan, systems, customer lists and customer relations,
vendor lists and vendor relations, cost and pricing information, distribution and logistical information, and other information relating to the business of the Company that is not known to the general public. I recognize that the business of the
Company is materially dependent upon the relationship between the Company and its customers who are serviced by its associates and that the Company has and will entrust me with Confidential Information, that must remain the property of the Company.
As used in this Agreement, “Confidential Information” shall mean the trade secrets, technical and non-technical know-how, technical and business
knowledge and information, plans and systems, business methods, customer lists and customer relations of the Company, including but not limited to research, development, manufacturing, purchasing, accounting, data processing, engineering, marketing,
merchandising, selling and invoicing, which information is acquired from or through the Company during the course of my employment by the Company. “Confidential Information” shall not include any information that is or becomes
publicly known or that enters the public domain other than as a result of my breach of my obligations under this Agreement or any other agreement between me and the Company or its affiliates. I agree that I will not at any time hereafter disclose
Confidential Information to third parties or use Confidential Information for any purpose other than to further the Company’s business, except as is required by law, any court of competent jurisdiction or any governmental agency or authority or
recognized subpoena power. 


 Notwithstanding the above, nothing in this Agreement shall prohibit or impede Executive from
communicating, cooperating or filing a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with respect to possible violations of any U.S.
federal, state or local law or regulation, or otherwise making disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation, provided that in each case such communications
and disclosures are consistent with applicable law. I understand and acknowledge that an individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made
(i) in confidence to a Federal, State, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. I understand and acknowledge further that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the
individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order. Except as provided in this
paragraph or under applicable law, under no circumstance am I authorized to disclose any information covered by the Company’s attorney-client privilege or attorney work product, or trade secrets, without prior written consent of the Company.


  
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	6.	 Assignment of Inventions. I will make prompt and full disclosure to the Company, will hold in trust for
the sole benefit of the Company, and will assign, exclusively to the Company, all my right, title, and interest in and to any and all inventions, discoveries, designs, developments, improvements, copyrightable material, and trade secrets
(collectively herein “Inventions”) that I, solely or jointly, may conceive, develop, or reduce to practice during the period of time I am in the employ of the Company. I hereby waive and quitclaim to the Company any and all claims
of any nature whatsoever that I now or hereafter may have for infringement of any patent resulting from any patent applications for any Inventions so assigned to the Company. 



My obligation to assign shall not apply to any Invention about which I can prove that: 

 

	 	(a)	 it was developed entirely on my own time; and 



 

	 	(b)	 no equipment, supplies, facility, services, or trade secret information of the Company were used in its
development; and 


  

	 	(c)	 it does not relate (i) directly to the business of the Company or (ii) to the actual or demonstrably
anticipated research or development of the Company; and 


  

	 	(d)	 it does not result from any work performed by me for the Company. 



 

	7.	 Excluded and Licensed Inventions. I have attached hereto a list describing all Inventions belonging to
me and made by me prior to my employment with the Company that I wish to have excluded from this Agreement. If no such list is attached, I represent that there are no such Inventions. If in the course of my employment at the Company, I incorporate
into a Company product, process, or machine, an Invention owned by me or in which I have an interest, the Company is hereby granted and shall have an exclusive royalty-free, irrevocable, worldwide license to make, have made, use, and sell that
Invention without restriction as to the extent of my ownership or interest. 


  

	8.	 Application for Copyrights and Patents. I will execute any proper oath or verify any proper document in
connection with carrying out the terms of this Agreement. If, because of my mental or physical condition or for any other reason whatsoever, the Company is unable to secure my signature to apply for or to pursue any application for any United States
or foreign patent or copyright covering Inventions assigned to the Company as stated above, I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact, to act for me and in my
behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of U.S. and foreign patents and copyrights thereon with the same legal force and effect as if executed by
me. I will testify at the Company’s request and expense in any interference, litigation, or other legal proceeding that may arise during or after my employment. 



  
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	9.	 Third Party Information. I recognize that the Company has received and will receive confidential or
proprietary information from third parties subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. This information shall be deemed not to include any
information that is or becomes publicly known or that enters the public domain other than as a result of my breach of my obligations under this Agreement or any other agreement between me and the Company or its affiliates. During the term of my
employment and thereafter I will not disclose nor use such information for the benefit of anyone other than the Company or such third party, or in any manner inconsistent with any agreement between the Company and such third party of which I am made
aware, except as is required by law, any court of competent jurisdiction or any governmental agency or authority or recognized subpoena power. 


  

	10.	 Termination. I acknowledge that this Agreement shall not constitute a contract for employment for any
specific period of time, and that either the Company or I am free to terminate this Agreement, and employment relationship, “at will,” at any time, with or without cause. I agree that upon termination of this Agreement and my employment,
for any or no reason, I will promptly return to the Company all records of Confidential Information, including copies in my possession, and all other physical properties issued to me as an employee, in a reasonable state of function or repair. I
will also so return any keys, pass cards, identification cards or other property belonging to the Company. 


  

	11.	 Non-Waiver. The failure by the Company to enforce any of the
provisions hereof upon any default by me at a particular time or under certain circumstances shall not be treated as a permanent waiver of such provisions and shall not prevent subsequent enforcement of such provisions upon default by either party.



  

	12.	 Irreparable Harm. I agree that any proven breach of this Agreement by me would cause irreparable harm to
the Company for which monetary damages could not adequately compensate. If the Company proves a breach, irreparable harm shall be presumed and I expressly waive any bonding requirement as a prerequisite to the Company obtaining injunctive relief.
The Company can also seek damages. 


  

	13.	 Assignability of This Agreement. The services contracted for between the Company and me in this
Agreement are personal, and therefore I may not assign this Agreement to any other person or entity. This Agreement may, however, be assigned by the Company to a successor to the business of the Company or to an affiliate of the Company.



  

	14.	 Severability. It is the intention of the parties that this Agreement shall be enforceable to the fullest
extent permitted by local, state, and/or federal law in the jurisdiction in which performance of this Agreement occurs, or in which performance of this Agreement is sought to be enforced. In the event that a court of competent jurisdiction
determines that one or more provisions of this Agreement are not enforceable under the provisions of the jurisdiction in which performance occurs or enforcement is sought, such a determination shall not affect the enforceability of the remainder of
this Agreement. 



  
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	15.	 Other Agreements. This Agreement, together with the letter agreement, dated November 10, 2017,
between me and the Company (the “Letter Agreement”), sets forth the sole and entire agreement between the parties hereto, and supersedes and replaces any and all prior agreements, whether oral, written, or implied, entered into by
me and the Company, pertaining to my employment, the terms, conditions, and responsibilities thereof, and/or any other subject matter contained in this Agreement or the Letter Agreement. This Agreement and the Letter Agreement shall be considered
together as one agreement. There will be no modification of this Agreement, either verbal, implied, written, or otherwise, except through a written agreement signed by me, and an officer of the Company, which refers to the specific paragraph of this
Agreement intended to be modified, and sets forth, in writing, the specific modification of said paragraph. This Agreement and the Letter Agreement will supersede and preempt all prior oral or written understandings and agreements with respect to
the subject matter hereof and thereof between me and the Company and its affiliates (including without limitation, Avantor, Inc. and VWR Corporation and their respective affiliates). 



[Signature page follows] 

  
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 WITNESS WHEREFORE, the parties have executed this Agreement as of the 10th day of November, 2017. 
  

							
	 /s/ Bjorn Hofman
	 	            	  	VAIL HOLDCO CORP
	Executive – Signature	 		  		  	
		 		  	By:	  	 /s/ Joseph Braun

		 		  	Its: Chief Legal Officer
	 Bjorn Hofman
	 		  		  	
	Executive – Print Name	 		  	













 Annex 1 - Employee Covenants 

1. Noncompetition, Nonsolicitation and Nondisparagement. You acknowledge that in the course of your employment with the Company or any of its
Subsidiaries or Affiliates you will become familiar with the Company’s and its Subsidiaries’ and Affiliates’ trade secrets and with other confidential information concerning the Company and such Subsidiaries and Affiliates and that
your services will be of special, unique and extraordinary value to the Company and such Subsidiaries and Affiliates. Therefore, you agree that: 

(a) Noncompetition. During the Employment Period and for a period of twelve months thereafter, you shall not directly or indirectly,
anywhere in the world, own, manage, control, participate in, consult with, render services for or enter into employment with any business or organization that competes with the business that the Company or any of its Subsidiaries or Affiliates is
engaged in at the time of your Separation (the “Business”). Nothing herein shall prohibit you from being a passive owner of not more than 2% of the outstanding stock of any class of a corporation that is publicly traded, so long as
you have no active participation in the business of such corporation. 
 (b) Nonsolicitation. During the Employment Period and for a
period of twenty-four months thereafter, you shall not directly or indirectly (i) induce or attempt to induce any employee of the Company or any of its Subsidiaries or Affiliates to leave the employ of the Company or any such Subsidiary or
Affiliate, or in any way interfere with the relationship between the Company or any of its Subsidiaries or Affiliates and any employee thereof, (ii) hire any person who was an employee of the Company or any of its Subsidiaries or
Affiliates within 180 days after a Separation, (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or any of its Subsidiaries or Affiliates to cease doing business with the Company or
such Subsidiary or Affiliate or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company or any of its Subsidiaries or Affiliates or (iv) directly or indirectly acquire or
attempt to acquire an interest in any business relating to the Business and with which the Company or any of its Subsidiaries or Affiliates has entertained discussions relating to the acquisition of such business by the Company or any of its
Subsidiaries or Affiliates in the twelve month period immediately preceding a Separation. 
 (c) Nondisparagement. During the
Employment Period and at any time thereafter, you shall not disparage the Company or any of its affiliates, or any employee, director, shareholder or member of the Company or its affiliates. 

(d) Enforcement. If, at the time of enforcement of Section 1 or 2, a court holds that the restrictions
stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum duration, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area and that
the court shall be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law. Because your services are unique and because you have access to confidential information, the parties hereto agree
that money damages would be an inadequate remedy for any breach of this Annex 1. Therefore, in the event a breach or threatened breach of this Annex 1, the Company or any of its Subsidiaries or Affiliates or their successors or assigns
may, in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof
(without posting a bond or other security). 












 (e) Additional Acknowledgments. You acknowledge that the provisions of Sections
1 and 2 are in consideration of: (i) employment with the Company or its Subsidiaries or Affiliates and (ii) additional good and valuable consideration, including the payment of salary and bonus, as set forth in this Letter
Agreement. In addition, you agree and acknowledge that the restrictions contained in Sections 1 and 2 do not preclude you from earning a livelihood, nor do they unreasonably impose limitations on your ability to earn a living. In
addition, you acknowledge (A) that the business of the Company and its Subsidiaries and Affiliates will be conducted throughout the world, (B) notwithstanding the state of incorporation or principal office of the Company or any of its
Subsidiaries or Affiliates, or any of their respective executives or employees (including you), it is expected that the Company and its Subsidiaries and Affiliates will have business activities and have valuable business relationships within its
industry throughout the world, and (C) as part of your responsibilities, you will be traveling throughout the world in furtherance of the Company’s or any of its Subsidiaries’ or Affiliates’ business and relationships. You agree
and acknowledge that the potential harm to the Company and any of its Subsidiaries and Affiliates of the non-enforcement of Sections 1 and 2 outweighs any potential harm to you of its enforcement
by injunction or otherwise. You acknowledge that you have carefully read this Annex 1 and have given careful consideration to the restraints imposed upon you by this Annex 1, and are in full accord as to their necessity for the
reasonable and proper protection of confidential and proprietary information of the Company and any of its Subsidiaries and Affiliates now existing or to be developed in the future. You expressly acknowledge and agree that each and every restraint
imposed by this Annex 1 is reasonable with respect to subject matter, time period and geographical area. 
 2. Definitions. 

“Affiliate” means, with respect to any Person, any Person that controls, is controlled by or is under common control with
such Person or an Affiliate of such Person. 
 “Board” means the Company’s board of directors. 

“Cause” means (i) the conviction of, or entry of a plea of nolo contendere with respect to, a felony or a crime
involving moral turpitude, or the commission of fraud with respect to the Company or any of its Subsidiaries or Affiliates or any of their customers or suppliers, (ii) substantial and repeated failure to perform duties as reasonably directed by
the Board or a supervisor or report, after providing you with 15 days’ prior written notice and a reasonable opportunity to remedy such failure, (iii) gross negligence or willful misconduct with respect to the Company or any of its
Subsidiaries or Affiliates or (iv) a material violation of material Company rules or policies. Your cessation of employment shall not be deemed to be for Cause unless and until, if capable of being cured, the act or omission constituting Cause
is not cured within 15 days following your receipt of written notice regarding such act or omission. 
 “Change in Control”
shall have the meaning ascribed to it in the Company’s Equity Incentive Plan. 

  
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 “Disability” shall have the meaning ascribed to it in the Company’s
long-term disability policy. 
 “Employment Period” means the period during which you are employed by the Company or any of
its Subsidiaries or Affiliates, regardless of whether such employment is pursuant to the terms of this Letter Agreement or another agreement. 

“Good Reason” means, within the two year period following a Change in Control, (i) a material diminution to your base
salary, bonus opportunity, authority, duties or responsibilities, (ii) the Company fails to make any compensatory payment to you when due, which is required to be paid to you pursuant to the Letter Agreement, (iii) a relocation of your
principal place of employment to a location that is outside a 50 mile radius from your principal place of employment immediately prior to a Change in Control, or (iv) any other action or inaction by the Company which constitutes a material
breach by the Company of the Letter Agreement; provided that, in order for your resignation for Good Reason to be effective, written notice of the occurrence any event that constitutes Good Reason must be delivered by you to the Company
within 90 days after you have actual knowledge of the occurrence of any such event and the occurrence of such event is not cured by the Company within thirty (30) days after the date of such written notice by you to the Company. 

“Person” means an individual, a partnership, a limited liability company, a corporation, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, investment fund, any other business entity and a governmental entity or any department, agency or political subdivision thereof. 

“Separation” means you ceasing to be employed by the Company or any of its Subsidiaries or Affiliates for any reason. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association, or
business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, or trustees thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association, or other business entity (other
than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes
hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association, or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority
of limited liability company, partnership, association, or other business entity gains or losses or shall be or control any managing director or general partner of such limited liability company, partnership, association, or other business entity.
For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary” refers
to a Subsidiary of the Company. 

  
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 3. Miscellaneous. 

(a) Applicable Law. This Annex 1 shall be governed by, and construed in accordance with, the laws of the State of Pennsylvania,
without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Pennsylvania or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Pennsylvania.

 (b) Consent to Jurisdiction. You hereby irrevocably submit to the nonexclusive jurisdiction of the United States District Court for
the Eastern District of Pennsylvania and the state courts of the State of Pennsylvania for the purposes of any suit, action or other proceeding arising out of this Annex 1 or any transaction contemplated hereby. You further agree that service
of any process, summons, notice or document by certified or registered mail to your address as listed above or such other address or to the attention of such other person as you have specified by prior written notice to the Company shall be
effective service of process in any action, suit or proceeding in the State of Pennsylvania with respect to any matters to which you have submitted to jurisdiction as set forth above in the immediately preceding sentence. You irrevocably and
unconditionally waive any objection to the laying of venue of any action, suit or proceeding arising out of this Annex 1 or the transactions contemplated hereby in the United States District Court for the Eastern District of Pennsylvania or
the state courts of the State of Pennsylvania and hereby irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought in such court has been brought in an inconvenient
forum. 
 (c) Additional Agreements. The provisions of this Annex 1 are in addition to, and do not supersede, the provisions of
the Personal Services, Confidentiality and Inventions Agreement between you and the Company. 
 (d) MUTUAL WAIVER OF JURY TRIAL.
BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE
PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS LETTER AGREEMENT (INCLUDING THE
COMPANY) HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED
OR INCIDENTAL TO THIS LETTER AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES HEREUNDER. 

  
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 Annex 2 - General Release 

I, Bjorn Hofman, in consideration of and subject to the performance by Vail Holdco Corp, a Delaware corporation (together with its affiliates,
the “Company”), of its obligations under the Employment Letter Agreement, dated as of November 10, 2017 (the “Agreement”), do hereby release and forever discharge as of the date hereof the Company and all
present and former directors, officers, agents, representatives, employees, successors and assigns of the Company and the Company’s direct or indirect owners (collectively, the “Released Parties”) to the extent provided below.

  

	1.	 I understand that any payments or benefits paid or granted to me under the “Severance/Restrictive
Covenants” section of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive the payments and
benefits specified in the “Severance/Restrictive Covenants” section of the Agreement unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter or breach this General Release. I
also acknowledge and represent that I have received all payments and benefits that I am entitled to receive (as of the date hereof) by virtue of any employment by the Company. 



 

	2.	 Except as provided in paragraph 4 below and except for the provisions of the Agreement which expressly survive
the termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits,
controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature
whatsoever in law and in equity, both past and present (through the date this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I, my
spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any allegation, claim or
violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of
1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order
Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy,
contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or
other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”). 















	3.	 I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other
matter covered by paragraph 2 above. 


  

	4.	 I agree that this General Release does not waive or release any rights or claims that I may have under the Age
Discrimination in Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the
basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). 


  

	5.	 In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every
one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected
Claims (notwithstanding any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I
acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim
seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims. I further agree that
I am not aware of any pending claim of the type described in paragraph 2 as of the execution of this General Release. 


  

	6.	 I agree that neither this General Release, nor the furnishing of the consideration for this General Release,
shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct. 


  

	7.	 I agree that this General Release and the Agreement are confidential and agree not to disclose any information
regarding the terms of this General Release or this Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing
not to disclose the same to anyone. Notwithstanding anything herein to the contrary, each of the parties (and each affiliate and person acting on behalf of any such party) agree that each party (and each employee, representative, and other agent of
such party) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of this transaction contemplated in the Agreement and all materials of any kind (including opinions or other tax analyses) that are
provided to such party or such person relating to such tax treatment and tax structure, except to the extent necessary to comply with any applicable federal or state securities laws. This authorization is not intended to permit disclosure of any
other information including (without limitation) (i) any portion of any materials to the extent not related to the tax treatment or tax structure of this transaction, (ii) the identities of participants or potential participants in the
Agreement, (iii) any financial information (except to the extent such information is related to the tax treatment or tax structure of this transaction), or (iv) any other term or detail not relevant to the tax treatment or the tax
structure of this transaction. 



  
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	8.	 Any non-disclosure provision in this General Release does not prohibit
or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the National Association of Securities Dealers, Inc. (NASD), any
other self-regulatory organization or governmental entity. Furthermore, nothing in this Agreement shall prohibit or impede you from communicating, cooperating or filing a complaint with any U.S. federal, state or local governmental or law
enforcement branch, agency or entity (collectively, a “Governmental Entity”) with respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise making disclosures to any Governmental Entity, in
each case, that are protected under the whistleblower provisions of any such law or regulation, provided that in each case such communications and disclosures are consistent with applicable law. You understand and acknowledge that an individual
shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made (i) in confidence to a Federal, State, or local government official or to an attorney solely for the
purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. You understand and acknowledge further that an individual
who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any
document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order. Except as provided in this paragraph or under applicable law, under no circumstance are you authorized to disclose any
information covered by the Company’s attorney-client privilege or attorney work product, or trade secrets, without prior written consent of the Company. 


  


	9.	 Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish,
diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof. 


  


	10.	 Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be
effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained
herein. 


 BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 

 

	 	(i)	 I HAVE READ IT CAREFULLY; 



 

	 	(ii)	 I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO,
RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED; 



  
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	 	(iii)	 I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 



 

	 	(iv)	 I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL
READING AND CONSIDERATION I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; 


  

	 	(v)	 I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE SUBSTANTIALLY IN ITS FINAL FORM ON
                         ,          TO CONSIDER IT AND THE CHANGES MADE SINCE THE
                         ,          VERSION OF THIS RELEASE ARE NOT MATERIAL AND WILL NOT
RESTART THE REQUIRED 21-DAY PERIOD; 


  

	 	(vi)	 THE CHANGES TO THE AGREEMENT SINCE
                         ,          EITHER ARE NOT MATERIAL OR WERE MADE AT MY REQUEST.



  

	 	(vii)	 I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE
SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED; 


  

	 	(viii)	 I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO
ADVISE ME WITH RESPECT TO IT; AND 


  

	 	(ix)	 I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY
AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME. 


  

							
	DATE:	  	  
	  	            	  	  

		  		  		  	Bjorn Hofman


  
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