<PAGE>

                                                                    EXHIBIT 10.9

                            GREAT WOLF RESORTS, INC.

                      FORM OF EMPLOYEE STOCK PURCHASE PLAN



<PAGE>
                                                                               .
                                                                               .
                                                                               .

<TABLE>
<CAPTION>
                                TABLE OF CONTENTS
                                                                            Page
                                                                            ----
<S>                                                                         <C>
Section 1.  PURPOSE....................................................       1

Section 2.  DEFINITIONS................................................       1

            2.1   Account..............................................       1
            2.2   Board................................................       1
            2.3   Code.................................................       1
            2.4   The Company..........................................       1
            2.5   Eligible Employee....................................       1
            2.6   Exercise Date........................................       2
            2.7   Fair Market Value....................................       2
            2.8   1993 Act.............................................       3
            2.9   1934 Act.............................................       3
            2.10  Offering Period......................................       3
            2.11  Option Price.........................................       3
            2.12  Participating Employee...............................       3
            2.13  Participating Employer...............................       3
            2.14  Plan.................................................       3
            2.15  Plan Administrator...................................       3
            2.16  Purchase Period......................................       4
            2.17  Stock................................................       4
            2.18  Stock Purchase Form..................................       4
            2.19  Subsidiary...........................................       4

Section 3.  SHARES RESERVED UNDER THE PLAN.............................       4

Section 4.  EFFECTIVE DATE.............................................       5

Section 5.  PLAN ADMINISTRATOR.........................................       5

Section 6.  PARTICIPATION..............................................       5

            6.1   Requirements.........................................       5
            6.2   Continuity Authorization.............................       6
            6.3   Termination..........................................       6

Section 7.  GRANTING OF OPTIONS........................................       6

            7.1   General Rule.........................................       6
            7.2   Statutory Limitation.................................       7
            7.3   Insufficient Number of Shares of Stock...............       7

Section 8.  PAYROLL DEDUCTIONS.........................................       7

            8.1   Initial Authorization................................       7
            8.2   Continuing Election..................................       8
</TABLE>

                                      -i-
<PAGE>

<TABLE>
<S>                                                                      <C>
            8.3   Election Amendment.................................     8
            8.4   Election Revocation and Withdrawal Rights..........     8
            8.5   Account Credits, General Assets and Taxes..........     9
            8.6   No Cash Payments...................................    10

Section 9.  EXERCISE OF OPTION.......................................    10

            9.1   General Rule.......................................    10
            9.2   Automatic Refund...................................    10
            9.3   Delivery of Stock..................................    10

Section 10. TERMINATION OF EMPLOYMENT................................    11

Section 11. NON-TRANSFERABILITY......................................    11

Section 12. ADJUSTMENT...............................................    12

Section 13. SECURITIES REGISTRATION..................................    12

Section 14. AMENDMENT OR TERMINATION.................................    13

Section 15. MISCELLANEOUS............................................    14

            15.1  Shareholder Rights.................................    14
            15.2  No Contract of Employment..........................    14
            15.3  Withholding........................................    14
            15.4  Construction.......................................    14
            15.5  Rule 16b-3.........................................    14
</TABLE>

                                      -ii-
<PAGE>

                                   Section 1.

                                     PURPOSE

      The primary purpose of this Plan is to encourage Stock ownership by each
Eligible Employee of the Company by permitting the purchase of Stock at a
discount which is permissible under Section 423 of the Code. The Company intends
that this Plan constitute an "employee stock purchase plan" within the meaning
of Section 423 of the Code and, further, intends that any ambiguity in this Plan
or any related offering be resolved to effect such intent.

                                   Section 2.

                                   DEFINITIONS

      2.1 Account -- means the separate bookkeeping account which shall be
established and maintained by the Plan Administrator for each Participating
Employee for each Purchase Period to record the payroll deductions made on his
or her behalf to purchase Stock under this Plan.

      2.2 Board -- means the Board of Directors of the Company.

      2.3 Code -- means the Internal Revenue Code of 1986, as amended.

      2.4 The Company -- means Great Wolf Resorts, Inc., a corporation
incorporated under the laws of the State of Delaware, and any successor to the
Company.

      2.5 Eligible Employee -- means each employee of the Company or a
Subsidiary except--

<PAGE>

            (a)   an employee who customarily is employed (within the meaning of
                  Code Section 423(b)(4)(B)) 20 hours or less per week by the
                  Company or such Subsidiary,

            (b)   an employee who customarily is employed (within the meaning of
                  Code Section 423(b)(4)(C)) for not more than 5 months in any
                  calendar year by the Company or such Subsidiary, and

            (c)   an employee who would own (immediately after the grant of an
                  option under this Plan) stock possessing 5% or more of the
                  total combined voting power or value of all classes of stock
                  of the Company or a Subsidiary based on the rules set forth in
                  Section 423(b)(3) and Section 424 of the Code.

      2.6 Exercise Date -- means for each Purchase Period the last day of such
Purchase Period.

      2.7 Fair Market Value -- means (1) the closing price on any date for a
share of Stock as reported by The Wall Street Journal or, if The Wall Street
Journal no longer reports such closing price, such closing price as reported by
a newspaper or trade journal selected by the Plan Administrator or, if no such
closing price is available on such date, (2) such closing price as so reported
for the immediately preceding business day, or, if no newspaper or trade journal
reports such closing price or if no such price quotation is available, (3) the
price which the Plan Administrator acting in good faith determines through any
reasonable valuation method that a share of Stock might change hands between a
willing buyer and a willing seller, neither being under

                                      -2-
<PAGE>

any compulsion to buy or to sell and both having reasonable knowledge of the
relevant facts.

      2.8 1933 Act -- means the Securities Act of 1933, as amended.

      2.9 1934 Act -- means the Securities Exchange Act of 1934, as amended.

      2.10 Offering Period -- means the period set by the Plan Administrator
which precedes the beginning of the related Purchase Period and which shall
continue for no more than 15 days.

      2.11 Option Price -- means for each Purchase Period the lesser of 85% of
the Fair Market Value for a share of Stock on the first day of such Purchase
Period or 85% of the Fair Market Value for a share of Stock on the last day of
such Purchase Period.

      2.12 Participating Employee -- means for each Purchase Period each
Eligible Employee who is employed by a Participating Employer and who has
satisfied the requirements set forth in Section 6 of this Plan for such Purchase
Period.

      2.13 Participating Employer -- means for each Purchase Period, the Company
and each Subsidiary which the Plan Administrator designates as a Participating
Employer for such Purchase Period.

      2.14 Plan -- means this Great Wolf Resorts, Inc. Employee Stock Purchase
Plan as in effect on the Effective Date and as thereafter amended from time to
time.

      2.15 Plan Administrator -- means the Company or such other person or
entity, if any, so designated by the Company.

                                      -3-
<PAGE>

      2.16 Purchase Period --means each calendar quarter.

      2.17 Stock -- means common stock, par value $0.01 per share, of the
Company.

      2.18 Stock Purchase Form -- means the form which an Eligible Employee
shall be required to properly complete in writing and timely file with the Plan
Administrator before the end of an Offering Period in order to purchase stock
under this Plan for the related Purchase Period and which shall require an
Eligible Employee to provide such information and to take such action as the
Plan Administrator in his or her discretion deems necessary or helpful to the
orderly administration of this Plan, including authorizing payroll deductions to
purchase Stock under this Plan.

      2.19 Subsidiary -- means each corporation which is a subsidiary of the
Company (within the meaning of Section 424(f) of the Code).

                                   Section 3.

                         SHARES RESERVED UNDER THE PLAN

      There shall be (subject to Section 12) a total of 250,000 shares of Stock
reserved for issuance upon the exercise of options granted under this Plan as of
the Effective Date. All such shares of Stock shall be reserved to the extent
that the Company deems appropriate from authorized but unissued shares of Stock
or from shares of Stock which have been reacquired by the Company. The proceeds
which the Company receives from the sale of any shares of Stock under this Plan
shall be used for general corporate purposes and shall be added to the general
funds of the Company.

                                      -4-
<PAGE>

                                   Section 4.

                                 EFFECTIVE DATE

      The effective date of this Plan shall be the date the Board acts to adopt
this Plan if the shareholders of the Company at any time within 12 months before
or after such date approve such adoption of this Plan.

                                   Section 5.

                               PLAN ADMINISTRATOR

      This Plan shall be administered by the Plan Administrator. The Plan
Administrator acting in the Plan Administrator's absolute discretion shall
exercise such powers and take such action as expressly called for under this
Plan and, further, the Plan Administrator shall have the power to interpret this
Plan and to take such other action in the administration and operation of this
Plan as the Plan Administrator deems equitable under the circumstances, which
action shall be binding on the Company, on each affected Participating Employee
and Participating Employer and on each other person directly or indirectly
affected by such action.

                                   Section 6.

                                 PARTICIPATION

      6.1 Requirements. Each Eligible Employee who is employed by a
Participating Employer on the first day of an Offering Period shall satisfy the
requirements to be a Participating Employee for the related Purchase Period if:

            (a)   he or she has properly completed and filed a Stock Purchase
                  Form with the Plan Administrator on or before the

                                      -5-
<PAGE>

                  last day of such Offering Period to purchase shares of Stock
                  pursuant to options granted under this Plan, and

            (b)   his or her employment as an Eligible Employee continues
                  uninterrupted throughout the period which begins on the first
                  day of such Offering Period and ends on the first day of the
                  related Purchase Period, and no Eligible Employee's employment
                  shall be treated as interrupted by a transfer directly between
                  the Company and any Subsidiary or between one Subsidiary and
                  another Subsidiary.

      6.2 Continuity Authorization. Any election made on a Stock Purchase Form
shall continue in effect until amended under Section 8.2 or revoked under
Section 8.4.

      6.3 Termination. A Participating Employee's status as such shall terminate
for a Purchase Period (for which he or she has an effective election under a
Stock Purchase Form) at such time as his or her account is withdrawn under
Section 8.3 or his or her employment terminates under Section 10.

                                   Section 7.

                               GRANTING OF OPTIONS

      7.1 General Rule. Subject to Section 7.2 and Section 7.3, each
Participating Employee for each Purchase Period automatically shall be granted
an option as of the first day of such Purchase Period to purchase at the Option
Price a maximum number of whole shares of Stock, which number shall be
determined by dividing $6,250.00 (or such lesser amount as set from time to time
by the Plan Administrator) by the Fair Market Value of a share of Stock on the
first day of such Purchase Period.

                                      -6-
<PAGE>

      7.2 Statutory Limitation. No option granted under this Section 7 to any
Eligible Employee shall permit his or her rights to purchase shares of Stock
under this Plan or under any other employee stock purchase plan (within the
meaning of Section 423 of the Code) established by the Company or any Subsidiary
to accrue (within the meaning of Section 423(b)(8) of the Code) at a rate which
exceeds $25,000 of the Fair Market Value of such Stock for any calendar year.

      7.3 Insufficient Number of Shares of Stock. If the number of shares of
Stock reserved for purchase for any Purchase Period is insufficient to cover the
number of shares which Participating Employees elect to purchase on the Exercise
Date for of such Purchase Period, then the number of shares of Stock which each
Participating Employee has a right to purchase at the end of such Purchase
Period shall be reduced to the number of shares of Stock which the Plan
Administrator shall determine by multiplying the number of shares of Stock
reserved under this Plan by a fraction, the numerator of which shall be the
number of shares of Stock which such Participating Employee elected to purchase
at the end of such Purchase Period and the denominator of which shall be the
total number of shares of Stock which all Participating Employees elected to
purchase at the end of such Purchase Period.

                                   Section 8.

                               PAYROLL DEDUCTIONS

      8.1 Initial Authorization. Each Participating Employee's initial election
on a Stock Purchase Form shall specify the specific dollar amount which he or
she authorizes his or her Participating Employer to deduct from his or her
compensation each pay period (determined in accordance with such Participating
Employer's standard

                                      -7-
<PAGE>

payroll policies and practices) during the Purchase Period for which the
election made on such form is in effect, provided

            (a)   the minimum amount deducted from a Participating Employee's
                  compensation during any pay period in a Purchase Period shall
                  not be less than $50.00.

            (b)   the maximum amount deducted from a Participating Employee's
                  compensation during any Purchase Period shall not exceed the
                  lesser of $6,250.00 or such other amount as set from time to
                  time by the Plan Administrator.

      8.2 Continuing Election. An election made on a Stock Purchase Form once
timely filed under Section 6.1 shall continue in effect until amended under
Section 8.3 or revoked under Section 8.4.

      8.3 Election Amendment. An election made on a Stock Purchase Form may be
amended during any Offering Period and such amendment shall be effective for the
related Purchase Period if filed before the last day of such Offering Period.

      8.4 Election Revocation and Withdrawal Rights.

            (a)   Revocation. A Participating Employee shall have the right
                  during any Purchase Period to revoke an election made on a
                  Stock Purchase Form, and such revocation shall stop the
                  payroll deductions which he or she previously had authorized
                  for such Purchase Period if he or she files an election
                  revocation with the Plan Administrator on a Stock

                                      -8-
<PAGE>

                  Purchase Form before the Exercise Date for such Purchase
                  Period, and such payroll deductions shall stop as soon as
                  practicable after the Plan Administrator actually receives
                  such election revocation.

            (b)   Withdrawal. If a Participating Employee revokes his or her
                  election, he or she may elect to withdraw the entire balance
                  credited to his or her Account for such Purchase Period
                  without interest, and any such election shall be made on a
                  Stock Purchase Form. If a Participating Employee makes such a
                  withdrawal election, such balance shall be paid to him or her
                  in cash (without interest) as soon as practicable after the
                  Plan Administrator receives his or her withdrawal election on
                  a Stock Purchase Form. If no such election is made, such
                  Account balance shall be applied to exercise his or her option
                  under Section 9.

      8.5 Account Credits, General Assets and Taxes. All payroll deductions made
for a Participating Employee shall be credited to his or her Account as of the
pay day as of which the deduction is made. All payroll deductions shall be held
by the Company or by one, or more than one, Subsidiary (as determined by the
Plan Administrator ) as part of the general assets of the Company or any such
Subsidiary, and each Participating Employee's right to the payroll deductions
credited to his or her Account shall be those of a general and unsecured
creditor. The Company or such

                                      -9-
<PAGE>

Subsidiary shall have the right to withhold on payroll deductions to the extent
such person deems necessary or appropriate to satisfy applicable tax laws.

      8.6 No Cash Payments. No Participating Employee may make any contribution
to his or her Account except through payroll deductions made in accordance with
this Section 8.

                                   Section 9.

                               EXERCISE OF OPTION

      9.1 General Rule. Each Participating Employee automatically shall be
deemed to exercise his or her option granted for each Purchase Period on the
related Exercise Date for the purchase of as many whole shares of Stock subject
to such option as the balance credited to his or her Account as of that date
will purchase at the Option Price for such shares of Stock.

      9.2 Automatic Refund. If a Participating Employee's Account has a
remaining balance after his or her option has been exercised as of an Exercise
Date under this Section 9, such balance automatically shall be refunded to the
Participating Employee in cash (without interest) as soon as practicable
following such Exercise Date unless such balance is attributable to a fractional
share, in which event such Account balance may be carried forward (without
interest) to the immediately following Purchase Period.

      9.3 Delivery of Stock. A stock certificate representing any shares of
Stock purchased upon the exercise of an option under this Plan shall be held for
or, at the Participating Employee's direction and expense, delivered to the
Participating Employee and shall be registered in his or her name; provided,
however, the Company

                                      -10-
<PAGE>

shall not have any obligation to deliver a certificate to a Participating
Employee which represents a fractional share of Stock. No Participating Employee
(or any person who makes a claim through a Participating Employee) shall have
any interest in any shares of Stock subject to an option until such option has
been exercised and the related shares of Stock actually have been delivered to
such person or have been transferred to a brokerage account for such person at a
broker-dealer designated by the Plan Administrator.

                                   Section 10.

                            TERMINATION OF EMPLOYMENT

      If a Participating Employee's employment as an Eligible Employee
terminates on or before the Exercise Date for a Purchase Period for any reason
whatsoever, his or her Account shall be distributed as if he or she had elected
to withdraw his or her Account in cash under Section 8.4 immediately before the
date his or her employment had so terminated. However, if a Participating
Employee is transferred directly between the Company and a Subsidiary or between
one Subsidiary and another Subsidiary while he or she has an Authorization in
effect, his or her employment shall not be treated as terminated merely by
reason of such transfer and any such Authorization shall (subject to all the
terms and conditions of this Plan) remain in effect after such transfer for the
remainder of such Purchase Period.

                                  Section 11.

                               NON-TRANSFERABILITY

      Neither the balance credited to a Participating Employee's Account nor any
rights to the exercise of an option or to receive shares of Stock under this
Plan shall

                                      -11-
<PAGE>

be transferable other than by will or by the laws of descent and distribution,
and any option shall be exercisable during a Participating Employee's lifetime
only by the Participating Employee.

                                  Section 12.

                                   ADJUSTMENT

      The number, kind or class (or any combination thereof) of shares of Stock
reserved under Section 3, and the Option Price for such shares or Stock as well
as the number, kind or class (or any combination thereof) of shares of Stock
subject to grants under this Plan shall be adjusted by the Plan Administrator in
an equitable manner to reflect any change in the capitalization of the Company,
including, but not limited to such changes as stock dividends or stock splits.

                                   Section 13.

                             SECURITIES REGISTRATION

      As a condition to the receipt of shares of Stock under this Plan, an
Eligible Employee shall, if so requested by the Company, agree to hold such
shares of Stock for investment and not with a view of resale or distribution to
the public and, if so requested by the Company, shall deliver to the Company a
written statement satisfactory to the Company to that effect. Furthermore, if so
requested by the Company, the Eligible Employee shall make a written
representation to the Company that he or she will not sell or offer for sale any
of such Stock unless a registration statement shall be in effect with respect to
such Stock under the 1933 Act and any applicable state securities law or the
Eligible Employee shall have furnished to the Company an opinion in form and
substance satisfactory to the Company of legal

                                      -12-
<PAGE>

counsel satisfactory to the Company that such registration is not required.
Certificates representing the Stock transferred upon the exercise of an option
may at the discretion of the Company bear a legend to the effect that such Stock
has not been registered under the 1933 Act or any applicable state securities
law and that such Stock cannot be sold or offered for sale in the absence of an
effective registration statement as to such Stock under the 1933 Act and any
applicable state securities law or an opinion in form and substance satisfactory
to the Company of legal counsel satisfactory to the Company that such
registration is not required.

                                   Section 14.

                            AMENDMENT OR TERMINATION

      This Plan may be amended by the Board from time to time to the extent that
the Board deems necessary or appropriate in light of, and consistent with,
Section 423 of the Code, and any such amendment shall be subject to the approval
of the Company's shareholders to the extent such approval is required under
Section 423 of the Code or to the extent such approval is required to satisfy
any requirements under other applicable law. The Board also may terminate this
Plan or any offering made under this Plan at any time; provided, however, the
Board shall not have the right to modify, cancel, or amend any option
outstanding after the beginning of a Purchase Period unless (1) each
Participating Employee consents in writing to such modification, amendment or
cancellation, (2) such modification only accelerates the Exercise Date for the
related Purchase Period or (3) the Board acting in good faith deems that such
action is required under applicable law.

                                      -13-
<PAGE>

                                  Section 15.

                                  MISCELLANEOUS

      15.1 Shareholder Rights. No Participating Employee shall have any rights
as a shareholder of the Company as a result of the grant of an option pending
the actual delivery of the Stock subject to such option to such Participating
Employee.

      15.2 No Contract of Employment. The grant of an option to a Participating
Employee under this Plan shall not constitute a contract of employment and shall
not confer on a Participating Employee any rights upon his or her termination of
employment.

      15.3 Withholding. Each option shall be made subject to the condition that
the Participating Employee consents to whatever action the Plan Administrator
directs to satisfy the federal and state tax withholding requirements, if any,
which the Plan Administrator in its discretion deems applicable to the exercise
of such option.

      15.4 Construction. All references to sections (Section) are to sections
(Section) of this Plan unless otherwise indicated. This Plan shall be construed
under the laws of the State of Delaware. Finally, each term set forth in Section
2 shall have the meaning set forth opposite such term for purposes of this Plan
and, for purposes of such definitions, the singular shall include the plural and
the plural shall include the singular.

      15.5 Rule 16b-3. The Plan Administrator shall have the right to amend any
option to withhold or otherwise restrict the transfer of any Stock or cash under
this Plan to an Eligible Employee as the Plan Administrator deems appropriate in
order to satisfy any condition or requirement under Rule 16b-3 to the extent
Rule 16 of the 1934 Act might be applicable to such grant or transfer.

                                      -14-
<PAGE>

      IN WITNESS WHEREOF, the Company has caused its duly authorized officer to
execute this Plan to evidence its adoption of this Plan.

                                            GREAT WOLF RESORTS, INC.

                                            By:________________________________

                                            Date:______________________________

                                      -15-