exhibit10_7.htm


    
      

    

    Exhibit
      10.7

    


    SUMMARY
      OF VAIL RESORTS, INC.
      DIRECTOR COMPENSATION1 

    PER
      SUMMARY PREPARED BY CHAIRMAN OF THE BOARD, EFFECTIVE
      8/1/03;

    REVISED
      BY COMPENSATION COMMITTEE OCTOBER 15, 2007

    


    CASH
      AND EQUITY COMPENSATION (Excludes CEO)

    
      	
              Description
                of Compensation

            	
              To
                Whom

            	
              Amount

            
	
              Annual
                Cash Retainer

            	
              Directors

            	
              $35,000

            
	
              Additional
                Compensation

            	
              Chairman
                of the Board

            	
              $50,000

            
	
              for
                Other Services

            	
              Audit
                Committee Chair

            	
              $25,000

            
	
               

            	
              Audit
                Committee Members

            	
              $15,000

            
	
               

            	
              Compensation
                Committee Chair

            	
              $7,500

            
	
               

            	
              Nominating
                Committee Chair

            	
              $7,500

            
	
               

            	
              Lead
                Director2 

            	
              $25,000

            
	
              Meeting
                Fees (Per Meeting)

            	
              Directors
                (In Person)

            	
              $5,000

            
	
              (Not
                Including Actions

            	
              Directors
                (By Telephone)

            	
              $1,000

            
	
              Taken
                by Consent)

            	
              Compensation/Nominating
                Committee

            	
              $1,000

            
	
               

            	
              Audit
                Committee Meeting

            	
              $2,000

            
	
              Equity
                Compensation

            	
              All
                Directors

            	
              $115,000
                Restricted Stock Units*

            


    

    


    *
      The grant value is determined and approved each year by the
      Compensation Committee; on October 15, 2007, the Compensation Committee granted
      each Board member RSUs with a value of $115,000.  Based on the closing
      price of the Company’s stock on the date of grant each director was issued 1,811
      RSUs which vest in full on 10/15/08.

    


    PERQUISITES

    


    Each
      director is entitled to an annual $30,000 allowance to be used at the Company’s
      resorts in accordance with the terms of the Company’s Executive Perquisite Fund
      Program, filed as Exhibit 10.27 of the Company’s annual report on Form 10-K
      for the fiscal year ended July 31, 2007.  Directors may draw
      against the account to pay for services, at the market rate for the applicable
      resort or services.  Unused funds in each director’s account at the
      end of each fiscal year will be forfeited.

    


    


    1
      All taxes on
      director compensation are to be paid by Board member

    


    2 The
      Company
      currently does not have a Lead Director