----

|         |                                                                                                                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Financial - Financial results at the end of the fiscal year are compared to EBITDA targets determined at the beginning of the fiscal year. EBITDA (Earnings before Interest, Taxes and Depreciation and Amortization excluding stock based compensation) results are consolidated into various divisions of the Company and are defined in the funding section below. |

|         |                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------|
| • | Individual - Individual employee performance, including adherence to the Company’s mission and values. |

----

|         |                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------|
| • | Resort EBITDA results include the EBITDA results for all Mountain resorts, Lodging divisions and Retail divisions combined. |

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | Retail EBITDA results include all EBITDA results of the Retail division combined. |

----

|         |                             |
|---------|-----------------------------|
| • | Grade 33 Corporate employee |

|         |                        |
|---------|------------------------|
| • | $200,000 annual salary |

|         |                            |
|---------|----------------------------|
| • | Target incentive % = 42.5% |

|         |                                                |
|---------|------------------------------------------------|
| • | Target incentive $= $200,000 x 42.5% = $85,000 |

|         |                                             |
|---------|---------------------------------------------|
| • | Resort EBITDA results are at 101% of target |

|         |                                |
|---------|--------------------------------|
| • | Resort EBITDA funding = 107.5% |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | Individual performance rating of “Achieves Expectations” |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | “Achieves Expectations” = 100% of funded incentive |

|         |                                 |
|---------|---------------------------------|
| • | $91,375 x 100% = $91,375 payout |

|         |                          |
|---------|--------------------------|
| • | Grade 33 Retail employee |

|         |                        |
|---------|------------------------|
| • | $225,000 annual salary |

|         |                            |
|---------|----------------------------|
| • | Target incentive % = 42.5% |

|         |                                                 |
|---------|-------------------------------------------------|
| • | Target incentive $ = $225,000 x 42.5% = $95,625 |

|         |                                             |
|---------|---------------------------------------------|
| • | Resort EBITDA results are at 101% of target |

----

|         |                                |
|---------|--------------------------------|
| • | Resort EBITDA funding = 107.5% |

|         |                                             |
|---------|---------------------------------------------|
| • | Retail EBITDA results are at 102% of target |

|         |                              |
|---------|------------------------------|
| • | Retail EBITDA funding = 115% |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | Individual performance rating of “Achieves Expectations” |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | “Exceeds Expectations” = 115% of funded incentive |

|         |                                   |
|---------|-----------------------------------|
| • | $108,176 x 115% = $124,402 payout |

|                             |
|-----------------------------|
|                             |  |
| Month of Hire               | Prorate % |
| August, September, October  | 100% |
| November, December, January | 67% |
| February, March, April      | 33% |
| May, June, July             | 0% |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |
| Example of Prorated Bonus due to Promotion |
| Role                                       | Base Salary | Target % | Target $ | Funding % | Performance Rating | # of Days In Role | Prorated Payout |
| SVP                                        | $250,000 | 42.5% | $106,250 | 100% | 100% | 92 | $26,781 |
| VP                                         | $225,000 | 35.0% | $78,750 | 100% | 100% | 273 | $58,901 |
| Final Amount                               | $85,682 |

----

----

|                                                        |
|--------------------------------------------------------|
|                                                        |  |
| Percent of the EBITDA Target Obtained for the Division | Percent of Incentive Target Funded- Grade 33+ |
| <80%                                                | 0.0% |
| 80%                                                    | 15.00% |
| 81%                                                    | 16.00% |
| 82%                                                    | 17.00% |
| 83%                                                    | 18.00% |
| 84%                                                    | 19.00% |
| 85%                                                    | 20.00% |
| 86%                                                    | 21.00% |
| 87%                                                    | 22.00% |
| 88%                                                    | 23.00% |
| 89%                                                    | 24.00% |
| 90%                                                    | 25.00% |
| 91%                                                    | 30.00% |
| 92%                                                    | 35.00% |
| 93%                                                    | 40.00% |
| 94%                                                    | 45.00% |
| 95%                                                    | 50.00% |
| 96%                                                    | 60.00% |
| 97%                                                    | 70.00% |
| 98%                                                    | 80.00% |
| 99%                                                    | 90.00% |
| 100%                                                   | 100.00% |
| 101%                                                   | 107.50% |
| 102%                                                   | 115.00% |
| 103%                                                   | 122.50% |
| 104%                                                   | 130.00% |
| 105%                                                   | 137.50% |
| 106%                                                   | 145.00% |
| 107%                                                   | 152.50% |
| 108%                                                   | 160.00% |
| 109%                                                   | 167.50% |
| 110%                                                   | 175.00% |
| 111%                                                   | 177.50% |
| 112%                                                   | 180.00% |
| 113%                                                   | 182.50% |
| 114%                                                   | 185.00% |
| 115%                                                   | 187.50% |
| 116%                                                   | 190.00% |
| 117%                                                   | 192.50% |
| 118%                                                   | 195.00% |
| 119%                                                   | 197.50% |
| >=120%                                              | 200.00% |

----

|                              |
|------------------------------|
|                              |  |
| Performance Rating Chart     |
| Performance Rating           | % Incentive Influenced |
| Greatly Exceeds Expectations | 130% |
| Exceeds Expectations         | 115% |
| Achieves Expectations        | 100% |
| Meets Most Expectations      | 70% |
| Meets Some Expectations      | 0% |