exhibit10_27.htm


    
      

    

    Exhibit
      10.27

    Vail
      Resorts, Inc. Executive Perquisite Fund Program

    


    Executive
      Perquisite Fund (EPF):  Each EC member will be provided an annual
      allowance for use at the Company’s resorts, with a value corresponding to their
      salary grade at the beginning of each fiscal year (unless the executive is
      promoted/demoted to a new level prior to November 1 of any given year, in which
      case the value associated with the new level will apply).  No amounts
      may be carried over into a subsequent year and any unused amounts will expire
      at
      the end of the fiscal year.  The amounts by grade are as
      follows:

    


    
      	
              Level

            	
              Annual
                Allowance

            
	
              35

            	
              $30,000

            
	
              34

            	
              $20,000

            
	
              33

            	
              $15,000

            
	
              32

            	
              $10,000

            


    

    


    These
      allowances are to be used to enjoy the Company’s resorts and associated services
      by the executive and/or their designee.  The executive will draw
      against the account, being charged a rate that corresponds to the rate that
      a
      guest would pay at that location for that time of the year.   The
      executive will incur income tax upon the actual portion of the fund they use,
      and this program will be treated as regular compensation for purposes of
      taxation, reporting, and so forth.

    


    The
      allowance may be applied to all reasonable costs related to utilizing Company
      products and services (including but not limited to accommodation(s), meals
      in
      Company restaurants, ski passes, ski school, ski rentals or demos, golf lessons,
      greens fees, spa services, excursions, etc).  Use of managed
      properties and condos will be subject to the agreements governing those
      properties.

    


    Each
      Executive will be granted an internal account number, which will be used to
      make
      reservations in ski school and lodging and can be used for mountain money for
      other charges.  Personal Credit Cards can be used for non-lodging
      expenses, but need to be submitted on a separate T&E for
      reimbursement.

    


    Other
      Parameters

    
      	
              ·  

            	
              Restricted
                from the programs are:  Goods and services not offered by
                Company’s resorts, retail “hard good” items, some managed condos (unless
                otherwise noted).

            


    

    
      	
              ·  

            	
              Certain
                properties or certain time periods may be excluded from the programs
                due
                to size or other considerations at any time, and without limitation,
                by
                the CEO, and such exceptions will be communicated annually as part
                of the
                program reminder to executives or as soon as such decision is
                made.

            


    

    
      	
              ·  

            	
              The
                Executive may not use this program to secure products or services
                from the
                Company for resale to any third parties- though such products or
                services
                may be “given away” without consideration to the designees of the
                Executives.

            


    

    
      	
              ·  

            	
              This
                program in no way restricts Executives from using the all-employee
                lodging
                program under the terms and conditions that apply to all
                employees.

            


    

    
      	
              ·  

            	
              All
                expenses under this program will be reviewed, processed, retained,
                and
                tracked by a central administrative activity to prevent abuse and
                to
                ensure compliance with tax
                requirements.

            


    

    
      	
              ·  

            	
              Executives
                must be active employees in good standing to participate in the
                program.

            


    

    
      	
              ·  

            	
              Abuse
                or misuse of this program will result in disciplinary action for
                an
                Executive, up to and including termination. Executives should remember
                the
                intent of the program(s), their leadership role in the Company, the
                fact
                that they are in the public eye, and make decisions
                accordingly.

            


    

    
      	
              ·  

            	
              Upon
                separation from the Company for any reason, there will be no rights
                or
                entitlement of the Executive to any further benefit from the
                EPF.