Document:

exv10w33

Exhibit 10.33

GUARANTY OF PAYMENT

     THIS GUARANTY OF PAYMENT (this “Guaranty”), made as of March 10, 2006, by PEAK RESORTS, INC.,
a Missouri corporation (“Guarantor”) to and for the benefit of EPT CROTCHED MOUNTAIN, INC.
(“Lender”).

WITNESSETH

     WHEREAS, S N H Development, Inc., a Missouri corporation (“Borrower”) concurrently herewith is
obtaining the Loan from Lender; and

     WHEREAS, the Loan is secured by, among other things, that certain New Hampshire Leasehold
Mortgage, Assignment of Rents And Security Agreement, dated of even date herewith, given by
Borrower to Lender (the “Mortgage”); and

     WHEREAS, as a condition to making the Loan to Borrower, Lender has required that Guarantor
guarantee payment to Lender of the Debt (as hereinafter defined); and

     WHEREAS, Guarantor will derive substantial benefit from Lender making the Loan to Borrower,
and, therefore, Guarantor desires to guaranty payment to Lender of the Debt.

     NOW, THEREFORE, to induce Lender to extend the Loan to Borrower and in consideration of the
foregoing premises and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Guarantor hereby covenants and agrees for the benefit of Lender, as
follows:

     1. Guaranty. Guarantor hereby assumes liability for and guarantees payment to Lender
of all principal of, prepayment premium (if any) and interest due under the Note and all other
obligations, liabilities or sums due or to become due under the Note, the Mortgage or any other
Loan Document, including, without limitation, interest on said obligations, liabilities or sums now
due or to become due under the Note, the Mortgage or any other Loan Document; and any further or
subsequent advances made pursuant to the Note, the Mortgage or any other Loan Document by Lender to
protect or preserve the Property or the lien or security created by the Loan Documents, or for
taxes, assessments, insurance premiums or other matters as provided in the Loan Documents (said
amounts and other sums, collectively, the “Debt”). This is a guaranty of payment and
performance and not of collection. The liability of Guarantor under this Guaranty shall be direct
and immediate and not conditional or contingent upon the pursuit of any remedies against Borrower
or any other person (including, without limitation, other guarantors, if any), nor against the
collateral for the Loan. Guarantor waives any right to require that an action be brought against
Borrower or any other person or to require that resort be had to any collateral for the Loan or to
any balance of any deposit account or credit on the books of Lender in favor of Borrower or any
other person. In the event of a default under the Loan Documents which is not cured within any
applicable grace or cure period, Lender shall have the right to enforce its rights, powers and
remedies (including, without limitation, foreclosure of all or any portion of the collateral for
the Loan) thereunder or hereunder, in any order, and all rights, powers and remedies available to
Lender in such event shall be non-exclusive and cumulative of all other rights, powers and remedies
provided thereunder or hereunder or by law or in equity. If the obligations guaranteed hereby are
partially paid or discharged by reason of the exercise of any of the remedies available to Lender, including, without limitation, the exercise of any rights or

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remedies available to Lender under any pledge or hypothecation agreement made by Guarantor in
favor of Lender in connection with the Loan, this Guaranty shall nevertheless remain in full force
and effect, and Guarantor shall remain liable for all remaining obligations guaranteed hereby, even
though any rights which Guarantor may have against Borrower may be destroyed or diminished by the
exercise of any such remedy.

     2. Reinstatement of Obligations. If at any time all or any part of any payment made by
Guarantor or received by Lender from Guarantor under or with respect to this Guaranty is or must be
rescinded or returned for any reason whatsoever (including, but not limited to, the insolvency,
bankruptcy or reorganization of Guarantor or Borrower), then the obligations of Guarantor hereunder
shall, to the extent of the payment rescinded or returned, be deemed to have continued in
existence, notwithstanding such previous payment made by Guarantor, or receipt of payment by
Lender, and the obligations of Guarantor hereunder shall continue to be effective or be reinstated,
as the case may be, as to such payment, all as though such previous payment by Guarantor had never
been made.

     3. Waivers by Guarantor. To the extent permitted by law, Guarantor hereby waives and
agrees not to assert or take advantage of:

     (a) any right to require Lender to proceed against Borrower or any other person or to proceed
against or exhaust any security held by Lender at any time or to pursue any other remedy in
Lender’s power or under any other agreement before proceeding against Guarantor hereunder, or any
defense based on suretyship or impairment of collateral;

     (b) any defense that may arise by reason of the incapacity, lack of authority, death or
disability of any other person or persons or the failure of Lender to file or enforce a claim
against the estate (in administration, bankruptcy or any other proceeding) of any other person or
persons;

     (c) demand, presentment for payment, notice of nonpayment, protest, notice of protest and,
except as provided in the Loan Documents or as required by applicable law, all other notices of any
kind, or the lack of any thereof, including, without limiting the generality of the foregoing,
notice of the existence, creation or incurring of any new or additional indebtedness or obligation
or of any action or non-action on the part of Borrower, Lender, any endorser or creditor of
Borrower or of Guarantor or on the part of any other person whomsoever under this or any other
instrument in connection with any obligation or evidence of indebtedness held by Lender;

     (d) any defense based upon an election of remedies by Lender;

     (e) any right or claim of right to cause a marshalling of the assets of Guarantor;

     (f) any principle or provision of law, statutory or otherwise, which is or might be in
conflict with the terms and provisions of this Guaranty;

     (g) any duty on the part of Lender to disclose to Guarantor any facts Lender may now or
hereafter know about Borrower or the Property, regardless of whether Lender has reason to believe
that any such facts materially increase the

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risk beyond that which Guarantor intends to assume or has reason to believe that such facts are
unknown to Guarantor or has a reasonable opportunity to communicate such facts to Guarantor, it
being understood and agreed that Guarantor is fully responsible for being and keeping informed of
the financial condition of Borrower, of the condition of the Property and of any and all
circumstances bearing on the risk that liability may be incurred by Guarantor hereunder;

     (h) any invalidity, irregularity or unenforceability, in whole or in part, of any one or more
of the Loan Documents;

     (i) any lack of commercial reasonableness in dealing with the collateral for the Loan;

     (j) any deficiencies in the collateral for the Loan or any deficiency in the ability of Lender
to collect or to obtain performance from any persons or entities now or hereafter liable for the
payment and performance of any obligation hereby guaranteed;

     (k) an assertion or claim that the automatic stay provided by 11 U.S.C. § 362 (arising upon
the voluntary or involuntary bankruptcy proceeding of Borrower) or any other stay provided under
any other debtor relief law (whether statutory, common law, case law or otherwise) of any
jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable, shall
operate or be interpreted to stay, interdict, condition, reduce or inhibit the ability of Lender to
enforce any of its rights, whether now existing or hereafter acquired, which Lender may have
against Guarantor or the collateral for the Loan;

     (1) any modifications of the Loan Documents or any obligation of Borrower relating to the Loan
by operation of law or by action of any court, whether pursuant to the Bankruptcy Reform Act of
1978, as amended, or any other debtor relief law (whether statutory, common law, case law or
otherwise) of any jurisdiction whatsoever, now or hereafter in effect, or otherwise; and

     (m) any action, occurrence, event or matter consented to by Guarantor under Section 4(i)
hereof, under any other provision hereof, or otherwise.

     4. General Provisions.

     (a) Fully Recourse. Notwithstanding any provisions of any other Loan Documents to the
contrary, if any, all of the terms and provisions of this Guaranty are recourse obligations of
Guarantor and not restricted by any limitation on personal liability.

     (b) Unsecured Obligations. Guarantor hereby acknowledges that Lender would not make
the Loan but for the unsecured personal liability undertaken by Guarantor herein.

     (c) Survival. To the fullest extent permitted by law, this Guaranty shall be deemed to
be continuing in nature and shall remain in full force and effect and shall survive the exercise of
any remedy by Lender under the Mortgage or any of the other Loan Documents, including, without
limitation, any

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foreclosure or deed in lieu thereof, even if, as a part of such remedy, the Loan is paid or
satisfied in full.

     (d) Subordination; No Recourse Against Lender. Guarantor hereby subordinates any and
all indebtedness of Borrower now or hereafter owed to Guarantor to all indebtedness of Borrower to
Lender, and agrees with Lender that Guarantor shall not demand or accept any payment of principal
or interest from Borrower, shall not claim any offset or other reduction of Guarantor’s obligations
hereunder because of any such indebtedness and shall not take any action to obtain any of the
collateral for the Loan. Further, Guarantor shall not have any right of recourse against Lender by
reason of any action Lender may take or omit to take under the provisions of this Guaranty or under
the provisions of any of the other Loan Documents.

     (e) Reservation of Rights. Nothing contained in this Guaranty shall prevent or in any
way diminish or interfere with any rights or remedies, including, without limitation, the right to
contribution, which Lender may have against Borrower, Guarantor or any other party under the
Comprehensive Environmental Response, Compensation and Liability Act of 1980 (codified at Title 42
U.S.C. § 9601 et seq.), as it may be amended from time to time, or any other applicable federal,
state or local laws, all such rights being hereby expressly reserved.

     (f) Financial Statements. Guarantor hereby agrees, as a material inducement to Lender
to make the Loan to Borrower, to furnish to Lender promptly upon demand by Lender current and dated
financial statements detailing the assets and liabilities of Guarantor certified by Guarantor, in
form and substance acceptable to Lender. Guarantor hereby warrants and represents unto Lender that
any and all balance sheets, net worth statements and other financial data which have heretofore
been given or may hereafter be given to Lender with respect to Guarantor did or will at the time of
such delivery fairly and accurately present the financial condition of Guarantor.

     (g) Rights Cumulative; Payments. The obligations of Guarantor hereunder are
independent of the obligations of Borrower and Lender’s rights under this Guaranty shall be in
addition to all rights of Lender under the Note, the Mortgage and the other Loan Documents. In the
event of any default hereunder, a separate action or actions may be brought and prosecuted against
Guarantor whether or not Guarantor is the alter ego of Borrower and whether or not Borrower is
joined therein or a separate action or actions are brought against Borrower. Lender’s rights
hereunder shall not be exhausted until all of the obligations of Guarantor hereunder have been
fully paid and performed.

     (h) No Limitation on Liability. Guarantor hereby consents and agrees that Lender may
at any time and from time to time without further consent from Guarantor do any of the following
events, and the liability of Guarantor under this Guaranty shall be unconditional and absolute and
shall in no way be impaired or limited by any of the following events, whether occurring with or
without notice to Guarantor or with or without consideration: (i) any extensions of time for
performance required by any of the Loan Documents or otherwise granted by

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Lender or extension or renewal of the Note; (ii) any sale, assignment or foreclosure of the Note,
the Mortgage or any of the other Loan Documents or any sale or transfer of the Property; (iii) any
change in the composition of Borrower, including, without limitation, the withdrawal or removal of
Guarantor from any current or future position of ownership, management or control of Borrower; (iv)
the accuracy or inaccuracy of the representations and warranties made by Guarantor herein or by
Borrower in any of the Loan Documents; (v) the release of Borrower or of any other person or entity
from performance or observance of any of the agreements, covenants, terms or conditions contained
in any of the Loan Documents by operation of law, Lender’s voluntary act or otherwise; (vi) the
release or substitution in whole or in part of any security for the Loan; (vii) Lender’s failure to
record the Mortgage or to file any financing statement (or Lender’s improper recording or filing
thereof) or to otherwise perfect, protect, secure or insure any lien or security interest given as
security for the Loan; (viii) the modification of the terms of any one or more of the Loan
Documents; or (ix) the taking or failure to take any action of any type whatsoever. No such action
which Lender shall take or fail to take in connection with the Loan Documents or any collateral for
the Loan, nor any course of dealing with Borrower or any other person, shall limit, impair or
release Guarantor’s obligations hereunder, affect this Guaranty in any way or afford Guarantor any
recourse against Lender. Nothing contained in this Section shall be construed to require Lender to
take or refrain from taking any action referred to herein.

     (i) Enforcement. This Guaranty is subject to enforcement at law or in equity,
including actions for damages or specific performance.

     (j) Attorneys’ Fees. In the event it is necessary for Lender to retain the services of
an attorney or any other consultants in order to enforce this Guaranty, or any portion thereof,
Guarantor agrees to pay to Lender any and all costs and expenses, including, without limitation,
reasonable attorneys’ fees, costs and disbursements, incurred by Lender as a result thereof.

     (k) Successive Actions. A separate right of action hereunder shall arise each time
Lender acquires knowledge of any matter guaranteed by Guarantor under this Guaranty. Separate and
successive actions may be brought hereunder to enforce any of the provisions hereof at any time and
from time to time. No action hereunder shall preclude any subsequent action, and Guarantor hereby
waives and covenants not to assert any defense in the nature of splitting of causes of action or
merger of judgments.

     (1) Reliance. Lender would not make the Loan to Borrower without Guarantor entering
into this Guaranty. Accordingly, Guarantor intentionally and unconditionally enters into the
covenants and agreements as set forth above and understands that, in reliance upon and in
consideration of such covenants and agreements, the Loan shall be made and, as part and parcel
thereof, specific monetary and other obligations have been, are being and shall be entered into
which would not be made or entered into but for such reliance.

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     (m) Waiver by Guarantor. Guarantor covenants and agrees that, upon the commencement of
a voluntary or involuntary bankruptcy proceeding by or against Borrower, Guarantor shall not seek
or cause Borrower or any other person or entity to seek a supplemental stay or other relief,
whether injunctive or otherwise, pursuant to 11 U.S.C. § 105 or any other provision of the
Bankruptcy Reform Act of 1978, as amended, or any other debtor relief law, (whether statutory,
common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect,
which may be or become applicable, to stay, interdict, condition, reduce or inhibit the ability of
Lender to enforce any rights of Lender against Guarantor or the collateral for the Loan by virtue
of this Guaranty or otherwise.

     (n) Defined Terms. Defined terms not otherwise defined herein shall have the meaning
given in the Mortgage.

     5. Default Under Related Agreement; Net Worth. It shall be an event of default
hereunder (i) upon the occurrence of any default under a Loan Document or Related Agreement that
remains uncured after the expiration of the applicable cure period thereunder; or (ii) the book net
worth of Guarantor shall be less than $7,000,000 and Guarantor shall have failed to deliver a
replacement guaranty reasonably acceptable to Landlord from an entity with a book net worth in
excess of $7,000,000, or (ii) Guarantor (a) admits in writing its inability to pay its debts
generally as they become due, (b) commences any case, proceeding or other action seeking to have an
order for relief entered on its behalf as debtor or to adjudicate it a bankrupt or insolvent, or
seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or
its debts under any federal, state or local law relating to bankruptcy, insolvency, reorganization
or relief of debtors, (c) makes an assignment for the benefit of its creditors, (d) is generally
unable to pay its debts as they mature, (e) seeks or consents to the appointment of a receiver of
itself or of the whole or any substantial part of its property, or (f) files a petition or answer
seeking reorganization or arrangement under an order or decree appointing, without the consent of
Guarantor, a receiver of Guarantor of the whole or substantially all of its property, and such
case, proceeding or other action is not dismissed within ninety (90) days after the commencement
thereof. “Book Net Worth” shall be calculated on a rolling four quarter basis as follows: the Book
Net Worth for Guarantor’s final quarter shall mean the amount of Guarantor’s retained earnings as
of the last day of Guarantor’s final quarter (presently, March 31); subsequent quarterly
determinations of Book Net Worth shall be made on the last day of Guarantor’s first, second, and
third quarters by taking the Book Net Worth of Guarantor as of the last day of the immediately
preceding fiscal year plus or minus the net income for the immediately preceding twelve (12) month
period ending on such date, less distributions to shareholders, if any.

     IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the day and year first above
written.

	 	 	 	 	 
	PEAK RESORTS, INC.,

a Missouri corporation

 	 	 
	By:  	/s/ Stephen J. Mueller
 	 	 
	 	Stephen J. Mueller, Vice-President 	 	 
	 	 	 	 

6exv10w34

Exhibit 10.34

INDEMNIFICATION AGREEMENT

(Director)

     This Indemnification Agreement (“Agreement”) is entered into as of the _____ day of
___________, 2011, by and between PEAK RESORTS, INC., a Missouri corporation (the “Corporation”)
and <DIRECTOR NAME> (“Indemnitee”), a member of the board of directors (“Board”) of the
Corporation.

     WHEREAS, it is essential to the Corporation to retain and attract as directors and officers
the most capable persons available; and

     WHEREAS, the substantial risks of litigation against corporations and their directors and
officers subjects directors and officers of the Corporation to the possible necessity of incurring
extraordinary expenses out of their personal resources either while directors’ and officers’
liability insurance may be unavailable to them or because the expenditure is not covered by
insurance policies then in effect; and

     WHEREAS, it is the policy of the Corporation to indemnify its directors and officers so as to
provide them with the maximum possible protection permitted by law; and

     WHEREAS, Indemnitee does not regard the protection available under the Corporation’s
Certificate of Incorporation, Bylaws and insurance policies as adequate in the present
circumstances, and may not be willing to continue to serve as a director without adequate
protection, and the Corporation desires Indemnitee to continue to serve as a director;

     THEREFORE, in consideration of Indemnitee’s continued service as a director of the
Corporation, the Corporation and Indemnitee hereby agree as follows:

     1. Agreement to Serve.
Indemnitee agrees to continue to serve as a director of the
Corporation for so long as Indemnitee is duly elected or appointed or until such time as Indemnitee
tenders Indemnitee’s resignation in writing. However, this Agreement does not constitute either an
employment contract or any commitment, express or implied, to cause Indemnitee to be elected as a
director.

     2. Definitions.
As used in this Agreement:

          (a) ‘Proceeding” includes, without limitation, any threatened, pending, or completed action,
suit, or proceeding, including any appeals related thereto, whether brought by or in the right of
the Corporation or otherwise, and whether of a civil, criminal, administrative, or investigative
nature, in which Indemnitee is or was a party or is threatened to be made a party by reason of the
fact that Indemnitee is or was a director or officer of the Corporation (or of any predecessor or
subsidiary of the Corporation or any successor to the Corporation by merger), or is or was serving
at the request of the Corporation as a director, officer, employee, member,

 

manager, agent, or fiduciary of any other corporation, partnership, joint venture, trust, or
other enterprise (including but not limited to a subsidiary). Such request by the Corporation
shall be presumed to exist in the case of a subsidiary or other entity in which the Corporation has
an investment or contractual interest. “Proceeding” also includes an action by Indemnitee,
including without limitation any mediation or arbitration, to establish or enforce a right of
Indemnitee under this Agreement.

          (b) “Expenses” include, without limitation, expenses of investigation, costs of judicial or
administrative proceedings or appeals, amounts paid in settlement by or on behalf of Indemnitee
attorneys’ fees and disbursements, costs of meals, lodging and travel reasonably and necessarily
incurred by Indemnitee to attend any Proceeding or event related to the Proceeding including but
not limited to depositions and mediation sessions, and any other defense costs incurred by
Indemnitee in connection with any Proceeding, but shall not include judgments, fines, or penalties
finally assessed against Indemnitee.

          (c) “Other enterprises” include employee benefit plans; “fines” include any excise taxes
assessed on Indemnitee with respect to any employee benefit plan; “serving at the request of the
Corporation” includes any service as a director, officer, employee, member, manager or agent of the
Corporation which imposes duties on, or involves services by, such director, officer, employee,
member, manager, agent, or fiduciary with respect to an employee benefit plan, its participants, or
beneficiaries; and a person who acted in good faith and in a manner Indemnitee reasonably believed
to be in the interest of the participants and beneficiaries of an employee benefit plan shall be
deemed to have acted in a manner “not opposed to the best interest of the Corporation” as referred
to in this Agreement.

     3. Indemnity in Third-Party Proceedings.
The Corporation shall indemnify Indemnitee
against all Expenses, judgments, fines, and penalties actually and reasonably incurred by
Indemnitee in connection with the defense or settlement of any Proceeding (other than a Proceeding
by or in the right of the Corporation to procure a judgment in its favor, and other than or a
Proceeding brought or initiated voluntarily by Indemnitee), but only if Indemnitee acted in good
faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best
interests of the Corporation, and, in the case of a criminal proceeding, had no reasonable cause to
believe that Indemnitee’s conduct was unlawful. The termination of any such Proceeding by
judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall
not, of itself, create a presumption that Indemnitee did not act in good faith in a manner which
Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation or,
with respect to any criminal proceeding, that Indemnitee had reasonable cause to believe that
Indemnitee’s conduct was unlawful.

     4. Indemnity in Proceedings By or In the Right of the Corporation.
The Corporation
shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in
connection with the defense or settlement of any Proceeding by or in the right of the Corporation
to procure a judgment in its favor, but only if Indemnitee acted in good faith and in a manner
which Indemnitee reasonably believed to be in or

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not opposed to the best interests of the Corporation; except that no indemnification for
Expenses shall be made under this section in respect of any claim, issue or matter as to which
Indemnitee shall have been adjudged to be liable to the Corporation for negligence or misconduct in
the performance of Indemnitee’s duty to the Corporation, unless (and then only to the extent that)
the court in which such Proceeding was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly
and reasonably entitled to indemnity for such Expenses which such court shall deem proper.

     5. Indemnification of Expenses of Successful Party.
Notwithstanding any other
provision of this Agreement:

          (a) To the extent that Indemnitee has been successful on the merits or otherwise, including by
a settlement, in defense of any Proceeding, or in defense of any one or more claims, issues or
matters included therein, Indemnitee shall be indemnified against all Expenses actually and
reasonably incurred by Indemnitee in connection therewith; and

          (b) Indemnitee’s Expenses actually and reasonably incurred in connection with successfully
establishing or enforcing, in whole or in part, Indemnitee’s right to indemnification or
advancement of Expenses under this Agreement or otherwise, shall also be indemnified by the
Corporation.

     6. Advances of Expenses.
At the written request of Indemnitee, the Expenses
reasonably incurred by Indemnitee in any Proceeding, including Expenses billed but not yet paid,
shall be paid directly (or if already paid by Indemnitee, shall be reimbursed to Indemnitee) by the
Corporation from time to time in a timely manner in advance of the final disposition of such
Proceeding, provided that Indemnitee shall undertake in writing to repay the amounts advanced if
and to the extent that it is ultimately determined that Indemnitee is not entitled to
indemnification. Indemnitee shall not be required to provide security for such undertaking. If the
Corporation makes an advance of Expenses pursuant to this section, the Corporation shall be
subrogated to every right of recovery Indemnitee may have against any insurance carrier from whom
the Corporation has purchased insurance for such purpose.

     7. Right of Indemnitee to Indemnification Upon Application; Procedure Upon
Application.

          (a) Any indemnification or advancement of Expenses under this Agreement shall be paid by the
Corporation no later than 30 days after receipt of the written request of Indemnitee, unless a
determination is made within said 30-day period by either:

     (i) The Board by a majority vote of a quorum consisting of directors who were
not and are not parties to the Proceeding in respect of which indemnification is
being sought, or

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     (ii) Independent legal counsel in a written opinion, or

     (iii) The stockholders of the Corporation by vote of a majority of a quorum at
a meeting duly called and held,

that Indemnitee has not met the standards for indemnification set forth in the relevant section or
sections of this Agreement.

          (b) Indemnitee’s right to indemnification or advancement of Expenses as provided by this
Agreement shall be enforceable by Indemnitee in any court of competent jurisdiction. The burden of
proving that such indemnification or advancement is not appropriate shall be on the Corporation.
Neither the failure of the Corporation (including the Board or independent legal counsel or the
stockholders) to have made a determination prior to the commencement of such action that Indemnitee
has met the applicable standard of conduct nor an actual determination by the Corporation
(including the Board or independent legal counsel or the stockholders) that Indemnitee has not met
such standard shall be a defense to the action or create a presumption that Indemnitee has not met
the applicable standard of conduct.

          (c) With respect to any Proceeding for which indemnification or advancement of Expenses is
requested, the Corporation will be entitled to participate therein at its own expense and, except
as otherwise provided below, the Corporation may assume the defense thereof with counsel reasonably
satisfactory to Indemnitee. After notice from the Corporation to Indemnitee of its election to
assume the defense of a Proceeding, the Corporation will not be liable to Indemnitee under this
Agreement for any Expenses subsequently incurred by Indemnitee in connection with the defense
thereof, other than as provided below. The Corporation shall not settle any Proceeding in any
manner which would impose any penalty or limitation on Indemnitee without Indemnitee’s written
consent. Indemnitee shall have the right to employ counsel in any Proceeding but the fees and
expenses of such counsel incurred after notice from the Corporation of its assumption of the
defense of the Proceeding shall be at the expense of Indemnitee and shall not be advanced or
indemnified by the Corporation, unless:

     (i) The employment of counsel by Indemnitee has been authorized by the
Corporation, or

     (ii) Indemnitee shall have reasonably concluded, in writing sent to the
Corporation, that there may be a conflict of interest between the Corporation and
Indemnitee in the conduct of the defense of a Proceeding, or

     (iii) The Corporation shall not in fact have employed counsel to assume the
defense of a Proceeding, or

     (iv) Such Expenses of counsel are actually and reasonably incurred in
connection with successfully establishing, in whole or in part, Indemnitee’s right
to indemnification or advancement of Expenses under this Agreement or otherwise,

in each of which cases the fees and expenses of Indemnitee’s counsel shall be advanced by the
Corporation.

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Notwithstanding the foregoing, the Corporation shall not be entitled to assume the defense of any
Proceeding brought by or in the right of the Corporation.

     8. Limitation on Indemnification.
No payment pursuant to this Agreement shall be made
by the Corporation:

     (i) To indemnify or advance funds to Indemnitee for Expenses with respect to
Proceedings initiated or brought voluntarily by Indemnitee and not by way of
defense, except with respect to Proceedings brought to establish or enforce a right
to indemnification or advancement of expenses under this Agreement, but such
indemnification or advancement of Expenses may be provided by the Corporation in
specific cases if the Board finds it to be appropriate;

     (ii) To indemnify Indemnitee for any Expenses, judgments, fines, or penalties
sustained in any Proceeding for which payment is actually made to Indemnitee under a
valid and collectible insurance policy, except in respect of any deductible or
retention amount, or any excess beyond the amount of payment under such insurance;

     (iii) To indemnify Indemnitee for any Expenses, judgments, fines or penalties
sustained in any Proceeding for an accounting of profits made from the purchase or
sale by Indemnitee of securities of the Corporation pursuant to the provisions of §
16(b) of the Securities Exchange Act of 1934, the rules and regulations promulgated
thereunder and amendments thereto or similar provisions of any federal, state, or
local statutory law;

     (iv) To indemnify Indemnitee for any Expenses, judgments, fines or penalties
resulting from Indemnitee’s conduct which is finally adjudged to have been willful
misconduct, knowingly fraudulent, or deliberately dishonest; or

     (v) If a court of competent jurisdiction finally determines that such payment
is unlawful.

     9. Indemnification Hereunder Not Exclusive.
The indemnification and advancement of
Expenses provided by this Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may be entitled under the Certificate of Incorporation or the Bylaws of the Corporation,
any other agreement, any vote of stockholders or disinterested directors, the General and Business
Corporation Law of Missouri, or otherwise, both as to action in Indemnitee’s official capacity and
as to action in another capacity while holding such directorship or office. The indemnification
provided by this Agreement shall continue as to Indemnitee even though Indemnitee may have ceased
to be a director and shall inure to the benefit of Indemnitee’s personal representatives, heirs,
legatees and assigns.

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     10. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the
Corporation for a portion of the Expenses, judgments, fines, or penalties actually and reasonably
incurred by him or her in any Proceeding but not, however, for the total amount thereof, the
Corporation shall nevertheless indemnify Indemnitee for the portion of such Expenses, judgments,
fines, or penalties to which Indemnitee is entitled.

     11. Presumption and Burden of Proof.
In any adjudication, opinion by counsel, or
decision by the Board or shareholders referred to in this Agreement or otherwise that involves the
determination, directly or indirectly, as to whether Indemnitee is entitled to indemnification,
including the advancement of Expenses, there shall be a presumption that Indemnitee is entitled to
indemnification. The Corporation or any other person opposing indemnification shall have the
burden of proof to overcome the presumption in favor of indemnification by clear and convincing
evidence.

     12. Selection of Independent Legal Counsel.
If an opinion of independent legal
counsel shall be required for any purpose under this Agreement, such counsel shall be selected and
appointed by or in a manner determined by the Board. Such selection and appointment shall also be
subject to the consent of Indemnitee, which consent shall not be unreasonably withheld. Nothing
herein shall prohibit the Board from selecting Indemnitee’s defense counsel for this purpose if the
Board determines this to be in the best interest of the Corporation as an appropriate way to
determine the potential liability of Indemnitee.

     13. Settlement of Proceedings.
In the case of a Proceeding by Indemnitee to establish
or enforce a right of Indemnitee under this Agreement, the Corporation shall have the right at any
time during such Proceeding to make the determination that it is in the best interests of the
Corporation to settle the Proceeding, and to pay all or part of the indemnity sought as a part of
such settlement.

     14. Arbitration.If the Corporation makes a determination that Indemnitee is not
entitled to indemnity in connection with a Proceeding, Indemnitee shall have the right to de novo
review of such determination before a panel of arbitrators chosen in accordance with the commercial
arbitration rules of the American Arbitration Association.

     15. Maintenance of Liability Insurance.

          (a) The Corporation hereby covenants and agrees that, as long as Indemnitee continues to serve
as a director of the Corporation and thereafter as long as Indemnitee may be subject to any
Proceeding, the Corporation, subject to subsection (c) of this section, shall maintain in full
force and effect directors’ and officers’ liability insurance (“D&O Insurance”) in reasonable
amounts from established and reputable insurers.

6

 

          (b) In all D&O Insurance policies, Indemnitee shall be named as an insured in such a manner as
to provide the Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Corporation’s directors and officers. Further, in all policies of D&O Insurance,
coverage for Indemnitee shall include but not be limited to the following:

     (i) Claims asserted by the Corporation’s present or past shareholders,
directors, employees, lenders, customers, suppliers, competitors and regulators, as
well as claims in connection with class actions, claims arising out of mergers and
acquisitions and antitrust claims asserted by governmental or private parties; but
the policy may exclude claims by one insured against another insured, except for
employment claims;

     (ii) No exclusion for Indemnitee’s negligence;

     (iii) No exclusion for fraud or deliberate dishonesty, except if there has been
a final adjudication of fraud or dishonesty by a court of competent jurisdiction;

     (iv) Punitive and exemplary damages as well as the multiplied portion of any
damage award; and

     (v) Any and all Expenses, judgments, fines and penalties not indemnifiable
pursuant to this Agreement, the Corporation’s Certificate of Incorporation or
Bylaws, the General Corporation and Business Law of the State of Missouri, or the
laws, rules or regulations of any other jurisdiction or state or federal agency
whose laws, rules or regulations may be applicable.

          (c) Notwithstanding the foregoing, the Corporation shall have no obligation to obtain or
maintain D&O Insurance if and to the extent that the Corporation determines in good faith that such
insurance is not reasonably available, the premium costs for such insurance are disproportionate to
the amount of coverage provided, the coverage provided by such insurance is so limited by
exclusions that it provides an insufficient benefit, or Indemnitee is covered by similar insurance
maintained by a subsidiary of the Corporation.

     16. Miscellaneous.

          (a) Savings Clause. If this Agreement or any portion hereof is invalidated on any
ground by any court of competent jurisdiction, the Corporation shall nevertheless indemnify
Indemnitee to the extent permitted by any applicable portion of this Agreement that has not been
invalidated or by any other applicable law.

          (b) Notice. Indemnitee shall, as a condition precedent to his right to be indemnified
under this Agreement, give to the Corporation notice in writing as soon as practicable of any
Proceeding for which indemnity will or could be sought under this Agreement. Notice to the
Corporation shall be directed to Peak Resorts, Inc., Attention: Stephen J. Mueller or Timothy D.
Boyd, 17409 Hidden Valley Drive, Wildwood, MO 63025 (with a copy to:

7

 

David L. Jones, Esq., Helfrey, Neiers & Jones, P.C., 120 S. Central Ave., Ste. 1500, St.
Louis, MO 63105), or such other address as is then its corporate headquarters, or such other
address as the Corporation shall have designated in writing to Indemnitee at his last known
residence or office address. Notice shall be deemed received three days after the date postmarked
if sent by prepaid mail, properly addressed. In addition, Indemnitee shall give the Corporation
such information and cooperation as it may reasonably require and as shall be reasonably within
Indemnitee’s power.

          (c) Counterparts. This Agreement may be executed in any number of counterparts, all
of which shall be deemed to constitute one and the same instrument.

          (d) Applicable Law. This Agreement shall be governed by, and construed and
interpreted in accordance with, the law of the State of Missouri.

          (e) Successors and Assigns. This Agreement shall be binding upon the Corporation and
its successors and assigns and upon Indemnitee and his personal representatives, heirs, legatees
and assigns.

          (f) Amendments. No amendment, waiver, modification, termination, or cancellation of
this Agreement shall be effective unless in writing signed by both parties hereto. The
indemnification rights afforded to Indemnitee hereby are contract rights and may not be diminished,
eliminated, or otherwise affected by amendments to the Certificate of Incorporation or Bylaws of
the Corporation or by other agreements without the express written agreement of the parties
expressly referring to and consenting to the provision by which such rights will be diminished,
eliminated or otherwise affected.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
signed as of the day and year first above written.

	 	 	 	 	 
	 	Corporation:

PEAK RESORTS, INC.

a Missouri corporation

 	 
	 	By:  	
 	 
	 	 	(Officer Signature) 	 
	 	 	 	 
	 
	 	 	 
	 	Its:  	
 	 
	 	 	(Officer Title) 	 
	 	 	 
	 
	 	Indemnitee:

 	 
	 	
 	 
	 	<DIRECTOR NAME> 	 
	 	 	 
	 

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