Document:

exhibit102.htm

    Exhibit
10.2

    

    

    VOLUNTARY SEPARATION
AGREEMENT AND GENERAL RELEASE

    

    This Voluntary Separation Agreement and
General Release (the “Agreement and Release”) is made and entered into this
23rd
day of September 2008, by and between Jeffrey R. Scheffer (“Scheffer”) and
STANLEY FURNITURE COMPANY, INC., a Delaware corporation (the
“Company”).  The Company and Scheffer previously entered into an
Employment Agreement (the “Employment Agreement”), attached hereto as Exhibit A,
on or about April 9, 2001.  Except as specifically provided herein,
this Agreement and Release supersedes the Employment Agreement.  The
Company and Scheffer have now mutually agreed that it is in the best interest of
both parties that Scheffer terminate his employment in accordance with the terms
of this Agreement and Release.  To assist Scheffer following his
separation from employment, the Company has offered to provide certain benefits
to Scheffer, over and above that to which he is presently entitled, in exchange
for his promises and general release contained in this Agreement and
Release.  Scheffer has voluntarily accepted this offer and Scheffer
and the Company now desire to effect an amicable separation of Scheffer’s
employment.

    

    THEREFORE, IN CONSIDERATION of the
mutual promises and releases contained in this Agreement and Release, IT IS
AGREED THAT:

    

    1. Termination
Date.  Scheffer hereby resigns as President and Chief Executive
Officer of the Company, and acknowledges his termination as a Company employee,
effective as of September 23, 2008 (the “Termination Date”).

    

    2. Resignation as
Director.  Scheffer agrees to submit his resignation as a
Director of the Company, its affiliates, and/or its subsidiaries, effective as
of Effective Date of this Agreement and Release.

    

    3. Acknowledgement of Adequate
Consideration.  Scheffer agrees and acknowledges that the
compensation and benefits provided under this Agreement and Release are adequate
and sufficient and in excess of what he would otherwise be entitled to receive
from the Company as a result of termination of his employment.

    

    4. Payment to
Scheffer.  The Company shall pay Scheffer (or his estate) the
gross sum of $1,000,000 (the “Payment”) in one lump sum on the first day of the
seventh month following Scheffer’s “separation from service” with the Company
within the meaning of Treasury Regulation Section 1.409A-1(h).  The
Payment shall be treated as wages for purposes of federal and state taxation and
withholding but shall not be considered as compensation for purposes of any
employee benefit plans sponsored by the Company.

    

    5. COBRA.  Eligibility
for health care continuation coverage under the Consolidated Budget
Reconciliation Act of 1985, as amended (“COBRA”), will not be altered by this
Agreement and Release.

    

    6. Confidential
Information.  Scheffer agrees and acknowledges that the
Confidential Information provision of the Employment Agreement (Exhibit A, § 6c)
shall remain in full force and effect.  The Company agrees and
acknowledges that the remaining provisions of the Employment Agreement,
including the Non-competition Restriction provision of the Employment Agreement
(Exhibit A, § 6a), do not remain in effect.

    

    7. Non-Solicitation.  Scheffer
agrees and acknowledges that, except with the prior consent in writing of the
Company, for twenty-four (24) months following the Effective Date of this
Agreement and Release, Scheffer shall not directly or indirectly hire or employ
in any capacity or solicit the employment of or offer employment to or entice
away or in any other manner persuade or attempt to persuade any person (i)
employed by the Company or any of its subsidiaries to leave the employ of any of
them, or (ii) who is an independent sales representative for the Company to
terminate such person's status as an independent sales
representative.

    

    8. Releases.  In
exchange and in consideration for the promises, obligations, and agreements of
the Company contained herein, which Scheffer agrees and acknowledges are
adequate and sufficient consideration, Scheffer, on behalf of his agents,
representatives, attorneys, assigns, heirs, executors, and administrators,
hereby releases and forever discharges the Company, and all its past and present
parent companies, affiliates, subsidiaries, divisions, officers, members,
employees, partners, directors, shareholders, agents, attorneys,
representatives, predecessors, successors, transferees, and assigns, as well as
all of their past and present directors, shareholders, partners, employees,
members, agents, representatives, and attorneys (collectively referred to as the
“ Company Releasees”) from any and all causes of action, remedies, or claims of
any type Scheffer now has, or ever has had, as of any day hereof, or at any time
prior to the date hereof, arising out of his employment with the Company or
otherwise, including, but not limited to: (a) all claims for employment
discrimination or retaliation under the Virginia Human Rights Act, Va. Code §
2.2-3900 et seq., Title
VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the
Rehabilitation Act of 1973, the Civil Rights Act of 1866, the Americans With
Disabilities Act, the Family Medical Leave Act, the Age Discrimination in
Employment Act, ERISA Virginia Equal Pay Irrespective of Sex Act, Va. Code §
40.1-28.6 et seq., the
Federal Equal Pay Act and the Fair Labor Standards Act (or any other federal or
state statute relating to employment, discrimination, retaliation or wages); (b)
all claims for wages, compensation, vacation pay, sick pay, compensatory time,
commissions, or benefits including but not limited to those arising under any
state or federal wage and hour law, ERISA, ERISA benefit plan or policy,
Virginia wage payment laws, Va. Code § 40.1-29; and (c) all claims arising under
the common law of any state which relate to or arise out of Scheffer’s
employment or the termination of his employment including, but not limited to,
claims relating to the Employment Contract (Exhibit A), or any other employment
contracts, promissory estoppel, wrongful discharge, defamation, intentional or
negligent infliction of emotional distress, wrongful termination of benefits,
and wrongful denial of wages and/or commissions (but excluding claims that
cannot legally be released).

    

    Scheffer
covenants and agrees never to institute directly or indirectly any action or
proceeding of any kind against the Company Releasees related to or arising out
of any claim released herein.  Further, Scheffer releases and forever
discharges the Company and all other Company Releasees from any and all other
demands, claims, causes of action, obligations, agreements, promises,
representations, damages, suits, and liabilities whatsoever, both known and
unknown, in law or in equity, which he has or may have as of the date of this
Agreement; provided that notwithstanding the foregoing, nothing in this
Agreement and Release  precludes Scheffer from filing an
administrative charge of discrimination or an administrative charge within the
jurisdiction of the Equal Employment Opportunity Commission (“EEOC”) or National
Labor Relations Board, or from filing a charge or communicating with any
federal, state or local government office, official or
agency.  Scheffer promises never to seek or accept any damages,
remedies, or other relief for himself personally (any right to which Scheffer
hereby waives and promises never to accept) with respect to any claim included
in this Paragraph 8 of this Agreement and Release, in any proceeding, including,
but not limited to, any EEOC proceeding.  Scheffer warrants and
represents that, as of the date of execution of this Agreement, Scheffer is not
aware of any violations of law by the Company or any of the Company Releasees
and has not filed any such charge or complaint.

    

    Scheffer
has read and understands this Agreement and Release and acknowledges that he was
given twenty-one (21) days to consider the terms of the Agreement and Release
and to decide whether to sign the Agreement and Release.  Scheffer
also acknowledges that he was advised, in writing, to carefully consider the
Agreement and Release and to consult with an attorney before signing
it.  Scheffer understands that he may revoke this Agreement and
Release within seven (7) days of its execution by notifying the Company of that
decision, in writing, within the seven (7) day revocation period.  The
Agreement and Release will not become effective until after such seven (7) day
revocation period has expired (the “Effective Date”).  Scheffer agrees
and acknowledges that he has voluntarily signed this Agreement and Release with
the full knowledge of its terms and conditions, which are final and binding upon
him and upon the Company.

    

     In
exchange and in consideration for the promises, obligations, and agreements of
Scheffer contained herein, which the Company agrees and acknowledges are
adequate and sufficient consideration, the Company, on behalf of its past and
present parent companies, affiliates, subsidiaries, divisions, officers,
members, employees, partners, directors, shareholders, agents, attorneys,
representatives, predecessors, successors, transferees, and assigns, as well as
all of their past and present directors, shareholders, partners, employees,
members, agents, representatives, and attorneys hereby releases and forever
discharges Scheffer, and all his agents, representatives, attorneys, assigns,
heirs, executors, and administrators (collectively referred to as the “Scheffer
Releasees”) from any and all causes of action, remedies, or claims of any type
the Company now has, or ever has had, as of any day hereof, or at any time prior
to the date hereof, arising out of Scheffer’s employment with the Company or
otherwise.

    

    The
Company covenants and agrees never to institute directly or indirectly any
action or proceeding of any kind against the Scheffer Releasees related to or
arising out of any claim released herein.  Further, the Company
releases and forever discharges Scheffer and all other Scheffer Releasees from
any and all other demands, claims, causes of action, obligations, agreements,
promises, representations, damages, suits, and liabilities whatsoever, both
known and unknown, in law or in equity, which it has or may have as of the date
of this Agreement.

    

    9. No Assignment of
Claims.  Scheffer represents and warrants that he has not
assigned any of the claims described in Paragraph 8, above, and that he has not
authorized any other person or entity to assert any such claim on his
behalf.

    

    10. Binding
Effect.  This Agreement and Release shall be binding upon and
inure to the benefit of Scheffer, the Company and their respective
representatives, predecessors, heirs, successors, and assigns.

    

    11. Non-Disparagement.  Scheffer
agrees that, in discussing his relationship with the Company, or the Company
generally, he will not disparage, discredit, or otherwise treat the Company, its
officers or employees, in a detrimental way or in any way that would interfere
with the Company’s business.  The Company agrees that, in discussing
its relationship with Scheffer, or Scheffer generally, the Company and its
officers will not disparage, discredit, or otherwise treat Scheffer in a
detrimental way.

    

    12. Applicable
Law.  The Company and Scheffer agree that this Agreement and
Release shall be interpreted, applied, and enforced in Virginia courts in
accordance with Virginia law.

    

    13. Entire
Agreement.  This instrument constitutes and contains the entire
Agreement and Release between the parties concerning Scheffer’s employment with
the Company and the termination thereof, and supersedes all prior agreements
(including, but not limited to, the Employment Agreement, except as specified
herein), negotiations, proposed agreements, and understandings, if any, between
the parties.  No other promises or agreements shall be binding unless
signed by the parties contemporaneously with, or after signing this Agreement
and Release, and supported by adequate consideration.

    

    14. Severability.  In
the event that any provision(s) of this Agreement and Release is found or held
to be invalid or unenforceable, the remaining provisions of the Agreement and
Release shall, nevertheless, continue to be valid and enforceable as though the
invalid and unenforceable provision(s) had not been included
herein.

    

    15. Counterparts.  This
Agreement and Release may be executed in one or more counterparts, each and all
of which shall constitute, and shall be construed as a single original
instrument upon execution, delivery and exchange of such signed counterparts by
and among the parties hereto.  A fully executed copy of this Agreement
and Release may be used with the same force and effect as the original of this
Agreement and Release, and in the event this Agreement and Release is signed by
a party and delivered to the other via facsimile, the transmitting party intends
to be bound by the facsimile signatures thereon as if an original.

    

    16. Headings.  The
headings contained in this Agreement and Release are inserted for convenience
only and are not to be considered in the construction of provisions
herein.

    

    17. Voluntary Execution of
Agreement Authority;  By signing below, the parties indicate
that they: (a) have carefully read and understand the terms of this Agreement
and Release; (b) are entering into the Agreement and Release knowingly,
voluntarily, and of their own free will; and (c) understand its terms and
significance and intend to abide by its provisions without
exception.  Scheffer represents and warrants that he has the capacity
to enter into this Agreement and Release and that he is voluntarily and
willingly consenting to this Agreement and Release. The Company represents and
warrants that the signatory for the Company is executing this Agreement and
Release under authority granted to him/her by the Company, that he/she has the
power and authority to bind the Company to the terms of this Agreement and
Release, and that the Company is voluntarily and willingly consenting to this
Agreement and Release.

    

    

    

    s/Jeffrey R.
Scheffer                                                                                                            9/23/08                                

    Jeffrey
R.
Scheffer                                                                                                                       
 Date

    

    

    

    Accepted
for STANLEY FURNITURE COMPANY, INC.:

    

    By:           s/Douglas I.
Payne          

    

    

    Title:      
  Executive
Vice President – Finance and Administration

    

    

    Date:         9/23/08

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
A

    

    Employment
Agreement

    

    [Employment Agreement made as of April
9, 2001 between Jeffrey R. Scheffer and Stanley Furniture Company, Inc. is filed
as Exhibit 10.1 to the Stanley Furniture Company, Inc. Form 10-Q (Commission
File No. 014938) for the quarter ended June 30, 2001 and is incorporated herein
by reference.]exhibit4_1d.htm

    
      

    

    Exhibit
4.1(d)

     

    SUPPLEMENTAL
INDENTURE

     

    Dated as
of April 26, 2007

     

    to

     

    INDENTURE

     

    Dated as
of January 29, 2004

     

    among

     

    VAIL
RESORTS, INC., as Issuer,

     

    the
Guarantors named therein, as Guarantors,

     

    and

     

    THE BANK
OF NEW YORK, as Trustee

     

    ____________________

     

    6 3/4 %
Senior Subordinated Notes due 2014

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SUPPLEMENTAL
INDENTURE, dated as of April 26, 2007, among Vail Resorts, Inc., a Delaware
corporation (the “Issuer”), the
Guarantors named on the signature pages hereto (the “Guarantors”), the
Additional Guarantors named on the signature pages hereto (collectively the
“Additional
Guarantors”), and The Bank of New York, as Trustee (the “Trustee”).

     

    WHEREAS,
the Issuer and the Guarantors have heretofore executed and delivered to the
Trustee an Indenture dated as of January 29, 2004 (the “Indenture”) providing
for the issuance of $390,000,000 aggregate principal amount of 6 3/4%
Senior Subordinated Notes due 2014 of the Company (the “Notes”);
and

     

    WHEREAS,
subsequent to the execution of the Indenture and the issuance of $390,000,000
aggregate principal amount of the Notes, each of the Additional Guarantors has
become a guarantor under the Credit Agreement; and

     

    WHEREAS,
pursuant to and as contemplated by Sections 4.18 and 9.01 of the Indenture, the
parties hereto desire to execute and deliver this Supplemental Indenture for the
purpose of providing for each Additional Guarantor to expressly assume all the
obligations of a Guarantor under the Notes and the Indenture;

     

    NOW,
THEREFORE, in consideration of the above premises, each party agrees, for the
benefit of the other and for the equal and ratable benefit of the Holders of the
Notes, as follows:

     

     

    I.

     

     

    

     

     

    ASSUMPTION
OF GUARANTEES

     

    Each
Additional Guarantor, as provided by Section 4.18 of the Indenture, jointly and
severally, hereby unconditionally expressly assumes all of the obligations of a
Guarantor under the Notes and the Indenture to the fullest as set forth in
Article 12 of the Indenture; and each Additional Guarantor may expressly
exercise every right and power of a Guarantor under the Indenture with the same
effect as if it had been named a Guarantor therein.

     

     

    II.

     

     

    

     

     

    MISCELLANEOUS
PROVISIONS

     

    A.                      Terms
Defined.

     

    For all
purposes of this Supplemental Indenture, except as otherwise defined or unless
the context otherwise requires, terms used in capitalized form in this
Supplemental Indenture and defined in the Indenture have the meanings specified
in the Indenture.

     

    B.                      Indenture.

     

    Except as
amended hereby, the Indenture and the Notes are in all respects ratified and
confirmed and all the terms shall remain in full force and effect.

     

    C.                      Governing
Law.

     

    THIS
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND
PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAWS.

     

    D.                      Successors.

     

    All
agreements of the Company, the Guarantors and the Additional Guarantors in this
Supplemental Indenture, the Notes and the Guarantees shall bind their respective
successors.  All agreements of the Trustee in this Supplemental
Indenture shall bind its successors.

     

    E.                      Duplicate
Originals.

     

    The
parties may sign any number of copies of this Supplemental
Indenture.  Each signed copy shall be an original, but all of them
together shall represent the same agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SIGNATURES

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to
be duly executed, all as of the date first written above.

     

    ISSUER:

     

    
      	
               
      

            	
              VAIL
      RESORTS, INC.

            

    

     

    By:/s/ Martha D.
Rehm

                              Name:Martha D. Rehm

                                                                                 
Title:  Executive Vice President and Secretary

     

    
      	
               
      

            	
              GUARANTORS:

            

    

     

    BEAVER
CREEK ASSOCIATES, INC.

    BEAVER
CREEK CONSULTANTS, INC.

    BEAVER
CREEK FOOD SERVICES, INC.

    BRECKENRIDGE
RESORT PROPERTIES, INC.

    COMPLETE
TELECOMMUNICATIONS, INC.

    GILLETT
BROADCASTING, INC.

    GRAND
TETON LODGE COMPANY

    HEAVENLY
VALLEY, LIMITED PARTNERSHIP

    JACKSON
HOLE GOLF AND TENNIS CLUB, INC.

    JHL&S
LLC

    KEYSTONE
CONFERENCE SERVICES, INC.

    KEYSTONE
DEVELOPMENT SALES, INC.

    KEYSTONE
FOOD AND BEVERAGE COMPANY

    KEYSTONE
RESORT PROPERTY MANAGEMENT

         COMPANY

    LODGE
PROPERTIES, INC.

    LODGE
REALTY, INC.

    PROPERTY
MANAGEMENT ACQUISITION CORP.,

         INC.

    ROCKRESORTS
CASA MADRONA, LLC

    ROCKRESORTS
CHEECA, LLC

    ROCKRESORTS
CORDILLERA LODGE

         COMPANY,
LLC

    ROCKRESORTS
EQUINOX, INC.

    ROCKRESORTS
INTERNATIONAL, LLC

    ROCKRESORTS,
LLC

    ROCKRESORTS
LA POSADA, LLC

    ROCKRESORTS
ROSARIO, LLC

    ROCKRESORTS
WYOMING, LLC

    SOHO
DEVELOPMENT, LLC

    SSV
HOLDINGS, INC.

    TETON
HOSPITALITY SERVICES, INC.

    THE VAIL
CORPORATION

    THE
VILLAGE AT BRECKENRIDGE ACQUISITION

         CORP.,
INC.

    VAIL
ASSOCIATES HOLDINGS, LTD.

    VAIL
ASSOCIATES REAL ESTATE, INC.

    VAIL FOOD
SERVICES, INC.

    VAIL
HOLDINGS, INC.

    VAIL
HOTEL MANAGEMENT COMPANY, LLC

    VAIL
RESORTS DEVELOPMENT COMPANY

    VAIL
SUMMIT RESORTS, INC.

    VAIL
TRADEMARKS, INC.

    VAIL/ARROWHEAD,
INC.

    VAIL/BEAVER
CREEK RESORT PROPERTIES,

         INC.

    VAMHC,
INC.

    VAIL RR,
INC.

    VA RANCHO
MIRAGE I, INC.

    VA RANCHO
MIRAGE II, INC.

    VA RANCHO
MIRAGE RESORT, L.P.

    VR
HEAVENLY I, INC.

    VR
HEAVENLY II, INC.

    

    

     

    Each by
its authorized officer or signatory:

     

    

    By:/s/ Martha D.
Rehm

    Name:Martha
D. Rehm

    Title:Executive
Vice President of each Guarantor
listed above

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ADDITIONAL
GUARANTORS:

     

    ROCKRESORTS
ELEVEN BISCAYNE, LLC

    ROCKRESORTS
ARRABELLE, LLC

    GRAND
CANYON LODGE COMPANY NORTH RIM

    NATIONAL
PARK HOSPITALITY COMPANY

    

    

    By:/s/ Martha D.
Rehm

    Name:Martha
D. Rehm

    Title:Executive
Vice President of each Additional
Guarantor listed above

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              TRUSTEE:

            

    

     

    
      	
               
      

            	
              THE
      BANK OF NEW YORK, as Trustee

            

    

     

     

    By:/s/ Van K.
Brown

                                 Name:Van K.
Brown

                                 Title: Vice
President

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