Document:

exhibit10_17.htm

    
      
        

      

      Exhibit
10.17

       

      

       

      VAIL
RESORTS, INC.

       

      FORM
OF RESTRICTED SHARE [UNIT] AGREEMENT

       

      THIS
AGREEMENT, dated as of [date], is between Vail Resorts, Inc., a Delaware
corporation (the “Company”), and [name of employee] (the
“Employee”).

       

      WHEREAS,
the Employee has been granted the following award under the Company’s Amended
and Restated 2002 Long Term Incentive and Share Award Plan (the
“Plan”);

       

      NOW,
THEREFORE, in consideration of the premises and mutual covenants contained
herein, and for other good and valuable consideration, the parties hereto agree
as follows.

       

      Award of
Shares.  Pursuant to the provisions of the Plan, the terms of
which are incorporated herein by reference, the Employee is hereby awarded
[number of shares][number of units] [Restricted Shares][Restricted Share Units]
(the “Award”), subject to the terms and conditions of the Plan and those herein
set forth.  The Award is granted as of [date] (the “Date of Grant”).
Capitalized terms used herein and not defined shall have the meanings set forth
in the Plan. In the event of any conflict between this Agreement and the Plan,
the Plan shall control.

       

      Terms and
Conditions.  It is understood and agreed that the Award of
[Restricted Shares] [Restricted Share Units] evidenced hereby is subject to the
following terms and conditions:

       

      Vesting of
Award.  Subject to Section 2(b) below and the other terms and
conditions of this Agreement, this Award shall become vested in three equal
annual installments, commencing on the first anniversary of the Date of Grant
and continuing on each of the following two anniversaries of the Date of Grant.
[RS: Unless otherwise provided by the Committee, all dividends and other amounts
receivable in connection with any adjustments to the Shares under Section 4(c)
of the Plan shall be subject to the vesting schedule in this Section
2(a).]

       

      Notwithstanding
any provision of this Agreement to the contrary, in the event of a Change in
Control (as such term is defined below), this Award, if not already vested under
this Section 2(a), will vest in full at the time of the Change in
Control.  For purposes of this Agreement, “Change in Control” shall
mean an event or series of events by which:

       

      (i)  any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act, but excluding any employee benefit plan of such person or its
subsidiaries, and any person or entity acting in its capacity as trustee, agent,
or other fiduciary or administrator of any such plan) becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of 35% or more of the equity securities of the Company entitled to
vote for members of the Board or equivalent governing body of the Company on a
fully-diluted basis; or

       

      (ii)  during
any period of twenty four (24) consecutive months, a majority of the members of
the Board or other equivalent governing body of the Company cease to be composed
of individuals (1) who were members of that Board or equivalent governing body
on the first day of such period, (2) whose election or nomination to that Board
or equivalent governing body was approved by individuals referred to in clause
(1) above constituting at the time of such election or nomination at least a
majority of that Board or equivalent governing body, or (3) whose election or
nomination to that Board or other equivalent governing body was approved by
individuals referred to in clauses (1) and (2) above constituting at the time of
such election or nomination at least a majority of that Board or equivalent
governing body (excluding, in the case of both clause (2) and clause (3), any
individual whose initial nomination for, or assumption of office as, a member of
that Board or equivalent governing body occurs as a result of an actual or
threatened solicitation of proxies or consents for the election or removal of
one or more directors by any person or group other than a solicitation for the
election of one or more directors by or on behalf of the Board); or

       

      (iii)  any
person or two or more persons acting in concert shall have acquired, by contract
or otherwise, control over the equity securities of the Company entitled to vote
for members of the Board or equivalent governing body of the Company on a
fully-diluted basis (and taking into account all such securities that such
person or group has the right to acquire pursuant to any option right)
representing 51% or more of the combined voting power of such securities;
or

       

      (iv)                      the
Company sells or transfers (other than by mortgage or pledge) all or
substantially all of its properties and assets to, another “person” or “group”
(as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act).

       

      Termination of Service;
Forfeiture of Unvested Shares;
Death.  In the event of a termination of the Employee’s
employment with the Company and its Subsidiaries prior to the date that the
Award otherwise becomes vested, the unvested portion of the Award shall
immediately be forfeited by the Employee and become the property of the
Company.  Notwithstanding the foregoing,
if your employment with the Company and/or its Subsidiaries terminates as a
result of your death, then this Award, if not already vested under Section 2(a),
will vest in full as of the date of death.

       

      [RS: Certificates.  Each
certificate or other evidence of ownership issued in respect of Restricted
Shares awarded hereunder shall be deposited with the Company, or its designee,
together with, if requested by the Company, a stock power executed in blank by
the Employee, and shall bear a legend disclosing the restrictions on
transferability imposed on such Restricted Shares by this Agreement (the
“Restrictive Legend”).  Upon the vesting of Restricted Shares pursuant
to Section 2(a) hereof and the satisfaction of any withholding tax liability
pursuant to Section 5 hereof, the certificates evidencing such vested Shares,
not bearing the Restrictive Legend, shall be delivered to the Employee or other
evidence of vested Shares shall be provided to the Employee.]

       

      [RSU:  Delivery. Upon the
vesting of Restricted Share Units pursuant to Section 2(a) hereof and the
satisfaction of any withholding tax liability pursuant to Section 5 hereof, the
certificates evidencing the Shares to which the vested Restricted Share Units
relate shall be delivered to the Employee or other evidence of the Shares shall
be provided to the Employee.  In the
event of your death and the vesting of this Award pursuant to Section 1(b)
above, the Shares shall be delivered to the executor or administrator of your
estate or to the person or persons to whom your rights under this Agreement
shall pass by will or by the laws of intestate succession.]

       

      [RS:  Rights of a
Stockholder.  Prior to the time a Restricted Share is fully
vested hereunder, the Employee shall have no right to transfer, pledge,
hypothecate or otherwise encumber such Restricted Share.  During such
period, the Employee shall have all other rights of a stockholder, including,
but not limited to, the right to vote and to receive dividends (subject to
Section 2(a) hereof) at the time paid on such Restricted Shares.]

       

      [RSU:  Rights of a
Stockholder.  The Employee shall have no right to transfer,
pledge, hypothecate or otherwise encumber the Restricted Share Units. The
Employee shall not have the rights of a stockholder with respect to the
Restricted Share Units, including the right to receive dividends.]

       

      No Right to Continued
Employment.  This Award shall not confer upon the Employee any
right with respect to continuance of employment by the Company nor shall this
Award interfere with the right of the Company to terminate the Employee’s
employment at any time.

       

      Transfer of
Shares.  The Shares delivered hereunder, or any interest
therein, may be sold, assigned, pledged, hypothecated, encumbered, or
transferred or disposed of in any other manner, in whole or in part, only in
compliance with the terms, conditions and restrictions as set forth in the
governing instruments of the Company, applicable federal and state securities
laws or any other applicable laws or regulations and the terms and conditions
hereof.

       

      Expenses of Issuance of
Shares.  The
issuance of stock certificates hereunder shall be without charge to the
Employee.  The Company shall pay any issuance, stamp or documentary
taxes (other than transfer taxes) or charges imposed by any governmental body,
agency or official (other than income taxes) by reason of the issuance of
Shares.

       

      [RS:  Withholding.  No
later than the date of vesting of (or the date of an election by the Employee
under Section 83(b) of the Code with respect to) the Award granted hereunder,
the Employee shall pay to the Company or make arrangements satisfactory to the
Committee regarding payment of any federal, state or local taxes of any kind
required by law to be withheld at such time with respect to such Award and the
Company shall, to the extent permitted or required by law, have the right to
deduct from any payment of any kind otherwise due to the Employee, federal,
state and local taxes of any kind required by law to be withheld at such
time.  The Employee may elect to have the Company withhold Shares to
pay any applicable withholding taxes resulting from the Award, in accordance
with any rules or regulations of the Committee then in effect.]

       

      [RSU:  Withholding. No later
than the date of delivery of Shares pursuant to Section 2(c) hereunder, the
Employee shall pay to the Company or make arrangements satisfactory to the
Committee regarding payment of any federal, state or local taxes of any kind
required by law to be withheld at such time with respect to the Award and the
Company shall, to the extent permitted or required by law, have the right to
deduct from any payment of any kind otherwise due to the Employee, federal,
state and local taxes of any kind required by law to be withheld at such time.
The Employee may elect to have the Company withhold Shares to pay any applicable
withholding taxes resulting from the Award, in accordance with any rules or
regulations of the Committee then in effect.]

       

      References.  References
herein to rights and obligations of the Employee shall apply, where appropriate,
to the Employee’s legal representative or estate without regard to whether
specific reference to such legal representative or estate is contained in a
particular provision of this Agreement.

       

      Notices.  Any
notice required or permitted to be given under this Agreement shall be in
writing and shall be deemed to have been given when delivered personally or by
courier, or sent by certified or registered mail, postage prepaid, return
receipt requested, duly addressed to the party concerned at the address
indicated below or to such changed address as such party may subsequently by
similar process give notice of:

       

      
        	
                If
      to the Company:

              	
                Vail
      Resorts, Inc.

              

      

      
        	
                 
      

              	
                390
      Interlocken Crescent

              

      

      
        	
                 
      

              	
                Suite
      1000

              

      

      
        	
                 
      

              	
                Broomfield,
      Colorado 80021

              

      

      
        	
                 
      

              	
                Attention:
      General Counsel

              

      

       

       

      
        	
                If
      to the Employee:

              	
                At
      the Employee’s most recent address shown on the Company’s corporate
      records, or at any other address which the Employee may specify in a
      notice delivered to the Company in the manner set forth
      herein.

              

      

       

       

      [RSU:
Adjustments.  In
the event that the Committee shall determine that any dividend in Shares,
recapitalization, Share split, reverse split, reorganization, merger,
consolidation, spin-off, combination, repurchase, share exchange, or other
similar corporate transaction or event affects the Shares such that an
adjustment is appropriate in order to prevent dilution or enlargement of your
rights under this Award, then the Committee shall make such equitable changes or
adjustments as it deems appropriate and adjust, in such manner as it deems
equitable, including, without limitation, the number and kind of Shares, other
securities or other consideration issued or issuable with respect to this Award.
In the event that the Company shall declare an extraordinary cash dividend, then
the Committee shall in its discretion either (i) pay you cash when and as your
RSUs vest in an amount equal to the number of RSUs vested multiplied by the per
share amount of such extraordinary cash dividend; or (ii) make such other
adjustment as the Committee determines would provide you a substantially similar
benefit.]

       

      Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Colorado, without giving effect to
principles of conflict of laws.

       

      Counterparts.  This
Agreement may be executed in two counterparts, each of which shall constitute
one and the same instrument.

       

      

       

      (Signature
Page Follows)

       

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first above written.

       

      VAIL
RESORTS, INC.

       

      By:

      Name:

      Title:

      

      

      

      

      EMPLOYEE:

      

      

      

      

                                                                            

      [Typewritten
Name of Employee]exhibit10_18.htm

    
      
        

      

      Exhibit
10.18

       

      

       

      FORM OF
SHARE APPRECIATION RIGHTS AGREEMENT

       

      

       

      [Employee
Name]

      [Address]

      [City,
State, Zip]

      

      RE:  Grant
of Share Appreciation Rights

       

      Dear
[Name of Employee]:

       

      Vail
Resorts, Inc. (the “Company”) is pleased to confirm that you were granted an
award of Share Appreciation Rights on [date] (the “Grant Date”) on the terms set
forth herein and pursuant to the Company’s Amended and Restated 2002 Long Term
Incentive and Share Award Plan (the “Plan”), the terms of which are incorporated
herein by reference. Capitalized terms used and not defined herein have the
meanings set forth in the Plan.

       

      1.
Share Appreciation Rights Terms.

       

      (a)  Grant.  On
the Grant Date you were granted Share Appreciation Rights with respect to
[Number] shares of the Company’s common stock, $0.01 par value per share (the
“SAR Shares”), at an exercise price per Share Appreciation Right equal to
[Amount] (the “Exercise Price”).  Your Share Appreciation Rights will
expire at the close of business on the tenth anniversary of the Grant Date (the
“Expiration Date”), subject to earlier expiration in connection with the
termination of your employment as provided below.

       

      (b)  Exercisability/Vesting.  Your
Share Appreciation Rights will be exercisable only to the extent they have
vested. Your Share Appreciation Rights will be vested with respect to
[Percentage Amount]% of the SAR Shares (rounded to the nearest whole share) on
each of the [____, through ______] anniversaries of the Grant Date, if and only
if you have been continuously employed by the Company and/or its Subsidiaries
from the date of this Agreement through such dates.  Upon the
termination of your employment for any reason, by you or by the Company and/or
its Subsidiaries, with or without cause, all of your unvested Share Appreciation
Rights shall expire and be of no further force or effect. Any such termination
shall not affect your vested Share Appreciation Rights, which shall remain
exercisable pursuant to paragraph 1(d) below.

       

      (c)  Change in
Control.

       

      (i)  As
used in this Agreement, “Change in Control” shall mean an event or series of
events by which:

       

      (A)  any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act, but excluding any employee benefit plan of such person or its
subsidiaries, and any person or entity acting in its capacity as trustee, agent,
or other fiduciary or administrator of any such plan) becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of 35% or more of the equity securities of the Company entitled to
vote for members of the Board or equivalent governing body of the Company on a
fully-diluted basis; or

      

      (B)  during
any period of twenty four (24) consecutive months, a majority of the members of
the Board or other equivalent governing body of the Company cease to be composed
of individuals (1) who were members of that Board or equivalent governing body
on the first day of such period, (2) whose election or nomination to that Board
or equivalent governing body was approved by individuals referred to in clause
(1) above constituting at the time of such election or nomination at least a
majority of that Board or equivalent governing body, or (3) whose election or
nomination to that Board or other equivalent governing body was approved by
individuals referred to in clauses (1) and (2) above constituting at the time of
such election or nomination at least a majority of that Board or equivalent
governing body (excluding, in the case of both clause (2) and clause (3), any
individual whose initial nomination for, or assumption of office as, a member of
that Board or equivalent governing body occurs as a result of an actual or
threatened solicitation of proxies or consents for the election or removal of
one or more directors by any person or group other than a solicitation for the
election of one or more directors by or on behalf of the Board); or

      

      (C) any
person or two or more persons acting in concert shall have acquired, by contract
or otherwise, control over the equity securities of the Company entitled to vote
for members of the Board or equivalent governing body of the Company on a
fully-diluted basis (and taking into account all such securities that such
person or group has the right to acquire pursuant to any option right)
representing 51% or more of the combined voting power of such securities;
or

      

      (D) the
Company sells or transfers (other than by mortgage or pledge) all or
substantially all of its properties and assets to, another “person” or “group”
(as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act).

      

      (ii)  Notwithstanding
any provision of this Agreement to the contrary, in the event of a Change in
Control, your Share Appreciation Rights, if not already vested under Section
1(b) above, will vest in full at the time of the Change in Control.

       

      (iii)  In
connection with the Change in Control, the Company may, on not less than 20
days’ notice to you, provide that any portion of your Share Appreciation Rights
which have not been exercised prior to or in connection with the Change in
Control will be forfeited.  In lieu of requiring such exercise, the
Company may provide for the cancellation of your Share Appreciation Rights in
exchange for a payment equal to the excess (if any) of the consideration per
share of common stock receivable in connection with such Change in Control over
the Exercise Price, which amount, plus accrued interest thereon, shall be paid
to you in accordance with the terms of the Change in Control.

       

      (d)  Termination of Share
Appreciation Rights.  In no event shall any part of your Share
Appreciation Rights be exercisable after the Expiration Date set forth in
paragraph 1(a). If your employment with the Company and/or its Subsidiaries
terminates for any reason, that portion of your Share Appreciation Rights that
is not vested and exercisable on the date of termination of your employment
shall expire and be forfeited. The portion of your Share Appreciation Rights
that is vested and exercisable on the date of such termination shall, to the
extent not theretofore exercised, expire on the 90th day after such date of
termination.

       

      (e)  Exercisability/Vesting
in Event of Death.  Notwithstanding any provision of this Agreement to
the contrary, if your employment with the Company and/or its Subsidiaries
terminates as a result of your death, then your Share Appreciation Rights, if
not already vested under Section 1(b) above, will vest in full as of the date of
death and may be exercised by the persons described in Section 4 below, but only
within the period ending on the earlier of (1) the date [twelve (12)] months following
the date of death or (2) the Expiration Date set forth in paragraph
1(a).  If, after death, the Share Appreciation Rights are not
exercised within the time specified herein, the Share Appreciation Rights shall
expire and be forfeited.

       

      2.
Procedure for Share Appreciation Rights Exercise.

       

      You may,
at any time or from time to time, to the extent permitted hereby, exercise all
or any portion of your vested portion of your Share Appreciation Rights by
delivering, to the attention of the Company’s General Counsel at the address set
forth in paragraph 9 below, written notice to the Company of the number of Share
Appreciation Rights to be exercised.  The Company may delay
effectiveness of any exercise of your Share Appreciation Rights for such period
of time as may be necessary to comply with any legal or contractual provisions
to which it may be subject relating to the issuance of its securities, it being
understood that such exercise shall be effective immediately upon completion of
such compliance notwithstanding the occurrence of the Expiration
Date.

       

      3.
Payment for Share Appreciation Rights.

       

      Upon your
exercise of the Share Appreciation Rights, the Company shall pay you in SAR
Shares an amount equal to the quotient of (i) the product of (x) the positive
difference (if any) between the Fair Market Value of a SAR Share on the exercise
date and the Exercise Price, multiplied by (y) the number of Share Appreciation
Rights being exercised, divided by (ii) the Fair Market Value of a SAR Share on
the exercise date, rounded down to the nearest whole share. Any fractional SAR
Shares shall be forfeited.

       

      4.
Share Appreciation Rights Not Transferable.

       

      Your
Share Appreciation Rights are personal to you and are not transferable by you,
other than by will or by the laws of descent and distribution. During your
lifetime, only you (or your guardian or legal representative) may exercise your
Share Appreciation Rights. In the event of your death, your Share Appreciation
Rights may be exercised only by the executor or administrator of your estate or
the person or persons to whom your rights under the Share Appreciation Rights
shall pass by will or by the laws of intestate succession.

       

      5.
Conformity with Plan.

       

      Your
Share Appreciation Rights are intended to conform in all respects with, and are
subject to, all applicable provisions of the Plan, the terms and conditions of
which are incorporated herein by reference. Any inconsistencies between this
Agreement and the Plan shall be resolved in accordance with the Plan. By
executing and returning a copy of this Agreement, you acknowledge your receipt
of this Agreement and the Plan and agree to be bound by all the terms of this
Agreement and the Plan.

       

      6.
Rights of Participants.

       

      Nothing
in this Agreement shall interfere with or limit in any way the right of the
Company and/or its Subsidiaries to terminate your employment at any time (with
or without cause), or confer upon you any right to continue in the employ of the
Company and/or its Subsidiaries for any period of time or to continue to receive
your current (or other) rate of compensation, Nothing in this Agreement shall
confer upon you any right to be selected to receive additional awards under the
Plan or otherwise.

       

      7.
Withholding of Taxes.

       

      The
Company may, if necessary or desirable, withhold from any amounts due and
payable to you by the Company or a Subsidiary (or secure payment from you in
lieu of withholding) the amount of any withholding or other tax due from the
Company or Subsidiary with respect to the issuance or exercise of your Share
Appreciation Rights, and the Company may defer such issuance or exercise unless
indemnified by you to its satisfaction against the payment of any such
amount.

       

      8.
Adjustments.

       

      In the
event that the Committee shall determine that any dividend in Shares,
recapitalization, Share split, reverse split, reorganization, merger,
consolidation, spin-off, combination, repurchase, share exchange, or other
similar corporate transaction or event affects the Shares such that an
adjustment is appropriate in order to prevent dilution or enlargement of your
rights under this Share Appreciation Rights Agreement, then the Committee shall
make such equitable changes or adjustments as it deems appropriate and adjust,
in such manner as it deems equitable, any or all of: (i)  the number
and kinds of SAR Shares, other securities or other consideration subject to the
Share Appreciation Rights; and (ii) the Exercise Price of the Share Appreciation
Rights.  In the event that the Company shall declare an extraordinary
cash dividend, then the Committee shall in its discretion either (i) pay you
cash on the payment date of such dividend in an amount equal to the number of
SAR Shares represented by the vested portion of your Share Appreciation Rights
multiplied by the per share amount of such extraordinary cash dividend and to
the extent these Share Appreciation Rights are not then fully vested make
similar additional payments in the future when and as the remaining portion of
these Share Appreciation Rights vest; or (ii) reduce the Exercise Price of your
Share Appreciation Rights by an amount equal to the per share extraordinary
dividend; or (iii) make such other adjustment as the Committee determines would
provide you a substantially similar benefit.

       

      9.
Notice.

       

      Any
notice required or permitted to be given to the Company under this Agreement
shall be in writing and shall be deemed to have been given when delivered
personally or by courier, or sent by certified or registered mail, postage
prepaid, return receipt requested, duly addressed to the Company as
follows:

       

      Vail
Resorts, Inc.

      390
Interlocken Crescent

      Suite
1000

      Broomfield,
Colorado 80021

      Attention:  General
Counsel

      l0.
Governing Law.

       

      This
Agreement shall be governed by and construed in accordance with the laws of the
State of Colorado without reference to the principles of conflict of
laws.

       

      11.
Code Section 409A.

       

      It is
intended that this award of Share Appreciation Rights comply with Code Section
409A and the guidance promulgated thereunder regarding the permissible deferral
of compensation under the grant of Share Appreciation Rights.

       

      (Signature Page
Follows)

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      To
confirm your understanding and acceptance of the terms and provisions set forth
in this Agreement, please execute the extra copy of this Agreement in the space
below and return it to the attention of the Company’s General Counsel at the
address set forth in paragraph 9 above.

       

      Very
truly yours,

       

      VAIL
RESORTS, INC.

       

      

       

      By:  __________________________

      Name:
________________________

      Title:
_________________________

       

      The
undersigned hereby acknowledges that he or she has read this Agreement and has
received a copy of the Plan and hereby agrees to be bound by all the provisions
set forth in this Agreement and in the Plan,

       

      _______________________________

      [Name of
Employee]

      

      Date:
__________________________

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