Document:

Exhibit 10.43 - Transition Agreement

Exhibit 10.43

TRANSITION AGREEMENT

This Transition Agreement (the “Agreement”) is entered into by and between Staples, Inc. (“Company”) and Michael Miles ("Associate") (collectively, the “Parties”).  This Agreement is intended to cover the period of employment from February 3, 2013 through August 3, 2013,  during which time Associate will provide services as outlined in Paragraph 2.  In consideration of the terms and conditions set forth herein, Company and Associate agree as follows:

1.  Original Employment:  Associate was formerly employed as Chief Operating Officer and President of Company.  Associate agrees and acknowledges that he will no longer be employed in these roles effective February 2, 2013. 
 
2.  Transition Employment:  Associate agrees that for a period of six months commencing on February 3, 2013 and ending on August 3, 2013, Associate will be employed on a part time basis to consult on transitional matters related to Staples, Inc.'s international affairs and operations.  Associate will continue to be eligible for benefits as provided in Associate's Separation Letter Agreement and the underlying Amended and Restated Severance Benefits Agreement and Amendment to Severance Benefits Agreement, both attached hereto as Appendix A.

3.  Transition Services:  Associate's employment with Company as described in sections 2 and 3 of this Agreement is at-will.  

4. Compensation. The Parties agree that Associate shall be compensated at a rate of one thousand dollars per month ($1,000.00) for a total compensation amount of six thousand dollars ($6,000.00) minus legally required federal and state payroll deductions. Except as provided in the Separation Letter Agreement, with respect to the vesting of outstanding equity awards, Associate shall not be eligible to participate in Company's equity and cash incentive plans for Company's fiscal year 2013.

5.  Non-Admission:  Associate acknowledges that this Agreement is intended to provide a smooth transition to new leadership at the Company after Associate's departure and is not an admission of wrongdoing by the Company and that the Company expressly denies any wrongdoing in connection with Associate.

6.  Nondisclosure:  Associate agrees that he will not disclose to any other person (except as required by applicable law) or use for his personal gain any confidential information obtained incident to his employment by Company.

7.  Non-Compete and Non-Solicitation:  The Non-Compete and Non-Solicitation Agreement dated as of September 8, 2003 (the “Non-Compete,” a copy of which is attached as Appendix C) and all of Associate's obligations set forth in the Non-Compete, will remain in full force and effect. The Non-Compete and Non-Solicitation Period as set forth in the Non-Compete shall continue uninterrupted until February 2, 2015.  Should Associate breach any of these obligations, Associate acknowledges that the Company may immediately cease severance payments and pursue any and all legal remedies afforded to the Company against Associate under this Agreement, the Non-Compete, or as otherwise available in law or equity. To the extent that anything in this Agreement is determined by a court of law to render the Non-Compete unenforceable, Associate acknowledges and agrees that the Non-Compete will be unaffected by this Agreement or any change in Associate's position with Staples. 

8.  Non-Waiver:  The Parties agree that the failure of a party at any time to require performance of any provision of this Agreement shall not affect, diminish, obviate or void in any way any party's full right or ability to require performance of the same, or any other provisions of this Agreement, at any time thereafter.

8.  Counterparts:  This Agreement may be executed in counterparts, and each counterpart shall have the efficacy of a signed original.  Photographic or facsimile copies of such signed counterparts may be used in lieu of the originals for any purpose.

9.  Headings:  The section headings in this Agreement are for reference purposes only and shall not be deemed to be part of this Agreement or to affect the meaning or interpretation of this Agreement.

10.  Miscellaneous:  Associate acknowledges that this Agreement, together with the December 31, 2008 Amended and Restated Severance Benefits Agreement, the Amendment to Severance Benefits Agreement, the Separation Letter Agreement, the Affirmation of Separation Agreement, the Stock Activity Summary, the Proprietary and Confidential Information Agreement, and the Non-Compete and Non-Solicitation Agreement represent the complete agreement between Associate and Company and supersede and replace all prior negotiations and all agreements proposed or otherwise, whether written or oral, concerning the subject matters hereof.  Any representation, promise or agreement not specifically included in this Agreement and the other agreements referenced herein shall not be binding upon or enforceable against either party.  This Agreement can be modified only in a writing signed by both Associate and Company.  Associate acknowledges that in case any one or more of the provisions of this Agreement shall be found to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

AGREED AND ACCEPTED

/s/ Michael Miles                        1/18/13
Michael Miles                            Date

/s/ Regis Mulot                            1/2/13
Regis Mulot                            Date
Senior Vice President 
Global Human Resources
Staples, Inc.4.1 Supplemental Indenture, dated November 29, 2012

    

____________________
SUPPLEMENTAL INDENTURE
Dated as of November 29, 2012
to
INDENTURE
Dated as of April 25, 2011
among
VAIL RESORTS, INC., as Issuer,
the Guarantors named therein, as Guarantors,
and
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
____________________
6.50 % Senior Subordinated Notes due 2019

Supplemental Indenture Signature Page for the Trustee

    
SUPPLEMENTAL INDENTURE, dated as of November 29, 2012, among Vail Resorts, Inc., a Delaware corporation (the “Issuer”), the Guarantors named on the signature pages hereto (the “Guarantors”), the Additional Guarantor named on the signature pages hereto (the “Additional Guarantor”), and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee (the “Trustee”).
WHEREAS, the Issuer and the Guarantors have heretofore executed and delivered to the Trustee an Indenture dated as of April 25, 2011 (the “Indenture”) providing for the issuance of $390,000,000 aggregate principal amount of 6.50% Senior Subordinated Notes due 2019 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, the Additional Guarantor 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 the 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
The 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 the 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 Guarantor 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.
F.    Trustee Disclaimer.
The Trustee is not responsible for the validity or sufficiency of this Supplemental Indenture.
Supplemental Indenture Signature Page for the Issuer
    

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/ Jeffrey W. Jones

	 
	 
	Name: Jeffrey W. Jones

	 
	 
	Title: Chief Financial Officer

    

Supplemental Indenture Signature Page for the Trustee

GUARANTORS:

	
		
	ALL MEDIA ASSOCIATES, INC.
ALL MEDIA HOLDINGS, INC.
ARRABELLE AT VAIL SQUARE, LLC
BOOTH CREEK SKI HOLDINGS, INC.
BEAVER CREEK ASSOCIATES, INC.
BEAVER CREEK CONSULTANTS, INC.
BEAVER CREEK FOOD SERVICES, INC.
BRYCE CANYON LODGE COMPANY
BCRP INC.
BRECKENRIDGE RESORT PROPERTIES, INC.
THE CHALETS AT THE LODGE AT VAIL, LLC
COLORADO MOUNTAIN EXPRESS, INC.
COLTER BAY CAFÉ COURT, LLC
COLTER BAY CONVENIENCE STORE, LLC
COLTER BAY CORPORATION
COLTER BAY GENERAL STORE, LLC
COLTER BAY MARINA, LLC
CRYSTAL PEAK LODGE OF BRECKENRIDGE, INC.
FLAGG RANCH COMPANY
GILLETT BROADCASTING, INC.
GRAND TETON LODGE COMPANY
HEAVENLY VALLEY, LIMITED PARTNERSHIP
HVLP KIRKWOOD SERVICES, LLC
JACKSON HOLE GOLF & TENNIS CLUB SNACK SHACK, LLC
JACKSON LAKE LODGE CORPORATION
JENNY LAKE LODGE, INC.
JENNY LAKE STORE, LLC
JACKSON HOLE GOLF AND TENNIS CLUB, INC.
JHL&S LLC
KEYSTONE CONFERENCE SERVICES, INC.
KEYSTONE DEVELOPMENT SALES, INC.
KEYSTONE FOOD & BEVERAGE COMPANY
KEYSTONE RESORT PROPERTY MANAGEMENT COMPANY
LA POSADA BEVERAGE SERVICE, LLC
LODGE PROPERTIES INC.
LODGE REALTY, INC.
LAKE TAHOE LODGING COMPANY
MESA VERDE LODGE COMPANY
NORTHSTAR GROUP COMMERCIAL PROPERTIES LLC
NORTHSTAR GROUP RESTAURANT PROPERTIES, LLC
NATIONAL PARK HOSPITALITY COMPANY 
ONE SKI HILL PLACE, LLC
PROPERTY MANAGEMENT ACQUISITION CORP., INC.
RCR VAIL, LLC
ROCKRESORTS ARRABELLE, LLC
ROCKRESORTS CHEECA, LLC
ROCKRESORTS CORDILLERA LODGE COMPANY, LLC
	ROCKRESORTS DR, LLC
ROCKRESORTS EQUINOX, INC.
ROCKRESORTS HOTEL JEROME, LLC
ROCKRESORTS INTERNATIONAL MANAGEMENT COMPANY
ROCKRESORTS LAPOSADA, LLC
ROCKRESORTS, LLC
ROCKRESORTS ROSARIO, LLC
ROCKRESORTS SKI TIP, LLC
ROCKRESORTS TEMPO, LLC
ROCKRESORTS WYOMING, LLC
ROCKRESORTS INTERNATIONAL, LLC
SOHO DEVELOPMENT, LLC
SSI VENTURE LLC
SSV HOLDINGS, INC.
SSV ONLINE HOLDINGS, INC.
SSV ONLINE LLC
STAMPEDE CANTEEN, LLC
TETON HOSPITALITY SERVICES, INC.
TRIMONT LAND COMPANY
THE VAIL CORPORATION
VAIL ASSOCIATES HOLDINGS, LTD.
VAIL ASSOCIATES INVESTMENTS, INC.
VAIL/ARROWHEAD, INC.
VAIL/BEAVER CREEK RESORT PROPERTIES, INC.
VAMHC, INC.
VAIL ASSOCIATES REAL ESTATE, INC.
VA RANCHO MIRAGE I, INC.
VA RANCHO MIRAGE II, INC.
VA RANCHO MIRAGE RESORT, L.P.
VAIL FOOD SERVICES, INC.
VAIL HOLDINGS, INC.
VAIL HOTEL MANAGEMENT COMPANY, LLC
VAIL RESORTS DEVELOPMENT COMPANY
VAIL RESORTS LODGING COMPANY
VAIL RR, INC.
VAIL SUMMIT RESORTS, INC.
VAIL TRADEMARKS, INC.
THE VILLAGE AT BRECKENRIDGE ACQUISITION CORP., INC.
VR ACQUISITION, INC.
VR HEAVENLY CONCESSIONS, INC.
VR HEAVENLY I, INC.
VR HEAVENLY II, INC.
VR HOLDINGS, INC.
ZION LODGE COMPANY

    
	
			
	 
	By:
	/s/ Mark L. Schoppet

	 
	 
	Name: Mark L. Schoppet

	 
	 
	Title: Authorized Person

Supplemental Indenture Signature Page for the Trustee

ADDITIONAL GUARANTOR:
	
			
	 
	 
	VR US HOLDINGS, INC.,
a Delaware corporation

	 
	 
	 

	 
	By:
	/s/ Jeffrey W. Jones

	 
	 
	Name: Jeffrey W. Jones

	 
	 
	Title: Chief Financial Officer

Supplemental Indenture Signature Page for the Trustee

TRUSTEE:
	
			
	 
	 
	THE BANK OF NEW YORK MELLON TRUST 
COMPANY, N.A., as Trustee

	 
	 
	 

	 
	By:
	/s/R. Tamas

	 
	 
	Name: R. Tamas

	 
	 
	Title:  Vice President

Supplemental Indenture Signature Page for the Trustee

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