Document:

20170112 Exhibit 101

		
			Exhibit 10.1
		

			
					
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						ROYAL BANKS OF MISSOURI

					
						13171 Olive Blvd. 

					
						St. Louis, Missouri, 63141

					
						 

					
					
						 

					
						Loan Number: ____________________________

					
						Note Date: January 6, 2017

					
						Principal Amount: $10,000,000.00

					
						Maturity Date: January 6, 2020

					
						 

				

		
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			PROMISSORY NOTE
		

		
			FOR VALUE RECEIVED, PEAK RESORTS, INC., HIDDEN VALLEY GOLF AND SKI, INC., PAOLI PEAKS, INC., SNOW CREEK, INC., LBO HOLDING, INC., and SNH DEVELOPMENT, INC. (all of the Borrowers hereof shall be jointly and severally liable and are collectively referred to herein as “Borrowers”) hereby promises to pay to the order of  ROYAL BANKS OF MISSOURI (the “Bank”) at the above address or at such other place as the Bank may designate in writing, the principal amount set out above, together with interest thereon at the rate set out below.  Such payments shall be on the terms set out below.  
		

		
			This Note is subject to those terms and conditions set forth in that certain Credit Facility, Loan and Security Agreement between Borrowers and Bank dated December 22, 2015, as amended from time to time (the “Loan Agreement”). 
		

		
			1.THE PURPOSE of this Loan is to convert to a Term Note (as defined in the Loan Agreement) a portion of that Revolving Note (as defined in the Loan Agreement) dated December 22, 2015, in the amount of $20,000,000.00, from which $15,000,000.00 was advanced to Borrowers on January 4, 2016, for the purchase of Hunter Mountain. 
		

		
			2.INTEREST on the unpaid principal balance of this Note shall be calculated based on the following annual rate:  Prime Rate plus 1.00% floating and adjusted daily (the “Stated Rate”)   The term Prime Rate shall mean the daily floating per annum rate of interest which at any time and from time to time, shall be as published in The Wall Street Journal’s “Bonds, Rates, and Yields Table.” If the publication of The Wall Street Journal and/or The Wall Street Journal’s “Bonds, Rates, and Yields Table” is discontinued, the Bank, in its sole discretion, shall designate another daily financial or governmental publication of national circulation to be used to determine the Prime Rate.  The Bank shall not be obligated to give notice of any change in the Prime Rate. Interest will be calculated based on a year assumed to have 360 days, and then applied to the actual number of days that any amount is outstanding hereunder.  This method of interest calculation will result in a higher effective annual interest rate than the Stated Rate.    Without regard to the foregoing, in no event shall the rate of interest exceed the maximum amount permitted by applicable law.
		

		

		

		 

 

		3.PAYMENT.  (a)  Payment of principal plus interest of this Note shall be made as follows:  Beginning on the 6th day of February, 2017, and continuing on the 6th day of each month thereafter, Borrowers shall make 35 consecutive payments of principal of $41,666 each, plus accrued interest.  The balance of principal and accrued interest is payable without further notice or demand on the Maturity Date.  The scheduled payments will not be sufficient to pay the principal amount of the Note by the Maturity Date and a final balloon payment may be required.  THE BANK HAS NO OBLIGATION TO RENEW, EXTEND OR REFINANCE THIS NOTE OR ANY AMOUNTS DUE HEREUNDER. 
		

		
			(b)  Except in the case of a Default or the existence of an Event of Default (as those terms are defined herein and in the Loan Agreement) or any default under any Loan Document (as defined in the Loan Agreement), the Borrowers may prepay, in whole or in part, without a prepayment penalty, any balance due hereunder as set forth in the Loan Agreement and/or any other Loan Document. 
		

		
			4.THIS NOTE IS SECURED BY or is made pursuant to the following instruments: (1) Loan Agreement; (2) Deeds of Trust on properties known as Hidden Valley and Snow Creek ski resorts; (3) Mortgages on properties known as Attitash, Crotched Mountain, and Paoli Peaks, ski resorts; (4) Security Agreements by Hidden Valley Golf and Ski, Inc., Paoli Peaks, Inc., Snow Creek, Inc., LBO Holding, Inc., and SNH Development, Inc.   The Borrower also grants to the Bank a security interest in any cash or other property of every kind and description now or hereafter on deposit with or in the possession, custody or control of the Bank.  Failure to list any collateral will not be deemed to be a waiver of the collateral by the Bank.  
		

		
			5.METHOD OF ADVANCE:  The records of the Bank will be conclusive of the amount of principal and interest outstanding at any time.  
		

		
			6.CALCULATION OF INTEREST; DEFAULT RATE OF INTEREST.  Interest shall continue to accrue when payments received are not collected funds and until such funds are collected.  FROM AND AFTER MATURITY OR ANY DEFAULT ON THIS NOTE, REGARDLESS OF WHETHER THE BANK ACCELERATES PAYMENT OF THIS NOTE, INTEREST ON THE UNPAID PRINCIPAL AND INTEREST OF THIS NOTE SHALL, AUTOMATICALLY AND WITHOUT THE NEED FOR FURTHER NOTICE, ACCRUE AT AN ANNUAL RATE EQUAL TO 5 PERCENTAGE POINTS OVER THE RATE OF INTEREST THAT WOULD OTHERWISE THEN BE PAYABLE ON THIS NOTE.
		

		
			7.APPLICATION OF PAYMENTS.  The Bank may apply any amounts received from Borrowers or collateral pursuant to the terms of the Loan Agreement.
		

		
			8.INSURANCE:  If this Note is secured by a pledge of real or personal property, then unless Borrowers provide evidence of insurance as required in the instrument securing this Note the Bank may purchase insurance at Borrowers’ expense to protect the Bank’s interest in the collateral.  The insurance may, but need not, protect Borrowers’ interest.  The coverage that the Bank purchases may not pay any claim that Borrowers make or any claim that is made against Borrowers in connection with the collateral.  Borrowers may later cancel any insurance purchased by the Bank, but only after providing evidence that Borrowers have obtained insurance as required by the mortgage or security agreement.  If Bank purchases insurance for the collateral, Borrowers 
		

		 

 

		will be responsible for the costs of that insurance, including the insurance premium, interest and any other charge that the Bank may impose in connection with the placement of the insurance. The Bank may, in its sole discretion, add the costs of such insurance to the balance of this loan and recalculate payments to reflect such amount, or the Bank may demand payment of such costs in full within 30 days after the Bank gives notice of the placement of such insurance to the Borrowers.   The costs of the insurance may be more than the cost of insurance Borrowers may be able to obtain on its own.
		

		
			9.DEFAULT.  Borrowers will be in default under this Note if there is any default under the Loan Agreement, subject to any cure periods as set forth in the Loan Agreement. 
		

		
			10.REMEDIES.    Upon the occurrence of any default hereunder the Bank shall have the remedies set forth in the Loan Agreement.  
		

		
			11.LATE CHARGES AND EXPENSES.  Bank will not be required to accept any late payment, but if Bank does accept a late payment, then the Borrowers shall also pay, concurrently with the payment of principal and/or interest, a penalty equal two (2) cents for each whole dollar so overdue, provided such late payment is made ten (10) calendar days or more after the date such payment is due.
		

		
			12.APPLICABLE LAWS AND SELECTION OF COURTS.  This Note will be governed by the internal laws of the state of Missouri without reference to conflict of laws rules.  Any lawsuits arising under this Note will be brought and prosecuted only in the state or federal courts having geographic jurisdiction over St. Louis County, Missouri and each Borrower consents to the sole jurisdiction of such courts.  
		

		
			13.MODIFICATIONS, RENEWALS, WAIVERS.  Each maker, surety, endorser and guarantor of this Note hereby agrees that: (i) this Note may be modified or renewed one or more times and the time for payment of this Note or any renewal note may be extended without notice to or consent of any person obligated on this Note; (ii) the Bank may enforce this Note against less than all of the persons directly or indirectly obligated hereon without prejudice to its rights against any other persons; (iii) the Bank is not obligated to foreclose upon or exhaust any remedies or collateral given for this Note before proceeding against any person directly or indirectly obligated hereon; and (iv) presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor and all other notices in connection with this Note, filing of suit, and diligence in collection, are waived.  
		

		
			14.FINANCIAL STATEMENTS; RETURNS.   Borrowers shall deliver those financial statements and tax returns as required by the Loan Agreement.  
		

		
			15.MISCELLANEOUS.  This Note is binding on the successors, heirs, assigns and representatives of the parties hereto.  If any applicable law prohibits or restricts any right, power or remedy of the Bank in this Note, then such rights, powers and remedies will be limited to those permitted by law, but all other provisions of this Note will remain in effect. 
		

		
			16.JURY TRIAL.   EACH BORROWER HEREBY WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING WHICH PERTAINS DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, ANY OF THE OTHER LOAN 
		

		 

 

		DOCUMENTS, THE OBLIGATIONS, THE COLLATERAL, ANY ALLEGED TORTIOUS CONDUCT BY ONE OR MORE BORROWERS OR LENDER OR WHICH, IN ANY WAY, DIRECTLY OR INDIRECTLY, ARISES OUT OF OR RELATES TO THE RELATIONSHIP BETWEEN BORROWERS AND BANK.  IN NO EVENT SHALL BANK BE LIABLE FOR LOST PROFITS OR OTHER SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.
		

		
			17.NO OTHER AGREEMENTS:  ORAL OR UNEXECUTED AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT.  TO PROTECT COMPANIES (BORROWER) AND THE LENDER (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS THE COMPANIES (BORROWER) AND THE LENDER (CREDITOR) REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.
		

		
			BORROWERS:
		

		
			Peak Resorts, Inc. Hidden Valley Golf and Ski, Inc. 
		

		
			a Missouri corporationa Missouri corporation 
		

		
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			By:_/s/ Stephen Mueller  _________ By:_/s/ Stephen Mueller  _________
		

		
			     Stephen Mueller, Vice President       Stephen Mueller, Vice President
		

		
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			Paoli Peaks, Inc. Snow Creek, Inc.  
		

		
			a Missouri corporationa Missouri corporation 
		

		
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			By:_/s/ Stephen Mueller   _________By:_/s/ Stephen Mueller  _________
		

		
			     Stephen Mueller, Vice President       Stephen Mueller, Vice President
		

		
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			LBO Holding, Inc. SNH Development, Inc.   
		

		
			a Maine corporationa Missouri corporation 
		

		
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			By:_/s/ Stephen Mueller   _________By:_/s/ Stephen Mueller  _________
		

		
			Stephen Mueller, Vice President      Stephen Mueller, Vice President
		

		
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			﻿20170112 Exhibit 102

		

			 Annual Incentive Plan (AIP) Document       Exhibit 10.2

		

		

			                                                                                                            

		

		

			

		

		
			Important Information
		

			
	
			
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			This document contains the terms and conditions of the Annual Incentive Plan (AIP) for Peak Resorts, Inc., established by the Compensation Committee (the Committee) of the Board of Directors.

		
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			This AIP document contains confidential information about the financials and operations of Peak Resorts.  This Plan may not be shared with anyone outside of Peak Resorts, and each Participant is required to keep this Plan and its contents confidential at all times. 

		
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			Receipt of a bonus under this Plan is not guaranteed. Employees may receive a bonus under the effective terms of the Plan, if they are eligible and the Company meets the performance criteria defined in the Plan.

		
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			Plan Objectives
		

			
	
			
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			The objectives of the Annual Incentive Plan are to:

			
	
			
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			Share in the success of the business when financial goals are met or exceeded;

			
	
			
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			Support a pay-for-performance philosophy by providing a financial incentive for key leadership employees who significantly affect the Company’s growth and profitability; 

			
	
			
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			Align Company leaders around the same business objectives by encouraging cooperation toward the attainment of key business goals that will increase the Company’s value;

			
	
			
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			Reward individual performance for those who achieve or exceed their goals;

			
	
			
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			Help attract and retain outstanding leadership employees. 

		
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			Effective Dates
		

			
	
			
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			The Plan is effective for FY2017, and will remain in effect, until amended or terminated. The Plan Year will run concurrently with the fiscal year under which employees are governed.  Currently, the Plan Year is May 1st through April 30th.

		
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			This Plan supersedes all prior written or oral plans, promises, agreements, practices, understandings, negotiations and/or incentive arrangements between each individual Participant and the Company relating to bonuses.  This Plan describes the sole and exclusive annual bonuses the Company is offering to Participants.

		
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			Eligibility
		

			
	
			
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			Eligibility under the Plan is limited to leadership employees as approved annually by the Chief Executive Officer (CEO) of the Company.  An employee who is eligible to participate in this Plan must meet the following criteria:

			
	
			
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			He or she must be assigned one of the following “eligible positions” within the Company.  Other titles may be added throughout the fiscal year as business needs dictate, as long as they fall into the eligible Career Stage of Sr. Director or above.  The list of eligible titles may be amended throughout the year and the Plan document will be updated annually.

		
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			Sr. Directors
		

			
					
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						Sr. Director, Finance

					
					
						Sr. Director, Food & Beverage

					
					
						Sr. Director, HR 

				
	
					
						Sr. Director, Operations

					
					
						Sr. Director, Resort Services

					
					
						Sr. Director, Marketing

				
	
					
						Sr. Director, Park Services

					
					
						Sr. Director, GM

					
					
						Sr. Director, Risk 

				
	
					
						Sr. Director, IT

					
					
						Sr. Director, Mountain Operations

					
					
						Sr. Director, Executive Chef

				

		
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			Vice Presidents
		

			
					
						VP, GM 

					
					
						 VP, Permitting & Planning

					
					
						VP, Controller

				
	
					
						VP, Operations

					
					
						VP, Special Projects

				

		
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			Senior Vice Presidents
		

			
					
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						Operations, IT, Finance

				

		
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			Finance/COO
		

		
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			Executive Vice Presidents
		

			
					
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						Finance, Real Estate

				

		
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			Chief Executive Officer
		

		
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			He or she must be actively employed by Peak Resorts in an eligible position through the date bonus payment checks are issued.

		
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			A Participant who is hired and commences employment after the beginning of the fiscal year may be eligible for a prorated portion of a bonus.

		
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			A Participant who is promoted into an eligible position after the beginning of the fiscal year may be eligible for a prorated portion of a bonus.

		
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			A Participant must be “Meeting Expectations” or higher in the most recent performance management cycle, and must be in good standing and not on any disciplinary performance plan to receive a bonus.  If a Participant is rated below Meeting Expectations and/or on a disciplinary performance plan, he or she may be eligible to receive a bonus only if an exemption is approved, in writing, by the CEO.

		
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			Target Percentages
		

			
	
			
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			The target bonus percentages for employees are a percentage of base salary, depending on position.  The CEO may amend the target bonus percentages at his or her sole discretion on a yearly basis by the end of the first quarter of each fiscal year and while the attainment of Resort EBITDA performance targets and corresponding funding levels are substantially uncertain; however, the CEO may not change the AIP Target Percent of any officer meeting the definition of “executive officer” pursuant to Rule 3b-7 under the Securities Exchange Act of 1934, as amended (which includes, but is not limited to, the CEO, Chief Financial Officer and Executive Vice President-Real Estate). The AIP Target Percent of executive officers other than the CEO shall be approved by the Board of Directors upon the recommendation of the Committee. The AIP Target Percent of the CEO shall be approved by the Committee and subject to ratification by the Board of Directors.  
		

		 

 

			

		
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						Career Stage

					
					
						AIP Target Percent

				
	
					
						Sr. Directors

					
					
						10%

				
	
					
						Vice President

					
					
						20% 

				
	
					
						Sr. Vice President

					
					
						30%

				
	
					
						Finance/COO 

					
					
						35%

				
	
					
						Executive Vice Presidents

					
					
						40%

				
	
					
						CEO

					
					
						50%

				

		
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			Funding Mechanism
		

			
	
			
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			The performance criteria for the Plan have been determined by the Committee and the Board of Directors.  The performance measures and their weighting for the Plan are:

		
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						Performance Criteria for Participants

					
					
						Weight

				
	
					
						Reported EBITDA 

					
					
						100%

				

		
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			Reported EBITDA (defined as net income before interest, income taxes, depreciation and amortization, gain on sale leaseback, investment income, other income or expense and other non‐recurring items, exclusive of the cost under this plan.). Actual Reported EBITDA results and ultimate payout will be based on the audited financial statements for the fiscal year. 

		
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			Funding will only commence once 85% of the annual Reported EBITDA goal has been achieved.

		
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			Funding will cap after 120% of the annual Reported EBITDA goal has been achieved.  Any additional funding or payout can be explored by the CEO but only paid upon the approval of the Committee and the Board of Directors.

		
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			Individual Performance
		

			
	
			
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			Upon the Plan funding, the bonus calculation will be influenced by individual performance. Individual performance for all employees participating in the Plan will be determined through the applicable fiscal year performance review process, which will be conducted by the employees’ immediate supervisor, with review and approval given by the CEO.  The review process for all executive officers shall be conducted by the independent members of the Board of Directors with input from the management members of the Board of Directors other than the executive officer being evaluated.  

		
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			The final performance score will determine the incentive payment,  with higher performing employees receiving a higher multiplier. For those employees promoted into a higher level position, any applicable incentive payments will be calculated by applying the “Meeting Expectations” performance variable to the incentive target for the new position

			
					
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						Unsatisfactory

					
					
						Needs Improvement

					
					
						Meeting Expectations

				
	
					
						0%

					
					
						25% - 75%

					
					
						100%

				

		
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			Proration
		

			
	
			
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			If a prorated bonus is payable, the following rule applies: proration will be calculated on the basis of 1/12 for each calendar month of eligibility.  A Participant, who is hired, 
		

		 

 

			promoted or received a salary change after the 15th of the month will not be eligible in that particular month but will rather be eligible beginning on the first of the following month.  

		
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			The circumstances that may warrant prorated bonus payment include, but are not limited to:

			
	
			
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			Base salary changes;

			
	
			
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			Target bonus opportunity changes (due to a promotion or demotion);

			
	
			
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			Commencement of employment and new entrance into this Plan; and 

			
	
			
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			Qualified leave of absence, disability or death of Participant (as discussed below).

		
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			Plan Payouts
		

			
	
			
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			Bonus payments, if any, will be payable following completion of the audited financial results of the Company through the end of the fiscal year, but in no event later than the 15th day of the third month following the last day of the Plan Year (i.e., currently, July 15th).  Payments will be paid as soon as practical following the end of the fiscal year and will be paid by payroll check or direct deposit, minus applicable deductions and withholding as required by law.  In addition, in the sole discretion of the Board of Directors, up to 50% of the bonus amounts may be paid in restricted stock units of the Company.  Any payment of bonus amounts with restricted stock units shall be made in compliance with the requirements of Section 409A of the Internal Revenue Code, and such restricted stock units shall have a vesting schedule as determined by the Board of Directors upon issuance of the awards. 

		
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			Termination of Employment
		

			
	
			
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			Incentive payments under the Plan do not vest until the date Plan payments are made.  To be eligible to receive a payment, a participant must be employed by the Company on the date Plan payments are made.  Employees whose employment ends prior to the payment date under the Plan for any fiscal year will not be eligible for a payment. 

		
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			However, if an otherwise eligible employee is not employed as of the date of the payout under the Plan due to death or long-term disability, he or she is entitled to receive a pro-rated payment for the portion of the fiscal year the employee was actively employed, to the extent he or she would have been entitled to a payment if he or she had been employed on the date of payment.

		
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			Leaves of Absence and Short Term Disability
		

			
	
			
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			If a Participant takes an approved leave of absence (including a medical leave under the Company’s Short-Term Disability Program) during the fiscal year for fewer than 30 days, no adjustment will be made in the payout calculation or in the Participant’s metrics. 

		
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			If the leave of absence extends for more than 30 days during the fiscal year, the Participant may be eligible for a prorated payout calculated in accordance with the other terms of this Plan, subject to any different treatment required under the Family and Medical Leave Act or other applicable law.  All payments (if any) will be paid on the same date that active Participants receive payment.  

		
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		Death and Long Term Disability
		

			
	
			
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			In the event of long-term disability or death, a prorated payment based on the length of service during the Plan Year will be paid in accordance with this Plan.  All such payments (if any) will be paid on the same date that active Participants receive payment.  

		
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			“Long-term disability” is defined as eligibility to receive long-term disability benefits under the Company’s LTD Policy.  For proration purposes, active service ends when the employee is no longer paid regular wages through payroll for work performed. 

		
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			Loans, Advances or Draws
		

			
	
			
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			Loans, advances, or draws against potential payments will not be made under this Plan.

		
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			Plan Administration, Modification and Discontinuance
		

			
	
			
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			This Plan is administered by the Compensation Committee of the Board of Directors. The Committee has authority to interpret the Plan and to create, amend, terminate this plan or nullify any rules and procedures at any time or if deemed necessary for proper Plan administration, including, but not limited to, performance targets, results and extraordinary events.  The EBITDA performance targets and corresponding funding levels shall be adjusted for acquisitions, divestitures, or board imposed unbudgeted expenses in the discretion of the Committee.  For the avoidance of doubt, the Committee may amend, modify or terminate the Plan at any time in its sole discretion, including during a Plan Year so that no payment is made for such Plan Year.  

		
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			No Plan payouts will be made until and unless the Committee has certified that the performance goals and all other material terms have been satisfied.  The Committee has the sole discretion to modify the application of this Plan. 

		
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			Continued Employment
		

			
	
			
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			Neither the establishment of this Plan nor participation in this Plan shall in any way affect the employment relationship between the Company and Participants in this Plan. 

		
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			All Participants in this Plan are employed on an “at will” basis. Peak Resorts reserves the right to terminate a Participant’s participation at any time, with or without cause. 

		
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			Nothing in this Plan shall be construed to create or imply the guarantee or the creation of a contract of employment between the Company and any Participant or a right to continued employment for any specified period of time.  

		
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			To ensure that this Plan best supports the Company’s overall business objectives and strategies, this Plan may be reviewed periodically and may be modified, amended or terminated at the Company’s sole discretion.

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