Document:

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                                                                     EXHIBIT 4.3

                     FORM OF RIGHTS SUBSCRIPTION CERTIFICATE

Registered Owner:

Rights Certificate No.: _________                     Number of Rights: ________

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE BLUE RIDGE
REAL ESTATE COMPANY AND BIG BOULDER CORPORATION PROSPECTUS DATED ______, 2005
(THE "PROSPECTUS") AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF THE
PROSPECTUS ARE AVAILABLE UPON REQUEST FROM HSBC BANK USA, NATIONAL ASSOCIATION,
THE SUBSCRIPTION AGENT.

                         BLUE RIDGE REAL ESTATE COMPANY
                             BIG BOULDER CORPORATION
         INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA

                         RIGHTS SUBSCRIPTION CERTIFICATE
                   EVIDENCING SUBSCRIPTION RIGHTS TO PURCHASE
                     UP TO 407,894 SHARES OF COMMON STOCK OF
           BLUE RIDGE REAL ESTATE COMPANY AND BIG BOULDER CORPORATION
                      SUBSCRIPTION PRICE: $38.00 PER SHARE

  THE SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M.,
                       NEW YORK CITY TIME, ON MAY 9, 2005,
             UNLESS EXTENDED OR THE RIGHTS OFFERING IS TERMINATED BY
           BLUE RIDGE REAL ESTATE COMPANY AND BIG BOULDER CORPORATION

      THIS CERTIFIES THAT the registered owner whose name is inscribed hereon is
the owner of the number of subscription rights ("Rights") set forth above. Each
whole Right entitles the holder thereof, to subscribe for and purchase, at the
subscription price per share of $38.00 (the "Subscription Price"), one share of
our common stock, each representing one share of common stock, no par value, of
Blue Ridge Real Estate Company, a Pennsylvania corporation ("Blue Ridge"), and
one share of common stock, no par value of Big Boulder Corporation, a
Pennsylvania corporation ("Big Boulder"), pursuant to a rights offering (the
"Rights Offering"), on the terms and subject to the conditions set forth in the
Prospectus and the "Instructions for Use of Blue Ridge and Big Boulder Rights
Subscription Certificates" accompanying this Rights Subscription Certificate
(the "Basic Subscription Privilege").

<PAGE>

      If any of the shares available for purchase in the Rights Offering are not
purchased by other holders of Rights pursuant to the exercise of their Basic
Subscription Privilege (the "Excess Shares"), any Rights holder that exercises
its Basic Subscription Privilege in full may subscribe for a number of Excess
Shares in an amount not to exceed the number of shares available for purchase by
such shareholder under its Basic Subscription Privilege, pursuant to the terms
and conditions of the Rights Offering, subject to proration, as described in the
Prospectus (the "Over-Subscription Privilege"). The Rights represented by this
Rights Subscription Certificate may be exercised by completing Form-1 and any
other appropriate forms on the reverse side hereof and by returning the full
payment of the Subscription Price for each Right subscribed for, in addition to
the payment due for shares purchased through your Basic Subscription Privilege,
in accordance with the "Instructions for Use of Blue Ridge and Big Boulder
Rights Subscription Certificates" that accompany this Rights Subscription
Certificate. ONCE YOU HAVE EXERCISED OUR BASIC SUBSCRIPTION PRIVILEGE OR, IF
ELIGIBLE, YOUR OVER-SUBSCRIPTION PRIVILEGE, YOU MAY NOT REVOKE THE EXERCISE.

      THE RIGHTS EVIDENCED BY THIS RIGHTS SUBSCRIPTION CERTIFICATE MAY NOT BE
TRANSFERRED OR SOLD. The subscription rights will not be listed for trading on
any stock exchange or on the OTC Bulletin Board.

<PAGE>

      IN WITNESS WHEREOF, Blue Ridge and Big Boulder have caused this Rights
Subscription Certificate to be duly executed under their corporate seals.

Dated: ___________, 2005

                                                BLUE RIDGE REAL ESTATE COMPANY

                                                By:_____________________________
                                                Name:
                                                Title:

                                                BIG BOULDER CORPORATION

                                                By:_____________________________
                                                Name:
                                                Title:

Countersigned and Registered:

HSBC BANK USA, NATIONAL ASSOCIATION,
SUBSCRIPTION AGENT (BROOKLYN, NEW YORK)

By: _______________________________
Name:
Title:

<PAGE>

              DELIVERY OPTIONS FOR RIGHTS SUBSCRIPTION CERTIFICATE

                              FOR DELIVERY BY MAIL:

                       HSBC Bank USA, National Association
                          One Hanson Place, Lower Level
                               Brooklyn, NY 11243

                     BY HAND DELIVERY OR OVERNIGHT COURIER:

                       HSBC Bank USA, National Association
                          One Hanson Place, Lower Level
                               Brooklyn, NY 11243

       DELIVERY OTHER THAN IN THE MANNER OR TO THE ADDRESSES LISTED ABOVE
                       WILL NOT CONSTITUTE VALID DELIVERY

                PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY

                    FORM 1 - EXERCISE OF SUBSCRIPTION RIGHTS

      To subscribe for shares pursuant to your Basic Subscription Privilege,
please complete lines (a) and (c) and sign under Form 3 below. To subscribe for
shares pursuant to your Over-subscription Privilege, please also complete line
(b) and sign under Form 3 below.

(a) I apply for ______ Shares        x     $38.00           = $ ________
              (No. of new Shares)    (subscription price)     (Payment)

      If you have exercised your Basic Subscription Privilege in full and wish
to subscribe for additional shares pursuant to your Over-Subscription Privilege:

(b) I apply for ______Shares        x    $38.00            = $ ________
           (No. of new Shares)      (subscription price)       (Payment)

(c) Total Amount of Payment Enclosed = $ __________

----------------------------
METHOD OF PAYMENT (CHECK ONE):

[ ]   Check or bank draft drawn on a U.S. bank, or postal, or express money
      order payable to "HSBC Bank USA, National Association, as Subscription
      Agent for Blue Ridge Real Estate Company and Big Boulder Corporation."
      Funds paid by an uncertified check may take at least five business days to
      clear.

<PAGE>

[ ]   Wire transfer of immediately available funds directly to the account
      maintained by HSBC Bank USA, National Association, as Subscription Agent
      for Blue Ridge Real Estate Company and Big Boulder Corporation., for
      purposes of accepting subscriptions in this Rights Offering, at HSBC Bank
      USA, National Association, ABA #021001088, Account No. 002-60006-4.

<PAGE>

FORM 2 - DELIVERY TO DIFFERENT ADDRESS

      If you wish for the shares of our common stock underlying your
subscription rights to be delivered to an address different from that shown on
the face of this Rights Subscription Certificate, please enter the alternate
address below, sign under Form 3 and have your signature guaranteed under Form
4.

<PAGE>

                               FORM 3 - SIGNATURE

      I acknowledge that I have received the Prospectus for this Rights Offering
and I hereby irrevocably subscribe for the number of shares indicated above on
the terms and conditions specified in the Prospectus.

                                  Signature(s)

                                Telephone Number

IMPORTANT: The signature(s) must correspond with the name(s) as printed on the
face of this Rights Subscription Certificate in every particular, without
alteration or enlargement, or any other change whatsoever.

<PAGE>

                          FORM 4 - SIGNATURE GUARANTEE

      This form must be completed if you have completed Form 2.

Signature Guaranteed:

                             (Name of Bank or Firm)

By:

                             (Signature of Officer)

IMPORTANT: The signature(s) should be guaranteed by an eligible guarantor
institution (bank, stock broker, savings & loan association or credit union)
with membership in an approved signature guarantee medallion program pursuant to
Securities and Exchange Commission Rule 17Ad-15.<PAGE>
                                                                   Exhibit 10.26

                         BLUE RIDGE REAL ESTATE COMPANY
                             BIG BOULDER CORPORATION

                    NONQUALIFIED STOCK OPTION GRANT AGREEMENT

      This NONQUALIFIED STOCK OPTION GRANT AGREEMENT (this "Agreement"), dated
as of February 1, 2005 (the "Date of Grant"), is delivered by Blue Ridge Real
Estate Company ("Blue Ridge") and Big Boulder Corporation ("Big Boulder") to
_______________ (the "Optionee"). Blue Ridge and Big Boulder are referred to
herein individually as a "Company" and collectively as the "Companies."

                                    RECITALS

      A. The Board of Directors of each Company (collectively, the "Board") has
decided to grant to the Optionee a nonqualified stock option to purchase shares
of common stock of the Companies ("Shares") as an inducement for the Optionee to
promote the best interests of the Companies and their shareholders.

      B. Each Share represents one share of common stock, no par value, of Blue
Ridge and one share of common stock, no par value, of Big Boulder Corporation.
Shares of the common stock of Blue Ridge and Big Boulder are issued in combined
common stock certificates, each certificate representing the same number of
shares of each of Blue Ridge and Big Boulder. Shares of each Company may be
transferred only together with an equal number of shares in the other Company.

      NOW, THEREFORE, the parties to this Agreement, intending to be legally
bound hereby, agree as follows:

1. Grant of Option. Subject to the terms and conditions set forth in this
Agreement, the Companies hereby grant to the Optionee a nonqualified stock
option (the "Option") to purchase ___________ Shares at an exercise price of
$34.00 per Share. The Option shall become exercisable according to Paragraph 2
below.

2. Exercisability of Option.

      (a) Except as otherwise provided in subparagraph 2 below, the Option shall
become exercisable on the following dates, if the Optionee is employed by, or
providing service to, a Company on the applicable date:

<TABLE>
<CAPTION>
        EXERCISABILITY DATE                  SHARES FOR WHICH THE OPTION
        -------------------                       IS EXERCISABLE
                                                  --------------
<S>                                          <C>
First anniversary of Date of Grant                     33.33%
Second anniversary of Date of Grant                    33.33%
Third anniversary of Date of Grant                     33.34%
</TABLE>

The exercisability of the Option is cumulative, but shall not exceed 100% of the
Shares
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subject to the Option. If the foregoing schedule would produce fractional
Shares, the number of Shares for which the Option becomes exercisable shall be
rounded down to the nearest whole Share. The Option shall become fully
exercisable on the third anniversary of the Date of Grant, if the Optionee is
then employed by, or providing services to, a Company.

      (b) If the Optionee terminates employment or service on account of
"Retirement" (as defined below), the exercisability of the Option shall become
accelerated so that the Option shall be fully exercisable as of the Optionee's
last day of employment or service with a Company. For purposes of this
subparagraph (b), the term "Retirement" shall mean the Optionee terminates
employment or service with a Company on or after the later of (i) attaining age
65 or (ii) 5 years of employment or service with a Company; provided, that, the
Board must provide prior approval that the Optionee's termination of employment
or service is on account of Retirement, otherwise termination of employment or
service without such approval will not constitute termination of employment on
account of Retirement for purposes of this subparagraph (b).

3. Term of Option.

      (a) The Option shall have a term of five years from the Date of Grant and
shall terminate at the expiration of that period, unless it is terminated at an
earlier date pursuant to the provisions of this Agreement.

      (b) The Option shall automatically terminate upon the happening of the
first of the following events:

      (i) The expiration of the 90-day period after the Optionee ceases to be
employed by, or providing service to, a Company, if the termination is for any
reason other than "Cause" (as defined below in subparagraph (c)); or

      (ii) The date on which the Optionee ceases to be employed by, or providing
service to, a Company for Cause. In addition, notwithstanding the prior
provisions of this Paragraph 3, if the Board determines that the Optionee has
engaged in conduct that constitutes Cause at any time while the Optionee is
employed by, or providing service to, a Company or after the Optionee's
employment or service terminates, the Option shall immediately terminate, and
the Optionee shall automatically forfeit all Shares underlying any exercised
portion of an Option for which the Companies have not yet delivered the Share
certificates, upon refund by the Companies of the exercise price paid by the
Optionee for the Shares.

Notwithstanding the foregoing, in no event may the Option be exercised after the
date that is immediately before the fifth anniversary of the Date of Grant. Any
portion of the Option that is not exercisable at the time the Optionee ceases to
be employed by, or providing service to, a Company shall immediately terminate.

      (c) For purposes of this Agreement, "Cause" shall mean a finding by the
Board that the Optionee (i) has materially breached his or her employment or
service

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contract with a Company, (ii) has engaged in disloyalty to a Company, including,
without limitation, fraud, embezzlement, theft, commission of a felony or proven
dishonesty, (iii) has disclosed trade secrets or confidential information of a
Company to persons not entitled to receive such information, (iv) has breached
any written non-competition or non-solicitation agreement between the Optionee
and a Company, or (v) has engaged in such other behavior detrimental to the
interests of a Company as the Board determines.

4. Exercise Procedures.

      (a) Subject to the provisions of Paragraphs 2 and 3 above, the Optionee
may exercise part or all of the exercisable Option by giving the Board written
notice of intent to exercise in the form and manner prescribed by the Board,
specifying the number of Shares as to which the Option is to be exercised and
the method of payment. Such notice may instruct the Companies to deliver Shares
of the Companies to be issued upon payment of the exercise price to any
registered broker or dealer designated by the Optionee ("Designated Broker") in
lieu of delivery to the Optionee. Such instructions must designate the account
into which the Shares are to be deposited. The Optionee may tender notice of
exercise, which has been properly executed by the Optionee and the
aforementioned delivery instructions, to any Designated Broker.

      (b) The Optionee shall pay the exercise price for the Option (i) in cash
or check, (ii) with the approval of the Board, by delivering Shares owned by the
Optionee (including Shares acquired in connection with the exercise of an
Option, subject to such restrictions as the Board deems appropriate) and having
a "Fair Market Value" (as defined below in subparagraph (d)) on the date of
exercise equal to the exercise price or by attestation (on a form prescribed by
the Board) to ownership of Shares having a Fair Market Value on the date of
exercise equal to the exercise price, (iii) by payment through a broker in
accordance with procedures permitted by Regulation T of the Federal Reserve
Board, or (iv) by such other method as the Board may approve, consistent with
applicable law. Shares used to exercise the Option shall have been held by the
Optionee for the requisite period of time to avoid adverse accounting
consequences to the Companies with respect to the Option. The Optionee shall pay
the exercise price and the amount of any withholding tax due (pursuant to
Paragraph 8) as specified by the Board.

      (c) The obligation of the Companies to deliver Shares upon exercise of the
Option shall be subject to all applicable laws, rules, and regulations and such
approvals by governmental agencies as may be deemed appropriate by the Board,
including such actions as the Companies' counsel shall deem necessary or
appropriate to comply with relevant securities laws and regulations. The
Companies may require that the Optionee (or other person exercising the Option
after the Optionee's death or as otherwise permitted by the Board) represent
that the Optionee is purchasing the Shares for the Optionee's own account and
not with a view to or for sale in connection with any distribution of the
Shares, or such other representation as the Board deems appropriate. The
Optionee acknowledges that the Option will be exercised or the Shares received
upon exercise of the Option will not be sold until the Shares are registered
under the

3
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Securities Act of 1933, as amended (the "Securities Act"), or under
any applicable state securities laws, and agrees that the Shares will not be
resold or transferred except as permitted under the Securities Act and any
applicable state securities laws pursuant to registration or exemption
therefrom. All obligations of the Companies under this Agreement shall be
subject to the rights of the Companies as set forth in Paragraph 8 to withhold
amounts required to be withheld for any taxes, if applicable.

      (d) For purposes of this Agreement, "Fair Market Value" shall be defined
as follows: (i) if the Shares are publicly traded, then the "Fair Market Value"
per Share shall be determined as follows: (A) if the principal trading market
for the Shares is a national securities exchange or the Nasdaq National Market,
the last reported sale price thereof on the relevant date or (if there were no
trades on that date) the latest preceding date upon which a sale was reported,
or (B) if the Shares are not principally traded on such exchange or market, the
mean between the last reported "bid" and "asked" prices of Shares on the
relevant date, as reported on Nasdaq or, if not so reported, as reported by the
National Daily Quotation Bureau, Inc. or as reported in a customary financial
reporting service, as applicable and as the Board determines, or (ii) if the
Shares are not publicly traded or, if publicly traded, are not subject to
reported transactions or "bid" or "asked" quotations as set forth above, the
Fair Market Value per Share shall be as determined by the Board, in its sole
discretion.

5. Change of Control. The following provisions shall apply on a Change of
Control (as defined below):

      (a) Assumption of Option. Upon a Change of Control where the Companies are
not the surviving corporation (or survive only as a subsidiary of another
corporation), unless the Board determines otherwise, the unexercised portion of
the Option shall be assumed by, or replaced with comparable options by, the
surviving corporation (or a parent or subsidiary of the surviving corporation).

      (b) Other Alternatives. Notwithstanding the foregoing, in the event of a
Change of Control, the Board may take any of the following actions with respect
to the Option: the Board may (i) determine that the Option shall accelerate and
become exercisable, in whole or in part, upon the Change of Control or upon such
other event as the Board determines, (ii) require that the Optionee surrender
the Option in exchange for a payment or payments by the Companies, in cash or
Shares of the Companies as determined by the Board, in an amount equal to the
amount by which the then Fair Market Value of the Shares subject to the
Optionee's unexercised Option exceeds the exercise price of the Option, if any,
or (iii) after giving the Optionee an opportunity to exercise the Option,
terminate any unexercised portion of the Option at such time as the Board deems
appropriate. Such surrender, termination or settlement shall take place as of
the date of the Change of Control or such other date as the Board may specify.
The Board shall have no obligation to take any of the foregoing actions, and, in
the absence of any such actions, the Option shall continue in effect according
to its terms (subject to any assumption pursuant to subparagraph (a)).

4
<PAGE>
      (c) Definition of Change of Control. For purposes of this Agreement, a
"Change of Control" shall be deemed to have occurred if:

            (i) Any "person" (as such term is used in sections 13(d) and 14(d)
of Securities Exchange Act of 1934, as amended (the "Exchange Act")) (other than
persons who are shareholders of the Companies on the effective date of this
Agreement) becomes a "beneficial owner" (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Companies
representing more than 50% of the voting power of the then outstanding
securities of the Companies; provided that a Change of Control shall not be
deemed to occur as a result of a change of ownership resulting from the death of
a shareholder, or a transaction in which the Companies become a subsidiary of
another corporation and in which the shareholders of the Companies, immediately
prior to the transaction, will beneficially own, immediately after the
transaction, shares entitling such shareholders to more than 50% of all votes to
which all shareholders of the parent corporation would be entitled in the
election of directors; or

            (ii) The consummation of (A) a merger or consolidation of the
Companies with another corporation where the shareholders of the Companies,
immediately prior to the merger or consolidation, will not beneficially own,
immediately after the merger or consolidation, shares entitling such
shareholders to more than 50% of all votes to which all shareholders of the
surviving corporation would be entitled in the election of directors (without
consideration of the rights of any class of stock to elect directors by a
separate class vote), (B) a sale or other disposition of all or substantially
all of the assets of the Companies, or (C) a liquidation or dissolution of the
Companies.

6. Restrictions on Exercise. Unless the Board determines otherwise, only the
Optionee may exercise the Option during the Optionee's lifetime and, after the
Optionee's death, the Option shall be exercisable (subject to the limitations
specified herein) solely by the legal representatives of the Optionee, or by the
person who acquires the right to exercise the Option by will or by the laws of
descent and distribution, to the extent that the Option is exercisable pursuant
to this Agreement.

7. Adjustments. If there is any change in the number or kind of Shares of the
Companies outstanding (a) by reason of a stock dividend, spinoff,
recapitalization, stock split, or combination or exchange of Shares, (b) by
reason of a merger, reorganization or consolidation in which the Companies are
the surviving corporation, (c) by reason of a reclassification or change in par
value, or (d) by reason of any other extraordinary or unusual event affecting
the outstanding Shares of the Companies as a class without the Companies'
receipt of consideration, or if the value of outstanding Shares of Companies are
substantially reduced as a result of a spinoff or the Companies' payment of an
extraordinary dividend or distribution, the number and kind of Shares covered by
the Option and the exercise price per Share may be appropriately adjusted by the
Board to reflect any increase or decrease in the number of, or change in the
kind or value of, issued Shares of the Companies to preclude, to the extent
practicable, the enlargement or dilution of rights and benefits under the
Option; provided, however, that any fractional

5
<PAGE>
shares resulting from such adjustment shall be eliminated. Any adjustments
determined by the Board shall be final, binding and conclusive.

8. Withholding of Taxes.

      (a) Required Withholding. The Option shall be subject to applicable
federal (including FICA), state and local tax withholding requirements. The
Optionee or other person receiving or exercising the Option shall be required to
pay to the Companies the amount of any such taxes that the Companies are
required to withhold with respect to the Option, or to allow the Companies to
deduct from other wages paid by the Companies the amount of any withholding
taxes due with respect to the Option.

      (b) Election to Withhold Shares. The Optionee may elect to satisfy the
Companies' income tax withholding obligation with respect to the Option by
having Shares withheld up to an amount that does not exceed the Optionee's
minimum applicable withholding tax rate for federal (including FICA), state and
local tax liabilities. The election must be in a form and manner prescribed by
the Board.

9. Option Subject to Board Determinations. The Board shall have full power and
authority to administer and interpret this Agreement, to make factual
determinations and to adopt or amend such rules, regulations, agreements and
instruments for implementing this Agreement and for the conduct of its business
as it deems necessary or advisable, in its sole discretion. The grant and
exercise of the Option are subject to interpretations, regulations and
determinations established from time to time by the Board including, but not
limited to, provisions pertaining to (a) rights and obligations with respect to
withholding taxes, (b) the registration, qualification or listing of the Shares,
(c) changes in capitalization of the Companies and (d) other requirements of
applicable law. The Board's interpretations of this Agreement and all
determinations made by the Board pursuant to the powers vested in it hereunder
shall be conclusive and binding on all persons having any interest in this
Agreement. All powers of the Board shall be executed in its sole discretion, in
the best interest of the Companies, not as a fiduciary, and in keeping with the
objectives of this Agreement.

10. No Employment or Other Rights. The grant of the Option shall not confer upon
the Optionee any right to be retained by or in the employ or service of the
Companies and shall not interfere in any way with the right of a Company to
terminate the Optionee's employment or service at any time. The right of a
Company to terminate at will the Optionee's employment or service at any time
for any reason is specifically reserved.

11. No Shareholder Rights. Neither the Optionee, nor any person entitled to
exercise the Optionee's rights in the event of the Optionee's death or as
otherwise permitted by the Board, shall have any of the rights and privileges of
a shareholder with respect to the Shares subject to the Option, until
certificates for Shares have been issued upon the exercise of the Option.

6
<PAGE>
12. Assignment and Transfers. The rights and interests of the Optionee under
this Agreement may not be sold, assigned, encumbered or otherwise transferred
except, in the event of the death of the Optionee, by will or by the laws of
descent and distribution. In the event of any attempt by the Optionee to
alienate, assign, pledge, hypothecate, or otherwise dispose of the Option or any
right hereunder, except as provided for in this Agreement, or in the event of
the levy or any attachment, execution or similar process upon the rights or
interests hereby conferred, the Companies may terminate the Option by notice to
the Optionee, and the Option and all rights hereunder shall thereupon become
null and void. The rights and protections of the Companies hereunder shall
extend to any successors or assigns of the Companies and to the Companies'
parents, subsidiaries, and affiliates. This Agreement may be assigned by the
Companies without the Optionee's consent.

13. Applicable Law. The validity, construction, interpretation and effect of
this Agreement shall be governed by and construed in accordance with the laws of
the Commonwealth of Pennsylvania, without giving effect to the conflicts of laws
provisions thereof.

14. Amendment. The Companies shall have the right to amend this Agreement at any
time, subject to the Optionee's consent if such amendment adversely affects the
Optionee (except as provided otherwise in this Agreement).

15. Notice. Any notice to the Companies provided for in this instrument shall be
addressed to the Companies in care of the Secretary of the Companies, and any
notice to the Optionee shall be addressed to such Optionee at the current
address shown on the payroll of the Companies, or to such other address as the
Optionee may designate to the Companies in writing. Any notice shall be
delivered by hand, sent by telecopy or enclosed in a properly sealed envelope
addressed as stated above, registered and deposited, postage prepaid, in a post
office regularly maintained by the United States Postal Service.

16. Counterparts. This Agreement has been executed in one or more counterparts
each of which shall constitute one and the same instrument.

7
<PAGE>
      IN WITNESS WHEREOF, the Companies have caused its duly authorized officers
to execute and attest this Agreement, and the Optionee has executed this
Agreement, effective as of the Date of Grant.

                                          BLUE RIDGE REAL ESTATE COMPANY
                                          BIG BOULDER CORPORATION

Attest:

                                          By:
---------------------------------            -----------------------------------
                                                Name:
                                                Title:

I hereby accept the Option described in this Agreement. I have read this
Agreement and I agree to be bound by the terms and conditions of this Agreement.
I hereby further agree that all of the decisions and determinations of the Board
with respect to this Agreement shall be final and binding.

                                          Optionee:
                                                   -----------------------------

                                          Date:
                                               ---------------------------------

8

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