Document:

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                                                                   EXHIBIT 10.10

                            GREAT WOLF RESORTS, INC.

                       FORM OF 2004 INCENTIVE STOCK PLAN

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                                TABLE OF CONTENTS

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Section 1. BACKGROUND AND PURPOSE.................................................................................         1

Section 2  DEFINITIONS............................................................................................         1

          2.1      Affiliate......................................................................................         1
          2.2      Board..........................................................................................         1
          2.3      Change Effective Date..........................................................................         1
          2.4      Change in Control..............................................................................         1
          2.5      Code...........................................................................................         4
          2.6      Committee......................................................................................         4
          2.7      Company........................................................................................         4
          2.8      Director.......................................................................................         4
          2.9      Eligible Employee..............................................................................         4
          2.10     Fair Market Value..............................................................................         5
          2.11     ISO............................................................................................         5
          2.12     1933 Act.......................................................................................         5
          2.13     1934 Act.......................................................................................         5
          2.14     Non-ISO........................................................................................         5
          2.15     Option.........................................................................................         5
          2.16     Option Certificate.............................................................................         5
          2.17     Option Price...................................................................................         6
          2.18     Parent.........................................................................................         6
          2.19     Plan...........................................................................................         6
          2.20     Rule 16b-3.....................................................................................         6
          2.21     SAR Value......................................................................................         6
          2.22     Stock..........................................................................................         6
          2.23     Stock Appreciation Right.......................................................................         6
          2.24     Stock Appreciation Right Certificate...........................................................         6
          2.25     Stock Grant....................................................................................         6
          2.26     Stock Grant Certificate........................................................................         6
          2.27     Stock Unit Grant...............................................................................         7
          2.28     Subsidiary.....................................................................................         7
          2.29     Ten Percent Shareholder........................................................................         7

Section 3  SHARES AND GRANT LIMITS................................................................................         7

          3.1      Shares Reserved................................................................................         7
          3.2      Source of Shares...............................................................................         7
          3.3      Use of Proceeds................................................................................         8
          3.4      Grant Limits...................................................................................         8

Section 4   EFFECTIVE DATE........................................................................................         9

Section 5  COMMITTEE..............................................................................................         9

Section 6  ELIGIBILITY AND ANNUAL GRANT CAPS......................................................................         9
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Section 7     OPTIONS...............................................................................................         10

            7.1      Committee Action...............................................................................         10
            7.2      $100,000 Limit.................................................................................         10
            7.3      Option Price...................................................................................         11
            7.4      Payment........................................................................................         11
            7.5      Exercise.......................................................................................         11

Section 8     STOCK APPRECIATION RIGHTS.............................................................................         12

            8.1      Committee Action...............................................................................         12
            8.2      Terms and Conditions...........................................................................         12
            8.3      Exercise.......................................................................................         14

Section 9.    STOCK GRANTS..........................................................................................         14

            9.1      Committee Action...............................................................................         14
            9.2      Conditions.....................................................................................         15
            9.3      Dividends, Voting Rights and Creditor Status...................................................         16
            9.4      Satisfaction of Forfeiture Conditions..........................................................         18
            9.5      Income Tax Deduction...........................................................................         18

Section 10    NON-TRANSFERABILITY...................................................................................         20

Section 11    SECURITIES REGISTRATION...............................................................................         21

Section 12    LIFE OF PLAN..........................................................................................         21

Section 13    ADJUSTMENT............................................................................................         22

            13.1     Capital Structure..............................................................................         22
            13.2     Transactions Described in Section 424..........................................................         23
            13.3     Fractional Shares..............................................................................         23

Section 14    CHANGE IN CONTROL.....................................................................................         24

Section 15    AMENDMENT OR TERMINATION..............................................................................         25

Section 16    MISCELLANEOUS.........................................................................................         25

            16.1     Shareholder Rights.............................................................................         25
            16.2     No Contract of Employment......................................................................         26
            16.3     Withholding....................................................................................         26
            16.4     Construction...................................................................................         26
            16.5     Other Conditions...............................................................................         26
            16.6     Rule 16b-3.....................................................................................         27
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                                   Section 1.

                             BACKGROUND AND PURPOSE

         The purpose of this Plan is to promote the interest of the Company by
authorizing the Committee to grant Options and Stock Appreciation Rights and to
make Stock Grants and Stock Unit Grants to Eligible Employees and Directors in
order (1) to attract and retain Eligible Employees and Directors, (2) to provide
an additional incentive to each Eligible Employee or Director to work to
increase the value of Stock and (3) to provide each Eligible Employee or
Director with a stake in the future of the Company which corresponds to the
stake of each of the Company's shareholders.

                                    Section 2

                                   DEFINITIONS

         2.1      Affiliate -- means any organization (other than a Subsidiary)
that would be treated as under common control with the Company under Section
414(c) of the Code if "50 percent" were substituted for "80 percent" in the
income tax regulations under Section 414(c) of the Code.

         2.2      Board -- means the Board of Directors of the Company.

         2.3      Change Effective Date -- means either the date which includes
the "closing" of the transaction which makes a Change in Control effective if
the Change in Control is made effective through a transaction which has a
"closing" or the date a Change in Control is reported in accordance with
applicable law as effective to the Securities and Exchange Commission if the
Change in Control is made effective other than through a transaction which has a
"closing".

         2.4      Change in Control -- means the occurrence of any of the
following events:

                  (a)      any "person" (as that term is used in Sections 13(d)
                           and 14(d)(2) of the 1934 Act), is or becomes the
                           beneficial owner (as defined in Rule 13d-3

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                           under the 1934 Act), directly or indirectly, of
                           securities representing 30% or more of the combined
                           voting power of the then outstanding securities of
                           the Company eligible to vote for the election of the
                           members of the Board unless (1) such person is the
                           Company or any Subsidiary, (2) such person is an
                           employee benefit plan (or a trust which is a part of
                           such a plan) which provides benefits exclusively to,
                           or on behalf of, employees or former employees of the
                           Company or a Subsidiary, (3) such person is an
                           underwriter temporarily holding such securities
                           pursuant to an offering of such securities or (4)
                           such person acquired such securities in a
                           Non-Qualifying Transaction (as defined
                           in Section 2.4(d));

                  (b)      during any period of two consecutive years or less
                           beginning after the closing date of the initial
                           public offering of the common stock of the Company,
                           individuals who at the beginning of such period
                           constitute the Board cease, for any reason, to
                           constitute at least a majority of the Board, unless
                           the election or nomination for election of each new
                           director was approved by at least two-thirds of the
                           directors then still in office who were directors at
                           the beginning of the period (either by a specific
                           vote of such directors or by the approval of the
                           Company proxy statement in which each such individual
                           is named as a nominee for a director without written
                           objection to such nomination by such directors);
                           provided, however, that no individual initially
                           elected or nominated as a director of the Company as
                           a result of an actual or threatened election contest
                           with respect to directors or as a result of any other
                           actual or threatened

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                           solicitation of proxies or consents by or on behalf
                           of any persons other than the Board shall be deemed
                           to be approved;

                  (c)      the shareholders of the Company approve any
                           reorganization, merger, consolidation or share
                           exchange as a result of which the common stock of the
                           Company shall be changed, converted or exchanged into
                           or for securities of another corporation (other than
                           a merger with a wholly-owned subsidiary of the
                           Company) or any dissolution or liquidation of the
                           Company or any sale or the disposition of 50% or more
                           of the assets or business of the Company; or

                  (d)      the shareholders of the Company approve any
                           reorganization, merger, consolidation or share
                           exchange or similar form of corporate transaction
                           involving the Company unless (1) the persons who were
                           the beneficial owners of the outstanding securities
                           eligible to vote for the election of the members of
                           the Board immediately before the consummation of such
                           transaction hold more than 60% of the voting power of
                           the securities eligible to vote for the members of
                           the Board of the successor or survivor corporation in
                           such transaction immediately following the
                           consummation of such transaction and (2) the number
                           of the securities of such successor or survivor
                           corporation representing the voting power described
                           in 2.4(d)(1) held by the persons described in Section
                           2.4(d)(1) immediately following the consummation of
                           such transaction is beneficially owned by each such
                           person in substantially the same proportion that each
                           such person had beneficially owned the outstanding
                           securities eligible to vote

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                           for the election of the members of the Board
                           immediately before the consummation of such
                           transaction, provided (3) the percentage described in
                           Section 2.4(d)(1) of the securities of the successor
                           or survivor corporation and the number described in
                           Section 2.4 (d)(2) of the securities of the successor
                           or survivor corporation shall be determined
                           exclusively by reference to the securities of the
                           successor or survivor corporation which result from
                           the beneficial ownership of shares of common stock of
                           the Company by the persons described in Section
                           2.4(d)(1) immediately before the consummation of such
                           transaction (any transaction that satisfies all of
                           the criteria specified in (1), (2) and (3) above
                           shall be deemed to be a "Non-Qualifying
                           Transaction").

         2.5      Code -- means the Internal Revenue Code of 1986, as amended.

         2.6      Committee -- means a committee of the Board which shall have
at least 2 members, each of whom shall be appointed by and shall serve at the
pleasure of the Board and shall come within the definition of a "non-employee
director" under Rule 16b-3 and an "outside director" under Section 162(m) of the
Code.

         2.7      Company -- means Great Wolf Resorts, Inc. and any successor to
Great Wolf Resorts, Inc.

         2.8      Director -- means any member of the Board who is not an
employee of the Company or a Parent or Subsidiary or affiliate (as such term is
defined in Rule 405 of the 1933 Act) of the Company.

         2.9      Eligible Employee -- means an employee of the Company or any
Subsidiary or Parent or Affiliate to whom the Committee decides for reasons
sufficient to the Committee to

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make a grant under this Plan. For purposes of an ISO granted under this Plan, a
person shall be treated as an employee of the Company, a Subsidiary or a Parent
to the extent such person is employed by a disregarded entity under Section 7701
of the Code that is treated as part of the Company, a Subsidiary or a Parent,
for purposes of Section 422 of the Code.

         2.10     Fair Market Value -- means either (a) the closing price on any
date for a share of Stock as reported by The Wall Street Journal or, if The Wall
Street Journal no longer reports such closing price, such closing price as
reported by a newspaper or trade journal selected by the Committee or, if no
such closing price is available on such date, (b) such closing price as so
reported in accordance with Section 2.10(a) for the immediately preceding
business day, or, if no newspaper or trade journal reports such closing price or
if no such price quotation is available, (c) the price which the Committee
acting in good faith determines through any reasonable valuation method that a
share of Stock might change hands between a willing buyer and a willing seller,
neither being under any compulsion to buy or to sell and both having reasonable
knowledge of the relevant facts.

         2.11     ISO -- means an option granted under this Plan to purchase
Stock which is intended to satisfy the requirements of Section 422 of the Code.

         2.12     1933 Act -- means the Securities Act of 1933, as amended.

         2.13     1934 Act -- means the Securities Exchange Act of 1934, as
amended.

         2.14     Non-ISO -- means an option granted under this Plan to purchase
Stock which is intended to fail to satisfy the requirements of Section 422 of
the Code.

         2.15     Option -- means an ISO or a Non-ISO which is granted
under Section 7.

         2.16    Option Certificate -- means the certificate (whether in
electronic or written form) which sets forth the terms and conditions of an
Option granted under this Plan.

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         2.17     Option Price -- means the price which shall be paid to
purchase one share of Stock upon the exercise of an Option granted under this
Plan.

         2.18     Parent -- means any corporation which is a parent corporation
(within the meaning of Section 424(e) of the Code) of the Company.

         2.19     Plan -- means this Great Wolf Resorts, Inc. 2004 Incentive
Stock Plan as effective as of the date approved by the shareholders of the
Company and as amended from time to time thereafter.

         2.20     Rule 16b-3 -- means the exemption under Rule 16b-3 to Section
16(b) of the 1934 Act or any successor to such rule.

         2.21     SAR Value -- means the value assigned by the Committee to a
share of Stock in connection with the grant of a Stock Appreciation Right under
Section 8.

         2.22     Stock -- means the common stock, par value $0.01 per share, of
the Company.

         2.23     Stock Appreciation Right -- means a right which is granted
under  Section 8 to receive the appreciation in a share of Stock.

         2.24     Stock Appreciation Right Certificate -- means the certificate
(whether in electronic or written form) which sets forth the terms and
conditions of a Stock Appreciation Right which is not granted as part of an
Option.

         2.25     Stock Grant -- means a grant under Section 9 which is designed
to result in the issuance of the number of shares of Stock described in such
grant rather than a payment in cash based on the Fair Market Value of such
shares of Stock.

         2.26     Stock Grant Certificate -- means the certificate (whether in
electronic or written form) which sets forth the terms and conditions of a Stock
Grant or a Stock Unit Grant.

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         2.27     Stock Unit Grant -- means a grant under Section 9 which is
designed to result in the payment of cash based on the Fair Market Value of the
number of shares of Stock described in such grant rather than the issuance of
the number of shares of Stock described in such grant.

         2.28     Subsidiary -- means a corporation which is a subsidiary
corporation (within the meaning of Section 424(f) of the Code) of the Company.

         2.29     Ten Percent Shareholder -- means a person who owns (after
taking into account the attribution rules of Section 424(d) of the Code) more
than ten percent of the total combined voting power of all classes of stock of
either the Company, a Subsidiary or Parent.

                                    Section 3

                             SHARES AND GRANT LIMITS

         3.1      Shares Reserved. There shall (subject to Section 13) be
reserved for issuance under this Plan 3,274,215 shares of Stock.

         3.2      Source of Shares. The shares of Stock described in Section 3.1
shall be reserved to the extent that the Company deems appropriate from
authorized but unissued shares of Stock and from shares of Stock which have been
reacquired by the Company. All shares of Stock described in Section 3.1 shall
remain available for issuance under this Plan until issued pursuant to the
exercise of an Option or a Stock Appreciation Right or issued pursuant to a
Stock Grant, and any such shares of stock which are issued pursuant to an
Option, a Stock Appreciation Right or a Stock Grant which are forfeited
thereafter shall again become available for issuance under this Plan. Finally,
if the Option Price under an Option is paid in whole or in part in shares of
Stock or if shares of Stock are tendered to the Company to satisfy any purchase
price required to be paid in connection with a Stock Grant, such shares
thereafter shall become available for issuance

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under this Plan and shall be treated the same as any other shares available for
issuance under this Plan.

         3.3      Use of Proceeds. The proceeds which the Company receives from
the sale of any shares of Stock under this Plan shall be used for general
corporate purposes and shall be added to the general funds of the Company.

         3.4      Grant Limits. No Eligible Employee or Director in any calendar
year shall be granted an Option to purchase (subject to Section 13) more than
350,000 shares of Stock or a Stock Appreciation Right based on the appreciation
with respect to (subject to Section 13) more than 350,000 shares of Stock, and
no Stock Grant or Stock Unit Grant shall be made to any Eligible Employee or
Director in any calendar year where the Fair Market Value of the Stock subject
to such grant on the date of the grant exceeds $5,000,000. If an Option is
cancelled or the base amount on which a Stock Appreciation Right is calculated
is reduced to reflect a reduction in the Fair Market Value of the Stock, such
cancelled Option or recalculated Stock Appreciation Right shall continue to be
counted toward the grant limits in this Section 3.4 for the affected Eligible
Employee or Director to the extent required for compliance with Section 162(m)
of the Code. No more than 750,000 non-forfeitable shares of Stock shall (subject
to Section 13) be issued pursuant to Stock Grants under Section 9.

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                                    Section 4

                                 EFFECTIVE DATE

         The effective date of this Plan shall be the date the shareholders of
the Company (acting at a duly called meeting of such shareholders) approve the
adoption of this Plan.

                                   Section 5

                                   COMMITTEE

         This Plan shall be administered by the Committee. The Committee acting
in its absolute discretion shall exercise such powers and take such action as
expressly called for under this Plan and, further, the Committee shall have the
power to interpret this Plan and (subject to Section 14 and Section 15 and Rule
16b-3) to take such other action in the administration and operation of this
Plan as the Committee deems equitable under the circumstances, which action
shall be binding on the Company, on each affected Eligible Employee or Director
and on each other person directly or indirectly affected by such action.
Furthermore, the Committee as a condition to making any grant under this Plan to
any Eligible Employee or Director shall have the right to require him or her to
execute an agreement which makes the Eligible Employee or Director subject to
non-competition provisions and other restrictive covenants which run in favor of
the Company, a Subsidiary, Affiliate and other related entities.

                                    Section 6

                        ELIGIBILITY AND ANNUAL GRANT CAPS

         Only Eligible Employees who are employed by the Company, a Subsidiary
or a Parent shall be eligible for the grant of ISOs under this Plan. All
Eligible Employees and Directors shall be eligible for the grant of Non-ISOs and
Stock Appreciation Rights and for Stock Grants and Stock Unit Grants under this
Plan.

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                                    Section 7

                                     OPTIONS

         7.1      Committee Action. The Committee acting in its absolute
discretion shall have the right to grant Options to Eligible Employees and to
Directors under this Plan from time to time to purchase shares of Stock, but the
Committee shall not, absent the approval of the Company's shareholders, take any
action, whether through amendment, cancellation, replacement grants, or any
other means, to reduce the Option Price of any outstanding Options. Each grant
of an Option to a Eligible Employee or Director shall be evidenced by an Option
Certificate, and each Option Certificate shall set forth whether the Option is
an ISO or a Non-ISO and shall set forth such other terms and conditions of such
grant as the Committee acting in its absolute discretion deems consistent with
the terms of this Plan; however, (a) if the Committee grants an ISO and a
Non-ISO to a Eligible Employee on the same date, the right of the Eligible
Employee to exercise the ISO shall not be conditioned on his or her failure to
exercise the Non-ISO and (b) if the only condition to exercise of the Option is
the completion of a period of service, such period of service shall be no less
than the one (1) year period which starts on the date as of which the Option is
granted.

         7.2      $100,000 Limit. No Option shall be treated as an ISO to the
extent that the aggregate Fair Market Value of the Stock subject to the Option
which would first become exercisable in any calendar year exceeds $100,000. Any
such excess shall instead automatically be treated as a Non-ISO. The Committee
shall interpret and administer the ISO limitation set forth in this Section 7.2
in accordance with Section 422(d) of the Code, and the Committee shall treat
this Section 7.2 as in effect only for those periods for which Section 422(d) of
the Code is in effect.

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         7.3      Option Price. The Option Price for each share of Stock subject
to an Option shall be no less than the Fair Market Value of a share of Stock on
the date the Option is granted; provided, however, if the Option is an ISO
granted to an Eligible Employee who is a Ten Percent Shareholder, the Option
Price for each share of Stock subject to such ISO shall be no less than 110% of
the Fair Market Value of a share of Stock on the date such ISO is granted.

         7.4      Payment. The Option Price shall be payable in full upon the
exercise of any Option and, at the discretion of the Committee, an Option
Certificate can provide for the payment of the Option Price either in cash, by
check or in Stock which has been held for at least 6 months and which is
acceptable to the Committee, or through any cashless exercise procedure which is
effected by an unrelated broker through a sale of Stock in the open market and
which is acceptable to the Committee, or in any combination of such forms of
payment. Any payment made in Stock shall be treated as equal to the Fair Market
Value of such Stock on the date the certificate for such Stock (or proper
evidence of such certificate) is presented to the Committee or its delegate in
such form as acceptable to the Committee.

         7.5      Exercise.

                           (a)      Exercise Period. Each Option granted under
                                    this Plan shall be exercisable in whole or
                                    in part at such time or times as set forth
                                    in the related Option Certificate, but no
                                    Option Certificate shall make an Option
                                    exercisable on or after the earlier of

                                            (1)      the date which is the fifth
                                                     anniversary of the date the
                                                     Option is granted, if the
                                                     Option is an ISO and the
                                                     Eligible Employee is a Ten
                                                     Percent Shareholder on the
                                                     date the Option is granted,
                                                     or

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                                            (2)      the date which is the tenth
                                                     anniversary of the date the
                                                     Option is granted, if the
                                                     Option is (a) a Non-ISO or
                                                     (b) an ISO which is granted
                                                     to an Eligible Employee who
                                                     is not a Ten Percent
                                                     Shareholder on the date the
                                                     Option is granted.

                           (b)      Termination of Status as Eligible Employee
                                    or Director. Subject to Section 7.5(a), an
                                    Option Certificate may provide for the
                                    exercise of an Option after an Eligible
                                    Employee's or a Director's status as such
                                    has terminated for any reason whatsoever,
                                    including death or disability.

                                    Section 8

                            STOCK APPRECIATION RIGHTS

         8.1      Committee Action. The Committee acting in its absolute
discretion shall have the right to grant Stock Appreciation Rights to Eligible
Employees and to Directors under this Plan from time to time, and each Stock
Appreciation Right grant shall be evidenced by a Stock Appreciation Right
Certificate or, if such Stock Appreciation Right is granted as part of an
Option, shall be evidenced by the Option Certificate for the related Option.

         8.2      Terms and Conditions.

                  (a)      Stock Appreciation Right Certificate. If a Stock
                           Appreciation Right is granted independent of an
                           Option, such Stock Appreciation Right shall be
                           evidenced by a Stock Appreciation Right Certificate,
                           and such certificate shall set forth the number of
                           shares of Stock on which the Eligible Employee's or
                           Director's right to appreciation shall be based and
                           the SAR

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                           Value of each share of Stock. Such SAR Value shall be
                           no less than the Fair Market Value of a share of
                           Stock on the date that the Stock Appreciation Right
                           is granted. The Stock Appreciation Right Certificate
                           shall set forth such other terms and conditions for
                           the exercise of the Stock Appreciation Right as the
                           Committee deems appropriate under the circumstances,
                           but no Stock Appreciation Right Certificate shall
                           make a Stock Appreciation Right exercisable on or
                           after the date which is the tenth anniversary of the
                           date such Stock Appreciation Right is granted.

                  (b)      Option Certificate. If a Stock Appreciation Right is
                           granted together with an Option, such Stock
                           Appreciation Right shall be evidenced by an Option
                           Certificate, the number of shares of Stock on which
                           the Eligible Employee's or Director's right to
                           appreciation shall be based shall be the same as the
                           number of shares of Stock subject to the related
                           Option, and the SAR Value for each such share of
                           Stock shall be no less than the Option Price under
                           the related Option. Each such Option Certificate
                           shall provide that the exercise of the Stock
                           Appreciation Right with respect to any share of Stock
                           shall cancel the Eligible Employee's or Director's
                           right to exercise his or her Option with respect to
                           such share and, conversely, that the exercise of the
                           Option with respect to any share of Stock shall
                           cancel the Eligible Employee's or Director's right to
                           exercise his or her Stock Appreciation Right with
                           respect to such share. A Stock Appreciation Right
                           which is granted as part of an Option shall be
                           exercisable only while the related Option is
                           exercisable. The Option

                                      -13-
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                           Certificate shall set forth such other terms and
                           conditions for the exercise of the Stock Appreciation
                           Right as the Committee deems appropriate under the
                           circumstances.

                  (c)      Minimum Period of Service. If the only condition to
                           exercise of a Stock Appreciation Right is the
                           completion of a period of service, such period of
                           service shall be no less than the one (1) year period
                           which starts on the date as of which the Stock
                           Appreciation Right is granted.

         8.3      Exercise. A Stock Appreciation Right shall be exercisable only
when the Fair Market Value of a share of Stock on which the right to
appreciation is based exceeds the SAR Value for such share, and the payment due
on exercise shall be based on such excess with respect to the number of shares
of Stock to which the exercise relates. An Eligible Employee or Director upon
the exercise of his or her Stock Appreciation Right shall receive a payment from
the Company in cash or in Stock issued under this Plan, or in a combination of
cash and Stock, and the number of shares of Stock issued shall be based on the
Fair Market Value of a share of Stock on the date the Stock Appreciation Right
is exercised. The Committee acting in its absolute discretion shall have the
right to determine the form and time of any payment under this Section 8.3.

                                   Section 9.

                                  STOCK GRANTS

         9.1      Committee Action. The Committee acting in its absolute
discretion shall have the right to make Stock Grants and Stock Unit Grants to
Eligible Employees and to Directors. Each Stock Grant and each Stock Unit Grant
shall be evidenced by a Stock Grant Certificate, and each Stock Grant
Certificate shall set forth the conditions, if any, under which Stock will be
issued under the Stock Grant or cash will be paid under the Stock Unit Grant and
the conditions under

                                      -14-
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which the Eligible Employee's or Director's interest in any Stock which has been
issued will become non-forfeitable.

      9.2   Conditions.

            (a)   Conditions to Issuance of Stock. The Committee acting in its
                  absolute discretion may make the issuance of Stock under a
                  Stock Grant subject to the satisfaction of one, or more than
                  one, condition which the Committee deems appropriate under the
                  circumstances for Eligible Employees or Directors generally or
                  for an Eligible Employee or a Director in particular, and the
                  related Stock Grant Certificate shall set forth each such
                  condition and the deadline for satisfying each such condition.
                  Stock subject to a Stock Grant shall be issued in the name of
                  an Eligible Employee or Director only after each such
                  condition, if any, has been timely satisfied, and any Stock
                  which is so issued shall be held by the Company pending the
                  satisfaction of the forfeiture conditions, if any, under
                  Section 9.2(b) for the related Stock Grant.

            (b)   Conditions on Forfeiture of Stock or Cash Payment. The
                  Committee acting in its absolute discretion may make any cash
                  payment due under a Stock Unit Grant or Stock issued in the
                  name of an Eligible Employee or Director under a Stock Grant
                  non-forfeitable subject to the satisfaction of one, or more
                  than one, objective employment, performance or other condition
                  that the Committee acting in its absolute discretion deems
                  appropriate under the circumstances for Eligible Employees or
                  Directors generally or for an Eligible Employee or a Director
                  in particular, and the

                                      -15-
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                  related Stock Grant Certificate shall set forth each such
                  condition, if any, and the deadline, if any, for satisfying
                  each such condition. An Eligible Employee's or a Director's
                  non-forfeitable interest in the shares of Stock underlying a
                  Stock Grant or the cash payable under a Stock Unit Grant shall
                  depend on the extent to which he or she timely satisfies each
                  such condition. Each share of Stock underlying a Stock Grant
                  shall not be available under Section 3 after such grant is
                  effective until such time, if any, as such share thereafter is
                  forfeited as a result of a failure to timely satisfy a
                  forfeiture condition, in which event such share of Stock shall
                  again become available under Section 3 as of the date of such
                  forfeiture. Finally, the Company shall have the right to
                  require an Eligible Employee or Director to sign an
                  irrevocable stock power in favor of the Company with respect
                  to forfeitable shares of Stock issued under this Section
                  9.2(b) in order for the Company to effect a forfeiture in
                  accordance with this Section 9.2(b).

            (c)   Minimum Period of Service. If the only condition to the
                  forfeiture of a Stock Grant or a Stock Unit Grant is the
                  completion of a period of service, such period of service
                  shall be no less than the one (1) year period which starts on
                  the date as of which the Stock Grant or Stock Unit Grant is
                  made.

      9.3   Dividends, Voting Rights and Creditor Status.

            (a)   Cash Dividends. Except as otherwise set forth in a Stock Grant
                  or Stock Unit Grant, if a dividend is paid in cash on a share
                  of Stock after (1) such Stock has been issued under a Stock
                  Grant or (2) the date of the Stock

                                      -16-
<PAGE>

                  Unit Grant, but, in either case, before the first date that an
                  Eligible Employee's or a Director's interest in such Stock
                  Grant or Stock Unit Grant (1) is forfeited completely or (2)
                  becomes completely non-forfeitable, the Company shall pay such
                  cash dividend directly to such Eligible Employee or Director.

            (b)   Stock Dividends. If a dividend is paid on a share of Stock in
                  Stock after (1) such Stock has been issued under a Stock Grant
                  or (2) the date of the Stock Unit Grant, but, in either case,
                  before the first date that an Eligible Employee's or a
                  Director's interest in such Stock Grant or Stock Unit Grant
                  (1) is forfeited completely or (2) becomes completely
                  non-forfeitable, the Company shall hold such dividend Stock
                  subject to the same conditions under Section 9.2(b) as the
                  related Stock Grant or Stock Unit.

            (c)   Other. If a dividend (other than a dividend described in
                  Section 9.3(a) or Section 9.3(b)) is paid with respect to a
                  share of Stock after (1) such Stock has been issued under a
                  Stock Grant or (2) the date of the Stock Unit Grant, but, in
                  either case, before the first date that an Eligible Employee's
                  or a Director's interest in such Stock Grant or Stock Unit
                  Grant (1) is forfeited completely or (2) becomes completely
                  non-forfeitable, the Company shall distribute or hold such
                  dividend in accordance with such rules as the Committee shall
                  adopt with respect to each such dividend.

            (d)   Voting. Except as otherwise set forth in a Stock Grant, an
                  Eligible Employee or a Director shall have the right to vote
                  the Stock issued under his or her Stock Grant during the
                  period which comes after such Stock has

                                      -17-
<PAGE>

                  been issued under a Stock Grant but before the first date that
                  an Eligible Employee's or Director's interest in such Stock
                  (1) is forfeited completely or (2) becomes completely
                  non-forfeitable.

            (e)   General Creditor Status. An Eligible Employee and a Director
                  to whom a Stock Unit Grant is made shall be no more than a
                  general and unsecured creditor of the Company with respect to
                  any cash payable under such Stock Unit Grant.

      9.4   Satisfaction of Forfeiture Conditions. A share of Stock shall cease
            to be subject to a Stock Grant at such time as an Eligible
            Employee's or a Director's interest in such Stock becomes
            non-forfeitable under this Plan, and the certificate or other
            evidence of ownership representing such share shall be transferred
            to the Eligible Employee or Director as soon as practicable
            thereafter.

      9.5   Income Tax Deduction.

            (a)   General. The Committee shall (where the Committee under the
                  circumstances deems in the Company's best interest) make Stock
                  Grants and Stock Unit Grants to Eligible Employees either (1)
                  subject to at least one condition related to one, or more than
                  one, performance goal based on the performance goals described
                  in Section 9.5(b) which seems likely to result in the Stock
                  Grant or Stock Unit Grant qualifying as "performance-based
                  compensation" under Section 162(m) of the Code or (2) under
                  such other circumstances as the Committee deems likely to
                  result in an income tax deduction for the Company with respect
                  such Stock Grant or Stock Unit Grant. A performance goal may
                  be set in any manner determined by the

                                      -18-
<PAGE>

                  Committee, including looking to achievement on an absolute or
                  relative basis in relation to peer groups or indexes.

            (b)   Performance Goals. A performance goal is described in this
                  Section 9.5(b) if such goal relates to (1) the Company's
                  return over capital costs or increases in return over capital
                  costs, (2) the Company's total earnings or the growth in such
                  earnings, (3) the Company's consolidated earnings or the
                  growth in such earnings, (4) the Company's earnings per share
                  or the growth in such earnings, (5) the Company's net earnings
                  or the growth in such earnings, (6) the Company's earnings
                  before interest expense, taxes, depreciation, amortization and
                  other non-cash items or the growth in such earnings, (7) the
                  Company's earnings before interest and taxes or the growth in
                  such earnings, (8) the Company's consolidated net income or
                  the growth in such income, (9) the value of the Company's
                  common stock or the growth in such value, (10) the Company's
                  stock price or the growth in such price, (11) the Company's
                  return on assets or the growth on such return, (12) the
                  Company's cash flow or the growth in such cash flow, (13) the
                  Company's total shareholder return or the growth in such
                  return, (14) the Company's expenses or the reduction of such
                  expenses, (15) the Company's sales growth, (16) the Company's
                  overhead ratios or changes in such ratios, (17) the Company's
                  expense-to-sales ratios or the changes in such ratios, or (18)
                  the Company's economic value added or changes in such value
                  added. The Committee shall determine in writing whether a
                  performance goal has been satisfied for a given period.

                                      -19-
<PAGE>

            (c)   Adjustments. When the Committee determines whether a
                  performance goal has been satisfied for any period, the
                  Committee may exclude any or all "extraordinary items" as
                  determined under U.S. generally accepted accounting principles
                  and any other unusual or non-recurring items, including,
                  without limitation, the charges or costs associated with
                  restructurings of the Company, discontinued operations, and
                  the cumulative effects of accounting changes. The Committee
                  may also adjust any performance goal for a period as it deems
                  equitable in recognition of unusual or non-recurring events
                  affecting the Company, changes in applicable tax laws or
                  accounting principles, or such other factors as the Committee
                  may determine (including, without limitation, any adjustments
                  that would result in the Company's paying non-deductible
                  compensation to an Eligible Employee).

                                   Section 10

                               NON-TRANSFERABILITY

      No Option, Stock Grant, Stock Unit Grant or Stock Appreciation Right shall
(absent the Committee's consent) be transferable by an Eligible Employee or a
Director other than by will or by the laws of descent and distribution, and any
Option or Stock Appreciation Right shall (absent the Committee's consent) be
exercisable during a Eligible Employee's or Director's lifetime only by the
Eligible Employee or Director. The person or persons to whom an Option or Stock
Grant or Stock Unit Grant or Stock Appreciation Right is transferred by will or
by the laws of descent and distribution (or with the Committee's consent)
thereafter shall be treated as the Eligible Employee or Director.

                                      -20-
<PAGE>

                                   Section 11

                             SECURITIES REGISTRATION

      As a condition to the receipt of shares of Stock under this Plan, the
Eligible Employee or Director shall, if so requested by the Company, agree to
hold such shares of Stock for investment and not with a view of resale or
distribution to the public and, if so requested by the Company, shall deliver to
the Company a written statement satisfactory to the Company to that effect.
Furthermore, if so requested by the Company, the Eligible Employee or Director
shall make a written representation to the Company that he or she will not sell
or offer for sale any of such Stock unless a registration statement shall be in
effect with respect to such Stock under the 1933 Act and any applicable state
securities law or he or she shall have furnished to the Company an opinion in
form and substance satisfactory to the Company of legal counsel satisfactory to
the Company that such registration is not required. Certificates or other
evidence of ownership representing the Stock transferred upon the exercise of an
Option or Stock Appreciation Right or upon the lapse of the forfeiture
conditions, if any, on any Stock Grant may at the discretion of the Company bear
a legend to the effect that such Stock has not been registered under the 1933
Act or any applicable state securities law and that such Stock cannot be sold or
offered for sale in the absence of an effective registration statement as to
such Stock under the 1933 Act and any applicable state securities law or an
opinion in form and substance satisfactory to the Company of legal counsel
satisfactory to the Company that such registration is not required.

                                   Section 12

                                  LIFE OF PLAN

      No Option or Stock Appreciation Right shall be granted or Stock Grant or
Stock Unit Grant made under this Plan on or after the earlier of:

                                      -21-
<PAGE>

                  (1)   the tenth anniversary of the effective date of this Plan
                        (as determined under Section 4), in which event this
                        Plan otherwise thereafter shall continue in effect until
                        all outstanding Options and Stock Appreciation Rights
                        have been exercised in full or no longer are
                        exercisable, all Stock issued under any Stock Grants
                        under this Plan have been forfeited or have become
                        non-forfeitable and all Stock Unit Grants have been
                        forfeited or been paid; or

                  (2)   the date on which all of the Stock reserved under
                        Section 3 has (as a result of the exercise of Options or
                        Stock Appreciation Rights granted under this Plan or the
                        satisfaction of the forfeiture conditions, if any, on
                        Stock Grants) been issued or no longer is available for
                        use under this Plan, in which event this Plan and any
                        outstanding Options, Stock Appreciation Rights and Stock
                        Grants also shall terminate on such date.

                                   Section 13

                                   ADJUSTMENT

      13.1  Capital Structure. The number, kind or class (or any combination
thereof) of shares of Stock reserved under Section 3, the grant caps described
in Section 3, the number, kind or class (or any combination thereof) of shares
of Stock subject to Options or Stock Appreciation Rights granted under this Plan
and the Option Price of such Options and the SAR Value of such Stock
Appreciation Rights as well as the number, kind or class (or any combination
thereof) of shares of Stock subject to Stock Grants or Stock Unit Grants made
under this Plan shall be adjusted by the Committee in an equitable manner to
reflect any equity restructuring or change in the

                                      -22-
<PAGE>

capitalization of the Company, including, but not limited to, spin offs, stock
dividends, large non-reoccurring dividends, rights offerings or stock splits.

      13.2  Transactions Described in Section 424. The Committee as part of any
corporate transaction described in Section 424(a) of the Code shall have the
right to adjust (in any manner which the Committee in its discretion deems
consistent with Section 424(a) of the Code) the number, kind or class (or any
combination thereof) of shares of Stock reserved under Section 3 and the annual
grant caps described in Section 3. Furthermore, the Committee as part of any
corporate transaction described in Section 424(a) of the Code shall have the
right to adjust (in any manner which the Committee in its discretion deems
consistent with Section 424(a) of the Code) the number, kind or class (or any
combination thereof) of shares of Stock subject to any outstanding Stock Grants
or Stock Unit Grants under this Plan and any related grant conditions and
forfeiture conditions, and the number, kind or class (or any combination
thereof) of shares subject to Option and Stock Appreciation Right grants
previously made under this Plan and the related Option Price and SAR Value for
each such Option and Stock Appreciation Right, and, further, shall have the
right (in any manner which the Committee in its discretion deems consistent with
Section 424(a) of the Code and without regard to the annual grant caps described
in Section 3 of this Plan) to make any Stock Grants and Option and Stock
Appreciation Right grants to effect the assumption of, or the substitution for,
stock grants, stock unit grants and option and stock appreciation right grants
previously made by any other corporation to the extent that such corporate
transaction calls for such substitution or assumption of such stock grants,
stock unit grants and stock option and stock appreciation right grants.

      13.3  Fractional Shares. If any adjustment under this Section 13 would
create a fractional share of Stock or a right to acquire a fractional share of
Stock under any Option, Stock

                                      -23-
<PAGE>

Appreciation Right or Stock Grant, such fractional share shall be disregarded
and the number of shares of Stock reserved under this Plan and the number
subject to any Options or Stock Appreciation Right grants and Stock Grants shall
be the next lower number of shares of Stock, rounding all fractions downward. An
adjustment made under this Section 13 by the Committee shall be conclusive and
binding on all affected persons.

                                   Section 14

                                CHANGE IN CONTROL

      If there is a Change in Control of the Company, then as of the Change
Effective Date for such Change in Control any and all conditions to the exercise
of all outstanding Options and Stock Appreciation Rights on such date and any
and all outstanding issuance and forfeiture conditions on any Stock Grants and
Stock Unit Grants on such date automatically shall be deemed 100% satisfied as
of such Change Effective Date, and the Board shall have the right (to the extent
expressly required as part of such transaction) to cancel such Options, Stock
Appreciation Rights, Stock Grants and Stock Unit Grants after providing each
Eligible Employee and Director a reasonable period to exercise his or her
Options and Stock Appreciation Rights and to take such other action as necessary
or appropriate to receive the Stock subject to any Stock Grants and the cash
payable under any Stock Unit Grants; provided, if any issuance or forfeiture
condition described in this Section 14 relates to satisfying any performance
goal and there is a target for such goal, such issuance or forfeiture condition
shall be deemed satisfied under this Section 14 only to the extent of such
target unless such target has been exceeded before the Change Effective Date, in
which event such issuance or forfeiture condition shall be deemed satisfied to
the extent such target had been so exceeded.

                                      -24-
<PAGE>

                                   Section 15

                            AMENDMENT OR TERMINATION

      This Plan may be amended by the Board from time to time to the extent that
the Board deems necessary or appropriate; provided, however, (a) no amendment
shall be made absent the approval of the shareholders of the Company to the
extent such approval is required under applicable law or the rules of the stock
exchange on which shares of Stock are listed and (b) no amendment shall be made
to Section 14 on or after the date of any Change in Control which might
adversely affect any rights which otherwise would vest on the related Change
Effective Date. The Board also may suspend granting Options or Stock
Appreciation Rights or making Stock Grants or Stock Unit Grants under this Plan
at any time and may terminate this Plan at any time; provided, however, the
Board shall not have the right unilaterally to modify, amend or cancel any
Option or Stock Appreciation Right granted or Stock Grant made before such
suspension or termination unless (1) the Eligible Employee or Director consents
in writing to such modification, amendment or cancellation or (2) there is a
dissolution or liquidation of the Company or a transaction described in Section
13.2 or Section 14.

                                   Section 16

                                 MISCELLANEOUS

      16.1  Shareholder Rights. No Eligible Employee or Director shall have any
rights as a shareholder of the Company as a result of the grant of an Option or
a Stock Appreciation Right pending the actual delivery of the Stock subject to
such Option or Stock Appreciation Right to such Eligible Employee or Director.
Subject to Section 9.3, an Eligible Employee's or a Director's rights as a
shareholder in the shares of Stock underlying a Stock Grant which is effective
shall be set forth in the related Stock Grant Certificate.

                                      -25-
<PAGE>

      16.2  No Contract of Employment. The grant of an Option or a Stock
Appreciation Right or a Stock Grant or Stock Unit Grant to an Eligible Employee
or Director under this Plan shall not constitute a contract of employment or a
right to continue to serve on the Board and shall not confer on an Eligible
Employee or Director any rights upon his or her termination of employment or
service in addition to those rights, if any, expressly set forth in this Plan or
the related Option Certificate, Stock Appreciation Right Certificate, or Stock
Grant Certificate.

      16.3  Withholding. Each Option, Stock Appreciation Right, Stock Grant and
Stock Unit Grant shall be made subject to the condition that the Eligible
Employee or Director consents to whatever action the Committee directs to
satisfy the minimum statutory federal and state tax withholding requirements, if
any, which the Company determines are applicable to any grant made under the
Plan. No withholding shall be effected under this Plan which exceeds the minimum
statutory federal and state withholding requirements.

      16.4  Construction. All references to sections (Section) are to sections
(Section) of this Plan unless otherwise indicated. This Plan shall be construed
under the laws of the State of Delaware. Each term set forth in Section 2 shall,
unless otherwise stated, have the meaning set forth opposite such term for
purposes of this Plan and, for purposes of such definitions, the singular shall
include the plural and the plural shall include the singular. Finally, if there
is any conflict between the terms of this Plan and the terms of any Option
Certificate, Stock Appreciation Right Certificate or Stock Grant Certificate,
the terms of this Plan shall control.

      16.5  Other Conditions. Each Option Certificate, Stock Appreciation Right
Certificate or Stock Grant Certificate may require that an Eligible Employee or
a Director (as a condition to the exercise of an Option or a Stock Appreciation
Right or the issuance of Stock subject to a Stock Grant) enter into any
agreement or make such representations prepared by the Company,

                                      -26-
<PAGE>

including (without limitation) any agreement which restricts the transfer of
Stock acquired pursuant to the exercise of an Option or a Stock Appreciation
Right or a Stock Grant or provides for the repurchase of such Stock by the
Company.

      16.6  Rule 16b-3. The Committee shall have the right to amend any Option,
Stock Grant or Stock Appreciation Right to withhold or otherwise restrict the
transfer of any Stock or cash under this Plan to an Eligible Employee or
Director as the Committee deems appropriate in order to satisfy any condition or
requirement under Rule 16b-3 to the extent Rule 16 of the 1934 Act might be
applicable to such grant or transfer.

      IN WITNESS WHEREOF, the Company has caused its duly authorized officer to
execute this Plan to evidence its adoption of this Plan.

                                         GREAT WOLF RESORTS, INC.

                                         By:   _________________________________

                                         Date: _________________________________

                                      -27-<PAGE>

                                                                   Exhibit 10.11

                            GREAT WOLF RESORTS, INC.

                       FORM OF DEFERRED COMPENSATION PLAN

<PAGE>
                                                                               .
                                                                               .
                                                                               .

                            GREAT WOLF RESORTS, INC.
                           DEFERRED COMPENSATION PLAN

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                              <C>
ARTICLE I         DEFINITIONS..............................................................................      1

         1.1      ACCOUNT..................................................................................      1
         1.2      AFFILIATE................................................................................      1
         1.3      BASE COMPENSATION........................................................................      1
         1.4      BASE COMPENSATION DEFERRALS..............................................................      1
         1.5      BENEFICIARY..............................................................................      1
         1.6      BOARD....................................................................................      1
         1.7      CHANGE EFFECTIVE DATE....................................................................      1
         1.8      CHANGE IN CONTROL........................................................................      2
         1.9      CHIEF EXECUTIVE OFFICER..................................................................      2
         1.10     CODE.....................................................................................      2
         1.11     COMMITTEE................................................................................      2
         1.12     COMPENSATION.............................................................................      2
         1.13     COMPENSATION DEFERRAL ACCOUNT............................................................      2
         1.14     COMPENSATION DEFERRALS...................................................................      2
         1.15     DESIGNATION DATE.........................................................................      2
         1.16     DISABILITY...............................................................................      2
         1.17     EFFECTIVE DATE...........................................................................      2
         1.18     ELIGIBLE INDIVIDUAL......................................................................      2
         1.20     EMPLOYER.................................................................................      3
         1.21     EMPLOYER CONTRIBUTION CREDIT ACCOUNT.....................................................      3
         1.22     EMPLOYER CONTRIBUTION CREDITS............................................................      3
         1.23     ENTRY DATE...............................................................................      3
         1.24     ERISA....................................................................................      3
         1.25     PARTICIPANT..............................................................................      3
         1.26     PARTICIPANT ENROLLMENT AND ELECTION FORM.................................................      3
         1.27     PLAN.....................................................................................      3
         1.28     PLAN SPONSOR.............................................................................      3
         1.29     PLAN YEAR................................................................................      3
         1.30     QUALIFIED PLAN...........................................................................      3
         1.31     RETIREMENT...............................................................................      3
         1.32     TRUST....................................................................................      3
         1.33     TRUSTEE..................................................................................      3
         1.34     VALUATION DATE...........................................................................      3

ARTICLE II        ELIGIBILITY AND PARTICIPATION............................................................      4

         2.1      REQUIREMENTS.............................................................................      4
         2.2      RE-EMPLOYMENT............................................................................      4
         2.3      CHANGE OF EMPLOYMENT CATEGORY............................................................      4

ARTICLE III       CONTRIBUTIONS AND CREDITS................................................................      4
</TABLE>

                                       i

<PAGE>

<TABLE>
<S>                                                                                                              <C>
         3.1      EMPLOYER CONTRIBUTION CREDITS............................................................      4
         3.2      PARTICIPANT COMPENSATION DEFERRALS.......................................................      5
         3.3      CONTRIBUTIONS TO THE TRUST...............................................................      6

ARTICLE IV          ALLOCATION OF FUNDS....................................................................      6

         4.1      ALLOCATION OF DEEMED EARNINGS OR LOSSES ON ACCOUNTS......................................      6
         4.2      ACCOUNTING FOR DISTRIBUTIONS.............................................................      6
         4.3      DEEMED INVESTMENT DIRECTIONS OF PARTICIPANTS.............................................      6
         4.4      PAYMENT OF TAXES AND EXPENSES............................................................      8

ARTICLE V           ENTITLEMENT TO BENEFITS................................................................      8

         5.1      FIXED PAYMENT DATES; TERMINATION OF EMPLOYMENT...........................................      8
         5.2      HARDSHIP DISTRIBUTIONS...................................................................      9
         5.3      RE-EMPLOYMENT OF RECIPIENT...............................................................      9
         5.4      VESTING..................................................................................      9

ARTICLE VI             DISTRIBUTION OF BENEFITS............................................................      10

         6.1      AMOUNT...................................................................................      10
         6.2      METHOD OF PAYMENT........................................................................      10
                  (a)      MEDIUM OF PAYMENT...............................................................      10
                  (b)      TIMING AND MANNER OF PAYMENT....................................................      10
         6.3      DEATH OR DISABILITY BENEFITS.............................................................      11
         6.4      CHANGE IN CONTROL........................................................................      11

ARTICLE VII          BENEFICIARIES; PARTICIPANT DATA.......................................................      11

         7.1      DESIGNATION OF BENEFICIARIES.............................................................      11
         7.2      INFORMATION TO BE FURNISHED BY PARTICIPANTS AND BENEFICIARIES; INABILITY TO
                  LOCATE PARTICIPANTS OR BENEFICIARIES.....................................................      11

ARTICLE VIII                 ADMINISTRATION AND RECORDKEEPING..............................................      12

         8.1      ADMINISTRATIVE AND RECORDKEEPING AUTHORITY...............................................      12
         8.2      LITIGATION...............................................................................      12
         8.3      CLAIMS PROCEDURE.........................................................................      12
                  (a)      Initial Claim...................................................................      13
                  (b)      Review Procedures...............................................................      13
                  (c)      Calculation of Time Periods.....................................................      14
                  (d)      Failure of Plan to Follow Procedures............................................      14

ARTICLE IX            AMENDMENT............................................................................      15

         9.1      RIGHT TO AMEND...........................................................................      15
         9.2      AMENDMENT TO ENSURE PROPER CHARACTERIZATION OF THE PLAN..................................      15
         9.3      CHANGES IN LAW AFFECTING TAXABILITY......................................................      15
                  (a)      Affected Right or Feature Nullified.............................................      15
                  (b)      Tax Distribution................................................................      16
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<S>                                                                                                              <C>
ARTICLE X                    TERMINATION...................................................................      16

ARTICLE XI                   MISCELLANEOUS.................................................................      16

         11.1     LIMITATIONS ON LIABILITY OF PLAN SPONSOR AND EMPLOYER....................................      16
         11.2     CONSTRUCTION.............................................................................      17
         11.3     SPENDTHRIFT PROVISION....................................................................      17

ARTICLE XII                  THE TRUST.....................................................................      18
</TABLE>

                                     -iii-

<PAGE>

                            GREAT WOLF RESORTS, INC.
                           DEFERRED COMPENSATION PLAN

                                    RECITALS

      This Plan is established by the Plan Sponsor for certain management
employees of the Plan Sponsor and its Affiliates who qualify as Eligible
Individuals under this Plan. The purpose of this Plan is to offer Participants
deferred compensation benefits taxable under section 451 of the Code and to
supplement such Participants' retirement benefits under the Qualified Plan. The
Plan is intended to be a "top-hat plan" (i.e., an unfunded deferred compensation
plan maintained for a select group of management or highly compensated
employees) pursuant to sections 201(2), 301(a)(3) and 401(a)(1) of ERISA.

                                   ARTICLE I

                                  DEFINITIONS

      The following terms, as used herein, unless a different meaning is implied
by the context, have the following meaning:

      1.1   ACCOUNT means the bookkeeping account maintained by, or on behalf
of, the Plan Sponsor to show for each Participant as of any date all credits
made by or on behalf of such Participant under this Plan, any adjustments to
such credits made in accordance with Section 4.1 and any distributions to such
Participant under Article VI, which Account shall include a Compensation
Deferral Account and an Employer Contribution Credit Account.

      1.2   AFFILIATE means any employer required to be aggregated with the Plan
Sponsor under Code Sections 414(b), (c), (m) or (o).

      1.3   BASE COMPENSATION means the total cash base compensation of the
Participant as set by the Plan Sponsor for the Plan Year of reference, which
compensation shall be determined before any pre-tax deductions are made on
behalf of such Participant to the Qualified Plan, cafeteria plan or
transportation program.

      1.4   BASE COMPENSATION DEFERRALS is defined in Section 3.1.

      1.5   BENEFICIARY means any person or persons so designated in accordance
with the provisions of Article VII.

      1.6   BOARD means the Board of Directors of the Plan Sponsor.

      1.7   CHANGE EFFECTIVE DATE means a "Change Effective Date" as defined in
the Plan Sponsor's 2004 Incentive Stock Plan.

<PAGE>

      1.8   CHANGE IN CONTROL means a "Change in Control" as defined in the Plan
Sponsor's 2004 Incentive Stock Plan.

      1.9   CHIEF EXECUTIVE OFFICER means the Chief Executive Officer of the
Plan Sponsor.

      1.10  CODE means the Internal Revenue Code of 1986 and the regulations
thereunder, as amended from time to time.

      1.11  COMMITTEE means the Compensation Committee of the Board.

      1.12  COMPENSATION means the total current cash remuneration, including
total cash base compensation and total cash bonus compensation, as set by the
Plan Sponsor for the Plan Year of reference, which compensation shall be
determined before any pre-tax deductions are made on behalf of such Participant
to the Qualified Plan, cafeteria plan or transportation program.

      1.13  COMPENSATION DEFERRAL ACCOUNT is defined in Section 3.2.

      1.14  COMPENSATION DEFERRALS is defined in Section 3.2.

      1.15  DESIGNATION DATE means the date or dates as of which a designation
of deemed investment directions by an individual pursuant to Section 4.1 and
Section 4.4 shall become effective. The Designation Dates in any Plan Year
include January 1, April 1, July 1 and October 1.

      1.16  DISABILITY means a disability with respect to which a Participant
qualifies for permanent disability benefits under the Plan Sponsor's long-term
disability plan, or, if the Participant does not participate in such a plan or
the Plan Sponsor does not sponsor such a plan or discontinues to sponsor such a
plan, the Participant shall be considered disabled if he or she qualifies for
and receives Social Security disability benefits.

      1.17  EFFECTIVE DATE means the effective date of this Plan, which shall be
_______________, 2004.

      1.18  ELIGIBLE INDIVIDUAL means, for any Plan Year (or applicable portion
thereof), any individual (i) who is employed by an Employer in a Vice President
or more senior position or who is determined by the Committee to be a member of
a select group of management or highly compensated employees of an Employer
(within the meaning of ERISA), and (ii) who is designated by the Committee to be
an Eligible Individual under the Plan.

      1.19  By each December 1, the Plan Sponsor shall notify those individuals,
if any, who will be Eligible Individuals for the next Plan Year. If the Plan
Sponsor determines that an individual first becomes an Eligible Individual
during a Plan Year, the Plan Sponsor shall notify such individual of that
determination and of the date during the Plan Year on which the individual shall
first become an Eligible Individual.

                                      -2-

<PAGE>

      1.20  EMPLOYER means the Plan Sponsor or one of its Affiliates.

      1.21  EMPLOYER CONTRIBUTION CREDIT ACCOUNT is defined in Section 3.1.

      1.22  EMPLOYER CONTRIBUTION CREDITS is defined in Section 3.1.

      1.23  ENTRY DATE with respect to an individual means the first day of a
pay period following the date on which the individual becomes an Eligible
Individual.

      1.24  ERISA means the Employee Retirement Income Security Act of 1974, as
amended.

      1.25  PARTICIPANT means any person so designated in accordance with the
provisions of Article II, including, where appropriate according to the context
of the Plan, any former employee who is or may become (or whose Beneficiaries
may become) eligible to receive a benefit under the Plan.

      1.26  PARTICIPANT ENROLLMENT AND ELECTION FORM means the form (or forms)
on which a Participant elects to defer Compensation under this Plan, on which
the Participant makes elections concerning the time and manner of payment of
amounts attributable to such election, and on which the Participant makes
certain other designations as required thereon.

      1.27  PLAN means this Great Wolf Resorts, Inc. Deferred Compensation Plan,
as amended from time to time.

      1.28  PLAN SPONSOR means Great Wolf Resorts, Inc. and its successors and
assigns.

      1.29  PLAN YEAR means the twelve (12) month period ending on the December
31 of each year during which the Plan is in effect.

      1.30  QUALIFIED PLAN means the Plan Sponsor's tax-qualified 401(k) plan,
as amended from time to time.

      1.31  RETIREMENT means a Participant's termination from the employment of
the Plan Sponsor and its Affiliates upon or after attaining age sixty-five (65).

      1.32  TRUST means the grantor trust, if any, established pursuant to the
Plan.

      1.33  TRUSTEE means the trustee named in the agreement establishing the
Trust and such successor and/or additional trustees as may be named pursuant to
the terms of the agreement establishing the Trust.

      1.34  VALUATION DATE means each day of each Plan Year.

                                      -3-

<PAGE>

                                   ARTICLE II

                          ELIGIBILITY AND PARTICIPATION

      2.1   REQUIREMENTS. Every Eligible Individual on the Effective Date shall
be eligible to become a Participant on the Effective Date. Every other Eligible
Individual shall be eligible to become a Participant on the first Entry Date
occurring on or after the date on which he or she becomes an Eligible
Individual. No individual shall become a Participant, however, if he or she is
not an Eligible Individual on the date his or her participation is to begin.

            Participation in the Compensation Deferral Account portion of the
Plan is voluntary. In order to participate in the Compensation Deferral Account
portion of the Plan, an otherwise Eligible Individual must make written
application in such manner as may be required by Section 3.2 and by the Plan
Sponsor and must agree to make Compensation Deferrals as provided in Article
III.

            Participation in the Employer Contribution Credit Account portion of
the Plan is automatic for all eligible Participants.

      2.2   RE-EMPLOYMENT. If a Participant whose employment with an Employer is
terminated is subsequently re-employed, he or she shall become a Participant in
accordance with the provisions of Section 2.1.

      2.3   CHANGE OF EMPLOYMENT CATEGORY. During any period in which a
Participant remains in the employ of an Employer, but ceases to be an Eligible
Individual, he or she shall not be eligible to make Compensation Deferrals or to
be credited with Employer Contribution Credits hereunder.

                                  ARTICLE III

                           CONTRIBUTIONS AND CREDITS

      3.1   EMPLOYER CONTRIBUTION CREDITS. There shall be established and
maintained a separate Employer Contribution Credit Account in the name of each
Participant. There shall be established the following two (2) sub-accounts under
a Participant's Employer Contribution Credit Account: (a) the Employer Matching
Contribution Sub-Account; and (b) the Employer Profit Sharing Contribution
Sub-Account. Each such Sub-Account shall be credited or debited, as applicable,
with (a) amounts equal to the Employer's Contribution Credits credited to that
Sub-Account; and (b) amounts equal to any deemed earnings and losses (to the
extent realized, based upon deemed fair market value of the Sub-Account's deemed
assets as determined by the Plan Sponsor, in its discretion) allocated to that
Sub-Account; and (c) expenses and/or taxes charged to that Sub-Account.

            Provided a Participant remains in the employ of an Employer as an
Eligible Individual on the last day of a Plan Year and the Participant has
elected to defer

                                      -4-

<PAGE>

all or a portion of his or her Base Compensation pursuant to Section 3.2
(referred to herein as "Base Compensation Deferrals") with respect to such Plan
Year, Employer Contribution Credits shall be credited to the Participant's
Employer Matching Contribution Sub-Account for such Plan Year in an amount equal
to the excess of (a) one hundred percent (100%) of the Participant's Base
Compensation Deferrals for such Plan Year, but not to exceed such percentage of
the Participant's Base Compensation for such Plan Year as shall be established
in the sole discretion of the Committee (until changed by the Committee, a four
percent (4%) rate shall apply); over (b) the sum of the matching contributions
actually made by the Employer to the Qualified Plan for such Plan Year.

            Provided a Participant remains in the employ of an Employer as an
Eligible Individual on the last day of a Plan Year, Employer Contribution
Credits shall be credited to the Participant's Employer Profit Sharing
Contribution Sub-Account for such Plan Year in an amount (if any) equal to a
percentage of the Participant's combined Employer Matching Contribution
Sub-Account credits and Qualified Plan matching contributions for such Plan
Year, which percentage shall be established in the sole discretion of the
Committee and may vary from Participant to Participant (but may in no event
exceed one hundred fifty percent (150%)).

            A Participant shall become vested in amounts credited to his or her
Employer Contribution Credit Account as provided in Section 5.4.

      3.2   PARTICIPANT COMPENSATION DEFERRALS. In accordance with rules
established by the Plan Sponsor, a Participant may elect to defer Compensation,
which is due to be earned and which would otherwise be paid to the Participant
for a Plan Year, in any percentage designated by the Participant. Amounts so
deferred will be considered a Participant's "Compensation Deferrals." A
Participant shall make such elections with respect to a coming twelve (12) month
Plan Year during the period beginning on the December 1 and ending on the
December 31 of the prior Plan Year, or during such other period as is
established by the Plan Sponsor.

            Compensation Deferrals shall be made through regular payroll
deductions or through an election by the Participant to defer the payment of a
bonus not yet payable to him or her at the time of the election.

            A Compensation Deferral payroll deduction election shall continue in
force indefinitely, until changed by the Participant as provided during the
period described above. Compensation Deferrals shall be deducted by the Plan
Sponsor from the pay of a deferring Participant and shall be credited to the
Account of the deferring Participant.

            There shall be established and maintained by the Plan Sponsor a
separate Compensation Deferral Account in the name of each Participant, to which
shall be credited or debited, as applicable: (a) amounts equal to the
Participant's Compensation Deferrals; (b) amounts equal to any deemed earnings
and losses (to the extent realized, based upon deemed fair market value of the
Account's deemed assets

                                      -5-

<PAGE>

as determined by the Plan Sponsor in its discretion) attributable or allocable
thereto; and (c) expenses and/or taxes charged to that Account.

            A Participant shall at all times be one hundred percent (100%)
vested in amounts credited to his or her Compensation Deferral Account, as
provided in Section 5.4.

      3.3   CONTRIBUTIONS TO THE TRUST. If the Plan Sponsor establishes a Trust
pursuant to Article XII, amounts shall be contributed by the Plan Sponsor to the
Trust equal to the amounts required to be credited to the Participant's Account
under Sections 3.1 and 3.2. The Plan Sponsor shall contribute the amounts
referred to in Section 3.2 to the Trust as soon as is practicable after the pay
periods to which they relate. The Plan Sponsor shall contribute the amounts
referred to in Section 3.1 to the Trust within sixty (60) days after the close
of the Plan Year to which they relate.

                                   ARTICLE IV

                               ALLOCATION OF FUNDS

      4.1   ALLOCATION OF DEEMED EARNINGS OR LOSSES ON ACCOUNTS. Pursuant to and
subject to Section 4.3, each Participant shall have the right to direct the
Employer as to how amounts in his or her Account shall be deemed to be invested
in the deemed investment options made available under the Plan. The Plan Sponsor
or its delegate shall adjust each Participant's Account for investment gains and
losses as if the credits to such Account had been invested in the deemed
investment options available under the Plan in accordance with the Participant's
election or elections (or default election or elections) as in effect from time
to time. Each Participant may make and may change his or her election of deemed
investment options under this Section 4.1 in accordance with Section 4.3 and
such other procedures as established by the Plan Sponsor, and the Plan Sponsor
shall have the right to change such procedures at any time with or without
notice to any Participant. The deemed investment options available under the
Plan may be the same as the actual investment alternatives available under the
Qualified Plan or in actual investment options deemed by the Plan Sponsor to be
comparable to the actual investment options available under the Qualified Plan.
All such adjustments shall be made at the same time and in accordance with the
procedures established by the Plan Sponsor for crediting such investment gains
and losses to a Participant's Account.

      4.2   ACCOUNTING FOR DISTRIBUTIONS. As of the date of any distribution
under this Plan to a Participant or his or her Beneficiary or Beneficiaries,
such distribution shall be charged to such Participant's Account. Such amounts
shall be charged on a pro rata basis against the investment options in which the
Participant's Account is deemed to be invested.

      4.3   DEEMED INVESTMENT DIRECTIONS OF PARTICIPANTS. Subject to such
limitations as may from time to time be required by law, imposed by the Plan

                                      -6-

<PAGE>

Sponsor or the Trustee or contained elsewhere in the Plan, and subject to such
operating rules and procedures as may be imposed from time to time by the
Employer, prior to and effective for each Designation Date, each Participant may
communicate to the Plan Sponsor a direction (in accordance with (a), below) as
to how his or her Plan Accounts should be deemed to be invested among such
deemed investment options as may be made available by the Plan Sponsor
hereunder. Such direction shall designate the percentage (in any whole percent
multiples) or amount (in any whole dollar multiples) of each portion of the
Participant's Account which is requested to be deemed to be invested in such
deemed investment options, and shall be subject to the following rules:

            (a)   Any initial or subsequent deemed investment direction shall be
      in writing, on a form supplied by and filed with the Plan Sponsor, and/or,
      as required or permitted by the Plan Sponsor, shall be by oral designation
      and/or electronic transmission designation. A designation shall be
      effective as of the Designation Date next following the date the direction
      is received and accepted by the Plan Sponsor on which it would be
      reasonably practicable for the Plan Sponsor to effect the designation.

            (b)   All amounts credited to the Participant's Account shall be
      deemed to be invested in accordance with the then effective deemed
      investment direction, and as of the Designation Date with respect to any
      new deemed investment direction, all or a portion of the Participant's
      Account at that date shall be reallocated among the designated deemed
      investment options according to the percentages or amounts specified in
      the new deemed investment direction unless and until a subsequent deemed
      investment direction shall be filed and become effective. An election
      concerning deemed investment options shall continue in effect until
      changed in accordance with such procedures as established by the Plan
      Sponsor.

            (c)   If the Plan Sponsor receives an initial or revised deemed
      investment direction which it deems to be incomplete, unclear or improper,
      the Participant's investment direction then in effect shall remain in
      effect (or, in the case of a deficiency in an initial deemed investment
      direction, the Participant shall be deemed to have filed no deemed
      investment direction) until the next Designation Date, unless the Plan
      Sponsor provides for, and permits the application of, corrective action
      prior thereto.

            (d)   If the Plan Sponsor possesses (or is deemed to possess as
      provided in (c), above) at any time directions as to the deemed investment
      of less than all of a Participant's Account, the Participant shall be
      deemed to have directed that the undesignated portion of the Account be
      deemed to be invested in a money market, fixed income or similar fund made
      available under the Plan as determined by the Plan Sponsor in its
      discretion.

            (e)   Each Participant hereunder, as a condition to his or her
      participation hereunder, agrees to indemnify and hold harmless the Plan
      Sponsor

                                      -7-

<PAGE>

      and its agents and representatives from any losses or damages of any kind
      relating to the deemed investment of the Participant's Account hereunder.

            (f)   Each reference in this Section to a Participant shall be
      deemed to include, where applicable, a reference to a Beneficiary.

      4.4   PAYMENT OF TAXES AND EXPENSES. Expenses, including Trustee fees,
associated with the administration or operation of the Plan shall be paid by the
Plan Sponsor, unless, in the discretion of the Plan Sponsor, the Plan Sponsor
elects to charge such expenses against the appropriate Participant's Account or
Participants' Accounts. Any taxes (or net operating loss reductions) allocable
to an Account (or portion thereof) maintained under the Plan which arise prior
to the complete distribution of the Account, shall be absorbed by the Plan
Sponsor, unless, in the discretion of the Plan Sponsor, the Plan Sponsor elects
to charge such taxes against the appropriate Participant's Account or
Participants' Accounts.

                                   ARTICLE V

                             ENTITLEMENT TO BENEFITS

      5.1   FIXED PAYMENT DATES; TERMINATION OF EMPLOYMENT. On his or her
Participant Enrollment and Election Form, a Participant may select payment or
commencement of payment of his or her vested Account at his or her termination
of employment with an Employer.

            Alternatively, on his or her Participant Enrollment and Election
Form, a Participant may select a fixed payment date for the payment or
commencement of payment of his or her vested Account, which will be valued and
payable according to the provisions of Article VI. Such payment dates may be
extended to later dates so long as elections to so extend the dates are made by
the Participant at least twelve (12) months prior to the date on which the
distribution is to be made or commence. Such payment dates may not be
accelerated. A Participant who selects payment or commencement of payment of his
or her vested Account on a fixed date or dates shall receive payment or commence
to receive payment of his or her vested Account at the earlier of (a) such fixed
payment date or dates (as extended, if applicable) or (b) his or her termination
of employment with an Employer.

            Any fixed payment dates elected by a Participant under this Section
5.1 for the payment or commencement of payment of his or her vested Account must
be the January 1 of the third calendar year after the calendar year in which the
election is made.

            If a Participant does not make an election as provided above for any
particular amounts hereunder, and the Participant terminates employment with an
Employer for any reason, the Participant's vested Account at the date of such
termination shall be valued and payable at or commencing at such termination
according to the provisions of Article VI.

                                      -8-
<PAGE>

      5.2   HARDSHIP DISTRIBUTIONS. In the event of financial hardship of the
Participant, as hereinafter defined, the Participant may apply to the Plan
Sponsor for the distribution of all or any part of his or her vested Account.
The Plan Sponsor shall consider the circumstances of each such case, and the
best interests of the Participant and his or her family, and shall have the
right, in its sole discretion, if applicable, to allow such distribution, or, if
applicable, to direct a distribution of part of the amount requested, or to
refuse to allow any distribution. Upon a finding of financial hardship, the Plan
Sponsor shall make the appropriate distribution to the Participant from amounts
held by the Plan Sponsor in respect of the Participant's vested Account. In no
event shall the aggregate amount of the distribution exceed either the full
value of the Participant's vested Account or the amount determined by the Plan
Sponsor to be necessary to alleviate the Participant's financial hardship (which
financial hardship may be considered to include any taxes due because of the
distribution occurring because of this Section), and which is not reasonably
available from other resources of the Participant. For purposes of this Section,
the value of the Participant's vested Account shall be determined as of the date
of the distribution.

            "Financial hardship" means (a) a severe financial hardship to the
Participant resulting from a sudden and unexpected illness or accident of the
Participant or of a dependent (as defined in Code section 152(a)) of the
Participant, (b) loss of the Participant's property due to casualty, or (c)
other similar extraordinary and unforeseeable circumstances arising as a result
of events beyond the control of the Participant, each as determined to exist by
the Plan Sponsor.

      5.3   RE-EMPLOYMENT OF RECIPIENT. If a Participant receiving installment
distributions pursuant to Section 6.2 due to his or her termination of
employment is re-employed by the Employer, the remaining distributions due to
the Participant shall be suspended until such time as the Participant (or his or
her Beneficiary) once again becomes eligible for benefits under Section 5.1 or
5.2, at which time such distribution shall commence, subject to the limitations
and conditions contained in this Plan.

      5.4   VESTING. A Participant shall at all times be one hundred percent
(100%) vested in amounts credited to his or her Compensation Deferral Account.
With respect to amounts credited to a Participant's Employer Contribution Credit
Account, such amounts shall vest according to the following schedule:

<TABLE>
<CAPTION>
 YEARS OF SERVICE                          VESTED PERCENTAGE
 ----------------                          -----------------
<S>                                        <C>
Less than 1                                       0%
1 but less than 2                                20%
2 but less than 3                                40%
3 but less than 4                                60%
4 but less than 5                                80%
5 or more                                       100%
</TABLE>

                                      -9-
<PAGE>

            For purposes of this Section 5.4, a "year of service" shall mean (i)
any Plan Year during which a Participant is employed by an Employer (i.e., the
Participant is on the Employer's payroll) on a full-time basis for any full five
(5) calendar months and remains employed by the Employer as of the last day of
that Plan Year; and (ii) any calendar year before the Effective Date during
which a Participant was employed by an Employer on a full-time basis for any
full five (5) calendar months and remained employed by that Employer as of the
last day of that calendar year. Notwithstanding anything above that may suggest
otherwise, in no event shall more than one (1) year of service be credited to a
Participant with respect to the 2004 calendar year during which the Plan was
established.

            Notwithstanding the foregoing, if a Participant's employment is
terminated because of death, Disability or Retirement, or if there occurs a
Change Effective Date for a Change in Control, the Participant shall become one
hundred percent (100%) vested in his or her Employer Contribution Credit
Account. If a Participant terminates employment for any other reason, he or she
shall vest in his or her Employer Contribution Credit Account, if at all, under
the vesting schedule set forth above.

                                   ARTICLE VI

                            DISTRIBUTION OF BENEFITS

      6.1   AMOUNT. A Participant (or his or her Beneficiary) shall become
entitled to receive, on or about the date or dates selected by the Participant
on his or her Participant Enrollment and Election Form or, if applicable, on or
about the date of the Participant's termination of employment (or earlier as
provided in Section 6.4), a distribution in an aggregate amount equal to the
Participant's vested Account. Any payment due hereunder will be paid by the Plan
Sponsor from its general assets or from the Trust, if any.

      6.2   METHOD OF PAYMENT.

            (a)   MEDIUM OF PAYMENT. Payments under the Plan shall be made in
      cash.

            (b)   TIMING AND MANNER OF PAYMENT. In the case of distributions to
      a Participant or his or her Beneficiary by virtue of an entitlement
      pursuant to Section 5.1, an aggregate amount equal to the Participant's
      vested Account will be paid by the Plan Sponsor or the Trust, as provided
      by Section 6.1, in a lump sum or in five (5) substantially equal annual
      installments (adjusted for gains, losses and expenses), as selected by the
      Participant on the Participant Enrollment and Election Form at the time
      his or her participation in the Plan commences. If a Participant fails to
      designate properly the manner of payment of the Participant's benefit
      under the Plan, such payment will be in a lump sum.

            If the whole or any part of a payment hereunder by the Plan Sponsor
is to be in installments, the total to be so paid shall continue to be deemed to
be invested

                                      -10-
<PAGE>

pursuant to Sections 4.1 and 4.4 under such procedures as the Plan Sponsor may
establish, in which case any deemed income, gain, loss or expense attributable
thereto (as determined by the Plan Sponsor, in its discretion) shall be
reflected in the installment payments, in such equitable manner as the Plan
Sponsor shall determine.

      6.3   DEATH OR DISABILITY BENEFITS. If a Participant dies or experiences a
Disability before terminating his or her employment with the Employer, the
entire value of the Participant's Account shall become fully vested and shall be
paid, as provided in Section 6.2, to the Participant, or, in the case of the
death, to the person or persons designated in accordance with Section 7.1.

            Upon the death of a Participant after payments hereunder have begun
but before he or she has received all payments to which he or she is entitled
under the Plan, the remaining benefit payments shall be paid to the person or
persons designated in accordance with Section 7.1, in the manner in which such
benefits were payable to the Participant, unless the Plan Sponsor elects a more
rapid form of distribution.

      6.4   CHANGE IN CONTROL. Notwithstanding anything herein to the contrary,
upon a Change Effective Date for a Change in Control, each Participant shall
become entitled to receive the entire balance of his or her Account in a single
lump sum payment no later than the thirtieth (30th) day following the Change
Effective Date (or as soon thereafter as is administratively feasible).

                                   ARTICLE VII

                         BENEFICIARIES; PARTICIPANT DATA

      7.1   DESIGNATION OF BENEFICIARIES. Each Participant from time to time may
designate any person or persons (who may be named contingently or successively)
to receive such benefits as may be payable under the Plan upon or after the
Participant's death, and such designation may be changed from time to time by
the Participant by filing a new designation. Each designation will revoke all
prior designations by the same Participant, shall be in the form prescribed by
the Plan Sponsor, and will be effective only when filed in writing with the Plan
Sponsor during the Participant's lifetime.

            In the absence of a valid Beneficiary designation, or if, at the
time any benefit payment is due to a Beneficiary, there is no living Beneficiary
validly named by the Participant, the Plan Sponsor shall pay any such benefit
payment to the Participant's spouse, if then living, but otherwise to the
Participant's estate.

      7.2   INFORMATION TO BE FURNISHED BY PARTICIPANTS AND BENEFICIARIES;
INABILITY TO LOCATE PARTICIPANTS OR BENEFICIARIES. Any communication, statement
or notice addressed to a Participant or to a Beneficiary at his or her last post
office address as shown on the Plan Sponsor's records, shall be binding on the
Participant or Beneficiary for all purposes of the Plan. Neither the Trustee,
Plan Sponsor nor any Affiliate shall be obliged to search for any Participant or
Beneficiary

                                      -11-
<PAGE>

beyond the sending of a registered letter to such last known address. If the
Plan Sponsor notifies any Participant or Beneficiary that he or she is entitled
to an amount under the Plan and the Participant or Beneficiary fails to claim
such amount or make his or her location known to the Plan Sponsor within three
(3) years thereafter, the Plan Sponsor shall have the right to direct that the
amount payable shall be deemed to be a forfeiture and shall cease to be an
obligation of the Plan, except that the dollar amount of the forfeiture,
unadjusted for deemed gains or losses in the interim, shall be paid by the Plan
Sponsor if a claim for the benefit subsequently is made by the Participant or
the Beneficiary to whom it was payable.

                                  ARTICLE VIII

                        ADMINISTRATION AND RECORDKEEPING

      8.1   ADMINISTRATIVE AND RECORDKEEPING AUTHORITY. Except as otherwise
specifically provided herein, the Plan Sponsor shall have the sole
responsibility for and the sole control of the operation, administration and
recordkeeping of the Plan, and shall have the power and authority to take all
action and to make all decisions and interpretations which may be necessary or
appropriate in order to administer and operate the Plan, including, without
limiting the generality of the foregoing, the power, duty and responsibility to:

            (a)   Resolve and determine all disputes or questions arising under
      the Plan, including the power to determine the rights of Participants and
      Beneficiaries, and their respective benefits, and to remedy any
      ambiguities, inconsistencies or omissions, in the Plan.

            (b)   Adopt such rules of procedure and regulations as in its
      opinion may be necessary for the proper and efficient administration of
      the Plan and as are consistent with the Plan.

            (c)   Implement the Plan in accordance with its terms and the rules
      and regulations adopted as above.

            (d)   Make determinations concerning the crediting and distribution
      of Participants' benefits.

      8.2   LITIGATION. In any action or judicial proceeding affecting the Plan,
it shall be necessary to join as a party only the Plan Sponsor. Except as may be
otherwise required by law, no Participant or Beneficiary shall be entitled to
any notice or service of process, and any final judgment entered in such action
shall be binding on all persons interested in, or claiming under, the Plan.

      8.3   CLAIMS PROCEDURE. This Section 8.3 is based on final regulations
issued by the Department of Labor and published in the Federal Register on
November 21, 2000 and codified at section 2560.503-1 of the Department of Labor
Regulations. If

                                      -12-
<PAGE>

any provision of this Section 8.3 conflicts with the requirements of those
regulations, the requirements of those regulations will prevail.

            (a)   Initial Claim. A Participant or Beneficiary (hereinafter
      referred to as a "Claimant") who believes he or she is entitled to any
      Plan benefit under this Plan may file a claim with the Plan Sponsor. The
      Plan Sponsor shall review the claim itself or appoint an individual or an
      entity to review the claim.

            The Claimant shall be notified within ninety (90) days after the
claim is filed whether the claim is allowed or denied, unless the Claimant
receives written notice from the Plan Sponsor or appointee of the Plan Sponsor
prior to the end of the ninety (90) day period stating that special
circumstances require an extension of the time for decision, such extension not
to extend beyond the day which is one hundred eighty (180) days after the day
the claim is filed.

            If the Plan Sponsor denies a claim, it must provide to the Claimant,
in writing or by electronic communication:

                  (i)   The specific reasons for the denial;

                  (ii)  A reference to the Plan provision upon which the denial
            is based;

                  (iii) A description of any additional information or material
            that the Claimant must provide in order to perfect the claim;

                  (iv)  An explanation of why such additional material or
            information is necessary;

                  (v)   Notice that the Claimant has a right to request a review
            of the claim denial and information on the steps to be taken if the
            Claimant wishes to request a review of the claim denial; and

                  (vi)  A statement of the Claimant's right to bring a civil
            action under ERISA section 502(a) following a denial on review of
            the initial denial.

            (b)   Review Procedures. A request for review of a denied claim must
      be made in writing to the Plan Sponsor within sixty (60) days after
      receiving notice of denial. The decision upon review will be made within
      sixty (60) days after the Plan Sponsor's receipt of a request for review,
      unless special circumstances require an extension of time for processing,
      in which case a decision will be rendered not later than one hundred
      twenty (120) days after receipt of a request for review. A notice of such
      an extension must be provided

                                      -13-
<PAGE>

      to the Claimant within the initial sixty (60) day period and must explain
      the special circumstances and provide an expected date of decision.

            The reviewer shall afford the Claimant an opportunity to review and
receive, without charge, all relevant documents, information and records and to
submit issues and comments in writing to the Plan Sponsor. The reviewer shall
take into account all comments, documents, records and other information
submitted by the Claimant relating to the claim regardless of whether the
information was submitted or considered in the initial benefit determination.

            Upon completion of its review of an adverse initial claim
determination, the Plan Sponsor will give the Claimant, in writing or by
electronic notification, a notice containing:

                  (i)   its decision;

                  (ii)  the specific reasons for the decision;

                  (iii) the relevant Plan provisions on which its decision is
            based;

                  (iv)  a statement that the Claimant is entitled to receive,
            upon request and without charge, reasonable access to, and copies
            of, all documents, records and other information in the Plan's files
            which is relevant to the Claimant's claim for benefits;

                  (v)   a statement describing the Claimant's right to bring an
            action for judicial review under ERISA section 502(a); and

                  (vi)  if an internal rule, guideline, protocol or other
            similar criterion was relied upon in making the adverse
            determination on review, a statement that a copy of the rule,
            guideline, protocol or other similar criterion will be provided
            without charge to the Claimant upon request.

            (c)   Calculation of Time Periods. For purposes of the time periods
      specified in this Section, the period of time during which a benefit
      determination is required to be made begins at the time a claim is filed
      in accordance with the Plan procedures without regard to whether all the
      information necessary to make a decision accompanies the claim. If a
      period of time is extended due to a Claimant's failure to submit all
      information necessary, the period for making the determination shall be
      tolled from the date the notification is sent to the Claimant until the
      date the Claimant responds.

            (d)   Failure of Plan to Follow Procedures. If the Plan fails to
      follow the claims procedures required by this Section, a Claimant shall be
      deemed to have exhausted the administrative remedies available under the
      Plan and shall be

                                      -14-
<PAGE>

      entitled to pursue any available remedy under ERISA section 502(a) on the
      basis that the Plan has failed to provide a reasonable claims procedure
      that would yield a decision on the merits of the claim.

                                   ARTICLE IX

                                    AMENDMENT

      9.1   RIGHT TO AMEND. The Plan Sponsor, by action of the Committee or
other designee of the Board, shall have the right to amend the Plan at any time
and with respect to any provisions hereof, and all parties hereto or claiming
any interest hereunder shall be bound by such amendment; provided, however, that
no such amendment shall deprive any Participant or Beneficiary of a right
accrued hereunder prior to the date of the amendment.

      9.2   AMENDMENT TO ENSURE PROPER CHARACTERIZATION OF THE PLAN.
Notwithstanding the provisions of Section 9.1, the Plan may be amended at any
time, retroactively if required, if found necessary, in the opinion of the Plan
Sponsor, in order to ensure that the Plan is characterized as a
non-tax-qualified "top hat" plan of deferred compensation maintained for a
select group of management or highly compensated employees, as described under
ERISA sections 201(2), 301(a)(3) and 401(a)(1) and to conform the Plan and the
Trust to the provisions and requirements of any applicable law (including ERISA
and the Code).

      9.3   CHANGES IN LAW AFFECTING TAXABILITY. This Section shall become
operative upon the enactment of any change in applicable statutory law or the
promulgation by the Internal Revenue Service of a final regulation or other
pronouncement having the force of law, which statutory law, as changed, or final
regulation or pronouncement, as promulgated, would cause any Participant to
include in his or her federal gross income amounts accrued by the Participant
under the Plan on a date (an "Early Taxation Event") prior to the date on which
such amounts are made available to him or her hereunder.

            (a)   Affected Right or Feature Nullified. Notwithstanding any other
      Section of this Plan to the contrary (but subject to subsection (b),
      below), as of an Early Taxation Event, the feature or features of this
      Plan that would cause the Early Taxation Event shall be null and void, to
      the extent, and only to the extent, required to prevent the Participant
      from being required to include in his or her federal gross income amounts
      accrued by the Participant under the Plan prior to the date on which such
      amounts are made available to him or her hereunder. If only a portion of a
      Participant's Account is impacted by the change in the law, then only such
      portion shall be subject to this Section, with the remainder of the
      Account not so affected being subject to such rights and features as if
      the law were not changed. If the law only impacts Participants who have a
      certain status with respect to the Employer, then only such Participants
      shall be subject to this Section.

                                      -15-
<PAGE>

            (b)   Tax Distribution. If an Early Taxation Event is earlier than
      the date on which the statute, regulation or pronouncement giving rise to
      the Early Taxation Event is enacted or promulgated, as applicable (i.e.,
      if the change in the law is retroactive), there shall be distributed to
      each Participant, as soon as practicable following such date of enactment
      or promulgation, the amounts that became taxable on the Early Taxation
      Event. Further, if the Plan cannot be amended to prevent a Participant
      from being required to include in his or her federal gross income amounts
      accrued by the Participant under the Plan prior to the date on which such
      amounts are made available to the Participant, the amounts required to be
      included in gross income shall be distributed to such Participant as
      practical after the Plan Sponsor determines that no amendment to the Plan
      will prevent such inclusion in income.

                                    ARTICLE X

                                   TERMINATION

      The Plan Sponsor reserves the right, at any time, to terminate the Plan
and/or its obligation to make further credits to Plan Accounts by unanimous
action of the Committee or other designee of the Board; provided, however, that
no such termination shall deprive any Participant or Beneficiary of a right
accrued hereunder prior to the date of termination and provided that, upon
termination, the full amount of each Participant's Plan account(s) shall become
immediately distributable to him or her.

                                   ARTICLE XI

                                  MISCELLANEOUS

      11.1  LIMITATIONS ON LIABILITY OF PLAN SPONSOR AND EMPLOYER. Neither the
establishment of the Plan nor any modification hereof, nor the creation of any
account under the Plan, nor the payment of any benefits under the Plan, shall be
construed as giving to any Participant or any other person any legal or
equitable right against the Plan Sponsor or an Employer or any officer or
employee thereof, except as provided by law or by any Plan provision. The Plan
Sponsor and Employer do not in any way guarantee any Participant's Account from
loss or depreciation, whether caused by poor investment performance of a deemed
investment or the inability to realize upon an investment due to an insolvency
affecting an investment vehicle or any other reason. In no event shall the Plan
Sponsor or an Employer, or any successor, employee, officer, director or
stockholder of the Plan Sponsor or an Employer, be liable to any person on
account of any claim arising by reason of the provisions of the Plan or of any
instrument or instruments implementing its provisions, or for the failure of any
Participant, Beneficiary or other person to be entitled to any particular tax
consequences with respect to the Plan, or any credit or distribution hereunder.

                                      -16-
<PAGE>

      11.2  CONSTRUCTION. If any provision of the Plan is held to be illegal or
void, such illegality or invalidity shall not affect the remaining provisions of
the Plan, but shall be fully severable, and the Plan shall be construed and
enforced as if said illegal or invalid provisions had never been inserted
herein. For all purposes of the Plan, where the context permits, the singular
shall include the plural, and the plural shall include the singular. Headings of
Articles and Sections herein are inserted only for convenience of reference and
are not to be considered in the construction of the Plan. The laws of Delaware
shall govern, control and determine all questions of law arising with respect to
the Plan and the interpretation and validity of its respective provisions,
except where those laws are preempted by the laws of the United States.
Participation under the Plan will not give a Participant the right to be
retained in the service of an Employer nor any right or claim to any benefit
under the Plan unless such right or claim has specifically accrued hereunder.

            The Plan is intended to be and at all times shall be interpreted and
administered so as to qualify as an unfunded plan of deferred compensation, and
no provision of this Plan shall be interpreted so as to give any individual any
right in any assets of an Employer which right is greater than the rights of any
general unsecured creditor of such Employer.

      11.3  SPENDTHRIFT PROVISION. No amount payable to a Participant or any
Beneficiary under the Plan will, except as otherwise specifically provided by
law, be subject in any manner to anticipation, alienation, attachment,
garnishment, sale, transfer, assignment (either at law or in equity), levy,
execution, pledge, encumbrance, charge or any other legal or equitable process,
and any attempt to do so will be void; nor will any benefit hereunder be in any
manner liable for or subject to the debts, contracts, liabilities, engagements
or torts of the person entitled thereto. Further, (a) the withholding of taxes
from Plan benefit payments, (b) the recovery under the Plan of overpayments of
benefits previously made to a Participant or any Beneficiary, (c) if applicable,
the transfer of benefit rights from the Plan to another plan, or (d) the direct
deposit of Plan benefit payments to an account in a banking institution (if not
actually part of an arrangement constituting an assignment or alienation) shall
not be construed as an assignment or alienation.

            In the event that a Participant's or any Beneficiary's benefits
hereunder are garnished or attached by order of any court, the Plan Sponsor may
bring an action for a declaratory judgment in a court of competent jurisdiction
to determine the proper recipient of the benefits to be paid under the Plan.
During the pendency of said action, any benefits that become payable shall be
held as credits to a Participant's or Beneficiary's Account or, if the Plan
Sponsor prefers, paid into the court as they become payable, to be distributed
by the court to the recipient as it deems proper at the close of said action.

                                      -17-
<PAGE>

                                   ARTICLE XII

                                    THE TRUST

      The Plan Sponsor may, but need not, establish the Trust with the Trustee
pursuant to such terms and conditions as are set forth in the Trust agreement to
be entered into between the Plan Sponsor and the Trustee. The Trust is intended
to be treated as a "grantor" trust under the Code and the establishment of the
Trust is not intended to cause the Participant to realize current income on
amounts contributed thereto nor to cause the Plan to be "funded" within the
meaning of ERISA, and the Trust shall be so interpreted.

      IN WITNESS WHEREOF, the Plan Sponsor has caused this amended and restated
Plan to be executed and its seal to be affixed hereto, effective as of the ____
day of __________________, 2004.

                                                  GREAT WOLF RESORTS, INC.

                                                  BY:___________________________
                                                  TITLE:________________________
                                                  DATE:_________________________

                                      -18-

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