Document:

When
recorded return to:

Brownstein
Hyatt Farber Schreck, LLP

410 17th Street, Suite 2200

Denver, Colorado 80202

Attention: Gregory A. Vallin, Esq.

SIXTH
AMENDMENT TO LEASE AND OPERATING AGREEMENT

          THIS
SIXTH AMENDMENT TO LEASE AND OPERATING AGREEMENT (this “Sixth Amendment”) is made effective as of September
30, 2013 by and between INTRAWEST/WINTER PARK OPERATIONS CORPORATION, a Delaware corporation (“Tenant”) and
WINTER PARK RECREATIONAL ASSOCIATION, a Colorado nonprofit corporation (“Landlord”). All recording references
contained herein are to the real estate records maintained by the Office of the Clerk and Recorder for Grand County, Colorado
(the “Records”).

          A.          WHEREAS,
Landlord and Tenant entered into that certain Lease and Operating Agreement with an effective date of December 23, 2002, recorded
on December 23, 2002, in the Records at Reception No. 2002-014286, as amended by that certain Lease Exhibits Modification Agreement
dated as of December 20, 2002, and recorded on December 23, 2002, in the Records at Reception No. 2002-014287, as further amended
by that certain Amended and Restated Effective Date Certificate effective as of December 23, 2002, recorded on April 25, 2003,
in the Records at Reception No. 2003-005109, as further amended by that certain Amended and Restated Lease Exhibits Modification
Agreement with an effective date of December 23, 2002, recorded on April 25, 2003, in the Records at Reception No. 2003-005110,
as further amended by that certain First Amendment to Lease and Operating Agreement dated as of July 2, 2004, recorded on July
9, 2004, in the Records at Reception No. 2004-008216, as further amended by that certain Second Amendment to Lease and Operating
Agreement dated May 4, 2009, recorded May 6, 2009, in the Records at Reception No. 2009-004056, as further amended by that certain
Third Amendment to Lease and Operating Agreement dated May 4, 2009, recorded on May 6, 2009, in the Records at Reception No. 2009-004072,
as further amended by that certain Fourth Amendment to Lease and Operating Agreement dated January 30, 2013, recorded January
30, 2013, in the Records at Reception No. 2013-000928, and as further amended by that certain Fifth Amendment to Lease and Operating
Agreement dated April 10, 2013, recorded April 11, 2013, in the Records at Reception No. 2013-003277 (as amended, the “Lease
Agreement”):

          B.          WHEREAS,
Landlord and Tenant have agreed to amend the Lease Agreement to eliminate certain contingencies and make certain clarifying revisions
in order to simplify the reporting requirements of Tenant and reduce Landlord’s verification requirements.

          C.          WHEREAS,
Landlord and Tenant wish to amend the Lease Agreement as provided for herein.

          NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant
agree as follows:

	 	 
	 	

    	 

    	 

    

 

	 	 	 
	1.	Rental and Other Payments. Sections 5.1 (d)
    and 5.1(e) of the Lease Agreement shall be deleted in their entirety and replaced by the following:
	 	 	 
	 	 	(d) Rental Payments. Subject to the provisions contained
    in Section 5.2(a), on or before July 1, October 1, January 1 and April 1 of each Fiscal Year during the Term beginning October
    1, 2012, Tenant shall pay to Landlord the Required Quarterly Payment. Commencing on September 30, 2013, and continuing throughout
    the remainder of the Term, on or before September 30 of each Fiscal Year, Tenant shall pay to Landlord as additional Rental
    Payments for the Leased Assets the Revenue-Based Annual Payment in an amount equal to three percent (3.0%) of Gross Revenue
    in excess of thirty-three million dollars ($33,000,000) received during the immediately preceding Fiscal Year (beginning with
    the Fiscal Year ending June 30, 2013). Landlord and Tenant shall agree upon the manner in which each Required Quarterly Payment
    and each Revenue-Based Annual Payment shall be allocated as consideration for (i) the leasing of Real Property, (ii) the leasing
    of Tangible Personal Property, (iii) the assignment of Intangible Personal Property, and (iv) the licensing of Intellectual
    Property under this Agreement.
	 	 	 
	 	 	(e) Example. The following calculation of the Required Quarterly
    Payments for a full Fiscal Year and the Revenue-Based Annual Payment on account of such Fiscal Year is provided by way of
    example only and not by way of limitation.

 

	Example
	Assumed
    Gross Revenue for the Fiscal Year	 	$83,000,000
	Less
    Gross Revenue Threshold	 	(33,000,000)
	Gross
    Revenue Included in Calculation	 	$50,000,000
	Multiplied
    by 3% factor	 	x
    3%
	Maximum
    Revenue Based Annual Payment	 	$  1,500,000
	Required
    Aggregate Quarterly Payments made for such Fiscal Year	 	$  2,000,000
	Total
    Rent	 	$  3,500,000

 

	 	 	 
	2.	Credit for Certain Required
    Quarterly Payments. Section 5.2 (b) of the Lease Agreement is hereby deleted in its entirety.
	 	 
	3.	Statement of Amount Due.
    Section 5.6 shall be deleted in its entirety and replaced by the following:
	 	 
	 	 	Concurrently with the payment of each
    Revenue Based Annual Payment required by Section 5.1(d), Tenant shall deliver to Landlord a schedule showing the calculation
    of the amounts due in accordance with the provisions of such section, and setting forth in reasonable detail, the financial
    statement information supporting such calculations.

    	2

    	 

    

	 	 	 	 
	 	 	Additionally, with each
    schedule required by this Section 5.6, Tenant shall deliver to Landlord a written statement, signed by the Authorized Resort
    Signer(s) attesting that such schedule is accurate and complete.
	 	 
	4.	Quarterly Reports. Section 7.1 shall be deleted
    in its entirety and replaced by the following:
	 	 	Quarterly Reports. Tenant
    agrees to furnish to Landlord in a form, format and substance reasonably acceptable to Landlord, the following quarterly reports:
	 	 	 
	 	 	(a)          Through
    the period ending June 30, 2013, not later than the thirtieth (30th) day immediately succeeding each Quarter of
    the Fiscal Year, other than the last Quarter of each Fiscal Year, a schedule of Gross Revenue and Cash Flow for Annual Payment,
    which schedule shall specify all Gross Revenue and component items (in summary form of Cash Flow for Annual Payment (EBITDA,
    Required Annual Capital Maintenance Amounts, and Required Interest Payments) for the preceding four Quarters, acknowledged
    in writing by the Authorized Resort Signer(s) as being accurate and complete.
	 	 	 
	 	 	(b)          Not
    later than the thirtieth (30th) day immediately succeeding each Quarter of the Fiscal Year during the Term of this
    Agreement, and acknowledged in writing by the Authorized Resort Signer as being accurate and complete, the following quarterly
    reports:
	 	 	 	 
	 	 	 	(i)       Financial
    statements of the Tenant for the preceding Quarter and the Fiscal Year-to-date.
	 	 	 	 
	 	 	 	(ii)      Detailed
    project level and cumulative capital spending reports of the Tenant for the preceding Quarter and Fiscal Year-to-date.
	 	 	 	 
	 	 	 	(iii)     Detailed
    project level and cumulative capital spending reports for each required capital benchmark as described in Section 5.3.
	 	 	 	 
	 	 	(c)        Not
    later than the thirtieth (30th) day immediately succeeding each Quarter of the Fiscal Year during the Term of this
    Agreement, Tenant shall deliver to Landlord any and all loan covenant compliance certificates required by the Agreed-Upon
    Indebtedness Lender, acknowledged in writing by the most senior corporate financial officer responsible for lender compliance
    as being accurate and complete.
	 	 
	5.	Annual
    Reports.
    Section 7.2 shall be deleted in its entirety and replaced by the following:
	 	 	Annual Reports.
    Not later than ninety (90) days after the end of each Fiscal Year, Tenant shall deliver to Landlord and to the City
    annual report statements (in form and substance reasonably satisfactory to Landlord) that include:
	 	 	 
	 	 	(a)        Audited
    financial statements of the Tenant prepared by Tenant’s Accountants on a non-consolidated basis, consistent with the
    form and information required to be disclosed by GAAP.
	 	 	 	 	 

    	3

    	 

    

 

	 	 	 
	 	 	(b)        Through
    the period ending June 30, 2013, Schedule of Gross Revenue and Cash Flow for Annual Payment for the immediately preceding
    Fiscal Year (or portion thereof) included in the Term, which schedule shall specify all Gross Revenue and component items
    (in summary form) of Cash Flow for Annual Payment (EBITDA, Required Annual Capital Maintenance Amounts and Required Interest
    Payments). Such schedule shall be included as supplemental information in the audited financial statements of the Tenant and
    subject to the auditing procedures applied in the audit of the basic financial statements, and in the Tenant’s Accountants’
    opinion, fairly stated in all material respects in relation to the basic financial statements taken as a whole. Additionally,
    Tenant’s Accountants will perform an agreed-upon procedures engagement on the schedule of Gross Revenue and Cash Flow
    for Annual Payment conducted in accordance with attestation standards established by the American Institute of Certified Public
    Accountants. Such engagement shall be completed based upon procedures agreed to by the Tenant and the Landlord, and documented
    in the annual Accountants’ engagement letter, which shall set forth the understanding of the terms and objectives of
    the engagement.
	 	 	 
	 	 	(c)        A
    written statement signed by the most senior corporate financial officer that all fees and charges and all allocated costs
    comply with the categories, descriptions, and limitations specified in this Agreement.
	 	 	 
	6.	Defined
    Terms. Any capitalized terms contained in this Sixth Amendment
    that are not defined herein shall have the meaning ascribed to them in the Lease Agreement.
	 	 	 
	7.	No
    Further Changes. All other terms and conditions of the Lease
    Agreement remain in full force and effect.

[THE
REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

    	4

    	 

    

          The
parties have executed this Sixth Amendment to Lease and Operating Agreement as of the dates set forth below, but to be effective
as of September 30, 2013.

	 	 	 	 	 
	 	LANDLORD:
	 	 
	 	WINTER PARK RECREATIONAL 

ASSOCIATION,
	 	a Colorado nonprofit corporation
	 	 	 	 	 
	 	By:	/s/ William E. Mosher
	 	Name:	William E. Mosher
	 	Its:	President

	 	 
	STATE OF COLORADO	)
	 	)   ss.
	COUNTY OF GRAND	)

          The
foregoing instrument was acknowledged before me this 15th day of October,
2013 by William E. Mosher, as President of WINTER PARK RECREATIONAL ASSOCIATION, a Colorado nonprofit corporation.

          Witness
my hand and official seal.

          My
commission expires: April 15, 2017

	 	 	 
		 	/s/ Michelle Diane Albright
	 	Notary Public
	 	 

[ADDITIONAL SIGNATURE ON FOLLOWING PAGE]

    	5

    	 

    

 

	 	 	 	 	 
	 	TENANT:
	 	 
	 	INTRAWEST/WINTER PARK OPERATIONS
	 	CORPORATION,
	 	a Delaware corporation
	 	 	 	 	 
	 	By:	/s/ Gary DeFrange
	 	Name:	Gary DeFrange
	 	Its:	Vice President

 

	 	 
	STATE OF COLORADO	)
	 	)   ss.
	COUNTY OF GRAND	)

          The
foregoing instrument was acknowledged before me this 16th day of October, 2013 by Gary DeFrange, as Vice President
of INTRAWEST/WINTER PARK OPERATIONS CORPORATION, a Delaware corporation.

          Witness

my hand and
official seal.

	 	 	 	 
	          My
    commission expires: 	 5/27/2015	 

 

	 	 	 
		 	/s/ Heather Ruth
	 	Notary Public

    	6axr8k121713exh101.htm

EXHIBIT 10.1

 

AMREP CORPORATION

 

2006 EQUITY COMPENSATION PLAN

 

RESTRICTED STOCK AWARD

 

 

This RESTRICTED STOCK AWARD, dated as of _______________ ____, 201__ (the “Date of Grant”), is delivered by AMREP Corporation (the “Company”), to ______________ (the “Grantee”).

 

RECITALS

 

The AMREP Corporation 2006 Equity Compensation Plan (the “Plan”) provides for the grant of restricted stock in accordance with the terms and conditions of the Plan.  The Plan Administration Committee (the “Committee”), which is a sub-committee of the Compensation and Human Resources Committee of the Company’s Board of Directors and which administers the Plan, has decided to make a restricted stock award as an inducement for the Grantee to continue to be employed by the Employer (as defined in the Plan) and promote the best interests of the Company and its shareholders.  References in this Agreement to the Committee shall include any successor thereto appointed under and in accordance with the Plan.  The Plan and the Plan prospectus are available upon request by contacting the Chief Financial Officer or General Counsel of the Company.

 

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

 

1. Restricted Stock Award.  Subject to the terms and conditions set forth in this Agreement and the Plan, the Company hereby grants the Grantee _______ shares of common stock of the Company, subject to the restrictions set forth below and in the Plan (“Restricted Stock”).  Shares of Restricted Stock may not be transferred by the Grantee or subjected to any security interest until the shares have become vested pursuant to this Agreement and the Plan.

 

2. Vesting and Nonassignability of Restricted Stock.

 

(a) The shares of Restricted Stock shall become vested, and the restrictions described in Sections 2(c) and 2(d) shall lapse, according to the following schedule, if the Grantee continues to be employed by the Employer from the Date of Grant until the applicable vesting date.

 

	
Vesting Date

	
Vested Shares

	  	  
	  	  
	  	  

 

  

  

  

  

The vesting of the Restricted Stock shall be cumulative, but shall not exceed 100% of the Restricted Stock.  If the foregoing schedule would produce fractional shares, the number of shares of Restricted Stock that vest shall be rounded down to the nearest whole share.

 

(b) Notwithstanding Section 2(a) above, in the event a Change of Control (as defined in the Plan) occurs while the Grantee is employed by the Employer and the Grantee ceases to be employed by the Employer on account of an involuntary termination by the Company without Cause (as defined in the Plan) or the voluntary resignation by the Grantee for Good Reason (as defined below), and the Grantee’s date of termination occurs (or in the event of the Grantee’s resignation for Good Reason, the event giving rise to Good Reason occurs), in each case, during the period beginning on the date that is 180 days before the Change of Control and ending on the date that is one year following the Change of Control, 100% of all unvested shares of Restricted Stock shall automatically vest in full on the Grantee’s date of termination or resignation, as applicable (or, if later, on the date of the Change of Control).  For purposes of this Agreement, “Good Reason” shall mean

 

(i) any material diminution by the Company or the Employer of the authority, duties or responsibilities of the Grantee;

 

(ii) any material reduction in the Grantee’s base salary, which, for purposes of this Agreement, means a reduction in base salary of ten percent or more that does not apply generally to all similarly situated employees of the Employer; or

 

(iii) any material change in the geographic location at which the Grantee must perform his duties to the Employer, which, for purposes of this Agreement, means the permanent relocation of the Grantee’s principal place of employment to any office or location which is located more than 50 miles from the location where the Grantee is based immediately prior to the change in location.

 

In order to terminate employment for Good Reason, the Grantee must provide a written notice of resignation for Good Reason to the Company within 90 days after the event constituting Good Reason has occurred.  The Company shall have a period of 30 days in which it may correct the act, or the failure to act, that gave rise to the Good Reason event as set forth in the notice of resignation for Good Reason.  If the Company does not correct the act, or the failure to act, the Grantee must resign from employment for Good Reason within 30 days after the end of the cure period, in order for the resignation to be considered a Good Reason termination.  Notwithstanding the foregoing, in no event will the Grantee have Good Reason for resignation if an event described in (i) above occurs in connection with the Grantee’s inability to perform his or her duties on account of illness or short-term or long-term disability.

(c) Except as set forth in Section 2(b) above, if the Grantee ceases to be employed by the Employer for any reason before the Restricted Stock is fully vested, the shares of Restricted Stock that are not then vested shall be forfeited and must be immediately returned to the Company.

 

(d) During the period before the shares of Restricted Stock vest (the “Restriction Period”), the non-vested Restricted Stock may not be assigned, transferred, pledged or otherwise disposed of by the Grantee.  Any attempt to assign, transfer, pledge or otherwise

 

  

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 dispose of the shares contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the shares, shall be null, void and without effect.

 

3. Issuance of Certificates.

 

(a) Stock certificates representing the Restricted Stock may be issued by the Company and held in escrow by the Company until the Restricted Stock vests, or the Company may hold non-certificated shares until the Restricted Stock vests.  During the Restriction Period, the Grantee shall receive any cash dividends with respect to the shares of Restricted Stock, may vote the shares of Restricted Stock and may participate in any distribution pursuant to a plan of dissolution or complete liquidation of the Company.  In the event of a dividend or distribution payable in stock or other property or a reclassification, split up or similar event during the Restriction Period, the shares or other property issued or declared with respect to the non-vested shares of Restricted Stock shall be subject to the same terms and conditions relating to vesting as the shares to which they relate.

 

(b) When the Grantee obtains a vested right to shares of Restricted Stock, a certificate representing the vested shares shall be issued to the Grantee, free of the restrictions under Section 2 of this Agreement.

 

(c) The Company’s obligation to deliver shares upon the vesting of the Restricted Stock shall be subject to all applicable laws, rules and regulations and also to such approvals by governmental agencies as may be deemed appropriate to comply with relevant securities laws and regulations.

 

4. Change of Control.  Except as set forth in Paragraph 2(b), the provisions of the Plan applicable to a Change of Control shall apply to the Restricted Stock, and, in the event of a Change of Control, the Committee may take such actions as it deems appropriate pursuant to the Plan.

 

5. Grant Subject to Plan Provisions.  This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan.  The grant is subject to interpretations, regulations and determinations concerning the Plan established from time to time by the Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) the registration, qualification or listing of the shares, (ii) changes in capitalization of the Company and (iii) other requirements of applicable law.  The Committee shall have the authority to interpret and construe the grant pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder.

 

6. Withholding.  The Grantee shall be required to pay to the Company, or make other arrangements satisfactory to the Company to provide for the payment of, any federal, state, local or other taxes that the Company is required to withhold with respect to the grant or vesting of the Restricted Stock.  Subject to Committee approval, the Grantee may elect to satisfy any tax withholding obligation of the Employer with respect to Restricted Stock by having shares

 

  

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withheld up to an amount that does not exceed the minimum applicable withholding tax rate for federal (including FICA), state, local and other tax liabilities.

 

7. No Employment or Other Rights.  This grant shall not confer upon the Grantee any right to be retained by or in the employ of any Employer and shall not interfere in any way with the right of any Employer to terminate the Grantee’s employment at any time.  The right of any Employer to terminate at will the Grantee’s employment at any time for any reason is specifically reserved.

 

8. Assignment by Company.  The rights and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates.  This Agreement may be assigned by the Company without the Grantee’s consent.

 

9. Applicable Law.  The validity, construction, interpretation and effect of this instrument shall be governed by and construed in accordance with the laws of the State of New Jersey, without giving effect to the conflicts of laws provisions thereof.

 

10. Notice.  Any notice to the Company provided for in this instrument shall be addressed to the Company in care of the Secretary at AMREP Corporation, 300 Alexander Park, Suite 204, Princeton, NJ 08540, and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the payroll of the Company, or to such other address as the Grantee may designate to the Company in writing.  Any notice shall be delivered by hand or by a recognized courier service such as FedEx or UPS, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service.

 

IN WITNESS WHEREOF, the Company has caused its duly authorized officers to execute and attest this instrument, and the Grantee has placed his or her signature hereon, effective as of the Date of Grant.

 

AMREP Corporation

By:                                                              

Name:

Title:

  

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Participant Acceptance:

By signing the acknowledgement below, I hereby accept the grant of Restricted Stock described in this Agreement, and I agree to be bound by the terms and conditions of the Plan and this Agreement.  I hereby agree that all of the decisions and determinations of the Committee upon any questions arising under the Plan and this Agreement shall be final, conclusive and binding.  I hereby further acknowledge that I have received a copy of the Plan, the official prospectus for the Plan and this Agreement.

______________________________                                                               ____________________________________

Date                                                                                                                    Grantee:

  

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