Document:

FORM OF RESTRICTED STOCK UNIT AWARD AGREEMENT

UNDER THE INTRAWEST RESORTS HOLDINGS,
INC.

2014 OMNIBUS INCENTIVE PLAN

 

This Award Agreement (this “RSU Award
Agreement”), dated as of ___________, 201_ (the “Date of Grant”), is made by and between Intrawest
Resorts Holdings, Inc., a Delaware corporation (the “Company”), and ______________ (the “Grantee”).
Capitalized terms not defined herein shall have the meaning ascribed to them in the Intrawest Resorts Holdings, Inc. 2014 Omnibus
Incentive Plan (the “Plan”). Where the context permits, references to “the Company” shall include
the Company and any successor to the Company.

 

1.                 
Grant of Restricted Stock Units. The Company hereby grants to the Grantee _______ restricted stock units (the
“RSUs”), subject to all of the terms and conditions of this RSU Award Agreement and the Plan.

 

2.                 Vesting.

 

(a)                 The RSUs shall become vested as follows:
(i) 33.3% of the RSUs shall vest on the first anniversary of the Date of Grant; (ii) 33.3% of the RSUs shall vest on the second
anniversary of the Date of Grant; and (iii) 33.4% of the RSUs shall vest on the third anniversary of the Date of Grant (each a
“Vesting Date”); provided that the Grantee remains in continuous employment with the Company or an Affiliate
thereof through, and has not given or received a notice of termination of such employment as of, the applicable vesting date.

 

(b)                 Except as set forth in Section 2(c)
below, if the Grantee’s employment is terminated for any reason, (i) this RSU Award Agreement shall terminate and all rights
of the Grantee with respect to RSUs that have not vested shall immediately terminate, (ii) any such unvested RSUs shall be forfeited
without payment of any consideration, and (iii) neither the Grantee nor any of the Grantee’s successors, heirs, assigns,
or personal representatives shall thereafter have any further rights or interests in such unvested RSUs.

 

(c)                 If the Grantee’s employment is
terminated by the Company other than for Cause or by the Grantee for Good Reason (as defined in the employment agreement by and
between the Company and the Grantee as in effect from time to time) (i) the portion of the RSUs, if any, that are scheduled to
vest on the next applicable Vesting Date shall immediately vest and shall be settled as soon as practicable after the date of termination
in accordance with Section 3 below, but in no event later than March 15 of the year following the year in which the date of termination
occurs, (ii) this RSU Award Agreement shall terminate and all rights of the Grantee with respect to the portion of the RSUs, if
any, that have not vested as of the date of termination in accordance with this Section shall immediately terminate, (iii) any
such unvested RSUs shall be forfeited without payment of any consideration, and (iv) neither the Grantee nor any of the Grantee’s
successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such unvested
RSUs.

 

3.                 Settlement. Each RSU granted
hereunder shall represent the right to receive, in the sole discretion of the Company, either (i) one (1) share of Common Stock
(a “Share”) or (ii) an amount of cash equal to the Fair Market Value of one (1) Share, valued based on the closing
price of a Share on the date immediately prior to the date of payment (as applicable, the “Settlement”). The
Settlement shall occur as soon as practicable after the applicable Vesting Date, but in no event later than March 15 of the year
following the year in which such Vesting Date occurs.

    	 

    	 

    

 

4.                 Voting and Other Rights. The Grantee shall
have no rights of a stockholder with respect to the RSUs (including the right to vote and the right to receive distributions or
dividends) unless and until Shares are issued in respect thereof following the applicable Vesting Date.

 

5.                 RSU Award Agreement Subject to Plan. This RSU
Award Agreement is made pursuant to all of the provisions of the Plan, which is incorporated herein by this reference, and is intended,
and shall be interpreted in a manner, to comply therewith. In the event of any conflict between the provisions of this RSU Award
Agreement and the provisions of the Plan, the provisions of the Plan shall govern.

 

6.                 No Rights to Continuation of Employment. Nothing
in the Plan or this RSU Award Agreement shall confer upon the Grantee any right to continue in the employ of the Company or any
Affiliate thereof or shall interfere with or restrict the right of the Company or its Affiliates to terminate the Grantee’s
employment any time for any reason whatsoever, with or without cause.

 

7.                 Tax Withholding. The Company shall be entitled
to require a cash payment by or on behalf of the Grantee and/or to deduct from the Shares or cash otherwise issuable hereunder
or other compensation payable to the Grantee the minimum amount of any sums required by federal, state or local tax law to be withheld
or to satisfy any applicable payroll deductions with respect to the Settlement of any RSU.

 

8.                 Section 409A Compliance. The intent of the
parties is that payments and benefits under this RSU Award Agreement comply with Section 409A of the Code, to the extent subject
thereto, and accordingly, to the maximum extent permitted, this RSU Award Agreement shall be interpreted and administered to be
in compliance therewith. Notwithstanding anything contained herein to the contrary, the Grantee shall not be considered to have
terminated employment with the Company for purposes of any payments under this RSU Award Agreement which are subject to Section
409A of the Code until the Grantee would be considered to have incurred a “separation from service” from the Company
within the meaning of Section 409A of the Code. Each amount to be paid or benefit to be provided under this RSU Award Agreement
shall be construed as a separate identified payment for purposes of Section 409A of the Code. Without limiting the foregoing and
notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or
tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided
pursuant to this RSU Award Agreement or any other arrangement between the Grantee and the Company during the six-month period immediately
following the Grantee’s separation from service shall instead be paid on the first business day after the date that is six
months following the Grantee’s separation from service (or, if earlier, the Grantee’s date of death).The Company makes
no representation that any or all of the payments described in this RSU Award Agreement will be exempt from or comply with Section
409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment.

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9.                 Governing Law. This RSU Award Agreement shall
be governed by, interpreted under, and construed and enforced in accordance with the internal laws, and not the laws pertaining
to conflicts or choices of laws, of the State of Delaware applicable to agreements made and to be performed wholly within the State
of Delaware.

 

10.                 RSU Award Agreement Binding on Successors.
The terms of this RSU Award Agreement shall be binding upon the Grantee and upon the Grantee’s heirs, executors, administrators,
personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees,
subject to the terms of the Plan.

 

11.                 No Assignment. Notwithstanding anything to
the contrary in this RSU Award Agreement, neither this RSU Award Agreement nor any rights granted herein shall be assignable by
the Grantee.

 

12.                 Necessary Acts. The Grantee hereby agrees
to perform all acts, and to execute and deliver any documents that may be reasonably necessary to carry out the provisions of this
RSU Award Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities
and/or tax laws.

 

13.                 Severability. Should any provision of this
RSU Award Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding
shall not affect the validity of the remainder of this RSU Award Agreement, the balance of which shall continue to be binding upon
the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original
RSU Award Agreement. Moreover, if one or more of the provisions contained in this RSU Award Agreement shall for any reason be held
to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable
provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them,
so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination
by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction.

 

14.                 Entire RSU Award Agreement. This RSU Award
Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject matter hereof, and supersedes
any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof.

 

15.                 Headings. Headings are used solely for the
convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section.

 

16.                 Counterparts; Electronic Signature. This RSU
Award Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which
together shall be deemed to be one and the same instrument. The Grantee’s electronic signature of this RSU Award Agreement
shall have the same validity and effect as a signature affixed by the Grantee’s hand.

 

17.                 Amendment. No amendment or modification hereof
shall be valid unless it shall be in writing and signed by all parties hereto.

 

18.                 Set-Off. The Grantee hereby acknowledges and
agrees, without limiting rights of the Company or any Affiliate thereof otherwise available at law or in equity, that, to the extent
permitted by law, the number of Shares or the amount of cash due to the Grantee under this RSU Award Agreement may be reduced by,
and set-off against, any or all amounts or other consideration payable by the Grantee to the Company or any of its Affiliates under
any other agreement or arrangement between the Grantee and the Company or any of its Affiliates; provided that any such
set-off does not result in a penalty under Section 409A of the Code.

 

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties hereto have
executed this RSU Award Agreement as of the date set forth above.

 

	INTRAWEST RESORTS HOLDINGS, INC.	 
	 	 	 
	By	 	 
	 	 	 
	 Print Name:	 	 
	 	 	 
	Title:	 	 

 

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The undersigned hereby accepts and agrees to all the terms and
provisions of the foregoing RSU Award Agreement.

 

	GRANTEE	 
	 	 	 
	Signature	 	 
	 	 	 
	 Print Name:	 	 
	 	 	 
	Address:	 	 

 

    	5FORM OF INTRAWEST RESORTS HOLDINGS, INC.

RESTRICTED STOCK GRANT AGREEMENT

 

THIS RESTRICTED STOCK GRANT AGREEMENT
is made as of this __ day of ______, 20_, (the “Agreement”), by and between Intrawest Resorts Holdings, Inc.,
a Delaware corporation (the “Company”), and ______________ (the “Grantee”).

 

WHEREAS, the Company has adopted
the Intrawest Resorts Holdings, Inc. 2014 Omnibus Incentive Plan (the “Plan”) to provide an additional incentive
to selected individuals whose contributions are essential to the growth and success of the Company’s business, in order to
strengthen their commitment to the Company and its Affiliates, motivate them to faithfully and diligently perform their responsibilities
and attract and retain competent and dedicated persons whose efforts will result in the long-term growth and profitability of the
Company; and

 

WHEREAS, Section 9 of the Plan provides
for the grant of Restricted Stock to Eligible Recipients.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows:

 

1.Grant of Restricted Stock. Pursuant to, and subject
to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Grantee an Award of ______ shares
of Common Stock of the Company (collectively, the “Restricted Stock”).

 

2.Grant Date. The grant date of the Restricted Stock
hereby granted is ______, __, 20_ (the “Grant Date”).

 

3.Incorporation of the Plan. All terms, conditions
and restrictions of the Plan are incorporated herein and made a part hereof as if stated herein. If there is any conflict between
the terms and conditions of the Plan and this Agreement, the terms and conditions of the Plan, as interpreted by the Board or the
Committee, shall govern. Unless otherwise indicated herein, all capitalized terms that are used, but not otherwise defined, herein
shall have the meanings given to such terms in the Plan.

 

4.Vesting. The Restricted Stock shall become vested
as follows: 33.3% of the shares of Restricted Stock shall vest on the first anniversary of the Grant Date; 33.3% of the shares
of Restricted Stock shall vest on the second anniversary of the Grant Date; and 33.4% of the shares of Restricted Stock shall vest
on the third anniversary of the Grant Date; provided that the Grantee remains in continuous service as a member of the Board
through, and has not given or received a notice of termination of such service as of, the applicable vesting date. Notwithstanding
the foregoing, in the event that the Grantee’s service as a member of the Board ends on account of the Grantee’s death
or Disability at any time, all unvested shares of Restricted Stock not previously forfeited shall immediately vest on such date
service ends.

    	 

    	 

    

 

5.Forfeiture. Subject to the provisions of the Plan
and Section 4 of this Agreement, shares of Restricted Stock which have not become vested on the earlier of (i) the date the Grantee’s
service on the Board ends for any reason and (ii) the date the Grantee gives or receives a notice of termination of such service,
shall immediately be forfeited on such applicable date.

 

6.Delays or Omissions. No delay or omission to exercise
any right, power, or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, shall impair
any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of any similar breach or default thereafter occurring nor shall any waiver of any single breach or default be deemed
a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind
or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of
any provisions or conditions of this Agreement, shall be in writing and shall be effective only to the extent specifically set
forth in such writing.

 

7.Integration. This Agreement and the Plan contain
the entire understanding of the parties with respect to its subject matter. There are no restrictions, agreements, promises, representations,
warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein and
in the Plan. This Agreement and the Plan supersede all prior agreements and understandings between the parties with respect to
the subject matter hereof.

 

8.Counterparts. This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

 

9.Grantee Acknowledgment. The Grantee hereby acknowledges
receipt of a copy of the Plan. The Grantee hereby acknowledges that all decisions, determinations and interpretations of the Board,
or a Committee thereof, in respect of the Plan, this Agreement and the Restricted Stock shall be final and conclusive.

 

10.Restrictions on Transfer. Until such time as shares
of Restricted Stock are fully vested in accordance with Section 4 hereof, or as otherwise provided in the Plan, no purported sale,
assignment, mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other
disposition of, or creation of a security interest in or lien on, any such unvested shares of Restricted Stock or any agreement
or commitment to do any of the foregoing (each a “Transfer”) by any holder thereof in violation of the provisions
of this Agreement will be valid, except with the prior written consent of the Board (such consent shall be granted or withheld
in the sole discretion of the Board).

 

Any purported Transfer of shares of Restricted Stock or any
economic benefit or interest therein in violation of this Agreement shall be null and void ab initio, and shall not create
any obligation or liability of the Company, and any Person purportedly acquiring any shares of Restricted Stock or any economic
benefit or interest therein transferred in violation of this Agreement shall not be entitled to be recognized as a holder of such
shares.

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Without prejudice to the foregoing, in the event of a Transfer
or an attempted Transfer in violation of this Agreement, such shares of Restricted Stock, and all of the rights related thereto,
shall be immediately forfeited without consideration.

 

11.Taxes. The Grantee understands that the Grantee
(and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by
this Agreement.

 

12.Governing Law. This Agreement shall be governed
by and construed in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of laws
of such state.

 

13.Legend on Certificates. The Grantee agrees that
any certificate issued for Restricted Stock (or, if applicable, any book entry statement issued for Restricted Stock) prior to
the lapse of any outstanding restrictions relating thereto shall bear the following legend (in addition to any other legend or
legends required under applicable federal and state securities laws):

 

THE SHARES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO CERTAIN RESTRICTIONS UPON TRANSFER (THE “RESTRICTIONS”) AS SET FORTH IN THE INTRAWEST RESORTS
HOLDINGS, INC. 2014 OMNIBUS INCENTIVE PLAN AND A RESTRICTED STOCK GRANT AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND
INTRAWEST RESORTS HOLDINGS, INC., COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY. ANY ATTEMPT TO DISPOSE OF THESE
SHARES IN CONTRAVENTION OF THE RESTRICTIONS, INCLUDING BY WAY OF SALE, ASSIGNMENT, TRANSFER, PLEDGE, HYPOTHECATION OR OTHERWISE,
SHALL BE NULL AND VOID AND WITHOUT EFFECT AND SHALL RESULT IN THE FORFEITURE OF SUCH SHARES AS PROVIDED BY SUCH PLAN AND AGREEMENT.

 

14.Securities Laws Requirements. The Company shall
not be obligated to issue shares of Common Stock to the Grantee free of the restrictive legend described in Section 13 hereof or
of any other restrictive legend, if such transfer, in the opinion of counsel for the Company, would violate the Securities Act
of 1933, as amended (“Securities Act”) (or any other federal or state statutes having similar requirements as
may be in effect at that time). The Company shall be under no obligation to register the Restricted Stock pursuant to the Securities
Act or any other federal or state securities laws.

 

15.Notices. All notices or other communications provided
hereunder must be in writing and mailed or delivered either (i) to the Company at its principal place of business or (ii)
to the Grantee at the address on file with the Company, or such other address as the Company or the Grantee may provide to the
other for purposes of providing notice. Any such notice shall be deemed effective (1) upon delivery
if delivered in person, (2) on the next business day if transmitted by national overnight courier and (3) on the fourth
business day following mailing by first class mail.

 

16.Agreement Not a Contract for Services. Neither
the Plan, the granting of the Restricted Stock, this Agreement nor any other action taken pursuant to the Plan shall constitute
or be evidence of any agreement or understanding, express or implied, that the Grantee has a right to continue to provide services
as an officer, director, employee, consultant or advisor of the Company or any Subsidiary or Affiliate for any period of time or
at any specific rate of compensation.

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17.Representations. The Grantee has reviewed with
the Grantee’s own tax advisors the Federal, state, local and foreign tax consequences of the transactions contemplated by
this Agreement. The Grantee is relying solely on such advisors and not on any statements or representations of the Company or any
of its agents. The Grantee understands that he or she (and not the Company) shall be responsible for any tax liability that may
arise as a result of the transactions contemplated by this Agreement.

 

18.Amendments; Construction. The Administrator may
amend the terms of this Agreement prospectively or retroactively at any time, but no such amendment shall impair the rights of
the Grantee hereunder without his or her consent. Headings to Sections of this Agreement are intended for convenience of reference
only, are not part of this Agreement and shall have no effect on the interpretation hereof.

 

19.Adjustments. Pursuant to Section 5 of the Plan,
in the event of a Change in Capitalization as described therein, the Administrator shall make such equitable changes or adjustments
as it deems necessary or appropriate to the number and kind of securities or other property (including cash) issued or issuable
in respect of outstanding Restricted Stock.

 

20.Rights as a Stockholder. During the period until
the Restricted Stock vests as provided in Section 4 hereof, the Grantee shall, except as set forth in this Section 20, have all
the rights of a stockholder with respect to the Restricted Stock, including the right to vote the underlying shares of Common Stock.
Notwithstanding the foregoing, (i) the Grantee shall not have the right to Transfer the Restricted Stock prior to the vesting thereof
as set forth in Section 4 hereof and (ii) any dividends or other distributions that are declared with respect to the shares of
Common Stock underlying the Restricted Stock between the Grant Date and the date on which such shares become vested will be paid
to the Grantee at the time such shares vest as set forth in Section 4 hereof, and will not be paid to the Grantee in the event
that the shares do not become so vested.

 

[Signature Page Follows]

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IN WITNESS WHEREOF, the Company has
caused this Agreement to be duly executed by its duly authorized officer and the Grantee has hereunto signed this Agreement on
the Grantee’s own behalf, thereby representing that the Grantee has carefully read and understands this Agreement and the
Plan as of the day and year first written above.

 

	 	Intrawest Resorts Holdings, Inc.
	 	 	 
	 	 	 
	 	By:	 
	 	Title:	 
	 	 	 
	 	Acknowledged and Accepted:	 
	 	 	 
	 	 	 
	 	[Grantee]	 

 

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