Document:

Form of Note for the Company's Floating Rate Notes due December 7, 2018.

 Exhibit 4.01 

This Note is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of
the Depository named below or a nominee of the Depository. This Note is not exchangeable for Notes registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described herein and in the Indenture,
and no transfer of this Note (other than a transfer of this Note as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the
limited circumstances described herein. 
 Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation (the “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of the Depository (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

CITIGROUP INC. 
 Floating
Rate Notes due December 7, 2018 

					
	 REGISTERED
	  	REGISTERED	  	
			
		  	CUSIP: 172967KF7	  	
		  	ISIN: US172967KF74	  	
		  	Common Code: 133176683	  	
			
	 No. R-00*
	  	$350,000,000	  	

 CITIGROUP INC., a Delaware corporation (the “Company”, which term includes any
successor Person under the Indenture), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $350,000,000 on December 7, 2018 and to pay interest thereon from and including
December 7, 2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly, on the seventh day of each March, June, September and December, commencing March 7, 2016, at the rate per annum
for each Interest Period of three-month LIBOR, determined as provided herein, plus 0.860% until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Record Date for such interest, which shall be the Business Day immediately preceding such Interest Payment Date.

 Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the holder on such
Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a subsequent Record Date, such subsequent Record Date to be not less than ten days prior to the date of payment of such defaulted
interest, notice whereof shall be given to holders of Notes of this series not less than ten days prior to such subsequent Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

 Interest hereon will be calculated on the basis of the actual number of days
elapsed in an Interest Period and a 360-day year. Dollar amounts resulting from such calculation will be rounded to the nearest cent, with one-half cent being rounded upward. An “Interest Period” shall be the period from and including an
Interest Payment Date (or from December 7, 2015 in the case of the first Interest Payment Date) to and including the day immediately preceding the next Interest Payment Date. 

If an Interest Payment Date falls on a day that is not a Business Day, such Interest Payment Date will be the next succeeding
Business Day. If the Maturity of the Notes falls on a day that is not a Business Day, the payment due on Maturity will be postponed to the next succeeding Business Day, and no further interest will accrue in respect of such postponement. If a date
for payment of interest or principal on the Notes falls on a day that is not a business day in the place of payment, such payment will be made on the next succeeding business day in such place of payment as if made on the date the payment was due.
No interest will accrue on any amounts payable for the period from and after the due date for payment of such principal or interest. 

For these purposes, “Business Day” means any day which is a day on which commercial banks settle payments and are
open for general business in The City of New York. 
 Payment of the principal of and interest on this Note will be made at
the office or agency of the Trustee maintained for that purpose in The City of New York. 
 Reference is hereby made to the
further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee or by an authenticating agent on behalf of
the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 Dated: December 7, 2015 
  

							
		 	 CITIGROUP INC.
	  	
				
		 	 By:
	  	  
	  	
		 		  	 Name: Joseph Bonocore
	  	
		 		  	 Title: Deputy Treasurer
	  	

 ATTEST: 
  

			
	 By:
	 	  

		 	 Name: Barbara Politi

		 	 Title: Assistant Secretary

  
 3 

 This is one of the Notes of the series issued under the within-mentioned
Indenture. 
 Dated: December 7, 2015 
  

							
		  	THE BANK OF NEW YORK MELLON,	  	
		  	 as Trustee
	  	
				
		  	 By:
	 	  
	  	
		  		 	 Name:
	  	
		  		 	 Title:
	  	
			
		  	 -or-
	  	
			
		  	 CITIBANK, N.A.,
	  	
		  	 as Authenticating Agent
	  	
				
		  	 By:
	 	  
	  	
		  		 	 Name:
	  	
		  		 	 Title:
	  	

  
 4 

 This Note is one of a duly authorized issue of Securities of the Company (the
“Notes”), issued and to be issued in one or more series under the Indenture, dated as of November 13, 2013 (as amended and supplemented from time to time, the “Indenture”), between the Company and The Bank of New York
Mellon, as Trustee (the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof,
initially limited in aggregate principal to $350,000,000. 
 This Note will bear interest for each Interest Period at a rate
determined by Citibank, N.A., acting as Calculation Agent. The interest rate on this Note for a particular Interest Period will be a per annum rate equal to three-month LIBOR as determined on the related Interest Determination Date, plus 0.860% The
Interest Determination Date for an Interest Period will be the second London business day preceding such Interest Period. The Interest Determination Date for the first Interest Period was December 3, 2015. Promptly upon determination, the
Calculation Agent will inform the Trustee and the Company of the interest rate for the next Interest Period. Absent manifest error, the determination of the interest rate by the Calculation Agent shall be binding and conclusive on the holders of
Notes, the Trustee and the Company. 
 A London business day is a day on which dealings in deposits in U.S. dollars are
transacted in the London interbank market. 
 On any Interest Determination Date, LIBOR will be equal to the offered rate
for deposits in U.S. dollars having an index maturity of three months for the next Interest Period, in amounts of at least $1,000,000, as such rate appears on Reuters Screen LIBOR01 at approximately 11:00 a.m., London time, on such Interest
Determination Date. If the Reuters Screen LIBOR01 is replaced by another service or ceases to exist, the Calculation Agent will use the replacing service or such other service that is selected to display the London interbank offered rates for U.S.
dollar deposits. 
 If no offered rate appears on Reuters Screen LIBOR01 on an Interest Determination Date at approximately
11:00 a.m., London time, then the Calculation Agent (after consultation with the Company) will select four major banks in the London interbank market and shall request each of their principal London offices to provide a quotation of the rate at
which three-month deposits in U.S. dollars in amounts of at least $1,000,000 are offered by it to prime banks in the London interbank market, on that date and at that time, that is representative of single transactions at that time. If at least two
quotations are provided, LIBOR will be the arithmetic average of the quotations provided. Otherwise, the Calculation Agent will select three major banks in New York City and shall request each of them to provide a quotation of the rate offered by
them at approximately 11:00 a.m., New York City time, on the Interest Determination Date for loans in U.S. dollars to leading European banks having an index maturity of three months for the applicable Interest Period in an amount of at least
$1,000,000 that is representative of single transactions at that time. If three quotations are provided, LIBOR will be the arithmetic average of the quotations provided. Otherwise, the rate of LIBOR for the next Interest Period will be set equal to
the rate of LIBOR for the current Interest Period. 

  
 5 

 Upon request from any Noteholder, the Calculation Agent will provide the interest
rate in effect on this Note for the current Interest Period and, if it has been determined, the interest rate to be in effect for the next Interest Period. 

If an event of default (as defined in the Indenture) with respect to Notes of this series shall occur and be continuing, the
principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Sections 12.02 and 12.03 of the Indenture containing provisions for defeasance apply to this Note. At any time the entire
indebtedness of this Note may be defeased upon compliance by the Company with certain conditions set forth in Section 12.04 of the Indenture. 

The Indenture contains provisions permitting the Company and the Trustee, without the consent of the holders of the
Securities, to establish, among other things, the form and terms of any series of Securities issuable thereunder by one or more supplemental indentures, and, with the consent of the holders of a majority in aggregate principal amount of Securities
at the time outstanding which are affected thereby, to modify the Indenture or any supplemental indenture or the rights of the holders of Securities of such series to be affected, provided that no such modification will (i) extend the fixed
maturity of any Securities, reduce the rate or extend the time of payment of interest thereon, reduce the principal amount thereof or the premium, if any, thereon, reduce the amount of the principal of Original Issue Discount Securities payable on
any date, change the currency in which Securities are payable, or impair the right to institute suit for the enforcement of any such payment on or after the maturity thereof, without the consent of the holder of each Security so affected, or
(ii) reduce the aforesaid percentage of Securities of any series the consent of the holders of which is required for any such modification without the consent of the holders of all Securities of such series then outstanding, or
(iii) modify the rights, duties or immunities of the Trustee unless the Trustee agrees to such modification. 
 No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and
rate, and in the coin or currency, herein prescribed. 
 This Note is a Global Security registered in the name of a nominee
of the Depository. This Note is exchangeable for Notes registered in the name of a person other than the Depository or its nominee only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for
definitive Notes in certificated form, this Note may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository. 

The Notes represented by this Global Security are exchangeable for definitive Notes in certificated form of like tenor as such
Notes in denominations of $1,000 and whole multiples of 

  
 6 

 
$1,000 in excess thereof only if (i) the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Notes and the Company is unable to appoint a
successor depository or (ii) the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion decides to allow the Notes to be exchanged for
definitive Notes in registered form. Any Notes that are exchangeable pursuant to the preceding sentence are exchangeable for certificated Notes issuable in authorized denominations and registered in such names as the Depository shall direct. As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of definitive Notes in certificated form is registrable in the register maintained by the Company in The City of New York for such purpose, upon surrender
of the definitive Note for registration of transfer at the office or agency of the registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the registrar duly executed by, the holder
thereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees. Subject to the foregoing, this Note is not exchangeable, except for a Global Security or Global Securities of this issue of the same principal amount to be registered in the name of the Depository or its nominee. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of
this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Company will pay
additional amounts (“Additional Amounts”) to the beneficial owner of any Note that is a non-United States person in order to ensure that every net payment on such Note will not be less, due to
payment of U.S. withholding tax, than the amount then due and payable. For this purpose, a “net payment” on a Note means a payment by the Company or a paying agent, including payment of principal and interest, after deduction for any
present or future tax, assessment or other governmental charge of the United States. These Additional Amounts will constitute additional interest on the Note. 

The Company will not be required to pay Additional Amounts, however, in any of the circumstances described in items
(1) through (14) below. 
  

	 	(1)	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld solely by reason of the beneficial owner: 

  

	 	(a)	 having a relationship with the United States as a citizen, resident or otherwise; 

 

	 	(b)	 having had such a relationship in the past or 

  
 7 

	 	(c)	 being considered as having had such a relationship. 

  

	 	(2)	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld solely by reason of the beneficial owner: 

  

	 	(a)	 being treated as present in or engaged in a trade or business in the United States; 

	 	(b)	 being treated as having been present in or engaged in a trade or business in the United States in the past or 

	 	(c)	 having or having had a permanent establishment in the United States. 

 

	 	(3)	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld in whole or in part by reason of the beneficial owner being or having been any of the following (as such terms are defined in the Internal Revenue Code of 1986, as amended): 

 

	 	(a)	 personal holding company; 

	 	(b)	 foreign private foundation or other foreign tax-exempt organization; 

	 	(c)	 passive foreign investment company; 

	 	(d)	 controlled foreign corporation or 

	 	(e)	 corporation which has accumulated earnings to avoid United States federal income tax. 

 

	 	(4)	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld solely by reason of the beneficial owner owning or having owned, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock of the Company entitled to vote or by reason of the
beneficial owner being a bank that has invested in a Note as an extension of credit in the ordinary course of its trade or business. 

For purposes of items (1) through (4) above, “beneficial owner” means a fiduciary, settlor, beneficiary, member or
shareholder of the holder if the holder is an estate, trust, partnership, limited liability company, corporation or other entity, or a person holding a power over an estate or trust administered by a fiduciary holder. 

 

	 	(5)	 Additional Amounts will not be payable to any beneficial owner of a Note that is a: 

 

	 	(a)	 fiduciary; 

	 	(b)	 partnership; 

	 	(c)	 limited liability company or 

	 	(d)	 other fiscally transparent entity 

  
 8 

 or that is not the sole beneficial owner of the Note, or any portion of the
Note. However, this exception to the obligation to pay Additional Amounts will only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner or member of the partnership, limited liability company or
other fiscally transparent entity, would not have been entitled to the payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment. 

 

	 	(6)	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld solely by reason of the failure of the beneficial owner or any other person to comply with applicable certification, identification, documentation or other information reporting requirements. This exception to the obligation to
pay Additional Amounts will only apply if compliance with such reporting requirements is required by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a party as a precondition to
exemption from such tax, assessment or other governmental charge. 

  

	 	(7)	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
collected or imposed by any method other than by withholding from a payment on a Note by the Company or a paying agent. 

  

	 	(8)	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later. 

 

	 	(9)	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
imposed or withheld by reason of the presentation by the beneficial owner of a Note for payment more than 30 days after the date on which such payment becomes due or is duly provided for, whichever occurs later. 

 

	 	(10)	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any: 

 

	 	(a)	 estate tax; 

	 	(b)	 inheritance tax; 

	 	(c)	 gift tax; 

	 	(d)	 sales tax; 

	 	(e)	 excise tax; 

	 	(f)	 transfer tax; 

	 	(g)	 wealth tax; 

  
 9 

	 	(h)	 personal property tax or 

	 	(i)	 any similar tax, assessment, withholding, deduction or other governmental charge. 

 

	 	(11)	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment, or other governmental charge required
to be withheld by any paying agent from a payment of principal or interest on a Note if such payment can be made without such withholding by any other paying agent. 

 

	 	(12)	 Additional amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is
required to be made pursuant to any European Union directive on the taxation of savings income or any law implementing or complying with, or introduced to conform to, any such directive. 

 

	 	(13)	 Additional amounts will not be payable if a payment on a Note is reduced as a result of any withholding, deduction, tax, duty assessment or other
governmental charge that would not have been imposed but for a failure by the holder or beneficial owner of a Note (or any financial institution through which the holder or beneficial owner holds the Note or through which payment on the Note is
made) to take any action (including entering into an agreement with the Internal Revenue Service, or a governmental authority of another jurisdiction if the holder is entitled to the benefits of an intergovernmental agreement between that
jurisdiction and the United States) or to comply with any applicable certification, documentation, information or other reporting requirement or agreement concerning accounts maintained by the holder or beneficial owner (or any such financial
institution), or concerning ownership of the holder or beneficial owner, or any substantially similar requirement or agreement. 

  

	 	(14)	 Additional Amounts will not be payable if a payment on a Note is reduced as a result of any combination of items (1) through (13) above.

 Except as specifically provided herein, the Company will not be required to make any payment of any
tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of such government. 

As used in this Note, “United States person” means: 

 

	 	(a)	 any individual who is a citizen or resident of the United States; 

	 	(b)	 any corporation, partnership or other entity created or organized in or under the laws of the United States; 

	 	(c)	 any estate if the income of such estate falls within the federal income tax jurisdiction of the United States regardless of the source of such
income and 

	 	(d)	 any trust if (i) a United States court is able to exercise primary supervision over its administration and one or more United States persons
have the authority to control 

  
 10 

	 	 
all of the substantial decisions of the trust or (ii) it has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person.

 Additionally, “non-United States person” means a
person who is not a United States person, and “United States” means the states of the United States of America and the District of Columbia, but excluding its territories and its possessions. 

Except as provided below, the Notes may not be redeemed prior to maturity. 

 

	 	(1)	 The Company may, at its option, redeem the Notes if: 

  

	 	(a)	 the Company becomes or will become obligated to pay Additional Amounts as described above; 

	 	(b)	 the obligation to pay Additional Amounts arises as a result of any change in the laws, regulations or rulings of the United States, or an official
position regarding the application or interpretation of such laws, regulations or rulings, which change is announced or becomes effective on or after December 1, 2015 and 

	 	(c)	 the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable
measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company. 

  

	 	(2)	 The Company may also redeem the Notes, at its option, if: 

 

	 	(a)	 any act is taken by a taxing authority of the United States on or after December 1, 2015, whether or not such act is taken in relation to the
Company or any affiliate, that results in a substantial probability that the Company will or may be required to pay Additional Amounts as described above; 

	 	(b)	 the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable
measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company and 

	 	(c)	 the Company receives an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a
substantial probability that the Company will or may be required to pay the Additional Amounts described above, and delivers to the Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion the Company is
entitled to redeem the Notes pursuant to their terms. 

 Any redemption of the Notes as set forth in clauses (1) or
(2) above shall be in whole, and not in part, and will be made at a redemption price equal to 100% of the principal amount of the Notes 

  
 11 

 
Outstanding plus accrued interest thereon to the date of redemption. Holders shall be given not less than 30 days’ nor more than 60 days’ prior notice by the Trustee of the date fixed
for such redemption. 
 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to
them in the Indenture. The Notes are governed by the laws of the State of New York. 

  
 12 

 Schedule 1 

Redemptions and Amount of Securities

							
	 Date of partial

redemption
	  	
Aggregate principal amount

of Securities then redeemed
	  	
Remaining principal
 amount
of this Global
 Security

    
	  	Authorized Signature
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 
	     
	  	 	  	 	  	 

 

  
 13Exhibit

Exhibit 10.1

Vail Resorts 

Management Incentive Plan 

Grades 33 & Above 

Objective 
The purpose of the Management Incentive Plan (the “Plan”) is to reinforce individual employee behaviors that contribute to the mission, values, growth and profitability of Vail Resorts, Inc. and its wholly owned subsidiaries (collectively, the “Company”) by: 

Rewarding and recognizing performance in one or more of the following areas: 
		
	•
	Financial - Financial results at the end of the fiscal year are compared to EBITDA targets determined at the beginning of the fiscal year. EBITDA (Earnings before Interest, Taxes and Depreciation and Amortization excluding stock based compensation) results are consolidated into various divisions of the Company and are defined in the funding section below.

		
	•
	Division Goal Attainment - Specified division goals are used instead of EBITDA results for the real estate development division. 

		
	•
	Individual employee performance, including adherence to the Company’s mission and values.

Effective Dates 
The Plan is effective and will remain in effect until amended or terminated. The Plan Year will run concurrently with the fiscal year under which the employee is governed. 

Eligibility 
All full-time employees of the Company at grade levels 33 and above as identified in the Company’s compensation grade structures are eligible to participate in the Plan. 

Target Percentages 
The target bonus percentages for employees are determined by the Compensation Committee in its sole discretion on a yearly basis by the end of the first quarter of each fiscal year and while the attainment of Resort, Mountain, Retail and Lodging EBITDA performance targets and corresponding funding levels and VRDC Goals are substantially uncertain. 

Target Incentives 
Each employee’s target bonus incentive is calculated based on the target bonus percentage of his or her annual salary as of the last day of the measurement period the employee was classified in a Grade 33 position, except where proration is needed as defined in the proration of target incentives section. 

Funding 
The funding at the end of the fiscal year is based on the final EBITDA results or Division Goal Attainment of the Company’s business divisions and the eligible employee’s incentive target amounts as determined by the Compensation Committee and as defined in Exhibits A and B. 

Division Definitions 
EBITDA Results for each of the Company’s business divisions are defined as follows: 
		
	•
	Resort EBITDA results include the EBITDA results for all Mountain resorts, Lodging divisions and Retail divisions combined. 

		
	•
	Retail EBITDA results include all EBITDA results of the Retail division combined.

		
	•
	Corporate Lodging EBITDA results include the pre-corporate allocated G&A EBITDA results of the Lodging division combined.

		
	•
	Division Goal Attainment - Specified division goals that are required for the development division (VRDC employees). 

The funding is based on the EBITDA results of the division where the employee works, the scope of his or her responsibilities and where his or her salary expense is charged. 

For Corporate executives, the Plan is 95% funded based on Resort EBITDA and 5% funded based on the attainment of the VRDC Goals. 

For Mountain executives, the Plan is 95% funded based on Resort EBITDA and 5% funded based on the attainment of the VRDC Goals. 

For Lodging executives, the Plan is 95% funded based on Resort EBITDA and 5% funded based on the attainment of the VRDC Goals. 

For Retail executives, the Plan is 75% funded based on Retail EBITDA and 25% funded based on Resort EBITDA. 

For VRDC executives, the Plan is 75% funded based on the attainment of one or more of the VRDC performance goals and 25% funded based on Resort EBITDA. 

The maximum amount that may be earned as an award under the Plan for any Plan year by any one eligible employee shall be $4,000,000. 

Funding Variable
At each fiscal year-end, the funding will be based on the percentage of EBITDA target achieved. The schedule attached hereto as Exhibit A is used to determine the percent of the target incentive funded by Resort, Mountain, Retail and Lodging EBITDA performance. The Compensation Committee will establish the Resort, Mountain, Retail and Lodging EBITDA performance targets and corresponding funding levels and the VRDC Goals and may amend Exhibit A by the end of the first quarter of each fiscal year and while the attainment of such goals is substantially uncertain. EBITDA results are rounded to the nearest whole percentage using simple rounding. 

Individual Performance Rating Variable 
For all employees excluding the Chief Executive Officer, the target incentive will be influenced based on individual performance. The Chief Executive Officer’s total bonus will be equal to, and based solely on, the funded target incentive amount. 

Individual performance for all employees participating in the Plan will be determined through the applicable fiscal year performance review process, which will be determined by the Chief Executive Officer. With the exception of promoted employees, the final performance score will determine the incentive payment with higher performing employees receiving larger rewards than their lower performing peers. For those employees promoted into a higher level position, any applicable incentive payments will be calculated by applying the Meets Expectations performance variable to the incentive target for the new position. 

Example Payout: 
		
	•
	Grade 33 Corporate employee 

		
	•
	$200,000 annual salary 

		
	•
	Target incentive % = 42.5% 

		
	•
	Target incentive $ = $200,000 x 42.5% = $85,000

		
	•
	Resort EBITDA results are at 101% of target 

		
	•
	Resort EBITDA funding = 107.5% 

		
	•
	VRDC Goal met at 100% 

		
	•
	VRDC Goal funding = 100% 

With Resort EBITDA funding 95% of the plan and VRDC goals funding 5% of the plan, funded incentive = 107.1% x 85,000 = $91,035. 
Resort Funding: (107.5% x 95%) or 102.1% 
VRCD Funding: + (100.0% x 5%) or 5.0% 
Funding % = 107.1% 

		
	•
	Individual performance rating of “Achieves Expectations” 

		
	•
	“Achieves Expectations” = 100% of funded incentive 

		
	•
	$91,035 x 100% = $91,035 payout 

The incentive payout can be 0% to 130% of the target amount as displayed in Exhibit B. 

Proration for New Hires 
An employee hired into a position eligible for this Plan will receive a prorated incentive for the Plan Year based on the hire date and following schedule. Anyone hired after April 30 will not be eligible to receive an award in that fiscal year, except at the sole discretion of the Compensation Committee. 

	
		
	Month of Hire 
	Prorate % 

	August, September, October 
	100% 

	November, December, January 
	67% 

	February, March, April 
	33% 

	May, June, July 
	0% 

Proration for Internal Promotions 
The proration calculation for employees who have been promoted into a plan eligible position will be based on number of days in each role and performance rating earned in each position. For the purposes of this plan, a promotion is defined as position change resulting in an increase in grade assignment and individual bonus target percentage. 

	
								
	Example of Prorated Bonus due to Promotion 

	Role
	Base Salary
	Target %
	Target $
	Funding %
	Performance
Rating
	# of Days
In Role
	Prorated
Payout

	SVP 
	$250,000 
	42.5% 
	$106,250 
	100% 
	100% 
	92 
	$26,781 

	VP 
	$225,000 
	35.0% 
	$78,750 
	100% 
	100% 
	273 
	$58,901 

	Final Amount 
	$85,682 

Pro-Ration for Leave of Absence 
Individual incentive determinations for employees who have a paid or unpaid leave of absence (this does not include vacation) in excess of one month during the Plan Year will be prorated to reflect the time on leave. 

Plan Payouts 
Individual incentive determinations calculated in accordance with the terms of this Plan will be paid in cash or pursuant to equity awards granted under the Company’s equity compensation plan, or a combination thereof, at the discretion of the Compensation Committee, minus applicable deductions and withholding as required by law, by the close of the first quarter following the previous fiscal year end. Payouts will be rounded to the nearest whole dollar amount. 

Termination of Employment 
Incentive payments under the Plan do not vest until the date Plan payments are made. To be eligible to receive a payment, a participant must be employed by the Company on the date Plan payments are made. Employees whose employment ends prior to the payment date under the Plan for any fiscal year will not be eligible, subject to the discretion of the Compensation Committee. However, if an otherwise eligible employee is not employed as of the date of the payout under the Plan due to death or long-term disability under the Company long-term disability plan, such employee, if he or she would have otherwise received a payout under the Plan but for his or her death or disability, shall be entitled to receive a pro-rated payment for the portion of the fiscal year the employee was actively employed. 

If an employee terminates employment and is subsequently rehired, eligibility under this Plan restarts with the employee’s rehire date. 

Material Restatement of Financial Results 
In the event that the Board determines there has been a material restatement of publicly issued financial results from those previously issued to the public , the Board will review all incentive payments made to executive officers on the basis of having met or exceeded specific performance targets and, if such payments would have been lower had they been calculated based on such restated results, the Board will, to the extent permitted by governing law, seek to recoup for the benefit of our company such payments made in excess of the amount that would have been paid based on the restated results. This will apply to all incentive payments made during the three-year period prior to the restatement, beginning with payments earned for the 2012 fiscal year. For purposes of this policy, the term “executive officers” has the meaning given in Rule 3b-7 under the Securities Exchange Act of 1934, as amended, and the term “incentive payments” means bonuses and awards under the Plan. 

Plan Administration, Modification and Discontinuance 
This Plan is administered by the Compensation Committee. The Compensation Committee has authority to interpret the Plan and to make, amend, or nullify any rules and procedures deemed necessary for proper Plan administration, including, but not limited to, performance targets, results and extraordinary events. The EBITDA performance targets and corresponding funding levels shall be adjusted for acquisitions, divestitures, or board imposed unbudgeted expenses in the discretion of the Compensation Committee. 

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

Continued Employment 
The Plan is not intended to and does not give any employee the right to continued employment with the Company. The Plan does not create a contract of employment with any employee and does not alter the at-will nature of employee’s employment with the Company. 

Exhibit A - EBITDA Funding Matrix 

	
		
	Percent of the EBITDA Target Obtained for the Division
	Percent of Incentive Target Funded- Grade 33+

	<80% 
	0.0% 

	80% 
	15.00% 

	81% 
	16.00% 

	82% 
	17.00% 

	83% 
	18.00% 

	84% 
	19.00% 

	85% 
	20.00% 

	86% 
	21.00% 

	87% 
	22.00% 

	88% 
	23.00% 

	89% 
	24.00% 

	90% 
	25.00% 

	91% 
	30.00% 

	92% 
	35.00% 

	93% 
	40.00% 

	94% 
	45.00% 

	95% 
	50.00% 

	96% 
	60.00% 

	97% 
	70.00% 

	98% 
	80.00% 

	99% 
	90.00% 

	100% 
	100.00% 

	101% 
	107.50% 

	102% 
	115.00% 

	103% 
	122.50% 

	104% 
	130.00% 

	105% 
	137.50% 

	106% 
	145.00% 

	107% 
	152.50% 

	108% 
	160.00% 

	109% 
	167.50% 

	110% 
	175.00% 

	111% 
	177.50% 

	112% 
	180.00% 

EBITDA Funding Matrix - continued
	
		
	Percent of the EBITDA Target Obtained for the Division
	Percent of Incentive Target Funded- Grade 33+

	113% 
	182.50% 

	114% 
	185.00% 

	115% 
	187.50% 

	116% 
	190.00% 

	117% 
	192.50% 

	118% 
	195.00% 

	119% 
	197.50% 

	>=120% 
	200.00% 

Exhibit B 
Performance Rating Variable 

The following table illustrates how an individual’s performance rating affects the overall Management Incentive Plan Payout. 

	
		
	Performance Rating Chart 

	Performance Rating 
	% Incentive Influenced 

	Greatly Exceeds Expectations 
	130% 

	Exceeds Expectations 
	115% 

	Achieves Expectations 
	100% 

	Meets Most Expectations 
	70% 

	Meets Some Expectations 
	0%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}]]