Document:

Exhibit 10.22

    Exhibit
      10.22

    

    FORM
      OF
      SHARE APPRECIATION RIGHTS AGREEMENT

    

    

    [Employee
      Name]

    [Address]

    [City,
      State, Zip]

    

    

    RE:  Grant
      of Share Appreciation Rights

    

    Dear [Name
      of Employee]:

    

    Vail
      Resorts, Inc. (the "Company") is pleased to confirm that you were granted an
      award of Share Appreciation Rights on [date] (the "Grant Date") on the terms
      set
      forth herein and pursuant to the Company's 2002 Long Term Incentive and Share
      Award Plan (the "Plan"), the terms of which are incorporated herein by
      reference. Capitalized terms used and not defined herein have the meanings
      set
      forth in the Plan.

    

    1.
      Share Appreciation Rights Terms.

    

    (a) Grant.
      On the
      Grant Date you were granted Share Appreciation Rights with respect to [Number]
      shares of the Company's common stock, $0.01 par value per share (the "SAR
      Shares"), at an exercise price per Share Appreciation Right equal to [Amount]
      (the "Exercise Price"). Your Share Appreciation Rights will expire at the close
      of business on the tenth anniversary of the Grant Date (the "Expiration Date"),
      subject to earlier expiration in connection with the termination of your
      employment as provided below.

    

    (b) Exercisability/Vesting.
      Your
      Share Appreciation Rights will be exercisable only to the extent they have
      vested. Your Share Appreciation Rights will be vested with respect to
      [Percentage Amount]% of the SAR Shares (rounded to the nearest whole share)
      on
      each of the [____ through _____] anniversaries of the Grant Date, if and only
      if
      you have been continuously employed by the Company and/or its Subsidiaries
      from
      the date of this Agreement through such dates. Upon the termination of your
      employment for any reason, by you or by the Company and/or its Subsidiaries,
      with or without cause, all of your unvested Share Appreciation Rights shall
      expire and be of no further force or effect. Any such termination shall not
      affect your vested Share Appreciation Rights, which shall remain exercisable
      pursuant to paragraph 1(d) below.

    

    (c) Exercise
      Upon Sale of the Company.
      

    

    (i) As
      used in this Agreement, "Sale of the Company" shall mean the acquisition of
      90%
      of the Company's outstanding common stock pursuant to a merger, consolidation,
      business combination, purchase of stock, or otherwise that is approved by the
      Company's Board of Directors.

    
      
        
        

      

      
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    (ii) In
      connection with the Sale of the Company, the Company may, on not less than
      20
      days notice to you, provide that any portion of your vested Share Appreciation
      Rights which have not been exercised prior to or in connection with the Sale
      of
      the Company will be forfeited. In lieu of requiring such exercise, the Company
      may: (1) provide for the cancellation of the exercisable portion of your Share
      Appreciation Rights in exchange for a payment equal to the excess (if any)
      of
      the consideration per share of common stock receivable in connection with such
      Sale of the Company over the Exercise Price; and/or (2) provide for the
      cancellation of the non-vested portion of your Share Appreciation Rights in
      exchange for the creation of a cash escrow account in lieu thereof in an amount
      equal to the excess (if any) of the consideration per share of common stock
      receivable in connection with such Sale of the Company over the Exercise Price,
      which amount, plus accrued interest thereon, shall be paid to you pro rata
      over
      the time periods and in the same percentages as such canceled unvested Share
      Appreciation Rights would have vested in accordance with the provisions of
      Section 1(b) above and subject to the same termination and forfeiture provisions
      of Section 1(d) below and to the other terms and provisions of this
      Agreement.

     

    (d) Termination
      of Share Appreciation Rights.
      In no
      event shall any part of your Share Appreciation Rights be exercisable after
      the
      Expiration Date set forth in paragraph 1(a). If your employment with the Company
      and/or its Subsidiaries terminates for any reason, that portion of your Share
      Appreciation Rights that is not vested and exercisable on the date of
      termination of your employment shall expire and be forfeited. The portion of
      your Share Appreciation Rights that is vested and exercisable on the date of
      such termination shall, to the extent not theretofore exercised, expire on
      the
      90th day after such date of termination. 

    

    2. 
      Procedure for Share Appreciation Rights Exercise.

    

    You
      may,
      at any time or from time to time, to the extent permitted hereby, exercise
      all
      or any portion of your vested portion of your Share Appreciation Rights by
      delivering, to the attention of the Company's General Counsel at the address
      set
      forth in paragraph 9 below, written notice to the Company of the number of
      Share
      Appreciation Rights to be exercised. The Company may delay effectiveness of
      any
      exercise of your Share Appreciation Rights for such period of time as may be
      necessary to comply with any legal or contractual provisions to which it may
      be
      subject relating to the issuance of its securities, it being understood that
      such exercise shall be effective immediately upon completion of such compliance
      notwithstanding the occurrence of the Expiration Date.

    

    3.
       Payment for Share Appreciation Rights.

    

    Upon
      your
      exercise of the Share Appreciation Rights, the Company shall pay you in SAR
      Shares an amount equal to the quotient of: (i) the product of (x) the positive
      difference (if any) between the Fair Market Value of a SAR Share on the exercise
      date and the Exercise Price, multiplied by (y) the number of Share Appreciation
      Rights being exercised, divided by (ii) the Fair Market Value of a SAR Share
      on
      the exercise date. Any fractional SAR Shares shall be paid to you in
      cash.

    

    
      
        
        

      

      
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    4. 
      Share Appreciation Rights Not Transferable.

    

    Your
      Share Appreciation Rights are personal to you and are not transferable by you,
      other than by will or by the laws of descent and distribution. During your
      lifetime, only you (or your guardian or legal representative) may exercise
      your
      Share Appreciation Rights. In the event of your death, your Share Appreciation
      Rights may be exercised only by the executor or administrator of your estate
      or
      the person or persons to whom your rights under the Share Appreciation Rights
      shall pass by will or by the laws of intestate succession.

    

    5. 
      Conformity with Plan.

    

    Your
      Share Appreciation Rights are intended to conform in all respects with, and
      is
      subject to, all applicable provisions of the Plan, the terms and conditions
      of
      which are incorporated herein by reference. Any inconsistencies between this
      Agreement and the Plan shall be resolved in accordance with the Plan. By
      executing and returning a copy of this Agreement, you acknowledge your receipt
      of this Agreement and the Plan and agree to be bound by all the terms of this
      Agreement and the Plan.

    

    6. 
      Rights of Participants. 

    

    Nothing
      in this Agreement shall interfere with or limit in any way the right of the
      Company and/or its Subsidiaries to terminate your employment at any time (with
      or without cause), or confer upon you any right to continue in the employ of
      the
      Company and/or its Subsidiaries for any period of time or to continue to receive
      your current (or other) rate of compensation. Nothing in this Agreement shall
      confer upon you any right to be selected to receive additional awards under
      the
      Plan or otherwise.

    

    7. 
      Withholding of Taxes.

    

    The
      Company may, if necessary or desirable, withhold from any amounts due and
      payable to you by the Company or a Subsidiary (or secure payment from you in
      lieu of withholding) the amount of any withholding or other tax due from the
      Company or Subsidiary with respect to the issuance or exercise of your Share
      Appreciation Rights, and the Company may defer such issuance or exercise unless
      indemnified by you to its satisfaction against the payment of any such
      amount.

    

    8. 
      Adjustments.

    

    In
      the
      event that the Committee shall determine that any dividend in Shares,
      recapitalization, Share split, reverse split, reorganization, merger,
      consolidation, spin-off, combination, repurchase, share exchange, or other
      similar corporate transaction or event affects the Shares such that an
      adjustment is appropriate in order to prevent dilution or enlargement of your
      rights under this Share Appreciation Rights Agreement, then the Committee shall
      make such equitable changes or adjustments as it deems appropriate and adjust,
      in such manner as it deems equitable, any or all of: (i) the number and kinds
      of
      SAR Shares, other securities or other 

    
      
        
        

      

      
        88

        
          

        

      

      
        
        

      

    

    consideration
      subject to the Share Appreciation Rights; and (ii) the Exercise Price of the
      Share Appreciation Rights.

    

    9. 
      Notice.

    

    Any
      notice required or permitted to be given to the Company under this Agreement
      shall be in writing and shall be deemed to have been given when delivered
      personally or by courier, or sent by certified or registered mail, postage
      prepaid, return receipt requested, duly addressed to the Company as
      follows:

    

    Vail
      Resorts, Inc.

    390
      Interlocken Crescent

    Suite
      1000

    Broomfield,
      Colorado 80021

    Attention:
      General Counsel

    

    10. 
      Governing Law. 

    

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Colorado without reference to the principles of conflict of
      laws.

    

    11. 
      Code Section 409A. 

    

    It
      is
      intended that this award of Share Appreciation Rights comply with Code
      Section 409A and the guidance promulgated thereunder regarding the
      permissible deferral of compensation under the grant of Share Appreciation
      Rights.

    

    

     

    [Signature
      Page Follows]

    

    
      
        
        

      

      
        89

        
          

        

      

      
        
        

      

    

    To
      confirm your understanding and acceptance of the terms and provisions set forth
      in this Agreement, please execute the extra copy of this Agreement in the space
      below and return it to the attention of the Company's General Counsel at the
      address set forth in paragraph 9 above.

    

    

    Very
      truly yours,

    

    VAIL
      RESORTS, INC.

    

    

    

    By:
      _____________________

    Name:
      ___________________

    Title:
      ____________________

    

    

    The
      undersigned hereby acknowledges that he or she has read this Agreement and
      has
      received a copy of the Plan and hereby agrees to be bound by all the provisions
      set forth in this Agreement and in the Plan.

    

    

    

    _________________________________

    [Name
      of
      Employee]   

    Date:
      _____________________________

    

    

    
      
        
        

      

      
        90Exhibit 10.38

    

      Exhibit
        10.38

      

      SUMMARY
        OF VAIL RESORTS, INC. DIRECTOR COMPENSATION1 

      PER
        SUMMARY PREPARED BY CHAIRMAN OF THE BOARD, EFFECTIVE
        8/1/03;

      REVISED
        BY COMPENSATION COMMITTEE SEPTEMBER 28, 2004; AND

      BY
        BOARD OF DIRECTORS FEBRUARY 27, 2006

      

      CASH
        AND EQUITY COMPENSATION (Excludes CEO)

      
        	
                Description
                  of Compensation

              	
                To
                  Whom

              	
                Amount

              
	
                Annual
                  Cash Retainer

              	
                Directors

              	
                $25,000

              
	
                Additional
                  Compensation

              	
                Chairman
                  of the Board

              	
                $50,000

              
	
                for
                  Other Services

              	
                Audit
                  Committee Chair2 

              	
                $25,000

              
	 	
                Audit
                  Committee Members

              	
                $15,000

              
	 	
                Compensation
                  Committee Chair

              	
                $5,000

              
	 	
                Nominating
                  Committee Chair

              	
                $5,000

              
	 	
                Lead
                  Director3 

              	
                $25,000

              
	
                Meeting
                  Fees (Per Meeting)

              	
                Directors
                  (In Person)

              	
                $5,000

              
	
                (Not
                  Including Actions 

              	
                Directors
                  (By Telephone)

              	
                $1,000

              
	
                Taken
                  by Consent)

              	
                Compensation/Nominating
                  Committee

              	
                $1,000

              
	 	
                Audit
                  Committee Meeting

              	
                $2,000

              
	
                Equity
                  Compensation

              	
                All
                  Directors

              	
                As
                  determined and approved each year by the Compensation
                  Committee

              

      

      

      PERQUISITES

      
        	
                Description
                  of Perquisite

              	
                To
                  Whom

              	
                Additional
                  Details

              
	
                Ski
                  Pass

              	
                All
                  Directors and their family members

              	 
	
                Ski
                  Instructor

              	
                All
                  Directors

              	
                1
                  to 2 per day, max 20 per year

              
	
                Golf

              	
                All
                  Directors

              	
                6
                  Rounds/Year

              
	
                Food
                  and Miscellaneous

              	
                All
                  Directors

              	
                $1,000
                  Charge Privileges per year

              
	
                Lodging

              	
                All
                  Directors and Their Spouses (Not Transferable)

              	
                §  Max
                  14 nights/year in Company-Owned hotels

                §  Room
                  & Tax Only

                §  1
                  to 2 rooms per day

                §  No
                  Condos

                §  Suites
                  confirmed 7 days out

                §  Black
                  Out Days Apply

              

      

      

      

        

        
          

            1
              All
              taxes on director compensation are to be paid by Board Member

            

            2 On
              February 28, 2006, Mr. Micheletto was named Chairman of the Board of
              the Company
              in addition to his role as Audit Committee Chairman and member of the
              Audit
              Committee, Compensation Committee and Executive Committee. On February
              27, 2006,
              the Board of Directors approved compensation in an amount of $100,000
              to Mr.
              Micheletto for his service on the Board. Mr. Micheletto continues to
              receive
              meeting fees at the approved rates and perquisites as approved.

            3 Effective
              February 28, 2006, Mr. Katz was named Chief Executive Officer of the
              Company and
              ceased being Lead Director of the Company. The Company currently does
              not have a
              Lead Director. 

            
              
                
                

              

              
                91

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