Document:

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                                                  (Northstar-at-Tahoe Amendment)
                                                   ----------------------------

                              FOURTH AMENDMENT TO
                     AMENDED AND RESTATED CREDIT AGREEMENT

                         Dated as of September 22, 2000

                                     Among

                         BOOTH CREEK SKI HOLDINGS, INC.
                       BOOTH CREEK SKI ACQUISITION CORP.
                              TRIMONT LAND COMPANY
                             SIERRA-AT-TAHOE, INC.
                              BEAR MOUNTAIN, INC.
                       WATERVILLE VALLEY SKI RESORT, INC.
                        MOUNT CRANMORE SKI RESORT, INC.
                                SKI LIFTS, INC.
                               LMRC HOLDING CORP.
                      LOON MOUNTAIN RECREATION CORPORATION
                               LOON REALTY CORP.
                                (the Borrowers)

                                      and

                              FLEET NATIONAL BANK
                                  (the Lender)

                                      and

                              FLEET NATIONAL BANK
                                  (the Agent)

<PAGE>

                              FOURTH AMENDMENT TO
                     AMENDED AND RESTATED CREDIT AGREEMENT

     This FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
"Fourth Amendment") is entered into as of the 22nd day of September, 2000 by
and among BOOTH CREEK SKI HOLDINGS, INC., a Delaware corporation (together with
its successors and assigns, "BCS Holdings"), BOOTH CREEK SKI ACQUISITION CORP.,
a Delaware corporation (together with its successors and assigns, "BCS
Acquisition"), TRIMONT LAND COMPANY, a California corporation (together with
its successors and assigns, "Northstar-at-Tahoe"), SIERRA-AT-TAHOE, INC., a
Delaware corporation (together with its successors and assigns,
"Sierra-at-Tahoe"), BEAR MOUNTAIN, INC., a Delaware corporation (together with
its successors and assigns, "Bear Mountain"), WATERVILLE VALLEY SKI RESORT,
INC., a Delaware corporation (together with its successors and assigns,
"Waterville"), MOUNT CRANMORE SKI RESORT, INC., a Delaware corporation
(together with its successors and assigns, "Cranmore"), SKI LIFTS, INC., a
Washington corporation (together with its successors and assigns, "Ski Lifts"),
LMRC HOLDING CORP., a Delaware corporation (together with its successors and
assigns, "LMRC Holding"), LOON MOUNTAIN RECREATION CORPORATION, a New Hampshire
corporation (together with its successors and assigns, "Loon"); LOON REALTY
CORP., a New Hampshire corporation (together with its successors and assigns,
"Loon Realty," and together with BCS Holdings, BCS Acquisition,
Northstar-at-Tahoe, Sierra-at-Tahoe, Bear Mountain, Waterville, Cranmore, Ski
Lifts, LMRC Holding and Loon, the "Borrowers", and each a "Borrower"), FLEET
NATIONAL BANK (f/k/a BankBoston, N.A.), a national banking association
(together with its successors and assigns, "Fleet"), and Fleet, as agent (the
"Agent") for itself and the other Lenders, hereby agree as follows:

                                    Recitals
                                    --------

1.   The Borrowers and Fleet, as Lender and the Agent, are parties to an
     Amended and Restated Credit Agreement dated as of October 30, 1998 (as
     amended, the "Credit Agreement") and desire to amend the Credit Agreement
     in various respects. All capitalized terms used herein and not otherwise
     defined shall have the meanings set forth in the Credit Agreement.

2.   Northstar-at-Tahoe wishes to sell certain parcels of real property (the
     "P&S Land"), in stages, to Trimont Land Holdings, Inc. ("NLH"), a
     wholly-owned subsidiary of Booth Creek Ski Group, Inc., pursuant to that
     certain Agreement for Purchase and Sale of Real Property by and among
     Northstar-at-Tahoe and NLH dated as of the date hereof (the "First
     Northstar Purchase Agreement"), in exchange for the sum of $27,600,000 as
     more fully described in the First Northstar Purchase Agreement.

3.   NLH wishes to become a member of Northstar Mountain Properties, LLC
     ("Northstar LLC") and to enter into an Operating Agreement for Northstar
<PAGE>

     LLC with East West Resort Development V, L.L.L.P., a Delaware limited
     liability limited partnership ("EWRD V"). In connection with the formation
     of Northstar LLC, NLH will enter into that certain Agreement of Purchase
     and Sale of Real Property by and among NLH and East West Partners, Inc.
     ("East West") an affiliate of EWRD V, dated as of the date hereof (the
     "Second Northstar Purchase Agreement") whereby NLH will sell the P&S Land,
     in stages, to East West or its assignee, Northstar LLC, in exchange for
     $18,000,000 and other consideration as more fully described in the Second
     Northstar Purchase Agreement.

     NOW, THEREFORE, for good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged and subject to the fulfillment or
waiver of those conditions set forth in Section 3 below, the Borrowers, Fleet
and the Agent hereby agree as follows:

1. East West Amendments.

          (a) Section 1.2 of the Credit Agreement is hereby amended by adding
the following definitions in alphabetical order:

          "EWRD V" means East West Resort Development V, L.L.L.P., a Delaware
limited liability partnership.

          "First Northstar Purchase Agreement" means that certain Agreement for
Purchase and Sale of Real Property by and among NLH and Northstar-at-Tahoe
dated as of the date hereof.

          "Northstar Holdings" means Northstar Mountain Properties, LLC, a
Delaware limited liability company.

          "Northstar Holdings Non-Residential Property Agreement" means that
certain Non-Residential Property Agreement, dated as of the date hereof,
entered into by and among TLH and Northstar Holdings.

          "Northstar Holdings Operating Agreement" means the Operating
Agreement of Northstar Mountain Properties, LLC dated as of September 23, 2000
by and between NLH and EWRD V, as modified and amended from time to time in
accordance with the terms thereof and hereof.

          "Northstar Holdings Property" means the Property as defined in the
First Northstar Holdings Real Estate Purchase Agreement.

          "Northstar Holdings Resort Right of First Offer Agreement" means a
Right of First Offer Agreement which may be entered into between
Northstar-at-Tahoe and EWRD V pursuant to the Northstar Holdings Operating
Agreement.
<PAGE>

          "Northstar Holdings Transaction Agreements" means the First Northstar
Purchase Agreement, the Second Northstar Holdings Purchase Agreement, the
Northstar Holdings Operating Agreement, the Northstar Holdings Non-Residential
Property Agreement, the Lease Agreement, the Easement Agreement, the Employee
Housing Agreement, the Subordination Agreement and all other documents and
agreements referred to therein or executed in connection therewith.

          "Second Northstar Holdings Purchase Agreement" means the Agreement
for Purchase and Sale of Real Property dated as of the date hereof by and
between NLH and East West Partners, Inc.

          (b) Section 7.4.4 of the Credit Agreement is hereby amended by
deleting the "and" at the end of paragraph (iv) thereof, by deleting the "." at
the end of paragraph (v) thereof and substituting therefor "; and" and by
adding thereafter the following paragraph (vi) thereto in numerical order:

               "(vi)as soon as the same have been sent or received by
          Northstar-at-Tahoe,   copies   of  all   written   notices,
          financial reports and other information under the Northstar
          Holdings   Transaction   Agreements,    including   without
          limitation the Annual Plan delivered  under Section 6.11 of
          the Northstar Holdings Operating  Agreement,  amendments to
          the Annual Plan  pursuant to Section 6.12 of the  Northstar
          Holdings  Operating  Agreement,  the financial  reports and
          audit  delivered  under  Sections  10.5  and  10.6  of  the
          Northstar  Holdings  Operating  Agreement,   but  excluding
          notices  of  distributions  and tax  information  under the
          Northstar Holdings Operating Agreement."

          (c) Section 7.9 is hereby amended by adding the following new Section
7.9.20 in numerical order:

          "7.9.20Investments in Northstar Holdings LLC as set forth in the
Northstar Operating Agreement."

          (d) Section 7.11 of the Credit Agreement is hereby amended by adding
the following sentence to the end thereof:

               "Notwithstanding the foregoing, Northstar-at-Tahoe shall have
the one-time right to incur Capital Expenditures at Northstar, in an amount not
to exceed five million dollars ($5,000,000) (the source of which may be the
proceeds of the First Northstar Purchase Agreement), prior to January 1, 2001
in connection with the performance of the Borrowers' obligations under the
Northstar Holdings Transaction Documents; provided that such expenditures would
otherwise constitute Capital Expenditures hereunder and provided further that
the Borrowers provide evidence of the nature and payment of the expenses so
incurred."
<PAGE>

          (e) Section 7.12 of the Credit Agreement is hereby amended by
deleting the "." at the end of clause (i) and substituting therefor "; and" and
by adding the following paragraph (j) thereto in alphabetical order:

               "(j) The Northstar Holdings Property in accordance with the
          terms of the First Northstar Purchase Agreement and Second Northstar
          Holdings Purchase Agreement which may occur in one or more phases.
          Upon such transfers the Lenders shall release all Liens under the
          Mortgage or Security Agreements to which such property is subject,
          provided that the Borrowers shall reimburse the Lenders for the costs
          and expenses (including, without limitation, reasonable attorneys
          fees and expenses) incurred by Lenders arising from the transfer of
          the property and any release of such property from the Lien of the
          Mortgages or the Security Agreements."

          (f) Section 7.15 of the Credit Agreement is hereby amended by
deleting the first sentence thereof and substituting therefor the following:

          "No Borrower shall effect any transaction with any of its Affiliates,
          other than as permitted by Section 7.19 and other than the
          transactions between Northstar-at-Tahoe and NLH and NLH and Northstar
          Holdings pursuant to the Northstar Holdings Transaction Agreements on
          a basis less favorable to such Borrower than would be the case if
          such transaction had been effected with a non-Affiliate."

          (g) Section 7 of the Credit Agreement is hereby amended by adding the
following new Section 7.22 in numerical order.

               "7.22 Northstar Holdings. Neither NLH nor Northstar-at-Tahoe will
          enter into, approve, consent to or otherwise acquiesce in any
          material amendment or modification of any of the Northstar Holdings
          Transaction Agreements without the prior written consent of Agent
          which shall not be unreasonably conditioned, withheld or delayed
          prior to an Event of Default and thereafter in the sole and absolute
          discretion of Agent. Neither NLH nor Northstar-at-Tahoe shall waive
          any of their respective material rights or grant any material consent
          requested or permitted under the Northstar Holdings Transaction
          Agreements (other than the Northstar Holdings Operating Agreement)
          without the prior written consent of Agent which shall not be
          unreasonably conditioned, withheld or delayed prior to an Event of
          Default and thereafter in the sole and absolute discretion of Agent."
<PAGE>

          (h) Section 8 of the Credit Agreement is hereby amended by adding the
following Section 8.14 thereto in numerical order:

               "8.14 Northstar Holdings. The Borrowers hereby represent and
          warrant that (i) they have delivered to the Agent true, correct and
          complete copies of the Northstar Holdings Transaction Agreements,
          (ii) the Northstar Holdings Transaction Agreements have been duly
          executed and delivered by the parties thereto and constitute the
          legal, valid and binding obligations of the parties thereto and are
          enforceable in accordance with their terms, and (iii) there are no
          agreements, understandings, commitments or undertakings between any
          of the Borrowers, on the one hand, and any of East West, EWRD V,
          Northstar Holdings or any of their Affiliates, on the other hand,
          except for the Northstar Holdings Transaction Agreements. The
          Borrowers further represent and warrant that, notwithstanding the
          terms of the Northstar Holdings Operating Agreement to the contrary,
          the Resort Right of First Offer Agreement referred to in Section 13.8
          of the Northstar Holdings Operating Agreement and the Ten Year Option
          Agreement referred to in the Second Northstar Holdings Purchase
          Agreement have not been executed and are not binding upon Borrowers
          and covenant that the agreements referred to in this sentence shall
          not be executed without the prior written consent of the Agent and
          Lenders, which consent may be withheld in the sole and absolute
          discretion of the Agent and Lenders.

     Section 2. Conditions to Closing. The Obligations of the Agent and Lenders
to enter into this Fourth Amendment are subject to the satisfaction of the
following conditions:

          (a) Representations and Warranties; No Default. The representations
     and warranties of the Borrowers set forth in Section 3 hereof are true and
     correct as of the date hereof.

          (b) Legal Opinion. The Lenders shall have received from Loeb & Loeb
     and/or Winston & Strawn, special counsel for the Borrowers, its opinion
     that (i) the Northstar Holdings Transaction Agreements have been duly
     authorized, executed and delivered; (ii) none of the execution, delivery
     or performance of the Northstar Holdings Transaction Agreements, or any
     ancillary agreements contemplated thereby will violate, conflict with or
     result in a default or the creation of a lien under the Senior Indenture
     or any other material agreement to which any of the Borrowers is a party
     and (iii) this Fourth Amendment has been duly authorized, executed and
     delivered by the Borrowers and is enforceable against Borrowers in
     accordance with its terms, which opinion shall be in form and substance
     satisfactory to the Lenders.

          (c) Application of Proceeds. Proceeds of at least $16,000,000
     realized from the First Northstar Holdings Purchase Agreement shall be
     used to pay down the Revolving Loan.

          (d) Proper Proceedings. This Fourth Amendment, each other Amendment
     Document and the transactions contemplated hereby and thereby shall have
     been authorized by all necessary proceedings of each Borrower and any of
<PAGE>

     their respective Affiliates party thereto. All necessary consents,
     approvals and authorizations of any governmental or administrative agency
     or any other Person of any of the transactions contemplated hereby or by
     any other Credit Document shall have been obtained and shall be in full
     force and effect.

          (e) General. All legal and corporate proceedings in connection with
     the transactions contemplated by this Agreement and each other Credit
     Document shall be satisfactory in form and substance to the Agent, and the
     Lenders shall have received copies of all documents, including records of
     corporate proceedings, appraisals and opinions of counsel, which any
     Lender may have reasonably requested in connection therewith, such
     documents where appropriate to be certified by proper corporate or
     governmental authorities.

     Section 3. Representations and Warranties; No Default. The Borrowers
hereby confirm to the Agent and Fleet, the representations and warranties of
the Borrowers set forth in Section 8 of the Credit Agreement (as amended
hereby) are true and correct in all material respects as of the date hereof, as
if set forth in herein in full other than any such representations or
warranties that, by their terms, refer to a specific date, in which case the
same shall be made as of such date. The Borrowers hereby certify that no
Default currently exists under the Credit Agreement nor will the execution of
the Northstar Holdings Transaction Agreements and the consummation of the
transactions contemplated by the Northstar Holdings Transaction Agreements
result in a Default under the Credit Agreement or the Senior Indenture.

     Section 4. Granting of Leasehold Mortgage; Pledge of Interests in TLH .

          (a) The Borrowers hereby covenant and agree, that upon request by the
     Agent and Lenders, Northstar-at-Tahoe shall grant, at no cost to the Agent
     and Lenders, a leasehold mortgage on the property leased to Northstar-at
     Tahoe pursuant to the Lease Agreement (as defined in the Northstar
     Holdings Transaction Agreements) subject to the obligation of the Agent
     and the Lenders to grant partial relase of such leasehold mortgage as
     property is released from the Lease pursuant to Section 22 hereof.

          (b) The Borrowers hereby covenant and agree, that upon request by the
     Agent and Lenders, Northstar-at-Tahoe shall grant, at no cost to the Agent
     and the Lenders, a pledge of the interests held by Northstar-at-Tahoe in
     TLH and or Northstar Holdings.

     Section 5. Miscellaneous.

          (a) Governing Law. This Fourth Amendment to Amended and Restated
     Credit Agreement shall be a Credit Document and shall be governed by and
     construed and enforced under the laws of The Commonwealth of
     Massachusetts.
<PAGE>

          (b) Continuing Effect. Except as specifically modified by the
     provisions of this Fourth Amendment, the Credit Agreement shall remain in
     full force and effect.

          (c) Counterparts. This Fourth Amendment may be executed in one or
     more counterparts, each of which will be deemed as original and all of
     which together will constitute one and the same document.

                          [End of Page]
<PAGE>

     IN WITNESS WHEREOF, the Borrowers, Fleet and the Agent have caused this
Fourth Amendment to Amended and Restated Credit Agreement to be executed by
their duly authorized officers as of the date first set forth above.

                              BOOTH CREEK SKI HOLDINGS, INC.
                              BOOTH CREEK SKI ACQUISITION CORP.
                              TRIMONT LAND COMPANY
                              SIERRA-AT-TAHOE, INC.
                              BEAR MOUNTAIN, INC.
                              WATERVILLE VALLEY SKI RESORT, INC.
                              MOUNT CRANMORE SKI RESORT, INC.
                              SKI LIFTS, INC.
                              LMRC HOLDING CORP.
                              LOON MOUNTAIN RECREATION
                              CORPORATION
                              LOON REALTY CORP.

                              By:   /s/ Elizabeth J. Cole
                                 ----------------------------------------------
                              Name: Elizabeth J. Cole
                              Title: Executive Vice President

                              FLEET NATIONAL BANK

                              By:   /s/ Thomas Engels
                                 ----------------------------------------------
                              Name:
                              Title:

                              FLEET NATIONAL BANK, as Agent

                              By:   /s/ Thomas Engels
                                 ----------------------------------------------
                              Name:
                              Title:EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT dated as of May 1, 2000, between Booth Creek Ski
Group, Inc., a Delaware corporation ("Parent"), Booth Creek Ski Holdings, Inc.,
a Delaware corporation ("Holdings"; the term "Company" shall mean "each of
Parent and Holdings" unless the context of the term contains the word "either"
or "neither" or language of like import, in which case the term shall mean
either or neither of Parent or Holdings, as the case may be) and Christopher P.
Ryman ("Executive").

     The parties agree as follows:

     1. Employment. Company agrees to employ Executive during the Employment
Term, as defined in Section 3, upon the terms and conditions hereinafter set
forth, and Executive agrees to be so employed.

     2. Titles and Duties. Company shall employ Executive as President and Chief
Operating Officer. Executive shall be responsible for Company's strategic
planning and daily operations and perform such particular or additional duties,
consistent with his office, as may be assigned by Company's board of directors
("board"), to whom the Executive shall directly report. Executive shall render
his services faithfully and to the best of his ability and, subject to Section
5.h, devote his full business time and attention to the services to be rendered
by him hereunder.

     3. Term of Employment; Termination.

          a. The period during which Executive shall be employed under this
Agreement (the "Employment Term") commenced as of May 1, 2000 and shall continue
through October 31, 2003, unless the Employment Term shall be sooner terminated
as provided herein.

          b. The Employment Term shall terminate prior to any date otherwise
specified in Section 3.a upon

               i. Executive's death or disability ("disability" shall mean any
physical or mental incapacity that prevents Executive in a material respect from
performing Executive's duties for either company as herein provided for a
continuous period of 90 days or an aggregate period of 150 days during any
consecutive twelve-month period, and disability shall be deemed to have occurred
as of the end of the applicable period);

               ii. notice from either Company of termination for cause ("cause"
shall mean that Executive shall have (w) committed a felony, regardless whether
in the course of his employment, excluding offenses under laws regulating motor
vehicle traffic or skiing, but not excluding such offenses, if they arise from
Executive's failure to cause Company to conduct its business in accordance with
law (provided that, if either Company shall terminate Executive's employment
pursuant to this subclause (w), and Executive ultimately shall be acquitted,
such termination shall be deemed a termination pursuant to clause iii, as of the
date of termination pursuant to this subclause (w)); (x) engaged in fraud,
embezzlement involving property of either Company or otherwise, or other
intentional wrongful act that materially impairs the goodwill or business of
<PAGE>

either Company; (y) any willful failure to carry out any material
responsibilities hereunder or to comply with any reasonable instruction of the
board or Company policy, not cured, within a reasonable time of notice from the
board; or (z) otherwise materially breached any provision of this Agreement);

               iii. notice from either Company of termination other than for
cause;

               iv. 60 days' notice from Executive given within six months from
the date that CIBC WG Argosy Merchant Fund 2, L.L.C., John Hancock Life
Insurance Company, and their affiliates (the "Investors") together own
beneficially Parent capital stock entitling them to cast less than a majority of
the votes entitled to be cast on any matter upon which a holder of a share of
stock of a Delaware corporation of which only one class of stock is outstanding
would be entitled to vote, treating any Parent outstanding nonvoting stock that
is convertible into Parent voting stock as if it had been so converted; or

               v. 30 days notice from Executive given within two months after
Executive's duties and authority have been materially reduced from those
existing on the date hereof, unless such duties and authority are restored
within such 30-day period.

          c. If the Employment Term shall terminate pursuant to any of clauses i
through v of Section 3.b, Company's obligations hereunder shall be fully
satisfied,

               i. upon payment to Executive or his estate of an amount equal to
any unpaid expense reimbursement and unpaid salary for the month in which his
death or disability shall occur, in case of termination pursuant to clause i;

               ii. upon payment to Executive of any unpaid expense reimbursement
and unpaid salary through the date of termination, in the event of termination
pursuant to clause ii, provided, however, that such payment shall not prevent
Company from seeking relief respecting any claim it might have against Executive
hereunder or otherwise; or

               iii. upon payment to Executive, within 10 days after termination
pursuant to any of clause iii, iv, or v, of any unpaid expense reimbursement and
of an amount equal to the sum of (x) the amount of any unpaid salary through the
date of termination plus (y) the product obtained by multiplying Executive's
Base Salary by 1.5., except that Company shall, until the sooner of 18 months
from date of termination or Executive's becoming eligible for comparable health,
disability, and life insurance benefits from new employment, continue to provide
Executive the Company insurance benefits in effect respecting Executive
immediately prior to occurrence of the event resulting in the termination.

     4. Compensation and Benefits.

          a. Holdings shall pay Executive, in accordance with Holdings' payroll
practices applicable to its salaried executives, a Base Salary at the rate of
Three Hundred Fifteen Thousand Dollars ($315,000) per year, subject to increase,
but not decrease, after the first fiscal year end occurring during the
Employment Term, as the parties may agree.
<PAGE>

          b. The parties contemplate that prior to each fiscal year, Holdings'
board of directors will establish reasonable performance incentive goals for
Executive for the ensuing fiscal year, with a bonus target of 50% of Executive's
Base Salary for such fiscal year, if the goals are obtained.

          c. During the Employment Term, Executive shall be eligible to
participate in the health, disability, and retirement plans offered to
executives of Company or any of its related entities engaged in operating a ski
resort in accordance with the terms of those plans, at participation levels and
with benefits not less favorable than those provided to the plans' respective
highest ranking participants. Promptly after this Agreement shall have been
executed, Company will obtain and, thereafter during the Employment Term,
maintain disability insurance coverage for Executive in amounts, for such
periods, and under such conditions, as are customary. During the Employment
Term, Company shall not materially reduce the benefits required to be provided
under this Section from their levels in effect at the commencement of the
Employment Term.

          d. Promptly following adoption of, and in accordance with, a stock
bonus/option plan (the "Plan"), Parent shall issue to Executive a number of
shares of Parent Class B Common Stock (the "Plan Shares") that will equal 5% of
the sum of the number of shares of Parent common stock outstanding and issuable
on exercise or conversion of outstanding rights to buy or securities convertible
into common stock (including the shares to be granted pursuant to this clause or
otherwise to be reserved for issuance under the Plan) outstanding as of the date
hereof. If Parent does not adopt the Plan having substantially the terms set
forth in Exhibit A, Parent shall in good faith establish a cash bonus plan for
Executive that shall substantially match the economic benefits of the Plan.
Should any Investor make any equity investment directly in any business
controlled by or under common control with Parent, as to which Executive has, at
Company's request, provided material assistance in negotiating or overseeing,
Company shall make such arrangement as they shall reasonably deem appropriate to
put Executive in the same position hereunder with respect to such business as
Executive would have been if such business were wholly owned by Parent, and such
equity investment had been made in Parent to fund such business.

          i. If either Company shall terminate the Employment Term pursuant to
clause ii of Section 3.b, or Employee shall terminate the Employment Term in
breach hereof, Executive shall forfeit to Parent the percentage of the Plan
Shares set forth below, if such termination shall occur prior to November 1 of
the year set forth opposite such percentage, and Company shall have the right,
exercisable by notice to Executive given within one year after the date of such
termination, to buy from Executive the Plan Shares not forfeited at their fair
market value, determined as set forth below:

          Executive Shall forfeit          if the Employment Term
          the following percentage         terminates prior to
          of Plan Shares,                  November 1 of,
          ------------------------         ------------------------

                  80%                           2000
                  60%                           2001
<PAGE>

                  40%                           2002
                  20%                           2003

Notwithstanding the preceding, Executive shall forfeit all of the Plan Shares to
Parent, if either Company shall terminate Executive's employment pursuant to
clause (w) of Section 3.b.ii, respecting a felony that Executive shall commit in
the course of his employment or in connection with either Company, or pursuant
to clause (x) of such Section, but only for events occurring in the course of
his employment or in connection with either Company or pursuant to clause (z) of
such Section.

               ii. Except pursuant to Section 3 of a Stockholders Agreement (the
"Stockholders Agreement") executed or to be executed between Executive,
Elizabeth J. Cole, John Hancock Life Insurance Company, Hancock Mezzanine
Partners L.P., CIBC WG Argosy Merchant Fund 2, L.L.C., Co-Investment Merchant
Fund, LLC, and Parent, Executive shall not sell or otherwise transfer any Plan
Share or interest (including any security interest) in any Plan Share so long as
such Plan Share shall remain subject to forfeiture.

               iii. If, during the term of the Stockholders Agreement, Executive
shall receive from a financially responsible unaffiliated person (the "Offeror")
a written bona fide offer (the "Bona Fide Offer") to purchase for cash any
Parent capital stock held by Executive ("Offered Shares"), which Bona Fide Offer
otherwise shall be in accordance with this agreement and which Executive shall
desire to accept, Executive shall give written notice (the "Notice") to such
effect to Parent and the Investors. The Notice shall also set forth the name and
address of the Offeror, the price and other terms of the Bona Fide Offer, and
shall contain an offer (the "Notice Offer"), irrevocable during the Company
Option Period (as defined in Section 4.d., clause iii.a), to sell the Offered
Shares to Parent or its designees, and, irrevocable during the Investor Option
Period (as defined in Section 4.d, clause iii.b), to sell the Offered Shares to
the Investors, at the price and on the other terms contained in the Bona Fide
Offer and pursuant to the other provisions of this Agreement. The Notice shall
be accompanied by a copy of the Bona Fide Offer.

                    a) Parent shall have the right to accept the Notice Offer
with respect to any or all of the Offered Shares, exercisable by delivery of a
written notice of acceptance given to Executive and Investors within 30 days
after delivery of the Notice ("Company Option Period"). Parent's acceptance
shall also state the amount of capital stock, if any, that each Investor would
be entitled to purchase pursuant to Section 4.d, clause iii.b), if each Investor
accepted the Notice Offer with respect to the full proportionate amount referred
to in the first sentence of such clause.

                    b) Each Investor shall have the right to accept the Notice
Offer with respect to that proportion of the Offered Shares as to which Parent
shall have failed to accept the Notice Offer equal to such Investor's proportion
of Parent capital stock owned by all Investors, exercisable by delivery of a
written notice of acceptance given to Executive and Investors within 40 days
after delivery of the Notice ("Investor Option Period"). Any Investor that shall
accept the Notice Offer respecting the full proportionate amount referred to in
the preceding sentence may also state in its acceptance the maximum number of
additional Offered Shares that the Investor shall wish to buy, if any other
<PAGE>

Investor shall not accept the Notice Offer with respect to its full
proportionate amount. If the total number of Offered Shares that Investors state
they shall wish to buy pursuant to the preceding sentence shall exceed the
amount available pursuant thereto, each such Investor shall purchase that
proportion of the additional Offered Shares equal to such Investor's proportion
of Parent capital stock owned by all such Investors. The closing of any sale of
Offered Shares to Investors shall occur concurrently with or the closing of any
sale of such Offered Shares to Parent, or if none are to be sold to Parent,
within 70 days after delivery of the Notice.

                    c) Should Parent and Investors fail to accept the Notice
Offer with respect to all of the Offered Shares, then Executive shall be
entitled, for a period of 30 days following the expiration of the Investor
Option Period, to close the sale of all, but not less than all, of the Offered
Shares to the Offeror on the terms and conditions set forth in the Bona Fide
Offer. If Executive shall fail to sell the Offered Shares, Executive shall
not thereafter sell the Offered Shares, except after again complying with this
Section 4.d, clause iii.

               iv. The closing of any Parent purchase of Plan Shares or other
Parent capital stock held by Executive shall occur within 30 days of Parent's
notice of exercise of right to buy, but not before the expiration of the
Investor Option Period. At the closing, Executive shall deliver certificates
representing the capital stock to be sold, endorsed in blank or accompanied by
stock powers executed in blank, with signatures guaranteed and any required
stock transfer stamp attached, against payment of the amount due at closing in
immediately payable funds. In the case of a purchase pursuant to Section 4.d.i,
20% of the purchase price will be due at the closing and the balance in four
equal annual installments; Parent will deliver a promissory note, in customary
form as Parent and Executive shall reasonably agree, to evidence Parent's
obligation to pay the balance; and, to secure payment of the note, Parent will
pledge the purchased Plan Shares pursuant to a Pledge Agreement in customary
form as Parent and Executive shall reasonably agree. Upon any sale of any Plan
Share (x) to Parent pursuant to this Agreement or (y) to a third party, not in
violation of this Agreement or other agreement relating to any Plan Share to
which Executive and Parent shall be a party, Parent shall pay Executive a bonus
per share sold equal to the Negative Equity Makeup Amount, determined as set
forth below.

               v. The fair market value of a Plan Share shall mean the quotient
obtained by dividing (x) the excess of (I) the sum of Enterprise Value, as
hereinafter defined, for the fiscal year ended immediately before the date as of
which fair market value is to be determined, plus the CE Proceeds, as
hereinafter defined, as of such date over (II) the total of the face amounts of
Parent's 12% notes made to the Investors ("Investor Notes") outstanding on the
last day of such fiscal year by (y) the Adjusted Shares Outstanding, as
hereinafter defined. "Negative Equity Makeup Amount" as of any date shall be
determined by dividing (I) any excess of (A) the lesser of (i) the sum of the
total of the face amounts of the Investor Notes outstanding on such date plus
the amounts of all cash repayments of principal and cash payments of interest
thereon during the Employment Term through such date or (ii) the sum of
Enterprise Value for the fiscal year ended immediately before such date and the
CE Proceeds over (B) $60,000,000 by (II) the Adjusted Shares Outstanding. CE
Proceeds as of any date shall mean the sum of the products obtained by
multiplying the exercise or conversion price of each CE Security outstanding on
such date by the number of shares of common stock issuable upon exercise,
<PAGE>

exchange, or conversion of such CE Security. CE Security shall mean each
warrant, stock option, convertible security, or other right or security
exercisable or exchangeable for or convertible into Parent common stock, insofar
as its exercise or conversion price is less than the quotient obtained by
dividing Enterprise Value as of such date by the number of shares of Parent
common stock outstanding on such date, except that none of the Investor Notes
shall constitute a CE Security. Adjusted Shares Outstanding shall mean as of any
date the number of shares of Parent common stock outstanding as of such date
plus the number of shares of Parent common stock issuable upon exercise,
exchange, or conversion of all CE Securities outstanding on such date.

          e. Holdings will pay premiums on Executive's life insurance policy in
effect as of the date of this Agreement, which policy Executive shall continue
to own.

          f. Executive and an individual specified by Executive shall be given a
full lifetime membership in each club that is now, or at any time during the
Employment Term shall be, 100%-owned by Company or any person controlling,
controlled by or under common control with Company (an "affiliate"), and Company
shall pay, waive, or cause to be paid or waived any initiation fee or dues
payable during the Employment Term associated with such membership. Insofar as
contractually permitted, Executive and an individual specified by Executive
shall be given a full lifetime membership in each club in which Company or any
affiliate shall have an ownership interest, and Company shall waive or cause to
be waived any initiation fee or dues payable during the Employment Term
associated with such membership.

          g. Holdings shall cause to be conveyed to Executive one single-family
lot (approximately 1/2 acre) that Executive shall select from the Northstar
Resort in development parcel O or an approximately two-acre lot identified on
Exhibit B, as Executive shall elect, subject to the next sentence. If only one,
but not both, of such development parcels shall have been subdivided before
October 31, 2001, then Holdings shall cause to be conveyed to Executive the lot
identified in the preceding sentence included in the development parcel that so
shall have been subdivided. If neither development parcel shall have been
subdivided by such date, or, before such date, either Company shall terminate
the Employment Term pursuant to Section 3.b, clause iii, iv, or v, Holdings
shall instead pay to Executive, within 30 days thereafter, an amount equal to
the fair market value of the lot that would have had the greater fair market
value, if both development parcels had been subdivided on the date triggering
operation of this sentence.

          h. Company shall reimburse Executive for reasonable and necessary
business expenses in accordance with such Company's policies and upon
presentation of appropriate documentation. Company shall reimburse Executive for
the cost of reasonable accommodations at non-Company owned facilities during
Executive's business trips to the Northstar Resort. If Company shall require
Executive to relocate, Company and Executive shall agree upon a reasonable
relocation package to be provided to Executive. It is expected that Executive
will relocate to Northstar within 18 months from the date of execution hereof.

     5. Confidentiality; Noncompetition.

          a. Executive shall regard and preserve as confidential all proprietary
or confidential information of Company or any business concern controlling,
<PAGE>

controlled by, or under common control with Company or of any East West Entity
(as such term is defined in Section 5(h) hereof) (collectively, "Companies")
that has been or may be developed or obtained by or disclosed to Executive by
reason of Executive's employment ("Confidential Information") with any of the
Companies. Executive shall not use for Executive's own benefit or purpose, or
the benefit or purpose of any person other than the Companies, or disclose to
others, either during the Employment Term or at any time thereafter, except as
required in the course of Executive's employment with any of the Companies, any
Confidential Information. Confidential Information shall include, but not be
limited to, all nonpublic information of any of the Companies relating to its
business, including all vendor or customer lists, financial information, methods
of operation, business plans, marketing plans, strategies, or forecasts,
proprietary software or other technology, and terms of contracts. This
subsection a. shall not prevent Executive from performing his duties under the
Consulting Agreement referred to in Section 5.h, so long as both the Employment
Term and such Consulting Agreement shall remain in effect and Executive's use or
disclosure of Confidential Information in performing his duties under the
Consulting Agreement shall be limited to that reasonably required for such
purpose. This Section 5.a shall not apply to information that becomes public
other than through a breach of this Agreement by Executive; to information that
Executive obtained non-confidentially before commencement of the Employment
Term; or to any disclosure that Executive shall be required by law to make.

          b. Executive covenants and agrees that (i) for so long as Executive
shall be employed by any of the Companies (the "Period of Employment") and (ii)
if the Executive's employment shall have been terminated during the Employment
Term (x) by either Company for cause, (y) by Executive in breach of this
Agreement, or (z) pursuant to clause iii., iv., or v. of Section 3.b, and, in
the case of this subclause (z), Company shall be in compliance with clause iii
of Section 3.c, then for one year after termination of such employment,
Executive shall not, directly or indirectly, as principal, partner, agent,
employee, independent contractor, stockholder, or otherwise, anywhere in the
United States or Canada, engage or attempt to engage in any ski resort business
or ski resort real estate development business or within 50 miles of Lake Tahoe
any business activity of the kind being conducted or planned to be conducted by
any of the Companies. The foregoing shall not prohibit Executive, together with
Executive's spouse and children, from owning beneficially any publicly traded
security, so long as the beneficial ownership by all of them, when combined with
the beneficial ownership of such publicly traded security of any person (as the
term is used in Section 13(d) of the Securities Exchange Act of 1934) of which
any of them is a member, shall constitute less than 5% of the class of such
publicly traded security. Notwithstanding this Section 5.b, Executive may
commence seeking other employment if neither Company, at least 90 days before
the end of the Employment Term, shall not have offered to Executive in writing
to continue to employ Executive for at least two years, on terms no less
favorable than those existing as of the time of such offer.

          c. Executive covenants and agrees that, during the Period of
Employment, and for two years thereafter, Executive shall not, directly or
indirectly, solicit any officer or management level employee of any of the
Companies to leave such employment or to engage in any activity that Executive
would be prevented from engaging in under this Section 5.

          d. Executive covenants and agrees that, during the Period of
Employment and, for any subsequent period during which Section 5.b shall be in
<PAGE>

effect, Executive shall not, directly or indirectly, seek to persuade any
vendor, customer, or other person doing business with any of the Companies to
cease, reduce, or not increase such business.

          e. Executive covenants and agrees that, during the Period of
Employment, and for one year thereafter, Executive shall not disparage any of
the Companies or any of the personnel of any of the Companies or reveal any
information that might impair the reputation or goodwill of any of them, except
that this Section 5.e shall not prohibit Executive from enforcing his rights
hereunder.

          f. Executive recognizes that the foregoing limitations are reasonable
and properly required for the adequate protection of the business of the
Companies and that in the event that any territorial or time limitation is
deemed in arbitration or by a court with proper jurisdiction to be unreasonable,
Executive agrees to request, and to submit to, the reduction of said territorial
or time limitation to such an area or period as shall be deemed reasonable by
such court. If Executive shall breach any of the foregoing covenants, then the
time limitation thereof shall be extended for a period of time during which such
breach shall occur. The existence of any claim or cause of action by Executive
against any of the Companies, if any, whether predicated upon this Agreement or
otherwise, shall not constitute a defense to the enforcement of the foregoing
covenants. Executive agrees that a remedy at law for any breach or proposed or
attempted breach of any of the provisions of this Section 5 shall be inadequate
and that the Companies shall be entitled to injunctive relief with respect to
such breach or proposed or attempted breach, in addition to any other remedy it
might have.

          g. Executive agrees that the provisions of this Section 5 shall inure
to the benefit of and be enforceable by any person with whom or into which
either Company shall merge or consolidate, regardless whether such Company shall
be the survivor of such transaction, or to any person acquiring all or
substantially all of either Company's assets or business.

          h. Notwithstanding the foregoing provisions of Section 5, Executive
shall continue to perform consulting services, as an employee on loan from
Parent, to Morita Investments International B.V. ("MINT"), pursuant to the
Consulting Agreement dated December 15, 1999 between MINT, Executive, and
Elizabeth J. Cole, monetary compensation under which has been assigned to
Parent. If Executive shall be employed by Parent as of the end of fiscal year in
which Parent shall receive monetary compensation pursuant to section 7 of such
Consulting Agreement, Executive shall receive a bonus for such fiscal year equal
to the percentage, of the amount that Parent shall have so received, that is set
forth below opposite the compounded annual growth rate of Parent's Enterprise
Value since October 31, 1999 through the end of such fiscal year ("CAGR").

                                        Bonus percentage
                    If CAGR is          shall be
                    ----------          ----------------

                    <5%                         5%
                    >5%, < 10%                  10%
                    >10%, < 15%                 17.5%
                    >15%                        25%
<PAGE>

Enterprise Value as of the end of a fiscal year shall mean any excess of Asset
Value over Consolidated Debt. Asset Value as of the end of a fiscal year shall
mean the sum of (i) the product obtained by multiplying EBITDA for such fiscal
year (including revenue from timber sales, but excluding sales of real estate or
other one-time revenue items) as determined from Parent's annual audited income
statement by 7.5, plus, as of the end of such fiscal year, (ii) the fair market
value of real property available for development, owned by Company or any
subsidiary, plus (iii) the fair market value of Company's interest in, and of
the interest of any Company affiliate in, the East West joint ventures (which,
for this purpose includes any transaction between Holdings or any Holdings
affiliate and East West Partners, Inc. or any affiliate thereof), including East
West Resort Development V, L.P., L.L.P. (collectively, an "East West Entity"),
and any other joint venture or transaction as to which Executive has, at either
Company's request, provided material assistance in negotiating or overseeing.
Consolidated Debt shall mean the mean of the monthly balances, as recorded on
the books of Parent or its subsidiaries in accordance with GAAP, during such
fiscal year of debt for borrowed money, including short-term debt for money
borrowed, capitalized leases, and redeemable preferred stock, but excluding the
Investor Notes or accruals thereon. Notwithstanding anything else contained
herein, Parent's Enterprise Value, as of October 31, 1999, was $60,000,000.

               i. Notwithstanding Section 6, any dispute over any accounting
determination shall be resolved conclusively by Company's regularly engaged
independent accountants, applying GAAP consistently with Company's past
practices, and, if either Company and Executive shall disagree regarding fair
market value of real property or any interest referred to in Section 5.h, clause
(iii), a conclusive determination shall be made by an appraisal firm selected by
an accounting firm selected by lot from among those of the five largest United
States accounting firms that shall have had no material relationship with
Parent, any affiliate, Executive, or any member of Executive's family. Any
determination of the fair market value of any interest referred to in Section
5.h, clause (iii) shall be made without any minority discount. The fees and
expenses of such independent accountants or appraisal firm shall be borne by
Parent. If the disputed item shall have been previously determined under
Company's employment agreement with Elizabeth J. Cole, and Company shall have
offered Executive the opportunity fully to participate in the resolution
thereof, such determination shall bind Company and Executive hereunder.

     6. Disputes. The parties shall promptly submit any dispute or claim arising
out of or in respect to this Agreement to binding arbitration before one
arbitrator ("Arbitrator"). The parties agree that, except as otherwise provided
in Section 5.i and Section 6.h, respecting temporary or preliminary injunctive
relief, binding arbitration shall be the sole means of resolving any such
dispute or claim. The laws of the State of Colorado shall apply to any
arbitration hereunder and shall govern this Agreement.

          a. The Arbitrator shall be an active member of the bar in the state in
which the arbitration shall occur, specializing for at least fifteen years in
corporate and business law. The American Arbitration Association shall select
the Arbitrator, upon the request of either side, within 30 days of request. The
arbitration shall be held in the capital of the state in which employee shall be
or shall have been most recently employed by Company, in accordance with the
<PAGE>

then-current provisions of the rules of the American Arbitration Association,
except as otherwise provided herein.

          b. On application to the Arbitrator, any party shall have rights to
discovery to the same extent as would be provided under the Federal Rules of
Civil Procedure, and the Federal Rules of Evidence shall apply to any
Arbitration under this Agreement; provided, however, that the Arbitrator shall
limit any discovery or evidence such that her decision shall be rendered within
the period referred to in Section 6.b. The Arbitrator shall disallow any claim
of fraud, unless alleged with particularity, and shall make no award respecting
any fraud claim, unless proved by clear and convincing evidence. No party shall
seek, and neither the Arbitrator nor any court shall award, punitive or other
exemplary damages respecting any dispute under this Agreement.

          c. The Arbitrator may, at her discretion and at the expense of the
parties who will bear the cost of the Arbitration, employ experts to assist her
in her determinations. The costs of the Arbitration proceeding and any
proceeding in court to confirm or to vacate any arbitration award or to obtain
temporary or preliminary injunctive relief as provided in Section 6.h, as
applicable, shall be borne by the unsuccessful party and shall be awarded as
part of the Arbitrator's decision, unless the Arbitrator shall otherwise
allocate such costs, for the reasons set forth, in such decision.

          d. Any judgment upon any award rendered by the Arbitrator may be
entered in and enforced by any court of competent jurisdiction. The parties
expressly consent to the jurisdiction of the courts (Federal and state) in
Colorado to enforce any award of the Arbitrator or to render any provisional or
injunctive relief in connection with or in aid of the Arbitration. The parties
expressly consent to the personal and subject matter jurisdiction of the
Arbitrator to arbitrate any and all matters to be submitted to arbitration
hereunder. None of the parties hereto shall challenge any arbitration hereunder
on the grounds that any party necessary to such arbitration (including, without
limitation, the parties hereto) shall have been absent from such arbitration for
any reason, including, without limitation, that such party shall have been the
subject of any bankruptcy, reorganization, or insolvency proceeding.

          e. This Section 6 shall not prevent either Company from seeking or
obtaining temporary or preliminary injunctive relief in a court for any breach
or threatened breach of any provision of this Agreement or any agreement
contemplated hereby; provided that the determination whether such breach or
threatened breach shall have occurred and the remedy therefor (other than with
respect to such preliminary or temporary relief) shall be made by arbitration
pursuant to this Section 6.

          f. The parties shall indemnify the Arbitrator and any experts employed
by the Arbitrator and hold them harmless from and against any claim or demand
arising out of any arbitration under this Agreement or any agreement
contemplated hereby, unless resulting from the willful misconduct of the person
indemnified.

          g. This arbitration clause shall survive the termination of this
Agreement. ALL PARTIES WAIVE TRIAL BY JURY WITH RESPECT TO ANY DISPUTE ARISING
UNDER THIS AGREEMENT.
<PAGE>

     7. Miscellaneous Provisions.

          a. This Agreement sets forth Company's and Executive's entire
agreement with respect to the subject matter hereof, superseding all prior or
contemporaneous agreements, understandings, or discussions. This Agreement may
be amended, and any provision hereof may be waived or otherwise modified, only
by a writing signed by Company and Executive. This agreement shall be governed
by the laws of Colorado, applicable to a contract wholly negotiated, signed, and
performed in Colorado.

          b. All notices given in connection with this Agreement, shall be in
writing and delivered personally or be sent by registered mail or certified
mail, postage prepaid, return receipt requested, addressed as follows:

          If to either Company to:

          Elizabeth J. Cole
          1000 S. Frontage Road West, Suite 100
          Vail, CO  81657
          Telephone:   (970) 476-4030
          Telecopier:  (970) 479-0291

          with copies to:

          Michael D. Beck
          Loeb & Loeb LLP
          345 Park Avenue
          New York NY  10154-0037
          Telephone:  212-407-4920
          Telecopier:  212-407-4990

          and

          John Hancock Life Insurance Company
          200 Clarendon Street
          Boston, Massachusetts  02117
          Attention:  Bond and Corporate Finance
                      Department T-57
          Telecopy No.:  (617) 572-5068

          and

          CIBC World Markets Corp.
          425 Lexington Avenue, 3rd floor
          New York, New York 10017
          Attention: Jay Bloom
          Telecopy No.:  (212) 885-4934
<PAGE>

          and

          Steven Flyer
          c/o CIBC World Markets Corp.
          425 Lexington Avenue, 3rd floor
          New York, New York 10017
          Telecopy No.:  (212) 885-4946

          If to Executive:

          Christopher P. Ryman
          PO Box 2413
          Vail, CO 81657
          Telephone:   (970)  926-2874
          Telecopier:  (970)  926-5567

          with a copy to:

          James F. Wood, Esq.
          Sherman & Howard L.L.C.
          633 Seventeenth Street
          Denver CO  80202
          Telephone:   303-297-2900
          Telecopier:  303-298-0940

Either party may change the address for notice to such party by notice in
writing to the other party as provided above.

          c. Company will indemnify Executive to the maximum extent permitted
by section 145 of the Delaware Corporation Laws. The foregoing obligation will
survive termination of this Agreement. Company shall at all times carry
Directors and Officers liability insurance in at least the amounts carried as
of the date of execution of this Agreement.

          d. Company shall pay the reasonable attorneys' fees and expenses
incurred by Executive respecting the negotiation and preparation of this
Agreement.
<PAGE>

     IN WITNESS WHEREOF, the undersigned have executed this Employment Agreement
on            , 2000, as of the date first above written.
   -----------

BOOTH CREEK SKI HOLDINGS, INC.

By: /s/ Elizabeth J.Cole                /s/ Christopher P. Ryman
   ----------------------------------   ---------------------------------------
   Elizabeth J. Cole, Executive Vice    Christopher P. Ryman
   President

BOOTH CREEK SKI GROUP, INC.

By: /s/ Elizabeth J. Cole
   ----------------------------------
   Elizabeth J. Cole, Executive Vice
   President
<PAGE>
LOEB&LOEB LLP
A Limited Liability Partnership
Including Professional Corporations

                                   Exhibit A

                                                         Interoffice Memorandum
-------------------------------------------------------------------------------

Date:      August 10, 2000                               File: 20063810007
To:        Christopher P. Ryman
           Elizabeth J. Cole

From:      Michael D. Beck
           Jay Fenster
           David C. Fischer

Re:        Booth Creek Ski Group Inc. Stock Incentive Plan

          The purpose of this memorandum is to outline our understanding of the
equity grant program which Booth Creek Ski Group Inc. (the "Company") seeks to
establish (the "Plan") and to identify relevant issues, so that the program can
be structured to maximally achieve its goals and is properly documented.
Because any equity compensation program has significant financial and tax
implications, it would be prudent and, therefore, is highly recommended that
the proposal be reviewed by the Company's CPAs to assure that it achieves
maximum results from a financial and tax accounting perspective.

     1. Background and Introduction: The Company already has a stock option
plan in place and a limited number of options (100) have been issued
thereunder. Consideration will be given to amending or otherwise rolling in
existing option obligations into the new equity program. The number of shares
to be reserved for issuance under the Plan will represent 15% of the total
shares of the Company's outstanding common stock, on a fully diluted basis,
including shares of common stock to be reserved for issuance under the Plan.

          Under the Plan, officers and employees of the Company and its
subsidiaries will be eligible to receive awards. Moreover, while it is not
anticipated that grants will initially be made to consultants and independent
contractors, it is recommend that the Plan be flexible and allow for grants to
consultants and independent contractors. The Plan will allow for awards of
stock options, restricted stock and other types of equity grants. The initial
grants under the Plan will fall into two groups, namely, normal option grants
and special management grants.

     2. Normal Option Grants: We propose that normal option grants have the
following features:
<PAGE>

          a. While both ISOs and NSOs will be authorized by the Plan, the
normal option grant will be an ISO.

          b. Option term is 10 years.

          c. Per share exercise price is fair market value ("FMV") of share of
common stock on date of grant. (Note that even if the Plan document allows the
Company's board of directors (the "Board"), in its sole discretion, to make a
reasonable determination of FMV, the Board should have a particular methodology
in mind for making these determinations so that it can properly administer the
Plan. While Loeb & Loeb can assist in providing guidelines for making FMV
determinations, ultimately, the Company will have to make such determinations
in consultation with their accountants. Making appropriate FMV determinations
is important because grants at less than FMV (i) cannot qualify for ISO
treatment for federal income tax purposes, and (ii) will result in a charge to
earnings for financial accounting purposes.)

          d. Graded vesting over 5 years (20% annually); first vest date is
10/31/00. No accelerated vesting upon a change of control.

          e. Exercise price to be paid in cash; permit net exercises [payment
of withholding?].

          f. Unexercised, vested options to terminate (i) immediately, upon a
termination of employment for cause; (ii) one year following death or
disability retirement; and (iii) three months following any other termination
of employment.

          g. Restrictions/Rights Applicable to Shares Issued Upon Option
Exercise:

               i) Subject to Right of First Refusal by Company [Shares
transferable only with Company's consent?].

               ii) Subject to Call by the Company at FMV after termination of
employment.

               iii) Pro rata tag-along upon sale of control.

               iv) Drag-along upon sale of Company.

               v) All of these restrictions/rights lapse upon an IPO or other
event resulting in the shares of common stock becoming publicly traded.

Note:In the event of any inconsistency between this memo and the employment
contracts dated as of May 1, 2000 between the Company and Christopher Ryman and
Elizabeth Cole, respectively, the terms and provisions of said employment
contracts shall govern and control.
<PAGE>
Exhibit B to Employment  Agreement  between Booth Creek Ski Group,  Inc., Booth
Creek Ski Holdings, Inc. and Christopher P. Ryman.

Map depicting the Northstar resort and two alternative  sites for the selection
of a single family lot to be conveyed to Executive.

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