Document:

Exhibit 10.43

 

PURCHASE AND SALE AGREEMENT

 

THIS AGREEMENT, made by and between Piggy and the Three J’s, LLC, a Vermont limited liability company with a place of business in Wilmington, Vermont, and the Estate of James L. McGovern, III (the “Seller”) and Mount Snow Ltd, a Vermont corporation with a place of business in Dover, Vermont, or its assignee (the “Buyer”).

 

WITNESSETH

 

In consideration of the mutual agreements herein contained, the parties agree as follows:

 

1. GRANT.

 

Seller agrees to sell and Buyer agrees to buy certain lands and premises located in Wilmington, Vermont, as follows:

 

a.              The “Gravel Pit Parcel” consisting of 220 acres, more or less, and more particularly described as set forth on Schedule A attached hereto and made a part hereof.

 

b.              The “Hawkins Parcel” consisting of 66 acres, more or less, and more particularly described as set forth on Schedule B attached hereto and made a part hereof.

 

Hereinafter, the Gravel Pit Parcel and the Hawkins Parcel shall be referred to collectively as the “Parcels”.

 

2. PURCHASE PRICE.

 

The total purchase price to be paid by Buyer to Seller for the Parcels shall be Nine Hundred Forty Seven Thousand and 00/100 Dollars ($947,000.00).

 

3. PAYMENT OF PURCHASE PRICE.

 

The purchase price shall be paid as follows: 

 

A. Deposits.

 

i.         A deposit of $50,000.00 (the “Deposit”), shall be paid to Seller upon acceptance and execution of this Agreement, said Deposit shall be non-refundable, except as otherwise provided in Sections 6 and 12 below.

 

ii.      The $50,000 Deposit made under the terms of this Agreement together with interest, (plus credit in the amount of an additional $50,000 deposit with no interest paid and forfeited under the terms and conditions of a previous Purchase and Sale Agreement) shall be credited to the purchase price to be paid at closing.

 

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B. Balance. The balance of the purchase price in the amount of Eight Hundred Forty Seven Thousand and 00/100 Dollars ($847,000.00) shall be paid by certified or bank check or wire at closing.

 

4. CLOSING.

 

Closing shall occur on or before September 1, 2013 at the offices of Buyer’s attorney, or at such other time and place as may be mutually agreed upon by the parties. Time is of the essence and no further extensions shall be granted beyond September 1, 2013.

 

5. DOCUMENTS OF TITLE.

 

The Parcels shall be conveyed by Warranty Deed in standard Vermont form duly executed and conveying to Buyer an estate in fee simple in and to the Parcels free and clear from all liens, exceptions or encumbrances excepting only exceptions disclosed by Buyer’s title review approved by Buyer pursuant to Section 6 below which do not affect marketable title, subject, nevertheless, to such terms and conditions as may be imposed by the State of Vermont Agency of Natural Resources in connection with a certain enforcement action relating to the Gravel Pit Parcel.

 

At closing Seller shall provide the Warranty Deed in addition to any forms or documents reasonably required by Buyer’s title insurance company.

 

6. TITLE EXAMINATION.

 

Buyer shall cause the title to the Parcels to be examined, and no later than 30 days from execution of this Agreement, shall notify Seller’s attorney of the existence of encumbrances or defects which are not accepted in this Agreement and which render the title unmarketable. Promptly following receipt of such notice the Seller shall endeavor to remove and remedy the specified encumbrances, defects or deficiencies. If, at the expiration of thirty (30) days following the receipt of such notice, or on the date set forth for the closing, whichever is later, the Seller is unable to remedy said defects, then the Buyer may (i) terminate this Agreement, and if so, shall receive back the $50,000 deposit money plus accrued interest or (ii) proceed with the purchase of the Parcels.

 

However, Seller shall be obligated to remedy any defects described above in this section six that would render title unmarketable that, despite the application of reasonable due diligence, were not readily discoverable within 30 days from the execution of this agreement. Upon notice of such defects Seller shall have an additional 30 days to remedy the subsequently discovered defects and the Buyer shall retain any remedies provided for in this section.

 

If notice of title defects is not given to Seller’s attorney as described in this section six then this contingency is waived, except that Seller shall be obligated to remove all monetary liens at or before closing.

 

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7. CONDITIONS PRECEDENT.

 

Except as  provided under Section 5 above Buyer acknowledges that there are no conditions precedent to closing before September 1, 2013.

 

8. NO DISCLOSURE.

 

Neither Seller nor Buyer shall disclose, disseminate or otherwise release any information to third parties, or make any public announcement or press release regarding the matters contemplated herein (including without limiting the generality of the foregoing, the contemplated transaction, the purchase price and terms specified herein) without the prior written approval of the party regarding the persons to which information will be released and the nature, timing and context for release of such information. Buyer and Seller may communicate with specified entities as may be legally required or necessary in connection with any due diligence investigation being conducted and the consummation of this transaction, and necessary for obtaining financing, or as required by law.

 

9. STATE TAXES.

 

The Buyer shall pay the Vermont Property Transfer Tax due at closing. Any Land Gains Tax or Withholding Tax due on this sale shall be paid by Seller.

 

10. ADJUSTMENTS - AT CLOSING.

 

Real estate taxes and other taxes and assessments applicable to the Parcels shall be prorated to the date of possession in accordance with the applicable tax or other governing year of the taxing or assessing authority.

 

11. BROKERAGE AND COSTS.

 

Buyer and Seller each warrant and represent that they have not dealt with any broker or agent with respect to this transaction, and there is no commission due on this transaction. Each party agrees to hold the other harmless from and against any claim for commissions or other broker or agent fees based upon alleged relationship with such party. Each party shall be solely responsible for and bear all of its own respective expenses, including, without limitation, expenses of legal counsel, taxes, accountants and other advisors incurred at any time in connection with pursuing or consummating the transaction contemplated hereby, regardless of whether the transaction is consummated.

 

12. DEFAULT.

 

If the Buyer shall fail to close as provided herein, the Seller may terminate this Agreement, retaining the Deposit money as agreed and liquidated damages, and may pursue the Seller’s rights to all legal and equitable remedies provided by law.

 

If Seller fails to close as provided herein, or is otherwise in default, Buyer may terminate this Agreement and shall receive back its $50,000 Deposit and any accrued interest made

 

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hereunder.

 

13. NOTICES.

 

Any notice required to be given pursuant to this Agreement shall be in writing and shall be effective at the date the notice is mailed or faxed or e-mailed, or if hand delivered, upon delivery.

 

The address for notice to Seller is:

 

Lawrin P. Crispe

Crispe & Crispe

P.O. Box 556

Brattleboro, VT 05302-0556 

Phone: 254-4441

Fax: 254-4482

e-mail: Icrispe@crispe.com

 

The address for notice to Buyer is:

 

Kelly Pawlak, General Manager 

Mount Snow, Ltd.

39 Mount Snow Rd.

West Dover, VT 05356

 

With a copy to:

Tom Montemagni 

Mount Snow, Ltd.

39 Mount Snow Rd.

West Dover, Vermont 05356

Phone: 464-4039

e-mail: tmontemagni@mountsnow.com

 

14. TERMINATION OF PRIOR AGREEMENTS.

 

All prior Purchase and Sale Agreements, Amendments, and related agreements are hereby terminated.

 

15. MODIFICATION AND AMENDMENT.

 

No modification, amendment or deletion affecting this Agreement shall be effective unless in writing and signed by all parties.

 

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16. ASSIGNMENT.

 

This Agreement may be assigned by Buyer to a corporation, limited liability company of partnership in which Buyer is and remains the majority shareholder or sole partner or member prior to closing.

 

17. BINDING EFFECT.

 

This Agreement shall inure to the benefit of and be binding upon each of the parties hereto and their respective heirs, successors, administrators, executors, and assigns. This Agreement contains the entire agreement by and between the parties hereto, superseding any and all prior agreements, written or oral, affecting said Parcels. This Agreement shall be governed by the laws of the State of Vermont. This Agreement shall be binding upon and extend to the respective successors and assigns of the parties hereto.

 

EXECUTED to be effective as of the date signed by the last of the parties to sign.

 

	
 
    	
 
    	
Piggy and the Three J’s, LLC
    
	
 
    	
 
    	
 
    
	
/s/ Illegible
    	
 
    	
/s/ Lois N. McGovern
    
	
Witness
    	
 
    	
By: Lois N. McGovern
    
	
 
    	
 
    	
Duly Authorized Agent (Seller)
    
	
 
    	
 
    	
Date: 4/12/13
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Estate of James L McGovern, III
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Illegible
    	
 
    	
/s/ Lois N. McGovern
    
	
Witness
    	
 
    	
By: Lois N. McGovern
    
	
 
    	
 
    	
Co-Executor (Seller)
    
	
 
    	
 
    	
Date: 4/12/13
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Illegible
    	
 
    	
/s/ Lawrin P. Crispe
    
	
Witness
    	
 
    	
By: Lawrin P. Crispe
    
	
 
    	
 
    	
Co-Executor (Seller)
    
	
 
    	
 
    	
Date: 4/15/13
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Mount Snow, Ltd
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Illegible
    	
 
    	
/s/ Kelly Pawlak
    
	
Witness
    	
 
    	
By: Kelly Pawlak
    
	
 
    	
 
    	
Duly Authorized Agent (Buyer)
    
	
 
    	
 
    	
Date: April 10, 2013
    

 

5Exhibit 10.44

 

INDEMNIFICATION AGREEMENT
 (Director)

 

This Indemnification Agreement (“Agreement”) is entered into as of the            day of                       , 2014, by and between PEAK RESORTS, INC., a Missouri corporation (the “Corporation”) and <DIRECTOR NAME> (“Indemnitee”), a member of the board of directors (“Board”) of the Corporation.

 

WHEREAS, it is essential to the Corporation to retain and attract as directors and officers the most capable persons available; and

 

WHEREAS, the substantial risks of litigation against corporations and their directors and officers subjects directors and officers of the Corporation to the possible necessity of incurring extraordinary expenses out of their personal resources either while directors’ and officers’ liability insurance may be unavailable to them or because the expenditure is not covered by insurance policies then in effect; and

 

WHEREAS, it is the policy of the Corporation to indemnify its directors and officers so as to provide them with the maximum possible protection permitted by law; and

 

WHEREAS, Indemnitee does not regard the protection available under the Corporation’s Certificate of Incorporation, Bylaws and insurance policies as adequate in the present circumstances, and may not be willing to continue to serve as a director without adequate protection, and the Corporation desires Indemnitee to continue to serve as a director;

 

THEREFORE, in consideration of Indemnitee’s continued service as a director of the Corporation, the Corporation and Indemnitee hereby agree as follows:

 

1.                                      Agreement to Serve.  Indemnitee agrees to continue to serve as a director of the Corporation for so long as Indemnitee is duly elected or appointed or until such time as Indemnitee tenders Indemnitee’s resignation in writing.  However, this Agreement does not constitute either an employment contract or any commitment, express or implied, to cause Indemnitee to be elected as a director.

 

2.                                      Definitions.  As used in this Agreement:

 

(a)                                 ‘Proceeding” includes, without limitation, any threatened, pending, or completed action, suit, or proceeding, including any appeals related thereto, whether brought by or in the right of the Corporation or otherwise, and whether of a civil, criminal, administrative, or investigative nature, in which Indemnitee is or was a party or is threatened to be made a party by reason of the fact that Indemnitee is or was a director or officer of the Corporation (or of any predecessor or subsidiary of the Corporation or any successor to the Corporation by merger), or is or was serving at the request of the Corporation as a director, officer, employee, member, manager, agent, or fiduciary of any other corporation, partnership, joint venture, trust, or other enterprise (including but not limited to a subsidiary).  Such request by the Corporation shall be presumed to exist in the case of a subsidiary or other entity in which the Corporation has an

 

 

investment or contractual interest.  “Proceeding” also includes an action by Indemnitee, including without limitation any mediation or arbitration, to establish or enforce a right of Indemnitee under this Agreement.

 

(b)                                 “Expenses” include, without limitation, expenses of investigation, costs of judicial or administrative proceedings or appeals, amounts paid in settlement by or on behalf of Indemnitee attorneys’ fees and disbursements, costs of meals, lodging and travel reasonably and necessarily incurred by Indemnitee to attend any Proceeding or event related to the Proceeding including but not limited to depositions and mediation sessions, and any other defense costs incurred by Indemnitee in connection with any Proceeding, but shall not include judgments, fines, or penalties finally assessed against Indemnitee.

 

(c)                                  “Other enterprises” include employee benefit plans; “fines” include any excise taxes assessed on Indemnitee with respect to any employee benefit plan; “serving at the request of the Corporation” includes any service as a director, officer, employee, member, manager or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee, member, manager, agent, or fiduciary with respect to an employee benefit plan, its participants, or beneficiaries; and a person who acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interest of the Corporation” as referred to in this Agreement.

 

3.                                      Indemnity in Third-Party Proceedings.  The Corporation shall indemnify Indemnitee against all Expenses, judgments, fines, and penalties actually and reasonably incurred by Indemnitee in connection with the defense or settlement of any Proceeding (other than a Proceeding by or in the right of the Corporation to procure a judgment in its favor, and other than or a Proceeding brought or initiated voluntarily by Indemnitee), but only if Indemnitee acted in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, and, in the case of a criminal proceeding, had no reasonable cause to believe that Indemnitee’s conduct was unlawful.  The termination of any such Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation or, with respect to any criminal proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

4.                                      Indemnity in Proceedings By or In the Right of the Corporation.  The Corporation shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with the defense or settlement of any Proceeding by or in the right of the Corporation to procure a judgment in its favor, but only if Indemnitee acted in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation; except that no indemnification for Expenses shall be made under this section in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged to be liable to the Corporation for negligence or misconduct in the performance of Indemnitee’s duty to the Corporation, unless (and then only to the extent that) the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in

 

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view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such Expenses which such court shall deem proper.

 

5.                                      Indemnification of Expenses of Successful Party.  Notwithstanding any other provision of this Agreement:

 

(a)                                 To the extent that Indemnitee has been successful on the merits or otherwise, including by a settlement, in defense of any Proceeding, or in defense of any one or more claims, issues or matters included therein, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee in connection therewith; and

 

(b)                                 Indemnitee’s Expenses actually and reasonably incurred in connection with successfully establishing or enforcing, in whole or in part, Indemnitee’s right to indemnification or advancement of Expenses under this Agreement or otherwise, shall also be indemnified by the Corporation.

 

6.                                      Advances of Expenses.  At the written request of Indemnitee, the Expenses reasonably incurred by Indemnitee in any Proceeding, including Expenses billed but not yet paid, shall be paid directly (or if already paid by Indemnitee, shall be reimbursed to Indemnitee) by the Corporation from time to time in a timely manner in advance of the final disposition of such Proceeding, provided that Indemnitee shall undertake in writing to repay the amounts advanced if and to the extent that it is ultimately determined that Indemnitee is not entitled to indemnification.  Indemnitee shall not be required to provide security for such undertaking. If the Corporation makes an advance of Expenses pursuant to this section, the Corporation shall be subrogated to every right of recovery Indemnitee may have against any insurance carrier from whom the Corporation has purchased insurance for such purpose.

 

7.                                      Right of Indemnitee to Indemnification Upon Application; Procedure Upon Application.

 

(a)                                 Any indemnification or advancement of Expenses under this Agreement shall be paid by the Corporation no later than 30 days after receipt of the written request of Indemnitee, unless a determination is made within said 30-day period by either:

 

(i)                                     The Board by a majority vote of a quorum consisting of directors who were not and are not parties to the Proceeding in respect of which indemnification is being sought, or

 

(ii)                                  Independent legal counsel in a written opinion, or

 

(iii)                               The stockholders of the Corporation by vote of a majority of a quorum at a meeting duly called and held,

 

that Indemnitee has not met the standards for indemnification set forth in the relevant section or sections of this Agreement.

 

(b)                                 Indemnitee’s right to indemnification or advancement of Expenses as provided by this Agreement shall be enforceable by Indemnitee in any court of competent 

 

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jurisdiction.  The burden of proving that such indemnification or advancement is not appropriate shall be on the Corporation.  Neither the failure of the Corporation (including the Board or independent legal counsel or the stockholders) to have made a determination prior to the commencement of such action that Indemnitee has met the applicable standard of conduct nor an actual determination by the Corporation (including the Board or independent legal counsel or the stockholders) that Indemnitee has not met such standard shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(c)                                  With respect to any Proceeding for which indemnification or advancement of Expenses is requested, the Corporation will be entitled to participate therein at its own expense and, except as otherwise provided below, the Corporation may assume the defense thereof with counsel reasonably satisfactory to Indemnitee.  After notice from the Corporation to Indemnitee of its election to assume the defense of a Proceeding, the Corporation will not be liable to Indemnitee under this Agreement for any Expenses subsequently incurred by Indemnitee in connection with the defense thereof, other than as provided below.  The Corporation shall not settle any Proceeding in any manner which would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. Indemnitee shall have the right to employ counsel in any Proceeding but the fees and expenses of such counsel incurred after notice from the Corporation of its assumption of the defense of the Proceeding shall be at the expense of Indemnitee and shall not be advanced or indemnified by the Corporation, unless:

 

(i)                                     The employment of counsel by Indemnitee has been authorized by the Corporation, or

 

(ii)                                  Indemnitee shall have reasonably concluded, in writing sent to the Corporation, that there may be a conflict of interest between the Corporation and Indemnitee in the conduct of the defense of a Proceeding, or

 

(iii)                               The Corporation shall not in fact have employed counsel to assume the defense of a Proceeding, or

 

(iv)                              Such Expenses of counsel are actually and reasonably incurred in connection with successfully establishing, in whole or in part, Indemnitee’s right to indemnification or advancement of Expenses under this Agreement or otherwise,

 

in each of which cases the fees and expenses of Indemnitee’s counsel shall be advanced by the Corporation.

 

Notwithstanding the foregoing, the Corporation shall not be entitled to assume the defense of any Proceeding brought by or in the right of the Corporation.

 

8.                                      Limitation on Indemnification.  No payment pursuant to this Agreement shall be made by the Corporation:

 

(i)                                     To indemnify or advance funds to Indemnitee for Expenses with respect to Proceedings initiated or brought voluntarily by Indemnitee and not by way of defense, except with respect to Proceedings brought to establish or enforce 

 

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a right to indemnification or advancement of expenses under this Agreement, but such indemnification or advancement of Expenses may be provided by the Corporation in specific cases if the Board finds it to be appropriate;

 

(ii)                                  To indemnify Indemnitee for any Expenses, judgments, fines, or penalties sustained in any Proceeding for which payment is actually made to Indemnitee under a valid and collectible insurance policy, except in respect of any deductible or retention amount, or any excess beyond the amount of payment under such insurance;

 

(iii)                               To indemnify Indemnitee for any Expenses, judgments, fines or penalties sustained in any Proceeding for an accounting of profits made from the purchase or sale by Indemnitee of securities of the Corporation pursuant to the provisions of § 16(b) of the Securities Exchange Act of 1934, the rules and regulations promulgated thereunder and amendments thereto or similar provisions of any federal, state, or local statutory law;

 

(iv)                              To indemnify Indemnitee for any Expenses, judgments, fines or penalties resulting from Indemnitee’s conduct which is finally adjudged to have been willful misconduct, knowingly fraudulent, or deliberately dishonest; or

 

(v)                                 If a court of competent jurisdiction finally determines that such payment is unlawful.

 

9.                                      Indemnification Hereunder Not Exclusive.  The indemnification and advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may be entitled under the Certificate of Incorporation or the Bylaws of the Corporation, any other agreement, any vote of stockholders or disinterested directors, the General and Business Corporation Law of Missouri, or otherwise, both as to action in Indemnitee’s official capacity and as to action in another capacity while holding such directorship or office.  The indemnification provided by this Agreement shall continue as to Indemnitee even though Indemnitee may have ceased to be a director and shall inure to the benefit of Indemnitee’s personal representatives, heirs, legatees and assigns.

 

10.                               Partial Indemnification.  If Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for a portion of the Expenses, judgments, fines, or penalties actually and reasonably incurred by him or her in any Proceeding but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the portion of such Expenses, judgments, fines, or penalties to which Indemnitee is entitled.

 

11.                               Presumption and Burden of Proof.  In any adjudication, opinion by counsel, or decision by the Board or shareholders referred to in this Agreement or otherwise that involves the determination, directly or indirectly, as to whether Indemnitee is entitled to indemnification, including the advancement of Expenses, there shall be a presumption that Indemnitee is entitled to indemnification.  The Corporation or any other person opposing indemnification shall have the burden of proof to overcome the presumption in favor of indemnification by clear and convincing evidence.

 

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12.                               Selection of Independent Legal Counsel.  If an opinion of independent legal counsel shall be required for any purpose under this Agreement, such counsel shall be selected and appointed by or in a manner determined by the Board. Such selection and appointment shall also be subject to the consent of Indemnitee, which consent shall not be unreasonably withheld.  Nothing herein shall prohibit the Board from selecting Indemnitee’s defense counsel for this purpose if the Board determines this to be in the best interest of the Corporation as an appropriate way to determine the potential liability of Indemnitee.

 

13.                               Settlement of Proceedings.  In the case of a Proceeding by Indemnitee to establish or enforce a right of Indemnitee under this Agreement, the Corporation shall have the right at any time during such Proceeding to make the determination that it is in the best interests of the Corporation to settle the Proceeding, and to pay all or part of the indemnity sought as a part of such settlement.

 

14.                               Arbitration.  If the Corporation makes a determination that Indemnitee is not entitled to indemnity in connection with a Proceeding, Indemnitee shall have the right to de novo review of such determination before a panel of arbitrators chosen in accordance with the commercial arbitration rules of the American Arbitration Association.

 

15.                               Maintenance of Liability Insurance.

 

(a)                                 The Corporation hereby covenants and agrees that, as long as Indemnitee continues to serve as a director of the Corporation and thereafter as long as Indemnitee may be subject to any Proceeding, the Corporation, subject to subsection (c) of this section, shall maintain in full force and effect directors’ and officers’ liability insurance (“D&O Insurance”) in reasonable amounts from established and reputable insurers.

 

(b)                                 In all D&O Insurance policies, Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Corporation’s directors and officers.  Further, in all policies of D&O Insurance, coverage for Indemnitee shall include but not be limited to the following:

 

(i)                                     Claims asserted by the Corporation’s present or past shareholders, directors, employees, lenders, customers, suppliers, competitors and regulators, as well as claims in connection with class actions, claims arising out of mergers and acquisitions and antitrust claims asserted by governmental or private parties; but the policy may exclude claims by one insured against another insured, except for employment claims;

 

(ii)                                  No exclusion for Indemnitee’s negligence;

 

(iii)                               No exclusion for fraud or deliberate dishonesty, except if there has been a final adjudication of fraud or dishonesty by a court of competent jurisdiction;

 

(iv)                              Punitive and exemplary damages as well as the multiplied portion of any damage award; and

 

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(v)                                 Any and all Expenses, judgments, fines and penalties not indemnifiable pursuant to this Agreement, the Corporation’s Certificate of Incorporation or Bylaws, the General Corporation and Business Law of the State of Missouri, or the laws, rules or regulations of any other jurisdiction or state or federal agency whose laws, rules or regulations may be applicable.

 

(c)                                  Notwithstanding the foregoing, the Corporation shall have no obligation to obtain or maintain D&O Insurance if and to the extent that the Corporation determines in good faith that such insurance is not reasonably available, the premium costs for such insurance are disproportionate to the amount of coverage provided, the coverage provided by such insurance is so limited by exclusions that it provides an insufficient benefit, or Indemnitee is covered by similar insurance maintained by a subsidiary of the Corporation.

 

16.                               Miscellaneous.

 

(a)                                 Savings Clause.  If this Agreement or any portion hereof is invalidated on any ground by any court of competent jurisdiction, the Corporation shall nevertheless indemnify Indemnitee to the extent permitted by any applicable portion of this Agreement that has not been invalidated or by any other applicable law.

 

(b)                                 Notice.  Indemnitee shall, as a condition precedent to his right to be indemnified under this Agreement, give to the Corporation notice in writing as soon as practicable of any Proceeding for which indemnity will or could be sought under this Agreement. Notice to the Corporation shall be directed to Peak Resorts, Inc., Attention:  Stephen J. Mueller or Timothy D. Boyd, 17409 Hidden Valley Drive, Wildwood, MO 63025 (with a copy to:  David L. Jones, Esq., Sandberg Phoenix & von Gontard P.C., 120 S. Central Avenue, Suite 1420, St. Louis, MO 63105), or such other address as is then its corporate headquarters, or such other address as the Corporation shall have designated in writing to Indemnitee at his last known residence or office address.  Notice shall be deemed received three days after the date postmarked if sent by prepaid mail, properly addressed.  In addition, Indemnitee shall give the Corporation such information and cooperation as it may reasonably require and as shall be reasonably within Indemnitee’s power.

 

(c)                                  Counterparts.  This Agreement may be executed in any number of counterparts, all of which shall be deemed to constitute one and the same instrument.

 

(d)                                 Applicable Law.  This Agreement shall be governed by, and construed and interpreted in accordance with, the law of the State of Missouri.

 

(e)                                  Successors and Assigns.  This Agreement shall be binding upon the Corporation and its successors and assigns and upon Indemnitee and his personal representatives, heirs, legatees and assigns.

 

(f)                                   Amendments.  No amendment, waiver, modification, termination, or cancellation of this Agreement shall be effective unless in writing signed by both parties hereto. The indemnification rights afforded to Indemnitee hereby are contract rights and may not be diminished, eliminated, or otherwise affected by amendments to the Certificate of Incorporation or Bylaws of the Corporation or by other agreements without the express written agreement of 

 

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the parties expressly referring to and consenting to the provision by which such rights will be diminished, eliminated or otherwise affected.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and signed as of the day and year first above written.

 

	
 
    	
Corporation:
    
	
 
    	
 
    
	
 
    	
PEAK   RESORTS, INC.
    
	
 
    	
a   Missouri corporation
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
(Officer   Signature)
    
	
 
    	
 
    	
 
    
	
 
    	
Its:
    	
 
    
	
 
    	
 
    	
(Officer   Title)
    
	
 
    	
 
    
	
 
    	
Indemnitee:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
<DIRECTOR   NAME>
    

 

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