Document:

Exhibit 10.11(d)

    Exhibit
      10.11 (d)

     

    AMENDED
      AND RESTATED COMPLETION GUARANTY AGREEMENT

     

    THIS
      AMENDED AND RESTATED COMPLETION GUARANTY AGREEMENT (this “Guaranty”),
      dated
      December 1, 2005, but made effective as of September 12, 2005, is by and between
      U.S. BANK NATIONAL ASSOCIATION, a national banking association as Administrative
      Agent under the Construction Loan Agreement for the Lenders therein
      (hereinafter, together with its successors and assigns, referred to as the
      “Bank”),
      THE
      VAIL CORPORATION, a Colorado corporation and VAIL RESORTS, INC., a Delaware
      corporation (hereinafter referred to, collectively, as the “Guarantor”).

     

    Recitals

     

    A.  Bank
      and
      Guarantor, The Vail Corporation, entered into that certain Completion Guaranty
      Agreement dated as of July 19, 2005, (the “Original
      Guaranty”)
      pursuant to which Vail Corporation agreed to the completion of construction
      of
      Improvements in the manner required by the Construction Loan Agreement by and
      between Bank and GORE CREEK PLACE, LLC, a Colorado limited liability company
      (“Borrower”)
      dated
      July 19, 2005 (the “Construction
      Loan Agreement”),
      which
      Construction Loan Agreement is evidenced by one or more promissory notes in
      the
      maximum aggregate principal amount not to exceed $30,000,000 (hereinafter
      referred to, collectively, as the “Note”)
      .
      Capitalized terms that are used but not defined herein shall have the meanings
      given to such terms in the Construction Loan Agreement.

     

    B.  On
      September 12, 2005, Wells Fargo Bank, N.A., a national banking association
      (“Wells Fargo”) agreed to become an additional lender as permitted by the
      Construction Loan Agreement.

     

    C.  As
      a
      material inducement to Wells Fargo to become an additional lender, and as
      consideration therefore, Bank and Guarantor desire to amend and restate the
      Original Guaranty in its entirety to add Vail Resorts, Inc., as an additional
      Guarantor all as more particularly set forth herein.

     

    Agreement

     

    NOW,
      THEREFORE, in consideration of the foregoing and other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      Bank and the undersigned Guarantor agree as follows:

     

    1. Subject
      to the terms hereof, the Guarantor unconditionally and absolutely guarantees
      to
      the Bank, following an Event of Default by Borrower, completion of construction
      of the Improvements (as defined in the Construction Loan Agreement) in the
      manner required by the Construction Loan Agreement, the Note and the other
      documents and instruments executed in connection therewith (all of the foregoing
      being hereinafter collectively referred to as the “Loan
      Documents”).
      Specifically, following an Event of Default under the Loan Documents by

     

    
      
        
        

      

      
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    Borrower
      and written request to Guarantor from Bank for performance hereunder, the
      Guarantor agrees:

     

    (a) to
      perform, complete, and pay for the construction of the Improvements in
      accordance with the Plans and Specifications, as such Plans and Specifications
      have been or may be modified or amended from time to time, within the time
      period allotted therefor (if any) and to pay all costs of said construction
      and
      all costs associated therewith if the Borrower shall fail to perform or complete
      such work as required by the Construction Loan Agreement;

     

    (b) provided
      that such actions by the Bank are authorized pursuant to the Loan Documents
      and
      provided Guarantor has failed to perform its obligations pursuant to Paragraph
      1(a) hereof, to reimburse the Bank for all costs and expenses incurred by the
      Bank in taking possession of the property described in the deed of trust
      securing the Note (hereinafter referred to as the “Property”)
      and
      constructing the Improvements (whether in whole or in part) in accordance with
      the Plans and Specifications as approved at the time the Bank takes possession
      of the Property subject to such modifications thereto as Bank shall determine
      are reasonably necessary provided that the same shall not materially increase
      Guarantor’s obligations hereunder (unless as a result of unforeseen site
      conditions which have been confirmed by an engineer reasonably acceptable to
      Guarantor), including, without limitation, any sums expended in excess of the
      principal amount of the Note and whether or not construction is actually
      completed; 

     

    (c) if
      any
      mechanic’s or materialman’s liens should be filed, or should attach, with
      respect to the Property by reason of the construction undertaken pursuant to
      the
      Construction Loan Agreement, to cause the removal of such liens within 45 days
      after the recording thereof, or the posting of security against the consequences
      of their possible foreclosure and the procurement of title insurance policies
      or
      endorsements insuring the Bank against the consequences of the foreclosure
      or
      enforcement of such liens, if the Borrower shall fail to take such
      actions;

     

    (d) to
      pay
      the costs and fees of all contractors, architects and engineers employed by
      the
      Borrower or the Bank (to the extent permitted under the Loan Documents) to
      complete the Improvements if said costs and fees are not paid by the
      Borrower;

     

    (e) to
      pay
      the premiums for all policies of insurance required to be furnished by the
      Borrower pursuant to the Construction Loan Agreement if such premiums are not
      paid by the Borrower and written request from Lender has been given to Guarantor
      in connection with any of the foregoing provisions of this Paragraph 1;
      and

     

    (f) to
      pay
      all of the Bank’s reasonable costs and expenses, including, without limitation,
      attorney’s fees, incurred in the enforcement of this Guaranty and the provisions
      of the Loan Documents covered by this Guaranty.

     

    2. Without
      in any way limiting the generality of the foregoing, following written request
      from Bank for performance by Guarantor hereunder to complete construction of
      the
      Improvements, Bank shall make available any undisbursed Commitments which are
      not subject to legal impairment to disbursement pursuant to a court order,
      a
      mechanic’s or materialman’s lien, a bankruptcy proceeding or notice to disburser
      and which have been designated in the 

     

    
      
        
        

      

      
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    Project
      Budget for the payment of Project Costs directly related to the construction
      of
      the Improvements. Such funds shall be disbursed only upon satisfaction by
      Guarantor of all requirements for disbursement set forth in the Construction
      Loan Agreement and in accordance with the disbursement procedures set forth
      in
      the Construction Loan Agreement, and any amendments thereof, except that
      Guarantor shall not be required to satisfy Borrower’s requirements set forth in
      Sections 6.01 (d) and 6.02 (a) and (c)(i), (or to cure any Events of Default
      by
      Borrower in connection with the matters addressed in those sections) nor shall
      Guarantor be obligated to repay to Bank and Lenders the Loans. In connection
      with Guarantor’s obligations hereunder, Guarantor shall be entitled to all
      rights of Borrower under the Construction Loan Agreement to reallocate the
      Borrower Contingency Fund so long as Guarantor has satisfied the requirements
      set forth in the preceding sentence. In the event that Guarantor does not
      satisfy all of the requirements for disbursement of Loans set forth
      hereinabove,
      does
      not
      comply with the disbursement procedures set forth in the Construction Loan
      Agreement following a request from Bank pursuant to Paragraph 1,
      or any
      representation warranty or certification made by Guarantor in the Representation
      Agreement shall prove to be false or misleading:
      (i) Bank shall have no further obligation to disburse any portion of the
      Commitments to Guarantor; (ii) Bank may pursue whatever remedies it may have
      available at law or in equity for breach of such terms and conditions; and
      (iii)
      at Bank’s option, to be exercised in its sole discretion, Guarantor shall
      perform the Completion Obligations at its sole cost and expense without any
      right or recourse to any portion of the Commitments or Bank may complete the
      Project itself or cause the Project to be completed by a third party and charge
      the entire cost thereof to Guarantor. In connection with the Guarantor’s
      obligations hereunder, whenever it is necessary for Guarantor to cure an Event
      of Default in order to satisfy any such requirement or procedure for
      disbursements described herein, Guarantor shall have such time to cure an Event
      of Default as may be granted by Bank, in its sole discretion, but in no event
      less than ten (10) Business Days after Guarantor receives a request from Bank
      under Paragraph 1 for performance hereunder.

     

    3. This
      is a
      guaranty of performance and not of collection, and the Bank shall not be
      required to take any action against the Borrower (other than providing such
      notice to Borrower as is required by the Construction Loan Agreement) or resort
      to any other security given for the performance of the Borrower’s obligations as
      a precondition to the obligations of the Guarantor hereunder. Nothing herein
      shall constitute a guaranty of repayment of the Loan by Guarantor.

     

    4. The
      Bank,
      in its sole discretion, following the delivery of such notice to Borrower as
      is
      required by the Construction Loan Agreement, may proceed to exercise any right
      or remedy which the Bank may have under this Guaranty or
      the
      Representation Agreement without
      pursuing or exhausting any right or remedy which it may have against the
      Borrower, against any other guarantor or against any other person or entity,
      and
      the Bank may proceed to exercise any right or remedy which the Bank may have
      under this Guaranty without regard to any actions or omissions of the Borrower
      or any other person or entity.

     

    5. The
      Guarantor authorizes the Bank, without notice to the Guarantor and without
      impairing the liability of the Guarantor hereunder, to exercise the Bank’s right
      to complete construction in accordance with the Construction Loan Agreement
      pursuant to the Plans and Specifications, and, subject to Paragraph 1(b), to
      add
      expenses incurred during the course of such completion to the Borrower’s
      principal obligations under the Loan (as defined in the 

     

    
      
        
        

      

      
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    Construction
      Loan Agreement). The Guarantor acknowledges that the Bank has no obligation
      to
      exercise such right, and that the Bank is entitled to make expenditures toward
      completion without actually completing construction. The Guarantor waives any
      claims, rights or defenses resulting from (a) the Bank’s proper exercise of its
      right to complete construction, and (b) the Bank’s failure to complete
      construction. The Guarantor agrees that appropriate expenses to complete
      construction in accordance with Paragraph 1(b) hereof, include, without
      limitation, payments to release liens, payments to contractors, laborers,
      materialmen and suppliers, purchase of equipment, services of experts, interest
      on amounts advanced, and all additional categories of expense, both hard and
      soft, set forth on the Project Budget defined in and attached to the
      Construction Loan Agreement.

     

    6. The
      obligations of the Guarantor hereunder shall be direct and independent of any
      obligations of the Borrower to the Bank and absolute and unconditional
      irrespective of the validity, legality or enforceability of any of the Loan
      Documents, or any other circumstances (except for those actions of the Bank
      in
      violation of the Loan Documents or applicable law) which might otherwise
      constitute a legal or equitable discharge of a surety or guarantor (including,
      without limitation, the finding or conclusions of any proceeding under the
      federal Bankruptcy code or of similar present or future federal or state law),
      it being agreed that the obligations of the Guarantor hereunder shall not be
      discharged except by payment or performance as herein provided.

     

    7. From
      and
      after the date that Guarantor satisfies the requirements for disbursements
      of
      Loans as set forth in paragraph 2 hereof, and so long as there shall occur
      no
      other Event of Default, interest shall accrue on the outstanding principal
      balance of the Loans at the LIBOR-Based Rate . In addition, Bank agrees to
      forbear pursuit of remedies against Borrower for Events of Default during any
      period of time that Guarantor is performing its obligations hereunder and
      satisfying the requirements for disbursement of Loans pursuant paragraph 2
      hereof.

     

    8. Without
      limiting the generality of Paragraph 5 above, the Guarantor hereby consents
      and
      agrees that, at any time and from time to time:

     

    (a) any
      action may be taken under any of the Loan Documents in the exercise of any
      remedy, power or privilege therein contained (including, without limitation,
      the
      acceleration of the maturity of the Note) or otherwise with respect thereto,
      or
      such remedy, power or privilege may be waived, omitted, or not
      enforced;

     

    (b) the
      time
      for the Borrower’s performance of or compliance with any term, covenant or
      agreement on its part to be performed or observed under any of the Loan
      Documents may be extended, or such performance or compliance waived, or failure
      in or departure from such performance or compliance consented to;

     

    (c) any
      of
      the Loan Documents (except this Guaranty), or any terms thereof may be amended
      or modified in any respect (including without limitation, with respect to
      interest on the Note); and

     

    (d) the
      Guarantor waives any rights it might otherwise have under Colorado Revised
      Statutes §§ 13-50-102 or 13-50-103 (or under any corresponding future statute or
      rule of 

     

    
      
        
        

      

      
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    law
      in
      any jurisdiction) by reason of any release of fewer than all of the guarantors
      of the obligations of the Guarantor hereunder, all in such manner and upon
      such
      terms as the Bank may deem proper, and without notice to or further assent
      from
      the Guarantor, and all without affecting this Guaranty or the obligations of
      the
      Guarantor hereunder, which shall continue in full force and effect until all
      of
      the obligations of the Guarantor hereunder shall have been fully paid and
      performed.

     

    9. The
      Guarantor hereby waives notice of acceptance of this Guaranty, presentment,
      demand, protest, notice of the occurrence of an event of default under the
      Loan
      Documents and any other notice of any kind whatsoever, with respect to any
      or
      all of the obligations of Guarantor hereunder and promptness in making any
      claim
      or demand hereunder; but no act or omission of any kind shall in any way affect
      or impair this Guaranty.

     

    10. The
      Guarantor hereby represents and warrants as follows:

     

    (a) The
      Guarantor is a corporation duly organized, validly existing and in good standing
      under the laws of the jurisdiction indicated in the first paragraph hereof
      and
      has all requisite power and authority, corporate or otherwise, to conduct its
      business, to own its properties and to execute and deliver, and to perform
      all
      of its obligations under, this Guaranty.

     

    (b) The
      execution, delivery and performance of this Guaranty by Guarantor will not
      (i)
      require any consent or approval of any person, (ii) violate any provision of
      any
      law, rule, regulation, order, writ, judgment, injunction, decree, determination
      or award presently in effect having applicability to the Guarantor, or (iii)
      result in a breach of or constitute a default under any indenture or loan or
      credit agreement or any other agreement, lease or instrument to which the
      Guarantor is a party or by which Guarantor or its properties may be bound or
      affected; and the Guarantor is not in default under any such law, rule,
      regulation, order, writ, judgment, injunction, decree, determination or award
      or
      any such indenture, agreement, lease or instrument.

     

    (c) This
      Guaranty constitutes a
      legal,
      valid and binding obligation of the Guarantor enforceable against Guarantor
      in
      accordance with its terms, except as limited by applicable bankruptcy,
      insolvency, fraudulent transfer, reorganization, moratorium and other laws
      or
      equitable principles relating to or affecting the rights of creditors and
      general principles of equity.

     

    (d) There
      are
      no actions, suits or proceedings pending or, to the knowledge of the Guarantor,
      threatened against or affecting it or any of its assets before any court or
      governmental department, commission, board, bureau, agency or instrumentality,
      domestic or foreign, which, if determined adversely to the Guarantor, would
      have
      a material adverse effect on any of his financial condition, properties, or
      operations.

     

    (e) No
      authorization, consent, approval, license, exemption of or filing or
      registration with any court or governmental department, commission, board,
      bureau, agency or instrumentality, domestic or foreign, is or will be necessary
      to the valid execution, delivery or performance by the Guarantor of this
      Guaranty.

     

    11. No
      failure or delay on the part of the Bank in exercising any right, power or
      remedy hereunder shall operate as a waiver thereof, nor shall any single or
      partial exercise of any such right, power or remedy preclude any other or
      further exercise thereof or the exercise of any 

     

    
      
        
        

      

      
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    other
      right, power or remedy hereunder. No amendment, modification, termination,
      or
      waiver of any provision of this Guaranty nor consent to any departure by the
      Guarantor therefrom, shall in any event be effective unless the same shall
      be in
      writing and signed by the Bank (and Guarantor as to any modification or
      amendment of this Guaranty), and then such waiver or consent shall be effective
      only in the specific instance and for the specific purpose for which given.
      No
      notice or demand on the Guarantor in any case shall entitle the Guarantor to
      any
      other or further notice or demand in similar or other
      circumstances.

     

    12. All
      notices, requests, demands, statements, authorizations, approvals, directions
      and other communications provided for herein shall be given or made in writing
      and shall be deemed sufficiently given or served for all purposes as of the
      date
      (i) when hand delivered (provided that delivery shall be evidenced by a receipt
      executed by or on behalf of the addressee), (ii) one (1) Business Day after
      being sent by reputable overnight courier service (with delivery evidenced
      by
      written receipt), or (iii) with a simultaneous delivery by one of the shall
      mean
      in clause
      (i)
      or
(ii)
      above,
      by facsimile, when sent, with confirmation and a copy sent by first class mail,
      in each case addressed to the intended recipient at the address specified below;
      or, as to any party, at such other address as shall be designated by such party
      in a notice to each other party hereto. Guarantor shall only be required to
      send
      notices, requests, demands, statements, authorizations, approvals, directions
      and other communications to Bank on behalf of all of the Lenders.

     

    If
      to
      Guarantor: c/o
      The
      Vail Corporation

    137
      Benchmark Road

    Avon,
      Colorado 81620

    Attention:
      Jeffrey W. Jones

    Facsimile:
      970-845-2555

    With
      a
      copy to: Brownstein
      Hyatt & Farber, P.C.

    410
      Seventeenth Street

    Twenty-Second
      Floor

    Denver,
      Colorado 80202

    Attention:
      Patricia L. Gruber, Esq.

    Facsimile:
      303-223-1111

    If
      to
      Bank: U.S.
      Bank
      National Association

    DN-CO-BB5R

    918
      Seventeenth Street, 5th Floor

    Denver,
      Colorado 80202

    Attention:
      Mr. Matthew Carrothers

    Facsimile:
      303-585-4198

    With
      a
      copy to: U.S.
      Bank
      National Association

    Capital
      Markets Group

    14241
      Dallas Parkway

    Suite
      490

    Dallas,
      Texas 75274

    Attention:
       Mr.
      Huvishka Ali

    Facsimile:
      972-386-8370

    
      
        
        

      

      
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    With
      a
      copy to: Snell
      & Wilmer L.L.P.

    1200
      Seventeenth Street, Suite 1900

    Denver,
      Colorado 80202

    Attention:
      Thomas L. DeVine, Esq.

    Facsimile:
      303-634-2020

    

    Bank
      or
      Guarantor may, in its discretion, agree to accept notices and other
      communications to it hereunder by electronic communications pursuant to
      procedures approved by it; provided that approval of such procedures may be
      limited to particular notices or communications.

     

    13. The
      Guarantor hereby waives and agrees not to assert or take advantage of any duty
      on the part of the Bank to disclose to the Guarantor any facts Bank may now
      or
      hereafter know about the Borrower, regardless of whether the Bank has reason
      to
      believe that any such facts materially increase the risk beyond that which
      the
      Guarantor intends to assume or has reason to believe that such facts are unknown
      to the Guarantor or has a reasonable opportunity to communicate such facts
      to
      the Guarantor, it being understood and agreed that the Guarantor is fully
      responsible for being and keeping informed of the financial condition of the
      Borrower and of any and all circumstances bearing the risk of non-payment on
      any
      obligations hereby guaranteed.

     

    14. The
      Guarantor will file all claims against the Borrower in any bankruptcy or other
      similar proceedings in which the filing of claims is required by law upon any
      indebtedness of the Borrower to the Guarantor and will assign to the Bank all
      rights of the Guarantor thereunder. In all such cases, whether in
      administration, bankruptcy or otherwise, the person or persons authorized to
      pay
      such claim shall pay to the Bank the full amount thereof and to the full extent
      necessary for that purpose, the Guarantor hereby assigns to the Bank all of
      the
      Guarantor’s rights to any such payments or distributions to which the Guarantor
      would otherwise be entitled; provided that the Bank shall thereafter be
      obligated to deliver to Guarantor any payments or distributions so received
      by
      the Bank in excess of the amounts due from Guarantor to the Bank
      hereunder.

     

    15. To
      the
      extent that the Guarantor receives any payments, distributions or any other
      consideration with respect to any shares, debentures or partnership interests
      of
      the Borrower however described, the Guarantor shall immediately pay over and
      deliver such payments, distributions or other consideration to the Bank to
      the
      extent that such payments, distributions or other consideration were made in
      contravention of the Loan Documents.

     

    16. By
      execution hereof, the Guarantor certifies to the Bank that the Guarantor has
      received a copy of the Construction Loan Agreement and all other Loan Documents
      in execution form and represents that Guarantor is knowledgeable of the contents
      thereof.

     

    17. Wherever
      possible each provision of this Guaranty shall be interpreted in such manner
      as
      to be effective and valid under applicable law, but if any provision of this
      Guaranty shall be prohibited by or invalid under such law, such provision shall
      be ineffective to the extent of such prohibition or invalidity, without
      invalidating the remainder of such provision or the remaining provisions of
      this
      Guaranty.

     

    
      
        
        

      

      
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    18. The
      Guarantor hereby represents and agrees that this is a continuing guaranty and
      (a) shall remain in full force and effect until such time as a temporary
      certificate of occupancy is issued for the Project (as defined in the
      Construction Loan Agreement), so long as sufficient Loan funds remain available
      under the Loan Budget to cover all of the punch list items remaining to be
      completed and thereupon Bank shall provide written confirmation to Guarantor
      of
      termination hereof in such form as is reasonably requested by Guarantor, (b)
      shall be governed by, and construed in accordance with, the laws of the State
      of
      Colorado, (c) shall be binding upon the Guarantor, its successors, and assigns,
      and (d) shall inure to the benefit of and be enforceable by the Bank and its
      respective successors, transferees and assigns. Without limiting the generality
      of the foregoing clause (d), the Bank may assign or otherwise transfer the
      Note
      held by it to any other person or entity, and such subsequent holder of the
      Note
      shall thereupon become vested with all the powers and rights in respect thereof
      granted to the Bank herein or otherwise.

     

    19. The
      Guarantor shall furnish to the Bank as and when required by the Construction
      Loan Agreement the financial statements required to be furnished by the
      Guarantor.

     

    20. The
      Guarantor shall indemnify and hold the Bank harmless from any loss, cost, claim
      or expense (including, without limitation, attorneys’ fees) suffered by the Bank
      as the result of a claim by third party arising from any failure by the Borrower
      to return any earnest money deposits made by purchasers under the Purchase
      Contracts (as defined in the Construction Loan Agreement) as required by the
      terms of such Purchase Contracts. Guarantor’s liability under this Paragraph 20
      is in addition to the sums referenced in Paragraph 1 above.

     

    21. Both
      the
      Guarantor and the Bank hereby waives any right to jury trial of any claim,
      cross-claim or counter-claim relating to or arising out of or in connection
      with
      this Guaranty.

     

    22. FOR
      PURPOSES OF ANY ACTIONS RELATING TO THIS GUARANTY, THE GUARANTOR AND THE BANK
      CONSENT TO THE PERSONAL JURISDICTION OF THE STATE AND FEDERAL COURTS OF THE
      STATE OF COLORADO.

     

    23. This
      Guaranty may be executed in any number of counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument.

     

    [REMAINDER
      OF PAGE INTENTIONALLY BLANK]

     

    
      
        
        

      

      
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    SIGNED
      AND DELIVERED effective as of the 1st day of December, 2005.

     

    

    

    GUARANTOR:

    THE
      VAIL
      CORPORATION, a Colorado corporation

    By:
      /s/
      Jeffrey W. Jones 

    Jeffrey
      W. Jones

    Senior
      Vice President & Chief Financial Officer

    

    

    GUARANTOR:

    VAIL
      RESORTS, INC, a Delaware corporation

    By:
      /s/
      Jeffrey W. Jones 

    Jeffrey
      W. Jones

    Senior
      Vice President & Chief Financial Officer

    

    

    BANK:

    U.S.
      BANK
      NATIONAL ASSOCIATION, a national banking association

    By:
      /s/
      Matthew W. Carrothers

    Matthew
      W. Carrothers

    Vice
      President

     

     

    
      
        
        

      

      
        81Exhibit 10.20

    Exhibit
      10.20

    

    VAIL
      RESORTS, INC.

    RESTRICTED
      SHARE [UNIT] AGREEMENT

     

    

    THIS
      AGREEMENT, dated as of [date], is between Vail Resorts, Inc., a Delaware
      corporation (the “Company”), and [name of employee] (the
“Employee”).

     

    WHEREAS,
      the Employee has been granted the following award under the Company’s [insert
      applicable plan] Long Term Incentive and Share Award Plan (the
“Plan”);

     

    NOW,
      THEREFORE, in consideration of the premises and mutual covenants contained
      herein, and for other good and valuable consideration, the parties hereto agree
      as follows.

     

    1.  Award
      of Shares.  Pursuant
      to the provisions of the Plan, the terms of which are incorporated herein by
      reference, the Employee is hereby awarded [number of shares][number of units]
      [Restricted Shares][Restricted Share Units] (the “Award”), subject to the terms
      and conditions of the Plan and those herein set forth. The Award is granted
      as
      of [date] (the “Date of Grant”). Capitalized terms used herein and not defined
      shall have the meanings set forth in the Plan. In the event of any conflict
      between this Agreement and the Plan, the Plan shall control.

     

    2.  Terms
      and Conditions.  It
      is understood and agreed that the Award of [Restricted Shares][Restricted Share
      Units] evidenced hereby is subject to the following terms and
      conditions:

     

    (a)  Vesting
      of Award.
      Subject
      to Section 2(b) below and the other terms and conditions of this Agreement,
      this Award shall become vested in three equal annual installments, commencing
      on
      the first anniversary of the Date of Grant and continuing on each of the
      following two anniversaries of the Date of Grant. [RS: Unless otherwise provided
      by the Committee, all dividends and other amounts receivable in connection
      with
      any adjustments to the Shares under Section 4(c) of the Plan shall be subject
      to
      the vesting schedule in this Section 2(a).]

     

    (b)  Termination
      of Service; Forfeiture of Unvested Shares.
      In the
      event of a termination of the Employee’s employment with the Company and its
      Subsidiaries prior to the date the Award otherwise becomes vested, the unvested
      portion of the Award shall immediately be forfeited by the Employee and become
      the property of the Company. 

     

    [RS:
      (c)  Certificates.  Each
      certificate or other evidence of ownership issued in respect of Restricted
      Shares awarded hereunder shall be deposited with the Company, or its designee,
      together with, if requested by the Company, a stock power executed in blank
      by
      the Employee, and shall bear a legend disclosing the restrictions on
      transferability imposed on such Restricted Shares by this Agreement (the
“Restrictive Legend”). Upon the vesting of 

    
      
        
        

      

      
        82

        
          

        

      

      
        
        

      

    

    Restricted
      Shares pursuant to Section 2(a) hereof and the satisfaction of any
      withholding tax liability pursuant to Section 5 hereof, the certificates
      evidencing such vested Shares, not bearing the Restrictive Legend, shall be
      delivered to the Employee or other evidence of vested Shares shall be provided
      to the Employee.

    

    [RSU:(c) Delivery.
      Upon
      the vesting of Restricted Share Units pursuant to Section 2(a) hereof and
      the satisfaction of any withholding tax liability pursuant to Section 5
      hereof, the certificates evidencing the Shares to which the vested Restricted
      Share Units relate shall be delivered to the Employee or other evidence of
      the
      Shares shall be provided to the Employee.]

    

     

    [RS:
      (d)  Rights
      of a Stockholder.  Prior
      to the time a Restricted Share is fully vested hereunder, the Employee shall
      have no right to transfer, pledge, hypothecate or otherwise encumber such
      Restricted Share. During such period, the Employee shall have all other rights
      of a stockholder, including, but not limited to, the right to vote and to
      receive dividends (subject to Section 2(a) hereof) at the time paid on such
      Restricted Shares.]

    

    [RSU:
      (d) Rights
      of a Stockholder.  The
      Employee shall have no right to transfer, pledge, hypothecate or otherwise
      encumber the Restricted Share Units. The Employee shall not have the rights
      of a
      stockholder with respect to the Restricted Share Units, including the right
      to
      receive dividends.]

     

    (e)  No
      Right to Continued Employment.
      This
      Award shall not confer upon the Employee any right with respect to continuance
      of employment by the Company nor shall this Award interfere with the right
      of
      the Company to terminate the Employee’s employment at any time.

    

    3.  Transfer
      of Shares.
      The
      Shares delivered hereunder, or any interest therein, may be sold, assigned,
      pledged, hypothecated, encumbered, or transferred or disposed of in any other
      manner, in whole or in part, only in compliance with the terms, conditions
      and
      restrictions as set forth in the governing instruments of the Company,
      applicable federal and state securities laws or any other applicable laws or
      regulations and the terms and conditions hereof. 

     

    4.  Expenses
      of Issuance of Shares.
      The
      issuance of stock certificates hereunder shall be without charge to the
      Employee. The Company shall pay any issuance, stamp or documentary taxes (other
      than transfer taxes) or charges imposed by any governmental body, agency or
      official (other than income taxes) by reason of the issuance of
      Shares.

     

    [RS:
      5.  Withholding.
      No
      later than the date of vesting of (or the date of an election by the Employee
      under Section 83(b) of the Code with respect to) the Award granted
      hereunder, the Employee shall pay to the Company or make arrangements
      satisfactory to the Committee regarding payment of any federal, state or local
      taxes of any kind required by law to be withheld at such time with respect
      to
      such Award and the Company shall, to the extent permitted or required by law,
      have the right to deduct from any payment of any kind otherwise due to the
      Employee, federal, state and local taxes of any kind required by law to be
      withheld at 

    
      
        
        

      

      
        83

        
          

        

      

      
        
        

      

    

    such
      time. The Employee may elect to have the Company withhold Shares to pay any
      applicable withholding taxes resulting from the Award, in accordance with any
      rules or regulations of the Committee then in effect.]

    

    [RSU
      5.  Withholding.
      No
      later than the date of delivery of Shares pursuant to Section 2(c) hereunder,
      the Employee shall pay to the Company or make arrangements satisfactory to
      the
      Committee regarding payment of any federal, state or local taxes of any kind
      required by law to be withheld at such time with respect to the Award and the
      Company shall, to the extent permitted or required by law, have the right to
      deduct from any payment of any kind otherwise due to the Employee, federal,
      state and local taxes of any kind required by law to be withheld at such time.
      The Employee may elect to have the Company withhold Shares to pay any applicable
      withholding taxes resulting from the Award, in accordance with any rules or
      regulations of the Committee then in effect.]

     

    6.  References.  References
      herein to rights and obligations of the Employee shall apply, where appropriate,
      to the Employee’s legal representative or estate without regard to whether
      specific reference to such legal representative or estate is contained in a
      particular provision of this Agreement.

     

    7.  Notices.  Any
      notice required or permitted to be given under this Agreement shall be in
      writing and shall be deemed to have been given when delivered personally or
      by
      courier, or sent by certified or registered mail, postage prepaid, return
      receipt requested, duly addressed to the party concerned at the address
      indicated below or to such changed address as such party may subsequently by
      similar process give notice of:

     

    
      	
               

            	
              If
                to the Company:

            	
              Vail
                Resorts, Inc.

            
	
               

            	 	
              390
                Interlocken Crescent

            
	 	 	
              Suite
                1000

            
	
               

            	 	
              Broomfield,
                Colorado 80021

            
	
               

            	
               

            	
              Attention:
                General Counsel

            

    

    

    
      	
               

            	
              If
                to the Employee:

            	
              At
                the Employee’s most recent address shown on the Company’s corporate
                records, or at any other address which the Employee may specify in
                a
                notice delivered to the Company in the manner set forth
                herein.

            

    

     

    8.  Governing
      Law.  This
      Agreement shall be governed by and construed in accordance with the laws of
      Colorado, without giving effect to principles of conflict of laws.

     

    9.  Counterparts.  This
      Agreement may be executed in two counterparts, each of which shall constitute
      one and the same instrument.

    

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        84

        
          

        

      

      
        
        

      

    

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

     

    VAIL
      RESORTS, INC.

     

    By: 

    Name:
      __________________________

    Title:
      ___________________________

    

    EMPLOYEE:

    

    ___________________________

    [Typewritten
      Name of Employee]

    

    

    
      
        
        

      

      
        85

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