Document:

Exhibit 10.31

      Deferred Compensation Agreement by and between Booth Creek Ski Group,
                            Inc. and Timothy H. Beck

<PAGE>

                         DEFERRED COMPENSATION AGREEMENT

                  This  Agreement is entered into as of the 22nd day of January,
2002, by and between Booth Creek Ski Group,  Inc., a Delaware  corporation  (the
"Company") and Timothy H. Beck ("Executive").

                               W I T N E S S E T H:

                  WHEREAS,  Executive  has been  employed by the Company and has
faithfully  served the Company in a capable and efficient  manner,  resulting in
meaningful growth and progress to the Company; and

                  WHEREAS, the Company wants to reward the Executive for his/her
past  services and provide  him/her with an inducement to continue to faithfully
be employed by the Company; and

                  WHEREAS, Executive is willing to continue in the employ of the
Company if the Company agrees to pay Executive certain  benefits,  in accordance
with the provisions and conditions hereinafter set forth;

                  NOW,  THEREFORE,  in consideration of the foregoing and of the
mutual covenants herein contained and other good and valuable consideration, the
receipt and  sufficiency  of which are hereby  acknowledged,  the parties hereto
hereby agree as follows:

     1. Definitions.  For purposes of this Agreement,  the following definitions
shall apply:

          a. "Board" means the board of directors of the Company.

          b.  Termination  of  employment  for "Cause"  means a  termination  of
     Executive's employment in conjunction with Executive having (i) 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
     Company shall terminate Executive's employment pursuant to this clause (i),
     and Executive ultimately shall be acquitted,  such termination shall not be
     deemed a termination for Cause,  as of the date of termination  pursuant to
     this clause (i)); (ii) engaged in fraud, embezzlement involving property of
     Company or otherwise,  or other  intentional  wrongful act that  materially
     impairs the goodwill or business of Company;  (iii) any willful  failure to
     carry  out any of his  material  responsibilities  or to  comply  with  any
     reasonable  instruction  of the board or president or Company  policy,  not
     cured,  within a reasonable time of notice from the board or president;  or
     (iv) otherwise  materially  breached any provision of this Agreement or any
     employment agreement that he shall have entered into with Company.
<PAGE>

          c. "Change in Control" means (i) the sale of all or substantially  all
     of  the  assets  of  BC  (as  hereinafter   defined),   or  reorganization,
     recapitalization,  merger, consolidation, or other transaction involving BC
     or changing the rights,  designations,  or  preferences  of  outstanding BC
     capital stock (a "BC Transaction"), or a sale of Common Equivalents, in any
     case as a result of which the  Investors do not  collectively  own at least
     20% of the Common  Equivalents  that they own on the date  hereof or (ii) a
     similar event that the Board, in its sole discretion,  determines should be
     similarly  treated.  "Common  Equivalents" means (i) the Company Class A or
     Class B common stock or warrants to purchase Class B common stock; (ii) any
     BC common stock or equivalent  security,  if BC shall not be a corporation;
     or (iii) any security  distributed  without  consideration by BC in respect
     of, or exchanged  pursuant to a BC Transaction in whole or part for, Common
     Equivalents. "BC" means the Company or any other issuer that, pursuant to a
     BC Transaction not causing a Change in Control, shall have acquired control
     of all of the  businesses  controlled  by BC  immediately  before  such  BC
     Transaction. "Investors" means John Hancock Life Insurance Company, Hancock
     Mezzanine   Partners,   L.P.,  CIBC  WG  Argosy  Merchant  Fund  2  L.L.C.,
     Co-Investment   Merchant  Fund,  LLC,  any  person   acquiring  any  Common
     Equivalent  from an  Investor  in a  transaction  not  causing  a Change in
     Control,  and any affiliate of an Investor,  insofar as such affiliate owns
     any Common  Equivalent.  In computing the percentage of Common  Equivalents
     owned by the Investors on any date  ("measuring  date") for purposes of the
     first sentence of this definition,  the Investors shall be deemed to own on
     the date hereof the amount of Common Equivalents that they would have owned
     on the  measuring  date had they never  disposed  of any Common  Equivalent
     (except  in  exchange  for  another  Common  Equivalent  pursuant  to  a BC
     Transaction or by exercising or converting a Common  Equivalent for or into
     another Common Equivalent).

          d. "Common Stock" means the Company's Class B Common Stock,  $.001 par
     value per share.

          e. "Stock  Share"  means a share of Common  Stock  issued as part of a
     restricted  stock  award  to  Executive  under  the  Company's  2001  Stock
     Incentive  Plan (the  "Plan"),  that is  subject  to the  Restricted  Stock
     Agreement between the Company and Executive, dated as of even date.

          f.  "Triggering  Event" means a sale or other transfer of Stock Shares
     in  accordance  with  applicable  requirements  (including  a sale or other
     transfer  to, or  redemption  by, the Company of Stock  Shares,  whether in
     conjunction  with the  netting out of Stock  Shares to satisfy  withholding
     requirements  upon an option exercise,  or in conjunction with the exercise
     of a right of  first  refusal,  a call  right,  a put  right,  a  corporate
     transaction  or  otherwise)  other  than a  transfer  at death  (by will or
     intestacy)  of Stock  Shares.

     2. Establishment of Deferred Compensation Account and Deferred Compensation
Units.  The Company  shall  establish  on its books a special  ledger  "Deferred
Compensation  Account" for Executive and shall credit  thereto one hundred forty
(140)  Deferred   Compensation  Units  (as  hereinafter   defined).  A  Deferred
Compensation  Unit is a measuring  device that  measures  the amount of deferred
compensation  to be paid to the Executive in  accordance  with the terms of this
Agreement.
<PAGE>

     3. Vesting of Deferred Compensation Units.

          a. The deferred  compensation  obligation created hereunder shall vest
     (i.e., shall no longer be forfeitable,  except as provided in Section 3(d))
     as to 60% of the  Deferred  Compensation  Units  as of  the  date  of  this
     Agreement,  and  shall  vest  as to  an  additional  20%  of  the  Deferred
     Compensation  Units on each of  November  1,  2002 and  November  1,  2003;
     provided  that,  with  respect to each such  vesting  date,  Executive  has
     remained   continuously   employed  by  the  Company   through  such  date.
     Consequently, the deferred compensation obligation shall be fully vested as
     to  100% of the  Deferred  Compensation  Units  on  November  1,  2003,  if
     Executive remains continuously employed by the Company through such date.

          b. Notwithstanding Section 3(a), upon a Change in Control the deferred
     compensation  obligation  provided for by this Agreement shall  immediately
     become fully vested as to 100% of the Deferred Compensation Units.

          c.  Upon a  termination  of  Executive's  employment  for any  reason,
     Executive  shall forfeit all the Deferred  Compensation  Units that are not
     vested as of such date.

          d.  Upon  a  termination  of  Executive's   employment  for  Cause  or
     Executive's  breach,  before  November  1,  2003,  of  Section  10  of  his
     employment  agreement with the Company,  this Agreement  shall  immediately
     terminate  and  Executive  shall  forfeit  any  and all  rights  hereunder,
     including,  but not limited  to,  rights  with  respect to vested  Deferred
     Compensation Units (even if a Triggering Event has already occurred and, if
     a Triggering Event has occurred,  even if payments had commenced to be paid
     as  installments  under  Section  4(b)) and all  rights to  prepayments  of
     deferred compensation under Section 6.

          e. The parties shall promptly  submit any dispute or claim arising out
     of or in  respect  to  Section  3(d)  (i.e.,  a  dispute  as to  whether  a
     termination  of   Executive's   employment  was  for  "Cause")  to  binding
     arbitration  before one arbitrator  ("Arbitrator").  The parties agree that
     binding  arbitration  shall be the sole means of resolving any such dispute
     or claim.  The laws of the state where the  Executive  shall have been most
     recently employed by the Company shall apply to any arbitration  hereunder.
     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  state in which  Executive
     shall have been most recently  employed by Company,  in accordance with the
     then-current   provisions   of  the  rules  of  the  American   Arbitration
     Association,  except as otherwise provided herein. No party shall seek, and
     neither  the  Arbitrator  nor any  court  shall  award,  punitive  or other
     exemplary  damages  respecting any dispute relating to Section 3(d) of this
     Agreement.  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 herein, 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.  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 the  state in which
     Executive shall have been most recently  employed by the Company 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.  This Section 3(e) shall not prevent the Company
     from seeking or obtaining  temporary or preliminary  injunctive relief in a
     court for any breach or threatened  breach of  Executive's  obligations  or
     responsibilities to the Company.  This arbitration clause shall survive the
     termination of this Agreement. ALL PARTIES WAIVE TRIAL BY JURY WITH RESPECT
     TO ANY DISPUTE ARISING UNDER SECTION 3(d) OF THIS AGREEMENT.
<PAGE>

     4. Payment of Deferred Compensation.

          a. Except as provided in Section 6, after a Deferred Compensation Unit
     vests,  no payment shall be made with respect to the Deferred  Compensation
     Unit until the  occurrence  of a  Triggering  Event.  Except as provided in
     Section  4(b),  within  sixty (60) days  after any  Triggering  Event,  the
     Company shall pay to Executive, in cash or other immediately payable funds,
     an amount  (the  "Triggered  Deferred  Compensation  Amount")  equal to the
     excess of:

               i) the product obtained by multiplying

                    (1) the  value  of a  Deferred  Compensation  Unit as of the
               Triggering Event, determined in accordance with Section 5; by

                    (2) the lesser of

                         (a)   the   number   of   remaining   vested   Deferred
                    Compensation   Units   credited  to   Executive's   Deferred
                    Compensation  Account  determined  immediately  prior to the
                    Triggering Event; and

                         (b)  the  number  of  Stock  Shares  as  to  which  the
                    Triggering Event has occurred; over

               ii)  the  product  obtained  by  multiplying

                         (1) the sum of the  respective  quotients  obtained  by
                    dividing

                         (a)  each  amount  that  has  been  paid to  Executive,
                    pursuant to Section 6(a), as an Accelerated  DCA Payment (as
                    defined  in Section  6(a)),  or that would have been so paid
                    but for the operation of Section 6(b), by

                         (b) the number of shares of Class B Common Stock issued
                    or issuable  under the Company's  2001 Stock  Incentive Plan
                    ("Plan Shares")  constituting  the numerator of the fraction
                    referred  to in clause  (a)(ii) of Section 6 used to compute
                    such amount; by
<PAGE>

                         (2) the lesser of:

                         (a)   the   number   of   remaining   vested   Deferred
                    Compensation   Units   credited  to   Executive's   Deferred
                    Compensation  Account  determined  immediately  prior to the
                    Triggering Event; and

                         (b)  the  number  of  Stock  Shares  as  to  which  the

                    Triggering Event has occurred.

               b.  Notwithstanding  Section  4(a),  (i) in the  event  that  the
          payment  hereunder would impair the Company's cash flow, as reasonably
          determined  by the Board in its sole  discretion  (which may take into
          account,  without  limitation,  other deferred  compensation  payments
          under other  deferred  compensation  agreements) or (ii) to the extent
          required by any credit  agreement  or similar  instrument,  in lieu of
          paying the entire Triggered Deferred  Compensation  Amount in a single
          payment,   the  Company  may  elect  to  pay  the  Triggered  Deferred
          Compensation  Amount in equal installments over a period not exceeding
          five years,  with installment  payments being made not less frequently
          than annually and the first  installment  payment being made not later
          than 60 days after the Triggering Event; provided, however, that on or
          before the  consummation  of any Change in Control,  the Company shall
          pay  Executive  the full,  unpaid  balance of the  Triggered  Deferred
          Compensation  Amount.  In the event that the Company elects to pay the
          Triggered Deferred  Compensation  Amount in installments,  interest on
          the  unpaid  balance  shall be  calculated  using the prime  rate,  as
          published in the Wall Street  Journal or a similar  publication on the
          date prior to each payment date.

               c.  Upon  the  making  of  payment  of  the  Triggered   Deferred
          Compensation  Amount (or, if applicable  pursuant to Section 4(b), the
          commencement of payment),  the number of vested Deferred  Compensation
          Units credited to Executive's  Deferred  Compensation Account shall be
          reduced by the lesser of (A) the number of remaining  vested  Deferred
          Compensation  Units  credited  to  Executive's  Deferred  Compensation
          Account  determined  immediately prior to the Triggering Event and (B)
          the  number  of Stock  Shares  as to which  the  Triggering  Event has
          occurred.

     5.  Value  of  Deferred   Compensation   Unit.  The  value  of  a  Deferred
Compensation Unit as of any date (the "Determination  Date") shall be determined
by dividing  (I) any excess of (A) the sum of (1) the lesser of (i) the total of
the face amounts of the Investor Notes outstanding on the Determination  Date or
(ii) the sum of Enterprise  Value for the fiscal year ended  immediately  before
the  Determination  Date and the CE  Proceeds  plus (2) the  amounts of all cash
repayments of principal and cash payments of interest on the Investor Notes from
the date hereof through the Determination  Date over (B) $60,000,000 by (II) the
Adjusted Shares Outstanding.
<PAGE>

         For purposes of this Section 5, the following definitions shall apply:

               a. "Adjusted Shares Outstanding" shall mean 16,485.

               b. "CE Proceeds"  shall mean the sum of the products  obtained by
          multiplying the exercise price of each CE Security  outstanding on the
          Determination  Date by the number of shares of common  stock  issuable
          upon exercise of such CE Security.

               c.  "CE  Security"  shall  mean  each  warrant  or  stock  option
          exercisable to purchase  Company common stock first  outstanding on or
          before the date of this  Agreement,  insofar as its exercise  price is
          less than the quotient obtained by dividing Enterprise Value as of the
          Determination Date by Adjusted Shares Outstanding.

               d.  "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 the  Company's  annual
          audited income statement for such year, 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 Company or
          any Company  affiliate and East West  Partners,  Inc. or any affiliate
          thereof),  including East West Resort  Development  V, L.P.,  L.L.L.P.
          (collectively,  an "East West Entity"), and any other joint venture or
          transaction as to which Executive has, at 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 Company 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.

               e. "Investor Notes" means the Company's 12% notes made to CIBC WG
          Argosy Merchant Fund 2, L.L.C.,  John Hancock Life Insurance  Company,
          and their affiliates, and to Booth Creek Partners Limited II, L.L.L.P.

                  For purposes of the definition of Adjusted Shares  Outstanding
and for  purposes  of  determining  the number of  Deferred  Compensation  Units
credited to the Executive's Deferred  Compensation Account, the number of shares
outstanding or issued as of any date shall be  appropriately  adjusted for stock
dividends,  stock splits, reverse stock splits, etc. occurring subsequent to the
date hereof.

                  Any  dispute  over  any  accounting   determination  shall  be
resolved  conclusively  by Company's  regularly  engaged  independent  auditors,
applying GAAP  consistently  with Company's past practices,  and, if Company and
Executive  shall  disagree  regarding  fair market value of real property or any
interest referred to in Section 5(d),  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 Company,  any Company  affiliate,
Executive,  or any member of Executive's  family.  Any determination of the fair
market value of any interest  referred to in Section 5(d), clause (iii) shall be
made without any minority  discount.  The fees and expenses of such  independent
auditors or appraisal firm shall be borne by Company. If the disputed item shall
have been  previously  determined  under  Company's  employment  agreement  with
Elizabeth J. Cole,  under  Company's  employment  agreement with  Christopher P.
Ryman, or under any other employee deferred compensation agreement with Company,
such determination shall bind Company and Executive hereunder.
<PAGE>

                  For   purposes  of   determining   the  value  of  a  Deferred
Compensation  Unit under the  formula set forth in the first  paragraph  of this
Section 5, if the Board  authorizes a  transaction  (or is notified that some or
all  of  its  stockholders  have  entered  into  an  agreement  to  engage  in a
transaction)  which  transaction,  if consummated,  would constitute a Change in
Control, then, for purposes of establishing the value of a Deferred Compensation
Unit under the first  paragraph  of this  Section 5, the Board  shall  equitably
adjust "the Enterprise  Value for the fiscal year ended  immediately  before the
Determination  Date"  based on the  value of the  Company  as  reflected  in the
transaction.

     6. Prepayments of Deferred Compensation.

          a. Subject to Section 6(b), at any time a cash payment of principal or
     interest  on the  Investor  Notes,  as  defined  in Section 5 (a "Cash Note
     Payment"),  shall be made that,  together with all other Cash Note Payments
     made after the date hereof, exceeds $60,000,000 (such Cash Note Payment, to
     the  extent of such  excess,  being  referred  to herein as a "Note  Excess
     Payment"),  the Company  shall pay to Executive an amount (an  "Accelerated
     DCA Payment") equal to the product obtained by multiplying:

               i) the excess of:

                    (1) the quotient obtained by dividing

                         (a) such Note Excess Payment by

                         (b) .85; over

                    (2) the Note Excess Payment; by

               ii) a  fraction,  the  numerator  of which shall be the number of
          Plan  Shares  then held (or  subject  to stock  options  then held) by
          Executive,  whether or not vested,  and the denominator of which shall
          be 2,473, as appropriately adjusted for stock dividends, stock splits,
          reverse stock splits,  etc., occurring subsequent to the date of issue
          of the Plan Shares.

          b.  Notwithstanding  Section 6(a), no Accelerated DCA Payment shall be
     made to Executive  pursuant to the preceding  sentence at the time any Cash
     Note Payment shall be made from proceeds of an initial  public  offering of
     Company equity securities registered under the Securities Act (an "IPO") or
     during the period of not less than six nor more than 12 months following an
     IPO during which Executive shall,  pursuant to the  Stockholders  Agreement
     between Executive,  Christopher P. Ryman, Elizabeth J. Cole, Brian J. Pope,
     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
     the  Company  (the  "Stockholders  Agreement"),  refrain  from  selling any
     Company  common  stock  (the  "Lockup  Period")  but,  subject  to the next
     sentence,  within five days following the end of the Lockup Period, Company
     shall pay Executive an amount (a "Deferred  Accelerated DCA Payment") equal
     to one quarter of the total of all  Accelerated  DCA Payments  that Company
     would have made  pursuant to Section  6(a),  but for the  operation of this
     Section 6(b),  computed  without regard to the effect of the next sentence,
     and Company shall pay to Executive three  additional  Deferred  Accelerated
     DCA  Payments,  in amount equal to the first one, at the end of each of the
     sixth, 12th, and 18th month after the end of the Lockup Period. There shall
     be deducted from any  Accelerated  DCA Payment or Deferred  Accelerated DCA
     Payment an amount (a "DCA Vesting  Deduction")  equal to the  percentage of
     Executive's  Plan Shares  that are not vested at the time such  Accelerated
     DCA Payment or Deferred  Accelerated DCA Payment shall be payable.  At each
     time  that  Executive's  Plan  Shares  shall  vest,  Company  shall  pay to
     Executive an amount (a "DCA Vesting  Payment")  bearing the same proportion
     to the amount of each DCA Vesting Deduction  theretofore made as the number
     of Plan  Shares so vesting  shall bear to the  number of  Executive's  Plan
     Shares  that  shall have  remained  unvested  at the time such DCA  Vesting
     Deduction shall have been made. Upon the occurrence of a Change in Control,
     Company  shall  pay to  Executive  an  amount  equal  to the sum of all DCA
     Vesting  Deductions  theretofore  made over the  amount of all DCA  Vesting
     Payments  theretofore  made and,  thereafter,  the two preceding  sentences
     shall have no further effect.

     7. Unfunded Obligation.

          a. Deferred amounts to be paid to Executive  pursuant to the Agreement
     shall constitute an unfunded  obligation of the Company.  The establishment
     of the Deferred  Compensation Account and the crediting thereto of Deferred
     Compensation Units is solely for accounting purposes. Deferred Compensation
     Units are not property and the crediting of Deferred  Compensation Units to
     the Deferred Compensation Account does not convey to Executive any property
     rights in the Company or any of its assets.

          b. Executive shall be a general unsecured creditor of the Company with
     respect to amounts  payable  hereunder;  the  Agreement  constitutes a mere
     promise by the Company to make benefit payments in the future.

          c. The  Company  may,  but  need  not,  arrange  for the  purchase  of
     insurance  contracts  or other  assets and may,  but need not,  establish a
     so-called "rabbi trust" or other informal funding vehicle to facilitate the
     payment  of  benefits  and  to  discharge  the  liability  of  the  Company
     hereunder.  The  making of any such  investments  and/or  the  creation  or
     maintenance  of  memorandum  accounts  or a rabbi  trust or other  informal
     funding  vehicles  shall  not,  however,  be  deemed to create a trust or a
     fiduciary  relationship  between  the Company and  Executive  or  otherwise
     confer on Executive or his/her creditors a vested or beneficial interest in
     any assets of the Company whatsoever. Executive shall have no claim against
     the  Company  for any  changes  in the  value of any  assets  which  may be
     invested or reinvested by the Company with respect to the Agreement.

<PAGE>

     8.  Adjustments  to  Deferred  Compensation  Units.  The number of Deferred
Compensation Units outstanding,  and the value of a Deferred  Compensation Unit,
shall be adjusted by the Board to equitably reflect any changes in the number of
shares of Common  Stock  outstanding.  In the event that the  Company (i) pays a
dividend  or other  distribution  on its Common  Stock in shares of any class or
series of its capital stock;  (ii) subdivides its  outstanding  shares of Common
Stock;  (iii)  combines  its  outstanding  shares of Common Stock into a smaller
number of shares of Common Stock; or (iv) issues any shares of its capital stock
in a  reclassification  of Common Stock,  the Board shall make any or all of the
following  adjustments as it deems  appropriate to equitably reflect such event:
(A) adjust the aggregate  number of Deferred  Compensation  Units subject to the
Agreement;  (B)  revise  the  definition  of a  Triggering  Event  such that the
deferred  compensation payment obligation hereunder tracks a security other than
(or in addition to) Common Stock;  and (C) make any other equitable  adjustments
or take such other equitable actions as the Board, in its discretion, shall deem
appropriate.  Without  limiting the foregoing,  the adjustments  provided for in
this Section  shall not be made in the event that the Company  issues any shares
of its capital stock for consideration received.

     9. Impact of Stock Share Transfers at Death. If Executive  transfers any or
all of the Stock  Shares at death,  by will or  intestacy,  to a person or other
party (an "Inheritor")  (i) the  determination of whether a Triggering Event has
occurred  with  respect  to the  Stock  Shares so  transferred  shall be made by
reference  to sales  and  transfers  by the  Inheritor;  and  (ii) the  deferred
compensation  payment due upon the occurrence of a Triggering Event with respect
to such Stock Shares shall be made to the Inheritor.

     10. Nonassignment; Payments After Death.

          a. Subject, in the case of death, to Sections 9 and 10(b), Executive's
     right  to the  payment  of  any  amounts  hereunder  may  not be  assigned,
     transferred,  pledged or encumbered nor shall such right or other interests
     be subject to attachment, garnishment, execution, or other legal process.

          b. In the event that  Executive  dies after a  Triggering  Event,  but
     before the Company has made payment to Executive for such Triggering Event,
     the Company shall make the deferred  compensation  payment due with respect
     to such Triggering Event to Executive's estate.

     11. Tax Withholding. Appropriate taxes, as determined by the Company, shall
be  withheld  from  payments  made to  Executive  hereunder.  To the  extent tax
withholding is payable in connection with Executive's deferral of income, rather
than in connection with the payment of deferred amounts, such withholding may be
made by the Company from other wages and salary currently payable to Executive.

     12. No Right to Continued Employment.  Nothing herein shall be construed to
confer upon Executive any right to continued  employment  with the Company,  nor
shall  the  Agreement  interfere  in any way with the  right of the  Company  to
terminate  Executive's  employment  at any time  without  assigning  any  reason
therefor.

     13.  Transfer  to and  from  Affiliates.  For  purposes  of this  Agreement
"employment"  shall  include  all  periods of  employment  with any entity  that
directly or through one or more intermediaries,  is controlled by the Company (a
"Company Affiliate"),  and a transfer from the Company to a Company Affiliate or
visa versa,  or a transfer  from one Company  Affiliate to another,  will not be
treated as a termination of employment.
<PAGE>

     14. No Shareholder Rights. Nothing herein shall be construed to confer upon
Executive  any  rights  of a  shareholder  of the  Company,  including,  without
limitation, the right to vote or receive dividends.

     15.  Replacement of Prior Agreements.  This Agreement sets forth the entire
understanding  of the parties  with respect to the subject  matter  provided for
herein,  and  supersedes  any and all  existing  agreements  between the parties
concerning such subject matter.  Executive hereby waives any and all claims that
may exist on the date hereof (including,  but not limited to, contingent claims)
arising from any oral or written  agreement between the parties which relates to
the subject matter provided for herein.

     16. Exclusion from Benefit  Computations.  Except as expressly specified in
the applicable plan or program,  no amount payable hereunder shall be considered
salary,  wages or compensation  for purposes of determining the amount or nature
of benefits that Executive is entitled to receive under any Company benefit plan
or program.

     17. Law to Govern. All questions pertaining to the construction, regulation
validity and effect of the  provisions of the  Agreement  shall be determined in
accordance with the internal laws of the  jurisdiction of  incorporation  of the
Company (without regard to conflicts of laws).

                  IN WITNESS  WHEREOF,  the Company and  Executive  have entered
into this Agreement as of the date first set forth above.

                                    BOOTH CREEK SKI GROUP, INC.

                                    By: / s / Christopher P. Ryman
                                    ------------------------------
                                    Name:  Christopher P. Ryman
                                    Title: President and Chief Operating Officer

                                    / s /  Timothy H. Beck
                                    ----------------------
                                    Timothy H. BeckExhibit 10.32

        Restricted Stock Agreement by and Between Booth Creek Ski Group,
                             Inc. and Brian J. Pope

<PAGE>

                           RESTRICTED STOCK AGREEMENT

                  This  Agreement is entered into as of the 22nd day of January,
2002, by and between Booth Creek Ski Group,  Inc., a Delaware  corporation  (the
"Company"), and Brian J. Pope ("Executive").

                              W I T N E S S E T H:

                  WHEREAS,  the Company has determined to grant restricted stock
awards to attract  and retain the best  available  talent and to  encourage  the
highest level of performance,  all in accordance with the Booth Creek Ski Group,
Inc. 2001 Stock Incentive Plan (the "Plan"); and

                  WHEREAS, each award of restricted stock under the Plan must be
evidenced by a written agreement between the Company and the grantee thereof;

                  NOW,  THEREFORE,  in consideration of the foregoing and of the
mutual covenants herein contained and other good and valuable consideration, the
receipt and  sufficiency  of which are hereby  acknowledged,  the parties hereto
hereby agree as follows:

     1. Grant.  Simultaneously  herewith the Company has made a restricted stock
award to  Executive  and has issued two hundred  (200)  shares of the  Company's
Class B Common Stock,  $.001 par value per share (such stock  hereinafter  being
referred to as the "Common Stock" and such shares  hereinafter being referred to
as the "Restricted Shares"), registered in the name of Executive, subject to the
terms of the Plan and the restrictions and provisions of this Agreement.

     2. Stockholders  Agreement.  Simultaneously  herewith Executive is entering
into a Stockholders Agreement between Executive, Christopher P. Ryman, Elizabeth
J.  Cole,  Timothy  H.  Beck , 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 the Company (the "Stockholders Agreement").

     3. Certificates;  Escrow. Each certificate  representing  Restricted Shares
shall be  registered  in the name of Executive  and held,  together with a stock
power  duly  endorsed  in blank by  Executive,  by Loeb & Loeb  LLP,  a New York
limited  liability  partnership  with offices at 345 Park Avenue,  New York, New
York 10154-0037 (the "Escrow  Agent"),  subject to the provisions  hereof.  Said
certificates and stock powers shall be held by the Escrow Agent and delivered by
Escrow Agent pursuant to the Escrow  Agreement and Joint Escrow  Instructions of
the Company and Executive and accepted and agreed to by the Escrow Agent, in the
form  set  forth as  Exhibit  A  appended  hereto  and  incorporated  herein  by
reference.  Unless and until the Restricted  Shares are transferred or forfeited
as  provided  herein,  (i)  Executive  shall be  entitled  to  receive  all cash
dividends,  if any,  with respect to the  Restricted  Shares and (ii)  Executive
shall be  entitled  to vote  such  shares.  All  distributions  other  than cash
dividends with respect to the Restricted Shares,  including, but not limited to,
shares  received as a result of a stock  dividend,  stock split,  combination of
shares  or  otherwise,  shall be  deemed to be  Restricted  Shares  and shall be
retained by the Escrow Agent in accordance with this Agreement. Each certificate
of  Restricted   Shares  shall  bear  a  legend  reflecting  the  limitation  of
transferability,  the risk of  forfeiture  and  other  restrictions  under  this
Agreement and  applicable  securities law  restrictions,  to  substantially  the
following effect:
<PAGE>

         "THE  RIGHT TO SELL,  TRANSFER  OR  OTHERWISE  DISPOSE OF OR PLEDGE THE
         SHARES   REPRESENTED   BY  THIS   CERTIFICATE  IS  SUBJECT  TO  CERTAIN
         RESTRICTIONS,  AS SET  FORTH  IN A  RESTRICTED  STOCK  AGREEMENT  AND A
         STOCKHOLDERS  AGREEMENT,  COPIES OF WHICH ARE ON FILE AT THE  COMPANY'S
         PRINCIPAL PLACE OF BUSINESS AND ITS REGISTERED OFFICE."

     4.  Restrictions  Applicable  Prior to  Vesting.  Until  they are no longer
forfeitable  pursuant to Section 5(a) (i.e.,  until the Restricted Shares vest),
Restricted Shares shall be subject to the following restrictions:

          (a)   Nontransferability.   Except   pursuant  to  Section  3  of  the
     Stockholder  Agreement,  Executive shall not sell or otherwise transfer any
     Restricted  Share or interest  (including  any  security  interest)  in any
     Restricted Share that has not vested.

          (b) Other  Restrictions.  The Board may impose such other restrictions
     on the  Restricted  Shares  that have not vested as it may deem  advisable,
     including, without limitation,  stop-transfer orders and other restrictions
     set forth in the  terms of this  Agreement  or as the Board may  reasonably
     deem advisable.

     5. Forfeiture; Vesting.

          (a) If  Executive's  employment  with the Company  terminates  for any
     reason (other than as described in Section 5(b)),  Executive  shall forfeit
     to Company the  percentage  of the  Restricted  Shares that are not vested,
     based on the following schedule:

                  Percentage of Restricted
                  Shares that are Vested

                  60%                immediately;
                  80%                if Executive's employment continues through
                                     November 1, 2002; and
                  100%               if Executive's employment continues through
                                     November 1, 2003;

     provided,  however, that upon a Change in Control (as hereinafter defined),
     Executive  shall  become 100% vested in all of the  Restricted  Shares that
     have not previously  been  forfeited.  As used herein,  the term "Change in
     Control" means: (i) the sale of all or  substantially  all of the assets of
     BC (as hereinafter defined), or reorganization,  recapitalization,  merger,
     consolidation,  or other  transaction  involving BC or changing the rights,
     designations,  or  preferences  of  outstanding  BC  capital  stock  (a "BC
     Transaction"),  or a sale of Common Equivalents, in any case as a result of
     which 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  any of  their  affiliates  insofar  as any of  them  owns  any  Common
     Equivalent (the  "Investors"),  which term, for purposes of this definition
     of "Change in Control"  only,  shall  include any person  acquiring  Common
     Equivalents  from any of them in a  transaction  not  causing  a Change  in
     Control and any affiliate of such person,  insofar as such  affiliate  owns
     Common  Equivalents,  do not  collectively  own at least 20% of the  Common
     Equivalents  that they own on the date hereof or (ii) a similar  event that
     the Board, in its sole discretion,  determines should be similarly treated.
     "Common  Equivalents" means (i) the Company Class A or Class B common stock
     or warrants to purchase  Class B common stock;  (ii) any BC common stock or
     equivalent  security,  if BC  shall  not be a  corporation;  or  (iii)  any
     security  distributed  without  consideration  by  BC  in  respect  of,  or
     exchanged  pursuant  to a BC  Transaction  in  whole  or part  for,  Common
     Equivalents. "BC" means the Company or any other issuer that, pursuant to a
     BC Transaction not causing a Change in Control, shall have acquired control
     of all of the  businesses  controlled  by BC  immediately  before  such  BC
     Transaction. In computing the percentage of Common Equivalents owned by the
     Investors on any date ("measuring date") for purposes of the first sentence
     of this definition, the Investors shall be deemed to own on the date hereof
     the  amount  of  Common  Equivalents  that  they  would  have  owned on the
     measuring date had they never disposed of any Common Equivalent  (except in
     exchange for another Common  Equivalent  pursuant to a BC Transaction or by
     exercising or  converting a Common  Equivalent  for or into another  Common
     Equivalent).
<PAGE>

          (b)  Notwithstanding  the  foregoing  provisions  of Section  5(a), if
     Company shall  terminate  Executive's  employment for Cause (as hereinafter
     defined), or Executive shall violate, before November 1, 2003, Section 2 of
     his severance  agreement with Company,  Executive  shall forfeit all of the
     Restricted  Shares to Company.  For purposes hereof "Cause" shall mean that
     Executive  shall have (i)  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 Company shall terminate  Executive's
     employment  pursuant to this clause (i), and Executive  ultimately shall be
     acquitted, such termination shall not be deemed a termination for Cause, as
     of the date of  termination  pursuant to this clause (i));  (ii) engaged in
     fraud,  embezzlement  involving property of Company or otherwise,  or other
     intentional  wrongful act that materially  impairs the goodwill or business
     of  Company;  (iii) any  willful  failure to carry out any of his  material
     responsibilities or to comply with any reasonable  instruction of the board
     or  president or Company  policy,  not cured,  within a reasonable  time of
     notice from the board or president;  or (iv) otherwise  materially breached
     any provision of this Agreement or any  employment  agreement that he shall
     have entered into with Company.  The  provisions of this Section 5(b) shall
     not, however, apply to a termination for Cause that occurs after the Common
     Stock  becomes  Publicly  Traded,  or with respect to shares that have been
     transferred  pursuant  to the  exercise  of a tag along or drag along right
     under the Stockholders Agreement.

          (c) The parties shall promptly submit any dispute or claim arising out
     of or in  respect  to  Section  5(b)  (i.e.,  a  dispute  as to  whether  a
     termination of Executive's employment was for "Cause" or Executive violated
     Section 2 of his severance  agreement with Company) to binding  arbitration
     before one  arbitrator  ("Arbitrator").  The  parties  agree  that  binding
     arbitration shall be the sole means of resolving any such dispute or claim.
     The laws of the state  where the  Executive  shall have been most  recently
     employed  by the  Company  shall apply to any  arbitration  hereunder.  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  state in which  Executive
     shall have been most recently  employed by Company,  in accordance with the
     then-current   provisions   of  the  rules  of  the  American   Arbitration
     Association,  except as otherwise provided herein. No party shall seek, and
     neither  the  Arbitrator  nor any  court  shall  award,  punitive  or other
     exemplary  damages  respecting any dispute relating to Section 5(b) of this
     Agreement.  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 herein, 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.  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 the  state in which
     Executive shall have been most recently  employed by the Company 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.  This Section 5(c) shall not prevent the Company
     from seeking or obtaining  temporary or preliminary  injunctive relief in a
     court for any breach or threatened  breach of  Executive's  obligations  or
     responsibilities to the Company.  This arbitration clause shall survive the
     termination of this Agreement. ALL PARTIES WAIVE TRIAL BY JURY WITH RESPECT
     TO ANY DISPUTE ARISING UNDER SECTION 5(b) OF THIS AGREEMENT.
<PAGE>

     6. Delivery  following  Vesting.  Promptly  after they become  vested,  the
Escrow Agent shall deliver to Executive (or  Executive's  legal  representative)
the  vested  Restricted  Shares  in the form of a  transferable  certificate  or
certificates,  with a legend reflecting the restrictions provided for herein and
applicable securities law restrictions; provided, however, that the Company need
not deliver such shares to Executive  until  Executive  has paid or caused to be
paid all taxes required to be withheld pursuant to Section 7 hereof.

     7.  Withholding.  The Company may  withhold any taxes  resulting  from this
Agreement that the Company  determines it is required to withhold under the laws
and regulations of any governmental  authority,  whether federal, state or local
and whether  domestic  or foreign.  Subject to  applicable  legal  requirements,
Executive  may elect to  satisfy  such  withholding  requirements  either by (i)
delivery to the Company of a certified check prior to the delivery of Restricted
Shares;  (ii)  instructing the Company to satisfy the  withholding  requirements
from Executive's salary; or (iii) any other method acceptable to the Company.

     8. Restrictions Applicable to Vested Restricted Shares.

          (a) Transfer Limitations.  Until such time as the Common Stock becomes
     Publicly  Traded,  Executive  may not sell or otherwise  transfer,  assign,
     pledge, hypothecate or otherwise dispose of any Restricted Shares that have
     vested,  except (i) pursuant to Section 2 or Section 3 of the  Stockholders
     Agreement; or (ii) in accordance with the provisions of this Section 8.

          (b) Right of First Refusal.

               (i) If 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 Restricted  Shares held by
          Executive that have vested ("Offered  Shares"),  which Bona Fide Offer
          otherwise  shall be in accordance  with this Agreement which Executive
          shall  desire to accept,  Executive  shall give  written  notice  (the
          "Notice")  to such  effect to Company  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 8(b)(ii)), to sell the Offered Shares to Company or
          its designees,  and, irrevocable during the Investor Option Period (as
          defined  in  Section  8(b)(iii)),  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.

               (ii) Company 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").
          Company's  acceptance shall also state the amount of capital stock, if
          any,  that each  Investor  would be entitled  to purchase  pursuant to
          Section  8(b)(iii)),  if each Investor  accepted the Notice Offer with
          respect  to the full  proportionate  amount  referred  to in the first
          sentence of such clause.

               (iii)  Investor  shall have the right to accept the Notice  Offer
          with  respect to that  proportion  of the  Offered  Shares as to which
          Company  shall have  failed to accept the Notice  Offer  equal to such
          Investor's proportion of Company 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  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 Company  capital stock
          owned by all such Investors. The closing of any sale of Offered Shares
          to Investors shall occur  concurrently with the closing of any sale of
          such Offered Shares to Company,  or if none are to be sold to Company,
          within 70 days after delivery of the Notice.
<PAGE>

               (iv) Should Company 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 the  Executive  shall close the
          sale, the transferee  shall receive and hold the Shares so transferred
          subject to the restrictions set forth in this Section 8 (but shall not
          enjoy the limited resale right set forth in Section  8(e)),  and there
          shall be no further  transfer of such Shares except in accordance with
          the terms of this  Section 8. If  Executive  shall fail to so sell the
          Offered  Shares,  Executive  shall  not  thereafter  sell the  Offered
          Shares, except after again complying with this Section 8(b).

               (v)  Anything to the  contrary  contained  in this  Section  8(b)
          notwithstanding,  the transfer of any or all of the Restricted  Shares
          on  Executive's  death by will or  intestacy  shall be exempt from the
          provisions of this Section 8(b). In such case, the transferee or other
          recipient shall receive and hold the Shares so transferred  subject to
          the  provisions  of this  Section  8, and  there  shall be no  further
          transfer of such Shares  except in  accordance  with the terms of this
          Section 8.

          (c) No Sales to Competitors.  Even if the requirements of Section 8(b)
     are satisfied,  Restricted  Shares shall not be transferable to competitors
     of the Company.  For purposes  hereof, a person shall be considered to be a
     "competitor"  if at such time it is engaged in or has under  development or
     is proposed to be engaged in one or more of the primary  businesses  of the
     Company or its  affiliates.  For purposes of the  preceding  sentence,  the
     "primary  businesses" of the Company shall be the ownership or operation of
     a ski-resort,  or ski-resort real estate development.  The determination of
     whether  a person  is a  competitor  shall be made by the Board in its sole
     discretion.

          (d) Company  Repurchase  Right. At any time during the ninety (90) day
     period  commencing  on the date  Executive's  employment  with the  Company
     terminates (the "Repurchase Period"), the Company shall have the right (but
     not the  obligation) to repurchase from Executive all or any portion of the
     vested Restricted Shares pursuant to the terms of this Section 8(d). Except
     as provided in the following sentence,  within thirty (30) days of the date
     on which the Company  notifies  the  Executive  that it is  exercising  its
     repurchase  right  hereunder,  the Company  shall pay to Executive the Fair
     Market Value (as defined in the Plan) of such  Restricted  Shares as of the
     first   day  of  the   Repurchase   Period   (the   "Repurchase   Amount").
     Notwithstanding the preceding  sentence,  (i) in the event that the payment
     hereunder would impair the Company's cash flow, as reasonably determined by
     the Board in its sole  discretion  (which  may take into  account,  without
     limitation,  other  repurchase right exercises under other restricted stock
     agreements)  or (ii) to the  extent  required  by any credit  agreement  or
     similar  instrument,  in lieu of paying the entire  Repurchase  Amount in a
     single payment,  the Company may elect to pay 40% of the Repurchase  Amount
     (the  "Initial  Payment") at the time it  exercises  its  repurchase  right
     hereunder,  and  the  remaining  60%  of the  Repurchase  Amount  in  equal
     installments  over a period not  exceeding  five  years,  with  installment
     payments  being  made not  less  frequently  than  annually  and the  first
     installment  payment being made not later than the first anniversary of the
     Initial Payment;  provided,  however, that on or before the consummation of
     any Change in Control,  the Company shall pay  Executive  the full,  unpaid
     balance of the Repurchase  Amount.  In the event that the Company elects to
     pay 60% of the Repurchase  Amount in  installments,  interest on the unpaid
     balance shall be calculated  using the prime rate, as published in the Wall
     Street  Journal or a similar  publication on the date prior to each payment
     date.
<PAGE>

          (e) Limited Resale Right.

               (i) At any time during a two  hundred  (200) day period (the "Put
          Period") beginning on a date selected by the Company,  which beginning
          date  shall not be before  the Fair  Market  Value (as  defined in the
          Plan) of a Share as of October 31,  2007 (the "Per Share Put  Amount")
          has been  determined  by the Board and  announced by the Company,  and
          shall not be later than  January 31,  2008,  Executive  shall have the
          right  (but  not the  obligation)  to sell to the  Company  all or any
          portion of the vested  Restricted Shares pursuant to the terms of this
          Section 8(e). Except as provided in Section  8(e)(ii),  if the Company
          receives  notice  of the  Executive's  exercise  of his  resale  right
          hereunder  (which  exercise  shall be by written notice to the Company
          specifying  the  number of Shares  to be resold to the  Company),  the
          Company shall pay to Executive the Per Share Put Amount  multiplied by
          the number of shares with respect to which Executive is exercising his
          resale  right  (the  "Put  Amount")  within  sixty  (60)  days  of the
          conclusion of the Put Period.

               (ii)  Notwithstanding  Section 8(e)(i), (1) in the event that the
          payment  hereunder would impair the Company's cash flow, as reasonably
          determined  by the Board in its sole  discretion  (which may take into
          account,  without  limitation,  other repurchase right exercises under
          other restricted  stock  agreements) or (ii) to the extent required by
          any  credit  agreement  or similar  instrument,  in lieu of paying the
          entire Put Amount in a single  payment,  the  Company may elect to pay
          40% of the Put Amount (the  "Initial Put  Payment")  within sixty (60)
          days of the conclusion of the Put Period, and the remaining 60% of the
          Put  Amount in equal  installments  over a period not  exceeding  five
          years,  with installment  payments being made not less frequently than
          annually and the first  installment  payment being made not later than
          the first anniversary of the Initial Put Payment;  provided,  however,
          that on or before  the  consummation  of any  Change in  Control,  the
          Company  shall pay  Executive  the  full,  unpaid  balance  of the Put
          Amount.  In the event  that the  Company  elects to pay 60% of the Put
          Amount  in  installments,  as  provided  in  the  preceding  sentence,
          interest on the unpaid  balance  shall be  calculated  using the prime
          rate, as published in the Wall Street Journal or a similar publication
          on the date prior to each payment date.

               (iii) If after  October 31, 2007,  but prior to the date that the
          Company  makes  payment (or begins to make  payment)  pursuant to this
          Section 8(e), the Board  authorizes a transaction (or is notified that
          some or all of its  stockholders  have  entered  into an  agreement to
          engage in a transaction)  which  transaction,  if  consummated,  would
          constitute a Change in Control,  the resale right provided for in this
          Section  8(e)  shall be  tolled  until  the  proposed  transaction  is
          consummated  or the  Board  determines  that it is  unlikely  that the
          proposed  transaction  will be consummated and, to the extent it deems
          it  appropriate,  the Board  shall  adjust the Per Share Put Amount to
          equitably reflect the terms of the transaction.

     9.  Company  Purchase  of  Restricted  Shares.  The  closing of any Company
purchase of  Restricted  Shares held by Executive  shall occur within 30 days of
Company's  notice  of  exercise  of a right  to buy (but  not,  in the case of a
purchase  under  Section  8(b),  before the  expiration  of the Investor  Option
Period) or, in the case of a purchase under Section 8(e),  within 60 days of the
end of the Put  Period,  provided  that  during the Put Period the  Company  has
received a notice of Executive's  exercise of a right to sell. At the closing of
any Company purchase of Restricted Shares,  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.  Notwithstanding the preceding sentence,  in the case
of a purchase  pursuant to Section 8(d) or Section 8(e) in which the Company has
elected to make partial  payment in  installments  (as provided in such Sections
8(d)and  8(e),  respectively),  40% of the  purchase  price  will  be due at the
closing and the balance in installments; Company will deliver a promissory note,
in customary form as Company and Executive shall  reasonably  agree, to evidence
Company's  obligation  to pay the  balance;  and to secure  payment of the note,
Company  will  pledge  the  purchased  Restricted  Shares  pursuant  to a Pledge
Agreement in customary form as Company and Executive shall reasonably agree.
<PAGE>

     10. Makeup  Payment.  Should any of the Investors sell any of their Company
common stock pursuant to an underwritten public offering of Company common stock
(an "IPO"),  Company shall pay  Executive,  within sixty (60) days following the
end of the Lockup  Period (as  hereinafter  defined),  an amount  determined  in
accordance with the following sentence,  which payment shall be made, in cash or
an equivalent amount of Company common stock,  valued at the Ending Lockup Price
(as  hereinafter  defined),  as Company  shall elect (a "Makeup  Payment").  The
amount of the Makeup Payment shall be the product  obtained by  multiplying  (X)
any excess of the price at which the Company  common  stock is first  offered to
the public,  pursuant to the IPO (the "IPO Price") over the Ending Lockup Price;
by (Y) the Investors Sale Percentage (as hereinafter defined); by (Z) the number
of shares of Common Stock that are vested,  pursuant to Section 5(a) on the date
of consummation of the IPO. For purposes hereof the following  definitions shall
apply:

          (a) "Lockup  Period"  shall mean the period not less than six nor more
     than 12 months following an IPO during which Executive  shall,  pursuant to
     the Stockholders Agreement, refrain from selling any Company common stock.

          (b) "Ending Lockup Price" shall mean the mean of the closing prices of
     Company  common  stock on each of the last 20  trading  days of the  Lockup
     Period, as reported in The Wall Street Journal.

          (c) "Investors Sale  Percentage"  shall mean the quotient  obtained by
     dividing  (X) the  excess of (I) the sum of the number of shares of Company
     common stock held, or issuable upon exercise of securities convertible into
     or exercisable for Company common stock held, by the Investors  immediately
     before the effectiveness of the registration  statement filed in connection
     with the IPO (such sum, the "Investor Pre-IPO Number") over (II) the number
     of shares of Company  common  stock  held,  or  issuable  upon  exercise of
     securities  convertible  into or exercisable for Company common stock held,
     by  the  Investors  immediately  following  consummation  of  the  IPO  (an
     underwritten  IPO shall be deemed  consummated for this purpose on delivery
     for  sale  of  offered   securities  to  the  underwriters,   and,  if  the
     underwriters  have  an  overallotment  option,  the  IPO  shall  be  deemed
     consummated  only upon its expiration or delivery of securities for sale to
     the underwriters upon exercise thereof) by (Y) the Investor Pre-IPO Number.
<PAGE>

     11. Notices.  All notices,  request,  demands,  waivers and  communications
required or  permitted  to be given  hereunder  shall be in writing and shall be
delivered  in  person or  mailed,  certified  or  registered  mail with  postage
prepaid, or sent by facsimile, as follows:

         If to Company, to it at:

                      Booth Creek Ski Group, Inc.
                      1000 S. Frontage Road West
                      Suite 100
                      Vail, Colorado 81657
                      Facsimile: (970) 479-0291
                      Attention:  President and Chief Operating Officer;

                      with a copy to the Company at the same address, Attention:
                      General Counsel.

         If to Executive, to him at his last known mailing address specified in
the Company's employment records;

or to such  other  address as either  party  hereto  shall  specify by notice in
writing to the other party in accordance  with this  Section.  All such notices,
requests,  demands,  waivers  and  communications  shall be  deemed to have been
received  on the date  when  given  unless  mailed,  in which  case on the third
business day after the mailing.

     12. No Employment  Rights.  Nothing herein  contained shall restrict in any
way the right of the Company or a Company  affiliate  to  terminate  Executive's
employment at any time, with or without Cause.

     13. Award Subject to Plan. Executive  acknowledges receipt of a copy of the
Plan. The  Restricted  Shares grant has been made pursuant to the Plan and is in
all respects  subject to the terms and conditions  thereof.  In the event of any
conflict  between  this  Agreement  and the Plan,  the  terms of the Plan  shall
control.

     14. Board  Determinations.  In the event that any  question or  controversy
shall  arise  with  respect  to the  nature,  scope or extent of any one or more
rights  conferred  by this  Agreement,  the  determination  by the Board (or the
Committee  established  by the Board to  administer  the Plan) of the  rights of
Executive  shall be  conclusive,  final and binding upon  Executive and upon any
other person who shall assert any right pursuant to this Agreement.

     15. Executive's Representations.  Executive represents, warrants, covenants
and agrees with the  Company  that if, with  respect to any  Restricted  Shares,
there does not exist a  Registration  Statement,  which  Registration  Statement
shall have become  effective and shall include a prospectus that is current with
respect to the shares of Common  Stock  subject to this  Agreement,  (i) that he
takes  the  shares  for his own  account  and not with a view to the  resale  or
distribution thereof, and (ii) that any subsequent offer for sale or sale of any
such shares shall be made either pursuant to (1) a Registration  Statement on an
appropriate   form  under  the  Securities  Act  of  1933,  as  amended,   which
Registration  Statement  shall have become  effective  and shall be current with
respect to the shares being offered and sold, or (2) a specific  exemption  from
the  registration  requirements  of the Act,  but in  claiming  such  exemption,
Executive  shall,  prior to any offer for sale or sale of such shares,  obtain a
favorable  written opinion from counsel for or approved by the Company as to the
applicability of such exemption.
<PAGE>

     16.  Definitions.  Any term contained in this Agreement which is defined in
the Plan but not defined herein shall have the meaning provided under the Plan.

                  IN WITNESS  WHEREOF,  the Company and  Executive  have entered
into this Agreement as of the date first set forth above.

                                 BOOTH CREEK SKI GROUP, INC.

                                 By: / s / Christopher P. Ryman
                                 ------------------------------
                                 Name:  Christopher P. Ryman
                                 Title: President and Chief Operating Officer

                                 EXECUTIVE

                                 / s / Brian J. Pope
                                 -------------------
                                 Brian J.  Pope

<PAGE>

                     Exhibit A to Restricted Stock Agreement

                               Escrow Instructions

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