Document:

EX-10.19

 Exhibit 10.19 

INSPIRATO INCORPORATED 

EMPLOYEE INCENTIVE COMPENSATION PLAN 

1.    Purposes of the Plan. The Plan is intended to increase stockholder value and the success of the Company by
motivating Employees to (a) perform to the best of their abilities and (b) achieve the Company’s objectives. 

2.    Definitions. 

2.1    “Actual Award” means as to any Performance Period, the actual award (if any) payable to a
Participant for the Performance Period, subject to the authority of the Administrator (as defined in Section 3) under Section 4.4. 

2.2    “Administrator” has the meaning ascribed to it under Section 3.1. 

2.3    “Affiliate” means any corporation or other entity (including, but not limited to, partnerships and
joint ventures) that, from time to time and at the time of any determination, directly or indirectly, is in control of or is controlled by the Company. 

2.4    “Board” means the Board of Directors of the Company. 

2.5    “Bonus Pool” means the pool of funds available for distribution to Participants. Subject to the
terms of the Plan, the Administrator establishes the Bonus Pool for each Performance Period. 

2.6    “Code” means the U.S. Internal Revenue Code of 1986, as amended. Reference to a specific
section of the Code or regulation thereunder will include such section or regulation, any valid regulation or formal guidance of general or direct applicability promulgated under such section or regulation, and any comparable provision of any future
legislation or regulation amending, supplementing or superseding such section or regulation. 

2.7    “Committee” means a committee appointed by the Board (pursuant to Section 3) to administer
the Plan. 
 2.8    “Company” means Inspirato Incorporated, a Delaware corporation, or any successor
thereto. 
 2.9    “Company Group” means the Company and any Parents, Subsidiaries, and Affiliates.

 2.10    “Disability” means a permanent and total disability determined in accordance with uniform
and nondiscriminatory standards adopted by the Administrator from time to time. 

 2.11    “Employee” means any executive, officer, or
other employee of the Company Group, whether such individual is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan. 

2.12    “Fiscal Year” means the fiscal year of the Company. 

2.13    “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in
Code Section 424(e). 
 2.14    “Participant” means as to any Performance Period, an Employee who
has been selected by the Administrator for participation in the Plan for that Performance Period and who has, if so requested by the Company or the employing member of the Company Group, signed an acknowledgement form in the form provided by the
Company Group. 
 2.15    “Performance Period” means the period of time for the measurement of the
performance criteria that must be met to receive an Actual Award, as determined by the Administrator. A Performance Period may be divided into one or more shorter periods if, for example, but not by way of limitation, the Administrator desires to
measure some performance criteria over twelve (12) months and other criteria over three (3) months. 

2.16    “Plan” means this Employee Incentive Compensation Plan (including any appendix attached hereto),
as may be amended from time to time. 
 2.17    “Section 409A” means
Section 409A of the Code and/or any state law equivalent as each may be amended or promulgated from time to time. 

2.18    “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as
defined in Code Section 424(f), in relation to the Company. 
 2.19    “Target Award” means the
target award, at 100% of target level performance achievement, payable under the Plan to a Participant for a Performance Period, as determined by the Administrator in accordance with Section 4.2. 

2.20    “Tax Withholdings” means tax, social insurance and social security liability or premium
obligations in connection with the awards under the Plan, including without limitation: (a) all federal, state, and local income, employment and any other taxes (including the Participant’s U.S. Federal Insurance Contributions Act (FICA)
obligation) that are required to be withheld by the Company Group, (b) the Participant’s and, to the extent required by the Company Group, the fringe benefit tax liability of the Company Group associated with an award under the Plan, and
(c) any other taxes or social insurance or social security liabilities or premium the responsibility for which the Participant has, or has agreed to bear, with respect to such award under the Plan. 

2.21    “Termination of Employment” means a cessation of the employee-employer relationship between an
Employee and the Company Group, including without limitation a termination by resignation, discharge, death, Disability, retirement, or the disaffiliation of a Parent, Subsidiary or Affiliate. For purposes of the Plan, transfer of employment of a
Participant between any members of the Company Group (for example, between the Company and a Subsidiary) will not be deemed a Termination of Employment. 

  
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 3.    Administration of the Plan. 

3.1    Administrator. The Plan will be administered by the Board or a Committee (the
“Administrator”). The members of any Committee will be appointed from time to time in a manner that satisfies applicable laws by, and serve at the pleasure of, the Board. The Board may retain the authority to administer the Plan
concurrently with a Committee and may revoke the delegation of some or all authority previously delegated. Different Administrators may administer the Plan with respect to different groups of Employees. Unless and until the Board otherwise
determines, the Board’s Compensation Committee will administer the Plan. 
 3.2    Administrator Authority.
It will be the duty of the Administrator to administer the Plan in accordance with the Plan’s provisions and in accordance with applicable law. The Administrator will have all powers and discretion necessary or appropriate to administer the
Plan and to control its operation, including, but not limited to, the power to (a) determine which Employees will be granted awards, (b) prescribe the terms and conditions of awards, (c) interpret the Plan and the awards,
(d) adopt such procedures, appendices and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees who are non-U.S. nationals or
employed outside of the U.S. or to qualify awards for special tax treatment under the laws of jurisdictions other than the U.S., (e) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and
(f) interpret, amend or revoke any such rules. Any determinations and decisions made or to be made by the Administrator pursuant to the provisions of the Plan, unless specified otherwise by the Administrator, will be in the Administrator’s
sole discretion. 
 3.3    Decisions Binding. All determinations and decisions made by the Administrator and/or
any delegate of the Administrator pursuant to the provisions of the Plan will be final, conclusive, and binding on all persons, and will be given the maximum deference permitted by law. 

3.4    Delegation by Administrator. The Administrator, on such terms and conditions as it may provide, may delegate
all or part of its authority and powers under the Plan to one or more directors and/or officers of the Company. Such delegation may be revoked at any time. 

3.5    Indemnification. Each person who is or will have been a member of the Administrator will be indemnified and
held harmless by the Company against and from (a) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she
may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award, and (b) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or
paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she will give the Company an opportunity, at its own expense, to handle and defend the same before he or she
undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of
Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless. 

  
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 4.    Selection of Participants and Determination of Awards. 

4.1    Selection of Participants. The Administrator will select the Employees who will be Participants for any
Performance Period. Participation in the Plan will be on a Performance Period by Performance Period basis. Accordingly, an Employee who is a Participant for a given Performance Period in no way is guaranteed or assured of being selected for
participation in any subsequent Performance Period or Performance Periods. No Employee will have the right to be selected to receive an award under this Plan or, if so selected, to be selected to receive a future award. 

4.2    Determination of Target Awards. The Administrator may establish a Target Award for each Participant (which
may be expressed as a percentage of a Participant’s average annual base salary for the Performance Period or a fixed dollar amount or such other amount or based on such other formula or factors as the Administrator determines). 

4.3    Bonus Pool. Each Performance Period, the Administrator may establish a Bonus Pool, which pool may be
established before, during or after the applicable Performance Period. Actual Awards will be paid from the Bonus Pool, if a Bonus Pool has been established. 

4.4    Discretion to Modify Awards. Notwithstanding any contrary provision of the Plan, the Administrator, at any
time prior to payment of an Actual Award, may: (a) increase, reduce or eliminate a Participant’s Actual Award, and/or (b) increase, reduce or eliminate the amount allocated to the Bonus Pool. The Actual Award may be below, at or above
the Target Award, as determined by the Administrator. The Administrator may determine the amount of any increase, reduction, or elimination based on such factors as it deems relevant, and will not be required to establish any allocation or weighting
with respect to the factors it considers. 
 4.5    Discretion to Determine Criteria. Notwithstanding any
contrary provision of the Plan, the Administrator will determine the performance goals, if any, applicable to any Target Award (or portion thereof) which may include, without limitation, goals related to: attainment of research and development
milestones; sales bookings; business divestitures and acquisitions; capital raising; cash flow; cash position; contract awards or backlog; corporate transactions; customer renewals; customer retention rates from an acquired company, subsidiary,
business unit or division; earnings (which may include any calculation of earnings, including but not limited to earnings before interest and taxes, earnings before taxes, earnings before interest, taxes, depreciation and amortization and net
taxes); earnings per share; expenses; financial milestones; gross margin; growth in stockholder value relative to the moving average of the S&P 500 Index or another index; internal rate of return; leadership development or succession planning;
license or research collaboration arrangements; market share; net income; net profit; net sales; new product or business development; new product invention or innovation; number of customers; operating cash flow; operating expenses; operating
income; operating margin; overhead or other expense reduction; patents; procurement; product defect measures; product release timelines; productivity; profit; regulatory milestones or regulatory-related goals; retained earnings; return on assets;
return on capital; return on equity; return on investment; return on sales; revenue; revenue growth; sales results; sales growth; savings; stock price; time to market; total stockholder return; working capital; unadjusted or adjusted actual contract
value; unadjusted or adjusted total contract value; and individual objectives such as peer reviews or other subjective or objective criteria. As 

  
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determined by the Administrator, the performance goals may be based on U.S. generally accepted accounting principles (“GAAP”) or non-GAAP
results and any actual results may be adjusted by the Administrator for one-time items or unbudgeted or unexpected items and/or payments of Actual Awards under the Plan when determining whether the performance
goals have been met. The performance goals may be based on any factors the Administrator determines relevant, including without limitation on an individual, divisional, portfolio, project, business unit, segment or Company-wide basis. Any criteria
used may be measured on such basis as the Administrator determines, including without limitation: (a) in absolute terms, (b) in combination with another performance goal or goals (for example, but not by way of limitation, as a ratio or
matrix), (c) in relative terms (including, but not limited to, results for other periods, passage of time and/or against another company or companies or an index or indices), (d) on a per-share
basis, (e) against the performance of the Company as a whole or a segment of the Company and/or (f) on a pre-tax or after-tax basis. The performance goals may
differ from Participant to Participant and from award to award. Failure to meet the applicable performance goals will result in a failure to earn the Target Award, except as provided in Section 4.4. The Administrator also may determine that a
Target Award (or portion thereof) will not have a performance goal associated with it but instead will be granted (if at all) as determined by the Administrator. 

4.6    Appendices and Sub-Plan. The Administrator may determine, at any
time prior to payment of an Actual Award, that any Target Award or Actual Award (or portion thereof) are subject to any special provisions set forth in a country-specific appendix (or portion thereof) or
sub-plan made available to the Participant in connection with this Award Agreement (as may be amended and/or restated from time to time) (collectively, an “Applicable Appendix”). If the
Administrator determines that an Applicable Appendix applies, such terms and conditions supplement, amend and/or supersede the terms of this Plan, provided, however, that no such terms or conditions shall be effective with respect to a
Participant who is a U.S. taxpayer or otherwise subject to Section 409A unless such terms and conditions would result in the terms of a Target Award or Actual Award to such Participant remaining exempt or excepted from the requirements of
Section 409A pursuant to the “short-term deferral” exception or another exception or exemption under Section 409A, or otherwise complying with Section 409A, in each case such that none of this Plan or Actual Awards provided
under this Plan to such Participant will be subject to the additional tax imposed under Section 409A. 

5.    Payment of Awards. 

5.1    Right to Receive Payment. Each Actual Award will be paid solely from the general assets of the Company
Group. Nothing in this Plan will be construed to create a trust or to establish or evidence any Participant’s claim of any right other than as an unsecured general creditor with respect to any payment to which the Participant may be entitled.

 5.1    Timing of Payment. Payment of each Actual Award will be made as soon as practicable after the end of
the Performance Period to which the Actual Award relates and after the Actual Award is approved by the Administrator, but in no event after the later of (a) the fifteenth (15th) day of
the third (3rd) month of the Fiscal Year immediately following the Fiscal Year in which the Participant’s Actual Award first becomes no longer subject to a substantial risk of

  
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forfeiture, and (b) March 15 of the calendar year immediately following the calendar year in which the Participant’s Actual Award first becomes no longer subject to a substantial
risk of forfeiture. Unless otherwise determined by the Administrator, to earn an Actual Award a Participant must be employed by the Company Group on the date the Actual Award is paid, and in all cases subject to the Administrator’s discretion
pursuant to Section 4.4. 
 5.2    Form of Payment. Subject to the terms of this Plan, including
Section 6.1.2, each Actual Award generally will be paid in cash (or its equivalent) in a single lump sum. The Administrator reserves the right to settle an Actual Award with a grant of an equity award with such terms and conditions, including
any vesting requirements, as determined by the Administrator. 
 5.3    Payment in the Event of Death or
Disability. If a Termination of Employment occurs due to a Participant’s death or Disability prior to payment of an Actual Award that the Administrator has determined will be paid for a prior Performance Period, then the Actual Award will
be paid to the Participant or the Participant’s estate, as the case may be, subject to the Administrator’s discretion pursuant to Section 4.4. 

6.    General Provisions. 

6.1    Tax Matters. 

6.1.1    Section 409A. It is the intent that this Plan be exempt from or comply with the requirements of
Section 409A so that none of the payments to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms will be interpreted to be so exempt or so comply. Each payment
under this Plan is intended to constitute a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2). In no event will the Company Group have any liability, obligation, or
responsibility to reimburse, indemnify or hold harmless any Participant or other Employee for any taxes, penalties or interest imposed, or other costs incurred, as a result of Section 409A. 

6.1.2    Tax Withholdings. The Company Group will have the right and authority to deduct from any Actual Award all
applicable Tax Withholdings. Prior to the payment of an Actual Award or such earlier time as any Tax Withholdings are due, the Company Group is permitted to deduct or withhold, or require a Participant to remit to the Company Group, an amount
sufficient to satisfy any Tax Withholdings with respect to such Actual Award. 
 6.2    No Effect on Employment or
Service. Neither the Plan nor any award under the Plan will confer upon a Participant any right regarding continuing the Participant’s relationship as an Employee or other service provider to the Company Group, nor will they interfere with
or limit in any way the right of the Company Group or the Participant to terminate such relationship at any time, with or without cause, to the extent permitted by applicable laws. 

6.3    Forfeiture Events. 

6.3.1    Clawback Policy; Applicable Laws. All awards under the Plan will be subject to reduction,
cancellation, forfeiture, or recoupment in accordance with any clawback policy that the Company Group is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities
are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable 

  
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laws. In addition, the Administrator may impose such other clawback, recovery or recoupment provisions with respect to an award under the Plan as the Administrator determines necessary or
appropriate, including without limitation a reacquisition right in respect of previously acquired cash, stock, or other property provided with respect to an award. Unless this Section 6.3.1 is specifically mentioned and waived in a written
agreement between a Participant and a member of the Company Group or other document, no recovery of compensation under a clawback policy will give the Participant the right to resign for “good reason” or “constructive
termination” (or similar term) under any agreement with a member of the Company Group. 
 6.3.2    Additional
Forfeiture Terms. The Administrator may specify when providing for an award under the Plan that the Participant’s rights, payments, and benefits with respect to the award will be subject to reduction, cancellation, forfeiture, or recoupment
upon the occurrence of specified events, in addition to any otherwise applicable vesting or performance conditions of the award. Such events may include, without limitation, termination of the Participant’s status as an Employee for
“cause” or any act by a Participant, whether before or after the Participant’s status as an Employee terminates, that would constitute “cause.” 

6.3.3    Accounting Restatements. If the Company is required to prepare an accounting restatement due to the
material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then any Participant who knowingly or through gross negligence engaged in the misconduct, or who knowingly or
through gross negligence failed to prevent the misconduct, and any Participant who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, will reimburse the Company Group the amount of any
payment with respect to an award earned or accrued during the twelve (12) month period following the first public issuance or filing with the U.S. Securities and Exchange Commission (whichever first occurred) of the financial document embodying
such financial reporting requirement. 
 6.4    Successors. All obligations of the Company under the Plan, with
respect to awards under the Plan, will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the
business or assets of the Company. 
 6.5    Nontransferability of Awards. No award under the Plan may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, and except as provided in Section 5.3. All rights with respect to an award granted to a Participant will be
available during his or her lifetime only to the Participant. 
 7.    Amendment, Termination, and Duration. 

7.1    Amendment, Suspension, or Termination. The Administrator may amend or terminate the Plan, or any part
thereof, at any time and for any reason. The amendment, suspension or termination of the Plan will not, without the consent of the Participant, alter or impair any rights or obligations under any Actual Award earned by such Participant. No award may
be granted during any period of suspension or after termination of the Plan. Any payments under this Plan, including the method of calculating such payments, do not create any contractual or other acquired right to participate in a similar Plan,
receive any similar payments (or benefits in lieu) or 

  
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have the Participant’s payments calculated in a certain way in the future. The actual or anticipated value of any awards under the Plan will not be taken into account in assessing any other
employment benefits or termination payments, including any payments in lieu of notice or severance, except as required by applicable law. 

7.2    Duration of Plan. The Plan will commence on the date first adopted by the Board or the Compensation
Committee of the Board, and subject to Section 7.1 (regarding the Administrator’s right to amend or terminate the Plan), will remain in effect thereafter until terminated. 

8.    Legal Construction. 

8.1    Gender and Number. Unless otherwise indicated by the context, any feminine term used herein also will
include the masculine and any masculine term used herein also will include the feminine; the plural will include the singular and the singular will include the plural. 

8.2    Severability. If any provision of the Plan is or becomes or is deemed to be invalid, illegal, or
unenforceable for any reason in any jurisdiction or as to any Participant, such invalidity, illegality, or unenforceability will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the invalid, illegal, or
unenforceable provision had not been included. 
 8.3    Governing Law. The Plan and all awards and all
determinations made and actions taken under the Plan will be construed in accordance with and governed by the laws of the State of Colorado, but without regard to its conflict of law provisions. For purposes of litigating any dispute that arises
under this Plan, a Participant’s acceptance of an award is his or her consent to the jurisdiction of the State of Colorado resides, and agreement that any such litigation will be conducted in the City and County of Denver, Colorado, or the
federal courts for the United States for the District of Colorado, and no other courts, regardless of where a Participant’s services are performed. Notwithstanding the foregoing, an Applicable Appendix may provide that, with respect to the
Participant, the Plan and one or more awards and determinations actions taken under the Plan will be construed in accordance with and governed by, the country where the Participant permanently resides or, to the fullest extent permitted by
applicable law, such other jurisdiction as the Applicable Appendix may provide, and may provide for consent to jurisdiction, and agreement that litigation will be conducted in, the country where the Participant permanently resides or, to the fullest
extent permitted by applicable law, such other jurisdiction as the Applicable Appendix may provide. 
 8.4    Bonus
Plan. The Plan is intended to be a “bonus program” as defined under U.S. Department of Labor regulations section 2510.3-2(c) and will be construed and administered in accordance with such
intention. 
 8.5    Headings. Headings are provided herein for convenience only, and will not serve as a basis
for interpretation or construction of the Plan. 
 8.6    Severability. In case any one or more of the provisions
contained in the Plan shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of the Plan, but the Plan shall be construed as if such
invalid, illegal or unenforceable provisions had never been contained herein. 

  
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 9.    Compliance with Applicable Laws. Awards under the Plan
(including without limitation the granting of such awards) will be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

  
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 PARTICIPANT ACKNOWLEDGEMENT FORM 

You have been designated as a Participant who may be eligible to participate in the Employee Incentive Compensation Plan (“Plan”),
subject to meeting the terms of the Plan and this Acknowledgment Form. You must sign and return this Acknowledgment Form to become an eligible Participant in the Plan. Relevant details in relation to your participation in the Plan are set out
in the Plan. 
 By signing below, you acknowledge and agree that you received a copy of the Plan and have read and understand its terms. You acknowledge
that you have not relied upon any representations or statements made by the Company or any of its affiliates which are not specifically set out in the Plan. You understand that the Plan, your participation in the Plan and any awards made under the
Plan are discretionary and that the Company may amend, suspend, replace or terminate the Plan at any time and for any reason, in its sole discretion in accordance with the terms of the Plan to the full extent permitted under applicable law. 

 

			
	 Name:
	  	
		
	 Signature:
	  	
Date:                         
             
  
  

  
 10EX-10.21

 Exhibit 10.21 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made between Inspirato LLC (the “Company”), and Brent Handler (the
“Executive”) and is effective as of consummation of the transactions contemplated by the Business Combination Agreement (the “BCA”), dated as of June 30, 2021 to which the Company is a party (the “Effective Date”).

 WHEREAS, the Company desires to employ the Executive and the Executive desires to be employed by the Company on the terms and conditions
contained herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

1.    Employment. 

(a)    Term. The Company shall employ the Executive and the Executive shall be employed by the Company pursuant to
this Agreement commencing as of the Effective Date, and continuing until such employment is terminated in accordance with the provisions hereof (the “Term”). 

(b)    Position and Duties. The Executive shall serve as the Chief Executive Officer of Inspirato Incorporated, a
Delaware corporation (the “Parent”) and the Company, and shall have such powers and duties as may from time to time be prescribed by Parent’s Board of Directors (the “Board”). The Executive shall devote the Executive’s
full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may serve on other boards of directors or engage in religious, charitable, teaching, or other community activities, as long as
such work, services, and activities do not conflict with or interfere with the Executive’s performance of the Executive’s duties to the Company. 

2.    Compensation and Related Matters. 

(a)    Base Salary. The Executive’s initial base salary shall be paid at the rate of $515,000 per year. The
Executive’s base salary shall be subject to review and may be increased (but not decreased) from time to time by the Board or the Compensation Committee of the Board (the “Compensation Committee”). The base salary in effect at
any given time is referred to herein as “Base Salary.” The Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices for executive officers. 

(b)    Incentive Compensation. The Executive’s target annual target cash incentive compensation shall be
75% percent of the Executive’s Base Salary. The target annual incentive compensation in effect at any given time is referred to herein as “Target Bonus.” The Target Bonus and the earning of any actual bonus is subject to the
terms of any applicable incentive compensation plan that may be in effect from time to time with the earned amount, which could be $0 if the metrics in the incentive compensation plan are not met, to be approved by the Compensation Committee. Any
bonus earned will be paid no later than March 15 of the year following the year to which it relates and to earn incentive compensation, the Executive must be employed by the Company on the day such incentive compensation is paid. 

(c)    Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by the Executive during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for similar executives. 

 (d)    Other Benefits. The Executive shall be eligible to
participate in or receive benefits under the Company’s employee benefit plans in effect from time to time, subject to the terms of such plans. Additionally, the Executive shall have benefits under the Company’s Founder Club Use Policy with
benefit levels as determined from time to time but that are no less favorable than those approved at the time this Agreement was first approved by the Company’s Board of Managers (such benefits, the “Founder Club Use Benefits”). 

(e)    Paid Time Off. The Executive shall be entitled to take paid time off in accordance with the Company’s
applicable paid time off policy for similar executives, as may be in effect from time to time. 
 (f)    Equity.

 (i)    Initial Grant. Following the consummation of the transactions contemplated by the BCA
(the “Closing Date”) and immediately subsequent to the filing of a Form S-8 by Parent, which filing shall be made by Parent as soon as reasonably possible after the Closing Date, the Executive will
receive a grant of restricted stock units (the “RSUs”) for a number of shares of class A common stock of Parent (“Parent Stock”) with an aggregate value of $12,500,000 based on the closing price of one share of Parent Stock as of
the Closing Date. The Initial Restricted Stock Units will be subject to the terms and conditions of the Parent equity plan then in effect and the applicable equity award agreement (the “Equity Documents”), and shall vest in 16 equal
quarterly installments following the Effective Date, subject to the Executive’s continued employment with the Company at each vesting date. 

(ii)    Annual Grants. Each year commencing in 2022, the Executive will be considered for an annual
equity award, with the target for the 2022 annual equity award intended to be $4,500,000 so that it results in target total direct compensation that is no less than the median target total direct compensation for CEOs in the Company’s
compensation peer companies. The actual size of any annual equity award, including the 2022 annual equity award, will be established at the time of grant by the Compensation Committee, will be calculated based on the achievement of specific metrics
established by the Committee, and could be zero if the Compensation Committee’s judgment is that metrics established by the Compensation Committee have not been met. Any annual equity award will be subject to the Equity Documents, with its
structure to be established at the time of grant by the Compensation Committee and may have vesting based solely on performance against metrics (which could be no vesting if the metrics are not met), solely on continued service, or be split between
metric-based and service-based. Unless determined otherwise at the time of grant by the Compensation Committee, the service-based portion of any annual equity award will vest in 16 equal quarterly installments. 

3.    Termination. The Executive’s employment hereunder may be terminated without any breach of this Agreement
under the following circumstances: 
 (a)    Death. The Executive’s employment hereunder shall terminate
upon death. 
 (b)    Disability. The Company may terminate the Executive’s employment if the Executive is
disabled and unable to perform or expected to be unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 consecutive days
in any 12-month period. If any question shall arise 

  
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as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without
reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Executive to whom the Company has no reasonable objection as to whether
the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician
in connection with such certification. Nothing in this Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C.
§2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq. 

(c)    Termination by Company for Cause. The Company may terminate the Executive’s employment hereunder for
Cause after a majority vote of the Board taken after the Executive has had an opportunity to present to the Board. For purposes of this Agreement, “Cause” shall mean any of the following: 

(i)    conduct by the Executive constituting a willful and material act of misconduct in connection with
the performance of the Executive’s duties, including, without limitation (A) dishonesty to the Company with respect to any material matter; or (B) misappropriation of funds or property of the Company or any of its subsidiaries or
affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; 

(ii)    the conviction by the Executive of (A) any felony or (B) a misdemeanor involving moral
turpitude; 
 (iii)    any willful misconduct by the Executive that results in material economic injury
to the Company or any of its subsidiaries or affiliates; 
 (iv)    the Executive’s material breach
of any written agreement or covenant with the Company that is not cured by the Executive to the Company’s reasonable satisfaction within a reasonable period of time (not to exceed 20 days) after the Executive’s receipt of written notice
from the Company specifying the breach; 
 (v)    the Executive’s material violation of any written
Company policy that is not cured by the Executive to the Company’s reasonable satisfaction within a reasonable period of time (not to exceed 20 days) after the Executive’s receipt of written notice from the Company specifying the
violation; or 
 (vi)    the Executive’s failure to cooperate with a bona fide internal
investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such
investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. 

(d)    Termination by the Company without Cause. The Company may terminate the Executive’s employment
hereunder at any time without Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of
the Executive under Section 3(a) or (b) shall be deemed a termination without Cause. 

  
 3 

 (e)    Termination by the Executive. The Executive may terminate
employment hereunder at any time for any reason, including but not limited to, Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has completed all steps of the Good Reason Process (hereinafter
defined) following the occurrence of any of the following events without the Executive’s consent (each, a “Good Reason Condition”): 

(i)    a material diminution in the Executive’s responsibilities, authority or duties; 

(ii)    a material diminution in the Executive’s Base Salary except for
across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the
Company; 
 (iii)    a material change in the geographic location at which the Executive provides
services to the Company, such that there is an increase of at least thirty (30) miles of driving distance to such location from the Executive’s principal residence as of such change; or 

(iv)    a material breach by the Company of any agreement between the Executive and the Company. 

The “Good Reason Process” consists of the following steps: 

(i)    the Executive reasonably determines in good faith that a Good Reason Condition has occurred; 

(ii)    the Executive notifies the Company in writing of the first occurrence of the Good Reason Condition
within 60 days of the first occurrence of such condition; 
 (iii)    the Executive cooperates in good
faith with the Company’s efforts, for a period of not less than 30 days following such notice (the “Cure Period”), to remedy the Good Reason Condition; 

(iv)    notwithstanding such efforts, the Good Reason Condition continues to exist; and 

(v)    the Executive terminates employment within 60 days after the end of the Cure Period. 

If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred. 

(f)    Payment of Accrued Obligations. If the Executive’s employment with the Company is terminated for any
reason, the Company shall pay or provide to the Executive (or to the Executive’s authorized representative or estate) (i) any Base Salary earned through the Date of Termination; (ii) unpaid expense reimbursements (subject to, and in
accordance with, Section 2(c) of this Agreement); (iii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance
with the terms of such employee benefit plans; and (iv) benefits under the Company’s Founder Club Use Policy (on the same or no less favorable terms as in effect as of the Date of Termination) (collectively, the “Accrued
Obligations”). 

  
 4 

 4.    Notice and Date of Termination. 

(a)    Notice of Termination. Except for termination as specified in Section 3(a), any termination of the
Executive’s employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a
notice which shall indicate the specific termination provision in this Agreement relied upon. 
 (b)    Date of
Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated by death, the date of death; (ii) if the Executive’s employment is terminated on account of disability under
Section 3(b) or by the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company without Cause under Section 3(d), the date on
which a Notice of Termination is given or the date otherwise specified by the Company in the Notice of Termination; (iv) if the Executive’s employment is terminated by the Executive under Section 3(e) other than for Good Reason, 14
days after the date on which a Notice of Termination is given, and (v) if the Executive’s employment is terminated by the Executive under Section 3(e) for Good Reason, the date on which a Notice of Termination is given after the end
of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination
by the Company for purposes of this Agreement. 
 5.    Severance Pay and Benefits Upon Termination by the Company
without Cause or by the Executive for Good Reason. If the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates employment for Good Reason as provided in
Section 3(e), then, in addition to the Accrued Obligations, and subject to (i) the Executive signing a separation and release agreement in substantially the form attached hereto as Exhibit A, with such changes as necessary to
address changes in the law (the “Separation and Release Agreement”), and (ii) the Separation and Release Agreement becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the
Separation and Release Agreement), which shall include a seven (7) business day revocation period, the Company shall: 

(a)    pay the Executive an amount equal to twenty-four (24) months of the Executive’s Base Salary
(the “Severance Amount”); 
 (b)    pay the Executive any incentive compensation pursuant to Section 2(b)
of this Agreement determined to have been earned in respect of the year preceding the year of termination but not yet paid and 200% of the Executive’s Target Bonus for the then-current year; 

(c)    notwithstanding anything to the contrary in any applicable option agreement or other stock-based award agreement,
take action to ensure that all time-based stock options and other stock-based awards subject to only time-based vesting held by the Executive (the “Time-Based Equity Awards”) shall immediately accelerate and become fully exercisable or
nonforfeitable as of the later of (i) the Date of Termination or (ii) the effective date of the Separation Agreement and Release (the “Accelerated Vesting Date”) and the post-termination exercise period for any stock options will
be extended for two and one half years after termination of employment (unless the stock option terminates earlier because it has reached its maximum term or in connection with a change in control). For avoidance of doubt, any severance protections
applicable to performance-based equity awards will be set out in the agreements governing such awards; 
 (d)    subject
to the Executive’s copayment of premium amounts at the applicable active employees’ rate and the Executive’s proper election to receive benefits under COBRA, pay to the 

  
 5 

 
group health plan provider, the COBRA provider or the Executive a monthly payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the
Executive if the Executive had remained employed by the Company until the earliest of (A) the twenty-four (24) month anniversary of the Date of Termination; (B) the Executive’s eligibility for group medical plan benefits under
any other employer’s group medical plan; or (C) the cessation of the Executive’s continuation rights under COBRA; provided, however, if the Company determines that it cannot pay such amounts to the group health plan provider or the
COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the
Executive for the time period specified above. Such payments shall be subject to tax-related deductions and withholdings and paid on the Company’s regular payroll dates; and 

(e)    provide the Executive with continued Founder Club Use Benefits for the life of the Founder at a level that is no
less favorable than that determined under the Founder Club Use Policy in effect on the date this Agreement was first approved by the Company’s Board of Managers. 

The amounts payable under Section 5, to the extent taxable, shall be paid out in substantially equal installments in accordance with the Company’s
payroll practice commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Amount, to
the extent it qualifies as “non-qualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall begin to be
paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts
retroactive to the day immediately following the Date of Termination. Notwithstanding the prior sentence, any earned but unpaid bonus for a prior year will be paid on the date that the first of the equal installments is paid. Each payment pursuant
to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 

6.    Limitation. 

(a)    Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation,
payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of
the Code, and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum
of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive
receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case, in
reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (1) cash payments not subject to Section 409A
of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the
foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced
before any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c). 

(b)    For purposes of this Section 6(b), the “After Tax Amount” means the amount of the Aggregate Payments
less all federal, state, and local income, excise and employment taxes imposed 

  
 6 

 
on the Executive as a result of the Executive’s receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes
at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each
applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 

(c)    The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 6(b)
shall be made by a nationally recognized accounting or valuation firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of
the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. 

7.    Section 409A. 

(a)    Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from
service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit
that the Executive becomes entitled to under this Agreement or otherwise on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to
Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one
day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a
catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the
installments shall be payable in accordance with their original schedule. 
 (b)    All
in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All
reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement
in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for
another benefit. 
 (c)    To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments
or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury
Regulation Section 1.409A-1(h). 
 (d)    The parties intend that this
Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so
that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement or 

  
 7 

 
the Restrictive Covenants Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The
parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and
benefits provided hereunder without additional cost to either party. 
 (e)    The Company makes no representation or
warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the
conditions of, such Section. 
 8.    Continuing Obligations.  

(a)    Proprietary Rights and Inventions Assignment Agreement. The Executive is party to the Proprietary
Rights and Inventions Assignment Agreement, attached hereto as Exhibit B (the “PRIA”). The Executive acknowledges that during the term of his employment, he has had and will continue to have access to trade secrets of the Company
and/or be part of the Company’s management team. Therefore, for the period of his employment by the Company and continuing until one year after his Date of Termination, regardless of the reason for the termination of his employment, the
Executive agrees that he shall not, without the prior written consent of the Company, directly or indirectly, own, invest in, manage, operate, control or advise or join in or participate in the ownership, management, operation or control of or be
employed by or connected in any manner with any businesses that sell, market, operate or have investment in; villa rental, fractional ownership, cooperative vacation club, home exchange and/or luxury destination club or any entity in the United
States which is in direct competition with the Company’s Business and acknowledges that the agreement not to compete set forth in this provision is both reasonable and necessary for the protection of the Company’s trade secrets, as
contemplated by CO Rev. Stat. § 8-2-113(2)(b). For purposes of this Agreement, the Company’s Business shall mean the Company’s business on the
Executive’s Date of Termination, including all prior products, services or diversified lines of business. For purposes of this Agreement, the obligations in this Section 8 and those that arise in the PRIA and any other agreement
relating to confidentiality, assignment of inventions, or other restrictive covenants shall collectively be referred to as the “Continuing Obligations.” The parties agree that the value of the Continuing Obligations to the Company is no
less than the value of any severance amounts paid to the Executive. 
 (b)    Third-Party Agreements and Rights.
The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information, other than confidentiality
restrictions (if any), or the Executive’s engagement in any business. The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the
Executive’s proposed duties for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s work for the Company, the Executive will not disclose or make use of any
information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of
non-public information belonging to or obtained from any such previous employment or other party. 

(c)    Litigation and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall
cooperate fully with the Company in (i) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while
the Executive was employed by the Company, and (ii) the investigation, whether internal or external, of any matters about which the 

  
 8 

 
Company believes the Executive may have knowledge or information. The Executive’s full cooperation in connection with such claims, actions or investigations shall include, but not be limited
to, being available to meet with counsel to answer questions or to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive’s employment, the Executive also
shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was
employed by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket expenses. 

(d)    Relief. The Executive agrees that it would be difficult to measure any damages caused to the Company which
might result from any breach by the Executive of the Continuing Obligations, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, the Executive agrees that if the Executive breaches, or proposes
to breach, any portion of the Continuing Obligations, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving
any actual damage to the Company. 
 9.    Arbitration of Disputes. 

(a)    Arbitration Generally. Any controversy or claim arising out of or relating to this Agreement or the breach
thereof or otherwise arising out of the Executive’s employment or the termination of that employment shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of
such an agreement, under the auspices of JAMS in Denver, Colorado in accordance with the JAMS Employment Arbitration Rules, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. The Executive understands
that the Executive may only bring such claims in the Executive’s individual capacity, and not as a plaintiff or class member in any purported class proceeding or any purported representative proceeding. The Executive further understands that,
by signing this Agreement, the Company and the Executive are giving up any right they may have to a jury trial on all claims they may have against each other. Judgment upon the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. This Section 9 shall be specifically enforceable. Notwithstanding the foregoing, this Section 9 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining
order or a preliminary injunction in circumstances in which such relief is appropriate, including without limitation relief sought under the Restrictive Covenants Agreement; provided that any other relief shall be pursued through an arbitration
proceeding pursuant to this Section 9. 
 (b)    Arbitration Fees and Costs. The Executive shall be required
to pay an arbitration fee to initiate any arbitration equal to what the Executive would be charged as a first appearance fee in court. The Company shall advance the remaining fees and costs of the arbitrator. However, to the extent permissible under
the law, and following the arbitrator’s ruling on the matter, the arbitrator may rule that the arbitrator’s fees and costs be distributed in an alternative manner. Each party shall pay its own costs and attorneys’ fees, if any. If,
however, any party prevails on a statutory or contractual claim that affords the prevailing party attorneys’ fees (including pursuant to this Agreement), the arbitrator may award attorneys’ fees to the prevailing party to the extent
permitted by law. 
 10.    Consent to Jurisdiction. To the extent that any court action is permitted consistent
with or to enforce Section 9 of this Agreement, the parties hereby consent to the jurisdiction of the state and federal courts of the State of Colorado. Accordingly, with respect to any such court action, the Executive (a) submits
to the exclusive personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of
process. 

  
 9 

 11.    Waiver of Jury Trial. Each of the Executive and the
Company irrevocably and unconditionally WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE EXECUTIVE’S EMPLOYMENT BY THE COMPANY OR ANY
AFFILIATE OF THE COMPANY, INCLUDING WITHOUT LIMITATION THE EXECUTIVE’S OR THE COMPANY’S PERFORMANCE UNDER, OR THE ENFORCEMENT OF, THIS AGREEMENT. 

12.    Integration. This Agreement constitutes the entire agreement between the parties with respect to the subject
matter hereof and supersedes all prior agreements between the parties concerning such subject matter, provided that the Restrictive Covenants Agreement and the Equity Documents remain in full force and effect. 

13.    Withholding; Tax Effect. All payments made by the Company to the Executive under this Agreement shall be net
of any tax or other amounts required to be withheld by the Company under applicable law. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate the Executive for any adverse tax effect associated with
any payments or benefits or for any deduction or withholding from any payment or benefit. 
 14.    Assignment.
Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and
obligations under this Agreement (including the Restrictive Covenants Agreement) without the Executive’s consent to any affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization, consolidate with, or
merge into or to whom it transfers all or substantially all of its properties or assets; provided further that if the Executive remains employed or becomes employed by the Company, the purchaser or any of their affiliates in connection with any such
transaction, then the Executive shall not be entitled to any payments, benefits or vesting pursuant to Section 5 of this Agreement solely as a result of such transaction but the transaction may result in a change in the Executive’s
position that would entitle him to resign for Good Reason and receive benefits under Section 5. This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of the Executive’s and the
Company’s respective successors, executors, administrators, heirs and permitted assigns. 

15.    Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or
provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other
than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

16.    Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the
termination of the Executive’s employment to the extent necessary to effectuate the terms contained herein. 

17.    Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the
waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be
deemed a waiver of any subsequent breach. 

  
 10 

 18.    Notices. Any notices, requests, demands and other
communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to
the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 

19.    Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive
and by a duly authorized representative of the Company and no subsequent writing will abrogate the Executive’s rights under this Agreement without specifically mentioning and waiving this Section 19. 

20.    Effect on Other Plans and Agreements. An election by the Executive to resign for Good Reason under the
provisions of this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company’s benefit plans, programs or policies. Nothing in this Agreement shall
be construed to limit the rights of the Executive under the Company’s benefit plans, programs or policies except as otherwise provided in Section 8 hereof, and except that the Executive shall have no rights to any severance benefits under
any Company severance pay plan, offer letter or otherwise. In the event that the Executive is party to an agreement with the Company providing for payments or benefits under such plan or agreement and under this Agreement, the terms of this
Agreement shall govern and the Executive may receive payment under this Agreement only and not both. The provisions of the prior sentence will not apply to any performance-based equity grants and any severance protections set forth in the award
agreements for such performance-based equity grants will govern. 
 21.    Governing Law. This is a Colorado
contract and shall be construed under and be governed in all respects by the laws of the State of Colorado, without giving effect to the conflict of laws principles thereof. With respect to any disputes concerning federal law, such disputes
shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the Tenth Circuit. 

22.    Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed
and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. 
 IN WITNESS
WHEREOF, the parties have executed this Agreement effective on the Effective Date. 
  

			
	INSPIRATO LLC
		
	By:	 	 /s/ James Hnat

		 	James Hnat
		
	Its:	 	 Secretary and General Counsel

		
	Date:	 	 September 15, 2021

	
	EXECUTIVE
		
	By:	 	 /s/ Brent Handler

		 	Brent Handler
		
	Date:	 	 September 15, 2021

  
 11

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