Document:

ESCROW AGREEMENT AND JOINT ESCROW INSTRUCTIONS

                                                  Dated:  As of January 22, 2002
Loeb & Loeb LLP
345 Park Avenue
New York, New York 10154-0037
Attention:  Michael D. Beck, Esq.

Dear Sirs:

         Booth Creek Ski Group, Inc., a Delaware corporation (the "Corporation")
and Brian J. Pope (the  "Executive")  hereby appoint Loeb & Loeb LLP, a New York
limited liability partnership ("Escrow Agent" or "you") as escrow agent to hold,
safeguard and disburse the Escrow Shares (as defined in Paragraph 1, below), and
to perform the duties and  procedures  to be performed by it as set forth in and
pursuant  to  the   provisions  of  this  Escrow   Agreement  and  Joint  Escrow
Instructions  (the  "Escrow  Agreement").   Escrow  Agent  hereby  accepts  such
appointment.  You are hereby  authorized  and directed to hold the Escrow Shares
and all  documents  delivered  to you  pursuant  to the  terms  of that  certain
restricted  stock  agreement  (the  "Restricted  Stock  Agreement")  between the
Corporation  and the  Executive,  a copy of which  is  appended  to this  Escrow
Agreement  as  Exhibit  A, and in  accordance  with the  instructions  contained
herein.  Capitalized  terms used herein but not otherwise  defined will have the
meanings ascribed to them in the Restricted Stock Agreement.

         1. In connection  with the grant by the Corporation to the Executive of
the shares of Restricted  Stock as set forth in the Restricted  Stock Agreement,
the Corporation has delivered to you  simultaneously  with its execution hereof,
certificates  representing  the  number of shares  issued or to be issued by the
Corporation  to Executive  pursuant to the  Restricted  Stock  Agreement,  which
certificates  have been duly  executed by officers of the  Corporation,  and the
Executive has delivered to you simultaneously  with his execution hereof,  stock
powers,  duly executed in blank, with respect to such shares.  Executive and the
Corporation hereby irrevocably  authorize and direct you to take custody of such
share  certificates and stock powers, as provided in Section 3 of the Restricted
Stock  Agreement,  and with respect to any additions and  substitutions  to said
shares as set forth therein.  (Shares  issued to Executive  under the Restricted
Stock Agreement and held by you in escrow in accordance herewith are hereinafter
referred to as the "Escrow Shares".)

         2. Executive irrevocably authorizes the Corporation to deposit with you
any and all  certificates  evidencing the Escrow  Shares.  Executive does hereby
irrevocably constitute and appoint you as his attorney-in-fact and agent for the
term of the escrow to execute  with respect to the Escrow  Shares all  documents
necessary or appropriate  to make such Escrow Shares  negotiable and to complete
any transaction herein contemplated.
<PAGE>

         3.  Except  as  otherwise  provided  herein,  none of the  certificates
representing the Escrow Shares deposited with you hereunder shall be released to
the Executive  prior to the  respective  vesting date  therefor.  Subject to the
provisions of this paragraph,  upon the vesting of the Escrow Shares (i.e., when
they are no longer  forfeitable other than for forfeiture due to the termination
of Executive  under  circumstances  described in Section 5(b) of the  Restricted
Stock Agreement) pursuant to Section 5(a) of the Restricted Stock Agreement, you
will release the  certificates  representing  the Escrow  Shares from escrow and
deliver the  certificates to the Executive.  Upon the termination of Executive's
employment  with the  Corporation,  any Escrow  Shares then  remaining in escrow
shall  be  promptly  returned  to the  Corporation  for  cancellation.  For this
purpose,  employment  includes  employment with an affiliate of the Corporation,
and a transfer from the  Corporation to an affiliate or visa versa,  or from one
affiliate to another, is not a termination of employment.

         4. If at the time of  termination of the escrow you should have in your
possession any documents,  securities, or other property belonging to Executive,
you  shall  deliver  all of same to  Executive  and shall be  discharged  of all
further obligations hereunder.

         5. Your duties hereunder may be altered,  amended,  modified or revoked
only by a writing signed by all of the parties hereto.

         6. You shall be obligated  only for the  performance  of such duties as
are specifically set forth herein and may rely and shall be protected in relying
or refraining  from acting on any  instrument  reasonably  believed by you to be
genuine and to have been signed or presented by the proper party or parties. You
shall be entitled to employ such legal counsel and other experts as you may deem
necessary to advise you properly in connection with your obligations  hereunder,
you may  rely  upon  the  advice  of such  counsel,  and  may pay  such  counsel
reasonable compensation therefor. The fees of, and the expenses incurred by you,
if any, in connection  with carrying out your duties  hereunder shall be paid by
the  Corporation.  You shall not be personally  liable for any act you may do or
omit to do hereunder as Escrow Agent or as attorney-in-fact  for Executive while
acting in good faith,  and any act done or omitted by you pursuant to the advice
of your own attorneys shall be conclusive evidence of such good faith. Executive
acknowledges  that you act as legal  counsel for the  Corporation  and Executive
agrees  that in the event of a dispute  hereunder,  you may  continue  to act as
legal  counsel  to the  Corporation  in  general  and in  connection  with  this
Agreement.

         7. You are hereby expressly  authorized to disregard any and all orders
or demands  given  unilaterally  by the  Corporation  or the Executive or by any
other person or corporation,  excepting only orders or process of courts of law,
and you are  hereby  expressly  authorized  to  comply  with  and  obey  orders,
judgments or decrees of any such court. In case you obey or comply with any such
order,  judgment or decree, you shall not be liable to any of the parties hereto
or to any other  person,  firm or  corporation  by  reason  of such  compliance,
not-withstanding any such order, judgment or decree being subsequently reversed,
modified,  annulled,  set aside,  vacated or found to have been entered  without
jurisdiction. You shall not be liable in any respect on account of the identity,
authorities  or rights of the parties  executing or  delivering or purporting to
execute or deliver the  Restricted  Stock  Agreement or any  documents or papers
deposited or called for hereunder.  You shall not be liable for relinquishing of
any  rights  under the  Statute  of  Limitations  with  respect  to this  Escrow
Agreement or any documents deposited with you.
<PAGE>

         8. Your  responsibilities  as Escrow Agent hereunder shall terminate if
you resign  after  giving  written  notice  thereof to each party,  or by mutual
agreement in writing of the Corporation  and the Executive.  In the event of any
such termination, the Corporation shall appoint a successor Escrow Agent and you
agree to continue to hold all documents then in your possession pursuant to this
Escrow Agreement until such successor is appointed or in accordance with Section
10 hereof.

         9. If you reasonably require other or further instruments in connection
with this Escrow  Agreement or  obligations  in respect  hereto,  the  necessary
parties hereto shall join in furnishing such instruments.

         10. It is  understood  and agreed that  should any  dispute  arise with
respect to the delivery  and/or  ownership or right of  possession of the Escrow
Shares held by you hereunder,  you are authorized and directed to retain in your
possession  without  liability  to anyone all or any part of said Escrow  Shares
until such disputes shall have been settled  either by mutual written  agreement
of the Corporation and the Executive or by a final order,  decree or judgment of
a court of competent  jurisdiction  after the time for appeal has expired and no
appeal  has  been  perfected,  but you  shall be  under  no duty  whatsoever  to
institute or defend any such proceedings.

         11.  Any  notice  required  or  permitted  hereunder  shall be given in
writing and shall be deemed  effectively  given upon  personal  delivery or upon
deposit in the United States Post Office,  by registered or certified  mail with
postage  and fees  prepaid,  addressed  to each of the other  parties  thereunto
entitled at the following  addresses,  or at such other addresses as a party may
designate  by ten days'  advance  written  notice  to each of the other  parties
hereto.

CORPORATION                    Booth Creek Ski Group, Inc.
                               1000 S. Frontage Road West
                               Suite 100
                               Vail, Colorado  81657
                               Attention:  President and Chief Operating Officer

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

                               Brian J. Pope
                               --------------
                               --------------

<PAGE>

                               Loeb & Loeb LLP
ESCROW AGENT:                  345 Park Avenue
                               New York, New York  10154
                               Attn:  Michael D. Beck, Esq.

         12. The parties  hereunder  (other than the Escrow Agent),  jointly and
severally, agree to indemnify,  defend and hold the Escrow Agent, and all of its
partners,   associates,   officers,   directors,  members,  managers  and  other
employees,  harmless  from and  against  any and all  claims,  losses,  damages,
liabilities and expenses,  including reasonable  attorneys' fees (either paid to
retained  attorneys or representing the fair value of legal services rendered by
the Escrow Agent itself),  incurred as a result of the Escrow Agent's acceptance
of appointment as Escrow Agent or its performance  hereunder;  provided any such
performance  by Escrow  Agent is not taken in willful  disregard of the terms of
this Escrow  Agreement or involves  gross  negligence.  The  obligations  of the
parties  hereto to the Escrow  Agent  under this  paragraph  shall  survive  the
termination of this Agreement.

         13.  In the  event  that  for any  reason  the  Escrow  Agent  shall be
uncertain as to its duties or rights hereunder,  or shall receive  instructions,
claims or demands  from any party  hereto  which,  in its opinion or  otherwise,
conflict with any of the provisions of this Agreement, it shall be entitled, but
not obligated,  upon written notice to the parties hereto, to deposit any or all
of the Escrowed Shares, this Escrow Agreement and the Restricted Stock Agreement
(the "Escrowed  Documents") with the Supreme Court of the State of New York, New
York  County  (the  "Court")  in  connection  with an  action  in the  nature of
interpleader. Upon deposit of any or all of the Escrowed Documents in the Court,
Escrow Agent shall be relieved and discharged of all obligations  hereunder with
respect to the Escrowed Documents so deposited with the Court.

         14.  This  Escrow  Agreement  shall be  binding  upon and  inure to the
benefit of the parties  hereto,  and their  respective  successors and permitted
assigns.  This Escrow Agreement may be executed in  counterparts,  each of which
shall be deemed an original  and all of which  together  constitute  one and the
same instrument.

                                                  Very truly yours,

                                                  CORPORATION
                                                  Booth Creek Ski Group, Inc.

                                                  By: / s / Christopher P. Ryman
                                                  ------------------------------
                                                  Name: Christopher P. Ryman
                                                  Title:   President

<PAGE>

                                                  EXECUTIVE:
                                                  / s / Brian J. Pope
                                                  -------------------
                                                  Brian J. Pope

By signing  below in  acceptance  of this Escrow  Agreement,  you become a party
hereto only for the purpose of said  Escrow  Agreement,  but you do not become a
party to the Restricted Stock Agreement.

Accepted and Agreed to:
ESCROW AGENT:
Loeb & Loeb LLP

By:/ s / Michael D. Beck
------------------------
   Michael D. Beck

<PAGE>

                                    Exhibit A

                           Restricted Stock AgreementExhibit 10.33

      Deferred Compensation Agreement by and between Booth Creek Ski Group,
                             Inc. and Brian J. Pope

<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 Brian J. Pope ("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 two hundred (200)
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 2 of his severance
     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,  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"),  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.
<PAGE>

     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.

     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.
<PAGE>

     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.

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

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