Employee Accounts Receivable Agreement

This Employee Accounts Receivable Agreement and Promissory Note (the “Agreement”) is made on this date listed below by and between Mt. Hood Meadows Oreg., LLC and the Employee whose name is listed below:

Whereas, the Employee has requested the use of Employee Accounts Receivable to make purchases throughout the resorts (Mt Hood Meadows and Cooper Spur) paid by means of a deduction of payroll and hereon referred to as Employee AR. Now therefore, in consideration of the mutual promises and covenants contained herein, the Company and the Employee agree as follows:

1. EMPLOYEE AR FUNDING LIMIT. The Company shall allow the Employee to make resort purchases by use of Employee AR Card up to the maximum amount listed based on Employee Classification, as outlined in the Team Handbook, on a monthly basis.

- “A” Year-Round or seasonal, Vice President, Director or Manager – $500

- “B” Full-Time, year-round, non-exempt, hourly – $500

2. EMPLOYEE AR FUNDING. The Company shall reset the Employee AR card monthly limit amount on the first business day following the last day of the month (i.e., if the last day of the month is Friday, October 31, the funds will be restored the first business day following, in this case Monday, November 3).

3. FUNDING LIMIT INCREASE. In the event the Employee would like to make a purchase that causes the Employee AR balance to be more than the Employee AR Funding Limit, the Employee will need to receive approval for a temporary Employee AR limit increase by the Controller or Director of Finance prior to the purchase being made. If approved, funds will be increased within one business day.

4. PAYMENT. The Company shall deduct the amount of Employee AR Card purchases, to date, in full each pay period via payroll deduction. In the event that the paycheck is insufficient to cover the full amount, arrangements for an extension must be made within 24 hours of the pay date with the Controller or Director of Finance.

5. EXTENSION AND SPLITS REQUESTS. The Employee may arrange to extend or request to split the balance to be paid in multiple payroll deductions with approval from the Controller or Director of Finance. A request to split needs to be approved prior to the submission of payroll for that pay period. Upon approval, the Employee AR Funding Limit will be reduced to zero until the balance is paid in full and funding restored during the regular resetting of Employee AR Funding. More than one extension or split request during any 3 month period can result in the suspension of the Employee AR program for no less than 6 months and up to termination of future Employee AR program participation.

6. PROMISSORY NOTE. For value received, the Employee unconditionally promises to pay to the Company, upon demand or as soon as the Employee is no longer employed by the company, the principal sum less any and all payments then made, without set-off, deduction or counter claim.

7. RIGHT TO COLLECT. The Employee understands and agrees that in the event of termination of employment, any Employee AR balance is due upon termination and will be deducted from final paycheck. If the final paycheck is insufficient to cover the complete Employee AR balance, Employee agrees to make repayment arrangements with the Controller or Director of Finance within 48 hours. Company has the right to collect all Employee AR Funds at the Employee’s expense (including interest and attorney fees) if arrangements are not made.

Witness whereof, the Company and Employee have executed this Agreement as of the date set forth above.