SUMMARY OF VAIL RESORTS, INC. DIRECTOR COMPENSATION1 PER SUMMARY PREPARED BY CHAIRMAN OF THE BOARD, EFFECTIVE 8/1/03; REVISED BY COMPENSATION COMMITTEE SEPTEMBER 28, 2004; AND BY BOARD OF DIRECTORS FEBRUARY 27, 2006
Contract Categories:
Human Resources
- Compensation Agreements
EX-10.38 7 exhibit10_38.htm EXHIBIT 10.38 Exhibit 10.38
Exhibit 10.38
SUMMARY OF VAIL RESORTS, INC. DIRECTOR COMPENSATION1
PER SUMMARY PREPARED BY CHAIRMAN OF THE BOARD, EFFECTIVE 8/1/03;
REVISED BY COMPENSATION COMMITTEE SEPTEMBER 28, 2004; AND
BY BOARD OF DIRECTORS FEBRUARY 27, 2006
CASH AND EQUITY COMPENSATION (Excludes CEO)
| Description of Compensation | To Whom | Amount |
| Annual Cash Retainer | Directors | $25,000 |
| Additional Compensation | Chairman of the Board | $50,000 |
| for Other Services | Audit Committee Chair2 | $25,000 |
| Audit Committee Members | $15,000 | |
| Compensation Committee Chair | $5,000 | |
| Nominating Committee Chair | $5,000 | |
| Lead Director3 | $25,000 | |
| Meeting Fees (Per Meeting) | Directors (In Person) | $5,000 |
| (Not Including Actions | Directors (By Telephone) | $1,000 |
| Taken by Consent) | Compensation/Nominating Committee | $1,000 |
| Audit Committee Meeting | $2,000 | |
| Equity Compensation | All Directors | As determined and approved each year by the Compensation Committee |
PERQUISITES
| Description of Perquisite | To Whom | Additional Details |
| Ski Pass | All Directors and their family members | |
| Ski Instructor | All Directors | 1 to 2 per day, max 20 per year |
| Golf | All Directors | 6 Rounds/Year |
| Food and Miscellaneous | All Directors | $1,000 Charge Privileges per year |
| Lodging | All Directors and Their Spouses (Not Transferable) | § Max 14 nights/year in Company-Owned hotels § Room & Tax Only § 1 to 2 rooms per day § No Condos § Suites confirmed 7 days out § Black Out Days Apply |
1 All taxes on director compensation are to be paid by Board Member
2 On February 28, 2006, Mr. Micheletto was named Chairman of the Board of the Company in addition to his role as Audit Committee Chairman and member of the Audit Committee, Compensation Committee and Executive Committee. On February 27, 2006, the Board of Directors approved compensation in an amount of $100,000 to Mr. Micheletto for his service on the Board. Mr. Micheletto continues to receive meeting fees at the approved rates and perquisites as approved.
3 Effective February 28, 2006, Mr. Katz was named Chief Executive Officer of the Company and ceased being Lead Director of the Company. The Company currently does not have a Lead Director.
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