Phantom Equity Plan (2006)Full Document 

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                             AMERICAN SKIING COMPANY
                               PHANTOM EQUITY PLAN


                  The American Skiing Company Phantom Equity Plan is hereby
amended effective as of January 1, 2005.

        1.        Section 2(p) is hereby amended to read in its entirety as
                  follows:

                  Valuation Event. (1) a sale or disposition of a significant

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