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

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

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