BLUE RIDGE REAL ESTATE COMPANY
BIG BOULDER CORPORATION
STOCK OPTION AGREEMENT
Patrick M. Flynn (the “Optionee”) has been granted an option (the “Option”) as of
December 2, 2002 to purchase 5,000 shares of Common Stock of Blue Ridge Real Estate
Company and Big Boulder Corporation (collectively the “Companies”). The Option shall be subject
to the following terms and conditions:
1. Purchase Price . With respect to the shares of Common Stock of the Companies subject to
the Option to be delivered in unit form (the “Shares”), 5,000 Shares may be purchased for $10.90
2. Duration of Option . The Option shall expire, and all rights to purchase Shares pursuant
thereto shall cease, on December 2, 2007.
3. Exercisability . The Shares subject to the Option may be purchased immediately, without any
vesting period, and throughout the duration of the Option.
4. Purchase of Option Shares . The Optionee may purchase the Shares subject to the Option in
whole at any time, or in part from time to time, by delivering to the Secretary of the Companies
written notice specifying the number of Shares being purchased, together with payment in full of the
purchase price of such Shares plus any applicable federal, state or local taxes for which the
Companies have a withholding obligation in connection with such purchase. Such payment shall
be made in whole or in part in cash, or by personal check, certified check, money market check or
bank draft payable to the order of the Companies.
5. Nontransferability . The Option shall not be transferable other than (i) by will, (ii) by the laws of
descent and distribution, (iii) pursuant to the terms of a qualified domestic relations order or (iv) in
circumstances other than those set forth in (i) – (iii) above, with the express written approval of the
6. Issuance of Shares: Restrictions .
The Companies shall, within ten business days after Shares subject to the Option have been
purchased in whole or in par