[Form 4] VAIL RESORTS INC Insider Trading Activity

Rhea-AI Filing Summary

Lynanne Kunkel, Chief HR & Transformation Officer at Vail Resorts Inc. (ticker MTN), reported transactions dated 09/27/2025. On that date 1,333 shares were acquired upon vesting of restricted share units (RSUs) at no cash price and 384 shares were disposed of to satisfy tax withholding at a price of $147.74 per share. After these transactions the reporting person beneficially owned 7,809 shares. The filing discloses that on 09/27/2024 Kunkel was granted 4,001 RSUs, which vest in three equal installments beginning 09/27/2025. The Form 4 is signed by an attorney-in-fact on behalf of Kunkel.

Positive

• Alignment with shareholders: Continued RSU awards (4,001 RSUs) provide retention incentives and align executive pay with shareholder value
• Standard tax withholding: Disposal of 384 shares to cover taxes is a routine, administratively efficient method

Negative

• Reduced beneficial ownership: Net reported shares decreased from 8,193 to 7,809 following withholding
• No materiality context provided: The filing does not state the percentage ownership or value relative to total outstanding shares

Insights

Financial Analyst

TL;DR: Routine RSU vesting with share withholding to cover taxes; modest net reduction in reported shares.

The Form 4 shows standard equity compensation mechanics: 1,333 RSU-derived shares were issued and 384 shares were withheld/disposed at $147.74 to satisfy tax obligations, reducing net beneficial ownership from 8,193 to 7,809 shares. The underlying grant of 4,001 RSUs awarded on 09/27/2024 vests in three equal tranches starting 09/27/2025, indicating continued retention incentives for the executive. There are no indications of unusual timing or related-party transactions beyond typical withholding for taxes.

Corporate Governance Expert

TL;DR: Compensation-driven transaction; governance signals intact with standard withholding for tax purposes.

The filing documents an internally consistent equity compensation event. The use of share withholding to satisfy tax obligations is common practice and preserves administrative simplicity. The remaining RSU schedule (4,001 RSUs vesting in three installments) suggests ongoing alignment of the officer with shareholder interests through deferred equity. No governance concerns or material disclosures beyond the vesting and withholding are present in this Form 4.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Kunkel Lynanne

(Last) (First) (Middle)

C/O VAIL RESORTS, INC.

390 INTERLOCKEN CRESCENT

(Street)

BROOMFIELD CO 80021

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
VAIL RESORTS INC [ MTN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief HR & Trnsfrm Ofc

3. Date of Earliest Transaction (Month/Day/Year)
09/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/27/2025		M		1,333	A	$0	8,193	D
Common Stock	09/27/2025		F		384(1)	D	$147.74	7,809	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Share Unit	$0	09/27/2025		M			1,333	(2)	(2)	Common Stock	1,333	$0	2,668	D

Explanation of Responses:

1. These shares of common stock were withheld from the issuance of common stock to Reporting Person upon vesting of Restricted Share Units ("RSUs") in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith.

2. On September 27, 2024, Reporting Person was granted 4,001 RSUs, which vest in three equal installments beginning on September 27, 2025.

Remarks:

	/s/ Lucy Jensen, Attorney-in-Fact for Lynanne Kunkel	09/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transactions did Lynanne Kunkel report on the Form 4 for MTN?

The report shows 1,333 shares acquired upon RSU vesting and 384 shares disposed of to satisfy taxes at $147.74 per share on 09/27/2025.

How many RSUs were granted to Kunkel and when do they vest?

Kunkel was granted 4,001 RSUs on 09/27/2024, which vest in three equal installments beginning 09/27/2025.

What is Kunkel's beneficial ownership after the reported transactions?

After the transactions the Form 4 reports Kunkel beneficially owned 7,809 shares.

Was the Form 4 signed by the reporting person?

The Form 4 was executed by Lucy Jensen, Attorney-in-Fact for Lynanne Kunkel on 09/30/2025.

Why were shares disposed of in this filing?

The filing states 384 shares were withheld/disposed to satisfy the Reporting Person's withholding and other tax obligations related to RSU vesting.