[Form 4] VAIL RESORTS INC Insider Trading Activity

Rhea-AI Filing Summary

Nadia Rawlinson, a director of Vail Resorts Inc. (MTN), reported a non-derivative and derivative securities transaction related to restricted share units. The filing shows a transaction dated 09/27/2025 recording the acquisition of 1,281 common shares (code M) at a $0 price and a subsequent beneficial ownership total of 5,642 shares. Table II shows 1,281 Restricted Share Units (RSUs) with $0 price and 0 derivative securities owned after the transaction. The explanatory note states the RSUs were granted on 09/27/2024 and vest in one installment on 09/27/2025, creating a date inconsistency between the table and the explanation that is explicitly noted in the filing.

Positive

• Director received 1,281 RSUs, increasing reported beneficial ownership to 5,642 shares
• RSUs vest in one installment (09/27/2025), aligning the director's interests with future company performance

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director RSU grant; modest ownership increase, limited immediate market impact.

The filing documents a grant of 1,281 RSUs to Director Nadia Rawlinson and records an increase in beneficial ownership to 5,642 shares. The transaction is typical director compensation and is recorded at $0, consistent with equity awards rather than open-market purchases. The grant vests in a single installment, which aligns director incentives with future performance through delayed equity vesting. The filing includes a date inconsistency between table and explanation that warrants attention for record accuracy but does not change the quantum of the award.

Corporate Governance Expert

TL;DR: Standard governance practice—time‑vested RSUs for a director; no red flags but note the reporting date discrepancy.

The disclosure shows compensation delivered as RSUs vesting one year after grant, a common approach to align board members with shareholder interests. The award size (1,281 RSUs) is presented clearly; ownership post-transaction is 5,642 shares beneficially owned. The document is properly signed by an attorney-in-fact, but the mismatch between the transaction date in the tables and the explanatory clause should be clarified to ensure accurate Section 16 reporting.

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^*

Rawlinson Nadia Nicole

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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		1,281	A	$0	5,642	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			1,281	(1)	(1)	Common Stock	1,281	$0	0	D

Explanation of Responses:

1. On September 27, 2024, Reporting Person was granted 1,281 Restricted Share Units, which vest in one installment on September 27, 2025.

Remarks:

	/s/ Lucy Jensen, Attorney-in-Fact for Nadia Rawlinson	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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Nadia Rawlinson report on Form 4 for Vail Resorts (MTN)?

The Form 4 reports acquisition of 1,281 common shares/RSUs and a resulting beneficial ownership of 5,642 shares.

When do the reported RSUs vest according to the filing?

The explanatory note states the RSUs vest in one installment on 09/27/2025.

Is there any inconsistency in the Form 4 filing for MTN?

Yes. The tables list the transaction date as 09/27/2025, while the explanation says the grant occurred on 09/27/2024 and vests on 09/27/2025.

What price was reported for the RSU award?

The reported price for the RSU award is $0, consistent with equity award grants.

Who signed the Form 4 for Nadia Rawlinson?

The filing was signed by Lucy Jensen, Attorney-in-Fact for Nadia Rawlinson on 09/30/2025.