[Form 4] VAIL RESORTS INC Insider Trading Activity

Rhea-AI Filing Summary

Gregory Jon Sullivan, EVP, Retail & Hospitality at Vail Resorts Inc. (MTN), reported changes in his beneficial ownership. The Form 4 shows a transaction dated 09/27/2025 recording the acquisition of 695 shares through a vesting event tied to Restricted Share Units (RSUs) at a reported price of $0 per share, increasing his direct holdings to 2,746 shares. Table II indicates 695 underlying shares from RSUs became exercisable on 09/27/2025, leaving 1,391 RSU-linked shares still reported as beneficially owned. The filing includes an explanatory note that on 09/27/2024 the reporting person was granted 2,086 RSUs that vest in three equal installments beginning 09/27/2025.

Positive

• Timely disclosure of the RSU vesting and resulting change in beneficial ownership
• Clear explanation that 2,086 RSUs were granted and vest in three equal installments

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider received scheduled RSU vesting; transaction appears routine and non-dilutive at grant exercise.

The Form 4 documents a standard equity compensation vesting event for an executive officer. The reporting person recorded 695 shares acquired at $0 per share, consistent with RSU settlement rather than an open-market purchase. The grant originally totaled 2,086 RSUs, vesting in three equal installments, so this filing reflects the first installment becoming exercisable. The change increases direct beneficial ownership to 2,746 shares. There is no indication of sales or transfers that would materially alter ownership or signal liquidity events.

Corporate Governance Expert

TL;DR: Filing shows routine executive compensation vesting; disclosure is timely and includes signature by attorney-in-fact.

The disclosure is consistent with Section 16 reporting requirements: it lists the relationship of the reporting person as an officer (EVP, Retail & Hospitality), provides transaction and exercise dates, and includes an explanatory note about the original RSU grant. The Form is signed by an attorney-in-fact, indicating procedural handling of the filing. There are no governance red flags such as unexplained disposals or atypical transactions.

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Sullivan Gregory Jon

(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)
	EVP, Retail & Hospitality

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		695	A	$0	2,746	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			695	(1)	(1)	Common Stock	695	$0	1,391	D

Explanation of Responses:

1. On September 27, 2024, Reporting Person was granted 2,086 Restricted Share Units, which vest in three equal installments beginning on September 27, 2025.

Remarks:

	/s/ Lucy Jensen, Attorney-in-Fact for Gregory Jon Sullivan	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 change in ownership did Gregory Jon Sullivan report on Form 4 for MTN?

The Form 4 reports acquisition of 695 common shares via RSU vesting, increasing his direct holdings to 2,746 shares.

Were any shares sold by the reporting person in this filing?

No. The filing shows acquisitions (A) of shares from RSU vesting and no dispositions.

What was the original RSU grant referenced in the filing?

The filing states a grant of 2,086 Restricted Share Units on 09/27/2024 that vest in three equal installments beginning 09/27/2025.

What is the reporting person's role at Vail Resorts (MTN)?

The reporting person is listed as an Officer, specifically EVP, Retail & Hospitality.

Who signed the Form 4 for the reporting person?

The Form 4 is signed by Lucy Jensen, Attorney-in-Fact for Gregory Jon Sullivan on 09/30/2025.