MTN Form 4: CFO Korch Receives RSUs and Share Appreciation Rights
Rhea-AI Filing Summary
Angela A. Korch, EVP & Chief Financial Officer of Vail Resorts Inc (MTN), reported routine equity compensation transactions. On 09/29/2025 she had 1,195 shares issued from vested restricted share units (RSUs) with 523 shares withheld to satisfy tax withholding, leaving 5,218 shares owned after that transaction. On 09/29/2025 an RSU vesting related withholding sale was reported at $148.06 per share. On 09/29/2025 and 09/30/2025 she was reported as receiving additional equity awards: 1,195 RSU-settled shares (from a prior grant), 5,867 new RSUs granted 09/30/2025 that vest in three equal annual installments, and 23,341 Share Appreciation Rights (SARs) granted 09/30/2025 that vest in three equal annual installments and expire 09/30/2035. Following the reported transactions, she beneficially owns 1,196 RSU-settled shares, 5,867 RSU shares, and 23,341 SARs, all held directly.
Positive
- Receipt of significant long-term incentives: 23,341 Share Appreciation Rights granted on 09/30/2025, aligning executive pay with shareholder value.
- Additional RSU grants: 5,867 RSUs granted 09/30/2025 vesting over three years, supporting retention.
- Timely and complete Section 16 disclosure: Form 4 filed and signed by attorney-in-fact, meeting reporting requirements.
Negative
- None.
Insights
TL;DR: Executive received standard long-term incentive grants; transactions appear routine and compensation-driven, not market-moving.
The filings show customary equity compensation activity: vesting RSUs with tax-withheld shares and new grants of RSUs and SARs. The 23,341 SARs and 5,867 RSUs granted on 09/30/2025 represent meaningful incentive packages but are typical for a CFO of a large public company. There is no indication of open-market purchases or sales beyond tax-withholding, and no change in control or extraordinary disposition. Impact on share count or near-term market liquidity is immaterial.
TL;DR: Disclosure is complete for Section 16 purposes; awards vesting schedules align with standard retention practices.
The Form 4 discloses withheld shares to satisfy tax obligations and new equity awards with three-year vesting schedules, which align with standard governance practices for executive retention. Reporting is timely and signed by an attorney-in-fact. There are no indications of related-party transactions, expedited insider sales, or atypical compensation structures in the filing itself.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Share Unit | 5,867 | $0.00 | -- |
| Grant/Award | Share Appreciation Right | 23,341 | $0.00 | -- |
| Exercise | Restricted Share Unit | 1,195 | $0.00 | -- |
| Grant/Award | Common Stock | 1,195 | $0.00 | -- |
| Tax Withholding | Common Stock | 523 | $148.06 | $77K |
Footnotes (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. On September 29, 2023, Reporting Person was granted 3,586 RSUs, which vest in three equal installments commencing on the first anniversary of the grant date. On September 30, 2025, Reporting Person was granted 5,867 RSUs, which vest in three equal annual installments commencing on the first anniversary of the grant date. On September 30, 2025, Reporting Person was granted 23,341 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date.
