[Form 4] VAIL RESORTS INC Insider Trading Activity

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

Financial Analyst

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.

Corporate Governance Expert

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.

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
Estimated average burden
hours per response:			0.5

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^*

Korch Angela A

(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 & Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

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	09/29/2025		A		1,195	A	$0	5,218	D
Common Stock	09/29/2025		F		523(1)	D	$148.06	4,695	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	09/29/2025		M		1,195		(2)	(2)	Common Stock	1,195	$0	1,196	D
Restricted Share Unit	$0	09/30/2025		A		5,867		(3)	(3)	Common Stock	5,867	$0	5,867	D
Share Appreciation Right	$149.57	09/30/2025		A		23,341		(4)	09/30/2035	Common Stock	23,341	$0	23,341	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 29, 2023, Reporting Person was granted 3,586 RSUs, which vest in three equal installments commencing on the first anniversary of the grant date.

3. 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.

4. 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.

Remarks:

	/s/ Lucy Jensen, Attorney-in-Fact for Angela A. Korch	10/01/2025
	** 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 did Angela A. Korch report on Form 4 for Vail Resorts (MTN)?

The Form 4 reports vesting and tax-withholding of RSUs and new equity awards: 1,195 RSU-settled shares (vested), 5,867 RSUs granted 09/30/2025, and 23,341 SARs granted 09/30/2025.

How many Share Appreciation Rights (SARs) were granted to the CFO and when do they expire?

23,341 SARs were granted on 09/30/2025 and have an expiration date of 09/30/2035.

Why were 523 shares reported with code F at $148.06 on 09/29/2025?

Those 523 shares were withheld from RSU issuance to satisfy the Reporting Person's tax withholding obligations; the reported price for the withholding was $148.06 per share.

What vesting schedule applies to the new RSUs and SARs?

Both the 5,867 RSUs and the 23,341 SARs granted on 09/30/2025 vest in three equal annual installments commencing on the first anniversary of the grant date.

How many shares does Angela Korch beneficially own after the transactions?

Following the reported transactions, holdings include reported balances of 5,218 common shares after the 09/29/2025 activity and beneficial ownership counts shown for RSU- and SAR-related instruments (e.g., 1,196 RSU-settled shares, 5,867 RSU shares, and 23,341 SARs as reported).