[Form 4] VAIL RESORTS INC Insider Trading Activity

Rhea-AI Filing Summary

Reginald Chambers, a director of Vail Resorts Inc. (MTN), reported a grant and acquisition of restricted share units. The Form 4 shows 1,281 Restricted Share Units granted on 09/27/2024 that vest in one installment on 09/27/2025. The reporting entry dated 09/27/2025 is coded M and shows 1,281 shares acquired at $0, recorded as direct ownership. After the reported transaction, the filing shows 1,845 shares beneficially owned. The form was signed by an attorney-in-fact on 09/30/2025.

Positive

• Director alignment: The 1,281 RSU grant aligns the director’s compensation with shareholder value by vesting over time.
• Increased direct ownership: The reported holding rises to 1,845 shares following the acquisition, strengthening insider alignment.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received time-based restricted share units that vest in one year; this is routine executive/director compensation.

The filing documents a standard grant of 1,281 restricted share units to a director that vest on a single future date. Such awards are commonly used to align director incentives with shareholder value and to retain board members. The transaction is recorded as direct ownership with no cash consideration, indicating these are compensation-based RSUs rather than an open-market purchase. The size of the grant relative to total holdings is not provided in the form, so materiality to overall ownership cannot be assessed from this filing alone.

Securities Analyst

TL;DR: Non-market acquisition of 1,281 RSUs increases reported direct holdings to 1,845 shares; disclosure is routine and non-dilutive at grant time.

The Form 4 reflects the grant and deemed acquisition (code M) of 1,281 RSUs at a $0 price, which increases the reporting person’s direct beneficial ownership to 1,845 shares. Because the award is a grant of RSUs, there is no cash transaction and no immediate dilution to existing shareholders disclosed here. The filing does not include total company share count or percentage ownership, so investor impact cannot be quantified from this document alone.

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^*

Chambers Reginald

(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	1,845	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 Reginald Chambers	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 did Reginald Chambers report on the Form 4 for Vail Resorts (MTN)?

The Form 4 reports a grant and acquisition of 1,281 Restricted Share Units with a transaction date of 09/27/2025, recorded at a $0 price and resulting in 1,845 shares beneficially owned.

When do the Restricted Share Units (RSUs) vest for the MTN Form 4 filing?

The RSUs were granted on 09/27/2024 and vest in one installment on 09/27/2025, as stated in the filing.

What does transaction code 'M' mean on this Form 4?

In this filing, code M indicates a deemed disposition/receipt related to a restricted stock or RSU award, with the reported acquisition of 1,281 RSUs at $0.

How was the Form 4 signed and when?

The Form 4 was signed by Lucy Jensen, Attorney-in-Fact for Reginald Chambers on 09/30/2025, per the signature block.

Does the Form 4 show any cash purchase of shares by the reporting person?

No. The filing shows the RSUs were acquired at a $0 price, indicating a compensation grant rather than a market purchase.