[Form 4] VAIL RESORTS INC Insider Trading Activity

Rhea-AI Filing Summary

Robert A. Katz, CEO and Chair of Vail Resorts, reported changes in his beneficial ownership following vesting of restricted share units (RSUs). On 09/27/2025, 1,148 shares were issued upon RSU vesting and recorded as acquired at $0, increasing his total common stock holdings to 247,109 shares. To satisfy tax withholding and related obligations, 331 shares were disposed of at $147.74, leaving 246,778 shares reported as beneficially owned after that disposition. The filing notes a prior grant of 3,445 RSUs on 09/27/2024 that vest in three equal installments beginning 09/27/2025.

Positive

• RSU vesting resulted in acquisition of 1,148 common shares, reinforcing executive ownership
• Substantial remaining ownership reported at 247,109 shares, maintaining alignment with shareholders

Negative

• 331 shares disposed at $147.74 to satisfy withholding and tax obligations, reducing net shares received

Insights

Corporate Governance Expert

TL;DR: Routine insider RSU vesting with share withholding for taxes; no material change to control.

The filing documents a standard compensation event: RSU vesting produced 1,148 underlying shares while 331 shares were disposed to satisfy tax obligations. This is an ordinary administrative action consistent with equity compensation practices and does not indicate additional stock-based cashing out beyond tax withholding. Ownership levels remain substantial at ~247k shares, preserving executive alignment with shareholders.

Securities Analyst

TL;DR: Transaction is operationally routine and unlikely to be market-moving.

The report shows a non-cash acquisition from RSU vesting and a related disposition of 331 shares at $147.74 to cover withholding. The transaction adds 1,148 vested shares to the reporting record while reducing the net increment via tax-related disposition. There is no indication of opportunistic selling beyond tax obligations and no change in board or executive status disclosed.

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^*

KATZ ROBERT 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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO & Chairperson of the Board

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		1,148	A	$0	247,109	D
Common Stock	09/27/2025		F		331(1)	D	$147.74	246,778	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			1,148	(2)	(2)	Common Stock	1,148	$0	2,297	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 27, 2024, Reporting Person was granted 3,445 RSUs, which vest in three equal installments beginning on September 27, 2025.

Remarks:

	/s/ Lucy Jensen, Attorney-in-Fact for Robert A. Katz	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 insider transactions did Robert A. Katz (MTN) report?

The filing reports 1,148 shares acquired upon RSU vesting and 331 shares disposed at $147.74 to satisfy tax withholding.

How many RSUs were originally granted to the reporting person?

The filing states a grant of 3,445 RSUs on 09/27/2024, vesting in three equal installments beginning 09/27/2025.

How many shares does Robert A. Katz beneficially own after these transactions?

The report shows 247,109 shares beneficially owned following the acquisition and 246,778 shares after the disclosed disposition.

Why were shares disposed in this filing?

The filing explains that shares were withheld or disposed to satisfy the reporting person's withholding and other tax obligations related to RSU vesting.

Does this filing indicate any change in the reporting person’s role at Vail Resorts (MTN)?

No role change is indicated; the filing continues to list the reporting person as CEO & Chairperson of the Board.