[Form 4] VAIL RESORTS INC Insider Trading Activity

Rhea-AI Filing Summary

D. Bruce Sewell, a director of Vail Resorts Inc. (MTN), reported acquisition of 1,281 Restricted Share Units (RSUs). The Form 4 shows a transaction dated 09/27/2025 recording 1,281 RSUs granted (transaction code M) with $0 purchase price. The filing states these RSUs were granted on 09/27/2024 and vest in one installment on 09/27/2025. After the reported transaction the reporting person beneficially owned 22,155 shares of common stock directly. The Form 4 was signed by an attorney-in-fact on 09/30/2025.

Positive

• 1,281 Restricted Share Units granted with clear vesting date (09/27/2025) provides transparency on compensation timing
• Reporting shows direct beneficial ownership of 22,155 shares, clarifying the director's current stake

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received time‑based RSUs that vest in one year; routine governance disclosure with limited investor impact.

The filing documents a standard equity grant to a director: 1,281 Restricted Share Units granted and scheduled to vest in one installment after one year. This is consistent with common director compensation practices tying pay to holding periods. The transaction is disclosed under Section 16 reporting rules and shows direct beneficial ownership of 22,155 shares after the grant. There is no indication of accelerated vesting, related-party sales, or changes to outstanding derivative positions in this filing.

Compensation Analyst

TL;DR: Small, time‑based equity award; compensatory, not material to company capitalization.

The award of 1,281 RSUs (price $0) appears to be a routine compensatory grant to a director that vests on a specified future date. The filing clarifies the grant date and vesting date, enabling assessment of dilution timing. The size of the award relative to the reporting persons total beneficial ownership (22,155 shares) is small, suggesting limited dilution or voting power change from this transaction 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

OMB APPROVAL

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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^*

SEWELL D BRUCE

(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	22,155	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 D. Bruce Sewell	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 transaction did D. Bruce Sewell report on the Form 4 for MTN?

The Form 4 reports a grant of 1,281 Restricted Share Units (RSUs) recorded with a transaction date of 09/27/2025.

When do the RSUs reported by D. Bruce Sewell vest?

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

How many shares does the reporting person beneficially own after the transaction?

Following the reported transaction the reporting person beneficially owns 22,155 shares of common stock directly.

Was there any purchase price for the RSUs in the filing?

The RSUs are reported with a $0 price in the filing.

Who signed the Form 4 filing for D. Bruce Sewell?

The Form 4 was signed by Lucy Jensen, Attorney-in-Fact for D. Bruce Sewell on 09/30/2025.