[Form 4] VAIL RESORTS INC Insider Trading Activity

Rhea-AI Filing Summary

Lynanne Kunkel, Chief HR & Transformation Officer of Vail Resorts, reported equity award activity on 09/29/2025 and 09/30/2025. On 09/29/2025 she had 1,031 and 1,023 restricted share units (RSUs) recorded as acquired under transaction code M, with 297 and 295 common shares withheld to satisfy taxes upon vesting at a price of $148.06 per share. On 09/30/2025 she was granted 5,068 RSUs and 20,164 Share Appreciation Rights (SARs) exercisable through 09/30/2035. The Form 4 lists the number of shares or underlying shares following each reported transaction line as provided in the filing.

Insights

Financial Analyst

TL;DR Routine executive equity grants and tax-withheld share withholding; no immediate cash transaction other than tax-related withholding.

The Form 4 documents standard compensation-related equity activity for a named officer. The report shows RSU vesting with shares withheld to cover tax obligations and new grants on 09/30/2025 including 5,068 RSUs and 20,164 SARs with a ten-year expiration for the SARs. These items are compensation expense events rather than open-market trades and therefore typically have limited immediate impact on liquidity or capital structure. The filing provides line-by-line post-transaction beneficial ownership counts as reported.

Corporate Governance Expert

TL;DR Disclosure is consistent with routine executive compensation practices and includes withholding for taxes on vested RSUs.

The filing clearly identifies the reporting person, her role as Chief HR & Transformation Officer, and the mechanics of the transactions: tax-withholding by share surrender and new equity awards granted on 09/30/2025. The SARs vesting schedule and ten-year expiration are disclosed, and the form is signed by an attorney-in-fact. From a governance perspective, the filing meets Section 16 reporting requirements and documents compensation alignment through equity incentives.

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^*

Kunkel Lynanne

(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)
	Chief HR & Trnsfrm Ofc

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		M		1,031	A	$0	8,840	D
Common Stock	09/29/2025		F		297(1)	D	$148.06	8,543	D
Common Stock	09/29/2025		M		1,023	A	$0	9,566	D
Common Stock	09/29/2025		F		295(1)	D	$148.06	9,271	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			1,031	(2)	(2)	Common Stock	1,031	$0	0	D
Restricted Share Unit	$0	09/29/2025		M			1,023	(3)	(3)	Common Stock	1,023	$0	1,023	D
Restricted Share Unit	$0	09/30/2025		A		5,068		(4)	(4)	Common Stock	5,068	$0	5,068	D
Share Appreciation Right	$149.57	09/30/2025		A		20,164		(5)	09/30/2035	Common Stock	20,164	$0	20,164	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, 2022, Reporting Person was granted 3,092 RSUs, which vest in three equal installments commencing on the first anniversary of the grant date.

3. On September 29, 2023, Reporting Person was granted 3,068 RSUs, which vest in three equal installments commencing on the first anniversary of the grant date.

4. On September 30, 2025, Reporting Person was granted 5,068 RSUs, which vest in three equal annual installments commencing on the first anniversary of the grant date.

5. On September 30, 2025, Reporting Person was granted 20,164 Share Appreciation Rights, which vest in three equal installments commencing on the first anniversary of the grant date.

Remarks:

	/s/ Lucy Jensen, Attorney-in-Fact for Lynanne Kunkel	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).
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