Vail Resorts grants Sullivan 2,904 stock awards

The awards vest in three equal annual installments beginning on the first anniversary, and the appreciation rights expire October 3, 2036.

Rhea-AI Filing Summary

Vail Resorts, Inc. (MTN) EVP, Retail & Hospitality Gregory Jon Sullivan received compensation-related grants on October 3, 2026: 2,904 restricted share units and 10,234 share appreciation rights. Both awards vest in three equal annual installments beginning on the first anniversary of the grant date. The appreciation rights have an exercise price of $141.16 per share and expire October 3, 2036.

Insider Trade Summary

Grant/Award: 13,138 shares

Grant/Award 2 txns

Insider Sullivan Gregory Jon

Role EVP, Retail & Hospitality

Type	Security	Shares	Price	Value
Grant/Award	Restricted Share Unit F1	2,904	$0.00	$0.00
Grant/Award	Share Appreciation Right F2	10,234	$141.16	$1.44M

Holdings After Transaction: Restricted Share Unit — 2,904 contracts (Direct); Share Appreciation Right — 10,234 contracts (Direct)

Footnotes (2)

1. F1. On October 3, 2026, Reporting Person was granted 2,904 Restricted Share Units, which vest in three equal annual installments commencing on the first anniversary of the grant date.
2. F2. On October 3, 2026, Reporting Person was granted 10,234 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date.

Key Figures

Restricted share units granted: 2,904 units Share appreciation rights granted: 10,234 rights Exercise price: $141.16 per share +2 more

5 metrics

Restricted share units granted 2,904 units Granted October 3, 2026

Share appreciation rights granted 10,234 rights Granted October 3, 2026

Exercise price $141.16 per share Share appreciation rights

Vesting schedule 3 equal annual installments Beginning on the first anniversary of the grant date

Share appreciation rights expiration October 3, 2036 Share appreciation rights granted October 3, 2026

Key Terms

Restricted Share Units, Share Appreciation Rights, exercise price

3 terms

Restricted Share Units financial

"granted 2,904 Restricted Share Units"

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

Share Appreciation Rights financial

"granted 10,234 Share Appreciation Rights"

Share appreciation rights (SARs) are a type of employee award that gives the holder a cash payment or stock equal to the increase in a company's share price over a set period, without requiring the employee to buy shares. For investors, SARs are important because they create a potential future cash outflow or share dilution tied directly to stock performance—like a bonus that grows when the stock goes up—so they affect company cash needs and share count.

exercise price financial

"exercise price of $141.16"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What awards did MTN EVP Gregory Jon Sullivan receive?

Gregory Jon Sullivan received 2,904 restricted share units and 10,234 share appreciation rights on October 3, 2026. Both awards vest in three equal annual installments beginning on the first anniversary of the grant date.

What are the terms of Gregory Jon Sullivan's MTN share appreciation rights?

The 10,234 share appreciation rights have an exercise price of $141.16 per share and expire October 3, 2036. They vest in three equal annual installments beginning on the first anniversary of the October 3, 2026 grant date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/07/2026 - 06:04 AM Accepted by SEC EDGAR 10/07/2026 - 06:02 AM Learn about SEC filing dates

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Sullivan Gregory Jon

(Last) (First) (Middle)

C/O VAIL RESORTS, INC.

390 INTERLOCKEN CRESCENT

(Street)

BROOMFIELD COLORADO 80021

(City) (State) (Zip)

UNITED STATES

(Country)

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, Retail & Hospitality

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

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	10/03/2026		A		2,904		(1)	(1)	Common Stock	2,904	$0	2,904	D
Share Appreciation Right	$141.16	10/03/2026		A		10,234		(2)	10/03/2036	Common Stock	10,234	$141.16	10,234	D

Explanation of Responses:

1. On October 3, 2026, Reporting Person was granted 2,904 Restricted Share Units, which vest in three equal annual installments commencing on the first anniversary of the grant date.

2. On October 3, 2026, Reporting Person was granted 10,234 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date.

Remarks:

	/s/ Nicholas Caviolo, Attorney-in-Fact for Gregory Jon Sullivan	10/07/2026
	** 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.
* Form 4: SEC 1474 (03-26)