[Form 4] VAIL RESORTS INC Insider Trading Activity

Rhea-AI Filing Summary

Nadia Rawlinson, a director of Vail Resorts, received 1,563 restricted share units (RSUs) on 09/30/2025. The RSUs vest in a single installment on 09/30/2026 and convert to 1,563 shares of common stock at vesting with no cash exercise price. Following the grant the reporting person beneficially owns 1,563 shares via direct ownership of the RSUs.

Positive

• Director alignment: Grant vests over time, aligning the reporting person's interests with shareholders through delayed equity compensation
• Clear disclosure: Form 4 details number of RSUs, vesting schedule, and resulting beneficial ownership

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received a routine, time‑based equity award aligning compensation with long‑term shareholder interests.

The grant of 1,563 restricted share units is a standard component of director compensation and vests in one year, which aligns the director's interests with multi‑period share performance. The award is time‑based rather than performance‑based, so its retention value depends on future share price at vesting. The transaction is reported as a direct beneficial holding of RSUs that convert to common stock.

Securities Analyst

TL;DR: Small equity grant recorded; immaterial to company capitalization but relevant for insider holdings disclosure.

The 1,563 RSU grant represents a limited issuance relative to typical public company outstanding shares and is unlikely to be material to capital structure. The Form 4 properly discloses the award, vesting schedule, and resulting beneficial ownership. No derivative exercise price applies since the RSUs have a $0 conversion price.

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
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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^*

Rawlinson Nadia Nicole

(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)
09/30/2025

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

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	09/30/2025		A		1,563		(1)	(1)	Common Stock	1,563	$0	1,563	D

Explanation of Responses:

1. On September 30, 2025, Reporting Person was granted 1,563 Restricted Share Units, which vest in one installment on September 30, 2026.

Remarks:

	/s/ Lucy Jensen, Attorney-in-Fact for Nadia Rawlinson	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).
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 Vail Resorts (MTN) director Nadia Rawlinson receive?

The director was granted 1,563 restricted share units (RSUs) that convert to 1,563 shares of common stock at vesting.

When do the RSUs granted to the director vest?

The RSUs vest in one installment on 09/30/2026.

Does the RSU grant require an exercise price?

No. The RSUs have a $0 conversion price and convert to common shares upon vesting.

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

Following the reported transaction the reporting person beneficially owns 1,563 shares via the RSUs.

Was the Form 4 filed jointly or by one reporting person?

The Form 4 was filed by one reporting person.