Vail Resorts (NYSE: MTN) grants RSUs and SARs to EVP Celeste Burgoyne

Rhea-AI Filing Summary

Vail Resorts executive Celeste Burgoyne reported new equity awards. As EVP and Chief Revenue Officer of Vail Resorts Inc., she received multiple grants on February 1, 2026.

These include 17,281 restricted share units that vest in one installment on February 1, 2027, plus 24,393 and 9,875 RSUs that vest in three equal annual installments starting one year after the grant date. She was also granted 38,665 share appreciation rights with an exercise price of $133.07, vesting in three equal installments beginning on the first anniversary of the grant and expiring on February 1, 2036. All awards are held directly.

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).

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^*

BURGOYNE CELESTE

(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)
	EVP, Chief Revenue Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/01/2026

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	02/01/2026		A		17,281		(1)	(1)	Common Stock	17,281	$0	17,281	D
Restricted Share Unit	$0	02/01/2026		A		24,393		(2)	(2)	Common Stock	24,393	$0	24,393	D
Restricted Share Unit	$0	02/01/2026		A		9,875		(3)	(3)	Common Stock	9,875	$0	9,875	D
Share Appreciation Right	$133.07	02/01/2026		A		38,665		(4)	02/01/2036	Common Stock	38,665	$0	38,665	D

Explanation of Responses:

1. On February 1, 2026, Reporting Person was granted 17,281 Restricted Share Units ("RSUs"), which vest in one installment on February 1, 2027.

2. On February 1, 2026, Reporting Person was granted 24,393 RSUs, which vest in three equal installments commencing on the first anniversary of the grant date.

3. On February 1, 2026, Reporting Person was granted 9,875 RSUs, which vest in three equal installments commencing on the first anniversary of the grant date.

4. On February 1, 2026, Reporting Person was granted 38,665 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 Celeste Burgoyne	02/03/2026
	** 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).
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FAQ

What insider transaction did Vail Resorts (MTN) report for Celeste Burgoyne?

Vail Resorts reported equity awards to EVP and Chief Revenue Officer Celeste Burgoyne. On February 1, 2026 she received several restricted share unit grants and a large share appreciation right grant, all reported on a Form 4 as directly owned derivative securities.

How many restricted share units did Celeste Burgoyne receive from Vail Resorts?

Celeste Burgoyne received three restricted share unit grants: 17,281 RSUs, 24,393 RSUs, and 9,875 RSUs. The 17,281-unit grant vests in one installment on February 1, 2027, while the 24,393 and 9,875-unit grants vest in three equal annual installments.

What are the vesting terms of Celeste Burgoyne’s Vail Resorts RSU awards?

One RSU award of 17,281 units vests entirely on February 1, 2027. Two additional RSU awards of 24,393 and 9,875 units each vest in three equal installments, beginning on the first anniversary of the February 1, 2026 grant date, then annually thereafter.

What share appreciation rights did Celeste Burgoyne receive from Vail Resorts (MTN)?

She received 38,665 share appreciation rights with a $133.07 exercise price. These rights vest in three equal installments starting on the first anniversary of the February 1, 2026 grant date and expire on February 1, 2036, with each right linked to Vail Resorts common stock.

Are Celeste Burgoyne’s new Vail Resorts equity awards direct or indirect holdings?

All reported awards are held as direct ownership. The Form 4 lists the restricted share units and share appreciation rights as “D” for direct, with no indication of indirect ownership through entities such as trusts, partnerships, or family investment vehicles in the provided disclosure.

What role does Celeste Burgoyne hold at Vail Resorts in this Form 4?

Celeste Burgoyne is identified as an officer of Vail Resorts, serving as Executive Vice President and Chief Revenue Officer. The Form 4 notes that she is not a director or 10% owner, and the filing reflects equity compensation tied to her executive position at the company.