[Form 4] VAIL RESORTS INC Insider Trading Activity

Rhea-AI Filing Summary

Reporting person: Nathan Mark Gronberg, VP, Controller & CAO of Vail Resorts Inc. The Form 4 discloses transactions on 09/29/2025 and 09/30/2025 affecting both non-derivative common stock and derivative awards. Several restricted share units (RSUs) vested or were granted: withholding of 78 and 64 shares to cover taxes, and grants totaling 2,249 RSUs on 09/30/2025. Share Appreciation Rights (SARs) totaling 4,334 were granted on 09/30/2025 with an exercise/strike reference price of $149.57 and a 2035 expiration, vesting in three equal installments beginning one year after grant. The filings show direct beneficial ownership changes only; totals after transactions are reported per line items.

Insights

Corporate Compensation Analyst

TL;DR: Executive received standard equity compensation: RSU grants, SAR awards, and tax-withholding share dispositions; vesting schedules align with multi-year retention.

The Form 4 documents routine compensation-related equity activity for a senior finance officer. The reporting person had RSUs withheld (78 and 64 shares) to satisfy tax withholding upon vesting and received a new RSU grant of 2,249 units on 09/30/2025 that vest in three equal annual installments beginning on the first anniversary. Additionally, 4,334 Share Appreciation Rights were granted on 09/30/2025 with a stated reference price of $149.57 and expiration on 09/30/2035; these SARs vest over three years. Such grants are typical retention and performance-alignment mechanisms under long-term incentive programs.

Securities Compliance Specialist

TL;DR: Filing appears complete and procedural, showing direct ownership changes, proper withholding, and attorney-in-fact signature.

The Form 4 lists transaction codes consistent with withholding (F) and grant/award (A/M) activity and reports post-transaction beneficial ownership counts for each line. Withholdings were used to satisfy tax obligations upon RSU vesting, and the document is signed by an attorney-in-fact on 10/01/2025. No amendments or corrective statements are indicated. From a disclosure-compliance perspective, the filing furnishes the required details: transaction dates, amounts, ownership form, and grant descriptions.

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^*

Gronberg Nathan Mark

(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)
	VP, Controller & CAO

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		269	A	$0	1,659	D
Common Stock	09/29/2025		F		78(1)	D	$148.06	1,581	D
Common Stock	09/29/2025		M		222	A	$0	1,803	D
Common Stock	09/29/2025		F		64(1)	D	$148.06	1,739	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			269	(2)	(2)	Common Stock	269	$0	0	D
Restricted Share Unit	$0	09/29/2025		M			222	(3)	(3)	Common Stock	222	$0	222	D
Restricted Share Unit	$0	09/30/2025		A		2,249		(4)	(4)	Common Stock	2,249	$0	2,249	D
Share Appreciation Right	$149.57	09/30/2025		A		4,334		(5)	09/30/2035	Common Stock	4,334	$0	4,334	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 805 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 666 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 2,249 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 4,334 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 Nathan Mark Gronberg	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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