VAIL RESORTS INC — Director's Dealing 2011

Sep 26, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VAIL RESORTS INC (MTN)
CIK: 0000812011
Period of Report: 2011-09-22

Reporting Person: KATZ ROBERT A (Director, Chief Exec.Officer & Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-09-22	Common Stock	M	2866	—	Acquired	103878	Direct
2011-09-22	Common Stock	F	891	$36.75	Disposed	102987	Direct
2011-09-22	Common Stock	M	1118	—	Acquired	104105	Direct
2011-09-22	Common Stock	F	348	$36.75	Disposed	103757	Direct
2011-09-23	Common Stock	M	2476	—	Acquired	106233	Direct
2011-09-23	Common Stock	F	770	$37.31	Disposed	105463	Direct
2011-09-23	Common Stock	M	1753	—	Acquired	107216	Direct
2011-09-23	Common Stock	F	545	$37.31	Disposed	106671	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-09-22	Restricted Share Unit	$0	M	2866	Disposed	2011-09-22	Common Stock (2866)	Direct
2011-09-22	Restricted Share Unit	$0	M	1118	Disposed	2011-09-22	Common Stock (1118)	Direct
2011-09-23	Restricted Share Unit	$0	M	2476	Disposed	2011-09-23	Common Stock (2476)	Direct
2011-09-23	Restricted Share Unit	$0	M	1753	Disposed	2011-09-23	Common Stock (1753)	Direct

Footnotes

F1: Each Restricted Share Unit represents a contingent right to receive one share of common stock.

F2: On September 22, 2009, Reporting Person was granted 8,599 Restricted Share Units which vest in three equal annual installments commencing on the first anniversary of the grant date.

F3: On September 22, 2009, Reporting Person was granted 3,355 Restricted Share Units which vest in three equal annual installments commencing on the first anniversary of the grant date.

F4: 891 shares of common stock were withheld from the issuance of common stock to Reporting Person upon vesting of Restricted Share Units in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith.

F5: 348 shares of common stock were withheld from the issuance of common stock to Reporting Person upon vesting of Restricted Share Units in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith.

F6: On September 23, 2008, Reporting Person was granted 7,427 Restricted Share Units which vest in three equal annual installments commencing on the first anniversary of the grant date.

F7: 770 shares of common stock were withheld from the issuance of common stock to Reporting Person upon vesting of Restricted Share Units in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith.

F8: On September 23, 2008, Reporting Person was granted 5,260 Restricted Share Units which vest in three equal annual installments commencing on the first anniversary of the grant date.

F9: 545 shares of common stock were withheld from the issuance of common stock to Reporting Person upon vesting of Restricted Share Units in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith.