VAIL RESORTS INC — Director's Dealing 2011

Sep 22, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VAIL RESORTS INC (MTN)
CIK: 0000812011
Period of Report: 2011-09-20

Reporting Person: KINCAID RICHARD D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-09-21	Common Stock	M	3427	—	Acquired	19452	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-09-20	Restricted Share Unit	$0	A	3485	Acquired	2012-09-20	Common Stock (3485)	Direct
2011-09-21	Restricted Share Unit	$0	M	3427	Disposed	2011-09-21	Common Stock (3427)	Direct

Footnotes

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

F2: On September 20, 2011, Reporting Person was granted 3,485 Restricted Share Units which vest in one installment on the first anniversary of the grant date.

F3: On September 21, 2010, Reporting Person was granted 3,427 Restricted Share Units which vest in one installment on the first anniversary of the grant date.