VAIL RESORTS INC — Director's Dealing 2015

Sep 29, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VAIL RESORTS INC (MTN)
CIK: 0000812011
Period of Report: 2015-09-25

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-09-26	Common Stock	M	1267	—	Acquired	265399	Direct
2015-09-26	Common Stock	F	591	$107.42	Disposed	264808	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-09-25	Restricted Share Unit	$0	A	22553	Acquired		Common Stock (22553)	Direct
2015-09-25	Share Appreciation Right	$107.42	A	18527	Acquired	2025-09-25	Common Stock (18527)	Direct
2015-09-25	Share Appreciation Right	$134.28	A	42385	Acquired	2025-09-25	Common Stock (42385)	Direct
2015-09-26	Restricted Share Unit	$0	M	1267	Disposed		Common Stock (1267)	Direct

Footnotes

F1: On September 26, 2013, Reporting Person was granted 3,802 Restricted Share Units ("RSUs"), which vest in three equal annual installments beginning on September 26, 2014.

F2: 591 shares of common stock were withheld from the issuance of common stock to Reporting Person upon vesting of RSUs in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith.

F3: On September 25, 2015, Reporting Person was granted 22,553 RSUs, which vest in three equal annual installments beginning on September 25, 2016.

F4: On September 25, 2015, Reporting Person was granted 18,527 Share Appreciation Rights ("SARs"), which vest in three equal annual installments beginning on September 25, 2016.

F5: On September 25, 2015, Reporting Person was granted 42,385 SARs, which vest in three equal annual installments beginning on September 25, 2016.