VAIL RESORTS INC — Director's Dealing 2016

Sep 27, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VAIL RESORTS INC (MTN)
CIK: 0000812011
Period of Report: 2016-09-23

Reporting Person: Shapiro David T (EVP, General Counsel & Sec.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-09-25	Common Stock	M	507	—	Acquired	561	Direct
2016-09-25	Common Stock	F	163	$160.56	Disposed	398	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-09-23	Restricted Share Unit	$0.0	A	1793	Acquired		Common Stock (1793.0)	Direct
2016-09-23	Share Appreciation Right	$160.56	A	5127	Acquired	2026-09-23	Common Stock (5127.0)	Direct
2016-09-25	Restricted Share Unit	$0.0	M	507	Acquired		Common Stock (507.0)	Direct

Footnotes

F1: On September 25, 2015, Reporting Person was granted 1,518 Restricted Stock Units ("RSUs"), which vest in three equal annual installments beginning on September 25, 2016.

F2: 163 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 23, 2016, Reporting Person was granted 1,793 RSUs, which vest in three equal annual installments beginning on September 23, 2017.

F4: On September 23, 2016, Reporting Person was granted 5,127 Share Appreciation Rights, which vest in three equal annual installments beginning on September 23, 2017.