VAIL RESORTS INC — Director's Dealing 2019

Dec 13, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VAIL RESORTS INC (MTN)
CIK: 0000812011
Period of Report: 2019-12-11

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-12-11	Common Stock	M	1539	$109.69	Acquired	2829	Direct
2019-12-11	Common Stock	F	1074	$238.18	Disposed	1755	Direct
2019-12-11	Common Stock	M	5127	$160.56	Acquired	6882	Direct
2019-12-11	Common Stock	F	4192	$238.18	Disposed	2690	Direct
2019-12-11	Common Stock	M	1500	$107.42	Acquired	4190	Direct
2019-12-11	Common Stock	F	1039	$238.18	Disposed	3151	Direct
2019-12-12	Common Stock	S	1161	$240.38	Disposed	1990	Direct
2019-12-12	Common Stock	S	700	$241.24	Disposed	1290	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-12-11	Share Appreciation Right	$109.69	M	1539	Disposed	2025-08-01	Common Stock (1539.0)	Direct
2019-12-11	Share Appreciation Right	$160.56	M	5127	Disposed	2026-09-23	Common Stock (5127.0)	Direct
2019-12-11	Share Appreciation Right	$107.42	M	1500	Disposed	2025-09-25	Common Stock (1500.0)	Direct

Footnotes

F1: Shares of common stock were withheld from the issuance of common stock to Reporting Person upon exercise of Share Appreciation Rights in order to satisfy Reporting Person's obligations for payment of the exercise price and withholding and other taxes due in connection therewith.

F2: The price is the weighted average price. These shares were sold in multiple transactions at prices ranging from $239.87 to $240.71, inclusive. The Reporting Person undertakes to provide Vail Resorts, Inc. any security holder of Vail Resorts, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

F3: The price is the weighted average price. These shares were sold in multiple transactions at prices ranging from $241.05 to $241.43, inclusive. The Reporting Person undertakes to provide Vail Resorts, Inc. any security holder of Vail Resorts, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

F4: On August 1, 2015, Reporting Person was granted 1,539 Share Appreciation Rights, which vested in three equal annual installments beginning on August 1, 2016.

F5: On September 23, 2016, Reporting Person was granted 5,127 Share Appreciation Rights, which vested in three equal annual installments beginning on September 23, 2017.

F6: On September 25, 2015, Reporting Person was granted 9,940 Share Appreciation Rights, which vested in three equal installments beginning on September 25, 2016.