VAIL RESORTS INC — Director's Dealing 2019

Oct 1, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VAIL RESORTS INC (MTN)
CIK: 0000812011
Period of Report: 2019-09-27

Reporting Person: Lynch Kirsten A. (EVP & Chief Marketing Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-09-27	Common Stock	M	850	—	Acquired	17060	Direct
2019-09-27	Common Stock	F	247	$236.98	Disposed	16813	Direct
2019-09-27	Common Stock	M	958	—	Acquired	17771	Direct
2019-09-27	Common Stock	F	278	$236.98	Disposed	17493	Direct
2019-09-30	Common Stock	M	13599	$54.07	Acquired	31092	Direct
2019-09-30	Common Stock	F	7765	—	Disposed	23327	Direct
2019-09-30	Common Stock	S	100	$230.45	Disposed	23227	Direct
2019-09-30	Common Stock	S	1200	$229.81	Disposed	22027	Direct
2019-09-30	Common Stock	S	1832	$229.08	Disposed	20195	Direct
2019-09-30	Common Stock	S	2702	$227.71	Disposed	17493	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-09-27	Restricted Share Unit	$0.0	M	850	Disposed		Common Stock (850.0)	Direct
2019-09-27	Restricted Share Unit	$0.0	M	958	Disposed		Common Stock (958.0)	Direct
2019-09-30	Share Appreciation Right	$54.07	M	13599	Disposed	2022-09-21	Common Stock (13599.0)	Direct

Footnotes

F1: On September 27, 2017, Reporting Person was granted 2,550 Restricted Share Units ("RSUs") which vest in three equal annual installments beginning on September 27, 2018.

F2: 247 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 27, 2018, Reporting Person was granted 2,872 RSUs, which vest in three equal annual installments beginning on September 27, 2019.

F4: 278 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.

F5: Shares of common stock were withheld from the issuance of common stock to the Reporting Person upon exercise in order to satisfy the Reporting Person's obligations for payment of the exercise price and withholding and other taxes due in connection therewith.

F6: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $229.40 to $230.39, 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.

F7: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $228.33 to $229.30, 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.

F8: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $227.18 to $228.14, 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.

F9: The Share Appreciation Rights vested in three equal installments on September 21, 2013, 2014 and 2015.