VAIL RESORTS INC — Director's Dealing 2019

Oct 7, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VAIL RESORTS INC (MTN)
CIK: 0000812011
Period of Report: 2019-10-03

Reporting Person: O'Donnell James C. (EVP, Hospitality, Retail & RE)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-10-03	Common Stock	M	1497	$43.62	Acquired	7861	Direct
2019-10-03	Common Stock	F	639	$226.12	Disposed	7222	Direct
2019-10-03	Common Stock	M	5260	$54.07	Acquired	12482	Direct
2019-10-03	Common Stock	F	2965	$226.12	Disposed	9517	Direct
2019-10-03	Common Stock	M	3500	$68.98	Acquired	13017	Direct
2019-10-03	Common Stock	F	2138	$226.12	Disposed	10879	Direct
2019-10-03	Common Stock	S	3600	$227.49	Disposed	7279	Direct
2019-10-03	Common Stock	S	915	$228.27	Disposed	6364	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-10-03	Share Appreciation Right	$43.62	M	1497	Disposed	2022-02-01	Common Stock (1497.0)	Direct
2019-10-03	Share Appreciation Right	$54.07	M	5260	Disposed	2022-09-21	Common Stock (5260.0)	Direct
2019-10-03	Share Appreciation Right	$68.98	M	3500	Disposed	2023-09-26	Common Stock (3500.0)	Direct

Footnotes

F1: 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.

F2: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $227.00 to $227.91, 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 reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $228.09 to $228.60, 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 February 1, 2012, Reporting Person was granted 4,721 Share Appreciation Rights which vested in three equal annual installments beginning on February 1, 2013.

F5: On September 21, 2012, Reporting Person was granted 7,891 Share Appreciation Rights which vested in three equal annual installments beginning on September 21, 2013.

F6: On September 26, 2013, Reporting Person was granted 6,384 Share Appreciation Rights which vested in three equal annual installments beginning on September 26, 2014.