VAIL RESORTS INC — Director's Dealing 2020

Sep 30, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VAIL RESORTS INC (MTN)
CIK: 0000812011
Period of Report: 2020-09-28

Reporting Person: Campbell Patricia A (President-Mountain Division)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-09-28	Common Stock	M	1755	$41.43	Acquired	18574	Direct
2020-09-28	Common Stock	F	951	$227.61	Disposed	17623	Direct
2020-09-28	Common Stock	M	10843	$54.07	Acquired	28466	Direct
2020-09-28	Common Stock	F	6212	$227.61	Disposed	22254	Direct
2020-09-28	Common Stock	S	941	$223.60	Disposed	21313	Direct
2020-09-28	Common Stock	S	1200	$224.11	Disposed	20113	Direct
2020-09-28	Common Stock	S	1487	$225.76	Disposed	18626	Direct
2020-09-28	Common Stock	S	1007	$226.47	Disposed	17619	Direct
2020-09-28	Common Stock	S	200	$227.49	Disposed	17419	Direct
2020-09-28	Common Stock	S	600	$229.11	Disposed	16819	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-09-28	Share Appreciation Right	$41.43	M	1755	Disposed	2022-04-15	Common Stock (1755.0)	Direct
2020-09-28	Share Appreciation Right	$54.07	M	10843	Disposed	2022-09-21	Common Stock (10843.0)	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 $224.00 to $224.23, 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 $225.11 to $226.07, 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: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $226.11 to $227.06, 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.

F5: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $227.17 to $227.80, 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.

F6: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $228.74 to $229.31, 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: On April 15, 2012, Reporting Person was granted 1,755 Share Appreciation Rights, which vested in three equal annual installments beginning on April 15, 2013.

F8: On September 21, 2012, Reporting Person was granted 10,843 Share Appreciation Rights, which vested in three equal annual installments beginning on September 21, 2013.