VAIL RESORTS INC — Director's Dealing 2023

May 11, 2023

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: VAIL RESORTS INC (MTN)
CIK: 0000812011
Period of Report: 2023-05-01

Reporting Person: Rock William (President, Mountain Division)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5589	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Share Appreciation Right	$107.42	2025-09-25	Common Stock (6337)		Direct
Share Appreciation Right	$160.56	2026-09-23	Common Stock (4419)		Direct
Share Appreciation Right	$228.04	2027-09-27	Common Stock (3041)		Direct
Share Appreciation Right	$286.13	2028-09-27	Common Stock (2475)		Direct
Share Appreciation Right	$236.15	2029-09-25	Common Stock (4288)		Direct
Share Appreciation Right	$225.26	2030-09-25	Common Stock (4774)		Direct
Share Appreciation Right	$351.85	2031-09-24	Common Stock (2528)		Direct
Share Appreciation Right	$213.55	2032-09-29	Common Stock (4682)		Direct
Restricted Share Unit	$0.00		Common Stock (114)		Direct
Restricted Share Unit	$0.00		Common Stock (491)		Direct
Restricted Share Unit	$0.00		Common Stock (1344)		Direct

Footnotes

F1: On September 25, 2015, Reporting Person was granted 6,337 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date.

F2: On September 23, 2016, Reporting Person was granted 4,419 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date.

F3: On September 27, 2017, Reporting Person was granted 3,041 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date.

F4: On September 27, 2018, Reporting Person was granted 2,475 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date.

F5: On September 25, 2019, Reporting Person was granted 4,288 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date.

F6: On September 25, 2020, Reporting Person was granted 4,774 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date.

F7: On September 24, 2021, Reporting Person was granted 2,528 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date.

F8: On September 29, 2022, Reporting Person was granted 4,682 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date.

F9: On September 25, 2020, Reporting Person was granted 342 Restricted Share Units, which vest in three equal annual installments commencing on the first anniversary of the grant date. On September 25, 2021, 114 shares vested of which 33 shares were withheld in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith and 81 shares were issued. On September 25, 2022, 114 shares vested of which 33 shares were withheld in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith and 81 shares were issued.

F10: On September 24, 2021, Reporting Person was granted 736 Restricted Share Units, which vest in three equal annual installments commencing on the first anniversary of the grant date. On September 24, 2022, 245 shares vested of which 71 shares were withheld in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith and 174 shares were issued.

F11: On September 29, 2022, Reporting Person was granted 1,344 Restricted Share Units, which vest in three equal annual installments commencing on the first anniversary of the grant date.