Lynanne Kunkel - 29 Sep 2025 Form 4 Insider Report for VAIL RESORTS INC (MTN)

Role: Chief HR & Trnsfrm Ofc
Signature: /s/ Lucy Jensen, Attorney-in-Fact for Lynanne Kunkel
Issuer symbol: MTN
Transactions as of: 29 Sep 2025
Net transactions value: -$87,652
Form type: 4
Filing time: 01 Oct 2025, 19:03:20 UTC
Previous filing: 30 Sep 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Kunkel Lynanne	Chief HR & Trnsfrm Ofc	C/O VAIL RESORTS, INC., 390 INTERLOCKEN CRESCENT, BROOMFIELD	/s/ Lucy Jensen, Attorney-in-Fact for Lynanne Kunkel	01 Oct 2025	0002048276

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MTN	Common Stock	Options Exercise	$0	+1,031	+13%	$0.000000	8,840	29 Sep 2025	Direct
transaction	MTN	Common Stock	Tax liability	$43,974	-297	-3.4%	$148.06	8,543	29 Sep 2025	Direct	F1
transaction	MTN	Common Stock	Options Exercise	$0	+1,023	+12%	$0.000000	9,566	29 Sep 2025	Direct
transaction	MTN	Common Stock	Tax liability	$43,678	-295	-3.1%	$148.06	9,271	29 Sep 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MTN	Restricted Share Unit	Options Exercise	$0	-1,031	-100%	$0.000000	0	29 Sep 2025	Common Stock	1,031	$0.000000	Direct	F2
transaction	MTN	Restricted Share Unit	Options Exercise	$0	-1,023	-50%	$0.000000	1,023	29 Sep 2025	Common Stock	1,023	$0.000000	Direct	F3
transaction	MTN	Restricted Share Unit	Award	$0	+5,068		$0.000000	5,068	30 Sep 2025	Common Stock	5,068	$0.000000	Direct	F4
transaction	MTN	Share Appreciation Right	Award	$0	+20,164		$0.000000	20,164	30 Sep 2025	Common Stock	20,164	$149.57	Direct	F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These shares of common stock were withheld from the issuance of common stock to Reporting Person upon vesting of Restricted Share Units ("RSUs") in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith.
F2	On September 29, 2022, Reporting Person was granted 3,092 RSUs, which vest in three equal installments commencing on the first anniversary of the grant date.
F3	On September 29, 2023, Reporting Person was granted 3,068 RSUs, which vest in three equal installments commencing on the first anniversary of the grant date.
F4	On September 30, 2025, Reporting Person was granted 5,068 RSUs, which vest in three equal annual installments commencing on the first anniversary of the grant date.
F5	On September 30, 2025, Reporting Person was granted 20,164 Share Appreciation Rights, which vest in three equal installments commencing on the first anniversary of the grant date.