Form 4: Vail Resorts EVP Reports Equity Grants & Vesting

Vail Resorts' EVP of Retail & Hospitality, Gregory Jon Sullivan, reported the vesting and conversion of restricted stock units and new grants of restricted stock units and share appreciation rights.

Summary

• Gregory Jon Sullivan, Executive Vice President of Retail & Hospitality at Vail Resorts, Inc. (MTN), reported several equity transactions.
• On September 29, 2025, 371 Restricted Share Units (RSUs) from a September 29, 2022 grant vested and were converted into common stock.
• On September 29, 2025, 368 Restricted Share Units (RSUs) from a September 29, 2023 grant vested and were converted into common stock.
• Following these conversions, Mr. Sullivan beneficially owns a total of 3,485 shares of Vail Resorts common stock.
• On September 30, 2025, Mr. Sullivan was granted 2,642 new Restricted Share Units (RSUs), which will vest in three equal annual installments commencing on the first anniversary of the grant date.
• On September 30, 2025, Mr. Sullivan was also granted 10,514 Share Appreciation Rights (SARs) with an exercise price of $149.57. These SARs will vest in three equal installments commencing on the first anniversary of the grant date and expire on September 30, 2035.
• After these transactions, Mr. Sullivan holds 2,642 unvested RSUs from the new grant, 10,514 unvested SARs from the new grant, and 368 remaining unvested RSUs from the September 29, 2023 grant as derivative securities.

Sentiment

Score: 7

Explanation: The filing reports routine executive compensation activities, including the vesting of previously granted equity and new grants of restricted stock units and share appreciation rights, indicating continued alignment of executive incentives with shareholder interests. This is generally a neutral to slightly positive event.

Positives

• New grants of 2,642 Restricted Share Units and 10,514 Share Appreciation Rights align executive incentives with long-term shareholder value.
• The vesting and conversion of previously granted RSUs demonstrate the ongoing execution of the company's executive compensation plan.

Future Outlook

The 2,642 Restricted Share Units granted on September 30, 2025, will vest in three equal annual installments commencing on the first anniversary of the grant date. The 10,514 Share Appreciation Rights granted on September 30, 2025, will also vest in three equal installments commencing on the first anniversary of the grant date. The remaining 368 RSUs from the September 29, 2023 grant are expected to vest on September 29, 2026.

Stakeholder Impact

• Shareholders: The grants of RSUs and SARs align the interests of executive management with those of shareholders, incentivizing long-term performance and value creation.

Next Steps

• Future vesting of 2,642 RSUs granted on September 30, 2025, in three equal annual installments starting September 30, 2026.
• Future vesting of 10,514 Share Appreciation Rights granted on September 30, 2025, in three equal annual installments starting September 30, 2026.
• Future vesting of the remaining 368 RSUs from the September 29, 2023 grant on September 29, 2026.

Key Dates

Recommendation

This Form 4 filing details routine executive compensation activities, including the vesting of restricted stock units and new equity grants. These transactions are standard for executive incentive programs and do not provide new fundamental information to warrant a change in investment recommendation. The grants align executive interests with long-term shareholder value, which is a positive, but not a catalyst for a 'buy' recommendation based solely on this filing.

Keywords

Vail Resorts, MTN, SEC Form 4, Insider Transaction, Equity Grant, Restricted Share Unit, Share Appreciation Right, Executive Compensation, Gregory Jon Sullivan