Sec Form 3 Filing - Kunkel Lynanne @ VAIL RESORTS INC - 2024-12-05

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5

1. Name and Address of Reporting Person Kunkel Lynanne 2. Issuer Name and Ticker or Trading Symbol VAIL RESORTS INC [ MTN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chief HR & Trnsfrm Ofc (Last) (First) (Middle) C/O VAIL RESORTS, INC., 390 INTERLOCKEN CRESCENT 3. Date of Earliest Transaction (MM/DD/YY) 12/05/2024 (Street) BROOMFIELD, CO80021 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 6,860 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Restricted Share Unit $ 0 ( 1 ) ( 1 ) Common Stock 1,031 D Restricted Share Unit $ 0 ( 2 ) ( 2 ) Common Stock 2,046 D Restricted Share Unit $ 0 ( 3 ) ( 3 ) Common Stock 4,001 D Share Appreciation Right $ 199.79 ( 4 ) 05/15/2027 Common Stock 1,873 D Share Appreciation Right $ 228.04 ( 5 ) 09/27/2027 Common Stock 3,165 D Share Appreciation Right $ 286.13 ( 6 ) 09/27/2028 Common Stock 3,199 D Share Appreciation Right $ 236.15 ( 7 ) 09/25/2029 Common Stock 5,542 D Share Appreciation Right $ 225.26 ( 8 ) 09/25/2030 Common Stock 7,567 D Share Appreciation Right $ 351.85 ( 9 ) 09/24/2031 Common Stock 5,815 D Share Appreciation Right $ 213.55 ( 10 ) 09/29/2032 Common Stock 10,770 D Share Appreciation Right $ 221.89 ( 11 ) 09/29/2033 Common Stock 10,176 D Share Appreciation Right $ 180.61 ( 12 ) 09/27/2034 Common Stock 14,754 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Kunkel Lynanne C/O VAIL RESORTS, INC. 390 INTERLOCKEN CRESCENT BROOMFIELD, CO80021 Chief HR & Trnsfrm Ofc Signatures /s/ Lucy Jensen, Attorney-in-Fact for Lynanne Kunkel 12/12/2024 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On September 29. 2022, Reporting Person was granted 3,092 Restricted Share Units, which vest in three equal annual installments commencing on the first anniversary of the grant date. On September 29, 2023, 1,030 shares vested of which 297 shares were withheld in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith and 733 shares were issued. On September 29, 2024, 1,031 shares vested of which 297 shares were withheld in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith and 734 shares were issued. ( 2 )On September 29, 2023, Reporting Person was granted 3,068 Restricted Share Units, which vest in three equal annual installments commencing on the first anniversary of the grant date. On September 29, 2024, 1,022 shares vested of which 294 shares were withheld in order to satisfy the Reporting Person's obligations for payment of withholding and other taxes due in connection therewith and 728 shares were issued. ( 3 )On September 27, 2024, Reporting Person was granted 4,001 Restricted Share Units, which vest in three equal annual installments commencing on the first anniversary of the grant date. ( 4 )On May 15, 2017, Reporting Person was granted 1,873 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date. Of the 1,873 Share Appreciation Rights, 1,873 remain outstanding and exercisable. ( 5 )On September 27, 2017, Reporting Person was granted 3,165 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date. Of the 3,165 Share Appreciation Rights, 3,165 remain outstanding and exercisable. ( 6 )On September 27, 2018, Reporting Person was granted 3,199 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date. Of the 3,199 Share Appreciation Rights, 3,199 remain outstanding and exercisable. ( 7 )On September 25, 2019, Reporting Person was granted 5,542 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date. Of the 5,542 Share Appreciation Rights, 5,542 remain outstanding and exercisable. ( 8 )On September 25, 2020, Reporting Person was granted 7,567 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date. Of the 7,567 Share Appreciation Rights, 7,567 remain outstanding and exercisable. ( 9 )On September 24, 2021, Reporting Person was granted 5,815 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date. Of the 5,815 Share Appreciation Rights, 5,815 remain outstanding and exercisable. ( 10 )On September 29, 2022, Reporting Person was granted 10,770 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date. Of the 10.770 Share Appreciation Rights, 10,770 remain outstanding and 7,180 are exercisable, with the remainder not yet vested. ( 11 )On September 29, 2023, Reporting Person was granted 10,176 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date. Of the 10,176 Share Appreciation Rights, 10,176 remain outstanding and 3,392 are exercisable, with the remainder not yet vested. ( 12 )On September 27, 2024, Reporting Person was granted 14,754 Share Appreciation Rights, which vest in three equal annual installments commencing on the first anniversary of the grant date. Of the 14,754 Share Appreciation Rights, 14,754 remain outstanding, and none have vested.

Remarks: Exhibit List: Exhibit 24 - Power of Attorney. Ms. Kunkel was designated a Section 16 officer by the Company's Board of Directors on December 5, 2024 as a result of expansion of her scope.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.