X0202 4 2006-10-04 0 0000812011 VAIL RESORTS INC MTN 0001265321 JONES JEFFREY W C/O VAIL RESORTS, INC. 390 INTERLOCKEN CRESCENT, STE. 1000 BROOMFIELD CO 80021 0 1 0 0 Sr. Exec. VP, CFO Restricted Share Units 0 2006-10-04 4 A 0 2996 0 A 2007-10-04 2009-10-04 Common Stock 2996 2996 D Share Appreciation Rights 39.72 2006-10-04 4 A 0 24021 39.72 A 2007-10-04 2016-10-04 Common Stock 24021 24021 D Each Restricted Share Unit represents a contingent right to receive one share of common stock. On October 4, 2006, Reporting Person was granted 2,996 Restricted Share Units which vest in three equal annual installments commencing on the first anniversary of the grant date. Each Share Appreciation Right (each, an "SAR") represents a contingent right to receive, upon vesting, an amount of shares of Issuer's common stock equal to the positive difference (if any) between the fair market value of Issuer's common stock on the exercise date and the SAR exercise price, divided by the fair market value of Issuer's common stock on the exercise date. On October 4, 2006, Reporting Person was granted 24,021 SAR's which vest in three equal annual installments commencing on the first anniversary of the grant date and expire 10 years from the grant date. /s/ Jeffrey W. Jones 2006-10-06