X0303 4 2009-03-10 0 0000812011 VAIL RESORTS INC MTN 0001447965 SCHOPPET MARK L C/O VAIL RESORTS, INC. 390 INTERLOCKEN CRESCENT BROOMFIELD CO 80021 0 1 0 0 VP, Controller & CAO Share Appreciation Rights 16.51 2009-03-10 4 A 0 3551 16.51 A 2010-03-10 2019-03-10 Common Stock 3551 3551 D Each Share Appreciation Right (each, a "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 March 10, 2009, Reporting Person was granted 3,551 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. Fiona E. Arnold, by Power of Attorney 2009-03-11