Vail Resorts Removes Board Composition Clause from Credit Agreement

Vail Resorts, Inc. (NYSE: MTN) entered into a First Amendment to its Tenth Amended and Restated Credit Agreement on October 16, 2026, removing a specific board composition clause from the definition of a Change of Control Transaction. The amendment, signed by Vail Holdings, Inc., a Colorado corporation and wholly-owned subsidiary of Vail Resorts, along with certain subsidiaries and the company as guarantors, modifies the existing terms between the borrower and the lenders.

Bank of America, N.A. serves as the administrative agent for the credit facility, which was originally dated February 9, 2026. Prior to this amendment, the credit agreement defined a Change of Control Transaction to include shifts in who holds a majority of board seats over any twelve-month span. The First Amendment eliminates this specific provision regarding board composition from the definition. This change does not affect the other two components of the Change of Control Transaction definition, which relate to the acquisition of beneficial ownership of, or control over, the company's voting equity securities.

In addition to the Change of Control adjustment, the First Amendment revises Section 10.8(i) of the Credit Agreement concerning Financial Hedges. The amendment removes the requirement that any such hedges be approved by the administrative agent. The filing notes that the description provided in the 8-K is a summary only and is qualified in its entirety by reference to the full First Amendment document, which will be filed in accordance with Securities and Exchange Commission rules.

The report was signed on October 19, 2026, by Angela A. Korch, Executive Vice President and Chief Financial Officer of Vail Resorts. The company is headquartered at 390 Interlocken Crescent in Broomfield, Colorado. This filing satisfies the current report obligations under Section 13 or 15(d) of the Securities Exchange Act of 1934. No other material definitive agreements were reported in this specific filing beyond the First Amendment to the credit agreement.