An investor wants four seats on Vail's board and hired a Disney boss

Vail Resorts owns and runs ski areas. Its main arm holds 42 resorts and ski areas. It also runs hotels and condos under its own brands. [C6][C6] Item 1, Businesswhich represented approximately 89%, 11% and 0%, respectively, of our net revenue for our fiscal year ended July 31, 2025 (“Fiscal 2025”). Our Mountain segment operates 42 world-class destination mountain resorts and regional ski areas (collectively, our “Resorts”). Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations.Vail Resorts, Inc. annual report on Form 10-K for the year ended July 31, 2025Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000081201125000104/mtn-20250731.htm

Skiing is nearly all of the money. In the year to July 31, 2025 the ski arm brought in about 89% of sales. Hotels brought in about 11%. [C6][C6] Item 1, Businesswhich represented approximately 89%, 11% and 0%, respectively, of our net revenue for our fiscal year ended July 31, 2025 (“Fiscal 2025”). Our Mountain segment operates 42 world-class destination mountain resorts and regional ski areas (collectively, our “Resorts”). Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations.Vail Resorts, Inc. annual report on Form 10-K for the year ended July 31, 2025Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000081201125000104/mtn-20250731.htm

The whole company took in about $2.96 billion that year. The year before it took in about $2.89 billion. Growth has been slow. [C7][C7] Revenue from contracts with customersTotal net revenue $ 2,964,347 $ 2,885,191 $ 2,889,364Vail Resorts, Inc. annual report on Form 10-K for the year ended July 31, 2025Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000081201125000104/mtn-20250731.htm

Oasis is a fund run by Seth Fischer. It bought Vail shares because it thinks they are cheap. On September 10, 2026 it told Vail it will put up four people for the board. [C1][C1] Item 4, Purpose of TransactionThe Reporting Persons acquired the shares of Common Stock reported herein because they believe that the shares of Common Stock are undervalued and represent an attractive investment opportunity. On September 10, 2026, the Oasis Fund delivered to the Issuer a notice (the “Nomination Notice”) of its intention to nominate Mr. Chapek, Mr. Hudson, Mr. Roberts, and Ms. Street (collectively, the “Nominees”) for election to the Board at the Issuer’s 2026 annual meeting of stockholders (the “2026 Annual Meeting”).Excerpt from Schedule 13D filed by Oasis Management Company Ltd. on Vail Resorts, Inc., Item 4 Purpose of Transaction, filed September 16, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000090266426003838/p26-1873exhibit1.htm

The four are Robert Chapek, M. Ashton Hudson, Bryce Roberts and Picabo Street. Chapek used to run Disney. Street won an Olympic gold medal on skis. [C1][C1] Item 4, Purpose of TransactionThe Reporting Persons acquired the shares of Common Stock reported herein because they believe that the shares of Common Stock are undervalued and represent an attractive investment opportunity. On September 10, 2026, the Oasis Fund delivered to the Issuer a notice (the “Nomination Notice”) of its intention to nominate Mr. Chapek, Mr. Hudson, Mr. Roberts, and Ms. Street (collectively, the “Nominees”) for election to the Board at the Issuer’s 2026 annual meeting of stockholders (the “2026 Annual Meeting”).Excerpt from Schedule 13D filed by Oasis Management Company Ltd. on Vail Resorts, Inc., Item 4 Purpose of Transaction, filed September 16, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000090266426003838/p26-1873exhibit1.htm

The fund is paying for their time. Three of them get $50,000 when the notice goes in. They get $50,000 more when the fund files its vote papers. Each one must put the money, after tax, back into Vail stock. [C3][C3] Item 4, the Nomination Agreementseach such Nominee is entitled to receive a fee of $50,000 following the submission of this Nomination Notice and an additional fee of $50,000 upon the filing with the SEC of a preliminary proxy statement naming such Nominee as a member of the slate, and each such Nominee has agreed to invest an amount equal to the estimated after-tax proceeds of such fees in the Common Stock within five days of receipt thereofExcerpt from Schedule 13D filed by Oasis Management Company Ltd. on Vail Resorts, Inc., Item 4 Purpose of Transaction, filed September 16, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000090266426003838/p26-1873exhibit1.htm

Chapek's deal is bigger. Oasis pays him $100,000 every month. He also advises Oasis about Vail. If he wins a board seat, Oasis lends him $500,000 to buy shares. That loan can be wiped out. [C2][C2] Item 4, the Chapek AgreementOasis Management has entered into a letter agreement with Mr. Chapek (the “Chapek Agreement”), pursuant to which Mr. Chapek has agreed, among other things, to stand for election as a director of the Issuer and to provide consulting services to Oasis Management with respect to the Issuer. Pursuant to the Chapek Agreement, Oasis Management has agreed to pay Mr. Chapek $100,000 per month, and has agreed to provide Mr. Chapek with a $500,000 forgivable loan to purchase shares of Common Stock in the event he becomes a director of the Issuer.Excerpt from Schedule 13D filed by Oasis Management Company Ltd. on Vail Resorts, Inc., Item 4 Purpose of Transaction, filed September 16, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000090266426003838/p26-1873exhibit1.htm

The argument is about price, not about snow. Oasis says the 42 mountains cannot be copied. It says the share price does not reflect them next to other firms. [C5][C5] Item 4, Purpose of TransactionThe Reporting Persons believe the Issuer controls an irreplaceable portfolio of 42 world-class mountain resorts – a collection of scarce, high-quality assets that, in the Reporting Persons’ view, is not fully reflected in the Issuer’s current valuation relative to its peers.Excerpt from Schedule 13D filed by Oasis Management Company Ltd. on Vail Resorts, Inc., Item 4 Purpose of Transaction, filed September 16, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000090266426003838/p26-1873exhibit1.htm

What Oasis wants changed is the guest side. It lists the guest day, ticket pricing, marketing and use of the hotels. It also wants cheaper ways in for new skiers and more to do outside winter. [C8][C8] Item 4, Purpose of Transactiona reconstituted Board, bringing fresh perspective and relevant operating experience, would be well positioned to work with management to sharpen the Issuer’s focus on guest experience, pricing strategy, marketing effectiveness, and the fuller utilization of its hospitality assets, and that doing so presents a meaningful opportunity to enhance long-term value for all shareholders.Excerpt from Schedule 13D filed by Oasis Management Company Ltd. on Vail Resorts, Inc., Item 4 Purpose of Transaction, filed September 16, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000090266426003838/p26-1873exhibit1.htm

The fund owns 2,199,016 Vail shares through its main pool. All the people named together are counted at 2,200,366 shares. [C4][C4] Exhibit 2, Certain Information Regarding the Participantsthe Participants may be deemed to beneficially own (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended), in the aggregate, 2,200,366 shares of common stock, par value $0.01 per share, of the Company (the “Common Stock”). The Oasis Fund directly holds 2,199,016 shares of Common Stock.Certain Information Regarding the Participants, filed with the Oasis solicitation material on September 16, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000090266426003838/p26-1873exhibit2.htm

The date of the vote is not set here. The filing names the next yearly meeting and gives no day. [C1][C1] Item 4, Purpose of TransactionThe Reporting Persons acquired the shares of Common Stock reported herein because they believe that the shares of Common Stock are undervalued and represent an attractive investment opportunity. On September 10, 2026, the Oasis Fund delivered to the Issuer a notice (the “Nomination Notice”) of its intention to nominate Mr. Chapek, Mr. Hudson, Mr. Roberts, and Ms. Street (collectively, the “Nominees”) for election to the Board at the Issuer’s 2026 annual meeting of stockholders (the “2026 Annual Meeting”).Excerpt from Schedule 13D filed by Oasis Management Company Ltd. on Vail Resorts, Inc., Item 4 Purpose of Transaction, filed September 16, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000090266426003838/p26-1873exhibit1.htm

Vail has not answered. Nothing in this filing says what the board thinks of the four names. [C1][C1] Item 4, Purpose of TransactionThe Reporting Persons acquired the shares of Common Stock reported herein because they believe that the shares of Common Stock are undervalued and represent an attractive investment opportunity. On September 10, 2026, the Oasis Fund delivered to the Issuer a notice (the “Nomination Notice”) of its intention to nominate Mr. Chapek, Mr. Hudson, Mr. Roberts, and Ms. Street (collectively, the “Nominees”) for election to the Board at the Issuer’s 2026 annual meeting of stockholders (the “2026 Annual Meeting”).Excerpt from Schedule 13D filed by Oasis Management Company Ltd. on Vail Resorts, Inc., Item 4 Purpose of Transaction, filed September 16, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000090266426003838/p26-1873exhibit1.htm

How long Chapek gets paid is open. The filing gives a monthly figure and no end date. [C2][C2] Item 4, the Chapek AgreementOasis Management has entered into a letter agreement with Mr. Chapek (the “Chapek Agreement”), pursuant to which Mr. Chapek has agreed, among other things, to stand for election as a director of the Issuer and to provide consulting services to Oasis Management with respect to the Issuer. Pursuant to the Chapek Agreement, Oasis Management has agreed to pay Mr. Chapek $100,000 per month, and has agreed to provide Mr. Chapek with a $500,000 forgivable loan to purchase shares of Common Stock in the event he becomes a director of the Issuer.Excerpt from Schedule 13D filed by Oasis Management Company Ltd. on Vail Resorts, Inc., Item 4 Purpose of Transaction, filed September 16, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000090266426003838/p26-1873exhibit1.htm

No plan has numbers on it. Oasis lists things it would change and gives no target for sales or profit. [C8][C8] Item 4, Purpose of Transactiona reconstituted Board, bringing fresh perspective and relevant operating experience, would be well positioned to work with management to sharpen the Issuer’s focus on guest experience, pricing strategy, marketing effectiveness, and the fuller utilization of its hospitality assets, and that doing so presents a meaningful opportunity to enhance long-term value for all shareholders.Excerpt from Schedule 13D filed by Oasis Management Company Ltd. on Vail Resorts, Inc., Item 4 Purpose of Transaction, filed September 16, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/812011/000090266426003838/p26-1873exhibit1.htm