VAIL RESORTS INC — Form 10-K

Vail Resorts adopted a new Management Incentive Plan effective August 1, 2026, covering all full-time employees at job level M9 and above. Plan funding is 100% based on Resort Reported EBITDA performance versus budget, with individual target bonuses ranging from 0% to 200% of base salary depending on EBITDA achievement (80%+ of target). The CEO's bonus is determined solely by funded EBITDA targets; other employees' payouts are further modified by individual performance ratings (0-130% multiplier). Maximum single-employee payout capped at $4 million annually. Plan includes clawback provisions for financial restatements and standard proration rules for mid-year hiring, salary changes, and leaves of absence.