BROOMFIELD, Colo., June 8, 2020 /CNW/ -- Vail Resorts,
Inc. (NYSE: MTN) today announced that Chairman and Chief
Executive Officer Rob Katz has exercised stock
appreciation rights (SARs), that were set to expire in 2021, and
will be making a charitable donation of 100 percent of the proceeds
received. Based on the market price on the date of exercise
of $194.74 per share, the donation is equal to
approximately $11.7 million. After withholding taxes,
Katz received 59,988 shares of Vail Resorts stock from the
SARs exercise, all of which will be donated either in the form of a
donation of shares or a donation of cash proceeds that were
received from the sale of shares. The donation by Katz, and
his wife Elana Amsterdam, will be
made to the family's charitable trust and
foundation.
Additionally, today Katz and Amsterdam announced a number of
immediate grants to support COVID-19 efforts, racial justice reform
and programs for urban youth.
"This is an incredibly challenging time for our country, and
while a primary mission of our charitable giving will remain
supporting mental and behavioral health and COVID-19 relief efforts
in mountain communities, Elana and I feel passionate about
supporting efforts that ensure basic human rights, empowerment and
health for everyone," said Katz. "We are proud to lend our voice
and resources to these critical initiatives, movements and
organizations that are creating positive change for our society
every day."
$1 Million – Tulane University School of Medicine
The
grant will significantly expand and improve COVID-19 testing in the
region, including for vulnerable populations that are most at risk.
Located in New Orleans and one of
the nation's most recognized centers for medical education,
Tulane University School of Medicine is
a vibrant center for education, research and public
service.
$500,000 – Equal Justice
Initiative
The Equal Justice Initiative is committed to
ending mass incarceration and excessive punishment in the United States, to challenging racial and
economic injustice, and to protecting basic human rights for the
most vulnerable people in American Society.
$500,000 – Know Your Rights
Camp
The mission of Know Your Rights Camp is to advance the
liberation and well-being of Black and Brown communities through
education, self-empowerment, mass-mobilization and the creation of
new systems that elevate the next generation of change leaders.
$1.5 million – Youth
Organizations
As a part of a youth access initiative
announced in December 2019, in
partnership with Vail Resorts, these grants from Katz and
Amsterdam will support non-profit organizations that work to
strengthen communities and support youth of color in urban centers
across North America. While
initially earmarked to support efforts to expand youth access to
winter sports, the couple today announced that given the current
challenges presented by COVID-19, this year's grants would instead
fund the top priorities determined by each organization for the
kids they serve. Specific grants to non-profits will be
announced this summer.
In March 2020, Katz and Amsterdam
announced a donation of more than $2.5
million to provide immediate COVID-19 relief support for
both Vail Resorts employees and non-profits that serve the mountain
towns where the company operates.
About the Katz Amsterdam Charitable Trust and
Foundation
Founded by Vail Resorts' CEO, Rob Katz, and his wife, Elana Amsterdam, New York Times bestselling
author and founder of Elana's Pantry, the Katz Amsterdam Foundation
believes that emotional and physical wellness is essential for
people and their communities to thrive. With a primary focus on
mountain communities and the benefit of outdoor recreation, the
Foundation strives to create an environment that provides resources
to empower people to lead full and vibrant lives. Since 2016
Katz and Amsterdam have made contributions of almost $120 million to the Katz Amsterdam Foundation and
Charitable Trust, representing 100% of the proceeds of any sales by
Katz of Vail Resorts common stock. During that same time
period they have made grants to non-profits totaling over
$20 million.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts,
Inc., through its subsidiaries, is the leading global mountain
resort operator. Vail Resorts' subsidiaries operate 37 world-class
mountain resorts and urban ski areas, including Vail, Beaver
Creek, Breckenridge,
Keystone and Crested Butte in Colorado; Park
City in Utah; Heavenly,
Northstar and Kirkwood in the Lake
Tahoe area of California
and Nevada; Whistler Blackcomb in
British Columbia, Canada;
Perisher, Falls Creek and Hotham
in Australia; Stowe, Mount
Snow, Okemo in Vermont;
Hunter Mountain in New York; Mount
Sunapee, Attitash, Wildcat and Crotched in New Hampshire; Stevens Pass in Washington; Liberty, Roundtop, Whitetail,
Jack Frost and Big Boulder in
Pennsylvania; Alpine Valley,
Boston Mills, Brandywine and Mad
River in Ohio; Hidden Valley and Snow Creek in Missouri; Wilmot in Wisconsin; Afton Alps in Minnesota; Mt. Brighton in Michigan; and Paoli Peaks in Indiana. Vail Resorts owns and/or manages a
collection of casually elegant hotels under the RockResorts brand,
as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Development
Company is the real estate planning and development subsidiary of
Vail Resorts, Inc. Vail Resorts is a publicly held company traded
on the New York Stock Exchange (NYSE: MTN). The Vail Resorts
company website is www.vailresorts.com and consumer
website is www.snow.com.
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SOURCE Vail Resorts, Inc.