BROOMFIELD, Colo., June 10, 2021 / PRNewswire / – Vail Resorts, Inc. (NYSE: MTN) today announced that President and CEO Rob Katz has exercised stock appreciation rights (SARs) that are set to expire in 2022 and will make a charitable donation of 100 percent of the proceeds received. After withholding the shares for payment of the exercise price and taxes, Katz received 91,661 shares of Vail Resorts from the exercise of SARs. These shares will be sold and all the money raised will be donated. Based on the closing market price on the exercise date of $319.94 per share, the donation is equal to approximately $29.3 million.
Katz and his wife’s donation Elana Amsterdam, New York Times bestselling author and founder of Elana’s Pantry, will be made for the family’s charitable fund. O $29.3 million brings the total amount donated over the past five years by Katz and Amsterdam to almost $150 million. Since it was founded in 2016, the Katz Amsterdam Foundation has focused on improving access to mental and behavioral health services in mountain communities and expanding programs to connect underserved youth to winter sports.
Supporting Racial Justice Initiatives
Today, the Katz Amsterdam Foundation also announced a new national focus area related to racial justice. With the support of Jessyca Dudley and Bold Ventures, a strategic consulting firm working to transform and democratize philanthropy, the Foundation is working through a strategic planning process that will identify key areas where the Foundation can make a significant impact and better align with efforts to promote racial justice.
To launch commitment to this new area of focus, Katz and Amsterdam are rewarding $2 million in donations to support racial justice organizations across the country. These grants support existing social and racial justice efforts, create proximity to the lived experiences of others, and help build BIPOC leadership networks.
“Elana and I are so grateful for the impact our partners in mountain communities have made in improving mental and behavioral health support – especially as the pandemic has amplified the mental health challenges we all face,” said Katz. “We remain very committed to supporting the continued work of all these critical organizations, with special attention to equity in behavioral health, to ensure that we are providing the necessary care and services to all groups within our communities. justice with the understanding that there is much to learn from talented leaders and organizations that struggle to make progress against injustices every day. We look forward to better understanding the challenges and injustices faced by so many and how we can be better partners and support efforts to transform systems. “
O $2 million in subsidies announced today include:
- Anti-Recurrence Coalition (ARC) – $500,000
To support ARC’s work to end mass incarceration in California and transforming the criminal justice system to be fairer and more equitable for all people.
- $1 million to support civic and democratic engagement, including support for state-based organizations working to engage and empower marginalized communities and black communities.
- Community Justice Reform Coalition – $250, 000
To support efforts to build power for and with communities of color to end armed violence.
- Othering and Belonging Institute at UC Berkeley – $250,000
To support several key programs, including the Civic Engagement and Narrative Change Initiative and the Network for Transformational Change.
Today’s announced subsidies are in addition to the $1 million in grants awarded to the Equal Justice Initiative and the Know Your Rights Camp by Katz and Amsterdam in 2020. Last year, the couple also awarded $1.5 million in donations to youth support organizations in urban centers in North America, and $3.3 million in COVID-19 emergency relief and behavioral health grants in mountain communities.
About Katz Amsterdam Charitable Trust and Foundation
Founded by the CEO of Vail Resorts, 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 well-being is essential for people and their communities to thrive. With a primary focus on mountain communities, the Foundation strives to create an inclusive and equitable environment that empowers people to lead full and vibrant lives. Since 2016, Katz and Amsterdam have contributed almost $150 million to the Katz Amsterdam Foundation and Charitable Trust, representing 100% of the proceeds from any sales of Katz of Vail Resorts common stock. During the same period, they made donations to non-profit organizations, totaling more than $24 million.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts, Inc., through its subsidiaries, is the leading global operator of mountain resorts. Vail Resorts subsidiaries operate 37 destination mountain resorts and regional ski areas, including Vail, beaver creek, Breckenridge, keystone and Crested Butte inside Colorado; park city inside Utah; Heavenly, North Star and Kirkwood at the Lake Tahoe area California and Nevada; Whistler Blackcomb on British Columbia, Canada; Perisher, Falls Creek and Hotham in Australia; Stowe, Mount Snow, okemo in Vermont; Hunter Mountain inside 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 inside Ohio; Hidden Valley and Snow Creek in Missouri; Wilmot inside Wisconsin; Afton Alps in Minnesota; Mt. brighton inside Michigan; and Paoli Peaks in indian. 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 traded company listed on the New York Stock Exchange (NYSE: MTN) Vail Resorts website is www.vailresorts.com and the consumer site is www.snow.com.
SOURCE Vail Resorts, Inc.