Rob Katz donates $32.5 million from stock to charity
Katz and his wife Elana Amsterdam also announced nearly $4.9 million in grants for mental health care, racial justice efforts
On Wednesday, Vail Resorts announced that Executive Chairperson and former CEO Rob Katz exercised stock appreciation rights, and will be making a charitable donation of 100% of the net proceeds he received.
After withholding shares for payment of the exercise price and taxes, Katz received 98,209 shares of Vail Resorts stock from the stock appreciation rights exercise. Based on the net proceeds from the sale of that stock, the donation is equal to approximately $32.5 million.
Katz and his wife Elana Amsterdam have now donated over $180 million over the past five years to their charitable trust and foundation, representing 100% of the proceeds from their sales of Vail Resorts stock.
In addition, Katz and Amsterdam, via their family’s charitable trust, announced charitable grants totaling almost $4.9 million. Of that amount, $2.3 million will be granted to nonprofit organizations that support mental and behavioral health in the mountain communities where Vail Resorts operates. In Eagle County, this includes a donation to support Eagle Valley Behavioral Health.
The charitable trust also granted over $1 million to non-profits working to expand behavioral health equity to support communities of color in the Western United States and almost $1.5 million in grants to support organizations that help promote multiracial civic engagement across the country.
Mental and behavioral health grants
$2.3 million will be granted to mountain community nonprofits dedicated to increasing access to mental and behavioral health care with a focus on providing tele-behavioral health services, improving services for those in recovery from drug or substance misuse, and creating more equitable access to care for Black, Indigenous, People of Color communities within these mountain communities.
Additionally, as part of the nationwide focus on racial justice announced in June 2021, the charitable trust made an additional $1 million in grants that will expand health equity across the western U.S., with emphasis on advancing mental and behavioral health opportunities within Black, Indigenous, People of Color communities. The Foundation believes that eliminating the stigma and discrimination associated with behavior health issues in communities of color is a critical component of advancing racial justice.
“Disparities and discrimination in our mental and behavioral healthcare system have led to inequities in access and care for those who are seeking support, creating true injustices in the ability for many communities to benefit from full access to the services they need,” Katz said. “We’re fortunate to be able to help support the innovative strategies communities are developing to create true equity in our behavioral health systems and approaches.”
Civic engagement grants
Finally, through almost $1.5 million in grants, the charitable trust will support organizations working to ensure civic engagement by combatting voter suppression measures, reducing barriers for Black, Indigenous, People of Color communities to vote, and increasing voter participation.
“We cannot address the broad behavioral health challenges faced by many communities across the United State without systemic policy and legislative changes at the local and national level, and those changes will not be possible without ensuring that all communities are fully and equally participating in our democratic process,” Katz said.