Polaris Inc. — Director's Dealing 2010

Nov 8, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2010-11-04

Reporting Person: CORNESS JOHN B (VP Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-11-04	Common Stock	S	1500	$72.50	Disposed	16832	Direct
2010-11-05	Common Stock	S	1500	$74.36	Disposed	15332	Direct
2010-11-05	Common Stock	M	13512	$43.015	Acquired	28884	Direct
2010-11-05	Common Stock	M	10492	$28.495	Acquired	39336	Direct
2010-11-05	Common Stock	S	20907	$73.743	Disposed	18429	Direct
2010-11-05	Common Stock	S	3097	$74.379	Disposed	15332	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-11-05	Employee Stock Options (Right to Buy)	$43.015	M	13512	Disposed	2013-11-03	Common Stock (13512)	Direct
2010-11-05	Employee Stock Options (Right to Buy)	$28.495	M	10492	Disposed	2012-10-07	Common Stock (10492)	Direct

Footnotes

F1: Reflects the weighted average price of 20,907 shares of Common Stock sold by the reporting person in multiple transactions on November 5, 2010 with sale prices ranging from $73.31 to $74.30 per share inclusive. The reporting person undertakes to provide upon request by the U.S. Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

F2: Reflects the weighted average price of 3,097 shares of Common Stock sold by the reporting person in multiple transactions on November 5, 2010 with sale prices ranging from $74.31 to $74.45 per share inclusive. The reporting person undertakes to provide upon request by the U.S. Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.