Polaris Inc. — Director's Dealing 2011

Apr 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2011-04-04

Reporting Person: Williams James P (VP Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-04	Common Stock	A	15000	—	Acquired	15000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-04	Employee Stock Options (Right to Buy)	$88.00	A	20000	Acquired	2021-04-04	Common Stock (20000)	Direct

Footnotes

F1: Performance restricted share award; price is not applicable.

F2: The option vests in full on the third anniversary of the grant date.