Polaris Inc. — Director's Dealing 2012

Apr 30, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2012-04-26

Reporting Person: PALEN GREGORY R (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-26	Deferred Stock Unit	$	A	1250	Acquired		Common Stock (1250)	Direct

Footnotes

F1: The deferred stock units were granted under the Polaris Industries Inc. 2007 Omnibus Incentive Plan. The plan has been approved by a vote of shareholders. Upon termination of his/her services, a Director is entitled to receive one share of common stock for each deferred stock unit held.

F2: 1 for 1 conversion

F3: Includes 260.24 deferred stock units acquired pursuant to dividend equivalent rights under the Plan.

F4: Amount has been adjusted pursuant to a two-for-one stock split effected on September 12, 2011.