Polaris Inc. — Director's Dealing 2017

Oct 30, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POLARIS INDUSTRIES INC/MN (PII)
CIK: 0000931015
Period of Report: 2017-10-26

Reporting Person: Dougherty Michael D. (President-International)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-05	Common Stock	G	177	$0.00	Disposed	33574	Indirect
2017-05-08	Common Stock	G	325	$0.00	Disposed	33249	Indirect
2017-05-09	Common Stock	G	311	$0.00	Disposed	32938	Indirect
2017-05-08	Common Stock	G	325	$0.00	Acquired	2434	Indirect
2017-05-09	Common Stock	G	311	$0.00	Acquired	2458	Indirect
2017-10-26	Common Stock	M	8000	$38.46	Acquired	13113	Direct
2017-10-26	Common Stock	S	8000	$122.23	Disposed	5113	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-10-26	Employee Stock Options (right to buy)	$38.46	M	8000	Disposed	2021-01-31	Common Stock (8000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4715	Indirect

Footnotes

F1: Shares held in a revocable trust of which the reporting person and his spouse are trustees, and the reporting person and his spouse, or other members of their family, are the beneficiaries.

F2: Shares held by son who shares reporting person's household. The reporting person disclaims beneficial ownership of the shares held by his son, and this report should not be deemed an admission that the reporting person is the beneficial owner of his son's shares for purposes of Section 16 or for any other purpose.

F3: Shares held by daughter who shares reporting person's household. The reporting person disclaims beneficial ownership of the shares held by his daughter, and this report should not be deemed an admission that the reporting person is the beneficial owner of his daughter's shares for purposes of Section 16 or for any other purpose.

F4: Reflects the weighted average price of 8,000 shares of Common Stock sold by the reporting person in multiple transactions on October 26, 2017 with sale prices ranging from $122.00 to $123.00 per share. 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.

F5: Estimate of the number of shares held in the reporting person's ESOP fund as of October 26, 2017. This plan uses unit accounting and the number of shares that a participant is deemed to hold varies with the price of Polaris stock.

F6: The option vested in two equal installments on January 31, 2013 and January 31, 2015.