[Form 4] HARLEY-DAVIDSON, INC. Insider Trading Activity

Rhea-AI Filing Summary

Matthew J. Reintjes, a director of Harley-Davidson, Inc. (HOG), was granted 8,024 share units on 09/24/2025 under the Harley-Davidson Director Stock Plan. Each stock unit equals one share of common stock and the award has a $0 per-unit price. Of the 8,024 units, 5,032 shares are scheduled to be paid on the one-year anniversary of the grant date or earlier upon termination of director service. Share units are generally payable in common stock following termination of service and may be paid in cash in limited circumstances under the Plan.

Positive

• 8,024 share units were granted to Director Matthew J. Reintjes, increasing his alignment with shareholder interests through equity compensation
• 5,032 of the units are scheduled to be paid on the one-year anniversary of the grant date, providing a clear vesting/payment timeline

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director equity grant of 8,024 share units; primarily a compensation event with limited immediate financial impact.

This Form 4 reports a standard non-derivative compensation grant to a director rather than a market transaction. The award size (8,024 units) and the one-year vesting/payment feature for 5,032 units are disclosed. Because the units are stock-settled on termination and priced at $0, the disclosure documents the issuance mechanics and potential future dilution but provides no cash proceeds to the reporting person. There is no information here about broader program size or material corporate governance changes.

Corporate Governance Expert

TL;DR: Disclosure is a routine governance record showing director compensation under the company stock plan without indications of unusual terms.

The filing identifies the grant as made under the Harley-Davidson, Inc. Director Stock Plan and clarifies payment timing and form. The split of 5,032 shares payable on the one-year anniversary versus the remaining units payable as described in the Plan is clearly stated. The Form 4 is standard for director compensation reporting and does not disclose related-party issues, amendments to the plan, or accelerated vesting beyond plan provisions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Reintjes Matthew J

(Last) (First) (Middle)

HARLEY-DAVIDSON, INC.

3700 WEST JUNEAU AVENUE

(Street)

MILWAUKEE WI 53208

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HARLEY-DAVIDSON, INC. [ HOG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Share Units(1)	(2)	09/24/2025		A(1)		8,024(3)(4)		(3)(4)	(3)(4)	Common Stock	8,024	$0	8,024	D

Explanation of Responses:

1. Granted pursuant to the Harley-Davidson, Inc. Director Stock Plan, as amended

2. 1-for-1

3. Each Stock Unit is the equivalent of one share of common stock. 5,032 shares are payable on the one year anniversary of the grant date or upon the earlier termination of service as a director.

4. Share units are payable in issuer's common stock following termination of service as a director and are subject to earlier payment pursuant to the Harley-Davidson, Inc. Director Stock Plan, as amended (share units payable in cash in limited circumstances according to the Plan)

Remarks:

	/s/ Paul J. Krause, as Power of Attorney	09/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transaction did Matthew J. Reintjes report on Form 4 for HOG?

He reported a grant of 8,024 share units on 09/24/2025 under the Harley‑Davidson Director Stock Plan.

How many of the awarded share units are payable after one year?

5,032 share units are payable on the one‑year anniversary of the grant date or earlier upon termination of director service.

In what form are the share units payable according to the filing?

Share units are generally payable in the issuer's common stock following termination of service; the Plan allows limited cash payment circumstances.

What price was reported for the derivative/non-derivative award?

The filing shows a reported price of $0 per unit for the awarded share units.

Who signed or filed the Form 4 and when was it executed?

The filing includes a Power of Attorney signature by Paul J. Krause dated 09/26/2025.