Are the 11,207 share units reported by Masood Rafeh an open-market purchase of Harley-Davidson (HOG) stock?

No, the 11,207 share units represent a grant, not an open-market purchase. They were awarded under the Harley-Davidson Director Stock Plan as compensation, with a stated price of $0 per unit in the filing’s transaction details.

When will the share units granted to Harley-Davidson (HOG) director Masood Rafeh be paid out?

The filing notes that share units are generally payable in Harley-Davidson common stock after termination of service as a director. A footnote adds that 6,250 shares are payable on the one-year anniversary of the grant date or earlier if service ends.

How many Harley-Davidson (HOG) share units does Masood Rafeh hold after this Form 4 transaction?

After this transaction, Masood Rafeh holds 11,207 share units directly, according to the Form 4. These share units are tied to Harley-Davidson common stock and were all acquired through the reported compensation grant on the transaction date.

What does a 1-for-1 share unit mean in Harley-Davidson (HOG) director compensation?

A 1-for-1 share unit means each unit is equivalent to one share of Harley-Davidson common stock. The filing’s footnote specifies this ratio, so 11,207 awarded share units correspond to 11,207 underlying shares of common stock, subject to the plan’s payout rules.

Harley-Davidson (HOG) director Masood Rafeh awarded 11,207 stock units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Masood Rafeh reported acquisition or exercise transactions in this Form 4 filing.

HARLEY-DAVIDSON, INC. director Masood Rafeh received a grant of 11,207 share units as compensation under the company’s Director Stock Plan. These stock units are derivatives that each represent one share of common stock and increase his directly held share-unit balance to 11,207.

The share units are generally payable in Harley-Davidson common stock after he leaves the board, with limited circumstances where cash may be paid instead under the plan. Footnote detail states that 6,250 of these shares are scheduled to be paid on the one-year anniversary of the grant date or upon earlier termination of his service as a director.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Masood Rafeh

Role null

Type	Security	Shares	Price	Value
Grant/Award	Share Units	11,207	$0.00	--

Holdings After Transaction: Share Units — 11,207 shares (Direct, null)

Footnotes (1)

Granted pursuant to the Harley-Davidson, Inc. Director Stock Plan, as amended 1-for-1 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). Each Stock Unit is the equivalent of one share of common stock. 6,250 shares are payable on the one year anniversary of the grant date or upon the earlier termination of service as a director.

Key Figures

Share units granted: 11,207 share units Holdings after grant: 11,207 share units Conversion ratio: 1-for-1 +2 more

5 metrics

Share units granted 11,207 share units Grant to director Masood Rafeh on May 21, 2026

Holdings after grant 11,207 share units Total share units directly held following transaction

Conversion ratio 1-for-1 Each share unit equals one share of common stock

Scheduled payout tranche 6,250 shares Payable on one-year anniversary of grant or earlier service end

Grant price per unit $0.0000 per unit Compensation grant under Director Stock Plan

Key Terms

Director Stock Plan, Share Units, Common Stock, Grant, award, or other acquisition, +1 more

5 terms

Director Stock Plan financial

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

Common Stock financial

"underlying_security_title: Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Stock Unit financial

"Each Stock Unit is the equivalent of one share of common stock."

Form 4 Insider Transactions: What Each Field Means →

05/26/2026 - 04:35 PM

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Masood Rafeh

(Last)

(First)

(Middle)

3700 WEST JUNEAU AVENUE

(Street)

MILWAUKEE

WISCONSIN

53208

(City)

(State)

(Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Share Units⁽¹⁾	⁽²⁾	05/21/2026		A⁽¹⁾		11,207⁽³⁾⁽⁴⁾		⁽³⁾⁽⁴⁾	⁽³⁾⁽⁴⁾	Common Stock	11,207	$0	11,207	D

Explanation of Responses:

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

2. 1-for-1

3. 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).

4. Each Stock Unit is the equivalent of one share of common stock. 6,250 shares are payable on the one year anniversary of the grant date or upon the earlier termination of service as a director.

Remarks:

	/s/ Paul J. Krause, as Power of Attorney	05/26/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Harley-Davidson (HOG) director Masood Rafeh report on this Form 4?

Director Masood Rafeh reported receiving 11,207 share units as a compensation grant under Harley-Davidson’s Director Stock Plan. Each unit represents one share of common stock, increasing his directly held share-unit balance to 11,207 following this award.