[Form 4] THOR INDUSTRIES INC Insider Trading Activity

Rhea-AI Filing Summary

Insider grant and holdings summary: A Form 4 shows that Peter Busch Orthwein, a director of Thor Industries, Inc. (THO), was granted 1,482 restricted stock units on 10/07/2025 that may be settled only in common shares and carry a reported price of $0. The RSUs fully vest on 10/07/2026, subject to forfeiture. After the grant, the reporting person beneficially owns 748,129 shares directly and multiple indirect holdings totaling large additional positions through spouse accounts, trusts, and other entities described in notes. The filing is signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Retention-aligned grant: 1,482 RSUs vesting on 10/07/2026 supports director retention
• Significant ownership stake: 748,129 shares directly beneficially owned, enhancing alignment with shareholders
• Majority indirect holdings documented: Multiple trusts and spouse accounts hold material additional shares, showing long-term family ownership

Negative

• Concentration in trusts: Substantial indirect holdings across trusts could centralize voting influence without clear liquidity or diversification
• Forfeiture risk: The RSUs may be forfeited if vesting conditions are not met before 10/07/2026

Insights

Corporate Governance Expert

TL;DR: A typical director retention grant and substantial beneficial ownership via trusts.

The grant of 1,482 restricted stock units that vest in one year aligns with common director compensation practices and is restricted to settlement in shares, which avoids immediate cash proceeds. The reported 748,129 shares directly owned plus multiple indirect trust holdings indicate continued alignment of the director's economic interests with shareholders.

Dependencies and risks include the forfeiture condition before 10/07/2026 and the lack of an exercise price because the award is an RSU settled in shares; this limits upside to the stock's market value at settlement but avoids out‑of‑pocket cost. Monitor share accumulation or disposition filings over the next year to see if holdings materially change.

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).

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^*

ORTHWEIN PETER BUSCH

(Last) (First) (Middle)

C/O THOR INDUSTRIES, INC.

52700 INDEPENDENCE COURT

(Street)

ELKHART IN 46514

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
THOR INDUSTRIES INC [ THO ]

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)
10/07/2025

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
Common Stock	10/07/2025		A		1,482	A	$0(1)	748,129	D
Common Stock								70,570	I	See Note(2)
Common Stock								300,000	I	See Note(3)
Common Stock								30,000	I	See Note(4)
Common Stock								94,783	I	See Note(5)
Common Stock								124,000	I	See Note(6)
Common Stock								30,000	I	See Note(7)
Common Stock								299,700	I	See Note(8)
Common Stock								136,400	I	See Note(9)

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

Explanation of Responses:

1. The transaction reported is a grant of restricted stock units that may be settled only be delivery of an equal number of shares of common stock. The shares will fully vest on October 7, 2026, the first anniversary of the date of grant, subject to forfeiture.

2. These shares are held for the account of the reporting person's spouse.

3. These shares are held by the reporting person's grantor retained annuity trust.

4. These shares are held for the account of a trust for the benefit of the reporting person's half-brother. The reporting person is one of the trustees of the trust.

5. These shares are held for the account of the Trust FBO Peter B. Orthwein, of which the reporting person is the trustee and beneficiary.

6. These shares are held for the account of the Adolphus Busch Orthwein Trust for the benefit of the reporting person's children. The reporting person is the trustee of the trust.

7. These shares are held for the account of the Adolphus Busch Orthwein Trust for the benefit of the reporting person, of which the reporting person is the trustee and beneficiary.

8. These shares are held for the account of the PBO-BMO Descendants Trust, of which the reporting person is the sole trustee and of which the reporting person's three youngest children are the beneficiaries. The reporting person disclaims beneficial ownership of the shares except to the extent of the pecuniary interest of the reporting person, his spouse and his three youngest children in the shares.

9. These shares are held by the Peter Orthwein Irrevocable Trust, dated December 3, 2020, for the benefit of the reporting person's descendants. The reporting person is the settlor of the trust. An unaffiliated third-party serves as the trustee of the trust, but the reporting person retains certain investment control over the reported shares.

	/s/ Barb Montague, attorney-in-fact for Peter Busch Orthwein	10/09/2025
	** 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).
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