[Form 4] THOR INDUSTRIES INC Insider Trading Activity

Rhea-AI Filing Summary

Colleen A. Zuhl, Senior Vice President and Chief Financial Officer of Thor Industries, Inc. (THO), reported Section 16 transactions on Form 4. The filing shows a grant of 16,307 restricted stock units (RSUs) on 10/07/2025 that vest in three equal installments on 10/07/2026, 10/13/2027, and 10/12/2028, subject to forfeiture. On 10/08/2025, the filing records share-withholdings of 5,906 shares to cover tax obligations for a prior RSU vesting and an earned performance share settlement of 8,273 shares. Two open-market sales on 10/08/2025 show dispositions of 5,906 shares and 3,413 shares at $104.83 per share. Following the reported transactions, Ms. Zuhl beneficially owned 150,579 shares at one point and later 147,166 shares and 142,306 shares depending on the transaction line.

Positive

• 16,307 RSUs granted to the CFO with multi-year vesting supports retention through 10/12/2028
• Performance share award of 8,273 shares settled, indicating plan payouts were achieved

Negative

• Open-market sales totaling 9,319 shares (5,906 and 3,413) were executed on 10/08/2025 at $104.83, modestly reducing insider holdings

Insights

Corporate Governance Analyst

TL;DR: Compensation-related equity grants and routine tax-withholding sales were reported for the CFO.

The filing discloses a 16,307-RSU grant with multi-year vesting dates, which is a standard executive compensation mechanism aligning retention and long-term incentive objectives. The RSUs are described as settling only in shares and vest in three equal installments over 2026028, subject to forfeiture.

This activity also includes share-withholding of 5,906 shares for tax obligations and an earned performance share settlement of 8,273 shares, plus two sales at $104.83. These withholding and settlement entries are administrative and compensation-related rather than opportunistic trading; monitor vesting milestones through 10/12/2028 for potential future share deliveries or withholding events.

Equity Compensation Specialist

TL;DR: The RSU grant and performance share settlement change the CFO's long-term equity exposure.

Restricted stock units that convert to shares on vesting increase potential dilution but also increase the reporting person's share ownership when settled. The awarded 16,307 RSUs vest over three dates, spreading dilution and retention impact across 2026 to 2028.

Tax-withholding via share surrender (5,906 shares) and the reported sales at $104.83 are common settlement mechanics. Investors may track realized share counts and the number of outstanding RSUs remaining until the final vest date of 10/12/2028.

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).

X

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^*

ZUHL COLLEEN A

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SR. VP AND CHIEF FIN. OFFICER

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		16,307	A	$0(1)	148,212	D
Common Stock	10/08/2025		F		5,906(2)	D	$104.83	142,306	D
Common Stock	10/08/2025		A		8,273	A	$0(3)	150,579	D
Common Stock	10/08/2025		F		3,413	D	$104.83	147,166	D

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 vest in three equal installments on each of October 7, 2026, October 13, 2027, and October 12, 2028, subject to forfeiture.

2. Represents shares withheld to fulfill tax withholding obligations with respect to the vesting of a previously granted restricted stock unit award.

3. Represents earned performance share award settled in shares of common stock.

	/s/ Barb Montague, attorney-in-fact for Colleen A. Zuhl	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).
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 did THO CFO Colleen Zuhl report on Form 4?

Key facts: a grant of 16,307 RSUs on 10/07/2025, tax-withholding of 5,906 shares, an earned performance share settlement of 8,273 shares, and two sales of 5,906 and 3,413 shares at $104.83 on 10/08/2025.

When do the newly granted RSUs vest?

The RSUs vest in three equal installments on 10/07/2026, 10/13/2027, and 10/12/2028, subject to forfeiture.

Why were shares withheld on 10/08/2025?

5,906 shares were withheld to satisfy tax withholding obligations related to the vesting of a previously granted RSU award, as stated in the filing.

At what price were the reported sales executed?

Reported sales on 10/08/2025 were at $104.83 per share.

How many shares did the reporting person beneficially own after these transactions?

Beneficial ownership figures shown in the filing include 150,579, 148,212, 147,166, and 142,306 across the reported transaction lines; each line reflects ownership after that specific transaction.