[Form 4] THOR INDUSTRIES INC Insider Trading Activity

Rhea-AI Filing Summary

Trevor Q. Gasper, Senior Vice President, General Counsel and Secretary of Thor Industries, Inc. (THO), reported multiple equity transactions dated 10/07/2025 and 10/08/2025. On 10/07/2025 he received a grant of 7,848 restricted stock units that vest in three equal installments on 10/07/2026, 10/13/2027 and 10/12/2028. On 10/08/2025 there were both share-withholdings of 1,978 and 1,234 shares to satisfy tax obligations and open-market sales reported at $104.83 per share for the sold lots. He also received 3,108 shares from a performance share settlement. After the reported transactions his direct beneficial ownership moved between 23,032 and 26,140 shares depending on each line-item.

Positive

• 7,848 restricted stock units granted with multi-year vesting through 10/12/2028 supports executive retention
• 3,108 performance shares settled into common stock, indicating achievement of performance conditions

Negative

• Open-market sales/withholdings totaling 3,212 shares (1,978 and 1,234) reduced direct ownership and were executed at $104.83
• Immediate dilution potential from the 7,848 RSU grant once vested over 2026–2028

Insights

Compensation & Governance Analyst

RSU grant and performance shares indicate routine executive compensation; modest open-market sales satisfied taxes.

The reported 7,848 restricted stock units vest in three equal installments across 2026–2028

This structure aligns with multi-year retention incentives and ties value realization to continued service, while the 3,108 performance-share settlement reflects earned compensation converted to shares. The two sales/withholdings of 1,978 and 1,234 shares at $104.83 appear to satisfy tax withholding and/or net settlement; such actions reduce immediate share ownership but are standard for equity awards. Monitor the remaining vesting schedule through 2028 for continued dilution and potential future sales.

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
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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^*

Gasper Trevor Q.

(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)
	SVP, GENERAL COUNSEL AND SEC.

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		7,848	A	$0(1)	25,010	D
Common Stock	10/08/2025		F		1,978(2)	D	$104.83	23,032	D
Common Stock	10/08/2025		A		3,108	A	$0(3)	26,140	D
Common Stock	10/08/2025		F		1,234	D	$104.83	24,906	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 Trevor Q. Gasper	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.
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.

FAQ

What transactions did Trevor Q. Gasper report for THO?

He reported a grant of 7,848 restricted stock units on 10/07/2025, a 3,108 performance-share settlement, and share withholdings/sales of 1,978 and 1,234 shares on 10/08/2025.

When do the restricted stock units vest?

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

At what price were the sold shares reported?

The reported sales/withholdings on 10/08/2025 show a price of $104.83 per share.

How did these transactions change Gasper's ownership?

Reported beneficial ownership figures in the filing range from 23,032 to 26,140 shares depending on each transaction line.

Were the share disposals tax-related or voluntary sales?

The filing explains one line as shares withheld to fulfill tax withholding obligations and another line as transactions coded with market-sale code, indicating withholding and sale activity.