[Form 4] Thor Industries, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing overview – Archer Aviation Inc. (ACHR)

On 06/27/2025, director Fred M. Diaz received an equity award of 19,102 Restricted Stock Units (RSUs) with a stated purchase price of $0. Each RSU represents the right to acquire one share of Class A common stock upon vesting. The grant will vest in full on the earlier of (i) the one-year anniversary of the grant date or (ii) the date of the company’s 2026 annual stockholders’ meeting, provided Mr. Diaz continues to serve as a director on that date. Following the award, Mr. Diaz holds 19,102 derivative securities directly. The RSUs do not carry an expiration date; they either vest or are forfeited.

This filing reflects routine director compensation and does not include any open-market purchase or sale of Archer Aviation shares. The economic impact to existing shareholders is de minimis because the share count involved is immaterial relative to Archer’s outstanding float. Nevertheless, the grant modestly increases insider equity exposure, aligning the director’s incentives with long-term shareholder value.

Insights

Corporate Governance Analyst

TL;DR: Routine RSU grant to director; neutral corporate-governance signal, negligible dilution.

The 19,102-unit RSU award granted to Director Fred M. Diaz represents standard board compensation rather than an opportunistic insider trade. Because the RSUs vest over a short, service-based schedule and carry no cash cost, they minimally dilute existing shareholders while modestly enhancing director alignment. No buy/sell signal is implied, and the small size (<0.01 % of shares outstanding) renders the event non-material for valuation purposes. Investors may view the grant as routine housekeeping with neutral impact on Archer’s risk profile.

Portfolio Manager

TL;DR: Insignificant position size; filing does not change investment thesis.

From a portfolio-allocation standpoint, this Form 4 does not warrant repositioning. The RSU grant neither signals insider conviction (no cash outlay) nor indicates liquidity needs (no sale). With only 19k shares underlying, total potential dilution is immaterial against Archer’s multi-hundred-million share base. I classify the disclosure as administrative; maintain existing exposure and monitor more substantive catalysts such as FAA certification milestones, production timelines, or upcoming earnings.

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)
06/30/2025

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	06/30/2025		G		14,000(1)	D	$0	746,647(2)	D
Common Stock	06/30/2025		G		450(3)	A	$0	70,570	I	See Note(4)
Common Stock								300,000	I	See Note(5)
Common Stock								30,000	I	See Note(6)
Common Stock								94,783	I	See Note(7)
Common Stock								124,000	I	See Note(8)
Common Stock								30,000	I	See Note(9)
Common Stock								299,700	I	See Note(10)
Common Stock								136,400	I	See Note(11)

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. These shares represent bona fide gifts.

2. Reflects the transfer of 300,000 shares to a grantor retained annuity trust established by the reporting person.

3. The number reported in column 4 represents 450 of the 14,000 gifted shares.

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

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

6. 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.

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

8. 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.

9. 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.

10. 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.

11. 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	07/01/2025
	** Signature of Reporting Person	Date
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