<SEC-DOCUMENT>0000793952-24-000108.txt : 20240508
<SEC-HEADER>0000793952-24-000108.hdr.sgml : 20240508
<ACCEPTANCE-DATETIME>20240508101124
ACCESSION NUMBER:		0000793952-24-000108
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240508
DATE AS OF CHANGE:		20240508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HARLEY-DAVIDSON, INC.
		CENTRAL INDEX KEY:			0000793952
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTORCYCLES, BICYCLES & PARTS [3751]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				391382325
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09183
		FILM NUMBER:		24924628

	BUSINESS ADDRESS:	
		STREET 1:		3700 W JUNEAU AVE
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53208
		BUSINESS PHONE:		414-343-8553

	MAIL ADDRESS:	
		STREET 1:		3700 W. JUNEAU AVE
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53208

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HARLEY DAVIDSON INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>defa14a-supplementalproxyx.htm
<DESCRIPTION>DEFA 14A
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="ifde34865ef334cffa211f82aece3a1c3_1"></div><div style="min-height:36pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:139%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">WASHINGTON, D.C. 20549</font></div><div style="margin-top:4pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SCHEDULE 14A</font></div><div style="margin-top:4pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Proxy Statement Pursuant to Section 14(a) of the</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Securities Exchange Act of 1934 (Amendment No.&#160;&#160;&#160;&#160;)</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.000%"><tr><td style="width:0.1%"></td><td style="width:2.285%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:33.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:1.970%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:58.989%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="6" style="padding:0 1pt"></td><td colspan="6" rowspan="4" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Filed by the Registrant    </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#253;</font></div></td></tr><tr style="height:14pt"><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Filed by a Party other than the Registrant    </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#168;</font></div></td></tr><tr style="height:14pt"><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Check the appropriate box&#58;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#168;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Preliminary Proxy Statement</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#168;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Confidential for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#9744;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Definitive Proxy Statement</font></td><td colspan="6" rowspan="2" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#9746;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Definitive Additional Materials</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#168;</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:115%">Soliciting Material under Section 240.14a-12</font></div></td></tr></table></div><div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:18pt;font-weight:700;line-height:120%">Harley-Davidson, Inc.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">_________________________________________________________________________________________________________________</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(Name of Registrant as Specified In Its Charter)</font></div><div style="margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">_________________________________________________________________________________________________________________</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</font></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.138%"><tr><td style="width:0.1%"></td><td style="width:2.573%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:92.770%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Payment of Filing Fee (Check the appropriate box)&#58;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#253;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">No fee required</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#168;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Title of each class of securities to which transaction applies&#58;</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(2)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Aggregate number of securities to which transaction applies&#58;</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(3)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule&#160;0-11(Set forth the amount on which the filing fee is calculated and state how it was determined)&#58;</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(4)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Proposed maximum aggregate value of transaction&#58;</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(5)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total fee paid&#58;</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#168;</font></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Fee paid previously with preliminary materials.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#168;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Amount Previously Paid&#58;</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(2)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Form, Schedule or Registration Statement No.&#58;</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(3)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Filing Party&#58;</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(4)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Date Filed&#58;</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="ifde34865ef334cffa211f82aece3a1c3_69"></div><hr style="page-break-after:always"><div style="min-height:62.64pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:3pt solid #002855;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:8pt;margin-top:12pt;padding-left:2.75pt;padding-right:2.75pt"><font style="color:#0a2299;font-family:'Calibri',sans-serif;font-size:14pt;font-weight:700;line-height:128%">HARLEY-DAVIDSON SUPPLEMENTAL INFORMATION</font></div><div style="margin-bottom:8pt;margin-top:12pt;padding-left:2.75pt;padding-right:2.75pt"><font style="color:#0a2299;font-family:'Calibri',sans-serif;font-size:14pt;font-weight:700;line-height:128%">MAY 8, 2024</font></div></td></tr></table></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Harley-Davidson, Inc. is providing the following supplemental information regarding the Compensation Discussion and Analysis provided in the Company&#8217;s proxy statement for the 2024 Annual Meeting of Shareholders to be held on May 16, 2024.  Considering the rationale described in our proxy statement and the additional information set forth in this supplement, Harley-Davidson </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">reiterates</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> the recommendation of its Board of Directors that shareholders should vote FOR approval, on an advisory basis, of the compensation of Harley-Davidson&#8217;s named executive officers (&#8220;NEOs&#8221;) and FOR the election of all Director nominees.</font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Balancing pay-for-performance with shareholder alignment is a hallmark of our executive compensation program.  Our executive leadership team relentlessly focuses on delivering key near- and long-term results that are critical to executing our business strategy and driving shareholder value.</font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For 2023, the Human Resources Committee of the Board of Directors (&#8220;HRC&#8221;) continued to maintain an executive compensation program aligned to The Hardwire, the Company's five-year strategic plan, which is designed to enhance our position as the most desirable motorcycle brand in the world.  The HRC has complete confidence in our executive leadership team&#8217;s ability to execute on our strategy and made decisions regarding 2023 executive compensation that it believed were in the best interests of the Company and our shareholders after carefully deliberating and considering feedback received from our shareholders. </font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Shareholder Engagement and 2024 Actions</font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">As disclosed in our 2024 proxy statement, the HRC engaged in an extensive shareholder outreach program to obtain feedback on our executive compensation program in response to shareholder feedback and prior Say on Pay votes.  The HRC Chair, Chief Financial Officer, Chief Human Resources Officer, and Investor Relations staff engaged with shareholders prior to our 2023 Annual Meeting of Shareholders and in the fall of 2023.  We held telephonic meetings with shareholders representing approximately 45% of outstanding shares during our spring engagement and 32% of outstanding shares during our fall outreach.  </font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For both spring and fall outreach efforts, the discussion focused on executive compensation and governance issues.  In general, our shareholders were highly supportive of our Chairman, President, and Chief Executive Officer along with the rest of the executive leadership team.</font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">We are supplementing our proxy statement disclosure to</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%"> clarify </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">that the HRC reviewed and considered the shareholder feedback from the outreach program and, as a result of that feedback, made changes specifically to address the shareholder concerns related to the 2022 Aspirational Incentive Plan (&#8220;AIP&#8221;).  </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">The HRC has reiterated that there are currently no plans to repeat the AIP, or any similar programs, and further clarified that it has determined that it will only consider additional one-time compensation actions in the future in exceptional circumstances. </font></div><div style="height:48.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:1pt"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:62.64pt;width:100%"><div><font><br></font></div></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Based on the shareholder feedback received during the outreach program discussed above and detailed in our proxy statement, the HRC believes this change, in addition to other 2024 actions disclosed in our proxy statement, directly addresses and incorporates shareholder feedback received in our discussions and through prior Say on Pay votes.  In addition, the HRC reiterated its ongoing commitment to engaging regularly with our shareholders and soliciting their views as part of our strong corporate governance practices.</font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">2023 Supplemental LiveWire STIP</font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The LiveWire spin-off in September 2022 was directly tied to a Hardwire strategic priority to </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">lead in electric </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(investing in leading the electric motorcycle market).  Our decision to focus on electric vehicles (EV) by establishing LiveWire as a separate company, with Harley-Davidson continuing in our traditional combustion segment, has been effective in giving us a clear focus on segmentation and execution for both brands while leveraging joint synergies. Given the strong relationships between LiveWire and Harley-Davidson, we firmly believed that our Chief Executive Officer was best positioned to lead LiveWire through its initial separation period.</font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">After separating the two companies, the priority for LiveWire was to focus on product innovation and cost improvement to position LiveWire to capture share as the EV market developed, enabling our long-term vision of being the leader in a two-wheel EV industry.</font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Accordingly, completing the transaction, successfully standing LiveWire up as a separate company, and recruiting a highly qualified leader who would continue to drive performance for the organization on an ongoing basis were among the key priorities for our Chief Executive Officer in 2022 and 2023.  In order to reinforce the objectives of The Hardwire strategy and successfully develop and implement LiveWire&#8217;s strategies, the HRC established a supplemental STIP component and award value of $1,500,000 for Mr. Zeitz.  Based on the continued development of the 2023 LiveWire strategy, his leadership in standing LiveWire up as a separate company, and the appointment of Karim Donnez as LiveWire CEO effective June 12, 2023, Mr. Zeitz earned and received the supplemental STIP in 2023.</font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Strong History of Diversity and Firm Commitment to Continued Progress</font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">As previously disclosed, our Board currently has racially&#47;ethnically and gender diverse directors.&#160; Diversity is ingrained in Harley-Davidson&#8217;s culture as illustrated by our Board composition.&#160;For example, since 2016, two Board members, or 22% of our Board, have been gender diverse.&#160; Similarly, since 2017, our Board has continuously reflected racial&#47;ethnic diversity with, at minimum, 22% of our Board being racially&#47;ethnically diverse.</font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">We expect our commitment to diversity will continue to be reflected in the composition of our Board. The charter of the Nominating and Corporate Governance Committee's (&#8220;NCGC&#8221;) of our Board has long required the NCGC to consider diversity in its ongoing process of selecting Director nominees and Board refreshment.  Our practice reflects our commitment by, among other things, recruiting from diverse slates, which include racially&#47;ethnically and gender diverse candidates.</font><font style="color:#000000;font-family:'Helvetica',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;</font></div><div style="margin-top:15pt"><font><br></font></div><div style="height:48.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:1pt"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:62.64pt;width:100%"><div><font><br></font></div></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Recommendation to Vote FOR the Election of Director Nominees and FOR Approval, on an Advisory Basis, of the Compensation of Harley-Davidson&#8217;s NEOs</font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">As discussed above, the NCGC remains committed to creating a Board comprised of diverse members and continues to consider diversity in its process of selecting Director nominees. </font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The HRC carefully considered its 2023 executive compensation decisions and determined that the actions taken in 2023, and the changes for 2024 that we disclosed in our proxy statement, are rooted in our pay-for-performance philosophy, are directly tied to The Hardwire strategic plan, and serve the long-term interests of our shareholders.  </font></div><div style="margin-top:15pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Therefore, we respectfully urge you to vote FOR the election of each of the nine Director nominees under Proposal 1 and FOR approval, on an advisory basis, of the compensation of Harley-Davidson&#8217;s NEOs under Proposal 2.</font></div><div style="height:48.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:1pt"><font><br></font></div></div></div></body></html>
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