<SEC-DOCUMENT>0001104659-25-044604.txt : 20250505
<SEC-HEADER>0001104659-25-044604.hdr.sgml : 20250505
<ACCEPTANCE-DATETIME>20250505172919
ACCESSION NUMBER:		0001104659-25-044604
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250505
DATE AS OF CHANGE:		20250505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HARLEY-DAVIDSON, INC.
		CENTRAL INDEX KEY:			0000793952
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTORCYCLES, BICYCLES & PARTS [3751]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				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:		25914300

	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
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of
the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

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    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD>
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    <TD STYLE="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD>
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    <TD STYLE="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Soliciting Material Pursuant to Section&nbsp;240.14a-12</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Harley-Davidson,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><B>(Name of Person(s)&nbsp;Filing
Proxy Statement, if other than the Registrant)</B></B></P>

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    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required</FONT></TD></TR>
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    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May&nbsp;5, 2025, Harley-Davidson,&nbsp;Inc.
(the &ldquo;Company&rdquo;) issued a press release in connection with its upcoming 2025 annual meeting of shareholders. A copy of the
press release is attached hereto as <A HREF="tm2512731d18_ex-1.htm">Exhibit&nbsp;1</A>.</P>

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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>tm2512731d18_ex-1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Leading Independent Proxy Advisory Firm ISS
Recommends Harley-Davidson Shareholders Vote &ldquo;FOR ALL&rdquo; of Harley-Davidson&rsquo;s Highly Qualified Director Nominees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>ISS Concludes That H Partners &ldquo;Has Not
Presented a Compelling Case for Change;&rdquo; Notes that its &ldquo;Campaign Has Almost Certainly Set the CEO Search Process Back&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Highlights Progress Made Under CEO Jochen Zeitz
and the Hardwire Strategic Plan</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Harley-Davidson Urges Shareholders to Vote <B><U>&ldquo;FOR
ALL&rdquo;</U></B> Harley-Davidson Director Nominees on the <B><U>WHITE</U></B> Proxy Card <B><U>TODAY</U></B></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MILWAUKEE, May&nbsp;5, 2025 &ndash; Harley-Davidson,&nbsp;Inc. (the
 &ldquo;Company&rdquo; or &ldquo;Harley-Davidson&rdquo;) (NYSE: HOG) today announced that Institutional Shareholder Services Inc. (&ldquo;ISS&rdquo;),
a leading independent proxy advisory firm, has recommended that shareholders vote <B><U>&ldquo;FOR ALL&rdquo;</U></B> of Harley-Davidson&rsquo;s
highly qualified Director nominees in connection with the Company&rsquo;s 2025 Annual Meeting of Shareholders scheduled to be held on
May&nbsp;14, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ISS concluded that H Partners (&ldquo;the dissident&rdquo;) has not
presented a compelling case for change, and as such, support is warranted <B><U>&quot;FOR ALL&rdquo;</U></B> Harley-Davidson's nominees.
In making its recommendation,&nbsp;ISS noted:<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Regarding Harley-Davidson's Strategy:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;The bigger picture is that <B>the strategy introduced by Zeitz has had a positive impact on the trajectory of HOG</B>, which
had lost considerable ground when he took over as interim CEO.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;The HOG Zeitz inherited was in decline. He attempted to stabilize
the business, simplify operations, and refocus on the core. <B>Even the dissident recognizes the logic of this strategy</B>.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B>HOG has kept pace with peers. This is significant</B>, as HOG dramatically
underperformed peers for several years prior to introduction of the Hardwire strategy.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Regarding the Board&rsquo;s Ongoing CEO Search:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;[I]t appears that <B>the board initiated the [CEO search] process promptly, took the correct procedural steps, and accommodated
the dissident</B>. It is also evident that the dissident's preferred candidate was not dismissed out of hand.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;The facts suggest that when the dissident's preferred candidate was not selected, the dissident reacted by vacating the board
and launching this vote no campaign <B>in an attempt to establish a path to its desired outcome in the CEO search</B>.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;[D]espite the dissident's argument that there is a sense of urgency, <B>the distraction of this campaign has almost certainly
set the [CEO search] process back</B>. <B>This only reinforces the board's conclusion that this campaign is a reaction, rather than a
measured response</B>.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Regarding the Directors Targeted by H Partners:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;[T]here are compelling reasons to believe that as a group <B>[the targeted directors] still have a perspective that can be
valuable</B>.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;<B>[T]he criticisms levied by the dissident against Zeitz as CEO are overstated. </B>[...] [I]t appears that his time in the
role has been more positive than negative, which makes it hard to argue that his vote on a successor is worthless.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
Permission to use quotations was neither sought nor obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;<B>There is no basis for the dissident to believe that the rejection of the three targeted nominees would warrant the addition
of its representative and a second designee</B>. Not only is this arbitrary, but shareholders are not being asked to vote on this outcome.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;We are pleased that ISS recognizes the strength of our Board
and governance structure, as demonstrated by our comprehensive CEO search process,&rdquo; said Tom Linebarger, Presiding Director of the
Board. &ldquo;We believe it also highlights the flaws in H Partners&rsquo; actions and the disruption their campaign is bringing to the
Board&rsquo;s ongoing efforts. ISS&rsquo;s recommendation underscores the Board&rsquo;s important role in effectively overseeing management&rsquo;s
execution of the Hardwire strategic plan, which ISS acknowledges is positively impacting the Company amid challenging and volatile macroeconomic
conditions. We continue to believe that H Partners&rsquo; true intentions are to circumvent sound corporate governance practices by seeking
appointment of unelected and unnamed Directors, solely to control the outcome of the CEO search process &ndash; a notion that ISS acknowledged.
We remain committed to acting in the best interests of all shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Your Vote is Important</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consistent with ISS&rsquo;s recommendation, the Board of Directors
strongly urges all Harley-Davidson shareholders to protect the value of their investment and preserve the future of Harley-Davidson by
voting &ldquo;<B><U>FOR ALL&rdquo;</U></B> of the Company&rsquo;s nominees on the <B><U>WHITE</U></B> proxy card <B><U>TODAY</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To learn more, visit <U>www.VoteHarleyDavidson.com.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have any questions or require any assistance with respect to
voting your shares, please contact our proxy solicitor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INNISFREE M&amp;A INCORPORATED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shareholders may call:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1 (877) 456-3507 (toll-free from the U.S. and
Canada)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">+1 (412) 232-3651 (from other countries)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contacts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Media</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FGS Global</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephen Pettibone/Kelsey Markovich/Bryan Locke/Danielle Berg</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HOG@fgsglobal.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Investors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shawn Collins</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">shawn.collins@Harley-Davidson.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(414) 343-8002</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Harley-Davidson</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Harley-Davidson,&nbsp;Inc. is the parent company of Harley-Davidson
Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution
and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition
is to maintain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture
by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and
apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. Harley-Davidson
also has a controlling interest in LiveWire Group,&nbsp;Inc., the first publicly traded all-electric motorcycle company in the United
States. LiveWire is the future in the making for the pursuit of urban adventure and beyond. Drawing on its DNA as an agile disruptor from
the lineage of Harley-Davidson and capitalizing on a decade of learnings in the EV sector, LiveWire's ambition is to be the most desirable
electric motorcycle brand in the world. Learn more at harley-davidson.com and livewire.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cautionary Note Regarding Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. All statements in this press release that do not relate to matters of historical
or current fact should be considered forward-looking statements, including without limitation statements regarding expectations regarding
future results of operations, financial position and performance of the Company including, without limitation, with respect to earnings
capacity and shareholder value; potential impacts of macroeconomic conditions on the Company's business and results of operations; the
Hardwire strategic plan priorities and execution, including the results thereof; industry and business trends, and business strategy,
initiatives and opportunities; impacts of the H Partners Management, LLC (&ldquo;H Partners&rdquo;) campaign related to the Company&rsquo;s
2025 annual meeting of shareholders (the &ldquo;Annual Meeting&rdquo;); and executive succession and board refreshment, including expected
results thereof. These forward-looking statements are based on information available to the Company as of the time the statements are
made as well as the Company&rsquo;s current expectations, assumptions, estimates and projections and are subject to certain risks and
uncertainties that are likely to cause actual results to differ materially, unfavorably or favorably, from those anticipated. These forward-looking
statements can generally be identified by the use of forward-looking terminology, including the terms &ldquo;believes,&rdquo; &ldquo;anticipates,&rdquo;
 &ldquo;expects,&rdquo; &ldquo;plans,&rdquo; &ldquo;projects,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;estimates,&rdquo; &ldquo;targets,&rdquo;
 &ldquo;intends,&rdquo; &ldquo;forecasts,&rdquo; &ldquo;seeks,&rdquo; &ldquo;sees,&rdquo; &ldquo;should,&rdquo; &ldquo;feels,&rdquo; &ldquo;commits,&rdquo;
 &ldquo;assumes,&rdquo; &ldquo;envisions,&rdquo; or, in each case, their negative or other variations or comparable terminology, or words
of similar meaning. Certain of such risks and uncertainties are described below, and others are listed in Part&nbsp;I,&nbsp;Item 1A. Risk
Factors and in Part&nbsp;II,&nbsp;Item 7. Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations,
of the Company&rsquo;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2024 filed with the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) on February&nbsp;26, 2025, and in the Company&rsquo;s other subsequent reports filed with the SEC,
including, among others, quarterly reports on Form&nbsp;10-Q. Shareholders, potential investors, and other readers should consider these
factors in evaluating, and should not place undue reliance on, the forward-looking statements. Such forward-looking statements speak only
as of the date they are first made in this press release and the Company disclaims any obligation to publicly update or revise any forward-looking
statements after such time, whether as a result of new information, future events or otherwise, except as may be required under applicable
securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors that may impact such forward-looking statements include, but
are not limited to, risks and uncertainties regarding the Company&rsquo;s ability to execute its business plans and strategies, including
without limitation the Hardwire strategic plan; manage supply chain and logistics issues; manage the impact, and predict potential further
impacts, of new, reinstated or adjusted tariffs on the Company; accurately analyze, predict and react to changing market conditions, interest
rates, and geopolitical environments, and successfully adjust to shifting global consumer needs and interests; maintain and enhance the
value of the Harley-Davidson brand; manage through changes in general economic and business conditions; develop and successfully introduce
products, services and experiences; realize the expected business benefits from LiveWire operating as a separate business of the Company;
and retain and attract talented employees and leadership; uncertainties regarding actions that have been taken and may in the future be
taken by H Partners in furtherance of its campaign relating to the Company&rsquo;s Annual Meeting of shareholders and potential costs
and management distraction attendant thereto; and risks related to Harley-Davidson Financial Services (&ldquo;HDFS&rdquo;), including
uncertainties regarding a potential third party investment in HDFS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information Regarding the 2025 Annual Meeting of Shareholders
and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Harley-Davidson has filed its definitive proxy statement, containing
a form of WHITE proxy card, and a proxy statement supplement, with the SEC with respect to its solicitation of proxies for the Annual
Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INVESTORS AND SHAREHOLDERS ARE STRONGLY URGED TO READ CAREFULLY AND
IN THEIR ENTIRETY THE PROXY STATEMENT (AS SUPPLEMENTED AND INCLUDING ANY OTHER AMENDMENTS OR SUPPLEMENTS THERETO) AND ACCOMPANYING PROXY
CARD FILED BY HARLEY-DAVIDSON AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT ANY SOLICITATION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors and shareholders may obtain copies of these documents and
other documents filed with the SEC by Harley-Davidson free of charge through the website maintained by the SEC at www.sec.gov. Copies
of the documents filed by Harley-Davidson are also available free of charge by accessing Harley-Davidson&rsquo;s website at <U>https://investor.harley-davidson.com.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">### (HOG-OTHER)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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