<SEC-DOCUMENT>0001104659-25-045613.txt : 20250507
<SEC-HEADER>0001104659-25-045613.hdr.sgml : 20250507
<ACCEPTANCE-DATETIME>20250507170100
ACCESSION NUMBER:		0001104659-25-045613
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250507
DATE AS OF CHANGE:		20250507

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:		25922539

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

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<P STYLE="border-bottom: Black 1pt solid; font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Harley-Davidson, Inc.</B></P>

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

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if other than the Registrant)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 7, 2025, Harley-Davidson, Inc. issued a
press release in connection with its upcoming 2025 annual meeting of shareholders. A copy of the press release is attached hereto as <U><A HREF="#a_001">Exhibit 1</A></U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><A NAME="a_001"></A><U>EXHIBIT 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Harley-Davidson Issues Comment Strongly Disagreeing
with Glass Lewis&rsquo; and Egan-Jones&rsquo; Recommendations</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>Reports Follow Separate Recommendation from
Leading Independent Proxy Advisory Firm ISS to Vote <B><U>&ldquo;FOR ALL&rdquo;</U></B> Harley-Davidson Nominees</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>Glass Lewis and Egan-Jones Reports Fail to Recognize
Harley-Davidson&rsquo;s Progress Under Hardwire Strategic Plan and the Board&rsquo;s Strong Governance and Effective Oversight</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>Glass Lewis Report Says H Partners&rsquo; Campaign
 &ldquo;Introduces Incremental Uncertainty&rdquo; and Lacks &ldquo;Any Substantive Course of Action&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>Harley-Davidson Urges Shareholders to Vote <B><U>&ldquo;FOR
ALL&rdquo;</U></B> Director Nominees Using 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MILWAUKEE,
May&nbsp;6, 2025</FONT> &ndash; Harley-Davidson,&nbsp;Inc. (the &ldquo;Company&rdquo; or &ldquo;Harley-Davidson&rdquo;) (NYSE: HOG) today
issued the following statement in response to the Glass, Lewis&nbsp;&amp; Co. (&ldquo;Glass Lewis&rdquo;) and Egan-Jones Ratings Company
(&ldquo;Egan-Jones&rdquo;) reports regarding the election of Directors to Harley-Davidson&rsquo;s Board of Directors 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Glass Lewis and Egan-Jones reports follow a <U>recommendation</U></FONT> from Institutional Shareholder Services Inc. (&quot;ISS&quot;),
a leading independent proxy advisory firm, that shareholders vote <B><U>&ldquo;FOR ALL&rdquo;</U></B> of Harley-Davidson's highly qualified
Director nominees.</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">While Harley-Davidson strongly disagrees with Glass Lewis&rsquo; and
Egan-Jones&rsquo; recommendations, it is important to note that Glass Lewis&rsquo; report acknowledges the disruption of H Partners&rsquo;
campaign:<SUP>1</SUP></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: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>&ldquo;[W]e understand support for H Partners' withhold campaign introduces incremental uncertainty at a key transitional juncture
for Harley.&rdquo;</I></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: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>&ldquo;[H Partners&rsquo; campaign is] absen[t] of any substantive alternative course of action.&rdquo;</I></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;In our view, Glass Lewis and Egan-Jones fail to recognize the
Board&rsquo;s strong oversight of the Company&rsquo;s ambitious Hardwire strategic plan and its sound corporate governance, evidenced
by our rigorous CEO search process and continued refreshment efforts. Amid challenging macroeconomic conditions, our strategy is driving
outperformance relative to our peers and delivering value for all shareholders,&rdquo; said Tom Linebarger, Presiding Director of the
Board. &ldquo;We also believe removing two independent Directors with the institutional knowledge critical in selecting the strongest
CEO candidate, as well as an outgoing CEO who is fully committed to supporting a successful transition, would introduce significant risk
to the Company and jeopardize shareholder value.&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">Mr.&nbsp;Linebarger continued, &ldquo;H Partners had a representative
in the Harley-Davidson boardroom for three years and had every opportunity to address issues that were important to them, yet they never
did. They could have taken steps to nominate competing director candidates and given shareholders an alternative &ndash; they did not.
They could have expressed their concerns about the directors they are now targeting &ndash; yet their representative on the Board voted
for these directors to stand for reelection. The launch of this misguided campaign is, in our view, an attempt to engineer an outcome
in the CEO search process that they alone desire. In our view, they have offered no constructive solutions that will benefit the Company
or its shareholders, and we strongly urge shareholder to vote &lsquo;FOR ALL&rsquo; Harley-Davidson nominees.&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"></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Specifically, Harley-Davidson and shareholders could be deprived of
necessary expertise from:</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 0pt 0.5in"><B>Jochen Zeitz</B></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>Proven executive with a track record of delivering value for shareholders.</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>Vast experience in business transformations at global companies, demonstrated by his leadership during the successful turnaround at
PUMA, which increased share price by ~4,000%.</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>Instrumental in developing and executing the Company&rsquo;s strategy and committed to a smooth transition to Harley-Davidson&rsquo;s
next CEO.</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>Has an essential role to play to preserve near-term leadership and operational continuity, while also ensuring Harley-Davidson&rsquo;s
next CEO is well-positioned for success through the transition period and beyond.</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 0pt 0.5in"><B>Tom Linebarger</B></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>Extensive experience in manufacturing and engineering that has been crucial in guiding Harley-Davidson in launching high impact new
motorcycles and related products.</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>Provides continuity and leadership that are essential in Harley-Davidson&rsquo;s CEO transition process.</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>Experience identifying expertise required by the Board as the needs of the Company evolve, recruiting excellent candidates for those
Board roles, and developing and integrating those new Directors into Board and/or committee leadership positions.</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 0pt 0.5in"><B>Sara Levinson</B></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>Extensive leadership experience with major iconic brands and expertise in international brand building, providing valuable insights
into marketing and business development.</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>Deep institutional knowledge of Harley-Davidson makes her an invaluable asset to CEO search and succession planning efforts.</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>Significant corporate governance experience from her service as an executive of several major consumer-focused companies.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Harley-Davidson
has outperformed its peers even in the face of one of the most challenging operating environments in the Company&rsquo;s 120+ year history.
Since the appointment of Jochen Zeitz as CEO, the Company has delivered relative total shareholder return (&ldquo;TSR&rdquo;) ~10 percentage
points higher than its peer median<SUP>2</SUP></FONT>. From 2022-2024, the Company achieved operating margins of ~4 percentage points
above its peer median<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT> and free cash flow
as a percent of EBITDA of 70%, over twice its peer median<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</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">Since Mr.&nbsp;Zeitz announced his interest in retiring in 2025, the
Board&rsquo;s thoughtful governance has ensured a rigorous and comprehensive search process for a new CEO. The Board&rsquo;s experience,
expertise and institutional knowledge give it a deep understanding of the qualities needed to select Harley-Davidson&rsquo;s next leader,
and it firmly believes shareholders should not have to settle for a CEO candidate who fails to receive even bare majority support from
the Board &ndash; which was the case with H Partners&rsquo; preferred candidate. All of Harley-Davidson&rsquo;s highly qualified Director
nominees are committed to acting in the best interests of all shareholders and protecting and preserving the Company&rsquo;s storied legacy.</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"><SUP>2</SUP> TSR represents total return of a company assuming reinvested
dividends; Market data as of April 15, 2025, the day prior to H Partners&rsquo; initiation of their Withhold campaign; Jochen Zeitz tenure
is calculated from May 7, 2020 to present (Market data as of April 15, 2025).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> Operating Margin is a GAAP measure calculated using GAAP-compliant
operating income divided by revenues accumulated from the fiscal year period of 2022 &ndash; 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> FCF is a non-GAAP measure defined as net cash provided
by operating activities less capital expenditures; calculated as sum of 2022-2024 fiscal year FCFs divided by sum of 2022-2024 fiscal
year EBITDA. EBITDA is a non-GAAP measure defined as operating income plus depreciation and amortization.</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">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 <B><U>&ldquo;FOR ALL&rdquo;</U></B> of the
Company&rsquo;s nominees on the <B><U>WHITE</U></B> proxy card.</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">The Harley-Davidson Board of Directors strongly 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 and please <B><U>DISCARD</U></B>
any <B><U>BLUE</U></B> proxy card received from H Partners.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
learn more, visit <U>www.VoteHarleyDavidson.com</U></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">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, in the Company's Quarterly Report on Form&nbsp;10-Q for the period ended
March&nbsp;31, 2025 filed with the SEC on May&nbsp;6, 2025, and other subsequent reports filed with the SEC, including, among others,
subsequent 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"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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></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; text-align: center">### (HOG-OTHER)</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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