<SUBMISSION>
<ACCESSION-NUMBER>0000950134-04-013628
<TYPE>S-8 POS
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20040914
<DATE-OF-FILING-DATE-CHANGE>20040914
<EFFECTIVENESS-DATE>20040914
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>POLARIS INDUSTRIES INC/MN
<CIK>0000931015
<ASSIGNED-SIC>3790
<IRS-NUMBER>411790959
<STATE-OF-INCORPORATION>MN
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-8 POS
<ACT>33
<FILE-NUMBER>333-21007
<FILM-NUMBER>041029491
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2100 HIGHWAY 55
<CITY>MEDINA
<STATE>MN
<ZIP>55340
<PHONE>(763) 542-0500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2100 HIGHWAY 55
<STREET2>NONE
<CITY>MEDINA
<STATE>MN
<ZIP>55340
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-8 POS
<SEQUENCE>1
<FILENAME>c88138a1sv8pos.htm
<DESCRIPTION>POST-EFFECTIVE AMENDMENT TO FORM S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>sv8pos</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt">As filed with the Securities and Exchange Commission on September&nbsp;14, 2004



<P align="right" style="font-size: 10pt"><B>Registration No.&nbsp;333-21007</B>


<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 12pt"><B><HR size="1" noshade width="20%" align="center"></B>



<P align="center" style="font-size: 12pt"><B>POST-EFFECTIVE AMENDMENT NO. 1<BR>
TO</B>


<DIV align="center" style="font-size: 18pt"><B>FORM S-8</B>


<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B>
</DIV>
</DIV>


<P align="center" style="font-size: 12pt"><HR size="1" noshade width="20%" align="center">


<P align="center" style="font-size: 18pt"><B>POLARIS INDUSTRIES INC.</B>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Minnesota</B><BR>
(State or other jurisdiction of<BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>41-1790959</B><BR>
(I.R.S. Employer Identification<BR>
Number)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="20%" align="center">



<P align="center" style="font-size: 10pt">2100 Highway 55<BR>
Medina, Minnesota 55340<BR>
(Address, including zip code, of registrant&#146;s principal executive offices)



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="20%" align="center">



<P align="center" style="font-size: 10pt"><B>POLARIS INDUSTRIES INC.<BR>
EMPLOYEE STOCK PURCHASE PLAN</B><BR>
(Full title of the plan)



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="20%" align="center">



<P align="center" style="font-size: 10pt">Michael W. Malone, Vice President-Finance,<BR>
Chief Financial Officer, and Secretary<BR>
Polaris Industries Inc.<BR>
2100 Highway 55<BR>
Medina, Minnesota 55340<BR>
(763)&nbsp;542-0500<BR>
(Name, address, including zip code and telephone number, including
area code, of agent for service)



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="20%" align="center">



<P align="center" style="font-size: 10pt"><B>Copy to:</B><BR>
James C. Melville<BR>
Kaplan, Strangis and Kaplan, P.A.<BR>
5500 Wells Fargo Center, 90 South Seventh Street<BR>
Minneapolis, Minnesota 55402<BR>
(612)&nbsp;375-1138



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002"> INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="c88138a1exv4w1.htm">Amended & Restated Employee Stock Purchase Plan</A></TD></TR>
<TR><TD colspan="9"><A HREF="c88138a1exv24.htm">Power of Attorney</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P align="center" style="font-size: 10pt"><B>EXPLANATORY NOTE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Post-Effective Amendment No.&nbsp;1 is being filed by the registrant
solely for the purpose of filing the Polaris Industries Inc. Employee Stock
Purchase Plan, as amended and restated effective January&nbsp;1, 1999 and as
reformed on February&nbsp;16, 2004 to correct certain scrivener&#146;s errors in the plan
text as originally filed with the Commission (as amended, restated and
reformed, the &#147;Plan&#148;). 750,000 shares of the registrant&#146;s Common Stock were
initially reserved for issuance under the Plan. As the result of the issuance
of shares under the Plan since its adoption and the filing of the original
Registration Statement on Form S-8 (Registration No.&nbsp;333-21007) and after
giving effect to a 100% share dividend declared on March&nbsp;1, 2004, there are
1,114,161 shares of the registrant&#146;s Common Stock reserved for issuance under
the Plan as of August&nbsp;20, 2004.





<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3">Item&nbsp;8. Exhibits.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a complete list of the exhibits filed or incorporated by
reference as part of this Post-Effective Amendment No.&nbsp;1:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Polaris Industries Inc. Amended and Restated Employee Stock Purchase
Plan.</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney</TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Post-Effective Amendment No.&nbsp;1 to the Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of
Medina, State of Minnesota, on September&nbsp;14, 2004.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">POLARIS INDUSTRIES INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Michael W. Malone
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Michael W. Malone&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Vice President-Finance, Chief Financial
Officer, Treasurer and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
this Post-Effective Amendment No.&nbsp;1 to the Registration Statement has been
signed by the following persons in the capacities and on the date indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature </B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000">
<DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board and
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;14, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Gregory R. Palen</TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" style="border-bottom: 1px solid #000000" valign="top">
<DIV style="margin-left:0px; text-indent:-0px">/s/ Thomas C. Tiller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="2" align="left" valign="top">President, Chief Executive<BR>
Officer and Director<BR>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;14, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">Thomas C. Tiller
</TD>
    <TD>&nbsp;</TD>    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000">
<DIV style="margin-left:0px; text-indent:-0px">/s/ Michael W. Malone

</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President - Finance,
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;14, 2004</TD>
</TR>


<TR valign="bottom">
    <TD align="left" valign="top">
<DIV style="margin-left:0px; text-indent:-0px">
Michael W. Malone
</DIV></TD>

    <TD>&nbsp;</TD>
<TD>Chief Financial Officer and<BR>
Secretary (Principal Financial<BR>
and Accounting Officer)
</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px; border-bottom: 1px solid #000000">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;14, 2004</TD>
</TR>

<TR>
    <TD align="left" valign="top">Andris A. Baltins</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature </B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" style="border-bottom: 1px solid #000000" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;14, 2004</TD>
</TR>

<TR>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
Annette K. Clayton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" style="border-bottom: 1px solid #000000" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;14, 2004</TD>
</TR>

<TR>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
William E. Fruhan, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" style="border-bottom: 1px solid #000000" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;14, 2004</TD>
</TR>

<TR>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
John R. Menard, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" style="border-bottom: 1px solid #000000" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;14, 2004</TD>
</TR>

<TR>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
R. M. Schreck</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" style="border-bottom: 1px solid #000000" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;14, 2004</TD>
</TR>

<TR>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
Richard A. Zona</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="LEFT">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<!--
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>

<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*By:
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-bottom: 1px solid #000000" >/s/ Michael W. Malone
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;14, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael W. Malone,</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Michael W. Malone, pursuant to a Power of Attorney executed by each of the
directors listed above whose named is marked by an &#147;*&#148; and filed as an exhibit
hereto, by signing his name hereto does hereby sign and execute this
Registration Statement of Polaris Industries Inc., or any amendment thereto, on
behalf of each of the directors named above.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



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<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Method of Filing</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Polaris Industries Inc. Amended and
Restated Employee Stock Purchase Plan
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Filed herewith<BR>
electronically</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Filed herewith<BR>
electronically</TD>
</TR>

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</TABLE>
</DIV>



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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>c88138a1exv4w1.htm
<DESCRIPTION>AMENDED & RESTATED EMPLOYEE STOCK PURCHASE PLAN
<TEXT>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;4.1</B>



<P align="center" style="font-size: 10pt"><B><I>POLARIS INDUSTRIES INC.</I></B>



<P align="center" style="font-size: 10pt"><B><I>EMPLOYEE STOCK PURCHASE PLAN</I></B>



<P align="center" style="font-size: 10pt"><B><I>As Amended and Restated<BR>
Effective January&nbsp;1, 1999</I></B>



<P align="center" style="font-size: 10pt"><B><I>Reflecting Certain Corrections to Reform Plan Text<BR>
Made as of February&nbsp;16, 2004</I></B>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>ARTICLE I &#150; PURPOSE</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>1.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Purpose</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Polaris Industries Inc. Employee Stock Purchase Plan (the &#147;<B>Plan</B>&#148;) is
intended to provide a method whereby employees of Polaris Industries Inc. and
its subsidiary corporations (the &#147;<B>Company</B>&#148;) will have an opportunity to acquire
a proprietary interest in the Company through the purchase of shares of the
common stock, par value $.01 per share (&#147;<B>Common Stock</B>&#148;) of the Company. It is
the intention of the Company to have the Plan qualify as an &#147;employee stock
purchase plan&#148; under section 423 of the Internal Revenue Code of 1986, as
amended (the <B>&#147;Code&#148;</B>). The provisions of the Plan shall be construed so as to
extend and limit participation in a manner consistent with the requirements of
that section of the Code.


<P align="center" style="font-size: 10pt"><B>ARTICLE II &#151; DEFINITIONS</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Base Pay</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Base Pay&#148; shall mean a participant&#146;s wages, salary and other cash
remuneration from the Company. The term &#147;Base Pay&#148; is intended to coincide
with the definition of &#147;Covered Compensation&#148; as defined in the 401(k)
Retirement/Savings Plan of Polaris.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Committee</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Committee&#148; shall mean the committee described in Article&nbsp;IX.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Employee</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Employee&#148; shall mean any person who is customarily employed on a
full-time or part-time basis by the Company or a Participating Subsidiary and
is regularly scheduled to work more than twenty (20)&nbsp;hours per week.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.04</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Fair Market Value</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Fair Market Value&#148; shall mean, as of any applicable date: (i)&nbsp;if the
Common Stock is listed on a national securities exchange or is authorized for
quotation on the National Association of Securities Dealers Inc.&#146;s NASDAQ
National Market System (&#147;NASDAQ/NMS&#148;), the closing price, regular way, of the
Common Stock on such exchange or NASDAQ/NMS, as the case may be, or if no such
reported sale of the Common Stock shall have occurred on such date, on the next
preceding date on which there was such a reported sale; or (ii)&nbsp;if the Common
Stock is not listed for trading on a national securities exchange or authorized
for quotation on NASDAQ/NMS, the closing bid price as reported by the National
Association of Securities Dealers Automated Quotation System (&#147;NASDAQ&#148;), or if
no such prices shall have been so reported for such date, on the next preceding
date for which such prices were so reported; or (iii)&nbsp;if the Common Stock is
not listed for trading on a national securities exchange or authorized for
quotation


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">on NASDAQ, the last reported bid price published in the &#147;pink sheets&#148; or
displayed on the NASD Electronic Bulletin Board, as the case may be; or (iv)&nbsp;if
the Common Stock is not listed for trading on a national securities exchange,
or is not authorized for quotation on NASDAQ/NMS or NASDAQ, or is not published
in the &#147;pink sheets&#148; or displayed on the NASD Electronic Bulletin Board, the
Fair Market Value of the Common Stock as determined in good faith by the
Committee.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.05</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Fund Account</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Fund Account&#148; shall mean the bookkeeping account established for each
participant to which the participant&#146;s payroll deductions shall be credited.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.06</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investment Account</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Investment Account&#148; shall mean the bookkeeping account established for
each participant to which Common Stock purchased by the participant under the
Plan shall be credited.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.07</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Participating Subsidiary</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Participating Subsidiary&#148; shall mean any corporation which (i)&nbsp;is a
&#147;subsidiary corporation&#148; of Polaris as that term is defined in section 424 of
the Code and (ii)&nbsp;is designated as a participating employer under the Plan by
the Board of Directors of the Company.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.08</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Trustee</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trustee&#148; shall mean the person(s) or institution designated by the Board
of Directors of the Company as trustee of the Plan, and any successors thereto.


<P align="center" style="font-size: 10pt"><B>ARTICLE III &#151; ELIGIBILITY AND PARTICIPATION</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Initial Eligibility</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each salaried Employee shall be eligible to participate in the Plan for
calendar months which commence on or after such salaried Employee&#146;s date of
hire. Each hourly paid Employee shall be eligible to participate in the Plan
for calendar months which commence on or after the earlier of (i)&nbsp;the date on
which such hourly Employee completes 480 Hours of Service or (ii)&nbsp;the second
anniversary of such hourly Employee&#146;s date of hire. For purposes of this
Section&nbsp;3.01, the term &#147;Hours of Service&#148; shall mean &#147;Hours of Service&#148; as that
term is defined in the Polaris Industries, Inc. Employee Stock Ownership Plan.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Restrictions on Participation</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provisions of the Plan to the contrary, no Employee
shall be granted an option under the Plan:


<P align="center" style="font-size: 10pt">2
</DIV>

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<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if, immediately after the grant, such Employee would own stock,
and/or hold outstanding options to purchase stock, possessing 5% or more
of the total combined voting power or value of all classes of stock of
the Company (for purposes of this paragraph, the rules of section 424(d)
of the Code shall apply in determining stock ownership of any Employee);
or



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which permits his or her rights to purchase stock under all Code
section 423 employee stock purchase plans of the Company to accrue at a
rate which exceeds $25,000 in fair market value of the stock (determined
at the time such option is granted) for each calendar year in which such
option is outstanding; or



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such Employee is an officer of the Company for purposes of
section 16 of the Securities Exchange Act of 1934, as amended, unless the
Committee, in its sole discretion, determines that such officers shall be
eligible to participate in the Plan.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Commencement of Participation</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An eligible Employee may become a participant by completing an
authorization for a payroll deduction on the form provided by the Company and
filing it with the office of the Treasurer of the Company. Participation in
the Plan and payroll deductions for a participant shall commence on the first
day of the month following the date his or her authorization for a payroll
deduction is filed. A participant&#146;s payroll deduction authorization shall
remain in effect unless amended or terminated by the participant as provided in
Section&nbsp;4.03 or Article&nbsp;VII.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>3.04</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Special Participation with Respect to Profit Sharing Distribution</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the approval of the Committee, eligible Employees may be permitted to
participate in the Plan on a separate basis with respect to the participant&#146;s
distribution from the Polaris Industries Inc. Profit Sharing Plan (in addition
to any level of participation pursuant to the eligible Employee&#146;s regular
payroll deduction election) by completing an authorization for a deduction from
the profit sharing distribution on the form provided by the Company and filing
it with the office of the Treasurer of the Company on or before the date set
therefor by the Committee. References herein to &#147;payroll&#148; deductions shall be
deemed to include any amounts deducted from a participant&#146;s profit sharing
distribution.


<P align="center" style="font-size: 10pt"><B>ARTICLE IV &#151; PAYROLL DEDUCTIONS</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>4.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amount of Deduction</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time a participant files his authorization for payroll deduction,
he or she shall elect to have deductions made from his or her Base Pay on each
payday during the time he or she is a participant computed as a percentage of
his Base Pay, not to exceed a maximum of ten percent.


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>4.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Participant&#146;s Fund Account</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All payroll deductions made for a participant shall be credited to a Fund
Account established in his or her name under the Plan. A participant may not
make any separate cash payment into such account. No interest shall be
credited or paid on amounts credited to participants&#146; Fund Accounts under the
Plan.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>4.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Changes in Payroll Deductions</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A participant may discontinue his participation in the Plan as provided in
Article&nbsp;VII, and may change his or her payroll deduction percentage as of the
first day of any calendar quarter.


<P align="center" style="font-size: 10pt"><B>ARTICLE V &#151; OPTIONS</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>5.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Number of Options</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the first day of each month, a participant shall be deemed to have been
granted an option to purchase a maximum number of whole shares of Common Stock
as can be purchased at the applicable option price (as described in Section
5.02) with payroll deductions credited to his or her Fund Account during such
month.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>5.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Option Price</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The option price of Common Stock purchased with payroll deductions made
for a participant shall be 85% of the average of the Fair Market Values of the
Common Stock on the date such option is granted (as set forth in Section&nbsp;5.01)
and the date such option is exercised (as set forth in Section&nbsp;6.01).


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>5.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Option Period</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All options which shall be deemed granted under Section&nbsp;5.01 of this Plan
as of the first day of a month shall be automatically exercised in accordance
with Section&nbsp;6.01 unless sooner terminated in accordance with Article&nbsp;VII.


<P align="center" style="font-size: 10pt"><B>ARTICLE VI &#151; EXERCISE OF OPTIONS</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Automatic Exercise</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless a participant sooner withdraws from the Plan as provided in Article
VII, his option for the purchase of Common Stock with payroll deductions
credited to his or her Fund Account will be deemed to have been exercised
automatically on the last day of each calendar month, for the purchase from the
Company of the number of whole shares of Common Stock which the accumulated
payroll deductions credited to his or her Fund Account at that time will
purchase at the applicable option price (but not in excess of the number of
shares for which options have been granted to the participant pursuant to


<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Section&nbsp;5.01). Any excess amount credited to a participant&#146;s Fund Account at
the end of the calendar year will be promptly returned to him or her.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Fractional Shares</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of Common Stock purchased by a participant upon the deemed
exercise of his option as specified above shall not include fractional shares.
Amounts credited to a participant&#146;s Fund Account which would have been used to
purchase fractional shares shall remain credited to such Fund Account until
subsequently used to purchase shares or paid to the participant or his or her
beneficiary in accordance with Section&nbsp;6.01 or Article&nbsp;VII.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>6.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investment Accounts</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares of Common Stock purchased under the Plan shall be maintained by
the Trustee in separate Investment Accounts for participants. All cash
dividends paid with respect to the shares so purchased shall be reinvested in
Common Stock and added to the shares held for a participant in his or her
Investment Account.


<P align="center" style="font-size: 10pt"><B>ARTICLE VII &#151; WITHDRAWAL</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In General</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A participant may withdraw payroll deductions credited to his or her Fund
Account and the shares of Common Stock credited to his or her Investment
Account under the Plan at any time by giving written notice of withdrawal to
the Treasurer of the Company. All of the cash credited to his or her Fund
Account and not used to buy Common Stock shall be paid to the participant and
one or more stock certificates representing the shares of Common Stock credited
to his or her Investment Account shall be delivered to the participant promptly
after receipt of his or her notice of withdrawal, and no further payroll
deductions will be made from his or her pay except as provided in Section&nbsp;7.02.
Upon such a withdrawal, all unexercised options of the participant shall
immediately terminate.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Effect on Subsequent Participation</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a participant withdraws from participation in the Plan as provided in
Section&nbsp;7.01, such participant shall not be eligible to participate in the Plan
for a period of time following the date of such withdrawal. If the withdrawal
occurs during the period from January 1 to June&nbsp;30 of a year, participation may
begin again no earlier than January 1 of the next year. If the withdrawal
occurs during the period from July 1 to December&nbsp;31 of a year, participation
may begin again no earlier than July 1 of the next year.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>7.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination of Employment</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon termination of the participant&#146;s employment for any reason, including
retirement, his or her unexercised options shall immediately terminate and the
payroll deductions credited to his or her Fund Account and not used to buy
Common Stock will be


<P align="center" style="font-size: 10pt">5
</DIV>

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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">paid to him or her, and one or more stock certificates representing the shares
of Common Stock credited to his or her Investment Account will be delivered to
the participant, or, in the case of his or her death subsequent to the
termination of his employment, to the person or persons entitled thereto under
Section&nbsp;10.01.


<P align="center" style="font-size: 10pt"><B>ARTICLE VIII &#151; COMMON STOCK</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>8.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Maximum Number of Shares</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares of Common Stock which the Company shall have
authority to issue under this Plan, subject to adjustment upon changes in
capitalization of the Company as provided in Section&nbsp;10.04, shall be 750,000
shares. Such shares may be authorized but unissued shares or reacquired shares
of Common Stock, as the Company shall determine. If the total number of shares
for which options are exercised on any exercise date exceeds the maximum number
of shares available, the Company shall make a pro rata allocation of the shares
available for delivery and distribution in as nearly a uniform manner as shall
be practicable and as it shall determine to be equitable, and the balance of
payroll deductions credited to the Fund Account of each participant under the
Plan shall be returned to him or her as promptly as possible.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>8.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Participant&#146;s Interest in Option Stock</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The participant will have no interest in Common Stock covered by his or
her option until such option has been exercised.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>8.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Registration of Stock</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common Stock purchased under the Plan will be held by the
Trustee for the benefit of participants, until withdrawn by the participant in
accordance with Article&nbsp;VII. Upon such withdrawal, the shares shall be
registered in the name of the participant, or, if the participant so directs by
written notice to the Treasurer of the Company, in the names of the participant
and one such other person as may be designated by the participant, as joint
tenants with rights of survivorship or as tenants by the entireties, to the
extent permitted by applicable law.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>8.04</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Restrictions on Exercise</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Company may, in its discretion, require as
conditions to the exercise of any option that the shares of Common Stock
reserved for issuance upon the exercise of the option shall have been duly
listed, upon official notice of issuance, on a stock exchange, and that either:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;a Registration Statement under the Securities Act of 1933, as amended,
with respect to said shares shall be effective, or


<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the participant shall have represented at the time of purchase, in
form and substance satisfactory to the Company, that it is his or her intention
to purchase the shares for investment and not for resale or distribution.


<P align="center" style="font-size: 10pt"><B>ARTICLE IX &#151; ADMINISTRATION</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Appointment of Committee</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Company shall appoint a Committee to
administer the Plan. No member of the Committee shall be eligible to purchase
Common Stock under the Plan.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Authority of Committee</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the express provisions of the Plan, the Committee shall have
plenary authority in its sole and absolute discretion to interpret and construe
any and all provisions of the Plan, to adopt rules and regulations for
administering the Plan, and to make all other determinations deemed necessary
or advisable for administering the Plan. The Committee&#146;s determination on the
foregoing matters shall be conclusive.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>9.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Rules&nbsp;Governing the Administration of the Committee</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Company may from time to time appoint
members of the Committee in substitution for or in addition to members
previously appointed and may fill vacancies, however caused, in the Committee.
The Committee may select one of its members as its Chairman and shall hold its
meetings at such times and places as it shall deem advisable and may hold
telephonic meetings. A majority of the members of the Committee shall
constitute the vote of a quorum. All determinations of the Committee shall be
made by a majority of its members present. The Committee may correct any
defect or omission or reconcile any inconsistency in the Plan, in the manner
and to the extent it shall deem desirable. Any decision or determination
reduced to writing and signed by a majority of the members of the Committee
shall be as fully effective as if it had been made by a majority vote at a
meeting duly called and held. The Committee may appoint a secretary and shall
make such rules and regulations for the conduct of its business as it shall
deem advisable.


<P align="center" style="font-size: 10pt"><B>ARTICLE X &#151; MISCELLANEOUS</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Designation of Beneficiary</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A participant may file a written designation of a beneficiary who is to
receive any cash and shares of Common Stock credited to the participant&#146;s
Investment and Fund Accounts upon the participant&#146;s death. Such designation of
beneficiary may be changed by the participant at any time by written notice to
the Treasurer of the Company. Upon the death of a participant and upon receipt
by the Company of proof of identity and existence at the participant&#146;s death of
a beneficiary validly designated by him under the Plan, the


<P align="center" style="font-size: 10pt">7
</DIV>
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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Company shall deliver such cash and shares of Common Stock to such beneficiary.
In the event of the death of a participant and in the absence of a beneficiary
validly designated under the Plan who is living at the time of such
participant&#146;s death, the Company shall deliver such cash and shares of Common
Stock to the executor or administrator of the estate of the participant, or if
no such executor or administrator has been appointed (to the knowledge of the
Company), the Company, in its discretion, may deliver such cash and shares of
Common Stock to the spouse or to any one or more dependents of the participant
as the Company may designate. No beneficiary shall, prior to the death of the
participant by whom he has been designated, acquire any interest in the cash
and shares of Common Stock credited to the participant under the Plan.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Transferability</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During a participant&#146;s lifetime, his or her options can only be exercised
by him or her. Neither the amounts credited to a participant&#146;s Fund Account
nor any rights with regard to the exercise of an option or to receive stock
under the Plan may be assigned, transferred, pledged, or otherwise disposed of
in any way by the participant other than by will or the laws of descent and
distribution. Any such attempted assignment, transfer, pledge or other
disposition shall be without effect, except that the Company may treat such act
as an election to withdraw funds in accordance with Section&nbsp;7.01.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.03</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Use of Funds</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All payroll deductions received or held by the Company under this Plan may
be used by the Company for any corporate purpose and the Company shall not be
obligated to segregate such amounts.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.04</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Adjustment Upon Changes in Capitalization</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the outstanding shares of Common Stock are increased,
decreased, changed into, or been exchanged for a different number or kind
of shares or securities of the Company through reorganization, merger
recapitalization, reclassification, stock split, reverse stock split or
similar transaction, appropriate and proportionate adjustments may be
made by the Committee in the number and/or kind of shares which are
available for issuance under the Plan or subject to purchase under
outstanding options and on the option exercise price or prices applicable
to outstanding options. No adjustments shall be made for stock
dividends. For the purposes of this paragraph, any distribution of shares to shareholders in an amount aggregating less than twenty percent
(20%) of the outstanding shares shall be deemed a stock dividend.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the dissolution or liquidation of the Company, or upon a
reorganization, merger or consolidation of the Company with one or more
corporations as a result of which the Company is not the surviving
corporation, or upon a sale of substantially all of the property or stock
of the Company to another corporation, the holder of each option then
outstanding under the Plan will thereafter be entitled to receive at the
next exercise date upon the exercise of such


<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:6%; font-size: 10pt">option for each share as to which such option shall be exercised, as
nearly as reasonably may be determined, the cash, securities and/or
property which a holder of one share of the Common Stock was entitled to
receive upon and at the time of such transaction. The Board of Directors
of the Company shall take such steps in connection with such transactions
as the Board shall deem necessary to assure that the provisions of this
Section&nbsp;10.04 shall thereafter be applicable, as nearly as reasonably may
be determined, in relation to the said cash, securities and/or property
as to which such holder of such option might thereafter be entitled to
receive.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.05</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amendment and Termination</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Company shall have complete power and
authority to terminate or amend the Plan; provided, however, that the Board of
Directors of the Company shall not, without the approval of the stockholders of
the Company (i)&nbsp;increase the maximum number of shares which the Company may
purchase to provide participants with stock under the Plan; (ii)&nbsp;amend the
requirements as to the class of employees eligible to purchase stock under the
Plan; or (iii)&nbsp;permit the members of the Committee to purchase Common Stock
under the Plan. No termination, modification, or amendment of the Plan may,
without the consent of an Employee then having an option under the Plan to
purchase Common Stock, adversely affect the rights of such Employee under such
option. The Plan shall automatically terminate at the close of business on the
tenth anniversary of the effective date unless sooner terminated by action of
the Board of Directors.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.06</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Effective Date</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall become effective as of January&nbsp;1, 1997, or such earlier
date as the Board of Directors may determine, subject to approval by the
holders of the majority of the Common Stock present and represented at a
special or annual meeting of the shareholders of the Company to be held within
12&nbsp;months before or after the date the Plan is adopted by the Board of
Directors of the Company. If the Plan is not so approved, the Plan shall not
become effective.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.07</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Employment Rights</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan does not, directly or indirectly, create any right for the
benefit of any employee or class of employees to purchase any shares under the
Plan, or create in any employee or class of employees any right with respect to
continuation of employment by the Company, and it shall not be deemed to
interfere in any way with the Company&#146;s right to terminate, or otherwise
modify, an employee&#146;s employment at any time.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.08</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Costs and Expenses</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No brokerage commissions or fees shall be charged by the Company in
connection with the purchase of shares of Common Stock by participants under
the Plan. All costs and expenses incurred in administering the Plan shall be
borne by the Company.


<P align="center" style="font-size: 10pt">9
</DIV>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.09</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Effect of Plan</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan shall, in accordance with its terms, be binding
upon, and inure to the benefit of all, all successors of each Employee
participating in the Plan, the executors, administrators or trustees thereof,
heirs and legatees, and any receiver, trustee in bankruptcy or representative
of creditors of such Employee.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>10.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governing Law</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The law of the State of Minnesota, other than the conflict of laws
provisions of such law, shall govern all matters relating to this Plan except
to the extent it is superseded by the laws of the United States.


<P align="center" style="font-size: 10pt">10
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<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>3
<FILENAME>c88138a1exv24.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
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<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;24</B>



<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>KNOW ALL MEN BY THESE PRESENTS</B>, that <B>POLARIS INDUSTRIES INC. </B>a
Minnesota corporation (the &#147;Company&#148;), and each of the undersigned directors of
the Company, hereby constitutes and appoints Thomas C. Tiller and Michael W.
Malone and each of them (with full power to each of them to act alone)
its/his/her true and lawful attorney-in-fact and agent, for it/him/her and on
it/his/her behalf and in its/his/her name, place and stead, in any and all
capacities to sign, execute, affix its/his/her seal thereto and file amendments
to the Registration Statement on Form S-8 (Registration No.&nbsp;333-21007),
including post-effective amendments, with all exhibits and any and all
documents required to be filed with respect thereto with any regulatory
authority, relating to the registration of shares of the Company&#146;s Common
Stock, par value $.01, issuable under the Polaris Industries Inc. Employee
Stock Purchase Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is hereby granted to said attorneys, and each of them, full power
and authority to do and perform each and every act and thing requisite and
necessary to be done in respect of the foregoing as fully as it/he/she or
itself/himself/herself might or could do if personally present, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may lawfully do or cause to be done by virtue hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Power of Attorney may be executed in any number of counterparts, each
of which shall be an original, but all of which taken together shall constitute
one and the same instrument and any of the undersigned directors may execute
this Power of Attorney by signing any such counterpart.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POLARIS INDUSTRIES INC. has caused this Power of Attorney to be executed
in its name by its Chief Executive Officer on the 9<SUP>th</SUP> day of September, 2004.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3"><B>POLARIS INDUSTRIES INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Thomas C. Tiller
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Thomas C. Tiller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">11
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, directors of POLARIS INDUSTRIES INC., have hereunto set
their hands as of the 9<SUP>th</SUP> day of September, 2004.

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Andris A. Baltins
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Gregory R. Palen</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Andris A. Baltins
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gregory R. Palen</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Annette K. Clayton
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;/s/ R.M. Schreck</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Annette K. Clayton
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">R. M. Schreck</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;/s/ William E. Fruhan, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Thomas C. Tiller</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William E. Fruhan, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas C. Tiller</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;/s/ John R. Menard, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Richard A. Zona</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John R. Menard, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Richard A. Zona</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">D I R E C T O R S




<P align="center" style="font-size: 10pt">12
</DIV>


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