<SEC-DOCUMENT>0001157523-17-000474.txt : 20170214
<SEC-HEADER>0001157523-17-000474.hdr.sgml : 20170214
<ACCEPTANCE-DATETIME>20170214135122
ACCESSION NUMBER:		0001157523-17-000474
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170214
DATE AS OF CHANGE:		20170214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POLARIS INDUSTRIES INC/MN
		CENTRAL INDEX KEY:			0000931015
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
		IRS NUMBER:				411790959
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-43419
		FILM NUMBER:		17606685

	BUSINESS ADDRESS:	
		STREET 1:		2100 HIGHWAY 55
		CITY:			MEDINA
		STATE:			MN
		ZIP:			55340
		BUSINESS PHONE:		(763) 542-0500

	MAIL ADDRESS:	
		STREET 1:		2100 HIGHWAY 55
		STREET 2:		NONE
		CITY:			MEDINA
		STATE:			MN
		ZIP:			55340

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POLARIS INDUSTRIES INC/MN
		CENTRAL INDEX KEY:			0000931015
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
		IRS NUMBER:				411790959
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		2100 HIGHWAY 55
		CITY:			MEDINA
		STATE:			MN
		ZIP:			55340
		BUSINESS PHONE:		(763) 542-0500

	MAIL ADDRESS:	
		STREET 1:		2100 HIGHWAY 55
		STREET 2:		NONE
		CITY:			MEDINA
		STATE:			MN
		ZIP:			55340
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>a51500336.htm
<DESCRIPTION>POLARIS INDUSTRIES INC. SC 13G/A
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 16pt; FONT-WEIGHT: bold">UNITED STATES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 16pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington, D.C.&#160; 20549</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 16pt; FONT-WEIGHT: bold">SCHEDULE 13G</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Rule 13d-102)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Information to be Included in Statements Filed Pursuant to &#167;&#160;240.13d-1(b), </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(c) and (d) and Amendments Thereto Filed Pursuant to &#167;&#160;240.13d-2.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Under the Securities Exchange Act of 1934</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Amendment No. 3)*</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 16pt; FONT-WEIGHT: bold">POLARIS INDUSTRIES INC.</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(Name of Issuer)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common stock, $0.01 par value</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(Title of Class of Securities)</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">731068102</div>
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<div style="TEXT-ALIGN: center">(CUSIP Number)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">December 31, 2016</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#9746;</font> Rule 13d-1(b)</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 18.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 18.7pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160; CUSIP No.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">731068102</font></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">13G</div>
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<div style="TEXT-ALIGN: left">Names of Reporting Persons</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Polaris Industries Inc. Employee Stock Ownership Plan</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Check the Appropriate Box if a Member of a Group<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">*</sup></div>
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<div style="TEXT-ALIGN: right">(a)</div>
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<div style="TEXT-ALIGN: right">(b)</div>
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<div style="TEXT-ALIGN: left">SEC Use Only</div>
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<div style="TEXT-ALIGN: left">Citizenship or Place of Organization</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Minnesota</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Number of </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Shares </div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Beneficially </div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Owned by </div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Each </div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Reporting </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Person </div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">With:</div>

<div>&#160;</div>
</div>
</td>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%; VERTICAL-ALIGN: middle" rowspan="3">
<div style="TEXT-ALIGN: center; FONT-SIZE: 18pt; FONT-WEIGHT: bold">5</div>
</td>
<td style="BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left">Sole Voting Power</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; PADDING-LEFT: 2pt; WIDTH: 76.38%; VERTICAL-ALIGN: middle" rowspan="2">
<div style="TEXT-ALIGN: left">0</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%; VERTICAL-ALIGN: middle" rowspan="3">
<div style="TEXT-ALIGN: center; FONT-SIZE: 18pt; FONT-WEIGHT: bold">6</div>
</td>
<td style="BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left">Shared Voting Power</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; PADDING-LEFT: 2pt; WIDTH: 76.38%; VERTICAL-ALIGN: middle" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,811,031</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%; VERTICAL-ALIGN: middle" rowspan="3">
<div style="TEXT-ALIGN: center; FONT-SIZE: 18pt; FONT-WEIGHT: bold">7</div>
</td>
<td style="BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left">Sole Dispositive Power</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; PADDING-LEFT: 2pt; WIDTH: 76.38%; VERTICAL-ALIGN: middle" rowspan="2">
<div style="TEXT-ALIGN: left">0</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%; VERTICAL-ALIGN: middle" rowspan="3">
<div style="TEXT-ALIGN: center; FONT-SIZE: 18pt; FONT-WEIGHT: bold">8</div>
</td>
<td style="BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal">
<div style="TEXT-ALIGN: left">Shared Dispositive Power</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; PADDING-LEFT: 2pt; WIDTH: 76.38%; VERTICAL-ALIGN: middle" rowspan="2">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,811,031</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%; VERTICAL-ALIGN: middle" rowspan="3">
<div style="TEXT-ALIGN: center; FONT-SIZE: 18pt; FONT-WEIGHT: bold">9</div>
</td>
<td style="BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal" colspan="3">
<div style="TEXT-ALIGN: left">Aggregate Amount Beneficially Owned by Each Reporting Person</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; PADDING-LEFT: 2pt; WIDTH: 86.4%; VERTICAL-ALIGN: middle" rowspan="2" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,811,031</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%; VERTICAL-ALIGN: middle" rowspan="3">
<div style="TEXT-ALIGN: center; FONT-SIZE: 18pt; FONT-WEIGHT: bold">10</div>
</td>
<td style="BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Check if the Aggregate Amount in Row (9) Excludes Certain Shares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">*</sup></div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; PADDING-RIGHT: 2px; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman''">&#9744;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%; VERTICAL-ALIGN: middle" rowspan="2" colspan="3"></td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%; VERTICAL-ALIGN: middle" rowspan="3">
<div style="TEXT-ALIGN: center; FONT-SIZE: 18pt; FONT-WEIGHT: bold">11</div>
</td>
<td style="BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal" colspan="3">
<div style="TEXT-ALIGN: left">Percent of Class Represented by Amount in Row 9</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; PADDING-LEFT: 2pt; WIDTH: 86.4%; VERTICAL-ALIGN: middle" rowspan="2" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6.0%</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%; VERTICAL-ALIGN: middle" rowspan="3">
<div style="TEXT-ALIGN: center; FONT-SIZE: 18pt; FONT-WEIGHT: bold">12</div>
</td>
<td style="BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%; VERTICAL-ALIGN: middle; FONT-WEIGHT: normal" colspan="3">
<div style="TEXT-ALIGN: left">Type of Reporting Person (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">See</font> Instructions)</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; PADDING-LEFT: 2pt; WIDTH: 86.4%; VERTICAL-ALIGN: middle" rowspan="2" colspan="3">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EP</div>
</td>
<td style="WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%; VERTICAL-ALIGN: middle">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 1pt solid">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div>
<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 1.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 5.4pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Name of Issuer:</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Polaris Industries Inc.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 5.4pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Address of Issuer's Principal Executive Offices:</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2100 Highway 55<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Medina, MN 55340</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 2.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 5.4pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Name of Person Filing:</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Polaris Industries Inc. Employee Stock Ownership Plan (&#8220;ESOP&#8221;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 5.4pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Address of Principal Business Office or, if none, Residence:</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; c/o Polaris Industries Inc. Employee Stock Ownership Plan Committee<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2100 Highway 55 <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Medina, MN 55340</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 5.4pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Citizenship:</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Minnesota</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(d)</font><font style="FONT-SIZE: 5.4pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Title of Class of Securities:</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Common Stock, par value $0.01 per share</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(e)</font><font style="FONT-SIZE: 5.4pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">CUSIP Number:</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;731068102</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ze31c7e975253433d8d5bc86dace4ec47" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Item 3.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">If this statement is filed pursuant to &#167;&#167;&#160;240.13d&#8209;1(b), or &#167;&#167; 240.13d&#8209;2(b) or (c), check whether the person filing is a:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zcca5e4acf55d4302bba9c53addf9eb84" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font></td>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9744;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Broker or dealer registered under section&#160;15 of the Act.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ze13037f83694454285e15b8a2dc5fc6b" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font></td>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9744;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Bank as defined in section 3(a)(6) of the Act.</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<hr style="BORDER-BOTTOM: 0px; TEXT-ALIGN: left; BORDER-LEFT: 0px; BACKGROUND-COLOR: #000000; WIDTH: 2in; HEIGHT: 1px; COLOR: #000000; MARGIN-LEFT: 0pt; BORDER-TOP: 0px; MARGIN-RIGHT: auto; BORDER-RIGHT: 0px" align="left" noshade="noshade">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup> The Trustee of the Polaris Industries Inc. Employee Stock Ownership Plan is Fidelity Management Trust Company. The ESOP allows plan participants to direct voting of shares allocated to their plan accounts, and all shares held by the ESOP and reported on this Schedule are allocated to plan participant accounts. Under the ESOP as in effect on December 31, 2016 and the applicable trust agreement, the Trustee is to vote shares with respect to which no voting instructions are received from plan participants in&#160;proportion with&#160;the voting instructions actually&#160;received by the Trustee from participants who give voting instructions. The ESOP also specifies that all investments of plan assets in Polaris common stock are to be made by the Trustee only upon direction of the ESOP Committee. Although the Trustee may theoretically be deemed to share, at least temporarily, voting and dispositive power as to all shares reported on this Schedule, the Trustee disclaims beneficial ownership of the shares held by it in its capacity as Trustee of the ESOP.</div>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
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</div>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z12108925392e42a2b43d82122af4b850" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font></td>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9744;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Insurance company as defined in section&#160;3(a)(19) of the Act.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zfbb5a64f06c943f8a93aab8af936e04a" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(d)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font></td>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9744;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Investment company registered under Section 8 of the Investment Company Act of 1940.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z1cf51fa198334981835d445417f7a1f0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(e)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font></td>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9744;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">An investment adviser in accordance with &#167;&#160;240.13d-1(b)(1)(ii)(E).</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zc5a888a9944c477482b52cd936d6a742" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(f)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font></td>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9746;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">An employee benefit plan or endowment fund in accordance with &#167;&#160;240.13d&#8209;1(b)(1)(ii)(F).</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zbfc5f96decd243239dea0fb2eec923e7" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(g)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font></td>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9744;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">A parent holding company or control person in accordance with &#167;&#160;240.13d&#8209;1(b)(1)(ii)(G).</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zeeea8b1437fc4930811131dab9e1b9b8" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(h)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font></td>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9744;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z488ee4b519d5496dbefdab8aa8182a39" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font></td>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9744;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z9c901b0ea0a24106b3a2387ac78311dc" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(j)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font></td>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9744;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">A non-U.S. institution in accordance with &#167;&#160;240.13d&#8209;1(b)(1)(ii)(J).</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z95ca115c452048f2a6fef0203a0c83d1" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(k)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font></td>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#9744;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Group, in accordance with &#167;&#160;240.13d&#8209;1(b)(1)(ii)(K).</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 45pt; FONT-SIZE: 10pt">If filing as a non-U.S. institution in accordance with &#167;&#160;240.13d&#8209;1(b)(1)(ii)(J), please specify the type of institution:<font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;___________________________________________________________</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 4.</font><font style="FONT-SIZE: 5pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ownership.</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 5.4pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amount beneficially owned:</font><font style="FONT-SIZE: 5pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,811,031</font></font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 5.4pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Percent of class:</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;</font>6.0%</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 5.4pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Number of shares as to which such person has:</font></div>

<div>
<div>
<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ze8b08bf88a67456db77430513a4d5b23" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 59.45pt"></td>
<td style="WIDTH: 30.55pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="FONT-SIZE: 5.09pt">&#160; </font></td>
<td style="WIDTH: 234pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">Sole power to vote or to direct the vote:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">None</td>
</tr>
</table>
</div>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z4f055b1d7b21477b8bb1a612ad3be50d" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 59.45pt"></td>
<td style="WIDTH: 30.55pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="FONT-SIZE: 5.09pt">&#160; </font></td>
<td style="WIDTH: 234pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">Shared power to vote or to direct the vote:&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">3,811,031</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zf821cf2b90c64d2a90d3cc27c65458d7" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 59.45pt"></td>
<td style="WIDTH: 30.55pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iii)</font><font style="FONT-SIZE: 5.09pt">&#160; </font></td>
<td style="WIDTH: 234pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">Sole power to dispose or to direct the disposition of:&#160; </td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">
<div style="MARGIN-LEFT: 9pt">None</div>
</td>
</tr>
</table>
</div>
</div>
</div>

<div style="TEXT-ALIGN: left">
<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z90ed9ebccb174d969124ad8d27a9dd6b" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 59.45pt"></td>
<td style="WIDTH: 30.55pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iv)</font><font style="FONT-SIZE: 5.09pt">&#160; </font></td>
<td style="WIDTH: 234pt; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">Shared power to dispose or to direct the disposition of:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">
<div style="MARGIN-LEFT: 18pt">3,811,031</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>
</div>

<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5.</font><font style="FONT-SIZE: 5pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ownership of Five Percent or Less of a Class.</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#9744;</font>.</div>

<div><br>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z12447145be314e81be7d6d34b4a504f6" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Item 6.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Ownership of More than Five Percent on Behalf of Another Person.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The participants in and beneficiaries of the ESOP have the right to receive dividends from and the proceeds from the sale of the shares of Polaris common stock reported on this Schedule.&#160; No person has such a right with respect to more than 5% of Polaris&#8217; outstanding common stock.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zb99bb8d0900842f58ccf35ac333bc9d5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Item 7.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 45pt; FONT-SIZE: 10pt">Not applicable.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zb359d0f01fe24cfba40fa1a732b1f94f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Item 8.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Identification and Classification of Members of the Group.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 45pt; FONT-SIZE: 10pt">Not applicable.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zac08d8a0eb4c40b5a1c383c2f12de112" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Item 9.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notice of Dissolution of Group.</div>
</td>
</tr>
</table>
</div>

<div><br>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 45pt; FONT-SIZE: 10pt">Not applicable.</div>

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<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Certifications.</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under &#167;240.14a-11.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 45pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Date:</font><font style="FONT-SIZE: 5pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">January 26, 2017</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">POLARIS INDUSTRIES INC. EMPLOYEE STOCK OWNERSHIP PLAN</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">By: Polaris Industries Inc. Employee Stock Ownership Plan Committee, as Plan Administrator&#160;</div>
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<td style="PADDING-BOTTOM: 2px; WIDTH: 3%; VERTICAL-ALIGN: top">By:&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 47%; VERTICAL-ALIGN: top">/s/ Gary E. Hendrickson&#160;</td>
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<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 47%; VERTICAL-ALIGN: top">Gary E. Hendrickson&#160;</td>
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<td style="BORDER-BOTTOM-COLOR: ; WIDTH: 47%; VERTICAL-ALIGN: top">Committee Chairman&#160;</td>
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