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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

(Rule 14a-101)

Proxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934

Filed by the Registrant þ

Filed by a Party other than the Registrant ¨

Check the appropriate box:

¨ Preliminary Proxy Statement

¨ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

þ Definitive Proxy Statement

¨ Definitive Additional Materials

¨ Soliciting Material Pursuant to §240.14a-12

Thor Industries, Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

Payment of Filing Fee (Check the appropriate box):

THOR INDUSTRIES
15
AIRSTREAM
BISON COACH
CROSSROADS RV
CRUISER RV
DUTCHMEN
DRV
HEARTLAND RV
KEYSTONE RV
KZ RV
LIVIN LITE RV
POSTLE ALUMINUM
THOR MOTOR COACH
NOTICE OF 2015 ANNUAL MEETING OF SHAREHOLDERS AND PROXY STATEMENT

LETTER FROM THE BOARD OF DIRECTORS

Letter from the Executive Chairman of the Board

October 27, 2015

Dear Fellow Shareholders:

I am pleased to invite you to attend our Annual Meeting of Shareholders that will be held on December 8, 2015, commencing at 1:00 p.m., Eastern Standard Time, at The Cornell Club, 6 East 44 th Street, New York, NY 10017. We hope that you will attend our Meeting. In the event that you cannot attend, we strongly urge you to vote your shares by following the instructions on the Notice card which will direct you to our proxy materials and provide voting instructions to you.

Thor Industries values the input of its Shareholders tremendously. Your vote, every vote, is important to us. Please take the time to review our Proxy Statement and submit your votes. I thank you for your support of our Company.

Sincerely,

Peter B. Orthwein

Executive Chairman of the Board

NOTICE OF ANNUAL MEETING

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS OF THOR INDUSTRIES, INC.

Important Notice Regarding the Availability of Proxy Materials for the Thor Industries, Inc. Annual Meeting of Shareholders to be Held on December 8, 2015

The Proxy Statement and Annual Report on Form 10-K are available at www.proxyvote.com

AGENDA:

By Order of the Board of Directors,

Todd Woelfer

Senior Vice President, General Counsel, and Corporate Secretary

October 27, 2015

Notice to Shareholders: Our 2015 Proxy Statement and Annual Report on Form 10-K are available free of charge on our website at www.thorindustries.com .

PROXY SUMMARY VOTING MATTERS

PROXY SUMMARY

This summary highlights certain information contained in our Fiscal Year 2015 Proxy Statement. While it does not contain all of the information in this Proxy Statement, it provides an overview of the information discussed herein. You should carefully review the entire Proxy Statement before voting.

VOTING MATTERS

VOTING MATTERS: Board Recommendation
PROPOSAL 1: ELECTION OF DIRECTORS
Directors up for Election:
Andrew Graves: Mr. Graves has been a director since 2010. He currently serves on our Compensation and Development Committee and Nominating and Corporate Governance Committee. Mr. Graves is the CEO of Motorsport Aftermarket Group. He previously served as the President of Brunswick Boat Group, a division of the Brunswick Corporation. Mr. Graves extensive management experience in a related consumer durable business whose products are distributed through a dealer network make him an asset to our Board. þ FOR
Alan Siegel: Mr. Siegel has been a director since 1983. He is a retired partner of the law firm of Akin Gump Strauss Hauer & Feld, LLP and currently serves on our Nominating and Corporate Governance Committee. Mr. Siegel is an officer and director of The Thompson Family Foundation, Inc., a charitable foundation created by the late Wade F.B. Thompson, a co-founder of our Company. Mr. Siegels extensive experience with our Company and his legal and business background make him an asset to our Board. þ FOR
PROPOSAL 2: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED ACCOUNTING FIRM FOR FISCAL YEAR 2016 þ FOR
PROPOSAL 3: NON-BINDING ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS (NEOs) þ FOR

BUSINESS HIGHLIGHTS PROXY SUMMARY

Business Highlights

In Fiscal Year 2015, Managements continued execution upon our strategic plan produced a year of record performance for Thor. We set record levels for sales from continuing operations as we surpassed $4 billion for the first time. Our top line drove records in both earnings per share and net income from continuing operations.

During the year, we continued to be opportunistic acquirers of entities, including DRV, Cruiser RV, and Postle Aluminum. Each of these acquisitions is viewed by Management as drivers of long-term growth for our Shareholders. Further, we continued our aggressive strategy of returning value to our Shareholders through a significant share buyback and an increase in our regular dividend.

Strong Market Presence
Our market presence continues to drive our growth story
Market Share*
62.9% 37.1% 24.6% 75.4%
Towables All Others Motorized All Others
*According to Statistical Surveys, Inc., for the six months ended June 30, 2015 combined U.S. and Canada
Growing Gross Margins
Company-wide efforts to improve our efficiency contribute to improved margins in a hyper-competitive environment
Gross Margin
15% 10% 5% 13.1% 13.3% 13.9%
FY13 FY14 FY15
Record Earnings
Execution upon our strategic plan drives earnings
Net Income (Continuing Operations)
$ thousands
$250,000 $200,000 $150,000 $100,000 $50,000 $0
$151,676 $175,516 $202,009
FY13 FY14 FY15

PROXY SUMMARY BUSINESS HIGHLIGHTS
5 Years of Increased Regular Dividends
Our success has enabled us to return profits to our Shareholders. With the most recent dividend, Thor surpassed $1 billion in total return to Shareholders through dividends and share repurchases
Regular Annual Dividends per Share
$1.50 $1.00 $0.50 $0.00
$0.72 $0.92 $1.08
FY13 FY14 FY15
Cash Generation
We have a strong history of consistent cash generation and Fiscal Year 2015 showed a marked increase in cash generation driven by improved performance as well as improved working capital utilization
Cash Generated by Operations
$ thousands
$250,000 $200,000 $150,000 $100,000 $50,000 $0
$145,066 $149,261 $247,860
FY13 FY14 FY15
Sales Growth
A favorable market combined with a well-executed strategic plan has driven marked top-line growth
Net Sales (Continuing Operations)
$ thousands
$4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000
$3,241,795 $3,525,456 $4,006,819
FY13 FY14 FY15

COMPENSATION HIGHLIGHTS PROXY SUMMARY

COMPENSATION HIGHLIGHTS

Alignment Between Pay and Performance

Since its inception, Thor has utilized a compensation plan heavily reliant upon variable incentives determined by the Companys earnings, resulting in a strong linkage between pay and performance.

In Fiscal Year 2015, a predominant percentage of our CEO and other NEO pay was variable incentive pay as demonstrated by the following charts:

Fiscal Year 2015 CEO Compensation Breakdown
19.9% 10.4% 69.7%
Fixed Pay - base salary
Variable Pay - short-term incentive pay
...


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