Document:

Exhibit

Exhibit 10.s

POLARIS INDUSTRIES INC.
RESTRICTED STOCK UNIT AWARD AGREEMENT

Participant: Christopher Musso    

In accordance with the terms of the Polaris Industries Inc. 2007 Omnibus Incentive Plan (As Amended and Restated April 30, 2015) (the "Plan"), Polaris Industries Inc. (the “Company”) hereby grants to you, the Participant named above, an award of Restricted Stock Units involving the number of such Units set forth in the table below.  The terms and conditions of this Award are set forth in this Agreement, consisting of this cover page, the Award Terms and Conditions on the following pages, and in the Plan document, a copy of which has been provided to you.  Unless the context indicates otherwise, any capitalized term that is not defined in this Agreement shall have the meaning set forth in the Plan as it currently exists or as it is amended in the future.

	
			
	Number of Restricted Stock Units Granted:
	30,000
	 

	Grant Date:
	November 6, 2017
	 

	Vesting Schedule:
	Vesting Date
	Number of Units That Vest

	 
	March 31, 2019
	2,500

	 
	June 30, 2019
	2,500

	 
	September 30, 2019
	2,500

	 
	December 31, 2019
	2,500

	 
	March 31, 2020
	2,500

	 
	June 30, 2020
	2,500

	 
	September 30, 2020
	2,500

	 
	December 31, 2020
	2,500

	 
	March 31, 2021
	2,500

	 
	June 30, 2021
	2,500

	 
	September 30, 2021
	2,500

	 
	December 31, 2021
	2,500

All terms, provisions and conditions applicable to Restricted Stock Unit Awards set forth in the Plan and not set forth in this Agreement are incorporated by reference into this Agreement.  

By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan.  You acknowledge that you have received and reviewed these documents and that they set forth the entire agreement between you and the Company regarding your rights and obligations in connection with this Restricted Stock Unit Award.

	
				
	 
	EMPLOYEE
	 
	POLARIS INDUSTRIES INC.

	Agreed:
	       /s/ Christopher Musso
	 
	  /s/ James P. Williams

	 
	Name: Christopher Musso
	 
	James P. Williams

	 
	 
	 
	Senior Vice President, Chief Human Resources Officer

Attachment: Award Terms and Conditions

Polaris Industries Inc.
2007 Omnibus Incentive Plan
(As Amended and Restated April 30, 2015)
Restricted Stock Unit Award Agreement

Award Terms and Conditions

		
	1.
	Award of Restricted Stock Units.  The Company hereby confirms the grant to you, as of the Grant Date and subject to the terms and conditions of this Agreement and the Plan, of the number of Restricted Stock Units identified on the cover page of this Agreement (the "Units").  Each Unit represents the right to receive one Share of the Company’s common stock.  The Units granted to you will be credited to an account in your name maintained by the Company.  This account shall be unfunded and maintained for book-keeping purposes only, with the Units simply representing an unfunded and unsecured obligation of the Company.

		
	2.
	Restrictions Applicable to Units.  Neither this Award nor the Units subject to this Award may be sold, assigned, transferred, exchanged or encumbered other than by will or the laws of descent and distribution.  Any attempted transfer in violation of this Section 2 shall be void and ineffective.  The Units and your right to receive Shares in settlement of the Units under this Agreement shall be subject to forfeiture except to extent the Units have vested as provided in Section 4.    

		
	3.
	No Shareholder Rights.  The Units subject to this Award do not entitle you to any rights of a shareholder of the Company’s common stock.  You will not have any of the rights of a shareholder of the Company in connection with the grant of Units subject to this Agreement unless and until Shares are issued to you upon settlement of the Units as provided in Section 5.  

		
	4.
	Vesting and Forfeiture of Units.  The Units shall vest at the earliest of the following times and to the degree specified.  For purposes of this Agreement, use of the terms “employment” and “employed” refers to providing services to the Company and its Affiliates in the capacity of an Employee, Nonemployee Director or Third-Party Service Provider. 

		
	(a)
	Scheduled Vesting.  The Units shall vest in accordance with the Vesting Schedule set forth on the cover page to this Agreement, so long as your employment has been continuous since the Grant Date.  Notwithstanding the foregoing, if you experience an involuntary termination of employment for reasons other than Cause, or terminate your employment for Good Reason (as defined below), then all of the Units subject to this Award shall vest as of the termination date.  

		
	(b)
	Change of Control.  If a Change of Control occurs while you continue to be employed and before all of the Units have otherwise vested in accordance with the Vesting Schedule, then the following shall apply:

		
	(1)
	If this Award is continued, assumed or replaced in connection with a Change of Control but you experience an involuntary termination of employment for reasons other than Cause, or you terminate your employment for Good Reason (as defined below), and in either case such termination occurs within one year after the Change of Control, then all of the Units subject to this Award shall vest as of the termination date.

		
	(2)
	If this Award is not continued, assumed or replaced in connection with a Change of Control, then all of the Units subject to this Award shall vest as of the date of the Change of Control.

For purposes of this Section 4(b), “Good Reason” means, without your express written consent, (i) any material reduction in the scope of your authority, duties or responsibilities; (ii) any material reduction in your base compensation or any material reduction in your benefits (unless such reduction applies to all other executive officers of the Company) (iii) any material change in the geographic location of your principal place of employment; or (iv) any action or inaction that constitutes a material breach by the Company of any agreement under which you provide services to the Company.  Good Reason shall not, however, exist unless you have first provided written notice to the Company of the initial occurrence of one or more of the events under clauses (i) through (iv) above within ninety (90) days of the event’s occurrence, and such event is not fully remedied by the Company within thirty (30) days after the Company’s receipt of written notice from you.

		
	(c)
	Forfeiture of Unvested Units.  If your employment terminates prior to the final scheduled Vesting Date under circumstances other than as set forth in Sections 4(a) and 4(b), all unvested Units shall immediately be forfeited.

		
	5.
	Settlement of Units.  After any Units vest pursuant to Section 4, the Company shall, as soon as practicable (but no later than the later of (i) the end of the calendar year in which such Units vest or (ii) the 15th day of the third calendar month after the vesting date), cause to be issued and delivered to you, or to your designated beneficiary or estate in the event of your death, one Share in payment and settlement of each vested Unit.  Delivery of the Shares shall be effected by the issuance of a stock certificate, by an appropriate entry in the stock register maintained by the Company’s transfer agent with a notice of issuance provided, or by the electronic delivery of the Shares to a designated brokerage account, shall be subject to satisfaction of withholding tax obligations as provided in Section 6 and compliance with all applicable legal requirements as provided in Section 21.6 of the Plan, and shall be in complete satisfaction and settlement of such vested Units.  The Company will pay any original issue or transfer taxes with respect to the issuance and delivery of the Shares to you, and all fees and expenses incurred by it in connection therewith. 

		
	6.
	Withholding Taxes.  The Company will notify you of the amount of any federal, state, local or foreign withholding taxes (including social insurance contributions) that must be paid in connection with the vesting or settlement of the Units.  The Company (or any Affiliate employing you) may deduct such amount from your regular salary payments or other compensation otherwise due and owing to you.  If the full amount of the withholding taxes cannot be timely recovered in this manner, you must immediately remit the deficiency to the Company upon the receipt of the Company’s notice.  If you wish to satisfy some or all of such withholding taxes by delivering Shares you already own or by having the Company retain a portion of the Shares that would otherwise be issued to you in settlement of vested Units, you must make such a request in accordance with Section 19.2 of the Plan which shall be subject to approval by the Committee.  The Company may withhold the issuance to you of any and all Shares to which you are otherwise entitled under this Agreement until you have satisfied the applicable tax withholding obligations.

		
	7.
	Compensation Recovery.  Notwithstanding any other provision of this Agreement, this Award and any Shares or cash received in settlement thereof shall, to the extent applicable, be subject to (i) the Company’s Policy Regarding Executive Incentive Compensation Recoupment as in effect from time to time, including any amendments or revisions thereto adopted by the Board or the Committee in response to the requirements of Section 10D of the Exchange Act and the rules promulgated by the Securities and Exchange Commission and the New York Stock Exchange thereunder; and (ii) forfeiture to or reimbursement of the Company under the circumstances and to the extent provided in Section 304 of the Sarbanes-Oxley Act of 2002 if you are one of the individuals expressly subject to such Section 304 or if you knowingly or grossly negligently engaged in the misconduct, or knowingly or grossly negligently failed to prevent the misconduct which resulted in material noncompliance by the Company with any financial reporting requirement under the securities laws and as a result of which the Company was required to prepare an accounting restatement.

		
	8.
	Governing Plan Document.  This Agreement and Award are subject to all the provisions of the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan.  If there is any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan will govern.

		
	9.
	Binding Effect.  This Agreement will be binding in all respects on your heirs, representatives, successors and assigns, and on the successors and assigns of the Company.

		
	10.
	Entire Agreement; Amendment; Severability.  This Agreement and the Plan  embody the entire understanding of the parties regarding the subject matter hereof and shall supersede all prior agreements and understandings, oral or written, between the parties with respect thereto.  Except as otherwise provided in Section 17.4 of the Plan, no change, alteration or modification of this Agreement may adversely affect in any material way your rights under this Agreement without your prior written consent.  If any provision of this Agreement or the application of any provision hereof is declared to be illegal, invalid, or otherwise unenforceable by a court of competent jurisdiction, the remainder of this Agreement shall not be affected thereby.

		
	11.
	Certain References.  References to you in any provision of this Agreement under circumstances where the provision should logically be construed to apply to your executors or administrators, or to the person or persons to whom all or any portion of the Units may be transferred by will or the laws of descent and distribution, shall be deemed to include such person or persons.

		
	12.
	Notices.  Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered (including electronically) to the party for whom it is intended at such address as may from time to time be 

designated by it in a notice mailed or delivered to the other party as herein provided.  Unless and until some other address is so designated, all notices or communications by you to the Company shall be mailed or delivered to the Company, Attn: Senior Vice President, Chief Human Resources Officer, at its office at 2100 Highway 55, Medina, Minnesota  55340, and all notices or communications by the Company to you may be given to you personally or may be mailed or delivered to you at the address indicated in the Company's records as your most recent address.

		
	13.
	Choice of Law.  This Agreement will be governed by, and interpreted and enforced in accordance with, the laws of the state of Minnesota (without regard to its conflicts or choice of law principles).

		
	14.
	Section 409A.  Nothwithstanding any other provision of this Agreement, to the extent this Award constitutes a deferral of compensation subject to Code Section 409A:

		
	(a)
	For purposes of any amount that becomes vested and payable upon a termination of employment, a termination of employment will be deemed to have occurred only at such time as you have experienced a “separation from service” as such term is defined for purposes of Code Section 409A.

		
	(b)
	If any amount subject to this Award shall become vested and payable as a result of your separation from service at such time as you are a “specified employee” within the meaning of Code Section 409A, then no payment shall be made, except as permitted under Code Section 409A, prior to the first business day after the earlier of (i) the date that is six months after your separation from service or (ii) your death.  Unless the Committee has adopted a specified employee identification policy as contemplated by Code Section 409A, specified employees will be identified in accordance with the default provisions specified under Code Section 409A.

		
	(c)
	A Change of Control shall be deemed to have occurred only after giving effect to the last sentence of Section 2.7 of the Plan.

		
	15.
	Electronic Delivery and Acceptance.  The Company may deliver any documents related to this Award by electronic means and request your acceptance of this Agreement by electronic means.  You hereby consent to receive all applicable documentation by electronic delivery and to participate in the Plan through an on-line (and/or voice activated) system established and maintained by the Company or the Company’s third-party stock plan administrator.

		
	16.
	Appendix.  This Award and the Shares acquired under the Plan upon settlement of the Units shall be subject to any and all special terms and provisions, if any, as set forth in the Appendix for your country of residence, which Appendix is incorporated into and made a part of this Agreement.

By signing the cover page of this Agreement or otherwise accepting this Award in a manner approved by the Company, you agree to all the terms and conditions contained in this Agreement and in the Plan document.a10yemploymentofferlette

    2100 Highway 55                                                                                                            Scott W. Wine Medina, MN  55340-9770                                                                                          Chairman & CEO 763-542-0509     Scott W. Wine Chairman and CEO      September 28, 2017  Dear Chris:  On behalf of Polaris Industries Inc. (“Polaris” or “Company”), I am pleased to offer you the position of President, Off Road Vehicles.  I. Title and reporting relationship Your title is President, Off Road Vehicles.  You will report to Scott Wine, Chairman & CEO.  II. Date of Employment Your employment date will be October 30, or sooner if possible. Your employment date will be the effective date for cash incentives and equity awards as set forth below.  III. Base Salary Your annual base salary will be $540,000 paid bi-weekly. Your salary will be reviewed annually, subject to the approval of the Compensation Committee of the Board of Directors (the “Compensation Committee”). Your salary review date for 2018 will be April 1.  IV. Cash Incentive Compensation You will be a “B1” Level under the terms of our Senior Executive Annual Incentive Plan.  Your payment under the Senior Executive Annual Incentive Plan will be dependent upon your performance and the performance of the Company. Your target payout for the Senior Executive Annual Incentive Plan will be 100% of eligible earnings paid during a year, subject to adjustments by the Compensation Committee.    You will first become eligible for the Senior Executive Annual Incentive Plan for the 2018 plan year, to be paid in 2019.   V. Sign-on Bonus You will receive a $550,000 lump sum bonus to be paid as soon as administratively feasible following your start date.  In the event of your voluntary termination of employment without Good Reason (as defined under the severance agreement) within twenty-four (24) months from the start of your employment, in signing this 

 

letter you agree to immediately reimburse the Company this signing bonus on a prorated basis, determined at the rate of 1/24th of the signing bonus amount for each uncompleted full month of employment.   VI. Long Term Incentive Program You will begin participation in the long term incentive program in 2018.  The long term incentive program may consist of any combination of restricted stock units, stock options, and/or performance-based restricted stock units.  Your total long term incentive (“LTI”) target, the award mix, and any related performance metrics are determined each year by the Compensation Committee during the January meeting. For 2018, we guarantee an LTI equity grant valued at least $1.7 million. This represents the upper end of the competitive market data for this role.  These awards are subject to all the terms and conditions of the award agreements and the Polaris Industries Inc. 2007 Omnibus Incentive Plan (the “Omnibus Plan”).   VII. Restricted Stock Units   You will be granted 30,000 restricted stock units on your start date. The units will vest 2,500 units on the last day of each quarter beginning the first quarter of 2019 and ending the fourth quarter of 2021.  This award is subject to all the terms and conditions of the form of Restricted Stock Unit Award Agreement attached hereto as Exhibit A and the Omnibus Plan.   VIII. Quarterly Payments:  During fiscal year 2018, you will be entitled to receive a cash payment within 30 days following the end of each quarter. The amount of each payment will be equal to the product of 2,500 multiplied by the closing price of the Company’s stock as determined on the last business day of the respective quarter. In the event you are terminated for any reason other than Cause (as defined under the Omnibus Plan),experience a Change in Control (as defined in your severance agreement), or you terminate your employment with Good Reason (as defined under the severance agreement), you will receive a lump sum payment within 75 days of the event equal to the outstanding value of the remaining payments, determined using the closing price of the Company’s stock on the last day of employment or the last day the Company’s stock is listed on the exchange.    IX. Benefits & Perquisites You will be eligible to participate in Polaris’ benefit programs generally offered to all employees.  A copy of the 2017 benefits summary guide is attached hereto as Exhibit B. You will also be eligible to participate and receive perquisites made available by Polaris to its executives as set forth in Exhibit C. As an exception to the perquisites listed in Exhibit C, you will have the use of 12 Polaris products. The benefits and perquisites are subject to change by the Compensation Committee.    

 

X. Relocation You will be eligible for relocation under the Polaris Executive Relocation program.  The handbook is attached as Exhibit D.  XI. Severance Agreement When you begin employment with Polaris, Polaris will enter into a Severance Agreement with you in the Form attached as E  Your employment with Polaris is at will and nothing in this offer letter should be construed as altering that status.    This offer is contingent on your execution and return of the enclosed Non-Competition and Non-Solicitation Agreement before your first day of employment.  On or around your first day of employment, you will also be required to execute Polaris’ Employee Proprietary Information and Conflict of Interest Agreement.  Your status as an officer is contingent on approval by the Polaris Board of Directors.  Additionally, all components of this offer are contingent on approval of the Polaris Compensation Committee. For clarification and the protection of both you and the Company, this letter, including the exhibits (and any ancillary agreements based on such exhibits), represents the sole agreement between the parties.   This offer also remains contingent upon verification of employment eligibility pursuant to regulations issued under the Immigration Reform and Control Act of 1986 and satisfactory completion of a drug and alcohol test paid by Polaris. We will arrange for this test once you have agreed to the terms of this offer.  Chris, we are very excited to have you join the Polaris team.  Please sign and return a copy of this letter indicating that you accept our offer and confirming the terms of your employment. If you agree to this offer, which remains in effect through Monday, October 2, 2017 please sign and return to Jim Williams at 2100 Highway 55, Medina, MN 55340.  Very truly yours,    Scott Wine       Chairman & CEO     Accepted and Confirmed:  Date:     Chris Musso

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