Document:

Exhibit

Exhibit 10.e

    
July 10, 2015

Mr. Michael W. Malone
Polaris Industries Inc.
2100 Highway 55
Medina, MN 55340

Re:    Employment Arrangements
Dear Michael:

I am writing regarding our recent discussion about your plans to retire from Polaris Industries Inc. (“Polaris”). Thank you for sharing your plans with me and for agreeing to postpone complete retirement and to make yourself available to Polaris for purposes of assisting with matters related to our financial services business. This letter agreement (the "Agreement") is written for the purpose of setting forth the terms and conditions of your continued employment by Polaris during the transition period and to confirm your transition and termination benefits.
		
	1.
	Title, Position and Term.

Your employment, duties and responsibilities as Vice President-Finance and CFO will continue until August 3, 2015. You will resign from your position as Vice President-Finance and CFO at that time, and will then serve as Executive Vice President, Polaris Financial Services until March 1, 2016. On that date, you will resign as Executive Vice President-Polaris Financial Services and you will no longer serve as a corporate officer of Polaris. Your employment with Polaris will continue until March 1, 2018 or such earlier date provided in Section 4 below (the “Termination Date”) (the period from your resignation as Executive Vice President-Polaris Financial Services to the Termination Date is referred to as the “Transition Period”).  During the Transition Period, you will provide advice and counsel on matters related to Polaris’ financial services business and other matters within your experience and expertise as may be requested by the Chief Executive Officer of Polaris. You will perform services for Polaris during the Transition Period as requested, but with the understanding that your time commitment for the performance of such services on an ongoing basis during the Transition Period will not be more than 20% of your average level of time commitment to Polaris during the 36 month period prior to the start of the Transition Period; accordingly, you and Polaris intend for there to be a reduction in services performed sufficient to result in a “separation from service” under Section 409A of the Internal Revenue Code as of the earlier of March 1, 2016 or your Termination Date. During the time you serve as Executive Vice President-Polaris Financial Services and the Transition Period, you will be an employee of Polaris, but not a reporting individual for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, but you will continue to be subject to the insider trading policies of Polaris.
		
	2.
	Compensation and Benefits.

(a)    Base Salary and Retention Payments. For so long as you remain Vice President-Finance and CFO and Executive Vice President-Polaris Financial Services, you will be paid your current annual base salary of $490,000 and you will continue to be eligible for the calendar year 2015 Senior Executive Annual Incentive Compensation Plan at your current target payout rate of 80% of your base salary. During your Transition Period you will be paid an annual base salary of $75,000. Your base salary will be paid in accordance with Polaris' customary payroll policy, less all applicable withholdings and deductions. During the Transition Period, you will also receive a lump sum payment equal to $293,334 in March of 2016, 2017 and 2018, respectively (totaling $880,002). Each payment will be paid to you on or before March 15 of the respective year. 

(b)    Other Compensation and Benefits. While employed by Polaris during the Transition Period, you will participate in Polaris' then current standard benefit programs for C1 level employees, subject to the terms and conditions of the applicable benefit plans and programs, except that you will not be eligible for an annual incentive award under any annual incentive award program (including the Senior Executive Plan) or for Polaris’ stock based awards, in each case beginning January 1, 2016 (including the portion of 2016 during which you serve as Executive Vice President-Polaris Financial Services) through the end of your employment. You will continue to be considered an ”Employee” as defined in the Company’s 2007 Omnibus Plan while serving as an Executive Vice President-Polaris Financial Services and during the Transition Period for purposes of your outstanding stock option and performance restricted stock unit awards which will be determined in accordance with the terms and conditions of the applicable award agreement.
		
	3.
	Termination

(a)    Termination of Employment
(i)    You may voluntarily resign your employment hereunder at any time.
(ii)    Your employment hereunder will automatically terminate upon your death or permanent disability as defined in Polaris' long term disability plan then in effect.
(iii)    Your employment hereunder may be terminated by Polaris for Cause (as defined below) immediately upon written notice to you.
(iv)    Your employment hereunder will automatically terminate on March 1, 2018, if not earlier terminated for reasons stated above.
 (b)    Definition of Cause. For purposes of this Agreement only, "Cause" means (i) repeated violations of your employment obligations (other than as a result of incapacity due to physical or mental illness), which are demonstrably willful and deliberate on your part and which are not remedied in a reasonable period after written notice from Polaris specifying such violations; or (ii) conviction for (or plea of nolo contendere to) a felony.
		
	4. 
	Benefits on Termination. 

(a)    Termination at End of Transition Period, or Due to Disability. Upon termination of your employment in accordance with this Agreement (other than termination that occurs as a result of your death, your permanent disability, or your voluntary resignation prior to March 1, 2018 without the consent of Polaris, or your termination by Polaris for Cause), you will be entitled to the following:
(i)     You will participate in Polaris benefit plans as an early retiree, to the extent that your participation, or receipt of benefits, as an early retiree does not violate any applicable law, including any nondiscrimination requirement that may apply to the benefit under the federal tax laws, the violation of which may have an adverse tax consequence to Polaris, the benefit plan or any other participant in the benefit plan.
(ii)    The portion of each of your then outstanding and exercisable stock options that has not been exercised upon your Termination Date shall continue to be exercisable for a period of 36 months from your Termination Date, but not after the “Expiration Date” set forth in the stock option agreement memorializing such stock option. You agree to enter into such amendments and other documents as are reasonably necessary to achieve the foregoing modifications. 
(b)    Other Termination of Employment.  In the event of your termination of employment by reason of your death, your permanent disability, voluntary resignation prior to March 1, 2018 without the consent of Polaris, or your termination by Polaris for Cause, the payments due or benefits available upon death or termination of employment, as applicable, under any plan or program of Polaris will be determined in accordance with the terms of such plan or program without regard to this Agreement.
5.     Conditions. 
As a condition precedent to receiving any of the compensation and benefits set out in Sections 2 and 4 above, within 21 days following your resignation as Executive Vice President-Polaris Financial Services, you will execute a general waiver and release (“Waiver and Release”) in a form satisfactory to Polaris. The Waiver and Release shall become effective in accordance with the rescission provisions set forth therein. 

6.     Taxes. 
Polaris may withhold from any amounts payable under this Agreement such federal, state and local income and employment taxes as it shall determine are required to be withheld pursuant to any applicable law or regulation. Except to the extent that withholdings are made by Polaris, you will be responsible for payment of any and all taxes owed in connection with the payments hereunder. This Agreement is intended to satisfy, or be exempt from, the requirements of Section 409A(a)(2), (3) and (4) of the Code, including current and future guidance and regulations issued with respect thereto, and this Agreement should be interpreted accordingly. Notwithstanding any other provision herein, to the extent that you are a “specified employee” as defined in Section 409A of the Code as of your separation from service date, any and all deferred compensation payments subject to Section 409A and payable on account of your separation from service that would otherwise be paid during the first six months following your separation from service date will be accumulated (without interest) and paid to you in a lump-sum together with the first payment due after the six month anniversary of your separation from service date.  
7.     Notices. 
All notices under this Agreement shall be in writing and shall be deemed given if delivered by hand or mailed by registered or certified mail, return receipt requested, to the party to receive the same at the address set forth below or such other address as may have been furnished by proper notice.
Polaris:    Polaris Industries Inc.
2100 Highway 55
Medina, Minnesota 55340
Attention: Secretary

You:        Michael W. Malone
#################
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8.     Governing Law. 
This Agreement is entered into in the State of Minnesota and shall be construed, interpreted and enforced according to the statutes, rules of law and court decisions of the State of Minnesota.
		
	9. 
	Entire Agreement. 

This Agreement constitutes the entire understanding of the parties hereto and supersedes all prior understandings, whether written or oral, between the parties with respect to your employment with Polaris, including, without limitation, the Change in Control Agreements dated December 17, 2007 and June 1, 1996 and the Severance Agreement between you and Polaris dated January 16, 2008. The Non-Competition Agreement currently in effect between you and Polaris remains in full force and effect and nothing contained herein is intended to amend or modify the provisions of that agreement or any replacements thereof. 
Please sign and return a copy of this Agreement indicating that you accept our offer and confirming the terms of your employment. 
	
	
	Very truly yours,

	/s/ SCOTT W. WINE

	Scott W. Wine

	Chairman and Chief Executive Officer

	
	
	Accepted and Confirmed:

	/s/ MICHAEL W. MALONE

	Michael W. MaloneEX-4.1

 Exhibit 4.1 

UWHARRIE CAPITAL CORP 

2015 STOCK GRANT PLAN 

1. Purpose. From time to time Uwharrie Capital Corp (the “Company”) or its subsidiaries may, at their own discretion,
choose to make grants or awards of Uwharrie Capital Corp common stock (the “Common Stock”) to employees, directors or independent contractors of the Company or its subsidiaries as an alternate form of compensation or as a performance
bonus. These grants or other awards of Common Stock are referred to herein as “Stock Grants.” Employees, directors or independent contractors of the Company or its subsidiaries who receive Stock Grants are referred to herein as
“Participants.” 
 The purpose of this Stock Grant Plan (the “Plan”) is to advance the interests of the Company and its
shareholders by enabling Participants to acquire a proprietary interest in the Company by ownership of the Common Stock and to keep personnel of experience and ability in the employ of the Company or its subsidiaries and to compensate them for their
contributions to the Company or its subsidiaries and thereby induce them to continue to make such contributions in the future. 
 2.
Administration of Plan. The decision as to whom to award Stock Grants, as well as the amount and frequency of such Stock Grants, will be at the discretion of the Company’s chief executive officer and will be subject to the approval
of the board of directors of the Company. In the event the Participant is an employee, director or independent contractor of a subsidiary of the Company, then a Stock Grants to such a Participant must also be approved by the board of directors of
the subsidiary. 
 The Company’s board of directors shall have full and final authority to construe and interpret the Plan and to make
all other determinations and take all other actions deemed necessary or advisable for the proper administration of the Plan. All such actions and determinations shall be conclusively binding for all purposes and upon all persons. 

3. Purchases and Vesting of Common Stock. Shares of Common Stock to be used for Stock Grants under this Plan will be outstanding
shares purchased by a revocable trust formed by the Company (the “Trust”). Purchases shall be effected by the Trust in accordance with applicable federal and state banking and securities laws, regulations, and guidance, and in accordance
with the Company’s insider trading policies. Subject to such laws and policies, purchases may be effected in any manner the Trust deems to be reasonable and appropriate. 

The Trust will retain legal ownership of all shares purchased for the benefit of Participants until such time as the transfer of shares to the
Participant is completed; however, the Participant will be 100% vested in the shares purchased on their behalf as soon as the Trust’s purchase of shares on their behalf has been completed. Every attempt to transfer the purchased shares to the
Participant in a timely fashion immediately following the share purchase(s) will be made. 
 Subject to applicable federal and state banking
and securities laws, regulations, and guidance, and subject to the Company’s insider trading policies, the Trust has discretionary 

 
authority to determine when the dollars designated for an individual Stock Grant are expended for the purchase of shares of Common Stock. The denominated amount of an individual Stock Grant may
be expended in whole or in part at any time during the year in which the Stock Grant is granted, subject to regulatory restrictions and provided that the full denominated amount is expended in the year of eligibility. The number of shares of stock
purchased in any year of eligibility is a factor of the denominated amount of the Stock Grant and the price of each share at the time of purchase. 

4. Granting of Stock Grants. Stock Grants will be considered as annual compensation to the Participant. The Participant will
receive the Stock Grant in the form of shares of Common Stock in a single or proportional award, as soon as administratively feasible following each purchase of shares for such Participant, but no later than the last business day of December in the
year of grant. The Participant will be required to designate the form (physical share or book entry electronic) in which he or she wishes to receive the Stock Grant. Additionally the Participant will be required to identify the account into which he
or she wishes the shares to be transferred. 
 The award of Stock Grants shall be in specifically denominated whole U.S. Dollar
amounts. Such amount will be expended to purchase whole shares of Common Stock to be given, as compensation, to the Participant. To the extent possible, the full denominated amount of the award will be expended in the year of grant; however, only
whole shares will be purchased and awarded to the Participant and the purchase of shares for any Participant in a year of grant cannot exceed the total denominated amount of the award. 

5. SEC Registration and Restrictions. Unless an effective registration statement regarding the shares of Common Stock covered by
the Plan is on file with the Securities and Exchange Commission, each Participant shall, by accepting a Stock Grant, represent and agree, for himself and his transferees, that the shares of Common Stock covered by the Stock Grant were acquired for
investment and not for resale or distribution. The person entitled to receive such Stock Grant shall, upon request of the Company, furnish evidence satisfactory to the Company (including a written and signed representation) to the effect that the
shares of Common Stock are being acquired in good faith for investment and not for resale or distribution. Furthermore, the Company may, if it deems appropriate, affix a legend to certificates representing such shares of Common Stock indicating that
such shares have not been registered with the Securities and Exchange Commission and may so notify the Company’s transfer agent. Such shares may be disposed of by a Participant in the following manner only: (l) pursuant to an effective
registration statement covering such resale or reoffer, (2) pursuant to an applicable exemption from registration as indicated in a written opinion of counsel acceptable to the Company, or (3) in a transaction that meets all the
requirements of Rule l44 of the Securities and Exchange Commission. If shares of Common Stock covered by the Plan have been registered with the Securities and Exchange Commission, no such restrictions on resale shall apply, except in the case of
Participants who are directors, officers, or principal shareholders of the Company. Such persons may dispose of shares only by one of the three aforesaid methods. 

6. Tax Considerations. For tax purposes the shares that are transferred to the Participant will result in taxable income for the
Participant. The amount of taxable income is 

  
 2 

 
based on the price of the shares when they are purchased for the Participant. These amounts will be subject to required income tax and employment tax withholdings. The value of the Stock Grant
will be reflected on W-2 statements or Form 1099s in compliance with IRS regulations. 
 All Participants are urged to consult with their
own tax advisors as to the federal, state, local, and foreign tax consequences to them of participation in the Plan. 
 7.
Adjustments. In the event that the Company’s board of directors determines, in its sole discretion, that any stock dividend, stock split, reverse stock split, reclassification, reorganization, merger, consolidation, split-up,
spin-off, combination, exchange of shares, warrants or rights offering, or other similar transaction affects the Common Stock such that an adjustment is required in order to preserve the benefits or potential benefits intended to be granted or made
available under the Plan to the Participants, the Company’s board of directors shall have the right to proportionately and appropriately adjust Stock Grants granted hereunder. Any such adjustments will be made by the Company’s board of
directors, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding, and conclusive. 

8. Limitations. Neither the action of the Company in establishing the Plan, nor any action taken by it nor by the Company’s
board of directors under the Plan, nor any provision of the Plan, shall be construed as giving to any person the right to be retained in the employ of the Company. 

9. Amendment, Suspension or Termination of the Plan. The Company’s board of directors may alter, suspend, or terminate the
Plan at any time. No Stock Grants may be granted during any suspension or after the termination of the Plan. No amendment, suspension, or termination of the Plan shall, without a Participant’s consent, alter or impair any of the rights or
obligations under any Stock Grant theretofore granted to such Participant under the Plan unless such alteration is required in order to comply with applicable law. 

10. Governing Law. The Plan shall be governed by the laws of the State of North Carolina. 

11. Expenses of Administration. All costs and expenses incurred in the operation and administration of this Plan shall be borne
by the Company. 

  
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