Document:

Form of Restricted Stock Unit Agreement for Non-Employee Directors

 EXHIBIT 10.3 

FORM OF 

ARCTIC CAT INC. 
 RESTRICTED STOCK UNIT AGREEMENT 
 FOR NON-EMPLOYEE DIRECTORS

 This RESTRICTED STOCK UNIT AGREEMENT (“Agreement”) made as of the      day of
            , 20    , between Arctic Cat Inc., a Minnesota corporation (the “Company”), and
                                         ,
a non-employee member of the Board of Directors (the “Board”) of the Company (the “Director”). Any terms not defined herein shall have the meaning set forth in the 2007 Omnibus Stock and Incentive Plan (the “2007 Stock
Plan”) of the Company approved by its shareholders. 
 WHEREAS, the Company desires, by granting the Director
certain restricted stock units of the Company, as hereinafter provided, to carry out the purposes of the 2007 Stock Plan. 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the parties hereto have agreed, and do hereby agree, as follows: 
 1.
Award. 
 (a) Restricted Stock Units. Pursuant to the 2007 Omnibus Stock and Incentive Plan (the
“2007 Stock Plan”),                      Restricted Stock Units (RSUs”), each RSU representing the right to receive one share
of the Company’s common stock, par value $.01 per share (“Stock”), shall be issued as hereinafter provided in the Director’s name subject to certain restrictions thereon. 

(b) Issuance of RSUs. The RSUs shall be issued upon acceptance hereof by the Director and upon satisfaction of the
conditions of this Agreement. 
 (c) 2007 Stock Plan. This award of RSUs is subject to all of the terms and
conditions set forth in the 2007 Stock Plan, including future amendments thereto, if any. A copy of the 2007 Stock Plan is on file with the Chief Financial Officer of the Company, and the Director, by acceptance hereof, agrees to and accepts this
award of RSUs subject to the terms of the 2007 Stock Plan. In the event of any conflict between the terms of the 2007 Stock Plan and this Agreement, the terms of the 2007 Stock Plan shall prevail. 

2. Rights of the Director with Respect to the Restricted Stock Units. 

(a) No Shareholder Rights. The RSUs granted pursuant to this Agreement do not and shall not entitle the Director to any
rights of a holder of Stock. The rights of the Director with respect to the RSUs shall remain forfeitable during the first year following the date of this Agreement and shall vest in accordance with Section 3. 

  
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 (b) Dividend Equivalents. The Company shall pay to the Director with respect
to all RSUs outstanding on the record date for the payment of any dividend on the Stock an amount equal to the dividend the Director would have received on the payment date therefor if the shares of Stock issuable in accordance with such RSUs had
been issued and outstanding on such record date. 
 (c) Conversion of Restricted Stock Units; Issuance of Stock.
No shares of Stock shall be issued to the Director prior to the date on which the RSUs vest in accordance with Section 3. Neither this Section 2(c) nor any action taken pursuant to or in accordance with this Section 2(c) shall be
construed to create a trust of any kind. After the RSUs vest pursuant to Section 3, the Company shall cause to be issued no later than 2.5 months after the end of the Company’s fiscal year (subject to Section 5), in payment for such
RSUs that number of shares of Stock equal to the number of RSUs that have vested. 
 3. Vesting of RSUs. The
Director hereby accepts the RSUs and agrees with respect thereto as follows: 
 (a) Transfer Restrictions. The
RSUs may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of and any attempted sale, assignment, pledge, exchange or other transfer shall be null and void and without effect. 

(b) Vesting. The RSUs may be converted to transferable shares of Stock as to thirty-three and one-third percent (33 1/3%)
of the RSUs on each of the first three anniversaries of the date of this Agreement. Notwithstanding the foregoing, all the RSUs may be converted to shares of Stock on the occurrence of a Change in Control, except as otherwise provided in the 2007
Stock Plan; provided, however, such conversion shall be allowed only to the extent that the applicable definition of Change in Control is at least as restrictive as the definition set forth in Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”), and the Treasury Regulations relating thereto. 
 4. Tax Matters. 

(a) Election to Defer Distribution. The Director may elect to defer the distribution of some or all of such Stock. Such
deferral election shall be in accordance with the rules as established by the Committee and in general must be received in writing by the Company no later than the last day of the fiscal year preceding the fiscal year in which the RSU is granted,
except for grants of RSUs on April 1, 2011 for which deferral elections must be made on or before April 30, 2011. 

(b) Payment of Tax. To the extent that the receipt or vesting of the RSUs results in income to the Director for federal or
state income tax purposes, the Director shall deliver to the Company at the time of such receipt or lapse, as the case may be, such amount of money or shares of Stock as the Company may require to meet its withholding obligation under applicable tax
laws or regulations, and, if the Director fails to do so, the Company is authorized to withhold from 

  
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any cash or Stock remuneration then or thereafter payable to the Director any tax required to be withheld by reason of such resulting compensation income. 

(c) First Year Forfeiture. In the event the Director’s service as a member of the Board is terminated for any reason
prior to the first anniversary of the date of this Agreement the Director shall, for no consideration, forfeit to the Company all RSUs granted by this Agreement. 
 5. Delivery of Stock. The Company shall not be required to deliver any shares of Stock upon vesting of any RSUs until the requirements of any federal or state securities laws, rules or
regulations or other laws or rules (including the rules of any securities exchange) as may be determined by the Company to be applicable are satisfied. The Director agrees that such Stock will not be sold or otherwise disposed of in any manner which
would constitute a violation of any applicable federal or state securities laws. The Director also agrees (i) that the certificates representing such Stock may bear such legend or legends as the Company deems appropriate in order to assure
compliance with applicable securities laws, (ii) that the Company may refuse to register the transfer of such Stock on the stock transfer records of the Company if such proposed transfer would be in the opinion of counsel satisfactory to the
Company constitute a violation of any applicable securities law and (iii) that the Company may give related instructions to its transfer agent, if any, to stop registration of the transfer of the shares of such Stock. 

6. Committee’s Powers. No provision contained in this Agreement shall in any way terminate, modify or alter, or be
construed or interpreted as terminating, modifying or altering any of the powers, rights or authority vested in the Committee or, to the extent delegated, in its delegate pursuant to the terms of the 2007 Stock Plan or resolutions adopted in
furtherance of the 2007 Stock Plan, including, without limitation, the right to make certain determinations and elections with respect to the RSUs. 
 7. Company Authority. The existence of the RSUs herein granted shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting
the common stock of the Company or its rights thereof, or dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or
otherwise. 
 8. Disputes. As a condition of the granting of the RSUs herein granted, the Director agrees, for the
Director and the Director’s personal representatives, that any dispute or disagreement which may arise under or as a result of or pursuant to this Agreement shall be determined by the Board of Directors of the Company, in its sole discretion,
and that any interpretation of the Board of the terms of this Agreement shall be final, binding and conclusive. 
 9.
Binding Effect. This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all persons lawfully claiming under the Director. 

  
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 10. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Minnesota. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be
duly executed by an officer thereunto duly authorized, and the Director has executed this Agreement, all as of the date first above written. 
  

			
	ARCTIC CAT INC.
		
	By:	 	  

		 	Chief Executive Officer
	
	  

	Director

 Please furnish the following
information for shareholder records: 
  

					
	  
	 		  	  

	(Given name and initial must be used	 		  	Social Security Number
	for stock registry)	 		  	(if applicable)
			
	  
	 		  	  

		 		  	Birth Date
		 		  	Month/Day/Year
			
	  
	 		  	  

		 		  	Name of Employer
			
	  
	 		  	  

	Address (Zip Code)	 		  	Day phone number

 United States Citizen: Yes
     No      
 PROMPTLY NOTIFY THIS OFFICE OF ANY CHANGE IN ADDRESS. 

  
 - 4 -Form of Restricted Stock Unit Agreement for Executive Officers

 EXHIBIT 10.4 

FORM OF 

ARCTIC CAT INC. 
 RESTRICTED STOCK UNIT AGREEMENT 
 FOR EXECUTIVE OFFICERS 

This RESTRICTED STOCK UNIT AGREEMENT (“Agreement”) made as of the      day of
            , 20    , between Arctic Cat Inc., a Minnesota corporation (the “Company”), and
                                         ,
an employee of the Company or one or more of its subsidiaries (“Employee”). Any terms not defined herein shall have the meaning set forth in the 2007 Omnibus Stock and Incentive Plan (the “2007 Stock Plan”) of the Company
approved by its shareholders. 
 WHEREAS, the Company desires, by granting Employee certain restricted stock units of the
Company, as hereinafter provided, to carry out the purposes of the 2007 Stock Plan. 
 NOW, THEREFORE, in consideration
of the mutual covenants hereinafter set forth and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto have agreed, and do hereby agree, as follows: 

1. Award. 
 (a) Restricted Stock Units. Pursuant to the 2007 Omnibus Stock and Incentive Plan (the “2007 Stock Plan”),
                     Restricted Stock Units (RSUs”), each RSU representing the right to receive one share of the Company’s common
stock, par value $.01 per share (“Stock”), shall be issued as hereinafter provided in Employee’s name subject to certain restrictions thereon. 
 (b) Issuance of RSUs. The RSUs shall be issued upon acceptance hereof by Employee and upon satisfaction of the conditions of this Agreement. 

(c) 2007 Stock Plan and Employment Agreements. This award of RSUs is subject to all of the terms and conditions set forth
in the 2007 Stock Plan, including future amendments thereto, if any. A copy of the 2007 Stock Plan is on file with the Chief Financial Officer of the Company, and Employee, by acceptance hereof, agrees to and accepts this award of RSUs subject to
the terms of the 2007 Stock Plan. In the event of any conflict between the terms of the 2007 Stock Plan, any employment agreement between the Company and Employee and this Agreement, the terms of the 2007 Stock Plan shall prevail. 

2. Rights of Employee with Respect to the Restricted Stock Units. 

(a) No Shareholder Rights. The RSUs granted pursuant to this Agreement do not and shall not entitle the Employee to any
rights of a holder of Stock. The rights of Employee with respect to the RSUs shall remain forfeitable at all times prior to the date on which such rights become vested, and the restrictions with respect to the RSUs lapse, in accordance with
Section 3. 

  
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 (b) Dividend Equivalents. The Company shall pay to Employee with respect to
all RSUs outstanding on the record date for the payment of any dividend on the Stock an amount equal to the dividend Employee would have received on the payment date therefor if the shares of Stock issuable in accordance with such RSUs had been
issued and outstanding on such record date. 
 (c) Conversion of Restricted Stock Units; Issuance of Stock. No
shares of Stock shall be issued to Employee prior to the date on which the RSUs vest and the restrictions with respect to the RSUs lapse, in accordance with Section 3. Neither this Section 2(c) nor any action taken pursuant to or in
accordance with this Section 2(c) shall be construed to create a trust of any kind. After all restrictions with respect to RSUs lapse pursuant to Section 3, the Company shall cause to be issued no later than 2.5 months after the end of the
Company’s fiscal year (subject to Section 5), in payment for such RSUs that number of shares of Stock equal to the number of RSUs with respect to which the restrictions have lapsed. 

3. Restrictions on RSUs. Employee hereby accepts the RSUs and agrees with respect thereto as follows: 

(a) Forfeiture Restrictions. The RSUs may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred,
encumbered or disposed of, and in the event of termination of Employee’s employment with the Company or employing subsidiary for any reason other than (i) Retirement at any time following the first anniversary of the date of this
Agreement, (ii) death or (iii) Disability, or except as otherwise provided in the last sentence of subparagraph (b) of this Paragraph 3, Employee shall, for no consideration, forfeit to the Company all RSUs to the extent then subject
to the Forfeiture Restrictions. The prohibition against transfer and the obligation to forfeit and surrender RSUs to the Company upon termination of employment are herein referred to as “Forfeiture Restrictions.” For purposes of clarity,
if Employee terminates his or her employment prior to the first anniversary of the date of this Agreement due to Retirement, Employee shall, for no consideration, forfeit to the Company all RSUs granted by this Agreement. The Forfeiture Restrictions
shall be binding upon and enforceable against any purported transferee of RSUs. 
 (b) Lapse of Forfeiture
Restrictions. The Forfeiture Restrictions shall lapse as to thirty-three and one-third percent (33 1/3%) of the RSUs on each of the first three anniversaries of the date of this Agreement provided that Employee has been continuously employed
by the Company from the date of this Agreement through the lapse date. Notwithstanding the foregoing, the Forfeiture Restrictions shall lapse as to all of the RSUs on the earlier of (i) the occurrence of a Change in Control, except as otherwise
provided in the 2007 Stock Plan, or (ii) the date Employee’s employment with the Company is terminated by reason of death, Disability or Retirement. Lapse of Forfeiture Restrictions under (i) or (ii) of this Section 3(b)
shall be allowed only to the extent that the applicable Change in Control or termination events for death, Disability or Retirement are at least as restrictive as the definitions set forth Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), and the Treasury Regulations relating thereto. In the event Employee’s 

  
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employment is terminated for any other reason, the Committee which administers the 2007 Stock Plan (the “Committee”) or its delegate, as appropriate, may, in the Committee’s or
such delegate’s sole discretion, approve the lapse of Forfeiture Restrictions as to any or all RSUs still subject to such restrictions, such lapse to be effective on the date of such approval or Employee’s termination date, if later.

 4. Tax Matters. 
 (a) Election to Defer Distribution. If the distribution of Stock upon lapsing of Forfeiture Restrictions applicable to the RSUs granted by this Agreement is subject to U.S. tax law, Employee
may elect to defer the distribution of some or all of such Stock. Such deferral election shall be in accordance with the rules as established by the Committee and in general must be received in writing by the Company no later than the last day of
the fiscal year preceding the fiscal year in which the RSU is granted, except for grants of RSUs on April 1, 2011 for which deferral elections must be made on or before April 30, 2011. 

(b) Payment of Tax. To the extent that the receipt of the RSUs or the lapse of any Forfeiture Restrictions results in
income to Employee for federal or state income tax purposes, Employee shall deliver to the Company at the time of such receipt or lapse, as the case may be, such amount of money or shares of Stock as the Company may require to meet its withholding
obligation under applicable tax laws or regulations, and, if Employee fails to do so, the Company is authorized to withhold from any cash or Stock remuneration then or thereafter payable to Employee any tax required to be withheld by reason of such
resulting compensation income. 
 (c) 409A Compliance. Notwithstanding anything to the contrary herein, and unless
otherwise agreed by the Company and Employee in writing, if Employee is a “specified employee,” as defined in Section 409A(a)(2)(B)(i) of the Code as of the date of any termination, payment of deferred compensation subject to
Section 409A of the Code shall be made to Employee in one lump sum no earlier than six months following the date of termination; provided, however, that any payment or portion thereof which is subject to an exemption for
separation pay to specified employees as provided under Section 409A of the Code and the relevant Treasury Regulations thereunder, or is subject to any other exemption provided under Section 409A of the Code and the relevant Treasury
Regulations thereunder allowing for payment to a specified employee prior to the date that is six months following the date of termination of employment, may be paid to Employee the later of 20 days following such date of termination or the date
Employee fulfills any conditions to receipt of such payment or portion thereof (which conditions must be capable of being satisfied within two and one-half months of the date of termination). 

5. Delivery of Stock. The Company shall not be required to deliver any shares of Stock upon vesting or lapse of
restrictions of any RSUs until the requirements of any federal or state securities laws, rules or regulations or other laws or rules (including the rules of any securities exchange) as may be determined by the Company to be applicable are satisfied.
Employee agrees that such Stock will not be sold or otherwise disposed of in any manner which would constitute a violation of any applicable federal or state securities laws. Employee also agrees

  
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(i) that the certificates representing such Stock may bear such legend or legends as the Company deems appropriate in order to assure compliance with applicable securities laws, (ii) that
the Company may refuse to register the transfer of such Stock on the stock transfer records of the Company if such proposed transfer would be in the opinion of counsel satisfactory to the Company constitute a violation of any applicable securities
law and (iii) that the Company may give related instructions to its transfer agent, if any, to stop registration of the transfer of the shares of such Stock. 
 6. Employment Relationship. For purposes of this Agreement, Employee shall be considered to be in the employment of the Company as long as Employee remains an employee of either the Company,
any successor corporation or a parent or subsidiary corporation (as defined in section 424 of the Code) of the Company or any successor corporation. Any question as to whether and when there has been a termination of such employment, and the cause
of such termination, shall be determined by the Committee, or its delegate, as appropriate, and its determination shall be final. 
 7. Committee’s Powers. No provision contained in this Agreement shall in any way terminate, modify or alter, or be construed or interpreted as terminating, modifying or altering any of
the powers, rights or authority vested in the Committee or, to the extent delegated, in its delegate pursuant to the terms of the 2007 Stock Plan or resolutions adopted in furtherance of the 2007 Stock Plan, including, without limitation, the right
to make certain determinations and elections with respect to the RSUs. 
 8. Company Authority. The existence of
the RSUs herein granted shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its
business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the common stock of the Company or its rights thereof, or dissolution or liquidation of the
Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 
 9. Disputes. As a condition of the granting of the RSUs herein granted, Employee agrees, for Employee and Employee’s personal representatives, that any dispute or disagreement which may
arise under or as a result of or pursuant to this Agreement shall be determined by the Board of Directors of the Company, in its sole discretion, and that any interpretation of the Board of the terms of this Agreement shall be final, binding and
conclusive. 
 10. Binding Effect. This Agreement shall be binding upon and inure to the benefit of any successors
to the Company and all persons lawfully claiming under Employee. 
 11. Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of Minnesota. 

  
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an
officer thereunto duly authorized, and Employee has executed this Agreement, all as of the date first above written. 
  

			
	ARCTIC CAT INC.
		
	By:	 	  

		 	Chief Executive Officer
	
	  

	Employee

  
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	*	I acknowledge that the Company has suggested that before this block is checked that I check with a tax consultant of my choice.

 Please furnish the following information for shareholder records: 

 

					
	  
	 		 	  

	 (Given name and initial must be used
 for stock registry)
	 		 	 Social Security Number
 (if applicable)

	 		 
			
	  
	 		 	  

		 		 	 Birth Date

Month/Day/Year

			
	  
	 		 	  

		 		 	Name of Employer
			
	  
	 		 	  

	Address (Zip Code)	 		 	Day phone number

 United States Citizen: Yes
     No      
 PROMPTLY NOTIFY THIS OFFICE OF ANY CHANGE IN ADDRESS. 

  
 - 6 -

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