Document:

Exhibit

Exhibit 4.4
EXECUTION COPY
AMENDMENT NO. 1 TO 5-YEAR CREDIT AGREEMENT
Dated as of April 6, 2018
to
5-YEAR CREDIT AGREEMENT
Dated as of April 7, 2016
THIS AMENDMENT NO. 1 TO 5-YEAR CREDIT AGREEMENT (“Amendment”) is made as of April 6, 2018 (the “Effective Date”) by and among Harley-Davidson, Inc., a Wisconsin corporation (“Harley”), Harley-Davidson Financial Services, Inc., a Delaware corporation (“HDFS”, and together with Harley, collectively, the “U.S. Borrowers”), Harley-Davidson Financial Services Canada, Inc., a corporation organized and existing under the laws of Canada (“Canadian Borrower”, and together with the U.S. Borrowers, collectively, the “Borrowers”), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Global Administrative Agent (the “Administrative Agent”), under that certain 5-Year Credit Agreement dated as of April 7, 2016 by and among the Borrowers, Harley-Davidson Financial Services International, Inc., a Delaware corporation, and Harley-Davidson Credit Corp., a Nevada corporation, as Guarantors, the Lenders and the Administrative Agent (the “Credit Agreement”). Capitalized definitional terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.
WHEREAS, the Borrowers have requested that certain modifications be made to the Credit Agreement; and
WHEREAS, the Borrowers, the Lenders party hereto and the Administrative Agent have agreed to amend the Credit Agreement on the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders party hereto and the Administrative Agent hereby agree to the following amendment to the Credit Agreement.
1.Amendments to Credit Agreement.  Effective as of the Effective Date but subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement is hereby amended as follows:
(a)    Section 1.1 of the Credit Agreement is amended to add the following new definitions therein in the appropriate alphabetical order:
“Amendment No. 1 Effective Date” means April 6, 2018.

US-DOCS\99931540.10

“Combination” has the meaning assigned to such term in Section 2.4(a)(ii).
“Combined Lender” has the meaning assigned to such term in Section 2.4(a)(ii).
“Consolidated Shareholders’ Equity” is defined in Section 6.3(A).
“Credit Party” means any Lender or the Global Administrative Agent, individually, and “Credit Parties” means each of the Lenders and the Global Administrative Agent, collectively.
“Exemption Certificate” is defined in Section 3.5(iv) hereof.
“Replacement Lender” has the meaning assigned to such term in Section 2.4(a)(ii).
“Retired Commitments” has the meaning assigned to such term in Section 2.4(a)(ii).
“Surviving Commitment” has the meaning assigned to such term in Section 2.4(a)(ii).
“Surviving Lender” has the meaning assigned to such term in Section 2.4(a)(ii).
(b)    The definition of “Agreement Accounting Principles” appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:
“Agreement Accounting Principles” means, subject to Section 9.8, generally accepted accounting principles as in effect from time to time in the United States, applied in a manner consistent with that used by Harley in its preparation of its audited financial statements for the year ended December 31, 2017 (except for changes to such application as are concurred on by Harley’s independent public accountants); provided that, if Harley notifies the Global Administrative Agent that Harley wishes to amend Section 6.3 to eliminate the effect of any change in Agreement Accounting Principles (or in the application thereof) on the operation of such covenant (or if the Global Administrative Agent notifies Harley that the Required Lenders wish to amend Section 6.3 for such purpose), then Harley’s compliance with such section shall be determined on the basis of Agreement Accounting Principles as in effect without giving effect to the relevant change in Agreement Accounting Principles (or in the application thereof), until either such notice is withdrawn or such Section is amended in a manner satisfactory to Harley and the Required Lenders.
(c)    The definition of “Alternate Base Rate” appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows: 
“Alternate Base Rate” means, for any day, a fluctuating interest rate per annum as shall be in effect from time to time, which rate per annum shall at all times be equal to the greatest of (a) the Prime Rate in effect on such day; (b) the sum of one-half of one percent (0.50%) and the NYFRB Rate in effect on such day; and (c) the Eurocurrency Rate for a one month Interest Period in Dollars on such day (or, if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that for the purpose of this definition, the Eurocurrency Rate for any day shall be based on LIBOR (or if LIBOR is not 

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available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Eurocurrency Rate shall be effective on the effective date of such change.  If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 3.3 hereof, then the Alternate Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above.
(d)    The definition of “Capitalized Lease Obligations” appearing in Section 1.1 of the Credit Agreement is amended to delete the phrase “Closing Date” and replace such phrase with the phrase  “Amendment No. 1 Effective Date”.
(e)    The definition of “Consolidated Tangible Net Worth” appearing in Section 1.1 of the Credit Agreement is deleted in its entirety.
(f)    The definition of “Disqualified Institutions” appearing in Section 1.1 of the Credit Agreement is amended to (i) insert the phrase “any of their Subsidiaries or” immediately after the phrase “a competitor of any of the Companies or” appearing therein, and (ii) delete each reference to the phrase “Closing Date” and replace each such reference with the phrase  “Amendment No. 1 Effective Date”.
(g)    The definition of “Domestic Subsidiary” appearing in Section 1.1 of the Credit Agreement is deleted in its entirety.  
(h)    The definition of “Excluded Taxes” appearing in Section 1.1 of the Credit Agreement is amended to delete the phrase “U.S. federal” appearing in clause (b) therein.
(i)    The definition of “FATCA” appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:
“FATCA” means Sections 1471 through 1474 of the Code, as of the Amendment No. 1 Effective Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.
(j)    The definition of “Federal Funds Effective Rate” appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:
“Federal Funds Effective Rate” shall mean, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

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(k)    The definition of “Interest Period” appearing in Section 1.1 of the Credit Agreement is amended to insert the phrase “, except in the case of a one (1) week Interest Period,” immediately before the phrase “for Eurocurrency Rate Loans, if said next succeeding Business Day falls in a new calendar month” appearing therein.
(l)    The definition of “Interpolated Rate” appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:
“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum determined by the Global Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBOR Screen Rate for the longest period (for which the LIBOR Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest Period and (b) the LIBOR Screen Rate for the shortest period (for which the LIBOR Screen Rate is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, at such time.  
(m)    The definition of “LIBOR Reference Page” appearing in Section 1.1 of the Credit Agreement is amended to (i) insert the phrase “that displays such rate” immediately after the phrase “pages LIBOR01 or LIBOR02 of the Reuters screen” appearing therein and (ii) insert the phrase “or screen” immediately after the phrase “either of such Reuters pages” appearing therein.  
(n)    The definition of “Material Adverse Change” appearing in Section 1.1 of the Credit Agreement is amended to delete the phrase “Closing Date” appearing therein and replace such phrase with the phrase “Amendment No. 1 Effective Date”.
(o)    The definition of “Material Adverse Effect” appearing in Section 1.1 of the Credit Agreement is amended to delete the phrase “Closing Date” appearing therein and replace such phrase with the phrase  “Amendment No. 1 Effective Date”.
(p)    The definition of “NYFRB Rate” appearing in Section 1.1 of the Credit Agreement is amended to insert the proviso “; provided, further, that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement” immediately before the period at the end of such definition.  
(q)    The definition of “Overnight Bank Funding Rate” appearing in Section 1.1 of the Credit Agreement is amended to delete the parenthetical “(from and after such date as the NYFRB shall commence to publish such composite rate)” appearing therein.
(r)    The definition of “Payment Date” appearing in Section 1.1 of the Credit Agreement is amended to insert the phrase “and the Termination Date” immediately before the period at the end of such definition.
(s)    The definition of “Prime Rate” appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:
“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Board in Federal Reserve Statistical Release 

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H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined reasonably and in good faith by the Administrative Agent) or any similar release by the Board (as determined reasonably and in good faith by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.
(t)    The definition of “Regulation D” appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:
“Regulation D” means Regulation D of the Board as from time to time in effect and any successor thereto or other regulation or official interpretation of the Board relating to reserve requirements applicable to member banks of the Federal Reserve System.
(u)    The definition of “Sanctioned Country” appearing in Section 1.1 of the Credit Agreement is amended to delete the phrase “this Agreement” appearing therein and replace such phrase with the phrase “the Amendment No. 1 Effective Date”.
(v)    The definition of “Sanctioned Person” appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, any EU member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority, (b) any Person organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons.
(w)     The definition of “Sanctions” appearing in Section 1.1 of the Credit Agreement is amended to insert the phrase “any EU member state,” immediately after the phrase “the European Union,” appearing therein. 
(x)    The definition of “SPE” appearing in Section 1.1 of the Credit Agreement is deleted in its entirety.
(y)    The definition of “Support Agreement” appearing in Section 1.1 of the Credit Agreement is amended and restated in its entirety as follows:
  “Support Agreement” means the Support Agreement dated as of September 26, 1996 between Harley and HDFS evidencing Harley’s agreement to support certain debts of HDFS and its Subsidiaries, together with and as supplemented by the letter agreement dated as of April 7, 2016, the letter agreement dated as of May 1, 2017 and the letter agreement dated as of April 6, 2018, in each case to the Global Administrative Agent from Harley and HDFS pursuant to which certain modifications to the above‐referenced Support Agreement were agreed to for the benefit of the Global Administrative Agent and the Lenders.
(z)    Section 2.4(a) of the Credit Agreement is amended and restated in its entirety as follows:
“(a)  Reduction of Commitments.  

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(i)      Harley may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, in an aggregate minimum amount of $10,000,000 and integral multiples of $5,000,000 in excess of that amount, upon at least five (5) Business Days’ prior written notice to the Global Administrative Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the Aggregate Commitment may not be reduced below the sum of the aggregate principal Dollar Amount of the outstanding Advances (including Syndicated Canadian Advances) and the Swing Line Loans.  In addition, the Canadian Borrower or any U.S. Borrower may, upon three (3) Business Days’ prior written notice to the Global Administrative Agent, terminate entirely at any time or reduce from time to time, by an aggregate amount of $5,000,000 or any larger multiple of $1,000,000 (or as otherwise set forth in the Syndicated Canadian Addendum), the unused portions of the Syndicated Canadian Commitments as specified by the Canadian Borrower or such U.S. Borrower in such notice to the Global Administrative Agent; provided, however, that at no time shall the Syndicated Canadian Commitments be reduced to a figure less than the total of the outstanding principal amount of all Syndicated Canadian Loans and Canadian Swing Line Loans owing by the Canadian Borrower and the U.S. Borrowers.  All accrued and unpaid commitment fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Loans hereunder.  The Global Administrative Agent shall promptly distribute to the relevant Lenders any notices received by it under this Section 2.4(a)(i).  Any such notice delivered by Harley pursuant to this Section 2.4(a)(i) may state that such notice is conditioned upon the effectiveness of other credit facilities or other transactions specified therein, in which case such notice may be revoked by Harley (by notice to the Global Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.
(ii)      Notwithstanding the foregoing, upon the acquisition of one Lender by another Lender, or the merger, consolidation or other combination of any two or more Lenders (any such acquisition, merger, consolidation or other combination being referred to hereinafter as a “Combination” and each Lender which is a party to such Combination being hereinafter referred to as a “Combined Lender”), Harley may notify the Global Administrative Agent that it desires to reduce the Commitment of the Lender surviving such Combination (the “Surviving Lender”) to an amount equal to the Commitment of that Combined Lender which had the largest Commitment of each of the Combined Lenders party to such Combination (such largest Commitment being the “Surviving Commitment” and the Commitments of the other Combined Lenders being hereinafter referred to, collectively, as the “Retired Commitments”).  If the Required Lenders (determined as set forth below) and the Global Administrative Agent agree to such reduction in the Surviving Lender’s Commitment, then (i) the aggregate amount of the Commitments shall be reduced by the Retired Commitments effective upon the effective date of the Combination (or such later date as Harley may specify in its request), provided, that, on or before such date the Borrowers have paid in full the outstanding principal amount of the Loans of each of the Combined Lenders other than the Combined Lender whose Commitment is the Surviving Commitment, (ii) from and after the effective date of such reduction, the Surviving Lender shall have no obligation with respect to the Retired Commitments, and (iii) Harley shall notify the Global Administrative Agent whether they wish such reduction to be a permanent reduction or a temporary reduction.  If such reduction is to be a temporary reduction, then Harley shall be responsible for finding one or more financial institutions (each, a “Replacement Lender”), acceptable to the Global Administrative Agent (such acceptance not to be unreasonably withheld or delayed), willing to assume the obligations of a Lender 

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hereunder with aggregate Commitments up to the amount of the Retired Commitments.  The Global Administrative Agent may require the Replacement Lenders to execute such documents, instruments or agreements as the Global Administrative Agent deems necessary or desirable to evidence such Replacement Lenders’ agreement to become parties hereunder.  For purposes of this Section 2.4(a)(ii), Required Lenders shall be determined as if the reduction in the aggregate amount of the Commitments requested by Harley had occurred (i.e., the Combined Lenders shall be deemed to have a single Commitment equal to the Surviving Commitment and the aggregate amount of the Commitments shall be deemed to have been reduced by the Retired Commitments).”
(aa)    Section 2.4(b) of the Credit Agreement is amended to (i) insert the parenthetical “(and have different fees)” immediately after the phrase “the Incremental Term Loans may be priced differently” appearing therein, (ii) delete the phrase “Lenders” appearing immediately after the phrase “If any fee shall be charged by the” therein and replace such phrase with the phrase “Increasing Lenders or Augmenting Lenders, as appropriate”, and (iii) delete the word “the” appearing therein immediately after the phrase “the amount of the fee to be charged by” and replace such word with the word “such”.  
(bb)    The definition of “S&P Rating” appearing in Section 2.6(b)(i) of the Credit Agreement is amended to delete the phrase “Standard and Poor’s Ratings Group, a subsidiary of The McGraw Hill Companies, Inc.” appearing therein and replace such phrase with the phrase “S&P Global Ratings, a division of S&P Global Inc.”.
(cc)    Section 2.21(D) of the Credit Agreement is amended to delete the phrase “Assignment and Assumption” appearing therein and replace such phrase with the phrase “assignment and assumption”.
(dd)    Section 3.1 of the Credit Agreement is amended to delete each instance of the phrase “Closing Date” appearing therein and replace each such instance with the phrase “Amendment No. 1 Effective Date”.     
(ee)    Section 3.2 of the Credit Agreement is amended to delete the phrase “Closing Date” appearing therein and replace such phrase with the phrase “Amendment No. 1 Effective Date”. 
(ff)    Section 3.3(a) of the Credit Agreement is amended to insert the following sentence at the end of such section:
“It is hereby understood and agreed that, notwithstanding anything to the foregoing set forth in this Section 3.3(a), if at any time the conditions set forth in Section 3.3(c)(i) or (ii) are in effect, the provisions of this Section 3.3(a) shall no longer be applicable for any purpose of determining any alternative rate of interest under this Agreement and Section 3.3(c) shall instead be applicable for all purposes of determining any alternative rate of interest under this Agreement.”  
(gg)    Section 3.3(b) of the Credit Agreement is amended to insert the parenthetical “(including, without limitation, because the LIBOR Screen Rate is not available or published on a current basis)” immediately after the phrase “EURIBOR or LIBOR, as applicable”.

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(hh)    Section 3.3 of the Credit Agreement is amended to insert a new Section 3.3(c) in appropriate order as follows:
“(c) Notwithstanding the foregoing, if at any time the Global Administrative Agent determines (which determination shall be conclusive absent demonstrable error) that (i) the circumstances set forth in Section 3.3(b)(ii) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 3.3(b)(ii) have not arisen but the supervisor for the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Global Administrative Agent has made a public statement identifying a specific date after which the LIBOR Screen Rate shall no longer be used for determining interest rates for loans, then the Global Administrative Agent and Harley shall endeavor to establish an alternate rate of interest to LIBOR that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable; provided that, if such alternate rate of interest as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.  Notwithstanding anything to the contrary in Section 8.3, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Global Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment.  Until an alternate rate of interest shall be determined in accordance with this Section 3.3(c) (but, in the case of the circumstances described in clause (ii) of the first sentence of this Section 3.3(c), only to the extent the LIBOR Screen Rate for the Interest Period is not available or published at such time on a current basis), (A) the availability of Fixed Rate Advances or such Swing Line Loans of the affected Type or in the affected currency shall be suspended (except as set forth in clause (C) below), (B) in the case of any occurrence set forth in clause (i) above, the Global Administrative Agent shall require any affected Fixed Rate Advances or Swing Line Loans  to be repaid or, in the case of Eurocurrency Rate Loans in Dollars, at the option of the applicable U.S. Borrower, converted to Base Rate Advances or, in the case of any Loans to the Canadian Borrower, at the option of the Canadian Borrower, converted to Canadian Prime Rate Advances and (C) if any Borrowing Notice requests a Eurocurrency Rate Advance in a currency other than Dollars, then LIBOR for such Eurocurrency Rate Advance shall be the Alternative Rate.”
(ii)    Section 3.5(i) of the Credit Agreement is amended to insert the phrase “, or other evidence of such payment that is reasonably satisfactory to the Global Administrative Agent” immediately before the period at the end of such section.  
(jj)    Section 3.5(ii) of the Credit Agreement is amended to delete the phrase “but excluding any such taxes, charges or levies in respect of any assignment, sale or transfer or participation (but excluding any participations and transfers pursuant to Section 2.2(E)) by any Lender or the Global Administrative Agent” appearing therein and replace such phrase with the phrase “(but excluding any such taxes, charges or levies in respect of any assignment, sale or transfer or participation (but excluding any participations and transfers pursuant to Section 2.2(E)) by any Lender or the Global Administrative Agent)”.

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(kk)    Section 3.5(iv) of the Credit Agreement is amended to (i) delete the phrase “each of Harley and the Global Administrative Agent” appearing therein and replace such phrase with the phrase “each of Harley, the Guarantors and the Global Administrative Agent”, and (ii) insert the word “immediately” immediately after the phrase “delivering any such form or amendment with respect to it and such Lender” appearing therein.  
(ll)    Section 3.5(v) of the Credit Agreement is amended to insert the phrase “additional amounts or” immediately before the phrase “indemnification under this Section 3.5” appearing therein.  
(mm)    Section 3.5(vi) of the Credit Agreement is amended to (i) delete the phrase “Closing Date” appearing therein and replace such phrase with the phrase “Amendment No. 1 Effective Date”, (ii) delete all instances of the phrase “Harley or the Global Administrative Agent” and replace such phrases with the phrase “Harley, the Guarantors or the Global Administrative Agent”, (iii) delete the phrase “Harley and the Global Administrative Agent” appearing therein immediately before the phrase “to comply with their obligations under FATCA” and replace such phrase with the phrase “Harley, the Guarantors and the Global Administrative Agent”, and (iv) delete the word “has” appearing immediately before the phrase “complied with such Lender’s obligations under FATCA” therein and replace such word with the phrase “has or has not”.  
(nn)    Section 3.8 of the Credit Agreement is amended and restated in its entirety as follows: 
“3.8    Replacement of Affected Lenders.  (a) If any Lender (or any Participant holding interests in any Loan owing to such Lender or in any Commitment of such Lender or in any other interest of such Lender under the Loan Documents) requests compensation under Section 3.1, 3.2 or 3.7, or (b) if any Borrower is required to pay any additional amount pursuant to Section 3.5, or (c) if any Lender becomes a Defaulting Lender or (d) if any Lender (1) shall at any time have (or have a parent that has) a long-term credit rating of lower than BBB from S&P, lower than Baa2 from Moody’s or lower than the equivalent rating from any other nationally recognized statistical rating organization, or shall at any time not have a long-term credit rating from S&P, Moody’s or any other nationally recognized statistical rating organization (in each case under this clause (d)(1) regardless of whether any such circumstances existed at the time such Lender became a Lender), (2) is an Ineligible Institution, (3) enters into, or purports to enter into,  an assignment or a participation with an Ineligible Institution in violation of this Agreement, (4) does not consent to the addition of a currency to the list of Agreed Currencies if the Required Lenders have so consented or (5) has become the subject of a Bail-In Action (or any case or other proceeding in which a Bail-In Action may occur), then Harley may, at its sole expense and effort, upon notice to such Lender and the Global Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 13.3), all its interests, rights and obligations under this Agreement (other than any outstanding Bid Rate Loans held by it) to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) in the 

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case of an assignment to an assignee which is not a Lender, Harley shall have received the prior written consent of the Global Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans (other than Bid Rate Loans) and participations in the relevant Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or Harley (in the case of all other amounts) and (iii) in the case of any such assignment arising under clause (d)(1) above, the assignee shall have a credit rating greater than or equal to BBB from S&P and/or greater than or equal to Baa2 from Moody’s.  Each party hereto agrees that (1) an assignment required pursuant to this paragraph may be effected pursuant to an assignment and assumption executed by Harley, the Global Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System as to which the Global Administrative Agent and such parties are participants), and (2) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.”
(oo)    Section 4.1 of the Credit Agreement is amended to delete the date “December 31, 2015” appearing therein and replace such date with the date “December 31, 2017”.
(pp)    Section 5.1.5 of the Credit Agreement is amended delete the date “December 31, 2015” appearing therein and replace such date with the date “December 31, 2017”.
(qq)    Section 5.1.6 of the Credit Agreement is amended delete the date “December 31, 2015” appearing therein and replace such date with the date “December 31, 2017”.
(rr)    Section 5.1.8 of the Credit Agreement is amended and restated in its entirety as follows:
“5.1.8 Regulations T, U and X.  No Borrower is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T, U and X issued by the Board), and no proceeds of any Advance will be used, directly or indirectly, to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock that entails a violation of any of the Regulations of the Board.”
(ss)    Each of Sections 5.1.10 and 5.1.11 of the Credit Agreement is deleted in its entirety and Section 5.1.12 of the Credit Agreement is renumbered as Section 5.1.10 and amended and restated in its entirety as follows:

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“5.1.10 Anti-Corruption Laws and Sanctions.  The Companies have implemented and maintain in effect policies and procedures designed to promote and achieve compliance by the Companies, their Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Companies, their Subsidiaries and their respective directors and officers and, to the knowledge of each Company, its employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions, in each case in all material respects (it being understood that no Unmatured Default or Default shall be deemed to exist in respect of the representation and warranty in this sentence if it becomes inaccurate due to an assignment to, or participation to, a Lender or Participant, as the case may be, that is a Sanctioned Person).  None of (a) any Company, any Subsidiary or to the knowledge of such Company or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of each Company, any agent of such Company or any of its Subsidiaries that, in the case of any such director, officer, employee or agent (with respect to this clause (b)), will act in any capacity in connection with or directly benefit from the credit facility established hereby, is a Sanctioned Person.  No Loan or Advance, use of proceeds of any Loan or Advance or other Transactions by the Companies and their Subsidiaries will violate Anti-Corruption Laws or applicable Sanctions.
(tt)    Section 6.1.5 of the Credit Agreement is amended and restated in its entirety as follows:
“6.1.5  [Reserved].” 
(uu)    Section 6.1.9(f) of the Credit Agreement is amended to insert the following parenthetical immediately before the period at the end of such section:
“(it being understood and agreed that neither Harley nor any of its Subsidiaries shall be required to disclose or discuss, or permit the inspection, examination or making of extracts of, any records, books or account or other matter (i) in respect of which disclosure to the Global Administrative Agent, any Lender or their representatives is then prohibited by applicable law or any agreement binding on Harley or its Subsidiaries; (ii) that is protected from disclosure by the attorney-client privilege or the attorney work product privilege or (iii) constitutes non-financial trade secrets or non-financial proprietary information)”  
(vv)    Section 6.1.10 of the Credit Agreement is amended to delete the phrase “in violation of Sanctions” appearing therein and replace such phrase with the phrase “except to the extent permissible for a Person required to comply with Sanctions”.
(ww)    Section 6.2.2(c) of the Credit Agreement is amended to delete the phrase “Closing Date” appearing therein and replace such phrase with the phrase “Amendment No. 1 Effective Date”.
(xx)    Section 6.2.2(e) of the Credit Agreement is amended to delete the phrase “at any time outstanding” appearing therein.  
(yy)    Section 6.2.3 of the Credit Agreement is amended to delete the phrase “Closing Date” appearing therein and replace such phrase with the phrase “Amendment No. 1 Effective Date”.

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(zz)    Section 6.2.6 of the Credit Agreement is amended to delete each instance of the phrase “of Governors of the Federal Reserve System” appearing therein. 
([[)    The definition of “Consolidated Equity” appearing in Section 6.3(A) of the Credit Agreement is amended to delete the phrase “Consolidated Tangible Net Worth” appearing therein and replace such phrase with the phrase “consolidated shareholders’ equity”.
(aaa)    The definition of “Consolidated Finco Debt” appearing in Section 6.3(A) of the Credit Agreement is amended and restated in its entirety as follows: 
“Consolidated Finco Debt” means, at any time, all Indebtedness for borrowed money of HDFS and its Consolidated Subsidiaries as reflected in the most recent Consolidated balance sheet of HDFS in accordance with Agreement Accounting Principles; provided, there shall be excluded from such amounts (i) Subordinated Indebtedness, (ii) Subordinated Intercompany Indebtedness and (iii) Indebtedness for borrowed money in respect of Permitted Finance Receivables Securitizations to the extent such obligations would appear as a liability upon a balance sheet of such Person prepared in accordance with Agreement Accounting Principles; provided that the aggregate outstanding credit enhancements in the form of cash or letter(s) of credit provided by HDFS or any of its Subsidiaries (other than any structured bankruptcy-remote Subsidiary of HDFS) in excess of 10% of the aggregate outstanding Indebtedness for borrowed money and owner trust certificates (however classified) incurred in connection with such Permitted Finance Receivables Securitizations shall not be excluded from Consolidated Finco Debt pursuant to this clause (iii). 
(bbb)    The definition of “Consolidated Tangible Net Worth” appearing in Section 6.3(A) of the Credit Agreement is deleted in its entirety.
(ccc)    Section 7.1(c) of the Credit Agreement is amended to delete the phrase “6.1.5, 6.1.9” appearing therein and replace such phrase with the phrase “6.1.9(c), 6.1.9(e)”.  
(ddd)    Section 7.1(d) of the Credit Agreement is amended to delete the phrase “enable or permit the holder or holders of any such Indebtedness to” appearing therein.  
(eee)    Section 7.1(k) of the Credit Agreement is amended to insert the phrase “Without the consent of the Required Lenders and the Global Administrative Agent,” at the beginning of such section.   
(fff)    Section 8.2(vi) of the Credit Agreement is amended and restated in its entirety as follows:
“(vi) for so long as and until any such Defaulting Lender’s cure of all matters that caused such Lender to be a Defaulting Lender, such Defaulting Lender shall not be entitled to any fees, and no fees shall accrue, with respect to its Commitment or Syndicated Canadian Commitment (as applicable);”

12

(ggg)    Section 8.3 of the Credit Agreement is amended to insert the phrase “and as provided in Section 3.3(b),” immediately after the phrase “with respect to an Incremental Term Loan Amendment,” appearing therein.
(hhh)    Clause (i) of Section 8.3 of the Credit Agreement is amended to insert the phrase “; provided, that, notwithstanding anything to contrary in this Section 8.3 or elsewhere in this Agreement, any amendment or modification to Section 2.3(B) hereof shall only require the consent of the Required Lenders (or the Global Administrative Agent with the consent in writing of the Required Lenders)” immediately after the phrase “expiration of any Commitment of such Lender” appearing therein.
(iii)    Clause (ii) of Section 8.3 of the Credit Agreement is amended to insert the phrase “and except that no amendment entered into pursuant to the terms of Section 3.3(b) shall constitute a reduction in the rate of interest or fees for purposes of this clause (ii)); provided, that, notwithstanding anything to contrary in this Section 8.3 or elsewhere in this Agreement, any amendment or modification to Section 2.3(B) hereof shall only require the consent of the Required Lenders (or the Global Administrative Agent with the consent in writing of the Required Lenders)” immediately after the phrase “pursuant to Section 2.11 hereof” appearing therein.  
(jjj)    Clause (vi) of Section 8.3 of the Credit Agreement is amended and restated in its entirety as follows:  
“(vi)  [reserved];”
(kkk)    Section 9.6(D) of the Credit Agreement is amended to insert the following sentence at the end of such section: 
“Any demand for payment pursuant to this Section 9.6 shall be accompanied by a statement setting forth such amounts due in reasonable detail.” 
(lll)    Section 9.8 of the Credit Agreement is amended to (i) insert the phrase “except for the purpose of preparing financial statements in accordance with Agreement Accounting Principles,” immediately after the phrase “to the contrary,” appearing therein, (ii) delete each instance of the phrase “Closing Date” appearing therein and replace such phrase with the phrase “Amendment No. 1 Effective Date”, (iii) insert the parenthetical “(x)” immediately before the phrase “the determination of whether a lease constitutes a capital or finance lease” appearing therein, and (iv) insert the phrase “and (y) Accounting Standards Update 2016-13 Financial Instruments- Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) shall not be given effect” immediately before the period at the end of such section.
(mmm)    Section 9.10 of the Credit Agreement is amended and restated in its entirety as follows:
“9.10 Nonliability of Lenders.  The relationship among the Companies and the Credit Parties shall be solely that of borrower or guarantor and lender.  No Credit Party shall have any fiduciary responsibilities to any of the Companies.  No Credit Party undertakes any responsibility to any of the Companies to 

13

review or inform any of the Companies of any matter in connection with any phase of any of the Companies’ business or operations.  Each Company further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services.  In the ordinary course of business, any Credit Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, such Company, its Subsidiaries and other companies with which such Company or any of its Subsidiaries may have commercial or other relationships.  With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.  In addition, each Company acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which such Company or any of its Subsidiaries may have conflicting interests regarding the transactions described herein and otherwise.  No Credit Party will use confidential information obtained from the Company by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Company in connection with the performance by such Credit Party of services for other companies, and no Credit Party will furnish any such information to other companies.  Each Company also acknowledges that no Credit Party has any obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish to such Company or any of its Subsidiaries, confidential information obtained from other companies.”
(nnn)    Article IX is amended to insert new Sections 9.17 and 9.18 in appropriate order as follows: 
“9.17    Certain Calculations.  No Unmatured Default or Default shall arise as a result of any limitation or threshold set forth in Dollars in ‎Sections 6.2 and 6.3 and Article VII under this Agreement being exceeded solely as a result of changes in currency exchange rates from those rates applicable on the last day of the fiscal quarter of Harley immediately preceding the fiscal quarter of Harley in which such transaction requiring a determination occurs.
9.18     Interest Rates.  The Global Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the rates in the definition of “LIBOR” or with respect to any comparable or successor rate thereto, or replacement rate therefor (other than, for the avoidance of doubt, with respect to its obligation to apply the definition of such rate in accordance with its terms).”
(ooo)    Section 11.1 of the Credit Agreement is amended to insert the following sentence at the end of such section: 

14

“Each Lender agrees promptly to notify the Borrowers and the Global Administrative Agent after any such set-off and application made by such Lender; provided further that any failure to give such notice shall not affect the validity of such offset and application under this Section 11.1.” 
(ppp)    Article XII of the Credit Agreement is amended to (i) delete the phrase “United States Bankruptcy Code” and replace such phrase with the phrase “Bankruptcy Code”, (ii) insert the phrase “pursuant to this Agreement” immediately after the phrase “the Global Administrative Agent and the Lenders” in the penultimate paragraph thereof, and (iii) delete the phrase “Closing Date” and replace such phrase with the phrase “Amendment No. 1 Effective Date”.
(qqq)    Section 13.2(D) of the Credit Agreement is amended to delete the phrase “Section 5f.103-1(c) of the United States Treasury Regulations” appearing therein and replace such phrase with the phrase “Treasury Regulations Section 5f.103-1(c) and Proposed Treasury Regulations Section 1.163-5(b) (or any amended or successor version)”.  
(rrr)    Section 13.3(A) of the Credit Agreement is amended to (i) delete each instance of the phrase “withheld or delayed” appearing therein and replace each such instance with the phrase “withheld, conditioned or delayed” and (ii) delete the phrase “or (B) the Purchaser which is a Lender” appearing therein and replace such phrase with the phrase “or (B) the Purchaser is a Lender”.
(sss)    Section 14.1(a) of the Credit Agreement is amended to insert the parenthetical “(provided that any notification of the DQ List to the Global Administrative Agent shall be made via email to the following address: JPMDQ_Contact@jpmorgan.com)” immediately after the phrase “notice to the other parties” appearing therein.
(ttt)    Schedule 6.2.2(c) to the Credit Agreement is changed and restated as new Schedule 6.2.2(c) thereto as set forth and attached as Annex I hereto.
2.    Conditions of Effectiveness.  The effectiveness of this Amendment is subject to the conditions precedent that the Administrative Agent shall have received (i) counterparts of this Amendment duly executed by each Borrower, the Lenders whose consent is required under Section 8.3 of the Credit Agreement and the Administrative Agent and counterparts of the Consent and Reaffirmation attached hereto duly executed by the Guarantors, (ii) such other instruments, documents  and legal opinions as are reasonably requested by the Administrative Agent and (iii) payment and/or reimbursement of the reasonable fees and expenses of the Administrative Agent and its affiliates (including, to the extent invoiced, reasonable fees and expenses of one U.S. counsel for the Administrative Agent) in connection with this Amendment and the Loan Documents to the extent invoices have been provided to the Borrowers reasonably in advance of the Effective Date.
3.    Representations and Warranties of each Borrower.  Each Borrower hereby represents and warrants to the Lenders and the Administrative Agent as follows:
(a)    This Amendment and the Credit Agreement as amended hereby constitute the legal, valid and binding obligations of such Borrower enforceable against such Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and general principles of 

15

equity, regardless of whether the application of such principles is considered in a proceeding in equity or at law.
(b)    As of the date hereof and giving effect to the terms of this Amendment, (i) no Default or Unmatured Default shall have occurred and be continuing and (ii) the representations and warranties of such Borrower contained in Article V of the Credit Agreement, as amended hereby, are true and correct in all material respects as of the Effective Date, except for representations and warranties made with reference solely to an earlier date, which representations and warranties shall be true and correct in all material respects as of such earlier date.
4.    Reference to and Effect on the Credit Agreement.
(a)    Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.
(b)    Except as specifically amended above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.
(c)    Except as specifically provided above, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.
5.    Governing Law.  This Amendment shall be construed in accordance with and governed by the internal laws of the State of New York, but giving effect to federal laws applicable to banks.
6.    Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.
7.    Counterparts.  This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
[Signature Pages Follow]

16

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.
HARLEY-DAVIDSON, INC.,
as a Borrower

By: /s/ J. Darrell Thomas             
Name: J. Darrell Thomas
Title: Vice President and Treasurer

HARLEY-DAVIDSON FINANCIAL SERVICES, INC.,
as a Borrower

By: /s/ J. Darrell Thomas             
Name: J. Darrell Thomas
Title: Vice President, Chief Financial Officer and Treasurer

HARLEY-DAVIDSON FINANCIAL SERVICES CANADA, INC.,
as a Borrower

By: /s/ J. Darrell Thomas             
Name: J. Darrell Thomas
Title: Vice President, Chief Financial Officer and Treasurer

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

JPMORGAN CHASE BANK, N.A.,
as Global Administrative Agent and individually as a Lender

By: /s/ Robert P. Kellas            
Name: Robert P. Kellas
Title: Executive Director

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

CITIBANK, N.A.,
as a Lender

By: /s/ Susan Olsen                 
Name: Susan Olsen
Title: Vice President

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

U.S. BANK NATIONAL ASSOCIATION,
as a Lender

By: /s/ Jerrod Clements             
Name: Jerrod Clements
Title: Assistant Vice President

By:                          
Name: John P. Rehob
Title: Principal Officer

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

U.S. BANK NATIONAL ASSOCIATION,
as a Lender

By:                          
Name: Jerrod Clements
Title: Assistant Vice President

By: /s/ John P. Rehob                 
Name: John P. Rehob
Title: Principal Officer

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

TORONTO DOMINION (NEW YORK) LLC,
as a Lender and as a Documentation Agent

By: /s/ Annie Dorval                 
Name: ANNIE DORVAL
Title:   AUTHORIZED SIGNATORY
    

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

THE BANK OF NEW YORK MELLON,
as a Lender

By: /s/ Daniel Koller                 
Name: Daniel Koller
Title:   Vice President

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

MUFG BANK, LTD. (f/k/a The Bank of Tokyo-Mitsubishi UFJ, Ltd.),
as a Lender

By: /s/ Eric Hill                 
Name: Eric Hill
Title: Authorized Signatory

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

BMO HARRIS BANK N.A.,
as a Lender

By: /s/ Ronald J. Carey             
Name: Ronald J. Carey
Title:   Senior Vice President
 

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

MIZUHO BANK, LTD.,
as a Lender

By: /s/ Donna DeMagistris             
Name: Donna DeMagistris
Title:   Authorized Signatory

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender

By: /s/ Matt J. Perrizo                 
Name: Matt J. Perrizo
Title: Vice President

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

GOLDMAN SACHS BANK USA,
as a Lender

By: /s/ Josh Rosenthal                 
Name: Josh Rosenthal
Title: Authorized Signatory

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

BARCLAYS BANK PLC,
as a Lender

By: /s/ Chris Walton                 
Name: Chris Walton
Title:   Director

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

PNC BANK, NATIONAL ASSOCIATION,
as a Lender

By: /s/ Andrew Klvana             
Name: Andrew Klvana
Title: Assistant Vice President

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

THE NORTHERN TRUST COMPANY,
as a Lender

By: /s/ Keith L. Burson             
Name: Keith L. Burson
Title: Senior Vice President

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

LLOYDS BANK PLC,
as a Lender

By: /s/ Daven Popat                 
Name: Daven Popat
Title:   Senior Vice President
            Transaction Execution    
            Category A
            P003

By: /s/ Cheryl Wilson                 
Name: Cheryl Wilson
Title:   Head of Operations, North America
            Category A
            W007

Signature Page to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

CONSENT AND REAFFIRMATION
Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 1 to the 5-Year Credit Agreement dated as of April 7, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Harley-Davidson, Inc., a Wisconsin corporation (“Harley”), Harley-Davidson Financial Services, Inc., a Delaware corporation (“HDFS”, and together with Harley, collectively, the “U.S. Borrowers”), Harley-Davidson Financial Services Canada, Inc., a corporation organized and existing under the laws of Canada (the “Canadian Borrower”, and together with the U.S. Borrowers, collectively, the “Borrowers”), Harley-Davidson Financial Services International, Inc., a Delaware corporation, and Harley-Davidson Credit Corp., a Nevada corporation, as Guarantors, the Lenders and JPMorgan Chase Bank, N.A., as Global Administrative Agent (the “Administrative Agent”), which Amendment No. 1 is dated as of April 6, 2018 and is by and among the Borrowers, the financial institutions listed on the signature pages thereof and the Administrative Agent (the “Amendment”).  Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement.  Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Support Agreement (in the case of Harley), the Guarantee (in the case of the Guarantors) and any other Loan Document executed by it and acknowledges and agrees that each and every Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed.  All references to the Credit Agreement contained in the above‐referenced documents shall be a reference to the Credit Agreement as so modified by the Amendment and as the same may from time to time hereafter be amended, modified or restated.  

Dated April 6, 2018
[Signature Page Follows]

US-DOCS\99931540.10

IN WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed as of the day and year above written.

	
		
	

	   

HARLEY-DAVIDSON CREDIT CORP.

By: /s/ J. Darrell Thomas         
Name:   J. Darrell Thomas   
Title: Vice President, Chief Financial Officer and Treasurer

	 
	

HARLEY-DAVIDSON FINANCIAL SERVICES INTERNATIONAL, INC.

By: /s/ J. Darrell Thomas         
Name:   J. Darrell Thomas   
Title: Vice President, Chief Financial Officer and Treasurer

Signature Page to Consent and Reaffirmation to Amendment No. 1
5-Year Credit Agreement dated as of April 7, 2016
Harley-Davidson, Inc. et al

ANNEX I

Schedule 6.2.2(c)
Liens
Attached

SCHEDULE 6.2.2(c) 

LIENS

Liens from time to time securing the following industrial revenue bonds and related agreements, instruments, and documents: $2,273,000 Missouri Development Finance Board BUILD Missouri Revenue Bonds Series 2002 (Harley-Davidson Project), including extensions, renewals, and replacements thereof.

Harley-Davidson, Inc.
	
						
	JURISDICTION
	SECURED PARTY
	FILE NUMBER
	FILING 
DATE
	SUMMARY COLLATERAL DESCRIPTION
	ADDITIONAL FILINGS

	Wisconsin
	Die-Tech and Engineering, Inc.
	160006069223
	05/05/16
	Certain equipment
	N/A

	Wisconsin
	Grand Die Engravers, Inc.
	160008046422
	06/15/16
	Certain equipment
	N/A

	Wisconsin
	Die-Tech and Engineering, Inc.
	160014237926
	10/31/16
	Certain equipment
	N/A

	Wisconsin
	Die-Tech and Engineering, Inc.
	170000136313
	01/04/17
	Certain equipment
	N/A

	Wisconsin
	Die-Tech and Engineering, Inc.
	170015023112
	11/03/17
	Certain equipment
	N/A

	Wisconsin
	Die-Tech and Engineering, Inc.
	170017439731
	12/29/17
	Certain equipment
	N/A

Harley-Davidson Credit Corp.

1

	
						
	JURISDICTION
	SECURED PARTY
	FILE NUMBER
	FILING DATE
	SUMMARY COLLATERAL DESCRIPTION
	ADDITIONAL FILINGS

	Nevada
	Harley-Davidson Motorcycle Trust 2011-1;
Harley-Davidson Customer Funding Corp.
	2011021582-2
	08/12/11
	(i) All right, title and interest of Debtor in and to the Contracts listed on the List of Contracts in effect on the closing date (including without limitation all security interests and all rights to receive certain payments), (ii) all rights of Debtor under any theft, physical damage, credit life, disability or other individual insurance policy, any debt insurance policy or any debt cancellation agreement relating to any such Contract, an Obligor or a Motorcycle securing such Contract, (iii) all security interests in each such Motorcycle, (iv) all documents contained in the related Contract Files, (v) all rights to certain lockboxes, (vi) all rights under certain dealer agreements, (vii) all of Debtor’s rights to certain rebates and other amounts relating to insurance policies, debt cancellation agreements, extended service contracts and repair agreements, and (viii) all proceeds and products of the foregoing.
	N/A

2

	
						
	JURISDICTION
	SECURED PARTY
	FILE NUMBER
	FILING DATE
	SUMMARY COLLATERAL DESCRIPTION
	ADDITIONAL FILINGS

	Nevada
	Harley-Davidson Motorcycle Trust 2011-2;
Harley-Davidson Customer Funding Corp.
	2011029894-1
	11/09/11
	(i) All right, title and interest of Debtor in and to the Contracts listed on the List of Contracts in effect on the closing date (including without limitation all security interests and all rights to receive certain payments), (ii) all rights of Debtor under any theft, physical damage, credit life, disability or other individual insurance policy, any debt insurance policy or any debt cancellation agreement relating to any such Contract, an Obligor or a Motorcycle securing such Contract, (iii) all security interests in each such Motorcycle, (iv) all documents contained in the related Contract Files, (v) all rights under certain dealer agreements, (vi) all rights to certain lockboxes, (vii) all rights of Debtor under the Transfer and Sale Agreement, (viii) certain amounts paid into the Trust Accounts from time to time, (ix) all of Debtor’s rights to certain rebates and other amounts relating to insurance policies, debt cancellation agreements, extended service contracts and repair agreements, and (x) all proceeds and products of the foregoing.
	N/A

3

	
						
	JURISDICTION
	SECURED PARTY
	FILE NUMBER
	FILING DATE
	SUMMARY COLLATERAL DESCRIPTION
	ADDITIONAL FILINGS

	Nevada
	Harley-Davidson Motorcycle Trust 2012-1;
Harley-Davidson Customer Funding Corp.
	2012020276-4
	07/25/12
	(i) All right, title and interest of Debtor in and to the Contracts listed on the List of Contracts in effect on the closing date (including without limitation all security interests and all rights to receive certain payments), (ii) all rights of Secured Party to payments which are collected, including liquidation proceeds, (iii) all rights of Debtor under any theft, physical damage, credit life, disability or other individual insurance policy, any debt insurance policy or any debt cancellation agreement relating to any such Contract, an Obligor or a Motorcycle securing such Contract, (iv) all security interests in each such Motorcycle, (v) all documents contained in the related Contract Files, (vi) all rights to certain lockboxes, (vii) all rights under certain dealer agreements, (viii) all of Debtor’s rights to certain rebates and other amounts relating to insurance policies, debt cancellation agreements, extended service contracts and repair agreements, and (ix) all proceeds and products of the foregoing.
	N/A

4

	
						
	JURISDICTION
	SECURED PARTY
	FILE NUMBER
	FILING DATE
	SUMMARY COLLATERAL DESCRIPTION
	ADDITIONAL FILINGS

	Nevada
	Harley-Davidson Motorcycle Trust 2013-1;
Harley-Davidson Customer Funding Corp.; and
The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee
	2013010510-2
	04/24/13
	(i) All right, title and interest of Debtor in and to the Contracts listed on the List of Contracts in effect on the closing date (including without limitation all security interests and all rights to receive certain payments), (ii) all rights of Debtor to payments which are collected, including liquidation proceeds, (iii) all rights of Debtor under any theft, physical damage, credit life, disability or other individual insurance policy, any debt insurance policy or any debt cancellation agreement relating to any such Contract, an Obligor or a Motorcycle securing such Contract, (iv) all security interests in each such Motorcycle, (v) all documents contained in the related Contract Files, (vi) all rights to certain lockboxes, (vii) all rights under certain dealer agreements, (viii) all of Debtor’s rights to certain rebates and other amounts relating to insurance policies, debt cancellation agreements, extended service contracts and repair agreements, and (ix) all proceeds and products of the foregoing.
	N/A

5

	
						
	JURISDICTION
	SECURED PARTY
	FILE NUMBER
	FILING DATE
	SUMMARY COLLATERAL DESCRIPTION
	ADDITIONAL FILINGS

	Nevada
	Harley-Davidson Motorcycle Trust 2014-1;
Harley-Davidson Customer Funding Corp.; and
The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee
	2014009535-3
	04/16/14
	(i) All right, title and interest of Debtor in and to the Contracts listed on the List of Contracts in effect on the closing date (including without limitation all security interests and all rights to receive certain payments), (ii) all rights of Debtor to payments which are collected, including liquidation proceeds, (iii) all rights of Debtor under any theft, physical damage, credit life, disability or other individual insurance policy, any debt insurance policy or any debt cancellation agreement relating to any such Contract, an Obligor or a Motorcycle securing such Contract, (iv) all security interests in each such Motorcycle, (v) all documents contained in the related Contract Files, (vi) all rights to certain lockboxes, (vii) all rights under certain dealer agreements, (viii) all of Debtor’s rights to certain rebates and other amounts relating to insurance policies, debt cancellation agreements, extended service contracts and repair agreements, and (ix) all proceeds and products of the foregoing.
	N/A

6

	
						
	JURISDICTION
	SECURED PARTY
	FILE NUMBER
	FILING DATE
	SUMMARY COLLATERAL DESCRIPTION
	ADDITIONAL FILINGS

	Nevada
	Harley-Davidson Motorcycle Trust 2015-1;
Harley-Davidson Customer Funding Corp.; and
The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee
	2015002666-5
	01/28/15
	(i) All right, title and interest of Debtor in and to the Contracts listed on the List of Contracts in effect on the closing date (including without limitation all security interests and all rights to receive certain payments), (ii) all rights of Debtor to payments which are collected, including liquidation proceeds, (iii) all rights of Debtor under any theft, physical damage, credit life, disability or other individual insurance policy, any debt insurance policy or any debt cancellation agreement relating to any such Contract, an Obligor or a Motorcycle securing such Contract, (iv) all security interests in each such Motorcycle, (v) all documents contained in the related Contract Files, (vi) all rights to certain lockboxes, (vii) all rights under certain dealer agreements, (viii) all of Debtor’s rights to certain rebates and other amounts relating to insurance policies, debt cancellation agreements, extended service contracts and repair agreements, and (ix) all proceeds and products of the foregoing.
	N/A

7

	
						
	JURISDICTION
	SECURED PARTY
	FILE NUMBER
	FILING DATE
	SUMMARY COLLATERAL DESCRIPTION
	ADDITIONAL FILINGS

	Nevada
	Harley-Davidson Motorcycle Trust 2015-2;
Harley-Davidson Customer Funding Corp.; and
The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee
	2015013857-3
	05/27/15
	(i) All right, title and interest of Debtor in and to the Contracts listed on the List of Contracts in effect on the closing date (including without limitation all security interests and all rights to receive certain payments), (ii) all rights of Debtor to payments which are collected, including liquidation proceeds, (iii) all rights of Debtor under any theft, physical damage, credit life, disability or other individual insurance policy, any debt insurance policy or any debt cancellation agreement relating to any such Contract, an Obligor or a Motorcycle securing such Contract, (iv) all security interests in each such Motorcycle, (v) all documents contained in the related Contract Files, (vi) all rights to certain lockboxes, (vii) all rights under certain dealer agreements, (viii) all of Debtor’s rights to certain rebates and other amounts relating to insurance policies, debt cancellation agreements, extended service contracts and repair agreements, and (ix) all proceeds and products of the foregoing.
	N/A

8

	
						
	JURISDICTION
	SECURED PARTY
	FILE NUMBER
	FILING DATE
	SUMMARY COLLATERAL DESCRIPTION
	ADDITIONAL FILINGS

	Nevada
	TD Securities Inc., as Administrative Agent;
Harley-Davidson Warehouse Funding Corp.
	2015034785-5
	12/16/15
	All Debtor’s right, title and interest in and to the retail installment sale contracts, promissory notes and security agreements and related assets and interests in property purportedly conveyed to Harley-Davidson Warehouse Funding Corp pursuant to that certain Amended and Restated 2015 Receivables Sale Agreement dated as of December 14, 2016.
	Amendment # 2016034831-6 filed 12/14/16 amending collateral.

9

	
						
	JURISDICTION
	SECURED PARTY
	FILE NUMBER
	FILING DATE
	SUMMARY COLLATERAL DESCRIPTION
	ADDITIONAL FILINGS

	Nevada
	Harley-Davidson Motorcycle Grantor Trust 2016-A; Harley-Davidson Customer Funding Corp

	2016016884-5
	06/15/16
	All Debtor’s right, title and interest in and to the Contracts in effect on the closing date (including without limitation all security interests created thereunder), (ii) all rights of Debtor to payments which are collected, including liquidation proceeds, (iii) all rights of Debtor under any theft, physical damage, credit life, disability or other individual insurance policy, any debt insurance policy or any debt cancellation agreement relating to any such Contract, an Obligor or a Motorcycle securing such Contract, (iv) all security interests in each such Motorcycle, (v) all documents contained in the related Contract Files, (vi) all rights to certain lockboxes, (vii) all rights under certain dealer agreements, (viii) all of Debtor’s rights to certain rebates and other amounts relating to insurance policies, debt cancellation agreements, extended service contracts and repair agreements, and (ix) all proceeds and products of the foregoing.
	N/A

10

	
						
	JURISDICTION
	SECURED PARTY
	FILE NUMBER
	FILING DATE
	SUMMARY COLLATERAL DESCRIPTION
	ADDITIONAL FILINGS

	Nevada
	TD Securities Inc., as Administrative Agent;
Harley-Davidson Warehouse Funding Corp.
	2016034830-4
	12/14/16
	All Debtor’s right, title and interest in and to the retail installment sale contracts, promissory notes and security agreements and related assets and interests in property purportedly conveyed to Harley-Davidson Warehouse Funding Corp pursuant to that certain 2016 Receivables Sale Agreement dated as of December 14, 2016.
	N/A

11Exhibit

Exhibit 10.2
NUANCE COMMUNICATIONS, INC.
CHANGE OF CONTROL AND SEVERANCE AGREEMENT - SVP
This Change of Control and Severance Agreement (the “Agreement”) is made and entered into by and between [_______] (“Executive”) and Nuance Communications, Inc., a Delaware corporation (the “Company”), effective as of the later date on the signature page of this Agreement (the “Effective Date”).
RECITALS
1.    The Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat, or occurrence of a Change of Control.
2.    The Committee believes that it is imperative to provide Executive with severance benefits upon Executive’s termination of employment under certain circumstances to provide Executive with enhanced financial security, incentive and encouragement to remain with the Company.
3.    Certain capitalized terms used in the Agreement are defined in Section 7 below.
AGREEMENT
NOW, THEREFORE, in consideration of Executive’s continued employment and the mutual covenants contained herein, the parties hereto agree as follows:
1.Term of Agreement.  This Agreement will have an initial term commencing on the Effective Date and ending September 30, 2021 (the “Initial Term”).  At the end of the Initial Term, this Agreement will renew automatically for additional three (3) year terms (each an “Additional Term”), unless either party provides the other party with written notice of non-renewal at least sixty (60) days prior to the date of automatic renewal. Notwithstanding the foregoing provisions of this paragraph, if a Change of Control occurs when there are fewer than twelve (12) months remaining during the Initial Term or an Additional Term, the term of this Agreement will extend automatically through the date that is twelve (12) months following the effective date of the Change of Control.  If Executive becomes entitled to benefits under Section 3 during the term of this Agreement, the Agreement will not terminate until all of the obligations of the parties hereto with respect to this Agreement have been satisfied.  For avoidance of doubt, Executive will not be entitled to severance benefits under Section 3 due solely to notice of non-renewal or termination of the Agreement due to non-renewal.  
2.At-Will Employment.  The Company and Executive acknowledge that Executive’s employment is and will continue to be at-will, as defined under applicable law, except as otherwise specifically provided under the terms of a written employment agreement between the Company and Executive.  
3.Severance Benefits.
(a)Termination Other than During Change of Control Period. If Executive’s employment with the Company and its subsidiaries is terminated by the Company other than for Cause, and such termination occurs outside the Change of Control Period, then, subject to Section 4 and the other provisions of this Agreement, Executive will receive from the Company:
(i)Severance.  A lump sum severance payment equal to one hundred percent (100%) of Executive’s annual base salary as in effect immediately prior to the termination date.

(ii)Continued Employee Benefits.  Continuation coverage under the terms of the Company medical benefit plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for Executive and/or Executive’s eligible dependents, subject to Executive timely electing COBRA coverage.  For one year from the date of Executive’s termination the Company will pay directly on Executive’s behalf the COBRA premiums (at the coverage levels in effect immediately prior to Executive’s termination).  Notwithstanding the preceding sentence, if the Company determines in its sole discretion that it cannot provide the foregoing benefit without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable lump sum cash payment in an amount equal to the product of (x) twelve (12), multiplied by (y) the monthly COBRA premium that Executive otherwise would be required to pay to continue the group health coverage for Executive and Executive’s eligible dependents, as applicable, as in effect on the date of Executive’s termination of employment (which amount will be based on the premium for the first month of COBRA coverage), which payment will be made regardless of whether Executive elects COBRA continuation coverage.  For the avoidance of doubt, the taxable payment in lieu of COBRA reimbursements may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings.
(b)Termination Following a Change of Control.  If during the Change of Control Period (i) Executive’s employment with the Company and its subsidiaries is terminated by the Company other than for Cause, or (ii) Executive resigns for Good Reason, then, subject to Section 4 and the other provisions of this Agreement, Executive will receive from the Company:
(i)Severance.  A lump sum severance payment equal to one hundred percent (100%) of Executive’s annual base salary as in effect immediately prior to the termination date (or, if greater, as in effect immediately prior to the Change of Control).
(ii)[FOR NON-SALES PERSONNEL: Target Bonus.  A lump sum severance payment equal to one hundred percent (100%) of the greater of (1) Executive’s target bonus for the year in which Executive’s termination occurs, or (2) Executive’s target bonus in effect immediately prior to the Change of Control.] [FOR SALES PERSONNEL: Commissions. A lump sum severance payment equal to one hundred percent (100%) Executive’s target annual commission for the year in which Executive’s termination occurs, pro-rated for the period remaining in the fiscal year in which Executive’s termination occurs.
(iii)Continued Employee Benefits.  Continuation coverage under the terms of the Company medical benefit plan pursuant to COBRA for Executive and/or Executive’s eligible dependents, subject to Executive timely electing COBRA coverage.  For one year from the date of Executive’s termination the Company will pay directly on Executive’s behalf the COBRA premiums (at the coverage levels in effect immediately prior to Executive’s termination).  Notwithstanding the preceding sentence, if the Company determines in its sole discretion that it cannot provide the foregoing benefit without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable lump sum cash payment in an amount equal to the product of (x) twelve (12), multiplied by (y) the monthly COBRA premium that Executive otherwise would be required to pay to continue the group health coverage for Executive and Executive’s eligible dependents, as applicable, as in effect on the date of Executive’s termination of employment (which amount will be based on the premium for the first month of COBRA coverage), which payment will be made regardless of whether Executive elects COBRA continuation coverage.  For the avoidance of doubt, the taxable payment in lieu of COBRA reimbursements may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings.
(iv)Vesting of Time-Based Equity Awards.  One hundred percent (100%) of Executive’s outstanding and unvested time-vesting equity awards (excluding any awards vesting based on performance) covering shares of the Company’s common stock will become vested in full.

(c)Vesting of Performance-Based Equity Awards.  
(i)Upon a Change of Control, a number of Executive’s then-outstanding performance-based restricted stock units granted under the Company’s 2000 Stock Plan or any successor thereto (the “Plan”) that are subject to performance goals for the fiscal year in which the Change of Control occurs will become eligible for time-based vesting as if the performance goals had been achieved at 100% of targeted performance (the “Eligible Shares”).  Following the Change of Control, the original time-based vesting schedule for the Eligible Shares will cease to apply and the Eligible Shares will instead vest on the last day of the performance period in which the Change of Control occurs, subject to Executive’s remaining a Service Provider (as defined in the Plan) through such date, or, if earlier, upon Executive’s termination by the Company or its successor other than for Cause or upon Executive’s resignation for Good Reason.  
(ii)Upon a Change of Control, Executive’s then-outstanding performance-based restricted stock units granted under the Plan (or any successor thereto) that are subject to relative total shareholder return performance goals will become eligible for time-based vesting based on the number of shares that would vest based on actual performance determined as of the Change of Control (the “Eligible TSR Shares”).  Following the Change of Control, the Eligible TSR Shares shall vest on the last day of the performance period, subject to Executive’s remaining a Service Provider (as defined in the Plan) through such date, or, if earlier, upon Executive’s termination by the Company or its successor other than for Cause or upon Executive’s resignation for Good Reason. 
(iii)Except as provided in this Section 3(c), all performance-based restricted stock units described in this Section 3(c) remain subject to the terms of the Plan and the applicable award agreement.
(d)Voluntary Resignation; Termination for Cause. If Executive’s employment with the Company and its subsidiaries terminates in a voluntary resignation (other than for Good Reason during the Change of Control Period), or if the Executive is terminated for Cause, then Executive shall not be entitled to receive severance or other benefits except as otherwise provided by applicable law or those (if any) as may be available under the Company’s severance and benefit plans and policies in effect at the time of such termination.
(e)Accrued Amounts.  Without regard to the reason for, or the timing of, Executive’s termination of employment, the Company shall pay Executive: (i) any unpaid base salary due for periods prior to the date of termination, (ii) accrued and unused vacation, as required under the applicable Company policy; and (iii) all expenses incurred by Executive in connection with the business of the Company prior to the date of termination in accordance with the Company’s business expense reimbursement policy.  These payments shall be made promptly upon termination and within the period of time mandated by law.
(f)Exclusive Remedy.  In the event of termination of Executive’s employment as set forth in Section 3 of this Agreement, the provisions of Section 3 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive or the Company may otherwise be entitled, whether at law, tort or contract, in equity, or under this Agreement (other than the payment of accrued but unpaid wages, as required by law, or any unreimbursed reimbursable expenses).  During the term of this Agreement, Executive will be entitled to no benefits, compensation or other payments or rights upon termination of employment, including under any offer letter or other agreement with the Company, other than those benefits expressly set forth in Section 3 of this Agreement.
(g)Transfer between Company and any Subsidiary.  For purposes of this Section 3, if Executive’s employment relationship with the Company or any parent or subsidiary of the Company ceases, Executive will not, solely by virtue thereof, be determined to have been terminated without Cause for purposes of this Agreement if Executive continues to remain employed by the Company or any subsidiary of the Company immediately thereafter (e.g., upon transfer of Executive’s employment from the Company to a Company subsidiary).
4.Conditions to Receipt of Severance
(a)Release of Claims Agreement.  The receipt of any severance payments or benefits in Section 3 pursuant to this Agreement is subject to Executive signing and not revoking a separation agreement 

and release of claims in substantially the form attached to this Agreement as Exhibit A (the “Release”), which must become effective and irrevocable no later than the sixtieth (60th) day following Executive’s termination of employment (the “Release Deadline”).  If the Release does not become effective and irrevocable by the Release Deadline, Executive will forfeit any right to severance payments or benefits under this Agreement.  Any severance payments or benefits otherwise payable to Executive between the termination date and the Release Deadline will be paid on or within fifteen (15) days following the Release Deadline, or, if later, such time as required by Section 5(a), except that acceleration of vesting of equity awards not subject to Section 409A will become effective on the date the Release becomes effective. In no event will severance payments or benefits be paid or provided until the Release actually becomes effective and irrevocable.
(b)Proprietary Information and Non-Competition Agreement.  Executive’s receipt of any severance payments or benefits under Section 3 will be subject to Executive continuing to comply with the terms of any agreements between Executive and the Company concerning inventions, confidentiality, or restrictive covenants (the “Confidentiality Agreement”). 
5.Section 409A.
(a)Notwithstanding anything to the contrary in this Agreement, no Deferred Payments will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A.  Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A‐1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A.  In addition, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s separation from service (other than due to death), then the Deferred Payments, if any, that are payable within the first six (6) months following Executive’s separation from service, will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit.  Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but before the six (6) month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit.  Each payment and benefit payable under this Agreement is intended to constitute a separate payment under Section 1.409A-2(b)(2) of the Treasury Regulations.
(b)Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of this Agreement.
(c)Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes of this Agreement. 
(d)The foregoing provisions are intended to comply with, or be exempt from, the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to so comply.  Specifically, the payments hereunder are intended to be exempt from the Requirements of Section 409A under the “short-term” deferral rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations.  The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition before actual payment to Executive under Section 409A.  In no event will the Company reimburse Executive for any taxes or other costs that may be imposed on Executive as a result of Section 409A or any other law.

6.Limitation on Payments.  In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then Executive’s benefits under this Agreement shall be either:
(a)delivered in full, or
(b)delivered as to such lesser extent which would result in no portion of such benefits being subject to the Excise Tax,
whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code.  If a reduction in severance and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (1) reduction of cash payments, (2) cancellation of equity awards granted within the twelve-month period prior to a “change of control” (as determined under Code Section 280G) that are deemed to have been granted contingent upon the change of control (as determined under Code Section 280G), (3) cancellation of accelerated vesting of equity awards and (4) reduction of continued employee benefits.  In the event that accelerated vesting of equity awards is to be cancelled, such vesting acceleration will be cancelled in the reverse chronological order of the award grant dates.  
Unless the Company and Executive otherwise agree in writing, any determination required under this Section shall be made in writing by the Company’s independent public accountants (the “Accountants”), whose determination shall be conclusive and binding upon Executive and the Company for all purposes.  For purposes of making the calculations required by this Section, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Section 280G and 4999 of the Code.  The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section.  The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section.
7.Definition of Terms.  The following terms referred to in this Agreement will have the following meanings:
(a)Cause.  “Cause” will mean (i) any act of dishonesty or fraud taken by Executive in connection with his or her responsibilities as an employee other than immaterial, inadvertent acts that are promptly remedied by Executive following notice by the Company, (ii) Executive’s breach of the fiduciary duty or duty of loyalty owed to the Company, or material breach of the duty to protect the Company’s confidential and proprietary information, (iii) Executive’s conviction or plea of nolo contendere to a felony or to a crime involving fraud, embezzlement, misappropriation of funds or any other act of moral turpitude, (iv) Executive’s gross negligence or willful misconduct in the performance of his or her duties, (v) Executive’s material breach of this Agreement or a written policy of the Company; (vi) Executive’s engagement in conduct or activities that result, or are reasonably likely to result, in negative publicity or public disrespect, contempt or ridicule of the Company; (vii) Executive’s failure to abide by the lawful and reasonable directives of the Company; (viii) Executive’s repeated failure to materially perform the primary duties of Executive’s position; or (ix) Executive’s death or absence from work due to a disability for a period in excess of ninety (90) days in any twelve month period that qualifies for benefits under the Company’s long-term disability program  provided, however, that: a termination of the Executive’s employment pursuant to clause (vii) or clause (viii) of this Section shall not be deemed a termination for “Cause” unless the Company notifies Executive in writing of the alleged failure or breach that the Company claims constitutes Cause, and Executive fails to substantially cure such failure or breach within thirty (30) days of such notice; and provided further, however, 

that clauses (vii) and (viii) of this Section shall not apply during the pendency of a Change of Control Period and therefore no termination for Cause may be made under such clauses during any such period.
(b)Change of Control.  “Change of Control” will mean the occurrence of any of the following events:
(i)any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the total voting power represented by the Company's then outstanding voting securities; 
(ii)the consummation by the Company of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation (in substantially the same proportions relative to each other as immediately prior to the transaction); or 
(iii)the consummation of the sale or disposition by the Company of all or substantially all of the Company's assets (it being understood that the sale or spinoff of one or more (but not all material) divisions of the Company shall not constitute the sale or disposition of all or substantially all of the Company’s assets). 
Further and for the avoidance of doubt, a transaction will not constitute a Change of Control if: (i) its sole purpose is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
(c) Change of Control Period.  “Change of Control Period” means the period beginning on a Change of Control and ending on the one-year anniversary of the Change of Control.
(d)Code.  “Code” means the Internal Revenue Code of 1986, as amended.
(e)Deferred Payments.  “Deferred Payments” means any severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement that, in each case, are or when considered together with any other severance payments or separation benefits are, considered deferred compensation under Section 409A.
(f)Exchange Act.  “Exchange Act” means the Securities Exchange Act of 1934, as amended.
(g)Good Reason.  “Good Reason” means Executive’s termination of employment within thirty (30) days following the expiration of any cure period (discussed below) following the occurrence of one or more of the following, without Executive’s express written consent: (i) a material reduction in Executive’s duties, authority or responsibilities; provided, however, that the following will not constitute “Good Reason”: (1) Executive’s continued employment following the Change of Control with substantially the same responsibility with respect to the Company’s business and operations (for example, Executive will not experience a “Good Reason” condition if Executive has substantially the same responsibilities with respect to the business of the Company as Executive had immediately prior to the Change of Control whether Executive’s title is revised to reflect Executive’s placement within the overall corporate hierarchy or whether Executive provides services to a subsidiary, affiliate, business unit or otherwise), (2) changes to duties, authority or responsibilities following and related to a “going-private” transaction with significant management equity participation, or (3) changes to duties, authority or responsibilities that results solely from the Company’s ceasing to be a stand-alone public corporation; (ii) a material reduction by the Company in the annual base compensation or target bonus opportunity (as a percentage of base salary) of the Executive as in effect immediately prior to such reduction provided, however, that one or more reductions in base compensation or target bonus opportunity applicable to all executives generally that, cumulatively, total ten 

percent (10%) or less in base compensation and/or ten (10) percentage points or less in target bonus opportunity will not constitute a material reduction for purposes of this clause (ii); (iii) the relocation of the Executive to a facility or a location more than fifty (50) miles from the Executive’s then present location; (iv) the failure of the Company to obtain the assumption of this agreement by any successors contemplated in Section 8 below; or (v) a material breach by the Company of this Agreement or any equity award agreement between Company and the Executive.  In order for an event to qualify as Good Reason, Executive must not terminate employment with the Company without first providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for “Good Reason” and the Company shall have failed to cure during a period of thirty (30) days following the date of such notice.
(h)Section 409A.  “Section 409A” means Section 409A of the Code and the final Treasury Regulations and any official Internal Revenue Service guidance promulgated thereunder.
(i)Section 409A Limit.  “Section 409A Limit” means two (2) times the lesser of: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable year of Executive’s termination of employment as determined under, and with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.
8.Successors.
(a)The Company’s Successors.  Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets will assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession.  For all purposes under this Agreement, the term “Company” will include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 8(a) or which becomes bound by the terms of this Agreement by operation of law.
(b)Executive’s Successors.  The terms of this Agreement and all rights of Executive hereunder will inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
9.Notice.
(a)General.  Notices and all other communications contemplated by this Agreement will be in writing and will be deemed to have been duly given when personally delivered, when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid, or when delivered by private courier service such as UPS or Federal Express that has tracking capability.  In the case of Executive, mailed notices will be addressed to him or her at the home address which he or she most recently communicated to the Company in writing.  In the case of the Company, mailed notices will be addressed to its corporate headquarters, and all notices will be directed to the Chief Executive Officer and General Counsel of the Company.
(b)Notice of Termination.  Any termination by the Company for Cause or by Executive for Good Reason will be communicated by a notice of termination to the other party hereto given in accordance with Section 9(a) of this Agreement.  Such notice will indicate the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than thirty (30) days after the giving of such notice or any shorter period required herein).  
10.Resignation.  Upon the termination of Executive’s employment for any reason, Executive will be deemed to have resigned from all officer and/or director positions held at the Company and its affiliates voluntarily, without any further required action by Executive, as of the end of Executive’s 

employment and Executive, at the Board’s request, will execute any documents reasonably necessary to reflect Executive’s resignation.
11.Miscellaneous Provisions.
(a)No Duty to Mitigate.  Executive will not be required to mitigate the amount of any payment contemplated by this Agreement (whether by seeking new employment or in any other manner), nor shall any such payment be reduced by any earnings that Executive may receive from any other source.
(b)Waiver.  No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time.
(c)Headings.  All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.
(d)Entire Agreement.  This Agreement and the Confidentiality Agreement constitute the entire agreement of the parties hereto with respect to the subject matter hereof and thereof.  This Agreement supersedes, replaces in their entirety and terminates any prior representations, understandings, undertakings or agreements between the Company and the Executive, whether written or oral and whether expressed or implied, that provided any benefits to Executive upon termination of Executive’s employment for any reason. No waiver, alteration, or modification of any of the provisions of this Agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto and which specifically mention this Agreement.  For the avoidance of doubt, it is the intention of the parties that the provisions of this Agreement providing for acceleration or other modification of the vesting provisions of equity awards are intended to supersede the vesting provisions of any equity awards that may outstanding during the term of this Agreement.
(e)Governing Law.  If Executive is resident in California, this Agreement shall be governed by the internal substantive laws, but not the choice of law rules, of the State of California, and the Company and the Executive each consent to personal and exclusive jurisdiction and venue in the State of California.  If Executive is resident in any state or other jurisdiction other than California, this Agreement shall be governed by the internal substantive laws, but not the choice of law rules, of the Commonwealth of Massachusetts, and the Company and the Executive each consent to personal and exclusive jurisdiction and venue in the Commonwealth of Massachusetts.
(f)Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity or enforceability of any other provision hereof, which will remain in full force and effect.
(g)Withholding.  All payments made pursuant to this Agreement will be subject to withholding of applicable income, employment and other taxes.
(h)Counterparts.  This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.
[Signature Page to Follow]

IN WITNESS WHEREOF, each of the parties has executed this Change of Control and Severance Agreement, in the case of the Company by its duly authorized officer, as of the day and year set forth below.
COMPANY                    NUANCE COMMUNICATIONS, INC.
By:     ____________________________________        
Title:     ____________________________________        
Date:     ____________________________________                        

EXECUTIVE                     By:    ____________________________________
Title:    ____________________________________ 
Date:    ____________________________________
                        

EXHIBIT A
FORM OF SEPARATION & RELEASE AGREEMENT
This Separation & Release Agreement (the “Agreement”) is made by and between Nuance Communications, Inc., a Delaware corporation (the “Company”) and _______________ (“Executive”).  The Company and Executive are sometimes referred to collectively as the “Parties” and individually as a “Party.”
WHEREAS, Executive has agreed to enter this Agreement whereby Executive will release any and all claims Executive may have against the Company and other released parties upon certain events specified in the Change of Control and Severance Agreement by and between Company and Executive (the “Severance Agreement”).
NOW THEREFORE, in consideration of the mutual promises made herein, the Parties hereby agree as follows:
1.Termination.  Executive’s employment from the Company terminated on ________________ (the “Termination Date”).
2.Confidential Information.  Subject to Section 13, Executive shall continue to maintain the confidentiality of all confidential and proprietary information of the Company and shall continue to comply with the terms and conditions of the Proprietary Information, Inventions and Non-Competition Agreement (the “Confidentiality Agreement”) between Executive and the Company.  Executive agrees that the above reaffirmation and agreement with the Confidentiality Agreement shall constitute a new and separately enforceable agreement to abide by the terms of the Confidentiality Agreement, entered and effective as of the Effective Date.  Executive specifically acknowledges and agrees that any violation of the restrictive covenants in the Confidentiality Agreement shall constitute a material breach of this Agreement. Executive shall return all the Company property and confidential and proprietary information in Executive’s possession to the Company on the Effective Date of this Agreement.  
3.Payment of Salary and Receipt of All Benefits.  Executive acknowledges and represents that, other than the severance and benefits to be paid as set forth in the Severance Agreement, the Company has paid or provided all salary, wages, bonuses, accrued vacation, premiums, leaves, relocation costs, interest, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Executive.
4.Non-Solicitation.  In exchange for the severance pay and other consideration under the Severance Agreement to which Executive would not otherwise be entitled, Executive agrees that for a period of one (1) year after the Termination Date, Executive will not, without the express written consent of the Company, in its sole discretion, [(a) solicit any business that is competitive with the Company’s business from any client or customer of the Company or (b) either in Executive’s individual capacity or on behalf of or through any other entity, either directly or indirectly, hire, engage, recruit or participate in any way in the hiring, engagement or recruitment of, or participate in any effort to hire or solicit, any current or future employees of the Company or any subsidiary thereof.]  [Delete bracketed text for employees in California and substitute the following: “directly or indirectly solicit any of the employees of the Company or any subsidiary thereof to leave their employment with the Company or any subsidiary thereof.”]
5.Non-disparagement.  In exchange for the severance pay and other consideration under the Severance Agreement to which Executive would not otherwise be entitled, Executive agrees not to disparage the Company, the Company’s officers, directors, employees, shareholders and agents, in any manner likely to be harmful to them or the Company’s business, business reputation or personal reputation. Nothing in this Agreement shall prevent either Executive or the Company employees who are aware of the existence of this 

Agreement from responding accurately and fully to any question, inquiry or request for information when required by legal process, nor prevent Executive from engaging in Protected Activities (as defined below).  
6.[Non-Compete.  In exchange for the severance pay and other consideration under the Severance Agreement to which Executive would not otherwise be entitled, Executive agrees that for a period of one (1) year after the Termination Date, Executive will not, without the express written consent of the Company, in its sole discretion, enter, engage in, participate in, or assist, either as an individual on your own or as a partner, joint venturer, employee, agent, consultant, officer, trustee, director, owner, part-owner, shareholder, or in any other capacity, in the United States of America, directly or indirectly, any other business organization whose activities or products are competitive with the activities or products of the Company then existing or under development. Nothing in this Agreement shall prohibit Executive from working for an employer that is engaged in activities or offers products that are competitive with the activities and products of the Company so long as Executive does not work for or with the department, division, or group in that employer’s organization that is engaging in such activities or developing such products.  Executive recognizes that these restrictions on competition are reasonable because of the Company’s investment in goodwill, its customer lists, and other proprietary information and Executive’s knowledge of the Company’s business and business plans. If any period of time or geographical area should be judged unreasonable in any judicial proceeding, then the period of time or geographical area shall be reduced to such extent as may be deemed required so as to be reasonable and enforceable. Nothing in this Agreement shall preclude Executive from making passive investments of not more than two percent (2%) of a class of securities of any business enterprise registered under the Securities Exchange Act of 1934, as amended.][Delete paragraph for employees located in California.]
7.Release of Claims.  Executive agrees that the consideration to be paid in accordance with the terms of the Severance Agreement represents settlement in full of all outstanding obligations owed to Executive by the Company.  Executive, on behalf of himself, and his respective heirs, family members, executors and assigns, hereby fully and forever releases the Company and its past, present and future officers, agents, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, parents, predecessor and successor corporations, and assigns, from, and agrees not to sue or otherwise institute or cause to be instituted any legal or administrative proceedings concerning any claim, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess arising from any omissions, acts or facts that have occurred up until and including the Effective Date of this Agreement including, without limitation,
(a)any and all claims relating to or arising from Executive’s employment relationship with the Company and the termination of that relationship; 
(b)any and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law; 
(c)any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; breach of contract, both express and implied; breach of a covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; and conversion;
(d)any and all claims for violation of any federal, state or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the Employee Retirement Income Security Act of 1974, The Worker Adjustment and Retraining Notification Act, the California Family Rights Act; the California Labor Code, the California Workers’ Compensation Act, the California Fair Employment and Housing Act, Massachusetts Law Prohibiting Unlawful 

Discrimination, as amended, Mass. Gen. Laws ch. 151B, § 1 et seq., Massachusetts Discriminatory Wage Rates Penalized Law (Massachusetts Equal Pay Law), as amended, Mass. Gen. Laws ch. 149, § 105A et seq., Massachusetts Right to be Free from Sexual Harassment Law, Mass. Gen. Laws ch. 214, § 1C, Massachusetts Discrimination Against Certain Persons on Account of Age Law, Mass. Gen. Laws ch. 149, § 24A et seq., Massachusetts Equal Rights Law, Mass. Gen. Laws ch. 93, § 102 et seq., Massachusetts Violation of Constitutional Rights Law, Mass. Gen. Laws ch. 12, § 11I, Massachusetts Family and Medical Leave Law, Mass. Gen. Laws ch. 149, § 52D; and the Massachusetts Wage Act,  Mass. Gen. Laws ch. 149, § 148, et seq.;
(e)any and all claims for violation of the federal, or any state, constitution; 
(f)any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; and
(g)any and all claims for attorneys’ fees and costs.
Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released.  This release does not extend to any severance obligations due Executive under the Severance Agreement and does not release claims that cannot be released as a matter of law.  Nothing in this Agreement waives Executive’s rights to indemnification or any payments under any insurance policy, if any, provided by any act or agreement of the Company, state or federal law or policy of insurance.
8.Acknowledgment of Waiver of Claims under ADEA.  Executive acknowledges that Executive is waiving and releasing any rights he or she may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and voluntary.  Executive and the Company agree that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement.  Executive acknowledges that the consideration given for this waiver and release Agreement is in addition to anything of value to which Executive was already entitled.  Executive further acknowledges that Executive has been advised by this writing that (a) Executive should consult with an attorney prior to executing this Agreement; (b) Executive has at least twenty-one (21) days within which to consider this Agreement; (c) Executive has seven (7) days following the execution of this Agreement by the parties to revoke the Agreement; (d) this Agreement shall not be effective until the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal law.  Any revocation should be in writing and delivered to the General Counsel at the Company by close of business on the seventh day from the date that Executive signs this Agreement.  In the event Executive signs this Agreement and returns it to the Company in less than the 21-day period identified above, Executive hereby acknowledges that he/she has freely and voluntarily chosen to waive the time period allotted for considering this Agreement.  The parties agree that changes, whether material or immaterial, do not restart the running of the 21-day period.
9.California Civil Code Section 1542.  Executive acknowledges that Executive has been advised to consult with legal counsel and is familiar with the provisions of California Civil Code Section 1542, a statute that otherwise prohibits the release of unknown claims, which provides as follows:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.
Executive, being aware of said code section, agrees to expressly waive any rights Executive may have thereunder, as well as under any other statute or common law principles of similar effect. 

10.No Pending or Future Lawsuits.  Executive represents that he or she has no lawsuits, claims, or actions pending in her name, or on behalf of any other person or entity, against the Company or any other person or entity referred to herein.  Executive also represents that Executive does not intend to bring any claims on his/her own behalf or on behalf of any other person or entity against the Company or any other person or entity referred to herein.
11.No Cooperation.  Subject to Section 13, Executive agrees that he or she will not counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company and/or any officer, director, employee, agent, representative, shareholder or attorney of the Company, unless under a subpoena or other court order to do so or as related directly to the ADEA waiver in this Agreement.  
12.No Admission of Liability.  Executive understands and acknowledges that this Agreement constitutes a compromise and settlement of disputed claims.  No action taken by the Company, either previously or in connection with this Agreement shall be deemed or construed to be (a) an admission of the truth or falsity of any claims heretofore made or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to the Executive or to any third party.
13.Protected Activity.  Executive understands that nothing in this Agreement or in the Confidentiality Agreement shall in any way limit or prohibit Executive from engaging for a lawful purpose in any Protected Activity. For purposes of this Agreement, “Protected Activity” shall mean filing a charge, complaint or report with, or otherwise communicating with, cooperating with or participating in any investigation or proceeding that may be conducted by any federal, state or local government agency or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board (“Government Agencies”). Executive understands that in connection with such Protected Activity, Executive is permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company. Executive agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company Proprietary Information under this Agreement or the Confidentiality Agreement to any parties other than the relevant Government Agencies. Executive further understands that Protected Activity does not include the disclosure of any Company attorney-client privileged communications
14.Miscellaneous.
(a)Costs.  The Parties shall each bear their own costs, expert fees, attorneys’ fees and other fees incurred in connection with this Agreement.
(b)Authority.  Executive represents and warrants that Executive has the capacity to act on his or her own behalf and on behalf of all who might claim through Executive to bind them to the terms and conditions of this Agreement.
(c)No Representations.  Executive represents that Executive has had the opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement.  Neither Party has relied upon any representations or statements made by the other Party hereto which are not specifically set forth in this Agreement.
(d)Severability.  In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision.
(e)Attorneys’ Fees.  Except with regard to a legal action challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA, in the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to recover its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys’ fees incurred in connection with such an action.

(f)Entire Agreement.  This Agreement, along with the Severance Agreement and the Confidentiality Agreement, represents the entire agreement and understanding between the Company and Executive concerning Executive’s separation from the Company.
(g)No Oral Modification.  This Agreement may only be amended in writing signed by Executive and the Chief Executive Officer of the Company.
(h)Governing Law.  [FOR MA RESIDENTS:] [This Agreement shall be governed by the internal substantive laws, but not the choice of law rules, of the Commonwealth of Massachusetts, and the Company and the Executive each consent to personal and exclusive jurisdiction and venue in the Commonwealth of Massachusetts.] [FOR CA RESIDENTS:]  [This Agreement shall be governed by the internal substantive laws, but not the choice of law rules, of the State of California, and the Company and the Executive each consent to personal and exclusive jurisdiction and venue in the State of California.]  
(i)Effective Date.  This Agreement is effective eight (8) days after it has been signed by both Executive, so long as it has been signed by the Parties and has not been revoked by either Party before that date (the “Effective Date”).
(j)Counterparts.  This Agreement may be executed in counterparts, and each counterpart shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned.
(k)Voluntary Execution of Agreement.  Executive understands and agrees that Executive is executing this Agreement voluntarily and without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s claims against the Company and other persons referenced herein.  Executive acknowledge that:
(i)Executive has read this Agreement;
(ii)Executive has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of Executive’s own choice or has voluntarily declined to seek such counsel;
(iii)Executive understand the terms and consequences of this Agreement and of the releases it contains; and 
(iv)Executive is fully aware of the legal and binding effect of this Agreement.
Signature Page Follows

IN WITNESS WHEREOF, the Parties have executed this Separation & Release Agreement on the respective dates set forth below.

COMPANY:                    NUANCE COMMUNICATIONS, INC.
By:     ____________________________________        
Title:     ____________________________________        
Date:     ____________________________________                                
EXECUTIVE:                         ____________________________________        
Date:    ____________________________________

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