Document:

EX-10.44

 Exhibit 10.44 

ALLISON TRANSMISSION HOLDINGS, INC. 

Second Amended and Restated 

Non-Employee Director Compensation Policy 

1. General. This Second Amended and Restated Non-Employee Director Compensation Policy (the “Policy”) as set forth
herein, amends and restates that certain Amended and Restated Non-Employee Director Compensation Policy, previously adopted by the Board of Directors (the “Board”) of Allison Transmission Holdings, Inc. (the
“Company”) and shall be effective as of the date the Allison Transmission Holdings, Inc. 2015 Equity Incentive Award Plan (the “Plan”) is approved by the Company’s shareholders in 2015. Capitalized but
undefined terms used herein shall have the meanings provided for in the Plan. 
 2. Annual Retainer and Other Fees. Each member of
the Board who is not or has not been employed by the Company or one of its subsidiaries (a “Non-Employee Director”) shall be entitled to an annual retainer and other fee(s) as follows: 

a. The annual retainer fee for service on the Board shall be $75,000 (such amount shall also be referred to as, the “Annual
Retainer”), with the Annual Retainer payable at the Non-Employee Director’s election either 100% in fully vested Common Stock granted under the Plan (valued based on the Fair Market Value of the Common Stock on the date of
grant), 100% in cash, or 50% in fully vested Common Stock granted under the Plan and 50% in cash (if no election is made, the Annual Retainer will be paid 100% in cash); 

b. The annual retainer fee for service as Chair of the Audit Committee shall be an additional $20,000, payable in cash (the “Audit
Chair Fee”); 
 c. The annual retainer fee for service as a Chair of a committee of the Board (other than the Audit Committee)
shall be an additional $10,000, payable in cash (the “Other Chair Fee”); 
 d. The annual retainer fee for service as a
Non-Employee Director on the Audit Committee or the Government Security Committee shall be an additional $10,000, payable in cash (the “Audit and Government Security Committee Service Fee”); 

e. The annual retainer fee for service on a committee of the Board other than the Audit or Government Security Committee shall be an
additional $5,000, payable in cash (the “Other Committee Service Fee”); and 
 f. The Board leadership fee for service as
the Non-Executive Chairman of the Board shall be an additional $75,000, payable in cash (the “Non-Executive Chairman Fee”); and 

g. The Board leadership fee for service as the Lead Director of the Board shall be an additional $25,000 (the “Lead Director Fee,”
and together with the fees in clauses (b) through (f), the “Other Fees”). 

 In no event shall a Non-Employee Director receive a fee pursuant to clause (d) or
(e) with respect to a committee that the Non-Employee Director serves as its Chair for the applicable year. 
 3. Timing of Payment
of Annual Retainer and Other Fees. The Annual Retainer and Other Fees payable hereunder are intended to cover service from one regular annual shareholders meeting to the next and, unless a deferral election is made as provided below, the Annual
Retainer and Other Fees shall be paid quarterly in arrears in equal installments following the date of the Company’s annual shareholders meeting, without any requirement of additional Board action in connection therewith. The Annual Retainer
and Other Fees shall be subject to the Non-Employee Director’s continued service on the Board on each applicable payment date. 
 4.
Annual Equity Award. Each Non-Employee Director shall be entitled to an annual grant of Restricted Stock Units under the Plan covering shares of Common Stock with a grant date Fair Market Value of $100,000 (the “Annual Equity
Award”). The Annual Equity Award shall be granted as of the next business day after the date of the Company’s annual shareholders meeting, without any requirement of additional Board action in connection therewith, and will vest on the
first to occur of (A) date of the Company’s next regular annual shareholders meeting in the year following the year of grant, (B) the date of the Non-Employee Director’s Separation from Service due to death or Disability, or
(C) the date of a Change in Control, subject to continued service as a Non-Employee Director through the applicable vesting date. Any Annual Equity Award that does not vest on or prior to the date of the Non-Employee Director’s Separation
from Service shall be immediately forfeited. The Restricted Stock Units shall be granted pursuant and subject to the terms set forth in the written agreement previously approved by the Board and duly executed by an executive officer of the Company.
Unless a deferral election is made as provided below, the Restricted Stock Units will be distributed in actual shares of Common Stock, or, at the Company’s election, cash, in either case promptly (within 30 days) upon vesting. 

5. Deferral Elections. A Non-Employee Director may elect to receive deferred stock units (“Deferred Stock”) in lieu of
(a) some or all of the fully vested stock awards constituting his or her Annual Retainer, (b) all of the cash constituting his or her Other Fees and (iii) some or all of the Restricted Stock Units constituting his or her Annual Equity
Award. Any such Deferred Stock that relates to an Annual Equity Award shall be subject to the same vesting provisions as described in Section 4 above and will be immediately forfeited to the extent the Deferred Stock does not vest in accordance
with such provisions. If the Non-Employee Director elects to receive Deferred Stock, the units will be credited to a bookkeeping account under the Company’s Non-Employee Director Deferred Compensation Plan, where each unit will be equivalent in
value to one share of Common Stock, and the units will be distributed in actual shares of Common Stock, or at the Company’s election, cash, at the earlier of the Non-Employee Director’s Separation from Service on the Board or a Change in
Control, as described more fully in and in each case subject to the terms and conditions of the Company’s Non-Employee Director Deferred Compensation Plan (the “Director Deferred Compensation Plan”). All deferral elections must
be made in accordance with and are subject to the terms and conditions of the Director Deferred Compensation Plan. As used in this paragraph and in paragraph 5(i), the terms “Separation from Service” and “Change in
Control” shall have meanings assigned to them in the Director Deferred Compensation Plan. 

 6. Directors Commencing Service After the Annual Shareholders Meeting; Partial Year Roles.
If a Non-Employee Director commences service on the Board after the date of the Company’s regular annual shareholders meeting, the Non-Employee Director will receive a prorated portion the Annual Retainer, Other Fees, as applicable, and the
Annual Equity Grant (based on the numbers of whole months elapsed since the most recent regular annual shareholders meeting). If a Non-Employee Director commences service on a committee of the Board, as the Non-Executive Chairman or as the Lead
Director the Board in the middle of a service period, the Board may pro-rate any Other Fees otherwise payable with respect to such service and the payment date shall be within thirty days of such appointment, subject to any deferral elections. 

7. Effect of Other Plan Provisions. All of the provisions of the Plan shall apply to the Awards granted automatically pursuant to this
Policy, except to the extent such provisions are inconsistent with this Policy. 
 8. Policy Subject to Amendment, Modification and
Termination. This Policy may be amended, modified or terminated by the Board in the future at its sole discretion. Without limiting the generality of the foregoing, the Board hereby expressly reserves the authority to terminate this Policy
during any year up and until the election of directors at a given annual meeting of stockholders. 

*    *    *    *    *Exhibit 4.27

 

[FORM OF] ELEVENTH AMENDMENT TO RECEIVABLES
SALE AGREEMENT

 

This ELEVENTH AMENDMENT
TO RECEIVABLES SALE AGREEMENT, dated as of [●], 2015 (this “Amendment”), is entered into among SYNCHRONY
BANK, a federal savings association organized under the laws of the United States (“Bank”), PLT HOLDING, L.L.C.,
a limited liability company organized under the laws of the State of Delaware (“PLT Holding”), RFS HOLDING,
INC., a corporation organized under the laws of the State of Delaware (“RFS Inc.”), and RFS HOLDING, L.L.C.,
a limited liability company organized under the laws of the State of Delaware (“Buyer”), pursuant to the Receivables
Sale Agreement referred to below.

 

WITNESSETH:

 

WHEREAS, Bank, PLT Holding,
RFS Inc. and Buyer are parties to the Receivables Sale Agreement, dated as of June 27, 2003, as amended by the Omnibus Amendment
No. 1 to Securitization Documents, dated as of February 9, 2004, the RSA Assumption Agreement and Second Amendment to Receivables
Sale Agreement, dated as of February 7, 2005, the Third Amendment to Receivables Sale Agreement, dated as of December 21, 2006,
the Fourth Amendment to Receivables Sale Agreement, dated as of May 21, 2008, the Designation of Removed Accounts and Fifth Amendment
to Receivables Sale Agreement, dated as of December 29, 2008, the Designation of Removed Accounts and Sixth Amendment to Receivables
Sale Agreement, dated as of February 26, 2009, the Seventh Amendment to Receivables Sale Agreement, dated as of November 23, 2010,
the Eighth Amendment to Receivables Sale Agreement, dated as of March 20, 2012, the Ninth Amendment to Receivables Sale Agreement,
dated as of March 11, 2014, and the Designation of Removed Accounts and Tenth Amendment to Receivables Sale Agreement, dated as
of November 7, 2014 (as amended, the “Agreement”); and

 

WHEREAS, Buyer, Bank, PLT
Holding and RFS Inc. desire to amend the Agreement as set forth herein;

 

NOW, THEREFORE, Buyer,
Bank, PLT Holding and RFS Inc. hereby agree as follows:

 

1.          Defined
Terms. All terms defined in the Agreement and used herein shall have such defined meanings when used herein, unless otherwise
defined herein.

 

2.          Amendments
to the Agreement.

 

(a)          Section 1.1
of the Agreement is amended by adding the following definition in appropriate alphabetical order:

 

“Indenture Trustee” means the indenture
trustee under the Indenture.

 

“Requesting Party”
means any Person  requesting that the Seller repurchase a Transferred
Receivable as a result of a breach of a representation or warranty of the Seller set forth in this Agreement or any Verified Note Owner (as defined in the Indenture).

 

(b)          Section
7.6 of the Agreement is hereby amended by adding the following new sentence immediately following the last sentence of such
section:

 

     

     

    

 

Notwithstanding
anything herein to the contrary, it is hereby acknowledged and agreed that any alteration, amendment or other modification of this
Agreement shall not require the written agreement of PLT Holding, L.L.C. or RFS Holding, Inc.

 

(c)          The
following new Section 7.16 is hereby added to the Agreement immediately after existing Section 7.15 therein:

 

Section 7.16.
Dispute Resolution.

 

(a)          If
a request to Seller to repurchase a Transferred Receivable pursuant to this Agreement is not resolved by the end of
the 180-day period beginning on the date on which Seller receives notice of such request, then the Requesting Party will have
the right to refer the matter, at is discretion, to either mediation or arbitration pursuant to this Section 7.16;
provided, however, that any such referral shall be made (i) within the applicable statute of limitations period and (ii)
within [90] days of the delivery of the monthly noteholder statement following the end of such 180-day period.

 

(b)          The
Requesting Party shall provide notice in accordance with Section 7.1 of its intention to refer the matter to mediation or
arbitration, as applicable, to Seller, with a copy to the Buyer (if not the Requesting Party). Seller agrees to participate in
the resolution method selected by the Requesting Party. Seller shall provide notice to the Buyer, the Issuer and the Indenture
Trustee that it has received a request to mediate or arbitrate a repurchase request.

 

(c)          If
the Requesting Party selects mediation (including non-binding arbitration) as the resolution method, the following provisions will
apply:

 

(i)          the mediation
will be administered by a nationally recognized arbitration and mediation association, and conducted pursuant to such association’s
mediation procedures in effect at such time;

 

(ii)         the
fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation;

 

(iii)        the
mediator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to the
repurchase dispute and will be appointed from a list of neutrals maintained by the American Arbitration Association (the “AAA”);
and

 

(iv)        if
the parties fail to agree at the completion of the mediation, the Requesting Party may refer the repurchase request to arbitration
under this Section 7.16 or may, in accordance with the terms of this Agreement and the Indenture, pursue other remedies
including legal proceedings.

 

(d)          If the
Requesting Party selects arbitration as the resolution method, the following provisions will apply:

 

    	 	2	 

     

    

 

(i)        The arbitration
will be administered by a nationally recognized arbitration and mediation association, and conducted pursuant to such association’s
arbitration procedures in effect at such time;

 

(ii)        The
arbitrator will be an impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to
the dispute hereunder and will be appointed from a list of neutrals maintained by the AAA;

 

(iii)        The
arbitrator will make its final determination no later than [90] days after appointment or as soon as practicable thereafter. The
arbitrator will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement
in any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by it, and Seller shall not be required to pay more than the repurchase price required to be paid by the Seller in accordance with
Section 6.1. In its final determination, the arbitrator will determine and award the costs of arbitration (including the
fees of the arbitrator, cost of any record or transcript of the arbitration and administrative fees) and reasonable attorneys’
fees to the parties as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator will be in
writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable absent
manifest error, except for actions to confirm or vacate the determination that are permitted under applicable federal or state
law and may be enforced in any court of competent jurisdiction;

 

(iv)        By
selecting binding arbitration, the Requesting Party is waiving the right to sue in court, including the right to a trial by jury;
and

 

(v)         No
Person may bring a putative or certified class action to arbitration.

 

(e)          Seller
will not be required to produce personally identifiable information about any Obligor for purposes of any mediation or arbitration.
The details and/or existence of any unfulfilled repurchase request, any meetings or discussions regarding any unfulfilled repurchase
request, mediations or arbitration proceedings conducted under this Section 7.16, including all offers, promises, conduct
and statements, whether oral or written, made in the course of the parties’ attempt to resolve an unfulfilled repurchase
request, any information exchanged in connection with any mediation, and any discovery taken in connection with any arbitration
(collectively, “Confidential Information”), shall be and remain confidential and inadmissible (except as required
in accordance with applicable law) for any purpose, including impeachment, in any mediation, arbitration or litigation, or other
proceeding (including any proceeding under this Section 7.16) other than as required to be disclosed in accordance with
applicable law, regulatory requirements, or court order or to the extent that Seller, in its sole discretion, elects to disclose
such information. Such information will be kept strictly confidential and will not be disclosed to any third party; provided that
a party may disclose such information to its own attorneys, experts, accountants and other agents and representatives (collectively,
“Representatives”), as reasonably required in connection with any resolution procedure under this Section
7.16, if the disclosing party (a) directs such Representatives to keep the information confidential, (b) is responsible for
any disclosure by its Representatives of such information
and (c) takes at its sole expense all reasonable measures to restrain such Representatives from disclosing such information. If
any party receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for
Confidential Information, the recipient will promptly notify the other party and will provide the other party with the opportunity
to object to the production of its Confidential Information or seek other appropriate protective remedies, consistent with the
applicable requirements of law and regulation. If, in the absence of a protective order, such party or any of its representatives
are compelled as a matter of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential
Information, such party may disclose to the party compelling disclosure only the part of such Confidential Information that is
required to be disclosed.

 

    	 	3	 

     

    

 

3.          Representations
and Warranties of Sellers. Each of Bank and RFS Inc. hereby represents and warrants to Buyer as of the date hereof that this
Amendment constitutes its legal, valid and binding obligation, enforceable against such party in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now
or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be
limited by general principles of equity (whether considered in a suit at law or in equity).

 

4.          Effectiveness.
This Amendment shall become effective as of the date first written above; provided that Buyer, Bank and RFS Inc. shall have
executed a counterpart of this Amendment.

 

5.          Binding
Effect; Ratification.

 

(a)          On
and after the execution and delivery hereof, (i) this Amendment shall be a part of the Receivables Sale Agreement and (ii) each
reference in the Receivables Sale Agreement to “this Agreement”, “hereof”, “hereunder” or words
of like import, and each reference in any other Related Document to the Receivables Sale Agreement, shall mean and be a reference
to such Receivables Sale Agreement as amended hereby.

 

(b)          Except
as expressly amended hereby, the Receivables Sale Agreement shall remain in full force and effect and is hereby ratified and confirmed
by the parties hereto.

 

6.          No
Proceedings. Until the date one year plus one day following the date on which all amounts due with respect to securities rated
by a Rating Agency that were issued by any entity holding Transferred Assets or an interest therein have been paid in full in cash,
neither of Bank or RFS Inc. shall, directly or indirectly, institute or cause to be instituted against Buyer any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy or similar law; provided
that the foregoing shall not in any way limit Bank’s or RFS Inc.’s right to pursue any other creditor rights or remedies
that Bank or RFS Inc. may have under any applicable law. The Receivables Sale Agreement and the obligations of the Bank and RFS
Inc. under this Section 6 shall survive the termination of the Agreement.

 

    	 	4	 

     

    

 

7.          Miscellaneous.

  

(a)          THIS
AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

(b)          Headings
used herein are for convenience of reference only and shall not affect the meaning of this Amendment.

 

(c)          This
Amendment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which shall
be an original and all of which taken together shall constitute one and the same agreement. Executed counterparts may be delivered
electronically.

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, the
undersigned have caused this Amendment to be duly executed and delivered by their respective duly authorized officers on the date
first above written.

 

	 	RFS HOLDING, L.L.C., as Buyer
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	Eleventh Amendment to 
	 	Receivables Sale Agreement

 

    	 	S-1	 

     

    

  

	 	SYNCHRONY BANK, as a Seller
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	Eleventh Amendment to 
	 	Receivables Sale Agreement

 

    	 	S-2	 

     

    

  

	 	RFS HOLDING, INC., as a Seller
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	Eleventh Amendment to 
	 	Receivables Sale Agreement

 

    	 	S-3	 

     

    

  

	 	PLT HOLDING, L.L.C., as
    a Seller
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	Eleventh Amendment to 
	 	Receivables Sale Agreement

 

    	 	S-4

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