Document:

Exhibit

Exhibit 10.31

Framework for Awards of ROIC-based Performance Shares

The following is the framework adopted by the Human Resources Committee (the “Committee”) of the Board of Directors of Oshkosh Corporation (the “Company”) for approving Awards of ROIC-based Performance Shares under the Oshkosh Corporation 2009 Incentive Stock and Awards Plan (the “Plan”) (capitalized terms used but not defined herein are used as defined in the Plan):
1.Participants; Performance Shares.  As to each specific Award of Performance Shares, the Committee shall approve a list of Participants who will receive the number of Performance Shares listed opposite their names on such list.  
2.Award Calculation Schedule.  The Committee will approve a schedule as to each specific Award of Performance Shares that will set forth different percentiles representing the extent to which the Performance Goal applicable to the Award is achieved and a corresponding percentage of Award shares earned at each percentile with interpolation between such percentiles on a a straight-line basis.  Each Performance Share represents the right to receive a number of Shares equal to the decimal equivalent of the percentage of Award shares earned as reflected on such schedule (or such interpolated amount) based upon to the extent to which the Performance Goal is achieved as reflected on such schedule, rounded up to the next whole Share.
3.Performance Goal.  The Performance Goal applicable to the Awards is return on invested capital, which equals the total ROIC Net Income (as defined below) for each of the eleven or twelve calendar quarters (as designated by the Committee as to each specific Award of Performance Shares) ended June 30 of the fiscal year that is the last year of the Performance Period (as defined below) divided by the sum of total debt plus shareholders' equity as of the last day of the same calendar quarters and the immediately preceding calendar quarter (“ROIC”), for the Company, on the one hand, and for the group of comparator companies reflected on a schedule to be approved by the Committee as to each specific Award of Performance Shares at the time of the Awards (omitting for this purpose any company for which public financial information is not filed with the SEC through the Performance Period) (the “Benchmark Companies”), on the other hand, for a performance period of approximately three years to be designated by the Committee as to each specific Award of Performance Shares (the “Performance Period”).
a.“ROIC Net Income” shall mean net income before extraordinary items, nonrecurring gains and losses, discontinued operations and accounting changes plus the after tax cost of interest expense, all as reflected in publicly-filed financial statements. 
b.The extent to which the Performance Goal is achieved will be determined by computing ROIC for each of the Benchmark Companies, ordering the Benchmark Companies from lowest to highest based upon their respective ROIC and determining how ROIC for the Company compares on a percentile basis.  For this purpose, ROIC for the Company will equal or exceed a percentile only if it equals or exceeds the lowest ROIC for a Benchmark Company that falls at or above the percentile. How ROIC for the Shares compares on a percentile basis will then be applied to the award calculation schedule that the Committee approved to determine the number of Shares earned.  Determinations will be made in a manner acceptable to the Committee and certified in writing in a manner that complies with Code Section 162(m).  The Company will deliver the Shares earned to the Participant promptly after the determination of the number of Shares earned, but in no event later than March 15 of the calendar year following the last day of the Performance Period.
4.Termination of Employment; Change in Control.
a.If the employment of a Participant terminates due to Retirement, death or Disability after the completion of one complete calendar quarter of the Performance Period and prior to the end of the Performance Period and such termination occurs prior to a Change in Control, then the Participant will receive a number of Shares in respect of the Award equal to the product of (i) the number of Shares the Participant would have received had the Performance Period ended on the last day of the calendar quarter immediately preceding the date of termination, calculated as provided below, multiplied by (ii) a fraction the numerator of which is the number of days elapsed in the Performance Period prior to such termination and the denominator of which is the number of days in the full Performance Period.  Such amount will be calculated and paid as promptly as practicable following the date of termination, recognizing that there is a delay arising from the fact that the calculation depends upon the availability of 

publicly-filed financial information regarding the Benchmark Companies, but in no event later than March 15 of the calendar year following the year in which the date of termination occurs.  
b.The Participant will forfeit any rights under the Award in each of the following cases:  (i) if the employment of a Participant terminates at any time prior to the commencement of the Performance Period; (ii) if the employment of a Participant terminates for reasons other than Retirement, death or Disability prior to the end of the Performance Period and such termination occurs prior to a Change in Control; or (iii) if the employment of a Participant terminates due to Retirement, death or Disability during the first calendar quarter of the Performance Period and such termination occurs prior to a Change in Control.
c.In the event of a Change in Control after commencement of the Performance Period and prior to the completion of one complete calendar quarter of the Performance Period (and prior to a termination to which 4.a or 4.b applies), a Participant will receive a number of Shares in respect of the Award equal to the product of (i) the number of Performance Shares awarded to the Participant in the Award, multiplied by (ii) a fraction the numerator of which is the number of days elapsed in the Performance Period prior to the Change in Control and the denominator of which is the number of days in the full Performance Period.  The amount earned will be calculated and paid promptly following the date of the Change in Control.
d.In the event of a Change in Control after the completion of one complete calendar quarter of the Performance Period and prior to the end of the Performance Period (and prior to a termination to which 4.a or 4.b applies), a Participant will receive a number of Shares in respect of the Award equal to the product of (i) the greater of (A) the number of Shares the Participant would have received had the Performance Period ended on the last day of the calendar quarter immediately preceding the date of the Change in Control, calculated as provided below, or (B) the number of Performance Shares awarded to the Participant in the Award, multiplied by (ii) a fraction the numerator of which is the number of days elapsed in the Performance Period prior to the Change in Control and the denominator of which is the number of days in the full Performance Period.  The amount earned will be calculated and paid promptly following the date of the Change in Control, recognizing that there is a delay arising from the fact that the calculation depends upon the availability of publicly-filed financial information regarding the Benchmark Companies, but in no event later than March 15 of the calendar year following the year in which the Change in Control occurs.
e.The number of Shares the Participant would have received had the Performance Period ended on the last day of the calendar quarter immediately preceding the date of termination or the date of the Change in Control, as the case may be (the “Last Day”), shall equal the total ROIC Net Income for each of the calendar quarters in the Performance Period that end prior to or on the Last Day divided by the sum of total debt plus shareholders' equity as of the last day of the same calendar quarters and the immediately preceding calendar quarter.
f.In the event of a Change in Control after the end of the Performance Period and prior to the delivery of any Shares earned in respect of the Award, a Participant shall have the right to receive an amount of cash equal to the product of the number of Shares earned and the Change in Control Price.
5.No Dividends.  Performance Shares as such will not entitle a Participant to receive dividend payments or dividend equivalent payments with respect to any Shares.  However, at such time as the Company delivers Shares earned to a Participant, the Company will also deliver a number of Shares equal to the quotient obtained by dividing (a) the aggregate amount of cash dividends that the Company would have paid on the Shares earned over the course of the period commencing at the start of the Performance Period and ending on the date of delivery of the Shares earned had the Shares earned been outstanding on record dates for dividends during such period by (b) the Fair Market Value of the Shares on the date five business days prior to the date the Company delivers Shares earned to a Participant.
6.Tax Matters.
a.A Participant may defer the delivery of Shares that are issuable in respect of an Award pursuant to the Oshkosh Corporation Deferred Compensation Plan for Directors and Officers by delivering an election prior to the date the Award is approved.
b.To satisfy the federal, state and local withholding tax obligations of a Participant arising in connection with an Award, the Company will withhold Shares otherwise issuable under the Award having a Fair Market Value equal to the amount to be withheld.  However, the amount to be withheld will not exceed the total minimum federal, state and local tax withholding obligations associated with the transaction. If the number of Shares to be withheld shall include a fractional share, then the number of Shares withheld shall be increased to the next higher 

whole number, and the Company shall deliver to the Participant cash in lieu of such fractional share representing such increase.
c.The Awards are intended to qualify as “performance‐based compensation” under Code Section 162(m).
7.Beneficiary.  A Participant may from time to time designate in writing, in a manner acceptable to the Company, a beneficiary to receive payment under the Award after the Participant’s death.
8.Award Agreement.  This framework constitutes an award agreement relating to the Awards for purposes of the Plan.EX-10.1

 Exhibit 10.1 

EXECUTION COPY 

AMENDMENT NO. 8 
 TO

 NOTE PURCHASE AGREEMENT 
 THIS
AMENDMENT NO. 8 TO NOTE PURCHASE AGREEMENT (this “Amendment”) dated as of November 18, 2016, is entered into among Navistar Financial Securities Corporation, as the Seller (the “Seller”), Navistar Financial
Corporation (“NFC”), as the Servicer (in such capacity, the “Servicer”), New York Life Insurance Company (“NY Life”), as a Managing Agent and as a Committed Purchaser, New York Life Insurance and
Annuity Corporation (“NYLIAC”), as a Managing Agent and as a Committed Purchaser, Credit Suisse AG, New York Branch (“CS NYB”), as a Managing Agent, Credit Suisse AG, Cayman Islands Branch (“CS
CIB”), as a Committed Purchaser, Alpine Securitization Corp. (“Alpine Corp.”), as assignor Conduit Purchaser, Alpine Securitization Ltd. (“Alpine Ltd.”), as assignee Conduit Purchaser, and Bank of America,
National Association (“Bank of America”; together with NY Life, NYLIAC, CS NYB, CS CIB and Alpine, the “Purchaser Parties”), as Administrative Agent (in such capacity, the “Administrative Agent”),
as a Managing Agent and as a Committed Purchaser. Capitalized terms used herein without definition shall have the meanings set forth or incorporated by reference in the Agreement, the Indenture or the Indenture Supplement, as applicable. 

R E C I T A L S 

A.    The parties hereto (other than Alpine Ltd.) are parties to that certain Note Purchase Agreement dated as of
August 29, 2012 (as amended by Amendment No. 1 to Note Purchase Agreement dated as of March 18, 2013, Amendment No. 2 to Note Purchase Agreement dated as of September 13, 2013, Amendment No. 3 to Note Purchase Agreement
dated as of March 12, 2014, Amendment No. 4 to Note Purchase Agreement dated as of January 26, 2015, Amendment No. 5 to Note Purchase Agreement dated as of October 30, 2015, Amendment No. 6 to Note Purchase Agreement
dated as of February 24, 2016 and Amendment No. 7 to Note Purchase Agreement dated as of May 27, 2016, the “Agreement”). 

B.    Alpine Corp. desires to assign all of its rights and obligations under the Agreement to Alpine Ltd. and Alpine Ltd.
desires to assume all of Alpine Corp.’s rights and obligations and become a party to the Agreement. 

C.    Pursuant to Section 11.01 of the Agreement, the parties to the Agreement desire to extend the Scheduled
Purchase Expiration Date and to further amend the Agreement as set forth in this Amendment. 
 D.    NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  

	 	1.	Assignment by Alpine Corp. to Alpine Ltd. 

  

	 	a.	Assignment and Assumption. Pursuant to Section 11.04 of the Agreement, Alpine Corp. hereby assigns all of its rights and obligations under the Agreement to Alpine Ltd., effective as of the date
hereof, and Alpine Ltd. hereby assumes all of the rights and obligations of Alpine Corp. under the Agreement, effective as of the date hereof. 

	 	b.	Joinder. Effective as of the date hereof, Alpine Ltd. is hereby made, and hereby becomes a party to the Agreement as a Conduit Purchaser. Alpine Ltd. shall deliver to the Seller an Investment Letter substantially
in the form attached as Exhibit B to the Agreement on the date hereof. 

  

	 	c.	Consent. The Seller hereby consents to the assignment and assumption set forth in Section 1(a) above. 

  

	 	2.	Amendments to Agreement. 

  

	 	a.	All references to the terms “Alpine Securitization Corp.” or “Alpine” in, or by reference to, the Agreement shall be deemed to be references to Alpine Securitization Ltd. 

 

	 	b.	The definition of “Alpine Liquidity Asset Purchase Agreement” in Section 1.01 of the Agreement is hereby amended and restated in its entirety to read as follows: 

 

	 	    	“Alpine Liquidity Asset Purchase Agreement” means the liquidity asset purchase agreement and any confirmations related thereto, among Alpine, CS NYB, and any other purchasers signatory thereto, as
supplemented by a supplement, dated as of November 18, 2016, related to the Series 2012-VFN Notes, and as the same may be amended, restated, further supplemented or otherwise modified from time to time. 

 

	 	c.	The definition of “Scheduled Purchase Expiration Date” in Section 1.01 of the Agreement is hereby amended to replace the date “May 27, 2017” set forth therein with the date “November
18, 2017”. 

  

	 	d.	Section 2.03(d) of the Agreement is hereby amended and restated in its entirety to read as follows: 

  

	 	    	The purchase price of each Incremental Funding shall be equal to 100% of the allocation of the related Incremental Funded Amount, and shall be paid not later than 1:00 p.m. New York City time on the Incremental
Funding Date by wire transfer of immediately available funds to the following account: Bank Name: Citibank, N.A.; ABA #: 021-000-089; Account #: 3617-2242; FFC Account Name: NAVMOT II Excess Funding Account; FFC Account #: 110663. 

  
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	 	e.	Alpine Corp.’s address for communications and notices under the Agreement set forth on Schedule I to the Agreement is hereby replaced in its entirety with the following address for Alpine Ltd.:

  

	 	    	Alpine Securitization Ltd. 

	 	    	c/o Credit Suisse AG, New York Branch 

	 	    	11 Madison Avenue 

	 	    	New York, New York 10010 

	 	    	Attention: Ken Aiani 

	 	    	Tel: (212) 325-0432 

	 	    	Fax: (212) 326-4430 

	 	    	E-mail: kenneth.aiani@credit-suisse.com 

	 	    	E-mail: list.afconduitreports@credit-suisse.com 

	 	    	E-mail: list.afconduitteam@credit-suisse.com 

	 	    	E-Mail: ABCP.Monitoring@credit-suisse.com 

  

	 	3.	Reduction in Maximum Funded Amount. 

  

	 	a.	Upon the effectiveness of this Amendment, the Maximum Funded Amount shall be reduced to $450,000,000. 

  

	 	b.	In connection with such reduction, the parties hereby consent to (1) the non-ratable reduction in the Commitment of the Committed Purchaser in the Bank of America Purchaser Group to $200,000,000 and (2) the
non-ratable reduction in the Commitment of the Committed Purchaser in the CS Purchaser Group to $125,000,000. 

  

	 	c.	The parties agree to waive the requirement in Section 2.05(a) of written notice at lease five Business Days before such reduction is to take place. 

 

	 	4.	Incremental Funding by the NY Life Purchaser Group and the NYLIAC Purchaser Group. 

  

	 	a.	Incremental Funding. In connection with the reduction in the Maximum Funded Amount and the non-ratable reduction in the Commitments of the Committed Purchasers in the Bank of America Purchaser Group and the CS
Purchaser Group contemplated by Section 3 above, the Servicer hereby requests that (i) the NY Life Purchaser Group fund an Incremental Funding on the date hereof in a principal amount of $944,444 and (ii) the NYLIAC Purchaser
Group fund an Incremental Funding on the date hereof in a principal amount of $1,416,667. Such Incremental Funding shall be funded solely by the NY Life Purchaser Group and the NYLIAC Purchaser Group on the date hereof in accordance with the terms
of the Agreement and upon satisfaction of all conditions precedent thereto specified in Section 2.03(b) of the Agreement (except that the parties agree to waive the requirement in Section 2.03(b)(vii)). 

  
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	 	b.	Use of Proceeds of Incremental Funding. 

  

	 	i.	Notwithstanding Section 3.04(b) of the Indenture Supplement, on the date hereof the Transferor shall use the proceeds of such Incremental Funding to reduce (i) the portion of the Funded Amount held by
the Bank of America Purchaser Group by $472,222 and (ii) the portion of the Funded Amount held by the CS Purchaser Group by $1,888,889 in order to cause the Funded Amount to be allocated among the Purchaser Groups pro rata in accordance with
their respective Commitments after giving effect to the reduction in the Maximum Funded Amount and the non-ratable reduction in the Commitments of the Committed Purchasers in the Bank of America Purchaser Group and the CS Purchaser Group
contemplated by Section 3 above. 

  

	 	ii.	If the Transferor fails to use the proceeds of such Incremental Funding in accordance with Section 4(b)(i) above, an Early Redemption Event shall be deemed to have occurred and, thereafter, any principal
payment due to the Noteholders shall be applied (1) first, pro rata, in repayment of the Incremental Funded Amounts funded by the NY Life Purchaser Group and the NYLIAC Purchaser Group under Section 4(a) above and
(2) thereafter, in accordance with the Transaction Documents. 

  

	 	c.	Consents. The parties hereto hereby consent to (i) the non-ratable Incremental Funding to be funded by the NY Life Purchaser Group and the NYLIAC Purchaser Group as set forth in Section 4(a)
above and (ii) the non-ratable reduction in the portion of the Funded Amount held by the Bank of America Purchaser Group and the CS Purchaser Group as set forth in Section 4(b) above. 

5.    Representations and Warranties. The Seller hereby represents and warrants to each of the Purchaser Parties
that, after giving effect to this Amendment, no potential Early Redemption Event or Early Redemption Event has occurred and is now continuing, and NFC hereby represents and warrants to each of the Purchaser Parties that, after giving effect to this
Amendment, no potential Early Redemption Event, Early Redemption Event or Servicer Termination Event has occurred and is now continuing. 

6.    Effect of Amendment. All provisions of the Agreement, as amended by this Amendment, remain in full force and
effect. After this Amendment becomes effective, all references in the Agreement to “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Agreement in the Agreement or in any other document
relating to the Seller’s securitization program shall be deemed to be references to the Agreement as amended by this Amendment. This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the
Agreement other than as set forth herein. 
 7.    Conditions Precedent. The effectiveness of this Amendment is
subject to (i) receipt (whether by e-mail, facsimile or otherwise) by the Administrative Agent of counterparts of this Amendment executed by each of the other parties hereto, (ii) receipt by each Bank of America, NY Life, NYLIAC and CS CIB
of the applicable amendment fee pursuant to and in accordance with the Fee Letter, dated as of the date hereof and (iii) receipt by each of Bank of America and CS CIB of the applicable amount set forth in Section 4(b) above. 

  
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 8.    Counterparts. This Amendment may be executed in any number of
counterparts and by different parties on separate counterparts, and each counterpart shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

9.    Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of
the State of New York without regard to any otherwise applicable principles of conflicts of law. 
 10.    Section
Headings. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreement or any provision hereof or thereof. 

[signatures commence on the following page] 

  
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 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
 NAVISTAR FINANCIAL SECURITIES CORPORATION, 

			
	as the Seller
		
	By:	 	/s/ Anthony Aiello
	Name:	 	Anthony Aiello
	Title:	 	Vice President and Treasurer
	
	 NAVISTAR FINANCIAL CORPORATION,
 as
the Servicer

		
	By:	 	/s/ Anthony Aiello
	Name:	 	Anthony Aiello
	Title:	 	Vice President and Treasurer

 [signatures continue on the following page] 

  
 S-1 

			
	 BANK OF AMERICA, NATIONAL ASSOCIATION,

as the Administrative Agent

		
	By:	 	/s/ Adarsh Dhand
	Name:	 	Adarsh Dhand
	Title:	 	Vice President
	
	 BANK OF AMERICA, NATIONAL ASSOCIATION,

as the Managing Agent
 for the Bank of America Purchaser
Group

		
	By:	 	/s/ Adarsh Dhand
	Name:	 	Adarsh Dhand
	Title:	 	Vice President
	
	 BANK OF AMERICA, NATIONAL ASSOCIATION,

as the Committed Purchaser
 for the Bank of America Purchaser
Group

		
	By:	 	/s/ Adarsh Dhand
	Name:	 	Adarsh Dhand
	Title:	 	Vice President

 [signatures continue on the following page] 

  
 S-2 

			
	 NEW YORK LIFE INSURANCE COMPANY,
 as
the Managing Agent
 for the NY Life Purchaser Group

		
	By:	 	/s/ Scott R. Seewald
	Name:	 	Scott R. Seewald
	Title:	 	Vice President
	
	 NEW YORK LIFE INSURANCE COMPANY,
 as
the Committed Purchaser
 for the NY Life Purchaser Group

		
	By:	 	/s/ Scott R. Seewald
	Name:	 	Scott R. Seewald
	Title:	 	Managing Director

 [signatures continue on the following page] 

  
 S-3 

			
	 NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION,

as the Managing Agent
 for the NYLIAC Purchaser
Group

		
	By:	 	NYL INVESTORS LLC, its Investment Manager
		
	By:	 	/s/ Scott R. Seewald
	Name:	 	Scott R. Seewald
	Title:	 	Managing Director
	
	 NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION,

as the Committed Purchaser
 for the NYLIAC Purchaser
Group

		
	By:	 	NYL INVESTORS LLC, its Investment Manager
		
	By:	 	/s/ Scott R. Seewald
	Name:	 	Scott R. Seewald
	Title:	 	Managing Director

 [signatures continue on the following page] 

  
 S-4 

									
	 CREDIT SUISSE AG,
 NEW YORK
BRANCH,
 as the Managing Agent
 for the CS Purchaser
Group
	 		 	 CREDIT SUISSE AG,
 CAYMAN ISLANDS
BRANCH,
 as the Committed Purchaser
 for the CS Purchaser
Group

					
	By:	 	/s/ Chris Fera	 		 	By:	 	/s/ Chris Fera
		 	 Name: Chris Fera
 Title: Vice
President
	 		 		 	 Name: Chris Fera
 Title: Authorized
Signatory

					
	By:	 	/s/ Patrick J. Hart	 		 	By:	 	/s/ Patrick J. Hart
		 	 Name: Patrick J. Hart
 Title: Vice
President
	 		 		 	 Name: Patrick J. Hart
 Title: Authorized
Signatory

			
	 ALPINE SECURITIZATION CORP.,
 as
assignor Conduit Purchaser
 for the CS Purchaser Group
	 		 	 ALPINE SECURITIZATION LTD.,
 as
assignee Conduit Purchaser
 for the CS Purchaser Group

					
	By:	 	 Credit Suisse AG, New York Branch,
 as its
administrative agent
	 		 	By:	 	 Credit Suisse AG, New York Branch,
 as its
administrative agent

					
	By:	 	/s/ Chris Fera	 		 	By:	 	/s/ Chris Fera
		 	 Name: Chris Fera
 Title: Vice
President
	 		 		 	 Name: Chris Fera
 Title: Vice
President

					
	By:	 	/s/ Patrick J. Hart	 		 	By:	 	/s/ Patrick J. Hart
		 	 Name: Patrick J. Hart
 Title: Vice
President
	 		 		 	 Name: Patrick J. Hart
 Title: Vice
President

  
 S-5

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