Document:

_

	
        Confidential Materials omitted and filed separately
        with the

        Securities and Exchange
        Commission. Double asterisks denote omissions.

Exhibit 10.26

CUSTOMIZATION AND COMMERCIAL SUPPLY AGREEMENT

THIS CUSTOMIZATION AND COMMERCIAL SUPPLY AGREEMENT is entered into this 8th day of April 2013
(“Effective Date”) by and between UNILIFE MEDICAL SOLUTIONS, INC., a corporation organized under the laws of Delaware (collectively, “Unilife
”), and BIODEL INC., a company organized under the laws of Delaware (“Biodel”). Unilife and Biodel may hereinafter be referred to individually as a
“Party” or collectively as the “Parties.”

RECITALS

WHEREAS, Unilife designs, develops and manufactures advanced drug delivery devices; 

WHEREAS, Biodel is in the business of developing and commercializing products and treatments for
diabetes and other diseases; and 

WHEREAS, Biodel desires to purchase advanced drug delivery devices from Unilife and Unilife desires
to sell advanced drug delivery devices to Biodel, on the terms and conditions contained in this Agreement.

NOW, THEREFORE
, Unilife and Biodel agree as follows:

1.

Certain Definitions

In this Agreement, capitalized terms shall have the meaning set forth herein, including the following:

1.1

“Affiliate” shall mean an entity that directly or indirectly
through one or more intermediaries, controls, is controlled by or is under common control with a specified person. “Control” (including the terms “controlled
by” and “under common control with”) means the ownership or control of securities possessing at least 50% of the voting power of all outstanding voting securities of
an entity or the power otherwise to direct or cause the direction of the management and policies of such entity, whether through the ownership of voting stock or otherwise. For the
purposes of this definition, partnerships, joint ventures or similar entities also shall be deemed to be Affiliates of such Party if a Party and/or its Affiliates are a majority in
interest of the partners, venturers or other members of such entities.

1.2

 “Accounting Period” means, during the Exclusivity Term, (a)
a period of time beginning on the first day of the calendar quarter in which the Combination Product is Launched in the United States and ending the following year on last day of
prior calendar quarter, and (b) each [**] month period thereafter. 

1.3

“Applicable Laws” means any law, statute, rule, regulation,
guideline, order, judgment and/or ordinance of any kind whatsoever of any Regulatory Authority, including the regulations and guidelines of the FDA and, to the extent applicable,
all current good manufacturing practices.

1.4

“Agreement” means this Customization and Commercial Supply
Agreement, together with all exhibits and schedules, attached hereto, as the same may be supplemented, modified or amended from time to time in writing by the mutual agreement of
the Parties.

1.5

“Approval Date” means the date of first approval of the
Combination Product and its corresponding label by the FDA and/or similar foreign Regulatory Authority.

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1.6

 “CDA” has the meaning set forth in Section .

1.7

“Combination Product” means the product to be marketed and sold
by Biodel that combines the Unilife Device with the Drug.

1.8

“Confidential Information” has the meaning set forth in the CDA.

1.9

“Customization Committee” has the meaning set forth in Section .

1.10

“Default Event” has the meaning set forth in Section (a).

1.11

“Drug Master File” means a drug master file or equivalent
submitted to the FDA and the technical dossier or equivalent submitted to the European Medicines Authority (or other European Regulatory Authority), in each case, with respect to
the Unilife Device (and equivalent submissions with Regulatory Authorities in other countries in a Region) in support of Biodel’s Regulatory Filings for the Combination
Product.

1.12

“Development Phase” means the period commencing on the Effective
Date and ending upon the delivery of the customized Unilife Device which satisfies Milestone #3 as may be defined and mutually accepted by the Parties through the Customization
Committee (and payment of any fees associated therewith), as set forth in the Development Plan. 

1.13

“Development Plan” means the development plan to customize the
Unilife Device such that it meets the Target Device Profile, which plan is attached as Exhibit A to this Agreement, as such plan may be amended from time to time by the
mutual agreement of the Parties.

1.14

“Drug” means Biodel's lyophilized glucagon and diluent.

1.15

“Exclusivity Maintenance Fee” means a fee payable to Unilife in
consideration of maintaining, during the applicable Accounting Period, the exclusive rights granted by Unilife in Section , which fee shall become due (subject to the standard
payment terms set forth in this Agreement), as follows:

(a)

$[**] upon first day of the first three Accounting Periods
(which amount shall be in addition to any royalty payments payable to Unilife for the same Accounting Period pursuant to Section ); except that payment in the first Accounting
Period shall not be triggered until the Combination Product is Launched; and 

(b)

$[**] upon the last day of every other Accounting Period,
reduced on a dollar-for-dollar basis by any royalty payments payable to Unilife for the same Accounting Period pursuant to Section .

1.16

 “Exclusivity Term” means for
the geographical areas set forth below, the period of time commencing on the Effective Date and ending the earliest of the following dates if no Default Event has occurred: 

(a)

for all Regions, [**] days following occurrence of any of
the following (provided that Unilife notifies Biodel in writing of its intent to terminate the Exclusivity Term pursuant to this provision and Biodel does not cure such failure
within [**] days):

(i)

The failure of Biodel (or an Affiliate, licensee, distributor or other Third
Party partner) to pay the Exclusivity Maintenance Fee when and if due; 

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(ii)

The failure of Biodel (or an Affiliate, licensee, distributor or other Third
Party partner) to Launch the Combination Product within any country in the Region of the United States and Canada by the Launch Deadline;  

(iii)

The failure of Biodel (or an Affiliate, licensee, distributor or other Third
Party partner) to submit one or more  Purchase Orders calling for the delivery of at least [**] Unilife Devices in any Accounting Period other than the first Accounting
Period; or

(iv)

The failure of Biodel (or an Affiliate, licensee, distributor or other Third
Party partner) to use commercially reasonable efforts to develop and commercialize the Combination Product in light of the relevant product labeling requirements, market potential,
competitive and regulatory environment, and medical and clinical considerations. 

(b)

For each Region other than [**],
and ROW, the failure of Biodel (or an Affiliate, licensee, distributor or other Third Party partner) to Launch the Combination Product within any country in such Region by the
Launch Deadline (provided that Unilife notifies Biodel in writing of its intent to terminate the Exclusivity Term pursuant to this provision and Biodel does not cure such failure
within [**] days); 

(c)

For each Region other than [**], on
the date occurring [**] years after Biodel has Launched the Combination Product in at least one country in such Region, if the Combination Product accounts for less than [**]
percent ([**]%) of the then-existing market (“Market Share”) in such Region for glucagon kits or devices labeled for use in the Therapeutic Area, as determined by
publicly available sales data from a reputable Third Party source (provided that Unilife notifies Biodel in writing of its intent to terminate the Exclusivity Term pursuant to this
provision and Biodel does not cure such failure within [**] days); and

(d)

For all Regions the expiration or termination of this
Agreement.

If Biodel fails to meet any of the payment, Launch, or Market Share requirements for the
maintenance of the exclusivity rights, such exclusive rights shall be revoked and become non-exclusive rights for the applicable Regions or sub-Region(s). Upon the occurrence of a
Default Event, the Exclusivity Term shall mean the period of time beginning on the date of such occurrence and ending on the fifteenth (15th) anniversary of the
Effective Date and shall be an extension of only those rights which are maintained or otherwise remain granted, and in those Regions as identified above, without prior revocation,
to Biodel at the time of such Default Event.

1.17

 “FDA” means the United States Food and Drug Administration
or any successor agency thereto.

1.18

“Forecast” has the meaning set forth in Section .

1.19

“Improvements” means any invention or discovery that is conceived
or first reduced in the course of either Party performing services, duties, and responsibilities under this Agreement, and includes any improvement, modification, derivative,
reproduction or product of the Unilife Device, the Drug or the Combination Product, whether invented or discovered solely by Biodel, solely by Unilife or jointly by Biodel and
Unilife, or their respective Affiliates.

1.20

“Intellectual Property Rights” means patent rights, trademarks,
service marks, trade names, registered designs, design rights, copyright (including rights in computer software), rights in and to databases, rights in and to Know-How, and any
rights in or to property similar to any of the foregoing in any part of the world whether or not registered or capable of registration, the right to apply 

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for the registration of any such rights, and all
rights or forms of protection having equivalent or similar effect, in any part of the world.

1.21

“Know-How” means technical and other information which is not in
the public domain, including information comprising or relating to concepts, discoveries, data, designs, formulae, ideas, inventions, methods, models, assays, research plans,
procedures, designs for experiments and tests and results of experimentation and testing (including results of research or development), processes (including manufacturing
processes, specifications and techniques), laboratory records, chemical, pharmacological, toxicological, clinical, analytical and quality control data, trial data, case report
forms, data analyses, reports, manufacturing data or summaries. The fact that an item is known to the public will not be taken to exclude the possibility that a compilation
including the item, and/or a development relating to the item, is not known to the public. Know-How includes any rights including trade secrets,
copyright, database, or design rights protecting such Know-How.

1.22

“Launch” or “Launched” means sale or
distribution of the Combination Product in a Region or country for use within the subject Region or country, whether sold directly by Biodel, an Affiliate or a Third Party having
sub-licensed the rights in, or purchased, such Combination Product from Biodel.

1.23

“Launch Deadline” means, for a given Region as applicable, the
date that is calculated as follows:  

(a)

For the United States and Canada Region, [**] months
following Effective Date, plus an additional number of days equal to:  [**]; and 

(b)

For each Region other than the United States and Canada,
[**] months following the Effective Date, plus an additional number of days equal to:  [**]. 

1.24

“Manufacture” means the storage, handling, production,
materials procurement, processing, manufacture, assembly, filling, finishing, testing and packaging of the Unilife Device or its components in accordance with the terms of this
Agreement.

1.25

“Manufacturing Standards” means a complete compilation of
manufacturing and control instructions and procedures, sampling and testing procedures, other appropriate quality standards and Specifications used to produce the Unilife Device
under established conditions set forth in the Quality Agreement.

1.26

 “Net Sales” means, with
respect to any Combination Product, the gross amount billed by Biodel, its sub-licensees and their respective Affiliates for the Combination Product less the following: (i) normal
and customary trade, quantity and/or cash discounts, returns or credits (including due to rejections, defects or recalls of the Combination Product or because of rebates or
retroactive price adjustments), allowances, rebates and charge-backs, to the extent actually accrued; (ii) sales taxes, value-added taxes, excise or use taxes, tariffs, duties and
customs fees and other taxes (excluding income taxes), duties or other governmental charges imposed with respect to sales of the Combination Product that are actually paid; (iii)
credits or allowances given or made for rejection or return of, and for uncollectible amounts on, previously sold Combination Product
or for rebates or retroactive price reductions (including Medicare, Medicaid and similar types of rebates and chargebacks); and (iv) freight, postage, shipping, insurance and other
transportation expenses associated with the Combination Product that are itemized in the gross amount billed and are actually paid by Biodel or its Affiliates or sub-licensees. All
calculations shall be made in accordance with U.S. generally accepted accounting principles.

1.27

“Purchase Order” has the meaning set forth in Section .

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1.28

“Quality Agreement” means a quality agreement to be negotiated in
good faith by the Parties and entered into by them as soon as is reasonably practical following the Effective Date.

1.29

 “Region(s)” means:  (a) the United States and Canada;
(b) the European Economic Area and Switzerland, (c) Japan, and (d) the Rest of the World (“the ROW”) (i.e., all other countries in the world except those located in the
Regions described in clauses (a), (b), and (c) of this definition); each of which shall be considered separable “sub-Regions” herein. 

1.30

“Regulatory Approvals” means any approval of an applicable
Regulatory Authority necessary for the marketing and sale of a pharmaceutical product, medical device or combination thereof in any Region.

1.31

“Regulatory Authority” means the FDA and any other federal,
national, multi-national, state, provincial or local regulatory agency, department, bureau or other governmental entity, including any such entity with authority over the
manufacture, marketing or sale of pharmaceutical or biotechnology products, medical devices or combinations thereof.

1.32

“Regulatory Materials” means regulatory applications,
submissions, notifications, registrations, Regulatory Approvals and/or other filings made to or with a Regulatory Authority, including the Drug Master File, that are necessary or
reasonably desirable in order to Manufacture, or market, distribute, sell and import a pharmaceutical or biotechnology product, medical device or combination thereof in a
particular country or regulatory jurisdiction. 

1.33

“Royalty Report” has the meaning set forth in Section . 

1.34

“Royalty Term” means, on a country-by-country basis, with respect
to the Combination Product, a period that is the longer of: (a) if the manufacture, use or sale of such Combination Product in such country is covered by a Valid Claim, the term
for which such Valid Claim remains in effect, or (b) ten (10) years after the date of the Launch of the Combination Product in such country. 

1.35

“Services” means all activities to be performed by Unilife
pursuant to this Agreement, including those services specifically provided in the Development Plan.

1.36

“Similar Unilife Device” means a dual chamber mixing system
intended for the injection of a pharmaceutical product, including the EZMixTM dual chamber mixing platform.

1.37

“Specifications” collectively means the drawings and product
descriptions, to be attached as Exhibit B to this Agreement, as the same may be modified or supplemented from time to time by the mutual agreement of the Parties through the
Customization Committee.

1.38

“Target Device Profile” means a Unilife Device having the
characteristics and meeting the criteria established by mutual agreement of the Customization Committee, which characteristics and criteria shall automatically become Exhibit C
 to this Agreement when established. 

1.39

“Territory” means the world. 

1.40

“Term” has the meaning set forth in Section .

1.41

“Termination for Insolvency” has the meaning set forth in Section

1.42

“Therapeutic Area” means the use of Drug for the treatment of
hypoglycemia.

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1.43

“Third Party” means any person or entity not a Party to this
Agreement, excluding an Affiliate of either Party.

1.44

“Unilife Device” means a device customized for Biodel based on
Unilife’s proprietary EZMixTM dual chamber mixing platform.

1.45

“Unilife Improvements” has the meaning set forth in Section
(b).

1.46

“Unilife Intellectual Property Rights” means all Intellectual
Property Rights that are controlled by Unilife or its Affiliates as of the Effective Date or are filed by or granted to Unilife or its Affiliates during the Term and that claim the
composition, design, manufacture, or use of the Unilife Device or a Similar Unilife Device, including but not limited to the patents and patent applications listed in Exhibit D
 to this Agreement, and as may be amended by Unilife from time-to-time. 

1.47

“Unilife Know-How” means all Know-How that is controlled by
Unilife or its Affiliates as of the Effective Date or (b) made by or on behalf of Unilife or its Affiliates during the Term, and, in the case of both (a) and (b), is reasonably
necessary or useful for the research, development, manufacture, use, importation or sale of the Unilife Device or Combination Product in the Therapeutic Area.

1.48

“Unilife Technology” means the Unilife Intellectual Property
Rights, the Unilife Know-How and Unilife Improvements.

1.49

“Unit Price” has the meaning set forth in Section .

1.50

“Valid Claim” shall means, on a country-by-country basis, a claim
of an issued and unexpired patent in any Unilife Technology, which has not been held permanently revoked, unenforceable or invalid by a decision of a court or other governmental
agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or
disclaimer or otherwise.

2.

Development

2.1

Development Plan. The Development Plan sets forth the responsibilities
of the Parties during the Development Phase with respect to, and timelines for delivering, the deliverables and milestones that the Parties have agreed to for customizing the
EZMixTM dual chamber mixing platform to produce the Unilife Device for use with the Drug and Biodel's clinical development program for the Combination Product. The Development
Plan also sets forth (i) the amounts due to Unilife by Biodel for the development work; and (ii) the supply obligations of Unilife with respect to the Unilife Device, and of Biodel
with respect to the Drug, for use in any Development Plan activities. Without limiting the foregoing, Parties shall be responsible for the following during the Development Phase:

(a)

The Parties shall form a customization committee comprising
of two (2) or more representatives from Biodel and two or more (2) representatives from Unilife (the “Customization Committee”). The representatives for either
Party may be changed, from time-to-time, upon written notice to the other Party. The Customization Committee shall meet, by teleconference or in person
at least twice per month, unless a particular meeting is waived by mutual consent, on such dates and at such times as agreed to by the Parties through the Customization Committee,
and if applicable, mutually agreeable locations. Each Party shall be responsible for its own expenses for participating in the Customization Committee. The Customization Committee
shall define and mutually approve the Target Device Profile, oversee the performance of the Services and suggest
modifications to the Development Plan, as appropriate, for the Parties’ consideration and mutual agreement.

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(b)

Unilife shall provide to Biodel certain deliverables within
the disclosed time intervals in consideration of the associated fixed milestone payments set forth in the Development Plan, the first of which (following the execution of the
Agreement) shall be the delivery of a mutually-approved Unilife Device that meet the Target Device Profile.

(c)

Unilife [**] Unilife [**] Biodel [**] Biodel [**]  Biodel’s [**] Unilife’s [**].

(d)

Unilife shall plan, with Biodel's input, and execute a
formative user study to assess the human factors-informed final design of the Unilife Device.

(e)

Biodel shall use commercially reasonable efforts to develop
and commercialize the Combination Product in light of the relevant product labeling requirements, market potential, competitive and regulatory environment, and medical and clinical
considerations.

2.2

Additional Services. In addition to the foregoing Services to be
provided by Unilife during the Development Phase, Unilife shall, at the option of Biodel, provide Biodel with the following additional Services:

(a)

Unilife will provide, free of charge, a report on the
characterization of the device performance that will include both functional testing data and a detailed potential extractables list. Unilife will assist in the design of the
analytical testing and stability studies necessary to obtain data for Regulatory Approval of the Drug and Combination Product. If requested by Biodel, Unilife will work with Biodel
and conduct the stability studies at an industry-leading, cGMP-compliant, Third Party laboratory mutually-agreed upon by the Parties through the Customization Committee to aid in
the rapid adoption of the Unilife Device.

(b)

Unilife is experienced with FDA requirements for the design
and conduct of formative and summative human factors studies. Unilife has established relationships with opinion leaders and study sites to conduct human factors studies for the
Unilife Device. Unilife’s experience and human factors data can also be easily leveraged by Biodel to collaboratively conduct summative human factor studies.

2.3

Development Standards of Conduct. Each Party shall perform, and shall
ensure that its Affiliates, and permitted Third Party contractors perform, the activities for which it is responsible under the Development Plan in a diligent, workmanlike and good
scientific manner and in strict compliance with this Agreement, including Manufacturing Standards and Applicable Laws. 

2.4

Equipment. Capital equipment associated with the manufacture of the
Unilife Device will be purchased and owned by Unilife. Unilife’s obligations to manage the activities of a Third Party fill-finish contract manufacturer, including the
transfer of the lyophilization protocol of the Combination Device, as defined under Section 2.1(c) shall cease no later than upon delivery of Milestone #3 to Biodel, whereupon such
obligations and responsibilities shall pass to Biodel. 

2.5

Regulatory Filings. 

(a)

Except as specifically set forth in Section  below,
Biodel shall be responsible for preparing and filing all Regulatory Materials with respect to the Combination Product, and 

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seeking all Regulatory Approvals in the Territory for the Combination Product. Unilife
shall assist Biodel in obtaining Regulatory Approvals and preparing Regulatory Materials at Biodel’s reasonable request from time to time. Except as specifically set forth in
Section  below, (i) all Regulatory Materials for the Combination Product in the Territory shall be filed in the name of Biodel, and Biodel alone shall be responsible for all
communications and other dealings with the Regulatory Authorities relating to the Combination Product in the Territory, except as required by a Regulatory Authority; and (ii) to
the maximum extent permitted by law, Biodel shall be the legal and beneficial owner of all Regulatory Approvals and Regulatory Materials for the Combination Product in the
Territory or, in the event such Regulatory Approvals and/or Regulatory Materials may not be owned by Biodel, they shall be held for the
benefit of Biodel and shall be transferable as directed by Biodel. In the event that any such Regulatory Approvals and/or Regulatory Materials are not transferable to Biodel, then
upon expiration or termination of this Agreement or earlier upon request of Biodel, Unilife shall use its best efforts to assist Biodel in obtaining Regulatory Approvals and/or
Regulatory Materials for the Combination Product substantially similar to the non-transferable Regulatory Approvals and/or Regulatory Materials.

(b)

Notwithstanding Section  above, Unilife shall prepare
and submit a Drug Master File with the FDA (and equivalent submissions with Regulatory Authorities in other Regions) with respect to the Unilife Device in support of Biodel’s
Regulatory Filings. Unilife shall maintain and update such Drug Master Files during the Term hereof as required by Applicable Law and shall give Biodel prompt written notice of any
changes in the same. Unilife shall provide Biodel with letters of authorization, rights of reference and other appropriate letters of consent or instruments with respect to such
Drug Master Files in such forms as reasonably requested by Biodel. 

3.

License Grants

3.1

License to Biodel. During the Exclusivity Term, Unilife hereby grants
to Biodel an exclusive (even as to Unilife), revocable, worldwide, sub-licensable license, under the Unilife Technology, to the extent necessary or useful to develop, use, import,
sell, offer for sale, and market the Combination Product in the Therapeutic Area in the Territory; provided that such exclusive rights are subject to the provisions of Section
 herein. Unilife shall not develop, manufacture, use, import, sell, offer for sale, or market a Similar Unilife Device for any Third Party to use with a lyophilized glucagon
and diluent in the Therapeutic Area within the Territory during the Exclusivity Term. The foregoing license and right shall survive termination of this Agreement only if a Default
Event occurs; provided that only those rights accrued and/or maintained by Biodel at the time of such Default Event shall
survive. Upon actuation of any of the provisions of Section , such license grants to Biodel in such Regions shall be on a non-exclusive, revocable, worldwide, sub-licensable
license basis, under the Unilife Technology, to the extent necessary or useful to develop, use, import, sell, offer for sale, and market the Combination Product in the Therapeutic
Area, while remaining on an exclusive basis in all other Regions of the Territory where the conditions of Section  are met or maintained.

3.2

Continuity of Supply. Upon the occurrence of a Default Event, Unilife
hereby further grants to Biodel, for the duration of the Exclusivity Term, a worldwide, sub-licensable license, under the Unilife Technology, in the form (exclusive or
non-exclusive) accrued and/or maintained by Biodel at the time of such Default Event and [**]. 

3.3

License to Unilife. Biodel hereby grants to Unilife the right to access
and use the data generated by Biodel under the Development Plan relating to the Unilife Device solely for Unilife's internal product development purposes.

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4.

Purchase and Supply Obligations

4.1

Manufacture and Supply. During the Term, Unilife shall Manufacture and
supply Biodel, and Biodel shall purchase, the Unilife Device in the quantities and at the times requested by Biodel from time to time, in accordance with and pursuant to the terms
of this Agreement. Unilife shall Manufacture the Unilife Device in accordance with the Manufacturing Standards, Specifications, all Applicable Laws and the other provisions hereof.
Unilife agrees not to make any modifications or changes to (a) the Specifications, (b) the Manufacturing Standards, or (c) the location of the designated final manufacturing
facility from York, Pennsylvania, without the prior written consent of Biodel, and to promptly provide written notice to Biodel in the event Unilife believes that any such
modifications or changes may be necessary. The Specifications shall be amended only upon mutual agreement of Biodel and Unilife. 

4.2

Purchase Price and Payments. 

(a)

Biodel shall pay Unilife $[**] for each Unilife Device (the
“Unit Price”), in addition to the royalty payments, if any, required by Section  below. Upon payment by Biodel of the Exclusivity Maintenance Fee for the 3rd
Accounting Period, Biodel shall pay Unilife a Unit Price of $[**] for each Unilife Device, henceforth referred to as the new “Unit Price”, in addition to the royalty
payments, if any, required by Section  below.

(b)

During the Royalty Term, on a country by country basis,
Biodel shall pay to Unilife a royalty payment equal to [**] percent ([**]%) of Net Sales by Biodel, its sub-licensees and their respective Affiliates. The obligation to pay
royalties under this Section 4.2 shall expire on a country-by-country basis. For clarity, the Royalty Term shall be determined separately for each country in the Territory and
Biodel shall have no obligation to pay royalties for Net Sales in a particular country after expiration of the Royalty Term in such country, notwithstanding the fact that the
Royalty Term may not have expired in other countries.

(c)

Beginning [**], Unilife may increase the Unit Price once
per calendar year by providing Biodel at least [**] days’ prior written notice; in which case the Unit Price shall be adjusted for such [**] month period by the percentage
change, if any, in accordance with the US Bureau of Labor Statistics Producers Price Index (PPI) for “All Other Plastics Product Manufacturing” PCU326199326199, but the
Unit Price shall not be more than [**] percent ([**]%) of the immediately preceding [**] period.

4.3

Forecasts. In order to assist Unilife in its production planning, on
the date of execution of this Agreement and on the first day of each calendar month thereafter, Biodel shall advise Unilife in writing (such advice, a “Forecast”),
of its estimated requirements of Unilife Devices to be shipped for each month commencing with the first month after delivery of such Forecast and ending on the month occurring [**]
months thereafter. Such Forecasts shall not bind either Party to any commitments to purchase or supply Unilife Devices, with firm quantity orders and commitments being provided
instead on a [**] months rolling basis via Purchase Order as detailed in Section . Subject to the limitations provided in this Agreement, Biodel may, in its sole discretion, update
its estimated requirements of Unilife Device in the next Forecast delivered. It is understood and agreed that, subject to
the restrictions contained Section  below, estimates contained in the Forecasts shall not constitute commitments to purchase Unilife Devices or Purchase Orders. 

4.4

Orders. Purchase orders for the Unilife Device shall be delivered
monthly by Biodel at least [**] months prior to the requested shipment thereof (each, a “Purchase Order”); provided that for each Purchase Order requesting
shipment thereafter, no such Purchase Order shall specify a quantity for any given month covered by the Purchase Order that is greater than [**]% of the amount that was originally
designated for such month when it was the [**] month in the [**] month Forecast, and  no such 

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Purchase Order shall specify a quantity for any given month covered by
the Purchase Order that is less than [**]% of the amount originally designated for such month when it was the [**] month in the [**] month Forecast. Unilife shall notify Biodel of
the specific shipment date for such ordered Unilife Devices. 

4.5

Reasonable Accommodations. Unilife shall use reasonable business
efforts to comply with unplanned changes in the Forecasts but shall not be required to accept orders for Unilife Devices that are not within the guidelines set forth above.

4.6

Sample Testing and Records. Unilife shall test samples of each lot of
Unilife Device supplied hereunder for compliance with the Specifications and the Manufacturing Standards and to record the results and keep said results on file for a period of
five (5) years (or longer if required by any Applicable Law) after the expiration of the shelf-life of the tested lot of Unilife Devices. Unilife shall keep retention samples of
the Unilife Devices for a period of two (2) years after the expiration of the shelf-life of the tested lot of the Unilife Devices (or such longer period if required by any
Applicable Law). Unilife shall undertake to maintain sufficient records to permit (a) confirmation of the cause of any Unilife Device defect; (b) confirmation of the Unilife
Device's conformance with the Specifications, and its Manufacture in accordance with the Manufacturing Standards; and (c) compliance with any
other Applicable Law. 

5.

Financial Terms; Delivery and Acceptance

5.1

Payment Terms. 

(a)

All payments for milestone deliverables and of the Unit
Price shall be due within net [**] days of the date of Biodel's receipt of Unilife’s invoice therefor. Unilife shall send invoices to Biodel upon shipment of Unilife Devices
to Biodel.

(b)

Not later than [**] days after each December, March, June,
and September in each calendar year during the Royalty Term, Biodel shall submit to Unilife a report of royalties due to Unilife for the preceding quarter year (each a
“Royalty Report”) setting forth the: (i) the quantity of Combination Products sold in countries in which royalties are due; (ii) the gross amount billed for such
Combination Products; (iii) the deductions permitted under Section  to arrive at Net Sales; and (iv) the royalty computations and subject of payment. Each Royalty Report may
be an estimate of such actual royalties due to Unilife under GAAP revenue recognition, with any shortfalls subject to the interest terms in Section . If no royalties are due, a
statement shall be sent to Unilife stating such fact. Payment of the full amount of any royalties to Unilife for the preceding quarter year shall
accompany each Royalty Report. Biodel shall keep for a period of at least six (6) years after the date of entry, full, accurate and complete books and records consistent with sound
business and accounting practices and in such detail as to enable the determination of the amounts due to Unilife from Biodel pursuant to the terms of this Agreement.

(c)

On reasonable notice and during regular business hours,
Unilife or the authorized representative of Unilife reasonably acceptable to Biodel shall have the right to inspect the books of accounts, records and other relevant documentation
of Biodel in order to ascertain or verify the amount of royalties and other payments due to Unilife hereunder, and the accuracy of the information provided to Unilife in the
Royalty Reports. The cost of such inspection shall be borne by Unilife, unless it is determined in such inspection that Unilife has been underpaid in any period by more than [**]
percent ([**]%) of the amount that Unilife should have been paid, in which case the cost of such inspection shall be reimbursed to Unilife by Biodel. If such inspection reveals a
surplus in royalties actually paid to Unilife by Biodel, Unilife shall refund to Biodel the surplus amount within [**] days after
such inspection. 

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5.2

Interest. Payments not received by Unilife within such net [**] day
period shall accrue interest at the rate of the lesser of [**] percent ([**]%) per month or the maximum rate allowed by Applicable Law. All payments due hereunder to Unilife shall
be made in United States Dollars, and are exclusive of all sales, use, value added, withholding and other taxes and duties.

5.3

Shipment. Unilife agrees to deliver the Unilife Device DAP
Biodel’s Third Party fill and finish manufacturer (Incoterms 2010) using a carrier selected by Biodel for shipment to Biodel pursuant to the instructions and conditions
provided by Biodel in writing. Title to the Unilife Devices shall pass to Biodel upon delivery thereof to the Third Party fill and finish manufacturer. Unless otherwise agreed,
delivery of the Unilife Devices to the carrier shall take place at Unilife’s Manufacturing facility, and Unilife shall be responsible for shipping costs.

5.4

Timing of Shipment. Unilife shall ship the Unilife Devices for each
Purchase Order upon completion and testing required pursuant to the Quality Agreement, unless Biodel instructs Unilife to hold such Unilife Device (or part thereof) and delay
shipment of such Unilife Devices for up to [**] days.

5.5

Testing and Acceptance. With each shipment of Unilife Devices, Unilife
shall provide Biodel with such certificates and documentation as set forth in the Quality Agreement. 

6.

Regulatory; Audits

6.1

Regulatory Requirements.

(a)

Unilife shall be responsible for complying with all
Applicable Laws relating to the manufacture of the Unilife Devices for sale to Biodel. Both Parties shall comply with all other Regulatory Authority
requirements relating to their respective obligations hereunder. The Parties shall provide each other with reasonable assistance in communicating information 
to the appropriate Regulatory Authorities concerning the Unilife Device.

(b)

As provided in Section , Unilife shall submit and maintain Drug Master Files
for the Unilife Device and assist Biodel in obtaining Regulatory Approvals for the Combination Product in the Regions and such other countries with respect to which Biodel may seek
Unilife’s assistance from time to time. 

(c)

Unilife shall maintain and enforce safety procedures
for the handling and manufacture of the Unilife Device that comply in all respects with all applicable national, supranational, federal, state and local
occupational safety and health requirements and Unilife’s approvals and permits. Unilife shall provide Biodel with a material safety data sheet for any
hazardous chemical substance in the Unilife Device.

(d)

Without limiting a Party’s rights and obligations under the Quality
Agreement, each Party shall promptly advise the other of any safety problem of which such Party becomes aware regarding the Unilife Device.

6.2

Audits.

(a)

During the Term, Biodel or its agents may, during normal working hours,
perform a quality audit of Unilife facilities, including its physical plant and documentation, or its permitted subcontractor’s facilities, involved in manufacturing of the
Unilife Device to verify compliance with Specifications, Manufacturing Standards and this Agreement. Biodel will advise Unilife a minimum of [**] before the audit, specifying the
subject of the audit. Biodel may conduct an audit under this Section  not more than [**] during each calendar year during the Term.

(b)

In addition to the rights under Section , Biodel has the right to perform a

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	(Initial)	 	11	 	(Initial)

 

“for cause” quality audit of Unilife’s facilities, including its physical plant
and documentation, or its permitted subcontractor’s facilities, involved in the manufacturing of the Unilife Device. Such “for cause” audit and document review shall
be conducted by Biodel or its agents at a time, date and duration mutually agreeable to Biodel and Unilife, but no later than [**] business days after Biodel’s request.
Without limiting the foregoing, Biodel’s right to conduct a “for cause” may be triggered by (i) customer complaint regarding the Unilife Device, (ii) Third Party
litigation or the threat of litigation relating to the Unilife Device, (iii) correspondence from a Regulatory Authority regarding or relating to the Unilife Device, or (iv) any
other event or circumstance that relates to the quality of the Unilife Device.

(c)

In case of a negative audit outcome under Section 6.2(a) or Section 6.2(b),
Unilife or its subcontractors shall respond to the audit in writing with corrective actions and timelines and shall perform at Unilife’s expense, or at the
subcontractor’s expense, the requested or appropriate modifications. Unilife shall evidence these modifications and Biodel shall be entitled to perform an additional audit
with prior notice to verify such modifications.

(d)

Unilife shall make itself immediately available for any Regulatory Authority
or other governmental inspection directly or indirectly  involving the Unilife Device and the manufacture thereof, and Unilife shall notify Biodel in writing within
twenty-four (24) hours of any substantive inspection related to the Unilife Device by such Regulatory Authority or other governmental entity and promptly provide Biodel with a copy
of any notices, communications or written report of the results of such inspection that Unilife receives from the applicable Regulatory Authority or other government entity in so
far as the report relates to the Unilife Device or the manufacture thereof, and any responses or other communications it sends to any Regulatory Authority or other governmental
authority concerning the Unilife Device. For clarity, such obligations of Unilife to notify Biodel regarding substantive actions of
Regulatory Authorities or other governmental entities related to the actual Unilife Device.

(e)

Upon reasonable notice and during normal business hours, Unilife will provide
Biodel and/or its Third Party representatives with reasonable escorted access to the Manufacturing site(s) and allow Biodel to observe Manufacturing runs of the Unilife Device to
the extent that Biodel’s right to observe shall not interfere with Unilife’s manufacturing operations. 

6.3

Unilife Device Recalls. In the event that one or more Unilife Devices
manufactured pursuant to this Agreement are recalled as a result of Unilife's negligence, willful misconduct or breach of this Agreement, and, to the extent that such recall does
not result from Biodel's negligence, willful misconduct or breach of this Agreement, then Unilife shall reimburse Biodel for (i) the Unit Price paid by Biodel to Unilife for such
recalled Unilife Devices, and (ii) all of Biodel's other direct reasonable costs and expenses actually incurred in connection with the recall including costs of retrieving Unilife
Devices or the Combination Product already delivered, costs of replacement Unilife Device, costs and expenses Biodel is required to pay for notification, shipping and handling
charges, fines payable in connection with such recall, and all other costs reasonably related to the recall. In the event of any
such recall, and without limiting any other rights Biodel may have, Biodel shall have the right to modify its Purchase Orders and any forecasted orders included in any Forecast
preceding such recall. To the extent that a recall of the Combination Product is due to any reason other than one that is attributable to Unilife's negligence, willful misconduct
or breach of this Agreement, Biodel shall pay all costs and expenses of the recall. 

7.

Continuity of Supply

7.1

Reasonable Assistance to [**].

(a)

In the event that (i) Unilife discontinues production of or fails to supply the Unilife
Device, except if such halt in production or supply is under a Termination by Unilife under Section 10, or (ii) Biodel terminates this Agreement for cause in accordance with
Section , Section  or Section  (each a “Default Event”), Unilife, upon Biodel’s request, shall provide Biodel, [**] 

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	(Initial)	 	12	 	(Initial)

 

provided that only those rights (exclusive or non-exclusive) accrued and/or maintained by Biodel at the time of such Default Event shall survive. 

(b)

Such assistance may include, without limitation, allowing Biodel, [**] to (i) consult with employees or agents of Unilife with expertise in the Manufacture of the Product, (ii) observe Manufacturing runs of the Product
at the Manufacturing site(s) during normal business hours and (iii) process transfer assistance. [**]

7.2

Product Import and Export. Unilife shall cooperate with Biodel in
executing any other documents or licenses necessary for Biodel to comply with any export or import or other similar applicable laws of the Territory with respect to the Unilife
Device or Combination Product. 

8.

Representations and Warranties

8.2.

Mutual Representations and Warranties. Each Party hereby represents, warrants, and covenants (as
applicable) to the other Party as follows, as of the Effective Date:

(a)

It is a company or corporation duly organized, validly existing, and in good standing under
the laws of the jurisdiction in which it is incorporated, and has full corporate power and authority and the legal right to own and operate its property and assets and to carry on
its business as it is now being conducted and as contemplated in this Agreement. 

(b)

It has the corporate or organizational power and authority and the legal right to enter
into this Agreement and perform its obligations hereunder; it has taken all necessary corporate or organizational action on its part required to authorize the execution and
delivery of this Agreement and the performance of its obligations hereunder; and this Agreement has been duly executed and delivered on its behalf, and constitutes a legal, valid,
and binding obligation of such Party that is enforceable against it in accordance with its terms and this Agreement will not violate (i) such Party’s certificate of
incorporation or bylaws, (ii) any agreement, instrument or contractual obligation to which such Party is bound in any material respect, (iii) any requirement of any applicable laws
or regulation, or (iv) any order, writ, judgment, injunction, decree, determination or award of any court or governmental agency presently in
effect applicable to such Party. 

(c)

It is not a party to and will not enter into any agreement that would materially prevent it
from granting the rights granted to the other Party under this Agreement or performing its obligations under this Agreement.

(d)

It shall possess during the Term all licenses, registrations, permits and other
authorizations required by any Regulatory Authority or other governmental body, law, rule or regulation within the Territory to fulfill its other obligations in accordance with the
terms of this Agreement.

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8.3.

Unilife Representations and Warranties. In addition to the representations, warranties and
covenants in Section , Unilife hereby represents, warrants, and covenants (as applicable) to Biodel as follows, as of the Effective Date:

(a)

Unilife has not used prior to the Effective Date and shall not use, during the Term, any
employee, consultant, agent or contractor who has been debarred by any Regulatory Authority, or is the subject of debarment proceedings by a Regulatory Authority.

(b)

All Unilife Devices supplied hereunder (i) shall be Manufactured in conformance with all
Applicable Laws; (ii) shall not be adulterated or misbranded within the meaning of the U.S. Federal Food, Drug and Cosmetic Act of 1938, as amended, and shall not be a product
which would violate any Applicable Laws if introduced into interstate commerce; and (iii) shall conform to the Specifications, the Manufacturing Standards and any additional
standards agreed to in writing by the Parties through the Customization Committee.

(c)

Unilife maintains and shall, during the Term of this Agreement, maintain applicable ISO
certifications in good standing and notify Biodel immediately in the event of any change in certification status.

(d)

The development, Manufacture, use, import, sale or offer for sale in the Territory of the
Unilife Device does not infringe any Third Party intellectual property rights. Unilife has not received any written notice from any Third Party asserting or alleging that the
Unilife Device or a Similar Unilife Device infringed or misappropriated the intellectual property rights of such Third Party and no Third Party has initiated, or threatened in
writing to initiate, any litigation against Unilife, or by sending a cease-and-desist letter, with respect to the Unilife Device or a Similar Unilife Device.

(e)

Unilife Devices delivered by Unilife to Biodel pursuant to this Agreement shall be free
from defects in material, workmanship and design, and shall conform to any technical conditions or standards provided by the certificate of analysis. 

8.4.

UNILIFE DISCLAIMER OF WARRANTIES. UNILIFE HEREBY DISCLAIMS ALL WARRANTIES WITH RESPECT TO ANY
UNILIFE DEVICE EXCEPT FOR THOSE EXPRESS WARRANTIES SPECIFICALLY SET FORTH IN THIS AGREEMENT, INCLUDING ALL IMPLIED WARRANTIES WITH RESPECT TO DEVICES SUCH AS IMPLIED WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

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9.

Indemnification; Insurance; Limitation of Liability

9.1

Indemnification by Unilife. Unilife shall defend, indemnify, and hold
harmless Biodel, its Affiliates and their respective officers, directors, employees, and agents (“Representatives”) from and against any and all claims, losses,
demands, causes of action, and all related costs and expenses of every kind (including reasonable attorneys’ fees, costs, and expenses) occurring, growing out of, incident to,
or resulting directly or indirectly from: (a) a breach by Unilife of any of its representations, warranties, or obligations under the Agreement; (b) the negligence or willful
misconduct of Unilife, its agents, representatives, employees and/or subcontractors in performing its obligations under the Agreement; or (c) an infringement of an intellectual
property right of a Third Party pertaining to the Unilife Technology used by or on behalf of Unilife in connection with the intended
manufacture, use or sale of the Unilife Device.

9.2

Indemnification by Biodel. Except as
otherwise provided in Section 9.1 above, Biodel shall defend, indemnify, and hold harmless Unilife, its Affiliates and their respective Representatives from and against any and all
claims, losses, demands, causes of action, and all related costs and expenses of every kind (including reasonable attorneys’ fees, costs, and expenses) occurring, growing out
of, incident to, or resulting directly or indirectly from: (a) a breach by Biodel of any of its representations, warranties, or obligations under the Agreement; (b) the negligence
or willful misconduct of Biodel, its agents, representatives, employees and/or subcontractors in the performance of any of its obligations under the Agreement, (c) an infringement
of an intellectual property right of a Third Party as a result of Biodel’s Drug except to the extent that it arises from
Unilife Technology, or (d) the marketing, distribution, sale or use of the Combination Product, except to the extent that such claim arises out of (i) a breach by Unilife of any of
its representations, warranties, or obligations under the Agreement, or (ii) the negligence or willful misconduct of Unilife, its agents, representatives, employees and/or
subcontractors in performing its obligations under the Agreement.

9.3

Conditions of Indemnity. 

(a)

The Party claiming a right of indemnification or defense under this Agreement shall provide
the indemnifying Party prompt written notice (in all events within [**] days) of any such claim, including a copy thereof, served upon it, and shall cooperate fully with the
indemnifying Party and its legal representatives in the investigation of any such claim, at the indemnifying Party’s expense. 

(b)

The indemnifying Party shall have the right to exercise sole control over the defense and
settlement of any such claim, including the sole right to select defense counsel and to direct the defense or settlement of any such claim; provided that the indemnifying Party
shall not enter into any non-monetary settlement or admit fault or liability on the indemnified Party’s behalf without the prior written consent of the indemnified Party,
which consent shall not be unreasonably withheld, delayed or conditioned. Notwithstanding the foregoing, if the indemnified Party is advised by counsel that there may be a conflict
between the positions of the indemnifying Party and the indemnified Party in conducting the defense of such action, then the indemnified Party may elect to conduct the defense to
the extent reasonably determined by such counsel to be necessary to protect the interests of the indemnified Party, at the expense
of the Indemnifying Party, if it is determined by agreement of the indemnifying Party and the indemnified Party, or by a court of competent jurisdiction, that the indemnified Party
is entitled to indemnification hereunder for the indemnified amounts giving rise to such action. If the indemnifying Party elects not to assume the defense of such claim or action,
the indemnifying Party shall reimburse the indemnified Party for the reasonable legal fees and expenses incurred and shall be bound by the results obtained by the indemnified Party
in respect of such claim or action if it is determined by agreement of the indemnifying Party and the indemnified Party or by a court of competent jurisdiction that the indemnified
Party is entitled to indemnification hereunder for the indemnified amounts giving rise to such action; provided, however, that no such claim or action shall be settled without the
written consent of the 

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indemnifying Party. Without limiting the foregoing, the indemnified Party shall have the right to select and
to obtain representation by separate legal counsel, and except as provided for above, all costs and expenses incurred by the indemnified Party for such separate legal counsel shall
be borne by the indemnified Party. 

(c)

Either Party shall be relieved of any indemnification obligation hereunder if the
indemnified Party either (i) fails to materially follow the procedures set forth herein, and such failure materially impairs the ability of the indemnifying Party to carry out its
obligations hereunder; (ii) compromises or settles any claim without the indemnifying Party’s prior written approval; or (iii) makes any admission or takes any other action
with respect to any such claim that, in the indemnifying Party’s reasonable judgment, is prejudicial to the defense of such claim, without the indemnifying Party’s prior
written approval.

9.4

Insurance. Each Party shall secure and maintain in full force and
effect throughout the Term policies of insurance, including general commercial liability and product liability, with limits, deductibles and other terms appropriate to the conduct
of their business. Each Party shall furnish certificates evidencing such insurance upon the other Party’s request.

9.5

LIMITATION OF LIABILITY. EXCEPT TO THE EXTENT EACH PARTY MAY BE
REQUIRED TO INDEMNIFY THE OTHER UNDER SECTION  FOR THIRD PARTY CLAIMS, OR TO THE EXTENT RELATED TO A PARTY'S BREACH OF ITS OBLIGATIONS OF
CONFIDENTIALITY UNDER SECTION , NEITHER PARTY NOR ITS RESPECTIVE AFFILIATES OR AGENTS SHALL BE LIABLE FOR ANY PUNITIVE, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES
, WHETHER UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY. EXCEPT TO THE EXTENT EACH PARTY MAY BE REQUIRED
TO INDEMNIFY THE OTHER UNDER SECTION  FOR THIRD PARTY CLAIMS, OR TO THE EXTENT RELATED TO A PARTY'S BREACH OF ITS OBLIGATIONS OF CONFIDENTIALITY
UNDER SECTION , EACH PARTY’S TOTAL AGGREGATE LIABILITY TO THE OTHER PARTY FOR ANY AND ALL CLAIMS RELATED
TO, OR IN CONNECTION WITH THIS AGREEMENT OR THE PRODUCT (WHETHER IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, BY STATUTE OR OTHERWISE) IN ANY TWELVE (12) MONTH PERIOD SHALL BE
LIMITED TO AN AMOUNT EQUAL TO 20% OF THE TOTAL REVENUE UNILIFE RECEIVED FROM BIODEL FOR THE TWELVE (12) MONTHS PRIOR TO SUCH CLAIMS.

10.

Term and Termination

10.1

Term. Unless otherwise agreed to by the Parties, this Agreement shall
be effective as of the Effective Date of this Agreement and shall expire upon the fifteenth (15th) anniversary thereof, unless terminated earlier in accordance with the
terms of this Agreement, provided that the term of this Agreement shall automatically renew for successive one (1) year periods thereafter, unless a Party provides written notice
to the other of its desire to terminate this Agreement at the end of the then current term at least ninety (90) days prior to the expiration of such term (the “Term
”). 

10.2

Termination for Material Breach. Either Party will have the right to
terminate the Agreement upon written notice to the other Party if, after receiving written notice of a material breach of the Agreement, the other Party fails to cure such breach
within [**] days from the date of such notice. Biodel shall be obligated to pay Unilife all payments due for milestones achieved under the Development Plan, including all
noncancellable obligations, upon termination by either Party under this Section . Biodel shall also be obligated to pay Unilife all amounts payable to a contract manufacturer
during the Development Phase under Section 2.1(c) at the time of such termination and any costs associated for equipment purchased for Biodel under Section 2.4. 

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10.3

Termination for Non-Agreement on Customization. Either Party will have
the right to terminate this Agreement upon written notice to the other Party in the event that the Parties (through the Customization Committee) do not reach an agreement on the
achievement of certain milestones listed in the Development Plan. If Unilife fails to deliver an initial functional concept of the customized Unilife Device, either Party may
terminate this Agreement and Unilife shall refund to Biodel the payment associated with Milestone #1 in exchange for return of all deliverables and confidential information
transferred to Biodel by Unilife. If the Parties do not reach agreement through the Customization Committee on the successful achievement of Milestones #2 or #3 in the Development
Plan, either Party may terminate this Agreement and Biodel shall be obligated to pay Unilife all payments due for milestones achieved
prior to termination. Biodel shall have the right to terminate this Agreement in the event that Unilife fails to meet the customization  milestone actions detailed in the
Development Plan, subject to a [**] days period to cure such non-delivery at the discretion of Biodel, and Biodel shall be obligated to pay Unilife all payments due for milestones
achieved prior to termination. Biodel shall also be obligated to pay Unilife all amounts payable to a contract manufacturer during the Development Phase under Section 2.1(c) at the
time of such termination.

10.4

Termination for Insolvency. A Party may terminate the Agreement upon
bankruptcy, insolvency, dissolution or winding up of the other Party (“Termination for Insolvency”). Upon termination of the Agreement, Unilife and Biodel will
cooperate to provide for an orderly conclusion of the milestones or deliverables undertaken by Unilife hereunder. In the event of Termination for Insolvency of either Party, either
Party will, upon request by the other Party, transfer all works in progress and Unilife Devices manufactured under this Agreement to the other Party.

10.5

Residual Obligations. The obligations of the Parties that would reasonably be expected to survive
termination of the Agreement will survive termination of the Agreement. Specifically, Sections -, , and - shall survive any termination of this Agreement. 

11.

Confidentiality

11.1

Confidential Information of the Parties. The Parties have previously
executed a Confidential Disclosure Agreement (“CDA”) on January 29, 2013, and agree that the provisions of the CDA and any amendments thereto, whenever they are
executed, are incorporated herein and shall govern the Parties’ relationship hereunder. The CDA and any amendments thereto shall remain in full force and effect during the
Term. The restrictions on use and non-disclosure of Confidential Information shall not apply in respect of announcements or disclosures made pursuant to Section 14.3 herein.

11.2

Relationship Between Parties. The relationship between Biodel and
Unilife under this Agreement is intended to be that of independent contractors. Nothing in this Agreement is intended to be construed so as to constitute Biodel and Unilife as
partners or joint venturers, or either Party as the employee, agent or legal representative of the other Party.

12.

Intellectual Property

12.1

Improvements. Except as set forth below, the rights of ownership in
Improvements and any Intellectual Property Rights disclosing and/or claiming such Improvements are retained by the Party that employs or otherwise engages the inventor.
Notwithstanding the foregoing:  

(a)

Biodel shall be the sole and exclusive owner of any Improvements (and related Intellectual
Property Rights) to the extent such Improvement relates to the Drug, including compositions, formulations, and uses, whether the same is made jointly by or on behalf of Biodel and
Unilife or solely by or on behalf of Biodel or Unilife (the “Biodel Improvements”). 

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(b)

Unilife shall be the sole and exclusive owner of any Improvements (and related Intellectual
Property Rights) to the extent such Improvements relate to the Unilife Device, including its components and uses, whether the same is made jointly by or on behalf of Biodel and
Unilife and/or Affiliates or solely by or on behalf of Biodel or Unilife and/or Affiliates (the “Unilife Improvements”).

12.2

Patents and Patent Applications. 

(a)

Unilife agrees not to file any patent application related to, or claiming, that portion of
the Combination Product that is not based on Unilife Technology. Biodel agrees not to file any patent application related to, or claiming, a device based on Unilife Technology,
including Unilife Improvements, or other aspects of the Unilife Device. For clarity, Biodel owns all Intellectual Property Rights in any and all Biodel Improvements. 

(b)

In the event that either Biodel or Unilife, or any of their respective Affiliates, solely
or jointly, develops any supplementary, complementary, or ancillary innovations protectable by patent (whether by utility and/or design patent), which are related to the Unilife
Device, such as product packaging innovations (collectively, “Complementary Innovations”), ownership and assignment of such patent applications or patents issued
therefrom shall be assigned to Unilife and/or its designated Affiliate, whether prepared and filed by or on behalf of Unilife or Biodel. Unilife and/or its designated Affiliate
shall provide, and hereby grants, Biodel and/or its designated Affiliate an irrevocable, worldwide, royalty-free license, to patents or patent applications directed to such
Complementary Innovations to the extent necessary or useful to develop, use, import, sell, offer for sale, and market the Complementary
Innovations. 

12.3

Disclosure and Assignment. Each Party shall promptly disclose, in
writing, to the other Party all Improvements to which the other Party has ownership or license rights (either solely or jointly) as set forth herein. The Parties hereby transfer
and assign (and will ensure the transfer and assignment of, by itself or any Third Party or Affiliate engaged by the Party) to the other Party all right, title and interest to
those Improvements (and related Intellectual Property Rights) to which the other Party is entitled, as set forth above. The Party transferring Improvements hereunder shall execute
and do all things necessary to vest the entire right and title to and interest in the Improvements (and related Intellectual Property Rights) to the receiving Party or its designee
in any Region. The provisions of this Section  shall also apply to Biodel’s assignment obligations regarding Complementary
Innovations under Section .

12.4

Nothing in the Agreement is intended or will operate to transfer ownership of
the Intellectual Property Rights of a Party existing as of the Effective Date (or any part of it, including rights in Confidential Information) to the other Party and no licenses
or grants of any interest in such Intellectual Property Rights are intended or provided other than as expressly set out in Section 3, even if such rights are necessary for the
practice of any Improvement.

13.

Dispute Resolution

13.1

Disputes. Any contractual dispute arising under this Agreement (the
“Dispute”) shall be discussed first by the respective chief executive officers of each Party or his/her designee for attempted resolution by good faith discussions
within [**] days. In the event that the chief executive officers or his/her designee are not able to resolve such Dispute within such [**] day period, and do not agree to extend
the time period for resolving the Dispute, unless the Parties otherwise agree to extend the time period for resolving the Dispute, then such Dispute shall be resolved pursuant to
the provisions of Section .

13.2

Arbitration. If the Dispute is not resolved pursuant to Section , such
Dispute must be referred to and finally resolved by arbitration, to which the Parties hereto expressly agree and submit. The 

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arbitration will be submitted to the International Centre for Dispute
Resolution of the American Arbitration Association (“AAA”) and conducted in accordance with the Commercial Arbitration Rules of the AAA (“Rules”).
Pre-hearing information exchange shall be limited to the reasonable production of relevant, nonprivileged documents and carried out expeditiously. There will be one arbitrator
selected by mutual agreement of the Parties. It is the intent of the Parties that, barring extraordinary circumstances, arbitration proceedings will be concluded within [**] days
from the date the arbitrator is appointed. The arbitral tribunal may extend this time limit in the interests of justice. Failure to adhere to this time limit shall not constitute a
basis for challenging the award. The arbitration will be conducted in English and the place of arbitration will be in New
Castle County, Delaware, USA. Either Party may, without waiving any remedy under this Agreement, apply to the arbitral tribunal and/or any court having jurisdiction any interim,
provisional, injunctive or conservatory relief that is necessary to protect the rights or property of that Party until the arbitration award is rendered or the Dispute is otherwise
resolved. Any decision rendered by the arbitral tribunal will be final and binding on the Parties, and judgment thereon may be entered by any court of competent jurisdiction,
including any court that has jurisdiction over either of the Parties or any of their assets. The Parties expressly agree that the arbitral tribunal will be empowered to award and
order equitable or injunctive relief with respect to matters brought before it, provided however, that such remedy or relief is consistent with the remedies and limitations set
forth in this Agreement. The Parties agree that all arbitral proceedings conducted pursuant to this Section, including the existence
of any arbitral proceedings, information disclosed in the course of such arbitral proceedings, and any settlements, negotiations, discussions, proposals, and awards related thereto
shall be considered Confidential Information. The Parties may, however, disclose such information to an appropriate court, as is necessary to seek enforcement of any award rendered
by the arbitral tribunal.

1.3

Governing law; Venue. This Agreement shall be governed by the laws of
the State of Delaware, without regard to conflicts of law rules. The Parties agree that the Uniform Commercial Code and the 1980 United Nations Convention on Contracts for the
International Sale of Goods shall not apply to or affect any term of this Agreement. 

14.

Miscellaneous

14.1

Notices. All notices and other communications required or permitted
hereunder, must, in order to be effective, be in writing and delivered personally (with personal delivery including delivery by courier or reputable international delivery service)
or sent by certified or registered mail, postage prepaid, return receipt requested or sent by facsimile transmission. Items delivered personally or by facsimile transmission shall
be deemed delivered on the date of delivery and items sent by certified or registered mail shall be deemed delivered three (3) days after mailing. The address of the Parties for
purposes of this provision are as follows (as the same may be changed by a Party giving notice thereof to the other which is delivered in like manner): (i) with respect to Unilife
Corporation, 250 Cross Farm Lane, York, Pennsylvania 17406, Attention: General Counsel and (ii) with respect to Biodel, 100
Saw Mill Road, Danbury, Connecticut 06810, Attention: General Counsel.

14.2

Assignment; Amendment and Waiver. Neither this Agreement, nor any rights or obligations hereunder,
may be assigned or otherwise transferred by either Party, without the prior consent of the other Party (which consent shall not be unreasonably withheld or delayed); provided,
however, that either Party may assign this Agreement, and its rights and obligations hereunder, without the other Party's consent, if such assignment is made with prior notice to
the other Party and then only to the extent made in connection with the transfer or sale of all, or substantially all, of the business of that Party of the type to which this
Agreement relates. In any event, no assignment shall relieve the assigning Party of its obligations to the other Party hereunder. The rights and obligations of the Parties shall be
binding upon, and inure to the benefit of, successors and permitted assigns. No modification, amendment, termination, supplement or
waiver under this Agreement shall be binding unless made in a writing which is clearly identified as such a modification, 

	_____	 	 	 	_____
	(Initial)	 	19	 	(Initial)

 

amendment, termination, supplement or waiver and signed by both Parties. No waiver shall be implied from
conduct, or a failure to enforce, rights or a delay in enforcing rights.

14.3

Announcements. The Parties agree that either Party may issue a press
release announcing the execution of this Agreement, provided that the same is shared in advance. Neither Party shall make any other public disclosure relating to this Agreement
without the prior consent of the other Party, except to the extent that such disclosure is required by applicable law, rule or regulation.

14.4

Counterparts. This Agreement may be executed in one or more
counterparts and in paper or electronic format, each of which shall be deemed an original, and which together constitute one and the same instrument to which both Parties shall be
bound. 

14.5

Scope of Agreement; Further Assurances. This Agreement, including any
Addendum(s), represents the entire agreement between the Parties relating to the subject matter hereof and supersedes all prior and contemporaneous representations, understandings,
discussions, negotiations, correspondence, commitments and agreements, whether written or oral and whether by either Party's employees or representatives. Each of the Parties shall
execute and deliver all additional documents and shall do any and all things reasonably required in connection with the performance of obligations undertaken by it in this
Agreement and to effectuate in good faith the intent of the Parties.

14.6

Headings; Section References; Construction. The article headings of this Agreement are for
convenience only and should not be interpreted to limit or affect, in any way, the meaning of the language contained in this Agreement. References to “Section” mean
Sections of this Agreement. Ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have drafted the Agreement
or authorized the ambiguous provision. All references to “hereof,” “hereto” and “hereunder” shall refer to this Agreement. All words used in this
Agreement will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the words “include,” “includes”
and “including” do not limit the preceding words or terms and shall be deemed to be followed by the words “without
limitation.”  All references to the word “will” are interchangeable with the word “shall” and shall be understood to be imperative or mandatory in
nature.

14.7

Severability. In the event that any provision of this Agreement is determined to be illegal or
otherwise enforceable, such provision shall be construed as if it were written so as to be legal and enforceable to the maximum extent possible, the entire Agreement shall not fail
on account thereof, and the balance of the Agreement shall be continued in full force and effect, all so as to effectuate, to the greatest extent possible, the intent of the
Parties.

14.8

Force Majeure. Neither Party shall be liable for any delay for failure
in performance, including interruption in the manufacture, supply or distribution of any Unilife Device due to any reason or unforeseen circumstances beyond the affected Party's
reasonable control, including acts of God or public authorities, war and war measures, civil unrest, fire, epidemics, inevitable accidents, delays in transportation, delivery or
supply, labor disputes. The obligations and rights of the excused Party shall be extended on a day-to-day basis for a period equal to the period of the excusable delay. In the
event that a Party’s non-performance extends for a period greater than sixty (60) days as permitted by this Section 14.8, the other Party may terminate the Agreement upon
written notice to the non-performing Party subject to the provisions for curing by the non-performing Party in Section 10.

14.9

Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. If any signature is delivered by facsimile
transmission or by email delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the Party executing (or on whose behalf such

	_____	 	 	 	_____
	(Initial)	 	20	 	(Initial)

 

signature is executed) with the same force and effect as if such
facsimile or “.pdf” signature page were an original thereof.

{SIGNATURE PAGE FOLLOWS}

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized representatives as of the date
first written above.

					
	UNILIFE MEDICAL SOLUTIONS, INC.
	 
	BIODEL INC.

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	/s/ Molly Miller
	 
	By: 
	/s/ Gerard Michel

	 
	 
	 
	 
	 

	Name: 
	Molly Miller
	 
	Name: 
	Gerard Michel

	 
	 
	 
	 
	 

	Title: 
	Director and GM
	 
	Title: 
	CFO

	_____	 	 	 	_____
	(Initial)	 	21	 	(Initial)

 

EXHIBIT A

DEVELOPMENT PLAN

					
	DEVELOPMENT PLAN:
CUSTOMIZATION AND SUPPLY MILESTONES 

	
Milestone
	Deliverable
	Quantity
	Delivery Date
	Payment

	
1
	Executed Initial Agreement
	[**]
	[**]
	[**]

	
2
	[**]
	[**]
	[**]
	[**]

	
3
	[**]
	[**]
	[**]
	[**]

	
4
	[**]
	[**]
	[**]
	[**]

All payments for milestone deliverables and of the Unit Price shall be due within net [**] days of
the date of Biodel's receipt of Unilife’s invoice therefor.

	_____	 	 	 	_____
	(Initial)	 	22	 	(Initial)

 

EXHIBIT B

SPECIFICATIONS

Packaging Specification

			
	Sub Assembly
	
Sterility Method
	
Packaging Configuration

	[**]
	[**]
	[**]

	[**]
	[**]
	[**]

	[**]
	[**]
	[**]

	[**]
	[**]
	[**]

	[**]
	[**]
	[**]

Product Characteristic Specification

		
	Product
Characteristic
	
Specification

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

Material Specification

		
	Fluid-Path
Material
	
Specification

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

Drug Specification

		
	Characteristic
	
Specification

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	[**]
	[**]

	_____	 	 	 	_____
	(Initial)	 	23	 	(Initial)

 

EXHIBIT C

TARGET DEVICE PROFILE

	_____	 	 	 	_____
	(Initial)	 	24	 	(Initial)

 

EXHIBIT D

UNILIFE INTELLECTUAL PROPERTY RIGHTS

“Unilife Intellectual Property Rights” means all
Intellectual Property Rights that are controlled by Unilife or its Affiliates as of the Effective Date or are filed by or granted to Unilife or its Affiliates during the Term and
that claim the composition, design, manufacture, or use of the Unilife Device or a Similar Unilife Device, including but not limited to the following, and as may be amended by
Unilife from time-to-time:

		
	Country/Jurisdiction
	
Patent/Appln. No.

	
International PCT Application
	[**]

	
USA
	[**]

	
Taiwan
	[**]

	_____	 	 	 	_____
	(Initial)	 	25	 	(Initial)a50772760_ex41.htm

Exhibit 4.1

 

POLARIS INDUSTRIES INC.

2100 Highway 55

Medina, MN 55340

(763) 542-0500

Fax: (763) 542-0599

FIRST SUPPLEMENT TO MASTER NOTE PURCHASE

AGREEMENT DATED AS OF DECEMBER 13, 2010

Dated as of December 19, 2013

TO EACH OF THE PURCHASERS LISTED IN

THE ATTACHED SCHEDULE A:

Ladies and Gentlemen:

POLARIS INDUSTRIES INC., a Minnesota corporation (the “Company”), agrees with you as follows:

 

1.           Background.  The Company entered into a Master Note Purchase Agreement dated as of December 13, 2010 with the purchasers listed in Schedule A thereto, as such agreement has been amended through the date hereof (the “Note Purchase Agreement”) providing for the issuance by the Company of up to $200,000,000  aggregate principal amount of Notes in series.  Pursuant to the Note Purchase Agreement, the Company has issued $100,000,0000 aggregate principal amount of Series 2011 Notes.  Capitalized terms used but not defined herein have the meanings ascribed in the Note Purchase Agreement.

 

2.           Authorization of the New Series of Additional Notes.  The Company has authorized the issue and sale of $100,000,000 aggregate principal amount of Additional Notes to be designated as its 3.13% Senior Notes, Series 2013, due December 21, 2020 (the “Series 2013 Notes”). The Series 2013 Notes, together with the Series 2011 Notes heretofore issued pursuant to the Note Purchase Agreement and each series of Additional Notes that may from time to time hereafter be issued pursuant to the provisions of Section 1.2 of the Note Purchase Agreement, are collectively referred to as the “Notes” (such term shall also include any such notes issued in substitution therefor pursuant to Section 13 of the Note Purchase Agreement).  The Series 2013 Notes shall be substantially in the form set out in Exhibit 1 to this First Supplement (this “Supplement”), with such changes therefrom, if any, as may be approved by you and each of the other Purchasers named in the attached Schedule A (the “Other Purchasers”) and the Company.

 

3.           Sale and Purchase of Series 2013 Notes.  Subject to the terms and conditions of this Supplement and the Note Purchase Agreement, the Company will issue and sell to you and the Other Purchasers, and you and each of the Other Purchasers will purchase from the Company, at the Closing provided for in Section 4, Series 2013 Notes in the principal amount specified opposite your respective names in the attached Schedule A at the purchase price of 100% of the principal amount thereof.  Your obligation hereunder and the obligations of the Other Purchasers are several and not joint obligations and you shall have no liability to any Person for the performance or non-performance by any Other Purchaser hereunder.

 

  

  

  

 

4.           Closing.  The sale and purchase of the Series 2013 Notes to be purchased by the Purchasers shall occur at the offices of Foley & Lardner LLP, 321 N. Clark Street, Suite 2800, Chicago, Illinois 60654 at 9:00 a.m., Chicago time, at a closing (the “Closing”) on December 19, 2013 or on such other Business Day thereafter on or prior to December 31, 2013 as may be agreed upon by the Company and you and the Other Purchasers.  At the Closing the Company will deliver to you the Series 2013 Notes to be purchased by you in the form of a single Note (or such greater number of Series 2013 Notes in denominations of at least $100,000 as you may request) dated the date of the Closing and registered in your name (or in the name of your nominee), against delivery by you to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company to account number 1702 2513 9170 at U.S. Bank National Association, Global Trade Services, U.S. Bancorp Center, 800 Nicollet Mall, BG-MN-H20G, Minneapolis, Minnesota 55402, ABA No. 091000022.  If at the Closing the Company fails to tender such Series 2013 Notes to you as provided above in this Section 4, or any of the conditions specified in Section 5 shall not have been fulfilled to your satisfaction, you shall, at your election, be relieved of all further obligations under this Supplement, without thereby waiving any rights you may have by reason of such failure or such nonfulfillment.

 

5.           Conditions to Closing.  Your obligation to purchase and pay for the Series 2013 Notes to be sold to you at the Closing is subject to the fulfillment to your satisfaction, prior to or at the Closing, of the conditions set forth in Section 4 of the Note Purchase Agreement, as hereafter modified, and to the following additional conditions:

 

(a)           Except as supplemented, amended or superseded by the representations and warranties set forth in Schedule 6 to this Supplement, each of the representations and warranties of the Company set forth in Section 5 of the Note Purchase Agreement shall be correct as of the date of the Closing, or, if any such representation or warranty speaks as of a specific date, as of such date, and the Company shall have delivered to each Purchaser an Officer’s Certificate, dated the date of such Closing certifying that such condition has been fulfilled;

 

(b)           References in Section 4 of the Note Purchase Agreement (other than Section 4.1 thereof) to the “Closing” shall be deemed to refer to the Closing, as such term is defined in this Supplement;

 

(c)           The reference in Section 4.3 of the Note Purchase Agreement to the resolutions “relating to the authorization, execution and delivery of the Notes and this Agreement” shall be deemed to be a reference to the Series 2013 Notes issued at the Closing and this Supplement; and

 

(d)           The reference in Section 4.12 of the Note Purchase Agreement to “this Agreement” shall be deemed to be a reference to this Supplement.

 

  

2

  

 

(e)           You have received a fully executed counterpart to the Intercreditor Agreement, as amended and restated through the date hereof.

6.           Representations and Warranties of the Company.  The Company represents and warrants to you that each of the representations and warranties contained in Section 5 of the Note Purchase Agreement is true and correct as of the date hereof (unless limited to an earlier date, in which case, as of such earlier date) (i) except that all references to “Purchaser” and “you” therein shall be deemed to refer to you and the Other Purchasers hereunder, all references to “this Agreement” shall be deemed to refer to the Note Purchase Agreement as supplemented by this Supplement, and all references to “Notes” therein shall be deemed to include the Series 2013 Notes, and (ii) except for changes to such representations and warranties or the Schedules referred to therein that are set forth in the attached Schedule 6.

 

7.           Representations of the Purchasers.  You confirm to the Company that the representations and agreements set forth in Sections 6.1 and 6.2 of the Note Purchase Agreement are true and correct as to you.

 

8.           Prepayment of the Series 2013 Notes.   No regularly scheduled prepayments are due on the Series 2013 Notes prior to their stated maturity.  For the avoidance of doubt, the provisions of Section 8 of the Note Purchase Agreement shall apply to the Series 2012 Notes.

 

9.           Applicability of Note Purchase Agreement.  Except as otherwise expressly provided herein (and expressly permitted by the Note Purchase Agreement), all of the provisions of the Note Purchase Agreement are incorporated by reference herein and shall apply to the Series 2013 Notes as if expressly set forth in this Supplement.

 

  

3

  

 

If you are in agreement with the foregoing, please sign the form of agreement on the accompanying counterpart of this Agreement and return it to the Company, whereupon the foregoing shall become a binding agreement between you and the Company.  This Supplement may be executed in any number of counterparts, each executed counterpart constituting an original but all together only one agreement.

 

	  	Very truly yours,
	  
	  	POLARIS INDUSTRIES INC.
	  
	  
	  	
By:

	  
	  	
Name:

	
Michael W. Malone

	  	
Title:

	
Vice President - Finance and Chief

	  	  	
Financial Officer

  

4

  

 

The foregoing is agreed

to as of the date thereof.

 

ING LIFE INSURANCE AND ANNUITY COMPANY

ING USA ANNUITY AND LIFE INSURANCE COMPANY

RELIASTAR LIFE INSURANCE COMPANY

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

SECURITY LIFE OF DENVER INSURANCE COMPANY

 

	  	
By:

	
ING Investment Management LLC, as Agent

	  	 	 
	  	 	 
	  	  	
By:

	 	 
	  	  	
Name:

	 	 
	  	  	
Title:

	 	 

 

5

 

 

THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY

 

	
By:

	 	 
	
Name:

	 	 
	
Title:

	Authorized Representative 	 

 

6

 

 

METLIFE ALICO LIFE INSURANCE K.K.

 

	By:	MetLife Investment Management, LLC, 	 
	 	Its Investment Manager 	 
	 	 	 
	
By:

	 	 
	
Name:

	 	 
	
Title:

	 	 

 

  

7

  

 

ALLIANZ GLOBAL RISKS US INSURANCE COMPANY

 

	
By:

	 	 
	
Name:

	 	 
	
Title:

	 	 

 

 

FIREMAN’S FUND INSURANCE COMPANY

 

	
By:

	
Allianz Investment Management LLC,

	 	as the authorized signatory and investment manager 
	  	 	 
	  	 	 
	  	
By:

	 	 
	  	
Name:

	 	 
	 	
Title:

	 	 

 

  

8

  

AMERICAN UNITED LIFE INSURANCE COMPANY

 

	
By:

	 	 
	
Name:

	 	 
	
Title:

	 	 

 

  

9

  

 

THE PHOENIX INSURANCE COMPANY

 

	
By:

	 	 
	
Name:

	 	 
	
Title:

	 	 

 

  

10

  

 

SCHEDULE A

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	 	 
	
ING USA ANNUITY AND LIFE

INSURANCE COMPANY

	
 

$5,900,000

Register Notes in name of:  ING USA ANNUITY AND LIFE INSURANCE COMPANY

	
1.  

	
All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to:

 

The Bank of New York Mellon

ABA#:  021000018

 

	  	
Account:

	
IOC 566/INST'L CUSTODY (for scheduled

	  	  	
principal and interest payments)

	  	
or

	  
	  	  	
IOC 565/INST'L CUSTODY (for all payments

	  	  	
other than scheduled principal and interest)

 

For further credit to:  ING USA/Acct. 136373

Reference:  731068 A#9

Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Operations/Settlements

Fax:  (770) 690-4886

 

  

11

  

	
3.  

	
Original notes delivered to:

 

The Bank of New York Mellon

One Wall Street

Window A - 3rd Floor

New York, NY  10286

with a copy to:

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Lindy Freitag

Email:  linda.freitag@inginvestment.com

	
4.  

	
All other communications:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Private Placements

Fax:  (770) 690-5057

	
5.  

	
Address for e-mail notices:  linda.freitag@inginvestment.com

 

	
6.  

	
Tax ID No.: 41-0991508

 

  

12

  

SCHEDULE A

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	 	 
	
RELIASTAR LIFE INSURANCE COMPANY

	
$4,400,000

Register Notes in name of:  RELIASTAR LIFE INSURANCE COMPANY

	
1.  

	
All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to:

 

The Bank of New York Mellon

ABA#:  021000018

 

	  	
Account:

	
IOC 566/INST’L CUSTODY (for scheduled

	  	  	
principal and interest payments)

	  	
or

	  
	  	  	

IOC 565/INST’L CUSTODY (for all payments

	  	  	

other than scheduled principal and interest)

For further credit to:  RLIC/Acct. 187035

Reference:  731068 A#9

Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Operations/Settlements

Fax:  (770) 690-4886

 

  

13

  

	
3.  

	
Original notes delivered to:

 

The Bank of New York Mellon

One Wall Street

Window A - 3rd Floor

New York, NY  10286

with a copy to:

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Lindy Freitag

Email:  linda.freitag@inginvestment.com

	
4.  

	
All other communications:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Private Placements

Fax:  (770) 690-5057

	
5.  

	
Address for e-mail notices:  linda.freitag@inginvestment.com

 

	
6.  

	
Tax ID No.: 41-0451140

 

  

14

  

 

SCHEDULE A

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	 	 
	
ING LIFE INSURANCE

AND ANNUITY COMPANY

	
 

$9,600,000

Register Notes in name of:  ING LIFE INSURANCE AND ANNUITY COMPANY

	
1.  

	
All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to:

 

The Bank of New York Mellon

ABA#:  021000018

 

	  	
Account:

	
IOC 566/INST’L CUSTODY (for scheduled

	  	  	
principal and interest payments)

	  	
or

	  
	  	  	

IOC 565/INST’L CUSTODY (for all payments

	  	  	

other than scheduled principal and interest)

 

For further credit to:  ILIAC/Acct. 216101

Reference:  731068 A#9

Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Operations/Settlements

Fax:  (770) 690-4886

 

  

15

  

	
3.  

	
Original notes delivered to:

 

The Bank of New York Mellon

One Wall Street

Window A - 3rd Floor

New York, NY  10286

with a copy to:

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Lindy Freitag

Email:  linda.freitag@inginvestment.com

	
4.  

	
All other communications:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Private Placements

Fax:  (770) 690-5057

	
5.  

	
Address for e-mail notices:  linda.freitag@inginvestment.com

 

	
6.  

	
Tax ID No.: 71-0294708

 

  

16

  

 

SCHEDULE A

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	 	 
	
SECURITY LIFE OF DENVER

INSURANCE COMPANY

	
 

$7,100,000

Register Notes in name of: SECURITY LIFE OF DENVER INSURANCE COMPANY

	
1.  

	
All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to:

 

The Bank of New York Mellon

ABA#:  021000018

 

	  	
Account:

	
IOC 566/INST’L CUSTODY (for scheduled

	  	  	
principal and interest payments)

	  	
or

	  
	  	  	

IOC 565/INST’L CUSTODY (for all payments

	  	  	

other than scheduled principal and interest)

 

For further credit to:  SLD/Acct. 178157

Reference:  731068 A#9

Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Operations/Settlements

Fax:  (770) 690-4886

 

  

17

  

	
3.  

	
Original notes delivered to:

 

The Bank of New York Mellon

One Wall Street

Window A - 3rd Floor

New York, NY  10286

with a copy to:

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Lindy Freitag

Email:  linda.freitag@inginvestment.com

	
4.  

	
All other communications:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Private Placements

Fax:  (770) 690-5057

	
5.  

	
Address for e-mail notices:  linda.freitag@inginvestment.com

 

	
6.  

	
Tax ID No.: 84-0499703

 

  

18

  

 

SCHEDULE A

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	
ING USA ANNUITY AND LIFE

INSURANCE COMPANY

	
 

$500,000

Register Notes in name of:  ING USA ANNUITY AND LIFE INSURANCE COMPANY

	
1.  

	
All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to:

 

The Bank of New York Mellon

ABA#:  021000018

 

	  	
Account:

	
IOC 566/INST’L CUSTODY (for scheduled

	  	  	
principal and interest payments)

	  	
or

	  
	  	  	

IOC 565/INST’L CUSTODY (for all payments

	  	  	

other than scheduled principal and interest)

For further credit to:  ING USA - SLDI/Acct. 179369

Reference:  731068 A#9

Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Operations/Settlements

Fax:  (770) 690-4886

 

  

19

  

With a copy to:

The Bank of New York

Insurance Trust Dept.

101 Barclay 8 West

New York, NY 10286

Attn.: Bailey Eng

Baileyeng@bankofny.com

	
3.  

	
Original notes delivered to:

 

The Bank of New York Mellon

One Wall Street

Window A - 3rd Floor

New York, NY  10286

with a copy to:

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Lindy Freitag

Email:  linda.freitag@inginvestment.com

	
4.  

	
All other communications:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Private Placements

Fax:  (770) 690-5057

	
5.  

	
Address for e-mail notices:  linda.freitag@inginvestment.com

 

	
6.  

	
Tax ID No.: 41-0991508

 

  

20

  

 

SCHEDULE A

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	 	 
	
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

	
$200,000

Register Notes in name of:  RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

	
1.  

	
All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to:

 

The Bank of New York Mellon

ABA#:  021000018

 

	  	
Account:

	
IOC 566/INST’L CUSTODY (for scheduled

	  	  	
principal and interest payments)

	  	
or

	  
	  	  	

IOC 565/INST’L CUSTODY (for all payments

	  	  	

other than scheduled principal and interest)

For further credit to:  RLNY/Acct. 187038

Reference:  731068 A#9

Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Operations/Settlements

Fax:  (770) 690-4886

 

  

21

  

	
3.  

	
Original notes delivered to:

 

The Bank of New York Mellon

One Wall Street

Window A - 3rd Floor

New York, NY  10286

with a copy to:

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Lindy Freitag

Email:  linda.freitag@inginvestment.com

	
4.  

	
All other communications:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Private Placements

Fax:  (770) 690-5057

	
5.  

	
Address for e-mail notices:  linda.freitag@inginvestment.com

 

	
6.  

	
Tax ID No.: 53-0242530

 

  

22

  

 

SCHEDULE A

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	 	 
	
SECURITY LIFE OF DENVER

INSURANCE COMPANY

	
 

$200,000

Register Notes in name of: SECURITY LIFE OF DENVER INSURANCE COMPANY

	
1.  

	
 All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to:

 

The Bank of New York Mellon

ABA#:  021000018

 

	  	
Account:

	
IOC 566/INST’L CUSTODY (for scheduled

	  	  	
principal and interest payments)

	  	
or

	  
	  	  	

IOC 565/INST’L CUSTODY (for all payments

	  	  	

other than scheduled principal and interest)

For further credit to:  SLD/Acct. 178165

Reference:  731068 A#9

Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Operations/Settlements

Fax:  (770) 690-4886

 

  

23

  

	
3.  

	
Original notes delivered to:

 

The Bank of New York Mellon

One Wall Street

Window A - 3rd Floor

New York, NY  10286

with a copy to:

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Lindy Freitag

Email:  linda.freitag@inginvestment.com

	
4.  

	
All other communications:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Private Placements

Fax:  (770) 690-5057

	
5.  

	
Address for e-mail notices:  linda.freitag@inginvestment.com

 

	
6.  

	
Tax ID No.: 84-0499703

 

  

24

  

 

SCHEDULE A

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	 	 
	
RELIASTAR LIFE INSURANCE COMPANY

	
$100,000

Register Notes in name of: RELIASTAR LIFE INSURANCE COMPANY

	
1.  

	
 All payments on account of Notes held by such purchaser should be made by wire transfer of immediately available funds for credit to:

 

The Bank of New York Mellon

ABA#:  021000018

 

	  	
Account:

	
IOC 566/INST’L CUSTODY (for scheduled

	  	  	
principal and interest payments)

	  	
or

	  
	  	  	

IOC 565/INST’L CUSTODY (for all payments

	  	  	

other than scheduled principal and interest)

 

For further credit to:  RLIC REIN/Acct. 301612

Reference:  731068 A#9

Each such wire transfer should set forth the name of the issuer, the full title (including the coupon rate, issuance date, and final maturity date) of the Notes on account of which such payment is made, and the due date and application (as among principal, premium and interest) of the payment being made.

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Operations/Settlements

Fax:  (770) 690-4886

 

  

25

  

	
3.  

	
Original notes delivered to:

 

The Bank of New York Mellon

One Wall Street

Window A - 3rd Floor

New York, NY  10286

with a copy to:

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Lindy Freitag

Email:  linda.freitag@inginvestment.com

	
4.  

	
All other communications:

 

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, GA  30327-4347

Attn:  Private Placements

Fax:  (770) 690-5057

	
5.  

	
Address for e-mail notices:  linda.freitag@inginvestment.com

 

	
6.  

	
Tax ID No.: 41-0451140

 

  

26

  

 

SCHEDULE A

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	  	  
	
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY

	
$28,000,000

Register Notes in name of:  THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY

	
1.  

	
All scheduled payments of principal and interest

 

	
  

	
by wire transfer of immediately available funds to:

 

Please contact our Treasury & Investment Operations Department to securely obtain wire transfer instructions for The Northwestern Mutual Life Insurance Company.

E-mail:  payments@northwesternmutual.com

Phone: (414) 665-1679

with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate, maturity and whether payment is of principal, premium, or interest, the amount of the dividend and/or redemption (as applicable) and the identity of the security as to which payment is being made.

 

For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.

 

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

 

The Northwestern Mutual Life Insurance Company

720 East Wisconsin Avenue

Milwaukee, WI 53202

Attention: Investment Operations

E-mail: payments@northwesternmutual.com

Phone: (414) 665-1679

 

  

27

  

 

	
3.  

	
Original notes delivered to:

 

	
  

	
The Northwestern Mutual Life Insurance Company

720 East Wisconsin Avenue

Milwaukee, WI 53202

Attention:  Matthew E. Gabrys

	
4.  

	
All other communications:

 

	
  

	

The Northwestern Mutual Life Insurance Company

720 East Wisconsin Avenue

Milwaukee, WI 53202

Attention: Securities Department

E-mail: privateinvest@northwesternmutual.com

	
5.  

	
Address for e-mail notices:

 

privateinvest@northwesternmutual.com

 

	
6.  

	
Tax ID No.                      39-0509570

 

  

28

  

SCHEDULE A

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	  	  
	
METLIFE ALICO LIFE INSURANCE K.K.

	
$10,000,000

4-1-3, Taihei, Sumida-ku

Tokyo, 130-0012 JAPAN

Register Notes in name of:  METLIFE ALICO LIFE INSURANCE K.K.

	
1.  

	
All scheduled payments of principal and interest

 

	
  

	
by wire transfer of immediately available funds to:

 

	  	

Bank Name:

	
Citibank New York

	  	ABA Routing #:  	
021000089

	  	
DDA:

	30857793  
	  	Account Name:   	

METLIFE ALICO PP GGA

	  	Ref:  	

Polaris Industries Inc. 3.13% due 12/19/20

 

with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise.  For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.

 

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

Alico Asset Management Corp. (Japan)

Administration Department

ARCA East 7F, 3-2-1 Kinshi

Sumida-ku, Tokyo 130-0013 Japan

Attention:   Administration Dept. Manager

Email:  saura@metlife.co.jp

With a copy to:

MetLife Investment Management, LLC

Investments, Private Placements

P.O. Box 1902

10 Park Avenue

Morristown, New Jersey 07962-1902

Attention:  Director

Facsimile: (973) 355-4250

 

  

29

  

With another copy OTHER than with respect to deliveries of financial statements to:

MetLife Investment Management, LLC

P.O. Box 1902

10 Park Avenue

Morristown, New Jersey 07962-1902

Attention: Chief Counsel-Securities Investments (PRIV)

Email:  sec_invest_law@metlife.com

	
3.  

	
Original notes delivered to:

 

MetLife Investment Management, LLC

Securities Investments, Law Department

P.O. Box 1902

10 Park Avenue

Morristown, New Jersey 07962-1902

Attention:  Thomas Pasuit, Esq.

	
4.  

	
All other communications:

 

Alico Asset Management Corp. (Japan)

Administration Department

ARCA East 7F, 3-2-1 Kinshi

Sumida-ku, Tokyo 130-0013 Japan

Attention:   Administration Dept. Manager

Email:  saura@metlife.co.jp

With a copy to:

MetLife Investment Management, LLC

Investments, Private Placements

P.O. Box 1902

10 Park Avenue

Morristown, New Jersey 07962-1902

Attention:  Director

Facsimile: (973) 355-4250

With another copy OTHER than with respect to deliveries of financial statements to:

MetLife Investment Management, LLC

P.O. Box 1902

10 Park Avenue

Morristown, New Jersey 07962-1902

Attention: Chief Counsel-Securities Investments (PRIV)

Email:  sec_invest_law@metlife.com

 

  

30

  

	
5.  

	
Address for e-mail notices:  saura@metlife.co.jp

 

	
6.  

	
Tax ID No. 98-1037269 (USA) and 00661996 (Japan)

  

31

  

 

SCHEDULE A

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	  	  
	
METLIFE ALICO LIFE INSURANCE K.K.

	
$10,000,000

4-1-3, Taihei, Sumida-ku

Tokyo, 130-0012 JAPAN

Register Notes in name of:  METLIFE ALICO LIFE INSURANCE K.K.

	
7.  

	
All scheduled payments of principal and interest

 

	
  

	
by wire transfer of immediately available funds to:

 

	  	

Bank Name:

	
Citibank New York

111 Wall Street, New York, New York 10005 (USA)

	  	ABA Routing #:  	
021000089

	  	
Acct No./DDA:

	30872002
	  	Acct Name:   	

METLIFE ALICO PP NON-GGA

	  	Ref:  	

Polaris Industries Inc. 3.13% due 12/19/20

 

with sufficient information to identify the source and application of such funds, including issuer, PPN#, interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise.  For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.

 

	
8.  

	
All notices of payments and written confirmations of such wire transfers:

Alico Asset Management Corp. (Japan)

Administration Department

ARCA East 7F, 3-2-1 Kinshi

Sumida-ku, Tokyo 130-0013 Japan

Attention:   Administration Dept. Manager

Email:  saura@metlife.co.jp

With a copy to:

MetLife Investment Management, LLC

Investments, Private Placements

P.O. Box 1902

10 Park Avenue

Morristown, New Jersey 07962-1902

Attention:  Director

Facsimile: (973) 355-4250

 

  

32

  

With another copy OTHER than with respect to deliveries of financial statements to:

MetLife Investment Management, LLC

P.O. Box 1902

10 Park Avenue

Morristown, New Jersey 07962-1902

Attention: Chief Counsel-Securities Investments (PRIV)

Email:  sec_invest_law@metlife.com

	
9.  

	
Original notes delivered to:

 

MetLife Investment Management, LLC

Securities Investments, Law Department

P.O. Box 1902

10 Park Avenue

Morristown, New Jersey 07962-1902

Attention:  Thomas Pasuit, Esq.

	
10.  

	
All other communications:

 

Alico Asset Management Corp. (Japan)

Administration Department

ARCA East 7F, 3-2-1 Kinshi

Sumida-ku, Tokyo 130-0013 Japan

Attention:   Administration Dept. Manager

Email:  saura@metlife.co.jp

With a copy to:

MetLife Investment Management, LLC

Investments, Private Placements

P.O. Box 1902

10 Park Avenue

Morristown, New Jersey 07962-1902

Attention:  Director

Facsimile: (973) 355-4250

With another copy OTHER than with respect to deliveries of financial statements to:

MetLife Investment Management, LLC

P.O. Box 1902

10 Park Avenue

Morristown, New Jersey 07962-1902

Attention: Chief Counsel-Securities Investments (PRIV)

Email:  sec_invest_law@metlife.com

 

  

33

  

	
11.  

	
Address for e-mail notices:  saura@metlife.co.jp

 

	
12.  

	
Tax ID No. 98-1037269 (USA) and 00661996 (Japan)

 

  

34

  

 

SCHEDULE A

 

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	  	  
	
ALLIANZ GLOBAL RISKS US INSURANCE COMPANY

	
$5,000,000

Register Notes in name of:  MAC & CO., LLC

	
1.  

	
All scheduled payments of principal and interest

 

	
  

	
by wire transfer of immediately available funds to:

 

MAC & CO., LLC

The Bank of New York Mellon

ABA # 011001234

BNY Mellon Account No. AZAF6100032

DDA 0000125261

Cost Center 1253

Re: “Accompanying Information” below

For Credit to Portfolio Account:  AGR US3 AZAF6100032

 

	  	

Name of Issuer: 

	
Polaris Industries, Inc.

	 	 	 
	  	Description of Security: 	
$5,000,000 3.13% Senior Notes, Series 2013

due December 21, 2020

	 	 	 
	  	PPN:   	

731068 A#9

 

Due Date and Application (as among principal, make whole and interest) of the payment being made:

 

For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.

 

  

35

  

 

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

 

Allianz Global Risks US Insurance Company

c/o Allianz Investment Management

Attn: Private Placements

55 Greens Farms Road

Westport, Connecticut  06880

Phone: 203-221-8580

Email: ppt@allianzlife.com

With a copy to:

Kathy Muhl

Supervisor – Income Group

The Bank of New York Mellon

Three Mellon Center – Room 153-1818

Pittsburgh, Pennsylvania  15259

Phone: 412-234-5192

Email: kathy.muhl@bnymellon.com

	
3.  

	
Original notes delivered to:

 

	
 

	

Mellon Securities Trust Company

One Wall Street

3rd Floor Receive Window C

New York, NY  10286

 

For Credit to:  Allianz Global Risks US Insurance Company,

AGR US3 AZAF6100032

	
4.  

	
All other communications:

 

	
 

	

Allianz Global Risks US Insurance Company

c/o Allianz Investment Management

Attn:  Private Placements

55 Greens Farms Road

Westport, Connecticut  06880

Phone: 203-221-8580

Email: ppt@allianzlife.com

	
5.  

	
Address for e-mail notices:

 

ppt@allianzlife.com

	
6.  

	
Tax ID No.                      95-3187355

 

  

36

  

 

SCHEDULE A

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	  	  
	
FIREMAN’S FUND INSURANCE COMPANY

	
$5,000,000

Register Notes in name of: MAC & CO., LLC

	
1.  

	
All scheduled payments of principal and interest

 

	
  

	
by wire transfer of immediately available funds to:

 

MAC & CO., LLC

The Bank of New York Mellon

ABA # 011001234

BNY Mellon Account No. AZAF0010112

DDA 0000125261

Cost Center 1253

Re: “Accompanying Information” below

For Credit to Portfolio Account:  FFIC Special Investments   AZAF0010112

 

	  	

Name of Issuer: 

	
Polaris Industries, Inc.

	 	 	 
	  	Description of Security: 	
$5,000,000 3.13% Senior Notes, Series 2013

due December 21, 2020

	 	 	 
	  	PPN:   	

731068 A#9

 

Due Date and Application (as among principal, make whole and interest) of the payment being made:

For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.

 

  

37

  

 

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

 

Fireman’s Fund Insurance Company

c/o Allianz Investment Management

Attn: Private Placements

55 Greens Farms Road

Westport, Connecticut  06880

Phone: 203-221-8580

Email: ppt@allianzlife.com

With a copy to:

Kathy Muhl

Supervisor – Income Group

The Bank of New York Mellon

Three Mellon Center – Room 153-1818

Pittsburgh, Pennsylvania  15259

Phone: 412-234-5192

Email: kathy.muhl@bnymellon.com

	
3.  

	
Original notes delivered to:

 

	
 

	

Mellon Securities Trust Company

One Wall Street

3rd Floor Receive Window C

New York, NY  10286

 

For Credit to: Fireman’s Fund Insurance Company,

FFIC Special Investments  AZAF0010112

	
4.  

	
All other communications:

 

	
 

	

Allianz Life Insurance Company of North America

c/o Allianz Investment Management

Attn:  Private Placements

55 Greens Farms Road

Westport, Connecticut  06880

Phone: 203-221-8580

Email: ppt@allianzlife.com

	
5.  

	
Address for e-mail notices:

 

ppt@allianzlife.com

 

	
6.  

	
Tax ID No.                      94-1610280

 

  

38

  

 

SCHEDULE A

 

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	  	  
	
AMERICAN UNITED LIFE INSURANCE COMPANY

	
$9,000,000

Register Notes in name of:  AMERICAN UNITED LIFE INSURANCE COMPANY

	
1.  

	
All scheduled payments of principal and interest

 

	
  

	
by wire transfer of immediately available funds to:

 

AMERICAN UNITED LIFE INSURANCE COMPANY

Bank of New York

ABA #:  021000018

Credit Account:  GLA111566

Account Name: American United Life Insurance Company

Account #:  186683

P & I Breakdown:  (Insert)

Re:  (Insert CUSIP/PPN and credit name here)

Payments should contain sufficient information to identify the breakdown of principal and interest and should identify the  full description of the note(s) and the payment date.

 

For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.

 

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

 

American United Life Insurance Company

Attn:  Mike Bullock, Securities Department

One American Square, Suite 305W

Post Office Box 368

Indianapolis, IN 46206

  

39

  

	
3.  

	
Original notes delivered to:

 

	
 

	

Bank of New York

One Wall Street, 3rd Floor

New York, NY 10286

Re:  American United Life Insurance Company, Account # 186683

Attn:  Anthony Saviano/Window A

cc:  Michele Morris/NYC Physical Desk on all correspondence

	
4.  

	
All other communications:

 

	
 

	

American United Life Insurance Company

Attn:  Mike Bullock, Securities Department

One American Square, Suite 305W

Post Office Box 368

Indianapolis, IN 46206

	
5.  

	
Address for e-mail notices:  Mike.Bullock@OneAmerica.com

 

	
6.  

	
Tax ID No.                      35-0145825

 

  

40

  

 

SCHEDULE A

INFORMATION RELATING TO PURCHASERS

	
 

Name and Address of Purchaser

	
Principal Amount of

Series 2013 Notes to be Purchased

	  	  
	
THE PHOENIX INSURANCE COMPANY

 

c/o Travelers Companies, Inc.

9275-NB11B

385 Washington Street

St. Paul, Minnesota 55102-1396

	
$5,000,000

 

 

 

 

Register Notes in name of:  THE PHOENIX INSURANCE COMPANY

	
1.  

	
All payments on or in respect of the Notes to be by bank wire transfer of Federal or other immediately available funds (identifying each payment as "_____________" and as to  interest rate, security description, maturity date, Private Placement Number, principal, premium or interest”) to:

 

JP Morgan Chase Bank

ABA #021000021

Wire Account Name: Travelers Indemnity Company - Private Placements Wire Account Number: 323954448

For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above.

 

	
2.  

	
All notices of payments and written confirmations of such wire transfers:

 

The Phoenix Life Insurance Company

c/o Travelers Companies, Inc.

9275-NB11B

385 Washington Street

St. Paul, Minnesota 55102-1396

	
3.  

	
Original notes delivered to:

 

Nicole Ankeny

Senior Counsel

The Travelers Companies, Inc.

MC 9275-NB16L

385 Washington Street

St. Paul, MN 55102

 

  

41

  

	
4.  

	
All other communications:

 

The Phoenix Life Insurance Company

c/o Travelers Companies, Inc.

9275-NB11B

385 Washington Street

St. Paul, Minnesota 55102-1396

	
5.  

	
Address for e-mail notices:  fixedincomeinvestments@travelers.com

 

	
6.  

	
Tax ID No. 06-0303275

 

  

42

  

 

Schedule 6 to

First Supplement

EXCEPTIONS TO REPRESENTATIONS

AND WARRANTIES

 

The Company represents and warrants to you that each of the representations and warranties contained in Section 5 of the Note Purchase Agreement is true and correct as of the date hereof (unless limited to an earlier date, in which case, as of such earlier date) (i) except that all references to “Purchaser” and “you” therein shall be deemed to refer to you and the Other Purchasers hereunder, all references to “this Agreement” shall be deemed to refer to the Note Purchase Agreement as supplemented by this Supplement, and all references to “Notes” therein shall be deemed to include the Series 2013 Notes, and (ii) except for changes to such representations and warranties or the Schedules referred to therein that are set forth hereafter or in the attached Schedules 5.3, 5.4, 5.5, 5.15 and 10.4.  The Company further represents and warrants as follows (the Section references hereinafter set forth correspond to the similar sections of the Note Purchase Agreement that are modified hereby):

	
5.3  

	
Disclosure.

 

The Company, through its agent, Banc of America Securities LLC, has delivered to you and each Other Purchaser a copy of a Private Placement Memorandum, dated October 2013 (the “Memorandum”), relating to the transactions contemplated hereby.  The Memorandum fairly describes, in all material respects, the general nature of the business and principal properties of the Company and its Subsidiaries as of the date of this Supplement.  The Note Purchase Agreement, this Supplement, the Memorandum (including the Company’s SEC filings referred to therein) and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company in connection with the transactions contemplated hereby and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5 (the Agreement, this  Supplement, the Memorandum (including the Company’s SEC filings referred to therein) and such documents, certificates or other writings and such financial statements delivered to each Purchaser prior to October 25, 2013 being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made; provided, that, with respect to projected financial information, the Company represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.  Except as disclosed in the Disclosure Documents, since December 31, 2012, there has been no change in the financial condition, operations or properties of the Company or any Subsidiary except changes that individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect.  There is no fact known to the Company that could reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.

 

  

43

  

 

5.4       Organization and Ownership of Shares of Subsidiaries; Affiliates.

 

(a) Schedule 5.4 contains (except as noted therein) complete and correct lists of:  (i) the Company’s Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its organization, the percentage of shares of each class of its Equity Interests outstanding owned by the Company and each Subsidiary and whether such Subsidiary is a guarantor under the Credit Agreement, (ii) the Company’s Affiliates, other than Subsidiaries, and (iii) the Company’s directors and senior officers.

 

(b) All of the outstanding Equity Interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 5.4).

 

(c) Each Subsidiary identified in Schedule 5.4 is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact.

 

(d) No Subsidiary is a party to, or otherwise subject to, any legal, regulatory, contractual or other restriction (other than this Agreement, the agreements listed on Schedule 5.4 and customary limitations imposed by corporate, partnership or limited liability company law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding Equity Interests of such Subsidiary.

 

5.5       Financial Statements.

The Company has delivered to you and each Other Purchaser copies of the financial statements of the Company and its Subsidiaries listed on Schedule 5.5.  All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments).  The Company and its Subsidiaries do not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents.

 

  

44

  

 

5.9           Taxes.

 

The Company and its Subsidiaries have filed all Federal and other Material tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which is not individually or in the aggregate Material or (ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP.  The Company knows of no basis for any other tax or assessment that could reasonably be expected to have a Material Adverse Effect.  The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of Federal, state or other taxes for all fiscal periods are adequate.  The Federal income tax liabilities of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2010.

 

5.12     Compliance with ERISA.

 

	
  

	
    (a)  The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncom­pliance as have not resulted in and could not reasonably be expected to result in a Material Adverse Effect.  Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that could reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material.

 

	
  

	
    (b)The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit liabilities.  The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA.

 

  

45

  

 

	
  

	
    (c)The Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material.

 

	
  

	
    (d)The expected postretirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Company and its Subsidiaries is not Material.

 

	
  

	
    (e)The execution and delivery of this Supplement and the issuance and sale of the Series 2013 Notes to you hereunder will not involve any transaction that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code.  The representation by the Company in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of your representation in Section 6.2 as to the sources of the funds used to pay the purchase price of the Series 2013 Notes to be purchased by you.

 

5.13      Private Offering by the Company.

 

Neither the Company nor anyone acting on its behalf has offered the Series 2013 Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any person other than you and the Other Purchasers and not more than 10 other Institutional Investors, each of which has been offered the Series 2013 Notes at a private sale for investment.  Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Series 2013 Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction.

 

5.14      Use of Proceeds; Margin Regulations.

 

The Company will apply the proceeds of the sale of the Notes to repay a portion of its revolving credit facility that was used to finance a portion of the repurchase price for a block of shares of common stock of the Company.  No part of the proceeds from the sale of the Notes will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220).  Margin stock does not constitute more than 1% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 1% of the value of such assets.  As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

 

  

46

  

 

5.15  Existing Indebtedness; Future Liens.

 

(a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of September 30, 2013, since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Company or its Subsidiaries.  Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or any Subsidiary and no event or condition exists with respect to any Indebtedness of the Company or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

 

(b) Except as disclosed in Schedule 10.4, neither the Company nor any Subsidiary has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.4.

 

(c) Neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Company, except as specifically indicated in Schedule 5.15.

 

  

47

  

 

Schedule 5.3 to Supplement

DISCLOSURE

(a) Polaris Industries Inc. Private Placement Memorandum dated October, 2013 and the Company’s SEC filings referred to therein.

 

(b) Polaris Industries Inc. Investor Presentation slides dated October 15, 2013.

 

(c) Polaris Industries Inc. Annual Reports on Form 10-K for the fiscal years ended December 31, 2008, 2009, 2010, 2011 and 2012 (exhibits to reports not included).

 

(d) Polaris Industries Inc. Annual Reports to Shareholders for the fiscal years ended December 31, 2011 and 2012.

 

(e) Polaris Industries Inc. Current Report on Form 8-K dated November 12, 2013.

 

(f) Polaris Industries Inc. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013.

 

(g) Polaris Industries Inc. 2013-2014 Due Diligence Operating Review slides dated December 4, 2013.

 

  

  

  

 

Schedule 5.4 to Supplement

SUBSIDIARIES; AFFILIATES

 

	  	
Name

	
Jurisdiction

	
Type of Entity

	
Parent

	
Percentage

Ownership

	
Gurantor

under the

Credit

Agreement

	
1.

 

	
Polaris Acceptance Inc.

	
Minnesota

	
Corporation

	
Polaris Industries Inc. (MN)

	
100.00%

	
Yes

	
2.

 

	
Polaris Industries Inc.

	
Delaware

	
Corporation

	
Polaris Industries Inc. (MN)

	
100.00%

	
Yes

	
3.

 

	
Polaris Industries Manufacturing LLC

	
Minnesota

	
Limited Liability Company

	
Polaris Industries. (DE)

	
100.00%

	
Yes

	
4.

 

	
Polaris Sales Inc.

	
Minnesota

	
Corporation

	
Polaris Industries Inc. (DE)

	
100.00%

	
Yes

	
5.

 

	
Polaris Direct Inc.

	
Minnesota

	
Corporation

	
Polaris Sales Inc.

	
100.00%

	
Yes

	
6.

 

	
Polaris Insurance Services LLC

	
Minnesota

	
Limited Liability Company

	
Polaris Industries Inc. (DE)

	
100.00%

	
Yes

	
7.

 

	
Polaris Sales Europe Inc.

	
Minnesota

	
Corporation

	
Polaris Sales Inc.

	
100.00%

	
Yes

	
8.

 

	
Indian Motorcycle Company

	
Delaware

	
Corporation

	
Polaris Industries Inc. (DE)

	
100.00%

	
Yes

	
9. 

 

	
Indian Motorcycle International, LLC

	
Delaware

	
Limited Liability Company

	
Polaris Industries Inc. (DE)

	
100.00%

	
Yes

	
10.

 

	
Indian Motorcycle USA LLC

	
Delaware

	
Limited Liability Company

	
Indian Motorcycle International, LLC

	
100.00%

	
Yes

	
11.

 

	
Resilient Technologies LLC

	
Wisconsin

	
Limited Liability Company

	
Polaris Industries Inc. (DE)

	
100.00%

	
Yes

	
12.

 

	
Teton Outfitters, LLC

	
Idaho

	
Limited Liability Company

	
Polaris Sales Inc.

	
100.00%

	
Yes

	
13.

 

	
Polaris Industries Holdco LP

	
Cayman Islands

	
Limited Partnership

	
Polaris Sales Inc.

	
100.00%

	
No

	
14.

 

	
Polaris Industries Ltd.

	
Manitoba, Canada

	
Corporation

	
Polaris Industries Inc. (DE)

	
100.00%

	
No

	
15.

 

	
Polaris Sales Australia Pty Ltd.

	
Australia

	
Corporation

	
Polaris Sales Inc.

	
100.00%

	
No

	
16.

 

	
Polaris Britain Limited

	
United Kingdom

	
Corporation

	
Polaris Industries Holdco LP

	
100.00%

	
No

	
17.

 

	
Polaris Scandinavia AB

	
Sweden

	
Corporation

	
Polaris Britain Limited

	
100.00%

	
No

	
18.

 

	
Polaris Norway AS

	
Norway

	
Corporation

	
Polaris Scandinavia AB

	
100.00%

	
No

	
19.

 

	
Polaris France

	
France

	
Corporation

	
Polaris Britain Limited

	
100.00%

	
No

	
20.

 

	
Goupil Industrie S.A.

	
France

	
Corporation

	
Polaris France

	
100.00%

	
No

	
21.

 

	
Polaris Germany GmbH

	
Germany

	
GmbH

	
Polaris Britain Limited

	
100.00%

	
No

	
22.

 

	
Polaris Sales Spain, S.L.

	
Spain

	
SL

	
Polaris Britain Limited

	
100.00%

	
No

	
23.

 

	
Polaris Sales Europe Sarl

	
Switzerland

	
Sarl

	
Polaris Britain Limited

	
100.00%

	
No

	
24.

 

	
swissauto powersport LLC

	
Switzerland

	
Sarl

	
Polaris Sales Europe Inc.

	
100.00%

	
No

	
25.

 

	
North Pole Star, S. de R.L. de C.V.

	
Mexico

	
Limited Liability Company

	
Polaris Sales Europe Sarl

	
99.00%

	
No

	
Polaris France

	
1.00%

	
No

 

	
26.

 

	
Victory Motorcycles Australia Pty Ltd.

	
Australia

	
Corporation

	
Polaris Sales Australia Pty Ltd.

	
100.00%

	
No

	
27.

 

	
Polaris Poland Sp. z o.o

	
Poland

	
Limited Liability Company

	
Polaris Finance Co Sarl

	
100.00%

	
No

  

  

  

 

Other Subsidiaries

 

	  	
Name

	
Jurisdiction

	
Type of Entity

	
Parent

	
Percentage

Ownership

	
Gurantor

under the

Credit

Agreement

	
28.

 

	
Polaris of Brazil Import and Trade of Vehicles and Motorcycles LLC

	
Brazil

	
Limited Liability Company

	
Polaris Sales Inc.

	
100.00%

	
No

	
29.

 

	
Polaris Limited China

	
China

	
Limited Liability Company

	
Polaris Sales Inc.

	
100.00%

	
No

	
30.

 

	
Polaris India Private Ltd.

	
India

	
Corporation

	
Polaris Sales Inc.

	
100.00%

	
No

	
31.

 

	
Polaris Industries LLC

	
Delaware

	
Limited Liability Company

	
Polaris Sales Inc.

	
99.99%

	
No

	
Polaris Industries Holdco LP

	
.01%

 

	  
	
32.

 

	
KLIM Europe Aps

	
Denmark

	
PVT Limited Company

	
Teton Outfitters, LLC

	
100.00%

	
No

	
33.

 

	
Eicher Polaris Private Ltd.

	
India

	
Corporation

	
Polaris Industries Inc. (DE)

	
50.00%

	
No

	
34.

 

	
Polaris Sales Mexico, S. de R.L. de C.V.

	
Mexico

	
Limited Liability Company

	
Polaris Industries Inc. (DE)

	
99.00%

	
No

	
Polaris Sales Inc.

	
1.00%

 

	
35.

 

	
Polaris Finance Co Sarl

	
Luxembourg

	
Sarl

	
Polaris Industries Holdco LP

	
100.00%

	
No

	
36.

 

	
A.M. Holding S.A.S.

	
France

	
Corporation

	
Polaris France

	
100.00%

	
No

	
37.

 

	
KLIM Europe Sarl

	
Switzerland

	
Sarl

	
Polaris Sales Europe Sarl

	
100.00%

	
No

	
38.

 

	
Aixam-Mega S.A.S.

	
France

	
SAS

	
A.M. Holding S.A.S.

	
100.00%

	
No

	
39.

 

	
Compagnie Industrielle du Vercors SAS

	
France

	
SAS

	
Aixam-Mega S.A.S.

	
100.00%

	
No

	
40.

 

	
Carmetal SAS

	
France

	
SAS

	
Aixam-Mega S.A.S.

	
100.00%

	
No

	
41.

 

	
Carmax SAS

	
France

	
SAS

	
Aixam-Mega S.A.S.

	
100.00%

	
No

	
42.

 

	
Mega Production S.A.

	
France

	
SA à conseil d'administration

	
Aixam-Mega S.A.S.

	
100.00%

	
No

	
43.

 

	
Aixam Production SAS

	
France

	
SAS

	
Aixam-Mega S.A.S.

	
100.00%

	
No

	
44.

 

	
FAM SAS

	
France

	
SAS

	
A.M. Holding S.A.S.

	
100.00%

	
No

	
45.

 

	
Aixam Mega Ltd.

	
United Kingdom

	
Limited company

	
Aixam-Mega S.A.S.

	
100.00%

	
No

	
46.

 

	
Aixam Mega Nederland BV

	
Netherlands

	
B.V

	
Aixam-Mega S.A.S.

	
100.00%

	
No

	
47.

 

	
Aixam Mega Italia S.R.L.

	
Italy

	
Societa a responsabilita limitata

	
Aixam-Mega S.A.S.

	
100.00%

	
No

	
48.

 

	
Aixam-Mega Iberica, S.L.

	
Spain

	
S.L. Sociedad unipersonal

	
Aixam-Mega S.A.S.

	
100.00%

	
No

	
49.

 

	
Aixam Lusitana Sociedade De Comercialzacae de Automoveis, S.A.

	
Portugal

	
Sociedade anonima

	
Aixam-Mega S.A.S.

	
100.00%

	
No

	
50.

 

	
AIXAM Mega GmbH

	
Austria

	
GmbH

	
Aixam-Mega S.A.S.

	
100.00%

	
No

	
51.

 

	
Aixam Immobilier S.A.S.

	
France

	
SAS

	
Aixam-Mega S.A.S.

	
100.00%

	
No

	
52.

 

	
Aixam Mega Engineering SAS

	
France

	
SAS

	
Aixam-Mega S.A.S.

	
100.00%

	
No

	
53.

 

	
SCI GEB

	
France

	
Civil company

	
Aixam Immobilier S.A.S.

	
100.00%

	
No

	
54.

 

	
Polaris Luxembourg I Sarl

	
Luxembourg

	
Sarl

	
Polaris Industries. (DE)

	
100.00%

	
No

	
55.

 

	
Polaris Luxembourg II Sarl

	
Luxembourg

	
Sarl

	
Polaris Luxembourg I Sarl

	
100.00%

	
No

	
56.

 

	
Primordial Inc.

	
Delaware

	
Corporation

	
Polaris Industries. (DE)

	
100.00%

	
No

  

2

  

 

5.4(a)(iii)   The Company’s directors and senior officers are:

 

	  	
Directors:

	  
	  
	  	
Brian C. Cornell

	  
	  	
Bernd F. Kessler

	  
	  	
Scott W. Wine

	  
	  	
Gary E. Hendrickson

	  
	  	
R. M. (Mark) Schreck

	  
	  	
William Grant Van Dyke

	  
	  	
Annette K. Clayton

	  
	  	
John P. Wiehoff

	  
	  	
Kevin M. Farr

	  
	  
	  
	  	
Senior officers:

	  
	  
	  	
Scott W. Wine

	
Chairman of the Board of Directors and Chief Executive Officer

	  	
Bennett J. Morgan

	
President and Chief Operating Officer

	  	
Michael W. Malone

	
Vice President--Finance and Chief Financial Officer

	  	
Todd-Michael Balan

	
Vice President--Corporate Development

	  	
Stacy L. Bogart

	
Vice President--General Counsel, Compliance Officer and Secretary

	  	
Michael D. Dougherty

	
Vice President--Asia Pacific and Latin America

	  	
Stephen L. Eastman

	
Vice President--Parts, Garments and Accessories

	  	
William C. Fisher

	
Vice President and Chief Information Officer

	  	
Matthew J. Homan

	
Vice President--Europe, Middle East, Africa and Small Vehicles

	  	
Michael P. Jonikas

	
Vice President--Snowmobiles, Sales and Corporate Marketing

	  	
Suresh Krishna

	
Vice President--Global Operations and Integration

	  	
David C. Longren

	
Vice President--Off-Road Vehicles and Off-Road Vehicles Engineering

	  	
James P. Williams

	
Vice President--Human Resources

  

3

  

 

Schedule 5.5 to Supplement

FINANCIAL STATEMENTS

(a) Consolidated balance sheets of the Company and its Subsidiaries as of December 31, 2012, 2011 and 2010, consolidated statements of income of the Company and its Subsidiaries for the years ended December 31, 2012, 2011 and 2010, consolidated statements of shareholders’ equity and comprehensive income of the Company and its Subsidiaries for the years ended December 31, 2012, 2011 and 2010 and consolidated statements of cash flows for the years ended December 31, 2012, 2011 and 2010.

 

(b) Consolidated balance sheet (unaudited) of the Company and its Subsidiaries as of September 30, 2013, consolidated statements of income (unaudited) of the Company and its Subsidiaries for the three months and nine months ended September 30, 2013 and September 30, 2012 and consolidated statements of cash flows (unaudited) of the Company and its Subsidiaries for the nine months ended September 30, 2013 and September 30, 2012.

 

  

  

  

Schedule 5.15 to Supplement

EXISTING INDEBTEDNESS

	
5.15(a)

 

(1)  Performance Bond from Minnesota Investment Fund between the city of Wyoming and Polaris Industries Inc., a Minnesota corporation, with respect to $180,000 forgivable loan and $96,000 conventional loan.

(2)  The following Surety Bonds:

	
Bond

Number(s)

	
Principal(s)

	
Individual

Surety Liability

Amount

	
Bond Type

	
Obligee(s)

	
Original

Inception

Date

	
Bond

Effective

Date

	
Bond

Expiration

Date

	
Surety(s)

	
103474790

	
Polaris Industries Inc.

	
1,675,000.00

	
Self Insurer Workers Compensation

	
State of Iowa

	
1/1/1999

	
1/1/2013

	
1/1/2014

	
Travelers Casualty and Surety Company of America

	
103848765

	
Polaris Industries Inc.

	
50,000.00

	
Motor Vehicle Dealer

	
State of Minnesota

	
2/21/2003

	
2/21/2013

	
2/21/2014

	
Travelers Casualty and Surety Company of America

	
104127421

	
Polaris Industries Inc., Polaris Sales, Inc., Polaris Industries Manufacturing, LLC and Resilient Technologies, LLC

	
1,000,000.00

	
Self Insurer Workers Compensation

	
State of Wisconsin Department of Industry, Labor & Human Relations

	
7/1/2003

	
7/1/2013

	
7/1/2014

	
Travelers Casualty and Surety Company of America

	
104127431

	
Polaris Sales, Inc.

	
5,000.00

	
Motor Vehicle Dealer

	
State of Nevada

	
11/11/2003

	
11/11/2013

	
11/11/2014

	
Travelers Casualty and Surety Company of America

	
105317144

	
Polaris Sales, Inc., a division of Polaris Industries, Inc.

	
25,000.00

	
Other License

	
State of Indiana

	
9/17/2009

	
9/17/2013

	
9/17/2014

	
Travelers Casualty and Surety Company of America

	
105366048

	
Polaris Sales Inc.

	
100,000.00

	
Motor Vehicle Dealer

	
Administrator of Motor Vehicles, State of Maryland

	
4/1/2010

	
4/1/2013

	
4/1/2014

	
Travelers Casualty and Surety Company of America

	
105366050

	
Polaris Industries Inc.

	
30,000.00

	
Motor Vehicle Dealer

	
State of Kansas

	
4/1/2010

	
4/1/2013

	
4/1/2014

	
Travelers Casualty and Surety Company of America

	
105366051

	
Polaris Sales, Inc.

	
50,000.00

	
Motor Vehicle Dealer

	
Commonwealth of Virginia

	
4/1/2010

	
4/1/2013

	
4/1/2014

	
Travelers Casualty and Surety Company of America

	
105366063

	
Polaris Sales Inc.

	
50,000.00

	
Motor Vehicle Dealer

	
State of North Carolina

	
6/14/2010

	
6/14/2013

	
6/14/2014

	
Travelers Casualty and Surety Company of America

	
105366077

	
Polaris Industries Inc.

	
100,000.00

	
Other License

	
Administrator of Motor Vehicles, State of Maryland

	
9/22/2010

	
9/22/2013

	
9/22/2014

	
Travelers Casualty and Surety Company of America

	
105383916

	
Polaris Sales, Inc.

	
1,000,000.00

	
Other License

	
Louisiana Secretary of the Department of Public Safety and Corrections

	
4/28/2010

	
12/31/2012

	
12/31/2013

	
Travelers Casualty and Surety Company of America

	
105383917

	
Polaris Industries Inc.

	
1,000,000.00

	
Other License

	
Louisiana Secretray of the Department of Public Safety and Corrections

	
4/28/2010

	
12/31/2012

	
12/31/2013

	
Travelers Casualty and Surety Company of America

	
105508652

	
Polaris Industries Inc.

	
50,000.00

	
Airlines Reporting Corporation

	
Airlines Reporting Corporation

	
1/7/2011

	
1/7/2013

	
1/7/2014

	
Travelers Casualty and Surety Company of America

	
105695451

	
Polaris Industries Inc.

	
5,000.00

	
Right of Way

	
United States of America

	
10/1/2012

	
10/1/2013

	
10/1/2014

	
Travelers Casualty and Surety Company of America

	
105741563

	
Polaris Sales Inc.

	
65,000.00

	
Other Miscellaneous

	
Commonwealth of Virginia

	
8/15/2013

	
8/15/2013

	
8/15/2014

	
Travelers Casualty and Surety Company of America

	
1058455154

	
Indian Motorcycle Company

	
25,000.00

	
Other Miscellaneous

	
Administrator of Motor Vehicles, State of Maryland

	
11/28/2012

	
11/28/2013

	
11/28/2014

	
Travelers Casualty and Surety Company of America

	
105845181

	
Indian Motorcycle Company

	
50,000.00

	
Motor Vehicle Dealer

	
State of Minnesota

	
1/22/2013

	
1/22/2013

	
1/22/2014

	
Travelers Casualty and Surety Company of America

 

 

1

Exhibit 4.4(b)

  

  

  

(3)  The following foreign currency hedge contracts.The fair value of these currency contacts as of September 30, 2013 is an asset of $436,452.21.

	
Canadian Dollar

	 
	
Amount

	 	
Bank

	
Type

	
Contract Date

	 	
Spot Rate

	 	
Settlement Date

	 	
Contract Rate

	 	 	
US $$ Amount

	 
	 	2,500,000	 	
PNC

	
forward

	
9/17/2012

	 	 	1.025	 	
10/31/2013

	 	 	1.013	 	 	$	2,532,158	 
	 	2,500,000	 	
PNC

	
option

	
9/17/2012

	 	 	1.025	 	
10/31/2013

	 	 	1.013	 	 	$	2,532,158	 
	 	2,500,000	 	
Bank of America

	
forward

	
12/6/2012

	 	 	1.010	 	
10/31/2013

	 	 	1.000	 	 	$	2,500,875	 
	 	2,500,000	 	
Bank of America

	
option

	
12/6/2012

	 	 	1.010	 	
10/31/2013

	 	 	1.000	 	 	$	2,500,875	 
	 	2,500,000	 	
Comerica

	
forward

	
6/6/2013

	 	 	0.980	 	
10/31/2013

	 	 	0.975	 	 	$	2,437,341	 
	 	2,500,000	 	
Comerica

	
option

	
6/6/2013

	 	 	0.980	 	
10/31/2013

	 	 	0.975	 	 	$	2,437,341	 
	 	2,500,000	 	
Wells Fargo

	
forward

	
8/8/2013

	 	 	0.970	 	
10/31/2013

	 	 	0.968	 	 	$	2,419,500	 
	 	2,500,000	 	
Wells Fargo

	
option

	
8/8/2013

	 	 	0.970	 	
10/31/2013

	 	 	0.968	 	 	$	2,419,500	 
	 	2,500,000	 	
Wells Fargo

	
forward

	
9/12/2013

	 	 	0.970	 	
10/31/2013

	 	 	0.969	 	 	$	2,422,250	 
	 	2,500,000	 	
Wells Fargo

	
option

	
9/12/2013

	 	 	0.970	 	
10/31/2013

	 	 	0.969	 	 	$	2,422,250	 
	 	2,500,000	 	
Wells Fargo

	
forward

	
9/18/2013

	 	 	0.975	 	
10/31/2013

	 	 	0.974	 	 	$	2,434,050	 
	 	2,500,000	 	
Wells Fargo

	
option

	
9/18/2013

	 	 	0.975	 	
10/31/2013

	 	 	0.974	 	 	$	2,434,050	 
	 	3,500,000	 	
Wells Fargo

	
forward

	
9/18/2013

	 	 	0.980	 	
10/31/2013

	 	 	0.979	 	 	$	3,424,750	 
	 	3,500,000	 	
Wells Fargo

	
option

	
9/18/2013

	 	 	0.980	 	
10/31/2013

	 	 	0.979	 	 	$	3,424,750	 
	 	1,300,000	 	
PNC

	
forward

	
9/17/2012

	 	 	1.025	 	
11/30/2013

	 	 	1.012	 	 	$	1,315,257	 
	 	1,300,000	 	
PNC

	
option

	
9/17/2012

	 	 	1.025	 	
11/30/2013

	 	 	1.012	 	 	$	1,315,257	 
	 	1,300,000	 	
Bank of America

	
forward

	
12/6/2012

	 	 	1.010	 	
11/30/2013

	 	 	1.000	 	 	$	1,299,350	 
	 	1,300,000	 	
Bank of America

	
option

	
12/6/2012

	 	 	1.010	 	
11/30/2013

	 	 	1.000	 	 	$	1,299,350	 
	 	1,300,000	 	
Comerica

	
forward

	
6/6/2013

	 	 	0.980	 	
11/6/2013

	 	 	0.974	 	 	$	1,266,059	 
	 	1,300,000	 	
Comerica

	
option

	
6/6/2013

	 	 	0.980	 	
11/6/2013

	 	 	0.974	 	 	$	1,266,059	 
	 	1,300,000	 	
Wells Fargo

	
forward

	
8/8/2013

	 	 	0.970	 	
11/30/2013

	 	 	0.967	 	 	$	1,256,970	 
	 	1,300,000	 	
Wells Fargo

	
option

	
8/8/2013

	 	 	0.970	 	
11/30/2013

	 	 	0.967	 	 	$	1,256,970	 
	 	2,500,000	 	
Wells Fargo

	
forward

	
9/12/2013

	 	 	0.970	 	
11/30/2013

	 	 	0.968	 	 	$	2,420,500	 
	 	2,500,000	 	
Wells Fargo

	
option

	
9/12/2013

	 	 	0.970	 	
11/30/2013

	 	 	0.968	 	 	$	2,420,500	 
	 	2,500,000	 	
Wells Fargo

	
forward

	
9/18/2013

	 	 	0.975	 	
11/30/2013

	 	 	0.973	 	 	$	2,432,125	 
	 	2,500,000	 	
Wells Fargo

	
option

	
9/18/2013

	 	 	0.975	 	
11/30/2013

	 	 	0.973	 	 	$	2,432,125	 
	 	3,500,000	 	
Wells Fargo

	
forward

	
9/18/2013

	 	 	0.980	 	
11/30/2013

	 	 	0.978	 	 	$	3,422,300	 
	 	3,500,000	 	
Wells Fargo

	
option

	
9/18/2013

	 	 	0.980	 	
11/30/2013

	 	 	0.978	 	 	$	3,422,300	 
	 	1,500,000	 	
PNC

	
forward

	
9/17/2012

	 	 	1.025	 	
12/31/2013

	 	 	1.011	 	 	$	1,515,917	 
	 	1,500,000	 	
PNC

	
option

	
9/17/2012

	 	 	1.025	 	
12/31/2013

	 	 	1.011	 	 	$	1,515,917	 
	 	1,500,000	 	
Bank of America

	
forward

	
12/6/2012

	 	 	1.010	 	
12/31/2013

	 	 	0.999	 	 	$	1,497,825	 
	 	1,500,000	 	
Bank of America

	
option

	
12/6/2012

	 	 	1.010	 	
12/31/2013

	 	 	0.999	 	 	$	1,497,825	 
	 	1,500,000	 	
Comerica

	
forward

	
6/6/2013

	 	 	0.980	 	
12/31/2013

	 	 	0.973	 	 	$	1,459,274	 

 

  

  

  

 

	
Canadian Dollar

	 
	
Amount

	 	
Bank

	
Type

	
Contract Date

	 	
Spot Rate

	 	
Settlement Date

	 	
Contract Rate

	 	 	
US $$ Amount

	 
	 	1,500,000	 	
Comerica

	
option

	
6/6/2013

	 	 	0.980	 	
12/31/2013

	 	 	0.973	 	 	$	1,459,274	 
	 	1,500,000	 	
Wells Fargo

	
forward

	
8/8/2013

	 	 	0.970	 	
12/31/2013

	 	 	0.966	 	 	$	1,449,150	 
	 	1,500,000	 	
Wells Fargo

	
option

	
8/8/2013

	 	 	0.970	 	
12/31/2013

	 	 	0.966	 	 	$	1,449,150	 
	 	1,000,000	 	
Wells Fargo

	
forward

	
9/12/2013

	 	 	0.970	 	
12/31/2013

	 	 	0.967	 	 	$	967,400	 
	 	1,000,000	 	
Wells Fargo

	
option

	
9/12/2013

	 	 	0.970	 	
12/31/2013

	 	 	0.967	 	 	$	967,400	 
	 	1,000,000	 	
Wells Fargo

	
forward

	
9/18/2013

	 	 	0.975	 	
12/31/2013

	 	 	0.972	 	 	$	972,200	 
	 	1,000,000	 	
Wells Fargo

	
option

	
9/18/2013

	 	 	0.975	 	
12/31/2013

	 	 	0.972	 	 	$	972,200	 
	 	1,000,000	 	
Wells Fargo

	
forward

	
9/18/2013

	 	 	0.980	 	
12/31/2013

	 	 	0.977	 	 	$	977,100	 
	 	1,000,000	 	
Wells Fargo

	
option

	
9/18/2013

	 	 	0.980	 	
12/31/2013

	 	 	0.977	 	 	$	977,100	 
	 	800,000	 	
US BANK

	
forward

	
8/15/2013

	 	 	0.970	 	
1/31/2014

	 	 	0.966	 	 	$	772,574	 
	 	800,000	 	
US BANK

	
option

	
8/15/2013

	 	 	0.970	 	
1/31/2014

	 	 	0.966	 	 	$	772,574	 
	 	800,000	 	
SANTANDER

	
forward

	
9/20/2013

	 	 	0.980	 	
1/31/2014

	 	 	0.975	 	 	$	780,080	 
	 	800,000	 	
SANTANDER

	
option

	
9/20/2013

	 	 	0.980	 	
1/31/2014

	 	 	0.975	 	 	$	780,080	 
	 	900,000	 	
US BANK

	
forward

	
8/15/2013

	 	 	0.970	 	
2/28/2014

	 	 	0.965	 	 	$	868,558	 
	 	900,000	 	
US BANK

	
option

	
8/15/2013

	 	 	0.970	 	
2/28/2014

	 	 	0.965	 	 	$	868,558	 
	 	1,400,000	 	
SANTANDER

	
forward

	
9/20/2013

	 	 	0.980	 	
2/28/2014

	 	 	0.975	 	 	$	1,364,580	 
	 	1,400,000	 	
SANTANDER

	
option

	
9/20/2013

	 	 	0.980	 	
2/28/2014

	 	 	0.975	 	 	$	1,364,580	 
	 	1,100,000	 	
US BANK

	
forward

	
8/15/2013

	 	 	0.970	 	
3/31/2014

	 	 	0.964	 	 	$	1,060,752	 
	 	1,100,000	 	
US BANK

	
option

	
8/15/2013

	 	 	0.970	 	
3/31/2014

	 	 	0.964	 	 	$	1,060,752	 
	 	2,000,000	 	
SANTANDER

	
forward

	
9/20/2013

	 	 	0.980	 	
3/31/2014

	 	 	0.974	 	 	$	1,948,200	 
	 	2,000,000	 	
SANTANDER

	
option

	
9/20/2013

	 	 	0.980	 	
3/31/2014

	 	 	0.974	 	 	$	1,948,200	 
	 	1,900,000	 	
US BANK

	
forward

	
8/15/2013

	 	 	0.970	 	
4/30/2014

	 	 	0.964	 	 	$	1,830,972	 
	 	1,900,000	 	
US BANK

	
option

	
8/15/2013

	 	 	0.970	 	
4/30/2014

	 	 	0.964	 	 	$	1,830,972	 
	 	2,800,000	 	
SANTANDER

	
forward

	
9/20/2013

	 	 	0.980	 	
4/30/2014

	 	 	0.973	 	 	$	2,724,960	 
	 	2,800,000	 	
SANTANDER

	
option

	
9/20/2013

	 	 	0.980	 	
4/30/2014

	 	 	0.973	 	 	$	2,724,960	 
	 	2,000,000	 	
US BANK

	
forward

	
8/15/2013

	 	 	0.970	 	
5/31/2014

	 	 	0.963	 	 	$	1,925,855	 
	 	2,000,000	 	
US BANK

	
option

	
8/15/2013

	 	 	0.970	 	
5/31/2014

	 	 	0.963	 	 	$	1,925,855	 
	 	3,000,000	 	
SANTANDER

	
forward

	
9/20/2013

	 	 	0.980	 	
5/31/2014

	 	 	0.973	 	 	$	2,917,500	 
	 	3,000,000	 	
SANTANDER

	
option

	
9/20/2013

	 	 	0.980	 	
5/31/2014

	 	 	0.973	 	 	$	2,917,500	 
	 	1,500,000	 	
US BANK

	
forward

	
8/15/2013

	 	 	0.970	 	
6/30/2014

	 	 	0.962	 	 	$	1,443,140	 
	 	1,500,000	 	
US BANK

	
option

	
8/15/2013

	 	 	0.970	 	
6/30/2014

	 	 	0.962	 	 	$	1,443,140	 
	 	2,300,000	 	
SANTANDER

	
forward

	
9/20/2013

	 	 	0.980	 	
6/30/2014

	 	 	0.972	 	 	$	2,234,910	 
	 	2,300,000	 	
SANTANDER

	
option

	
9/20/2013

	 	 	0.980	 	
6/30/2014

	 	 	0.972	 	 	$	2,234,910	 

 

  

  

  

 

	
Norwegian Kroner

	 
	
Amount

	 	
Bank

	
Type

	
Contract Date

	 	
Spot Rate

	 	
Settlement Date

	 	
Contract Rate

	 	 	
US $$ Amount

	 
	 	4,300,000	 	
FIFTH THIRD

	
forward

	
4/5/2013

	 	 	0.175	 	
10/31/2013

	 	 	0.173	 	 	$	745,273	 
	 	2,000,000	 	
FIFTH THIRD

	
forward

	
5/30/2013

	 	 	0.171	 	
10/31/2013

	 	 	0.170	 	 	$	339,443	 
	 	2,500,000	 	
FIFTH THIRD

	
forward

	
9/17/2013

	 	 	0.170	 	
10/31/2013

	 	 	0.170	 	 	$	423,959	 
	 	4,400,000	 	
FIFTH THIRD

	
forward

	
4/5/2013

	 	 	0.175	 	
11/30/2013

	 	 	0.173	 	 	$	761,812	 
	 	2,500,000	 	
FIFTH THIRD

	
forward

	
5/30/2013

	 	 	0.171	 	
11/30/2013

	 	 	0.170	 	 	$	423,837	 
	 	2,500,000	 	
FIFTH THIRD

	
forward

	
9/17/2013

	 	 	0.170	 	
11/30/2013

	 	 	0.169	 	 	$	423,492	 
	 	4,200,000	 	
FIFTH THIRD

	
forward

	
4/5/2013

	 	 	0.175	 	
12/31/2013

	 	 	0.173	 	 	$	726,304	 
	 	2,000,000	 	
FIFTH THIRD

	
forward

	
5/30/2013

	 	 	0.171	 	
12/31/2013

	 	 	0.169	 	 	$	338,667	 
	 	2,500,000	 	
FIFTH THIRD

	
forward

	
9/17/2013

	 	 	0.170	 	
12/31/2013

	 	 	0.169	 	 	$	422,955	 
	 	 
	
Swedish Krona

	 
	
Amount

	 	
Bank

	
Type

	
Contract Date

	 	
Spot Rate

	 	
Settlement Date

	 	
Contract Rate

	 	 	
US $$ Amount

	 
	 	1,700,000	 	
FIFTH THIRD

	
forward

	
10/28/2011

	 	 	0.150	 	
10/31/2013

	 	 	0.149	 	 	$	252,597	 
	 	1,700,000	 	
FIFTH THIRD

	
forward

	
1/2/2013

	 	 	0.155	 	
10/31/2013

	 	 	0.154	 	 	$	261,217	 
	 	1,000,000	 	
FIFTH THIRD

	
forward

	
3/25/2013

	 	 	0.155	 	
10/31/2013

	 	 	0.154	 	 	$	154,033	 
	 	1,000,000	 	
FIFTH THIRD

	
forward

	
6/14/2013

	 	 	0.155	 	
10/31/2013

	 	 	0.154	 	 	$	154,178	 
	 	4,600,000	 	
FIFTH THIRD

	
forward

	
10/28/2011

	 	 	0.150	 	
11/29/2013

	 	 	0.148	 	 	$	683,080	 
	 	4,600,000	 	
FIFTH THIRD

	
forward

	
1/2/2013

	 	 	0.155	 	
11/29/2013

	 	 	0.154	 	 	$	706,117	 
	 	6,000,000	 	
FIFTH THIRD

	
forward

	
1/2/2013

	 	 	0.155	 	
12/31/2013

	 	 	0.153	 	 	$	920,457	 
	 	2,000,000	 	
FIFTH THIRD

	
forward

	
1/14/2013

	 	 	0.155	 	
12/31/2013

	 	 	0.153	 	 	$	306,960	 
	 	3,500,000	 	
FIFTH THIRD

	
forward

	
3/25/2013

	 	 	0.155	 	
12/31/2013

	 	 	0.154	 	 	$	538,370	 
	 	4,000,000	 	
FIFTH THIRD

	
forward

	
6/14/2013

	 	 	0.155	 	
12/31/2013

	 	 	0.154	 	 	$	615,479	 
	 	5,500,000	 	
FIFTH THIRD

	
forward

	
9/17/2012

	 	 	0.155	 	
1/31/2014

	 	 	0.154	 	 	$	848,490	 
	 	7,000,000	 	
FIFTH THIRD

	
forward

	
9/17/2012

	 	 	0.155	 	
2/28/2014

	 	 	0.154	 	 	$	1,079,148	 
	 	3,500,000	 	
FIFTH THIRD

	
forward

	
9/17/2012

	 	 	0.155	 	
3/29/2014

	 	 	0.154	 	 	$	539,167	 
	 	4,000,000	 	
FIFTH THIRD

	
forward

	
9/17/2012

	 	 	0.155	 	
4/30/2014

	 	 	0.154	 	 	$	615,612	 
	 	1,500,000	 	
FIFTH THIRD

	
forward

	
9/17/2012

	 	 	0.155	 	
5/31/2014

	 	 	0.154	 	 	$	230,684	 
	 	2,000,000	 	
FIFTH THIRD

	
forward

	
9/17/2012

	 	 	0.155	 	
6/28/2014

	 	 	0.154	 	 	$	307,357	 
	 	 

 

  

  

  

 

	
Australian Dollar

	 
	
Amount

	 	
Bank

	
Type

	
Contract Date

	 	
Spot Rate

	 	
Settlement Date

	 	
Contract Rate

	 	 	
US $$ Amount

	 
	 	275,000	 	
US Bank

	
forward

	
9/17/2012

	 	 	1.044	 	
10/31/2013

	 	 	1.009	 	 	$	277,530	 
	 	200,000	 	
US Bank

	
forward

	
11/13/2012

	 	 	1.041	 	
10/31/2013

	 	 	1.011	 	 	$	202,240	 
	 	250,000	 	
US Bank

	
forward

	
2/8/2013

	 	 	1.033	 	
10/31/2013

	 	 	1.013	 	 	$	253,175	 
	 	225,000	 	
US Bank

	
forward

	
2/8/2013

	 	 	1.033	 	
10/31/2013

	 	 	1.013	 	 	$	227,858	 
	 	200,000	 	
US Bank

	
forward

	
2/8/2013

	 	 	1.033	 	
10/31/2013

	 	 	1.013	 	 	$	202,540	 
	 	300,000	 	
US Bank

	
forward

	
4/9/2013

	 	 	1.050	 	
10/31/2013

	 	 	1.034	 	 	$	310,050	 
	 	275,000	 	
US Bank

	
forward

	
9/17/2012

	 	 	1.044	 	
11/30/2013

	 	 	1.007	 	 	$	276,870	 
	 	200,000	 	
US Bank

	
forward

	
11/13/2012

	 	 	1.041	 	
11/30/2013

	 	 	1.009	 	 	$	201,760	 
	 	200,000	 	
US Bank

	
forward

	
2/8/2013

	 	 	1.033	 	
11/30/2013

	 	 	1.011	 	 	$	202,120	 
	 	225,000	 	
US Bank

	
forward

	
2/8/2013

	 	 	1.033	 	
11/30/2013

	 	 	1.011	 	 	$	227,385	 
	 	200,000	 	
US Bank

	
forward

	
2/8/2013

	 	 	1.033	 	
11/30/2013

	 	 	1.011	 	 	$	202,120	 
	 	400,000	 	
US Bank

	
forward

	
4/9/2013

	 	 	1.050	 	
11/30/2013

	 	 	1.031	 	 	$	412,480	 
	 	300,000	 	
US Bank

	
forward

	
9/17/2012

	 	 	1.044	 	
12/31/2013

	 	 	1.004	 	 	$	301,260	 
	 	200,000	 	
US Bank

	
forward

	
11/13/2012

	 	 	1.041	 	
12/31/2013

	 	 	1.006	 	 	$	201,220	 
	 	200,000	 	
US Bank

	
forward

	
2/8/2013

	 	 	1.033	 	
12/31/2013

	 	 	1.008	 	 	$	201,680	 
	 	200,000	 	
US Bank

	
forward

	
2/8/2013

	 	 	1.033	 	
12/31/2013

	 	 	1.008	 	 	$	201,680	 
	 	200,000	 	
US Bank

	
forward

	
2/8/2013

	 	 	1.033	 	
12/31/2013

	 	 	1.008	 	 	$	201,680	 
	 	250,000	 	
US Bank

	
forward

	
2/8/2013

	 	 	1.033	 	
12/31/2013

	 	 	1.008	 	 	$	252,100	 
	 	300,000	 	
US Bank

	
forward

	
4/9/2013

	 	 	1.050	 	
12/31/2013

	 	 	1.029	 	 	$	308,610	 
	 	 
	
Mexican Peso

	 
	
Amount

	 	
Bank

	
Type

	
Contract Date

	 	
Spot Rate

	 	
Settlement Date

	 	
Contract Rate

	 	 	
US $$ Amount

	 
	 	5,400,000	 	
FIFTH THIRD

	
forward

	
6/18/2012

	 	 	13.840	 	
10/31/2013

	 	 	14.395	 	 	$	375,130	 
	 	10,500,000	 	
Bank of America

	
forward

	
5/29/2013

	 	 	12.629	 	
10/31/2013

	 	 	12.781	 	 	$	821,564	 
	 	5,000,000	 	
RBC

	
forward

	
6/11/2013

	 	 	13.000	 	
10/31/2013

	 	 	13.155	 	 	$	380,098	 
	 	6,000,000	 	
FIFTH THIRD

	
forward

	
8/19/2013

	 	 	13.000	 	
10/31/2013

	 	 	13.072	 	 	$	458,996	 
	 	10,000,000	 	
BANK OF THE WEST

	
forward

	
8/21/2013

	 	 	13.243	 	
10/31/2013

	 	 	13.283	 	 	$	752,870	 
	 	5,400,000	 	
FIFTH THIRD

	
forward

	
6/18/2012

	 	 	13.840	 	
11/30/2013

	 	 	14.426	 	 	$	374,324	 
	 	9,500,000	 	
Bank of America

	
forward

	
5/29/2013

	 	 	12.629	 	
11/30/2013

	 	 	12.809	 	 	$	741,654	 
	 	4,500,000	 	
RBC

	
forward

	
6/11/2013

	 	 	13.000	 	
11/30/2013

	 	 	13.187	 	 	$	341,250	 
	 	6,000,000	 	
FIFTH THIRD

	
forward

	
8/19/2013

	 	 	13.000	 	
11/30/2013

	 	 	13.100	 	 	$	458,015	 
	 	9,000,000	 	
BANK OF THE WEST

	
forward

	
8/21/2013

	 	 	13.243	 	
11/30/2013

	 	 	13.318	 	 	$	675,803	 
	 	5,400,000	 	
FIFTH THIRD

	
forward

	
6/18/2012

	 	 	13.840	 	
12/31/2013

	 	 	14.464	 	 	$	373,341	 

 

  

  

  

 

	
Mexican Peso

	 
	
Amount

	 	
Bank

	
Type

	
Contract Date

	 	
Spot Rate

	 	
Settlement Date

	 	
Contract Rate

	 	 	
US $$ Amount

	 
	 	8,500,000	 	
Bank of America

	
forward

	
5/29/2013

	 	 	12.629	 	
12/31/2013

	 	 	12.843	 	 	$	661,855	 
	 	4,100,000	 	
RBC

	
forward

	
6/11/2013

	 	 	13.000	 	
12/31/2013

	 	 	13.222	 	 	$	310,089	 
	 	6,500,000	 	
FIFTH THIRD

	
forward

	
8/19/2013

	 	 	13.000	 	
12/31/2013

	 	 	13.129	 	 	$	495,087	 
	 	9,000,000	 	
BANK OF THE WEST

	
forward

	
8/21/2013

	 	 	13.243	 	
12/31/2013

	 	 	13.353	 	 	$	674,031	 
	 	7,700,000	 	
FIFTH THIRD

	
forward

	
8/21/2013

	 	 	13.250	 	
1/31/2014

	 	 	13.418	 	 	$	573,877	 
	 	7,700,000	 	
FIFTH THIRD

	
forward

	
8/27/2013

	 	 	13.350	 	
1/31/2014

	 	 	13.501	 	 	$	570,315	 
	 	7,500,000	 	
FIFTH THIRD

	
forward

	
8/21/2013

	 	 	13.250	 	
2/28/2014

	 	 	13.448	 	 	$	557,704	 
	 	7,500,000	 	
FIFTH THIRD

	
forward

	
8/27/2013

	 	 	13.350	 	
2/28/2014

	 	 	13.534	 	 	$	554,176	 
	 	8,000,000	 	
FIFTH THIRD

	
forward

	
8/21/2013

	 	 	13.250	 	
3/31/2014

	 	 	13.482	 	 	$	593,384	 
	 	8,000,000	 	
FIFTH THIRD

	
forward

	
8/27/2013

	 	 	13.350	 	
3/31/2014

	 	 	13.570	 	 	$	589,527	 
	 	9,000,000	 	
FIFTH THIRD

	
forward

	
8/21/2013

	 	 	13.250	 	
4/29/2014

	 	 	13.515	 	 	$	665,927	 
	 	9,000,000	 	
FIFTH THIRD

	
forward

	
8/27/2013

	 	 	13.350	 	
4/29/2014

	 	 	13.606	 	 	$	661,483	 
	 	9,100,000	 	
FIFTH THIRD

	
forward

	
8/21/2013

	 	 	13.250	 	
5/31/2014

	 	 	13.547	 	 	$	671,735	 
	 	9,100,000	 	
FIFTH THIRD

	
forward

	
8/27/2013

	 	 	13.350	 	
5/31/2014

	 	 	13.642	 	 	$	667,082	 
	 	9,100,000	 	
FIFTH THIRD

	
forward

	
8/21/2013

	 	 	13.250	 	
6/30/2013

	 	 	13.580	 	 	$	670,103	 
	 	9,100,000	 	
FIFTH THIRD

	
forward

	
8/27/2013

	 	 	13.350	 	
6/30/2013

	 	 	13.676	 	 	$	665,380	 
	 	7,000,000	 	
FIFTH THIRD

	
forward

	
8/21/2013

	 	 	13.250	 	
7/29/2014

	 	 	13.602	 	 	$	514,649	 
	 	7,000,000	 	
FIFTH THIRD

	
forward

	
8/21/2013

	 	 	13.250	 	
8/30/2014

	 	 	13.629	 	 	$	513,611	 
	 	7,000,000	 	
FIFTH THIRD

	
forward

	
8/21/2013

	 	 	13.250	 	
9/30/2014

	 	 	13.674	 	 	$	511,939	 
	 	 
	
Japanese Yen

	 
	
Amount

	 	
Bank

	
Type

	
Contract Date

	 	
Spot Rate

	 	
Settlement Date

	 	
Contract Rate

	 	 	
US $$ Amount

	 
	 	25,000,000	 	
Wells

	
forward

	
10/23/2012

	 	 	80.000	 	
10/31/2013

	 	 	79.540	 	 	$	314,307	 
	 	25,000,000	 	
Wells

	
option

	
10/23/2012

	 	 	80.000	 	
10/31/2013

	 	 	79.540	 	 	$	314,307	 
	 	15,000,000	 	
US BANK

	
forward

	
10/25/2012

	 	 	80.220	 	
10/31/2013

	 	 	79.810	 	 	$	187,946	 
	 	15,000,000	 	
US BANK

	
option

	
10/25/2012

	 	 	80.220	 	
10/31/2013

	 	 	79.810	 	 	$	187,946	 
	 	25,000,000	 	
BTMU

	
forward

	
11/21/2012

	 	 	82.000	 	
10/31/2013

	 	 	81.550	 	 	$	306,560	 
	 	25,000,000	 	
BTMU

	
option

	
11/21/2012

	 	 	82.000	 	
10/31/2013

	 	 	81.550	 	 	$	306,560	 
	 	35,000,000	 	
BTMU

	
forward

	
1/2/2013

	 	 	87.080	 	
10/31/2013

	 	 	86.800	 	 	$	403,226	 
	 	35,000,000	 	
BTMU

	
option

	
1/2/2013

	 	 	87.080	 	
10/31/2013

	 	 	86.800	 	 	$	403,226	 
	 	95,000,000	 	
Wells

	
forward

	
3/20/2013

	 	 	95.400	 	
10/31/2013

	 	 	95.170	 	 	$	998,214	 
	 	95,000,000	 	
Wells

	
option

	
3/20/2013

	 	 	95.400	 	
10/31/2013

	 	 	95.170	 	 	$	998,214	 
	 	20,000,000	 	
Wells

	
forward

	
10/23/2012

	 	 	80.000	 	
11/30/2013

	 	 	79.500	 	 	$	251,572	 

 

  

  

  

 

	
Japanese Yen

	 
	
Amount

	 	
Bank

	
Type

	
Contract Date

	 	
Spot Rate

	 	
Settlement Date

	 	
Contract Rate

	 	 	
US $$ Amount

	 
	 	20,000,000	 	
Wells

	
option

	
10/23/2012

	 	 	80.000	 	
11/30/2013

	 	 	79.500	 	 	$	251,572	 
	 	15,000,000	 	
US BANK

	
forward

	
10/25/2012

	 	 	80.220	 	
11/30/2013

	 	 	79.760	 	 	$	188,064	 
	 	15,000,000	 	
US BANK

	
option

	
10/25/2012

	 	 	80.220	 	
11/30/2013

	 	 	79.760	 	 	$	188,064	 
	 	20,000,000	 	
BTMU

	
forward

	
11/21/2012

	 	 	82.000	 	
11/30/2013

	 	 	81.490	 	 	$	245,429	 
	 	20,000,000	 	
BTMU

	
option

	
11/21/2012

	 	 	82.000	 	
11/30/2013

	 	 	81.490	 	 	$	245,429	 
	 	30,000,000	 	
BTMU

	
forward

	
1/2/2013

	 	 	87.080	 	
11/30/2013

	 	 	86.770	 	 	$	345,742	 
	 	30,000,000	 	
BTMU

	
option

	
1/2/2013

	 	 	87.080	 	
11/30/2013

	 	 	86.770	 	 	$	345,742	 
	 	30,000,000	 	
Wells

	
forward

	
3/20/2013

	 	 	95.400	 	
11/30/2013

	 	 	95.130	 	 	$	315,358	 
	 	30,000,000	 	
Wells

	
option

	
3/20/2013

	 	 	95.400	 	
11/30/2013

	 	 	95.130	 	 	$	315,358	 
	 	15,000,000	 	
Wells

	
forward

	
10/23/2012

	 	 	80.000	 	
12/31/2013

	 	 	79.460	 	 	$	188,774	 
	 	15,000,000	 	
Wells

	
option

	
10/23/2012

	 	 	80.000	 	
12/31/2013

	 	 	79.460	 	 	$	188,774	 
	 	10,000,000	 	
US BANK

	
forward

	
10/25/2012

	 	 	80.220	 	
12/31/2013

	 	 	79.700	 	 	$	125,471	 
	 	10,000,000	 	
US BANK

	
option

	
10/25/2012

	 	 	80.220	 	
12/31/2013

	 	 	79.700	 	 	$	125,471	 
	 	15,000,000	 	
BTMU

	
forward

	
11/21/2012

	 	 	82.000	 	
12/31/2013

	 	 	81.440	 	 	$	184,185	 
	 	15,000,000	 	
BTMU

	
option

	
11/21/2012

	 	 	82.000	 	
12/31/2013

	 	 	81.440	 	 	$	184,185	 
	 	25,000,000	 	
BTMU

	
forward

	
1/2/2013

	 	 	87.080	 	
12/31/2013

	 	 	86.740	 	 	$	288,218	 
	 	25,000,000	 	
BTMU

	
option

	
1/2/2013

	 	 	87.080	 	
12/31/2013

	 	 	86.740	 	 	$	288,218	 
	 	30,000,000	 	
BTMU

	
forward

	
5/31/2014

	 	 	101.000	 	
1/31/2014

	 	 	100.800	 	 	$	297,619	 
	 	30,000,000	 	
BTMU

	
option

	
5/31/2014

	 	 	101.000	 	
1/31/2014

	 	 	100.800	 	 	$	297,619	 
	 	35,000,000	 	
BTMU

	
forward

	
8/23/2014

	 	 	99.000	 	
1/31/2014

	 	 	98.880	 	 	$	353,964	 
	 	35,000,000	 	
BTMU

	
option

	
8/23/2014

	 	 	99.000	 	
1/31/2014

	 	 	98.880	 	 	$	353,964	 
	 	40,000,000	 	
BTMU

	
forward

	
5/31/2014

	 	 	101.000	 	
2/28/2014

	 	 	100.750	 	 	$	397,022	 
	 	40,000,000	 	
BTMU

	
option

	
5/31/2014

	 	 	101.000	 	
2/28/2014

	 	 	100.750	 	 	$	397,022	 
	 	45,000,000	 	
BTMU

	
forward

	
8/23/2014

	 	 	99.000	 	
2/28/2014

	 	 	98.860	 	 	$	455,189	 
	 	45,000,000	 	
BTMU

	
option

	
8/23/2014

	 	 	99.000	 	
2/28/2014

	 	 	98.860	 	 	$	455,189	 
	 	65,000,000	 	
BTMU

	
forward

	
5/31/2014

	 	 	101.000	 	
3/31/2014

	 	 	100.700	 	 	$	645,482	 
	 	65,000,000	 	
BTMU

	
option

	
5/31/2014

	 	 	101.000	 	
3/31/2014

	 	 	100.700	 	 	$	645,482	 
	 	50,000,000	 	
BTMU

	
forward

	
8/23/2014

	 	 	99.000	 	
3/31/2014

	 	 	98.820	 	 	$	505,970	 
	 	50,000,000	 	
BTMU

	
option

	
8/23/2014

	 	 	99.000	 	
3/31/2014

	 	 	98.820	 	 	$	505,970	 
	 	30,000,000	 	
Wells

	
forward

	
5/31/2014

	 	 	101.000	 	
4/30/2014

	 	 	100.640	 	 	$	298,092	 
	 	30,000,000	 	
Wells

	
option

	
5/31/2014

	 	 	101.000	 	
4/30/2014

	 	 	100.640	 	 	$	298,092	 
	 	35,000,000	 	
BTMU

	
forward

	
5/31/2014

	 	 	99.000	 	
4/30/2014

	 	 	98.790	 	 	$	354,287	 

 

  

  

  

 

	
Japanese Yen

	 
	
Amount

	 	
Bank

	
Type

	
Contract Date

	 	
Spot Rate

	 	
Settlement Date

	 	
Contract Rate

	 	 	
US $$ Amount

	 
	 	35,000,000	 	
BTMU

	
option

	
5/31/2014

	 	 	99.000	 	
4/30/2014

	 	 	98.790	 	 	$	354,287	 
	 	40,000,000	 	
Wells

	
forward

	
5/31/2014

	 	 	101.000	 	
5/31/2014

	 	 	100.600	 	 	$	397,614	 
	 	40,000,000	 	
Wells

	
option

	
5/31/2014

	 	 	101.000	 	
5/31/2014

	 	 	100.600	 	 	$	397,614	 
	 	45,000,000	 	
BTMU

	
forward

	
5/31/2014

	 	 	99.000	 	
5/31/2014

	 	 	98.750	 	 	$	455,696	 
	 	45,000,000	 	
BTMU

	
option

	
5/31/2014

	 	 	99.000	 	
5/31/2014

	 	 	98.750	 	 	$	455,696	 
	 	65,000,000	 	
Wells

	
forward

	
5/31/2014

	 	 	101.000	 	
6/30/2014

	 	 	100.550	 	 	$	646,445	 
	 	65,000,000	 	
Wells

	
option

	
5/31/2014

	 	 	101.000	 	
6/30/2014

	 	 	100.550	 	 	$	646,445	 
	 	50,000,000	 	
BTMU

	
forward

	
5/31/2014

	 	 	99.000	 	
6/30/2014

	 	 	98.690	 	 	$	506,637	 
	 	50,000,000	 	
BTMU

	
option

	
5/31/2014

	 	 	99.000	 	
6/30/2014

	 	 	98.690	 	 	$	506,637	 
	 	50,000,000	 	
BTMU

	
forward

	
8/23/2014

	 	 	99.000	 	
7/31/2014

	 	 	98.640	 	 	$	506,894	 
	 	50,000,000	 	
BTMU

	
option

	
8/23/2014

	 	 	99.000	 	
7/31/2014

	 	 	98.640	 	 	$	506,894	 
	 	45,000,000	 	
BTMU

	
forward

	
8/23/2014

	 	 	99.000	 	
8/31/2014

	 	 	98.580	 	 	$	456,482	 
	 	45,000,000	 	
BTMU

	
option

	
8/23/2014

	 	 	99.000	 	
8/31/2014

	 	 	98.580	 	 	$	456,482	 
	 	40,000,000	 	
BTMU

	
forward

	
8/23/2014

	 	 	99.000	 	
9/30/2014

	 	 	98.510	 	 	$	406,050	 
	 	40,000,000	 	
BTMU

	
option

	
8/23/2014

	 	 	99.000	 	
9/30/2014

	 	 	98.510	 	 	$	406,050	 
	 	40,000,000	 	
BTMU

	
forward

	
8/23/2014

	 	 	99.000	 	
10/31/2014

	 	 	98.440	 	 	$	406,339	 
	 	40,000,000	 	
BTMU

	
option

	
8/23/2014

	 	 	99.000	 	
10/31/2014

	 	 	98.440	 	 	$	406,339	 
	 	30,000,000	 	
BTMU

	
forward

	
8/23/2014

	 	 	99.000	 	
11/30/2014

	 	 	98.370	 	 	$	304,971	 
	 	30,000,000	 	
BTMU

	
option

	
8/23/2014

	 	 	99.000	 	
11/30/2014

	 	 	98.370	 	 	$	304,971	 
	 	20,000,000	 	
BTMU

	
forward

	
8/23/2014

	 	 	99.000	 	
12/31/2014

	 	 	98.280	 	 	$	203,500	 
	 	20,000,000	 	
BTMU

	
option

	
8/23/2014

	 	 	99.000	 	
12/31/2014

	 	 	98.280	 	 	$	203,500	 

(4)  The below diesel hedge contracts.

The fair value of these diesel contracts as of September 30, 2013 is an asset of $9,164.30.

	
Time Period

	
Trade Date

	
Swap Start date

	
Swap End Date

	
Bank

	 	
Gallons Hedged

	 
	
10/1/13

	
12/12/12

	
10/1/13

	
10/31/2010

	
Wells Fargo

	 	 	50,000	 
	
10/1/13

	
3/20/13

	
10/1/13

	
10/31/2010

	
Wells Fargo

	 	 	125,000	 
	
10/1/13

	
5/30/13

	
10/1/13

	
10/31/2010

	
Wells Fargo

	 	 	125,000	 
	
11/1/13

	
12/12/12

	
11/1/13

	
10/31/2010

	
Wells Fargo

	 	 	40,000	 
	
11/1/13

	
3/20/13

	
11/1/13

	
11/30/2010

	
Wells Fargo

	 	 	100,000	 
	
11/1/13

	
5/30/13

	
11/1/13

	
11/30/2010

	
Wells Fargo

	 	 	110,000	 
	
12/1/13

	
12/12/12

	
12/1/13

	
11/30/2010

	
Wells Fargo

	 	 	30,000	 
	
12/1/13

	
3/20/13

	
12/1/13

	
11/30/2010

	
Wells Fargo

	 	 	60,000	 
	
12/1/13

	
5/30/13

	
12/1/13

	
12/31/2010

	
Wells Fargo

	 	 	65,000	 

 

  

  

  

 

(5)  The below aluminum hedge contracts.

The fair value of these diesel contracts as of September 30, 2013 is a liability of $87,268.64.

	
Month

	 	
Hedged Metric Tonnes

	 	
Bank

	
Contract Date

	
Settlement Date

	 	
Contract Rate (LB.)

	 	 	
Contract Amount

	 
	
10/1/13

	 	 	2,487	 	
Royal Bank of Canada

	
3/6/13

	
10/31/13

	 	 	0.85	 	 	$	936,965	 
	
11/1/13

	 	 	1,808	 	
Royal Bank of Canada

	
3/6/13

	
11/30/13

	 	 	0.85	 	 	$	693,354	 
	
12/1/13

	 	 	1,140	 	
Royal Bank of Canada

	
3/6/13

	
12/31/13

	 	 	0.85	 	 	$	421,634	 

	
(6)

	
Outstanding Balance (9/30/13)

	
$1,486,175.20

	  	
Letter Type

	
Irrevocable Documentary Commercial Letter of Credit

	  	
Issuing Bank

	
US Bank

	  	
Beneficiary

	
ASAHI DENSO COMPANY LTD.

	  	
Applicant

	
POLARIS INDUSTRIES INC.

	  	
Letter of Credit #

	
ILCMSP005091

	  	
Issue Date

	
11/29/2012

	  	
Expiry Date

	
4/21/2014

	  	  	  
	
(7)

	
Outstanding Balance (9/30/13)

	
$2,912,916.02

	  	
Letter Type

	
Irrevocable Documentary Commercial Letter of Credit

	  	
Issuing Bank

	
US Bank

	  	
Beneficiary

	
D.NAGATA CO., LTD

	  	
Applicant

	
POLARIS INDUSTRIES INC.

	  	
Letter of Credit #

	
ILCMSP005224

	  	
Issue Date

	
12/20/2012

	  	
Expiry Date

	
3/31/2014

	  	  	  
	
(8)

	
Outstanding Balance (9/30/13)

	
$395,000.00

	  	
Letter Type

	
Standby Letter of Credit

	  	
Issuing Bank

	
US Bank

	  	
Beneficiary

	
CITY OF SPIRIT LAKE

	  	
Applicant

	
POLARIS INDUSTRIES INC

	  	
Letter of Credit #

	
SLCMMSP06922

	  	
Issue Date

	
6/20/2013

	  	
Expiry Date

	
6/20/2014

	  	  	  
	
(9)

	
Outstanding Balance (9/30/13)

	
$487,905.60

	  	
Letter Type

	
Standby Letter of Credit

	  	
Issuing Bank

	
US Bank

	  	
Beneficiary

	
BANK OF AMERICA

	  	
Applicant

	
POLARIS SALES EUROPE SARL

	  	
Letter of Credit #

	
SLCMMSP06893

	  	
Issue Date

	
5/15/2013

	  	
Expiry Date

	
5/13/2014

 

  

  

  

 

	
(10)

	
Outstanding Balance (9/30/13)

	
$16,521.00

	  	
Letter Type

	
Standby Letter of Credit

	  	
Issuing Bank

	
US Bank

	  	
Beneficiary

	
STATE BANK OF INDIA

	  	
Applicant

	
POLARIS INDIA PVT LTD.

	  	
Letter of Credit #

	
SLCMMSP06877

	  	
Issue Date

	
4/19/2013

	  	
Expiry Date

	
1/31/2014

	  	  	  
	
(11)

	
Outstanding Balance (9/30/13)

	
$867,482.00

	  	
Letter Type

	
Standby Letter of Credit

	  	
Issuing Bank

	
US Bank

	  	
Beneficiary

	
CITY OF WYOMING

	  	
Applicant

	
POLARIS INDUSTRIES INC

	  	
Letter of Credit #

	
SLCMMSP06765

	  	
Issue Date

	
12/13/2012

	  	
Expiry Date

	
12/13/2013

	  	  	  
	
(12)

	
Outstanding Balance (9/30/13)

	
$697,008.00

	  	
Letter Type

	
Standby Letter of Credit

	  	
Issuing Bank

	
US Bank

	  	
Beneficiary

	
BANK OF AMERICA

	  	
Applicant

	
POLARIS SALES EUROPE SARL

	  	
Letter of Credit #

	
SLCMMSP06759

	  	
Issue Date

	
12/6/2012

	  	
Expiry Date

	
12/6/2014

	  	  	  
	
(13)

	
Outstanding Balance (9/30/13)

	
$1,679.20

	  	
Letter Type

	
Standby Letter of Credit

	  	
Issuing Bank

	
US Bank

	  	
Beneficiary

	
BANK OF AMERICA, NEW DELHI

	  	
Applicant

	
POLARIS INDIA PVT LTD

	  	
Letter of Credit #

	
SLCMMSP06676

	  	
Issue Date

	
9/13/2012

	  	
Expiry Date

	
9/13/2014

 

  

  

  

 

	
(14)

	
Outstanding Balance (9/30/13)

	
$1,679.20

	  	
Letter Type

	
Standby Letter of Credit

	  	
Issuing Bank

	
US Bank

	  	
Beneficiary

	
BANK OF AMERICA, NEW DELHI

	  	
Applicant

	
POLARIS INDIA PVT LTD

	  	
Letter of Credit #

	
SLCMMSP06675

	  	
Issue Date

	
9/13/2012

	  	
Expiry Date

	
9/13/2014

	  	  	  
	
(15)

	
Outstanding Balance (9/30/13)

	
$6,625,000.00

	  	
Letter Type

	
Standby Letter of Credit

	  	
Issuing Bank

	
US Bank

	  	
Beneficiary

	
STATE OF MINNESOTA

	  	
Applicant

	
POLARIS INDUSTRIES INC

	  	
Letter of Credit #

	
SLCMMSP02362

	  	
Issue Date

	
11/27/2002

	  	
Expiry Date

	
12/2/2014

	  	  	  
	
(16)

	
Outstanding Balance (9/30/13)

	
$550,000.00

	  	
Letter Type

	
Letter of Credit

	  	
Issuing Bank

	
Bank of America

	  	
Beneficiary

	
Old Republic Insurance Company

	  	
Applicant

	
POLARIS INDUSTRIES INC

	  	
Letter of Credit #

	
03101102

	  	
Issue Date

	  
	  	
Expiry Date

	  
	  	  	  
	
(17)

	
Outstanding Balance (9/30/13)

	
$130,836.14

	  	
Letter Type

	
Letter of Credit

	  	
Issuing Bank

	
Bank of America

	  	
Beneficiary

	
Bank of America

	  	
Applicant

	
POLARIS INDUSTRIES INC

	  	
Letter of Credit #

	
03115015

	  	
Issue Date

	  
	  	
Expiry Date

	  

 

  

  

  

 

	
(18)

	
Outstanding Balance (9/30/13)

	
$193,915.05

	  	
Letter Type

	
Letter of Credit

	  	
Issuing Bank

	
Bank of America

	  	
Beneficiary

	
Bank of America

	  	
Applicant

	
POLARIS INDUSTRIES INC

	  	
Letter of Credit #

	
03118993

	  	
Issue Date

	  
	  	
Expiry Date

	  
	  	  	  
	

(19)

	

Reference is made to the Credit Agreement. As disclosed in Schedule 5.4(a), certain Subsidiaries of the Company guaranteed the Company's obligations under the Credit Agreement.

Section 5.15(c)

Reference is made to the Credit Agreement.  As disclosed in Schedule 5.4(a), certain Subsidiaries of the Company guaranteed the Company's obligations under the Credit Agreement.

Note:  The foregoing data is as of September 30, 2013.  The only material change since September 30, 2013 is that the outstanding principal balance on the Credit Agreement as of December 19, 2013 is $280,000,000.

  

  

  

 

Schedule 10.4 to Supplement

LIENS

	 	 	
Debtor

	
Secured Party

	
Filing Office and Date

	 	
UCC File No.

	 	
Collateral Description

	
Polaris Industries Inc. [MN]

	 	1.	 	
Polaris Industries Inc.

	
Wells Fargo Bank, N.A.

	
Minnesota Secretary of State

on November 13, 2008

	 	 	200813878778	 	
Equipment

	 	2.	 	
Polaris Industries Inc.

	
Data Sales Company

	
Minnesota Secretary of State

on December 29, 2008

	 	 	200814359472	 	
Leased equipment

	 	3.	 	
Polaris Industries, Inc.

	
Data Sales Company

	
Minnesota Secretary of State

on February 6, 2009

	 	 	200914863775	 	
Leased equipment

	 	4.	 	
Polaris Industries, Inc.

	
Data Sales Company

	
Minnesota Secretary of State

on February 19, 2009

	 	 	200915030244	 	
Leased equipment

	 	5.	 	
Polaris Industries

	
Ikon Financial Svcs

	
Minnesota Secretary of State

on March 31, 2009

	 	 	200915528532	 	
Leased equipment

and accessories

	 	6.	 	
Polaris Industries, Inc.

	
Data Sales Company

	
Minnesota Secretary of State

on May 4, 2009

	 	 	200915962168	 	
Leased equipment

	 	7.	 	
Polaris Industries, Inc.

	
Data Sales Company

	
Minnesota Secretary of State

on June 8, 2009

	 	 	200916343265	 	
Leased equipment

	 	8.	 	
Polaris Industries, Inc.

	
Data Sales Company

	
Minnesota Secretary of State

on September 17, 2009

	 	 	200917418814	 	
Leased equipment

	 	9.	 	
Polaris Industries, Inc.

	
TCF Equipment Finance, Inc.

	
Minnesota Secretary of State

on November 5, 2009

Amendment filed 4-15-10 to

add additional collateral

	 	 	200917950293	 	
Leased equipment

and accessories

	 	10.	 	
Polaris Industries, Inc.

	
Data Sales Company

	
Minnesota Secretary of State

on March 5, 2010

	 	 	201019377886	 	
Leased equipment

	 	11.	 	
Polaris Industries, Inc.

	
Data Sales Company

	
Minnesota Secretary of State

on March 22, 2010

	 	 	201019577751	 	
Leased equipment

	 	12.	 	
Polaris Industries Inc.

	
Chemetall US Inc

	
Minnesota Secretary of State

on April 16, 2010

	 	 	201019900318	 	
Consignment

inventory and

proceeds

	 	13.	 	
Polaris Industries, Inc.

	
Data Sales Company

	
Minnesota Secretary of State

on May 7, 2010

	 	 	201020166074	 	
Leased equipment

	 	14.	 	
Polaris Industries Inc.

	
Cisco Systems Capital Corporation

	
Minnesota Secretary of State

on July 28, 2010

	 	 	201021017865	 	
Leased equipment

	 	15.	 	
Polaris Industries Inc.

	
Data Sales Company

	
Minnesota Secretary of State

on August 17, 2010

	 	 	201021204222	 	
Leased equipment

	 	16.	 	
Polaris Industries, Inc.

	
Data Sales Company

	
Minnesota Secretary of State

on November 29, 2010

	 	 	201022269727	 	
Leased equipment

	 	17.	 	
Polaris Industries, Inc.

	
Wells Fargo Bank, N.A.

	
Minnesota Secretary of State

on December 31, 2010

	 	 	201022636738	 	
Equipment

	 	18.	 	
Polaris Industries, Inc.

	
HS Die & Engineering Inc.

	
Minnesota Secretary of State

on February 7, 2011

	 	 	201123070471	 	
Equipment

	 	19.	 	
Polaris Industries, Inc.

	
Data Sales Company

	
Minnesota Secretary of State

on February 16, 2011

	 	 	201123183384	 	
Equipment

 

  

  

  

 

	 	 	 	Debtor	Secured Party	Filing Office and Date	 	 	 UCC File No.	 	Collateral Description
	 	20.	 	
Polaris Industries, Inc.

	
Data Sales Company

	
Minnesota Secretary of State

on May 6, 2011

	 	 	201124168439	 	
Equipment

	 	21.	 	
Polaris Industries, Inc.

	
Wells Fargo Bank, N.A.

	
Minnesota Secretary of State

on May 20, 2011

	 	 	201124335664	 	
Equipment

	 	22.	 	
Polaris Industries, Inc.

	
Wells Fargo Bank, N.A.

	
Minnesota Secretary of State

on May 20, 2011

	 	 	201124335690	 	
Equipment

	 	23.	 	
Polaris Industries, Inc.

	
HS Die & Engineering Inc.

	
Minnesota Secretary of State

on June 9, 2011

	 	 	201124541515	 	
Equipment

	 	24.	 	
Polaris Industries, Inc.

	
HS Die & Engineering Inc.

	
Minnesota Secretary of State

on August 25, 2011

	 	 	201125338440	 	
Equipment

	 	25.	 	
Polaris Industries, Inc.

	
HS Die & Engineering Inc.

	
Minnesota Secretary of State

on October 19, 2011

	 	 	201125914490	 	
Equipment

	 	26.	 	
Polaris Industries, Inc.

	
Wells Fargo Bank, N.A.

	
Minnesota Secretary of State

on December 9, 2011

	 	 	201126445447	 	
Equipment

	 	
27.

 

	 	
Polaris Industries, Inc.

 

	
Die-Tech and Engineering, Inc.

 

	
Minnesota Secretary of State

on March 21, 2012

	 	 	
201227635504

 

	 	
Equipment

 

	 	28.	 	
Polaris Industries, Inc.

	
HS Die & Engineering Inc.

	
Minnesota Secretary of State on April 2, 2012

	 	 	201227783066	 	
Equipment

	 	29.	 	
Polaris Industries, Inc.

	
Toyota Motor Credit Corporation

and Power-Lift Inc.

	
Minnesota Secretary of State

on April 25, 2012

	 	 	201228072536	 	
Equipment

	 	30.	 	
Polaris Industries, Inc.

	
HS Die & Engineering Inc.

	
Minnesota Secretary of State

on May 7, 2012

	 	 	201228218560	 	
Equipment

	 	31.	 	
Polaris Industries, Inc.

	
Wells Fargo Bank, N.A.

	
Minnesota Secretary of State

on August 8, 2012

	 	 	201229206818	 	
Equipment

	 	32.	 	
Polaris Industries, Inc.

	
Wells Fargo Bank, N.A.

	
Minnesota Secretary of State

on August 9, 2012

	 	 	201229217572	 	
Equipment

	 	33.	 	
Polaris Industries, Inc.

	
Die-Tech and Engineering, Inc.

	
Minnesota Secretary of State

on October 26, 2012

	 	 	201230033250	 	
Equipment

	 	34.	 	
Polaris Industries, Inc.

	
BLM Group USA Corporation

	
Minnesota Secretary of State

on October 29, 2012

	 	 	201230049248	 	
Equipment

	 	35.	 	
Polaris Industries, Inc.

	
HS Die & Engineering Inc.

	
Minnesota Secretary of State

on April 5, 2013

	 	 	201331860499	 	
Equipment

	 	36.	 	
Polaris Industries, Inc.

	
IKON Financial Svcs

	
Minnesota Secretary of State

on June 21, 2013

	 	 	201332832086	 	
Equipment

	 	37.	 	
Polaris Industries, Inc.

	
Die-Tech and Engineering, Inc.

	
Minnesota Secretary of State

on June 24, 2013

	 	 	201332864862	 	
Equipment

	 	38.	 	
Polaris Industries, Inc.

	
IKON Financial Svcs

	
Minnesota Secretary of State

on June 30, 2013

	 	 	201332941719	 	
Equipment

	 	39.	 	
Polaris Industries, Inc.

	
IKON Financial Svcs

	
Minnesota Secretary of State

on August 28, 2013

	 	 	201333603933	 	
Equipment

 

  

  

  

 

 

	 	 	 	Debtor	Secured Party	Filing Office and Date	 	 	 UCC File No.	 	Collateral Description

 

	
Polaris Sales Inc.

	 	40.	 	
Polaris Sales Inc.

	
US Bank Nationa

Association as

Collateral Agent

	
Minnesota Secretary of State

on September 29, 2011

Amendment filed 10-29-12

	 	 	201125685595	 	
Ownership interest

in Polaris Sales

Australia Pty Ltd.

and Polaris

Industries Holdco LP

	
Polaris Industries Inc. [DE]

	 	41.	 	
Polaris Industries Inc.

	
Wells Fargo Bank, N.A.

	
Delaware Secretary of State on August 11, 2011

	 	 	20113118422	 	
Equipment

	 	42.	 	
Polaris Industries Inc.

	
Wells Fargo Bank, N.A.

	
Delaware Secretary of State on August 22, 2011

	 	 	20113248666	 	
Equipment

	 	43.	 	
Polaris Industries Inc.

	
U.S. Bank National Association

	
Delaware Secretary of State on September 29, 2011

	 	 	20113736017	 	
Ownership interest

in Polaris Industries

Ltd. [Canada]

	 	44.	 	
Polaris Industries Inc.

	
Marco, Inc.

	
Delaware Secretary of State on October 31, 2011

	 	 	20114202225	 	
Equipment

	 	45.	 	
Polaris Industries Inc.

	
Wells Fargo Bank, N.A.

	
Delaware Secretary of State on November 4, 2011

	 	 	20114260090	 	
Equipment

	 	46.	 	
Polaris Industries Inc.

	
Wells Fargo Bank, N.A.

	
Delaware Secretary of State on January 10, 2012

	 	 	20120104242	 	
Equipment

	 	47.	 	
Polaris Industries Inc.

	
Wells Fargo Bank, N.A.

	
Delaware Secretary of State on October 4, 2012

	 	 	20123838218	 	
Equipment

	 	48.	 	
Polaris Industries Inc.

	
Wells Fargo Bank, N.A.

	
Delaware Secretary of State on October 23, 2012

	 	 	20124088417	 	
Equipment

	 	49.	 	
Polaris Industries Inc.

	
Wells Fargo Bank, N.A.

	
Delaware Secretary of State on November 7, 2012

	 	 	20124302164	 	
Equipment

	 	50.	 	
Polaris Industries Inc.

	
Wells Fargo Bank, N.A.

	
Delaware Secretary of State on December 27, 2012

	 	 	20125066867	 	
Equipment

	 	51.	 	
Polaris Industries Inc.

	
H.S. Die & Engineering Inc.

	
Delaware Secretary of State on January 15, 2013

	 	 	20130192220	 	
Equipment

	 	52.	 	
Polaris Industries Inc.

	
Wells Fargo Bank, N.A.

	
Delaware Secretary of State on January 18, 2013

	 	 	20130253626	 	
Equipment

	 	53.	 	
Polaris Industries Inc.

	
Toyota Motor Corporation and

Power-Lift, Inc.

	
Delaware Secretary of State on March 15, 2013

	 	 	20131004077	 	
Equipment

	 	54.	 	
Polaris Industries Inc.

	
Wells Fargo Bank, N.A.

	
Delaware Secretary of State on May 1, 2013

	 	 	20131654392	 	
Equipment

	 	55.	 	
Polaris Industries Inc.

	
Wells Fargo Bank, N.A.

	
Delaware Secretary of State on July 18, 2013

	 	 	20132774850	 	
Equipment

	
Teton Outfitters, LLC

	 	56.	 	
Teton Outfitters, LLC

	
GreatAmerica Leasing Corporation

	
Idaho Secretary of State on September 21, 2010

	 	 	B2010-1083934-5	 	
Equipment

	 	57.	 	
Teton Outfitters, LLC

	
Encore Leasing Group, LLC

	
Idaho Secretary of State on April 14, 2011

	 	 	B2011-1091562-8	 	
Equipment

	 	58.	 	
Teton Outfitters, LLC

	
U.S. Bank Equipment Finance

	
Idaho Secretary of State on August 19, 2013

	 	 	B2013-1128106-3	 	
Equipment

 

  

  

  

 

	 	 	 	Debtor	Secured Party	Filing Office and Date	 	 	 UCC File No.	 	Collateral Description

 

	
NOTE: Polaris Industries Inc. [MN] has filed two patent infringement civil suits in the U.S. District Court of Minnesota (1) against CFMOTO Powersports, Inc. et al. (Case No. 10-CV-04362) and (2) against BRP US Inc. et al. (Case No. 12-CV-01405).

 

NOTE: A lien search under the name Polaris Acceptance Inc. revealed a UCC financing statement filed with the Minnesota Secretary of State (200614246404, filed November 9, 2006), however, the Debtor is Acceptance Partnership.

 

NOTE: A federal and state tax lien search under the name of Polaris Sales Inc. revealed three federal tax lien filings with the Minnesota Secretary of State, however, the tax lien documents name the taxpayer as “Fish Lake Small Engine Repairs and, a Corporation Polaris Sales Inc.” and list the tax identification number as 41-1857252 with a residence address of Rte 3, Box 310, Fergus Falls, MN 56537-9468. The tax identification number for Polaris Sales Inc. is 41-1921490 and there is no affiliation with the other taxpayer. Polaris has notified the IRS of these filing errors.

 

  

  

  

 

Exhibit 1 to

Supplement

FORM OF SERIES 2013 NOTE

 

POLARIS INDUSTRIES INC.

3.13% SENIOR NOTE, SERIES 2013

 DUE December 21, 2020

No. R-[_____] December 19, 2013

$[_______] PPN: 731068 A#9

FOR VALUE RECEIVED, the undersigned, POLARIS INDUSTRIES INC., a Minnesota corporation (the “Company”), promises to pay to [         ], or registered assigns, the principal sum of $[              ] (or so much thereof as shall not have been prepaid) on December 21, 2020, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 3.13% per annum from the date hereof, payable semiannually, on June 19 and December 19, in each year, commencing with the June 19 or December 19 next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 5.13% or (ii) 2% over the rate of interest publicly announced by Bank of America, N.A., or its successor, from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).

 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

 

This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to a Master Note Purchase Agreement dated as of December 13, 2010, as amended pursuant to a First Amendment to Master Note Purchase Agreement dated as of August 18, 2011 and as supplemented pursuant to a First Supplement to Master Note Purchase Agreement dated as of December 19, 2013 (as from time to time amended and supplemented, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits and subject to the terms thereof.  Each holder of this Note will be deemed, by its acceptance hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) to have made the representations set forth in Section 6 of the Note Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

 

  

  

  

 

This Note has been registered with the Company and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee.  Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

 

This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement but not otherwise.

 

If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

 

Payment of the principal of, and interest and Make-Whole Amount, if any, on this Note, and all other amounts due under the Note Purchase Agreement, is guaranteed pursuant to the terms of a Subsidiary Guaranty dated as of May 2, 2011 of the Subsidiary Guarantors, as amended or supplemented from time to time.

 

This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

 

 

	  	POLARIS INDUSTRIES INC.
	  
	  
	  	
By:

	  
	  	
Name:

	  
	  	
Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]