Polaris Inc

On December 18, 2024, Polaris entered into an amendment (the "NPA Amendment") to its existing Master Note Purchase Agreement with the purchasers thereto dated July 2, 2018 (as amended from time to time prior to the date hereof, the "Existing Note Purchase Agreement" and as amended by the NPA Amendment, the "Amended Note Purchase Agreement"). The NPA Amendment amends the Existing Note Purchase Agreement to, among other things:

i. revise the leverage ratio covenant from a gross leverage ratio to a net leverage ratio;

ii. increase the interest rate applicable thereto by 0.50% per annum;

iii. revise the interest coverage ratio covenant to be based on EBITDA to interest expense; and

iv. modify certain covenants in the Existing Note Purchase Agreement.

The Amended Note Purchase Agreement continues to include various covenants and events of default generally consistent with the Existing Note Purchase Agreement.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information included in Item 1.01 above is incorporated by reference into this Item 2.03.