<SEC-DOCUMENT>0001157523-17-001361.txt : 20170502
<SEC-HEADER>0001157523-17-001361.hdr.sgml : 20170502
<ACCEPTANCE-DATETIME>20170502165259
ACCESSION NUMBER:		0001157523-17-001361
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20170427
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170502
DATE AS OF CHANGE:		20170502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POLARIS INDUSTRIES INC/MN
		CENTRAL INDEX KEY:			0000931015
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
		IRS NUMBER:				411790959
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11411
		FILM NUMBER:		17805839

	BUSINESS ADDRESS:	
		STREET 1:		2100 HIGHWAY 55
		CITY:			MEDINA
		STATE:			MN
		ZIP:			55340
		BUSINESS PHONE:		(763) 542-0500

	MAIL ADDRESS:	
		STREET 1:		2100 HIGHWAY 55
		STREET 2:		NONE
		CITY:			MEDINA
		STATE:			MN
		ZIP:			55340
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51551404.htm
<DESCRIPTION>POLARIS INDUSTRIES INC. 8-K
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 16pt; FONT-WEIGHT: bold">FORM 8-K</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported): April 27, 2017</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(Exact name of Registrant as specified in its charter)</div>

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<td style="TEXT-ALIGN: center; WIDTH: 33%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; align: right"><font style="FONT-WEIGHT: bold">Minnesota</font>&#160;</td>
<td style="TEXT-ALIGN: center; WIDTH: 34%; VERTICAL-ALIGN: top; align: right">&#160;<font style="FONT-WEIGHT: bold">1-11411</font></td>
<td style="TEXT-ALIGN: center; WIDTH: 33%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-WEIGHT: bold">41-1790959</font>&#160;</td>
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<td style="TEXT-ALIGN: center; WIDTH: 33%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; align: right">(State of Incorporation)</td>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2100 Highway 55</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Medina, Minnesota 55340</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(Address of principal executive offices)</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(763) 542-0500</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(Registrant&#8217;s telephone number, including area code)</div>

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<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#9744;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#9744;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#9744;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#9744;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>

<div style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; MARGIN-TOP: 6pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Emerging growth company <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#9744;</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#9744;<br>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On April 28, 2017, Polaris Industries Inc. (the &#8220;Company&#8221;) filed a Statement of Cancellation with the Secretary of State of the State of Minnesota which, effective upon filing, eliminated from the Company&#8217;s Restated Certificate of Incorporation all matters set forth in the Certificate of Designations with respect to the Company&#8217;s Series A Junior Participating Preferred Stock (the &#8220;Series A Preferred Stock&#8221;). No shares of the Series A Preferred Stock were issued or outstanding at the time of the filing of the Statement of Cancellation. A copy of the Statement of Cancellation is attached as Exhibit 3.a to this Current Report on Form 8-K.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On April 28, 2017, the Company filed the Restated Articles of Incorporation with the Secretary of State of the State of Minnesota to reflect the cancellation of the Series A Preferred Stock, and the addition of Article XII, requiring a majority vote for the election of directors in uncontested elections, which article amendment was approved by the Company&#8217;s shareholders as set forth below, and to otherwise restate and integrate the Restated Articles of Incorporation of the Company as previously restated, amended and supplemented. The Restated Articles of Incorporation are attached hereto as Exhibit 3.b.</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5.07</font><font style="FONT-SIZE: 5.4pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Submission of Matters to a Vote of Security Holders.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Annual Meeting was held on April 27, 2017. Proxies for matters to be voted upon at the Annual Meeting were solicited pursuant to Regulation 14 under the Securities Exchange Act of 1934, as amended. Five proposals were voted upon at the Annual Meeting. The proposals are described in detail in the Company&#8217;s Proxy Statement. The final results for the votes regarding each proposal are set forth below.</div>
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<div>&#160;</div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The following nominees were elected as Class II members of the Board of Directors of the Company for three-year terms ending in 2020:</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Name</u></div>
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<td style="WIDTH: 20.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>For</u></div>
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<td style="WIDTH: 23.91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Withhold</u></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Broker Non-Votes</u></div>
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<td style="WIDTH: 28.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Gary E. Hendrickson</div>
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<td style="WIDTH: 20.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">43,405,370</div>
</td>
<td style="WIDTH: 23.91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,082,033</div>
</td>
<td style="WIDTH: 27.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,711,498</div>
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<td style="WIDTH: 28.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Gwenne A. Henricks</div>
</td>
<td style="WIDTH: 20.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">43,576,546</div>
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<td style="WIDTH: 23.91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,910,857</div>
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<td style="WIDTH: 27.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,711,498</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 54pt; FONT-SIZE: 10pt">The terms of the following directors continued after the Annual Meeting:&#160; Annette K. Clayton, Kevin M. Farr, Bernd F. Kessler, Lawrence D. Kingsley, John P. Wiehoff, and Scott W. Wine<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">.</font></div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">2.</td>
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<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The amendment to the Restated Articles of Incorporation to require a majority vote for the election of directors in uncontested elections was approved:</div>
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<div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Votes For</u></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Votes&#160;Against</u></div>
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<td style="WIDTH: 23.91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Abstentions</u></div>
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<td style="WIDTH: 27.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Broker Non-Votes</u></div>
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<td style="TEXT-ALIGN: center; WIDTH: 28.26%; VERTICAL-ALIGN: top">45,856,468</td>
<td style="TEXT-ALIGN: center; WIDTH: 20.65%; VERTICAL-ALIGN: top">374,577</td>
<td style="TEXT-ALIGN: center; WIDTH: 23.91%; VERTICAL-ALIGN: top">256,358</td>
<td style="TEXT-ALIGN: center; WIDTH: 27.17%; VERTICAL-ALIGN: top">9,711,498</td>
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<div>&#160;</div>

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<div>&#160;</div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">3.</td>
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<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The selection of Ernst &amp; Young LLP as the Company&#8217;s independent registered public accounting firm for fiscal 2017 was ratified:</div>
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<div>&#160;</div>

<div>
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<td style="WIDTH: 28.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Votes For</u></div>
</td>
<td style="WIDTH: 20.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Votes Against</u></div>
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<td style="WIDTH: 23.91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Abstentions</u></div>
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<td style="WIDTH: 27.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Broker Non-Votes</u></div>
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<td style="TEXT-ALIGN: center; WIDTH: 28.26%; VERTICAL-ALIGN: top">55,234,965</td>
<td style="TEXT-ALIGN: center; WIDTH: 20.65%; VERTICAL-ALIGN: top">691,983</td>
<td style="TEXT-ALIGN: center; WIDTH: 23.91%; VERTICAL-ALIGN: top">271,953</td>
<td style="TEXT-ALIGN: center; WIDTH: 27.17%; VERTICAL-ALIGN: top">0</td>
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<div>&#160;</div>

<div style="TEXT-ALIGN: left">
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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The compensation of the Company&#8217;s named executive officers was approved in a non-binding advisory vote:</div>
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<div>&#160;</div>

<div>
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z003a71ec8ec24720ab84df121fe810ff" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 28.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Votes For</u></div>
</td>
<td style="WIDTH: 20.65%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Votes Against</u></div>
</td>
<td style="WIDTH: 23.91%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Abstentions</u></div>
</td>
<td style="WIDTH: 27.17%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Broker Non-Votes</u></div>
</td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; WIDTH: 28.26%; VERTICAL-ALIGN: top">37,085,873</td>
<td style="TEXT-ALIGN: center; WIDTH: 20.65%; VERTICAL-ALIGN: top">8,278,782</td>
<td style="TEXT-ALIGN: center; WIDTH: 23.91%; VERTICAL-ALIGN: top">1,122,748</td>
<td style="TEXT-ALIGN: center; WIDTH: 27.17%; VERTICAL-ALIGN: top">9,711,498</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z69c5dba98da84d3da33398ee9bae08f6" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The shareholders voted as follows on the proposal to select the frequency of future votes to approve the compensation of the Company&#8217;s named executive officers:</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zce290099df4848aeadc94072eaf21b3f" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>1 Year</u></div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>2 Years</u></div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>3 Years</u></div>
</td>
<td style="WIDTH: 19.8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Abstentions</u></div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Broker Non-Votes</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">42,787,306</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">320,399</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3,017,010</div>
</td>
<td style="WIDTH: 19.8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">362,688</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9,711,498</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 54pt; FONT-SIZE: 10pt">Accordingly, after considering these results, the Company&#8217;s Board of Directors will continue to hold an annual advisory vote on the Company&#8217;s executive compensation program.</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 9.01&#160; &#160;&#160; Financial Statements and Exhibits.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(d) Exhibits.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z5f4893c8dfa24c7f82faca07e9f1343b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">3.a</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Statement of Cancellation of the Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock of Polaris Industries Inc., effective April 28, 2017.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zcf564b58b4b5460e9840976c5c6bbbe5" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">3.b</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Restated Articles of Incorporation of Polaris Industries Inc., effective April 28, 2017.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal" id="DSPFPageNumber">3</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>
</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURE</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 54pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Date:&#160; May 2, 2017</div>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z8f27d50b6a9e466f945512e8680bfbe8" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
<td style="WIDTH: 50%">
<div>POLARIS INDUSTRIES INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
<td style="WIDTH: 50%">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>/s/Stacy L. Bogart&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Stacy L. Bogart</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Senior Vice President &#8211; General Counsel and Secretary</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal" id="DSPFPageNumber">4</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXHIBIT INDEX</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z3cf22d64e7e147a8934c1bcbf0752c90" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 13.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.a</div>
</td>
<td style="WIDTH: 2.86%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="WIDTH: 83.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Statement of Cancellation of the Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock of Polaris Industries Inc., effective April 28, 2017.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 13.37%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2.86%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="WIDTH: 83.76%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 13.37%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.b</div>
</td>
<td style="WIDTH: 2.86%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="WIDTH: 83.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Restated Articles of Incorporation of Polaris Industries Inc., effective April 28, 2017.</div>
</td>
</tr>
</table>
</div>

<div>
<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>
</div>
</div>

<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal" id="DSPFPageNumber">5</font></div>
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</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.A
<SEQUENCE>2
<FILENAME>a51551404ex3a.htm
<DESCRIPTION>EXHIBIT 3.A
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: fasd
    Document created using EDGARfilings PROfile 4.2.0.0
    Copyright 1995 - 2017 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" bgcolor="#ffffff" text="#000000">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Exhibit 3.a</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">STATEMENT OF CANCELLATION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">THE CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OF SERIES A JUNIOR PARTICIPATING PREFERRED STOCK ($.01 Par Value)</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">POLARIS INDUSTRIES INC.</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The undersigned, Stacy L. Bogart, Senior Vice President-General Counsel and Secretary of Polaris Industries Inc., a corporation organized and existing under the business corporation act of the State of Minnesota (hereinafter called the &#8220;Company&#8221;) hereby certifies that:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company&#8217;s Board of Directors has directed that the certificate fixing the designations, preferences and rights of the Company&#8217;s Series A Junior Participating Preferred Stock be canceled pursuant to Section 302A.133 of the Minnesota Statutes.</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">There are currently no shares of Series A Junior Participating Preferred Stock outstanding.</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The 1,000,000 shares formerly designated as Series A Junior Participating Preferred Stock shall have the status of authorized but unissued, undesignated Preferred Stock.</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">IN WITNESS WHEREOF, the undersigned has executed this statement of cancellation as of April 27, 2017.</div>
</div>

<div><br>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z40eb74c1587a44fcb3e7ca5ea4cd0b93" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
<td style="WIDTH: 50%">
<div>POLARIS INDUSTRIES INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
<td style="WIDTH: 50%">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>/s/Stacy L. Bogart&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</u></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Stacy L. Bogart</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Senior Vice President &#8211; General Counsel and Secretary</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: center">6</div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.B
<SEQUENCE>3
<FILENAME>a51551404ex3b.htm
<DESCRIPTION>EXHIBIT 3.B
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: fasd
    Document created using EDGARfilings PROfile 4.2.0.0
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Exhibit 3.b</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Exhibit 3.b</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RESTATED</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ARTICLES OF INCORPORATION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OF</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">POLARIS INDUSTRIES INC.</div>

<div><br>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The undersigned, Stacy L. Bogart, the Senior Vice President-General Counsel and Secretary of Polaris Industries, Inc., a Minnesota corporation (the &#8220;Corporation&#8221;), does hereby certify that the attached Restated Articles of Incorporation correctly set forth, without change, the corresponding provisions of the articles previously amended and were adopted by the Corporation in accordance with Chapter 302A of the Minnesota Statutes.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">IN WITNESS WHEREOF, I have hereunto set my hand this 27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">th</sup> day of April, 2017.</div>
</div>

<div><br>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zc33f4b98060948bda0f77465037f0769" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
<td style="WIDTH: 50%">
<div>POLARIS INDUSTRIES INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%">
<div>&#160;</div>
</td>
<td style="WIDTH: 50%">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>/s/Stacy L. Bogart&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Stacy L. Bogart</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Senior Vice President &#8211; General Counsel and Secretary</div>
</td>
</tr>
</table>
</div>

<div><br>
 &#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal" id="DSPFPageNumber">7</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RESTATED ARTICLES OF INCORPORATION OF</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">POLARIS INDUSTRIES INC.</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><img src="polaris-ex3b.jpg"></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: Arial; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>
</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The name of the corporation is Polaris Industries Inc. (hereinafter the "Corporation").</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ARTICLE II</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REGISTERED OFFICE</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The registered office of the Corporation is located at 1010 Dale Street North, St. Paul, MN 55117.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ARTICLE III</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INCORPORATOR</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The name and address of the incorporator are:</div>

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<div>Andris A. Baltins</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5500 Norwest Center</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ARTICLE IV</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The aggregate number of shares of stock the Corporation is authorized to issue is one hundred eighty million (180,000,000), consisting of twenty million (20,000,000) shares of preferred stock, par value of $.01 per share (the &#8220;Preferred Stock&#8221;) and one hundred sixty million (160,000,000) shares of common stock, par value of $.01 per share (the &#8220;Common Stock&#8221;).</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">All shares of Common Stock shall be voting shares and shall be entitled to one vote per share. Holders of Common Stock shall not be entitled to cumulate their votes in the election of directors and shall not be entitled to any preemptive rights to acquire shares of any class or series of capital stock of the Corporation. Subject to any preferential rights of holders of Preferred Stock, holders of Common Stock shall be entitled to receive their pro rata shares, based upon the number of shares of Common Stock held by them, of such dividends or other distributions as may be declared by the Board of Directors from time to time and of any distribution of the assets of the Corporation upon its liquidation, dissolution or winding up, whether voluntary or involuntary.</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Board of Directors of the Corporation is hereby authorized to provide, by resolutions adapted by such board for the issuance of Preferred Stock from time to time in one or more classes and/or series, to establish the designation and number of shares of each such class or series, and to fix the relative rights and preferences of the shares of each such class or series, and to the full extent permitted by Minnesota Statutes, Section 302A.401, or any successor provision.&#160; Without limiting the generality of the foregoing, the Board of Directors is authorized to provide that shares of a class or series of Preferred Stock are:</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(1) entitled to cumulative, partially cumulative or noncumulative dividends or other distributions payable in cash, capital stock or indebtedness of the Corporation or other property, at such times and in such amounts as are set forth in the board resolutions establishing such class or series or as are determined in a manner specified in such resolutions;</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(2) entitled to a preference with respect to payments of dividends over one or more other classes and/or series of capital stock of the Corporation;</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(3) entitled to a preference with respect to any distribution of assets of the Corporation upon its liquidation, dissolution or winding up over one or more other classes and/or series of capital stock of the Corporation in such amount as is set forth in the board resolutions establishing such class or series or as is determined in a manner specified in such resolutions;</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(4) redeemable or exchangeable at the option of the Corporation and/or on a mandatory basis for cash, capital stock or indebtedness of the Corporation or other property, at such times or upon the occurrence of such events, and at such prices, as are set forth in the board resolutions establishing such class or series or as are determined in a manner specified in such resolutions;</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(5) entitled to the benefits of such sinking fund, if any, as is required to be established by the Corporation for the redemption and/or purchase of such shares by the board resolutions establishing such class or series;</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(6) convertible at the option of the holders thereof into shares of any other class or series of capital stock of the Corporation, at such times or upon the occurrence of such events, and upon such terms, as are set forth in the board resolutions establishing such class or series or as are determined in a manner specified in such resolutions;</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(7) exchangeable at the option of the holders thereof for cash, capital stock or indebtedness of the Corporation or other property, at such times or upon the occurrence of such events, and at such prices, as are set forth in the board resolutions establishing such class or series or as are determined in a manner specified in such resolutions;</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(8) entitled to such voting rights, if any, as are specified in the board resolutions establishing such class or series (including, without limiting the generality of the foregoing, the right to elect one or more directors voting alone as a single class or series or together with one or more other classes and/or series of Preferred Stock, if so specified by such board resolutions) at all times or upon the occurrence of specified events; and</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(9) subject to restrictions on the issuance of additional shares of Preferred Stock of such class or series or of any other class or series, or on the reissuance of share of Preferred Stock of such class or series or of any other class or series, or on increases or decreases in the number of authorized shares of Preferred Stock of such class or series or of any other class or series.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Without limiting the generality of the foregoing authorizations, any of the rights and preferences of a class or series of Preferred Stock may be made dependent upon facts ascertainable outside the board resolutions establishing such class or series, and may incorporate by reference some or all of the terms of any agreements, contracts or other arrangements entered into by the Corporation in connection with the issuance of such class or series, all to the full extent permitted by Minnesota Statutes. Unless otherwise specified in the board resolutions establishing a class or series of Preferred Stock, holders of a class or series of Preferred Stock shall not be entitled to cumulate their votes in any election of directors in which they are entitled to vote and shall not be entitled to any preemptive rights to acquire shares of any class or series of capital stock of the Corporation</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ARTICLE V</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CLASSES AND SERIES</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In addition to, and not by way of limitation of, the powers granted to the Board of Directors by Minnesota Statutes, Chapter 302A, the Board of Directors of the Corporation shall have the power and authority to fix by resolution any designation, class, series, voting power, preference, right, qualification, limitation, restriction, dividend, time and price of redemption, and conversion right with respect to any stock of the Corporation.</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WRITTEN ACTION WITHOUT MEETING</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Any action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting by written action signed by a majority of the Board of Directors then in office, except as to those matters which require shareholder approval, in which case the written action shall be signed by all members of the Board of Directors then in office.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ARTICLE VII</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CUMULATIVE VOTING DENIED</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">No holder of stock of the Corporation shall be entitled to any cumulative voting rights.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRE-EMPTIVE RIGHTS DENIED</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">No holder of stock of the Corporation shall have any preferential, pre-emptive, or other rights of subscription to any shares of any class or series of stock of the Corporation allotted or sold or to be allotted or sold and now or hereafter authorized, or to any obligations or securities convertible into any class or series of stock of the Corporation, nor any right of subscription to any part thereof.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ARTICLES IX</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ISSUANCE OF SHARES TO HOLDERS OF ANOTHER CLASS OR SERIES</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Shares of any class or series of the Corporation, including shares of any class or series which are then outstanding, may be issued to the holders of shares of another class or series of the Corporation, whether or effect a share dividend or split, including a reverse share split, or otherwise, without the authorization, approval or vote of the holders of shares of any class or series of the Corporation.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CLASSIFICATION OF THE BOARD OF DIRECTORS</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The business and affairs of the Corporation shall be managed by or under the direction of a Board of Directors.&#160; Unless and until the Corporation shall have more than one shareholder, the Board of Directors shall consist of one person.&#160; Thereafter, the Board of Directors shall consist of not less than three nor more than fifteen persons, who need not be shareholders. The number of directors may be increased by the shareholders or Board of Directors or decreased by the shareholders from the number of directors on the Board of Directors immediately prior to the effective date of this Article X, provided, however, that any change in the number of directors on the Board of Directors (including, without limitation, changes at annual meetings of shareholders) shall be approved by the affirmative vote of not less than seventy-five percent (75%) of the voting power of all outstanding shares entitled to vote, entitled to be cast by the holders of all then outstanding voting shares, voting together as a single class, unless such change shall have been approved by a majority of the entire Board of Directors.&#160; If such change shall not have been so approved, the number of directors shall remain the same.&#160; In the event that the Board of Directors shall consist of three or more persons, the directors shall be divided into three classes, designated Class I, Class II and III.&#160; Each class shall consist, as nearly as may be possible, of one-third number of directors constituting the entire Board of Directors.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The term of the initial Class I directors shall terminate on the date of the 1995 annual meeting of shareholders; the term of the initial Class II directors shall terminate on the date of the 1996 annual meeting of shareholders; and the term of the initial Class III directors shall terminate on the date of the 1997 annual meeting of shareholders.&#160; At each succeeding annual meeting of shareholders beginning in 1995, successors to the class of directors whose term expires at that annual meeting shall be elected for a three-year term.&#160; If the number of directors is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of directors in each class as nearly equal as possible, and any additional director of any class elected to fill a vacancy resulting from an increase in such class shall hold office for a term that shall coincide with the remaining term of that class.&#160; In no case will a decrease in the number of directors shorten the term of any incumbent director.&#160; A director shall hold office until the annual meeting of the year in which the director's term expires and until a successor shall be elected and qualify, subject, however, to prior death, resignation, retirement, disqualification or removal from office.&#160; Removal of a director from office (including a director named by the Board of Directors to fill a vacancy or newly created directorship), with or without cause, shall require the affirmative vote of not less than seventy- five percent (75%) of the voting power of all outstanding shares entitled to vote, voting together as a single class.&#160; Any vacancy on the Board of Directors that results from an increase in the number of directors shall be filled by a majority of the Board of Directors then in office, and any other vacancy occurring in the Board of Directors shall be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director.&#160; Any director elected to fill a vacancy not resulting from an increase in the number of directors shall have the same remaining term as that of such director's predecessor.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Notwithstanding the foregoing, whenever the holders of any one or more classes of preferred or preference stock issued by the Corporation shall have the right, voting separately by class or series, to elect directors at an annual or special meeting of shareholders, the election, term of office, filling vacancies and other features of such directorship shall be governed by or pursuant to the applicable term of the certificate of designation of other instrument creating such class or series of preferred stock, and such directors so elected shall not be divided into classes pursuant to this Article X unless expressly provided by such term.</div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Notwithstanding any other provisions of these Articles of Incorporation (and notwithstanding the fact that a lesser percentage or separate class vote may be specified by law or these Articles of Incorporation), the affirmative vote of the holders of not less than seventy-five percent (75%) of the voting power of all shares entitled to vote, voting together as a single class, shall be required to amend or repeal, or adopt any provisions inconsistent with, this Article X.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ARTICLE XI</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">LIMITATION ON LIABILITY OF DIRECTORS</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">No director of the Corporation shall be personally liable to the Corporation or its shareholders for monetary damages for breach of fiduciary duty as a director, provided that this Article XI shall not eliminate or limit the liability of a director to the extent provided by applicable law (i) for any breach of the director's duty of loyalty to the Corporation or its shareholders, (ii) for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (iii) under Sections 302A.559 or 80A.23, Minnesota Statutes, (iv) for any transaction from which the director derived an improper personal benefit, or (v) for any act or omission occurring prior to the effective date of this Article XI.&#160; No amendment to or repeal of this Article XI shall apply to or have any effect on the liability or alleged liability of any director of the Corporation for or with respect to any acts or omissions of such director occurring prior to such amendment or repeal. If the Minnesota Business Corporation Act is hereafter amended to authorize any further limitations of the liability of a director, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the Minnesota Business Corporations Act, as amended.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ARTICLE XII</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ELECTION OF DIRECTORS</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Subject to the rights, if any, of the holders of one or more classes or series of preferred or preference stock issued by the Corporation, voting separately by class or series to elect directors in accordance with the terms of such preferred or preference stock, each director shall be elected at a meeting of shareholders by the vote of the majority of the votes cast with respect to the director, provided that directors shall be elected by a plurality of the votes present and entitled to vote on the election of directors if the number of nominees exceeds the number of directors to be elected.&#160; For purposes of this Article XII, action at a meeting shall mean action at a meeting which satisfies the notice and quorum requirements imposed by the bylaws of the Corporation, except as otherwise provided by law, and a majority of the votes cast means that the votes entitled to be cast by the holders of all then outstanding shares of voting stock of the Corporation that are voted &#8220;for&#8221; a director must exceed the votes entitled to be cast by the holders of all then outstanding shares of voting stock of the Corporation that are voted &#8220;against&#8221; that director.</div>
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