Exhibit 10.1 This TRANSACTION BONUS AND SEPARATION BENEFITS AGREEMENT ("Agreement") is made and entered into, as of October 10, 2025, by and between Polaris Industries Inc. (the "Company") and Michael Dougherty (the "Employee"). WHEREAS, the Company is exploring a potential, confidential transaction to divest all or substantially all of the equity interests or assets related to the Company's Indian Motorcycle business (the "Business"), whether pursuant to a merger, joint venture, reorganization or other for ...