That should be your shift rod, fwd and rev., under the power head you should see a small pin, remove the pin and the rod should be free.., You need to make a note of the measurement on this rod from the top of the lower unit to the hole if you plan on removing the rod,, it will screw in and out to make it longer or shorter,,That adjust when the lower unit will go into fwd and rev..
Hope that helps..
Puddle
OH, and welcome to CFF emoBigsmile