<PAGE>   1
                                                                    EXHIBIT 10.u
             
                             SIXTH AMENDMENT TO THE
               HUFFY CORPORATION SUPPLEMENTAL/EXCESS BENEFIT PLAN

         WHEREAS, Huffy Corporation (the "Sponsor") maintains the Huffy
Corporation Supplemental/Excess Benefit Plan (the "Plan") effective January 1,
1988; and

         WHEREAS, the Sponsor desires to amend the Plan;

         NOW, THEREFORE, the Sponsor adopts the following amendment to the Plan
effective June 13, 1997:

I.       The Plan shall be amended by changing the term "Change of Control" to
         read "Change in Control" in each instance in which it appears.

II.      Article I of the Plan shall be amended by adding Sections 1.15, 1.16, 
         1.17 and 1.18 to read as follows:

                  1.15 "Senior Executive Participant" shall mean a Participant
         who is, as of June 13, 1997, or any subsequent date, an officer of
         Huffy Corporation, or a president and general manager of a Huffy
         Corporation operating division or subsidiary.

                  1.16 "Vested Benefit" means the portion of a Participant's
         Supplemental/Excess Benefit which has become non-forfeitable in the
         manner described in Section 6.6.

                  1.17 "Offset Benefit" shall mean the portion of a Senior
         Executive Participant's Supplemental/Excess Benefit which has been
         replaced by benefits provided under an Offset Plan, as described in
         Article IV.

                  1.18 "Offset Plan" shall mean any plan or program designated
         by the Committee as intended to offset benefits provided under the
         Plan.

III.     Article III of the Plan shall be amended by restating the first
         paragraph of the Article to read as follows:

                  A Participant's Supplemental/Excess Benefit will equal (i)
         $2,500 per year, plus the Accrued Retirement Pension he would have
         earned under the Retirement Plan but for the Amended Benefit Formula,
         Compensation Limitation and ERISA Limitation; reduced (but not below 0)
         by the sum of (ii) the Accrued Retirement Pension he has earned under
         the Retirement Plan and (iii) the Participant's Offset Benefit. The
         Accrued Retirement Pension attributable to any period of time during
         which a Participant failed to accrue benefits under the Retirement Plan
         will be calculated in accordance with Exhibit B; the reduction
         described in clauses "(ii)" and "(iii)" of the preceding sentence will
         apply only to the extent a Participant has actually participated in the
         Retirement Plan or received a grant (or, to the extent required by
         applicable law, a shareholder-approved grant) under the Offset Plan, as
         applicable.

                                        1


<PAGE>   2



IV.      Article III of the Plan shall be amended by adding the following
         paragraph at the end of the Article:

                  Upon the occurrence of a Change in Control, the Accrued
         Retirement Pension and Supplemental/Excess Benefit of any Senior
         Executive Participant shall be calculated by using an amount of
         Credited Service which is 36 months greater than the amount of Credited
         Service with which the Senior Executive Participant would, but for the
         application of this paragraph, have been credited. Any other provision
         of this Article III to the contrary notwithstanding, the portion of a
         Participant's Supplemental/Excess Benefit which is attributable to the
         operation of this paragraph shall be payable under this Plan and shall
         not be reduced by the Participant's Purchased Benefit.

V. Article IV of the Plan shall be amended and restated in its entirety as
follows:

                                   ARTICLE IV
                                   ----------

                                 OFFSET BENEFIT
                                 --------------

                  From time to time certain Senior Executive Participants may
         receive grants of benefits pursuant to an Offset Plan. Subject to the
         approval (to the extent required under applicable law) of the Offset
         Plan by the shareholders of the Sponsor, upon receipt of such a grant,
         a portion of the Supplemental/Excess Benefit shall be deemed to have
         been replaced by the benefits granted pursuant to the Offset Plan. The
         rate of such replacement shall be determined at the time of the grant
         in accordance with the formula specified in the Offset Plan or the
         instrument under which the grant is made to the Senior Executive
         Participant.

VI. Article V of the Plan shall be amended in its entirety to read as follows:

                                    ARTICLE V
                                    ---------

                               PAYMENT OF BENEFITS
                               -------------------

                  5.1 Time of Payment. Unless a Participant has elected to defer
         payment under Section 5.2, payment of the Supplemental/Excess Benefit
         shall be made to a Senior Executive Participant as of the first day of
         the month following the latest of the dates described in subsections
         (a), (b) or, with respect to Richard L. Molen ("Molen") only, (c);

                           (a)  the Senior Executive Participant's Severance 
                  from Service,

                           (b) the earliest of (i) the date on which the
                  Participant has reached the Early Retirement Date or Normal
                  Retirement Date under the Retirement Plan, (ii) the closing
                  date of a Change in Control, or (iii) the date of the
                  Participant's death, or

                                       2
<PAGE>   3

                           (c) with respect only to Molen, the earliest date on
                  which his Supplemental/Excess Benefit may be payable without
                  causing his total remuneration from the Sponsor to exceed the
                  limitations on "excessive employee remuneration" imposed by
                  Section 162(m) of the Code (or any successor provision).
                  Provided, however, that this subsection (c) shall be
                  disregarded in the event of a Change in Control. In the event
                  that payment of Molen's Supplemental/Excess Benefit is
                  deferred as a result of the operation of this subsection (c),
                  Molen shall receive a partial payment of the
                  Supplemental/Excess Benefit equal to the greatest amount which
                  would not cause his total remuneration from the Sponsor to
                  exceed the limitations imposed by Section 162(m) of the Code.
                  Interest shall accrue on any amount deferred under this
                  subsection at the rate approved from time to time by the
                  Company Compensation Committee for voluntary deferrals.

                  5.2      Form of Payment.
                           ----------------

                           (a) For any Participant for whom payment of the
                  Supplemental/Excess Benefit commenced prior to June 13, 1997
                  or who is not a Senior Executive Participant, payment shall be
                  made or shall continue to be made under the form of payment in
                  effect or otherwise applicable as of June 12, 1997.

                           (b) For any Senior Executive Participant, payment of
                  the Actuarial Equivalent of the Senior Executive Participant's
                  Supplemental/Excess Benefit shall be made at the time and in
                  the optional form of payment elected by the Participant. For
                  this purpose, optional forms of payment shall include (i) any
                  form of payment which is permissible under the Retirement
                  Plan, or (ii) to the extent otherwise permitted under this
                  Section 5.2, a single lump sum payment.

                           (c) If a Senior Executive Participant Severs from
                  Service within two years following a Change in Control and
                  begins to receive the Supplemental/Excess Benefit on or after
                  reaching age 58, then in determining the Actuarial Equivalent
                  of the Senior Executive Participant's Supplemental/Excess
                  Benefit for the purposes of this Section, amounts payable to
                  the Senior Executive Participant will not be reduced to
                  reflect distributions before the Normal Retirement Date, but
                  will be reduced to reflect distributions in a form other than
                  the normal form of benefit. For any Senior Executive
                  Participant not described in the preceding sentence, the
                  Supplemental/Excess Benefit shall be reduced to an Actuarial
                  Equivalent (as defined in Exhibit B).

                           (d) For the purposes of this section 5.2, any
                  election of an optional form of payment by a Participant shall
                  become effective on the 180th day after it is received by the
                  Sponsor. In the event that no election of an optional form of
                  payment has become effective on the date on which payment of
                  the Participant's Supplemental/Excess Benefit is scheduled to
                  commence, a Participant's Supplemental/Excess Benefit shall be
                  paid in the form of a single lump sum payment. Notwithstanding
                  any election by a Participant of an optional form of payment,
                  any Supplemental/Excess Benefit which first becomes payable
                  subsequent to a Change in Control shall be paid in the form of
                  a single lump sum payment.

                                       3

<PAGE>   4

                           (e) If a Participant elects to defer payment of the
                  Supplemental/Excess Benefit pursuant to the provisions of this
                  section 5.2, the amount of the Supplemental/Excess Benefit
                  shall be increased so that the amount payable to the
                  Participant is the Actuarial Equivalent of the
                  Supplemental/Excess Benefit which would otherwise have become
                  payable.

VII.     Article VI of the Plan shall be amended by adding the following
         sentence to the end of Section 6.6:

         Provided, however, that upon the occurrence of a Change in Control, the
         Supplemental/Excess Benefit of any Senior Executive Participant shall
         be fully vested.

VIII.    Exhibit B to the Plan shall be amended by deleting paragraph (c) from
         the definition of the term "Actuarial Equivalent" which appears therein
         and substituting in its place the following:

                           (c) For the purpose of calculating lump sum payments
                  under Article V, the interest rate used to determine the
                  Actuarial Equivalent as of any date shall be the prevailing
                  effective annual yield (as determined by the Sponsor) on U.S.
                  Treasury securities which mature on or as close as reasonably
                  possible to the Participant's Projected Retirement Date. For
                  this purpose, a Participant's Projected Retirement Date shall
                  mean the earlier of (i) the date on which the Participant will
                  reach the Normal Retirement Date, or (ii) for a Participant
                  who has reached age 58, the date on which the sum of the
                  Participant's age and Period of Service equals 85. In the
                  event that the date of determination precedes the
                  Participant's Projected Retirement Date by fewer than 90 days,
                  the interest rate used to determine Actuarial Equivalent shall
                  be the effective annual yield on 90 day U.S. Treasury
                  securities. The mortality table used to calculate lump sum
                  payments under Article V shall be the UP-1984 Mortality Table,
                  set back three years for joint and survivor beneficiaries, or
                  such other table as may be designated by the Sponsor from time
                  to time.

IX.      In all other respects, the Plan shall remain unchanged. Provided,
         however, that this Amendment and the Plan may be amended and/or
         restated, without further action by the Board of Directors of the
         Sponsor, as the President or Secretary of the Sponsor deems necessary
         to clarify and eliminate inconsistencies in the Plan.

         IN WITNESS WHEREOF, the Sponsor has caused this instrument to be
executed as of this 15th day of June, 1997.

                                    HUFFY CORPORATION

                                    By:    /s/ Nancy A. Michaud
                                       ----------------------------------------
                                    Title: Vice President - General Counsel
                                           ------------------------------------
                                              and Secretary


                                        4