Document:

Exhibit 10.17

HARLEY-DAVIDSON, INC.

2004 INCENTIVE STOCK PLAN

(as amended through February 14, 2007)

1. Purposes, History and
Effective Date.

(a) Purpose. The Harley-Davidson, Inc. 2004 Incentive Stock Plan
has two complementary purposes: (i) to attract and retain outstanding
individuals to serve as officers and other employees and (ii) to increase
shareholder value. The Plan will provide participants incentives to increase
shareholder value by offering the opportunity to acquire shares of the Company’s
common stock or receive monetary payments based on the value of such common
stock on the potentially favorable terms that this Plan provides.

(b) History. Prior to the effective date of this Plan, the
Company had in effect the 1995 Plan, which was originally effective May 6,
1995. Upon shareholder approval of this Plan, the 1995 Plan will terminate and
no new awards will be granted under the 1995 Plan, although awards granted
under such plan and still outstanding will continue to be subject to all terms
and conditions of such plan.

(c) Effective Date. This Plan will become effective, and Awards
may be granted under this Plan, on and after the Effective Date. This Plan will
terminate as provided in Section 14.

2. Definitions. Capitalized terms
used in this Plan have the following meanings:

(a) “1995 Plan”
means the Harley-Davidson, Inc. 1995 Stock Option Plan, as amended.

(b) “Affiliate”
has the meaning ascribed to such term in Rule 12b-2 promulgated under the
Exchange Act or any successor rule or regulation thereto.

(c) “Award” means
a grant of Options, Stock Appreciation Rights, Performance Shares, Performance
Units, Restricted Stock, Restricted Stock Units, STIP Shares or Dividend
Equivalent Units.

(d) “Award
Agreement” means any written agreement, contract, or other instrument or
document evidencing the grant of an Award in such form as the Committee
determines.

(e) “Board” means
the Board of Directors of the Company.

(f) “Change of
Control” means the occurrence of any one of the following events:

(i) the Continuing
Directors no longer constitute at least two-thirds of the Directors
constituting the Board;

(ii) any person or
group (as defined in Rule 13d-5 under the Exchange Act), together with its
affiliates, becomes the beneficial owner, directly or indirectly, of 20% or
more of the Company’s then outstanding Stock or 20% or more of the voting power
of the Company’s then outstanding Stock;

(iii) the approval
by the Company’s shareholders of the merger or consolidation of the Company
with any other corporation, the sale of substantially all of the Company’s
assets or the liquidation or dissolution of the Company, unless, in the case of
a merger or consolidation, the Continuing Directors in office immediately prior
to such merger or consolidation constitute at least two-thirds of the directors
constituting the board of directors of the surviving corporation of such merger
or consolidation and any parent (as defined in Rule 12b-2 under the Exchange
Act) of such corporation; or

(iv) at least
two-thirds of the then Continuing Directors in office immediately prior to any
other action proposed to be taken by the Company’s shareholders or by the Board
determine that such proposed action, if taken, would constitute a change of
control of the Company and such action is taken.

Notwithstanding
the foregoing, with respect to an Award that is deferred compensation subject
to Code Section 409A, the term “Change of Control” as defined above shall be
deemed amended to conform to the definition provided in guidance, rules or
regulations promulgated by the Internal Revenue Service in construing Code
Section 409A.

(g) “Change of
Control Price” means the highest Fair Market Value price per Share during the
sixty (60)-day period preceding the date of a Change of Control.

(h) “Code” means
the Internal Revenue Code of 1986, as amended. Any reference to a specific
provision of the Code includes any successor provision and the regulations
promulgated under such provision.

(i) “Committee”
means the Human Resources Committee of the Board (or a successor committee with
the same or similar authority).

(j) “Company”
means Harley-Davidson, Inc., a Wisconsin corporation, or any successor thereto.

(k) “Continuing
Director” means any individual who is either (i) a member of the Board on the
Effective Date or (ii) a member of the Board whose election or nomination to
the Board was approved by a vote of at least two-thirds (2/3) of the Continuing
Directors (other than a person whose election was as a result of an actual or
threatened proxy or other control contest).

(l) “Director”
means a member of the Board, and “Non-Employee Director” means a Director who
is not also an employee of the Company or its Subsidiaries.

(m) “Disability”
has the meaning ascribed to the term in Code Section 22(e)(3), as determined by
the Committee.

(n) “Disinterested
Persons” means the non-employee directors of the Company within the meaning of
Rule 16b-3 as promulgated under the Exchange Act.

(o) “Dividend
Equivalent Unit” means the right to receive a payment equal to the cash
dividends paid with respect to a Share.

(p) “Effective
Date” means the date the Company’s shareholders approve this Plan.

(q) “Exchange Act”
means the Securities Exchange Act of 1934, as amended. Any reference to a
specific provision of the Exchange Act includes any successor provision and the
regulations and rules promulgated under such provision.

(r) “Fair Market
Value” (from and after February 14, 2007) means, per Share on the date as of
which Fair Market Value is being determined, if the Stock is listed for trading
on the New York Stock Exchange, the closing sales price on the date in question
as reported in The Wall Street Journal, or if no sales of Stock occur on the
date in question, on the last preceding date on which there was a sale on such
exchange. If the Stock is not listed or admitted to trading on the New York
Stock Exchange on the date in question, then “Fair Market Value” means, per
Share on the date as of which Fair Market Value is being determined, (i) the closing
sales price on the date in question on the principal national securities
exchange on which the Stock is listed or admitted to trading, or if no sales of
Stock occur on the date in question, on the last preceding date on which there
was a sale on such exchange; or (ii) if the Stock is not listed or admitted to
trading on any national securities exchange, the closing quoted sale price on
the date in question, or if no sales of Stock occur on the date in question, on
the last preceding date on which there was a sale; or (iii) if not so quoted,
the mean of the closing bid and asked prices on the date in question in the
over-the-counter market, as reported by the National Association of Securities
Dealers, Inc. Automated Quotations System (“NASDAQ”) or such other system then
in use, or if no sales of Stock occur on the date in question, on the last
preceding date on which there was a sale; or (iv) if on any such date the Stock
is not quoted by any such organization, the mean of the closing bid and asked
prices on the date in question as furnished by a professional market maker
making a market in the Stock selected by the Board for the date in question, or
if no sales of Stock occur on the date in question, on the last preceding date
on which there was a sale; or (v) if on any such date no market maker is making
a market in the Stock, the price as determined in good faith by the Committee;
provided that if Fair Market Value is being determined under clause (v) for
purposes of determining the Change of Control Price, the value will be determined
by the Continuing Directors.

(s) “Option” means
the right to purchase Shares at a specified price for a specified period of
time.

(t) “Participant”
means an individual selected by the Committee to receive an Award, and includes
any individual who holds an Award after the death of the original recipient.

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(u) “Performance Goals”
means any goals the Committee establishes that relate to one or more of the
following for such period as the Committee specifies (in all cases excluding
the effects of (A) extraordinary, unusual, transition, one-time and/or
non-recurring items of gain or loss, (B) gains or losses on the disposition of
a business or arising from the sale of assets outside the ordinary course of
business, or (C) changes in tax or accounting regulations or laws):

(i) Any one or more of
the following as determined for the Company on a consolidated basis, for any
one or more Affiliates or divisions of the Company and/or for any other
business unit or units of the Company, as determined by the Committee at the
time an Award is made:

(1) Net sales;

(2) Cost of goods
sold;

(3) Gross profit;

(4) Selling,
administrative and engineering expenses;

(5) Income from
operations;

(6) Income before
interest and the provision for income taxes;

(7) Income before
provision for income taxes;

(8) Net income;

(9) Average
accounts receivable, calculated by taking the average of accounts receivable at
the end of each fiscal month during the period in question;

(10) Average
inventories, calculated by taking the average of inventories at the end of each
fiscal month during the period in question;

(11) Return on
average equity, with average equity calculated by taking the average of equity
at the end of each fiscal month during the period in question;

(12) Return on
year-end equity;

(13) Return on
average assets, with average assets calculated by taking the average of assets
at the end of each fiscal month during the period in question;

(14) Return on
capital;

(15) Total
shareholder return.

(16) Economic
value added, or other measure of profitability that considers the cost of
capital employed.

(17) Net cash
provided by operating activities;

(18) Net cash
provided by operating activities less net cash used in investing activities;

(19) Net increase
(decrease) in cash and cash equivalents;

(20) Customer
satisfaction;

(21) Market share;
or

(22) Product
quality.

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(ii) Basic earnings per
Share for the Company on a consolidated basis.

(iii) Diluted earnings
per Share for the Company on a consolidated basis.

In the case of Awards that the Committee determines
will not be considered “performance-based compensation” under Code Section
162(m), the Committee may establish other Performance Goals not listed in this
Plan.

(v) “Performance
Shares” means the right to receive Shares to the extent Performance Goals are
achieved.

(w) “Performance
Units” means the right to receive a payment valued in relation to a unit the
value of which is equal to the Fair Market Value of one or more Shares, to the
extent Performance Goals are achieved.

(x) “Person” has
the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used
in Sections 14(d) and 15(d) thereof.

(y) “Plan” means
this Harley-Davidson, Inc. 2004 Incentive Stock Plan, as may be amended from
time to time.

(z) “Restricted
Stock” means Shares that are subject to a risk of forfeiture and/or
restrictions on transfer, which may lapse upon the achievement or partial
achievement of Performance Goals and/or upon the completion of a period of
service.

(aa) “Restricted
Stock Unit” means the right to receive a payment valued in relation to a unit
that has a value equal to the Fair Market Value of a Share, which right may
vest upon the achievement or partial achievement of Performance Goals and/or
upon the completion of a period of service.

(bb) “Retirement”
means termination of employment from the Company and its Affiliates on or after
age sixty-two (62) or, with the consent of the Committee, at an earlier age.

(cc) “Rule 16b-3”
means Rule 16b-3 as promulgated by the United States Securities and Exchange
Commission under the Exchange Act.

(dd) “Section 16
Participants” means Participants who are subject to the provisions of Section
16 of the Exchange Act.

(ee) “Share” means
a share of Stock.

(ff) “STIP Shares”
means Shares that the Company delivers in payment or partial payment of an
award under the Harley-Davidson, Inc. Corporate Short Term Incentive Plan (or
any successor thereto) or other incentive plans of the Company or its
affiliates that the Committee designates from time to time.

(gg) “Stock” means
the common stock of the Company.

(hh) “Stock
Appreciation Right” or “SAR” means the right of a Participant to receive a
payment equal to the appreciation of the Fair Market Value of a Share during a
specified period of time.

(ii) “Subsidiary”
means any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company if each such corporation owns stock
possessing fifty percent (50%) or more of the total combined voting power in
one of the other corporations in the chain.

3.
Administration.

(a) Committee Administration. In addition to the authority
specifically granted to the Committee in this Plan, the Committee has full
discretionary authority to administer this Plan, including but not limited to
the authority to (i) interpret the provisions of this Plan, (ii) prescribe,
amend and rescind rules and regulations relating to this Plan, (iii) correct
any defect, supply any omission, or reconcile any inconsistency in any Award or
Award Agreement in the manner and to the extent it deems desirable to carry
this Plan into effect and (iv) make all other determinations necessary or
advisable for the administration of this Plan.

(b) Delegation to Other Committees or CEO. To the extent
applicable law permits, the Board or the Committee may delegate to another
committee of the Board, or the Committee may delegate to the Chief Executive
Officer of the Company, any or all of the authority and responsibility of the
Committee. However, no such delegation is permitted with 

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respect to Awards made to
Section 16 Participants at the time any such delegated authority or
responsibility is exercised. To the extent applicable law permits, the Board or
the Committee also may delegate to another committee of the Board consisting
entirely of Non-Employee Directors any or all of the authority and
responsibility of the Committee with respect to individuals who are Section 16
Participants. If the Board or Committee has made such a delegation, then all
references to the Committee in this Plan include such other committee or the
Chief Executive Officer to the extent of such delegation.

(c) Indemnification. In addition to such other rights of
indemnification as they may have as members of the Board or the Committee, the
members of the Committee and the Board shall be indemnified by the Company
against all costs and expenses reasonably incurred by them in connection with
any action, suit or proceeding to which they or any of them may be party by
reason of any action taken or failure to act under or in connection with this
Plan or any Award, and against all amounts paid by them in settlement thereof
(provided such settlement is approved by independent legal counsel selected by
the Company) or paid by them in satisfaction of a judgment in any such action,
suit or proceeding, except a judgment based upon a finding of bad faith;
provided that upon the institution of any such action, suit or proceeding a
Committee or Board member shall, in writing, give the Company notice thereof
and an opportunity, at its own expense, to handle and defend the same before
such Committee or Board member undertakes to handle and defend it on such
member’s own behalf.

4. Eligibility.
The Committee may designate any of the following as a Participant from time to
time: any officer or other employee of the Company or any of its Affiliates, or
an individual that the Company or an Affiliate has engaged to become an officer
or other employee. The Committee’s designation of a Participant in any year
will not require the Committee to designate such person to receive an Award in
any other year.

5. Types of Awards.
Subject to the terms of this Plan, the Committee may grant any type of Award to
any Participant it selects, but only employees of the Company or a Subsidiary
may receive grants of incentive stock options. Awards may be granted alone or
in addition to, in tandem with, or in substitution for any other Award (or any
other award granted under another plan of the Company or any Affiliate of the
Company). Awards granted under this Plan shall be evidenced by an Award
Agreement except to the extent the Committee provides otherwise.

6. Shares Reserved under this
Plan.

(a) Plan Reserve. Subject to adjustment as provided in Section
16, an aggregate of 12,000,000 Shares, plus the number of Shares described in
Section 6(c), are reserved for issuance under this Plan. The number of Shares
reserved for issuance under this Plan shall be reduced only by the number of
Shares delivered in payment or settlement of Awards. Notwithstanding the
foregoing, subject to adjustment as provided in Section 16, the Company may
issue only 12,000,000 Shares upon the exercise of incentive stock options. In
addition, any Shares issued in connection with Restricted Stock, Restricted
Stock Units, Performance Shares and Performance Units shall count against the
limit described in this Section 6(a) as two Shares for every one Share issued.
Shares issued in connection with any other type of Award shall be counted
against this limit as one Share for every one Share issued.

(b) Replenishment of Shares Under this Plan. If an Award lapses,
expires, terminates or is cancelled without the issuance of Shares under the
Award, or if Shares are forfeited under an Award, then the Shares subject to
such Award may again be used for new Awards under this Plan under Section 6(a),
including issuance as incentive stock options. If Shares are issued under any
Award and the Company subsequently reacquires them pursuant to rights reserved
upon the issuance of the Shares, or if previously owned Shares are delivered to
the Company in payment of the exercise price of an Award, then such Shares may
again be used for new Awards under this Plan under Section 6(a), but such
Shares may not be issued pursuant to incentive stock options.

(c) Addition of Shares from Predecessor Plan. In addition to the
Shares reserved for issuance under Section 6(a), the number of Shares which
were reserved for issuance under the 1995 Plan but which are not subject to any
outstanding awards under such plan as of the Effective Date shall be available
for issuance under Awards granted under this Plan. Further, after the Effective
Date, if any Shares subject to awards granted under the 1995 Plan would again
become available for new grants under the terms of such plan if such plan were
still in effect, then those Shares will be available for the purpose of
granting Awards under this Plan, thereby increasing the number of Shares
available for issuance under this Plan as determined under the first sentence
of Section 6(a). Any such Shares will not be available for future awards under
the terms of the 1995 Plan, which plan is terminated on the Effective Date.

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(d) Participant
Limitations. Subject to adjustment as provided in Section 16, no
Participant may be granted Awards that could result in such Participant:

(i) receiving in any
calendar year Options for, and/or Stock Appreciation Rights with respect to,
more than 800,000 Shares (reduced, in the initial calendar year in which this
Plan is effective, by the number of options granted to a Participant under the
1995 Plan in such year, if any);

(ii) receiving in any
calendar year Awards of Restricted Stock and/or Restricted Stock Units relating
to more than 400,000 Shares; or

(iii) receiving in
any calendar year Awards of Performance Shares, and/or Awards of Performance
Units, for more than 400,000 Shares.

In all cases,
determinations under this Section 6(d) should be made in a manner that is
consistent with the exemption for performance-based compensation that Code
Section 162(m) provides.

7. Options.
Subject to the terms of this Plan, the Committee will determine all terms and
conditions of each Option, including but not limited to:

(a) Whether the
Option is an “incentive stock option” which meets the requirements of Code
Section 422, or a “nonqualified stock option” which does not meet the
requirements of Code Section 422; provided that in the case of an incentive
stock option, if the aggregate Fair Market Value (determined on the date of
grant) of the Shares with respect to which all “incentive stock options”
(within the meaning of Code Section 422) are first exercisable by the
Participant during any calendar year (under this Plan and under all other
incentive stock option plans of the Company or any Affiliate that is required
to be included under Code Section 422) exceeds $100,000, such Option
automatically shall be treated as a nonqualified stock option to the extent
this limit is exceeded.

(b) The number of
Shares subject to the Option.

(c) The exercise
price, which may not be less than the Fair Market Value of the Shares subject
to the Option as determined on the date of grant; provided that (i) no
incentive stock option shall be granted to any employee who, at the time the
Option is granted, owns (directly or indirectly, within the meaning of Code
Section 424(d)) more than ten percent of the total combined voting power of all
classes of stock of the Company or of any Subsidiary unless the exercise price
is at least 110 percent of the Fair Market Value of a Share on the date of
grant; and (ii) the exercise price may vary during the term of the Option if
the Committee determines that there should be adjustments to the exercise price
relating to achievement of Performance Goals and/or to changes in an index or
indices that the Committee determines is appropriate (but in no event may the
exercise price be less than the Fair Market Value of the Shares subject to the
Option as determined on the date of grant).

(d) The terms and
conditions of exercise, which may include a requirement that exercise of the
Option is conditioned upon achievement of one or more Performance Goals;
provided that, unless the Committee provides otherwise in an Award Agreement or
in rules and regulations relating to this Plan, an Option, or portion thereof,
shall be exercised by delivery of a written notice of exercise to the Company
(or its designee) and provision (in a manner acceptable to the Committee) for
payment of the full exercise price of the Shares being purchased pursuant to
the Option and any withholding taxes due thereon.

(e) The
termination date, except that each Option must terminate no later than ten (10)
years after the date of grant, and each incentive stock option granted to any
employee who, at the time the Option is granted, owns (directly or indirectly,
within the meaning of Code Section 424(d)) more than ten percent of the total
combined voting power of all classes of stock of the Company or of any
Subsidiary must terminate no later than five (5) years after the date of grant.

(f)
The exercise period following a Participant’s termination of employment,
provided that:

(i) Unless the
Committee provides otherwise, if a Participant shall cease to be employed by
the Company or any of its Affiliates other than by reason of Retirement,
Disability, or death, (A) the portion of the Option that is not vested shall
terminate on the date of such cessation of employment and (B) the Participant
shall have a period ending on the earlier of the Option’s termination date or
90 days from the date of cessation of employment to exercise the vested portion
of the Option to the extent not previously exercised. At the end of such
period, the Option shall terminate.

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(ii) Unless the
Committee provides otherwise, if a Participant shall cease to be employed by
the Company or any of its Affiliates by reason of Retirement or Disability, the
Option shall remain exercisable, to the extent it was exercisable at the time
of cessation of employment, until the earliest of: the Option’s termination
date; the death of the Participant, or such later date not more than one year
after the death of the Participant as the Committee, in its discretion, may
provide; the third anniversary of the date of the cessation of the Participant’s
employment, if employment ceased by reason of Retirement; or the first
anniversary of the date of the cessation of the Participant’s employment by
reason of Disability. At the end of such period, the Option shall terminate.

(iii) In the event
of the death of the Participant while employed by the Company or any of its Affiliates,
the Option may be exercised at any time prior to the earlier of the Option’s
termination date or the first anniversary of the date of the Participant’s
death to the extent that the Participant was entitled to exercise such Option
on the Participant’s date of death. In the event of the death of the
Participant while entitled to exercise an Option pursuant to Section 7(f)(ii),
the Committee, in its discretion, may permit such Option to be exercised prior
to the Option’s termination date during a period of up to one year from the
death of the Participant, as determined by the Committee to the extent that the
Option was exercisable at the time of cessation of the Participant’s
employment.

Any Participant who
disposes of Shares acquired upon the exercise of an incentive stock option
either (1) within two years after the date of the grant of such Option or (2)
within one year after the transfer of such Shares to the Participant, shall
notify the Company of such disposition and of the amount realized upon such
disposition.

In all other respects,
the terms of any incentive stock option should comply with the provisions of
Code Section 422 except to the extent the Committee determines otherwise.

8. Stock Appreciation Rights.
Subject to the terms of this Plan, the Committee will determine all terms and
conditions of each SAR, including but not limited to:

(a) Whether the
SAR is granted independently of an Option or relates to an Option; provided
that if an SAR is granted in relation to an Option, then unless otherwise
determined by the Committee, the SAR shall be exercisable or shall mature at
the same time or times, on the same conditions and to the extent and in the
proportion, that the related Option is exercisable and may be exercised or
mature for all or part of the Shares subject to the related Option. Upon
exercise of any number of SARs, the number of Shares subject to the related
Option shall be reduced accordingly and such Option may not be exercised with
respect to that number of Shares. The exercise of any number of Options that
relate to an SAR shall likewise result in an equivalent reduction in the number
of Shares covered by the related SAR.

(b) The number of
Shares to which the SAR relates.

(c) The grant
price, provided that (i) the grant price shall not be less than the Fair Market
Value of the Shares subject to the SAR as determined on the date of grant and
(ii) the grant price may vary during the term of the SAR if the Committee
determines that there should be adjustments to the grant price relating to
achievement of Performance Goals and/or to changes in an index or indices that
the Committee determines is appropriate (but in no event may the grant price be
less than the Fair Market Value of the Shares subject to the SAR as determined
on the date of grant).

(d) The terms and
conditions of exercise or maturity.

(e) The
termination date, provided that an SAR must terminate no later than 10 years
after the date of grant.

(f) The exercise
period following a Participant’s termination of employment.

(g) Whether the
SAR will be settled in cash, Shares or a combination thereof.

9. Performance Awards.
Subject to the terms of this Plan, the Committee will determine all terms and
conditions of each Award of Performance Shares or Performance Units, including
but not limited to:

(a) The number of
Shares and/or units to which such Award relates.

(b) One or more
Performance Goals that must be achieved during such period as the Committee
specifies in order for the Participant to realize the benefit of such Award.

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(c) Whether all or
a portion of the Performance Goals subject to an Award are deemed achieved upon
a Participant’s death, Disability or Retirement.

(d) With respect
to Performance Units, whether to settle such Award in cash, Shares, or a
combination of cash and Shares.

10. Restricted Stock and
Restricted Stock Unit Awards. Subject to the terms of this
Plan, the Committee will determine all terms and conditions of each Award of
Restricted Stock or Restricted Stock Units, including but not limited to:

(a) The number of
Shares and/or units to which such Award relates.

(b) The period of
time, if any, over which the risk of forfeiture or restrictions imposed on the
Award will lapse, or the Award will vest, and whether, as a condition for the
Participant to realize all or a portion of the benefit provided under the
Award, one or more Performance Goals must be achieved during such period, if
any, as the Committee specifies; provided that, subject to the provisions of
Section 10(c), if an Award requires the achievement of Performance Goals, then
the period to which such Performance Goals relate must be at least one year in
length, and if an Award is not subject to Performance Goals, then the Award
must have a restriction period of at least one year.

(c) Whether all or
any portion of the period of forfeiture or restrictions imposed on the Award
will lapse, or the vesting of the Award will be accelerated, upon a Participant’s
death, Disability or Retirement.

(d) With respect
to Restricted Stock Units, whether to settle such Awards in cash, Shares, or a
combination of cash and Shares.

(e) With respect
to Restricted Stock, the manner of registration of certificates for such
Shares, and whether to hold such Shares in escrow pending lapse of the period
of forfeiture or restrictions or to issue such Shares with an appropriate
legend referring to such restrictions.

(f) Whether
dividends paid with respect to an Award of Restricted Stock will be immediately
paid or held in escrow or otherwise deferred and whether such dividends shall
be subject to the same terms and conditions as the Award to which they relate.

11. STIP Shares.
Subject to the terms and conditions of this Plan, the Committee may elect to
have the Company deliver STIP Shares in payment or partial payment of awards
under the Harley-Davidson, Inc. Corporate Short Term Incentive Plan (or any
successor thereto) or other incentive plans of the Company or its affiliates
that the Committee designates from time to time.

12. Dividend Equivalent Units.
Subject to the terms and conditions of this Plan, the Committee will determine
all terms and conditions of each Award of Dividend Equivalent Units, including
but not limited to whether such Award will be granted in tandem with another
Award, and the form, timing and conditions of payment; provided that any
Dividend Equivalent Units granted in connection with an Option, Stock
Appreciation Right or other “stock right” within the meaning of Code Section
409A shall be set forth in a written arrangement that is separate from such
Award, and to the extent such Dividend Equivalent Units are considered deferred
compensation, such written arrangement shall comply with the provisions of Code
Section 409A.

13. Transferability.  Awards are not
transferable other than by will or the laws of descent and distribution, unless
and to the extent the Committee allows a Participant to: (a) designate in
writing a beneficiary to exercise the Award after the Participant’s death; or
(b) transfer an Award, provided that STIP Shares and other Shares that a Participant
receives upon final payment of an Award shall be transferable unless the
Committee designates otherwise at the time of the Award.

14. Termination and Amendment of Plan; Amendment,
Modification or Cancellation of Awards.

(a) Term of Plan.
Unless the Board or the Committee earlier terminates this Plan pursuant to
Section 14(b), this Plan will terminate on the tenth anniversary of the
Effective Date.

(b) Termination
and Amendment. The Board or the Committee may amend, alter, suspend,
discontinue or terminate this Plan at any time, subject to the following
limitations:

(i) the Board must
approve any amendment of this Plan to the extent the Company determines such
approval is required by: (A) action of the Board, (B) applicable corporate law
or (C) any other applicable law;

 8
 

(ii) shareholders
must approve any amendment of this Plan to the extent the Company determines
such approval is required by: (A) Section 16 of the Exchange Act, (B) the Code,
(C) the listing requirements of any principal securities exchange or market on
which the Shares are then traded or (D) any other applicable law; and

(iii) shareholders
must approve any of the following Plan amendments: (A) an amendment to
materially increase any number of Shares specified in Section 6(a) or 6(d) (except
as permitted by Section 16); or (B) an amendment to the provisions of Section
14(e).

(c) Amendment, Modification or Cancellation of Awards. Except as
provided in Section 14(e) and subject to the requirements of this Plan, the
Committee may modify or amend any Award or waive any restrictions or conditions
applicable to any Award or the exercise of the Award, and the terms and
conditions applicable to any Awards may at any time be amended, modified or
canceled by mutual agreement between the Committee and the Participant or any
other person(s) as may then have an interest in the Award, so long as any
amendment or modification does not increase the number of Shares issuable under
this Plan (except as permitted by Section 16), but the Committee need not obtain
Participant (or other interested party) consent for the cancellation of an
Award pursuant to the provisions of Section 16(a), the modification of an Award
to the extent deemed necessary to comply with any applicable law or the listing
requirements of any principal securities exchange or market on which the Shares
are then traded, or to preserve favorable accounting treatment of any Award for
the Company, or the adoption, amendment or rescission of rules and regulations
relating to this Plan that do not materially and adversely affect the
Participant in respect of any Award then outstanding.

(d) Survival of Authority and Awards. Notwithstanding the
foregoing, the authority of the Board and the Committee under this Section 14
will extend beyond the date of this Plan’s termination. In addition,
termination of this Plan will not affect the rights of Participants with
respect to Awards previously granted to them, and all unexpired Awards will
continue in full force and effect after termination of this Plan except as they
may lapse or be terminated by their own terms and conditions.

(e) Repricing Prohibited. Notwithstanding anything in this Plan
to the contrary, and except for the adjustments provided in Section 16, neither
the Committee nor any other person may decrease the exercise price for any
outstanding Option after the date of grant nor cancel or allow a Participant to
surrender an outstanding Option to the Company as consideration for the grant
of a new Option with a lower exercise price or the grant of another type of
Award the effect of which is to reduce the exercise price of any outstanding
Option.

(f) Foreign Participation. To assure the viability of Awards
granted to Participants employed in foreign countries, the Committee may
provide for such special terms as it may consider necessary or appropriate to
accommodate differences in local law, tax policy or custom. Moreover, the
Committee may approve such supplements to, or amendments, restatements or
alternative versions of, this Plan as it determines is necessary or appropriate
for such purposes. Any such amendment, restatement or alternative versions that
the Committee approves for purposes of using this Plan in a foreign country
will not affect the terms of this Plan for any other country. In addition, all
such supplements, amendments, restatements or alternative versions must comply
with the provisions of Section 14(b)(ii).

(g) Code Section 409A. 
The provisions of Code Section 409A are incorporated herein by reference
to the extent necessary for any Award that is subject to Code Section 409A to
comply therewith.

15. Taxes.

(a) Withholding. The Company is entitled to withhold the amount
of any tax attributable to any amount payable or Shares delivered or
deliverable under this Plan, and the Company may defer making payment or
delivery if any such tax may be pending unless and until indemnified to its
satisfaction. A Participant shall satisfy the federal, state and local
withholding tax obligations arising in connection with an Award in a manner
acceptable to the Committee.

(b) No Guarantee of Tax Treatment.  The Company does not guarantee to any
Participant or any other Person with an interest in an Award that any Award
intended to be exempt from Code Section 409A shall be so exempt, or that any
Award intended to comply with Code Section 409A shall so comply, and nothing in
this Plan obligates the Company or any Affiliate to indemnify, defend or hold
harmless any individual with respect to the tax consequences of any such
failure.

16. Adjustment Provisions; Change
of Control.

(a) Adjustment of Shares. If (i) the Company shall at any time
be involved in a merger or other transaction in which the Shares are changed or
exchanged; or (ii) the Company shall subdivide or combine the Shares or the
Company 

 9
 

shall declare a dividend
payable in Shares, other securities (other than any associated preferred stock
purchase rights issued pursuant to that certain Rights Agreement, dated
February 17, 2000, between the Company and ComputerShare Investor Services,
LLC, as successor rights agent, or similar stock purchase rights that the
Company might authorize and issue in the future) or other property; or (iii)
the Company shall effect a cash dividend the amount of which exceeds 15% of the
trading price of the Shares at the time the dividend is declared or any other
dividend or other distribution on the Shares in the form of cash, or a
repurchase of Shares, that the Board determines by resolution is special or
extraordinary in nature or that is in connection with a transaction that the
Company characterizes publicly as a recapitalization or reorganization
involving the Shares; or (iv) any other event shall occur which, in the case of
this clause (iv), in the judgment of the Committee necessitates an adjustment
to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan, then, subject to Participants’
rights under Section 16(c), the Committee shall, in such manner as it may deem
equitable, adjust any or all of: (A) the number and type of Shares subject
to this Plan (including the number and type of Shares described in Sections
6(a) and 6(d)) and which may after the event be made the subject of Awards
under this Plan, (B) the number and type of Shares subject to outstanding
Awards, and (C) the grant, purchase, or exercise price with respect to any
Award. In any such case, the Committee may also (or in lieu of the foregoing)
make provision for a cash payment to the holder of an outstanding Award in
exchange for the cancellation of all or a portion of the Award (without the
consent of the holder of an Award) in an amount determined by the Committee
effective at such time as the Committee specifies (which may be the time such
transaction or event is effective), but if such transaction or event
constitutes a Change of Control, then (1) such payment shall be at least
as favorable to the holder as the greatest amount the holder could have
received in respect of such Award under Section 16(c) and (2) from
and after the Change of Control, the Committee may make such a provision only
if the Committee determines that doing so is necessary to substitute, for each
Share then subject to an Award, the number and kind of shares of stock, other
securities, cash or other property to which holders of Stock are or will be
entitled in respect of each Share pursuant to the transaction or event in
accordance with the last sentence of this subsection (a).  However, in each case, with respect to Awards
of incentive stock options, no such adjustment may be authorized to the extent
that such authority would cause this Plan to violate Code Section 422(b).
Further, the number of Shares subject to any Award payable or denominated in
Shares must always be a whole number.  Unless
the Committee determines otherwise, any such adjustment to an Award that is
exempt from Code Section 409A shall be made in manner that permits the Award to
continue to be so exempt, and any adjustment to an Award that is subject to
Code Section 409A shall be made in a manner that complies with the provisions
thereof.  Without limitation, subject to
Participants’ rights under Section 16(c), in the event of any such merger or
similar transaction, subdivision or combination of Shares, dividend or other
event described above, whether or not constituting a Change of Control (other
than any such transaction in which the Company is the continuing corporation
and in which the outstanding Stock is not being converted into or exchanged for
different securities, cash or other property, or any combination thereof), the
Committee shall substitute, on an equitable basis as the Committee determines,
for each Share then subject to an Award, the number and kind of shares of
stock, other securities, cash or other property to which holders of Stock are or
will be entitled in respect of each Share pursuant to the transaction.

(b) Issuance or Assumption. Notwithstanding any other provision
of this Plan, and without affecting the number of Shares otherwise reserved or
available under this Plan, in connection with any merger, consolidation,
acquisition of property or stock, or reorganization, the Committee may
authorize the issuance or assumption of Awards upon such terms and conditions
as it may deem appropriate.

(c) Change of Control.
Except to the extent the Committee provides a result more favorable to holders
of Awards (either in an Award Agreement or at the time of a Change of Control),
in the event of a Change of Control and with respect to each Award the holder
of which is employed by the Company or an Affiliate on the date of the Change
of Control:

(i) each holder of an
Option or SAR shall have the right at any time thereafter to exercise the
Option or SAR in full whether or not the Option or SAR was theretofore
exercisable;

(ii) Restricted Stock and
Restricted Stock Units that are not then vested shall vest, and any period of
forfeiture or restrictions to which Restricted Stock and Restricted Stock Units
are subject shall lapse, upon the date of the Change of Control;

(iii) each holder of a
Performance Share and/or Performance Unit for which the performance period has
not expired shall become vested in an amount equal to the product of the value
of the Performance Share and/or Performance Unit and a fraction the numerator
of which is the number of whole months that have elapsed from the beginning of
the performance period to which the Award is subject to the date of the Change
of Control and the denominator of which is the number of whole months in the
performance period;

(iv) all Dividend
Equivalent Units that were awarded in connection with another Award shall vest.

 10
 

For purposes of this Section 16(c), the “value” of a Performance Share
shall be equal to, and the “value” of a Performance Unit shall be based on, the
Change of Control Price.

The rules of this Section 16(c) shall not prevent the Committee, in
connection with a Change of Control transaction, from exercising the authority
provided to the Committee under the last sentence of Section 16(a) to
substitute, for each vested (taking into account the vesting rules of this
Section 16(c)) and previously unexercised or undistributed Share then subject
to or underlying an Award, the number and kind of shares of stock, other
securities, cash or other property to which holders of Stock are or will be
entitled in respect to each Share pursuant to the transaction.

Unless any agreement between the Participant and the Company provides
for a payment by the Company to the Participant to cover the excise taxes due
by the Participant upon receipt of an excess parachute payment within the
meaning of Code Section 280G, if the receipt of any payment by a Participant
under the circumstances described above would result in the payment by the
Participant of any excise tax provided for in Section 280G and Section 4999 of
the Code, then the amount of such payment shall be reduced to the extent
required to prevent the imposition of such excise tax.

17. Miscellaneous.

(a) Other Terms and Conditions. Any Award may also be subject to
other provisions (whether or not applicable to the Award granted to any other
Participant) as the Committee determines appropriate, including, without
limitation, provisions for:

(i) one or more
means to enable Participants to defer the delivery of Shares or recognition of
taxable income relating to Awards or cash payments derived from the Awards on
such terms and conditions as the Committee determines, including, by way of
example, the form and manner of the deferral election, the treatment of
dividends paid on the Shares during the deferral period or a means for
providing a return to a Participant on amounts deferred, and the permitted
distribution dates or events (provided that if Shares would have otherwise been
issued under an Award but for the deferral described in this paragraph and
ultimately Shares will be or are issued in respect of the Award, then such
Shares shall be treated as if they were issued for purposes of Section 6(a));

(ii) conditioning
the grant or benefit of an Award on the Participant’s agreement to comply with
covenants not to compete, not to solicit employees and customers and not to
disclose confidential information that may be effective during or after the
Participant’s employment, and/or provisions requiring the Participant to
disgorge any profit, gain or other benefit received in connection with an Award
as a result of the breach of such covenant;

(iii) restrictions
on resale or other disposition of Shares, including imposition of a retention
period; and

(iv) compliance
with federal or state securities laws and stock exchange requirements.

(b) Employment.
The issuance of an Award shall not confer upon a Participant any right with
respect to continued employment with the Company or any Affiliate. Unless
determined otherwise by the Committee, for purposes of this Plan and all Awards,
the following rules shall apply:

(i) a Participant who
transfers employment between the Corporation and any Affiliate of the Company,
or between the Company’s Affiliates, will not be considered to have terminated
employment;

(ii) a Participant who
ceases to be employed by the Company or an Affiliate of the Company and
immediately thereafter becomes a Non-Employee Director, a non-employee director
of any of its Affiliates, or a consultant to the Company or any of its
Affiliates shall not be considered to have terminated employment until such
Participant’s service as a director of, or consultant to, the Company and its
Affiliates has ceased; and

(iii) a
Participant employed by an Affiliate of the Company will be considered to have
terminated employment when such entity ceases to be an Affiliate of the
Company.

Notwithstanding the foregoing, for purposes of an Award that is subject
to Code Section 409A, if a Participant’s termination of employment or service
triggers the payment of compensation under such Award, then the Participant
will be deemed to have terminated employment or service upon a “separation from
service” within the meaning of  Code
Section 409A.

 11
 

(c) No Fractional Shares. No fractional Shares or other
securities may be issued or delivered pursuant to this Plan, and the Committee
may determine whether cash, other securities or other property will be paid or
transferred in lieu of any fractional Shares or other securities, or whether
such fractional Shares or other securities or any rights to fractional Shares
or other securities will be canceled, terminated or otherwise eliminated.

(d) Unfunded Plan. This Plan is unfunded and does not create,
and should not be construed to create, a trust or separate fund with respect to
this Plan’s benefits. This Plan does not establish any fiduciary relationship
between the Company and any Participant or other person. To the extent any
person holds any rights by virtue of an Award granted under this Plan, such
rights are no greater than the rights of the Company’s general unsecured
creditors.

(e) Requirements of Law and Securities Exchange. The granting of
Awards and the issuance of Shares in connection with an Award are subject to
all applicable laws, rules and regulations and to such approvals by any
governmental agencies or national securities exchanges as may be required.
Notwithstanding any other provision of this Plan or any Award Agreement, the
Company has no liability to deliver any Shares under this Plan or make any
payment unless such delivery or payment would comply with all applicable laws
and the applicable requirements of any securities exchange or similar entity,
and unless and until the Participant has taken all actions required by the
Company in connection therewith. The Company may impose such restrictions on
any Shares issued under this Plan as the Company determines necessary or
desirable to comply with all applicable laws, rules and regulations or the
requirements of any national securities exchanges.

(f) Governing Law. This Plan, and all agreements under this
Plan, will be construed in accordance with and governed by the laws of the
State of Wisconsin, without reference to any conflict of law principles. The
parties agree that the exclusive venue for any legal action or proceeding with
respect to this Plan, any Award or any Award Agreement shall be a court sitting
in the County of Milwaukee, or the Federal District Court for the Eastern
District of Wisconsin sitting in the County of Milwaukee, in the State of
Wisconsin, and further agree that any such action may be heard only in a “bench”
trial, and any party to such action or proceeding shall agree to waive its
right to a jury trial.

(g) Limitations on Actions. Any legal action or proceeding with
respect to this Plan, any Award or any Award Agreement must be brought within
one year (365 days) after the day the complaining party first knew or should
have known of the events giving rise to the complaint.

(h) Construction. Whenever any words are used herein in the
masculine, they shall be construed as though they were used in the feminine in
all cases where they would so apply; and wherever any words are used in the
singular or plural, they shall be construed as though they were used in the
plural or singular, as the case may be, in all cases where they would so apply.
Titles of sections are for general information only, and this Plan is not to be
construed with reference to such titles.

(i) Severability. If any provision of this Plan or any Award
Agreement or any Award (i) is or becomes or is deemed to be invalid, illegal or
unenforceable in any jurisdiction, or as to any person or Award, or (ii) would
disqualify this Plan, any Award Agreement or any Award under any law the
Committee deems applicable, then such provision should be construed or deemed amended
to conform to applicable laws, or if it cannot be so construed or deemed
amended without, in the determination of the Committee, materially altering the
intent of this Plan, such Award Agreement or such Award, then such provision
should be stricken as to such jurisdiction, person or Award, and the remainder
of this Plan, such Award Agreement and such Award will remain in full force and
effect.

 

 12Exhibit
10.22

 

	
  General

  Notice of Grant of Stock Appreciation Right
  and Stock Appreciation Right Agreement

  	
  Harley-Davidson,
  Inc.

  or Subsidiaries

  	
  

  

 

	
  «FirstName» «LastName»

  «Address1»

  «City,» «State» «Zip»

  «Country»

  	
  Stock Appreciation Right/Award

  Plan:   2004 Incentive Stock Plan

  ID:

  
	
   

  	
   

  

 

Effective «Grant Date» (the “Grant Date”), you have been granted a
Stock Appreciation Right with respect to «# of shares»
shares of common stock of Harley-Davidson, Inc. (“HDI” and, together with its
Subsidiaries, the “Company”).

As soon as
practicable following the first, second, third and fourth anniversary of the
Grant Date (each, a “Settlement Date”), the compensation (if any) payable with
respect to the portion of the Stock Appreciation Right that became vested on such
Settlement Date will be valued and paid in cash in your local currency using
the spot rate on the Settlement Date, less applicable withholding.  The value of the portion of the Stock
Appreciation Right that became vested on the Settlement Date will be equal to
the product obtained by multiplying (1) the number of shares underlying the
portion of the Stock Appreciation Right that became vested on the Settlement
Date, and (2) the amount by which the Fair Market Value of a share of HDI’s
common stock on the Settlement Date  exceeds «price».  If the Fair
Market Value of a share of HDI’s common stock on the Settlement Date is less
than or equal to <<price>>, no amount
is payable with respect to that Settlement Date. Following each Settlement
Date, the portion of the Stock Appreciation Right that was valued as of that
Settlement Date (whether or not resulting in a payment) will be cancelled.

The portion of
your Stock Appreciation Right that is not vested when you terminate employment
will be forfeited.

The Stock Appreciation
Right does not include the right to receive dividends or other
distributions declared and paid on the shares of HDI’s common stock underlying
the Stock Appreciation Right.

On each
anniversary of the Grant Date, if you are still then employed, you will obtain
a 25 percent vested interest in the Stock Appreciation Right.  Accordingly, in each period the Stock
Appreciation Right will become vested on the date shown.

	
  Shares Underlying Stock

  Appreciation Right

  	
   

  	
  Vest Type

  	
   

  	
  Full Vest

  	
   

  
	
  «shares»

  «shares»

  «shares»

  «shares»

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

The Stock
Appreciation Right is granted under and governed by the terms and conditions of
HDI’s 2004 Incentive Stock Plan and this Stock Appreciation Right
Agreement.   Additional provisions
regarding your Stock Appreciation Right and definitions of capitalized terms
used and not defined in this Stock Appreciation Right Agreement can be found in
the Plan.

You may return
this Stock Appreciation Right Agreement to the Company (in care of the Vice
President and Treasurer of HDI) within thirty (30) days after the Grant Date,
and by doing so you will forfeit any rights under this Stock Appreciation Right
Agreement.  If you choose to retain this
Stock Appreciation Right Agreement beyond that date, then you accept the terms
of this Stock Appreciation Right and agree and consent to all amendments to the
Plan and the Company’s 1995 Stock Option Plan through the Grant Date as they
apply to this Stock 

	
  

  	
  

  
	
   

  	
  Vice President
  and Treasurer

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