Document:

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                                                                    EXHIBIT 10.4

                              HARLEY-DAVIDSON, INC.

                             1995 STOCK OPTION PLAN

                      (as amended through December 8, 1999)

                                    ARTICLE I

                                     PURPOSE

          The purpose of the Harley-Davidson, Inc. 1995 Stock Option Plan is to
provide favorable opportunities for certain selected employees of
Harley-Davidson, Inc. and its subsidiaries to purchase or receive shares of
Common Stock of Harley-Davidson, Inc., or to benefit from the appreciation
thereof. Such opportunities should provide an increased incentive for these
employees to contribute to the future success and prosperity of Harley-Davidson,
Inc., thus enhancing the value of the stock for the benefit of the shareholders,
and increase the ability of Harley-Davidson, Inc. to attract and retain
individuals of exceptional skill upon whom, in large measure, its sustained
progress, growth and profitability depend.

                                   ARTICLE II

                                   DEFINITIONS

     The following capitalized terms used in the Plan shall have the respective
meanings set forth in this Article:

          2.1. BOARD: The Board of Directors of Harley-Davidson, Inc.

          2.2. CODE: The Internal Revenue Code of 1986, as amended.

          2.3. COMMITTEE: The human Resources Committee of the Board; provided
     that if any member of the Human Resources Committee is not both a
     Disinterested Person and Outside Director, the Committee shall be comprised
     of only those members of the Human Resources Committee who are both
     Disinterested Persons and Outside Directors.

          2.4. COMMON STOCK: The common stock of Harley-Davidson, Inc.

          2.5. COMPANY: Harley-Davidson, Inc. and any of its Subsidiaries.

          2.6. DISABILITY: Disability within the meaning of Section 22(e)(3) of
     the Code, as determined by the Committee.

          2.7. DISINTERESTED PERSONS: Non-employee directors within the meaning
     of Rule 16b-3 as promulgated under the Securities Exchange Act of 1934, as
     amended.

          2.8. EMPLOYER: The entity that employs the employee or Optionee.

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          2.9. FAIR MARKET VALUE: The average of the high and low reported sales
     prices of Common Stock on the New York Exchange Composite Tape on the date
     for which fair market value is being determined.

          2.10. ISO: An incentive stock option within the meaning of Section 422
     of the Code and which is designated as an incentive option by the
     Committee.

          2.11. NON-ISO: A stock option which is not an ISO.

          2.12. OPTION: A stock option granted under the Plan. Options include
     both ISOs and Non-ISOs.

          2.13. OPTION PRICE: The purchase price of a share of Common Stock
     under an Option.

          2.14. OPTIONEE: A person who has been granted one or more Options.

          2.15. OUTSIDE DIRECTORS: Outside Directors within the meaning of
     Section 162(m) of the Code and the regulations promulgated thereunder.

          2.16. PARENT CORPORATION: The parent corporation, as define in Section
     424(e) of the Code.

          2.17. PLAN: The Harley-Davidson, Inc. 1995 Stock Option Plan.

          2.18. RETIREMENT: Retirement on or after age sixty-two or, with the
     consent of the Committee, at an earlier age.

          2.19. SUBSIDIARY: A corporation, limited partnership, general
     partnership, limited liability company, business trust or other entity of
     which more than fifty percent (50%) of the voting power or ownership
     interest is directly and/or indirectly held by the Harley-Davidson, Inc.

          2.20. TERMINATION DATE: A date fixed by the Committee but not later
     than the day preceding the tenth anniversary of the date on which the
     Option is granted.

                                   ARTICLE III

                                 ADMINISTRATION

          3.1. The Committee shall administer the Plan and shall have full power
to grant Options, construe and interpret the Plan, establish and amend rules and
regulations for its administration, and perform all other acts relating to the
Plan, including the delegation of administrative responsibilities, which it
believes reasonable and proper.

          3.2. Subject to the provisions of the Plan, the Committee shall, in
its discretion, determine who shall be granted Options, the number of shares
subject to option under any

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such Options, the dates after which Options, the dates after which Options may
be exercise, in whole or in part, whether Options shall be ISOs, and the terms
and conditions of the Options.

          3.3. Any decision made, or action taken, by the Committee arising out
of or in connection with the interpretation and administration of the Plan shall
be final and conclusive.

          3.4 To the extent permitted by applicable law, the Committee may, in
its discretion, delegate to the Chief Executive Officer of the Company any or
all of the authority and responsibility of the Committee under the Plan to grant
Options to employees of the Company or its affiliates and/or persons who have
been engaged to become employees of the Company or its affiliates, in each case
other than employees who are, or persons engaged to become employees who upon
employment will be, subject to the provisions of Section 16 of the Securities
and Exchange Act of 1934, as amended, at the time any such delegated authority
or responsibility is exercised. To the extent that the committee has delegated
to the Chief Executive Officer the authority and responsibility of the
Committee, all references to the Committee in the Plan other than in this
Section 3.4 shall include the Chief Executive Officer with respect to the
matters delegated. No such delegation shall preclude the Committee from
exercising the authority and responsibility delegated.

                                   ARTICLE IV

                           SHARES SUBJECT TO THE PLAN

          4.1. The total number of shares of Common Stock available for grants
of Options under the Plan shall be 15,200,000; provided that Options for not
more than 800,000 shares of Common Stock shall be granted to an Optionee in any
calendar year under the Plan, which amount shall be reduced by the amount of
Common Stock subject to options granted to such Optionee in such calendar year
under any other stock option plan of the Company. The foregoing amounts shall be
subject to adjustment in accordance with Article VIII of the Plan. If an Option
or portion thereof shall expire, be canceled or terminate for any reason without
having been exercised in full, the unpurchased shares covered by such Option
shall be available for future grants of Options. An Option, or portion thereof,
exercised through the exercise of a stock appreciation right pursuant to Section
6.7 of the Plan shall be treated, for the purposes of this Article, as though
the Option, or portion thereof, had been exercised through the purchase, that
was so exercised shall not be available for future grants of Options.

                                    ARTICLE V

                                   ELIGIBILITY

          5.1. Options may be granted to key employees of the Company or to
persons who have been engaged to become key employees of the Company. Key
employees will comprise, in general, those who contribute to the management,
direction and overall success of the Company, including those who are members of
the Board. Members of the Board who are not employees of the Company shall not
be eligible for Option grants.

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                                   ARTICLE VI

                                 TERM OF OPTIONS

          6.1. OPTION AGREEMENTS: All Options shall be evidenced by written
agreements executed by the Company. Such Options shall be subject to the
applicable provisions of the Plan, and shall contain such provisions as are
required by the Plan and any other provisions the Committee may prescribe. All
agreements evidencing Options shall specify the total number of shares subject
to each grant, the Option Price and the Termination Date. Those Options that
comply with the requirements for an ISO set forth in Section 422 of the Code and
are designated ISOs by the Committee shall be ISOs and all other Options shall
be Non-ISOs.

          6.2. OPTION PRICE: The Option Price shall be set by the Committee;
provided, however, that the price per share shall not be less than the Fair
Market Value of a share of Common Stock on the date the Option is granted.

          6.3. PERIOD OF EXERCISE: The Committee shall determine the dates after
which Options may be exercised in whole or in part. If Options are exercisable
in installments, installments or portions thereof that are exercisable and not
exercised shall accumulate and remain exercisable. The Committee may also amend
an Option to accelerate the dates after which Options may be exercised in whole
or in part. However, no Option or portion thereof shall be exercisable after the
Termination Date.

          6.4. SPECIAL RULES REGARDING ISOS GRANTED TO CERTAIN EMPLOYEES:
Notwithstanding any contrary provisions of Sections 6.2 and 6.3 of the Plan, no
ISO shall be granted to any employee who, at the time the Option is granted,
owns (directly or indirectly, within the meaning of Section 424(d) of the Code)
more than ten percent of the total combined voting power of all classes of stock
of the Employer or of any Subsidiary or Parent Corporation thereof, unless (a)
the Option Price under such Option is at least 110 percent of the Fair Market
Value of a share of Common Stock on the date the Option is granted and (b) the
Termination Date of such Option is a date not later than the day preceding the
fifth anniversary of the date on which the Option is granted.

          6.5. MANNER OF EXERCISE AND PAYMENT: An Option, or portion thereof,
shall be exercised by delivery of a written notice of exercise to the Company
and payment of the full price of the shares being purchased pursuant to the
Option. An Optionee may exercise an Option with respect to less than the full
number of shares for which the Option may then be exercised, but an Optionee
must exercise the Option in full shares of Common Stock. The price of Common
Stock purchased pursuant to an Option, or portion thereof, may be paid:

               a.   in United States dollars in cash or by check, bank draft or
     money order payable to the order of the Company.

               b.   through the delivery of shares of Common Stock with an
     aggregate Fair Market Value on the date of exercise equal to the Option
     Price, or

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               c.   by any combination of the above methods of payment.

The Committee shall determine acceptable methods for tendering Common Stock as
payment upon exercise of an Option and may impose such limitations and
prohibitions on the use of Common Stock to exercise an Option as it deems
appropriate, including, without, limitation, any limitation or prohibition
designed to avoid certain accounting consequences which may result from the use
of Common Stock as payment upon exercise of an Option.

          6.6. WITHHOLDING TAXES: The Company may, in its discretion, require an
Optionee to pay to the Company at the time of exercise the amount that the
Company deems necessary to satisfy its obligation to withhold Federal, state or
local income or other taxes incurred by reason of the exercise. Upon or prior to
the exercise of an Option requiring tax withholding, an Optionee may make a
written election to have shares of Common Stock withheld by the Company from the
shares otherwise to be received. The number of shares so withheld shall have an
aggregate Fair Market Value on the date of exercise sufficient to satisfy the
applicable withholding taxes. The acceptance of any such election by an Optionee
shall be at the sole discretion of the Committee. Where the exercise of an
Option does not give rise to an obligation to withhold Federal income taxes on
the date of exercise, the Company may, in it discretion, require an Optionee to
pay to the Company the amount that the Company deems necessary to satisfy its
obligation to withhold Federal, state or local income or other taxes incurred by
reason of the exercise of the Option, in which case the shares of Common Stock
will be released from escrow to a written election to have shares of Common
Stock held in escrow applied toward the Company's obligation to withhold
Federal, state or local income or other taxes incurred by reason of the exercise
of the Option, based on the Fair Market Value of the shares on the date of the
termination of the escrow arrangement. Upon application of such shares toward
the Company's withholding obligation, any shares of Common Stock held in escrow
and not, in the judgment of the Committee, necessary to satisfy such obligation
shall be released from escrow to the Optionee.

          6.7. STOCK APPRECIATION RIGHTS: At or after the grant of an Option,
the Committee, in its discretion, may provide an Optionee with an alternate
means of exercising an Option, or a designated portion thereof, by granting the
Optionee a stock appreciation right. A "stock appreciation right": is a right to
receive, upon exercise of an Option or any portion thereof, in the Committee's
sole discretion, an amount of cash equal to, and/or shares of Common Stock
having a Fair Market Value on the date of exercise equal to, the excess of the
Fair Market Value of a share of Common Stock on the date of exercise over the
Option Price, multiplied by the number of shares of Common Stock that the
Optionee would have received had the Option or portion thereof been exercised
through the purchase of shares of Common Stock at the Option Price, provided
that (a) such Option or portion thereof has been designated as exercisable in
this alternative manner, (s) such Option or portion thereof is otherwise
exercisable, and (c) the Fair Market Value of a share of Common Stock on the
date of exercise exceeds the Option Price.

          6.8. NONTRANSFERABILITY OF OPTIONS: Except as may otherwise be
provided by the Committee, each Option shall, during the Optionee's lifetime, be
exercisable only by the Optionee, and neither it nor any right hereunder shall
be transferable otherwise than by will or

<PAGE>

the laws of descent and distribution or be subject to attachment, execution or
other similar process. In the event of any attempt by the Optionee to alienate,
assign, pledge, hypothecate or otherwise dispose of an Option or of any right
hereunder, except as provided for herein, or in the event of any levy or any
attachment, execution or similar process upon the rights or interest hereby
conferred, the Company may terminate the Option by notice to the Optionee and
the Option shall thereupon become null and void.

          6.9. CESSATION OF EMPLOYMENT OF OPTIONEE:

               a.   CESSATION OF EMPLOYMENT OTHER THAN BY REASON OF RETIREMENT,
          DISABILITY OR DEATH. Except as may be otherwise provided by the
          Committee, if an Optionee shall cease to be employed by the Company
          otherwise than by reason of Retirement, Disability, or death, (i) each
          Option held by the Optionee, together with all rights thereunder, that
          is not vested shall terminate on the date of cessation of employment,
          to the extent not previously exercised and (ii) the Optionee shall
          have a period of 90 days from the date of cessation of employment to
          exercise each Option held by the Optionee that is vested on the date
          of cessation of employment. At the end of such 90-day period, each
          such Option that has not been exercised, together with all rights
          thereunder, shall terminate, to the extent not previously exercised.

               b.   CESSATION OF EMPLOYMENT BY REASON OF RETIREMENT OR
          DISABILITY. If an Optionee shall cease to be employed by the Company
          by reason of Retirement or Disability, each Option held by the
          Optionee shall remain exercisable, to the extent it was exercisable at
          the time of cessation of employment, until the earliest of:

                    i. the Termination Date,

                    ii. the death of the Optionee, or such later date not more
               than one year after the death of the Optionee as the Committee,
               in its discretion, may provide pursuant to Section 6.9(c) of the
               Plan,

                    iii. the third anniversary of the date of the cessation of
               the Optionee's employment, if employment ceased by reason of
               Retirement, or

                    iv. the first anniversary of the date of the cessation of
               the Optionee's employment by reason of Disability;

          and thereafter all such Options shall terminate together with all
          rights hereunder, to the extent not previously exercised.

               c.   CESSATION OF EMPLOYMENT BY REASON OF DEATH. In the event of
          the death of the Optionee, while employed by the Company, an Option
          may be exercised at any time or from time to time prior to the earlier
          of the Termination Date or the first anniversary of the date of the
          Optionee's death, by the person or persons to whom the Optionee's
          rights under each Option shall pass by will or by the applicable laws
          of descent and distribution, to the extent that the Optionee was
          entitled to exercise such Option on the Optionee's

<PAGE>

          date of death. In the event of the death of the Optionee while
          entitled to exercise an Option pursuant to Section 6.9(b), the
          Committee, in its discretion, may permit such Option to be exercised
          at any time or from time to time prior to the Termination Date during
          a period of up to one year from the death of the Optionee, as
          determined by the Committee, by the person or persons to whom the
          Optionee's rights under each Option shall pass by will of by the
          applicable laws of descent and distribution, to the extent that the
          Option was exercisable at the time of cessation of the Optionee's
          employment. Any person or person to whom an Optionee's rights under an
          Option have passed by will or by the applicable laws of descent and
          distribution shall be subject to all terms and condition of the Plan
          and the Option applicable to the Optionee.

          6.10. NOTIFICATION OF SALES OF COMMON STOCK: Any Optionee who disposes
of shares of Common Stock acquired upon the exercise of an ISO either (a) within
two years after the date of the grant of the ISO under which the stock was
acquired or (b) within one year after the transfer of such shares to the
Optionee, shall notify the Company of such disposition and of the amount
realized upon such disposition.

                                   ARTICLE VII

                 LIMITATIONS AND ACCELERATIONS ON EXERCISABILITY

          7.1. Notwithstanding any other provision of this Plan, in the case of
an ISO, the aggregate Fair Market Value (determined at the time the ISO is
granted) of the shares of Common Stock with respect to which all "incentive
stock options" (within the meaning of Section 422 of the Code) are first
exercisable by the Optionee during any calendar year (under this Plan and under
all other incentive stock option plans of the Employer, any Subsidiary and any
Parent Corporation) shall not exceed $100,000.

          7.2. Each Option granted under the Plan shall have a limited right of
surrender allowing the Optionee to surrender that Option within the 30-day
period following a Change of Control Event and to receive cash, in lieu of
exercising the Option, in the amount by which the highest "COC Fair Market
Value" (as hereinafter defined) of the number of shares of Common Stock covered
by the Option during the 60 days preceding the date on which the Change of
Control Event occurs exceeds the exercise price for the shares of Common Stock
covered by the Option. For this purpose, the "COC Fair Market Value" of the
Common Stock means the closing price of one share of Common Stock as reported on
the New York Stock Exchange Composite Tape. If the Common Stock is not listed or
admitted to trading on the New York Stock Exchange, the COC Fair Market Value of
the Common Stock shall be the closing price of one share of Common Stock on the
principal national securities exchange on which the Common Stock is listed or
admitted to trading, or, if the Common Stock is not listed or admitted to
trading on any national securities exchange, the last quoted sale price or, if
not so quoted, the average of the high bid and low asked prices in the
over-the-counter market of the Common Stock, as reported by the National
Association of Securities Dealers, Inc. Automated Quotations System ("NASDAQ")
or such other system then in use, or, if on any such date the Common Stock is
not quoted by any such organization, the average of the closing bid and asked
prices of the Common Stock as furnished by a professional market making a market
in the Common Stock selected by the Board. If on any such date no market

<PAGE>

maker is making a market in the Common Stock or other Stock, the COC Fair Market
Value shall be determined in good faith by the Continuing Directors who are not
Disinterested Persons. For purposes of this Section 7.2:

               (a)  "Change of Control Event" means any one of the following:
          (i) Continuing Directors no longer constitute at least two-thirds of
          the Directors constituting the Board; (ii) any person or groups (as
          defined in Rule 13d-5) under the Securities Exchange Act of 1934, as
          amended ("Exchange Act")), together with its affiliates, becomes the
          beneficial owner, directly or indirectly, of 20% or more of
          Harley-Davidson, Inc.'s then outstanding Common Stock or 20% or more
          of the voting power of Harley-Davidson, Inc.'s Directors; (iii) the
          approval by Harley-Davidson, Inc.'s stockholders of the merger or
          consolidation of Harley-Davidson, Inc. with any other corporation, the
          sale of substantially all of Harley-Davidson, Inc.'s assets or the
          liquidation or dissolution of Harley-Davidson, Inc., 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 Continuing Directors who are
          Disinterested Persons in office immediately prior to any other action
          proposed to be taken by Harley-Davidson, Inc.'s stockholders or by the
          Board determine that such proposed action, if taken, would constitute
          a change of control of Harley-Davidson, Inc. and such action is taken;
          and

               (b)  "Continuing Director" means any individual who is either
          (i) a member of the Board on the date hereof 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).

                                  ARTICLE VIII

                                   ADJUSTMENTS

          8.1. If (a) the Company shall at any time be involved in a transaction
to which Section 424(a) of the Code is applicable; (b) the Company shall declare
a dividend payable in, or shall subdivide or combine, its Common Stock; or (c)
any other event shall occur which 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 the Committee may,
in such manner as it may deem equitable, adjust any or all of (i) the number and
type of securities subject to the Plan and which thereafter may be the subject
of Options; (ii) the number and type of securities subject to outstanding
Options; (iii) the Option Price with respect to any Option; and (iv) the number
of shares of Common Stock that may be issued pursuant to Options granted to an
Optionee in any calendar year; provided, however, that each such adjustment, in
the case of ISOs, shall be made in such manner as not to constitute a
"modification" within the meaning of Section 424(h)(3) of the Code. The judgment
of the Committee with respect to any matter referred to in this Article shall be
conclusive and binding upon each Optionee.

<PAGE>

                                   ARTICLE IX

                        AMENDMENT AND TERMINATION OF PLAN

          9.1. The Board may at any time, or from time to time, suspend or
terminate the Plan in whole or in part or amend it in such respects as the Board
may deem appropriate, provided, however, that no such amendment shall be made,
which would, without approval of the shareholders:

               a.   materially modify the eligibility requirements for receiving
          Options;

               b.   increase the aggregate number of Shares of Common Stock
          which may be issued pursuant to Options granted under the Plan, except
          as is provided for in accordance with Article VIII of the Plan;

               c.   increase the number of shares of Common Stock which may be
          issued pursuant to Options granted to an Optionee in any calendar
          year, except as is provided for in accordance with Article VIII of the
          plan;

               d.   reduce the minimum Option Price, except as is provided for
          in accordance with Article VIII of the Plan;

               e.   extend the period of granting Options; or

               f.   materially increase in any other way the benefits accruing
          to Optionees.

          9.2. No Amendment, suspension or termination of this Plan shall,
without the Optionee's consent, alter or impair any of the rights or obligations
under any Option theretofore granted to an Optionee under the Plan.

          9.3. The Board may amend this Plan, subject to the limitations cited
above, in such manner as it deems necessary to permit the granting of Options
meeting the requirements of future amendments or issued regulations, if any, to
the Code.

                                    ARTICLE X

                        GOVERNMENT AND OTHER REGULATIONS

          10.1. The obligation of the Company to issue or transfer and deliver
shares for Options exercised under the plan shall be subject to all applicable
laws, regulations, rules, orders and approvals which shall then be in effect and
required by governmental entities and the stock exchanges on which Common Stock
is traded.

<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

          11.1. PLAN DOES NOT CONFER EMPLOYMENT OR SHAREHOLDER RIGHTS: The right
of the Employer to terminate (whether by dismissal, discharge, retirement or
otherwise) the Optionee's employment with it at any time at will, or as
otherwise provided by any agreement between the Company and the Optionee, is
specifically reserved. Neither the Optionee nor any person entitled to exercise
the Optionee's rights in the event of the Optionee's death shall have any rights
of a shareholder with respect to the shares subject to each Option, except to
the extent that, and until, such shares shall have been issued upon the exercise
of each Option.

          11.2. PLAN EXPENSES: Any expenses of administering this Plan shall be
borne by the Company.

          11.3. USE OF EXERCISE PROCEEDS: Payments received from Optionees upon
the exercise of Options shall be used for the general corporate purposes of the
Company, except that any stock received in payment may be retired, or retained
in the Company's treasury and reissued.

          11.4. 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 the
Plan or any Option granted thereunder, 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.

                                   ARTICLE XII

                    SHAREHOLDER APPROVAL AND EFFECTIVE DATES

          12.1. The Plan shall become effective when it is approved by the
shareholders of Harley-Davidson, Inc. at a shareholders meeting by the requisite
vote under New York Stock Exchange Rules, Internal Revenue Code Section 162(m)
and Rule 16b-3 under the Securities Exchange Act of 1934. Options may not be
granted under the Plan after April 26, 2005.<PAGE>

                                                                    EXHIBIT 10.7

                                 HARLEY-DAVIDSON

                           DEFERRED COMPENSATION PLAN

                      AS RESTATED EFFECTIVE JANUARY 1, 2000

<PAGE>

                                 HARLEY-DAVIDSON
                           DEFERRED COMPENSATION PLAN

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                              Page
                                                                                                              ----
<S>                                                                                                           <C>
HARLEY-DAVIDSON  DEFERRED COMPENSATION PLAN......................................................................1

ARTICLE  I. DEFINITIONS    ......................................................................................2
         Section 1.1.      Administrator.........................................................................2
         Section 1.2.      Board.................................................................................2
         Section 1.3.      Change of Control Event...............................................................2
         Section 1.4.      Company...............................................................................2
         Section 1.5.      Continuing Director...................................................................3
         Section 1.6.      Deferred Benefit Account..............................................................3
         Section 1.7.      Plan..................................................................................3
         Section 1.8.      Plan Interest Rate....................................................................3

ARTICLE  II. ELIGIBILITY AND PARTICIPATION.......................................................................4
         Section 2.1.      Eligibility...........................................................................4
         Section 2.2.      Participation.........................................................................4
         Section 2.3.      Deferred Amount.......................................................................4
         Section 2.4.      Irrevocable Elections.................................................................5
         Section 2.5.      Effect of Change of Control Event.....................................................5

ARTICLE  III. INVESTMENT PROGRAMS FOR DEFERRED BENEFIT ACCOUNTS..................................................6
         Section 3.1.      Life Insurance Investment Program.....................................................6
         Section 3.2.      Diversified Investment Program........................................................6
         Section 3.3.      Participant Investment Directions.....................................................6
         Section 3.4.      Payroll Tax Withholding...............................................................7
         Section 3.5.      401(k) Matching Contribution Make Up Amounts..........................................7
         Section 3.6.      Unfunded Plan.........................................................................7
         Section 3.7.      Participant Statements................................................................7

ARTICLE  IV. DISTRIBUTIONS AND BENEFITS..........................................................................8
         Section 4.1.      Benefits Generally....................................................................8
         Section 4.2.      Benefits Upon Death...................................................................8
         Section 4.3.      Benefit Adjustments...................................................................9
         Section 4.4.      Payment of Benefits Upon Termination of Employment At or After Age 55.................9
         Section 4.5.      Changes to Payment Periods...........................................................10
         Section 4.6.      Beneficiary Designation..............................................................10
         Section 4.7.      Annual Payment Date..................................................................11
         Section 4.8.      Hardship Payments....................................................................11

                                      -i-

<PAGE>

         Section 4.9.      Nonalienation........................................................................11
         Section 4.10.     Not a Contract of Employment.........................................................11

ARTICLE  V. RELATION TO DEFINED BENEFIT PLANS...................................................................12
         Section 5.1.      General..............................................................................12
         Section 5.2.      Lump Sum Payment Election............................................................12
         Section 5.3.      Lump Sum Payment Procedures; Small Payment Cash Out Rules............................12

ARTICLE  VI. MISCELLANEOUS .....................................................................................13
         Section 6.1.      Tax Withholding Upon Distribution....................................................13
         Section 6.2.      Amendment and Termination............................................................13
         Section 6.3.      Governing Law........................................................................13
         Section 6.4.      Binding Upon Successors..............................................................13
</TABLE>

                                      -ii-

<PAGE>

                                  INTRODUCTION

          Harley-Davidson, Inc. created the Deferred Compensation Plan,
effective October 1, 1988, to assist eligible employees of Harley-Davidson, Inc.
and its affiliates to defer income, while creating an enhanced death benefit,
until their retirement, death, or other termination of employment.

          Harley-Davidson Motor Company became the sponsor of the Plan in 1994.
Employees of Harley Davidson, Inc. and its affiliates remain eligible to
participate in the Plan.

          The Plan was amended and restated effective January 1, 1998, to
consolidate previous changes to the Plan.

          The Plan was amended and restated effective January 1, 1999, to add an
additional investment program and to enhance the certainty of payment of Plan
benefits in case of a change of control of Harley-Davidson, Inc. The Plan was
further amended effective January 1, 2000, to close Program A, the life
insurance investment program, to new deferral commitments effective January 1,
2000. All changes through January 1, 2000, are incorporated herein.

<PAGE>

                             ARTICLE I. DEFINITIONS

          SECTION 1.1. ADMINISTRATOR. "Administrator" means the Retirement Plans
Committee appointed by the Board of Directors of Harley-Davidson Motor Company
Group, Inc. The Vice President--Controller of Harley-Davidson Motor Company
Group, Inc., or such Vice-President's delegate, is charged with the day-to-day
responsibility of administration of the Plan.

          SECTION 1.2. BOARD. "Board" means the board of directors of
Harley-Davidson, Inc.

          SECTION 1.3.CHANGE OF CONTROL EVENT. "Change of Control Event" means
any one of the following:

          (a)  Continuing Directors no longer constitute at least two-thirds
(2/3) of the members of the Board;

          (b)  Any person or group of persons (as defined in Rule 13d-5 under
the Securities Exchange Act of 1934), together with its affiliates, becomes the
beneficial owner, directly or indirectly, of twenty percent (20%) or more of the
then outstanding common stock of Harley-Davidson, Inc. or twenty percent (20%)
or more of the voting power of the then outstanding securities of
Harley-Davidson, Inc. entitled generally to vote for the election of the members
of the Board;

          (c)  The approval by the stockholders of Harley-Davidson, Inc. of the
merger or consolidation of Harley-Davidson, Inc. with any other corporation, the
sale of substantially all of the assets of Harley-Davidson, Inc., or the
liquidation or dissolution, of Harley-Davidson, Inc., unless, in the case of a
merger or consolidation, the then Continuing Directors in office immediately
prior to such merger or consolidation will constitute at least two-thirds (2/3)
of the directors of the surviving corporation of such merger or consolidation
and any parent (as such term is defined in Rule 12b-2 under the Securities
Exchange Act of 1934) of such corporation; or

          (d)  At least two-thirds (2/3) of the then Continuing Directors in
office immediately prior to any other action proposed to be taken by the
shareholders of Harley-Davidson, Inc. or by the Board determines that such
proposed action, if taken, would constitute a change of control of
Harley-Davidson, Inc. and such action is taken.

          SECTION 1.4. COMPANY. "Company" means Harley-Davidson Motor Company
Group, Inc.

                                      -2-

<PAGE>

          SECTION 1.5. CONTINUING DIRECTOR. "Continuing Director" means any
individual who is either (i) a member of the Board on January 1, 1999, 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).

          SECTION 1.6. DEFERRED BENEFIT ACCOUNT. "Deferred Benefit Account"
means the account established for each participant under the Plan comprised of
deferred compensation amounts as adjusted to reflect the net investment return
associated with such amounts, as determined under the Plan. The Deferred Benefit
Account established for a participant under the Life Insurance Investment
Program (Program A) is called the participant's "Deferred Benefit Account in
Program A." The Deferred Benefit Account established for a participant under the
Diversified Investment Program (Program B) is called the participant's "Deferred
Benefit Account in Program B." The amount credited under the Plan for a
participant pursuant to Section 3.5 is called the participant's "Harley-Davidson
Match Deferred Benefit Account."

          SECTION 1.7. PLAN. "Plan" means the Harley-Davidson Deferred
Compensation Plan.

          SECTION 1.8. PLAN INTEREST RATE. The "Plan Interest Rate" means, for
each twelve (12) consecutive months ending after September 1, the Moody's Long
Term Bond Rate in effect on such September 1 (or the last business day
immediately preceding such date if it is a Saturday, Sunday, or holiday).

                                      -3-

<PAGE>

          ARTICLE II. ELIGIBILITY AND PARTICIPATION

          SECTION 2.1. ELIGIBILITY. Plan participation is limited to a select
group of management or highly compensated employees of the Company,
Harley-Davidson, Inc., or their affiliates. Coverage under the Plan also may be
extended to independent contractors engaged by the Company, Harley-Davidson,
Inc., or their affiliates under circumstances, terms, and conditions that are
specifically approved by the Administrator and included in such person's written
participation agreement. The Administrator determines eligibility and may adjust
the entry level requirements if necessary to assure that the Plan continues to
be exempt from the eligibility, vesting, and funding requirements of the
Employee Retirement Income Security Act of 1974, as amended.

          SECTION 2.2. PARTICIPATION.

          (a)  Eligible persons must complete written agreements annually in
order to participate. These agreements are called Deferred Compensation
Agreements. Deferred Compensation Agreements must be completed and filed with
the Administrator before the beginning of the calendar year for which they are
effective, except Deferred Compensation Agreements completed by newly-eligible
persons within thirty (30) days of becoming eligible for the first time under
the Plan may be effective immediately, but only as to compensation earned after
the date the Agreement is completed and filed with the Administrator.

          (b)  A person who ceases to be eligible for Plan participation cannot
elect any new deferrals under the Plan. Deferred Compensation Agreements in
effect at the time eligibility for Plan participation ceases may remain in
effect in accordance with their terms and the rules of the Plan.

          (c)  The Administrator makes all final decisions regarding eligibility
and compliance with the participation requirements.

          SECTION 2.3. DEFERRED AMOUNT.

          (a)  Deferred Compensation Agreements must designate the amount of
compensation that is to be deferred and indicate whether the deferred amount is
to be deducted from salary or bonus, or from both. Deferred Compensation
Agreements entered into prior to January 1, 2000, also shall specify whether any
amount deferred is part of the Diversified Investment Program, rather than the
Life Insurance Investment Program, as such programs are described in Article
III. The Life Insurance Investment Program is closed to new deferrals, effective
January 1, 2000.

          (b)  Each Agreement shall also specify the calendar year during which
the compensation deferral is to take place.

          (c)  The minimum aggregate deferral under each separate Agreement is
five thousand dollars ($5,000). Only specific dollar amounts of compensation may
be elected as part of any Agreement. The Administrator may, in its discretion,
prospectively adjust minimum and maximum levels of deferral for all
participants.

                                      -4-

<PAGE>

          (d)  The participant's employer will make the corresponding reductions
in compensation and the Company will credit such amount to the participant's
Deferred Benefit Accounts, making appropriate records to distinguish amounts
held under the Life Insurance Investment Program and the Diversified Investment
Program.

          SECTION 2.4. IRREVOCABLE ELECTIONS. A participant's deferral election
is irrevocable except for substantial financial need of a participant due to
serious and unanticipated family health, education, or housing needs
("Hardship"). The Administrator, in the Administrator's discretion, upon
demonstration of Hardship, may permit prospective reduction of the participant's
compensation deferral election for a calendar year. A request for reduction in
the deferral amount due to Hardship must be submitted in writing, with evidence
of Hardship, to the Administrator. If the request for change is approved it will
be prospectively effective, only.

          SECTION 2.5. EFFECT OF CHANGE OF CONTROL EVENT. Upon the occurrence of
a Change of Control Event:

          (a)  All deferrals of compensation under the Plan shall cease. Amounts
that would otherwise be deferred will, instead, be paid to participants
currently as compensation.

          (b)  Deferred Benefit Accounts of all participants (whether employed,
terminated, or participants whose accounts are in pay status) shall be paid out
to all such participants within ten (10) business days after the Change of
Control Event. If payment is delayed beyond such payment deadline for any
reason, the balance to be paid out shall become fixed as of such tenth (10th)
day, except that such amount shall be increased in an amount equivalent to
interest on such fixed amount, to the date of actual payment, at a rate equal to
two times the Plan Interest Rate.

                                      -5-

<PAGE>

         ARTICLE III. INVESTMENT PROGRAMS FOR DEFERRED BENEFIT ACCOUNTS

          SECTION 3.1. LIFE INSURANCE INVESTMENT PROGRAM.

          (a)  The Life Insurance Investment Program was the original investment
program that has been available under the Plan since 1988. Under the Life
Insurance Investment Program (sometimes referred to herein as "Program A") a
participant's deferred compensation amounts were used to establish a Deferred
Benefit Account in Program A that was credited with interest at the Plan
Interest Rate, and a death benefit (described in Article IV). The Life Insurance
Investment Program is closed to new deferrals effective January 1, 2000.
Effective at such time as the Administrator determines, a participant may elect
that the participant's Deferred Benefit Account under Program A shall cease
being deemed credited with interest at the Plan Interest Rate and shall
thereafter be deemed to be invested in accordance with Section 3.3.

          (b)  If a Program A Deferral Commitment is reduced, either for
Hardship or because of a Change of Control Event, the participant's death
benefit will be adjusted by the Administrator to reflect the reduced amount of
the compensation deferral. A participant whose Program A Deferral Commitment has
been reduced for Hardship may elect, prior to termination of employment, to
reinstate the participant's original deferral by paying to the Company the
difference between the reduced deferrals actually made and the originally
scheduled amount as described in the participant's original Program A Deferral
Commitment.

          SECTION 3.2. DIVERSIFIED INVESTMENT PROGRAM. The Diversified
Investment Program (sometimes referred to herein as "Program B") is added to the
Plan effective January 1, 1999. Under the Diversified Investment Program, the
participant's Deferred Benefit Account in Program B is deemed to be invested in
investment options made available by the Administrator and selected by the
participant in accordance with Administrator rules. The special death benefit
provisions of Sections 4.2 and 4.3 do not apply to a participant's Deferred
Benefit Account in Program B.

          SECTION 3.3. PARTICIPANT INVESTMENT DIRECTIONS.

          (a)  The participant investment direction provisions of this Section
apply to each participant's Deferred Benefit Account in Program B, the
participant's Harley-Davidson Match Deferred Benefit Account described in
Section 3.5, and, when elected by the participant in accordance with
Administrator rules, the participant's Deferred Benefit Account in Program A.

          (b)  The Administrator shall select and may prospectively change the
alternative investment options to be available for participant investment
direction under the Plan.

          (c)  Investment directions may be changed not less frequently than
once each year by participants. Any new or revised participant investment
direction, completed in accordance with Administrator rules, shall apply to all
of a participant's Deferred Benefit Accounts subject to participant investment
direction in the aggregate. A designated beneficiary may make investment
direction changes, in the event of the participant's death, in the same

                                      -6-

<PAGE>

manner, before the beneficiary's interest in the Plan is fully paid out. The
Administrator may, from time to time, in its sole discretion, modify the minimum
notice period and maximum frequency of investment direction changes.

          SECTION 3.4. PAYROLL TAX WITHHOLDING. A participant's employer may
deduct from non-deferred compensation any taxes it is required to withhold on
deferred amounts unless such amounts are withheld directly from the amount of
compensation actually deferred.

          SECTION 3.5. 401(K) MATCHING CONTRIBUTION MAKE UP AMOUNTS.

The Company will also credit to the Harley-Davidson Match Deferred Benefit
Account of each participant a Company matching contribution in cash on amounts
deferred under this Plan in the same relative amount as is made to the
participant's pretax savings account in the Harley-Davidson Retirement Savings
Plan on amounts the participant has elected to defer under that plan. This
credit will be made as of the last day of the month in which the Company
matching contribution is deposited to the Retirement Savings Plan for a year.
The credit, and the earnings attributed to it, are subject only to the vesting
rules of the Retirement Savings Plan. Such amount shall not be deemed to be a
Company matching contribution to the Retirement Savings Plan for any
nondiscrimination testing purposes. A participant will not, under any
circumstances, be credited with an aggregate Company matching amount under this
Plan and the Retirement Savings Plan that is larger than the rate of matching
applicable for the year under the Retirement Savings Plan multiplied by six
percent (6%) of the participant's current and deferred compensation for such
year.

          SECTION 3.6. UNFUNDED PLAN. A participant's Deferred Benefit Accounts
are a means of measuring the value of the participant's deferred compensation.
The Accounts do not create a trust fund of any kind. Any assets earmarked by the
Company to pay benefits under this Plan do at all times remain assets of the
Company. A participant has no property interest in specific assets of the
Company because of the Plan. The rights of the participant, a beneficiary, or an
estate to benefits under the Plan shall be solely those of an unsecured creditor
of the Company.

          SECTION 3.7. PARTICIPANT STATEMENTS. Following the close of each year
the Administrator will provide statements of account to each participant.
Accounts shall be maintained, reported, and distributed in United States
Dollars.

                                      -7-

<PAGE>

                     ARTICLE IV. DISTRIBUTIONS AND BENEFITS

          SECTION 4.1. BENEFITS GENERALLY. Except as otherwise provided in
Section 4.2 in case of death or in Section 4.4 in case of a termination of
employment at or after reaching age fifty-five (55), upon a participant's
termination of employment the Company will pay to the participant, as
compensation for prior services, an amount equal to the participant's aggregate
Deferred Benefit Accounts measured as of the last day of the month in which
employment terminated. Such payment shall be made in a single lump sum amount
within thirty (30) days following the termination of employment or as soon
thereafter as is administratively feasible.

          SECTION 4.2. BENEFITS UPON DEATH.

          (a)  Upon the death of a participant prior to termination of
employment, and before any periodic payments have started, the Company will pay
to the designated beneficiary of a participant with a Deferred Benefit Account
in Program A, as compensation for services rendered prior to the date of death,
a benefit equal to the participant's Deferred Benefit Account in Program A
measured as of the last day of the month coincident with or immediately
following the date of death or, if greater, a death benefit determined as
follows:

<TABLE>
<CAPTION>

                                                Multiple of Program A Deferral
                      Age at                  Commitments Determined Separately
                     Deferral                   as to each deferral Commitment
                     --------                   ------------------------------
                    <S>                       <C>
                    Through 45                                  5.0
                        46                                      4.8
                        47                                      4.6
                        48                                      4.4
                        49                                      4.2
                        50                                      4.0

                        51                                      3.8
                        52                                      3.6
                        53                                      3.4
                        54                                      3.2
                        55                                      3.0

                        56                                      2.8
                        57                                      2.6
                        58                                      2.4
                        59                                      2.2
                        60                                      2.0

                        61                                      1.8
                        62                                      1.6
                        63                                      1.4
                        64                                      1.2
</TABLE>

                                      -8-

<PAGE>

<TABLE>
<CAPTION>

                                                Multiple of Program A Deferral
                      Age at                  Commitments Determined Separately
                     Deferral                   as to each deferral Commitment
                     --------                   ------------------------------
                    <S>                       <C>
                    65 and over                                 1.0
</TABLE>

          (b)  Upon the death of a participant prior to termination of
employment, and before any periodic payments have started, the Company will pay
to the designated beneficiary of a participant with any Deferred Benefit
Accounts other than in Program A, as compensation for service rendered prior to
the date of death, a benefit equal to the participant's Deferred Benefit
Accounts other than in Program A measured as of the last day of the month
coincident with or immediately following the date of death.

          (c)  Upon the death of a participant after termination of employment
and after the commencement of periodic payments under Section 4.4, but before
the completion of all such payments, the beneficiary entitled to receive such
payments may elect, subject to the discretion of the Administrator, to take an
immediate lump sum payment of any unpaid amounts due the beneficiary. The
Administrator shall have full discretion in determining whether or not to allow
such acceleration of payment to the beneficiary.

          (d)  Death benefits under (a) or (b) above are to be paid in ten (10)
annual installments. The amount to be distributed annually is determined by
multiplying the deceased participant's aggregate Deferred Benefit Account
balance by a fraction, the numerator of which is one (1) and the denominator of
which is the number of years remaining for the payments to be made (E.G., 1/10,
1/9, 1/8 etc.). Additional earnings are to be credited to amounts (other than
Deferred Benefit Accounts in Program A) during the installment payment period in
the same way earnings are credited while a participant is employed. No
additional earnings are credited during the installment payment period for any
death benefit amount that is determined as a multiple of a participant's Program
A Deferral Commitment.

          SECTION 4.3. BENEFIT ADJUSTMENTS. If there is a reduction in a Plan A
deferral commitment, or a premature distribution from a Deferred Benefit Account
in Program A due to Hardship, the Administrator will advise the participant as
to the corresponding effect on the participant's death benefit. If a participant
has made more than one deferral commitment under Program A, the participant's
death benefit will be separately determined for each commitment. A special rule
applies, however, for any participant who was not insurable for a death benefit
larger than the "guaranteed issue" amount available to the Company at standard
rates when the participant, prior to January 1, 2000, completed a Deferred
Compensation Agreement calling for a deferral commitment to Program A. In that
case, the affected participant's death benefit with respect to such deferral
commitment is limited to the greater of (i) the balance in the participant's
Deferred Benefit Account, attributable to such deferral commitment, or (ii) an
amount of death benefit able to be insured by the Company at standard rates at
the time the participant completed his or her Deferred Compensation Agreement
providing for such Program A deferral commitment.

          SECTION 4.4. PAYMENT OF BENEFITS UPON TERMINATION OF EMPLOYMENT AT OR
AFTER AGE 55.

                                      -9-

<PAGE>

          (a)  A participant may select the number of years over which the
aggregate amount of the participant's Deferred Benefit Accounts is to be paid to
the participant upon termination of employment with the Company at or after age
fifty-five (55), up to a maximum of fifteen (15) years. Such election must be
made in writing filed with the Administrator prior to the initial deferral of
any amount hereunder, except as provided in (c) below. A participant may change
the participant's benefit payment election as described in Section 4.5. If no
valid election is in effect, then payment of the participant's aggregate
Deferred Benefit Accounts shall be made in ten (10) annual installments.

          (b)  The amount to be distributed annually is determined by
multiplying the aggregate balance of the participant's Deferred Benefit Account
by a fraction, the numerator of which is one (1) and the denominator of which is
the number of years remaining for the payments to be made (E.G., 1/10, 1/9, 1/8
etc.). Additional earnings are to be credited to a Deferred Benefit Account
during the installment payment period in the same way earnings are credited
while the participant is employed.

          (c)  Prior to January 1, 2000, each Deferred Compensation Agreement
separately required the election of a benefit payment period to apply if
payments commenced at or after age fifty-five (55). The number of possible
different elections that may be in effect for a participant after several years
of Plan participation presented complex administrative challenges that required
simplification. Accordingly, effective January 1, 2000, only a participant's
most recent valid benefit payment election will be recognized hereunder and it
will apply to the participant's Deferred Benefit Accounts in the aggregate. All
benefit payment elections made before the most recent valid election are void
and of no effect as of January 1, 2000, for any participant not then currently
in pay status (i. e., already receiving installment payments prior to January 1,
2000). Notwithstanding the foregoing simplification of the payment period
election process, any participant affected by this change may elect in writing
filed with the Administrator before January 1, 2001, a different installment
payment period (up to the maximum of fifteen (15) annual payments) to apply to
the participant's Deferred Benefit Accounts in the aggregate.

          SECTION 4.5. CHANGES TO PAYMENT PERIODS.

          (a)  A participant who has not previously made a benefit payment
period election, or who has a benefit payment period election already in effect,
may make an election or change an election, selecting a payment period of up to
fifteen (15) years.

          (b)  Except as provided in Section 4.4(c), any election or change of a
benefit payment period election must be made in writing and filed with the
Administrator not less than twelve (12) months before the date of the
participant's termination of employment with the Company.

          SECTION 4.6. BENEFICIARY DESIGNATION. All payments by the Company will
be made to the participant, if living. If the participant has died, then any
payment under the Plan will be made to the designated beneficiary of the
participant, which may include multiple beneficiaries. If such beneficiary dies
before receiving all payments due such beneficiary, any remaining payments will
be made to the designated beneficiary's estate unless a contingent beneficiary
was designated by the participant as to such amounts. If there is a contingent

                                      -10-

<PAGE>

beneficiary payments will be made to the contingent beneficiary and, if such
contingent beneficiary dies, any remaining payments will be made to the
contingent beneficiary's estate. If there is no beneficiary designation in force
when Plan benefits become payable upon the death of a participant, payment shall
be to the participant's spouse, or if no spouse is then living, to the
participant's estate. All beneficiary designations must be made in writing and
acknowledged by the Administrator.

          SECTION 4.7. ANNUAL PAYMENT DATE. All installment payments by the
Company of Deferred Benefit Accounts hereunder will be made each year on a June
payroll date on the basis of account values determined as of the immediately
preceding March 31. The Administrator may make payments on other dates where
necessary due to Hardship, other special circumstances, or where authorized by
Administrator rule.

          SECTION 4.8. HARDSHIP PAYMENTS. The Administrator may, in his or her
sole discretion, upon the finding that the participant has suffered a Hardship
(as described in Section 2.4), distribute to the participant any portion of the
participant's Deferred Benefit Account as of such date that is appropriate to
the need created by the Hardship.

          SECTION 4.9. NONALIENATION. The right of a participant or any other
person to the payment of benefits under this Plan shall not be assigned,
transferred, pledged, or encumbered.

          SECTION 4.10. NOT A CONTRACT OF EMPLOYMENT. This Plan may not be
construed as giving any person the right to be retained as an employee of the
Company, Harley-Davidson, Inc., or any of their subsidiaries or affiliates.

                                      -11-

<PAGE>

                  ARTICLE V. RELATION TO DEFINED BENEFIT PLANS

          SECTION 5.1. GENERAL. The Company will supplement the defined benefit
pension benefit that may be provided to each participant under the Company's
defined benefit pension plan with an amount equal to the pension benefit that
would have been earned by the participant on the amount of compensation deferred
by the participant under this Plan, had such amount been received as
compensation by the participant rather than deferred hereunder. Unless a
participant has elected an optional lump sum form of payment under this Article
V, such amount shall be paid in the same form of payment applicable to the
payment of benefits to the participant under the Company's defined benefit
pension plan. The supplemental pension amount described in this Section is
subject to the defined benefit pension plan's rules regarding determination of
amount and vesting. Under no circumstance will this provision be construed to
permit payment to a participant of an aggregate pension benefit, including this
supplemental pension benefit, that is larger than the pension benefit the
participant otherwise would have received if there had been no deferral election
under this Plan.

          SECTION 5.2. LUMP SUM PAYMENT ELECTION. A participant may elect, in
accordance with Administrator rules, prior to the calendar year in which
periodic payments under the Plan are otherwise to commence, to receive payment
of the participant's supplemental pension amount under this Article in a single
lump sum cash payment amount. The amount of such lump sum cash payment shall be
equal to the present value of the participant's supplemental pension under this
Article V determined on the assumption that two hundred forty (240) consecutive
monthly payments in the form of a single life annuity would otherwise be made,
commencing on the later of the first day of the month following the
participant's attainment of age fifty-five (55) or the employee's retirement
date and based on a reasonable interest rate assumption for this purpose,
determined by the Administrator, which shall be the "applicable interest rate"
used by the Company for purposes of its Pension Benefit Restoration Plan.

          SECTION 5.3. LUMP SUM PAYMENT PROCEDURES; SMALL PAYMENT CASH OUT
RULES. The Administrator shall establish rules and procedures to facilitate
making lump sum payment elections no later than the close of the calendar year
preceding the calendar year in which benefit payments are to commence. The
Administrator is authorized to cash out the present value of benefits using the
methodology of this Article V where the monthly payments that would otherwise be
made would be DE MINIMIS, as determined by the Administrator.

                                      -12

<PAGE>

                           ARTICLE VI. MISCELLANEOUS

          SECTION 6.1. TAX WITHHOLDING UPON DISTRIBUTION. The Company will
withhold from all benefit payments all required taxes.

          SECTION 6.2. AMENDMENT AND TERMINATION. The Company may, at any time,
modify or amend the Plan by action of the Retirement Plans Committee that is
charged with responsibility for this Plan. The Company may, at any time,
terminate the Plan. The Company may not, however, reduce any benefit payment
obligation to a participant based on deferrals already made, without the
participant's consent. Plan amendments adopted pursuant to this section shall
govern all Deferred Compensation Agreements and Deferred Benefit Accounts
uniformly except to the extent otherwise specifically provided by such
amendment.

          SECTION 6.3. GOVERNING LAW. The Plan is to be construed under the laws
of the State of Wisconsin.

          SECTION 6.4. BINDING UPON SUCCESSORS. This Plan is binding upon the
Company and participants and their respective successors, assigns, heirs,
executors, and beneficiaries.

                                      HARLEY-DAVIDSON MOTOR COMPANY GROUP, INC.

                                      BY:
                                         ---------------------------------------
                                           Vice President--Controller

                                      Date:
                                           -------------------------------------

                                      -13

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