Document:

2005 Deferred Compensation Plan

 Exhibit 10.2 
 HARLEY-DAVIDSON 2005 
 DEFERRED COMPENSATION PLAN 
 (Originally Effective January 1, 2005, and as Amended and Restated Effective January 1, 2009) 

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 ARTICLE I. DEFINITIONS AND CONSTRUCTION
	  	2
	 Section 1.01. Definitions
	  	2
	 Section 1.02. Construction and Applicable Law
	  	6
		
	 ARTICLE II. PARTICIPATION
	  	7
	 Section 2.01. Eligibility
	  	7
		
	 ARTICLE III. EMPLOYEE DEFERRED COMPENSATION
	  	8
	 Section 3.01. Deferrals Of Base Compensation
	  	8
	 Section 3.02. Deferrals of Annual Bonus Awards
	  	9
	 Section 3.03. Restricted Stock Deferrals
	  	10
	 Section 3.04. Matching Contribution Credits
	  	13
	 Section 3.05. Employer Retirement Contribution Restoration Credits
	  	13
	 Section 3.06. Other Deferrals and Credits
	  	14
	 Section 3.07. Effect of Unforeseeable Emergency or Hardship
	  	15
	 Section 3.08. Involuntary Termination of Deferral Elections
	  	15
		
	 ARTICLE IV. ACCOUNTING AND HYPOTHETICAL INVESTMENT ELECTIONS
	  	16
	 Section 4.01. Investment Options
	  	16
	 Section 4.02. Participant Investment Elections
	  	16
	 Section 4.03. Allocation of Deemed Investment Gain or Loss
	  	17
	 Section 4.04. Accounts are For Record Keeping Purposes Only
	  	17
		
	 ARTICLE V. DISTRIBUTION OF ACCOUNTS
	  	18
	 Section 5.01. Distribution of Account
	  	18
	 Section 5.02. Distribution Election
	  	19
	 Section 5.03. Death Benefit Payments
	  	20
	 Section 5.04. Hardship Withdrawals
	  	21
	 Section 5.05. Automatic Single Sum Distribution
	  	22
	 Section 5.06. Acceleration of Payments Upon a Change of Control
	  	22
		
	 ARTICLE VI. GENERAL PROVISIONS
	  	23
	 Section 6.01. Administration
	  	23
	 Section 6.02. Restrictions to Comply with Applicable Law
	  	23
	 Section 6.03. Claims Procedures
	  	23
	 Section 6.04. Participant Rights Unsecured
	  	25
	 Section 6.05. Distributions for Tax Withholding and Payment
	  	25
	 Section 6.06. Amendment or Termination of Plan
	  	26
	 Section 6.07. Administrative Expenses
	  	28
	 Section 6.08. Successors and Assigns
	  	28
	 Section 6.09. Right of Offset
	  	28
	 Section 6.10. Not a Contract of Employment
	  	29
	 Section 6.11. Miscellaneous Distribution Rules
	  	29

  

 i 

 HARLEY-DAVIDSON 2005 
 DEFERRED COMPENSATION PLAN 
 Harley-Davidson Motor Company Group, Inc. (the “Company”)
maintains the Harley-Davidson Deferred Compensation Plan (the “Original Plan”) for the benefit of eligible employees of the Company and its Affiliates. The Original Plan continues in effect with respect to amounts deferred through
December 31, 2004. 
 The Company has established the Harley-Davidson 2005 Deferred Compensation Plan (the “Plan”) with
respect to amounts deferred by eligible participants after December 31, 2004. The Plan is intended to promote the best interests of the Company and its Affiliates by attracting and retaining key management employees possessing a strong interest
in the successful operation of the Company and its Affiliates and encouraging their continued loyalty, service and counsel to the Company and its Affiliates. The Plan is amended and restated effective January 1, 2009 to comply with final
regulations under Code Section 409A. 

 ARTICLE I. DEFINITIONS AND CONSTRUCTION 
 Section 1.01. Definitions. 
 The
following terms have the meanings indicated below unless the context in which the term is used clearly indicates otherwise: 
 (a) Account:
The record keeping account or accounts maintained to record the interest of each Participant under the Plan. An Account is established for record keeping purposes only and not to reflect (or require) the physical segregation of assets on the
Participant’s behalf. To the extent relevant with respect to any Participant, the Participant’s overall Account may consist of such subaccounts or balances as the Administrator may determine to be necessary or appropriate. 
 (b) Administrator: The Retirement Plans Committee appointed by the Board. 
 (c) Affiliate: Each corporation, trade or business that, with the Company, forms part of a controlled group of corporations or group of trades or businesses under common control within the meaning of Code Sections
414(b) or (c); provided that for purpose of determining when a Participant has incurred a Separation from Service, the phrase “at least fifty percent (50%)” shall be used in place of “at least eighty percent (80%)” each place it
appears in Code Section 414(b) and (c) and the regulations thereunder. 
 (d) Annual Bonus Deferral: See Section 1.01(l)(ii).

 (e) Base Compensation: The base salary or wage payable by a Participating Employer to an Eligible Employee for services performed prior to
reduction for contributions by the Eligible Employee to this Plan or pre-tax or after-tax contributions by the Eligible Employee to any other employee benefit plan maintained by a Participating Employer, but exclusive of extraordinary payments such
as overtime, bonuses, meal allowances, reimbursed expenses, termination pay, moving pay, commuting expenses, severance pay, non-elective deferred compensation payments or accruals, stock options or restricted stock, or the value of employer-provided
fringe benefits or coverage, all as determined in accordance with such uniform rules, regulations or standards as may be prescribed by the Administrator. 
  

 2 

 (f) Base Compensation Deferral: See Section 1.01(l)(i). 
 (g) Beneficiary: The person or entity designated by a Participant to be his or her beneficiary for purposes of this Plan. If a 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 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 made to the Participant’s current spouse, or if the Participant is not married or the spouse is not then living, to the Participant’s estate. Beneficiary designations shall be in
writing, filed with the Administrator, be in such form as the Administrator may prescribe for this purpose, and shall become effective only upon acknowledgement by the Administrator. 
 (h) Board: The Board of Directors of the Company. 
 (i) Code: The Internal Revenue Code of 1986, as interpreted by regulations and rulings issued pursuant thereto, all as amended and in effect from time to time. Any reference to a specific provision of the Code shall be deemed to include
reference to any successor provision thereto. 
 (j) Committee: The Compensation Committee of the Board of Directors of Harley-Davidson, Inc.

 (k) Company: Harley-Davidson Motor Company Group, Inc., or any successor thereto. 
 (l) Deferral: An amount credited, in accordance with a Participant’s election, to the Participant’s Account under the Plan in lieu of the
current payment of an equal amount of compensation to the Participant. Deferrals include the following: 
  

	 	(i)	Base Compensation Deferral: A Deferral of all or a portion of a Participant’s Base Compensation in accordance with Section 3.01. 

  

 3 

	 	(ii)	Annual Bonus Deferral: A Deferral of all or a portion of a Participant’s annual bonus award in accordance with Section 3.02. 

  

	 	(iii)	Restricted Stock Deferral: A Deferral of all or a portion of a Participant’s restricted stock or restricted stock unit award under the Incentive Stock Plan, in accordance with
Section 3.03. 

 (m) Disability: The inability of a Participant to engage in any substantial gainful activity by reason of
a medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, as determined by the Administrator. 
 (n) Eligible Employee: A common law employee of a Participating Employer who has been designated by the Administrator or the Committee as being eligible
to participate in this Plan or who is eligible for the benefits described in Section 3.05. 
 (o) ERISA: The Employee Retirement Income
Security Act of 1974, as interpreted by regulations and rulings issued pursuant thereto, all as amended and in effect from time to time. Any reference to a specific provision of ERISA shall be deemed to include reference to any successor provision
thereto. 
 (p) Incentive Stock Plan: The Harley-Davidson, Inc. 2004 Incentive Stock Plan, or any successor to such plan. 
 (q) Investment Options: The hypothetical investment options established by the Administrator from time to time (which may, but need not, be based upon
one or more of the investment options available under the Retirement Savings Plan for Salaried Employees of Harley-Davidson). 
  

 4 

 (r) Matching Contribution Credits: The amounts (if any) credited in accordance with Section 3.04.

 (s) Participant: An Eligible Employee or a former Eligible Employee with an undistributed Account balance under the Plan. 
 (t) Participating Employer: The Company and each Affiliate that, with the consent of the Administrator or the Committee, participates in the Plan for the
benefit of one or more Participants. 
 (u) Separation from Service: The date on which a Participant separates from service (within the
meaning of Code Section 409A) from the Company and all Affiliates. A Separation from Service occurs when the Company and the Participant reasonably anticipate that no further services will be performed by the Participant for the Company and its
Affiliates after that date or that the level of bona fide services the Participant will perform after such date as an employee of the Company or an Affiliate will permanently decrease to no more than 20% of the average level of bona fide services
performed by the Participant (whether as an employee or independent contractor) for the Company and its Affiliates over the immediately preceding 36-month period (or such lesser period of services). The Participant is not considered to have incurred
a Separation from Service if the Participant is absent from active employment due to military leave, sick leave or other bona fide reason if the period of such leave does not exceed the greater of (i) six months, or (ii) the period during
which the Participant’s right to reemployment by the Company or an Affiliate is provided either by statute or by contract; provided that if the leave of absence is due to a medically determinable physical or mental impairment that can be
expected to result in death or last for a continuous period of not less than six months, where such impairment causes the Participant to be unable to perform the duties of his or her position of employment or any substantially similar position of
employment, the leave may be extended for up to 29 months without causing the Participant to have incurred a Separation from Service. 
 (v)
Stock Unit: A hypothetical share of common stock of Harley-Davidson, Inc. 
 (w) Valuation Date: See Section 4.03. 
  

 5 

 Section 1.02. Construction and Applicable Law. 
 (a) Wherever any words are used 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 use in the singular or the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply. Titles of articles and sections are for
general information only, and the Plan is not to be construed by reference to such items. 
 (b) This Plan is intended to be a plan of
deferred compensation maintained for a select group of management or highly compensated employees as that term is used in ERISA, and shall be interpreted so as to comply with the applicable requirements thereof. In all other respects, the Plan is to
be construed and its validity determined according to the laws of the State of Wisconsin (without reference to conflict of law principles thereof) to the extent such laws are not preempted by federal law, and any action for benefits under the Plan
or to enforce the terms of the Plan shall be heard in the State of Wisconsin by the court with jurisdiction over the claim. In case any provision of the Plan is held illegal or invalid for any reason, the illegality or invalidity will not affect the
remaining parts of the Plan, but the Plan shall, to the extent possible, be construed and enforced as if the illegal or invalid provision had never been inserted. 
  

 6 

 ARTICLE II. PARTICIPATION 
 Section 2.01. Eligibility. 
 Except for Section 3.05, an employee shall be eligible to participate in the Plan only if the employee is employed by a Participating Employer and if the employee has been designated as an Eligible Employee by the Administrator or the
Committee. When designating an employee as an Eligible Employee, the Administrator or the Committee, in their sole discretion, may designate the employee for participation in the entire Plan or any part thereof. An employee who satisfies the
requirements Section 3.05 is eligible to participate in the Plan with respect to the benefits described in that Section, whether or not the Participant has been designated for participation in the other components of the Plan. 
  

 7 

 ARTICLE III. EMPLOYEE DEFERRED COMPENSATION 
 Section 3.01. Deferrals Of Base Compensation. 
 (a) Amount. A Participant may elect, in such form and manner as the Administrator may prescribe, to defer payment of a portion of the Base Compensation that would otherwise be paid to the Participant. A
Participant’s election shall specify either a fixed dollar amount or a percentage (in increments of 1% to a maximum of 85% or such lower percentage specified by the Administrator) of the Participant’s Base Compensation that the Participant
wishes to defer. The minimum annual Base Compensation Deferral is $5,000 (or if the Participant has designated a percentage of Base Compensation to be deferred, the percentage that, when applied to the Participant’s Base Compensation rate at
the time the Deferral election is made, is expected to result in an annual Base Compensation Deferral of at least $5,000). 
 (b) Initial
Deferral Election. In the case of a Participant who has been designated for participation for the first time (and who has not previously been designated as being eligible for participation in another deferred compensation plan that is required
to be aggregated with this Plan for purposes of Code Section 409A), the Participant may submit his or her initial Base Compensation Deferral election within 30 days of being designated for participation in the Plan. If the Participant does so,
the Participant’s validly executed Base Compensation Deferral election shall become effective with respect to Base Compensation attributable to services to be performed subsequent to the date on which the election is filed with the
Administrator, or as soon thereafter as is practicable. Alternatively, the Participant at any time may elect to make Base Compensation Deferrals by submitting a validly executed Base Compensation Deferral election to the Administrator, but the
election shall become effective and shall apply only to Base Compensation attributable to services performed on or after January 1 of the calendar year following the calendar year during which the election is received by the Administrator, or
as soon thereafter as practicable. A Participant’s Base Compensation Deferral election, once effective, shall remain in effect until modified by the Participant in accordance with subsection (c) below or otherwise revoked in accordance
with Plan rules. 
  

 8 

 (c) Revised Deferral Election. Except to the extent that the Administrator is permitted (and
elects) to give earlier effect to a Participant’s revocation or revision to his or her Base Compensation Deferral election in accordance with regulations promulgated by the Secretary of the Treasury under Code Section 409A, a
Participant’s Deferral election, once effective with respect to a calendar year, may not be revoked or modified with respect to Base Compensation for that calendar year. A Participant may modify his or her then current Base Compensation
Deferral election by filing a revised Base Compensation Deferral election form, properly completed and signed, with the Administrator. However, except to the extent that the Administrator is permitted (and elects) to give earlier effect to a
Participant’s revised election in accordance with regulations promulgated by the Secretary of the Treasury under Code Section 409A, the revised election will be effective only with respect to Base Compensation for services performed on or
after January 1 of the calendar year following the calendar year during which the revised election is received by the Administrator, or as soon thereafter as practicable. A Participant’s revised Deferral election, once effective, shall
remain in effect until again modified by the Participant under this Section or otherwise revoked in accordance with Plan rules. 
 (d)
Base Compensation Paid Following Year End For the Payroll Period That Includes December 31. For purposes of applying a Participant’s Base Compensation Deferral election, Base Compensation paid after December 31 of a calendar
year that is attributable solely to services performed during the payroll period that includes December 31, if paid in accordance with the normal timing arrangement by which a Participating Employer compensates employees for services rendered,
is treated as Base Compensation for services performed in the subsequent calendar year, even though part or all of the Participant’s services might have been performed in the prior calendar year. 
 Section 3.02. Deferrals of Annual Bonus Awards. 
 A Participant may irrevocably elect, in such form and manner as the Administrator may prescribe, to defer payment of a portion of the annual cash bonus that may be awarded and that would otherwise be paid to the
Participant with respect to any calendar year. A Participant’s election shall specify either a fixed dollar amount or a percentage (in increments of 1% to a maximum of 85% or such lesser amount or percentage as may be established by the
Administrator, or as may be consistent with Code Section 409A and 

  

 9 

 
necessary in order to comply with applicable withholding obligations, whether attributable to withholdings required under applicable law or other authorized
withholdings) of the Participant’s annual cash bonus that the Participant wishes to defer. In the case of any bonus award that does not constitute performance-based compensation for purposes of Code Section 409A, a validly executed Annual
Bonus Deferral election shall be effective only if the Annual Bonus Deferral election is received by the Administrator prior to the last day of the calendar year preceding the calendar year in which the Participant performs the services on which the
bonus award is based, or by such other time as provided in regulations promulgated by the Secretary of the Treasury and adopted by the Administrator. In the case of any bonus award that constitutes performance-based compensation for purposes of Code
Section 409A, a validly executed Annual Bonus Deferral election shall become effective with respect to the bonus that may be awarded to the Participant with respect to a calendar year if the Participant’s Deferral election is received by
the Administrator at least six (6) months prior to the end of the (calendar year) performance period for the bonus, or by such earlier (but not later) date as the Administrator may establish. A Participant’s Annual Bonus Deferral election
becomes irrevocable at the end of the permitted election period, and the Participant may not thereafter revoke or modify his or her election, except as may be permitted by the Administrator in accordance with regulations promulgated by the Secretary
of the Treasury under Code Section 409A. A Participant’s election to defer a bonus award shall be effective only for the performance period to which the election relates, and shall not carry over from year to year. 
 Section 3.03. Restricted Stock Deferrals. 
 (a) A Participant may elect, in such form and manner as the Administrator may prescribe, to defer payment of all or any portion of any restricted stock or restricted stock unit award that the Participant receives
under the Incentive Stock Plan. A Participant’s election shall specify the whole number of shares or units (up to 100% of such shares or units, or such lesser number or percentage as may be established by the Administrator or as may be
consistent with Code Section 409A and necessary in order to comply with applicable withholding obligations, whether attributable to withholdings required under applicable law or other authorized withholdings) of the Participant’s award
that the Participant wishes to defer; provided that if the Participant specifies a 

  

 10 

 
deferral percentage and application of that percentage does not produce a whole number of shares or units, the number of shares or units to be deferred shall
be increased to the next higher whole number of share or units. In the case of any award that is not performance-based compensation for purposes of Code Section 409A, a validly executed Restricted Stock Deferral election shall be effective only
if the Restricted Stock Deferral election is received by the Administrator prior to the last day of the calendar year preceding the calendar year in which begins the service period for which the restricted stock or restricted stock units are
granted, or by such other time as provided in regulations promulgated by the Secretary of the Treasury and adopted by the Administrator. In the case of any award that is performance-based compensation for purposes of Code Section 409A, a
validly executed Restricted Stock Deferral election shall become effective with respect to shares or units to be earned by the Participant with respect to any performance period if the Participant’s Restricted Stock Deferral election is
received by the Administrator at least six (6) months prior to the end of such performance period or by such earlier (but not later) date as the Administrator may establish. A Participant’s Restricted Stock Deferral election becomes
irrevocable at the end of the permitted election period, and the Participant may not thereafter revoke or modify his or her election, except as may be permitted by the Administrator in accordance with regulations promulgated by the Secretary of the
Treasury under Code Section 409A. A Participant’s Restricted Stock Deferral election shall be effective only for the particular restricted stock or restricted stock unit award to which the election relates, and a Participant’s
election does not carry over from award to award. 
 (b) A Participant who has made a Restricted Stock Deferral election will be credited
under this Plan, on a one-for-one basis, with a number of Stock Units equal to the number of shares of restricted stock or the number of stock units that originally were granted to the Participant under the Incentive Stock Plan but that the
Participant has elected to defer under this Plan as a Restricted Stock Deferral. Any dividends (or similar distribution) that would have been payable on the Stock Units credited to a Participant’s Account if such Stock Units were actual shares
of Harley-Davidson, Inc. common stock will be credited to the Participant’s Account in the form of additional Stock Units. If any such dividend or other distribution is not already expressed in the form of shares, it shall be converted, for
record keeping purposes, into whole and fractional Stock Units. The conversion shall be accomplished by dividing the amount of the dividend or distribution by the closing price of a share of Harley-Davidson, Inc. common stock on the payment date for
the dividend or distribution. 
  

 11 

 (c) Unless otherwise determined by the Committee, the Participant’s interest in Stock Units
attributable to a Restricted Stock Deferral shall be subject to the same vesting or forfeiture conditions to which the Participant would have been subject if the Participant had received the restricted stock or restricted stock unit award directly
rather than electing to defer delivery of such award. Similarly, unless otherwise determined by the Committee, the dividend (or distribution) credits that are made in the form of additional Stock Units in accordance with subsection (b), shall
be subject to the same vesting or forfeiture conditions as apply with respect to the Stock Unit on which the dividend (or distribution) credit is based. 
 (d) In the event of any merger, share exchange, reorganization, consolidation, recapitalization, stock dividend or stock split involving Harley-Davidson, Inc. common stock, or other event in which Harley-Davidson,
Inc. common stock is subdivided or combined, or a cash dividend is declared the amount of which, on a per share basis, exceeds fifteen percent (15%) of the fair market value of a share of Harley-Davidson, Inc. common stock, at the time the
dividend is declared, or Harley-Davidson, Inc. shall effect any other dividend or other distribution of Harley-Davidson, Inc. common stock that the Board determines by resolution is extraordinary or special in nature or that is in connection with a
transaction that Harley-Davidson, Inc. characterizes publicly as a recapitalization or reorganization of Harley-Davidson, Inc. common stock or words of similar import, or 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 this Plan, the Committee shall make appropriate equitable adjustments with respect to the Stock Units (if any)
credited to the Account of each Participant. The nature of any such adjustment shall be determined by the Committee, in its discretion. 
 (e) Shares of Harley-Davidson, Inc. common stock distributed in settlement of a Participant’s Stock Units, including the shares distributed in settlement of dividend (or distribution) credits that were made in the form of additional
Stock Units, shall be charged against the pool of available shares under the Incentive Stock Plan. 
  

 12 

 Section 3.04. Matching Contribution Credits. 
 The Administrator will also credit to the Account of each Participant a Matching Contribution Credit (denominated in cash) on amounts deferred under this
Plan as Base Compensation Deferrals and/or Annual Bonus Deferrals, as determined by the Administrator. The Matching Contribution Credit will be in the same relative amount as the matching contribution that is made to the Participant’s pre-tax
savings account under the Retirement Savings Plan for Salaried Employees of Harley-Davidson (“Retirement Savings Plan”) on amounts the Participant has elected to defer under that plan. This Matching Contribution Credit will be made as of
the last day of the calendar year quarter in which the employer matching contribution is deposited to the Retirement Savings Plan for a year. The Matching Contribution Credit, and the earnings attributed to it, are subject to the vesting rules of
the Retirement Savings Plan so that a Participant who terminates employment prior to becoming vested in his or her matching contributions under the Retirement Savings Plan shall forfeit the portion of his or her Account under this Plan that is
attributable to Matching Contribution Credits, and earnings thereon. Matching Contribution Credits to this Plan shall not be deemed to be an employer matching contribution to the Retirement Savings Plan for any nondiscrimination testing purposes. A
Participant will not, under any circumstances, be credited with aggregate Matching Contribution Credits under this Plan and matching contributions under the Retirement Savings Plan that exceeds the rate of matching applicable for the year under the
Retirement Savings Plan multiplied by six percent (6%) of the Participant’s Base Compensation and Annual Bonus for such year, without regard to any deferrals of such amounts made hereunder. 
 Section 3.05. Employer Retirement Contribution Restoration Credits. 
 (a) Unless the Administrator determines otherwise, a Participant (whether or not designated for participation in other aspects of the Plan) who is hired
on or after August 1, 2006 and who is covered under the Employer Retirement Contribution feature of the Retirement Savings Plan for Salaried Employees of Harley-Davidson or the Buell Motorcycle Company Retirement Savings Plan (collectively, the
“Retirement Savings Plan”) will be eligible to receive an additional credit to his or her Account for each year, in accordance with the rules of this Section, if the Participant’s Employer Retirement Contribution under the Retirement
Savings Plan is limited because of the limitations of Code Section 401(a)(17) or 415. 
  

 13 

 (b) With respect to each Participant whose Employer Retirement Contribution is limited in the manner
described in subsection (a), the Participant shall receive an additional credit under this Plan equal to the difference between (i) the Employer Retirement Contribution that would have been allocated to the Participant for the year under the
Retirement Savings Plan if the Code Section 401(a)(17) and 415 limitations did not apply and if Base Compensation and Annual Bonus Deferrals made by the Participant under this Plan are treated as if they had been paid to the Participant in
cash, and (ii) the Employer Retirement Contribution to which the Participant is actually entitled for such year under the Retirement Savings Plan. 
 (c) A Participant will have a vested and non-forfeitable right to the credits made under this Section, and any deemed investment gains or losses on such credits, if the Participant is vested in the Employer Retirement
Contributions made to his or her account under the Retirement Savings Plan. If the Participant terminates employment prior to obtaining a vested right to the Employer Retirement Contributions under the Retirement Savings Plan, the credits made on
the Participant’s behalf under this Section, together will all deemed investment gains or losses on such credits, shall be forfeited. 
 Section 3.06. Other Deferrals and Credits. 
 The Administrator or the Committee, in their discretion, may, with respect
to any Participant, determine that the Participant is eligible to make Deferrals with respect to additional components of the Participant’s remuneration or receive employer contribution credits in addition to the credits described herein. In no
event, however, shall the Administrator or Committee authorize such additional Deferrals or credits unless the Administrator or Committee has first determined that the Deferrals or credits have been elected or authorized in a manner that will not
result in the imposition of tax under Code Section 409A. 
  

 14 

 Section 3.07. Effect of Unforeseeable Emergency or Hardship. 
 Notwithstanding the general timing rules under Sections 3.01 and 3.02 that govern Participant Deferral elections, if a Participant receives a
distribution on account of (a) “unforeseeable emergency” under Section 5.04 or (b) a distribution on account of “hardship” under the Retirement and Savings Plan or any other qualified plan maintained by the Company
or an Affiliate that includes a qualified cash or deferred arrangement under Code Section 401(k) where such plan requires the Participant to cease qualified and non-qualified deferrals as a condition of receiving the distribution, then the
Participant’s then-existing Base Compensation Deferral election, Annual Bonus Deferral election, and any Restricted Stock Deferral election may be terminated (and not merely suspended) to the extent this Administrator so determines. Any
Deferral election made after a termination of a Deferral election due to hardship or unforeseeable emergency will be considered an “initial deferral election” that is subject to the rules of Code Section 409A and the regulations
promulgated thereunder with respect to “initial deferral elections.” 
 Section 3.08. Involuntary Termination of Deferral
Elections. 
 Subject to Code Section 409A, a Participant’s Deferral election will terminate, or contribution credits to a
Participant’s Account will cease, if the Administrator or the Committee determines that the Participant is no longer eligible to participate in the Plan or that revocation of a Participant’s eligibility is necessary or desirable in order
for the Plan to qualify under ERISA as a plan of deferred compensation for a select group of management or highly compensated employees. 
  

 15 

 ARTICLE IV. ACCOUNTING AND HYPOTHETICAL INVESTMENT ELECTIONS 
 Section 4.01. Investment Options. 
 The Administrator may designate two or more Investment Options. The Administrator’s designation of an Investment Option does not imply any obligation on the part of the Participating Employers to set aside or otherwise invest funds in
the designated Investment Option. The Investment Option serves merely as a device for determining the amount of deemed investment gain or loss to be credited or charged to the Participant’s Account. Further, the Administrator may at any time
modify the roster of available Investment Options, including the elimination of any Investment Option that was previously available under the Plan. 
 Section 4.02. Participant Investment Elections. 
 (a) This Section applies to the deemed investment of a
Participant’s Account, other than the portion attributable to Restricted Stock Deferrals. The portion of a Participant’s Account that is attributable to Restricted Stock Deferrals is deemed to be invested in Stock Units, and the
Participant is not permitted to exercise investment discretion with respect to this portion. 
 (b) In accordance with uniform rules
prescribed by the Administrator, which shall permit Participants to make investment directions at least annually, each Participant shall designate, in writing or in such other manner as the Administrator may prescribe, how his or her Account (other
than the portion of the Account attributable to Restricted Stock Deferrals) shall be deemed to be invested among the Investment Options. A Participant’s investment designation, when effective, shall operate both (i) to reallocate the
Participant’s existing Account balance (other than the portion of the Account attributable to Restricted Stock Deferrals) in the percentages specified by the Participant in his or her investment election, and (ii) as a direction with
respect to the deemed investment of future Deferrals or other credits (other than Restricted Stock Deferrals) made while the designation is in effect. If the Participant fails to make a timely and complete investment designation, he or she shall be
deemed to have elected that 100% of his or her Account credited to the default Investment Option specified by the Administrator. 
 (c) When
selecting more than one Investment Option, the Participant shall designate, in whole multiples of 1% or such other percentage determined by the Administrator, the percentage of his or her eligible Account (and of future eligible Deferrals or
credits) to be allocated to each Investment Option. 
  

 16 

 (d) A Participant’s investment election or deemed investment election shall become effective on the
date established by the Administrator for this purpose, and shall remain in effect unless and until modified by a subsequent election that becomes effective in accordance with the rules of this Section. 
 (e) Other than a reallocation of a Participant’s eligible Account pursuant to a revised investment election submitted by the Participant, the deemed
investment allocation of a Participant will not be adjusted to reflect differences in the relative investment return realized by the various hypothetical Investment Options that the Participant has designated, i.e., the Participant’s Account
will not be periodically “rebalanced” to return the investment allocation of the Participant’s account to the investment allocation in effect on the effective date of the Participant’s most recent investment election. 

Section 4.03. Allocation of Deemed Investment Gain or Loss. 
 As of the last day of each calendar quarter, or at such other times as the Administrator may prescribe (each, a “Valuation Date”), the Account of each Participant will be credited (or charged) based upon the
investment gain (or loss) that the Participant would have realized with respect to his or her Account since the immediately preceding Valuation Date had the Account been invested in accordance with the terms of the Plan and the Participant’s
actual or deemed investment election. 
 Section 4.04. Accounts are For Record Keeping Purposes Only. 
 Plan Accounts and the record keeping procedures described herein serve solely as a device for determining the amount of benefits accumulated by a
Participant under the Plan, and shall not constitute or imply an obligation on the part of a Participating Employer to fund such benefits. In any event, a Participating Employer may, in its discretion, set aside assets and/or contribute to a trust
assets equal to part or all of such account balances and invest such assets in life insurance or any other investment deemed appropriate. Any such assets held by a Participating Employer or in a trust shall be and remain the sole property of the
Participating Employer or the trust, as applicable, and a Participant shall have no proprietary rights of any nature whatsoever with respect to such assets. 
  

 17 

 ARTICLE V. DISTRIBUTION OF ACCOUNTS 
 Section 5.01. Distribution of Account. 
 Distribution of a Participant’s vested Account will be made, in accordance with this Article V, following the date on which the Participant incurs a Separation from Service. The manner in which a Participant’s Account will be
distributed depends on whether the Participant has attained age fifty-five (55) on or prior to the date on which the Participant incurs a Separation from Service. 
 (a) If the Participant incurs a Separation from Service prior to attaining fifty-five (55) years of age, the Participant’s vested Account will be distributed in a single sum cash payment notwithstanding any
contrary distribution election made by the Participant in accordance with Section 5.02 below. For purposes of determining the cash portion of such distribution, the Participant’s vested Account balance will be valued as of the Valuation
Date that is coincident with or immediately preceding the six (6) month anniversary of the Participant’s Separation from Service, and payment will be made thirty (30) days following such six (6) month anniversary. Distribution
shall be made in cash, except that with respect to the portion of the Participant’s Account that is attributable to Restricted Stock Deferrals, the Participant shall receive one (1) share of Harley-Davidson, Inc. common stock for each
whole Stock Unit credited to the Participant’s Account, and cash in lieu of any fractional Stock Unit. 
 (b) If the Participant’s
Separation from Service occurs on or after the Participant’s attainment of fifty-five (55) years of age, the Participant’s vested Account balance will be distributed in one (1) to fifteen (15) annual installments, as elected
by the Participant in accordance with Section 5.02 below. The first installment will be paid thirty (30) days following the six (6) month anniversary of the Participant’s Separation from Service. Each subsequent installment shall
be made in June of each calendar year, subsequent to the year the initial installment was paid, during the installment period. Distributions shall be made in cash, except that with respect to the portion of any installment that is attributable to
the Participant’s Restricted Stock Deferrals, the Participant shall receive one (1) share of Harley-Davidson, Inc. common stock for each whole Stock Unit that is being settled/distributed, and cash in lieu of any fractional Stock Unit. The
cash portion of a Participant’s annual distribution amount shall be determined by dividing (A) the Participant’s 

  

 18 

 
aggregate vested balance in the Account (other than the portion attributable to Restricted Stock Deferrals) as of the Valuation Date immediately preceding
the installment distribution date by (B) the number of installment payments remaining to be made under the distribution period selected by the Participant. The stock portion of the Participant’s annual distribution amount shall be
determined by dividing (A) the Participant’s vested Stock Units in the Account by (B) the number of installment payments remaining to be made under the distribution period selected by the Participant. During the installment payment
period, the undistributed Account will continue to be credited or charged with deemed investment gains or losses in the same way that deemed gains or losses are credited or charged while the Participant is employed. 
 Section 5.02. Distribution Election. 
 (a) Distribution Election. A Participant shall elect the number of annual installments, from one (1) to fifteen (15), over which his or her Account is to be distributed following the Participant’s Separation from Service.
The election shall be in such form as the Administrator shall prescribe. 
 (b) Timing of Distribution Election and Default Distribution
Election. An Eligible Employee shall make a distribution election at the same time as the Participant first makes a Deferral election under the Plan. A Participant who fails to make a distribution election shall be deemed to have elected
distribution in ten (10) annual installments. Except as described in subsection (c) below, a Participant’s election or deemed distribution election is irrevocable. 
 (c) Modification of Distribution Election. On or before December 31, 2008, a Participant may revise his or her distribution election or
deemed distribution election; provided that a revised distribution election made during calendar years 2006, 2007 or 2008 will not be given effect, and the Participant’s immediately prior valid distribution election (or deemed election) will
continue in effect, if the revised election would operate to cause amounts that would otherwise be distributable in the calendar year in which the revised distribution election is made to be deferred for distribution in a subsequent calendar year,
or to cause amounts that would otherwise be distributable in a subsequent calendar year to become distributable in the calendar year in which the revised election is made. A Participant’s distribution election as in effect on December 31,
2008, shall be irrevocable. 
  

 19 

 (d) Effectiveness of Distribution Election. A Participant’s distribution election will be
given effect only if the Participant’s Separation from Service occurs on or after the date on which the Participant attains age fifty-five (55). If the Participant’s Separation from Service occurs prior to attainment of age fifty-five
(55), the Participant’s distribution election will be null and void, and the Participant’s vested Account will be distributed, in accordance with Section 5.01(a), in a single payment. 
 (e) Distribution Election Procedures. A distribution election (or through December 31, 2008, modified distribution election) shall be deemed
made only when it is received and accepted as complete by the Administrator. 
 (f) Acceleration of Payments. Notwithstanding any
other provision of the Plan, if the Administrator determines that all or any portion of a Participant’s Account is required to be included in the Participant’s income as a result of a failure to comply with the requirements of Code
Section 409A and the regulations promulgated thereunder, the Company or applicable Affiliate shall immediately make distribution from the Plan to the Participant or Beneficiary, in one lump sum, of the amount (but not exceeding the amount) that
is so taxable. 
 Section 5.03. Death Benefit Payments. 
 (a) Death Prior to Separation from Service. Upon the death of a Participant prior to the Participant’s Separation from Service, the
Participant’s Beneficiary will receive a single sum benefit equal to the Participant’s vested undistributed Account balance, the cash portion of which shall be valued as of the Valuation Date coincident with or immediately preceding the
date of the Participant’s death. The distribution will be made within ninety (90) days following the Participant’s death. Distribution shall be made in cash, except that with respect to the portion of the Participant’s Account
that is attributable to Restricted Stock Deferrals, the Beneficiary shall receive one (1) share of Harley-Davidson, Inc. common stock for each whole Stock Unit credited to the Participant’s Account, and cash in lieu of any fractional Stock
Unit. 
  

 20 

 (b) Death After Separation from Service. Upon the death of a Participant following the
Participant’s Separation from Service but prior to completion of distribution of the Participant’s vested Account, the Participant’s Beneficiary will receive a single sum benefit equal to the Participant’s undistributed vested
Account balance, the cash portion of which shall be valued as of the Valuation Date coincident with or immediately preceding the date of the Participant’s death. The distribution will be made within ninety (90) days following the
Participant’s death. Distribution shall be made in cash, except that with respect to the portion of the Participant’s Account that is attributable to Restricted Stock Deferrals, the Beneficiary shall receive one (1) share of
Harley-Davidson, Inc. common stock for each whole Stock Unit credited to the Participant’s Account, and cash in lieu of any fractional Stock Unit. 
 Section 5.04. Hardship Withdrawals. 
 A Participant who has incurred an “unforeseeable
emergency” may request, and the Administrator may (but need not) approve a distribution of part or all of the Participant’s vested Account balance, in accordance with and subject to the limitations set forth in this Section. An
“unforeseeable emergency” means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or the Participant’s dependent (as defined in Code
Section 152(a) without regard to Sections 152(b)(1), (b)(2), and (d)(1)(B)), loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the
control of the Participant. The amount authorized by the Administrator for distribution with respect to an emergency may not exceed the amounts necessary to satisfy the emergency plus amounts necessary to pay taxes reasonably anticipated as a result
of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets, to the extent that liquidation
of such assets would not itself cause severe financial hardship. 
  

 21 

 Section 5.05. Automatic Single Sum Distribution. 
 In the case of any Participant or Beneficiary whose vested Account (when added to the balance of any other account under a non-qualified deferred
compensation arrangement that is required to be aggregated with this Plan under Code Section 409A) has a value equal to or less than the applicable dollar amount under Code Section 402(g)(1)(B), e.g., $15,500 for 2008, the Account will be
distributed in the form of a single sum payment on the date on which distributions would otherwise commence, and such single sum payment shall be in lieu of any installment distribution period that would otherwise apply. Distribution shall be made
in cash, except that with respect to the portion of the Participant’s Account that is attributable to Restricted Stock Deferrals, the Participant shall receive one (1) share of Harley-Davidson, Inc. common stock for each whole Stock Unit
credited to the Participant’s Account, and cash in lieu of any fractional Stock Unit. 
 Section 5.06. Acceleration of Payments
Upon a Change of Control. 
 Notwithstanding anything herein to the contrary, upon a change of control event (within the meaning of Code
Section 409A), the vested Account of each Participant shall be paid to the Participant or Beneficiary, as applicable, as soon as practicable, but in no event more than 30 days, after the change of control event in a single sum payment,
regardless of any distribution election then in effect. 
  

 22 

 ARTICLE VI. GENERAL PROVISIONS 
 Section 6.01. Administration. 
 The Administrator shall administer and interpret the Plan and supervise preparation of Participant elections, forms, and any amendments thereto. The Administrator may, in its discretion, delegate any or all of its authority and
responsibility, and to the extent of any such delegation, any references herein to the Administrator shall be deemed references to such delegee; provide that any such delegee shall not act in any non-ministerial fashion in a matter affecting the
delegee’s own participation or interest in the Plan. Interpretation of the Plan shall be within the sole discretion of the Administrator or the Committee and shall be final and binding upon each Participant and Beneficiary. The Administrator or
the Committee may adopt and modify rules and regulations relating to the Plan as it deems necessary or advisable for the administration of the Plan. Further, the Administrator shall not act in any non-ministerial fashion in any matter that affects
one or more of the members of the committee that is the Administrator (unless such action affects all Participants uniformly) and any such action will be taken or decision made by the Committee. 
 Section 6.02. Restrictions to Comply with Applicable Law. 
 Notwithstanding any other provision of the Plan, the Participating Employers shall have no obligation to make any payment under the Plan unless such payment is in accordance with the terms of the Plan and will comply
with all applicable laws and the applicable requirements of any securities exchange or similar entity. The Administrator or the Committee shall have the right to restrict any transaction, or impose other rules and requirements, to the extent it
deems necessary or desirable in order to comply with any law or exemption. 
 Section 6.03. Claims Procedures. 
 (a) If a Participant or Beneficiary (the “claimant”) believes that he is entitled to a benefit under the Plan that is not provided, the
claimant or his or her legal representative shall file a written claim for such benefit with the Administrator, not later than ninety (90) days after the payment (or first payment) is made (or should have been made) in accordance with the terms
of the Plan or in 

  

 23 

 
accordance with regulations issued by the Secretary of the Treasury under Code Section 409A. Any such claim shall be filed in writing stating the nature
of the claim, and the facts supporting the claim, the amount claimed and the name and address of the claimant. The Administrator shall review the claim. If the Administrator denies the claim, it shall deliver, within one hundred thirty-five
(135) days of the date the first payment was made (or should have been made) in accordance with the terms of the Plan or in accordance with regulations issued by the Secretary of the Treasury under Code Section 409A, a written notice of
such denial decision. If the claimant’s claim is denied in whole or part, the Administrator shall provide written notice to the claimant of such denial. The written notice shall include the specific reason(s) for the denial; reference to
specific Plan provisions upon which the denial is based; a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and a description
of the Plan’s review procedures (as set forth in subsection (b)) and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an
adverse determination upon review. 
 (b) The claimant has the right to appeal the Administrator’s decision by filing a written appeal
to the Administrator within 180 days after the payment (or first payment) is made (or should have been made) in accordance with the terms of the Plan or in accordance with regulations issued by the Secretary of the Treasury under Code
Section 409A. The claimant will have the opportunity, upon request and free of charge, to have reasonable access to and copies of all documents, records and other information relevant to the claimant’s appeal. The claimant may submit
written comments, documents, records and other information relating to his or her claim with the appeal. The Administrator will review all comments, documents, records and other information submitted by the claimant relating to the claim, regardless
of whether such information was submitted or considered in the initial claim determination. The Administrator shall make a determination on the appeal within 60 days after receiving the claimant’s written appeal; provided that the Administrator
may determine that an additional 60-day extension is necessary due to circumstances beyond the Administrator’s control, in which event the Administrator shall notify the claimant prior to the end of the initial period that an extension is
needed, the reason therefor and the date by which the Administrator expects to render a decision. If the claimant’s appeal is denied in whole or part, the Administrator shall provide written notice to the claimant of such denial. The written
notice shall 

  

 24 

 
include the specific reason(s) for the denial; reference to specific Plan provisions upon which the denial is based; a statement that the claimant is
entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records, and other information relevant to the claimant’s claim; and a statement of the claimant’s right to bring a civil action under
Section 502(a) of ERISA. 
 Section 6.04. Participant Rights Unsecured. 
 (a) Unsecured Claim. The right of a Participant or the Participant’s Beneficiary to receive a distribution hereunder shall be an unsecured
claim, and neither the Participant nor any Beneficiary shall have any rights in or against any amount credited to his or her Account or any other specific assets of a Participating Employer. The right of a Participant or Beneficiary to the payment
of benefits under this Plan shall not be assigned, encumbered, or transferred, except by will or the laws of descent and distribution. The rights of a Participant hereunder are exercisable during the Participant’s lifetime only by the
Participant or his or her guardian or legal representative. 
 (b) Contractual Obligation. The Company may authorize the creation of a
trust or other arrangements to assist it in meeting the obligations created under the Plan. However, any liability to any person with respect to the Plan shall be based solely upon any contractual obligations that may be created pursuant to the
Plan. No obligation of a Participating Employer shall be deemed to be secured by any pledge of, or other encumbrance on, any property of a Participating Employer. Nothing contained in this Plan and no action taken pursuant to its terms shall create
or be construed to create a trust of any kind, or a fiduciary relationship between a Participating Employer and any Participant or Beneficiary, or any other person. 
 Section 6.05. Distributions for Tax Withholding and Payment. 
 (a) Notwithstanding the time or
schedule of payments otherwise applicable to the Participant, the Administrator may direct that distribution from a Participant’s vested Account be made (i) to pay the Federal Insurance Contributions Act (FICA) tax imposed under Code
Sections 3101, 3121(a) and 3121(v)(2) with respect to compensation deferred under the Plan, (ii) to pay the income tax at source on wages imposed under Code Section 3401 or the corresponding withholding provisions of applicable state,
local, or foreign tax laws as a result of the payment of FICA taxes, and (iii) to pay the additional income tax at source on wages attributable to the “pyramiding” of Code Section 3401 wages and taxes; provided that the total
amount distributed under this provision must not exceed the aggregate of the FICA tax and the income tax withholding related to such FICA tax. 
  

 25 

 (b) The amount actually distributed to the Participant in accordance with the time or schedule of
payments applicable to the Participant will be reduced by applicable tax withholding except to the extent such withholding requirements previously were satisfied in accordance with subsection (a) above. 
 Section 6.06. Amendment or Termination of Plan. 
 (a) There shall be no time limit on the duration of the Plan. 
 (b) The Board may at any time amend the
Plan, including but not limited to modifying the terms and conditions applicable to (or otherwise eliminating) Deferrals or contribution credits to be made on or after the amendment date; provided, however, that no amendment or termination may
reduce or eliminate any Account balance accrued to the date of such amendment or termination (except as such Account balance may be reduced as a result of investment losses allocable to such Account). 
 (c) The Board may terminate the Plan at any time. Upon termination of the Plan, Accounts may be paid to Participants and Beneficiaries in a single sum
payment, without regard to any distribution election then in effect, but only if the following are met: 
  

	 	(i)	The Board terminates the Plan within twelve (12) months of a corporate dissolution taxed under Code Section 331, or with the approval of a bankruptcy court pursuant to 11
U.S.C. §503(b)(1)(A), and the amounts accrued under the Plan but not yet paid are distributed to the Participants or Beneficiaries, as applicable, by the latest of: (A) the last day of the calendar year in which the Plan termination and
liquidation occurs, (B) the last day of the calendar year in which the amount is no longer subject to a substantial risk of forfeiture, or (C) the last day of the first calendar year in which payment is administratively practicable.

  

 26 

	 	(ii)	The Board terminates the Plan at any time during the period that begins thirty (30) days prior and ends twelve (12) months following a change of control event (within the
meaning of Code Section 409A), provided that all arrangements required to be aggregated with the Plan (within the meaning of Code Section 409A) sponsored by the Company or an Affiliate are terminated and liquidated with respect to each
Participant that experienced the change of control event, so that all participants under similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the date
of termination of the arrangements. 

  

	 	(iii)	The Board terminates the Plan at any other time, provided that such termination does not occur proximate to a downturn in the financial health of the Company or an Affiliate. In
such event, all amounts accrued under the Plan but not yet paid will be distributed to all Participants or Beneficiaries, as applicable, no earlier than twelve (12) months (and no later than twenty-four (24) months) after the date of
termination. This provision shall not be effective unless all other plans required to be aggregated with this Plan under Code Section 409A are also terminated and liquidated. Notwithstanding the foregoing, any payment that would otherwise be
paid during the twelve (12)-month period beginning on the Plan termination date pursuant to the terms of the Plan shall be paid in accordance with such terms. In addition, the Company or any Affiliate shall be prohibited from adopting a similar
arrangement within three (3) years following the date of the Plan’s termination, unless any individual who was a Participant under this Plan is excluded from participating thereunder for such three (3) year period.

  

 27 

 Except as provided in Paragraphs (i), (ii) and (iii) above or as otherwise permitted in regulations promulgated
by the Secretary of the Treasury under Code Section 409A, any action that purports to terminate the Plan shall instead be construed as an amendment to discontinue further benefit accruals, but the Plan will continue to operate, in accordance
with its terms as from time to time amended and in accordance with applicable Participant elections, with respect to the Participant’s benefit accrued through the date of termination, and in no event shall any such action purporting to
terminate the Plan form the basis for accelerating distributions to Participants and Beneficiaries. 
 Section 6.07. Administrative
Expenses. 
 Costs of establishing and administering the Plan will be paid by the Participating Employers. 
 Section 6.08. Successors and Assigns. 
 This Plan shall be binding upon and inure to the benefit of the Participating Employers, their successors and assigns and the Participants and their heirs, executors, administrators, and legal representatives. 
 Section 6.09. Right of Offset. 
 The Participating Employers shall have the right to offset from the benefits payable hereunder (and at the time such benefit would otherwise be payable) any amount that the Participant owes to the Company or an Affiliate or other entity in
which the Company or an Affiliate maintains an ownership interest. The offset shall be applied so as to include, but shall not be limited to, any fines, penalties, damages or any other amounts (including attorneys’ fees) imposed on or paid by
the Company or Affiliate as a result of any conduct of the Participant during the Participant’s employment. The Company may effectuate the offset without the consent of the Participant (or the Participant’s spouse or Beneficiary, in the
event of the Participant’s death). 
  

 28 

 Section 6.10. 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 or any Affiliate. 
 Section 6.11. Miscellaneous Distribution Rules. 
 (a) Accelerated Distribution Following Section 409A Failure. If an amount under this Plan is required to be included in a Participant’s income under Code Section 409A prior to the date such
amount is actually distributed, the Participant shall receive a distribution, in a lump sum, within ninety (90) days after the date it is finally determined that the Plan fails to meet the requirements of Code Section 409A. The
distribution shall equal the amount required to be included in the Participant’s income as a result of such failure. 
 (b) Permitted
Delay in Payment. If a distribution required under the terms of this Plan would jeopardize the ability of the Company or of an Affiliate to continue as a going concern, the Company or the Affiliate shall not be required to make such
distribution. Rather, the distribution shall be delayed until the first date that making the distribution does not jeopardize the ability of the Company or of an Affiliate to continue as a going concern. Further, if any distribution pursuant to the
Plan will violate the terms of Section 16(b) of the Securities Exchange Act of 1934 or other Federal securities laws, or any other applicable law, then the distribution shall be delayed until the earliest date on which making the distribution
will not violate such law. 
 (c) Disregard of Six Month Delay. Notwithstanding anything herein to the contrary, if at the time of a
Participant’s Separation from Service, the stock of Harley-Davidson, Inc. or any other related entity that is considered a “service recipient” within the meaning of Section 409A of the Code is not traded on an established
securities market or otherwise, then the provisions of the Plan requiring that payments be delayed for six months shall cease to apply. In such event, the payment (if a lump sum) or initial payment (if installments) shall be made within ninety
(90) days following the event triggering the benefit payment(s). 
  

 29 

			
	 HARLEY-DAVIDSON MOTOR
 MOTOR GROUP,
INC.

		
	By:	 	 
	Title:	 	 
	Date:	 	 

  

 30Director Stock Plan

 Exhibit 10.3 
 HARLEY-DAVIDSON, INC. 
 DIRECTOR STOCK PLAN 
 (As Amended and Restated Effective January 1, 2009) 
 ARTICLE I 
 Purpose 
 The purpose of the Harley-Davidson, Inc. Director Stock Plan is to facilitate payment of compensation to nonemployee directors in the form of Common
Stock of Harley-Davidson, Inc. or in a form the value of which is based upon the value of Common Stock of Harley-Davidson, Inc. Such payment should provide a method for nonemployee directors to meet the requirements of the Director and Senior
Executive Stock Ownership Guidelines for Harley-Davidson, Inc. and an increased incentive for nonemployee directors to contribute to the future success and prosperity of Harley-Davidson, Inc. We believe this will, in turn, enhance the value of the
stock for the benefit of the shareholders, and increase the ability of Harley-Davidson, Inc. to attract and retain directors of exceptional skill upon whom, in large measure, its sustained 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. Affiliate: Each corporation, trade or business that, with the Company, forms part of a controlled group of corporations or group of trades or
businesses under common control within the meaning of Code Sections 414(b) or (c); provided that for purpose of determining when an Outside Director has incurred a Separation from Service, the phrase “at least fifty percent (50%)” shall be
used in place of “at least eighty percent (80%)” each place it appears in Code Section 414(b) and (c) and the regulations thereunder. 
 2.2. Annual Retainer Fee: The annual retainer fee then in effect for service by an Outside Director as a director, board committee chair and/or committee member, excluding grants of “Share Units”
pursuant to Article IX hereof. 
 2.3. Board: The Board of Directors of the Company. 
 2.4. Change of Control Event: 
 a. For purposes of Section 8.4, a change of control event as defined in Schedule A. 

 b. For purposes of Sections 8.5 and 9.6, a change of control event as defined in
regulations promulgated by the Secretary of the Treasury for purposes of Code Section 409A, with respect to Harley-Davidson, Inc. 
 2.5. Code: The Internal Revenue Code of 1986, as amended. 
 2.6. Committee: The Nominating and Corporate Governance
Committee of the Board; provided that if any member of the Nominating and Corporate Governance Committee is not a Disinterested Person, the Committee shall be comprised of only those members of the Nominating and Corporate Governance Committee who
are Disinterested Persons. 
 2.7. Common Stock: The common stock of the Company. 
 2.8. Company: Harley-Davidson, Inc. 
 2.9. Deferral Election: An election by an Outside Director to defer receiving all or any portion of the shares of Common Stock that would otherwise be transferred to such Outside Director pursuant to a Share Election. 
 2.10. Disinterested Persons: Nonemployee directors within the meaning of Rule 16b-3 as promulgated under the Securities Exchange Act of 1934, as
amended. 
 2.11. Fair Market Value: (From and after February 14, 2007) On the date as of which Fair Market Value is being
determined, if the Common 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 Common Stock occur on the date in question, on the last
preceding date on which there was a sale on such exchange. 
 2.12. Option: A stock option granted under the Plan. 
 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 Director: Each member of the Board who is not also an employee of the Company or any Subsidiary (including members of the Committee). 
 2.16. Plan: The Harley-Davidson, Inc. Director Stock Plan. 
 2.17. Separation from Service: The date on which an Outside Director ceases service as a director of the Company and all Affiliates, provided that such cessation of service constitutes a separation from service
for purposes of Code Section 409A. 
  

 -2- 

 2.18. Share Accounts. An Outside Director’s Deferral Share Account and/or Grant Share
Account; provided, however, that an Outside Director’s Deferral Share Account shall consist of the following subaccounts (as applicable): 
 a. Pre-2005 Deferral Share Account. The portion of an Outside Director’s Deferral Share Account that is attributable to shares of Common Stock that would have been paid to the Outside Director prior to
January 1, 2005 except for the Outside Director’s Deferral Election, together with any additional Share Units credited as a result of deemed dividends on the Share Units credited to the subaccount. 
 b. Post-2004 Deferral Share Account. The portion of an Outside Director’s Deferral Share Account that is attributable to
shares of Common Stock that would otherwise be paid to the Outside Director after December 31, 2004 except for the Outside Director’s Deferral Election, together with any additional Share Units credited as a result of deemed dividends on
the Share Units credited to the subaccount. 
 2.19. Share Election: An election by an Outside Director to receive either 50% or 100%
of his or her Annual Retainer Fee in the form of Common Stock (subject to any Deferral Election by an Outside Director), with the receipt of such shares of Common Stock to be in lieu of any cash payment for that portion of his or her Annual Retainer
Fee; provided, however, that if, at the time an Annual Retainer Fee is payable, an Outside Director satisfies, through the ownership of Common Stock and/or Share Units credited to his or her Share Accounts, the stock ownership guidelines for
directors then in effect that the Board or any committee of the Board has established, then the Outside Director may make a Share Election to receive 0% of such Annual Retainer Fee in the form of Common Stock. 
 2.20. Share Unit: A hypothetical share of Common Stock. 
 2.21. 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 Company. 
 2.22. Termination Date: The day preceding the tenth anniversary of the
date on which the Option is granted. 
 ARTICLE III 
 Administration 
 3.1. The Committee: The Committee shall administer the Plan and shall have
full power to 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. Actions Final: 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- 

 ARTICLE IV 
 Shares Subject to the Plan 
 4.1. The total number of shares of Common Stock available for delivery
under the Plan shall be 200,000 as of May 2, 1998 (after giving effect to a 2-for-1 stock split effected in 2000). The foregoing amount shall be subject to adjustment in accordance with Article X 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 Options shall be available for future grants of Options. Shares of Common Stock to be delivered under the Plan shall
be made available solely from authorized and issued shares of Common Stock reacquired and held as treasury shares. In no event shall the Company be required to deliver fractional shares of Common Stock under the Plan. Whenever under the terms of the
Plan a fractional share of Common Stock would otherwise be required to be delivered, there shall be delivered in lieu thereof one full share of Common Stock. Payments in respect of an Outside Director’s Share Accounts that are made in cash
shall not reduce the number of shares of Common Stock available for delivery under the Plan. 
 ARTICLE V 
 Eligibility 
 5.1. Only Outside
Directors shall be entitled to participate in the Plan. 
 ARTICLE VI 
 Options 
 6.1. Option Grants: Prior to December 31, 2002, each
Outside Director who served as a member of the Board immediately following an annual meeting of shareholders of the Company was automatically granted on the first business day after such meeting (the “Annual Grant Date”) an Option for the
purchase of such number of shares of Common Stock (rounded up to the nearest multiple of 100) whose Fair Market Value on the Annual Grant Date equaled three (3) times the Optionee’s Annual Retainer Fee other than committee chair retainer
fees. No such Option shall be granted under the Plan after December 31, 2002. 
 6.2. 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. 
 6.3. Option Price: The Option Price shall be the Fair Market Value of a share of Common Stock on the Annual Grant Date. 
 6.4. Period of Exercise: Options shall be exercisable from and after the Annual Grant Date and shall terminate one year after the Optionee ceases to serve as a member of the Board for any reason, except that as to any Optionee who is
removed from the Board for cause in accordance with the Company’s Restated Articles of Incorporation, the Options held by the Optionee shall terminate immediately on such removal. In any event, no Option or portion thereof shall be exercisable
after the Termination Date. 
  

 -4- 

 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 provision (in a manner acceptable to the Committee) for payment of the full price of the shares being purchased pursuant to the Option and any withholding taxes due thereon. 
 6.6. Nontransferability of Options: Except as may be otherwise 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 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. 
 ARTICLE VII 
 Share Election 
 7.1. Share Election: 
 a. Initial Share Election. Within 30 days of the date on
which an Outside Director first becomes an Outside Director, the Outside Director shall make a Share Election that will specify the portion of the Outside Director’s Annual Retainer Fee that is to be paid in shares of Common Stock (subject to
any deferral by the Outside Director under Section 7.2 below) and the portion that is to be paid in cash (subject to any deferral by the Outside Director under the Company’s Deferred Compensation Plan for Nonemployee Directors (the
“Cash Deferral Plan”)). An Outside Director’s Share Election (i) must be in writing and delivered to the Treasurer of the Company, (ii) shall be effective with respect to the portion of the Outside Director’s Annual
Retainer Fee that will be earned on and after the date the Treasurer of the Company receives the Share Election, or as soon thereafter as is administratively practicable, and (iii) shall remain in effect from year-to-year thereafter unless
modified or revoked by a subsequent Share Election that becomes effective in accordance with the provisions hereof. If an Outside Director elects (or is deemed to have elected) to receive only 50% of his or her Annual Retainer Fee in the form of
shares of Common Stock, then the remaining 50% shall be paid in cash (subject to any deferral by the Outside Director under the Cash Deferral Plan). If an Outside Director who is entitled to do so elects to receive 0% of his or her Annual Retainer
Fee in the form of shares of Common Stock, then all of his or her Annual Retainer Fee shall be paid in cash (subject to any deferral by the Outside Director under the Cash Deferral Plan). If an Outside Director has not made a Share Election, the
Director will be deemed to have made a Share Election to receive 50% of his or her Annual Retainer Fee in the form of Common Stock. 
  

 -5- 

 b. Revised Share Election. Except to the extent that the Company is permitted and
elects to give earlier effect to an Outside Director’s modification or revocation to his or her Share Election in accordance with regulations promulgated by the Secretary of the Treasury under Code Section 409A, an Outside Director’s
Share Election, once effective with respect to a calendar year, may not be revoked or modified with respect to the Outside Director’s Annual Retainer Fee for that calendar year. An Outside Director may revoke or modify his or her then current
Share Election by filing a revised Share Election form, properly completed and signed, with the Treasurer of the Company. However, except to the extent that the Company is permitted and elects to give earlier effect to a Director’s revised
election in accordance with regulations promulgated by the Secretary of the Treasury under Code Section 409A, the revised Share Election will become effective on January 1 of the calendar year following the calendar year during which the
revised Share Election is received by the Treasurer of the Company, or as soon thereafter as is administratively practicable. An Outside Director’s revised Share Election, once effective, shall remain in effect until again modified by the
Outside Director or otherwise revoked in accordance with the provisions hereof. 
 7.2. Transfer of Shares: Subject to any Deferral
Election by an Outside Director, shares of Common Stock issuable to an Outside Director pursuant to a Share Election shall be transferred to such Outside Director as of the first business day following each annual meeting of the shareholders of the
Company, except that, for an Outside Director elected to the Board at a time other than at an annual meeting of the shareholders of the Company, shares of Common Stock issuable to the Outside Director pursuant to a Share Election shall be
transferred to such Outside Director as of the first business day following the first meeting of the Board or a committee of the Board that the Outside Director attends. The total number of shares of Common Stock to be so transferred shall be
determined by dividing (x) the dollar amount of the Annual Retainer Fee payable to which the Share Election applies, by (y) the Fair Market Value of a share of Common Stock on the day on which the Annual Retainer Fee is payable to the
Outside Director. 
 ARTICLE VIII 
 Deferral Elections 
 8.1. Deferral Election: Each Outside Director may make a Deferral Election to defer receiving
all, 50% or none of the shares of Common Stock that would otherwise be transferred to such Outside Director pursuant to a Share Election with respect to any Annual Retainer Fees otherwise earned after the effective date of the Deferral Election.

 a. Initial Deferral Election. An Outside Director may make a Deferral Election within 30 days of the date on which
an Outside Director first becomes an Outside Director. If an Outside Director has not made a Share Election during this period, the Director will be deemed to have made a Share Election to defer none of the shares covered by the Director’s
Share Election. An Outside Director’s Deferral Election (i) must be in writing and delivered to the Treasurer of the Company, and (ii) shall remain in effect from year-to-year thereafter unless modified or revoked by a subsequent
Deferral Election that becomes effective in accordance with the provisions hereof. 
  

 -6- 

 b. Revised Deferral Election. Except to the extent that the Company is permitted
and elects to give earlier effect to an Outside Director’s modification or revocation to his or her Deferral Election in accordance with regulations promulgated by the Secretary of the Treasury under Code Section 409A, an Outside
Director’s Deferral Election, once effective with respect to a calendar year, may not be revoked or modified for that calendar year. An Outside Director may revoke or modify his or her then current Deferral Election by filing a revised Deferral
Election form, properly completed and signed, with the Treasurer of the Company. However, except to the extent that the Company is permitted and elects to give earlier effect to a Director’s revised election in accordance with regulations
promulgated by the Secretary of the Treasury under Code Section 409A, the revised Deferral Election will become effective on January 1 of the calendar year following the calendar year during which the revised Deferral Election is received
by the Treasurer of the Company, or as soon thereafter as is administratively practicable. An Outside Director’s revised Deferral Election, once effective, shall remain in effect until again modified by the Outside Director or otherwise revoked
in accordance with the provisions hereof. 
 8.2. Deferral Share Accounts: An Outside Director who makes a Deferral Election shall
have the number of deferred shares of Common Stock (including fractions of a share) that would otherwise be transferred pursuant to Section 7.2 credited as whole and fractional Share Units, with fractional units calculated to four decimal
places, to a “Deferral Share Account” for the Outside Director, for recordkeeping purposes only. 
 8.3. Cash Dividends and
Deferral Share Accounts: Whenever cash dividends are paid by the Company on outstanding Common Stock, on the payment date therefor there shall be credited to the Outside Director’s Deferral Share Account a number of additional Share Units,
with fractional units calculated to four decimal places, equal to (i) the aggregate dividend that would be payable on outstanding shares of Common Stock equal to the number of Share Units credited to such Deferral Share Account on the record
date for the dividend, divided by (ii) the Fair Market Value of a share of Common Stock on the last business day immediately preceding the date of payment of the dividend. 
 8.4. Distribution of Pre-2005 Deferral Share Account: Upon cessation of an Outside Director’s service as a director of the Company for any
reason, or upon the occurrence of a Change of Control Event, the Company will make payments to the Outside Director (or, in case of the death of the Outside Director, to his or her beneficiary designated in accordance with Section 13.5 or, if
no such beneficiary is designated, to his or her estate), as compensation for prior service as a director, in respect of the Outside Director’s Pre-2005 Deferral Share Account. All payments in respect of the Pre-2005 Deferral Share Account
shall be made in shares of Common Stock by converting Share Units into Common Stock on a one-for-one basis. However, to the extent shares of Common Stock are not available for delivery under the Plan, the Committee may direct that all or any part of
the payments in respect of the Pre-2005 Deferral Share Account be made in cash rather than by delivery of Common Stock, in which case the cash payment shall be determined by multiplying the number of Share Units in the Pre-2005 Deferral Share
Account that are the subject of the cash payment by the Fair Market Value of a share of Common Stock on the last business day preceding the date on which payment is made. Similarly, any distribution payable under the Plan with respect to a fraction
of a Share Unit shall be made in cash, with the amount of the cash payment determined by multiplying the fractional Share Unit by the Fair Market Value of a share of Common Stock on the last business day preceding the date on which payment is made.

  

 -7- 

 a. Form of Payments: An Outside Director may elect to have payments in respect of
the Pre-2005 Deferral Share Account made either in (i) a single payment, or (ii) annual installments; provided, however, that if an Outside Director making a Deferral Election under the Plan has elected to defer cash compensation under the
Cash Deferral Plan, then that Outside Director must elect a payment option with respect to the Outside Director’s Pre-2005 Deferral Share Account under the Plan that provides the same timing of deferred payments as the payment option elected
with respect to the Outside Director’s Pre-2005 Deferred Benefit Account under the Cash Deferral Plan. Under the installment payment option, at the time an Outside Director makes his or her initial Deferral Election, or thereafter in accordance
with Plan rules, the Outside Director may select (subject to the proviso in the immediately preceding sentence) the number of years over which benefits are to be paid to the Outside Director, up to a maximum of 5 years, except that the number of
installments selected may not result in any one installment payment with respect to less than 100 Share Units. The payment option elected shall apply to the Outside Director’s entire Pre-2005 Deferral Share Account. The installment payment
option does not apply upon the occurrence of a Change of Control Event. An Outside Director who fails to make any payment election with respect to his or her Pre-2005 Deferral Share Account under the Plan and has not made a payment election with
respect to the Outside Director’s Pre-2005 Deferred Benefit Account under the Cash Deferral Plan shall be deemed to have elected the single payment option. An Outside Director who fails to make any payment election with respect to his or her
Pre-2005 Deferral Share Account under the Plan but has made a payment election with respect to the Outside Director’s Pre-2005 Deferred Benefit Account under the Cash Deferral Plan will be deemed to have elected under the Plan the same payment
option with respect to the Outside Director’s Pre-2005 Deferral Share Account that he or she has made with respect to his or her Pre-2005 Deferred Benefit Account under the Cash Deferral Plan. If at the time of the cessation of an Outside
Director’s service there exists a conflict in the payment options that the Outside Director elected with respect to the Pre-2005 Deferral Share Account under the Plan and the Outside Director’s payment election with respect to his or her
Pre-2005 Deferred Benefit Account under the Cash Deferral Plan, then that Outside Director will be deemed to have made a payment election with respect to his or her Pre-2005 Deferral Share Account under the Plan that provides the same timing of
deferred payments as the payment option that the Outside Director elected with respect to his or her Pre-2005 Deferred Benefit Account under the Cash Deferral Plan. 
 b. If the Outside Director has elected the single payment option, then the Company will make payment to the Outside Director in respect of
the number of Share Units credited to the Outside Director’s Pre-2005 Deferral Share Account within 30 days after the end of the calendar quarter in which the Outside Director ceases service as a director of the Company. In addition, the
Company will make payment to the Outside Director in respect of the number of Share Units credited to the Outside Director’s Pre-2005 Deferral Share Account promptly upon the occurrence of a Change of Control Event. 
  

 -8- 

 c. If the Outside Director has elected the installment payment option, then the first
installment will be made within 30 days after the end of the calendar quarter in which the Outside Director ceases service as a director of the Company, and each subsequent installment shall be paid in July of each calendar year following the
calendar year in which the first installment is paid to the Outside Director during the installment period. The annual installment payment amount for any calendar year shall be initially determined by dividing the number of Share Units credited to
the Outside Director’s Pre-2005 Deferral Share Account as of January 1 of the year for which the payment is being made and for which such an election is in effect by the number of installment payments remaining to be made, and then
rounding the quotient obtained for all but the final installment to the next lowest whole number. 
 d. Changes by an Outside
Director in the payment option elected and/or in the number of years in the installment payment period (not to exceed 5 years) shall be in writing and filed with the Treasurer of the Company not less than 12 months before the date the Outside
Director ceases service as a director of the Company for any reason. If a change is requested less than 12 months in advance of the date the Outside Director ceases service as a director of the Company for any reason, then the Outside
Director’s previous valid election of a form of payment shall be given effect. 
 8.5. Distribution of Post-2004 Deferral Share
Account. Upon an Outside Director’s Separation from Service for any reason, or upon the occurrence of a Change of Control Event, the Company will make payments to the Outside Director (or, in case of the death of the Outside Director, to
his or her beneficiary designated in accordance with Section 13.5 or, if no such beneficiary is designated, to his or her estate), as compensation for prior service as a director, in respect of the Outside Director’s Post-2004 Deferral
Share Account. All payments in respect of the Post-2004 Deferral Share Account shall be made in shares of Common Stock by converting Share Units into Common Stock on a one-for-one basis. However, to the extent shares of Common Stock are not
available for delivery under the Plan, the Committee may direct that all or any part of the payments in respect of the Post-2004 Deferral Share Account be made in cash rather than by delivery of Common Stock, in which case the cash payment shall be
determined by multiplying the number of Share Units in the Post-2004 Deferral Share Account that are the subject of the cash payment by the Fair Market Value of a share of Common Stock on the last business day preceding the date on which payment is
made. Similarly, any distribution payable under the Plan with respect to a fraction of a Share Unit shall be made in cash, with the amount of the cash payment determined by multiplying the fractional Share Unit by the Fair Market Value of a share of
Common Stock on the last business day preceding the date on which payment is made. 
 a. Form of Payments: At the time
that an Outside Director first makes a post-2004 Deferral Election under this Plan or first makes a post-2004 deferral election under the Cash Deferral Plan, whichever occurs earlier, the Outside Director shall make a payment election which shall
govern distribution of both the Outside Director’s Post-2004 Deferral Share Account under this Plan and the Outside Director’s Post-2004 Deferred Benefit Account under the Cash Deferral Plan. In such payment election, the Outside Director
may elect to have payments made either in (i) a single payment, or (ii) annual installments. Under the installment payment option, the Outside Director may select the number of years over which benefits are to be paid to the Outside
Director, up to a maximum of 5 years, except that the number of installments selected may not result in any one installment payment with respect to less than 100 Share Units. The payment option elected shall apply to the Outside Director’s

  

 -9- 

 
entire Post-2004 Deferral Share Account under this Plan and the Outside Director’s entire Post-2004 Deferred Benefit Account under the Cash Deferral
Plan. The installment payment option does not apply upon the occurrence of a Change of Control Event. An Outside Director who fails to make a payment election shall be deemed to have elected the single payment option. Prior to January 1, 2009,
an Outside Director may change his or her payment election by filing a revised payment election form, properly completed and signed, with the Treasurer of the Company; provided that a revised election submitted during calendar year 2006, 2007 or
2008 may not operate to defer into a subsequent calendar year the distribution of amounts that otherwise would have been paid in the calendar year in which the revised election is submitted, or to accelerate into the calendar year in which the
revised election is submitted amounts that otherwise were scheduled for distribution in a subsequent calendar year. Changes in a payment election are not permitted on or after January 1, 2009. 
 b. If the Outside Director has elected the single payment option, then the Company will make payment to the Outside Director in respect of
the number of Share Units credited to the Outside Director’s Post-2004 Deferral Share Account within 30 days after the end of the calendar quarter in which occurs the Outside Director’s Separation from Service. In addition, the Company
will make payment to the Outside Director in respect of the number of Share Units credited to the Outside Director’s Post-2004 Deferral Share Account within 30 days following the occurrence of a Change of Control Event. 
 8.6. If the Outside Director has elected the installment payment option, then the first installment will be made within 30 days after the end of the
calendar quarter in which occurs the Outside Director’s Separation from Service, and each subsequent installment shall be paid in July of each calendar year following the calendar year in which the first installment is paid to the Outside
Director during the installment period. The annual installment payment amount for any calendar year shall be initially determined by dividing the number of Share Units credited to the Outside Director’s Post-2004 Deferral Share Account as of
January 1 of the year for which the payment is being made and for which such an election is in effect by the number of installment payments remaining to be made, and then rounding the quotient obtained to the next lowest whole number; provided
that the final installment shall be the entire remaining undistributed balance. 
 8.7. Hardship Payments: The Committee may, in its
sole discretion, upon the finding that an Outside Director has suffered an “unforeseeable emergency”, pay to the Outside Director part or all of his or her Deferral Share Account, as needed to meet the Outside Director’s need. An
“unforeseeable emergency” means a severe financial hardship to the Outside Director resulting from an illness or accident of the Outside Director, the Outside Director’s spouse, or the Outside Director’s dependent (as defined in
Code Section 152(a) without regard to Code Sections 152(b)(1), (b)(2) and (d)(1)(B)), loss of the Outside Director’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Outside Director. The amount authorized by the Committee for distribution with respect to an emergency may not exceed the amounts necessary to satisfy the emergency plus amounts necessary to pay taxes reasonably
anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Outside Director’s assets,
to the extent that liquidation of such assets would not itself cause severe financial hardship. 
  

 -10- 

 ARTICLE IX 
 Share Unit Grants 
 9.1. Share Unit Grants. Each Outside Director shall automatically be
granted Share Units under the Plan in the manner set forth in this Article IX. All grants of Share Units pursuant to this Article IX shall immediately vest in full on the date of grant. 
 9.2. Annual Share Unit Grants to Outside Directors. Beginning with the first annual meeting of shareholders held after April 28, 2006, each
Outside Director shall, as of the first business day following such annual meeting, receive a grant of such number of Share Units as the Board shall determine at the meeting of the Board coinciding with such annual meeting. 
 9.3. Grant of Share Units to Newly-Elected Outside Directors. Any person who is first elected as an Outside Director after April 29, 2006 at
a time other than at an annual meeting of the shareholders of the Company shall automatically be granted, as of the first business day following the first meeting of the Board or a committee of the Board that the Outside Director attends, a number
of Share Units equal to the number of Share Units last granted to each of the Outside Directors pursuant to Section 9.2. 
 9.4.
Grant Share Accounts: An Outside Director who receives a grant of Share Units pursuant to Section 9.2 or Section 9.3 shall have the number of Share Units granted to such Outside Director credited to a “Grant Share Account”
established for the Outside Director, for recordkeeping purposes only. 
 9.5. Cash Dividends and Grant Share Accounts: Whenever cash
dividends are paid by the Company on outstanding Common Stock, on the payment date therefor there shall be credited to the Outside Director’s Grant Share Account a number of additional Share Units, with fractional units calculated to four
decimal places, equal to (i) the aggregate dividend that would be payable on outstanding shares of Common Stock equal to the number of Share Units credited to such Grant Share Account on the record date for the dividend, divided by
(ii) the Fair Market Value of a share of Common Stock on the last business day immediately preceding the date of payment of the dividend. 
 9.6. Payments: Within 30 days after the end of the calendar quarter in which occurs an Outside Director’s Separation from Service for any reason, or upon the occurrence of a Change of Control Event, the Company will make a
payment to the Outside Director (or, in case of the death of the Outside Director, to his or her beneficiary designated in accordance with Section 13.5 or, if no such beneficiary is designated, to his or her estate), as compensation for prior
service as a director, in respect of the Outside Director’s Grant Share Account. All payments in respect of a Grant Share Account shall be made in a single sum in shares of Common Stock by converting Share Units into Common Stock on a
one-for-one basis. However, to the extent shares of Common Stock are not available for delivery under the Plan, the Committee may direct that all or any part of the payments in respect of a Grant Share Account be 

  

 -11- 

 
made in cash rather than by delivery of Common Stock, in which case the cash payment shall be determined by multiplying the number of Share Units in the
Grant Share Account that are the subject of the cash payment by the Fair Market Value of a share of Common Stock on the last business day preceding the date on which payment is made. Similarly, any distribution payable under the Plan with respect to
a fraction of a Share Unit shall be made in cash, with the amount of the cash payment determined by multiplying the fractional Share Unit by the Fair Market Value of a share of Common Stock on the last business day preceding the date on which
payment is made. 
 ARTICLE X 
 Adjustments 
 10.1. If (a) the Company shall at any time be involved in a merger or other transaction in which the
Common Stock is changed or exchanged; or (b) the Company shall subdivide or combine its Common Stock or the Company shall declare a dividend payable in its Common Stock, 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 (c) the Company shall effect a cash dividend the amount of which exceeds 15% of the trading price of the Common Stock at the time the dividend is declared or any other dividend or other distribution on
the Common Stock in the form of cash, or a repurchase of Common Stock, 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 Common Stock; or (d) any other event shall occur which, in the case of this clause (d), 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 shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of securities subject to the Plan; (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 Share Units credited to each Outside Director’s Share Accounts; provided, however, that Options subject
to grant or previously granted to Optionees and the number of Share Units credited to each Outside Director’s Share Accounts under the Plan at the time of any such event shall be subject to only such adjustment as shall be necessary to maintain
the proportionate interest of the Optionee or Outside Director and preserve, without exceeding, the value of such Options and Outside Director’s Share Accounts. Unless the Committee determines otherwise, any such adjustment to an Option that is
exempt from Code Section 409A shall be made in manner that permits the Option to continue to be so exempt, and any adjustment to an Option that is subject to Code Section 409A shall be made in a manner that complies with the provisions
thereof. The judgment of the Committee with respect to any matter referred to in this Article shall be conclusive and binding upon each Optionee and Outside Director. 
  

 -12- 

 ARTICLE XI 
 Amendment and Termination of Plan 
 11.1. General Powers: The Committee of the Board of
Directors may at any time terminate or suspend the Plan. Subject to applicable limitations set forth in New York Stock Exchange rules, the Code or Rule 16b-3 under the Securities Exchange Act of 1934, the Committee of the Board of Directors may
amend the Plan as it shall deem advisable including (without limiting the generality of the foregoing) any amendments deemed by the Committee of the Board of Directors to be necessary or advisable to assure conformity of the Plan with any
requirements of state and federal laws or regulations now or hereafter in effect; provided, however, that the Committee of the Board of Directors may not amend either the provisions of Section 6.1 or the amount of the Annual Retainer Fee more
often than once in any six month period. In addition, no amendment shall be made to any Option to reduce the Option Price thereof except as permitted by Section 10.1, and any amendment or other action that is required, under applicable law or
under applicable stock exchange rules, to be adopted by the Board of Directors shall be valid only if it is adopted by the full Board of Directors rather than by the Committee of the Board of Directors. 
 11.2. No Impairment: No amendment, suspension or termination of this Plan shall, without the Outside Director’s consent, alter or impair any
of the rights or obligations under any Option theretofore granted to an Outside Director under the Plan or other entitlement of an Outside Director under the Plan. But, the Committee need not obtain Outside Director (or other interested party)
consent for the adoption, amendment or rescission of rules and regulations relating to this Plan that do not materially and adversely affect the Outside Director in respect of any Option or other entitlement of an Outside Director under the Plan
then outstanding. 
 11.3. Section 409A: The provisions of Code Section 409A are incorporated herein by reference to the
extent necessary for any Option or other entitlement of an Outside Director under the Plan that is subject to Code Section 409A to comply therewith. 
 11.4. Distribution of Benefits Following Plan Termination. Termination of the Plan will operate to accelerate distribution of benefits only to the extent permitted under Code Section 409A, including:

 a. The Plan is terminated within twelve (12) months of a corporate dissolution taxed under Code Section 331, or
with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), and the amounts accrued under the Plan but not yet paid are distributed to Outside Directors or their beneficiaries, as applicable, in a single sum payment, regardless
of any distribution election then in effect, by the latest of: (1) the last day of the calendar year in which the Plan termination and liquidation occurs, (2) the last day of the calendar year in which the amount is no longer subject to a
substantial risk of forfeiture, or (3) the last day of the first calendar year in which payment is administratively practicable. 
  

 -13- 

 b. The Plan is terminated at any other time, provided that such termination does not
occur proximate to a downturn in the financial health of the Company or an Affiliate. In such event, all amounts accrued under the Plan but not yet paid will be distributed to all Outside Directors and their beneficiaries, as applicable, in a single
sum payment no earlier than twelve (12) months (and no later than twenty-four (24) months) after the date of termination, regardless of any distribution election then in effect. This provision shall not be effective unless all other plans
required to be aggregated with this Plan under Code Section 409A are also terminated and liquidated. Notwithstanding the foregoing, any payment that would otherwise be paid during the twelve (12)-month period beginning on the Plan termination
date pursuant to the terms of the Plan shall be paid in accordance with such terms. In addition, the Company or any Affiliate shall be prohibited from adopting a similar arrangement within three (3) years following the date of the Plan’s
termination, unless any individual who was eligible under this Plan is excluded from participating thereunder for such three (3) year period. 
 Except
as provided in Paragraphs a. and b. above or as otherwise permitted in regulations promulgated by the Secretary of the Treasury under Code Section 409A, any action that terminates the Plan but that does not qualify for accelerated distribution
under Code Section 409A shall instead be construed as an amendment to discontinue further benefit accruals, but the Plan will continue to operate, in accordance with its terms as from time to time amended and in accordance with applicable
elections by the Outside Director, with respect to the Outside Director’s benefit accrued through the date of termination, and in no event shall any such action purporting to terminate the Plan form the basis for accelerating distributions to
the Outside Director or a beneficiary. 
 ARTICLE XII 
 Government and Other Regulations 
 12.1. The obligation of the Company to make payments or issue or
transfer and deliver shares of Common Stock 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. 
 ARTICLE XIII 
 Miscellaneous Provisions 
 13.1. Plan Does Not Confer Shareholder Rights: Neither an Outside Director nor any person
entitled to exercise the Outside Director’s rights in the event of the Outside Director’s death shall have any rights of a shareholder with respect to the shares subject to an Option, Share Election or any Share Units held in the Outside
Director’s Share Accounts, except to the extent that, and until, such shares shall have been issued upon the exercise of each Option, transfer of shares pursuant to a Share Election or the delivery of shares in respect of the Outside
Director’s Share Accounts. 
 13.2. No Assets: No stock, cash or other property shall be deliverable to an Outside Director in
respect of the Outside Director’s Share Accounts until the date or dates identified pursuant to Article VIII or Article IX, and an Outside Director’s Share Units shall be reflected in an unfunded account established for such Outside
Director by the Company. Payment of the Company’s obligation with respect to an Outside Director’s Share Accounts shall be from general funds, and no special assets (stock, cash or otherwise) have been or shall be set aside as security for
this obligation. 
  

 -14- 

 13.3. No Transfers: An Outside Director’s rights to payments under Article VIII and/or
Article IX are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or garnishment by an Outside Director’s creditors or the creditors of his or her beneficiaries, whether by operation of law
or otherwise, and any attempted sale, transfer, assignment, pledge, or encumbrance with respect to such payment shall be null and void, and shall be without legal effect and shall not be recognized by the Company. 
 13.4. Unsecured Creditor; No Trust Fund: The right of an Outside Director to receive payments under Article VIII and/or Article IX is that of a
general, unsecured creditor of the Company, and the obligation of the Company to make payments constitutes a mere promise by the Company to pay such benefits in the future. Further, the arrangements contemplated by Article VIII and Article IX are
intended to be unfunded for tax purposes and for purposes of Title I of ERISA. 
 13.5. Designation of Beneficiary: Each Outside
Director or former Outside Director entitled to any payments under Article VIII and/or Article IX from time to time may designate a beneficiary or beneficiaries to whom any such payments are to be paid in case of the Outside Director’s death
before receipt of any or all of such payments. Any designation shall revoke all prior designations by the Outside Director or former Outside Director, shall be in a form prescribed by the Company and shall be effective only when filed by the Outside
Director or former Outside Director, during his or her lifetime, in writing with the Treasurer of the Company. References in this Plan to an Outside Director’s “beneficiary” at any date shall include such persons designated as
concurrent beneficiaries on the director’s beneficiary designation form then in effect. In the absence of any such designation, any balance remaining in an Outside Director’s or former Outside Director’s Share Accounts at the time of
the director’s death shall be paid to such Outside Director’s estate. 
 13.6. Plan Expenses: Any expenses of administering
this Plan shall be borne by the Company. 
 13.7. Use of Exercise Proceeds: Payment 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. 
 13.8. 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 in connection with the adoption, administration, amendment or termination of the Plan, 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 

  

 -15- 

 
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. To the extent that Code Section 409A applies
to payments made pursuant to this Section, the payments shall be completed on or before the latest date permitted for payments made pursuant to an indemnification or expense reimbursement provision. 
 13.9. Withholding Taxes: The Company may, in its discretion, require an Outside Director to pay to the Company at the time of exercise of an
Option or issuance of Common Stock under the Plan the amount that the Company deems necessary to satisfy its obligation, if any, to withhold Federal, state or local income, FICA or other taxes incurred by the reason of the exercise or issuance. An
Outside Director shall satisfy the federal, state and local withholding tax obligations arising in connection with the exercise of an Option or issuance of Common Stock under the Plan in a manner acceptable to the Committee. 
 13.10. No Guarantee Of Tax Treatment: The Company does not guarantee to any Outside Director or any other person with an interest in an Option or
other entitlement of an Outside Director under the Plan that any such Option or other entitlement intended to be exempt from Code Section 409A shall be so exempt, or that any Option or other entitlement 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. 
 13.11. Miscellaneous Distribution Rules. 
 a. Accelerated Distribution Following Section 409A Failure. If an amount under this Plan is required to be included in a Participant’s income under Code Section 409A prior to the date such amount
is actually distributed, the Outside Director shall receive a distribution, in a single sum, within ninety (90) days after the date it is finally determined that the Plan fails to meet the requirements of Code Section 409A. The
distribution shall equal the amount required to be included in the Outside Director’s income as a result of such failure. 
 b. Permitted Delay in Payment. If a distribution required under the terms of this Plan would jeopardize the ability of the Company or of an Affiliate to continue as a going concern, the Company or the Affiliate shall not be required
to make such distribution. Rather, the distribution shall be delayed until the first date that making the distribution does not jeopardize the ability of the Company or of an Affiliate to continue as a going concern. Further, if any distribution
pursuant to the Plan will violate the terms of Section 16(b) of the Securities Exchange Act of 1934 or other Federal securities laws, or any other applicable law, then the distribution shall be delayed until the earliest date on which making
the distribution will not violate such law. 
  

 -16- 

 ARTICLE XIV 
 Effective Date 
 14.1. The Plan became effective on May 2, 1998 and was amended on May 3,
2003 and April 29, 2006. The Plan, as further amended herein, shall become effective on January 1, 2009. 
  

 -17- 

 SCHEDULE A TO THE 
 HARLEY-DAVIDSON, INC. 
 DIRECTOR STOCK PLAN, AS AMENDED 
 A Change of Control Event, for purposes of Section 8.4, means any one of the following: 
 a. Continuing directors no longer constitute at least two-thirds of the directors of Harley-Davidson, Inc. “Continuing director” means any
individual who is either (i) a member of the Board on May 3, 2003, 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); 
 b. Any person or group of persons
(as defined in Rule 13d-5 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), 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 shareholders 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 Exchange) 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.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}]]