Document:

Exhibit 10.4 

HARLEY-DAVIDSON,
INC.
2004 INCENTIVE STOCK PLAN  

(as amended through
April 28, 2007)  

1. Purposes, History and
Effective Date. 

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

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

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

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

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

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

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

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

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

        (f)
               “Cause” means (i) the Participant’s conviction of a felony
or a                plea by the Participant of no contest to a felony, (ii) willful
misconduct on                the part of the Participant that is materially and
demonstrably detrimental to                the Company, (iii) the Participant’s
willful refusal to perform requested                duties consistent with his or her
office, position or status with the Company                (other than as a result of his
or her physical or mental disability) or (iv)                other conduct or inaction
that the Company determines in its discretion                constitutes Cause. With
respect to clauses (ii), (iii) and (iv) of this                definition, Cause shall be
determined by the senior human resources officer of                the Company. All
determinations of such officer under this definition shall be                final.  

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

	 	        (1)
            Net sales;  

	 	        (2)
            Cost of goods sold;  

	 	        (3)
            Gross profit;  

	 	        (4)
            Selling, administrative and engineering expenses;  

	 	        (5)
            Income from operations;  

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

	 	        (7)
            Income before provision for income taxes;  

	 	        (8)
            Net income;  

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

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

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

	 	        (12)
            Return on year-end equity;  

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

	 	        (14)
            Return on capital;  

	 	        (15)
            Total shareholder return.  

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

          

	 	        (17)
            Net cash provided by operating activities;  

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

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

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	 	        (20)
            Customer satisfaction;  

	 	        (21)
            Market share; or  

	 	        (22)
            Product quality.  

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

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

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

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

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

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

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

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

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

        (cc)
               “Retirement” means termination of employment from the Company
and its                Affiliates (i) on or after age sixty-two (62); (ii) for reasons
other than                Cause, on or after age fifty-five (55) if the Participant has
completed five (5)                years of service with the Company and its Affiliates at
the time of such                termination; or (iii) with the consent of the Committee,
under other                circumstances. For purposes of this definition, a Participant’s
years of                service with the Company shall be determined in the same manner
as is specified                in the Retirement Annuity Plan for Salaried Employees of
Harley-Davidson (as it                may be amended), whether or not the Participant is
covered under such plan.  

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

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

        (ff)
               “Share” means a share of Stock.  

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

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

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

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

4 

3. Administration. 

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

        (b)
Delegation to Other Committees or CEO. To the extent applicable law
               permits, the Board or the Committee may delegate to another committee of
the                Board, or the Committee may delegate to the Chief Executive Officer of
the                Company, any or all of the authority and responsibility of the
Committee.                However, no such delegation is permitted with respect to Awards
made to Section                16 Participants at the time any such delegated authority
or responsibility is                exercised. To the extent applicable law permits, the
Board or the Committee also                may delegate to another committee of the Board
consisting entirely of                Non-Employee Directors any or all of the authority
and responsibility of the                Committee with respect to individuals who are
Section 16 Participants. If the                Board or Committee has made such a
delegation, then all references to the                Committee in this Plan include such
other committee or the Chief Executive                Officer to the extent of such
delegation.  

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

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

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

6. Shares Reserved under
this Plan.  

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

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

5 

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

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

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

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

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

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

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

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

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

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

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

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

6 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

7 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

8 

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

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

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

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

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

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

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

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

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

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

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

15.           Taxes. 

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

9 

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

16. Adjustment
Provisions; Change of Control. 

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

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

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

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

10 

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

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

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

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

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

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

17.
Miscellaneous. 

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

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

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

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

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

11 

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

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

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

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

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

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

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

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

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

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

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

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

12Exhibit 10.5  

	Notice of Award of Restricted Stock	Harley-Davidson, Inc.	[LOGO] 
	and Restricted Stock Agreement	    ID: 39-1805420
		3700 West Juneau Avenue
		Milwaukee, WI 53208	 

	«Fname»«M»«Lname»	Award Number:	«Grant_»
	«Address1»	Plan:	2004 Incentive Stock Plan
	«Address2»	ID:	«ID»
	«Address3»
	«City»,«St»«Zip»
	«CO»
	

Effective __/__/200_ (the
“Grant Date”), you have been granted «Shares» shares of
Common Stock of Harley-Davidson, Inc. (the “Company”) constituting Restricted
Stock under the Company’s 2004 Incentive Stock Plan (the “Plan”). 

All of the Restricted Stock will
become fully unrestricted (or “vest”) on the fourth anniversary of the
Grant Date, subject to accelerated vesting and forfeiture as discussed below. You may not
sell, transfer or otherwise convey an interest in or pledge any of your Shares of
Restricted Stock until they are vested. In addition, (i) you cannot sell or otherwise
dispose of any Restricted Stock that has vested except pursuant to an effective
registration statement under the Securities Act of 1933 and any applicable state
securities laws or in a transaction that, in the opinion of counsel for the Company, is
exempt from such registration and (ii) the Company may place a legend on any certificates
for such Shares to such effect. 

The Shares of Restricted Stock are
granted under and governed by the terms and conditions of the Plan and this Restricted
Stock Agreement including Exhibit A. Additional provisions regarding your Restricted Stock
and definitions of capitalized terms used and not defined in this Restricted Stock
Agreement can be found in the Plan. Without limitation, “Committee” means the
Human Resources Committee of the Board or its delegate in accordance with the Plan. 

	 	
HARLEY-DAVIDSON,
INC.

	 	
/s/
James M. Brostowitz

	 	
Vice
President and Treasurer 

Date                   
Time:                

Exhibit A to
Restricted Stock Agreement 

Termination of Employment: If
your employment with the Company and its Affiliates is terminated for any reason other
than death, Disability or Retirement, then you will forfeit any Shares of Restricted Stock
that are not vested as of the date your employment is terminated. If you cease to be
employed by the Company and its Affiliates by reason of death, Disability or Retirement,
then, effective immediately prior to the time of cessation of employment, a portion of the
unvested Restricted Stock will vest such that the total number of Shares that are vested
after giving effect to such vesting will be equal to the original number of Shares of
Restricted Stock subject to this Restricted Stock Agreement multiplied by a fraction the
numerator of which is the number of Months (counting a partial Month as a full Month) from
the Grant Date until the date your employment is terminated by reason of death, Disability
or Retirement, and the denominator of which is 48 months, and you will forfeit the
remaining Shares of Restricted Stock that are not vested. For purposes of this Agreement,
a “Month” shall mean the period that begins on the first calendar day after the
Grant Date, or the anniversary of the Grant Date that occurs in each calendar month, and
ends on the anniversary of the Grant Date that occurs in the following calendar month. 

Accelerated Vesting: If the
average of the percentage payouts under the Reference STIPs for the two full calendar
years prior to the second anniversary of the Grant Date (including the calendar year in
which the Grant Date occurs) is equal to or greater than 100%, then 50% of the Restricted
Stock (excluding any forfeited Shares) will vest on the second anniversary of the Grant
Date. “Reference STIPs” means the terms of the Short-Term Incentive Plan of the
Company or any of its Affiliates applicable to the class or classes of employees of which
you were a part during the two full calendar years prior to the second anniversary of the
Grant Date, and the average of the percentage payouts will be calculated by weighting each
percentage payout that relates to the period during which you were a part of a class of
employees based on the time in each year that you were a part of that class of employees. 

Issuance of Share Certificates:
The Company may issue in your name certificate(s) evidencing your Shares of Restricted
Stock. In addition to any other legends placed on the certificate(s), such certificate(s)
will bear the following legend: 

	 	
The
shares of Stock represented by this certificate are subject to forfeiture, and the sale or
other transfer of the shares of Stock represented by this certificate (whether voluntary
or by operation of law) is subject to certain restrictions, as set forth in a Restricted
Stock Agreement, dated as of ______________________, by and between Harley-Davidson, Inc.
and the registered owner hereof. A copy of such Agreement may be obtained from the
Secretary of Harley-Davidson, Inc. 

Upon the vesting of Shares of
Restricted Stock, you will be entitled to a new certificate for the Shares that have
vested, without the foregoing legend, upon making a request for such certificate to the
Secretary of the Company or to such other person as the Company may designate. 

In lieu of issuing in your name
certificate(s) evidencing your Shares of Restricted Stock, the Company may cause its
transfer agent or other agent to reflect on its records your ownership of such Shares,
subject to the terms of this Restricted Stock Agreement. 

[over] 

Voting Rights and Dividends:
While your Shares of Restricted Stock are subject to forfeiture, you may exercise full
voting rights and will receive all cash dividends and other distributions paid with
respect to the Restricted Stock (reduced for any tax withholding due), in each case so
long as the applicable record date occurs before you forfeit such Shares. If, however, any
dividends or distributions are paid in Shares, such Shares will be subject to the same
risk of forfeiture, restrictions on transferability and other terms of this Restricted
Stock Agreement as are the Shares of Restricted Stock with respect to which they were
paid. 

Tax Withholding: To the extent
that your receipt of Restricted Stock or the vesting of Restricted Stock results in income
to you for federal, state or local taxes, you must deliver to the Company or to such other
person as the Company may designate at the time the Company is obligated to withhold taxes
that arise from such receipt or vesting, as the case may be, such amount as the Company
requires to meet its withholding obligation under applicable tax laws or regulations. If
you fail to deliver such amount as the Company requires, the Company has the right and
authority to deduct or withhold from other compensation it would pay to you an amount,
and/or to treat you as having surrendered vested Shares of Restricted Stock having a
value, sufficient to satisfy its withholding obligations. 

When income results from the vesting
of Restricted Stock, to the extent the Company permits you to do so, you may satisfy the
withholding requirement, in whole or in part, by electing to have the Company accept that
number of vested Shares of Restricted Stock having an aggregate Fair Market Value on the
date the tax is to be determined equal to the minimum statutory total tax that the Company
must withhold in connection with the vesting of such Shares. If you would be left with a
fractional share after satisfying the withholding obligation on the Restricted Stock, the
fair market value of that fractional share will be applied to your general federal tax
withholding. If the Company does not allow you to elect to have the Company accept vested
Shares of Restricted Stock, or if you want to keep all of the shares that are vesting, you
will have to deliver to the Company or to such other person as the Company may designate
funds in an amount sufficient to cover the withholding tax obligation on a date advised by
the Company. Where you may elect to deliver funds to satisfy the withholding tax
obligation, your election to deliver funds must be irrevocable, in writing, and submitted
to the Secretary or to such other person as the Company may designate on or before the
date that the Company specifies, which will be before the applicable vesting date, and if
you fail to deliver such election then you will be deemed to have elected to have the
Company accept vested Shares of Restricted Stock as described above. 

If you do so within thirty (30) days
of the Grant Date, you may make an election under Section 83(b) of the Internal Revenue
Code of 1986, as amended, for this Award so that the receipt of the Restricted Stock,
rather than vesting, results in income. In that case, you will have to deliver to the
Company or to such other person as the Company may designate funds in an amount sufficient
to cover the withholding tax obligation. 

Rejection/Acceptance: You may
return this Restricted Stock Agreement to the Company (in care of the Vice President and
Treasurer) within thirty (30) days after the Grant Date, together with any certificate you
have received evidencing Shares, and by doing so you will forfeit any rights under this
Restricted Stock Agreement and any rights to Shares that the Company has transferred to
you under this Restricted Stock Agreement. If you choose to retain this Restricted Stock
Agreement beyond that date, then you accept the terms of this Award, acknowledge these tax
implications and agree and consent to all amendments to the Plan and the Harley-Davidson,
Inc. 1995 Stock Option Plan through the Grant Date as they apply to this Award and any
prior awards of any kind to you under such plans.

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