Document:

Exhibit 10.3

                              HARLEY-DAVIDSON, INC.

                            1998 DIRECTOR STOCK PLAN
                                   As Amended

                                    ARTICLE I

                                     Purpose

     The purpose of the Harley-Davidson, Inc. 1998 Director Stock Plan is to
provide favorable opportunities for non-employee directors of Harley-Davidson,
Inc. to purchase shares of Common Stock of Harley-Davidson, Inc., or to benefit
from the appreciation thereof. Such opportunities should provide an increased
incentive for these directors to contribute to the future success and prosperity
of Harley-Davidson, Inc., thus enhancing the value of the stock for the benefit
of the shareholders, and increasing the ability of Harley-Davidson, Inc. to
attract and retain individuals 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. Annual Retainer Fee: The annual retainer fee then in effect for
service on the Board as voted by the Board, exclusive of (a) any Board or
committee meeting fees and (b) any Committee Chair Retainer Fees.

     2.2. Board: The Board of Directors of the Company.

     2.3. Code: The Internal Revenue Code of 1986, as amended.

     2.4. Committee: The Human Resources Committee of the Board; provided that
if any member of the Human Resources Committee is not a Disinterested Person,
the Committee shall be comprised of only those members of the Human Resources
Committee who are Disinterested Persons.

     2.5. Committee Chair Retainer Fee: The annual retainer fee then in effect
for service as chairman of a committee of the Board as voted by the Board.

     2.6. Common Stock: The common stock of the Company.

     2.7. Company: Harley-Davidson, Inc.

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     2.8. Disinterested Persons: Non-employee directors within the meaning of
Rule 16b-3 as promulgated under the Securities Exchange Act of 1934, as amended.

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

     2.10. Option: A stock option granted under the Plan.

     2.11. Option Price: The purchase price of a share of Common Stock under an
Option.

     2.12. Optionee: A person who has been granted one or more Options. 2.13.
Outside Director: Each member of the Board who is not also an employee of the
Company or any Subsidiary (including members of the Committee).

     2.14. Plan: The Harley-Davidson, Inc. 1998 Director Stock Plan.

     2.15. Share Election: An election by an Outside Director to receive either
0%, 50% or 100% of his or her Annual Retainer Fee and his or her Committee Chair
Retainer Fee (if any) to be paid in each calendar year in the form of Common
Stock, 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 Amount and Committee
Chair Retainer Fee (if any).

     2.16. 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.

     2.17. 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.

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<PAGE>

     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.

                                   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. The foregoing amount shall be subject to
adjustment in accordance with Article VIII of the Plan. If an Option or portion
thereof shall expire, be canceled or terminate for any reason without having
been exercised in full, the unpurchased shares covered by such 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.

                                    ARTICLE V

                                   Eligibility

     5.1. Only Outside Directors shall be entitled to participate in the Plan.

                                   ARTICLE VI

                                     Options

     6.1. Option Grants: Each Outside Director who serves as a member of the
Board immediately following an annual meeting of shareholders of the Company
shall automatically be granted on the first business day after such meeting (the
"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
Grant Date shall equal three (3) times the Optionee's Annual Retainer Fee. Each
such Option shall be in addition to, and not in lieu of, the Optionee's Annual
Retainer Fee and Committee Chair Retainer Fee (if any).

     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.

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<PAGE>

     6.3. Option Price: The Option Price shall be the Fair Market Value of a
share of Common Stock on the Grant Date.

     6.4. Period of Exercise: Options shall be exercisable from and after the
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.

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

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

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

          c. by delivery (including by fax) to the Company or its designated
     agent of an executed irrevocable option exercise form together with
     irrevocable instructions to a broker-dealer to sell or margin a sufficient
     portion of the shares of Common Stock and deliver the sale or margin loan
     proceeds directly to the Company to pay for the exercise price, or

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

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

     6.6. 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.

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<PAGE>

                                   ARTICLE VII

                                 Share Election

     7.1. Election:. At any time and from time to time each Outside Director may
make a Share Election. An Outside Director's Share Election (i) must be in
writing and delivered to the Secretary of the Company, (ii) shall be effective
commencing on the date the Secretary receives the Share Election or such later
date as may be specified in the Share Election, and (iii) shall remain in effect
unless modified or revoked by a subsequent Share Election 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 Amount and Committee Chair
Retainer Fee (if any) in the form of shares of Common Stock, then the remaining
50% shall be paid in cash. 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.

     7.2. Transfer of Shares: 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. 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 plus the Committee Chair Retainer Fee (if any) payable for the
applicable year to which the Share Election applies, by (y) the Fair Market
Value of a share of Common Stock on the first business day following each annual
meeting of the shareholders of the Company.

     7.3. Annual Retainer Fee Deferral: If an Outside Director has elected to
defer receipt of some or all of his or her Annual Retainer Fee and/or Committee
Chair Retainer Fee, then such election to defer receipt shall apply only to that
portion, if any, of his or her Annual Retainer Fee and/or Committee Chair
Retainer Fee payable in cash.

                                  ARTICLE VIII

                                   Adjustments

     8.1. 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 declare a dividend payable in, or shall subdivide or combine, its
Common Stock; or (c) any other event shall occur which in the judgement of the
Committee necessitates an adjustment to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan,
then the Committee may, in such manner as it may deem equitable, adjust any or
all of (i) the number and type of securities subject to the Plan; (ii) the
number and type of securities subject to outstanding Options; and (iii) the
Option Price with respect to any Option; provided, however, that Options subject
to grant or previously granted to Optionees under the Plan at the

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<PAGE>

time of any such event shall be subject to only such adjustment as shall be
necessary to maintain the proportionate interest of the Optionee and preserve,
without exceeding, the value of such Options. The judgment of the Committee with
respect to any matter referred to in this Article shall be conclusive and
binding upon each Optionee.

                                   ARTICLE IX

                        Amendment and Termination of Plan

     9.1. General Powers: 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 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 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 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 or more
often than once in any calendar year.

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

                                    ARTICLE X

                        Government and Other Regulations

     10.1. The obligation of the Company to 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 XI

                            Miscellaneous Provisions

     11.1. Plan Does Not Confer Shareholder Rights: Neither an Optionee nor any
person entitled to exercise the Optionee's rights in the event of the Optionee's
death shall have any rights of a shareholder with respect to the shares subject
to each Option, except to the extent that, and until, such shares shall have
been issued upon the exercise of each Option.

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

     11.3. Use of Exercise Proceeds: Payment received from Optionees upon the

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<PAGE>

exercise of Options shall be used for the general corporate purposes of the
Company, except that any stock received in payment may be retired, or retained
in the Company's treasury and reissued.

     11.4. Indemnification: In addition to such other rights of indemnification
as they may have as members of the Board or the Committee, the members of the
Committee and the Board shall be indemnified by the Company against all costs
and expenses reasonably incurred by them in connection with any action, suit or
proceeding to which they or any of them may be party by reason of any action
taken or failure to act 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 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.

     11.5. 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 to withhold Federal, state or local income,
FICA or other taxes incurred by the reason of the exercise or issuance. Upon or
prior to the exercise of an Option or receipt of Common Stock requiring tax
withholding, an Outside Director may make a written election to have shares of
Common Stock withheld by the Company from the shares otherwise to be received.
The number of shares so withheld shall have an aggregate Fair Market Value on
the date of exercise sufficient to satisfy the applicable withholding taxes. The
acceptance of any such election by an Optionee shall be at the sole discretion
of the Committee.

                                   ARTICLE XII

                                 Effective Date

     12.1. The Plan became effective on May 2, 1998. Options may not be granted
under the Plan after May 2, 2008. The Plan, as amended, shall become effective
on May 4, 2002.

                                       7SPLIT DOLLAR AGREEMENT

     THIS AGREEMENT is made and entered into this 30th day of March, 1999, by
and between EAGLEMARK FINANCIAL SERVICES, INC., a Delaware corporation, of
Chicago, Illinois (the "Company"), and PHILLIP CHARLES ZARCONE, not individually
but as Trustee of the DONNA JOSEPHINE FRETT ZARCONE IRREVOCABLE TRUST DATED
MARCH 30, 1999 (the "Owner"), of Burr Ridge, Illinois.

     WHEREAS, the Owner will become the owner of a policy of insurance on the
life of Donna Josephine Frett Zarcone (the "Insured") issued by Pacific Life
Insurance Company (the "Insurer") in the initial face amount of $2,700,000 with
annual premiums of $112,914 (the "Policy").

     WHEREAS, the Company will pay the premiums for the Policy as provided
herein.

     WHEREAS, the Insured is a valuable employee of the Company, the Company
wishes to continue this employment relationship and, as an inducement thereto,
is willing to assist the Owner in the payment of future premiums on the Policy
as provided herein.

     WHEREAS, in exchange for such premium assistance, the Owner is willing to
return to the Company an amount equal to the cumulative total of the premiums
paid by the Company on the Policy (its "Policy Interest") as provided herein.

     NOW THEREFORE, for value received it is mutually agreed as follows:

     1. From the date of this Agreement until the third anniversary of the date
of this Agreement (the "Initial Period"):

          A. The Company shall pay timely all premiums on the Policy and provide
     written evidence thereof to the Owner.

          B. If the insured dies during the Initial Period, an amount of the
     proceeds of the Policy equal to the Company's Policy Interest shall be paid
     to the Company and the balance of the proceeds shall be paid to the Owner.

          C. If the Insured leaves the employ of the Company during the Initial
     Period, within 90 days after the Insured leaves the employ of the Company
     the Owner shall:

               (1) Pay to the Company an amount equal to the Company's Policy
          Interest and the Company will release to the Owner its Collateral
          Interest (as defined in paragraph 3) in the Policy, or

               (2) Assign to the Company all of the Owner's ownership and other
          rights in the Policy.
<PAGE>

     2. From the date of the third anniversary of the date of this Agreement
until the termination of this Agreement (the "Second Period"):

          A. The Company shall pay timely all premiums on the Policy and provide
     written evidence thereof to the Owner, provided, however, that the Company
     shall have no obligation to pay premiums after its payment of the seventh
     (7th) annual premium.

          B. If the Insured dies during the Second Period, an amount of the
     proceeds of the Policy equal to the Company's Policy Interest shall be paid
     to the Company and the balance of the proceeds shall be paid to the Owner.

          C. If the Insured leaves the employ of the Company during the Second
     Period, within 90 days after the Insured leaves the employ of the Company
     the Owner shall:

               (1) Provide written notice to the Company for the Company to, and
          the Company shall, execute a written release to the Owner of the
          Company's Collateral Interest in the Policy, or

               (2) Assign to the Company all of the Owner's ownership and other
          rights in the Policy.

     3. In consideration of the Company's payment of premiums as provided herein
and in consideration of the Company's other obligations hereunder, the Owner
hereby assigns to the Company the following Collateral Interest:

          The right to realize against the proceeds of the Policy, to the extent
          of the Company's Policy Interest, in the event of the death of the
          Insured. The Owner shall execute such further documentation of this
          assignment (including documents filed with the Insurer) as reasonably
          requested by the Company. In the event of the death of the Insured,
          the benefits under the Policy may be paid by the Insurer either by
          separate checks to the Owner and to the Company, or by a joint check.
          In the latter instance, the Owner and the Company shall divide the
          proceeds as provided herein.

     4. Except as otherwise provided in this Agreement, the Owner shall be the
sole and exclusive owner of the Policy. This includes all the rights of "owner"
under the terms of the Policy including, but not limited to, the right to
designate beneficiaries, to select settlement and dividend options, and to
surrender the Policy. All such rights may be exercised by the Owner without the
Company's consent. Any provision of this paragraph to the contrary
notwithstanding, the Owner shall not borrow the cash value of the Policy or
borrow using the Policy as collateral.

     5. The Owner shall have the right to assign any part or all of the Owner's
retained interest in the Policy and this Agreement to any person, entity or
trust by execution of a written assignment delivered to the Insurer and to the
Company.

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<PAGE>

     6. This Agreement shall terminate on the first to occur of the following:

          A. Surrender of the Policy by the Owner, who has the sole and
     exclusive right of surrender.

          B. Delivery by the Owner of written notice of termination to the
     Company.

     In the event of termination during the Initial Period, the provisions of
the subparagraph 1.C shall apply. In the event of termination during the Second
Period, the provisions of subparagraph 2.C shall apply.

     7. This Agreement may be amended only in writing, signed by the Owner and
an officer of the Company other than the Insured.

     8. Any notice or writing hereunder shall be in writing and hand delivered
or mailed, postage pre-paid, certified or registered mail, return receipt
requested. Any notice that is mailed from the Company to the Owner shall be
mailed to the most recent address of the Owner that is on file with the Company.
The Owner shall promptly notify the Company of any change of address. Any notice
that is mailed from the Owner to the Company shall be mailed to the Company's
principal office.

     9. This Agreement contains the entire understanding of the parties with
regard to the subject matter, and the parties acknowledge that there are no
representations, warranties or covenants of either party, express or implied,
except as expressly set forth herein.

     10. This Agreement shall bind and benefit the parties hereto and their
successors and assigns.

     11. The failure of either party to complain of any act or omission on the
part of the other party or any waiver, express or implied, or any breach of any
of the provisions of this Agreement, shall not be deemed a waiver of the party's
right to complain of any subsequent act, omission or breach.

     12. The invalidity of any provision of this Agreement, as determined by a
court of competent jurisdiction, shall in no way affect any other provision of
this Agreement as long as the performance by either party of its obligations
under this Agreement is not eliminated by such determination.

     13. This Agreement shall be executed in duplicate, and both copies of the
Agreement shall be deemed originals.

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<PAGE>

     14. This Agreement shall be governed by and construed in accordance with
the laws of the State of Illinois.

     IN WITNESS WHEREOF, the parties have signed this Agreement on the date
first above written.

                                       EAGLEMARK FINANCIAL SERVICES, INC.

                                       By  /s/ Steven F. Deli
                                           ----------------------------------
                                           Its  Chairman and CEO
                                                -----------------------------

                                       DONNA JOSEPHINE FRETT ZARCONE IRREVOCABLE
                                       TRUST DATED MARCH 30, 1999

                                       By   /s/ Phillip Charles Zarcone
                                           -------------------------------------
                                           Phillip Charles Zarcone, not
                                              individually, but as Trustee

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