HARLEY DAVIDSON INC
EX-10.22
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<TYPE>EX-10.22
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<FILENAME>j8382_ex10d22.htm
<DESCRIPTION>EX-10.22
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.22</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDMENT TO SPLIT DOLLAR AGREEMENT</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This AMENDMEN T TO SPLIT DOLLAR AGREEMENT (this
&#147;Amendment&#148;) is made and entered into as of
the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of December, 2002, by and between
HARLEY-DAVIDSON FINANCIAL SERVICES, INC. (f/k/a EAGLEMARK FINANCIAL SERVICES,
INC.), a Delaware corporation (the &#147;Company&#148;), and PHILLIP CHARLES ZARCONE, not
individually but as Trustee of the DONNA JOSEPHINE FRETT ZARCONE IRREVOCABLE
TRUST DATED MARCH 30, 1999 (the &#147;Owner&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Company and the Owner are parties to that
certain Split Dollar Agreement, dated March 30, 1999 (the &#147;Agreement&#148;),
pursuant to which the Company, among other things, agreed, as an inducement for
Donna Josephine Frett Zarcone (the &#147;Insured&#148;) to continue her employment with
the Company, to assist the Owner in the payment of premiums on a policy of
insurance on the life of the Insured issued by Pacific Life Insurance Company
in the initial face amount of $2,700,000 with annual premiums of $112,914 (the
&#147;Policy&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, pursuant to the Agreement, the Owner agreed,
in exchange for such premium assistance, under certain circumstances to return
to the Company an amount equal to the cumulative total of the premiums paid by
the Company on the Policy (its &#147;Policy Interest&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the parties desire to amend the Agreement in
light of changes after the date of the Agreement in applicable tax law.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Section 7 of the Agreement provides that the
Agreement may be amended by a writing signed by the Owner and an officer of the
Company other than the Insured.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the mutual
covenants contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree to amend the Agreement as follows:</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 2 of the
Agreement is amended and restated in its entirety to provide as follows:</font></h1>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; From the date of the third
anniversary of the date of this Agreement to and including the due date for the
seventh annual premium on the Policy (the &#147;Second Period&#148;):</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; When the annual premium on the Policy becomes due, if the
Company has not paid the premium and if the Insured is then a full-time
employee of the Company, then the Company shall pay directly to the Insured an
amount equal to the annual premium payment (not to exceed $112,914 for any such
annual premium) then due, such payment to be made at a time to allow the timely
payment of the annual premium on the Policy, and the Company shall provide
written evidence of such payment to the Owner.</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>


<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></h2>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h2 align="center" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All payments by the Company to the Insured pursuant to
subparagraph A shall be subject to such deductions and withholding as may be
required by applicable law.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company&#146;s obligations under subparagraph A shall
immediately cease at such time, if any, that the Insured ceases to be a
full-time employee of the Company during the Second Period.</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
confirm that the Company has no remaining interest in the Policy, Section 3 of
the Agreement is amended by deleting such section in its entirety and inserting
the following in its place:</font></h1>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [Intentionally Omitted]&#148;</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 4 the Agreement is amended
and restated in its entirety to provide as follows:</font></h1>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Owner shall be the sole and
exclusive owner of the Policy.&#160; This
includes all the rights of &#147;owner&#148; 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.&#160;
All such rights may be exercised by the Owner without the Company&#146;s
consent.&#148;</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as expressly amended
pursuant to this Amendment, all of the terms, conditions and provisions of the
Agreement shall remain in full force and effect.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Amendment may be executed in
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one instrument.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company and the Owner
acknowledge and agree that facsimile signatures on this Amendment shall be
binding upon the parties hereto.</font></h1>

<h1 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></h1>


<h1 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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<h1 align="center" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Amendment shall be governed by
and construed in accordance with the laws of the State of Illinois.</font></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the parties have signed this
Amendment on the date first above written.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HARLEY-DAVIDSON FINANCIAL</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SERVICES, INC.</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DONNA JOSEPHINE FRETT ZARCONE <br>
  IRREVOCABLE TRUST DATED MARCH 30, 1999</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phillip Charles Zarcone, not individually,</font></p>
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  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">but as Trustee</font></p>
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