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                                                                Exhibit 10.ff


                      THIRD AMENDMENT TO HUFFY CORPORATION
                         1987 DIRECTOR STOCK OPTION PLAN
                      ------------------------------------


This Third Amendment is made and effective as of February 15, 1996 to the 1987
Director Stock Option Plan (the "Plan"), adopted on April 15, 1988 by the
Shareholders of Huffy Corporation (the "Company"), as amended April 30, 1990 and
December 15, 1991, under the following circumstances:

A.    The Company desires to amend the Plan (and the Plan so allows such 
      amendment without Shareholder approval) so that option grants may be
      designated by the Committee at dates other than July 1; and

B.    On February 15, 1996, the Board of Directors approved amending the Plan, 
      in accordance with the terms set forth below.

NOW, THEREFORE, the Plan shall be amended as follows:

1.    DEFINITIONS.  All capitalized terms herein, unless otherwise specifically 
      defined in this Amendment, shall have the meanings given to them in the
      Plan.

2.    AMENDMENT.  Section 6(a) of the Plan is hereby amended in its entirety to 
      read as set forth below:

               "(a)   In addition to any options granted pursuant to Section 5
                      hereof, options shall be granted automatically on July 1
                      and/or on such other date(s) as may be designated by the
                      Committee from time to time as date(s) to grant such
                      options (or, if any such date is not a business day, on
                      the next succeeding business day) of any year to any
                      Outside Director who, at least six (6) months prior to any
                      such date(s), files with the Secretary of the Company an
                      irrevocable election to receive an option in lieu of all
                      or any part (in multiples of $1,000) of Annual Retainer
                      fees to be earned in the then current Plan Year (I.E., the
                      year beginning ---- July 1 and ending June 30; herein
                      referred to as a "Plan Year")."

3.    EFFECTIVE DATE AND AFFIRMATION. This Amendment shall be effective as of
      February 15, 1996. Except as amended hereby and the amendments contained
      in the First Amendment and Second Amendment to the Plan, dated April 30,
      1990 and December 15, 1991, respectively, the Plan remains unchanged and
      in full force and effect.


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IN WITNESS WHEREOF, this Third Amendment has been executed as of February 15,
1996.


                                                  HUFFY CORPORATION


                                                  By /S/ Nancy A. Michaud
                                                    --------------------------