I just installed new saddlebags from The Leatherworks and wanted to give others an idea of an alternative bag installation:

I removed the stock tail lights and installed a "relocation kit" purchased from Drag Specialties and dual element, all metal bullet lights I purchased on Ebay. Later I discovered the same lights/parts can be purchased at the HD dealership, as they are used on Sportsters. BTW, the lights are turn signals AND tail lights.

I wanted to use Easy Brackets quick release system for the bags, but there isn't a unit sized for an S40's fender bracket bolt spacing. It would require drilling thru the chrome bracket which I preferred not to do. Consequently, I drilled thru the fender at the stock tail light hole in the bracket. I fabricated a stand-out from 1 1/4" stainless steel bar stock and used the hardware you see above. The upper assembly is an Easy Bracket's docking post.

Installed. BTW, I used a chrome spacer to fill the large diameter hole in the fender bracket.

Bag installed. Note key lock. Bracket is bolted thru the back of the bag.

The finished product!
FYI- My other bags are listed on Ebay as "Suzuki S40 saddlebags". I couldn't get the photos to download on Café ( ???). Check em out.