1. Remove the seat and left saddlebag. Instructions on removing the seat can be found here, and on removing the bag can be found here. Careful to disconnect the turn signal wire (on top of the rear fender before pulling the bag away.

1. Loosen and remove the caliper pivot bolt.

2. Loosen and remove the lower caliper bolt.

3. Pull the caliper up off the brake rotor and remove it.

4. Unbolt the brake pin retainer bracket bolt.

5. Remove the brake pin retainer bracket.

6. Remove the brake retainer pins. These are frequently seized in place, and may require some persuasion. I used a punch and a hammer to persuade them out from the back side of the caliper. The brake pads will fall out when these pins are removed.

7. The brake pistons must now be retracted. As the brake pads wore away, the caliper filled with more and more brake fluid, and the pistons have pushed out farther. They must be pushed back into the caliper in order for the new brake pads to fit. There are a variety of tools to do this:

Some people just use a C-clamp. Both pistons must be pushed in at the same time, and they must be pushed in evenly - do not push on the edge of one piston. A simple method is to put a wrench flat across both pistons, then use a C-clamp to push the wrench, which will push both pistons equally into the caliper.
Important: before retracting the pistons, loosen the bleeder screw. This allows the collected brake fluid in the caliper to be ejected, instead of pushed back up to the master cylinder. The brake fluid that is in the caliper has been subjected to many heat cycles, and can be contaminated by moisture, debris and grease. The last thing you want to do is to push that contaminated brake fluid back up into the master cylinder! So loosen the bleeder screw, retract the pistons, then tighten the bleeder screw again.

Caution: Brake fluid will destroy plastic and painted surfaces. Do not allow brake fluid to squirt onto plastic or painted surfaces!
8. Remove the brake spring from the caliper and clean it with brake cleaner.

9. Clean and polish the brake pad retention pins.

10. The pivot bolt should be cleaned of all crease using brake cleaner.

11. Insert the retainer spring back into the caliper.

12. Push the brake pad retaining pins partially into the caliper.

13. Push the new brake pads down into the caliper, compressing the spring, and slide them onto the retaining pins. Be careful not to get grease, brake fluid or lubricant on the face of the brake pads. Push the retaining pins all the way through.

14. Place the brake pin retaining bracket in place, and fasten the bracket retaining bolt.

15. Lubricate the slider pin with copious amounts of high temperature brake lubricant.

16. Place the caliper over the rotor, line up the bolt holes, insert the pivot bolt, and torque it to 13 ft-lb for 1980-1981, and 17 ft-lb for 1982-1983 models.. You may need to push the slider pin (underneath the "HONDA" on the caliper) out a bit with your fingers in order to get the caliper to line up correctly with the holes.

17. Insert the caliper bolt and torque it to 22 ft-lb.

18. Bleed the brakes. I highly recommend using a Mity-vac to bleed the brakes.
19. Replace the saddle bag.
20. Test ride the bike. You will need to "seat" the new brake pads. To do this, ride up to about 30 mph, then brake hard to nearly a stop. Repeat this five or six times.