Exhibit 10.18
CAVCO INDUSTRIES, INC.
STOCK OPTION AGREEMENT
Dear
[Optionee]:
Effective [Date of Grant], you have
been granted a non-qualified Option to purchase up to [Number of
Shares] shares of the common stock, par value $.01 per share, of
Cavco Industries, Inc., a Delaware corporation (the
“Company”), for $[Option Price] per share (the
“Option”). This Option is granted under the Cavco
Industries, Inc. Stock Incentive Plan (as such plan may be amended
from time to time, the “Plan”). A copy of the Plan is
available to you upon request to the Corporate Secretary during the
term of this Option. This Option will terminate upon the close of
business on [Termination Date] unless earlier terminated as
described herein or in the Plan. This Option will vest and become
exercisable in the amounts and on the dates shown below, provided
that, except as expressly provided in the proviso of the first
sentence of the next paragraph, the optionee must be in continuous
Employment or in continuous service as a Director from the Grant
Date through the date shown below for the Option to vest as to the
amount shown for such date: [Vesting Schedule].
Except as otherwise provided below in
this award agreement: (i) all rights to exercise this Option
shall terminate four (4) months after the date the optionee
ceases to be an employee of the Company, or ceases to be a
Director, whichever may occur later, for any reason other than
death or Disability, (ii) in the event of
