<PAGE>  63


                                                                 EXHIBIT  10(f)

                   EXECUTIVE ANNUAL PERFORMANCE INCENTIVE PLAN

         The Coachmen  Industries,  Inc. Executive Annual Performance  Incentive
Plan  (hereinafter  called the "Plan") was adopted by the Board of  Directors of
Coachmen  Industries,  Inc,  an  Indiana  corporation  (hereinafter  called  the
"Company"),  on October  20,  2000,  to be  effective  January 1, 2001,  and was
amended May 3, 2001 effective January 1, 2002.

                                    ARTICLE 1

                                     PURPOSE
                                     -------

         The Plan is  intended  to provide  the  Company a means by which it can
engender and sustain a sense of personal  commitment and commonality of interest
on the part of its  executives  and senior  managers  in the  continued  growth,
development,  and financial  success of the Company and encourage them to remain
with and devote  their best  efforts to the  business  of the  Company,  thereby
advancing the interests of the Company and its  shareholders.  Accordingly,  the
Company  may  award  to  executives  and  senior   managers   annual   incentive
compensation on the terms and conditions established herein.

                                    ARTICLE 2

                                   DEFINITIONS
                                   -----------

         For the purposes of the Plan, unless the context requires otherwise,
the following terms shall have the meanings indicated:

         2.1  "Annual Incentive Award" or "Award" means the compensation payable
              under  this  Plan,  in cash,  to a  Participant  by the  Committee
              pursuant to such terms, conditions,  restrictions, and limitations
              established by the Committee and Plan.

         2.2  "Board" means the Board of Directors of the Company.

         2.3  "Bonus Stock" or "Bonus Shares" means  shares  of Common  Stock of
              the Company  awarded to a Participant as permitted and pursuant to
              the terms of the Long Term Incentive Plan.

         2.4  "Change in Control" is as defined in the Omnibus Program.

         2.5  "Code"  means  the  Internal  Revenue  Code  of  1986, as amended,
              together   with   the   published   rulings,    regulations,   and
              interpretations duly promulgated thereunder.



<PAGE>  64


         2.6  "Committee"  means  the   Compensation  Committee  of   the  Board
              appointed from time to time by the Board, which was elected at the
              Annual Shareholders meeting in the year immediately  preceding the
              Performance Period.

         2.7  "Common Stock"  or  "Common Shares" means  the Common Stock of the
              Company,  with a par  value  of $1.00  per  share,  or such  other
              security or right or  instrument  into which such common stock may
              be changed or converted in the future.

         2.8  "Company" means Coachmen  Industries, Inc. an Indiana corporation,
              and any successor entity.

         2.9  "Covered  Participant"  means  a  Participant  who  is  a "covered
              employee"  as defined in Section  162(m)(3)  of the Code,  and the
              regulations promulgated thereunder,  or who the Committee believes
              will be such a covered employee for a Performance  Period, and who
              the  Committee   believes  may  have  remuneration  in  excess  of
              $1,000,000  for the  Performance  Period,  as  provided in Section
              162(m) of the Code.

         2.10 "Date  of  Conversion"  means  the  date  on which  the  Committee
              determines and approves Awards; this is also the effective Date of
              Conversion  for  Restricted  Stock or Restricted  Shares,  and for
              Stock Options.

         2.11 "Employee"  means  common  law employee  (as defined in accordance
              with the Regulations  and Revenue  Rulings then  applicable  under
              Section  3401(c) of the Code) of the Company and any Subsidiary of
              the Company.

         2.12 "Executive  Nonqualified   Deferred   Compensation  Plan"  is  the
              Executive Nonqualified Deferred Compensation Plan, as amended from
              time to time.

         2.13 "Fair  Market  Value"  of  a  share of Common Stock is the closing
              price  per  share  on  the  New  York  Stock  Exchange   Composite
              Transactions Tape, as reported in the Wall Street Journal, Midwest
              Edition,  on the  appropriate  date, or in the absence of reported
              sales on such day,  the most recent  previous  day for which sales
              were reported.

         2.14 "Omnibus  Program"  is  the Coachmen Industries, Inc. 2000 Omnibus
              Stock Incentive Program.

         2.15 "Participant"  means  an Employee who is selected by the Committee
              to participate in the Plan.

         2.16 "Performance  Criteria",  "Performance  Goals",  "Performance
              Measures",  or  "Performance  Metrics"  mean the  objectives  (and
              measurements of



<PAGE>  65


              attainment  of  the  objectives)   established  by  the  Committee
              pursuant to Article V hereof for the Performance  Period,  for the
              purpose of determining Awards under the Plan.

         2.17 "Bonus Levels" are  the range of performance on which a Bonus will
              be earned. The "Threshold Level" shall be the minimum  performance
              level to earn any Annual Incentive Award. The "Target Level" shall
              be the performance level corresponding to attainment of an average
              of 100% of the  Performance  Criteria/Goals/Measures/Metrics.  The
              "Ultimate  Level"  shall  be the  performance  level  to earn  the
              maximum possible Annual  Incentive Award,  which may be a multiple
              of the Award earned by performance at the Target Level.

         2.18 "Target  Bonus  Value"  is  the  multiplier of Base Salary that is
              assigned to each Bonus Level, which may vary between  participants
              as determined in the discretion of the Committee.

         2.19 "Performance  Period"  means  the consecutive 12 month period that
              constitutes the Company's fiscal year.

         2.20 "Plan"  means  the  Coachmen  Industries,  Inc.  Executive  Annual
              Performance  Incentive Plan,  dated October 20, 2000 and effective
              January 1, 2001, as amended from time to time.

         2.21 "Restricted  Stock"  or "Restricted Shares" means shares of Common
              Stock of the  Company  contingently  granted to a  Participant  as
              permitted  and  pursuant  to  the  terms  and  provisions  of  the
              Long-Term Incentive Plan.

         2.22 "Section  162(m)"  means  Section  162(m)  of  the  Code  and  the
              regulations promulgated thereunder.

         2.23 "Stock  Option"  or  "Option"  means  an option to purchase Common
              Shares of the Company as  permitted  and pursuant to the terms and
              provisions of the Long-Term Incentive Plan.

         2.24 "Subsidiary"  means  (i)  any  corporation  or  limited  liability
              company in an unbroken chain of corporations or limited  liability
              companies  beginning with the Company,  if each of them other than
              the last in the unbroken chain owns stock or membership interests,
              as appropriate, possessing a majority of the total combined voting
              power of all classes of stock or membership,  respectively, in one
              of the other  corporations or limited  liability  companies in the
              chain,  (ii)  any  limited  partnership,  if  the  Company  or any
              corporation  described  in item (i) above owns a  majority  of the
              general  partnership  interest  and  a  majority  of  the  limited
              partnership   interests  entitled  to  vote  on  the  removal  and
              replacement of the general  partner,  and (iii) any partnership or
              limited liability company, if the partners

<PAGE>  66


              or  members  thereof  are  composed  only  of  the  Company,   any
              corporation or limited  liability company listed in item (i) above
              or  any   limited   partnership   listed  in  item   (ii)   above.
              "Subsidiaries"  means  more  than  one of any  such  corporations,
              limited partnerships, partnerships or limited liability companies.

         2.25 "Termination  of  Service"  occurs  when  a  Participant who is an
              Employee of the Company or any Subsidiary  shall cease to serve as
              an Employee of the Company and its Subsidiaries, for any reason.

                                   ARTICLE 3

                                 ADMINISTRATION

                  The Plan shall be administered by the  Compensation  Committee
         of the  Board  unless  otherwise  determined  by  the  Board.  If  said
         Committee does not so serve,  the Committee  shall consist of not fewer
         than two  persons;  any member of the  Committee  may be removed at any
         time,  with or without  cause,  by  resolution  of the  Board;  and any
         vacancy  occurring in the  membership of the Committee may be filled by
         appointment of the Board.

                  In all cases,  membership on the Committee shall be limited to
         those members of the Board who are  Non-employee  Directors and who are
         "outside  directors"  under Section  162(m) of the Code.  The Committee
         shall select one of its members to act as its  Chairman.  A majority of
         the Committee shall  constitute a quorum,  and the act of a majority of
         the members of the Committee  present at a meeting at which a quorum is
         present shall be the act of the Committee.

                  The Committee  shall determine and designate from time to time
         the eligible persons to whom Awards will be made. The Committee, in its
         discretion,  shall (i) interpret the Plan, (ii) prescribe,  amend,  and
         rescind any rules and  regulations  necessary  or  appropriate  for the
         administration  of the Plan,  and (iii) make such other  determinations
         and take such other  action as it deems  necessary  or advisable in the
         administration of the Plan. Any interpretation, determination, or other
         action  made or taken by the  Committee  shall be final,  binding,  and
         conclusive on all interested parties.

                  With respect to restrictions in the Plan that are based on the
         requirements of Section 162(m) of the Code or any other applicable law,
         rule or restriction  (collectively,  "applicable  law"),  to the extent
         that any such  restrictions  are no longer  required by applicable law,
         the  Committee  shall have the sole  discretion  and  authority to make
         Awards hereunder that are no longer subject to such restrictions.

<PAGE>  67


                                    ARTICLE 4

                                  ELIGIBILITY
                                  -----------

         Any  Employee  (including  an  Employee  who is also a  director  or an
         officer) is eligible to  participate  in the Plan,  if so designated by
         the Committee The Committee,  upon its own action,  may make, but shall
         not be required to make, an Award to any  Employee.  Awards may be made
         by the Committee at any time and from time to time to new Participants,
         or  to  then  Participants,  or  to  a  greater  or  lesser  number  of
         Participants,  and may include or exclude previous Participants, as the
         Committee shall  determine.  The Committee's  determinations  under the
         Plan (including without  limitation  determinations of which Employees,
         if any,  are to  receive  Awards,  the form,  amount and timing of such
         Awards,  the terms and  provisions of such Awards,  and the  agreements
         evidencing  same)  may be  made  by  the  Committee  selectively  among
         Employees  who receive,  or are  eligible to receive,  Awards under the
         Plan.  An  Employee  who becomes a  Participant  in the Plan during the
         Performance Period will receive,  if earned, a pro-rated Award based on
         days of participation.

                                    ARTICLE 5

                       PERFORMANCE GOALS AND MEASUREMENT
                       ---------------------------------

         5.1  PERFORMANCE  GOALS  ESTABLISHMENT.   Performance  Goals  shall  be
              established  by  the  Committee  not  later  than  90  days  after
              commencement of the  Performance  Period.  The  Performance  Goals
              and/or Bonus Values,  may be identical for all Participants or, at
              the discretion of the Committee,  may be different to reflect more
              appropriate measures of individual performance.

         5.2  AWARDS.  Awards  as set forth in Article 6. shall be made annually
              in accordance with actual performance  compared to the Performance
              Goals previously  established by the Committee for the Performance
              Period.  Payment of the  awards  shall be made by March 15 of each
              year, for the immediately preceding calendar year.

         5.3  PERFORMANCE   GOALS.   Performance   Goals  relating  to   Covered
              Participants for a Performance  Period shall be established by the
              Committee in writing.  Performance  Goals may include  alternative
              and  multiple  Performance  Goals  and may be based on one or more
              business and/or financial criteria or Performance  Metrics.  Among
              other criteria, in establishing the Performance Goals for the Plan
              Year,  the  Committee  in its  discretion  may  include one or any
              combination  of the  following  criteria  in  either  absolute  or
              relative  terms,  for either the Company or any of its  Subsidiary
              organizations:

                        (a)  Revenue, revenue growth, market share or market
                             share growth, or inventory turns
                        (b)  Total shareholder return


<PAGE>  68

                        (c)  Return on assets, equity, capital, or investment
                        (d)  Pre-tax  or  after-tax  profit  levels,  including:
                             earnings  per share; growth  in earnings per share;
                             earnings before interest and taxes; earnings before
                             interest, taxes, depreciation and amortization; net
                             operating  profits  after   tax,  and  net  income;
                             economic value added and economic profit
                        (e)  Cash flow and cash flow return on investment
                        (f)  Measurements of compliance with company policies or
                             legal requirements
                        (g)  Employee turnover or other human resources criteria
                        (h)  Levels  of operating expense or other expense items
                             as  reported  on  the  income  statement, including
                             operating and maintenance expense
                        (i)  Measures  of  customer  satisfaction  and  customer
                             service  as  surveyed  from time to time, including
                             the relative improvement therein
                        (j)  Subjective evaluations by management.

         5.4  ADJUSTMENTS  FOR  EXTRAORDINARY ITEMS.   The  Committee  shall  be
              authorized  to  make  adjustments  in the  method  of  calculating
              attainment   of   Performance   Goals  in   recognition   of:  (i)
              extraordinary  or non-recurring  items,  (ii) changes in tax laws,
              (iii)  changes in  generally  accepted  accounting  principles  or
              changes  in   accounting   policies,   (iv)  charges   related  to
              restructured or discontinued operations,  (v) restatement of prior
              period   financial   results,   and   (vi)  any   other   unusual,
              non-recurring  gain or loss that may be separately  identified and
              quantified in the Company's financial statements.  Notwithstanding
              the foregoing,  the Committee may, at its sole discretion,  reduce
              the  performance  results  upon which  Awards are based  under the
              Plan, to offset any unintended  result(s)  arising from events not
              anticipated when the Performance Goals were established,  provided
              that such adjustment is permitted by Section 162(m).

         5.5  DETERMINATION  OF AWARDS. The Award and payment of any Award under
              this Plan to a Covered Participant with respect to the Performance
              Period shall be contingent  upon the attainment of the Performance
              Goals that are applicable to such Covered Participant,  subject to
              adjustment  as set forth in  paragraph  5.4. The  Committee  shall
              certify  in  writing  prior to payment of any such Award that such
              applicable  Performance Goals relating to the Award are satisfied.
              The  Performance  Goals shall not allow for any  discretion by the
              Committee  as to an  increase  in any  Award  that  would  violate
              Section 162(m) of the Code.

<PAGE>  69


                                   ARTICLE 6

                                     AWARDS

         6.1  TIMING OF AWARDS. As soon as practical after the completion of the
              Performance  Period,  the Committee  shall review the prior year's
              performance in relation to the Performance  Goals.  This review by
              the  Committee  shall occur within sixty (60) days  following  the
              completion of the Performance Period.

         6.2  FORM OF AWARDS.  Awards  are  paid in cash. However, if and as the
              Committee  so  permits  and  depending   upon  the   Participant's
              voluntary written  irrevocable  election made within ten (10) days
              of  announcement  of the  Performance  Goals  for the  Performance
              Period to the Participant,  but in any event not later than ninety
              (90) days after the  commencement of the Performance  Period,  the
              Participant  may elect to convert his Award in ten  percent  (10%)
              increments, into the following forms:

                        (a)  BONUS STOCK. The  Participant  may elect to convert
                             up  to  one hundred  percent (100%) of the Award to
                             Bonus  Shares, with  the value  of the Bonus Shares
                             (based  on  the  Fair  Market  Value  of such Bonus
                             Shares as of the Date of Conversion) being equal to
                             one  hundred  ten percent (110%) of the cash amount
                             of the  Award converted,  plus an amount calculated
                             by   the   Company  necessary  to   gross  up   the
                             Participant's   income  to  cover the Participant's
                             state  and federal  income  taxes for that year for
                             the  additional  10%  of  stock.  Such Bonus Shares
                             shall be unrestricted and shall be granted pursuant
                             to the Omnibus Program.

                        (b)  RESTRICTED STOCK AWARDS.  The Participant may elect
                             to convert  up to one hundred percent (100%) of the
                             Award to  Company Restricted Shares, with the value
                             of the  Restricted Shares (based on the Fair Market
                             Value  of  such Restricted Shares as of the Date of
                             Conversion)  being   equal  to  one  hundred  forty
                             percent   (140%)  of  the  amount   of  the   Award
                             converted,.   Such  Restricted  Stock  will  have a
                             restriction  period  of not less than two (2) years
                             from   the  Date  of  Conversion.   Further, if the
                             Participant  voluntarily  terminates his employment
                             with Company  during said restriction period, or if
                             during   said    restriction   period   Participant
                             materially  breaches  any agreement he has with the
                             Company  or  its  affiliates, the Restricted Shares
                             shall   be  forfeited  to  the Company. None of the
                             foregoing  restrictions shall apply in the event of
                             a Change in Control. These  Restricted  Shares will
                             be granted pursuant to the Omnibus Program.


<PAGE>  70

         6.3  MAXIMUM AWARDS.  The  maximum  cash  Award  that  may be made to a
              Covered  Participant  under  the Plan for any  Performance  Period
              shall be $1.0 million.


                                   ARTICLE 7

                                WITHHOLDING TAXES
                                -----------------

         The Company  shall have the right to deduct from any payment to be made
pursuant to the Plan the amount of any taxes required by law to be withheld with
respect to such payments.


                                   ARTICLE 8

                   NO RIGHT TO CONTINUED EMPLOYMENT OR AWARDS
                   ------------------------------------------

         No Employee shall have any claim or right to be made an Award,  and the
making of an Award shall not be construed as giving a  Participant  the right to
be retained in the employ of the  Company or any of its  Subsidiaries.  Further,
the  Company  and its  Subsidiaries  expressly  reserve the right at any time to
terminate the employment of any  Participant  free from any liability  under the
Plan; except that a Participant,  who meets or exceeds the Performance Goals for
the  Performance  Period  and was  actively  employed  for the full  term of the
Performance Period, will be eligible for an Award even though the Participant is
not an active  employee of the Company at the time the  Committee  makes  Awards
under the Plan.

                                    ARTICLE 9

                                CHANGE IN CONTROL
                                -----------------

         Immediately  upon  a  Change  in  Control,  notwithstanding  any  other
provision  of this  Plan,  all Awards  for  Participants  covered by a Change in
Control  agreement  with the  Company  for the  Performance  Period in which the
Change in Control occurs shall be deemed earned at no less than the  Performance
Goal  Target  Level,  and the Company  shall make such  payments in cash to each
Participant  or to a  "rabbi  trust"  established  for this  purpose,  as may be
required  in said Change in Control  Agreements,  within five (5) days after the
effective  date of the Change in  Control in at least the amount of such  Target
Level Award,  and in the Committee's  discretion up to the Ultimate Level Award,
or  multiples  thereof as  provided  in said  Change in Control  and rabbi trust
agreements. The making of Awards under the Plan shall in no way affect the right
of the  Company to  adjust,  reclassify,  reorganize,  or  otherwise  change its
capital or business structure, or to merge,  consolidate,  dissolve,  liquidate,
sell or transfer all or any portion of its businesses or assets.


<PAGE>  71


                                   ARTICLE 10

               AMENDMENT, MODIFICATION, SUSPENSION, OR TERMINATION
               ---------------------------------------------------

         Subject to the limitations set forth in Article 9, the Board may at any
time and from time to time,  without  the  consent of the  Participants,  alter,
amend,  revise,  suspend, or discontinue the Plan in whole or in part; provided,
however,  that no amendment which requires stockholder approval in order for the
Plan and Awards under the Plan to continue to comply with Section  162(m) of the
Code,  including any successors to such Section,  shall be effective unless such
amendment  shall be approved by the requisite  vote of the  stockholders  of the
Company entitled to vote thereon.

                                   ARTICLE 11

                                  GOVERNING LAW
                                  -------------

         The validity, construction and effect of the Plan and any actions taken
or relating to the Plan shall be determined  in accordance  with the laws of the
State of Indiana and applicable Federal law.


                                   ARTICLE 12

                             SUCCESSORS AND ASSIGNS
                             ----------------------

         The Company will require any successor (whether direct or indirect,  by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company,  expressly to assume and agree to perform
the  Company's  obligation  under  this Plan in the same  manner and to the same
extent that the Company would be required to perform them if no such  succession
had taken  place.  As used  herein,  the  "Company"  shall  mean the  Company as
hereinbefore defined and any aforesaid successor to its business and/or assets.

                                   ARTICLE 13

                                 EFFECTIVE DATE
                                 --------------

         This Plan shall be effective as of January 1, 2001,  and continue until
terminated.  After termination of the Plan, no future Awards may be made, except
in the case of a Change in Control pursuant to Article 9.


<PAGE>  72


                                   ARTICLE 14

                                 INTERPRETATION
                                 --------------

         The Plan is designed to comply with the Section 162(m) of the Code, and
all  provisions  hereof  shall be  construed  in a manner  consistent  with that
intent.

                                   ARTICLE 15

                                 INDEMNIFICATION
                                 ---------------

         No member of the Board or the Committee, nor any officer or Employee of
the Company acting on behalf of the Board or the Committee,  shall be personally
liable for any action,  determination,  or interpretation  taken or made in good
faith with  respect to the Plan,  and all members of the Board or the  Committee
and each and any  officer or  Employee  of the  Company  acting on their  behalf
shall, to the extent permitted by law, be fully indemnified and protected by the
Company in respect of any such action, determination, or interpretation.

                                    * * * * *

         IN WITNESS  WHEREOF,  the  Company  has caused  this  instrument  to be
executed  effective  as of January 1, 2002 by its  President  pursuant to action
taken by the Board on May 3, 2001.



                                 By: /S/ CLAIRE C. SKINNER
                                     Chairman of the Board, President
                                     And Chief Executive Officer


Attest:



/S/ RICHARD M. LAVERS
Secretary