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                                                                   EXHIBIT 10(b)

                           CHANGE IN CONTROL AGREEMENT

         This AGREEMENT RE: CHANGE IN CONTROL (this "Agreement") is dated as of
_____________, 2001 and is entered into by and between _________________________
("Executive") and Fleetwood Enterprises, Inc., a Delaware corporation (the
"Company").

                                   BACKGROUND
                                   ----------

         The Company believes that because of its position in the industry,
financial resources and historical operating results there is a possibility that
the Company may become the subject of a Change in Control (as defined below),
either now or at some time in the future.

         The Company believes that it is in the best interest of the Company and
its stockholders to foster Executive's objectivity in making decisions with
respect to any pending or threatened Change in Control of the Company and to
assure that the Company will have the continued dedication and availability of
Executive, notwithstanding the possibility, threat or occurrence of a Change in
Control. The Company believes that these goals can best be accomplished by
alleviating certain of the risks and uncertainties with regard to Executive's
financial and professional security that would be created by a pending or
threatened Change in Control and that inevitably would distract Executive and
could impair his ability to objectively perform his duties for and on behalf of
the Company. Accordingly, the Company believes that it is appropriate and in the
best interest of the Company and its stockholders to provide to Executive
compensation arrangements upon a Change in Control that lessen Executive's
financial risks and uncertainties and that are reasonably competitive with those
of other corporations.

         With these and other considerations in mind, the Compensation Committee
of the Company has authorized the Company to enter into this Agreement with the
Executive to provide the protections set forth herein for Executive's financial
security following a Change in Control.

         NOW, THEREFORE, in consideration of the foregoing, and for other good
and valuable consideration the receipt of which is hereby acknowledged, it is
hereby agreed as follows:

                                    AGREEMENT
                                    ---------

         1.       TERM OF AGREEMENT. This Agreement shall be effective from the
date first written above and, subject to the provisions of Section 4, shall
extend to (and thereupon automatically terminate) one (1) day after Executive's
termination of employment with the Company for any reason. No termination of
this Agreement shall limit, alter or otherwise affect Executive's rights
hereunder with respect to a Change in Control which has occurred prior to such
termination, including without limitation Executive's right to receive the
various benefits hereunder.

         2.       PURPOSE OF AGREEMENT. The purpose of this Agreement is to
provide that, in the event of a "Change in Control," Executive may become
entitled to receive certain additional benefits, as described herein, in the
event of his termination under specified circumstances.

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         3.       CHANGE IN CONTROL. As used in this Agreement, the phrase
"Change in Control" shall mean:

                  (i)      Except as provided by subparagraph (iii) hereof, the
acquisition (other than from the Company) by any person, entity or "group",
within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act") (excluding, for this purpose, the
Company or its subsidiaries, or any executive benefit plan of the Company or its
subsidiaries which acquires beneficial ownership of voting securities of the
Company), of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of twenty-five percent (25%) or more of either the then
outstanding shares of common stock or the combined voting power of the Company's
then outstanding voting securities entitled to vote generally in the election of
directors; or

                  (ii)     Individuals who, as of the date hereof, constitute
the Board of Directors of the Company (as of the date hereof the "Incumbent
Board") cease for any reason to constitute at least a majority of the Board of
Directors of the Company, provided that any person becoming a director
subsequent to the date hereof whose election, or nomination for election by the
Company's stockholders, is or was approved by a vote of at least a majority of
the directors then comprising the Incumbent Board (other than an election or
nomination of an individual whose initial assumption of office is in connection
with an actual or threatened election contest relating to the election of the
Directors of the Company) shall be, for purposes of this Agreement, considered
as though such person were a member of the Incumbent Board; or

                  (iii)    Approval by the stockholders of the Company of a
reorganization, merger or consolidation with any other person, entity or
corporation, other than

                           (1)      a merger or consolidation which would result
         in the voting securities of the Company outstanding immediately prior
         thereto continuing to represent (either by remaining outstanding or by
         being converted into voting securities of another entity) more than
         fifty percent (50%) of the combined voting power of the voting
         securities of the Company or such other entity outstanding immediately
         after such merger or consolidation, or

                           (2)      a merger or consolidation effected to
         implement a recapitalization of the Company (or similar transaction) in
         which no person acquires twenty-five percent (25%) or more of the
         combined voting power of the Company's then outstanding voting
         securities; or

                  (iv)     Approval by the stockholders of the Company of a plan
of complete liquidation of the Company or an agreement for the sale or other
disposition by the Company of all or substantially all of the Company's assets.

         4.       EFFECT OF A CHANGE IN CONTROL. In the event of a Change in
Control, Sections 6 through 11 of this Agreement shall become applicable to
Executive. These Sections shall continue to remain applicable until the second
anniversary of the date upon which the Change in Control occurs. On such second
anniversary date, and provided that the employment of

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Executive has not been terminated on account of a Qualifying Termination (as
defined in Section 5 below), this Agreement shall terminate and be of no further
force or effect.

         5.       QUALIFYING TERMINATION. If within twelve (12) months following
a Change in Control Executive voluntarily terminates his employment with the
Company and its affiliated companies, or if following or within ninety (90) days
prior to a Change in Control Executive's employment with the Company and its
affiliated companies is terminated, such termination shall be conclusively
considered a "Qualifying Termination" unless:

                  (a)      Executive voluntarily terminates his employment with
         the Company and its affiliated companies on a date that is more than
         twelve (12) months after the Change in Control. Executive, however,
         shall NOT be considered to have voluntarily terminated his employment
         with the Company and its affiliated companies if, following, or within
         ninety (90) days prior to, the Change in Control, Executive's overall
         compensation is reduced or adversely modified in any material respect
         or his authority or duties are materially changed and he elects to
         terminate his employment within sixty (60) days following such
         reduction, modification or change. For such purposes, Executive's
         authority or duties shall conclusively be considered to have been
         "materially changed" if, without Executive's express and voluntary
         written consent, there is any substantial diminution or adverse
         modification in Executive's title, status, overall position,
         responsibilities, reporting relationship, general working environment
         (including without limitation secretarial and staff support, offices,
         and frequency and mode of travel), or if, without Executive's express
         and voluntary written consent, Executive's job location is transferred
         to a site more than fifty (50) miles away from his place of employment.
         In this regard as well, Executive's authority and duties shall
         conclusively be considered to have been "materially changed" if,
         without Executive's express and voluntary written consent, Executive no
         longer holds the same title or no longer has the same authority and
         responsibilities or no longer has the same reporting responsibilities,
         in each case with respect and as to a publicly held parent company
         which is not controlled by another entity or person.

                  (b)      The termination is on account of Executive's death or
         Disability. For such purposes, "Disability" shall mean a physical or
         mental incapacity as a result of which Executive becomes unable to
         continue the performance of his responsibilities for the Company and
         its affiliated companies and which, at least three (3) months after its
         commencement, is determined to be total and permanent by a physician
         agreed to by the Company and Executive, or in the event of Executive's
         inability to designate a physician, Executive's legal representative.
         In the absence of agreement between the Company and Executive, each
         party shall nominate a qualified physician and the two physicians so
         nominated shall select a third physician who shall make the
         determination as to Disability.

                  (c)      Executive is involuntarily terminated for "Cause."
         For this purpose, "Cause" shall be limited to only three types of
         events:

                           (1)      the refusal of Executive to comply with a
                  lawful, written instruction of the Board of Directors or
                  Executive's immediate or departmental

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                  supervisor, which refusal is not remedied by Executive within
                  a reasonable period of time after his receipt of written
                  notice from the Company identifying the refusal, so long as
                  the instruction is consistent with the scope and
                  responsibilities of Executive's position prior to the Change
                  in Control;

                           (2)      an act or acts of personal dishonesty by
                  Executive which were intended to result in substantial
                  personal enrichment of Executive at the expense of the Company
                  or any of its affiliated companies; or

                           (3)      Executives conviction of any misdemeanor
                   involving an act of moral turpitude or any felony.

         6.       SEVERANCE PAYMENT. If Executive's employment is terminated as
a result of a Qualifying Termination, the Company shall pay Executive within
thirty (30) days after the Qualifying Termination a cash lump sum equal to one
(1) times Executive's Compensation, as hereinafter defined (the "Severance
Payment"). Notwithstanding anything to the contrary herein, the sum of the
aggregate present value of (i) such Severance Payment, (ii) any and all
additional amounts or benefits which may be paid or conferred to or on behalf of
Executive in accordance with subsections (a) or (b) of Section 7 hereof, and
(iii) any and all other amounts or benefits paid or conferred to or on behalf of
Executive that constitute a "parachute payment" ("parachute payment," as defined
in Section 280G(b)(2), or any successor thereto, of the Internal Revenue Code of
1986, as amended (the "Code")), shall not exceed an amount equal to one dollar
less than three (3) times Executive's "base amount" ("base amount," as defined
in Section 280G(b)(3), or any successor thereto, of the Code). For the avoidance
of doubt, the purpose and intent of the foregoing sentence is to avoid giving
rise to any obligation of the Company to reimburse the Executive for (or
otherwise pay on Executive's behalf) any Excise Tax (hereinafter defined)
pursuant to Section 8 hereof, to the extent of then-current applicable law. The
Severance Payment payable by the Company to the Executive shall be reduced to
the extent necessary to fulfill the requirement of the two immediately preceding
sentences that payment of amounts includable in Executive's base amount shall
not exceed an amount equal to one dollar less than three (3) times Executive's
base Amount.

                  (a)      For purposes of this Agreement, Executive's
         "Compensation" shall equal the sum of (i) Executive's highest annual
         salary rate with the Company, or any of its affiliated companies,
         within the three (3) year period ending on the date of Executive's
         Qualifying Termination, or such shorter period if Executive has been
         employed by the Company or any of its affiliated companies for a
         shorter period, plus (ii) a "Bonus Increment." The Bonus Increment
         shall equal the annualized average of all bonuses and incentive
         compensation payments paid to Executive during the two (2) year period
         immediately before the date of Executive's Qualifying Termination under
         all of the Company's bonus and incentive compensation plans or
         arrangements, or during such shorter period if Executive has been
         employed by the Company or any of its affiliated companies for a
         shorter period.

                  (b)      The Severance Payment hereunder is in lieu of any
         severance payment that Executive might otherwise be entitled to from
         the Company in the event of a Change in Control under the Company's
         applicable severance pay policies, if any, or under any

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         other oral or written agreement; PROVIDED, HOWEVER, that Executive
         shall continue to be entitled to receive the severance pay benefits
         under the Company's applicable policies, if any, or under another
         written agreement if and to the extent Executive's termination is not a
         Qualifying Termination after, or within ninety (90) days prior to, a
         Change in Control.

         7.       ADDITIONAL BENEFITS.

                  (a)      In the event of a Qualifying Termination, any and all
         unvested stock options of Executive shall immediately become fully
         vested and exercisable.

                  (b)      In the event of a Qualifying Termination, Executive
         shall be entitled to continue to participate in the following executive
         benefit programs which had been made available to Executive (including
         his family) before the Qualifying Termination: group medical insurance,
         group dental insurance, group-term life insurance and disability
         insurance. These programs shall be continued at no cost to Executive,
         except to the extent that tax rules require the inclusion of the value
         of such benefits in Executive's income. The programs shall be continued
         in the same way and at the same level as immediately prior to the
         Qualifying Termination. The programs shall continue for Executive's
         benefit for two (2) years after the date of the Qualifying Termination;
         PROVIDED, HOWEVER, that Executive's participation in each of such
         programs shall be earlier terminated or reduced, as applicable, if and
         to the extent Executive receives benefits as a result of concurrent
         coverage through another program.

         8.       INDEMNIFICATION FOR EXCISE TAX. In the event that Executive
becomes entitled to receive a Severance Payment in accordance with the
provisions of Section 6 above, and notwithstanding the provision for a reduction
in Severance Payment in Section 6, such Severance Payment and any other benefits
or payments (including transfers of property) that Executive receives, or is to
receive, pursuant to this Agreement or any other agreement, plan or arrangement
with the Company in connection with a Change in Control of the Company ("Other
Benefits") shall be subject to the tax imposed pursuant to Section 4999 of the
Code (or any successor thereto) or any comparable provision of state law (an
"Excise Tax"), the following rules shall apply:

                  (a)      The Company shall pay to Executive, within thirty
         (30) days after the Executive's Qualifying Termination, an additional
         amount (the "Gross-Up Payment") such that the net amount retained by
         Executive, after deduction of any Excise Tax with respect to the
         Severance Payment or the Other Benefits and any federal, state and
         local income tax, FICA tax and Excise Tax upon such Gross-Up Payment,
         is equal to the amount that would have been retained by Executive if
         such Excise Tax were not applicable. It is intended that Executive
         shall not suffer any loss or expense resulting from the assessment of
         any Excise Tax or the Company's reimbursement of Executive for payment
         of any such Excise Tax.

                  (b)      For purposes of determining whether any of the
         Severance Payments or Other Benefits will be subject to an Excise Tax
         and the amount of such Excise Tax, (i) any other payments or benefits
         received or to be received by Executive in connection with a Change in
         Control of the Company or Executive's termination of employment

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         (whether pursuant to the terms of this Agreement or any other plan,
         arrangement or agreement with the Company, any person whose actions
         result in a Change in Control or any person affiliated with the Company
         or such person) shall be treated as "parachute payments" within the
         meaning of Section 280G(b)(2) of the Code (or any successor thereto),
         and all "excess parachute payments" within the meaning of Section
         280G(b)(l) of the Code (or any successor thereto) shall be treated as
         subject to the Excise Tax, unless in the opinion of tax counsel
         selected by the Company's independent auditors and acceptable to
         Executive such other payments or benefits (in whole or in part) do not
         constitute parachute payments, or such excess parachute payments (in
         whole or in part) represent reasonable compensation for services
         actually rendered within the meaning of Section 280G(b)(4) of the Code
         (or any successor thereto), (ii) the amount of the Severance Payments
         and Other Benefits which shall be treated as subject to the Excise Tax
         shall be equal to the lesser of (A) the total amount of the Severance
         Payments or Other Benefits or (B) the amount of excess parachute
         payments within the meaning of Sections 280G(b)(l) and (4) of the Code
         (or any successor or successors thereto), after applying clause (i),
         above, and (iii) the value of any non-cash benefits or any deferred
         payment or benefit shall be determined by the Company's independent
         auditors in accordance with the principles of Sections 280G(d)(3) and
         (4) of the Code (or any successor or successors thereto).

                  (c)      For purposes of determining the amount of the
         Gross-Up Payment, Executive shall be deemed to pay federal income taxes
         at the highest marginal rate of federal income taxation in the calendar
         year in which the Gross-Up Payment is to be made and state and local
         income taxes at the highest marginal rates of taxation in the state and
         locality of Executive's residence on the date of the Executive's
         Qualifying Termination, net of the maximum reduction in federal income
         taxes which could be obtained from deduction of such state and local
         taxes.

                  (d)      In the event that the Excise Tax is subsequently
         determined to be less than the amount taken into account hereunder at
         the time of the Executive's Qualifying Termination, the Executive shall
         repay to the Company, at the time that the amount of such reduction in
         Excise Tax is finally determined, the portion of the Gross-Up Payment
         attributable to such reduction plus interest on the amount of such
         repayment at the rate provided in Section 1274(b)(2)(B) of the Code (or
         any successor thereto) (the "Applicable Rate"). In the event that the
         Excise Tax is determined to exceed the amount taken into account
         hereunder at the time of such Qualifying Termination (including by
         reason of any payment the existence or amount of which cannot be
         determined at the time of the Gross-Up Payment), the Company shall make
         an additional Gross-Up Payment in respect of such excess (plus
         interest, determined at the Applicable Rate, payable with respect to
         such excess) at the time that the amount of such excess is finally
         determined.

         9.       RIGHTS AND OBLIGATIONS PRIOR TO A CHANGE IN CONTROL. Prior to
the date which is ninety (90) days before a Change in Control, the rights and
obligations of Executive with respect to his employment by the Company shall be
determined in accordance with the policies and procedures adopted from time to
time by the Company and the provisions of any written employment contract in
effect between the Company and Executive from time to time. This Agreement deals
only with certain rights and obligations of Executive subsequent, or within

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ninety (90) days prior to, a Change in Control, and the existence of this
Agreement shall not be treated as raising any inference with respect to what
rights and obligations exist prior to the date which is ninety (90) days before
a Change in Control. Unless otherwise expressly set forth in a separate written
employment agreement between Executive and the Company, the employment of
Executive is expressly at-will, and Executive or the Company may terminate
Executive's employment with the Company at any time and for any reason, with or
without cause, provided that if such termination occurs within ninety (90) days
prior to or two (2) years after a Change in Control and constitutes a Qualifying
Termination (as defined in Section 5 above) the provisions of this Agreement
shall govern the payment of the Severance Payment and certain other benefits as
provided herein.

         10.      NON-EXCLUSIVITY OF RIGHTS. Subject to Section 6(c) hereof,
nothing in this Agreement shall prevent or limit Executive's continuing or
future participation in any benefit, bonus, incentive or other plan or program
provided by the Company or any of its affiliated companies and for which
Executive may qualify, nor shall anything herein limit or otherwise affect such
rights as Executive may have under any stock option or other agreements with the
Company or any of its affiliated companies. Except as otherwise provided in
Section 6(c) hereof, amounts which are vested benefits or which Executive is
otherwise entitled to receive under any plan or program of the Company or any of
its affiliated companies at or subsequent to the date of any Qualified
Termination shall be payable in accordance with such plan or program.

         11.      FULL SETTLEMENT. The Company's obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counter-claim, recoupment,
defense or other claim, right or action which the Company may have against
Executive or others. In no event shall Executive be obligated to seek other
employment or to take any other action by way of mitigation of the amounts
payable to Executive under any of the provisions of this Agreement. The Company
agrees to pay, to the full extent permitted by law, all legal fees and expenses
which Executive may reasonably incur as a result of Executive's successful
collection efforts to receive amounts payable hereunder, or as a result of any
contest (regardless of the outcome thereof) by the Company or others of the
validity or enforceability of, or liability under, any provision of this
Agreement or any guarantee of performance thereof (including as a result of any
contest by Executive about the amount of any payment pursuant to this Section).

         12.      SUCCESSORS.

                  (a)      This Agreement is personal to Executive, and without
         the prior written consent of the Company shall not be assignable by
         Executive other than by will or the laws of descent and distribution.
         This Agreement shall inure to the benefit of and be enforceable by
         Executive's legal representatives.

                  (b)      The rights and obligations of the Company under this
         Agreement shall inure to the benefit of and shall be binding upon the
         successors and assigns of the Company.

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         13.      GOVERNING LAW. This Agreement is made and entered into in the
State of California, and the internal laws of California shall govern its
validity and interpretation in the performance by the parties hereto of their
respective duties and obligations hereunder.

         14.      MODIFICATIONS. This Agreement may be amended or modified only
by an instrument in writing executed by all of the parties hereto.

         15.      DISPUTE RESOLUTION.

                  (a)      Any controversy or dispute between the parties
         involving the construction, interpretation, application or performance
         of the terms, covenants, or conditions of this Agreement or in any way
         arising under this Agreement (a "Covered Dispute") shall, on demand by
         either of the parties by written notice served on the other party in
         the manner prescribed in Section 16 hereof, be referenced pursuant to
         the procedures described in California Code of Civil Procedure ("CCP")
         Sections 638, ET seq., as they may be amended from time to time (or
         such procedures as nearly the same as may be available under the laws
         of California, the "Reference Procedures"), to a retired Judge from the
         superior court of California for the County of Riverside (the "Venue
         County") for a decision.

                  (b)      The Reference Procedures shall be commenced by either
         party by the filing in the superior court of Venue County a petition
         pursuant to CCP Section 638(1) (or such procedures as nearly the same
         as may be available under the laws of California, a "Petition"). Said
         Petition shall designate as a referee a Judge from the list of retired
         superior court Judges from the Venue County who have made themselves
         available for trial or settlement of civil litigation under said
         Reference Procedures. If the parties hereto are unable to agree on the
         designation of a particular retired superior court Judge of the Venue
         County, or the designated Judge is unavailable or unable to serve in
         such capacity, request shall be made in said Petition that the
         Presiding or Assistant Presiding Judge of the superior court of the
         Venue County appoint as referee a retired superior court Judge from the
         aforementioned list.

                  (c)      Except as hereafter agreed by the parties, the
         referee shall apply the internal law of the State of California in
         deciding the issues submitted hereunder. Unless formal pleadings are
         waived by agreement among the parties and the referee, the moving party
         shall file and serve its complaint within fifteen (15) days from the
         date a referee is designated as provided herein, and the other party
         shall have fifteen (15) days thereafter in which to plead to said
         complaint. Each of the parties reserves its respective rights to allege
         and assert in such pleadings all claims, causes of action, contentions
         and defenses which it may have arising out of or relating to the
         general subject matter of the Covered Dispute that is being determined
         pursuant to the Reference Procedures. Reasonable notice of any motions
         before the referee shall be given, and all matters shall be set at the
         convenience of the referee. Discovery shall be conducted as the parties
         agree or as allowed by the referee. Unless waived by each of the
         parties, a reporter shall be present at all proceedings before the
         referee.

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                  (d)      It is the parties' intention by this Section 15 that
         all issues of fact and law and all matters of a legal and equitable
         nature related to any Covered Dispute will be submitted for
         determination by a referee designated as provided herein. Accordingly,
         the parties hereby stipulate that a referee designated as provided
         herein shall have all powers of a Judge of the superior court
         including, without limitation, the power to grant equitable and
         interlocutory and permanent injunctive relief.

                  (e)      Each of the parties specifically (i) consents to the
         exercise of jurisdiction over his person by a referee designated as
         provided herein with respect to any and all Covered Disputes; and (ii)
         consents to the personal jurisdiction of the California courts with
         respect to any appeal or review of the decision of any such referee.

                  (f)      Each of the parties acknowledges that the decision by
         a referee designated as provided herein shall be a basis for a judgment
         as provided in CCP Section 644 and shall be subject to exception and
         review as provided in CCP Section 645, or such procedures as nearly the
         same as may be available under the laws of California.

                  (g)      The Company shall pay all fees and costs incurred by
         Executive in connection with the Reference Procedures for a Covered
         Dispute other than attorneys' fees incurred by Executive.

         16.      NOTICES. Any notice or communications required or permitted to
be given to the parties hereto shall be delivered personally or be sent by
United States registered or certified mail, postage prepaid and return receipt
requested, and addressed or delivered as follows, or at such other addresses the
party addressed may have substituted by notice pursuant to this Section:

                  To the Company:                      To Executive:

                  Fleetwood Enterprises, Inc.          -------------------------
                  3125 Myers Street                    Home Address
                  Riverside, California  92503-5527    City, State, Zip
                  Attn:  General Counsel

         17.      CAPTIONS. The captions of this Agreement are inserted for
convenience and do not constitute a part hereof.

         18.      SEVERABILITY. In case any one or more of the provisions
contained in this Agreement shall for any reason be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision of this Agreement, but this Agreement shall
be construed as if such invalid, illegal or unenforceable provision had never
been contained herein and there shall be deemed substituted for such invalid,
illegal or unenforceable provision such other provision as will most nearly
accomplish the intent of the parties to the extent permitted by the applicable
law. In case this Agreement, or any one or more of the provisions hereof, shall
be held to be invalid, illegal or unenforceable within any governmental
jurisdiction or subdivision thereof, this Agreement or any such provision
thereof shall not as a consequence thereof be deemed to be invalid, illegal or
unenforceable in any other governmental jurisdiction or subdivision thereof.

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         19.      COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which shall
together constitute one in the same Agreement.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered effective as of the day and year first written
above.

                             --------------------------
                             [Name of Executive]

                             FLEETWOOD ENTERPRISES, INC.,
                             a Delaware corporation

                             By:
                                -----------------------------------------------

                                Name:
                                     ------------------------------------------

                                Title:
                                      -----------------------------------------

                                       10<Page>

                                                                      EXHIBIT(g)

                           FLEETWOOD ENTERPRISES, INC.
                              AMENDED AND RESTATED
                  1992 STOCK-BASED INCENTIVE COMPENSATION PLAN
          (INCLUDING ALL AMENDMENTS ADOPTED THROUGH DECEMBER 14, 1999)

I.       GENERAL PROVISIONS

         1.1      PURPOSES OF THE PLAN

         Fleetwood Enterprises, Inc. ("Fleetwood") has adopted this 1992
Stock-Based Incentive Compensation Plan (the "Plan") to advance the interests of
Fleetwood and its stockholders by affording to key management and other
Employees of Fleetwood and its subsidiaries an opportunity to acquire or
increase a proprietary interest in Fleetwood or to otherwise benefit from the
success of the Company through the grant to such Employees of Incentive Awards
under the terms and conditions set forth herein. By thus encouraging such
Employees to become owners of Fleetwood's shares and by granting such Employees
other incentive compensation that is measured by the increased market value of
Fleetwood's shares or another appropriate measure of the success and
profitability of the Company, the Company seeks to attract, retain and motivate
those highly competent individuals upon whose judgment, initiative, leadership
and continued efforts the success of the Company in large measure depends.

         1.2      DEFINITIONS.

         As used herein the following terms shall have the meanings set forth
below:

         (a)      "Board" means the Board of Directors of Fleetwood.

         (b)      "Cause" means, with respect to the discharge by the Company of
any Participant, any conduct on the part of the Participant that constitutes (i)
the willful and continued failure to substantially perform Participant's
employment duties (other than due to physical or mental illness), (ii) the
willful engaging by Participant in misconduct which is or reasonably could be
expected to become materially injurious to the Company, monetarily or otherwise,
(iii) an act or acts of dishonesty on the part of the Participant constituting a
felony under applicable law, or (iv) a willful and material breach of any
employment agreement, if any, between Participant and the Company.

         (c)      "Change in Control" means the following and shall be deemed to
occur if any of the following events occur:

                  (i)      Any "person," as such term is used in Sections 13(d)
         and 14(d) of the Exchange Act, is or becomes the "beneficial owner" (as
         defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
         of securities of Fleetwood representing 25% or more of the combined
         voting power of Fleetwood's then outstanding voting securities;

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                  (ii)     Individuals who, as of the date hereof, constitute
         the Board (the "Incumbent Board"), cease for any reason to constitute
         at least a majority of the Board, provided that any person becoming a
         director subsequent to the date hereof whose election, or nomination
         for election by Fleetwood's stockholders, is approved by a vote of at
         least a majority of the directors then comprising the Incumbent Board
         (other than an election or nomination of an individual whose initial
         assumption of office is in connection with an actual or threatened
         election contest relating to the election of the directors of
         Fleetwood, as such terms are used in Rule 14a-11 of Regulation 14A
         promulgated under the Exchange Act) shall, for the purposes of this
         Plan, be considered as though such person were a member of the
         Incumbent Board;

                  (iii)    The stockholders of Fleetwood approve a merger or
         consolidated with any other corporation, other than

                           (A)      a merger or consolidation which would result
                  in the voting securities of Fleetwood outstanding immediately
                  prior thereto continuing to represent (either by remaining
                  outstanding or by being converted into voting securities of
                  another entity) more than 50% of the combined voting power of
                  the voting securities of Fleetwood or such other entity
                  outstanding immediately after such merger or consolidation,
                  and

                           (B)      a merger or consolidation effected to
                  implement a recapitalization of the Company (or similar
                  transaction) in which no person acquires 50% or more of the
                  combined voting power of Fleetwood's then outstanding voting
                  securities; or

                  (iv)     The stockholders of Fleetwood approve a plan of
         complete liquidation of the Company or an agreement for the sale or
         other disposition by the Company of all or substantially all of the
         Company's assets.

Notwithstanding the preceding provisions of this Section 1.2(d), a Change in
Control shall not be deemed to have occurred (1) if the "person" described in
the preceding provisions of this Paragraph is an underwriter or underwriting
syndicate that has acquired the ownership of 50% or more of the combined voting
power of Fleetwood's then outstanding voting securities solely in connection
with a public offering of Fleetwood's securities; (2) if the "person" described
in the preceding provisions of this Paragraph is an employee stock ownership
plan or other employee benefit plan maintained by the Company that is qualified
under the provisions of the Employee Retirement Income Security Act of 1974, as
amended; or (3) if the person described in clause (i) of the preceding
provisions of this Paragraph would not otherwise be a beneficial owner of 25% or
more of the combined voting power of Fleetwood's then outstanding voting
securities but for a reduction in the number of outstanding voting securities
resulting from a stock repurchase program or other similar plan of the Company
or from a self tender offer of the Company, which plan or tender offer commenced
on or after the date hereof, provided, however, that the term "person" shall
include such person from and after the

                                       2
<Page>

first date upon which (A) such person, since the date of the commencement of
such plan or tender offer, shall have acquired beneficial ownership of, in the
aggregate, a number of voting securities of the Company equal to 1% or more of
the voting securities of the Company then outstanding and (B) such person,
together with all affiliates and associates of such person, shall beneficially
own 25% or more the voting securities of the Company then outstanding.

         (d)      "Code" means the Internal Revenue Code of 1986, as amended.
Where the context so requires, a reference to a particular Code section shall
also refer to any successor provision of the Code to such section.

         (e)      "Committee" means the committee appointed by the Board to
administer the Plan.

         (f)      "Common Stock" means the common stock of Fleetwood, par value
$1.00 per share.

         (g)      "Company" means Fleetwood and any present or future parent or
subsidiary corporations (as defined in Section 424 of the Code of 1986, as
amended) with respect to Fleetwood, any other entity designated by the Board, or
any successors to such corporations or entities.

         (h)      "Employee" means any regular employee of the Company.

         (i)      "Exchange Act" means the Securities Exchange Act of 1934, as
amended. Where the context so requires, a reference to a particular section of
the Exchange Act shall also refer to any successor provision to such section.

         (j)      "Fair Market Value" means the fair market value of a share of
Common Stock as determined by the Committee on the basis of such factors as it
may deem appropriate.

         (k)      "Fleetwood" means Fleetwood Enterprises, Inc., a Delaware
corporation, or any successor thereto.

         (l)      "Incentive Award" means any Stock Option, Stock Appreciation
Right, Stock Payment, Performance Award or other award granted or sold under the
Plan.

         (m)      "Incentive Stock Option" means an incentive stock option, as
defined under Section 422 of the Code and the regulations thereunder.

         (n)      "Nonqualified Stock Option" means a stock option other than an
Incentive Stock Option. An Option that otherwise meets the requirements under
Code Section 422 for qualification as an incentive stock option shall
nevertheless be treated as a Nonqualified Stock Option if the Committee so
specifies in the Incentive Award pursuant to which such Option is granted.

                                       3
<Page>

         (o)      "Option or "Stock Option" means a right to purchase Common
Stock and refers to both Incentive Stock Options and Nonqualified Stock Options,
subject to an Incentive Award under this Plan and the provisions of Article III
hereof.

         (p)      "Participant" means any Employee selected by the Committee to
receive an Incentive Award pursuant to this Plan.

         (q)      "Payment Event" means the event or events giving rise to the
right to payment of a Performance Award.

         (r)      "Performance Award" means an award, payable in cash, Common
Stock or a combination thereof, which is the subject of an Incentive Award under
this Plan and the provisions of Article IV hereof.

         (s)      "Performance-Based Compensation" means performance-based
compensation as described in Section 162(m) of the Code and the regulations
thereunder. If the amount of compensation an Employee will receive under any
Incentive Award is not based solely on an increase in the value of Common Stock
after the date of grant or award, the Committee, in order to qualify an
Incentive Award as performance-based compensation under Section 162(m) of the
Code and the regulations thereunder, can condition the grant, award, vesting, or
exercisability of such an award on the attainment of a preestablished, objective
performance goal. For this purpose, a preestablished, objective performance goal
may include one or more of the following performance criteria: (i) cash flow,
(ii) earnings per share (including earnings before interest, taxes, and
amortization), (iii) return on equity, (iv) total stockholder return, (v) return
on capital, (vi) return on assets or net assets, (vii) income or net income,
(viii) operating margin, (ix) return on operating revenue, and (x) any other
similar performance criteria contemplated by the regulations under Section
162(m).

         (t)      "Plan" means the Fleetwood Enterprises, Inc. 1992 Stock-Based
Incentive Compensation Plan as set forth herein, as amended from time to time.

         (u)      "Purchase Price" means the purchase price (if any) to be paid
by a Participant for Restricted Stock as determined by the Committee.

         (v)      "Restricted Stock" means Common Stock which is the subject of
an Incentive Award under this Plan and the provisions of Article V hereof.

         (w)      "Securities Act" means the Securities Act of 1933, as amended.

         (x)      "Stock Appreciation Right" or "Right" means a right granted
pursuant to Article V of the Plan to receive a number of shares of Common Stock
or, in the discretion of the Committee, an amount of cash or a combination of
shares and cash, based on the increase in the Fair Market Value of the shares
subject to the right during such period as is specified by the Committee.

                                       4
<Page>

         (y)      "Stock Payment" means a payment in shares of the Company's
Common Stock to replace all or any portion of the compensation (other than base
salary) that would otherwise become payable to any Employee of the Company, as
provided in Article VI.

         1.3      SHARES OF COMMON STOCK SUBJECT TO THE PLAN

         (a)      Subject to the provisions of Section 1.3(c) and Section 8.1 of
the Plan, the aggregate number of shares of Common Stock that may be issued (or
allocated in the case of Stock Appreciation Rights which have been exercised)
pursuant to Incentive Awards under this Plan shall not exceed 6,900,000 shares,
which amount gives effect to a two-for-one split of the Common Stock effected in
the fourth quarter of the Company's fiscal 1993 the addition of 2,000,000
post-split Shares effective April 17, 1996 and the addition of 2,000,000
post-split Shares effective June 8, 1999.

         (b)      The Common Stock to be issued under this Plan will be made
available, at the discretion of the Board or the Committee, either from
authorized but unissued shares of Common Stock or from previously issued shares
of Common Stock reacquired by the Company, including shares purchased on the
open market.

         (c)      Shares of Common Stock subject to unexercised portions of any
Option or Right granted under this Plan that expires, terminates or is canceled
(other than an Option or Right which expires because it was in tandem with an
Option or Right which was exercised), will again become available for the grant
of further Incentive Awards under this Plan.

         (d)      Notwithstanding any other provision of this Plan, no Employee
shall be granted Incentive Awards with respect to more than 100,000 shares of
Common Stock in any one calendar year; provided, however, that this limitation
shall not apply if it is not required in order for the compensation attributable
to Incentive Awards hereunder to qualify as Performance-Based Compensation. The
limitation set forth in this Section 1.3(d) shall be subject to adjustment as
provided in Section 7.1, but only to the extent such adjustment would not affect
the status of compensation attributable to Incentive Awards hereunder as
Performance-Based Compensation.

         1.4      ADMINISTRATION OF THE PLAN

         (a)      The Plan will be administered by the Committee, which will
consist of two or more members of the Board appointed by the Board who, during
the one-year period prior to service on the Committee and while serving on the
Committee, are not granted or awarded equity securities of Fleetwood pursuant to
the Plan or any other plan of the Company or any of its affiliates, except as
permitted by Rule 16b-3(c)(2) promulgated under the Exchange Act (or any other
comparable provisions at the time or times in question). In addition, if
Incentive Awards are to be made to persons subject to Section 162(m) of the Code
and such awards are intended to constitute Performance-Based Compensation, then
each of the Committee's members shall also be an "outside director," as such
term is defined in the regulations under Section 162(m) of the Code.

                                       5
<Page>

Notwithstanding anything contained herein, no person shall be disqualified from
being a member of the Committee merely because such person is entitled to
receive grants or awards pursuant to the Fleetwood Enterprises, Inc. 1992
Nonemployee Director Stock Plan.

         (b)      The Committee has and may exercise such powers and authority
of the Board as may be necessary or appropriate for the Committee to carry out
its functions as described in the Plan. The Committee has authority in its
discretion to select the eligible Employees to whom, and the time or times at
which, Incentive Awards shall be granted or sold, the nature of each Incentive
Award, the number of shares of Common Stock or the number of rights that make up
each Incentive Award, the period for the exercise of each Incentive Award, the
performance criteria (which need not be identical) utilized to measure the value
of Performance Awards and such other terms and conditions applicable to each
individual Incentive Award as the Committee shall determine. The Committee may
grant at any time new Incentive Awards to a Participant who has previously
received Incentive Awards or other grants (including other stock options)
whether such prior Incentive Awards or such other grants are still outstanding,
have previously been exercised in whole or in part, or are canceled in
connection with the issuance of new Incentive Awards; provided, however, that
the Committee shall not have the authority to amend outstanding Incentive Awards
or to cancel outstanding Incentive Awards and grant new Incentive Awards in
substitution thereof if the purpose of such action is to reprice outstanding
Incentive Awards. The Committee may grant Incentive Awards singly or in
combination or in tandem with other Incentive Awards as it determines in its
discretion. The purchase price or initial value and any and all other terms and
conditions of the Incentive Awards may be established by the Committee without
regard to existing Incentive Awards or other grants. Further, the Committee may,
with the consent of a Participant, amend in a manner consistent with the Plan
the terms of any existing Incentive Award previously granted to such Participant
or acquire from a Participant for a payment of cash, Common Stock or other
consideration any existing Incentive Award.

         (c)      Subject to the express provisions of the Plan, the Committee
has the authority to interpret the Plan, to determine the terms and conditions
of Incentive Awards and to make all other determinations necessary or advisable
for the administration of the Plan. The Committee has authority to prescribe,
amend and rescind rules and regulations relating to the Plan. All
interpretations, determinations and actions by the Committee shall be final,
conclusive and binding upon all parties. Any action of the Committee with
respect to the administration of the Plan shall be taken pursuant to a majority
vote or by the unanimous written consent of its members.

         (d)      No member of the Board or the Committee will be liable for any
action or determination made in good faith by the Board or the Committee with
respect to the Plan or any transaction arising under the Plan.

                                       6
<Page>

         1.5      PARTICIPATION

         (a)      All Employees, as determined by the Committee, are eligible to
receive Incentive Awards under the Plan. In no event may any member of the Board
who is not an Employee be granted an Incentive Award under the Plan.

         (b)      At the time of the grant of each Incentive Award pursuant to
this Plan, the Committee shall deliver, or cause to be delivered, to the
Participant to whom the Incentive Award is granted a written statement
evidencing the Incentive Award and setting forth such terms and conditions
applicable to the Incentive Award as the Committee may in its discretion
determine consistent with the Plan.

II.      DIVIDEND EQUIVALENTS

         (a)      In the Committee's discretion, a Participant may, as set forth
in subparagraph (b) below, be entitled to receive, at no additional cost, an
amount for each share of Common Stock upon which an Incentive Award is based, a
"Dividend Equivalent" equal to the cash or other consideration paid as a
dividend or distribution (other than a dividend or distribution payable in
Common Stock) by the Company with respect to its outstanding shares of Common
Stock, provided that with respect to Options and Rights granted in tandem, the
Dividend Equivalent will be payable with respect to either the Right or the
Option, but not both. If awarded by the Committee, Dividend Equivalents shall be
paid, with respect to record dates during the period on or after the date an
Incentive Award is granted to and including the date such Incentive Award is
exercised or terminated, or such other period as is determined by the Committee
and specified in the instrument that evidences the grant of the Incentive Award.
Such Dividend Equivalents shall be converted to additional shares of Common
Stock or cash by such formula as may be determined by the Committee.

         (b)      The Committee, in its discretion, shall determine from time to
time whether any Participant shall be entitled to Dividend Equivalents with
respect to any other Incentive Award. The Committee shall not be obligated to
award Dividend Equivalents, and may elect to grant Dividend Equivalents to some
Participants and not to other Participants.

         (c)      Dividend Equivalents shall be computed as of each record date
for Common Stock dividends or distributions in such manner as may be determined
by the Committee and shall be payable to Participants who have been granted
Dividend Equivalents at such time or times as the Committee in its discretion
may determine. Dividend Equivalents payable to holders of Incentive Awards may
be deferred and paid at a later date as and to the extent provided in the
Fleetwood Enterprises, Inc. Deferred Compensation Plan, as amended or restated
from time to time.

                                       7
<Page>

III.     OPTIONS

         3.1      GRANT OF OPTIONS; OPTION PRICE

         (a)      The Committee may grant Options under the Plan from time to
time to Employees.

         (b)      The purchase price of Common Stock under each Option (the
"Option Exercise Price") will be determined by the Committee at the date such
Option is granted. The Option Exercise Price may be equal to, greater than or
less than Fair Market Value on the date of grant of the Common Stock subject to
the Option; provided, however, that (i) in no event shall the Option Exercise
Price be less than the Fair Market Value of the Company Stock subject to the
Option on the date of grant nor less than the par value of the shares of Common
Stock subject to the Option; and (ii) that in the case of an Incentive Stock
Option the Option Exercise Price shall be not less than the Fair Market Value on
the date of grant of the Common Stock subject to such Option or such other
amount as is necessary to enable such Option to be treated as an "incentive
stock option" within the meaning of Code Section 422.

         3.2      OPTION PERIOD

         Options may be exercised as determined by the Committee, but, in the
case of an Incentive Stock Option, in no event after ten years from the date of
grant of such Option or such other period as is necessary to enable such Option
to be treated as an "incentive stock option" within the meaning of Code Section
422. Options granted to persons who are subject to the provisions of Section 16
of the Exchange Act shall not be exercisable prior to the expiration of six (6)
months from the date of the grant of such Option.

         3.3      EXERCISE OF OPTIONS

         At the time of the exercise of an Option, the purchase price shall be
paid in full in cash or other equivalent consideration acceptable to the
Committee and consistent with the Plan's purpose and applicable law, including
without limitation, Common Stock or Restricted Stock or other contingent awards
denominated in either stock or cash. Any shares of Company Stock assigned and
delivered to the Company in payment or partial payment of the purchase price
will be valued at their Fair Market Value on the exercise date. No fractional
shares will be issued pursuant to the exercise of an Option nor will any cash
payment be made in lieu of fractional shares. In the case of an Incentive Stock
Option, only the Participant to whom such Option is granted may exercise such
Option during the lifetime of such Participant, provided, however, in the event,
that such Participant becomes incompetent to exercise such Option, then such
Participant's legal representative may exercise such Option on his behalf.

         3.4      LIMITATION ON EXERCISE OF INCENTIVE STOCK OPTIONS

         The aggregate Fair Market Value (determined at the time the Option is
granted) with respect to which Incentive Stock Options are exercisable for the
first time by any

                                       8
<Page>

Employee during any calendar year (under all stock option plans of the Company)
shall not exceed $100,000 or such other limit as is prescribed by the Code. Any
Options granted as Incentive Stock Options pursuant to the Plan in excess of
such limitation shall be treated as Nonqualified Stock Options.

         3.5      TERMINATION OF EMPLOYMENT

         (a)      Except as otherwise provided in a written agreement between
the Company and the Participant, in the event of the termination of a
Participant's employment with the Company for Cause, all of the Participant's
unexercised Options and/or Rights shall expire as of the date of such
termination.

         (b)      Except as otherwise provided in a written agreement between
the Company and the Participant, in the event of a Participant's termination of
employment for:

                  (i)      Any reason other than for Cause, death, disability,
         or normal retirement (as defined in the Company's retirement plan which
         covers the Participant), the Participant's Options and/or Rights shall
         expire and become unexercisable as of the earlier of (A) the date such
         Options and/or Rights expire in accordance with their terms or (B)
         three calendar months after the date of termination.

                  (ii)     Death or disability, subject to the provisions of
         Section 3.5(c) below, the Participant (or such Participant's legal
         representative) shall have twelve (12) months after the date of
         termination within which to exercise Options and/or Rights that have
         become exercisable on or before such date and that have not expired on
         or before such date, regardless of the date upon which such Options or
         Rights would otherwise expire in accordance with their terms.

                  (iii)    Normal retirement, subject to the provisions of
         Section 3.5(c) below, the Participant's Options and/or Rights shall
         expire and become unexercisable as of the earlier of (A) the date such
         Options and/or Rights expire in accordance with their terms or (B)
         three (3) years after the date of termination.

         (c)      Notwithstanding anything to the contrary in Sections 3.5(a) or
3.5(b), above, the Committee may in its discretion designate such shorter or
longer periods to exercise Options and/or Rights following a Participant's
termination of employment; provided, however, that any shorter periods
determined by the Committee shall be effective only if provided for in the
instrument that evidences the grant to the Participant of such Options and/or
Rights or if such shorter period is agreed to in writing by the Participant. In
the case of an Incentive Stock Option, notwithstanding anything to the contrary
herein, in no event shall such Option be exercisable after the expiration of ten
years from the date such Option is granted (or such other period as is provided
in Code Section 422), nor shall such Option be the subject of any term or
provision which would disqualify such Option from being an incentive stock
option under Code Section 422.

                                       9
<Page>

Notwithstanding anything to the contrary herein, Options and/or Rights shall be
exercisable by a Participant (or his successor in interest) following such
Participant's termination of employment only to the extent that installments
thereof had become exercisable on or prior to the date of such termination;
provided, however, that the Committee, in its discretion, may elect to
accelerate the vesting of all or any portion of any Options and/or Rights that
had not become exercisable on or prior to the date of such termination.

IV.      PERFORMANCE AWARDS

         4.1      GRANT OF PERFORMANCE AWARDS

         The Committee may authorize the payment of Performance Awards under the
Plan. The Committee shall determine the performance criteria (which need not be
identical) to be utilized to calculate the value of the Performance Awards, the
term and vesting (which shall not be less than one year) of such Performance
Awards, the Payment Event, and the form and time of payment of Performance
Awards. The specific terms and conditions of each Performance Award shall be set
forth in a written statement evidencing the grant of such Performance Award.

         4.2      PAYMENT OF AWARD; LIMITATION

         Upon the occurrence of a Payment Event, payment of a Performance Award
will be made to the Participant in cash or in shares of Common Stock valued at
Fair Market Value on the date of the Payment Event or a combination of Common
Stock and cash, as the Committee in its discretion may determine. The Committee
may impose a limitation on the amount payable upon the occurrence of a Payment
Event, which limitation shall be set forth in the written statement evidencing
the grant of the Performance Award. Notwithstanding any other provision of this
Plan, as to any Performance Awards not subject to the annual share limitation of
Section 1.3(d), no Employee shall be granted Performance Awards of more than
$500,000 in any one calendar year; provided, however, that this limitation shall
not apply if it is not required in order for the compensation attributable to
Performance Award hereunder to qualify as Performance-Based Compensation.

         4.3      EXPIRATION OF PERFORMANCE AWARD

         If any Participant's employment with the Company is terminated for any
reason, all of the Participant's rights under the Performance Award shall expire
and terminate unless otherwise determined by the Committee.

V.       STOCK APPRECIATION RIGHTS

         5.1      GRANTING OF STOCK APPRECIATION RIGHTS

         The Committee may grant to Employees Stock Appreciation Rights, related
or unrelated to Options, at any time.

                                       10
<Page>

         (a)      A Stock Appreciation Right granted in connection with an
Option granted under this Plan will entitle the holder of the related Option,
upon exercise of the Stock Appreciation Right, to surrender such Option, or any
portion thereof to the extent unexercised, with respect to the number of shares
as to which such Stock Appreciation Right is exercised, and to receive payment
of an amount computed pursuant to Section 5.1(c). Such Option will, to the
extent surrendered, then cease to be exercisable.

         (b)      Subject to Section 5.1(g), a Stock Appreciation Right granted
in connection with an Option hereunder will be exercisable at such time or
times, and only to the extent that, the related Option is exercisable, and will
not be transferable except to the extent that such related Option may be
transferable. A Stock Appreciation Right shall be canceled to the extent a
related Option is exercised.

         (c)      Upon the exercise of a Stock Appreciation Right related to an
Option, the Holder will be entitled to receive payment of an amount determined
by multiplying: (i) the difference obtained by subtracting the Option Exercise
Price of a share of Common Stock specified in the related Option from the Fair
Market Value of a share of Common Stock on the date of exercise of such Stock
Appreciation Right (or as of such other date or as of the occurrence of such
event as may have been specified in the instrument evidencing the grant of the
Stock Appreciation Right), by (ii) the number of shares as to which such Stock
Appreciation Right is exercised.

         (d)      The Committee may grant Stock Appreciation Rights unrelated to
Options to Employees. Section 5.1(c) shall be used to determine the amount
payable at exercise under such Stock Appreciation Right, except that in lieu of
the Option Exercise Price specified in the related Option the initial base
amount specified in the Incentive Award shall be used.

         (e)      Notwithstanding the foregoing, the Committee, in its
discretion, may place a dollar limitation on the maximum amount that will be
payable upon the exercise of a Stock Appreciation Right under the Plan.

         (f)      Payment of the amount determined under the foregoing
provisions of this Section 5.1 may be made solely in whole shares of Common
Stock valued at their Fair Market Value on the date of exercise of the Stock
Appreciation Right or, alternatively, at the sole discretion of the Committee,
in cash or in a combination of cash and shares of Common Stock as the Committee
deems advisable. The Committee is hereby vested with full discretion to
determine the form in which payment of a Stock Appreciation Right will be made
and to consent to or disapprove the election of a Participant to receive cash in
full or partial settlement of a Stock Appreciation Right. If the Committee
decides to make full payment in shares of Common Stock, and the amount payable
results in a fractional share, payment for the fractional share will be made in
cash.

         (g) The Committee may, at the time a Stock Appreciation Right is
granted, impose such conditions on the exercise of the Stock Appreciation Right
as may be

                                       11
<Page>

required to satisfy the requirements of Rule 16b-3 under the Exchange Act (or
any other comparable provisions in effect at the time or times in question).

         (h) No Stock Appreciation Rights granted hereunder shall vest earlier
than one year from the date of grant.

         5.2      TERMINATION OF EMPLOYMENT

         Section 3.5 will govern the treatment of Stock Appreciation Rights upon
the termination of a Participant's employment with the Company.

VI.      STOCK PAYMENTS

         The Committee may approve Stock Payments of the Company's Common Stock
to any Employee of the Company for all or any portion of the Employee's
compensation (other than base salary). For purposes of making Stock Payments,
the Common Stock shall be valued by the Committee.

VII.     OTHER PROVISIONS

         7.1      ADJUSTMENT PROVISIONS

         (a)      Subject to Section 7.1(b) below, (i) if the outstanding shares
of Common Stock of Fleetwood are increased, decreased or exchanged for a
different number or kind of shares or other securities of Fleetwood, or if
additional shares or new or different shares or other securities of Fleetwood
are distributed in respect of such shares of Common Stock (or any stock or
securities received with respect to such Common Stock), through reorganization,
recapitalization, reclassification, stock dividend, stock split, reverse stock
split, spin-off or other distribution with respect to such shares of Common
Stock (or any stock or securities received with respect to such Common Stock),
or (ii) if the value of the outstanding shares of Common Stock of Fleetwood is
reduced by reason of an extraordinary cash dividend, an appropriate and
proportionate adjustment may be made in (x) the maximum number and kind of
shares provided in Section 1.3, (y) the number and kind of shares or other
securities subject to then outstanding Incentive Awards, and (z) the price for
each share or other unit of any other securities subject to then outstanding
Incentive Awards.

         (b)      In addition to the adjustments permitted by Section 7.1(a)
above, except as otherwise expressly provided in the statement evidencing the
grant of an Incentive Award, upon the occurrence of a Change in Control of
Fleetwood any outstanding Incentive Awards not theretofore exercisable, payable
or free from restrictions, as the case may be, shall immediately become
exercisable, payable or free from restrictions (other than restrictions required
by applicable law or any national securities exchange upon which any securities
of Fleetwood are then listed), as the case may be, in their entirety and any
shares of Common Stock acquired pursuant to an Incentive Award which are not
fully vested shall immediately become fully vested, notwithstanding any of the
other provisions of the Plan.

                                       12
<Page>

         (c)      Upon the dissolution or liquidation of Fleetwood or upon a
reorganization, merger or consolidation of Fleetwood with one or more
corporations, as a result of which Fleetwood goes out of existence or becomes a
subsidiary of another corporation, or upon a sale of substantially all of the
property of Fleetwood to another corporation (in each of such cases a
"Termination Event"), this Plan shall terminate. Any Option theretofore granted
under the Plan and not exercised on or prior to the Termination Event shall
expire and terminate, unless provision be made in writing in connection with
such Termination Event for the assumption of the Option or the substitution for
such Option of a new option covering the stock of a successor employer
corporation, or a parent or subsidiary thereof or of the Company, with
appropriate adjustments as to number and kind of shares and prices, in which
event such Option shall continue in the manner and under the terms so provided.

         (d)      Adjustments under this Section 7.1 will be made by the
Committee, whose determination as to what adjustments will be made and the
extent thereof will be final, binding and conclusive. No fractional interests
will be issued under the Plan resulting from any such adjustments.

         7.2      TRANSFERABILITY OF INCENTIVE AWARDS

         Incentive Awards, any interest therein, and the right to receive the
proceeds thereof shall not be transferable by a Participant, other than by will
or the laws of descent and distribution. The transfer by a Participant to a
trust created by the Participant for the benefit of the Participant or the
Participant's family which is revocable at any and all times during the
Participant's lifetime by the Participant and as to which the Participant is the
sole acting Trustee during his or her lifetime, will not be deemed to be a
transfer for purposes of the Plan. Under such rules and regulations as the
Committee may establish pursuant to the terms of the Plan, a beneficiary may be
designated with respect to an Incentive Award in the event of the death of a
Participant. If the estate of the Participant is the beneficiary with respect to
an Incentive Award, any rights with respect to such Incentive Award may be
transferred to the person or persons or entity (including a trust) entitled
thereto under the will of such Participant or pursuant to the laws of descent
and distribution. The Committee shall by such rules and regulations as are
established from time to time prescribe the manner in which and the terms and
conditions of the transfer of Incentive Awards pursuant to qualified domestic
relations orders.

         7.3      CONTINUATION OF EMPLOYMENT

         (a)      Nothing in the Plan or in any statement evidencing the grant
of an Incentive Award pursuant to the Plan shall be construed to create or imply
any contract of employment between any Participant and the Company, to confer
upon any Participant any right to continue in the employ of the Company, or to
confer upon the Company any right to require any Participant's continued
employment. Except as expressly provided in the Plan or in any statement
evidencing the grant of an Incentive Award pursuant to the Plan, the Company
shall have the right to deal with each Participant in the same manner as if the
Plan and any such statement evidencing the grant of an Incentive Award pursuant

                                       13
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to the Plan did not exist, including, without limitation, with respect to all
matters related to the hiring, discharge, compensation and conditions of the
employment of the Participant. Unless otherwise expressly set forth in a
separate employment agreement between the Company and such Participant, the
Company or the Participant may terminate the employment of any Participant with
the Company at any time for any reason, with or without cause.

         (b)      Any question(s) as to whether and when there has been a
termination of a Participant's employment, the reason (if any) for such
termination, and/or the consequences thereof under the terms of the Plan or any
statement evidencing the grant of an Incentive Award pursuant to the Plan shall
be determined by the Committee, and the Committee's determination thereof shall
be final and binding.

         7.4      COMPLIANCE WITH GOVERNMENT REGULATIONS

         No shares of Common Stock will be issued pursuant to an Incentive Award
unless and until all applicable requirements imposed by federal and state
securities and other laws, rules and regulations and by any regulatory agencies
having jurisdiction and by any stock exchanges upon which the Common Stock may
be listed have been fully met. As a condition precedent to the issuance of
shares of Common Stock pursuant to an Incentive Award, the Company may require
the Participant to take any reasonable action to comply with such requirements.

         7.5      ADDITIONAL CONDITIONS

         The award of any benefit under this Plan also may be subject to such
other provisions (whether or not applicable to the benefit award to any other
Participant) as the Committee determines appropriate including, without
limitation, provisions to assist the Participant in financing the purchase of
Common Stock through the exercise of Stock Options, provisions for the
forfeiture of or restrictions on resale or other disposition of shares of Common
Stock acquired under any form of benefit, provisions giving the Company the
right to repurchase shares of Common Stock acquired under any form of benefit in
the event the Participant elects to dispose of such shares, and provisions to
comply with federal and state securities laws. The Company may make such
provisions as it deems appropriate for the withholding by the Company pursuant
to federal or state income tax laws of such amounts as the Company determines it
is required to withhold in connection with any Incentive Award. The Company may
require a Participant to satisfy any relevant tax requirements before
authorizing any issuance of Common Stock to such Participant or payment of any
other benefit hereunder to such Participant. Any such settlement shall be made
in the form of cash, a certified or bank cashier's check or such other form of
consideration as is satisfactory to the Board.

         7.6      PRIVILEGES OF STOCK OWNERSHIP

         No Participant and no beneficiary or other person claiming under or
through such Participant will have any right, title or interest in or to any
shares of Common Stock

                                       14
<Page>

allocated or reserved under the Plan or subject to any Incentive Award, except
as to such shares of Common Stock, if any, that have been issued to such
Participant in accordance with the terms and conditions of the applicable
Incentive Award.

         7.7      AMENDMENT AND TERMINATION OF PLAN: AMENDMENT OF INCENTIVE
         AWARDS

         (a)      The Board may alter, amend, suspend or terminate the Plan at
any time. No such action of the Board, unless taken with the approval of the
stockholders of the Company, may increase the maximum number of shares that may
be sold or issued under the Plan, alter the class of Employees eligible to
participate in the Plan, or make other material amendments to the Plan.

         (b)      The Committee may, with the consent of a Participant, make
such modifications in the terms and conditions of an Incentive Award as it deems
advisable. Without limiting the generality of the foregoing, the Committee may,
with the consent of the Participant, from time to time adjust or reduce the
purchase price of Options held by such Participant by cancellation of such
Options and granting of Options to purchase the same or a lesser number of
shares at lower purchase prices or by modification, extension or renewal of such
Options.

         (c)      Except as otherwise provided in this Plan or in the statement
evidencing the grant of the Incentive Award, no amendment, suspension or
termination of the Plan will, without the consent of the Participant, alter,
terminate, impair or adversely affect any right or obligation under any
Incentive Award previously granted under the Plan.

         7.8      UNFUNDED STATUS OF PLAN

         The Plan is intended to constitute an "unfunded" plan for incentive and
deferred compensation. With respect to any payments not yet made to a
Participant by the Company, nothing contained herein shall give any such
Participant any rights that are greater than those of a general creditor of the
Company. In its sole discretion, the Committee may authorize the creation of
trusts or other arrangements to meet the obligations created under the Plan to
deliver Common Stock or payments in lieu of or with respect to Incentive Awards
hereunder, provided, however, that unless the Committee otherwise determines
with the consent of the affected Participant, the existence of such trusts or
other arrangements is consistent with the "unfunded" status of the Plan.

         7.9      OTHER COMPENSATION PLANS

         The adoptive of the Plan shall not affect any other stock option,
incentive or other compensation plans in effect for the Company, nor shall the
Plan preclude the Company from establishing any other forms of incentive or
other compensation for Employees of the Company.

                                       15
<Page>

         7.10     PLAN BINDING ON SUCCESSORS

         The Plan and any agreement with respect to an Incentive Award shall be
binding upon the successors and assigns of the Company and upon each Participant
and such Participant's heirs, executors, administrators, personal
representatives, permitted assignees, and successors in interest.

         7.11     SINGULAR, PLURAL; GENDER

         Whenever used herein, nouns in the singular shall include the plural,
and the masculine pronoun shall include the feminine gender, as the context may
require.

         7.12     APPLICABLE LAW

         This Plan shall be governed by, interpreted under, and construed and
enforced in accordance with the internal laws of the State of California.

VIII.    EFFECTIVE DATE AND DURATION OF PLAN

         The Plan shall become effective on the later of (a) the date of its
adoption by the Board, (b) the date of its approval by the holders of a majority
of the outstanding shares of Common Stock. The Plan shall terminate at such time
as the Board, in its discretion, shall determine. No Incentive Award may be
granted under the Plan after the date of such termination, but such termination
shall not affect any Incentive Award theretofore granted.

                                       16

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