Document:

exv10w1a

 

Exhibit 10.1a

PLEASE SIGN & RETURN

CAVCO INDUSTRIES, INC.

Dear _____________:

     Effective
_____________ , you have been granted a Non-qualified Option to purchase up to
______ shares of the common stock, par value $.01 per share, of Cavco Industries, Inc., a
Delaware Corporation (the “Company”), for
$ _______ per share (the “Option”). This Option is granted
under the Cavco Industries, Inc. Stock Incentive Plan (as such plan may be amended from time to
time, the “Plan”). A copy of the Plan is available to you upon request to the Corporate Secretary
during the term of this Option. This Option will terminate upon the close of business on [date not
later than seven years from grant date], unless earlier terminated as described herein or in the
Plan. This Option will vest and become exercisable in the amounts and on the dates shown below:

	 	 	 	 	 	 	 	 	 	 	 
	
	 	 	 	 	 	 	 	shares	 	 
	
	 	 	 	 
	 	 	 	 	 	 
	
	 	 	 	 	 	 	 	shares	 	 
	
	 	 	 	 
	 	 	 	 	 	 
	
	 	 	 	 	 	 	 	shares	 	 
	
	 	 	 	 
	 	 	 	 	 	 
	
	 	 	 	 	 	 	 	shares	 	 
	
	 	 	 	 
	 	 	 	 	 	 

     Except as is otherwise provided in this award agreement, all rights to exercise this Option
shall terminate within four (4) months after the date the optionee ceases to be an employee of the
Company, or ceases to be a Director, whichever may occur later, for any reason other than death or
Disability (but in no event later than the end of the original period of the option). In the event
of an optionee’s Disability and resulting termination of Employment, this Option will terminate six
(6) months after such optionee’s Employment Termination Date. However, if this Option is held by a
Director who, on the date he or she ceases to be a Director (and, if also an employee, ceases to be
an employee), has at least ten (10) years of service as a Director, than all Shares subject to such
Option will vest on the date the Director ceases to be a Director, and all rights to exercise such
Option will terminate three (3) years thereafter. Also, if this Option is held by a Director who,
on the date he or she ceases to be a Director (and, if also an employee, ceases to be an employee)
has less than ten (10) years of service as a Director, then all rights to exercise such Options
will terminate four (4) months after he or she ceases to be a Director.

     You may exercise any vested portion of this Option by electing to effect a broker-assisted
cashless exercise, which involves the immediate sale of the stock received upon exercise in the
open market through an approved broker who will pay to the Company the exercise price and tax
withholdings attributable to such exercise.

     This Option is subject to the Plan, and the Plan will govern where there is any inconsistency
between the Plan and this Option. The provisions of the Plan are also provisions of this Option,
and all terms, provisions and definitions set forth in the Plan are incorporated in this Option and
made a part of this Option for all purposes. Capitalized terms used but not defined in this Option
will have the meanings assigned to such terms in the Plan. This Option has been signed in
duplicate by Cavco Industries, Inc. and delivered to you, and (when you sign below) has been
accepted by you effective as of _____________.

	 	 	 
	ACCEPTED BY OPTIONEE

	 	CAVCO INDUSTRIES, INC.
	as of                                         
	 	 
	 
	 	 
	

	 	

	[Name]

	 	Joseph H. Stegmayer
	

	 	Chairman, President and Chief Executive Officerexv10w6a

 

Exhibit 10.6a

	 	 	 
	

	 	Correction Amendment to Credit Agreement

This agreement is dated as of
November 10, 2004, by and between Cavco Industries, Inc.
(the “Borrower”) and Bank One, NA, with its main office in Chicago, IL (the “Bank”), and its
successors and assigns. The provisions of this agreement are effective on the date that this
agreement has been executed by all of the signers and delivered to the Bank (the “Effective
Date”). This is a Correction Amendment to Credit Agreement and supercedes and replaces that
certain Amendment to Credit Agreement (“Prior Amendment”) dated as of July 13, 2004 between
Borrower and Bank wherein certain mistakes were made in the amending provisions of the Prior
Amendment. The Prior Amendment is hereby rendered null and void and of no force or effect.

WHEREAS, the Borrower and the Bank entered into a credit agreement dated September 17, 2003, as
amended (if applicable) (the “Credit Agreement”); and

WHEREAS, the Borrower has requested and the Bank has agreed to amend the Credit Agreement as set
forth below;

NOW, THEREFORE, in mutual consideration of the agreements contained herein and for other good and
valuable consideration, the parties agree as follows:

	1.  	DEFINED TERMS. Capitalized terms not defined herein shall have the meaning ascribed in the Credit Agreement.
	 
	2.  	MODIFICATION OF CREDIT AGREEMENT. The Credit Agreement is hereby amended as follows:

	 	2.1  	From and after the Effective Date, the provision in the Credit Agreement
captioned 1.2 Non Usage Fee. is hereby amended and restated as follows:
	 
	 	   	Non-Usage Fee. The Borrower shall pay to the Bank a non-usage fee on the average
daily unused portion of Facility A at a rate of 0.15% per annum, payable in arrears
within fifteen (15) days of the end of each calendar quarter for which the fee is
owing, beginning October 1, 2004 and continuing thereafter.
	 
	 	2.2  	From and after the Effective Date, the provision in the Credit Agreement
captioned 1.3 Borrowing Base. is hereby deleted in its entirety.
	 
	 	2.3  	From and after the Effective Date, the provision in the Credit Agreement
captioned Financial Reports A. is hereby deleted in its entirety.
	 
	 	2.4  	From and after the Effective Date, the provision in the Credit Agreement
captioned Financial Reports B. is hereby deleted in its entirety.
	 
	 	2.5  	From and after the Effective Date, the provision in the Credit Agreement
captioned Financial Reports C. is hereby amended and restated as follows:

C.     
Via either the Edgar System or its Home Page, within ninety (90) days after the
timely filing of its Annual Report on Form 10-K for the fiscal year then ended with
the Securities and Exchange Commission, the financial statements for such fiscal year
as contained in such Annual Report on Form 10-K and, as soon as it shall become
available, the annual report to shareholders of the Borrower for the fiscal year then
ended.

	 	2.6  	From and after the Effective Date, the provision in the Credit Agreement
captioned Financial Reports D. is hereby amended and restated as follows:

D.      For each fiscal quarter other than the last fiscal quarter of each fiscal year, via
either the EDGAR System or its Home Page, within forty-five (45) days after the timely
filing of its Quarterly Report on Form 10-Q for the fiscal quarter then ended with the
Securities Exchange Commission, copies of the financial statements for such fiscal
quarter as contained in such Quarterly Report on Form 10-Q.

	 	2.7  	From and after the Effective Date, the provision in the Credit Agreement
captioned Financial Reports E. is hereby amended as follows: the portion of the
provision now reading “Via either the EDGAR System or its Home Page, promptly after the
same become publicly available,” is hereby replaced with the following:

 

 

	 	   	Via either the EDGAR System or its Home Page, within forty-five (45) days after the
same become publicly available,
	 
	 	2.8  	From and after the Effective Date, the provision in the Credit Agreement captioned
4.13 Compliance Certificate is hereby amended and restated to read as follows:

4.13 Compliance Certificate. Provide the Bank, within forty-five (45) days after
the end of the first three fiscal quarters of each fiscal year and within ninety (90)
days after the end of each fiscal year, with a certificate executed by the Borrower’s
chief financial officer, or other officer or person acceptable to the Bank,
certifying that, as of the date of the certificate, no event of default exists under
any provision of this agreement.

	 	2.9  	From and after the Effective Date, the following provision is hereby added to the
Credit Agreement to Section 5.2 of the Credit Agreement:

M.      Fixed Charge Coverage Ratio. Permit as of each fiscal quarter end, its ratio of
net income before taxes, plus amortization, depreciation, interest expense, rent and
operating lease payments minus any Distributions and Capital Expenditures, for the
twelve month period then ending, to prior period current maturities of long term debt
and capital leases, interest expense, taxes, rent and operating lease payments for
the same such period, to be less than 1.50 to 1.00.

	 	2.10  	From and after the Effective Date, the following provisions are hereby deleted in
their entirety from the Credit Agreement: 5.2 A. Dividends; 5.2 K. Capital Expenditures;
and 5.2 L. Debt Service Coverage Ratio.
	 
	 	2.11  	From and after the Effective Date, the provision in the Credit Agreement
captioned 5.2 I. Investments is hereby amended and restated to read as follows:

I.      Investments. Except as provided in section 5.3 hereof, invest in, or purchase,
create, form or acquire any interest in, any other enterprise or entity.

	 	2.12  	From and after the Effective Date, the following is hereby
added to the Credit Agreement:

	 	5.3  	Without the Bank’s consent, the Borrower may:

A.       Acquisitions. Purchase or acquire any securities, limited liability
company interest or partnership interest (or warrants or other options or rights
to acquire the same) of, or make any loans or advances to, any person, firm,
limited liability company, partnership or corporation, except for a purchase,
acquisition, loan or advance, where (i) the Borrower has provided to the Bank
pro forma statements demonstrating to the Bank that such purchase, acquisition,
loan or advance will not result in the Borrower being out of compliance with any
financial or other covenant contained herein, (ii) such purchase, acquisition,
loan or advance does not exceed $5,000,000.00, and (iii) such purchase,
acquisition, loan or advance and all other such purchases, acquisitions, loans
and advances do not exceed $7,500,000.00 in the aggregate for the then current
fiscal year.

	3.  	RATIFICATION. The Borrower ratifies and reaffirms the Credit Agreement and the Credit
Agreement shall remain in full force and effect as modified herein.
	 
	4.  	BORROWER REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants that (a) the
representations and warranties contained in the Credit Agreement are true and correct in all
material respects as of the date of this agreement, (b) no condition, act or event which
could constitute an event of default under the Credit Agreement or any promissory note or
credit facility executed in reference to the Credit Agreement exists, and (c) no condition,
event, act or omission has occurred, which, with the giving of notice or passage of time,
would constitute an event of default under the Credit Agreement or any promissory note or
credit facility executed in reference to the Credit Agreement.
	 
	5.  	FEES AND EXPENSES. The Borrower agrees to pay all fees and out-of-pocket disbursements
incurred by the Bank in connection with this agreement, including legal fees incurred by the Bank in the preparation,
consummation, administration and enforcement of this agreement.
	 
	6.  	EXECUTION AND DELIVERY. This agreement shall become effective only after it is fully executed
by the Borrower and the Bank, and the Bank shall have received from the Borrower the following documents: Note
Modification Agreement.

2

 

	7.  	ACKNOWLEDGEMENTS OF BORROWER. The Borrower acknowledges that as of the date of this
agreement it has no offsets with respect to all amounts owed by the Borrower to the Bank
arising under or related to the Credit Agreement on or prior to the date of this agreement.
The Borrower fully, finally and forever releases and discharges the Bank and its successors,
assigns, directors, officers, employees, agents and representatives from any and all claims,
causes of action, debts and liabilities, of whatever kind or nature, in law or in equity, of
the Borrower, whether now known or unknown to the Borrower, which may have arisen in
connection with the Credit Agreement or the actions or omissions of the Bank related to the
Credit Agreement on or prior to the date hereof. The Borrower acknowledges and agrees that
this agreement is limited to the terms outlined above, and shall not be construed as an
agreement to change any other terms or provisions of the Credit Agreement. This agreement
shall not establish a course of dealing or be construed as evidence of any willingness on the
Bank’s part to grant other or future agreements, should any be requested.
	 
	8.  	NOT A NOVATION. This agreement is a modification only and not a novation. Except for the
above-quoted modification(s), the Credit Agreement, any loan agreements, credit agreements,
reimbursement agreements, security agreements, mortgages, deeds of trust, pledge agreements,
assignments, guaranties, instruments or documents executed in connection with the Credit
Agreement, and all the terms and conditions thereof, shall be and remain in full force and
effect with the changes herein deemed to be incorporated therein. This agreement is to be
considered attached to the Credit Agreement and made a part thereof. This agreement shall not
release or affect the liability of any guarantor of any promissory note or credit facility
executed in reference to the Credit Agreement or release any owner of collateral granted as
security for the Credit Agreement. The validity, priority and enforceability of the Credit
Agreement shall not be impaired hereby. To the extent that any provision of this agreement
conflicts with any term or condition set forth in the Credit Agreement, or any document
executed in conjunction therewith, the provisions of this agreement shall supersede and
control. The Bank expressly reserves all rights against all parties to the Credit Agreement.

	 	 	 	 	 
	 	 	Borrower:
	 
	 	 	 	 
	 	 	Cavco Industries, Inc.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Sean K. Nolen
	

	 	 	 	 
	

	 	 	 	SEAN K. NOLEN                      CFO
	

	 	 	 	 
	

	 	 	 	Printed Name
                            Title
	 
	 	 	 	 
	 	 	Date Signed: 11/15/04
	 
	 	 	 	 
	 	 	Bank:
	 
	 	 	 	 
	 	 	Bank One, NA, with its main office in Chicago, IL
	 
	 	 	 	 
	

	 	By:
	 	/s/ Sanat B. Patel
	

	 	 	 	 
	

	 	 	 	SANAT B. PATEL                      VP
	

	 	 	 	 
	

	 	 	 	Printed Name
                               Title
	 
	 	 	 	 
	 	 	Date Signed: 11/22/04

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