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                                                                    EXHIBIT 10.4

                             CAVCO INDUSTRIES, INC.

                        RESTRICTED STOCK AWARD AGREEMENT

                  THIS RESTRICTED STOCK AWARD AGREEMENT ("Award Agreement") is
made as of the 7th day of July, 2003, by and between Cavco Industries, Inc., a
Delaware corporation (the "Company"), and Joseph H. Stegmayer (the "Grantee").

                  The Company and the Grantee therefore agree as follows:

                  1. GRANT OF RESTRICTED STOCK. Effective as of July 7, 2003
(the "Grant Date"), the Company has awarded to the Grantee a total of 55,096
shares of the common stock, par value $.01 per share ("Common Stock"), subject
to the conditions and restrictions set forth below (the "Restricted Stock").

                  2. DEFINITIONS. For purposes of this Award Agreement:

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

                  (b) "Breach" has the meaning set forth in the Employment
         Agreement.

                  (c) "Committee" means (i) the Board, during any period in
         which there shall be no Compensation Committee of the Board comprised
         of two or more nonemployee directors or during any other period during
         which the Board elects to exercise the authority of the Committee, or
         (ii) the Compensation Committee of the Board, during all other periods.

                  (d) "Disability" has the meaning set forth in the Employment
         Agreement.

                  (e) "Employment Agreement" means the Employment Agreement,
         dated as of June 30, 2003, between the Company and the Grantee.

                  (f) "Service" means employment with the Company or any of its
         subsidiaries.

                  (g) "Restricted Period" means the period commencing on the
         Grant Date and ending on the date that the Grantee obtains a vested
         right to all of the Total Restricted Shares (and the restrictions
         thereon terminate) in accordance with Paragraph 3.

                  (h) "Termination for Cause" has the meaning set forth in the
         Employment Agreement.

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                  (i) "Total Restricted Shares" means the total number of shares
         of Restricted Stock that are the subject of this Award on the Grant
         Date.

                  3. VESTING.

                  (a) The Grantee shall become vested with respect to 25% of the
         Total Restricted Shares on the Grant Date and an additional 25% of the
         Total Restricted Shares on each of the first, second and third
         anniversaries of the Grant Date; provided, however, that the Grantee
         must be in continuous Service from the Grant Date through the date of
         the applicable anniversary in order to vest in shares of Restricted
         Stock as to which the Grantee would otherwise vest on such anniversary.
         In the event that any day on which the Grantee would otherwise obtain a
         vested right to additional shares of Restricted Stock is a Saturday,
         Sunday or holiday, the Grantee shall instead obtain that vested right
         on the first business day immediately following such date. The
         foregoing provisions of this Paragraph 3(a) are subject to the
         provisions below, addressing events that may result in early
         termination of the Restricted Period or forfeiture of the Grantee's
         interest in all or part of the Restricted Stock.

                  (b) All of the Total Restricted Shares shall fully vest,
         regardless of the limitations set forth in subparagraph (a) above, in
         the event of the Grantee's termination of Service, other than as a
         result of a Termination for Cause, a voluntary resignation of the
         Grantee when there is no uncured Breach by the Company of the
         Employment Agreement, Disability or Death; provided, however, that the
         Grantee has been in continuous Service since the Grant Date.

                  (c) In the event of a termination of Service as a result of a
         Termination for Cause, a voluntary resignation of the Grantee when
         there is an uncured Breach by the Company of the Employment Agreement,
         Disability or death, this Award Agreement shall immediately terminate,
         to the extent not theretofore vested, and be of no force and effect and
         all Restricted Stock awarded to the Grantee that has not previously
         vested shall be forfeited.

                  4. RESTRICTIONS. Restricted Stock shall constitute issued and
outstanding shares of common stock for all corporate purposes. The Grantee will
have the right (a) to vote such Restricted Stock, (b) to receive and retain such
dividends and distributions, as the Committee may in its sole discretion
designate, paid or distributed on such Restricted Stock and (c) to exercise all
other rights, powers and privileges of a holder of Common Stock with respect to
such Restricted Stock; except, that (i) the Grantee will not be entitled to
delivery of the stock certificate or certificates representing such Restricted
Stock until the Restricted Period shall have expired and unless all other
vesting requirements with respect thereto shall have been fulfilled or waived,
(ii) the Company will retain custody of the stock certificate or certificates
representing the Restricted Stock during the Restricted Period as provided in
Paragraph 8, (iii) other than such dividends and distributions as the Committee
may in its sole discretion designate, the Company will retain custody of all
distributions ("Retained Distributions") made or declared with respect to the
Restricted Stock (and such

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Retained Distributions will be subject to the same restrictions, terms and
vesting and other conditions as are applicable to the Restricted Stock) until
such time, if ever, as the Restricted Stock with respect to which such Retained
Distributions shall have been made, paid or declared shall have become vested,
and such Retained Distributions shall not bear interest or be segregated in a
separate account, (iv) the Grantee may not sell, assign, transfer, pledge,
exchange, encumber or dispose of the Restricted Stock or any Retained
Distributions or the Grantee's interest in any of them during the Restricted
Period, and (v) a breach of any restrictions, terms or conditions provided in
this Award Agreement or established by the Committee with respect to any
Restricted Stock or Retained Distributions will cause a forfeiture of such
Restricted Stock and any Retained Distributions with respect thereto.

                  5. COMPLETION OF THE RESTRICTED PERIOD. On the vesting date
with respect to any shares of Restricted Stock, and the satisfaction of any
other applicable restrictions, terms and conditions (a) all or the applicable
portion of such Restricted Stock shall become vested and (b) any Retained
Distributions with respect to such Restricted Stock shall become vested to the
extent that the Restricted Stock related thereto shall have become vested. Any
such Restricted Stock and Retained Distributions that shall not become vested
shall be forfeited to the Company and the Grantee shall not thereafter have any
rights (including dividend and voting rights) with respect to such Restricted
Stock and Retained Distributions that shall have been so forfeited.

                  6. NO CODE SECTION 83(B) ELECTION. The Grantee shall not make
an election, under Section 83(b) of the Internal Revenue Code of 1986, as
amended, to include an amount in income in respect of the Restricted Stock.

                  7. SALE OF RESTRICTED STOCK. The Grantee agrees that the
Grantee shall not sell, transfer or dispose of the Restricted Stock and that the
Company shall not be obligated to deliver any shares of common stock if counsel
to the Company determines that such sale, transfer, disposition or delivery
would violate any applicable law or any rule or regulation of any governmental
authority or any rule or regulation of, or agreement of the Company with, any
securities exchange or association or automated quotation system upon which the
common stock is listed or quoted. The Company shall in no event be obligated to
take any affirmative action in order to cause the delivery of shares of common
stock to comply with any such law, rule, regulation or agreement.

                  8. ESCROW OF SHARES. Shares of Restricted Stock shall be, at
the election of the Committee, either (a) registered in book entry form, (b)
registered in the name of the Grantee and deposited with the Secretary of the
Company or (c) held in nominee name for the benefit of the Grantee during the
Restricted Period, in any case, if the Company requests, together with a stock
power endorsed by the Grantee in blank. Any certificate shall bear a legend as
provided by the Company, conspicuously referring to the terms, conditions and
restrictions described in this Award Agreement. Upon termination of the
Restricted Period with respect to shares of Restricted Stock, a

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certificate representing such shares shall be delivered upon written request to
the Grantee as promptly as is reasonably practicable following such termination.

                  9. BENEFICIARY DESIGNATIONS. The Grantee shall file with the
Committee on the form appended to this Award Agreement as Exhibit A or such
other form as may be prescribed by the Company, a designation of one or more
beneficiaries (each, a "Beneficiary") to whom shares otherwise due to the
Grantee shall be distributed in the event of the death of the Grantee while in
the Service of the Company. The Grantee shall have the right to change the
Beneficiary or Beneficiaries from time to time; provided, however, that any
change shall not become effective until received in writing by the Committee. If
any designated Beneficiary survives the Grantee but dies before receiving all of
the Grantee's benefits hereunder, any remaining benefits due the Grantee shall
be distributed to the deceased Beneficiary's estate. If there is no effective
Beneficiary designation on file with the Committee at the time of the Grantee's
death, or if the designated Beneficiary or Beneficiaries have all predeceased
such Grantee, the payment of any remaining benefits shall be made to the
Grantee's estate.

                  10. NONALIENATION OF BENEFITS. Except as contemplated by
Paragraph 9 above, and other than pursuant to a qualified domestic relations
order, no right or benefit under this Award Agreement shall be subject to
transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, whether voluntary, involuntary or by operation of law, and any attempt
to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the
same shall be void. No right or benefit hereunder shall in any manner be liable
for or subject to any debts, contracts, liabilities or torts of the person
entitled to such benefits. If the Grantee or the Grantee's Beneficiary hereunder
shall become bankrupt or attempt to transfer, anticipate, alienate, assign,
sell, pledge, encumber or charge any right or benefit hereunder, other than as
contemplated by Paragraph 9 above or other than pursuant to a qualified domestic
relations order, or if any creditor shall attempt to subject the same to a writ
of garnishment, attachment, execution, sequestration or any other form of
process or involuntary lien or seizure, then such right or benefit shall cease
and terminate.

                  11. PREREQUISITES TO BENEFITS. Neither the Grantee nor any
person claiming through the Grantee shall have any right or interest in the
Restricted Stock awarded hereunder, unless and until all the terms, conditions
and provisions of this Award Agreement which affect the Grantee or such other
person shall have been complied with as specified herein.

                  12. RIGHTS AS A STOCKHOLDER. Subject to the limitations and
restrictions contained herein, the Grantee (or Beneficiary) shall have all
rights as a stockholder with respect to the shares of the Restricted Stock once
such shares have been registered in the Grantee's name or issued for the benefit
of the Grantee hereunder.

                  13. CERTAIN CORPORATE TRANSACTIONS; ADJUSTMENTS. The existence
of this Agreement or the award of the Restricted Stock made hereunder shall not
affect

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in any manner the right and power of the Company or its stockholders to make or
authorize any or all adjustments, recapitalizations, reorganizations or other
changes in the capital stock of the Company or its business or any merger or
consolidation of the Company, or any issue of bonds, debentures, preferred or
prior preference stock (whether or not such issue is prior to, on a parity with
or junior to the Common Stock) or the dissolution or liquidation of the Company,
or any sale or transfer of all or any part of its assets or business, or any
other corporate act or proceeding of any kind, whether or not of a character
similar to that of the acts or proceedings enumerated above. The Committee, in
its sole discretion, may (but shall not be obligated to) make appropriate
adjustments to the number of shares of Restricted Stock or any other terms
applicable to the award made pursuant to this Agreement upon the occurrence of
(i) a reclassification, subdivision or combination of the Company's common
stock, (ii) a dividend, stock split or any distribution to holders of the
Company's common stock payable in shares of the Company's common stock or other
securities or property or (iii) a recapitalization or capital reorganization of
the Company, a merger, consolidation or the adoption of a plan of exchange
affecting the Common Stock; provided, however, that any such adjustment shall
only be made as necessary to maintain the proportionate interest of the Grantee
and preserve, without increasing, the value of the award made hereunder.

                  14. NOTICE. Unless the Company notifies the Grantee in writing
of a different procedure, any notice or other communication to the Company with
respect to this Award Agreement shall be in writing and shall be delivered
personally or by first class mail, postage prepaid and addressed, to the
following address:

                                   Cavco Industries, Inc.
                                   Attention:  Secretary
                                   1001 North Central
                                   Suite 800
                                   Phoenix, Arizona  85004

Any notice or other communication to the Grantee with respect to this Award
Agreement shall be in writing and shall be delivered personally or shall be sent
by first class mail, postage prepaid, to the Grantee's address as listed in the
records of the Company on the Grant Date, unless the Company has received
written notification from the Grantee of a change of address.

                  15. AMENDMENT. This Award Agreement may be supplemented or
amended from time to time as approved by the Committee, provided, however, that
an amendment shall not adversely affect the rights of the Grantee with respect
to the award of Restricted Stock evidenced hereby without the Grantee's written
consent.

                  16. GRANTEE SERVICE. Nothing contained in this Award
Agreement, and no action of the Company or the Committee with respect hereto,
shall confer or be construed to confer on the Grantee any right to continue in
the Service of the Company.

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                  17. SUCCESSORS AND ASSIGNS. This Award Agreement shall bind
and enure to the benefit of and be enforceable by the Grantee, the Company and
their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Grantee may not assign any
rights or obligations under this Award Agreement except to the extent and in a
manner expressly provided herein.

                  18. GOVERNING LAW. This Award Agreement shall in all respects
be governed by, and construed and enforced in accordance with, the laws of the
State of Arizona to the extent not preempted by federal law.

                  19. CONSTRUCTION. References in this Award Agreement to "this
Award Agreement" and the words "herein," "hereof," "hereunder" and similar terms
include all Exhibits appended hereto. The headings of the Paragraphs of this
Award Agreement have been included for convenience of reference only and are not
to be considered a part hereof and shall in no way modify or restrict any of the
terms or provisions hereof. All decisions of the Committee regarding this Award
Agreement shall be conclusive.

                  20. DUPLICATE ORIGINALS. The Company and the Grantee may sign
any number of copies of this Award Agreement. Each signed copy shall be an
original, but all of them together represent the same agreement.

                  21. ENTIRE AGREEMENT. The Grantee and the Company hereby
declare and represent that no promise or agreement not herein expressed has been
made and that this Award Agreement contains the entire agreement between the
parties hereto with respect to the Restricted Stock granted herein and replaces
and makes null and void any prior agreements, oral or written, between the
Grantee and the Company regarding the Restricted Stock awarded herein.

                  22. GRANTEE ACCEPTANCE. The Grantee shall signify acceptance
of the terms and conditions of this Award Agreement by signing in the space
provided at the end hereof and returning an executed copy to the Company.

                                       CAVCO INDUSTRIES, INC.

                                       By:  /s/ Sean K. Nolen
                                            ------------------------------------
                                            Name:  Sean K. Nolen
                                            Title:   Vice President and Chief
                                                     Financial Officer

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                                       ACCEPTED:

                                       /s/ Joseph H. Stegmayer
                                       -----------------------------------------
                                       Grantee:  Joseph H. Stegmayer

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                                  Exhibit A to Restricted Stock Award Agreement,
                                  dated as of July 7, 2003

                             CAVCO INDUSTRIES, INC.

                           DESIGNATION OF BENEFICIARY

                  I, Joseph H. Stegmayer (the "Grantee"), hereby declare that
upon my death                                 (the "Beneficiary") who resides at
             ---------------------------------

-------------------------------------------------------------------------------,
Street Address         City             State                         Zip Code

and is my                                               , shall be
         -----------------------------------------------
entitled to the Restricted Stock and all other rights accorded the Grantee by
the above-referenced Restricted Stock Award Agreement (the "Award Agreement").

                  It is understood that this Designation of Beneficiary is made
pursuant to the Award Agreement and is subject to the conditions stated therein,
including the Beneficiary's survival of the Grantee's death. If any such
condition is not satisfied, such rights shall devolve according to the Grantee's
will or the laws of descent and distribution.

                  It is further understood that all prior designations of
beneficiary under the Award Agreement are hereby revoked and that this
Designation of Beneficiary may only be revoked in writing, signed by the Grantee
and filed with the Company prior to the Grantee's death.

---------------------                                         ------------------
Date                                                          Grantee<PAGE>

                                                                    EXHIBIT 10.6

[BANK ONE LOGO]                                   AMENDMENT TO CREDIT AGREEMENT

This agreement is dated as of December 16, 2003, to be effective as of 12/17/03
by and between Cavco Industries, Inc. (the "Borrower") and Bank One, NA, with
its main office in Chicago, II (the "Bank"), and its successors and assigns.

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 date of this agreement, the following provision
            is hereby added to the Credit Agreement:

            1.4   LETTER OF CREDIT SUBLIMIT. At any time the Borrower is
                  entitled to an advance under Facility A, the Bank agrees to
                  issue letters of credit for the account of the Borrower in an
                  amount not in excess of the maximum advance that the Borrower
                  would then be entitled to obtain under Facility A, provided
                  that (a) the aggregate maximum available amount which is drawn
                  and unreimbursed or may be drawn under all letters of credit
                  which are outstanding at any time, including without
                  limitation all letters of credit issued for the account of the
                  Borrower which are outstanding on the date of the Line of
                  Credit Note, shall not exceed $5,000,000.00, (b) the issuance
                  of any letter of credit with an expiration date beyond the
                  maturity date of the Line of Credit Note shall be entirely at
                  the discretion of the Bank, (c) any letter of credit shall be
                  a standby letter of credit and the form of the requested
                  letter of credit shall be satisfactory to the Bank, in the
                  Bank's sole discretion, and (d) the Borrower shall have
                  executed an application and reimbursement agreement for any
                  letter of credit in the Bank's standard form. While any letter
                  of credit is outstanding, the maximum amount of advances that
                  may be outstanding under the Line of Credit Note shall be
                  automatically reduced by the maximum amount available to be
                  drawn under any and all such letters of credit. The Borrower
                  shall pay the Bank a fee for each standby letter of credit
                  that is issued, calculated at the rate of 2% per annum of the
                  original maximum amount available of such standby letter of
                  credit, with  such fee being calculated on the basis of a
                  360-day year and the actual number of days in the period
                  during which the standby letter of credit will be outstanding;
                  provided, however, that such fee shall not be less than
                  $200.00 for each letter of credit. No credit shall be given
                  for fees paid due to early termination of any letter of
                  credit. The Borrower shall also pay the Bank's standard
                  transaction fees with respect to any transactions occurring on
                  an account of any letter of credit. Each fee shall be payable
                  when the related letter of credit is issued, and transaction
                  fees shall be payable upon completion of the transaction as to
                  which they are charged. All fees may be debited by the Bank to
                  any deposit account of the Borrower carried with the Bank
                  without further authority and, in any event, shall be paid by
                  the Borrower within ten (10) days following billing. If on the
                  maturity date of the Line of Credit Note, any letter of credit
                  issued by Bank hereunder remains outstanding, Borrower shall
                  if requested by Bank, within five (5) business days after such
                  request, cause to be placed in a deposit account with Bank
                  which is assigned to Bank to secure Borrower's reimbursement
                  obligation(s) applicable to such outstanding letters of
                  credit, cash in an amount which is not less than the aggregate
                  of the unfunded amounts under all such outstanding letters of
                  credit. Failure to timely comply with such request shall be a
                  default and Event of Default under this agreement and the
                  other loan documents, and Bank may proceed to exercise and
                  enforce its rights and remedies against any collateral and
                  utilize the proceeds thereof to create such cash deposit.

      2.2   From and after the date of this agreement, the provision in the
            Credit Agreement captioned 4.5 FINANCIAL REPORTS.

            A. is amended as follows; the portion of the provision now reading:
            "Within thirty (30) days after and as of the end of each calendar
            month" is replaced with the following:

            Within thirty (30) days after the end of each calendar month in
            which as of the last day of such month, there is an outstanding
            advance under Facility A,

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      2.3   From and after the date of this agreement, the provision in the
            Credit Agreement captioned 4.5 FINANCIAL REPORTS.

            B. is amended as follows: the portion of the provision now reading:
            "Within thirty (30) days after each monthly period," is replaced
            with the following:

            Within thirty (30) days after the end of each monthly period in
            which as of the last day of such month, there is an outstanding
            advance under Facility A,

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.

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.

                 [THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK]

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NOT A NOVATION. This agreement is a modification only and not a novation. Expect
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, Treasurer and Vice President
                         -------------------------------------------------------
                         Printed Name                     Title

                     Date Signed: 12/17/03

                     BANK:

                     Bank One, NA, with its main office in Chicago, IL

                     By: /s/ Sanat B. Patel
                         ------------------------------------------------------
                         Sanat B. Patel              Vice President
                         ------------------------------------------------------
                         Printed Name                     Title

                     Data Signed: 12/17/03

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