Document:

EX-10.22

 Exhibit 10.22 

THIRD AMENDMENT TO LEASE 

THIS THIRD AMENDMENT TO LEASE (this “Third Amendment”) is made as of July 28, 2016 (“Effective Date”),
by and between ARE-10933 NORTH TORREY PINES, LLC, a Delaware limited liability company (“Landlord”), and AMBRX, INC., a Delaware corporation (“Tenant”). 

RECITALS 
 A.
Landlord and Tenant are parties to that certain Lease Agreement dated March 15, 2005, as amended by that certain First Amendment to Lease Agreement dated May 19, 2005 and that certain Second Amendment to Lease dated December 1,
2011 (as amended, the “Lease”). Pursuant to the Lease, Tenant leases certain premises containing approximately 36,172 rentable square feet in a building located at 10975 North Torrey Pines Road, La Jolla, California. Capitalized
terms used herein without definition shall have the meanings defined for such terms in the Lease. 
 B. The last day of the Base Term
of the Lease is currently November 30, 2017, 
 C. Tenant has requested and Landlord, subject to the terms and conditions set
forth below, has agreed to amend the Lease to, among other things, (i) extend the Term of the Lease and (ii) modify Base Rent. 

NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by this reference, the mutual promises
and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows: 

 

	1.	 Term. 

a. Notwithstanding anything to the contrary contained in the Lease, the last day of the Base Term shall be, and hereby is, extended to
November 30, 2022, 
 b. Except as set forth in Section 41 of the Lease, Tenant shall have no further
right to extend the Term of the Lease. For avoidance of doubt, neither the TI Allowance nor the Third Amendment TI Allowance (defined below) are applicable to the Extension Term in Section 41 of the Lease, if exercised.

  

	2.	 Base Rent. Tenant shall continue to pay Base Rent at the rate set forth in the Lease
through November 30, 2017. Commencing on December 1, 2017 and on each December 1 throughout the remainder of the Base Term (“Adjustment Date”), Base Rent shall be increased by multiplying the Base Rent payable
immediately before such Adjustment Date by 3% and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. 

  

	3.	 Base Rent Abatement. Notwithstanding anything to the contrary contained herein, so long as
Tenant is not in Default, Tenant shall not be required to pay Base Rent for the period commencing December 1, 2017 and ending April 30, 2018 (“Base Rent Abatement Period”); provided, however, Tenant shall continue to pay
Additional Rent (including, without limitation, Tenant’s Share of Operating Expenses) during the Base Rent Abatement Period. The administration rent set forth in Section 5 of the Lease shall not be abated and shall be
based on the amount of Base Rent that would have been payable but for the Base Rent abatement. 

  

	4.	 No Expansion Rights. Section 39 (Right to Lease Space in the
Phase 3 Building) and Section 40 (Right of First Refusal to Lease Additional Space in Building) of the Lease are hereby deleted in their entirety and are of no further force or effect. 

  
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	5.	 Third Amendment TI Allowance. Landlord shall make available to Tenant until the last day
of the 12th month after the Effective Date (the “Third Amendment TI Allowance Termination Date”), a tenant improvement allowance of up $6.00 per rentable square foot of the Premises ($217,032 in the aggregate) (the “Third
Amendment TI Allowance”) for the installation of improvements to the Premises desired by Tenant of a fixed and permanent nature, as more particularly described on Exhibit A attached hereto (the “Third Amendment
Improvements”); provided, however, that Tenant shall have the right to use a portion of the Third Amendment TI Allowance not to exceed $2.00 per rentable square foot of the Premises ($72,344 in the aggregate) for Third Amendment
Improvements consisting of cabling or other nonstructural improvements approved by Landlord (“Nonstructural Improvements”), which approval shall not be unreasonably withheld, conditioned or delayed. The Third Amendment Tenant
Improvements shall be deemed “Alterations” under Section 12 of the Lease and be undertaken in accordance with such section. Tenant acknowledges and agrees that Landlord’s prior written consent shall be
required with respect to the Third Amendment Improvements and such consent shall not be unreasonably withheld, conditioned or delayed. Except for the Third Amendment TI Allowance, Tenant shall be solely responsible for all of the costs of the Third
Amendment Improvements. Landlord shall receive, as an administrative fee out of the Third Amendment TI Allowance, the amount of 2% of the cost of the Third Amendment Improvements (excluding the cost of the Nonstructural Improvements).

 Subject to the terms and conditions of the Lease and this Third Amendment, during the course of construction until the
Third Amendment TI Allowance Termination Date, Tenant shall be entitled to monthly disbursements of the Third Amendment TI Allowance (or the portion thereof used to construct the Third Amendment Improvements). As conditions precedent to the
disbursement of the Third Amendment TI Allowance, Tenant shall not be in Default under the Lease and Landlord shall have received a written request from Tenant (“Disbursement Request”) together with the following: (a) evidence
reasonably satisfactory to Landlord that the costs requested in the Disbursement Request have been incurred and paid by Tenant, including, -without limitation, invoices, bills of sale and/or statements for payment; and (b) sworn statements
setting forth the names of all contractors and subcontractors who did the work and lien waivers from all such contractors and subcontractors in the statutory form required under applicable law. Notwithstanding anything to the contrary herein, any
portion of the Third Amendment TI Allowance not disbursed to Tenant by the occurrence of the Third Amendment TI Allowance Termination Date shall be the property of Landlord and Tenant shall have no further rights thereto. 

 

	6.	 Landlord’s Third Amendment Work. Landlord shall, at Landlord’s sole cost and
expense, install acoustic doors and acoustic ceiling insulation selected by Landlord in the screw chiller room of the Premises (“Landlord’s Third Amendment Work”). Landlord and its contractors and agents shall have the right to
enter the Premises to complete Landlord’s Third Amendment Work and Tenant shall cooperate with Landlord in connection with the same; provided that Landlord shall endeavor not to interfere with Tenant’s Permitted Use of the Premises. Tenant
waives all claims against Landlord in connection with the Landlord’s Third Amendment Work including, without limitation, claims for rent abatement, except to the extent arising from the gross negligence or willful misconduct of Landlord.

  

	7.	 The Alexandria Amenities. 

a. Generally. ARE-SD Region No. 17, LLC, a Delaware limited liability company
(“Torreyana Landlord”), has constructed certain amenities at the property owned by Torreyana Landlord located at 10996 Torreyana Road, San Diego, California (“Torreyana Project”), which include, without limitation,
shared conference facilities (“Shared Conference Facilities”), a fitness center and restaurant (collectively, the “Amenities”) for non-exclusive use by (a) Tenant, (b)
other tenants of the Project, (c) Landlord, (d) the tenants of Torreyana Landlord, (e) Torreyana Landlord, (e) other affiliates of Landlord, Torreyana Landlord and Alexandria Real Estate Equities, Inc. (“ARE”), (f)
the tenants of such other affiliates of Landlord, Torreyana Landlord and ARE, and (g) any other parties permitted by Torreyana Landlord (collectively, “Users”). Landlord, Torreyana Landlord, ARE, and all affiliates of Landlord,
Torreyana and ARE may be referred to collectively herein as the “ARE  

  
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Parties.” Notwithstanding anything to the contrary contained herein, Tenant acknowledges and agrees that Torreyana Landlord shall have the right, at the sole discretion of Torreyana
Landlord, to not make the Amenities available for use by some or all currently contemplated Users (including Tenant). Torreyana Landlord shall have the sole right to determine all matters related to the Amenities including, without limitation,
relating to the reconfiguration, relocation, modification or removal of any of the Amenities at the Torreyana Project and/or to revise, expand or discontinue any of the services (if any) provided in connection with the Amenities. Tenant acknowledges
and agrees that Landlord has not made any representations or warranties regarding the availability of any of the Amenities and that Tenant is not entering into this Lease relying on the completion of the Amenities or with an expectation that the
Amenities will ever be made available to Tenant. 
 b. License. Commencing on the Effective Date, and so long as the Torreyana Project
and the Project continue to be owned by affiliates of ARE, Tenant shall have the non-exclusive right to the use of the available Amenities in common with other Users pursuant to the terms of this
Section 7. As of the Effective Date, 100 passes to the fitness center shall be issued to Tenant. Commencing on December 1, 2017 (“Amenities Fee Commencement Date”), Tenant shall commence paying
Landlord a fixed fee during the Base Term equal to $0.18 per rentable square foot of the Premises per month (“Amenities Fee”), which Amenities Fee shall be payable on the first day of each month during the Term whether or not Tenant
elects to use any or all of the Amenities. The Amenities Fee shall be increased annually on each anniversary of the Amenities Fee Commencement Date by 3%. With respect to the Extension Term, if exercised by Tenant, Landlord may impose a market fee
in connection with the Amenities. If the Amenities in their entirety become materially unavailable for use by Tenant (for any reason other than a Default by Tenant under this Lease or the default by Tenant of any agreement(s) relating to the use of
the Amenities by Tenant) for a period in excess of 30 consecutive days, then, commencing on the date that the Amenities in their entirety become materially unavailable for use by Tenant and continuing for the period that the Amenities in their
entirety remain materially unavailable for use by Tenant, the Amenities Fee then-currently payable by Tenant shall be abated. 
 c. Shared
Conference Facilities. Use by Tenant of the Shared Conference Facilities and restaurant at the Torreyana Project shall be in common with other Users with scheduling procedures reasonably determined by Torreyana Landlord. Torreyana Landlord
reserves the right to exercise its reasonable discretion in the event of conflicting scheduling requests among Users. Tenant hereby acknowledges that (i) Biocom/San Diego, a California non-profit
corporation (“Biocom”) has the right to reserve the Shared Conference Facilities and any reservable dining area(s) included within the Amenities for up to 50% of the time that such Shared Conference Facilities and reservable dining
area(s) are available for use by Users each calendar month, and (ii) Illumine, Inc., a Delaware corporation, has the exclusive use of the main conference room within the Shared Conference Facilities for up to 4 days per calendar month. 

Any vendors engaged by Tenant in connection with Tenant’s use of the Shared Conference Facilities shall be professional licensed vendors.
Torreyana Landlord shall have the right to approve any vendors utilized by Tenant in connection with Tenant’s use of the Shared Conference Facilities. Prior to any entry by any such vendor onto the Torreyana Project, Tenant shall deliver to
Landlord a copy of the contract between Tenant and such vendor and certificates of insurance from such vendor evidencing industry standard commercial general liability, automotive liability, and workers’ compensation insurance. Tenant shall
cause all such vendors utilized by Tenant to provide a certificate of insurance naming Landlord, ARE, and Torreyana Landlord as additional insureds under the vendor’s liability policies. Notwithstanding the foregoing, Tenant shall be required
to use the food service operator used by Torreyana Landlord at the Torreyana Project for any food service or catered events held by Tenant in the Shared Conference Facilities. 

Tenant shall, at Tenant’s sole cost and expense, (i) be responsible for the set-up of the
Shared Conference Facilities in connection with Tenant’s use (including, without limitation ensuring that Tenant has a sufficient number of chairs and tables and the appropriate equipment), and (ii) surrender the Shared Conference
Facilities after each time that Tenant uses the Shared 

  
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Conference Facilities free of Tenant’s personal property, in substantially the same set up and same condition as received, and free of any debris and trash. If Tenant fails to restore and
surrender the Shared Conference Facilities as required by sub-section (ii) of the immediately preceding sentence, such failure shall constitute a “Shared Facilities Default.” Each time
that Landlord reasonably determines that Tenant has committed a Shared Facilities Default, Tenant shall be required to pay Landlord a penalty within 5 days after notice from Landlord of such Shared Facilities Default. The penalty payable by Tenant
in connection with the first Shared Facilities Default shall be $200. The penalty payable shall increase by $50 for each subsequent Shared Facilities Default (for the avoidance of doubt, the penalty shall be $250 for the second Shared Facilities
Default, shall be $300 for the third Shared Facilities Default, etc.). In addition to the foregoing, Tenant shall be responsible for reimbursing Torreyana Landlord or Landlord, as applicable for all costs expended by Torreyana Landlord or Landlord,
as applicable, in repairing any damage to the Shared Conference Facilities, the Amenities, or the Torreyana Project caused by Tenant or any Tenant Related Party. The provisions of this Section 7(c) shall survive the
expiration or earlier termination of this Lease. 
 d. Rules and Regulations. Tenant shall be solely responsible for paying for any
and all ancillary services (e.g., audio visual equipment) provided to Tenant, all food services operators and any other third party vendors providing services to Tenant at the Torreyana Project. Tenant shall use the Amenities (including, without
limitation, the Shared Conference Facilities) in compliance with all applicable Legal Requirements and any rules and regulations imposed by Torreyana Landlord or Landlord from time to time and in a manner that will not interfere with the rights of
other Users. The use of Amenities other than the Shared Conference Facilities by employees of Tenant shall be in accordance with the terms and conditions of the standard licenses, indemnification and waiver agreement required by Torreyana Landlord
or the operator of the Amenities to be executed by all persons wishing to use such Amenities. Neither Torreyana Landlord nor Landlord (nor, if applicable, any other affiliate of Landlord) shall have any liability or obligation for the breach of any
rules or regulations by other Users with respect to the Amenities. Tenant shall not make any alterations, additions, or improvements of any kind to the Shared Conference Facilities, the Amenities or the Torreyana Project. 

Tenant acknowledges and agrees that Torreyana Landlord shall have the right at any time and from time to time to reconfigure, relocate, modify
or remove any of the Amenities at the Torreyana Project and/or to revise, expand or discontinue any of the services (if any) provided in connection with the Amenities. 

e. Waiver of Liability and Indemnification. Tenant warrants that it will use reasonable care to prevent damage to property and injury to
persons while on the Torreyana Project. Tenant waives any claims it or any Tenant Parties may have against any ARE Parties relating to, arising out of or in connection with the Amenities and any entry by Tenant and/or any Tenant Parties onto the
Torreyana Project (except to the extent arising out of the gross negligence or willful misconduct of any ARE Party), and Tenant releases and exculpates all ARE Parties from any liability relating to, arising out of or in connection with the
Amenities and any entry by Tenant and/or any Tenant Parties onto the Torreyana Project (except to the extent arising out of the gross negligence or willful misconduct of any ARE Party). Tenant hereby agrees to indemnify, defend, and hold harmless
the ARE Parties from any claim of damage to property or injury to person relating to, arising out of or in connection with (i) the use of the Amenities by Tenant or any Tenant Parties, and (ii) any entry by Tenant and/or any Tenant Parties
onto the Torreyana Project, except to the extent caused by the willful misconduct or gross negligence of any ARE Party. The provisions of this Section 7 shall survive the expiration or earlier termination of this Lease.

 f. Insurance. As of the Effective Date, Tenant shall cause Torreyana Landlord to be named as an additional insured under the
commercial general liability policy of insurance that Tenant is required to maintain pursuant to Section 17 of this Lease. 

  
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	8.	 Excess Rent. Notwithstanding anything to the contrary in
Section 22(d) of the Lease, as of the Effective Date, Tenant shall not be required to pay Excess Rent to Landlord. 

  

	9.	 Brokers. Landlord and Tenant each represents and warrants that it has not dealt with any
broker, agent or other person (collectively, “Broker”) other than Cushman and Wakefield in connection with the transaction reflected in this Third Amendment, and that no Broker other than Cushman & Wakefield brought about
such transaction. Landlord and Tenant each hereby agree to indemnify and hold the other harmless from and against any claims by any Broker, other than Cushman & Wakefield, claiming a commission or other form of compensation by virtue of
having dealt with Tenant or Landlord, as applicable, with regard to this leasing transaction. 

  

	10.	 Miscellaneous. 

a. This Third Amendment is the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior
and contemporaneous oral and written agreements and discussions. This Third Amendment may be amended only by an agreement in writing, signed by the parties hereto. 

b. This Third Amendment is binding upon and shall inure to the benefit of the parties hereto, their respective agents, employees,
representatives, officers, directors, divisions, subsidiaries, affiliates, assigns, heirs, successors in interest and shareholders. 
 c.
This Third Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which when taken together shall constitute one and the same instrument. The signature page of any counterpart may be
detached therefrom without impairing the legal effect of the signature(s) thereon provided such signature page is attached to any other counterpart identical thereto except having additional signature pages executed by other parties to this Third
Amendment attached thereto. 
 d. Except as amended and/or modified by this Third Amendment, the Lease is hereby ratified and
confirmed and all other terms of the Lease shall remain in full force and effect, unaltered and unchanged by this Third Amendment. In the event of any conflict between the provisions of this Third Amendment and the provisions of the Lease, the
provisions of this Third Amendment shall prevail. 
 [Signatures are on the next page.] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment as of the
Effective Date. 
  

									
	LANDLORD:	  	                    	  	ARE-10933 NORTH TORREY PINES, LLC,
		  		  	a Delaware limited liability company
				
		  		  	By:	  	ALEXANDRIA REAL ESTATE EQUITIES, INC.,
		  		  		  	a Maryland corporation, managing member
					
		  		  		  	By:	  	 /s/ Gary Dean

		  		  		  	Its:	  	Gary Dean
		  		  		  		  	Senior Vice President
		  		  		  		  	RE Legal Affairs
			
	TENANT:	  		  	AMBRX, INC.,
		  		  	a Delaware corporation
				
		  		  	By:	  	 /s/ Tiecheng Qiao

		  		  	Name: Tiecheng Qiao
		  		  	Title: CEO

  
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 Exhibit A 

THIRD AMENDMENT IMPROVEMENTS 

[Attached]Document

Exhibit 10.3.9
Separation Agreement, dated as of February 19, 2021, by and between Cavco Industries, Inc. and Daniel L. Urness
    This Separation Agreement (“Agreement”) is made and entered into by and between Daniel L. Urness (“Executive”) and Cavco Industries, Inc. (the “Company”) on the date set forth below, to be effective on the Separation Date (as defined herein). Each of Executive and the Company is herein individually referred to as a “Party” and together as the “Parties.”
WHEREAS, the Company has employed Executive pursuant to the terms and conditions of a certain Employment Agreement between the Parties dated April 15, 2019 (the “Employment Agreement”); and
WHEREAS, in accordance with the Employment Agreement, Executive has been employed by the Company as its Executive Vice President, Chief Financial Officer, and Treasurer, and as an at-will employee; and
WHEREAS, pursuant to Section 6(i) of the Employment Agreement, the Executive’s employment with the Company may be terminated at any time upon mutual written agreement of the Parties; and
WHEREAS, pursuant to Section 9 of the Employment Agreement, the Employment Agreement may be amended in a writing signed by both Parties; and
WHEREAS, the Executive and the Company mutually agree that it is in their respective best interests to bring the employment relationship between them to an amicable conclusion, according to the terms and conditions set forth in this Agreement; and
WHEREAS, capitalized terms not herein defined in this Agreement shall have the identical meanings prescribed to such terms as set forth in Exhibit A of the Employment Agreement; and
WHEREAS, except as otherwise amended by this Agreement, the terms and provisions of the Employment Agreement that apply on and after Executive’s termination of employment shall remain in effect. 
NOW, THEREFORE, in consideration of the mutual promises in this Agreement, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree to amend the Employment Agreement as provided herein and to be legally bound by the following promises and acknowledgments:
1.Separation Date: Executive’s employment with the Company shall terminate effective February 19, 2021 (the “Separation Date”).  Upon Executive’s termination of employment, and as provided in Section 6 of the Employment Agreement, Executive shall receive the Accrued Obligations, which amount totals $45,769.35.
2.Consideration: In addition to the Accrued Obligations, and subject to Executive’s compliance with the requirements set forth in Sections 7 through 9 of the Employment Agreement and Executive’s execution, delivery, and non-revocation of Executive’s Waiver and General Release of Claims attached to this Agreement as Attachment A (the “Release”) and subject to Executive’s compliance with Paragraph 8 below, Executive shall be entitled to the following severance benefits a. through d. below, in lieu of any amounts otherwise payable to Executive under the Employment Agreement, and the Employment is hereby amended, accordingly:
a.Cash Severance Benefit. A cash severance payment ("Severance Payment"), payable on that date which is sixty (60) days after the Separation Date, equal to the sum of:
i.$425,000, an amount equal to Executive's Base Salary in effect as of the Separation Date for a period of twelve (12) months; plus 

ii.$387,531.33, an amount equal to the average Bonuses paid to Executive under Section 4(b) of the Employment Agreement for the three (3) calendar years immediately preceding termination of employment (excluding all incentive compensation paid to Executive prior to April 15, 2019, and excluding the Cash Bonus Adjustment in Section 5(d)(ii) of the Employment Agreement). For averaging purposes, the "Bonus" amounts used for calendar years ending December 31, 2018 and December 31, 2019 are based on Executive's Bonus target opportunity in effect as of April 15, 2019 (i.e., 75% of Executive’s Base Salary as in effect on that date).
b.Accelerated Stock Option Vesting. Fifty percent (50%) of the unvested portion of any stock option grants awarded to Executive that remain outstanding as of the Separation Date are immediately vested upon the Severance Date and shall remain exercisable for the remainder of the original term. All vested stock option grants existing from and after the Separation Date shall continue to be governed by the stock option awards underlying such grants.  Executive’s vested stock option grants as of the Severance Date total 18,584 shares, and the unvested stock option grants total 13,816 shares (the foregoing amounts are determined before application of this paragraph and take Paragraph 3 of this Agreement into account).  Effective as of the Separation Date, and taking this Paragraph into account, Executive’s vested stock option grants total 25,492 shares (= 18,584 + 50% x 13,816).  The remaining unvested option grants (6,908 shares) shall immediately and permanently forfeit on the Separation Date.
c.Prorated Performance Based Share Awards. Immediately before the Separation Date, Executive has two Performance Based Share Awards outstanding: (1) a Performance Based Share Award for 1,400 shares granted for the Fiscal Year beginning April 1, 2019 (the “FY2019 Award”) and (2) a Performance Based Share Award for 1,350 shares granted for the Fiscal Year beginning April 1, 2020 (the “FY2020 Award”).  Effective upon the Separation Date:
i.FY2019 Award. 517 shares of the FY2019 Award shall permanently forfeit, leaving 883 shares to be preserved.  The preserved portion of this FY2019 Award will continue to be eligible for performance-based vesting through the end of such award’s applicable Performance Period.
ii.FY2020 Award. 949 shares of the FY2020 Award shall permanently forfeit, leaving 401 shares to be preserved.  The preserved portion of this FY2020 Award will continue to be eligible for performance-based vesting through the end of such award’s applicable Performance Period.
Actual vesting of the preserved portions of the FY2019 and FY2020 Awards will be based on actual performance through the end of each such award’s applicable Performance Period, with payment of any vested portion of the preserved award made at the same time(s) payment would have been paid had Executive not terminated employment as of the Separation Date.
d.COBRA Benefit. If Executive timely and properly elects continuation health care coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"), the Company will pay the COBRA premium required for Executive and Executive's dependents (if any) under the Company's group medical and dental plans for a period of up to twelve (12) months following the Executive's termination of employment (or until such earlier time as Executive ceases to be eligible for COBRA coverage) (the "COBRA Premium"). Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot pay the COBRA Premium without a substantial risk of violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company instead shall pay Executive, on the first day of each calendar month, a fully taxable cash payment equal to the applicable COBRA Premiums for that month, subject to applicable tax withholdings.

For the avoidance of doubt and further clarification, payments to Executive under this Paragraph 2 are the only payments Executive will receive from the Company on account of his termination of employment with the Company.  No amounts will be payable to Executive under Sections 6(a), (b), (c) or (d) of the Employment Agreement and the Employment Agreement is hereby amended, accordingly.
3.Rescission of Restorative Grant: The Parties hereto agree that the stock option granted to Executive under Section 5(d)(4) of the Employment Agreement (the “Restorative Stock Option Grant”) with respect to 5,500 shares was granted by mutual mistake. Executive (1) agrees that he will not exercise the Restorative Stock Option Grant and (2) agrees that the Restorative Stock Option Grant is hereby cancelled and rescinded in its entirety.
4.Waiver and Release of Claims: The payment to Executive of the amounts set forth in Paragraph 2 of this Agreement are expressly conditioned on the execution, delivery, and non-revocation of the Release, which Release shall be delivered to Executive within five (5) business days following the Separation Date and which must be executed (and not revoked) by Executive within the time specified in the Release (the “Release Period”).
5.Other Proceedings: Executive hereby represents and confirms that Executive has not filed or otherwise initiated any lawsuit, complaint, charge, or other proceeding against Released Parties (as that term is defined in the Release) in any court or federal, state or local government agency based on events occurring on or prior to the date of signing of this Agreement.
6.Post Separation Cooperation: Executive agrees to fully and completely cooperate with the Company with respect to matters that the Company believes relates to Executive’s period of employment, including any inquiries, claims, investigations, potential litigation or litigation in which the Company is involved or may become involved other than any such inquiries, claims, investigations, potential litigation or litigation between the Company and Executive. Executive further agrees to be available upon request for consultation and provide assistance to the Company and its attorneys with regard to matters with which the Company believes he was involved while employed by the Company.  Effective from and after the Separation Date, and notwithstanding anything in this Agreement to the contrary, this Paragraph 6 replaces in its entirety Section 16(l) of the Employment Agreement and the Employment Agreement is hereby amended, accordingly.
7.Attorneys’ Fees and Costs: In any proceeding or action to enforce this Agreement or to recover damages arising out of its breach, the prevailing party shall be awarded its reasonable attorneys’ fees and costs.
8.Return of Company Property: Executive agrees to return all Company documents and other Company property such as computers, laptops and tablets or any other electronic device, software or hardware currently in Executive’s possession, care, custody, or control within the time-frame to be specified by the Company. The payments specified in the Employment Agreement and in Paragraph 2 of this Agreement are expressly conditioned on Executive’s return of Company property in good condition within sixty (60) days of the Separation Date.
9.Miscellaneous Provisions: This Agreement hereby incorporates the terms of Sections 10 through 16 of the Employment Agreement, which sections shall also apply to this Agreement. For the avoidance of doubt, the provisions in Sections 10 through 16 that will continue to apply to the Parties from and after the Separation Date include, but are not limited to, Sections 16(o) (“Recoupment/Clawback”) and 16(p) (“Indemnification”).
10.Counterparts: This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

ACCEPTED AND AGREED:

						
	/s/ Daniel L. Urness	February 19, 2021
	Daniel L. Urness	Date

CAVCO INDUSTRIES, INC.

						
	/s/ William C. Boor	February 19, 2021
	William C. Boor	Date
	President & CEO	

ATTACHMENT A
TO
SEPARATION AGREEMENT

WAIVER AND GENERAL RELEASE OF CLAIMS

WAIVER AND GENERAL RELEASE OF CLAIMS
This Waiver and General Release of Claims (“Release”) is made and entered into by Daniel L. Urness (“Executive”) and Cavco Industries, Inc. (the “Company”) on the date set forth below.
WHEREAS, Employee and the Company entered into an Employment Agreement dated April 15, 2019 (the “Employment Agreement”); and
WHEREAS, Employee and the Company entered into a Separation Agreement dated effective February 19, 2021 (the “Separation Agreement”); and
WHEREAS, pursuant to the terms of the Separation Agreement, Employee agreed to execute and deliver Company a written waiver and general release agreement as a condition precedent to his right to receive certain amounts under the Separation Agreement;
NOW, THEREFORE, in consideration of the promises and payments set forth in the Separation Agreement, Employee agrees as follows:
1.Meaning of “Released Parties”: The term “Released Parties,” as used throughout this Release, includes the Company and all of its past, present, and future shareholders, parents, subsidiaries, and affiliates, joint venturers, and other current or former related entities thereof, and all of the past, present, and future officers, directors, employees, agents, insurers, legal counsel, and successors and assigns of said entities.
2.Employee’s Release of Claims: In consideration for the severance payments and benefits provided for in the Paragraph 2 of the Separation Agreement and subject to Paragraph 4 of this Release, Employee, on behalf of himself, his spouse (if any), representatives, agents, heirs, trusts and assigns, hereby unconditionally and irrevocably releases Released Parties to the maximum extent permitted by law, from any and all claims, debts, obligations, demands, judgments, or causes of action of any kind whatsoever, whether known or unknown that Employee has or may have had prior to the date of Employee’s execution of this Release for any action or omission by Released Parties and/or due to any matter whatsoever relating to Employee’s employment or cessation of employment with the Company.  Without limiting in any way the foregoing general release, this release specifically includes the following:
a.All claims and causes of action arising under the following laws, as amended: Section 1981 of the Civil Rights Act of 1866; Title VII of the Civil Rights Act; the Americans with Disabilities Act; the Federal Family and Medical Leave Act; the Worker Adjustment and Retraining Notification Act; the National Labor Relations Act; the Labor Management Relations Act; the Fair Credit Reporting Act; the Employee Retirement Income Security Act of 1974; the Genetic Information Nondiscrimination Act of 2008; the Health Insurance Portability and Accountability Act; the Occupational and Safety Health Act; the Equal Pay Act; Executive Orders 11246 and 11141; the Consolidated Omnibus Budget Reconciliation Act of 1986; the Rehabilitation Act of 1973; the Electronic Communications Privacy Act of 1986 (including the Stored Communications Act); the Arizona Wage Statute, A.R.S. § 23-350, et seq.; the Arizona Civil Rights Act; the Arizona Employment Protection Act; the Arizona wage statutes; the Arizona Medical Marijuana Law; and the Arizona Constitution; and
b.All claims and causes of action arising under any other federal, state or local law, regulation or ordinance, including for employment discrimination on any basis, hostile working environment, retaliation, wrongful discharge, retaliatory discharge, constructive discharge, unsafe working conditions, breach of express or implied contract, breach of collective bargaining agreement, breach of implied covenant of good faith and fair dealing, fraud, detrimental reliance, promissory estoppel, defamation, negligence, negligent or intentional misrepresentation, invasion of privacy, defamation, libel, slander, battery, failure to pay wages, bonuses, commissions, attorneys’ fees, interference with economic gain or contractual relations, and intentional and negligent infliction of emotional distress or “outrage”; and

c.All claims and causes of action by the Employee that Released Parties have acted unlawfully or improperly in any manner whatsoever.
Nothing in this Release shall be interpreted to release any claims to Employee’s post-employment benefits provided under the Employment Agreement, claims which may not be released as matter of law, or claims which arise under the terms of this Release or after the Effective Date of this Release, or to release Employee’s right, if any, to any vested benefits under any retirement plan or stock subscription agreements.  Employee acknowledges that this Release constitutes a full settlement, accord, and satisfaction of all claims covered by this Release.
3.Age Discrimination in Employment Act; Older Workers Benefit Protection Act of 1990: In addition to the general release in Paragraph 2 of this Release, the Employee is waiving and releasing any and all claims against Released Parties under the Age Discrimination and Employment Act (“ADEA”) that arose at any time during the Employee’s employment with the Company, up to and including his last day of employment.  This Release is subject to the terms of the Older Workers Benefit Protection Act of 1990 (“OWBPA”).  The OWBPA provides that an individual cannot waive a right or claim under the ADEA unless the waiver is knowing and voluntary.  Pursuant to the terms of the OWBPA, the Employee acknowledges and agrees that the Employee has been provided a copy of this Release, has signed this Release voluntarily, and with full knowledge of its consequences.  In addition, the Employee hereby acknowledges and agrees as follows:
a.This Release has been written in a manner that is calculated to be understood, and is understood, by the Employee;
b.The release provisions of this Release apply to any rights the Employee may have under the ADEA up to the date of this Release;
c.The release provisions of this Release do not apply to any rights or claims the Employee may have under the ADEA that arise after the date he signs this Release;
d.The Employee has been advised that he should consult with an attorney prior to signing this Release;
e.The Employee has been provided a period of twenty-one (21) calendar days (the “Review Period”) from his last day of employment with the Company to consider this Release.  The Employee may, but is not required to, accept and sign this Release before the expiration of the Review Period, but no earlier than his last day of employment with the Company.  If the Employee signs this Release before the expiration of the Review Period, the Employee agrees that he is knowingly and expressly waiving the time-period;
f.For a period of seven (7) calendar days following his signing of this Release, the Employee may revoke this Release by providing written notice of any such revocation to Mickey R. Dragash, the Company’s Executive Vice-President and General Counsel, on or before the seventh day after the Employee signs the Release.  This Release shall become “effective” on the eighth calendar day after the Employee signs it if it has not been revoked during the seven (7) day revocation period (the “Effective Date”);
g.Payment of any severance benefits is conditioned on the execution of this Release no later than five (5) days after the end of the Review Period and the running of the revocation period described in 3(f) (“Revocation Period”); and
h.The Employee may not sign this Release until after his last day of employment with the Company and the Release shall not be effective if the Employee executes the Release prior to such date.

4.Protected Rights: The Employee understands that nothing contained in this Release shall be construed to prohibit him from filing a charge with or participating in an investigation or proceeding conducted by the Equal Employment Opportunity Commission, the National Labor Relations Board, or any state or federal agency.  The Employee understands that he has waived and released any and all claims for money damages and equitable relief that the Employee may recover from Released Parties pursuant to the filing or prosecution of any administrative charge against Released Parties, or any resulting civil proceeding or lawsuit brought on his behalf for the recovery of such relief, and which arises out of the matters that are and may be released or waived by this Release.  The Employee also understands, however, that this Release does not limit his ability to communicate with any government agencies or otherwise participate in any investigation or proceeding that may be conducted by any government agency, including providing documents or other information, without notice to the Company.  This Release also does not limit the Employee’s right to receive an award for information provided to any government agencies.
5.Pension Plan: This Release shall not affect any vested rights the Employee has under an ERISA pension benefit plan(s).
6.Medicare: The Employee affirms, covenants, and warrants he is not a Medicare beneficiary and is not currently receiving, has not received in the past, will not have received at the time of payment pursuant to this Release, is not entitled to, is not eligible for, and has not applied for or sought Social Security Disability or Medicare benefits.  In the event any statement in the preceding sentence is incorrect (for example, but not limited to, if the Employee is a Medicare beneficiary, etc.), the following sentences (i.e., the remaining sentences of this paragraph) apply.  The Employee affirms, covenants, and warrants he has made no claim for illness or injury against, nor is he aware of any facts supporting any claim against, the Released Parties under which Released Parties could be liable for medical expenses incurred by the Employee before or after the execution of this Release.  Furthermore, the Employee is aware of no medical expenses which Medicare has paid and for which Released Parties are or could be liable now or in the future.  The Employee agrees and affirms that, to the best of his knowledge, no liens of any governmental entities, including those for Medicare conditional payments, exist.  The Employee will indemnify, defend, and hold Released Parties harmless from Medicare claims, liens, damages, conditional payments, and rights to payment, if any, including attorneys' fees, and the Employee further agrees to waive any and all future private causes of action for damages pursuant to 42 U.S.C. § 1395y(b)(3)(A) et seq.
7.Attorneys’ Fees and Costs: In any proceeding or action to enforce this Release or to recover damages arising out of its breach, the prevailing party shall be awarded its reasonable attorneys’ fees and costs.
8.Governing Law and Venue: This Release will be interpreted and construed in accordance with the laws of the State of Arizona, insofar as federal law does not control, and venue as to any dispute regarding this Release, or interpretation thereof, shall be in Maricopa County, Arizona.
9.Modification of Release: This Release shall not be modified, amended, or terminated unless such modification, amendment, or termination is executed in writing by the Employee, and an authorized representative of the Company.
10.The Employee’s Representations: The Employee warrants that the Employee is over the age of eighteen (18) and competent to sign this Release; that in signing this Release the Employee is not relying on any statement or representation by the Company that is not contained in this Release, but is relying upon the Employee’s judgment and/or that of the Employee’s legal counsel and/or tax advisor; that the Release was signed knowingly and voluntarily without duress or coercion in any form; and that the Employee fully understands the same is a FULL and FINAL SETTLEMENT of any and all claims against Released Parties which have been or could have been asserted or on account or arising out of the Employee’s employment relationship with the Company or the actions of any of Released Parties.  The Employee further represents and certifies that the Employee has been given a fair opportunity to review the terms of this Release and has determined that it is in the Employee’s best interest to enter into this Release.

11.Drafting and Construction: This Release may not be construed in favor of or against either the Employee or the Company (each, a “Party”) on the grounds that said Party was less or more involved in the drafting process.

ACCEPTED AND AGREED:

						
	/s/ Daniel L. Urness	February 19, 2021
	Daniel L. Urness	Date

CAVCO INDUSTRIES, INC.

						
	/s/ William C. Boor	February 19, 2021
	William C. Boor	Date
	President & CEO

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