Exhibit 10.3
FLEETWOOD ENTERPRISES, INC.
l992 NONEMPLOYEE DIRECTOR STOCK OPTION PLAN
STOCK OPTION AGREEMENT
This Stock Option Grant (the "Agreement") is made effective as
of__________________, ______ by and between FLEETWOOD ENTERPRISES, INC.
(the "Company") and "First_Name" "MIDDLE_NAME" "Last_Name" (Optionee"),
pursuant to that certain l992 Nonemployee Director Stock Option Plan
(the "Plan") which became effective on June 9, l992.
1. Stock Options Granted. Subject to the limitations set forth
herein and in the Plan, Director may purchase all or any part of an
aggregate of "Shares_Granted" shares of Common Stock of the Company
(the "Shares") at an exercise price of $______per share, payable in
cash or in Common Stock of the Company as set forth in the Plan. Such
Options are intended to be _ Incentive Stock Options or /_/
Nonqualified Stock Options as defined in the Plan.
2. Exercise Features. Stock Options granted by this Agreement
shall, as provided in more detail in the Plan, be exercisable as
follows:
A. Options are exercisable as of the date of this agreement.
B. Once exercisable (including the application of any grace
period), Options shall expire if not earlier exercised upon the earlier
to occur of (i) three years following termination of Optionee's status
as a Nonemployee Director of the Company, or (ii) ten years after the
date of grant of such Option.
3. General. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of California, shall be
binding upon the successors and assigns of the parties hereto and shall
be subject to all of the terms and provisions of the Plan, a copy of
which has been delivered to Director.
IN WITNESS WHEREOF, this Agreement has been duly executed by the
parties hereto on the date first above written.
OPTIONEE:
FLEETWOOD ENTERPRISES, INC.
____________________________ By:____________________________
(Signature) Xxxxxx X. Xxxxxxx,
President
"FIRST_NAME" "MIDDLE_NAME" "LAST_NAME"
SS# "SSN"
Effective Date: September 11, 2002
