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EXHIBIT 10.23
CHAMPION LETTERHEAD
September 10, 1998
Secretary
Champion Enterprises, Inc.
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Dear Sir:
On January 12, 1998, I entered into a Non-Qualified Stock Option
Agreement with Champion Enterprises, Inc. (the "January 12, 1998 Agreement"). In
the section of the January 12, 1998 Agreement entitled "Second Part", I was
granted a stock option permitting me, subject to a five-year graded vesting
schedule, to purchase 480,000 shares of Champion Enterprises, Inc. Common Stock
at a price of $20.00 per share.
A new and different option grant has been offered to me and in
consideration of that new grant, I have been asked to and am willing to release
Champion Enterprises, Inc. from all obligations related to the options in the
Second Part of the January 12, 1998 Agreement. I hereby notify you that I
irrevocably renounce any interest that I had, have or may have in the options
contained in the Second Part of the January 12, 1998 Agreement and I agree and
acknowledge that Champion has no further obligation under that provision of the
January 12, 1998 Agreement.
I also understand and agree that all of the rest and remainder of the
January 12, 1998 Agreement, including the provisions related to the grant
contained in the "First Part", my obligations of confidentiality and
restrictions on my right to compete with Champion Enterprises, Inc., remain in
full force and effect.
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