Cavco (NASDAQ: CVCO) exec gets RSUs and surrenders shares for taxes

Rhea-AI Filing Summary

CAVCO INDUSTRIES, INC. President, Retail Matthew A. Nino reported compensation-related stock activity rather than open-market trades. He received awards of Common Stock tied to restricted stock units and performance-based restricted stock, and surrendered a smaller number of shares to cover tax withholding obligations.

The filing shows grants of restricted stock units that will convert into shares over three years and a release of prior performance-based awards. Shares were also withheld to satisfy taxes on that release, so the transactions mainly adjust how his equity compensation is delivered, not his underlying investment decision in the stock.

Insights

Equity Compensation Analyst

Activity reflects routine equity compensation, not open-market trading.

The Form 4 shows Matthew A. Nino receiving equity awards in the form of restricted stock units and performance-based restricted stock, alongside a tax-withholding share surrender. These events stem from the company’s compensation programs rather than discretionary buying or selling on the market.

One grant covers restricted stock units that vest in stages over three years, while another relates to the release of FY2024 performance-based restricted stock. A separate line item records shares surrendered to cover associated tax obligations, which is a mechanical step. No open-market purchases or sales are reported here.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Nino Matthew A

Role President, Retail

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	264	$0.00	--
Grant/Award	Common Stock	979	$458.11	$448K
Tax Withholding	Common Stock	242	$458.11	$111K

Holdings After Transaction: Common Stock — 1,871 shares (Direct, null)

Footnotes (1)

1. This is an award of Restricted Stock Units which will pay out into shares of Common Stock of the Company as follows: 33% on the first anniversary of the grant date, 33% on the second anniversary of the grant date and 34% on the third anniversary of the grant date. Release of FY2024 Performance-based Restricted Stock. Surrender of shares for payment of tax withholding on release of Restricted Stock Units.

Key Figures

Tax-withholding shares: 242 shares RSU-related price reference: $458.11 per share Restricted stock unit award: 979 shares +2 more

5 metrics

Tax-withholding shares 242 shares Surrendered to pay tax withholding on release of restricted stock units

RSU-related price reference $458.11 per share Price per share used for 242-share tax surrender and 979-share award

Restricted stock unit award 979 shares Grant or award acquisition of Common Stock tied to restricted stock units

Performance-based stock release 264 shares Release of FY2024 performance-based restricted stock in Common Stock

Shares withheld for taxes (count) 1 tax-withholding event One transaction coded F for payment of tax liability by delivering securities

Key Terms

Restricted Stock Units, Performance-based Restricted Stock, tax withholding, Grant, award, or other acquisition, +1 more

5 terms

Restricted Stock Units financial

"This is an award of Restricted Stock Units which will pay out into shares of Common Stock of the Company as follows"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Performance-based Restricted Stock financial

"Release of FY2024 Performance-based Restricted Stock."

Shares granted to employees or executives that are held back and only become actual, tradable stock if the company meets predefined performance targets; until those goals are met the shares cannot be sold. Think of it like a bonus held in escrow that’s released only when specific results are achieved — investors watch these awards because they tie management pay to company outcomes, can dilute existing shareholders when released, and signal how confident or incentivized insiders are to meet growth or profitability goals.

tax withholding financial

"Surrender of shares for payment of tax withholding on release of Restricted Stock Units."

Tax withholding is the practice of taking a portion of a payment—such as wages, dividends, or sale proceeds—before it reaches the recipient and sending that portion to the tax authority as an advance on the recipient’s eventual tax bill. For investors it matters because withholding reduces immediate cash received and affects after‑tax returns, estimated tax payments, and whether you may owe more or receive a refund when taxes are finally calculated, like having a small automatic savings set aside for your tax bill.

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Payment of exercise price or tax liability by delivering securities financial

"transaction_code_description: Payment of exercise price or tax liability by delivering securities"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nino Matthew A

(Last) (First) (Middle)

3636 N. CENTRAL AVE., STE. 1200

(Street)

PHOENIX ARIZONA 85012

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CAVCO INDUSTRIES, INC. [ CVCO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, Retail

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/18/2026		A		264(1)	A	$0	1,871	D
Common Stock	05/18/2026		A		979(2)	A	$458.11	2,850	D
Common Stock	05/18/2026		F		242(3)	D	$458.11	2,608	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This is an award of Restricted Stock Units which will pay out into shares of Common Stock of the Company as follows: 33% on the first anniversary of the grant date, 33% on the second anniversary of the grant date and 34% on the third anniversary of the grant date.

2. Release of FY2024 Performance-based Restricted Stock.

3. Surrender of shares for payment of tax withholding on release of Restricted Stock Units.

Remarks:

	/s/ Seth G. Schuknecht, attorney-in fact	05/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Cavco (CVCO) report for Matthew A. Nino?

The report shows compensation-related stock activity, including grants of Common Stock tied to restricted stock units and performance-based awards, plus a surrender of shares to cover tax withholding. No open-market purchases or sales were disclosed in this Form 4 filing.

Did Cavco (CVCO) executive Matthew A. Nino buy or sell shares on the open market?

No open-market transactions were reported. The Form 4 reflects equity awards and a tax-withholding share surrender related to restricted stock units and performance-based restricted stock, rather than discretionary market purchases or sales by the Cavco executive.

What restricted stock unit grant did Cavco (CVCO) disclose for Matthew A. Nino?

The filing notes an award of restricted stock units that will pay out into shares of Cavco Common Stock over three years: 33% on the first anniversary, 33% on the second, and 34% on the third anniversary of the grant date, subject to usual conditions.

How were taxes handled on Cavco (CVCO) performance-based restricted stock for Matthew A. Nino?

Taxes were handled through a surrender of shares. The Form 4 explains that certain shares of Cavco Common Stock were given up specifically to pay tax withholding obligations arising from the release of restricted stock units and performance-based restricted stock awards.

What does the release of FY2024 performance-based restricted stock mean for Cavco (CVCO)?

The release of FY2024 performance-based restricted stock indicates that previously granted, performance-linked awards vested and converted into Cavco Common Stock for the executive. This reflects compensation earned under established performance criteria, not a new stock purchase or sale.