Form 4: Cavco’s David Greenblatt Receives 290 RSUs at $414.52

Rhea-AI Filing Summary

On 28 Jul 2025 Cavco Industries (CVCO) filed a Form 4 showing director David A. Greenblatt acquired 290 Restricted Stock Units (Transaction Code “A”). Each unit converts 1-for-1 into common stock and is valued at $414.52, giving the award an implied face value of roughly $120 k.

The grant lifts Greenblatt’s direct beneficial ownership to 15,576 shares, which now includes 3,126 unvested RSUs. The units will settle into shares on the earlier of the company’s next annual meeting or 12 months after the 28 Jul 2025 grant date. No sales or derivative transactions were reported.

Insights

Financial Analyst

TL;DR: Routine RSU grant; modest size; neutral signal.

The 290-share RSU award, worth about $0.12 m, modestly increases the director’s stake to 15,576 shares. No disposal occurred, so the filing does not alter supply-demand dynamics or signal major strategic intent. Insider accumulation is positive in principle, but the scale relative to Cavco’s ~9 m share float and Greenblatt’s existing position is immaterial. Overall impact on valuation or liquidity is negligible; I view the event as neutral.

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

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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^*

Greenblatt David A.

(Last) (First) (Middle)

3636 N. CENTRAL AVENUE

SUITE 1200

(Street)

PHOENIX AZ 85012

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/28/2025

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

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

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

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	07/28/2025		A		290	A(1)	$414.52	15,576(2)	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 upon: (a) the 12 month anniversary of the Grant Date, or (b) the Company's next annual meeting of stockholders following the Grant Date, whichever occurs first.

2. Includes 3,126 shares of Restricted Stock Units allocated but not yet vested or delivered.

Remarks:

	/s/ Seth G. Schuknecht, attorney-in fact	07/30/2025
	** 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.

FAQ

How many Cavco (CVCO) shares did director David Greenblatt acquire?

He received 290 Restricted Stock Units on 28 Jul 2025.

What was the valuation of the RSU grant reported in the Form 4?

Each unit was priced at $414.52, giving the award a notional value of about $120 k.

What is Greenblatt’s total direct ownership after the transaction?

His holdings rose to 15,576 shares, including unvested RSUs.

When will the newly granted RSUs vest or settle?

They convert to common stock on the earlier of the next annual meeting or 12 months after the 28 Jul 2025 grant date.

Did the Form 4 disclose any share sales by the director?

No. The filing reports only an acquisition; no dispositions were listed.

How many unvested RSUs does Greenblatt now hold?

His position includes 3,126 unvested RSUs after the grant.