[Form 4] Cavco Industries Inc. Insider Trading Activity

Rhea-AI Filing Summary

Cavco Industries (CVCO) Form 4: Director Steven G. Bunger acquired 411 Restricted Stock Units on 28 Jul 2025, recorded with transaction code “A”. The RSUs will convert to common shares on the earlier of the company’s next annual shareholder meeting or 12-month anniversary of the grant. No shares were sold. Following the award, Bunger’s direct beneficial ownership increases to 6,958 common shares. The filing shows a reference price of $414.52, valuing the grant at roughly $0.17 million. No derivative securities transactions were reported.

Insights

Securities Analyst

TL;DR: Small RSU grant raises director’s stake; neutral for valuation.

The 411-share RSU award increases insider ownership by <1% of Cavco’s roughly 7 k-share personal holding and is immaterial versus the company’s total float. No sales or option exercises suggest no negative sentiment. While insider alignment inches higher, the $0.17 million value will not meaningfully affect earnings, dilution, or market perception. I view the filing as routine and non-impactful.

Corporate Governance Expert

TL;DR: Routine equity compensation; governance implications minimal.

The RSU grant is standard director compensation, vesting within a year or at the next AGM, consistent with best-practice retention incentives. No accelerated vesting, performance conditions, or 10b5-1 trades are disclosed. The disclosure fulfills Section 16 requirements and indicates continued board engagement, but does not alter governance risk profile or shareholder rights.

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^*

BUNGER STEVEN G

(Last) (First) (Middle)

C/O 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		411	A(1)	$414.52	6,958(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 411 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 CVCO shares did Director Steven G. Bunger acquire?

He acquired 411 Restricted Stock Units, convertible into an equal number of common shares.

What is the total CVCO shareholding of Steven G. Bunger after the transaction?

His direct beneficial ownership rises to 6,958 common shares.

When will the RSUs granted to CVCO’s director vest?

They vest on the earlier of the next annual shareholder meeting or 12 months after 28 Jul 2025.

Was any CVCO stock sold in this Form 4 filing?

No; the filing only reports an acquisition of RSUs and lists no dispositions.

What is the reported reference price for the RSU grant?

The filing cites a price of $414.52 per share for the 411-share grant.