CVCO Form 4: Director Exercises Options and Executes Share Sales at ~$519 VWAP

Rhea-AI Filing Summary

Susan L. Blount, a director of Cavco Industries, executed option and sale transactions on August 22, 2025. She exercised 2,500 non-employee director stock options at an exercise price of $141.16 per share, receiving 2,500 common shares. On the same date she sold a total of 2,500 common shares in multiple trades: 411 shares at a volume-weighted average price of $518.24 and 2,089 shares at a volume-weighted average price of $519.51. After these transactions she beneficially owns 3,126 shares, which include 290 restricted stock unit shares allocated but not yet vested. The exercised options became fully exercisable on January 8, 2023 and expire January 8, 2026.

Positive

• Options exercised and sold promptly with VWAP disclosure, providing transparent pricing details for the sales
• Reporting person retains 3,126 shares, including 290 RSUs not yet vested, indicating continued ownership stake

Negative

• Insider sold 2,500 shares, reducing beneficial ownership from prior levels to 3,126 shares
• Options fully exercisable and expiring soon (Jan 8, 2026), so no remaining option-based alignment from these specific awards

Insights

Financial Analyst

TL;DR: Routine option exercise and concurrent sales by a director; modest net reduction in holdings, no new material disclosure beyond transactions.

The filing documents a standard director option exercise (2,500 options at $141.16) followed by the sale of the same number of shares in multiple trades at ~ $518–$520 per share. The transactions realize the spread between the exercise price and sale price and leave the reporting person with 3,126 beneficially owned shares, including 290 unvested RSUs. This is a common liquidity event for insiders exercising long-held options; it does not report additional compensation grants or material corporate events. Impact on investors is limited to disclosure of insider activity rather than operational or financial changes.

Corporate Governance Expert

TL;DR: Insider complied with Section 16 reporting for option exercise and market sales; activity appears consistent with routine insider transactions.

The Form 4 shows timely reporting of a Code M transaction (exercise/conversion) and Code S transactions (sales) executed in multiple trades with VWAPs disclosed. The reporting clarifies remaining beneficial ownership and notes 290 RSUs not yet vested. There is no indication of atypical sales or an arrangement like a Rule 10b5-1 plan disclosed on the form. From a governance perspective, the filing is complete and provides the SEC-required details for stakeholders to assess insider alignment and liquidity actions.

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^*

Blount Susan L

(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)
08/22/2025

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	08/22/2025		M		2,500	A	$141.16	5,626	D
Common Stock	08/22/2025		S		411	D	$518.24(1)	5,215	D
Common Stock	08/22/2025		S		2,089	D	$519.51(2)	3,126(3)	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
Non-Employee Director Stock Option (Right to Buy)	$141.16	08/22/2025		M			2,500	(4)	01/08/2026	Common Stock	2,500	$0	0	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $518.00 to $518.99. The price reported reflects the volume weighted average sales price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

2. This transaction was executed in multiple trades at prices ranging from $519.02 to $520.02. The price reported reflects the volume weighted average sales price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

3. Includes 290 shares underlying Restricted Stock Units allocated but not yet vested or delivered.

4. These options became fully exercisable on January 8, 2023 and expire on January 8, 2026.

Remarks:

	/s/ Seth G. Schuknecht, attorney-in fact	08/26/2025
	** 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

What did Cavco Industries director Susan Blount do on August 22, 2025 (CVCO)?

She exercised 2,500 stock options at $141.16 per share and sold 2,500 common shares in multiple trades at VWAPs of $518.24 and $519.51.

How many Cavco (CVCO) shares does Susan Blount beneficially own after the transactions?

She beneficially owns 3,126 shares following the reported transactions, which include 290 allocated but unvested RSU shares.

Were the sales executed at single prices or multiple trade prices?

The sales were executed in multiple trades; the filing reports volume-weighted average prices of $518.24 and $519.51 and discloses the trade price ranges in the explanations.

What happened to the exercised options after January 8, 2023?

The disclosed non-employee director stock options became fully exercisable on January 8, 2023 and expire on January 8, 2026; the Form 4 shows those 2,500 options were exercised on August 22, 2025.

Does the Form 4 disclose a 10b5-1 plan or similar pre-arranged plan for these trades?

No box or language indicating a transaction pursuant to a Rule 10b5-1(c) plan is checked or disclosed on this Form 4.