Company: CVCO
Filing Date: 2025-06-16
Form Type: DEF 14A
Source: 0000278166-25-000097
Chunk: 39

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-06-16
Form: DEF 14A
Chunk 39
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ño, President (Ret.)      |     |             339 |     |                        509 |
| Seth Schuknecht, General Counsel |     |             452 |     |                        679 |

I. FY2025 RSUs : The RSUs awarded for FY2025 are subject to a time-based vesting schedule such that 33% of the shares vest 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. RSUs make up 40% of the value of the FY2025 LTIP payout to our NEOs.

II. FY2025 PRSUs : PRSUs make up 60% of the value of the FY2025 LTIP payout to our NEOs. The metrics used for the design of the FY2025 PRSUs issued to our NEOs incentivize performance over a period of three years in three distinct areas: value creation, growth, and effective capital deployment.

• Value creation is measured by total shareholder return relative to our peer group.

• Growth is measured by our volume improvement compared to the manufactured housing industry.

• Effective capital deployment is measured by return on invested capital.

These three components are weighted 33%, 33%, and 34% respectively when determining overall performance for the period and are measured individually on threshold (50%), target (100%), and stretch (200%) levels. Shares under the FY2025 PRSU awards will be measured and issued in May 2027, at the end of the three year performance period from FY2025 through fiscal year 2027.

Earnout of Fiscal Year 2023 PRSU Awards at Conclusion of Performance Period

In May 2025, the Board approved the payout of previously issued PRSUs to our NEOs also received the earnout of PRSU awards they were awarded on May 25, 2022 (the "FY2023 PRSUs") for performance during fiscal years 2023, 2024, and 2025 (the "Performance Period"). The grant date value of these FY2023 PRSUs was part of the LTIP compensation paid to our NEOs for fiscal year 2023 ("FY2023") and disclosed in the CD&A section of our proxy filed with the SEC on June 15, 2023. In May 2025, the Board approved the payout of the FY2023 PRSUs. The performance measures for these FY2023 PR