cvco-20260615

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No. )

Filed by the Registrant x

Filed by a Party other than the Registrant o

Check the appropriate box:


o			Preliminary Proxy Statement

o			Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

x			Definitive Proxy Statement

o			Definitive Additional Materials

o			Soliciting Material under Sec. 240.14a-12

Cavco Industries, Inc.

(Name of Registrant as Specified in Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):


x			No fee required.

o			Fee paid previously with preliminary materials

o			Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

Dear Fellow Stockholders:

As Chairman of the Board of Directors of Cavco Industries, Inc., it is my privilege to address you with an update on Cavco’s financial progress, achievements, and outlook. On behalf of the entire Board, Cavco thanks you for your continued support and interest in the Company. We believe your investment in Cavco has helped position the Company for continued growth and success as we pursue our mission of providing innovative housing solutions and creating long-term value for our stockholders.

As your Board, we support the management team in achieving sustainable stockholder value by executing against a clear and focused strategy supported by prudent risk management, sound corporate governance, an executive compensation program aligned with the interests of our stockholders, and a focused approach to corporate responsibility. The Board would like to highlight a few areas of particular significance for the Company this past fiscal year:

•Financial Performance: The Company achieved record annual net revenue of approximately $2.2 billion and sold a record number of homes during fiscal year 2026. Further, the Company increased both its income before income taxes by 15.9% and diluted earnings per share by 15.8%, reflecting the continued strength of our operating model and disciplined execution across the business.

•Health and Safety: Employee safety remains a top priority and the Board is very proud of our safety record. Through our “Safety Now” initiative and continued investments in training and safety awareness, the Company has reduced its total recordable incident rate ("TRIR") by 47% over the last five years and achieved a calendar year 2025 TRIR of 4.82, which was 7% better than the industry average. Additionally, nearly 80% of our production facilities performed better than the industry average TRIR over the last year, reflecting our commitment to creating a safer workplace for our people.

•Strategic Growth and Capital Allocation: During fiscal year 2026, the Company completed the acquisition of American Homestar Corporation, the largest acquisition in Cavco’s more than 60-year history, while continuing to execute a disciplined capital allocation strategy. The Company repurchased approximately $160 million of its common stock during the year, broke ground on a new state-of-the-art manufacturing facility in Arizona, and maintained more than $230 million of cash and cash equivalents at fiscal year end. These actions position the Company to pursue future growth opportunities while continuing to enhance long-term stockholder value.

As the Company moves forward, we remain focused on our strategic objectives and our commitment to sustainable growth of long-term stockholder value. We recognize the challenges that lie ahead, including evolving market conditions, interest rate dynamics, and housing affordability challenges. However, the Board and management see great opportunities and we are confident in the Company's ability to navigate these challenges and capitalize on opportunities that support our mission of expanding access to exceptional and affordable housing.

The attached Notice of the 2026 Annual Meeting of Stockholders and Definitive Proxy Statement provides all the requisite information concerning the business to be conducted at the upcoming annual meeting. It also describes how the Board operates, gives information about the director candidates, and provides other pertinent information. The Board thanks you for your continued confidence and we appreciate the opportunity to serve Cavco on your behalf.


						Sincerely,

						Steven G. Bunger Chairman of the Board of Directors
						June 16, 2026

Notice of

2026 Annual Meeting of Stockholders of

Cavco Industries, Inc.


			Meeting Information


Date: July 28, 2026 Time: 9:00 AM Local Time Place: Cavco Industries, Inc. 3636 North Central Avenue Phoenix, Arizona 85012 Voting Information To ensure representation of your shares at the Annual Meeting, you must vote in the manner described within the accompanying proxy. To vote before the Annual Meeting, you must vote by:		Items of business to be voted on at the 2026 Annual Meeting of Stockholders:
		1.To elect three directors to the Class II Director group to serve until the Annual Meeting of Stockholders in 2029, or until their successors have been elected and qualified; 2.To hold an advisory vote to approve the compensation of the Company’s named executive officers; 3.To ratify the appointment of RSM US LLP as the Company’s independent registered public accounting firm for fiscal year 2027; and 4.To transact such other business as may properly come before the meeting or any adjournment thereof.

	(1) Telephone;	Annual Report:

	(2) The Internet; or	The Company’s Annual Report is available at www.ProxyVote.com and may also be viewed on the Company’s website at investor.cavco.com/annualmeeting

	(3) Mail.	Who Can Vote: You can vote if you were a stockholder of record at the close of business on June 1, 2026.

The deadline for voting by telephone or online is 11:59 PM (EDT) on July 27, 2026. If voting by mail, all proxies must be received before the Annual Meeting.		By Order of the Board of Directors

		Seth G. Schuknecht Executive Vice President, General Counsel, Chief Compliance Officer, & Corporate Secretary


Cavco Industries, Inc. 2026 Proxy Statement

Table of Contents


PROXY SUMMARY AND PURPOSES OF THE ANNUAL MEETING			1

ABOUT THE ANNUAL MEETING: FREQUENTLY ASKED QUESTIONS			2

STOCK OWNERSHIP			5

PROPOSAL NO. 1: ELECTION OF DIRECTORS			8

Nominees for Director Standing for Election in Class II			9
Continuing Directors			11

CORPORATE GOVERNANCE OVERVIEW			12
Director Nominating Process			13
Board Experience, Expertise, and Composition			14
DIRECTOR COMPENSATION			18

COMMITTEES			19

CORPORATE RESPONSIBILITY			22

MANAGEMENT			26

Executive Officers			26

EXECUTIVE COMPENSATION			29

COMPENSATION DISCUSSION AND ANALYSIS			29

Overview of the Company’s Compensation Program			29
Compensation Philosophy			29
Objectives of the Company’s Fiscal Year 2024 Compensation Program			30
Role of Management in Establishing and Awarding Compensation			30
Independent Compensation Consultant			30
Clawback Policy			31
S tock holder Approval of our Compensation Decisions			31
Benchmarking Methodology			31

COMPONENTS OF EXECUTIVE COMPENSATION			32

Employment and Severance Agreements			35
Compensation Policies and Practices as They Relate to Risk Management			37

Compensation Committee Report			37

SUMMARY COMPENSATION TABLE			38

GRANTS OF PLAN-BASED AWARDS			39

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END			40

OPTION EXERCISES AND STOCK VESTED			41

CEO PAY RATIO DISCLOSURE			42

PAY VERSUS PERFORMANCE			43

PROPOSAL NO. 2: ADVISORY VOTE ON THE COMPENSATION OF THE NAMED EXECUTIVE OFFICERS			47

AUDIT FEES			48

Report of the Audit Committee			49

PROPOSAL 3: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			50

ADDITIONAL INFORMATION			51


			Cavco Industries, Inc.			www.cavco.com i


Cavco Industries, Inc. 2026 Proxy Statement

CAVCO INDUSTRIES, INC.

PROXY STATEMENT

2026 Annual Meeting of Stockholders

to be held July 28, 2026

Proxy Summary

The 2026 Annual Meeting of Stockholders of Cavco Industries, Inc., a Delaware corporation ("we," "our," "us," "Cavco," or the "Company") will be held in person on Tuesday, July 28, 2026, at 9:00 a.m. local time at our corporate headquarters located at 3636 North Central Avenue, Suite 1200, Phoenix, Arizona 85012 (the “Annual Meeting”).

The accompanying notice and this definitive proxy statement (the “Proxy Statement” and collectively, the “Proxy”), are being furnished to our stockholders in connection with the solicitation of proxies by and on behalf of the Board of Directors (each a "Director" and collectively, the “Board”) of Cavco for use by our stockholders at the Annual Meeting.

We are holding the Annual Meeting for the following purposes, as more fully described in the accompanying Proxy:


PROPOSALS AND BOARD RECOMMENDATIONS		BOARD RECOMMENDATION	PAGE REFERENCE
1.	Elect three Class II Directors to serve until the Annual Meeting of Stockholders in 2029, or until their successors have been elected and qualified;	FOR	8
2.	Approve, on an advisory basis, the compensation of the Company’s named executive officers;	FOR	47
3.	Ratify the appointment of RSM US LLP as the Company’s independent registered public accounting firm for fiscal year 2027.	FOR	50

Our Board does not know of any additional matters that may be acted upon at the Annual Meeting other than those matters set forth above.

Our Board has set June 1, 2026, as our record date for this year’s Annual Meeting (the "Record Date"). Only stockholders that owned our common stock at the close of business on that date are entitled to notice of our Annual Meeting and may vote on the proposals presented at it or any adjournment of the meeting.

On or about June 16, 2026, we expect to mail to our stockholders either (1) a notice of internet availability of Proxy materials (the "Notice") or, (2) if you elected to receive them by mail, a proxy card (the "Proxy Card") with a printed copy of our Proxy materials. The Notice provides instructions on how to vote and get our Proxy materials electronically or have the materials mailed to you. Both the Notice and Proxy Card provide instructions on how to vote by telephone, by mail, or by the internet before the Annual Meeting. The Proxy and our Annual Report on Form 10-K for the fiscal year ended March 28, 2026, filed with the Securities and Exchange Commission ("SEC") on May 22, 2026 (the "Annual Report") can be accessed directly on our investor relations website at investor.cavco.com/annualmeeting, or at www.ProxyVote.com, where you will need your 16 digit control number found on your Notice or Proxy Card to access the materials.


YOUR VOTE IS IMPORTANT! YOU ARE URGED TO VOTE YOUR PROXY PROMPTLY BY MAIL, TELEPHONE, OR VIA THE INTERNET, WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING.


			Cavco Industries, Inc.			www.cavco.com 1


Cavco Industries, Inc. 2026 Proxy Statement

ABOUT OUR ANNUAL MEETING OF STOCKHOLDERS


Commonly Asked Questions and Answers

Why did I receive these materials?

You received these Proxy materials because the Board is soliciting your proxy to vote at our 2026 Annual Meeting on July 28, 2026 (or at any postponement or adjournment of the meeting). You were a stockholder of Cavco as of the close of business on June 1, 2026, the Record Date. Therefore, you are entitled to receive notice of the meeting and to vote on the matters presented at the Annual Meeting. You should review this Proxy Statement carefully as it gives important information about the proposals that will be voted on at the Annual Meeting, as well as other important information about Cavco.

Why did I receive a Notice instead of a full set of proxy materials?

The SEC allows Cavco to make these Proxy materials, including this Proxy Statement and our Annual Report available electronically via the internet at our website investor.cavco.com/annualmeeting or www.ProxyVote.com. On or about June 16, 2026, Cavco mailed to its stockholders a Proxy Card or a Notice containing instructions for accessing this Proxy Statement and our Annual Report over the internet. If you received the Notice by mail, you will not receive a printed copy of the proxy materials in the mail unless you request them. If you would like a printed copy of Cavco’s Proxy materials, please follow the instructions for requesting printed materials in the Notice.

Can I access the Proxy materials electronically?

Yes. Your Notice or Proxy Card contains instructions on how to view our Proxy materials for the Annual Meeting online and how to instruct us to send our future proxy materials to you electronically by email. Our Proxy materials, including this Proxy Statement, are also available on our website at investor.cavco.com/annualmeeting or at www.ProxyVote.com, where you will need your 16 digit control number provided in your Notice and Proxy Card. Proxy materials will be available during the voting period starting on June 16, 2026. Instead of receiving future copies of our proxy statements and annual reports by mail, stockholders of record and most beneficial owners can elect to receive an email that will provide an electronic link to these documents. Your election to receive future proxy materials by email will remain in effect until you revoke it. Please note that only one Notice will be sent to stockholders who are listed at the same address.

Who can vote on proposals presented at the Annual Meeting?

Stockholders who own shares of our common stock as of the close of business on the Record Date, June 1, 2026, are entitled to vote on proposals presented at the 2026 Annual Meeting. As of the Record Date, we had 7,707,531 shares of common stock issued and outstanding. Each stockholder will be entitled to one vote per share on the election of Directors and each other matter that is described in this Proxy Statement or that may be properly brought before the meeting.

How do I cast my vote?

Most of Cavco’s stockholders hold their shares through a broker, bank, or other nominee rather than directly in their own name. As summarized below, there are some distinctions between these shares owned by beneficial stockholders and shares owned by registered stockholders:

Beneficial Stockholders. If your shares are held in a brokerage account, bank, or by another nominee, you are with respect to those shares the “beneficial stockholder” of shares held in street name. As the beneficial stockholder, you have the right to direct your broker, bank, or other nominee on how to vote those shares at the Annual Meeting. You must follow the voting instructions provided by your broker, bank, or other nominee in order to instruct them on how to vote your shares. Beneficial stockholders should generally be able to vote by returning the voting instruction card to their broker, bank, or other nominee, or by telephone or via internet. However, the availability of telephone or internet voting will depend on the voting process of your broker, bank, or other nominee. Since you are not a stockholder of record, you may not vote these shares in person at the Annual Meeting unless you obtain a “legal proxy” from your broker, bank, or other nominee (who is the stockholder of record) giving you the right to vote the shares.

Registered Stockholders. If your shares are registered directly in your name with our transfer agent, Computershare, you are the stockholder of record with respect to those shares. As the stockholder of record, you have the right to grant your voting proxy


2 2026 Proxy Statement


Cavco Industries, Inc. 2026 Proxy Statement

directly to the Company or to vote in person at the Annual Meeting. Accordingly, for registered stockholders there are four ways to vote:

1.by internet at www.ProxyVote.com, 24 hours a day, seven days a week (have your Proxy Card or Notice in hand when you visit the website and follow the instructions to obtain your records and to create an electronic voting instruction form) prior to 11:59 p.m. EDT on July 27, 2026;

2.by toll-free telephone at 1-800-690-6903 (have your Proxy Card or Notice in hand when you call);

3.by completing and mailing your Proxy Card (if you received printed Proxy materials); or

4.by attending the Annual Meeting and voting in person during the meeting. To be admitted to the Annual Meeting and vote your shares you will need to have your voting card with you.

Even if you plan to attend the Annual Meeting, we recommend that you also vote by proxy so that your vote will be counted if you decide not to attend the Annual Meeting.

Who can attend the Annual Meeting?

All stockholders as of the close of business on the Record Date, or their duly appointed proxies, may attend the Annual Meeting that will be held in person on July 28, 2026, at 9:00 a.m. (local time) at our corporate headquarters located at 3636 N. Central Avenue, Suite 1200, Phoenix, Arizona 85012.

What is a “Broker Non-Vote”?

Generally, a broker non-vote occurs when a broker, bank, or other nominee that holds shares in street name for a customer is precluded from exercising voting discretion on a particular proposal because the: (i) beneficial owner has not provided instructions on how to vote; and (ii) such broker, bank, or other nominee lacks discretionary voting power to vote on such issues. Accordingly, a broker, bank, or other nominee does not have discretionary voting power with respect to the approval of “non-routine” matters absent specific voting instructions from the beneficial owners of such shares.

What Constitutes a Quorum for the Annual Meeting?

The holders of a majority of shares entitled to vote on June 1, 2026, represented in person or by proxy, constitute a quorum for the transaction of business at the Annual Meeting. Cavco will count abstentions and broker non-votes as present for the purpose of determining the presence or absence of a quorum.

In the event the requisite votes for a quorum are not received prior to the Annual Meeting date, the Company may postpone or adjourn the Annual Meeting in order to solicit additional votes. The form of proxy being solicited by this Proxy Statement provides the authority for the proxy holders, in their discretion, to vote the stockholders’ shares with respect to a postponement or adjournment of the Annual Meeting. At any postponed or adjourned meeting, proxies received pursuant to this Proxy Statement will be voted in the same manner described in this Proxy Statement with respect to the original meeting.

What will I be voting on at the Annual Meeting and what is required to approve each item?

Proposal No. 1 (Election of Directors): In order to be elected as a Director, a nominee must receive an affirmative vote of the majority of votes cast with respect to that Director nominee’s election, which means the number of votes cast “FOR” a Director nominee’s election must exceed the number of votes cast “AGAINST” that Director nominee’s election. Abstentions and broker non-votes are not treated as votes cast and will have no effect on Proposal No. 1.

Proposal No. 2 (Advisory Vote on the Compensation of the Named Executive Officers): The affirmative vote of the holders of a majority of the shares entitled to vote and represented in person or by proxy at the Annual Meeting is required for advisory approval. Abstentions will have the effect of a vote against Proposal No. 2. Broker non-votes will not be treated as entitled to vote on the proposal and will have no effect on Proposal No. 2.

Proposal No. 3 (Ratification of Appointment of Independent Registered Public Accounting Firm): The affirmative vote of the holders of a majority of the votes cast for the ratification of the appointment of the independent registered public accounting firm is required for approval. Abstentions are not treated as votes cast and will have no effect on Proposal No. 3. We do not expect there to be any broker non-votes for this proposal because brokers, banks, or other nominees that hold shares in street name may exercise discretionary voting authority for this proposal.


			Cavco Industries, Inc.			www.cavco.com 3


Cavco Industries, Inc. 2026 Proxy Statement

Will there be other items to be voted on at the Annual Meeting?

Cavco is not aware of any other matters that may come before the Board at the Annual Meeting. If any other matters are properly presented at the Annual Meeting, your proxy authorizes the individuals named as proxies to vote, or otherwise act, in accordance with their discretion.

How will proxies be voted at the Annual Meeting?

Beneficial Stockholders. If you hold your shares in "street name", the record holder does not have discretionary voting power with respect to non-routine matters absent specific voting instructions from you. Other than the proposal to ratify the appointment of our independent registered public accounting firm, all of the proposals at this year’s Annual Meeting are considered non-routine matters. Therefore, your shares will not be voted without your specific instructions on those non-routine matters, resulting in a broker non-vote. If you provide voting instructions to the record holder of your shares, the record holder will vote in accordance with the instructions given. The record holder of your shares will, however, continue to have the ability to vote your shares in its discretion on the ratification of Proposal No. 3 (Ratification of Appointment of Independent Registered Public Accounting Firm) if you do not otherwise provide voting instructions.

Registered Stockholders. If you are a registered owner, your shares represented by valid proxies received by telephone, via the Internet, or by mail will be voted at the Annual Meeting in accordance with the directions given. If no specific choice is indicated, the shares represented by all valid proxies received will be voted: (i) FOR the election of the three (3) nominees for director named in the proxy; (ii) FOR approval of the advisory vote to approve the compensation of our named executive officers; and (iii) FOR the ratification of the appointment of our independent registered public accounting firm for fiscal year 2027.

Can I change my mind after I vote?

You have the unconditional right to revoke your proxy at any time prior to tabulation.

Beneficial Stockholders. If you are a beneficial stockholder, your broker, bank, or other nominee can provide you with instructions on how to change your vote.

Registered Stockholders. If you are a registered stockholder, to revoke your proxy, you must:

•Submit a later-dated proxy over the Internet or by telephone in accordance with the instructions provided above under the question "How do I cast my vote";

•Mail a new proxy card dated after the date of the proxy you wish to revoke to Cavco’s Corporate Secretary at the address listed below;

•Submit written notice of revocation to Cavco’s Corporate Secretary at Cavco Industries, Inc., Attn: General Counsel & Corporate Secretary/Change Proxy Vote, 3636 North Central Avenue, Suite 1200, Phoenix, Arizona 85012; or

•Attend and vote at the Annual Meeting in-person (although attendance at the Annual Meeting will not, by itself, revoke a proxy).

If your proxy is not revoked, Cavco will vote your shares at the Annual Meeting in accordance with your instructions indicated on the proxy card or, if submitted over the Internet or by telephone, as indicated therein.

Who bears the expense of the proxy solicitation?

The Company will bear all proxy solicitation costs. In addition to solicitations by mail, Cavco’s Directors, officers, and employees, without additional remuneration, may solicit proxies by telephone, electronic transmission, and personal calls or interviews.

When will the results of the vote be announced?

The preliminary voting results will be announced at the Annual Meeting. The final voting results will be published in a current

report on Form 8-K filed with the SEC within four business days following the Annual Meeting.

What do I need to do now?

You should carefully read and consider all the information contained in this Proxy Statement. It contains important information about Cavco that you should consider before voting.


4 2026 Proxy Statement

STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The Company currently has a single class of common stock issued and outstanding. Unless otherwise stated, the table below sets forth certain ownership information with respect to our common stock beneficially owned by stockholders in the following groups as of June 1, 2026, or, in respect of any 5% Holder (as defined below), the date of such holder's most recent Schedule 13D or Schedule 13G filed with the SEC on or before the Record Date:

•each person or group of affiliated persons known by us to be the beneficial owner of more than 5% of our common stock ("5% Holder");

•each of our named executive officers and Directors; and

•all of our current Directors and executive officers as a group.

We have determined beneficial ownership in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. A person is a “beneficial owner” of a security if that person has or shares “voting power,” which includes the power to vote or to direct the voting of the security, or “investment power,” which includes the power to dispose of or to direct the disposition of the security or has the right to acquire such powers within 60 days. Unless otherwise noted in the footnotes to the following table, and subject to applicable community property laws, the persons and entities named in the table have sole voting and investment power with respect to their beneficially owned common stock.

In computing the number of shares of our common stock beneficially owned by a party and the percentages of class amounts set forth in the table below, we have based these calculations on 7,733,911 shares of common stock issued and outstanding on June 1, 2026, net of treasury shares which accounts for 7,707,531 shares of our common stock issued and outstanding as of the Record Date; 17,403 exercisable options that have been awarded; 6,141 time-based restricted stock units that vest within 60 days of the Record Date; and 2,836 deferred shares to be acquired upon retirement from the Board under a restricted stock unit deferral election.


			Cavco Industries, Inc.			www.cavco.com 5


Stock Ownership


	Cavco common stock
Name and address of beneficial owner	Amount and nature of beneficial ownership	Percent of class
5% Holders (1)
BlackRock, Inc. (2) 50 Hudson Yards New York, NY 10001	1,286,383	16.7%
Capital World Investors (3) 333 S. Hope St., 55th Fl. Los Angeles, CA 90071	640,117	8.3%
Vanguard Capital Management(4) 100 Vanguard Blvd. Malvern, PA 19355	407,589	5.3%
State Street Corporation(5) One Congress, Suite 1 Boston, MA 02114	401,905	5.2%
Directors and Named Executive Officers (6)
William C. Boor(7)	71,175	*
Steven G. Bunger	6,958	*
Richard A. Kerley (8)	6,959	*
Susan L. Blount	3,126	*
Lisa L. Daniels	102	*
David A. Greenblatt(9)	16,076	*
Steven W. Moster	2,976	*
Julia W. Sze	3,026	*
Allison K. Aden	9,606	*
Brian R. Cira	3,665	*
Matthew A. Niño	2,024	*
Seth G. Schuknecht	798	*
All Directors, director nominees, and all executive officers of Cavco as a group (14 individuals)	127,535	1.7%

*Less than 1%


6 2026 Proxy Statement


Stock Ownership

(1)The Company makes no representations as to the accuracy or completeness of the information in the filings reported in footnotes (2) – (5) hereunder.

(2)Information regarding BlackRock, Inc. (“BlackRock”) is based upon a Schedule 13G/A filed with the SEC on January 22, 2024 and additional information known to the Company with respect to the current aggregate number of shares outstanding. BlackRock reported having sole voting power with respect to 1,273,974 shares and sole dispositive power with respect to 1,286,383 shares. The percentage of class disclosed for BlackRock in this table is based on 7,707,531 shares of common stock outstanding as of the Record Date. BlackRock discloses that iShares Core S&P Small-Cap ETF holds more than 5% of the total outstanding shares.

(3)Information regarding Capital World Investors (“Capital World”) is based solely upon a Schedule 13G filed with the SEC on November 11, 2025 and additional information known to the Company with respect to the current aggregate number of shares outstanding. Capital World reported having sole voting power with respect to 640,117 shares and sole dispositive power with respect to 640,117 shares. The percentage of class disclosed for Capital World in this table is based on 7,707,531 shares of common stock outstanding as of the Record Date. Capital World discloses that SMALLCAP World Fund, Inc. holds more than 5% of the total outstanding shares.

(4)Information regarding Vanguard Capital Management (“Vanguard”) is based solely upon a Schedule 13G/A filed with the SEC on April 29, 2026. Vanguard reported that it possessed sole dispositive power with respect to 407,589 shares and sole voting power with respect to 59,466 shares. The percentage of class disclosed for Vanguard in this table is based on 7,707,531 shares of common stock outstanding as of the Record Date.

(5)Information regarding State Street Corporation (“State Street”) is based solely upon a Schedule 13G filed with the SEC on May 12, 2026 and additional information known to the Company with respect to the current aggregate number of shares outstanding. State Street reported that it possessed shared voting power with respect to 376,393 shares and shared dispositive power with respect to 401,905 shares. The percentage of class disclosed for State Street in this table is based on 7,707,531 shares of common stock outstanding as of the Record Date.

(6)The business address of each of the individuals listed in this part of the table is c/o Cavco Industries, Inc., 3636 North Central Avenue, Suite 1200, Phoenix, Arizona 85012, and the listed amounts include the following:

•shares that may be acquired upon exercise of stock options within 60 days of June 1, 2026: Mr. Boor – 10,800 shares; and all Directors, Director nominees and executive officers of Cavco as a group (14 individuals) – 10,800 shares;

•shares that may be acquired upon vesting of restricted stock units within 60 days of June 1, 2026: Ms. Blount – 290 shares; Mr. Boor – 297 shares; Mr. Bunger – 411 shares; Ms. Daniels – 102 shares; Mr. Greenblatt – 290 shares; Mr. Kerley – 290 shares; Mr. Moster – 290 shares; Ms. Sze – 290 shares; Ms. Aden - 62 shares; and all Directors, Director nominees, and executive officers of Cavco as a group (14 individuals) – 2,322 shares; and

•shares to be acquired upon retirement from the Board under a restricted stock unit deferral election: Mr. Greenblatt – 2,836 shares; and all Directors, Director nominees and executive officers of Cavco as a group (14 individuals) – 2,836 shares.

(7)Includes 380 shares held by Mr. Boor's spouse.

(8)Includes 6,669 shares held by the Kerley Family Trust.

(9)Includes 500 shares held within Mr. Greenblatt's Individual Retirement Account.


			Cavco Industries, Inc.			www.cavco.com 7

PROPOSAL NO. 1:

Election of Directors

The Company’s Restated Certificate of Incorporation, as amended and Fourth Amended and Restated Bylaws (the “Bylaws”) provide for the division of the Board into three classes, with the Directors in each class holding office for staggered terms of three years each. Each class of Directors is to consist, as nearly as possible, of one-third of the total number of Directors constituting the entire Board. There are presently three Directors in Class II whose terms expire at the 2026 Annual Meeting. Each Director holds office until his or her successor has been elected and qualified or until the Director’s resignation or removal.

Ms. Blount, Mr. Boor, and Ms. Daniels, members of the Board whose terms expire at the Annual Meeting, will stand for re-election. They have been nominated for service as Directors by our Corporate Governance and Nominating Committee and the full Board pursuant to the procedures described under “Corporate Governance Overview—Director Nominating Process” herein. Unless contrary instructions are indicated in the Proxy, it is intended that the shares represented by the accompanying Proxy will be voted for the election of these nominees or, if a nominee becomes unavailable (which the Company does not anticipate), for such substitute nominee as the Board shall designate.

In order to be elected as a Director, a nominee must receive an affirmative vote of the majority of votes cast with respect to that Director nominee’s election, which means the number of votes cast “FOR” a Director nominee’s election must exceed the number of votes cast “AGAINST” that Director nominee’s election.

Recommendation of the Board


			The Board recommends that the stockholders vote “FOR” the election of Ms. Blount, Mr. Boor, and Ms. Daniels to serve as Class II Directors until the 2029 Annual Meeting.


8 2026 Proxy Statement


Continuing Directors

Nominees for Director Standing for Election

Class II Directors — Terms Expiring upon the 2026 Annual Meeting

Susan Blount

Ms. Blount is the Chair of the Board’s Legal and Compliance Oversight Committee and a member of the Board’s Compensation Committee. From 2005 to 2015, Ms. Blount served as Senior and then Executive Vice President and General Counsel for Prudential Financial, Inc. (“Prudential”) (NYSE: PRU), a leading provider of insurance, retirement and asset management products and services. In that role, Ms. Blount led Prudential’s global law, compliance, business ethics and external affairs functions. From 2016-2024, she served as adjunct professor at the University of Texas School of Law (“UT Law”). Since 2023, she has served on a volunteer basis as Chair of the University of Texas Law School Foundation. She is a founding member of UT Law’s Center for Women in Law where she served as Interim Executive Director from March 2019 to January 2020. Since April 2021, Ms. Blount has served as a Director of CS Disco, a legal technology company that applies artificial intelligence and cloud computing to help lawyers and legal teams.

Director since

January 2019

Age 68

Qualifications: Ms. Blount brings to our Board significant experience in corporate governance, risk management, executive compensation, legal, compliance, strategy, insurance and financial services.

Bill Boor

Mr. Boor is the President and Chief Executive Officer ("CEO") of Cavco, commencing April 2019, and has been a member of Cavco’s Board since July 2008. Mr. Boor was previously CEO of Great Lakes Brewing Company, a large craft brewing company based in Cleveland, Ohio, a position he had held since September 2015. From 2007 to 2014, Mr. Boor served in various executive positions with Cleveland Cliffs Inc., including Executive Vice President for Corporate Development, Chief Strategy & Risk Officer, and President of Ferroalloys. Prior to his employment with Cleveland Cliffs, Mr. Boor held key leadership roles at Eagle Materials Inc. (NYSE: EXP), Centex Corporation (formerly NYSE: CTX), Weyerhaeuser Co. (NYSE: WY) and Procter & Gamble Co. (NYSE: PG). In December 2025, he was appointed to the board of directors of La-Z-Boy Incorporated (NYSE: LZB). Mr. Boor is a Chartered Financial Analyst charterholder.

Director since

July 2008

Age 60

Qualifications: Mr. Boor brings to our Board diverse experience in financial management, investor relations, management, manufacturing, marketing, and process engineering, and is our President and CEO.


			Cavco Industries, Inc.			www.cavco.com 9

Lisa Daniels

Ms. Daniels is a member of the Board’s Audit Committee and Corporate Governance and Nominating Committee. Prior to joining Cavco’s leadership, Ms. Daniels spent 32 years with KPMG LLP (“KPMG”), one of the world’s leading audit, tax, and advisory firms. She was a partner at KPMG for 23 years. When she left KPMG she was serving on the firm’s Executive Leadership Team and as the Vice Chair of Growth & Strategy where she led the firm’s overall growth strategy and agenda. In addition, she also held several key leadership roles while at KPMG, including service on the board of KPMG’s Political Action Committee, as the San Francisco Office Managing Partner, Pacific Northwest Market Leader, and Global Lead Partner on one of KPMG’s largest global technology accounts. Throughout her career at KPMG, Ms. Daniels led successful audit and consulting engagements for clients across multiple industries – from Technology and Fintech to Private Equity, Consumer & Retail and Real Estate. Ms. Daniels spent over three decades gaining expertise in strategy, innovation, risk management, compliance, board governance, accounting, and auditing.

Director since

October 2025

Age 59

Qualifications: Ms. Daniels’ extensive experience in accounting, auditing, and risk management enhances the Board’s oversight of Cavco’s financial reporting, internal controls, and regulatory compliance. Her leadership in growth strategy and governance further supports Cavco’s strategic execution and strengthens committee oversight of risk and governance matters.


10 2026 Proxy Statement


Continuing Directors

Continuing Directors

Class III Directors — Current Terms Expiring in 2027

Steve Bunger

Mr. Bunger is our Non-Executive Chairman of the Board. Since 2014, Mr. Bunger has served as President and CEO of Pro Box Portable Storage, Inc., a provider of portable storage solutions in Arizona, Oklahoma, and Colorado. From 2001 to 2012, he served as Chairman of the Board of Mobile Mini, Inc. (“Mobile Mini”), one of the largest providers of portable storage containers and mobile offices in the U.S., Canada, and the U.K. Mr. Bunger joined Mobile Mini in 1983 and served as its President and CEO from 1997 to 2012. He also held numerous executive roles with Mobile Mini including Vice-President of Operations and Marketing and Executive Vice President and Chief Operating Officer.

Chairman of the Board since April 2019

Director

since April 2004

Age 65

Qualifications: Mr. Bunger brings to the Company’s Board a breadth of operational, managerial, and marketing experience from running one of the world’s leading providers of portable storage solutions. Additionally, Mr. Bunger has extensive acquisition experience which he uses to guide our management team and Board in evaluating growth opportunities.

Steve Moster

Mr. Moster is Chairman of the Board’s Compensation Committee and a member of the Board’s Corporate Governance and Nominating Committee. From 2014 to 2024, Mr. Moster served as the CEO and Executive Director of Viad Corp (NYSE: VVI), a Phoenix-based diversified company. During his tenure, he led the company through a successful transformation, more than doubling its hospitality business and significantly enhancing the profitability of its event services segment. In 2025, he oversaw the sale of Viad to Truelink Capital and the creation of Pursuit Attractions and Hospitality, Inc. (NYSE: PRSU), a standalone, pure-play hospitality company. Prior to becoming CEO of Viad, Mr. Moster held several senior leadership roles there beginning in 2004. Earlier in his career, Mr. Moster was an Engagement Manager at McKinsey & Company and a Research Scientist at Kimberly-Clark Corporation. Mr. Moster holds a Bachelor of Chemical Engineering degree from Vanderbilt University and a MBA from the Tuck School of Business at Dartmouth College. He resides in Phoenix, Arizona, with his wife and daughter.

Director since

January 2020

Age 56

Qualifications: Mr. Moster brings to our Board successful experience leading a well-established public company, executing growth strategies and improving operating efficiencies.


			Cavco Industries, Inc.			www.cavco.com 11


Continuing Directors

Class I Directors — Current Terms Expiring in 2028

David Greenblatt

Mr. Greenblatt is Chairman of the Board’s Corporate Governance and Nominating Committee and a member of the Board’s Audit Committee. Mr. Greenblatt is the retired Senior Vice President and Deputy General Counsel for Eagle Materials Inc. (“Eagle Materials”) (NYSE: EXP), a company specializing in construction products and building materials headquartered in Dallas, Texas, where he worked from 2005 to 2012. He currently is a licensed practicing attorney in Texas and is the President of White Sand Investments, LLC, a privately-held real estate investment and management company. From 2000 to 2002, he was Senior Vice President – Mergers & Acquisitions for Eagle Materials. Mr. Greenblatt also held various roles with Centex Corporation (“Centex”) (formerly NYSE: CTX), a Dallas based homebuilder (now a part of PulteGroup, Inc.) (NYSE: PHM), including Vice President and General Counsel of its Investment Real Estate Group, Vice President and Assistant General Counsel of Centex and General Counsel of Cavco. Prior to joining Centex, Mr. Greenblatt was an associate in the corporate and securities group at the law firm of Hughes & Luce, LLP (now K&L Gates, LLP) in Dallas, Texas.

Director since

October 2008

Age 64

Qualifications: In addition to his executive management and legal experience, Mr. Greenblatt brings to the Company’s Board his knowledge of the Company and industry by having served as the Company’s General Counsel while he was employed by Centex.

Richard Kerley

Mr. Kerley is Chairman of the Board’s Audit Committee, and a member of the Board’s and Legal and Compliance Oversight Committee. From May 2010 until May 2025, Mr. Kerley was a Director with ModivCare Inc. (Nasdaq: MODV), a technology-enabled healthcare services company that provides a platform of integrated supportive care solutions for public and private payors and their patients in the United States, where he served as Audit Committee Chairman and Compensation Committee Chairman. From 2014 until May 31, 2019, Mr. Kerley was a Director of The Joint Corp. (Nasdaq: JYNT), a rapidly growing franchisor and operator of chiropractic clinics, where he served as Compensation Committee Chairman and a member of the Audit Committee. From 2008 to 2014, he was Chief Financial Officer and a Director of Peter Piper, Inc., a privately held pizza and entertainment restaurant chain until it was acquired by CEC Entertainment in 2014. From 2005 to 2008, Mr. Kerley was Chief Financial Officer of Fender Musical Instruments Corporation, a privately held manufacturer and wholesaler of musical instruments and equipment. Mr. Kerley spent over 30 years at Deloitte & Touche LLP, a multinational accounting and professional services firm, where he served as an audit partner from 1981 to 2005.

Director since

February 2019

Age 76

Qualifications: Mr. Kerley brings to our Board valuable insight with his extensive audit, financial, and operational expertise.


12 2026 Proxy Statement


Continuing Directors

Julia Sze

Ms. Sze is a member of the Board’s Legal and Compliance Oversight Committee and Compensation Committee. Ms. Sze is a Chartered Financial Analyst charterholder with over 25 years of experience in the investment management field. She has been an Impact Investment Strategy Advisor with Julia W. Sze Consulting, since 2017. From 2004 until 2011, Ms. Sze served as Chief Investment Officer for families and foundations at two major U.S. banks. From 1991 until 2003, she was a fundamental analyst and portfolio manager leading funds in the Asia Pacific equity markets. From 2018 to 2025, Ms. Sze co-founded the Sustainable Finance Initiative at UC Berkeley’s Haas School of Business and developed foundational courses in the field. In 2022, she joined the faculty at the University of New Mexico’s Anderson School of Management. At both business schools, she teaches sustainable investment management and impact investing. In 2022, Ms. Sze joined Laird Norton Wealth Management, a Registered Investment Advisor. Also in 2022, Ms. Sze joined the Board of Directors of Turtle Beach Corporation (Nasdaq: TBCH), a leading provider of gaming accessories. Since 2018, Ms. Sze has served as a director of Tern Bicycles, a privately-held, Taiwan-based, urban transport business. Ms. Sze previously served as a member of the Board of Directors and Chair of the Assets and Liabilities Committee of New Resource Bank (formerly OTC: NRBC) from 2016 until it merged with Amalgamated Bank in 2017. From 2006 to 2017, Ms. Sze served on the Investment Committee and Board of Trustees of the Marin Community Foundation that manages over $5 billion in philanthropic capital on behalf of donors.

Director since

May 2019

Age 59

Qualifications: Ms. Sze brings to our Board significant experience in strategic planning, financial oversight, business development, and best practices in sustainability and corporate governance.


			Cavco Industries, Inc.			www.cavco.com 13


Continuing Directors

CORPORATE GOVERNANCE OVERVIEW

The business and affairs of Cavco are conducted under the direction of our Board, in accordance with the terms of our Restated Certificate of Incorporation and Bylaws. The primary responsibilities of our Board are to provide oversight, strategic guidance, counseling, and direction to our management team. Our Board meets on a regular basis throughout the year and additionally as required. Under our Corporate Governance Guidelines, and pursuant to the requirements of the SEC, The Nasdaq Stock Market LLC ("Nasdaq"), and the State of Delaware, our Board is made up of a majority of independent Directors selected on the basis of their integrity, experience, achievements, judgment, intelligence, personal character, ability to make independent analytical inquiries, willingness to devote adequate time to Board duties, and likelihood that he or she will be able to serve on the Board for a sustained period, giving due consideration to diversity in perspectives, backgrounds, business experiences, professional expertise, and personal backgrounds. Our Restated Certificate of Incorporation provides that our Board shall not have fewer than one director nor more than fifteen.

Director Independence

Our Board is currently composed of eight Directors, and independent Director Steve Bunger serves as the Chairman of the Board (the "Chairman" or "Chair"). The Board has affirmatively determined that all the members of the Board, other than Bill Boor who serves as the President and CEO of Cavco, are “independent” in accordance with: (1) the applicable requirements of the Securities and Exchange Act of 1934, as amended (the "Exchange Act" or "1934 Act"), and the rules adopted by the SEC; and (2) applicable Nasdaq listing rules (the "Nasdaq Rules").

Board Leadership Structure

The Board has adopted a policy separating the position of the Chair of the Board from the position of President and CEO in order to enhance the independence of the Board.

The Board’s Role in Risk Oversight

The Board oversees the Company’s risk profile and management’s processes for assessing and managing risks associated with our business operations and strategies. The Board expects management to promote a corporate culture that incorporates risk management into our corporate strategy and day-to-day operations. Management is responsible for assessing and handling the Company’s risks which is facilitated through the creation of appropriate risk management policies and procedures. Further, management informs the Board of the Company’s most significant risks and the proposed strategies for managing those risks.

The Board also provides oversight of risk through its four standing committees:

•The Audit Committee reports to the Board regarding the adequacy of our risk management processes related to financial exposures and the steps management has taken to monitor and control such financial risks. To assist the Audit Committee in overseeing risk management, the Company’s Director of Internal Audit meets regularly with the Audit Committee, including meeting with it in executive session on a quarterly basis. Our Internal Audit team provides the Audit Committee with an assessment of the Company’s financial risks, internal controls and a summary of all completed internal audits.

•The Legal and Compliance Oversight Committee reports to the Board and oversees the development and implementation of the Company's legal and compliance related programs, including Cavco's data security program. The General Counsel & Chief Compliance Officer meets regularly with the Legal and Compliance Oversight Committee and updates it quarterly on the legal and compliance programs, processes, and regulatory matters impacting the Company.

•The Compensation Committee oversees the design of the executive compensation program to ensure it aligns with stockholder interests. The Compensation Committee recommends to the Board compensation arrangements between the Company and our executive officers and approves all grants of equity to employees and Directors.

•The Corporate Governance and Nominating Committee oversees and advises the Board and management on the Company’s governance practices, including the Board’s selection of directors, the annual self-evaluation of the Board, and the development and maintenance of the Company's corporate governance guidelines.


14 2026 Proxy Statement

Director Nominating Process


Selection of Directors			The Corporate Governance and Nominating Committee of the Board is responsible for overseeing the process of nominating individuals to stand for election as Directors. At this year’s Annual Meeting Directors Susan Blount, Bill Boor, and Lisa Daniels are standing for election. Ms. Blount has been a member of the Board since 2019. Mr. Boor has been a member of our Board since 2008. Ms. Daniels was appointed to our Board in October 2025.

Director Qualifications			In evaluating the suitability of individual nominees, nominees for Director are selected on the basis of their integrity, experience, achievements, judgment, intelligence, personal character, independence from the Company, ability to make independent analytical inquiries, willingness to devote adequate time to Board duties, and likelihood that he/she will be able to serve on the Board for a sustained period.

Diversity			In connection with the selection of nominees for Director, the Corporate Governance and Nominating Committee gives due consideration to diversity in perspectives, backgrounds, business experiences, and professional expertise among the Board members and Director nominees.

Nominations by Stockholders			Our Bylaws specify the manner stockholders may make nominations for the election of Directors. Under the Bylaws, in order to bring a proposal before a meeting of stockholders, including the nomination of directors, a stockholder must timely deliver proper notice. The procedures for such notice are set forth below under "Additional Information-Stockholder Director Nominations and Stockholder Proposals for the 2027 Annual Meeting".

Majority Vote Policy for Director Elections

The Board has adopted a policy which provides that, if a Director up for election does not receive a majority of the votes cast, such Director will submit an irrevocable resignation to the Corporate Governance and Nominating Committee or such other committee designated by the Board. The committee receiving the resignation will make a recommendation to the Board as to whether to accept or reject the resignation of such incumbent Director, or whether other action should be taken. The Board will act on the resignation, taking into account the committee’s recommendation, and the Company will publicly disclose the Board’s determination by filing the appropriate disclosure with the SEC detailing the Board’s determination and, if such resignation is rejected, the rationale behind the decision, within 90 days following certification of the election results. The Corporate Governance and Nominating Committee or another designated committee, in making its recommendation, and the Board in making its decision, may each consider any factors and other information that they consider appropriate and relevant. If the Board accepts a Director's resignation, or if a Director nominee is not elected and the nominee is not an incumbent Director, then the Board may fill the resulting vacancy pursuant to our Restated Certificate of Incorporation and the Bylaws. This policy applies only to uncontested elections of Directors.


			Cavco Industries, Inc.			www.cavco.com 15

Board Experience, Expertise, and Composition

Skills Matrix

Our Directors collectively possess the expertise, leadership skills, and diversity of experiences and backgrounds to oversee management’s execution of our growth strategy and protect long-term stockholder value. The skills matrix below reflects the Board's assessment of the qualifications of our Directors and more detailed information can be found in the Director biographies above.

S. Bunger

S. Blount

B. Boor

L. Daniels

D. Greenblatt

R. Kerley

S. Moster

J. Sze

Industry Experience

MH/FS *

Manufacturing
Operations

•

Mergers & Acquisitions/
Corporate Development

•

Financial/Accounting

•

Legal/Regulatory

•

Strategic Planning

•

Other Public Company
Board Experience

•

ESG Experience **

ESG

*Manufactured Housing (“MH”), Financial Services (“FS”)

** Environmental (“E”), Social (“S”), and Governance (“G”) (collectively, “ESG”)

Board Composition

The following charts provide information on the current composition of our Board. Ethnic diversity refers to an underrepresented minority which the Company defines as an individual who self-identifies in one or more of the following groups: African American or Black, Alaskan Native or Native American, Asian, Hispanic or Latinx, Native Hawaiian or Pacific Islander, or two or more races or ethnicities. Currently, one member of our Board identifies as ethnically diverse.


16 2026 Proxy Statement


Board Experience, Expertise, and Composition



Board Diversity Matrix (as of June 16, 2026)

Total Number of Directors: 8
	Female	Male	Non-Binary	Did Not Disclose Gender
Part I: Gender Identity
Directors	3	5	-	-
Part II: Demographic Background
African American or Black	-	-	-	-
Alaskan Native or Native American	-	-	-	-
Asian	1	-	-	-
Hispanic or Latinx	-	-	-	-
Native Hawaiian or Pacific Islander	-	-	-	-
White	2	5	-	-
Two or More Races or Ethnicities	-	-	-	-
LGBTQ+	-	-	-	-
Did Not Disclose Demographic Background	-	-	-	-

Meeting Participation in 2026

The Board held seven meetings during fiscal year 2026. Each Director attended at least 75% of the combined total of (i) all Board meetings and (ii) all meetings of Board committees of which the Director was a member (during the periods for which he or she served on the Board and such committees). The independent Directors also met regularly in executive sessions during the year. All Board members are expected to attend the Company’s annual meeting of stockholders, unless an emergency or unavoidable conflict prevents them from doing so. All Directors attended our 2025 annual meeting of stockholders held on July 29, 2025.

Delinquent Section 16(a) Reports

Section 16(a) of the Exchange Act requires our Directors, certain officers designated under Section 16(a) ("Section 16 Officers"), and greater-than-ten-percent stockholders to file initial reports of ownership and reports of changes in ownership of any of our securities with the SEC and us. Based solely on our review of such forms filed electronically with the SEC and written representations of such persons, we believe that during fiscal year 2026 all of our Section 16 Officers and Directors complied with all filing requirements of Section 16(a).


			Cavco Industries, Inc.			www.cavco.com 17

Director Compensation

The Compensation Committee of the Board reviews annually all cash and noncash compensation to be paid to our non-employee Directors and recommends any proposed changes to the Director Compensation Policy to the Board for approval. In fiscal year 2026, our Director Compensation Policy set forth the following compensation for our Directors:

•All non-employee Directors were paid an annual cash retainer of $75,000.

•The annual fees paid to each non-employee Director for service on Board committees was:

◦Audit Committee: Chair $20,000 and Members $10,000

◦Compensation Committee: Chair $20,000 and Members $7,500

◦Corporate Governance and Nominating and Legal and Compliance Oversight committees: Chair $15,000 and Members $7,500

•The Chairman of the Board received an additional annual cash retainer of $50,000.

•Except for the Chairman, who was awarded an annual equity award of approximately $170,000 in time-based restricted stock units (“RSUs”), all non-employee Directors were awarded approximately $120,000 in value of RSUs that vest 100% upon the anniversary of the grant date (or next annual meeting of stockholders, if earlier).

•All Board members were reimbursed for reasonable travel expenses to attend Board and committee meetings.

Directors who are also employees of the Company do not receive any special or additional remuneration for service on the Board. The following table provides specific information regarding the compensation paid to each non-employee Director under our Director Compensation Policy during the fiscal year ended March 28, 2026:


Name	Fees Earned or Paid in Cash ($)	Stock Awards ($)(1)	Total ($)
Susan Blount	105,000	120,211	225,211
Steve Bunger	125,000	170,368	295,368
Lisa Daniels (2)	46,250	60,024	106,274
David Greenblatt	107,500	120,211	227,711
Richard Kerley	110,000	120,211	230,211
Steven Moster	102,500	120,211	222,711
Julia Sze	92,500	120,211	212,711

(1)Amounts in this column represent the fair value of the RSUs granted based on the closing price of our stock on the grant date of each award, in accordance with the requirements of Accounting Standards Codification Subtopic 718. For discussion and assumptions used in computing the fair value of awards granted see Note 18 "Stock-Based Compensation" of our Consolidated Financial Statements included in our 2026 Annual Report. The aggregate number of unvested RSUs held by each Director as of March 28, 2026, was: Ms. Blount – 290 RSUs; Mr. Bunger – 411 RSUs; Ms. Daniels – 102 RSUs; Mr. Greenblatt – 290 RSUs; Mr. Kerley – 290 RSUs; Mr. Moster – 290 RSUs; and Ms. Sze – 290 RSUs. Mr. Greenblatt has made a Board approved irrevocable deferral election as to his 290 unvested RSUs so that they will not be paid out until he retires from the Board or otherwise separates from Cavco. No Independent Directors held any unexercised options as of March 28, 2026.

(2)Ms. Daniels's Director compensation was pro-rated for her start date with our Board in October 2025.

Stock Ownership Guidelines

To further align the interests of Cavco’s leadership with those of our stockholders as well as promote our commitment to sound corporate governance, we have adopted Director and Executive Officer Stock Ownership Guidelines for key executives and all non-employee Directors. Our stock ownership guidelines are available on our website at investor.cavco.com/general-documents. For Directors, under these guidelines, on or before the fifth full fiscal year after the year of appointment or election, each Director should own and retain shares of our common stock equal to at least five times (5x) the annual cash retainer paid to Directors at that time.

Securities Trading Policy, Anti-Hedging, Anti-Pledging, No Short-Selling, and No Buying or Selling of Derivatives

The Board has approved a Securities Trading Policy governing the purchase, sale, or other dispositions of our securities by Directors, executive officers, employees, or the Company that is reasonably designed to promote compliance with insider trading laws, rules, and regulations, and applicable Nasdaq listing standards. Further, our policy prohibits hedging, pledging, short selling, and buying or selling derivatives related to the Company’s securities. The policy does not have a hardship exemption for Directors or executive officers as it pertains to these prohibitions. The Securities Trading Policy is available on our website at investor.cavco.com/general-documents.


18 2026 Proxy Statement

Board Committees

The Board has four standing committees:


AUDIT COMMITTEE			COMPENSATION COMMITTEE
CORPORATE GOVERNANCE AND NOMINATING COMMITTEE			LEGAL AND COMPLIANCE OVERSIGHT COMMITTEE

Each committee operates under a written charter adopted by the Board and reviewed by the Board at least annually. Each committee charter is posted on our website at investor.cavco.com/general-documents. Messrs. Boor and Bunger are not members of any committee of the Board.

Committee Composition

Each committee of the Board is comprised entirely of independent Directors. Each Director aside from Messrs. Boor and Bunger serves on two committees. Set forth below is information regarding each of the current committees and their composition as of the mailing date of this Proxy Statement:

DIRECTOR NAME

AUDIT

COMMITTEE

COMPENSATION

COMMITTEE

CORPORATE

GOVERNANCE AND NOMINATING

COMMITTEE

LEGAL AND COMPLIANCE OVERSIGHT

COMMITTEE

Susan Blount

CHAIR

Lisa Daniels

David Greenblatt

CHAIR

Richard Kerley

CHAIR

Steven Moster

CHAIR

Julia Sze


			Cavco Industries, Inc.			www.cavco.com 19


Committees

Audit Committee



MEMBERS						KEY RESPONSIBILITIES


Richard Kerley, Chair Lisa Daniels David Greenblatt *Audit Committee Financial Expert						•Oversees the integrity of the Company’s financial statements; •Approves all fees related to audit and non-audit related services provided by the independent registered public accounting firm; •Has the sole authority to appoint, retain, terminate, and determine the compensation of the Company’s independent registered public accounting firm; •Oversees the Company’s systems of internal accounting and financial controls; •Meets with the Company’s independent registered public accounting firm outside the presence of management to discuss financial reporting, including internal accounting controls and policies and procedures; •Reviews annual internal audit plan, including a fraud risk assessment; •Reviews financial disclosures; •Reviews and implements the Code of Conduct; •Oversees the Company’s “whistle blower” procedures; •Reviews and approves all related-party transactions; and •Focuses on qualitative aspects of financial reporting to the stockholders of the Company as well as the Company’s processes to manage business, financial, and compliance with significant applicable legal, ethical and regulatory requirements.
THE COMMITTEE HELD FOUR MEETINGS DURING FISCAL YEAR 2026.

The Board has determined that both Mr. Kerley, the Chair of the Audit Committee, and Ms. Daniels qualify as an audit committee financial expert under SEC rules, each is independent for purposes of Item 407(d)(5), and each have the accounting and related financial-management expertise required under Nasdaq Rules. Mr. Kerley's and Ms. Daniels's qualifications to serve as an audit committee financial expert are set forth in their biographies under the headings “Continuing Directors” and "Nominees for Director Standing for Election" respectively. In addition, the Board has determined that each member of the Audit Committee possess the financial sophistication required by Nasdaq Rules and is “independent” under the additional independence requirements of Rule 10A-3 of the Exchange Act and the Nasdaq Rules applicable to audit committees. No Audit Committee member serves on the audit committee of more than two other public companies.

Prior to each quarterly earnings release, the Audit Committee met with management and the Company’s internal auditors to review the financial results.

Legal and Compliance Oversight Committee


MEMBERS						KEY RESPONSIBILITIES

Susan Blount, Chair Richard Kerley Julia Sze						•Assists the Board with the oversight of: (1)regulatory, compliance, policy, and legal matters as well as related risks, both current and emerging, at the local, state, and federal levels that might impact the Company’s business; and (2)the Company's identification, prioritization, and mitigation of key legal and regulatory risks, including those related to data security, labor and employment, and operational effectiveness. •Oversees the Company’s implementation of legal and compliance related policies and procedures.
THE COMMITTEE HELD FOUR MEETINGS DURING FISCAL YEAR 2026.

The Legal and Compliance Oversight Committee is comprised entirely of independent Directors.


20 2026 Proxy Statement


Committees

Corporate Governance and Nominating Committee


MEMBERS						KEY RESPONSIBILITIES

David Greenblatt, Chair Lisa Daniels Steven Moster						• Identifies: (1)Director candidates for its recommendation to the Board for election at the Company’s next annual meeting or to fill vacancies; and (2)Candidates that it recommends to the Board for appointment as the Chairman of the Board. • Develops and recommends the Company’s Corporate Governance Guidelines •Oversees the effectiveness of the Company’s governance practices; •Responds to stockholder requests and inquiries; •Reviews and recommends Director training initiatives and reviews the Director onboarding process; •Oversees the annual evaluation of the Board and its committees; •Makes recommendations to the Board on the appointment of the Company's executive officers; and •Considers director nominations for the Board from stockholders, as described above under “Director Nominating Process.”
THE COMMITTEE HELD FOUR MEETINGS DURING FISCAL YEAR 2026.

Each member of the Corporate Governance and Nominating Committee is “independent” under the independence requirements of the Nasdaq Rules applicable to nominating committees.

Compensation Committee


MEMBERS						KEY RESPONSIBILITIES

Steven Moster, Chair Susan Blount Julia Sze						• Oversees the Company's overall compensation structure, policies, and programs; •Reviews and approves overall company goals and objectives related to executive compensation as well as evaluates executive performance in light of those goals; •Administers the Company’s equity incentive plans, approving all awards and any proposed amendments or modifications; •Reviews and recommends Board approval of compensation arrangements with executive officers of the Company; •Oversees the Company’s Stock Ownership Guidelines; •Provides Compensation Committee reports for inclusion in appropriate regulatory filings; and •Engages a compensation consultant of its choice as needed and terminates the engagement at any time while determining the breadth and scope of the external compensation consultant’s services.
THE COMMITTEE HELD FIVE MEETINGS DURING FISCAL YEAR 2026.

Each member of the Compensation Committee is “independent” under the additional independence requirements of Exchange Act Rule 10C-1 and the Nasdaq Rules applicable to compensation committees. Additionally, each member meets the non-employee director requirements of Rule 16b-3 under the Exchange Act.

Compensation Committee Interlocks and Insider Participation

Mr. Moster and Mses. Blount and Sze served as members of the Compensation Committee in fiscal year 2026. None of these individuals have ever been an employee of the Company. During fiscal 2026, none of our executive officers served on the board of directors or compensation committee of any other entity for which a member of our Board or Compensation Committee served as an executive officer.


			Cavco Industries, Inc.			www.cavco.com 21

CORPORATE RESPONSIBILITY

Our Stakeholders and Priorities

At Cavco, we are a leading designer and builder of factory-built dwellings which include manufactured homes, modular homes, commercial buildings, park model homes and vacation cabins. Founded in 1965, our operations include 33 homebuilding production lines, 92 retail locations, a mortgage, home-only and commercial lending business, and a captive insurance company all focused on factory-built homes. We are fortunate to be in a business which inherently provides enormous social good and offers environmental advantages compared to other home construction approaches. We build, sell, fund, and insure needed affordable homes.

At Cavco, we are focused on long-term value creation, and our core belief is that, over the long-term, the interests of our stakeholders focused on value creation and those focused on our environmental, social, and governance ("ESG") efforts are aligned. Therefore, our business strategy integrates our ESG efforts, rather than managing them as separate interests or initiatives.

We do not undertake ESG work that we view as inconsistent with long-term business value creation, and we do not take actions with perceived business benefits that are inconsistent with our ESG values. We believe there is no conflict between building long-term value and prioritizing Corporate Responsibility.

To us, "Corporate Responsibility" is making our key stakeholders our priority – which means prioritizing the following:


Our People			Our Homebuyers
Our Communities			Our Stockholders

Our business strategy – to build long-term value – incorporates the ESG factors we track and disclose as priorities aligned under each of these stakeholders. Each of these key stakeholders and the ESG factors that build long-term value for these stakeholders are further discussed in this section.

Board and Senior Management Oversight

Our Board oversees our business strategy with specific oversight of our ESG efforts. Cavco's executive leadership guides and develops our Corporate Responsibility priorities and provides regular updates to the Board. The Board and its committees support management’s strategy of integrating our priorities into our business strategy in ways that optimize opportunities to make positive impacts while advancing the long-term goals stated above.

In July 2021, we completed our first comprehensive report of ESG priorities when we posted our Corporate Responsibility Report—examining a range of key stakeholders, including investors, customers, employees, and rating organizations.

In 2022, we posted our second Corporate Responsibility Report as we continued to make notable progress on ESG matters, including the following:

•Purposefully integrated sustainability initiatives further into our operations.

•Created a cross-functional working group of senior executives to design and lead the Company’s ESG initiatives, prepare our Corporate Responsibility Reports, and monitor overall effectiveness of our ESG program. This ESG working group includes our CEO, the Presidents of our Manufacturing and Retail operations, and leaders of support functions such as Legal, Environmental, Safety, Finance, and Communications.

•Adopted an Environmental Stewardship Policy, a Product Safety and Quality Policy, and a Diversity, Equity, and Inclusion Policy, outlining the Company’s priorities-driven ESG strategy.

•Launched a dedicated “Environmental, Social and Governance” website and a FAQ page to communicate Cavco’s vision and priorities to employees, customers, investors, and vendors.

In September 2023, we published a wide range of disclosures about our Company consistent with the activity metrics of the Sustainability Accounting Standards Board ("SASB") Home Builders Industry Standard Version 2018-10.

In September 2024, we published our third Corporate Responsibility Report to further highlight our priorities-driven ESG strategy. This latest report, our 2023 SASB report, and more information about our ESG initiatives can be found at investor.cavco.com/general-documents/.


22 2026 Proxy Statement


Corporate Responsibility

Our People

Our priorities start with our people. The safety, success, and development of all of our team members is imperative to our success and building long-term value for the Company.

Safety


						We believe operational excellence starts with safety. Employee safety is a top priority and our expanded approach to improving it has had a measurable and meaningful impact, not only in the lives of our people but on the value of our Company. In 2019, we committed ourselves to significantly improving safety. We are proud of the progress we have made since then in improving the safety of our worksites. In 2022, we began a company-wide safety initiative branded “Safety Now”. This program emphasizes safety awareness and provides training and incentives to create a “safety first” culture. As part of our intentional and focused safety training plan, we encourage many frontline supervisors and personnel to complete in depth OSHA training courses. Safety Now has played a role in lowering our Total Recordable Incident Rate (“TRIR”) across our facilities in calendar year 2025 to 4.82, which is our fourth straight year below our industry average TRIR. Since 2019, this is a 56% reduction in injuries to our people. Our safety efforts are achieving measurable results: •Since calendar year 2019 our TRIR has improved by 56% (from 10.97 to 4.82); •Close to 80% of our production facilities are better than the industry average TRIR of 5.20 in the last calendar year; •Since calendar year 2020, we have reduced our workers’ compensation experience modifier from 1.11 to 0.87, a 22% reduction; and •Over the same period we've reduced workers' compensation costs as a percentage of payroll from 3.35% to 1.83%, a reduction of over 45%.

Culture


We also believe operational excellence is achieved through our culture. Specifically, our success is built on the belief that focusing our culture on a singular philosophy drives long-term value and makes us better. We call this philosophy ONE Cavco. ONE Cavco is who we are and what we do from the top of Cavco to the newest team members. ONE Cavco is the shared principles for how we operate that drive our decisions, behaviors, and performance. It is our culture. It is taught and emphasized from the first day a new team member joins Cavco. Our culture is further strengthened by our diverse and inclusive workforce. Our goal is to establish and maintain a workplace that attracts, retains, and develops a workforce that is diverse in background, knowledge, skill, and experience. We believe these factors increase the quality of our products and build long-term value. We are committed to providing equal employment opportunities and training for all qualified applicants and employees without regard to sex, race, color, religion, national origin, age, disability, sexual orientation, gender identity, veteran status, or any other characteristic unrelated to job performance. We have an ongoing focus to continually improve our culture and talent management through best practices in Human Capital Management. We regularly review our compensation model to provide fair and inclusive pay practices throughout the business. As of the Record Date, the Company employed approximately 8,000 employees. Women represented 23% and self-identified ethnic and racial minorities represented 56% of the Company’s workforce. We also have a distinct Learning and Development team ("L&D") focused on increasing performance through programs directly aligned with our business strategy. L&D has established targeted leadership training programs called Navigate, Ignition, and Accelerate. These programs were developed to enhance critical management skills for employees in supervisory roles to increase our leaders’ effectiveness at improving the motivation and performance of our workforce. Since 2021, 268 employees have completed Navigate, 206 employees have completed Ignition, and all of our plant general managers have completed the Accelerate program.


			Cavco Industries, Inc.			www.cavco.com 23


Corporate Responsibility

Our Homebuyers

At Cavco, our Homebuyers are a key stakeholder. We build long-term value in the Company by meeting and exceeding their wants and needs. We prioritize our customers by providing high quality affordable housing and being a responsible steward of the environment they live in. Our efficient factory-built process is inherently more environmentally responsible than site-built construction. We are mindful of our cost effectiveness so we can support our priority of offering affordable housing. We intend to keep innovating to reduce waste from our manufacturing processes and increase the energy efficiency of our homes. Cavco is committed to building quality, energy efficient homes for the modern-day home buyer. Cavco invests in a variety of sustainable manufacturing processes to support this priority.

Our focus on improving the environmental performance of our homes involves design enhancements and choice of renewable materials. Our operations are designed to optimize product safety and quality. Cavco’s homes are built to relevant construction and safety codes. A majority of our homes are built in conformance with the Federal Manufactured Home Construction and Safety Standards requiring substantive testing on electricity, water, and gas pressure as well as additional safety issues.

Our homes are designed and built with environmentally-friendly features such as specially designed ventilation systems, high indoor air quality and energy-efficient envelopes. Additional highlights of our efforts and accomplishments that support this priority include:

•Utilizing high-efficiency electric equipment including LED and motion detector lighting, and high-efficiency HVAC units.

•Requiring all materials received from suppliers to comply with applicable building codes including federal Housing and Urban Development code ("HUD Code") standards where applicable.

Our Communities

Our Communities are a key stakeholder. We believe that prioritizing our communities by engaging as a positive corporate neighbor and focusing on environmental responsibility, with the objective of reducing costs and improving the sustainability of our operations, will build long-term value. We also believe this is important to our employees. Furthermore, we recognize that climate change is a growing risk for our planet, and we are committed to doing our part to mitigate this risk by placing increased focus and emphasis on environmental consciousness.

Our manufacturing process of building homes in centralized, environmentally protected facilities allows us to minimize adverse impacts on the environment. Cavco has implemented and invested in a variety of sustainable manufacturing processes to support this priority:

•Computer Numerical Control (CNC) implementation at 13 manufacturing facilities to reduce material waste in the production of our homes and enterprise-wide software upgrades to enable all of our production facilities to transition to CNC implementation.

•Ongoing elimination of single-use plastics and the implementation of refill stations to eliminate single-use water bottles.

•Encouraging environmentally friendly workplace practices by supporting recycling and separation of waste.

•Engaging with qualified third-party energy professionals to conduct regular inspections of our production facilities to provide utility and financial savings information.

•Although minimal water is used in our homebuilding process, we capture, store and reuse rainwater for landscaping needs.

Another example of prioritizing our Communities and the environmental sustainability of our production processes is the installation of modern and efficient solar panels at our facilities. Since 2023, we have installed solar systems at four of our production facilities: in our Glendale, Arizona; Emlenton, Pennsylvania; Shippenville, Pennsylvania; and Deming, New Mexico plants. In FY2026, the system produced 1,641,200 kWh, which is equivalent to saving 995,691 kilograms of CO2 emissions. The reduction in GHG emissions from these plants in FY2026 is equivalent to eliminating the pollution from 2,535,303 miles driven by an average gasoline-powered passenger vehicle. These results not only underscore the system's potential for generating clean energy from the sun, but also highlight the substantial environmental investment in, and impact of, Cavco's solar initiative. Given this, we intend to continue to evaluate additional renewable energy opportunities across our operations.

In addition to our focus on sustainable building practices, we believe Cavco strengthens communities by supporting volunteerism and participation in philanthropic initiatives. Our charitable efforts include:

•Homes for Our Own – an internal program for our team members created to provide education and financial assistance to employees who wish to become homeowners, which as of May 2026, 160 of our team members have completed and through which 29 team members have purchased homes;

•CAVCOmmunity Impact Program – created to help team members make a difference in local communities;

•Donations of building materials and volunteer labor to charitable causes;

•Monetary donations to many local charities in the communities we serve; and

•Financial support for volunteering activities of our business and operational teams.


24 2026 Proxy Statement


Corporate Responsibility

Our Stockholders

Our stockholders and potential investors are stakeholders because their belief in Cavco and investment in us drives long-term value. We prioritize corporate governance best practices, diligent compliance management, and risk management analysis and planning.

Governance

Cavco’s Board and senior management team believe that a strong focus on governance is foundational to long-term success. We emphasize a culture of accountability and are committed to conducting business in a manner that is fair, ethical, and responsible. We have established and maintain corporate-administered compliance and risk management programs and we regularly provide reports and updates to the Board across the range of governance, compliance and risk activities.


Our Board is composed of seven independent Directors and one management Director. Committees of fully independent Directors oversee our audit, compensation, nominating and corporate governance, and legal and compliance functions. We have fostered a culture of governance by adding five new directors with new and relevant skillsets to our Board over the last seven years. Our Directors' qualifications are disclosed above under our Corporate Governance Overview. We have established and continually review board practices and procedures to enable communications and controls. We have separated the role of CEO and Chairman of the Board in order to enhance the independence of our Board. We have a diverse Board that includes three women. The Board, our management team, and all of our employees are subject to a formal Code of Conduct and business ethics. Our Board is also governed by Corporate Governance Guidelines which, along with the charters of each Board committee and various governance policies, are reviewed consistently by our Board. As a public company traded on Nasdaq, we are subject to rigorous controls, quarterly financial reviews, and annual audits. The Board oversees our audit, compliance, and enterprise risk management practices. Further, our Board as well as our compliance and risk management teams engage regularly with subject matter experts to identify, monitor, and mitigate risks associated with our business. We protect the voting rights of all of our stockholders by having one class of stock that entitles each stockholder to one vote per share of common stock owned. Our Directors and employees are subject to an insider trading policy and a clawback policy to respectively ensure compliance with federal and state securities laws and deter financial misconduct. Our Directors and senior management team are also subject to Stock Ownership Guidelines which align their interests with the long-term performance of the Company and the interests of our stockholders.

Cybersecurity Risk Management and IT Security

As we disclosed in our 2026 Annual Report on Form 10-K, we maintain a comprehensive cybersecurity risk management program modeled on standards provided by organizations such as the National Institute of Standards and Technology and the International Organization for Standardization. Our cybersecurity program includes an incident response plan that addresses the detection, reporting, analysis, response, recovery, communication, documentation, and post-incident review of cybersecurity incidents. We test and evaluate this plan on a routine basis. For material cybersecurity risks, we have developed mitigation measures that are intended to reduce the likelihood and/or potential impact of such risks. We perform risk assessments throughout the year to identify and remediate potential cybersecurity threats and vulnerabilities. Our Board has delegated oversight of risks related to cybersecurity to the Legal and Compliance Oversight Committee and the review of materiality determinations of cyber incidents to the Audit Committee.

We also maintain an information security program to protect our information assets, including customer and consumer data. Our IT team works 24/7 and uses a combination of industry-leading tools and in-house innovative technologies to help protect our data. Our team members are responsible for complying with our data security standards and completing mandatory annual training to understand the behaviors and technical requirements necessary to keep customer information secure. We also provide ongoing education for team members to recognize and report suspicious activity. The primary goal of our data security program is to maintain defenses consistent with sound industry practices.

We believe these elements combined with a strategically selected Board and senior management team committed to a strong corporate governance culture have set the Company up for long-term success in our industry.


			Cavco Industries, Inc.			www.cavco.com 25

MANAGEMENT

Executive Officers

Our Executive Officers are appointed annually by the Board pursuant to Rule 3b-7 of the Exchange Act and serve at the Board’s pleasure. Our Executive Officers as of May 19, 2026, are as follows:


Name			Position
Bill Boor			President & CEO
Allison Aden			Executive Vice President, Chief Financial Officer ("CFO"), & Treasurer
Seth Schuknecht			Executive Vice President, General Counsel, Chief Compliance Officer, & Corporate Secretary
Brian Cira			President, Manufacturing
Matt Niño			President, Retail
Jack Brandom			President, CountryPlace Acceptance Corp. (finance subsidiary)
Regan Fackrell			President, Standard Casualty Company (insurance subsidiary)

The following biographical information is provided for each of our Executive Officers:


						Bill Boor President & CEO Age 60 Mr. Boor is the President and CEO of Cavco, commencing April 2019, and has been a member of Cavco’s Board since July 2008. Mr. Boor was previously CEO of Great Lakes Brewing Company, a large craft brewing company based in Cleveland, Ohio, a position he had held since September 2015. From 2007 to 2014, Mr. Boor served in various executive positions with Cleveland Cliffs Inc., including Executive Vice President for Corporate Development, Chief Strategy & Risk Officer, and President of Ferroalloys. Prior to his employment with Cleveland Cliffs, Mr. Boor held key leadership roles at Eagle Materials Inc. (NYSE: EXP), Centex Corporation (formerly NYSE: CTX), Weyerhaeuser Co. (NYSE: WY) and Procter & Gamble Co. (NYSE: PG). In December 2025, he was appointed to the board of directors of La-Z-Boy Incorporated (NYSE: LZB). Mr. Boor is a Chartered Financial Analyst charterholder.


26 2026 Proxy Statement


Executive Officers


						Allison Aden Executive Vice President ("EVP"), CFO, & Treasurer Age 65 Ms. Aden has served as the CFO and Treasurer of Cavco since August 2021. Previously, from July 2018 to August 2021, she served as EVP & CFO of Diversified Technologies, an industry-leading technology solutions provider delivering innovative digital media, collaborative broadcasting, electronic security and integrated IT solutions. Prior to joining Diversified Technologies, Ms. Aden served from November 2015 to May 2018 as EVP & CFO of Schweitzer-Mauduit International, Inc. (NYSE: SWM), a leading global provider of highly engineered solutions and advanced materials for a variety of industries. Ms. Aden has also held key financial management positions with Americold Realty Trust, Inc. (NYSE: COLD), Brambles Limited (ASX: BXB), LNR Property Corporation, and PRG-Schultz International (Nasdaq: PRGX). In November 2024, she was appointed to the board of directors of Enpro Inc. (NYSE: NPO). Ms. Aden is a Certified Public Accountant.

						Seth Schuknecht EVP, General Counsel, Chief Compliance Officer, & Corporate Secretary Age 49 Mr. Schuknecht has served as our General Counsel, Chief Compliance Officer, and Corporate Secretary since February 2024. Before joining Cavco, from August 2021 to February 2024, he was Senior Vice President and Deputy General Counsel at Hagerty, Inc. (NYSE: HGTY), a global specialty vehicle insurance company, where he developed and ran the company's 1933 and 1934 Act compliance and oversaw corporate governance, M&A, and employment law functions. From 2019 to 2021, he served as Corporate Counsel at Carvana, Inc. (NYSE: CVNA), a Fortune 500 e-commerce car company. Before moving to in-house legal roles, Mr. Schuknecht practiced law at international law firms Squire Patton Boggs LLP and DLA Piper LLP, where he advised clients on public securities law, corporate governance, M&A, and capital markets transactions. Prior to earning his law degree, Mr. Schuknecht served for a decade in the U.S. Navy as an officer and Naval Aviator in various leadership roles.

						Brian Cira President, Manufacturing Age 65 Mr. Cira has over 30 years of experience in our industry. He has served as our President, Manufacturing, since July 2021. Mr. Cira previously served as a Regional Vice President at Cavco from 2019 to July 2021. From 2015 to 2019, he served as President of Fairmont Homes, which was acquired by Cavco in 2015. Mr. Cira spent over thirty years with Fairmont Homes in various positions of increasing responsibility including General Manager and President.


			Cavco Industries, Inc.			www.cavco.com 27


Executive Officers


						Matt Niño President, Retail Age 58 Mr. Niño has served as President, Retail, since March 2020. He served as EVP of Palm Harbor Villages, Inc. (“PHV”), the Company’s main retail division, from 2010 to March 2020, and in a similar role with Palm Harbor Homes, Inc. (“PHH”), from January 2003 until joining PHV at the time Cavco acquired the assets of PHH in April 2011. Mr. Niño joined PHH in 1997 as a Retail Sales Consultant and held various positions of increasing responsibility throughout his tenure with PHH. Prior to joining PHH, Mr. Niño spent seven years with the Pacesetter Corp. as a Sales Manager. Mr. Niño has over thirty years of retail experience.

						Jack Brandom President, CountryPlace Acceptance Corp. Age 63 Mr. Brandom has served as the President of CountryPlace Acceptance Corp., Cavco’s finance subsidiary, since October 2023. Before that, he served as its EVP and Chief Operating Officer from August 2021 to October 2023 and its Vice President from 2013 to 2021 and from 2005 to 2008. From 2009 to 2012, Mr. Brandom was President of CSI SCORE, a technology company specializing in online marketing solutions. From 2002 to 2005, Mr. Brandom was President of CDM Data & Dealer Services, a Kelley Blue book company. From 1993 to 2001, Mr. Brandom served in various senior management positions with Conseco, Inc. including as President of its Manufactured Housing Division.

						Regan Fackrell President, Standard Casualty Company Age 47 Mr. Fackrell has served as the President of Standard Casualty Company, Cavco’s insurance subsidiary since September 2024. Prior to joining the Company, he was the Head of National Brokerage at Trucordia, and from 2023 to 2024, he was the Director of Sales and New Producer Development at American Family Insurance. Prior to that, from 2021 to 2023, he served as the Head of Insurance for Entrata, an embedded insurance joint venture. From 2006 to 2021 he was the Director of New Business Development for American Family Insurance, where he held multiple leadership roles. Mr. Fackrell has extensive experience in brokerage operations, insurance distributions, and strategic partnerships.


28 2026 Proxy Statement

EXECUTIVE COMPENSATION

Compensation Discussion and Analysis

Introduction

The purpose of this Compensation Discussion and Analysis (“CD&A”) is to summarize the Company’s philosophy and objectives regarding the compensation of our named executive officers (“NEOs”), including each material element that the Company pays or awards to, or that is earned by, our NEOs. Cavco encourages you to read this CD&A in conjunction with the compensation tables following it. For the most recent fiscal year ended March 28, 2026, our NEOs were:


NEO			Position
Bill Boor			CEO
Allison Aden			CFO
Brian Cira			President, Manufacturing ("Mfg.")
Matt Niño			President, Retail ("Ret.")
Seth Schuknecht			General Counsel

This CD&A addresses and explains the numerical and related information contained in the Summary Compensation Table and tables following it relating to the period beginning March 30, 2025, and ending on March 28, 2026 ("FY2026").

Overview of the Company’s Compensation Program

The Company’s FY2026 executive compensation program consisted of three primary components: (1) cash compensation comprised of an annual base salary, (2) short-term incentive compensation comprised of a performance-based cash bonus, and (3) long-term incentive compensation, which consisted of awards of RSUs (i.e., time-based equity awards) and performance-based restricted stock units (“PRSUs”) which vest at the end of specified performance periods and pay out based upon the achievement of preapproved Company performance measures over the performance periods.


Component			Key Elements
Base Salaries			Market based to attract and retain an effective executive team

Short-Term Incentive Compensation			•Performance-based short-term incentive program •For several positions, a portion of the award potential is determined by individual performance objectives •Bonus payouts capped at 200% of target awards for CEO and CFO and 150% for all other NEOs

Long-Term Incentive Compensation			•Equity issued as PRSUs and RSUs to incentivize both performance and retention •PRSU grants that are earned based upon Company achievement of 3-year performance targets; payouts are capped at 200% of target award •RSU grants based on a targeted dollar value on grant date that vest annually over 3 years

Compensation Philosophy

We believe that our executive compensation program should align with the interests of our stockholders and be tied closely to performance. We view our compensation practices as a means for motivating and rewarding employees in relation to their accomplishments. Our approach is to provide incentive driven market-based compensation programs with the objective of hiring and retaining the talent best suited to deliver sustained high performance to the Company, its stockholders, and the customers we serve.


			Cavco Industries, Inc.			www.cavco.com 29


Executive Compensation

Objectives of the Company’s FY2026 Executive Compensation Program

The Company’s executive compensation program was structured to achieve the following objectives:

•create an incentive to increase stockholder returns by establishing a direct and substantial link between individual compensation and certain performance measures of the Company that we believe have a direct effect on stockholder value;

•attract, retain, and motivate highly qualified and talented executives, enabling the Company to deliver superior results; and

•create substantial and competitive long-term compensation opportunities for individual Executive Officers based not only on long-term, corporate performance but also on sustained, long-term individual performance.

Role of the Compensation Committee

The Compensation Committee reviews the compensation paid to our Executive Officers annually and recommends to the Board for approval, all salary and other remuneration to our Executive Officers. The Compensation Committee operates pursuant to a written charter that sets forth its specific functions and responsibilities. Pursuant to its authority under its written charter, to the extent permitted by Nasdaq Rules and applicable legal requirements, the Compensation Committee may form subcommittees and delegate specified duties and responsibilities to those subcommittees. The Compensation Committee Charter is posted on our website at investor.cavco.com/general-documents.

Role of Management in Establishing and Awarding Compensation

The CEO may assist the Compensation Committee by making recommendations concerning the Company’s performance objectives upon which short-term and long-term incentive compensation is based. Additionally, the CEO annually reviews the performance of the other Executive Officers and presents his conclusions and recommendations regarding salary, short-term incentive payout adjustments,

SEC Form DEF 14A filed by Cavco Industries Inc.