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<SEC-DOCUMENT>0000950153-05-001219.txt : 20050523
<SEC-HEADER>0000950153-05-001219.hdr.sgml : 20050523
<ACCEPTANCE-DATETIME>20050523151107
ACCESSION NUMBER:		0000950153-05-001219
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050517
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20050523
DATE AS OF CHANGE:		20050523

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAVCO INDUSTRIES INC
		CENTRAL INDEX KEY:			0000278166
		STANDARD INDUSTRIAL CLASSIFICATION:	MOBILE HOMES [2451]
		IRS NUMBER:				860214910
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08822
		FILM NUMBER:		05851000

	BUSINESS ADDRESS:	
		STREET 1:		2728 N HARWOOD
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201-1516
		BUSINESS PHONE:		2149815000

	MAIL ADDRESS:	
		STREET 1:		2728 N HARWOOD
		CITY:			DALLAS
		STATE:			AZ
		ZIP:			75201-1516
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>p70701e8vk.htm
<DESCRIPTION>8-K
<TEXT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>


<P align="center" style="font-size: 12pt"><B>CURRENT REPORT</B>


<P align="center" style="font-size: 12pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>


<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): May&nbsp;17, 2005</B>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="56%" align="center" color="#000000">


<P align="center" style="font-size: 24pt"><B>Cavco Industries, Inc.</B>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>



<P align="center" style="font-size: 10pt"><B>Delaware</B><BR>
(State or other jurisdiction of incorporation)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>000-08822</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>56-2405642</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>1001 North Central Avenue, Suite&nbsp;800</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Phoenix, Arizona</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>85004</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>(602)&nbsp;256-6263</B><BR>
(Registrant&#146;s telephone number, including area code)



<P align="center" style="font-size: 10pt"><B>Not Applicable</B><BR>
(Former name or former address, if changed since last report)


<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:



<P>
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    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>
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    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
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    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))</TD>
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    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))</TD>
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<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;1.01. Entry into a Material Definitive Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURES</A></TD></TR>
</TABLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "Item&nbsp;1.01. Entry into a Material Definitive Agreement" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;17, 2005, the Board of Directors of Cavco Industries, Inc., a Delaware corporation (the
&#147;Corporation&#148;), ratified and approved the following actions taken on May&nbsp;17, 2005 by the
Compensation Committee (the &#147;Compensation Committee&#148;) of the Board of Directors with regard to
compensation arrangements with persons (the &#147;Named Executive Officers&#148;) who are expected to be
listed in the Summary Compensation Table set forth in the Proxy Statement for the Corporation&#146;s
2005 Annual Meeting of Stockholders as named executive officers (as defined in Item&nbsp;402(a)(3) of
Regulation&nbsp;S-K).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Annual Incentive (Short-Term) Compensation Earned in Fiscal 2005. </I>The Compensation Committee
confirmed the amount and specified the form of payment of short-term incentive compensation awards
earned during the fiscal year ended March&nbsp;31, 2005 and to be paid in May&nbsp;2005 for the Named
Executive Officers. The bonus award for Joseph Stegmayer, Chief Executive Officer and President
represented the amount determined by the Employment Agreement, dated June&nbsp;30, 2003, between Joseph
Stegmayer and the Corporation (the &#147;Employment Agreement&#148;) which provides for a cash bonus in an
amount equal to 3% of the first $2.5&nbsp;million in pretax income and 6% of pretax income in excess of
such amount. The bonus award for Sean K. Nolen, Vice President, Chief Financial Officer, Secretary
and Treasurer, for fiscal year 2005 was determined pursuant to metrics, including earnings per
share goals and the satisfaction of various individual goals. The bonus award for David Blank,
Vice President of Operations, was determined pursuant to metrics, including operating profits for
our manufacturing operations and the satisfaction of various individual goals. These performance
goals were established by the Corporation in fiscal 2005. At its May&nbsp;17, 2005 meeting, the
Compensation Committee reviewed the performance of the Corporation for the fiscal year ended March
31, 2005, considered the extent to which the applicable performance goals had been satisfied and
authorized the payment of the resulting bonus awards to these Named Executive Officers. The
amounts of the bonus awards for short-term incentive compensation for fiscal 2005 for these Named
Executive Officers are as follows: Joseph Stegmayer ($927,360), Sean K. Nolen ($200,000) and David
Blank ($338,353).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Long-Term Incentive Compensation. </I>In addition to the annual (short-term) incentive
compensation awards described above, the Compensation Committee also confirmed the amount of a
long-term incentive compensation award for Joseph Stegmayer under the Corporation&#146;s Stock Incentive
Plan. This award totaled 65,500 stock options at $27.55 per share and was granted in accordance
with the terms of the Employment Agreement which provided for an annual grant of stock options to
Mr.&nbsp;Stegmayer of not less than 1% of the then issued and outstanding shares of common stock of the
Corporation. These options vest over a three-year period with 25% becoming vested on the grant
date and the remainder becoming vested in cumulative 25% increments on each of the first three
anniversaries of the grant date. The Employment Agreement does not provide for any additional
grants of stock options.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Employment Agreement, dated June&nbsp;30, 2003, between Joseph Stegmayer and the
Corporation was filed as Exhibit&nbsp;10.2 of the Annual Report on Form 10-K for the fiscal year ended
March&nbsp;31, 2004 and a copy of the Stock Incentive Plan of Cavco was filed as Exhibit&nbsp;10.6 to the
Registration Statement on Form&nbsp;10/A (File No.&nbsp;000-08822) filed by Cavco on April&nbsp;23, 2003, as
amended by Form&nbsp;10/A dated May&nbsp;21, 2003, Form&nbsp;10/A dated May&nbsp;30, 2003, Form&nbsp;10/A dated June&nbsp;17,
2003, and Form&nbsp;10/A dated June&nbsp;20, 2003.




<P align="center" style="font-size: 10pt">Page 2
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CAVCO INDUSTRIES, INC.<BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Sean K. Nolen
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Sean K. Nolen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President, Chief Financial
Officer, Treasurer and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Date: May&nbsp;23, 2005




<P align="center" style="font-size: 10pt">Page 3
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