Cavco Industries, Inc. (NASDAQ:CVCO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Cavco Industries, Inc. (NASDAQ:CVCO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On June 6, 2017, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of Cavco Industries, Inc. (the “Company”) approved fiscal year 2018 incentive compensation plans for Daniel L. Urness, Chief Financial Officer, Executive Vice President and Treasurer; Steven K. Like, Senior Vice President; and Charles E. Lott, President of the Company’s subsidiary, Fleetwood Homes, Inc.
Mr. Urness is eligible to receive incentive compensation based upon the Company’s pre-tax income for the fiscal year ending March 31, 2018 equal to (i) 0.6% of the first $55,000,000 in pre-tax income of the Company; (ii) 0.9% of pre-tax income of the Company from $55,000,001 to $60,000,000; and (iii) 1.2% of pre-tax income greater than $60,000,001.
Mr. Like is eligible to receive incentive compensation based upon the Company’s pre-tax income for the fiscal year ending March 31, 2018 equal to (i) 0.4% of the first $55,000,000 in pre-tax income of the Company; (ii) 0.8% of pre-tax income of the Company from $55,000,001 to $60,000,000; and (iii) 1.0% of pre-tax income greater than $60,000,001.
Mr. Lott’s incentive compensation plan consists of a Target Bonus and an Improvement Bonus. Under the Target Bonus, he is eligible to receive a cash payment equal to 1.5% of fiscal year 2018 combined pre-tax income for the business operations he directly oversees and 1.0 % of fiscal year 2018 combined pre-tax income for the business operations for which he has executive oversight. Under the Improvement Bonus, he is eligible to receive cash payments based upon various percentages of revenue or pre-tax earnings improvement at certain business operations.
Incentive compensation will be paid to each executive in cash following the completion of the Company’s fiscal year 2018 audit.
About Cavco Industries, Inc. (NASDAQ:CVCO)
Cavco Industries, Inc. designs and produces factory-built homes. The Company operates through two segments: factory-built housing, which includes wholesale and retail systems-built housing operations, and financial services, which includes manufactured housing consumer finance and insurance. Its factory-built homes are primarily distributed through a network of independent and the Company-owned retailers, planned community operators and residential developers. It markets its products under the brands, including Cavco Homes, Fleetwood Homes, Palm Harbor Homes, Fairmont Homes and Chariot Eagle. It is also a builder of park model recreational vehicle (RVs), vacation cabins and systems-built commercial structures, as well as modular homes built primarily under the Nationwide Homes brand. It also produces a range of Cape Cod-style homes and multi-family units, and builds commercial modular structures, including apartment buildings, schools and housing for the United States military troops.
Cavco Industries, Inc. designs and produces factory-built homes. The Company operates through two segments: factory-built housing, which includes wholesale and retail systems-built housing operations, and financial services, which includes manufactured housing consumer finance and insurance. Its factory-built homes are primarily distributed through a network of independent and the Company-owned retailers, planned community operators and residential developers. It markets its products under the brands, including Cavco Homes, Fleetwood Homes, Palm Harbor Homes, Fairmont Homes and Chariot Eagle. It is also a builder of park model recreational vehicle (RVs), vacation cabins and systems-built commercial structures, as well as modular homes built primarily under the Nationwide Homes brand. It also produces a range of Cape Cod-style homes and multi-family units, and builds commercial modular structures, including apartment buildings, schools and housing for the United States military troops.