David Greenblatt - Director | CAVCO INDUSTRIES (CVCO) Executive Profile & Compensation

About David A. Greenblatt

David A. Greenblatt, age 63, has served on Cavco Industries’ Board since October 2008 and is currently Chair of the Corporate Governance & Nominating Committee, and a member of the Audit Committee and Legal & Compliance Oversight Committee . He is a retired Senior Vice President and Deputy General Counsel of Eagle Materials (2005–2012), a licensed practicing attorney in Texas, and President of White Sand Investments, LLC; earlier roles include Senior VP – M&A at Eagle Materials (2000–2002), various legal leadership positions at Centex Corporation (including General Counsel of Cavco), and associate at Hughes & Luce (now K&L Gates) .

Past Roles

Organization	Role	Tenure	Committees/Impact
Eagle Materials (NYSE: EXP)	Senior Vice President & Deputy General Counsel	2005–2012	Legal and corporate governance leadership
Eagle Materials (NYSE: EXP)	Senior Vice President – M&A	2000–2002	Corporate development, transactions
Centex Corporation (NYSE: CTX; now PHM)	VP & Assistant General Counsel; GC of Centex Investment Real Estate Group; General Counsel of Cavco	1990s–2000s (not individually dated)	Legal leadership; historical GC of Cavco provides deep company knowledge
Hughes & Luce LLP (now K&L Gates LLP)	Associate, Corporate & Securities	Prior to Centex	Capital markets and corporate law experience

External Roles

Organization	Role	Status
White Sand Investments, LLC (private)	President	Current
Licensed Attorney (Texas)	Practicing attorney	Current
Other public company boards	—	None disclosed in Cavco proxy

Board Governance

Independence: The Board determined all directors other than the CEO are independent under SEC and Nasdaq rules; Cavco separates the Chair and CEO roles (Chair is independent) .
Committee assignments and meeting cadence:
- Corporate Governance & Nominating (Chair): held 4 meetings in FY2025 .
- Audit (Member): held 5 meetings in FY2025 .
- Legal & Compliance Oversight (Member): held 4 meetings in FY2025 .
Attendance and engagement: The Board met 4 times in FY2025; each director attended at least 75% of combined Board and committee meetings; independent directors met regularly in executive sessions .
Tenure: Director since 2008 (Class I; standing for re-election to 2028) .

Fixed Compensation

Component	Amount ($)	Notes
Annual cash retainer	75,000	Standard non-employee director retainer
Committee chair fee (Corporate Governance & Nominating)	15,000	Chair fee per policy
Audit Committee member fee	10,000	Member fee per policy
Legal & Compliance Oversight Committee member fee	7,500	Member fee per policy
Total cash fees (FY2025)	107,500	Matches reported fees earned

Performance Compensation

Equity Type	Grant Date	Shares/Units	Fair Value ($)	Vesting	Notes
RSUs (annual director grant)	July 30, 2024	286 (unvested as of FY2025 year-end)	120,114	100% on anniversary of grant (or next annual meeting)	Greenblatt elected to defer payout until retirement/separation (Board-approved irrevocable deferral)
Performance metrics tied to director equity	—	—	—	—	None; director awards are time-based RSUs only

Other Directorships & Interlocks

Current public company directorships: None disclosed .
Committee interlocks: Cavco discloses no compensation committee interlocks in FY2025; Greenblatt is not on the Compensation Committee .
Potential interlocks: None identified with competitors/suppliers/customers in proxy .

Expertise & Qualifications

Legal/regulatory leadership and corporate governance (former Deputy GC; GC roles; licensed attorney) .
M&A and corporate development experience (Eagle Materials SVP M&A) .
Deep Cavco/industry knowledge as former Cavco General Counsel while at Centex .
Skills matrix highlights legal/regulatory and governance competencies among directors .

Equity Ownership

Item	Detail
Total beneficial ownership	15,286 shares
Ownership as % of shares outstanding	~0.19% (15,286 / 8,001,491)
Unvested RSUs (as of 3/29/2025)	286 RSUs
Deferred RSUs	2,550 shares to be acquired upon retirement under deferral election
Options	None disclosed for Greenblatt; Blount has options, not Greenblatt
Anti-hedging/pledging	Prohibited for directors; no hardship exemption
Stock ownership guidelines	≥5x annual director cash retainer within 5 full fiscal years
Indicative compliance	At FY2025 closing price ($513.96), holdings approximate ~$7.87M, exceeding 5x retainer ($375k) threshold (calculation; price cited)

Insider Trades (Form 4 filings)

Date (Period of Report)	Transaction	Shares	Notes/Source
March 5, 2025	Sale	4,000	Reported as most recent sale; see Cavco IR Form 4 PDF and third-party summary
July 28, 2025	Acquisition (A) of RSUs	290	RSU grant/acquisition recorded on Form 4
August 1, 2024	Form 4 filed	—	Director equity-related filing; see Cavco IR Form 4 PDF

Governance Assessment

Strengths and alignment: Independent director with long tenure and deep legal/M&A expertise; chairs governance; serves on audit and legal/compliance committees (risk oversight and related-party review), with regular committee activity (Audit 5x, Governance 4x, Legal & Compliance 4x in FY2025) and at least 75% attendance at Board/committee meetings . Strong ownership and an RSU deferral election indicate long-term alignment; anti-hedging/pledging policy strengthens investor confidence .
Compensation structure: Director pay is modestly sized and balanced (cash fees consistent with committee roles; equity as one-year RSUs), no performance-based metrics for directors—reduces risk of short-term focus .
Conflicts/related-party: Audit Committee oversees and approves related-party transactions; Cavco reports no related person transactions in FY2025 and none proposed—reducing conflict risk .
Shareholder signals: Say-on-pay approval >98% in 2024 reflects broad investor support for compensation practices; clawback policy in place .
Considerations: Long tenure (since 2008) supports continuity but merits ongoing board refreshment monitoring; historical Cavco GC role (via Centex) underscores company knowledge but requires continued independence vigilance (Board affirmed independence) .

RED FLAGS: None identified in proxy—no related-party transactions, no pledging/hedging, acceptable attendance, and independent status affirmed .