CarGurus (CARG) CEO receives 227,790 RSU equity award and discloses trust holdings

Rhea-AI Filing Summary

CarGurus, Inc. director and Chief Executive Officer Jason Trevisan reported an equity award of 227,790 RSUs for Class A common stock, granted at no cash cost. Each RSU converts into one share, vesting 6.25% on April 1, 2026 and every three months thereafter until January 1, 2030, subject to continued employment and potential acceleration upon a Change of Control. The filing also notes indirect holdings of 80,000 shares in a 2019 Family Trust and 200,000 shares in a 2025 GRAT, both where Trevisan serves as trustee.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Trevisan Jason

(Last) (First) (Middle)

1001 BOYLSTON STREET

16TH FLOOR

(Street)

BOSTON MA 02115

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CarGurus, Inc. [ CARG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	03/02/2026		A(1)		227,790	A	$0	848,552	D
Class A Common Stock								80,000	I	See Footnote(2)
Class A Common Stock								200,000	I	See Footnote(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares issuable upon settlement of restricted stock units ("RSUs") granted to the Reporting Person. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock. Subject to the Reporting Person's continuous service as an employee of the Issuer, 6.25% of the RSUs will vest on April 1, 2026 and 6.25% of the RSUs will vest on the first day of each three-month period thereafter until January 1, 2030. Such vesting may be accelerated in connection with a Change of Control (as defined in the Issuer's Omnibus Incentive Compensation Plan).

2. These shares are held directly by the Jason Trevisan 2019 Family Trust dated July 23, 2019 (the "Family Trust"), of which the Reporting Person is trustee. The Reporting Person and members of his immediate family are the beneficiaries of the Family Trust.

3. These shares are held directly by the Trevisan 2025 Grantor Retained Annuity Trust dated March 13, 2025 (the "GRAT"), of which the Reporting Person is trustee. The Reporting Person's children are the beneficiaries of the GRAT.

	/s/ Suzanne Murray, as attorney-in-fact	03/04/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did CarGurus (CARG) CEO Jason Trevisan report in this Form 4 filing?

Jason Trevisan reported receiving 227,790 restricted stock units (RSUs) of CarGurus Class A common stock. The award is a stock-based compensation grant, not a market purchase, and reflects an incentive structure tied to his continued employment at the company over several years.

How do the 227,790 CarGurus (CARG) RSUs granted to the CEO vest over time?

The 227,790 RSUs vest gradually, with 6.25% scheduled to vest on April 1, 2026 and 6.25% vesting on the first day of each three-month period thereafter. Vesting continues until January 1, 2030, assuming Jason Trevisan remains continuously employed by CarGurus.

Are the new CarGurus (CARG) RSUs granted to the CEO tied to any special conditions?

Yes, vesting of the RSUs requires Jason Trevisan’s continuous service as an employee. The filing also states that vesting may be accelerated in connection with a Change of Control, as defined under CarGurus’ Omnibus Incentive Compensation Plan governing equity awards.

What indirect CarGurus (CARG) share holdings related to the CEO are disclosed in this Form 4?

The filing shows 80,000 shares held by the Jason Trevisan 2019 Family Trust, benefiting Trevisan and his immediate family, and 200,000 shares held by a 2025 Grantor Retained Annuity Trust benefiting his children. In both cases, Trevisan serves as trustee overseeing these trust-held positions.

Does this CarGurus (CARG) Form 4 show the CEO buying or selling shares on the open market?

No, the primary reported transaction is a grant of 227,790 RSUs designated as a grant, award, or other acquisition. The filing does not report any open-market purchases or sales by Jason Trevisan, only stock-based compensation and existing trust-held share positions.

How many CarGurus (CARG) shares does the CEO hold directly after this RSU grant?

After the RSU grant, the Form 4 lists 848,552 shares of CarGurus Class A common stock as directly owned by Jason Trevisan. This figure includes the newly granted RSUs, which represent rights to receive shares as they vest over the disclosed multi-year schedule.