Carvana insider exercises options, sells 10,000 Class A shares

Carvana Co. insider reports option exercise and share sale.

Rhea-AI Filing Summary

Carvana Co. insider reports option exercise and share sale. On December 12, 2025, an officer of Carvana, serving as President, Special Projects, exercised 10,000 stock options for Class A common stock at an exercise price of $10.07 per share and immediately sold 10,000 Class A shares at a price of $475 per share. After these transactions, the reporting person directly held 69,880 shares of Class A common stock and 151,282 stock options. The filing states that the option exercise and share sale were carried out under a Rule 10b5-1 trading plan adopted on August 8, 2025, which is a pre-arranged plan intended to structure trading while addressing insider trading concerns.

Insider Trade Summary

Exercise and Sale: 10,000 shares ($4.65M approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Taira Thomas

Role President, Special Projects

Sold 10,000 shs ($4.75M)

Approx. gross sale proceeds $4.75M

Approx. exercise cost $101K

Approx. pre-tax spread $4.65M

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	10,000	$0.00	$0.00
Exercise	Class A Common Stock	10,000	$10.07	$101K
Sale	Class A Common Stock	10,000	$475.00	$4.75M

Holdings After Transaction: Stock Options (Right to Buy) — 151,282 contracts (Direct); Class A Common Stock — 69,880 shares (Direct)

Footnotes (2)

1. F1. The reported option exercise and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 8, 2025.
2. F2. The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock of the Issuer vested 25% on April 1, 2024 and vest monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

FAQ

What insider transaction did Carvana (CVNA) report on this Form 4?

An officer of Carvana Co. reported exercising 10,000 stock options for Class A common stock at $10.07 per share and selling 10,000 Class A shares at $475 per share on December 12, 2025.

How many Carvana (CVNA) shares does the reporting person own after the transaction?

Following the reported transactions, the officer directly owned 69,880 shares of Carvana Class A common stock and held 151,282 stock options.

What role does the reporting person hold at Carvana (CVNA)?

The reporting person is an officer of Carvana Co. with the title President, Special Projects, as disclosed in the filing.

Was the Carvana (CVNA) insider trade made under a Rule 10b5-1 plan?

Yes. The filing explains that the option exercise and share sale were effected under a Rule 10b5-1 trading plan adopted by the reporting person on August 8, 2025.

What type of derivative security did the Carvana (CVNA) insider exercise?

The officer exercised stock options (right to buy) for 10,000 shares of Carvana Class A common stock at an exercise price of $10.07 per share.

How do the Carvana (CVNA) stock options vest for this insider?

The filing states that the non-qualified stock options vested 25% on April 1, 2024 and vest monthly thereafter for the following three years, subject to continued service with Carvana.

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Accepted by SEC EDGAR 12/12/2025 - 06:02 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

X

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^*

Taira Thomas

(Last) (First) (Middle)

300 E. RIO SALADO PKWY

(Street)

TEMPE AZ 85281

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CARVANA CO. [ CVNA ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, Special Projects

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2025

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	12/12/2025		M		10,000(1)	A	$10.07	79,880	D
Class A Common Stock	12/12/2025		S		10,000(1)	D	$475	69,880	D

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
Stock Options (Right to Buy)	$10.07	12/12/2025		M(1)			10,000	04/01/2024(2)	02/22/2033	Class A Common Stock	10,000	$0	151,282	D

Explanation of Responses:

1. The reported option exercise and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 8, 2025.

2. The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock of the Issuer vested 25% on April 1, 2024 and vest monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Thomas Taira	12/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.