Carvana (CVNA) director exercises 10,000 options and updates trust holdings

Rhea-AI Filing Summary

Carvana Co. director Ira J. Platt exercised stock options to acquire 10,000 shares of Class A common stock at an exercise price of $15.00 per share. After this derivative exercise, his direct Class A common stock holdings increased to 36,105 shares, and the option position referenced in this filing was fully converted.

The filing also records estate-related transfers: 850 shares were distributed from an account previously held by his parent due to a family member’s death, with 425 of those shares moving into the Ira J. Platt Revocable Trust. Indirect holdings now include 11,258 shares held by a trust and 1,999 shares held by the Platt Family Foundation, a charitable organization over which Platt has voting and investment power while disclaiming beneficial ownership except for any pecuniary interest.

Insights

Equity compensation and insider trading analyst

Platt’s Form 4 shows a routine option exercise and estate-related reallocations, with no open-market buying or selling.

Director Ira J. Platt exercised non-qualified stock options to acquire 10,000 shares of Carvana Class A common stock at an exercise price of $15.00 per share. Following this exercise, his direct common stock position rose to 36,105 shares, and there are no remaining derivative positions listed in this filing, indicating a full exercise of the reported option grant.

The filing also details 1,275 shares involved in estate-related distributions coded as W, tied to the death of a family member. Of 850 shares distributed from a parent’s account, 425 went to the Ira J. Platt Revocable Trust, with additional trust and foundation holdings reported as indirect. These are non-market transfers and restructuring entries rather than discretionary market trades, so the informational signal for investors is limited and best viewed as routine position housekeeping.

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^*

PLATT IRA J.

(Last) (First) (Middle)

C/O CARVANA CO.

300 E. RIO SALADO PARKWAY

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/12/2026

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	03/12/2026		W(1)		850	D	$0	0	I	By Parent
Class A Common Stock	03/12/2026		W(1)		425	A	$0	20,425	I	By Trust(2)
Class A Common Stock	03/12/2026		M		10,000	A	$15	36,105	D
Class A Common Stock								11,258	I	By Trust(3)
Class A Common Stock								1,999	I	Platt Family Foundation(4)

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)	$15	03/12/2026		M			10,000	(5)	04/27/2027	Class A Common Stock	10,000	$0	20,928	D

Explanation of Responses:

1. 850 shares of Class A common stock were distributed from an account previously held by the Reporting Person's parent due to the death of a family member. 425 of such shares were distributed to the Ira J. Platt Revocable Trust (the "Revocable Trust").

2. Represents shares of Class A common stock held directly by the Revocable Trust. The Reporting Person is co-trustee and the Reporting Person's spouse is primary beneficiary of the Revocable Trust.

3. Represents shares of Class A common stock held directly by the Georgiana Platt and Successors Remainder Trust (the "Settlers Trust"). The Reporting Person's spouse is co-trustee and primary beneficiary of the Settlers Trust.

4. Represents shares of Class A common stock held by the Platt Family Foundation (the "Foundation"), a charitable organization. The Reporting Person has voting and investment power over all securities owned by the Foundation. The Reporting Person disclaims beneficial ownership of the shares, except to the extent of his pecuniary interest therein.

5. The non-qualified stock options representing the right to purchase for the exercise price Class A common stock of the Issuer vested in three equal annual installments beginning on April 27, 2018.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Ira J. Platt	03/16/2026
	** 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.

FAQ

What did Carvana (CVNA) director Ira J. Platt report in this Form 4?

Director Ira J. Platt reported exercising stock options for 10,000 shares of Carvana Class A common stock at $15.00 per share. The filing also records estate-related transfers and updated indirect holdings through trusts and a family foundation.

Did Ira J. Platt buy or sell Carvana (CVNA) shares on the open market?

The filing does not show any open-market purchases or sales. It reports a derivative exercise of 10,000 options at $15.00 and estate-related reallocations coded as W, which reflect inheritance and trust distributions rather than discretionary market trades.

How many Carvana (CVNA) shares does Ira J. Platt hold after the reported transactions?

After the reported transactions, Ira J. Platt directly holds 36,105 shares of Carvana Class A common stock. The filing also lists 11,258 shares held indirectly by a trust and 1,999 shares held by the Platt Family Foundation as indirect positions associated with him.

What estate-related transfers are disclosed for Ira J. Platt in Carvana’s Form 4?

The Form 4 states that 850 shares were distributed from an account previously held by Platt’s parent due to a family member’s death. Of these, 425 shares were distributed to the Ira J. Platt Revocable Trust, with additional trust holdings reported as indirect ownership.

What is the Platt Family Foundation’s role in Carvana (CVNA) share ownership?

The Platt Family Foundation holds 1,999 Carvana shares as disclosed in the filing. Ira J. Platt has voting and investment power over these securities but disclaims beneficial ownership, except to the extent of any pecuniary interest he may have in the foundation’s holdings.