Carvana CEO Garcia sells 10,000 shares via trusts

Rhea-AI Filing Summary

Carvana Co. insider Ernest C. Garcia III, the Chief Executive Officer and a 10% owner, reported Rule 10b5-1 plan sales totaling 10,000 shares of Class A common stock on August 15, 2025, executed through the Ernest Irrevocable 2004 Trust III and the Ernest C. Garcia III Multi-Generational Trust III at volume-weighted average prices around $339–$351 per share. After these transactions, the Irrevocable Trust held 536,440 shares, the Multi-Generational Trust held 636,440 shares, and Garcia held 923,155 shares directly.

Insights

Securities Analyst

TL;DR: Routine, pre-planned insider sales under a 10b5-1 plan; sizable volume but no new disclosures about company operations.

The filing documents substantial sales totaling 923,155 Class A shares executed on 08/15/2025 under a Rule 10b5-1 plan adopted 12/13/2024. Reporting multiple VWAPs and price ranges (approximately $338.56–$351.03) increases transparency on execution. These are disposals reported as indirect holdings via two trusts, indicating sales did not stem from open-market ad hoc insider trading. From an investor-impact perspective, the filing is informational about insider liquidity but does not convey any operating or financial change at the issuer.

Corporate Governance Expert

TL;DR: Governance signal—insider used an established 10b5-1 plan, enhancing procedural compliance despite the material size of sales.

The filing confirms that sales were effected under a pre-established Rule 10b5-1 trading plan, which provides the reporting person an affirmative defense against claims of trading on material nonpublic information. The use of a power of attorney to sign the Form 4 is noted. The magnitude of reported disposals (923,155 shares) is material in absolute terms and should be interpreted as an insider liquidity event, but the plan-based execution supports procedural compliance rather than opportunistic trading.

Insider Trade Summary

Net Seller: 10,000 shares

Net Sell 25 txns

Insider GARCIA ERNEST C. III

Role Chief Executive Officer

Sold 10,000 shs ($3.46M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	452	$339.10	$153K
Sale	Class A Common Stock	452	$339.10	$153K
Sale	Class A Common Stock	416	$339.76	$141K
Sale	Class A Common Stock	415	$340.25	$141K
Sale	Class A Common Stock	142	$340.62	$48K
Sale	Class A Common Stock	143	$340.67	$49K
Sale	Class A Common Stock	54	$341.87	$18K
Sale	Class A Common Stock	53	$342.37	$18K
Sale	Class A Common Stock	257	$342.96	$88K
Sale	Class A Common Stock	258	$343.66	$89K
Sale	Class A Common Stock	113	$344.11	$39K
Sale	Class A Common Stock	112	$344.32	$39K
Sale	Class A Common Stock	131	$345.48	$45K
Sale	Class A Common Stock	132	$345.91	$46K
Sale	Class A Common Stock	413	$346.76	$143K
Sale	Class A Common Stock	413	$346.76	$143K
Sale	Class A Common Stock	790	$347.42	$274K
Sale	Class A Common Stock	789	$347.92	$275K
Sale	Class A Common Stock	1,025	$348.42	$357K
Sale	Class A Common Stock	1,026	$348.99	$358K
Sale	Class A Common Stock	791	$349.65	$277K
Sale	Class A Common Stock	791	$349.65	$277K
Sale	Class A Common Stock	416	$350.56	$146K
Sale	Class A Common Stock	416	$350.56	$146K
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 536,440 shares (Indirect, Ernest Irrevocable 2004 Trust III); Class A Common Stock — 636,440 shares (Indirect, Ernest C. Garcia III Multi-Generational Trust III); Class A Common Stock — 923,155 shares (Direct)

Footnotes (22)

1. F1. The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.
2. F2. This transaction was executed in multiple trades at prices ranging from $338.56 to $339.56 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
3. F3. These shares of Class A Common Stock are held directly by the Ernest Irrevocable 2004 Trust III (the "Irrevocable Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Irrevocable Trust.
4. F4. These shares of Class A Common Stock are held directly by the Ernest C. Garcia III Multi-Generational Trust III (the "Multi-Generational Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Multi-Generational Trust.
5. F5. This transaction was executed in multiple trades at prices ranging from $339.57 to $340.08 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
6. F6. This transaction was executed in multiple trades at prices ranging from $340.08 to $340.54 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
7. F7. This transaction was executed in multiple trades at prices ranging from $340.59 to $340.63, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
8. F8. This transaction was executed in multiple trades at prices ranging from $340.63 to $340.81, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
9. F9. This transaction was executed in multiple trades at prices ranging from $341.87 to $342.70 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
10. F10. This transaction was executed in multiple trades at prices ranging from $342.96 to $343.01 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
11. F11. This transaction was executed in multiple trades at prices ranging from $343.01 to $343.91 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
12. F12. This transaction was executed in multiple trades at prices ranging from $344.02 to $344.16 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
13. F13. This transaction was executed in multiple trades at prices ranging from $344.16 to $345.00, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
14. F14. This transaction was executed in multiple trades at prices ranging from $345.10 to $345.80 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
15. F15. This transaction was executed in multiple trades at prices ranging from $345.80 to $346.08 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
16. F16. This transaction was executed in multiple trades at prices ranging from $346.18 to $347.18 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
17. F17. This transaction was executed in multiple trades at prices ranging from $347.19 to $347.65 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
18. F18. This transaction was executed in multiple trades at prices ranging from $347.65 to $348.18 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
19. F19. This transaction was executed in multiple trades at prices ranging from $348.20 to $348.74 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
20. F20. This transaction was executed in multiple trades at prices ranging from $348.74 to $349.20 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
21. F21. This transaction was executed in multiple trades at prices ranging from $349.21 to $350.21 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
22. F22. This transaction was executed in multiple trades at prices ranging from $350.27 to $351.03 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

Key Figures

Shares sold: 10,000 shares Irrevocable Trust holding: 536,440 shares Multi-Generational Trust holding: 636,440 shares +3 more

6 metrics

Shares sold 10,000 shares Net shares sold by Garcia-associated trusts on August 15, 2025

Irrevocable Trust holding 536,440 shares Post-transaction holdings in Ernest Irrevocable 2004 Trust III

Multi-Generational Trust holding 636,440 shares Post-transaction holdings in Ernest C. Garcia III Multi-Generational Trust III

Direct holding 923,155 shares Direct Class A common stock holdings after the reported transactions

Sale price range $338.56–$351.03 per share Ranges disclosed in footnotes for multiple trades on August 15, 2025

Rule 10b5-1 plan adoption December 13, 2024 Date Garcia adopted the trading plan covering the reported sales

Key Terms

Rule 10b5-1 trading plan, volume weighted average sale price, Investment Trustee, Co-Administrative Trustee

4 terms

Rule 10b5-1 trading plan regulatory

"The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted..."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

volume weighted average sale price financial

"The price reported above reflects the volume weighted average sale price."

Investment Trustee regulatory

"The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Irrevocable Trust."

Co-Administrative Trustee regulatory

"The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Multi-Generational Trust."

FAQ

What did Carvana (CVNA) CEO Ernest Garcia III report in this Form 4?

Ernest Garcia III reported sales of 10,000 Class A shares of Carvana Co. on August 15, 2025. The sales were executed by two trusts associated with him under a Rule 10b5-1 trading plan adopted on December 13, 2024.

How many Carvana (CVNA) shares did Garcia’s trusts sell, and at what prices?

Garcia’s trusts sold 10,000 Carvana Class A shares in multiple trades at volume-weighted average prices generally around $339–$351 per share, with footnotes describing specific price ranges for the aggregated trades.

Were the Carvana (CVNA) share sales by Ernest Garcia III made under a trading plan?

Yes. Footnotes state the reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by Ernest Garcia III on December 13, 2024, indicating the trades were pre-arranged under that plan.

How many Carvana (CVNA) shares do Garcia’s trusts hold after these transactions?

After the reported sales, the Ernest Irrevocable 2004 Trust III held 536,440 Carvana Class A shares and the Ernest C. Garcia III Multi-Generational Trust III held 636,440 shares, as reported post-transaction.

What is Ernest Garcia III’s direct Carvana (CVNA) shareholding after the reported trades?

Following the transactions, Ernest Garcia III is shown with a direct holding of 923,155 Carvana Class A shares, in addition to the substantial indirect holdings in the two trusts associated with him.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/18/2025 - 05:19 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^*

GARCIA ERNEST C. III

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

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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	08/15/2025		S		452(1)	D	$339.1(2)	540,988	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	08/15/2025		S		452(1)	D	$339.1(2)	640,988	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	08/15/2025		S		416(1)	D	$339.76(5)	540,572	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	08/15/2025		S		415(1)	D	$340.25(6)	640,573	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	08/15/2025		S		142(1)	D	$340.62(7)	540,430	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	08/15/2025		S		143(1)	D	$340.67(8)	640,430	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	08/15/2025		S		54(1)	D	$341.87	540,376	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	08/15/2025		S		53(1)	D	$342.37(9)	640,377	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	08/15/2025		S		257(1)	D	$342.96(10)	540,119	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	08/15/2025		S		258(1)	D	$343.66(11)	640,119	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	08/15/2025		S		113(1)	D	$344.11(12)	540,006	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	08/15/2025		S		112(1)	D	$344.32(13)	640,007	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	08/15/2025		S		131(1)	D	$345.48(14)	539,875	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	08/15/2025		S		132(1)	D	$345.91(15)	639,875	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	08/15/2025		S		413(1)	D	$346.76(16)	539,462	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	08/15/2025		S		413(1)	D	$346.76(16)	639,462	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	08/15/2025		S		790(1)	D	$347.42(17)	538,672	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	08/15/2025		S		789(1)	D	$347.92(18)	638,673	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	08/15/2025		S		1,025(1)	D	$348.42(19)	537,647	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	08/15/2025		S		1,026(1)	D	$348.99(20)	637,647	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	08/15/2025		S		791(1)	D	$349.65(21)	536,856	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	08/15/2025		S		791(1)	D	$349.65(21)	636,856	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock	08/15/2025		S		416(1)	D	$350.56(22)	536,440	I	Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock	08/15/2025		S		416(1)	D	$350.56(22)	636,440	I	Ernest C. Garcia III Multi-Generational Trust III(4)
Class A Common Stock								923,155	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

Explanation of Responses:

1. The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024.

2. This transaction was executed in multiple trades at prices ranging from $338.56 to $339.56 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

3. These shares of Class A Common Stock are held directly by the Ernest Irrevocable 2004 Trust III (the "Irrevocable Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Irrevocable Trust.

4. These shares of Class A Common Stock are held directly by the Ernest C. Garcia III Multi-Generational Trust III (the "Multi-Generational Trust"). The Reporting Person is the Investment Trustee and Co-Administrative Trustee of the Multi-Generational Trust.

5. This transaction was executed in multiple trades at prices ranging from $339.57 to $340.08 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

6. This transaction was executed in multiple trades at prices ranging from $340.08 to $340.54 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

7. This transaction was executed in multiple trades at prices ranging from $340.59 to $340.63, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

8. This transaction was executed in multiple trades at prices ranging from $340.63 to $340.81, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

9. This transaction was executed in multiple trades at prices ranging from $341.87 to $342.70 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

10. This transaction was executed in multiple trades at prices ranging from $342.96 to $343.01 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

11. This transaction was executed in multiple trades at prices ranging from $343.01 to $343.91 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

12. This transaction was executed in multiple trades at prices ranging from $344.02 to $344.16 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

13. This transaction was executed in multiple trades at prices ranging from $344.16 to $345.00, inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

14. This transaction was executed in multiple trades at prices ranging from $345.10 to $345.80 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

15. This transaction was executed in multiple trades at prices ranging from $345.80 to $346.08 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

16. This transaction was executed in multiple trades at prices ranging from $346.18 to $347.18 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

17. This transaction was executed in multiple trades at prices ranging from $347.19 to $347.65 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

18. This transaction was executed in multiple trades at prices ranging from $347.65 to $348.18 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

19. This transaction was executed in multiple trades at prices ranging from $348.20 to $348.74 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

20. This transaction was executed in multiple trades at prices ranging from $348.74 to $349.20 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

21. This transaction was executed in multiple trades at prices ranging from $349.21 to $350.21 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

22. This transaction was executed in multiple trades at prices ranging from $350.27 to $351.03 inclusive. The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Ernest C. Garcia, III	08/18/2025
	** 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.