Carvana (CVNA) director Michael Maroone reports option exercise and stock sales

Rhea-AI Filing Summary

Carvana Co. director Michael E. Maroone reported an option exercise and related share sales. On 12/03/2025, he exercised stock options for 30,928 shares of Class A common stock at an exercise price of $15 per share and acquired these shares. The same day, he sold 29,576 Class A shares at a volume-weighted average price of $400.3 per share in trades executed between $400.00 and $400.99, and sold an additional 1,352 shares at a volume-weighted average price of $401.18 per share in trades between $401.02 and $401.32. After these transactions, he held 143,573 Class A shares directly, plus 45,000 shares indirectly through the Michael Maroone Family Partnership, LP and 264 shares indirectly through a family trust. The transactions were executed under a Rule 10b5-1 trading plan adopted on May 30, 2025.

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^*

MAROONE MICHAEL E

(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)
12/03/2025

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	12/03/2025		M		30,928	A	$15	174,501	D
Class A Common Stock	12/03/2025		S		29,576(1)	D	$400.3(2)(3)	144,925	D
Class A Common Stock	12/03/2025		S		1,352(1)	D	$401.18(2)(4)	143,573	D
Class A Common Stock								45,000	I	Michael Maroone Family Partnership, LP(5)
Class A Common Stock								264	I	By Family Trust FBO Michael E. Maroone(6)

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	12/03/2025		M			30,928	(7)	04/27/2027	Class A Common Stock	30,928	$0	0	D

Explanation of Responses:

1. The reported sale and option exercise was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 30, 2025.

2. 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. This transaction was executed in multiple trades at prices ranging from $400.00 to $400.99, inclusive.

4. This transaction was executed in multiple trades at prices ranging from $401.02 to $401.32, inclusive.

5. Represents shares of Class A common stock held directly by the Michael Maroone Family Partnership, LP, an entity controlled by the Reporting Person.

6. Represents shares of Class A common stock held directly by the Family Trust FBO Michael E. Maroone, where the Reporting Person is beneficiary and trustee.

7. The options vested in three equal annual installments beginning on April 27, 2018.

Remarks:

	/s/ Paul Breaux, by Power of Attorney for Michael E. Maroone	12/04/2025
	** 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.

FAQ

What insider transaction did Carvana (CVNA) disclose for Michael E. Maroone?

Carvana disclosed that director Michael E. Maroone exercised stock options for 30,928 Class A shares at an exercise price of $15 per share on 12/03/2025 and reported related sales of Class A common stock.

How many Carvana (CVNA) shares did Michael E. Maroone sell and at what prices?

On 12/03/2025, Michael E. Maroone sold 29,576 Class A shares at a volume-weighted average price of $400.3 per share and 1,352 shares at a volume-weighted average price of $401.18 per share, in multiple trades within the disclosed price ranges.

How many Carvana (CVNA) shares does Michael E. Maroone own after the reported Form 4 transactions?

Following the reported transactions, Michael E. Maroone directly owns 143,573 Class A shares. Indirectly, he holds 45,000 shares through the Michael Maroone Family Partnership, LP and 264 shares through a Family Trust FBO Michael E. Maroone.

Were the Carvana (CVNA) trades by Michael E. Maroone under a Rule 10b5-1 plan?

Yes. The sale and option exercise were effected under a Rule 10b5-1 trading plan adopted by Michael E. Maroone on May 30, 2025, as disclosed in the explanation of responses.

What stock options did Michael E. Maroone exercise in this Carvana (CVNA) Form 4?

He exercised stock options (right to buy) for 30,928 Class A common shares at an exercise price of $15 per share. The options vested in three equal annual installments beginning on April 27, 2018 and had an expiration date of April 27, 2027.

What is Michael E. Maroone’s relationship to Carvana (CVNA)?

On the reported Form 4, Michael E. Maroone is identified as a Director of Carvana Co. and the filing is made by one reporting person.