Carvana (NYSE: CVNA) officer exercises 20,000 options and sells Class A shares

Rhea-AI Filing Summary

Carvana Co. reported insider activity by an officer serving as President, Special Projects. On 12/08/2025, the insider exercised 20,000 stock options for Class A common stock at an exercise price of $10.07 per share and acquired the same number of shares. That day, the insider reported multiple sales of Class A common stock, including 20,000 shares at $429 per share, 952 shares at $434.77 per share, and 10,000 shares at $450 per share. After these transactions, the insider directly held 79,880 shares of Class A common stock and 161,282 stock options. The filing states that the option exercise and sales were carried out under a Rule 10b5-1 trading plan adopted on August 8, 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

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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).

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)
12/08/2025

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	12/08/2025		M		20,000(1)	A	$10.07	100,832	D
Class A Common Stock	12/08/2025		S		20,000(1)	D	$429	80,832	D
Class A Common Stock	12/08/2025		S		952(1)	D	$434.77	79,880	D
Class A Common Stock	12/08/2025		S		10,000(1)	D	$450	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	12/08/2025		M(1)			20,000	04/01/2024(2)	02/22/2033	Class A Common Stock	20,000	$0	161,282	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	12/10/2025
	** 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) report in this Form 4?

The filing reports that a Carvana officer exercised 20,000 stock options for Class A common stock at an exercise price of $10.07 per share and then sold several blocks of Class A shares on 12/08/2025.

How many Carvana (CVNA) shares did the insider sell and at what prices?

On 12/08/2025, the insider sold 20,000 shares at $429 per share, 952 shares at $434.77 per share, and 10,000 shares at $450 per share of Carvana Class A common stock.

How many Carvana (CVNA) shares and options does the insider hold after these transactions?

Following the reported trades, the insider beneficially owned 79,880 shares of Carvana Class A common stock directly and 161,282 stock options.

Who is the reporting person in this Carvana (CVNA) Form 4 and what is their role?

The reporting person is an officer of Carvana Co. serving as President, Special Projects, as indicated in the relationship section of the filing.

Were the reported Carvana (CVNA) trades made under a Rule 10b5-1 trading plan?

Yes. The explanation states that the option exercise and related sales were effected under a Rule 10b5-1 trading plan adopted by the reporting person on August 8, 2025.

What are the key terms of the Carvana (CVNA) stock options involved in this Form 4?

The non-qualified stock options give the right to purchase Carvana Class A common stock at an exercise price of $10.07 per share. They vested 25% on April 1, 2024 and vest monthly for the following three years, subject to continued service, with an expiration date of 02/22/2033.