Carvana (NYSE: CVNA) COO Huston exercises 40,000 options and sells shares

Rhea-AI Filing Summary

Carvana Co. executive Benjamin E. Huston, the Chief Operating Officer, reported insider transactions in the company’s Class A common stock. On 12/08/2025, he exercised 40,000 stock options at an exercise price of $10.07 per share, acquiring the same number of Class A shares. That same day, he reported two sales of 20,000 shares each, at prices of $429 and $450 per share. Following these transactions, Huston reported owning 100,758 Class A shares directly and 368,513 stock options.

The filing notes that the option exercises and sales were carried out under a Rule 10b5-1 trading plan adopted on December 13, 2024, which is a pre-arranged plan intended to allow insiders to trade shares over time according to set instructions. The non-qualified stock options exercised were part of a grant that vested 25% on April 1, 2024 and then monthly over the following three years, conditioned on Huston’s continued service with Carvana.

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^*

HUSTON BENJAMIN 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)

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

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		40,000(1)	A	$10.07	140,758	D
Class A Common Stock	12/08/2025		S		20,000(1)	D	$429	120,758	D
Class A Common Stock	12/08/2025		S		20,000(1)	D	$450	100,758	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)			40,000	04/01/2024(2)	02/22/2033	Class A Common Stock	40,000	$0	368,513	D

Explanation of Responses:

1. The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 13, 2024 (the "10b5-1 Plan").

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 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 Benjamin E. Huston	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 for its COO?

Carvana’s Chief Operating Officer, Benjamin E. Huston, reported exercising 40,000 stock options for Class A common stock and selling a total of 40,000 shares on 12/08/2025.

At what prices did the Carvana (CVNA) COO exercise and sell his shares?

Benjamin Huston exercised options with an exercise price of $10.07 per share. He then reported selling 20,000 shares at $429 per share and another 20,000 shares at $450 per share.

How many Carvana (CVNA) shares does the COO report owning after these transactions?

After the reported transactions, Benjamin Huston reported owning 100,758 shares of Carvana Class A common stock directly, along with 368,513 stock options.

Was the Carvana (CVNA) COO’s trading done under a Rule 10b5-1 plan?

Yes. The option exercises and share sales were effected under a Rule 10b5-1 trading plan that Benjamin Huston adopted on December 13, 2024.

What is the vesting schedule of the Carvana (CVNA) stock options exercised by the COO?

The non-qualified stock options exercised vested 25% on April 1, 2024, with the remainder vesting monthly over the following three years, subject to Huston’s continued service with Carvana.

What role does Benjamin E. Huston hold at Carvana (CVNA)?

Benjamin E. Huston is reported as an officer of Carvana Co., serving as its Chief Operating Officer, and he is a reporting person for these insider transactions.