STOCK TITAN

[Form 4] Carvana Co. Insider Trading Activity

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
4
Rhea-AI Filing Summary

Carvana Co. (CVNA) – Form 4 insider transaction filed 14 Jul 2025. Chief Executive Officer, Director and >10% owner Ernest C. Garcia III reported the sale of 10,000 Class A common shares on 10 Jul 2025 through two family trusts (Ernest Irrevocable 2004 Trust III and Ernest C. Garcia III Multi-Generational Trust III). The trades were executed under a Rule 10b5-1 trading plan adopted 13 Dec 2024.

  • Aggregate proceeds are approximately $3.49 million, based on volume-weighted average prices ranging from $345.85 to $356.07 per share.
  • Post-sale beneficial ownership disclosed at 924,384 Class A shares, implying a reduction of roughly 1 % of Garcia’s reported holdings.
  • The filing lists 20 separate sale lots, each annotated with price ranges and volume-weighted averages, demonstrating compliance with SEC price-reporting guidance.

No derivative security transactions were reported. Because the sales were pre-planned and represent a small fraction of total holdings, market impact is likely limited, yet investors often monitor continued insider selling as a potential sentiment signal.

Carvana Co. (CVNA) – Transazione interna Form 4 presentata il 14 luglio 2025. Il CEO, Direttore e azionista con oltre il 10% Ernest C. Garcia III ha segnalato la vendita di 10.000 azioni ordinarie di Classe A il 10 luglio 2025 tramite due trust familiari (Ernest Irrevocable 2004 Trust III e Ernest C. Garcia III Multi-Generational Trust III). Le operazioni sono state eseguite secondo un piano di trading Rule 10b5-1 adottato il 13 dicembre 2024.

  • I proventi complessivi ammontano a circa 3,49 milioni di dollari, basati su prezzi medi ponderati per volume che variano da 345,85 a 356,07 dollari per azione.
  • La proprietà beneficiaria dopo la vendita è dichiarata pari a 924.384 azioni di Classe A, indicando una riduzione di circa l’1% delle partecipazioni di Garcia.
  • La dichiarazione riporta 20 lotti di vendita distinti, ciascuno annotato con le fasce di prezzo e le medie ponderate per volume, a dimostrazione della conformità alle linee guida SEC sul reporting dei prezzi.

Non sono state segnalate transazioni su strumenti derivati. Poiché le vendite erano pianificate in anticipo e rappresentano una piccola frazione del totale delle partecipazioni, l’impatto sul mercato è probabilmente limitato, sebbene gli investitori monitorino spesso le vendite interne continue come possibile segnale di sentiment.

Carvana Co. (CVNA) – Transacción interna Formulario 4 presentada el 14 de julio de 2025. El CEO, Director y propietario con más del 10% Ernest C. Garcia III reportó la venta de 10,000 acciones ordinarias Clase A el 10 de julio de 2025 a través de dos fideicomisos familiares (Ernest Irrevocable 2004 Trust III y Ernest C. Garcia III Multi-Generational Trust III). Las operaciones se realizaron bajo un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024.

  • Los ingresos totales son aproximadamente 3,49 millones de dólares, basados en precios promedio ponderados por volumen que oscilan entre 345,85 y 356,07 dólares por acción.
  • La propiedad beneficiaria después de la venta se declara en 924,384 acciones Clase A, lo que implica una reducción de aproximadamente el 1% de las participaciones reportadas de Garcia.
  • El informe enumera 20 lotes de venta separados, cada uno anotado con rangos de precios y promedios ponderados por volumen, demostrando cumplimiento con las directrices de reporte de precios de la SEC.

No se reportaron transacciones con valores derivados. Dado que las ventas fueron planificadas con anticipación y representan una pequeña fracción del total de participaciones, el impacto en el mercado probablemente sea limitado, aunque los inversores suelen monitorear las ventas internas continuas como una posible señal de sentimiento.

Carvana Co. (CVNA) – 2025년 7월 14일 제출된 Form 4 내부자 거래 보고서. 최고경영자이자 이사, 10% 이상 지분 보유자인 Ernest C. Garcia III가 2025년 7월 10일 두 개의 가족 신탁(Ernest Irrevocable 2004 Trust III 및 Ernest C. Garcia III Multi-Generational Trust III)을 통해 10,000주 클래스 A 보통주를 매도했다고 보고했습니다. 이 거래는 2024년 12월 13일 채택된 Rule 10b5-1 거래 계획에 따라 실행되었습니다.

  • 총 수익은 약 349만 달러로, 주당 345.85달러에서 356.07달러 사이의 거래량 가중 평균 가격을 기준으로 합니다.
  • 매도 후 실질 소유 주식 수는 924,384주 클래스 A로 보고되었으며, 이는 Garcia의 보유 지분 중 약 1% 감소를 의미합니다.
  • 보고서에는 가격 범위와 거래량 가중 평균이 표시된 20개의 개별 매도 물량이 기재되어 있어 SEC 가격 보고 지침 준수를 보여줍니다.

파생상품 거래는 보고되지 않았습니다. 매도는 사전에 계획된 것이며 전체 보유 지분의 일부에 불과하므로 시장에 미치는 영향은 제한적일 가능성이 높지만, 투자자들은 내부자 매도 지속 여부를 잠재적인 시장 심리 신호로 주시하는 경우가 많습니다.

Carvana Co. (CVNA) – Déclaration d’opération d’initié Formulaire 4 déposée le 14 juillet 2025. Le PDG, administrateur et détenteur de plus de 10 % des parts Ernest C. Garcia III a déclaré la vente de 10 000 actions ordinaires de Classe A le 10 juillet 2025 via deux trusts familiaux (Ernest Irrevocable 2004 Trust III et Ernest C. Garcia III Multi-Generational Trust III). Les transactions ont été effectuées dans le cadre d’un plan de trading Rule 10b5-1 adopté le 13 décembre 2024.

  • Le produit total s’élève à environ 3,49 millions de dollars, basé sur des prix moyens pondérés par volume allant de 345,85 à 356,07 dollars par action.
  • La propriété bénéficiaire après la vente est déclarée à 924 384 actions de Classe A, ce qui implique une réduction d’environ 1 % des participations déclarées de Garcia.
  • Le dépôt liste 20 lots de vente distincts, chacun annoté avec des fourchettes de prix et des moyennes pondérées par volume, démontrant la conformité aux directives de la SEC relatives au reporting des prix.

Aucune transaction sur titres dérivés n’a été signalée. Étant donné que les ventes étaient planifiées à l’avance et ne représentent qu’une petite fraction des participations totales, l’impact sur le marché est probablement limité, bien que les investisseurs surveillent souvent les ventes d’initiés continues comme un possible indicateur de sentiment.

Carvana Co. (CVNA) – Form 4 Insider-Transaktion eingereicht am 14. Juli 2025. CEO, Direktor und Anteilseigner mit über 10% Ernest C. Garcia III meldete den Verkauf von 10.000 Class-A-Stammaktien am 10. Juli 2025 über zwei Familientrusts (Ernest Irrevocable 2004 Trust III und Ernest C. Garcia III Multi-Generational Trust III). Die Transaktionen erfolgten im Rahmen eines Rule 10b5-1 Handelsplans, der am 13. Dezember 2024 verabschiedet wurde.

  • Die Gesamterlöse belaufen sich auf etwa 3,49 Millionen US-Dollar, basierend auf volumengewichteten Durchschnittspreisen zwischen 345,85 und 356,07 US-Dollar pro Aktie.
  • Der nach dem Verkauf gemeldete wirtschaftliche Eigentum beträgt 924.384 Class-A-Aktien, was eine Reduzierung von etwa 1 % der gemeldeten Beteiligungen von Garcia bedeutet.
  • Die Meldung listet 20 einzelne Verkaufslose auf, die jeweils mit Preisbereichen und volumengewichteten Durchschnitten versehen sind, was die Einhaltung der SEC-Richtlinien zur Preisberichterstattung belegt.

Es wurden keine Derivatgeschäfte gemeldet. Da die Verkäufe vorab geplant waren und nur einen kleinen Teil der Gesamtbeteiligung darstellen, ist die Marktauswirkung wahrscheinlich begrenzt, dennoch beobachten Investoren fortlaufende Insiderverkäufe oft als potenzielles Stimmungsbarometer.

Positive
  • None.
Negative
  • CEO & 10% owner sold 10,000 shares (~$3.49 m), representing about 1 % of his holdings, which some investors may view as a mild negative sentiment signal.

Insights

TL;DR – CEO sold 10k shares (~$3.5 m); modest 1 % trim via 10b5-1, market impact neutral.

Ernest C. Garcia III’s disposition is routine in scale, executed under a pre-established Rule 10b5-1 program, which removes concerns of opportunistic timing. The 10,000-share block equates to roughly 0.2 % of CVNA’s public float and about 1 % of the insider’s personal stake, leaving him with more than 900 k shares. Such incremental sales rarely alter the investment thesis but can fatigue sentiment if they continue. No option exercises, no new holdings structures, and no derivative hedges were disclosed, suggesting straightforward liquidity management rather than strategic repositioning. Overall impact on valuation metrics or governance outlook is negligible.

Carvana Co. (CVNA) – Transazione interna Form 4 presentata il 14 luglio 2025. Il CEO, Direttore e azionista con oltre il 10% Ernest C. Garcia III ha segnalato la vendita di 10.000 azioni ordinarie di Classe A il 10 luglio 2025 tramite due trust familiari (Ernest Irrevocable 2004 Trust III e Ernest C. Garcia III Multi-Generational Trust III). Le operazioni sono state eseguite secondo un piano di trading Rule 10b5-1 adottato il 13 dicembre 2024.

  • I proventi complessivi ammontano a circa 3,49 milioni di dollari, basati su prezzi medi ponderati per volume che variano da 345,85 a 356,07 dollari per azione.
  • La proprietà beneficiaria dopo la vendita è dichiarata pari a 924.384 azioni di Classe A, indicando una riduzione di circa l’1% delle partecipazioni di Garcia.
  • La dichiarazione riporta 20 lotti di vendita distinti, ciascuno annotato con le fasce di prezzo e le medie ponderate per volume, a dimostrazione della conformità alle linee guida SEC sul reporting dei prezzi.

Non sono state segnalate transazioni su strumenti derivati. Poiché le vendite erano pianificate in anticipo e rappresentano una piccola frazione del totale delle partecipazioni, l’impatto sul mercato è probabilmente limitato, sebbene gli investitori monitorino spesso le vendite interne continue come possibile segnale di sentiment.

Carvana Co. (CVNA) – Transacción interna Formulario 4 presentada el 14 de julio de 2025. El CEO, Director y propietario con más del 10% Ernest C. Garcia III reportó la venta de 10,000 acciones ordinarias Clase A el 10 de julio de 2025 a través de dos fideicomisos familiares (Ernest Irrevocable 2004 Trust III y Ernest C. Garcia III Multi-Generational Trust III). Las operaciones se realizaron bajo un plan de negociación Rule 10b5-1 adoptado el 13 de diciembre de 2024.

  • Los ingresos totales son aproximadamente 3,49 millones de dólares, basados en precios promedio ponderados por volumen que oscilan entre 345,85 y 356,07 dólares por acción.
  • La propiedad beneficiaria después de la venta se declara en 924,384 acciones Clase A, lo que implica una reducción de aproximadamente el 1% de las participaciones reportadas de Garcia.
  • El informe enumera 20 lotes de venta separados, cada uno anotado con rangos de precios y promedios ponderados por volumen, demostrando cumplimiento con las directrices de reporte de precios de la SEC.

No se reportaron transacciones con valores derivados. Dado que las ventas fueron planificadas con anticipación y representan una pequeña fracción del total de participaciones, el impacto en el mercado probablemente sea limitado, aunque los inversores suelen monitorear las ventas internas continuas como una posible señal de sentimiento.

Carvana Co. (CVNA) – 2025년 7월 14일 제출된 Form 4 내부자 거래 보고서. 최고경영자이자 이사, 10% 이상 지분 보유자인 Ernest C. Garcia III가 2025년 7월 10일 두 개의 가족 신탁(Ernest Irrevocable 2004 Trust III 및 Ernest C. Garcia III Multi-Generational Trust III)을 통해 10,000주 클래스 A 보통주를 매도했다고 보고했습니다. 이 거래는 2024년 12월 13일 채택된 Rule 10b5-1 거래 계획에 따라 실행되었습니다.

  • 총 수익은 약 349만 달러로, 주당 345.85달러에서 356.07달러 사이의 거래량 가중 평균 가격을 기준으로 합니다.
  • 매도 후 실질 소유 주식 수는 924,384주 클래스 A로 보고되었으며, 이는 Garcia의 보유 지분 중 약 1% 감소를 의미합니다.
  • 보고서에는 가격 범위와 거래량 가중 평균이 표시된 20개의 개별 매도 물량이 기재되어 있어 SEC 가격 보고 지침 준수를 보여줍니다.

파생상품 거래는 보고되지 않았습니다. 매도는 사전에 계획된 것이며 전체 보유 지분의 일부에 불과하므로 시장에 미치는 영향은 제한적일 가능성이 높지만, 투자자들은 내부자 매도 지속 여부를 잠재적인 시장 심리 신호로 주시하는 경우가 많습니다.

Carvana Co. (CVNA) – Déclaration d’opération d’initié Formulaire 4 déposée le 14 juillet 2025. Le PDG, administrateur et détenteur de plus de 10 % des parts Ernest C. Garcia III a déclaré la vente de 10 000 actions ordinaires de Classe A le 10 juillet 2025 via deux trusts familiaux (Ernest Irrevocable 2004 Trust III et Ernest C. Garcia III Multi-Generational Trust III). Les transactions ont été effectuées dans le cadre d’un plan de trading Rule 10b5-1 adopté le 13 décembre 2024.

  • Le produit total s’élève à environ 3,49 millions de dollars, basé sur des prix moyens pondérés par volume allant de 345,85 à 356,07 dollars par action.
  • La propriété bénéficiaire après la vente est déclarée à 924 384 actions de Classe A, ce qui implique une réduction d’environ 1 % des participations déclarées de Garcia.
  • Le dépôt liste 20 lots de vente distincts, chacun annoté avec des fourchettes de prix et des moyennes pondérées par volume, démontrant la conformité aux directives de la SEC relatives au reporting des prix.

Aucune transaction sur titres dérivés n’a été signalée. Étant donné que les ventes étaient planifiées à l’avance et ne représentent qu’une petite fraction des participations totales, l’impact sur le marché est probablement limité, bien que les investisseurs surveillent souvent les ventes d’initiés continues comme un possible indicateur de sentiment.

Carvana Co. (CVNA) – Form 4 Insider-Transaktion eingereicht am 14. Juli 2025. CEO, Direktor und Anteilseigner mit über 10% Ernest C. Garcia III meldete den Verkauf von 10.000 Class-A-Stammaktien am 10. Juli 2025 über zwei Familientrusts (Ernest Irrevocable 2004 Trust III und Ernest C. Garcia III Multi-Generational Trust III). Die Transaktionen erfolgten im Rahmen eines Rule 10b5-1 Handelsplans, der am 13. Dezember 2024 verabschiedet wurde.

  • Die Gesamterlöse belaufen sich auf etwa 3,49 Millionen US-Dollar, basierend auf volumengewichteten Durchschnittspreisen zwischen 345,85 und 356,07 US-Dollar pro Aktie.
  • Der nach dem Verkauf gemeldete wirtschaftliche Eigentum beträgt 924.384 Class-A-Aktien, was eine Reduzierung von etwa 1 % der gemeldeten Beteiligungen von Garcia bedeutet.
  • Die Meldung listet 20 einzelne Verkaufslose auf, die jeweils mit Preisbereichen und volumengewichteten Durchschnitten versehen sind, was die Einhaltung der SEC-Richtlinien zur Preisberichterstattung belegt.

Es wurden keine Derivatgeschäfte gemeldet. Da die Verkäufe vorab geplant waren und nur einen kleinen Teil der Gesamtbeteiligung darstellen, ist die Marktauswirkung wahrscheinlich begrenzt, dennoch beobachten Investoren fortlaufende Insiderverkäufe oft als potenzielles Stimmungsbarometer.

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)
07/10/2025
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 07/10/2025 S 459(1) D $346.2(2) 670,981 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 07/10/2025 S 458(1) D $346.79(4) 770,982 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 07/10/2025 S 640(1) D $347.65(6) 670,341 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 07/10/2025 S 640(1) D $347.65(6) 770,342 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 07/10/2025 S 941(1) D $348.68(7) 669,400 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 07/10/2025 S 941(1) D $348.68(7) 769,401 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 07/10/2025 S 543(1) D $349.65(8) 668,857 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 07/10/2025 S 543(1) D $349.65(8) 768,858 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 07/10/2025 S 489(1) D $350.82(9) 668,368 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 07/10/2025 S 490(1) D $351.22(10) 768,368 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 07/10/2025 S 820(1) D $351.77(11) 667,548 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 07/10/2025 S 819(1) D $352.17(12) 767,549 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 07/10/2025 S 366(1) D $352.63(13) 667,182 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 07/10/2025 S 367(1) D $353.2(14) 767,182 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 07/10/2025 S 346(1) D $353.92(15) 666,836 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 07/10/2025 S 346(1) D $353.92(15) 766,836 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 07/10/2025 S 298(1) D $354.9(16) 666,538 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 07/10/2025 S 298(1) D $354.9(16) 766,538 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 07/10/2025 S 98(1) D $355.99(17) 666,440 I Ernest Irrevocable 2004 Trust III(3)
Class A Common Stock 07/10/2025 S 98(1) D $355.99(17) 766,440 I Ernest C. Garcia III Multi-Generational Trust III(5)
Class A Common Stock 924,384 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 $345.85 to $346.62 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. This transaction was executed in multiple trades at prices ranging from $346.62 to $346.85 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.
5. 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.
6. This transaction was executed in multiple trades at prices ranging from $347.13 to $348.12 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 $348.15 to $349.14, 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 $349.20 to $350.15 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 $350.45 to $351.15 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 $351.15 to $351.44 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 $351.47 to $351.97, 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 $351.97 to $352.44 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 $352.48 to $352.90 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 $352.90 to $353.45 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 $353.49 to $354.49, 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 $354.55 to $355.20, 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.
17. This transaction was executed in multiple trades at prices ranging from $355.91 to $356.07, 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 07/14/2025
** 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.
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