Carvana insider exercises options, sells 20,000 shares in plan

Carvana Co. executive Paul Breaux reported option exercises and share sales.

Rhea-AI Filing Summary

Carvana Co. executive Paul Breaux reported option exercises and share sales. On 12/08/2025, he exercised 9,121 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 he sold a total of 20,000 Class A shares in two transactions at prices of $429 and $448 per share, leaving him with 69,289 shares beneficially owned directly.

The transactions were carried out under a Rule 10b5-1 trading plan adopted on June 10, 2025. Following the exercise, Breaux retained 145,741 stock options with a $10.07 exercise price, exercisable through 02/22/2033. These non-qualified stock options vested 25% on April 1, 2024 and continue to vest monthly over the following three years, conditioned on his continued service with Carvana as Vice President, General Counsel, Secretary, and Chief Compliance Officer.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider BREAUX PAUL W.

Role See Remarks

Sold 20,000 shs ($8.77M)

Approx. gross sale proceeds $8.77M

Approx. exercise cost $92K

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	9,121	$0.00	$0.00
Exercise	Class A Common Stock	9,121	$10.07	$92K
Sale	Class A Common Stock	10,000	$429.00	$4.29M
Sale	Class A Common Stock	10,000	$448.00	$4.48M

Holdings After Transaction: Stock Options (Right to Buy) — 145,741 contracts (Direct); Class A Common Stock — 69,289 shares (Direct)

Footnotes (2)

1. F1. The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 10, 2025 (the "10b5-1 Plan").
2. F2. 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.

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Accepted by SEC EDGAR 12/10/2025 - 05:49 PM EST 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^*

BREAUX PAUL W.

(Last) (First) (Middle)

C/O CARVANA CO.

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)
	See Remarks

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(1)		9,121	A	$10.07	89,289	D
Class A Common Stock	12/08/2025		S(1)		10,000	D	$429	79,289	D
Class A Common Stock	12/08/2025		S(1)		10,000	D	$448	69,289	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)			9,121	04/01/2024(2)	02/22/2033	Class A Common Stock	9,121	$0	145,741	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 June 10, 2025 (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 vest monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

Remarks:

Vice President, General Counsel, Secretary, and Chief Compliance Officer

	/s/ Paul Breaux	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.