Carvana officer exercises options, sells 80,000 shares

Carvana Co.’s Chief Product Officer, Daniel J. Gill, reported multiple option exercises and stock sales on December 8, 2025.

Rhea-AI Filing Summary

Carvana Co.’s Chief Product Officer, Daniel J. Gill, reported multiple option exercises and stock sales on December 8, 2025. He exercised several tranches of stock options to acquire Class A common stock at exercise prices ranging from $10.07 to $296.05 per share. On the same date, he sold a total of 80,000 Class A shares in two transactions at prices of $429 and $450 per share. After these transactions, he directly beneficially owned 191,106 shares of Carvana Class A common stock. The filing notes that the option exercises and sales were carried out under a Rule 10b5-1 trading plan adopted on December 13, 2024.

Insider Trade Summary

Exercise and Sale: 80,000 shares ($30.66M approx. pre-tax spread)

Exercise and Sale 12 txns

Insider GILL DANIEL J.

Role Chief Product Officer

Sold 80,000 shs ($35.16M)

Approx. gross sale proceeds $35.16M

Approx. exercise cost $4.50M

Approx. pre-tax spread $30.66M

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	34,826	$0.00	$0.00
Exercise	Stock Options (Right to Buy)	25,283	$0.00	$0.00
Exercise	Stock Options (Right to Buy)	9,597	$0.00	$0.00
Exercise	Stock Options (Right to Buy)	2,715	$0.00	$0.00
Exercise	Stock Options (Right to Buy)	7,579	$0.00	$0.00
Exercise	Class A Common Stock	34,826	$10.07	$351K
Exercise	Class A Common Stock	25,283	$42.03	$1.06M
Exercise	Class A Common Stock	9,597	$51.97	$499K
Exercise	Class A Common Stock	2,715	$126.40	$343K
Exercise	Class A Common Stock	7,579	$296.05	$2.24M
Sale	Class A Common Stock	40,000	$429.00	$17.16M
Sale	Class A Common Stock	40,000	$450.00	$18.00M

Holdings After Transaction: Stock Options (Right to Buy) — 327,565 contracts (Direct); Class A Common Stock — 191,106 shares (Direct)

Footnotes (6)

1. F1. 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. 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 monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.
3. F3. The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock of the Issuer vest 25% on April 1, 2025 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.
4. F4. The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock of the Issuer vests 25% on April 1, 2025 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.
5. F5. 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, 2023 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.
6. F6. 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, 2022 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

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

GILL DANIEL J.

(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 Product 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		34,826(1)	A	$10.07	225,932	D
Class A Common Stock	12/08/2025		M		25,283(1)	A	$42.03	251,215	D
Class A Common Stock	12/08/2025		M		9,597(1)	A	$51.97	260,812	D
Class A Common Stock	12/08/2025		M		2,715(1)	A	$126.4	263,527	D
Class A Common Stock	12/08/2025		M		7,579(1)	A	$296.05	271,106	D
Class A Common Stock	12/08/2025		S		40,000(1)	D	$429	231,106	D
Class A Common Stock	12/08/2025		S		40,000(1)	D	$450	191,106	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)			34,826	04/01/2024(2)	02/22/2033	Class A Common Stock	34,826	$0	200,902	D
Stock Options (Right to Buy)	$42.03	12/08/2025		M(1)			25,283	04/01/2025(3)	01/24/2034	Class A Common Stock	25,283	$0	61,401	D
Stock Options (Right to Buy)	$51.97	12/08/2025		M(1)			9,597	04/01/2025(4)	02/13/2034	Class A Common Stock	9,597	$0	56,211	D
Stock Options (Right to Buy)	$126.4	12/08/2025		M(1)			2,715	04/01/2023(5)	02/21/2032	Class A Common Stock	2,715	$0	9,051	D
Stock Options (Right to Buy)	$296.05	12/08/2025		M(1)			7,579	04/01/2022(6)	02/17/2031	Class A Common Stock	7,579	$0	0	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.

3. The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock of the Issuer vest 25% on April 1, 2025 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

4. The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock of the Issuer vests 25% on April 1, 2025 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

5. 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, 2023 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

6. 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, 2022 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 Daniel J. Gill	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.