Director’s planned Carvana (NYSE: CVNA) option exercise and 14,525-share sale

Rhea-AI Filing Summary

CARVANA CO. director J. Danforth Quayle reported an option exercise and share sale in Class A Common Stock. He exercised non-qualified stock options for 14,525 shares at $3.00 per share and sold 14,525 shares at $70.00 per share.

These transactions were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on March 11, 2026. After the sale, he held 214,960 shares directly and 62,500 shares indirectly through the James D. Quayle 2000 Irrevocable Trust.

Insights

Equity compensation and insider-trading analyst

Routine option exercise and sale under a pre-set 10b5-1 plan.

Director J. Danforth Quayle exercised options for 14,525 Carvana Class A shares at an exercise price of $3.00 and sold an equal number of shares at $70.00. This is a classic exercise-and-sell pattern that converts stock options into cash.

A key detail is that footnotes state the option exercises and sales were executed pursuant to a Rule 10b5-1 trading plan adopted on March 11, 2026, indicating the trades were pre-scheduled rather than opportunistic. Following the transactions, Quayle still holds 214,960 shares directly and 62,500 shares indirectly via the James D. Quayle 2000 Irrevocable Trust, so the sale represents a small portion of his overall reported holdings.

Insider Trade Summary 10b5-1

Net Seller: 14,525 shares ($1,016,750)

Net Sell 4 txns

Insider QUAYLE J DANFORTH

Role null

Sold 14,525 shs ($1.02M)

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	14,525	$0.00	--
Exercise	Class A Common Stock	14,525	$3.00	$44K
Sale	Class A Common Stock	14,525	$70.00	$1.02M
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Stock Options (Right to Buy) — 29,045 shares (Direct, null); Class A Common Stock — 229,485 shares (Direct, null); Class A Common Stock — 62,500 shares (Indirect, James D. Quayle 2000 Irrevocable Trust)

Footnotes (1)

1. The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2026 (the "10b5-1 Plan"). All amounts reflect the five for one forward stock split conducted by the issuer on May 7, 2026. 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, 2018 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

Key Figures

Shares sold: 14,525 shares Sale price: $70.00 per share Option exercise price: $3.00 per share +3 more

6 metrics

Shares sold 14,525 shares Class A Common Stock sold on June 10, 2026

Sale price $70.00 per share Open-market or private transaction sale price

Option exercise price $3.00 per share Non-qualified stock option exercise price for Class A shares

Direct holdings after transactions 214,960 shares Class A Common Stock held directly following transactions

Indirect trust holdings 62,500 shares Class A Common Stock held by James D. Quayle 2000 Irrevocable Trust

Net share change from trades -14,525 shares Net buy/sell shares across reported non-derivative transactions

Key Terms

Rule 10b5-1 trading plan, non-qualified stock options, five for one forward stock split, Class A Common Stock, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2026"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

non-qualified stock options financial

"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, 2018"

Non-qualified stock options are a type of employee benefit that gives individuals the right to buy company shares at a set price, usually lower than the market value, within a certain period. Unlike other options that may have special tax advantages, these options are taxed as income when exercised, which can affect how much money the employee or investor ultimately gains. They are important because they can influence company compensation strategies and impact the financial outcomes for employees and investors.

five for one forward stock split financial

"All amounts reflect the five for one forward stock split conducted by the issuer on May 7, 2026"

Class A Common Stock financial

"Class A Common Stock transaction entries describe the exercised and sold shares"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

Stock Options (Right to Buy) financial

"Stock Options (Right to Buy) transaction shows derivative exercise into Class A Common Stock"

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Form 4 Insider Transactions: What Each Field Means →

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^*

QUAYLE J DANFORTH

(Last) (First) (Middle)

C/O CARVANA CO.

300 E. RIO SALADO PARKWAY

(Street)

TEMPE ARIZONA 85281

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CARVANA CO. [ CVNA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	06/10/2026		M(1)		14,525	A	$3	229,485(2)	D
Class A Common Stock	06/10/2026		S(1)		14,525	D	$70	214,960(2)	D
Class A Common Stock								62,500(2)	I	James D. Quayle 2000 Irrevocable Trust

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)	$3	06/10/2026		M(1)			14,525	04/27/2018(3)	04/27/2027	Class A Common Stock	14,525	$0	29,045(2)	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 March 11, 2026 (the "10b5-1 Plan").

2. All amounts reflect the five for one forward stock split conducted by the issuer on May 7, 2026.

3. 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, 2018 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 J. Danforth Quayle	06/11/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Carvana (CVNA) director J. Danforth Quayle report?

He reported exercising options for 14,525 shares of Carvana Class A Common Stock at an exercise price of $3.00 per share and selling 14,525 shares at $70.00 per share in open-market or private transactions.

Was the Carvana (CVNA) insider sale by J. Danforth Quayle part of a 10b5-1 plan?

Yes. Footnotes state the reported option exercises and related sales were effected under a Rule 10b5-1 trading plan adopted on March 11, 2026, indicating the trades were pre-arranged rather than timed discretionarily around short-term market movements.

How many Carvana (CVNA) shares does J. Danforth Quayle hold after the reported transactions?

After the transactions, he holds 214,960 shares of Carvana Class A Common Stock directly. In addition, a separate entry shows 62,500 shares held indirectly through the James D. Quayle 2000 Irrevocable Trust, reflecting both direct and indirect ownership positions.

What type of Carvana (CVNA) equity award did J. Danforth Quayle exercise?

He exercised non-qualified stock options representing the right to purchase Carvana Class A Common Stock at an exercise price of $3.00 per share. Footnotes explain these options vested 25% on April 1, 2018, then monthly over three years, contingent on continued service.

How did Carvana’s (CVNA) stock split affect the reported insider share amounts?

A footnote explains all amounts in the filing reflect Carvana’s five-for-one forward stock split conducted on May 7, 2026. This means the reported share counts and related option figures are already adjusted to account for the split ratio.

What is the significance of the indirect Carvana (CVNA) holdings reported for J. Danforth Quayle?

One entry lists 62,500 Carvana Class A shares held indirectly through the James D. Quayle 2000 Irrevocable Trust. This indicates part of his economic exposure to Carvana is held via a trust structure, in addition to his directly owned 214,960 shares.