QUAYLE J DANFORTH 4

What Happened
Quayle J. Danforth, a director of Carvana Co. (CVNA), exercised non-qualified stock options to acquire 2,900 shares at an exercise price of $15.00 per share (total cost $43,500) and then sold those 2,900 shares in the open market at $309.97 per share for total proceeds of approximately $898,913 on March 9, 2026. The filing also reports the related derivative (the option) as disposed—i.e., converted/terminated upon exercise.

Key Details

• Transaction date: March 9, 2026.
  • Exercise: 2,900 shares @ $15.00 (acquired) — $43,500 total cost.
  • Open-market sale: 2,900 shares @ $309.97 (sold) — ~$898,913 gross proceeds.
  • Reported derivative disposition: 2,900 options @ $0.00 (reflects conversion/exercise).
• Shares owned after transaction: Not disclosed in this Form 4 filing.
• Footnote: The options exercised are non-qualified stock options that vested in three equal annual installments beginning April 27, 2018.
• Filing timeliness: Form 4 filed March 9, 2026 (same day as the transactions reported).

Context
Because the shares were exercised and then immediately sold, this is effectively a cashless exercise (the sale converts the option gain to cash). Sales by insiders are common and do not, by themselves, indicate the director’s view on the company’s prospects.