QUAYLE J DANFORTH 4

What Happened
Quayle J. Danforth, a director of Carvana Co. (CVNA), exercised 14,525 non‑qualified stock options and immediately sold the resulting 14,525 shares in an open‑market transaction on June 10, 2026. The options were exercised at $3.00 per share (exercise cost $43,575) and the shares were sold at $70.00 per share for gross proceeds of $1,016,750. The transactions were executed under a Rule 10b5‑1 trading plan.

Key Details

• Transaction date: 2026-06-10.
• Option exercise: 14,525 shares @ $3.00 = $43,575 (acquired).
• Open‑market sale: 14,525 shares @ $70.00 = $1,016,750 (disposed).
• A related derivative conversion line was reported at $0 (technical reporting of the exercised derivative).
• All share amounts reflect a 5-for-1 forward stock split on May 7, 2026 (footnote).
• The sales were effected pursuant to a 10b5‑1 plan adopted March 11, 2026 (footnote).
• Vesting: the options were non‑qualified and originally vested 25% on April 1, 2018, with monthly vesting thereafter (footnote).
• Shares owned after the transaction: not disclosed in the provided filing.
• No late filing was indicated in the information provided.

Context
Because the shares were exercised and immediately sold, this effectively operated as a cashless exercise (exercise + sale). The use of a pre‑arranged 10b5‑1 plan typically indicates the trades were planned in advance and can limit conclusions about timing or insider knowledge. The reporting person is listed as a director; the filing does not indicate 10% owner status.