HUSTON BENJAMIN E. 4

What Happened

• Benjamin E. Huston, COO of Carvana (CVNA), exercised 10,000 non‑qualified stock options on 2026-03-02 at $10.07 per share (cost ≈ $100,700) and conducted multiple open‑market sales totaling roughly 11,220 shares for about $3.63 million. On 2026-03-01, 1,220 shares were withheld to cover taxes on vested RSUs (withholding value ≈ $407,675). The activity was largely sales (routine liquidity) following option exercise and RSU vesting.

Key Details

• Transaction dates: 2026-03-01 (tax withholding) and 2026-03-02 (option exercise and open-market sales).
• Exercise: 10,000 shares acquired at $10.07 each (≈ $100,700).
• Sales/withholding: ~11,220 shares disposed for total proceeds ≈ $3,634,354 (including 1,220 shares withheld for taxes at $334.16). Sales executed across prices roughly $317.57–$327.74 per share (per footnotes).
• Footnotes of note: transactions effected under a Rule 10b5‑1 trading plan adopted 12/13/2024 (F2); RSU tax withholding (F1); option vesting schedule noted (F14); multiple trades/VWAP noted for price reporting (F3–F13).
• Shares owned after transactions: not stated in the provided filing excerpt.
• Filing timeliness: reported as late (L) — late filings reduce timely transparency for investors.

Context

• This was an option exercise (M) plus subsequent open‑market sales (S) executed under a prearranged 10b5‑1 plan; some shares were withheld to cover taxes on vested RSUs (F1). One derivative line showing 10,000 shares at $0 reflects conversion/recording related to the option exercise, not cash proceeds. These transactions are routine ways insiders convert equity to cash; they are factual disclosures and do not by themselves indicate management’s longer‑term view.