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CARVANA CO.·4

Mar 3, 5:41 PM ET

JENKINS MARK W. 4

4 · CARVANA CO. · Filed Mar 3, 2026

Research Summary

AI-generated summary of this filing

Updated

Carvana (CVNA) CFO Mark Jenkins Exercises Options, Sells Shares

What Happened

  • Mark W. Jenkins, Chief Financial Officer of Carvana Co. (CVNA), exercised a total of 12,750 option-derived shares (10,000 @ $10.07; 2,000 @ $42.03; 750 @ $51.97) on March 2, 2026, paying about $223,738 in exercise prices. On the same date he sold 12,750 shares in open-market trades for approximately $4.12 million (prices ranged roughly $318–$327 per share across multiple trades). On March 1, 2026, 1,220 shares were withheld to cover taxes on vested restricted stock units (value $407,675).
  • These actions resulted in roughly $4.12M of cash proceeds from open-market sales and total dispositions (including the tax-withheld shares) of about $4.53M. The filing shows some derivative “Disposed” entries with $0 proceeds related to the exercise/conversion steps (see footnotes).

Key Details

  • Dates: March 1–2, 2026; Form 4 filed March 3, 2026 (appears timely).
  • Option exercises acquired: 12,750 shares for ~$223,738 (exercise costs).
  • Open-market sales: 12,750 shares for ≈ $4.12M (multiple trades; price ranges noted in filing).
  • Tax withholding: 1,220 shares withheld for taxes on RSU vesting (~$407,675).
  • Plan/notes: Sales/exercises were effected pursuant to a Rule 10b5-1 trading plan adopted Aug 5, 2024 (footnote F2). Multiple-footnote price ranges and VWAP disclosures apply (see F3–F13).
  • Shares owned after the transactions: not specified in the excerpt of the filing.

Context

  • This was an exercise of non-qualified stock options followed by same-day sales—effectively a liquidating transaction tied to option vesting and a pre-established 10b5-1 plan rather than an open-ended buy signal. Footnotes indicate standard vesting schedules for the options (25% after the first anniversary, then monthly vesting thereafter) and that the sales were executed in multiple trades at the listed price ranges.
  • For retail investors: purchases are typically considered stronger signals than routine option exercises and planned sales. These filings are factual disclosures of insider activity and do not by themselves indicate the insider’s private view of the company.

Insider Transaction Report

Form 4
Period: 2026-03-01
CARVANA CO.CVNA
JENKINS MARK W.
Chief Financial Officer
Transactions
  • Tax Payment

    Class A Common Stock

    [F1]
    2026-03-01$334.16/sh−1,220$407,675→ 201,597 total
  • Exercise/Conversion

    Class A Common Stock

    [F2]
    2026-03-02$10.07/sh+10,000$100,700→ 211,597 total
  • Exercise/Conversion

    Class A Common Stock

    [F2]
    2026-03-02$42.03/sh+2,000$84,060→ 213,597 total
  • Exercise/Conversion

    Class A Common Stock

    [F2]
    2026-03-02$51.97/sh+750$38,978→ 214,347 total
  • Sale

    Class A Common Stock

    [F2][F3][F4]
    2026-03-02$318.35/sh−560$178,276→ 213,787 total
  • Sale

    Class A Common Stock

    [F2][F3][F5]
    2026-03-02$319.36/sh−485$154,890→ 213,302 total
  • Sale

    Class A Common Stock

    [F2][F3][F6]
    2026-03-02$320.28/sh−1,040$333,091→ 212,262 total
  • Sale

    Class A Common Stock

    [F2][F3][F7]
    2026-03-02$321.23/sh−828$265,978→ 211,434 total
  • Sale

    Class A Common Stock

    [F2][F3][F8]
    2026-03-02$322.42/sh−2,160$696,427→ 209,274 total
  • Sale

    Class A Common Stock

    [F2][F3][F9]
    2026-03-02$323.37/sh−1,877$606,965→ 207,397 total
  • Sale

    Class A Common Stock

    [F2][F3][F10]
    2026-03-02$324.65/sh−4,430$1,438,200→ 202,967 total
  • Sale

    Class A Common Stock

    [F2][F3][F11]
    2026-03-02$325.28/sh−850$276,488→ 202,117 total
  • Sale

    Class A Common Stock

    [F2][F3][F12]
    2026-03-02$326.48/sh−400$130,592→ 201,717 total
  • Sale

    Class A Common Stock

    [F2][F3][F13]
    2026-03-02$327.21/sh−120$39,265→ 201,597 total
  • Exercise/Conversion

    Stock Options (Right to Buy)

    [F2][F14]
    2026-03-02−10,000→ 148,513 total
    Exercise: $10.07From: 2024-04-01Exp: 2033-02-22→ Class A Common Stock (10,000 underlying)
  • Exercise/Conversion

    Stock Options (Right to Buy)

    [F2][F15]
    2026-03-02−2,000→ 50,703 total
    Exercise: $42.03From: 2025-04-01Exp: 2034-01-24→ Class A Common Stock (2,000 underlying)
  • Exercise/Conversion

    Stock Options (Right to Buy)

    [F2][F15]
    2026-03-02−750→ 19,346 total
    Exercise: $51.97From: 2025-04-01Exp: 2034-02-13→ Class A Common Stock (750 underlying)
Footnotes (15)
  • [F1]Represents total number of shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units pursuant to various awards.
  • [F10]This transaction was executed in multiple trades at prices ranging from $323.94 to $324.90, inclusive.
  • [F11]This transaction was executed in multiple trades at prices ranging from $324.97 to $325.71, inclusive.
  • [F12]This transaction was executed in multiple trades at prices ranging from $326.14 to $326.88, inclusive.
  • [F13]This transaction was executed in multiple trades at prices ranging from $327.16 to $327.28 inclusive.
  • [F14]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.
  • [F15]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, 2025 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.
  • [F2]The reported option exercises and sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 5, 2024.
  • [F3]The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
  • [F4]This transaction was executed in multiple trades at prices ranging from $317.76 to $318.73 inclusive.
  • [F5]This transaction was executed in multiple trades at prices ranging from $318.76 to $319.75, inclusive.
  • [F6]This transaction was executed in multiple trades at prices ranging from $319.78 to $320.77, inclusive.
  • [F7]This transaction was executed in multiple trades at prices ranging from $320.83 to $321.73, inclusive.
  • [F8]This transaction was executed in multiple trades at prices ranging from $321.91 to $322.87 inclusive.
  • [F9]This transaction was executed in multiple trades at prices ranging from $322.91 to $323.89 inclusive.
Signature
/s/ Paul Breaux, by Power of Attorney for Mark W. Jenkins|2026-03-03

Documents

1 file
  • 4
    wk-form4_1772577656.xmlPrimary

    FORM 4