JENKINS MARK W. 4

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.