JENKINS MARK W. 4

What Happened

• Mark W. Jenkins, Chief Financial Officer of Carvana Co. (CVNA), exercised a total of 63,750 non-qualified stock options (50,000 @ $2.01; 10,000 @ $8.41; 3,750 @ $10.39), paying about $223,563 in exercise price. He then sold the 63,750 shares in multiple open-market trades, generating gross proceeds of approximately $4,356,987. Separately, 7,014 shares were surrendered/withheld to cover taxes on vested restricted stock units, valued at about $476,040.

Key Details

• Transaction date: July 1, 2026; Form 4 filed July 2, 2026 (timely).
• Options exercised: 63,750 shares (exercise cost ≈ $223,563).
• Open-market sales: 63,750 shares sold in multiple trades for total proceeds ≈ $4,356,987 (VWAPs reported by tranche: $65.18, $66.07, $67.49, $68.14, $69.22, $70.43).
• Tax withholding: 7,014 RSU shares withheld for taxes valued ≈ $476,040.
• Plan/authorization notes: Sales were effected under a Rule 10b5-1 plan adopted Aug 5, 2024 (F2). Price reporting reflects volume-weighted averages and multiple trade ranges (F3–F9). Option vesting schedule referenced in footnotes (25% vesting April 1 of prior years, then monthly; F10–F11).
• Shares owned after transaction: Not specified in the filing.

Context

• This was an exercise of vested non-qualified stock options followed by immediate open-market sales of the resulting shares (i.e., he exercised options and sold those shares). The 10b5-1 plan disclosure indicates the sales were pre-planned and routine rather than opportunistic market timing. The RSU withholding is a tax-related surrender of shares, not a market sale by the insider.