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

What Happened

• Mark W. Jenkins, Chief Financial Officer of Carvana Co., exercised non-qualified stock options on Sep 1, 2026 to acquire 63,750 shares (50,000 @ $2.01; 10,000 @ $8.41; 3,750 @ $10.39) for a total exercise cost of $223,563. On the same day he sold 63,750 shares in open-market transactions (37,406 @ $71.36 and 26,344 @ $71.83) for approximately $4,561,582. Additionally, 7,016 shares were withheld to cover taxes (withheld at $72.18, ~$506,415).

Key Details

• Transaction date: September 1, 2026; Form 4 filed Sep 3, 2026 (within typical two-business-day reporting window).
• Sales: 37,406 shares @ VWAP $71.36 and 26,344 shares @ VWAP $71.83 (total ≈ $4.56M). Footnotes state sales executed in multiple trades with price ranges $70.68–$71.67 and $71.68–$72.18 and that VWAPs are reported; detailed price-by-trade info is available upon request (F3, F4, F5).
• Option exercises: 50,000 @ $2.01 ($100,500), 10,000 @ $8.41 ($84,100), 3,750 @ $10.39 ($38,963). Some derivative-line entries show $0 amounts reflecting conversion/exercise of options (not separate cash sales).
• Tax withholding: 7,016 shares withheld to satisfy tax liability on vested restricted stock units (F1).
• Plan/administration notes: Option exercises and sales were effected under a Rule 10b5-1 trading plan adopted Aug 5, 2024 (F2). Vesting schedules and a prior scrivener correction to option reporting are noted (F6, F7, F8).
• Shares owned after the reported transactions: not specified in the provided filing summary.

Context

• This was an exercise of vested non-qualified stock options paired with contemporaneous open-market sales (consistent with a cashless exercise or sales to cover taxes/liquidity), and some shares were withheld for taxes. Exercises at low strike prices relative to the sale prices generated substantial proceeds; the transactions were conducted under a 10b5-1 plan, which automates timing and reduces appearance of opportunistic trading.