GARCIA ERNEST C. III 4

What Happened
Ernest C. Garcia III, CEO of Carvana (CVNA), had 1,415 shares of Class A common stock withheld to cover taxes upon vesting of restricted stock units (RSUs). The shares were valued at $382.60 each, for a total withholding value of approximately $541,379. This was a tax-withholding disposition (routine), not an open-market sale.

Key Details

• Transaction date: 2026-05-01; Filing date (Form 4): 2026-05-05 (filed timely under Section 16 rules).
• Price per share: $382.60; Shares withheld/disposed: 1,415; Total value: ~$541,379.
• Transaction code: F — payment of exercise price or tax liability (here, tax withholding on vesting).
• Footnote F1: Shares were withheld to satisfy taxes upon RSU vesting.
• Footnotes F2 & F3: The reporting person is Investment Trustee and Co-Administrative Trustee of two trusts that hold Class A shares; those trust holdings are reported separately.
• Shares owned after the transaction: not disclosed in the provided filing excerpt.

Context
Tax-withholding by an issuer when RSUs vest is a routine administrative action and does not necessarily indicate the insider is selling stock into the market. This was not a market sale to a third party but a cashless-withholding to satisfy tax obligations. The filing indicates the insider also acts as trustee for certain family trusts that hold Company shares, as noted in the filing footnotes.