Ernest C. Garcia II - Apr 11, 2024 Form 4 Insider Report for CARVANA CO. (CVNA)

Role
More than 10% owner
Signature
/s/ Ernest C. Garcia II
Stock symbol
CVNA
Transactions as of
Apr 11, 2024
Transactions value $
-$4,006,495
Form type
4
Date filed
4/15/2024, 07:46 PM
Previous filing
Aug 22, 2023
Next filing
Apr 30, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % Price $ Shares After Date Ownership Footnotes
transaction CVNA Class A Common Stock -Sell -$4,006,495 -50,000 -1.49% $80.13 3,312,500 Apr 11, 2024 Direct F1
holding CVNA Class A Common Stock 2,578,314 Apr 11, 2024 Verde Investments, Inc. F2
holding CVNA Class A Common Stock 850,000 Apr 11, 2024 Ernest Irrevocable 2004 Trust III F3
holding CVNA Class A Common Stock 950,000 Apr 11, 2024 Ernest C. Garcia III Multi-Generational Trust III F4
holding CVNA Class B Common Stock 41,442,317 Apr 11, 2024 Direct
holding CVNA Class B Common Stock 11,834,021 Apr 11, 2024 Ernest Irrevocable 2004 Trust III F5
holding CVNA Class B Common Stock 11,952,000 Apr 11, 2024 Ernest C. Garcia III Multi-Generational Trust III F6
holding CVNA Class B Common Stock 8,000,000 Apr 11, 2024 ECG II SPE, LLC F7

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding CVNA Class A Units 51,802,896 Apr 11, 2024 Class A Common Stock 51,802,896 Direct F8
holding CVNA Class A Units 14,792,526 Apr 11, 2024 Class A Common Stock 14,792,526 Ernest Irrevocable 2004 Trust III F9
holding CVNA Class A Units 14,940,000 Apr 11, 2024 Class A Common Stock 14,940,000 Ernest C. Garcia III Multi-Generational Trust III F10
holding CVNA Class A Units 10,000,000 Apr 11, 2024 Class A Common Stock 10,000,000 ECG II SPE, LLC F11

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Ernest C. Garcia II and Elizabeth Joanne Garcia on March 11, 2024.
F2 These Class A Shares are owned directly by Verde Investments, Inc., an entity which Mr. Garcia wholly owns and controls.
F3 These Class A Shares are owned directly by the Ernest Irrevocable 2004 Trust III (the "2004 Trust"). Mr. Garcia may have shared voting and dispositive power with respect to the Class A Shares held by the 2004 Trust. Mr. Garcia is a non-voting co-trustee with respect to the 2004 Trust and Mr. Garcia's son, Ernie Garcia III, is the sole beneficiary.
F4 These Class A Shares are owned directly by the Ernest C. Garcia III Multi-Generational Trust III (the "Multi-Generational Trust"). Mr. Garcia may have shared voting and dispositive power with respect to the Class A Shares held by the Multi-Generational Trust. Mr. Garcia is a non-voting co-trustee with respect to the Multi-Generational Trust, and Ernie Garcia III and his children are the sole beneficiaries.
F5 These Class B Shares are owned directly by the 2004 Trust.
F6 These Class B Shares are owned directly by the Multi-Generational Trust.
F7 These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.
F8 These Class A Units are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement").
F9 These Class A Units are owned directly by the 2004 Trust and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.
F10 These Class A Units are owned directly by the Multi-Generational Trust and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.
F11 These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.