Ernest C. Garcia II - May 9, 2025 Form 4 Insider Report for CARVANA CO. (CVNA)

Role: 10%+ Owner
Signature: /s/ Ernest C. Garcia II
Stock symbol: CVNA
Transactions as of: May 9, 2025
Transactions value $: -$99,000,000
Form type: 4
Date filed: 5/13/2025, 07:12 PM
Previous filing: Oct 25, 2024
Next filing: Jun 3, 2025
SEC: View on sec.gov

Reporting Owners (2)

Name	Relationship	Address	Signature	Signature date	CIK
GARCIA ERNEST C. II	10%+ Owner	1720 W. RIO SALADO PARKWAY, SUITE A, TEMPE	/s/ Ernest C. Garcia II	2025-05-13	0001017608
ECG II SPE, LLC	10%+ Owner	1720 W. RIO SALADO PARKWAY, SUITE A, TEMPE	/s/ Ernest C. Garcia II, ECG II SPE, LLC	2025-05-13	0001754720

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
transaction	CVNA	Covered Call Option (Obligation to Sell)	Sale	-$99M	-4M	-50%	$24.75	4M	May 9, 2025	Class A Common Stock	4M	$400.00	ECG II SPE, LLC	F1, F2, F3

Showing 1 to 1 of 1 entries

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The Covered Call Option represents the option holder's right to purchase, and the option seller's obligation to sell, the underlying shares at the specified strike price. The Covered Call Options are held directly by ECG II SPE, LLC ("E-SPE"), an entity wholly owned and controlled by Mr. Garcia.
F2	On May 9, 2025, E-SPE entered into a call option transaction with an unaffiliated third-party purchaser. Under the terms of this transaction, E-SPE sold 4,000,000 call options, each referencing one share of the Issuer's Class A Common Stock, with an expiration date of April 17, 2026. In exchange for selling these options, E-SPE received a cash premium of $24.75 per option.
F3	E-SPE pledged 4,000,000 shares of the Issuer's Class B common stock and 5,000,000 units of Carvana Group, LLC Class A units (collectively, the "Pledged Shares") to secure its obligations under the transaction and retained voting rights in the Pledged Shares during the term of the pledge.