Michael E. Maroone - Dec 3, 2025 Form 4 Insider Report for CARVANA CO. (CVNA)

Role
Director
Signature
/s/ Paul Breaux, by Power of Attorney for Michael E. Maroone
Stock symbol
CVNA
Transactions as of
Dec 3, 2025
Transactions value $
-$11,917,748
Form type
4
Date filed
12/4/2025, 06:46 PM
Previous filing
Jun 11, 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
MAROONE MICHAEL E Director C/O CARVANA CO., 300 E. RIO SALADO PARKWAY, TEMPE /s/ Paul Breaux, by Power of Attorney for Michael E. Maroone 2025-12-04 0001088011

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CVNA Class A Common Stock Options Exercise $464K +30.9K +21.54% $15.00 175K Dec 3, 2025 Direct
transaction CVNA Class A Common Stock Sale -$11.8M -29.6K -16.95% $400.30 145K Dec 3, 2025 Direct F1, F2, F3
transaction CVNA Class A Common Stock Sale -$542K -1.35K -0.93% $401.18 144K Dec 3, 2025 Direct F1, F2, F4
holding CVNA Class A Common Stock 45K Dec 3, 2025 Michael Maroone Family Partnership, LP F5
holding CVNA Class A Common Stock 264 Dec 3, 2025 By Family Trust FBO Michael E. Maroone F6

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 Stock Options (Right to Buy) Options Exercise $0 -30.9K -100% $0.00 0 Dec 3, 2025 Class A Common Stock 30.9K $15.00 Direct F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

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 reported sale and option exercise was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 30, 2025.
F2 The price reported above reflects the volume weighted average sale price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each price.
F3 This transaction was executed in multiple trades at prices ranging from $400.00 to $400.99, inclusive.
F4 This transaction was executed in multiple trades at prices ranging from $401.02 to $401.32, inclusive.
F5 Represents shares of Class A common stock held directly by the Michael Maroone Family Partnership, LP, an entity controlled by the Reporting Person.
F6 Represents shares of Class A common stock held directly by the Family Trust FBO Michael E. Maroone, where the Reporting Person is beneficiary and trustee.
F7 The options vested in three equal annual installments beginning on April 27, 2018.