Ira J. Platt - 09 Aug 2021 Form 4 Insider Report for CARVANA CO. (CVNA)

Role: Director
Signature: /s/ Paul Breaux, by Power of Attorney for Ira J. Platt
Issuer symbol: CVNA
Transactions as of: 09 Aug 2021
Net transactions value: -$9,529,325
Form type: 4
Filing time: 11 Aug 2021, 18:51:37 UTC
Previous filing: 24 Mar 2022
Next filing: 18 May 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CVNA	Class A Common Stock	Conversion of derivative security	$0	+24,500	+121%	$0.000000	44,723	10 Aug 2021	Direct	F1, F2
transaction	CVNA	Class A Common Stock	Sale	$8,438,045	-24,500	-55%	$344.41^*	20,223	09 Aug 2021	Direct	F1, F3
transaction	CVNA	Class A Common Stock	Conversion of derivative security	$0	+3,000	+15%	$0.000000	23,223	10 Aug 2021	Direct	F2, F4
transaction	CVNA	Class A Common Stock	Sale	$1,091,280	-3,000	-13%	$363.76^*	20,223	10 Aug 2021	Direct	F4, F5
holding	CVNA	Class A Common Stock						850	09 Aug 2021	By Parents

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	Class B Units	Conversion of derivative security	$0	-30,625	-28%	$0.000000	80,625	10 Aug 2021	Class A Common Stock	24,500	$0.000000	Direct	F1, F2, F6, F7
transaction	CVNA	Class B Units	Conversion of derivative security	$0	-3,750	-4.7%	$0.000000	76,875	10 Aug 2021	Class A Common Stock	3,000	$0.000000	Direct	F2, F4, F6, F7

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

Explanation of Responses:

Id	Content
F1	The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 8, 2021. The Reporting Person acquired the Class A Common Stock on August 9, 2021 by exchanging 30,625 Class B common units of Carvana Group, LLC ("Class B Units") for 24,500 shares of Class A Common Stock pursuant to an exchange agreement among the Issuer and certain common unit holders of Carvana Group, LLC, dated April 27, 2017 (the "Exchange Agreement").
F2	The Exchange Agreement permits holders of Class B Units to exchange their Class B Units for a number of shares of the Issuer's Class A Common Stock equal to the Class A Common Stock Value less the Adjusted Participation Threshold (as each term is defined in the Exchange Agreement) multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.
F3	This transaction was executed in multiple trades at prices ranging from $339.69 to $350.51, inclusive; the price reported above reflects the volume weighted average sale price.
F4	The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 8, 2021. The Reporting Person acquired the Class A Common Stock on August 10, 2021 by exchanging 3,750 Class B Units for 3,000 shares of Class A Common Stock pursuant to the Exchange Agreement.
F5	This transaction was executed in multiple trades at prices ranging from $362.50 to $365.50, inclusive; the price reported above reflects the volume weighted average sale price.
F6	The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.
F7	The Reporting Person was granted 200,000 Class B Units on March 24, 2015 with a participation threshold of $0.000; 40,000 of which vested on March 1, 2016 and 3,333 of which vest on the first of each month thereafter.