Carvana CFO Mark Jenkins Exercises Options and Sells $3.93M in CVNA Under 10b5-1 Plan

Executive Summary

On October 1, 2026, Carvana Co. (NYSE: CVNA) Chief Financial Officer Mark W. Jenkins completed option exercises and open-market sales totaling 63,750 shares of Class A Common Stock, yielding gross proceeds of approximately $3.93 million. An additional 7,016 shares were withheld to satisfy tax obligations resulting from restricted stock unit vesting. All option exercises and open-market sales were executed under a pre-established Rule 10b5-1 trading plan adopted on August 5, 2024.

Transaction Details

1. Option Exercises (Code M):

   • Exercised 50,000 options at an exercise price of $2.01 per share.
   • Exercised 10,000 options at an exercise price of $8.41 per share.
   • Exercised 3,750 options at an exercise price of $10.39 per share.
   • Total options exercised: 63,750 shares.

2. Open Market Dispositions (Code S):

   • Sold 10,440 shares at a weighted-average price of $59.44 ($58.98–$59.97).
   • Sold 9,362 shares at a weighted-average price of $60.60 ($59.98–$60.97).
   • Sold 13,318 shares at a weighted-average price of $61.47 ($60.98–$61.96).
   • Sold 24,761 shares at a weighted-average price of $62.73 ($61.98–$62.97).
   • Sold 5,869 shares at a weighted-average price of $63.04 ($62.98–$63.21).
   • Total shares sold: 63,750 shares across multiple tranches, averaging ~$61.64 per share for aggregate gross proceeds of $3,929,787.55.

3. Tax Withholding (Code F):

   • Withheld 7,016 shares at $63.04 per share ($442,288.64) to cover tax liabilities associated with RSU vestings.

Holding Analysis and Market Significance

• Impact on Net Core Holdings: Because the 63,750 shares sold directly matched the 63,750 shares acquired via stock option exercise, Jenkins' base common stock holdings were not depleted by the sales. Accounting for the 7,016 tax-withholding shares, Jenkins continues to directly hold 1,142,502 shares of Class A Common Stock, alongside hundreds of thousands of remaining vested and unvested stock options.
• Significance Assessment: Assessed as Medium. While the transaction value exceeds $3.9 million, it reflects routine pre-planned liquidity via a Rule 10b5-1 trading arrangement established two years prior, rather than a discretionary market-timing action.