Form 4: CarGurus CEO Jason Trevisan Reports Stock Transfer to Trust and RSU Acquisition

CarGurus CEO Jason Trevisan reported transferring shares to a grantor retained annuity trust, acquiring restricted stock units, and updating his beneficial ownership.

Summary

• On March 14, 2025, Jason Trevisan, CEO of CarGurus, transferred 200,000 shares of Class A Common Stock to the Trevisan 2025 Grantor Retained Annuity Trust (GRAT), for which he serves as trustee and his children are beneficiaries.
• Following this transaction, Trevisan directly owns 546,028 shares of Class A Common Stock.
• The GRAT directly holds 200,000 shares of Class A Common Stock.
• On March 17, 2025, Trevisan acquired 208,801 shares of Class A Common Stock through restricted stock units (RSUs).
• These RSUs will vest in installments, starting April 1, 2025, and continuing quarterly until January 1, 2029, subject to his continued employment.
• Trevisan also indirectly owns 80,000 shares through the Jason Trevisan 2019 Family Trust.

Sentiment

Score: 7

Explanation: The document is a neutral report of transactions. The creation of a trust is a positive financial planning step, and the vesting of RSUs is a standard part of executive compensation.

Future Outlook

The vesting of RSUs is contingent upon the Reporting Person's continuous service as an employee of the Issuer, with vesting occurring quarterly until January 1, 2029, and potential acceleration upon a Change of Control.

Industry Context

This Form 4 filing is a routine disclosure related to executive compensation and personal financial management, common among publicly traded companies. It provides transparency into the holdings and transactions of key company personnel.

Comparison to Industry Standards

• Executive compensation packages often include a mix of salary, stock options, and restricted stock units (RSUs).
• The vesting schedule of the RSUs (quarterly over several years) is a typical structure to incentivize long-term commitment.
• Transferring shares to a GRAT is a common estate planning strategy used by high-net-worth individuals, including executives of public companies.
• Companies like Zillow, Redfin, and AutoTrader also utilize similar compensation and equity transfer strategies for their executives.

Related Party Transactions

• The transfer of shares to the Trevisan 2025 Grantor Retained Annuity Trust, of which the Reporting Person is trustee and his children are beneficiaries, constitutes a related party transaction.

Stakeholder Impact

• The transactions reported have a minimal direct impact on stakeholders.
• The vesting of RSUs aligns executive interests with shareholder value over the long term.

Next Steps

• The RSUs will continue to vest quarterly until January 1, 2029, contingent on continued employment.
• The Reporting Person will continue to file Form 4s for any significant changes in beneficial ownership.

Key Dates