Form 4: Carvana CEO Ernest Garcia III Reports Stock Transactions Following RSU Vesting
SEC Form 4 Filing
Carvana's CEO, Ernest Garcia III, reports the vesting of restricted stock units and subsequent tax withholding, impacting his beneficial ownership of Class A Common Stock.
Summary
- On October 30, 2024, Ernest Garcia III, CEO of Carvana Co., had 22,412 restricted stock units (RSUs) vest under his Performance Restricted Stock Unit Award Agreement.
- These RSUs were granted on January 24, 2024, and vested upon meeting the performance condition.
- To cover taxes associated with the vesting, 9,268 shares of Class A Common Stock were withheld at a price of $207.31 per share.
- An additional 980 shares of Class A Common Stock were withheld on November 1, 2024 at a price of $229.08 per share for taxes upon vesting of restricted stock units pursuant to various awards.
- Following these transactions, Garcia directly owns 903,711 shares of Class A Common Stock.
- Garcia also has indirect ownership of 950,000 shares through the Ernest C. Garcia III Multi-Generational Trust III and 850,000 shares through the Ernest Irrevocable 2004 Trust III, for which he serves as Co-Administrative Trustee and Co-Investment Trustee.
Sentiment
Score: 5
Explanation: This is a routine filing related to executive compensation and stock ownership, with no inherently positive or negative implications for the company's overall prospects.
Industry Context
Form 4 filings are standard practice for company insiders to report changes in their beneficial ownership of company stock, providing transparency to investors.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive compensation and stock ownership.
- The transactions have a minor impact on the overall share count.
Key Dates
| Date | Description |
|---|---|
| 2004 | Year of establishment of Ernest Irrevocable 2004 Trust III |
| January 24, 2024 | Date of grant for the Performance Restricted Stock Unit Award Agreement. |
| October 30, 2024 | Date of RSU vesting and tax withholding. |
| November 1, 2024 | Date of additional tax withholding. |
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