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person · Reporting owner

GILL DANIEL J.

Disclosed activity across 1 company

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2336
SEC CIK
0001700538

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
CARVANA CO.CVNA · Entity 2331Chief Product OfficerOctober 01, 2026October 05, 2026

Disclosed balances

About these balances

Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.

CARVANA CO.

Report date October 01, 2026 · Filed October 05, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Class A Common StockSEC Table I · non-derivativeDirect1,034,892 Reported balance After 2026-10-01 transaction · row 1
1 source row

Row 1 · 2026-10-01 · Tax withholding · Disposed 7,707 · Balance 1,034,892

F1: Represents total number of shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units pursuant to various awards.

Filing footnotes · ownership attribution and instrument terms

F1: Represents total number of shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units pursuant to various awards.

Transaction history

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Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction dateCompanyActivity / securityShares / unitsReported priceReported valueDetails
February 01, 2020 Filed Feb 4, 2020 22:45 UTC CARVANA CO. CVNA · Entity 2331 Tax withholdingClass A Common Stock 78 $79.25 $6,181.50
Disclosure

SEC source: 0001690820-20-000020 · wf-form4_158085629398642.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,136

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

Read SEC document
January 01, 2020 Filed Jan 3, 2020 22:35 UTC CARVANA CO. CVNA · Entity 2331 Tax withholdingClass A Common Stock 78 $92.05 $7,179.90
Disclosure

SEC source: 0001690820-20-000008 · wf-form4_157809088909294.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,214

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

Read SEC document
December 01, 2019 Filed Dec 3, 2019 22:14 UTC CARVANA CO. CVNA · Entity 2331 Tax withholdingClass A Common Stock 101 $95.32 $9,627.32
Disclosure

SEC source: 0001690820-19-000293 · wf-form4_157541126020052.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,292

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

Read SEC document
November 01, 2019 Filed Nov 5, 2019 21:23 UTC CARVANA CO. CVNA · Entity 2331 Tax withholdingClass A Common Stock 93 $82.73 $7,693.89
Disclosure

SEC source: 0001690820-19-000256 · wf-form4_157298900122186.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,393

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

Read SEC document
October 01, 2019 Filed Oct 3, 2019 21:38 UTC CARVANA CO. CVNA · Entity 2331 Tax withholdingClass A Common Stock 66 $67.04 $4,424.64
Disclosure

SEC source: 0001690820-19-000244 · wf-form4_157013870568521.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,486

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

Read SEC document
September 01, 2019 Filed Sep 4, 2019 21:08 UTC CARVANA CO. CVNA · Entity 2331 Tax withholdingClass A Common Stock 65 $81.16 $5,275.40
Disclosure

SEC source: 0001690820-19-000225 · wf-form4_156763127142616.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,552

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

Read SEC document
August 08, 2019 Filed Aug 12, 2019 21:33 UTC CARVANA CO. CVNA · Entity 2331 ConversionClass B Units · Derivative 33,434 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001690820-19-000196 · wf-form4_156564560882517.xml · derivative · entry 3

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 493,749

Underlying: Class A Common Stock · 26,747 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on August 8, 2019 by exchanging 33,434 Class B common units of Carvana Group, LLC ("Class B Units") for 26,747 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 · kind: 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.

F4 · kind: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on August 8, 2019 by exchanging 33,434 Class B common units of Carvana Group, LLC ("Class B Units") for 26,747 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 · shares: 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.

F4 · shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.exercise_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.expiration_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · derivative.underlying_shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on August 8, 2019 by exchanging 33,434 Class B common units of Carvana Group, LLC ("Class B Units") for 26,747 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 · derivative.underlying_shares: 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.

F4 · derivative.underlying_shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F5 · balance_after: The Reporting Person was granted 800,000 Class B Units on March 24, 2015 with a participation threshold of $0.00; 160,000 of which vested on March 1, 2016 and 13,334 of which vest on the first of each month beginning April 1, 2016.

Read SEC document
August 08, 2019 Filed Aug 12, 2019 21:33 UTC CARVANA CO. CVNA · Entity 2331 SaleClass A Common Stock 26,747 $71.22 $1,904,921.34
Disclosure

SEC source: 0001690820-19-000196 · wf-form4_156564560882517.xml · nonDerivative · entry 2

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,617

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on August 8, 2019 by exchanging 33,434 Class B common units of Carvana Group, LLC ("Class B Units") for 26,747 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").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on August 8, 2019 by exchanging 33,434 Class B common units of Carvana Group, LLC ("Class B Units") for 26,747 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").

F3 · price: This transaction was executed in multiple trades at prices ranging from $71.00 to $71.48, inclusive; the price reported above reflects the volume weighted average sale price.

Read SEC document
August 08, 2019 Filed Aug 12, 2019 21:33 UTC CARVANA CO. CVNA · Entity 2331 ConversionClass A Common Stock 26,747 $0.00 $0.00
Disclosure

SEC source: 0001690820-19-000196 · wf-form4_156564560882517.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,364

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on August 8, 2019 by exchanging 33,434 Class B common units of Carvana Group, LLC ("Class B Units") for 26,747 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").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on August 8, 2019 by exchanging 33,434 Class B common units of Carvana Group, LLC ("Class B Units") for 26,747 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 · price: 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.

Read SEC document
August 01, 2019 Filed Aug 5, 2019 23:47 UTC CARVANA CO. CVNA · Entity 2331 Tax withholdingClass A Common Stock 66 $62.81 $4,145.46
Disclosure

SEC source: 0001690820-19-000180 · wf-form4_156504885797376.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,617

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

Read SEC document
July 11, 2019 Filed Jul 12, 2019 23:27 UTC CARVANA CO. CVNA · Entity 2331 ConversionClass B Units · Derivative 15,625 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001690820-19-000166 · wf-form4_156297402828926.xml · derivative · entry 3

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 527,183

Underlying: Class A Common Stock · 12,500 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on July 11, 2019 by exchanging 15,625 Class B common units of Carvana Group, LLC ("Class B Units") for 12,500 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").

F3 · kind: 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.

F4 · kind: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on July 11, 2019 by exchanging 15,625 Class B common units of Carvana Group, LLC ("Class B Units") for 12,500 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").

F3 · shares: 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.

F4 · shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.exercise_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.expiration_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · derivative.underlying_shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on July 11, 2019 by exchanging 15,625 Class B common units of Carvana Group, LLC ("Class B Units") for 12,500 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").

F3 · derivative.underlying_shares: 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.

F4 · derivative.underlying_shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F5 · balance_after: The Reporting Person was granted 800,000 Class B Units on March 24, 2015 with a participation threshold of $0.00; 160,000 of which vested on March 1, 2016 and 13,334 of which vest on the first of each month beginning April 1, 2016.

Read SEC document
July 11, 2019 Filed Jul 12, 2019 23:27 UTC CARVANA CO. CVNA · Entity 2331 ConversionClass A Common Stock 12,500 $0.00 $0.00
Disclosure

SEC source: 0001690820-19-000166 · wf-form4_156297402828926.xml · nonDerivative · entry 2

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,183

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on July 11, 2019 by exchanging 15,625 Class B common units of Carvana Group, LLC ("Class B Units") for 12,500 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").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on July 11, 2019 by exchanging 15,625 Class B common units of Carvana Group, LLC ("Class B Units") for 12,500 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").

F3 · price: 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.

Read SEC document
July 10, 2019 Filed Jul 12, 2019 23:27 UTC CARVANA CO. CVNA · Entity 2331 SaleClass A Common Stock 12,500 $67.65 $845,625.00
Disclosure

SEC source: 0001690820-19-000166 · wf-form4_156297402828926.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,683

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on July 11, 2019 by exchanging 15,625 Class B common units of Carvana Group, LLC ("Class B Units") for 12,500 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").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on July 11, 2019 by exchanging 15,625 Class B common units of Carvana Group, LLC ("Class B Units") for 12,500 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 · price: This transaction was executed in multiple trades at prices ranging from $66.85 to $68.12, inclusive; the price reported above reflects the volume weighted average sale price.

Read SEC document
July 01, 2019 Filed Jul 3, 2019 20:58 UTC CARVANA CO. CVNA · Entity 2331 Tax withholdingClass A Common Stock 65 $65.61 $4,264.65
Disclosure

SEC source: 0001690820-19-000158 · wf-form4_156218749589551.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,683

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

Read SEC document
June 11, 2019 Filed Jun 12, 2019 22:37 UTC CARVANA CO. CVNA · Entity 2331 ConversionClass B Units · Derivative 25,000 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001690820-19-000145 · wf-form4_156037900738051.xml · derivative · entry 3

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 542,808

Underlying: Class A Common Stock · 20,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on June 11, 2019 by exchanging 25,000 Class B common units of Carvana Group, LLC ("Class B Units") for 20,000 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").

F3 · kind: 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.

F4 · kind: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on June 11, 2019 by exchanging 25,000 Class B common units of Carvana Group, LLC ("Class B Units") for 20,000 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").

F3 · shares: 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.

F4 · shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.exercise_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.expiration_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · derivative.underlying_shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on June 11, 2019 by exchanging 25,000 Class B common units of Carvana Group, LLC ("Class B Units") for 20,000 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").

F3 · derivative.underlying_shares: 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.

F4 · derivative.underlying_shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F5 · balance_after: The Reporting Person was granted 800,000 Class B Units on March 24, 2015 with a participation threshold of $0.00; 160,000 of which vested on March 1, 2016 and 13,334 of which vest on the first of each month beginning April 1, 2016.

Read SEC document
June 11, 2019 Filed Jun 12, 2019 22:37 UTC CARVANA CO. CVNA · Entity 2331 ConversionClass A Common Stock 20,000 $0.00 $0.00
Disclosure

SEC source: 0001690820-19-000145 · wf-form4_156037900738051.xml · nonDerivative · entry 2

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,748

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on June 11, 2019 by exchanging 25,000 Class B common units of Carvana Group, LLC ("Class B Units") for 20,000 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").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on June 11, 2019 by exchanging 25,000 Class B common units of Carvana Group, LLC ("Class B Units") for 20,000 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").

F3 · price: 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.

Read SEC document
June 10, 2019 Filed Jun 12, 2019 22:37 UTC CARVANA CO. CVNA · Entity 2331 SaleClass A Common Stock 20,000 $62.14 $1,242,800.00
Disclosure

SEC source: 0001690820-19-000145 · wf-form4_156037900738051.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,748

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on June 11, 2019 by exchanging 25,000 Class B common units of Carvana Group, LLC ("Class B Units") for 20,000 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").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on June 11, 2019 by exchanging 25,000 Class B common units of Carvana Group, LLC ("Class B Units") for 20,000 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 · price: This transaction was executed in multiple trades at prices ranging from $61.34 to $63.50, inclusive; the price reported above reflects the volume weighted average sale price.

Read SEC document
June 01, 2019 Filed Jun 4, 2019 22:44 UTC CARVANA CO. CVNA · Entity 2331 Tax withholdingClass A Common Stock 66 $57.88 $3,820.08
Disclosure

SEC source: 0001690820-19-000127 · wf-form4_155968828549190.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,748

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

Read SEC document
May 10, 2019 Filed May 14, 2019 23:46 UTC CARVANA CO. CVNA · Entity 2331 ConversionClass B Units · Derivative 94,692 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001690820-19-000109 · wf-form4_155787755036307.xml · derivative · entry 3

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 567,808

Underlying: Class A Common Stock · 75,753 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on May 10, 2019 by exchanging 94,692 Class B common units of Carvana Group, LLC ("Class B Units") for 75,753 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 · kind: 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.

F4 · kind: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on May 10, 2019 by exchanging 94,692 Class B common units of Carvana Group, LLC ("Class B Units") for 75,753 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 · shares: 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.

F4 · shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.exercise_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · derivative.expiration_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · derivative.underlying_shares: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on May 10, 2019 by exchanging 94,692 Class B common units of Carvana Group, LLC ("Class B Units") for 75,753 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 · derivative.underlying_shares: 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.

F4 · derivative.underlying_shares: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F5 · balance_after: The Reporting Person was granted 800,000 Class B Units on March 24, 2015 with a participation threshold of $0.00; 160,000 of which vested on March 1, 2016 and 13,334 of which vest on the first of each month beginning April 1, 2016.

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May 10, 2019 Filed May 14, 2019 23:46 UTC CARVANA CO. CVNA · Entity 2331 SaleClass A Common Stock 75,753 $68.56 $5,193,625.68
Disclosure

SEC source: 0001690820-19-000109 · wf-form4_155787755036307.xml · nonDerivative · entry 2

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,814

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on May 10, 2019 by exchanging 94,692 Class B common units of Carvana Group, LLC ("Class B Units") for 75,753 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").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on May 10, 2019 by exchanging 94,692 Class B common units of Carvana Group, LLC ("Class B Units") for 75,753 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").

F3 · price: This transaction was executed in multiple trades at prices ranging from $64.77 to $74.50, inclusive; the price reported above reflects the volume weighted average sale price.

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May 10, 2019 Filed May 14, 2019 23:46 UTC CARVANA CO. CVNA · Entity 2331 ConversionClass A Common Stock 75,753 $0.00 $0.00
Disclosure

SEC source: 0001690820-19-000109 · wf-form4_155787755036307.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 86,567

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on May 10, 2019 by exchanging 94,692 Class B common units of Carvana Group, LLC ("Class B Units") for 75,753 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").

F1 · price: The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 11, 2019. The Reporting Person acquired the Class A Common Stock on May 10, 2019 by exchanging 94,692 Class B common units of Carvana Group, LLC ("Class B Units") for 75,753 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 · price: 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.

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May 01, 2019 Filed May 2, 2019 21:44 UTC CARVANA CO. CVNA · Entity 2331 Tax withholdingClass A Common Stock 65 $70.69 $4,594.85
Disclosure

SEC source: 0001690820-19-000090 · wf-form4_155683348285096.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,814

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon vesting of restricted stock units.

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April 01, 2019 Filed Apr 3, 2019 23:46 UTC CARVANA CO. CVNA · Entity 2331 Tax withholdingClass A Common Stock 781 $58.94 $46,032.14
Disclosure

SEC source: 0001690820-19-000056 · wf-form4_155433513702309.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,879

F1 · shares: Represents shares of Class A Common Stock of the Issuer withheld for taxes upon the vesting of restricted stock units.

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February 25, 2019 Filed Feb 27, 2019 22:16 UTC CARVANA CO. CVNA · Entity 2331 GrantStock Options (Right to Buy) · Derivative 46,954 $0.00 Strike: $38.00 $0.00
Disclosure

SEC source: 0001690820-19-000035 · wf-form4_155130576436990.xml · derivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 46,954

Underlying: Class A Common Stock · 46,954 shares

Expires 2029-02-25

F1 · derivative.exercise_date: The option vests 25% on April 1, 2020 and in 36 equal monthly installments thereafter, subject to the Reporting Person's continued service with the Issuer.

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September 14, 2018 Filed Sep 14, 2018 22:30 UTC CARVANA CO. CVNA · Entity 2331 Tax withholdingClass A Common Stock 45 $63.43 $2,854.35
Disclosure

SEC source: 0001690820-18-000084 · wf-form4_153696424155846.xml · nonDerivative · entry 2

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,660

F2 · shares: Represents withholdings by the Issuer to cover withholding taxes in connection with the vesting of restricted stock units.

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September 13, 2018 Filed Sep 14, 2018 22:30 UTC CARVANA CO. CVNA · Entity 2331 GrantClass A Common Stock 165 $0.00 $0.00
Disclosure

SEC source: 0001690820-18-000084 · wf-form4_153696424155846.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,705

F1 · shares: Represents shares of Class A Common Stock of Carvana Co. (the "Issuer") underlying restricted stock units acquired by the Reporting Person. The restricted stock units vested on September 14, 2018.

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July 28, 2018 Filed Jul 31, 2018 20:27 UTC CARVANA CO. CVNA · Entity 2331 GrantStock Options (Right to Buy) · Derivative 13,190 $0.00 Strike: $44.21 $0.00
Disclosure

SEC source: 0001690820-18-000059 · wf-form4_153306885925002.xml · derivative · entry 2

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,190

Underlying: Class A Common Stock · 13,190 shares

Expires 2028-07-28

F2 · derivative.exercise_date: The non-qualified stock options representing the right to purchase for the exercise price Class A Common Stock of the Issuer vest 25% on April 1, 2019 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

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July 28, 2018 Filed Jul 31, 2018 20:27 UTC CARVANA CO. CVNA · Entity 2331 GrantClass A Common Stock 11,540 $0.00 $0.00
Disclosure

SEC source: 0001690820-18-000059 · wf-form4_153306885925002.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,540

F1 · shares: Represents shares of Class A Common Stock of Carvana Co. (the "Issuer") underlying restricted stock units acquired by the Reporting Person. The restricted stock units vest 25% on April 1, 2019 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

F1 · price: Represents shares of Class A Common Stock of Carvana Co. (the "Issuer") underlying restricted stock units acquired by the Reporting Person. The restricted stock units vest 25% on April 1, 2019 and monthly thereafter for the following three years, subject to the Reporting Person's continued service with the Issuer.

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April 30, 2018 Filed May 2, 2018 22:13 UTC CARVANA CO. CVNA · Entity 2331 ConversionClass B Units · Derivative 137,500 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001690820-18-000024 · wf-form4_152529918332840.xml · derivative · entry 3

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 662,500

Underlying: Class A Common Stock · 110,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F1 · kind: On April 30, 2018, the Reporting Person exchanged 137,500 Class B common units of Carvana Group, LLC ("Class B Units") for 110,000 shares of Class A common stock, par value $0.001 per share, of the Issuer (the "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"). The Reporting Person immediately sold the 110,000 shares of Class A Common Stock acquired upon conversion of the Class B Units in an underwritten public offering pursuant to the Issuer's Registration Statement on Form S-1 (File No. 333-224404).

F2 · kind: 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 (as defined in the Exchange Agreement) less the applicable participation threshold multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

F3 · kind: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F3 · price: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F3 · derivative.exercise_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F3 · derivative.expiration_date: The exchanged Class B Units have a participation threshold of $0.00. The Class B Units have no expiration date.

F4 · balance_after: The Reporting Person was granted 800,000 Class B Units on March 24, 2015 with a participation threshold of $0.00; 160,000 of which vested on March 1, 2016 and 13,334 of which vest on the first of each month beginning April 1, 2016.

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April 30, 2018 Filed May 2, 2018 22:13 UTC CARVANA CO. CVNA · Entity 2331 SaleClass A Common Stock 110,000 $27.50 $3,025,000.00
Disclosure

SEC source: 0001690820-18-000024 · wf-form4_152529918332840.xml · nonDerivative · entry 2

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

F1 · kind: On April 30, 2018, the Reporting Person exchanged 137,500 Class B common units of Carvana Group, LLC ("Class B Units") for 110,000 shares of Class A common stock, par value $0.001 per share, of the Issuer (the "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"). The Reporting Person immediately sold the 110,000 shares of Class A Common Stock acquired upon conversion of the Class B Units in an underwritten public offering pursuant to the Issuer's Registration Statement on Form S-1 (File No. 333-224404).

F1 · price: On April 30, 2018, the Reporting Person exchanged 137,500 Class B common units of Carvana Group, LLC ("Class B Units") for 110,000 shares of Class A common stock, par value $0.001 per share, of the Issuer (the "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"). The Reporting Person immediately sold the 110,000 shares of Class A Common Stock acquired upon conversion of the Class B Units in an underwritten public offering pursuant to the Issuer's Registration Statement on Form S-1 (File No. 333-224404).

Read SEC document
April 30, 2018 Filed May 2, 2018 22:13 UTC CARVANA CO. CVNA · Entity 2331 ConversionClass A Common Stock 110,000 Not disclosed Not disclosed
Disclosure

SEC source: 0001690820-18-000024 · wf-form4_152529918332840.xml · nonDerivative · entry 1

GILL DANIEL J. · CIK 0001700538 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 110,000

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: On April 30, 2018, the Reporting Person exchanged 137,500 Class B common units of Carvana Group, LLC ("Class B Units") for 110,000 shares of Class A common stock, par value $0.001 per share, of the Issuer (the "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"). The Reporting Person immediately sold the 110,000 shares of Class A Common Stock acquired upon conversion of the Class B Units in an underwritten public offering pursuant to the Issuer's Registration Statement on Form S-1 (File No. 333-224404).

F1 · price: On April 30, 2018, the Reporting Person exchanged 137,500 Class B common units of Carvana Group, LLC ("Class B Units") for 110,000 shares of Class A common stock, par value $0.001 per share, of the Issuer (the "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"). The Reporting Person immediately sold the 110,000 shares of Class A Common Stock acquired upon conversion of the Class B Units in an underwritten public offering pursuant to the Issuer's Registration Statement on Form S-1 (File No. 333-224404).

F2 · price: 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 (as defined in the Exchange Agreement) less the applicable participation threshold multiplied by 0.8 times the number of Class B Units being exchanged, divided by the Class A Common Stock Value.

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Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.