# EDGAR Filing Document

**Accession Number:** 0001690820
**File Stem:** 0001193125-23-024179
**Filing Date:** 2023-2
**Character Count:** 16348
**Document Hash:** 14e804753eb8ba9abadcf4aadb79165c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-024179.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001193125-23-024179

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CARVANA CO.
- **CENTRAL INDEX KEY:** 0001690820
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
- **IRS NUMBER:** 814549921
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269560
- **FILM NUMBER:** 23585995

**BUSINESS ADDRESS:**
- **STREET 1:** 300 E. RIO SALADO PARKWAY
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281
- **BUSINESS PHONE:** (480) 719-8809

**MAIL ADDRESS:**
- **STREET 1:** 300 E. RIO SALADO PARKWAY
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281

**As filed with the Securities and Exchange Commission on February 3, 2023** 

**Registration No. 333-** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

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## CARVANA CO.
**(Exact name of registrant as specified in its charter)** 

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---

| | |
|:---|:---|
| Delaware | 81-4549921 |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |
| **300 E. Rio Salado Parkway**<br> **Tempe, Arizona** | **85281** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Carvana Co. 2017 Omnibus Incentive Plan** 

**(Full title of the plan)** 

**Ernest Garcia III** 

**President, Chief Executive Officer and Chairman** 

**300 E. Rio Salado Parkway** 

**Tempe, Arizona 85281** 

**Telephone: (602) 852-6604** 

**(Name, address and telephone number, including area code, of agent for service)** 

***Copies to:***

**Robert M. Hayward, P.C.** 

**Robert E. Goedert, P.C.** 

**Michael P. Keeley** 

**Kirkland & Ellis LLP** 

**300 North LaSalle** 

**Chicago, Illinois 60654** 

**(312) 862-2000** 

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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**EXPLANATORY NOTE** 

Carvana Co. (the "Registrant") is filing this Registration Statement on Form S-8 with the United States Securities and Exchange Commission (the "Commission") to register up to 2,120,736 additional shares of the Registrant's Class A common stock, par value $0.001 per share (the "Common Stock"), reserved for issuance under the Carvana Co. 2017 Omnibus Incentive Plan (as amended on June 5, 2017 and August 22, 2017, the "Plan"), as a result of the annual evergreen increase under the Plan. In accordance with General Instruction E of Form S-8, this Registration Statement hereby incorporates by reference the contents of the Registration Statement on Form S-8 (File No. 333-217520), filed by the Registrant with the Commission on April 28, 2017.

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**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 8. Exhibits.** 

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 4.1 | Amended and Restated Certificate of Incorporation of Carvana Co., dated April 27, 2017 ([incorporated by reference to Exhibit 3.1 to Carvana Co.'s Current Report on Form 8-K filed with the SEC on May 3, 2017](http://www.sec.gov/Archives/edgar/data/1690820/000119312517156305/d388690dex31.htm)). |
| 4.2 | Amended and Restated Bylaws of Carvana Co., dated April 27, 2017 ([incorporated by reference to Exhibit 3.2 to Carvana Co.'s Current Report on Form 8-K filed with the SEC on May 3, 2017](http://www.sec.gov/Archives/edgar/data/1690820/000119312517156305/d388690dex32.htm)). |
| 5.1\* | [Opinion of Kirkland & Ellis LLP.](d412871dex51.htm) |
| 10.1 | Carvana Co. 2017 Omnibus Incentive Plan ([incorporated by reference to Exhibit 10.6 to Carvana Co.'s Current Report on Form 8-K filed with the SEC on May 3, 2017](http://www.sec.gov/Archives/edgar/data/1690820/000119312517156305/d388690dex106.htm)). |
| 10.2 | First Amendment to 2017 Omnibus Incentive Plan ([incorporated by reference to Exhibit 10.1 to Carvana Co.'s Quarterly Report on Form 10-Q filed with the SEC on June 6, 2017](http://www.sec.gov/Archives/edgar/data/1690820/000169082017000007/ex101q12017.htm)). |
| 10.3 | Second Amendment to 2017 Omnibus Incentive Plan ([incorporated by reference to Exhibit 10.1 to Carvana Co.'s Quarterly Report on Form 10-Q filed with the SEC on November 7, 2017](http://www.sec.gov/Archives/edgar/data/1690820/000169082017000019/ex101q32017.htm)). |
| 23.1\* | [Consent of Grant Thornton LLP, independent registered public accounting firm.](d412871dex231.htm) |
| 23.2\* | [Consent of Kirkland & Ellis LLP (included in Exhibit 5.1).](d412871dex51.htm) |
| 24.1\* | [Power of Attorney (included on the signature pages hereto).](#sig) |
| 107\* | [Filing Fee Table.](d412871dexfilingfees.htm) |

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\* Filed herewith.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Tempe, State of Arizona, on February 3, 2023.

---

| | | |
|:---|:---|:---|
| CARVANA CO. | CARVANA CO. | CARVANA CO. |
| By: | /s/ Ernest C. Garcia, III | /s/ Ernest C. Garcia, III |
|  | Name: | Ernest C. Garcia, III |
|  | Title: | President, Chief Executive Officer and Chairman |

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**POWERS OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Paul Breaux and Stephen Palmer and each or any one of them, her or his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in her or his name, place and stead, in any and all capacities, to sign any and all amendments to this Registration Statement on Form S-8, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the United States Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or her or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on February 3, 2023.

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| | |
|:---|:---|
| **Name** | **Position** |
| /s/ Ernest C. Garcia, III | President, Chief Executive Officer and Chairman |
| Ernest C. Garcia, III | (Principal Executive Officer) |
| /s/ Mark Jenkins | Chief Financial Officer |
| Mark Jenkins | (Principal Financial Officer) |
| /s/ Stephen Palmer | Vice President of Accounting and Finance |
| Stephen Palmer | (Principal Accounting Officer) |
| /s/ Dan Quayle | Director |
| Dan Quayle |  |

---

------

---

| | |
|:---|:---|
| /s/ Michael Maroone | Director |
| Michael Maroone |  |
| /s/ Neha Parikh | Director |
| Neha Parikh |  |
| /s/ Ira Platt | Director |
| Ira Platt |  |
| /s/ Greg Sullivan | Director |
| Greg Sullivan |  |

---

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g412871g66z59.jpg)

300 North LaSalle

Chicago, IL 60654

United States

+1 312 862 2000

www.kirkland.com

February 3, 2023

Carvana Co.

300 E. Rio Salado Parkway

Tempe, AZ 85281

Re: Registration Statement on Form S-8

Ladies and Gentlemen:

We are acting as special counsel to Carvana Co., a Delaware corporation (the "Company"), in connection with the filing by the Company of a Registration Statement on Form S-8 (the "Registration Statement") under the Securities Act of 1933, as amended (the "Act"), with the Securities and Exchange Commission (the "Commission") covering the offering of up to 2,120,736 shares of the Company's Class A common stock, par value $0.001 per share (the "Shares"), under the Carvana Co. 2017 Omnibus Incentive Plan (as amended on June 5, 2017 and August 22, 2017, the "Omnibus Plan").

In reaching the opinion set forth herein, we have examined such documents, records, certificates, resolutions and other instruments as we have considered necessary or advisable for purposes of this opinion letter, including (i) the organizational documents of the Company, including the Amended and Restated Certificate of Incorporation, (ii) minutes and records of the corporate proceedings of the Company, including certain resolutions adopted by the Board of Directors of the Company, (iii) the Omnibus Plan and (iv) the Registration Statement and the exhibits thereto.

For purposes of this opinion, we have assumed (i) the authenticity of all documents submitted to us as originals, (ii) the conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of all documents submitted to us as copies, (iii) the legal capacity of all natural persons, (iv) the genuineness of all signatures, (v) the authority of all persons signing all documents submitted to us on behalf of the parties thereto, (vi) that all information contained in all documents reviewed by us is true, correct and complete, and (vii) that the Shares will be issued in accordance with the terms of the Omnibus Plan. We have not independently established or verified any facts relevant to our opinion expressed herein, but have relied upon statements and representations of officers or other representatives of the Company.

Based upon and subject to the foregoing qualifications, assumptions and limitations and the further limitations set forth herein and having due regard for the legal considerations we deem relevant, we are of the opinion that the Shares are duly authorized and when (i) the Registration Statement becomes effective under the Act, and (ii) the Shares are issued in accordance with the terms of the Amended and Restated Certificate of Incorporation, the Omnibus Plan and the instruments executed thereunder, the Shares will be validly issued, fully paid and non-assessable.

Austin Bay Area Beijing Boston Brussels Chicago Dallas Hong Kong Houston London Los Angeles Miami Munich Paris Salt Lake City Shanghai Washington, D.C.

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![LOGO](g412871g97v59.jpg)

Carvana Co.

February 3, 2023

Our opinion expressed above is subject to the qualification that we express no opinion as to the applicability of, compliance with, or effect of any laws except the General Corporation Law of the State of Delaware.

We have relied without independent investigation upon, among other things, an assurance from the Company that the number of shares which the Company is authorized to issue in its Amended and Restated Certificate of Incorporation exceeds the number of shares outstanding and the number of shares which the Company is obligated to issue (or had otherwise reserved for issuance) for any purposes other than issuances of the Shares by at least the number of Shares and we have assumed that such condition will remain true at all future times relevant to this opinion.

We hereby consent to the filing of this opinion with the Commission as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission.

We do not find it necessary for the purposes of this opinion, and accordingly we do not purport to cover herein, the application of the securities or "Blue Sky" laws of the various states to the issuance and sale of the Shares.

This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. This opinion speaks only as of the date hereof. We assume no obligation to revise or supplement this opinion should the General Corporation Law of the State of Delaware be changed by legislative action, judicial decision or otherwise. This opinion is furnished to you in connection with the filing of the Registration Statement in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Act and is not to be used, circulated, quoted or otherwise relied upon for any other purposes.

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| |
|:---|
| Sincerely, |
| /s/ Kirkland & Ellis LLP |
| KIRKLAND & ELLIS LLP |

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## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We have issued our reports dated February 24, 2022 with respect to the consolidated financial statements and internal control over financial reporting of Carvana Co. included in the Annual Report on Form 10-K for the year ended December 31, 2021 which are incorporated by reference in this Registration Statement. We consent to the incorporation by reference of the aforementioned reports in this Registration Statement.

/s/ GRANT THORNTON LLP

Southfield, Michigan

February 3, 2023

## Ex-Filing

**Exhibit 107** 

**Calculation of Filing Fee Table** 

**Form S-8** 

(Form Type)

**Carvana Co.** 

(Exact Name of Registrant as Specified in its Charter)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Security Type | Security<br>Class Title | Fee<br>Calculation<br>Rule | Maximum Aggregate<br>Offering Price | Fee Rate | Amount of<br>Registration<br>Fee |
| &nbsp;&nbsp;&nbsp;Equity | Class A Common stock, par value $0.001 per share | Rule 457(c) and Rule 457(h)2120736<sup>(2)</sup>$9.49<sup>(3)</sup> | $20125784.64 | 0.00011020 | $2217.86 |
| &nbsp;&nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;&nbsp;Total Offering Amounts | $20125784.64 |  | $2217.86 |
| &nbsp;&nbsp;&nbsp;Total Fee Offsets | &nbsp;&nbsp;&nbsp;Total Fee Offsets | &nbsp;&nbsp;&nbsp;Total Fee Offsets |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;&nbsp;Net Fee Due |  |  | $2217.86 |

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(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this
registration statement on Form S-8 (the "Registration Statement") shall also cover any additional shares of the Registrant's Class A common stock, $0.001 par value per share (the
"Common Stock"), that become issuable under the Carvana Co. 2017 Omnibus Incentive Plan (as amended on June 5, 2017, and August 22, 2017) (the "Plan") by reason of any stock dividend, stock split, recapitalization or
other similar transaction effected without the receipt of consideration that increases the number of the Registrant's outstanding shares of Common Stock.

(2) This Registration Statement covers an additional 2,120,736 shares of the Registrant's Common Stock, which
are issuable pursuant to the Plan.

(3) Estimated in accordance with Rule 457(c) and (h) under the Securities Act solely for the purpose of
calculating the registration fee on the basis of $9.49, the average of the high and low prices of the Registrant's common stock as reported on The New York Stock Exchange on January 30, 2023, which date is within five business days prior to the
filing of this Registration Statement.