Document:

EX-10.16

 Exhibit 10.16 

CARVANA GROUP, LLC 
 FORM
OF EQUITY AWARD AGREEMENT 
 THIS EQUITY AWARD AGREEMENT (this “Agreement”) is made and entered into as of
[                , 201[]] (the “Effective Date”), by and between Carvana Group, LLC, a Delaware limited liability company (the
“Company”), and [                 ] (“Participant”). Capitalized terms used in this Agreement but not otherwise defined herein shall
have their respective meanings set forth in the Plan and the LLC Agreement (each as defined below), as applicable. 
 THE PARTIES HERETO
AGREE AS FOLLOWS: 
 1.    Issuance of Award. In consideration of Participant’s agreement to provide services
to or for the benefit of the Company, effective as of the Effective Date, the Company hereby issues to Participant [                 ] Series 2 Class B Common Units
of the Company (the “Units”), in each case on the terms and conditions set forth in this Agreement, the LLC Agreement and the Plan. The purchase price for such Units shall be zero dollars ($0.00). 

2.    Participation Threshold. The Participation Threshold for the Units shall be $ [
                ] per Unit. 

3.    Acknowledgement. Participant acknowledges that Participant is already a member of the Company and a party to
and bound by the terms and conditions of the LLC Agreement, as well as the terms and conditions of any prior Equity Award Agreement by and between Participant and the Company. 
  

	 	4.	Vesting; Restrictions on Transfer of Awards; Governing Documents; Transition Period. 

4.1    Vesting. The Units vest over time and, subject to the last paragraph of this Section 4.1, shall vest as
follows: 
 (a)    20% of the Units shall vest on [
                ], 2016 (the “Vesting Start Date”), so long as a Termination of Service with respect to Participant has not occurred prior to such
Vesting Start Date, and 
 (b)    thereafter, 12/3% the Units shall vest on the first day of each month after the Vesting Start Date, in each case so long as a Termination of Service with respect to Participant has not occurred prior to each such
first day of the month. 
 Notwithstanding the foregoing, and subject to Section 4.4 below, upon the occurrence of a Sale Transaction (as defined in
the LLC Agreement), all Unvested Units shall become Vested Units as of the date of consummation of such Sale Transaction if a Termination of Service with respect to Participant has not occurred prior to such date. 

4.2    Governing Documents. The Units are subject to the terms of the Governing Documents, including, without
limitation, the provisions set forth in the LLC Agreement regarding restrictions on Transfer of Units. Participant shall be deemed to be a 

 
“Management Investor” as such term is defined in the LLC Agreement, and all of the Units and Participant’s status as a Management Investor shall be subject to the terms and
conditions of the LLC Agreement. All Units are deemed to be Executive Securities as defined in the Plan. 

4.3    Transfers and Transferees. Any Permitted Transferee of the Units shall take such Executive Securities
subject to the terms of the Governing Documents and must, upon the request of the Company, agree to be bound by the Governing Documents, and shall execute documentation to such effect on request, as applicable, and must agree to such other waivers,
limitations, and restrictions as the Company may reasonably require. Any Transfer of the Executive Securities which is not made in compliance with the Governing Documents shall be null and void and of no effect. 

4.4    Transition Period Upon Sale Transaction. Notwithstanding anything in the Plan, in the case of a Sale
Transaction (as defined in the LLC Agreement), Participant agrees that, if the Person who is acquiring the equity securities or assets of the Company resulting in such Sale Transaction (the “Acquiror”) requests that a Participant
continue to provide any services to the Acquiror, the Company or any of their respective Affiliates from and after the consummation of the Sale Transaction (whether as a full-time employee, consultant or otherwise), for a period of not greater than
12 months (the “Transition Period”), then (a) such holder will agree to continue in his or her role for the Transition Period; provided that the Acquiror agrees to provide base salary, bonus opportunity and fringe benefits
(other than equity-based compensation) (collectively, the “Post-Sale Compensation”) at least as generous as those in place immediately prior to such Sale Transaction (excluding any equity-based compensation) and (b) the
Continuing Incentive Amount (which shall be withheld from the proceeds otherwise to be received by such Participant in respect of Participant’s Units) shall be handled as follows (in lieu of being paid to Participant and/or his or her Permitted
Transferee(s)): 
 (a)    if Participant declines to provide such requested services, the Continuing Incentive Amount
shall be paid to the holders of Class A Common Units as of immediately prior to the consummation of such Sale Transaction (pro rata among such holders based on the number of Class A Common Units then owned by each such holder), and,
thereafter, neither Participant nor his or her Permitted Transferee(s) shall have any rights in respect of or other claims on such amounts (other than his or her status as a holder of Units); or 

(b)    if Participant agrees to provide such requested services, the Continuing Incentive Amount shall be deposited into
an escrow account with an escrow agent designated by the Company, and the Continuing Incentive Amount shall be handled as follows: 

(1)    if Participant provides such requested services from and after consummation of the Sale Transaction through the
earliest of (w) the date on which Acquiror reduces Participant’s Post-Sale Compensation below the base salary, bonus opportunity, and fringe benefits provided to Participant by Carvana or its Affiliates immediately prior to such Sale
Transaction (excluding any equity-based compensation), (x) the date on which the Acquiror terminates such services (other than with cause), (y) Participant’s death or Disability, and (z) the last day of the Transition Period (the earliest
of (w), (x), (y) and (z), the “Final Vesting Date”), then the Continuing Incentive Amount, together with any income earned thereon, shall be released to Participant and/or his or her Permitted Transferee(s), as applicable, within
five (5) business days after the Final Vesting Date; or 

  
 2 

 (2)    if Participant fails to provide such requested services from and
after the consummation of the Sale Transaction through the Final Vesting Date, then the Continuing Incentive Amount, together with any income earned thereon, shall be paid to the holders of Class A Common Units as of immediately prior to the
consummation of such Sale Transaction (pro rata among such holders based on the number of Class A Common Units then owned by each such holder), and, thereafter, neither Participant nor his or her Permitted Transferee(s) shall have any rights in
respect of or other claims on such amounts (other than his or her status as a holder of Units). 
 (c)    For purposes
of this Agreement, “Continuing Incentive Amount” means all consideration to which a Participant and, to the extent necessary, his or her Permitted Transferee(s) are otherwise entitled in connection with such Sale Transaction in
respect of the number of Participant’s Unvested Units that vested pursuant to the last sentence of Section 4.1 above as a result of such Sale Transaction. 

5.    Forfeiture and Repurchase. 

5.1    Forfeiture. In the event of a Termination of Service, (i) each Unvested Unit and any other Executive
Securities issued with respect to such Unvested Unit, if any, will be automatically forfeited as of the date of such Termination of Service for no consideration and (ii) if such Termination of Service was with Substantial Cause, then each
Vested Unit and any other Executive Securities issued with respect to such Vested Unit, if any, will also be automatically forfeited as of the date of such Termination of Service for no consideration. For any Unit or other Executive Security that is
forfeited, Participant will immediately return to the Company any unit (or other similar) certificates evidencing any such unit or securities (to the extent not held by the Company). 

5.2    Events Giving Rise to Repurchase Right. In the event of a Termination of Service (other than a Termination
of Service with Substantial Cause, which shall be subject to Section 5.1 above), the Vested Units and other Executive Securities issued with respect to such Vested Units, if any (the “Other Executive
Securities”) (whether held by Participant or one or more of Participant’s Transferees, other than the Company and any Member holding Class A Common Units) will be subject to repurchase, in each case, by the Company and Members
holding Class A Common Units pursuant to the terms and conditions set forth in this Section 5 (the “Repurchase Option”). Members of the Company holding Class A Common Units may assign their
repurchase rights set forth in this Section 5 to any Person. 
 5.3    Company Repurchase
Right. In the event of a Termination of Service other than for Substantial Cause, the Company may elect to purchase all or any portion of the Vested Units and Other Executive Securities pursuant to this Section 5 by
delivering written notice (a “Company Repurchase Notice”) to the holder or holders of such securities within a period of seven months after the date of the Termination of Service (such period, a “Repurchase Option
Period”). Any Company Repurchase Notice will set forth the number and type of Vested Units and Other Executive Securities to be acquired from each holder, the aggregate consideration to be paid for such Vested Units and Other Executive
Securities and the time and place for the closing of the transaction. 

  
 3 

 5.4    Class A Common Unit Member Repurchase Right. If for any reason
the Company does not elect to purchase all of the Vested Units and Other Executive Securities it is entitled to purchase pursuant to the Repurchase Option, Members holding Class A Common Units shall be entitled to exercise the Repurchase Option
for all or any portion of such Vested Units and Other Executive Securities that the Company has not elected to purchase (the “Available Securities”). As soon as practicable after the Company has determined that it will not exercise
the Repurchase Option with respect to the Available Securities, but in any event within 20 days prior to the expiration of the Repurchase Option Period, the Company shall give written notice (an “Option Notice”) to the Members
holding Class A Common Units setting forth the number of Available Securities such Members are entitled to purchase and the purchase price for the Available Securities. The Members holding Class A Common Units may elect to purchase all or
any portion of the Available Securities by giving written notice to the Company within 20 days after receiving the Option Notice. If such Member collectively elect to purchase an aggregate number of Vested Units and Other Executive Securities
greater than the total number of Available Securities, the Vested Units and Other Executive Securities to be purchased by each such Member shall be allocated among such Members based upon the number of Class A Common Units owned by each such
Member. If the Members holding Class A Common Units have elected to purchase any Available Securities, within ten days after the expiration of the 20-day period set forth above, the Company shall notify
each holder of Vested Units and Other Executive Securities as to the number and type of Available Securities each such Member is entitled to purchase, the aggregate purchase price and the time and place of the closing of the transaction (the
“Investor Repurchase Notice”). At the time the Company delivers the Investor Repurchase Notice to the holder(s) of Vested Units and Other Executive Securities, the Company shall also deliver written notice to each such Member
setting forth the number of Available Securities such Investor is entitled to purchase, the aggregate purchase price and the time and place of the closing of the transaction. 

5.5    Closing of Repurchase. The closing of the purchase of the Executive Securities pursuant to an exercise of
the Repurchase Option shall take place on the later of the date designated by the Company in the Company Repurchase Notice or the Investor Repurchase Notice, as applicable, which date shall not be more than 30 days nor less than five days after the
later of the delivery of the Company Repurchase Notice or the Investor Repurchase Notice, as applicable (the “Repurchase Closing”). 

5.6    Payment of Repurchase Price. The Company will pay for the Executive Securities to be purchased by it
pursuant to the Repurchase Option (i) first by offsetting amounts outstanding under any other bona fide, undisputed debts owed by Participant to the Company or any of its Subsidiaries and (ii) second, by, at its option, (A) a check or
wire transfer of funds, (B) the issuance of a subordinated promissory note of the Company bearing interest at a per annum rate determined by the Board in its sole discretion (provided that such rate shall not be less than the prime rate as
published in The Wall Street Journal from time to time) which interest shall be payable upon maturity of the note, and becoming due and payable on the earlier to occur of a Change of Control and the fifth anniversary of the date of issuance
of the note or (C) any combination of (A) and (B) as the Board may elect in its discretion. The Members holding Class 

  
 4 

 
A Common Units will pay for the Executive Securities purchased by them by a check or wire transfer of funds. The Company and the Members holding Class A Common Units will be entitled to
receive customary representations and warranties from the sellers regarding such sale. 
 5.7    Repurchase
Price. In connection with the exercise of a Repurchase Option, the purchase price for each Vested Unit and each Other Executive Security will be the Fair Market Value of such unit as of the date of the sending of the Company Repurchase Notice or
the Investor Repurchase Notice, whichever is later. For the avoidance of doubt, if the Fair Market Value of the Vested Units or Other Executive Securities to be repurchased pursuant to an exercise of the Repurchase Option is zero, the repurchase
shall nonetheless be consummated as provided herein and the Company and/or the Members holding Class A Common Units as applicable, shall not be required delivery any consideration at the closing of such repurchase. 

5.8    Certain Restrictions on Repurchases. Notwithstanding anything to the contrary in the Plan and any Equity
Award Agreement, all repurchases by the Company pursuant to this Section 5 shall be subject to the following conditions (as determined by the Board): (A) the Company having funds being legally available for such repurchase,
(B) the Company not being in financial distress, (C) the Company having sufficient liquidity to make such repurchase, and (D) the repurchase and the funding of cash by the Company or its Subsidiaries to make such repurchase not being
prohibited under any credit facility to which the Company or any Subsidiary is party or by applicable law. In the event that any of the foregoing conditions in (A) through (D) are not satisfied in connection with such repurchase, then the
Company may defer consummation of such repurchases until it is able to make such repurchase and satisfy such conditions. 

5.9    Former Permitted Transferees. If a Participant Transfers any interests in any Executive Securities to a
Permitted Transferee under clause (i) of the definition thereof and such Transferee ceases to be a Permitted Transferee of such Participant (including if such Permitted Transferee was a Permitted Transferee by reason of being the spouse of such
Participant and such Permitted Transferee is no longer the spouse of such Participant), then such transferee shall, prior to ceasing to be a Permitted Transferee, transfer such interest to the Participant (or other Permitted Transferee thereof) who
made such transfer and, if such transfer back to the Participant (or other Permitted Transferee thereof) does not occur within 30 days, the Company shall have the right to repurchase the Executive Securities transferred to such Permitted Transferee
on the same terms that it may repurchase Units following a Termination of Service in accordance with the provisions of this Section 5. 

6.    Restrictive Covenants. Participant acknowledges that Participant is bound by the confidentiality, non-competition, non-solicitation, non-interference and other provisions set forth in Sections 6.1 through 6.10 (inclusive) of any
prior Equity Award Agreement by and between Participant and the Company (the “Restrictive Covenants”), and that the Company’s issuance of the Units to Participant hereunder is made in consideration for such Restrictive
Covenants. Participant further represents and warrants to the Company that, prior to the date of this Agreement, Participant has not breached any such Restrictive Covenant. 

  
 5 

 7.    Representations, Warranties, Covenants, and Acknowledgments of
Participant. Participant hereby represents, warrants, covenants, acknowledges and agrees on behalf of Participant and his or her spouse, if applicable, that: 

7.1    Capacity. Participant is of legal age, competent to enter into a contractual obligation, and a citizen of
the United States. The principal residence of Participant is as shown on the signature page of this Agreement. 

7.2    Binding Agreement. This Agreement, the LLC Agreement, the Plan and any other Governing Document by which any
Units are acquired by Participant constitute the legal, valid and binding obligations of Participant, enforceable in accordance with their respective terms, and the execution, delivery and performance of any Governing Document by Participant does
not and will not conflict with, violate or cause a breach of any agreement or instrument to which Participant is a party or subject or any judgment, order or decree to which Participant is subject. 

7.3    Investment; Accredited Investor. Participant is holding the Units for Participant’s own account, and
not for the account of any other Person. Participant is holding the Units for investment and not with a view to distribution or resale thereof except in compliance with applicable laws regulating securities. Participant (1) is an
“accredited investor” (as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”)), and/or (2) has such knowledge and experience in financial and business
matters so that Participant is capable of evaluating the merits and risks of Participant’s investment in the Company. Participant (i) has the capacity to protect Participant’s own interests in connection with the transactions
contemplated by this Agreement, (ii) is able to bear the risk of investment in the Company, and (iii) is able, without impairing Participant’s financial condition, to hold the Units for an indefinite period of time and to suffer a
complete loss of Participant’s investment. 
 7.4    Relationship to Carvana and the Company. Participant is
currently an Employee, non-Employee Officer, Director or Consultant and in such capacity has become personally familiar with the business of Carvana and the Company. 

7.5    Access to Information. Participant has had the opportunity to ask questions of, and to receive answers from,
Carvana and the Company with respect to the terms and conditions of the transactions contemplated hereby and with respect to the business, affairs, financial conditions, and results of operations of Carvana and the Company. 

7.6    Dilution. Participant acknowledges and agrees that there may be additional issuances of Units of the Company
or one of its Subsidiaries on or after Participant’s acquisition of Units and the equity interests of Participant may be diluted in connection with any such issuance. 

7.7    Registration. Participant understands that the Units have not been registered under the Securities Act, and
the Units cannot be transferred by Participant other than in accordance with the terms and conditions set forth in the Governing Documents and, in any event, unless such transfer is registered under the Securities Act or an exemption from such

  
 6 

 
registration is available. Neither Carvana nor the Company has made any agreements, covenants or undertakings whatsoever to register the Units under the Securities Act. Neither Carvana nor the
Company has made any representations, warranties or covenants whatsoever as to whether any exemption from the Securities Act will be available. 

7.8    Public Trading. None of the Company’s Equity Securities is currently publicly traded, and neither
Carvana nor the Company has made any representations, covenants or agreements as to whether there will be a public market for any of the Company’s Equity Securities. 

7.9    Tax Advice. Neither Carvana nor the Company has made any warranties or representations to Participant with
respect to the income tax consequences of the Units (or the ownership or issuance thereof) or the transactions contemplated by this Agreement, and Participant is in no manner relying on Carvana, the Company, or their representatives for an
assessment of such tax consequences. Participant is advised to consult with his or her own tax advisor with respect to such tax consequences and his or her ownership of the Units. 

7.10    Reliance by the Company. Participant acknowledges that the Company is relying upon the accuracy and
completeness of the representations contained herein in complying with its obligations under applicable securities laws. 

8.    Capital Account. Participant shall make no Capital Contribution to the Company in connection with the Units
and, as a result, Participant’s Capital Account balance in the Company with respect to such Units immediately after his or her receipt of the Units shall be equal to zero. 

9.    Binding Effect. Subject to the limitations set forth in the Governing Documents, this Agreement shall be
binding upon, and inure to the benefit of, the executors, administrators, heirs, legal representatives, successors and permitted assigns of the parties hereto. 

10.    Section 83(b) Election. Participant and Participant’s spouse, if applicable, shall execute and deliver
to the Company with this executed Agreement, a copy of the Election Pursuant to Section 83(b) of the Internal Revenue Code, substantially in the form attached hereto as Exhibit B. Participant represents that Participant is
not relying on Carvana or the Company with respect to making such election and has consulted any tax consultant(s) that Participant deems advisable in connection with the filing of an election under Section 83(b) of the Code and similar tax
provisions. Participant acknowledges that it is Participant’s sole responsibility and not Carvana’s or the Company’s to timely file an election under Section 83(b) of the Code, even if Participant requests that Carvana, the
Company or any representative of either entity make such filing on Participant’s behalf. Participant should consult his or her tax advisor to determine if there is a comparable election to file in the state of his or her residence and whether
such filing is desirable under the circumstances. 
 11.    Taxes. The Company and Participant intend that
(i) the Units be treated as “profits interests” within the meaning of the Code, Treasury Regulations promulgated thereunder, and any published guidance by the Internal Revenue Service with respect thereto, including, without
limitation, Internal Revenue Service Revenue Procedure 93-27, as clarified by 

  
 7 

 
Internal Revenue Service Revenue Procedure 2001-43, (ii) the issuance of such interests not be a taxable event to the Company or Participant as provided in
such Revenue Procedures, and (iii) the Governing Documents be interpreted consistently with such intent. Notwithstanding the foregoing, each of the Company and Participant acknowledge that the Internal Revenue Service or other taxing authority
could in the future disagree with the valuation used by the Company to determine that the Units are profits interests, and conclude that the liquidation value of the Units as of the Effective Date was greater than zero, resulting in taxable income
to the Participant. The Board of Managers may take any actions it deems in its sole discretion to be necessary or appropriate to cause the Units granted hereunder to be treated as “profits interests” for all United States federal income
tax purposes. Notwithstanding the foregoing, Participant acknowledges that Participant may incur certain liabilities for federal, state or local taxes, and is responsible for satisfaction of such taxes. 

12.    Lock-Up Agreement. In connection with any underwritten public
offering of the Company’s securities, Participant hereby agrees that Participant shall execute a customary “lock-up” or “holdback” agreement in the form requested by the underwriter(s)
for such offering whereby Participant shall agree not to sell, transfer, offer to sell or otherwise dispose of any securities other than pursuant to such offering for such period of time following the consummation of such offering as is required by
such underwriter(s) pursuant to such “lock-up” or “holdback” agreement. 

13.    Remedies. Participant shall be liable to the Company for all costs and damages, including incidental and
consequential damages, resulting from a disposition of the Units which is in violation of the provisions of the Governing Documents. Without limiting the generality of the foregoing, Participant agrees that the Company shall be entitled to obtain
specific performance of the obligations of Participant under this Agreement and, to the extent available under applicable law, both interim and permanent injunctive relief, as applicable. Participant agrees and acknowledges that Participant will not
urge as a defense that there is an adequate remedy at law. 
 14.    Governing Law. This Agreement shall be
construed in accordance with and governed by the laws of the State of Delaware (regardless of the laws that might otherwise apply under applicable principles of conflicts of laws. 

15.    Certificate Restrictive Legends. Certificates evidencing the Units, to the extent such certificates are
issued, may bear such restrictive legends as the Company and/or the Company’s counsel may deem necessary or advisable under applicable law or pursuant to this Agreement, including, without limitation, the legends set forth in Section 9.6
of the LLC Agreement. 
 16.    Arbitration. Each of the parties hereby irrevocably waives any right to trial by
jury and irrevocably agrees that any claims or disputes arising out of this Agreement or relating to the Units shall be resolved by binding arbitration in accordance with Section 15.19 of the LLC Agreement. Notwithstanding the foregoing,
nothing contained herein shall prevent court action for interim injunctive and equitable relief in aid of arbitration, to the extent otherwise available under applicable law. The prevailing party in any ancillary measures in aid of arbitration shall
be entitled to receive its reasonable attorneys’ fees and attorneys’ costs from the losing party, to the extent available under applicable law. 

  
 8 

 17.    Counterparts. This Agreement may be executed in any number of
counterparts, any of which may be executed and transmitted by facsimile, and each of which shall be deemed to be an original, but all of which together shall be deemed to be one and the same instrument. 

18.    Successors and Assigns. Subject to the limitations set forth in this Agreement, this Agreement shall be
binding upon, and inure to the benefit of, the executors, administrators, heirs, legal representatives, successors and assigns of the parties hereto, including, without limitation, any business entity that succeeds to the business of the Company.

 19.    Entire Agreement. This Agreement, together with the Plan, the LLC Agreement and any other Governing
Document constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties concerning such subject
matter. 
 20.    Amendments and Waivers. This Agreement (or any provisions hereof) may be amended or waived only
by the written approval of (a) Participant and the Company or (b) the Company and the holders of a majority in interest of all Class B Common Units awarded and then outstanding under the Plan; provided, however, that no amendment or
waiver may be made without the written approval of Participant if such amendment or waiver would materially adversely affect Participant in a manner different than the other Participants. For the avoidance of doubt, Participant shall have no other
right to approve any amendment to either the LLC Agreement or the Plan. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver unless otherwise expressly provided.  
 21.    Invalidity. If for any
reason one or more of the provisions contained in this Agreement or in any other instrument referred to herein, or any word, phrase, clause, sentence or other portion thereof, shall, for any reason, be held to be invalid, illegal or unenforceable in
any respect, then to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any other such instrument, and such provision or portion thereof will be modified or
deleted in such a manner as to make this Agreement, as modified, legal and enforceable to the fullest extent permitted under applicable laws. 

22.    Titles. The titles, captions or headings of the sections herein are inserted for convenience of reference
only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement 

23.    Notices. All notices, requests, demands and other communications permitted or required to be given or
delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed conclusively to have been given (i) when personally delivered, (ii) when sent by facsimile (with hard copy to follow) during a
business day (or on the next 

  
 9 

 
business day if sent after the close of normal business hours or on any non-business day), (iii) when sent by electronic mail (with hard copy to follow)
during a business day (or on the next business day if sent after the close of normal business hours or on any non-business day), (iv) one (1) business day after being sent by reputable overnight express
courier (charges prepaid), or (v) three (3) business days following mailing by certified or registered mail, postage prepaid and return receipt requested. Unless another address is specified in writing, notices, requests, demands and
communications to the parties shall be sent to the addresses indicated below: 
 To the Company: 

Carvana Group, LLC 
 4020 E.
Indian School Road 
 Phoenix AZ 85018 

Attn:               Ernest C. Garcia III, President and CEO 

Telephone:     800-334-4554 

Fax:            
    866-221-3833 

Email:            ernie.garcia@carvana.com 

To Participant: at the address set forth in the Company’s records 

24.    Additional Matters Regarding Employees. This Agreement is not a contract of employment. To the extent that
Participant is an Employee, Participant acknowledges and agrees that Participant’s employment is with Carvana, not the Company. Participant further acknowledges that, unless an employment agreement between Participant and Carvana provides
otherwise, such employment relationship is “at will” (meaning that either Participant or Carvana may terminate the employment relationship at any time for any reason, with or without notice), and that nothing in this Agreement or the
Governing Documents shall change this “at will” employment relationship. Participant also acknowledges and agrees that the “at will” employment relationship can only be changed by a written agreement signed by Participant and
Carvana expressly stating this at-will relationship is being modified. 
 [Signature page
follows] 

  
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 [Signature page to Award Agreement] 

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first written above. 

 

					
	 CARVANA GROUP, LLC,
 a Delaware
limited liability company

		
	By:	 	  

	Name:	 	 Ernest C. Garcia III

	Title:	 	 President and CEO

 Participant hereby accepts and agrees to be bound by all of the terms and conditions of this Agreement.

  

			
	 Participant:

	
	  

(Sign Name)

	
	  

(Print Name)

		
	 Address:
	 	 
		
		 	 
		
	 Email:
	 	 

 Participant’s spouse indicates by the execution of this Agreement his or her consent to be bound by
the terms herein as to his or her interests, whether as community property or otherwise, if any, in the Units. 
  

	
	 Participant’s Spouse:

	
	  

(Sign Name)

	
	  

(Print Name)

  
 S-1 

 EXHIBIT A [RESERVED] 

  
 A-1 

 EXHIBIT B 

ELECTION PURSUANT TO SECTION 83(b) OF THE 

INTERNAL REVENUE CODE TO INCLUDE IN GROSS 

INCOME THE EXCESS OVER THE PURCHASE PRICE, 

IF ANY, OF THE VALUE OF PROPERTY TRANSFERRED 

IN CONNECTION WITH SERVICES 

On [                 ], 2016 (the “Acquisition
Date”), the undersigned acquired a limited liability company membership interest (the “Membership Interest”) in Carvana Group, LLC, a Delaware limited liability company (the “Company”), for $0.00. Pursuant
to the Second Amended and Restated Limited Liability Company Agreement of the Company, the undersigned is entitled to an interest in Company capital exactly equal to the amount paid therefor and an interest in Company profits. 

Therefore, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulation §1.83-2 promulgated thereunder, the undersigned hereby makes an election, with respect to the Membership Interest, to report as taxable income for the calendar year 2016 the excess (if any) of the value of the
Membership Interest on the Acquisition Date over the purchase price thereof. 
 The following information is supplied in accordance with
Treasury Regulation §1.83-2(e): 
 1.    The undersigned’s name,
address and taxpayer identification (social security) number are: 
  

			
	Name:	 	  

		
	Address:	 	  

		
	Social Security #:	 	  

 The undersigned’s spouse’s name, address and taxpayer identification (social security) number
are (complete if applicable): 
  

			
	Name:	 	  

		
	Address:	 	  

		
	Social Security #:	 	  

 2.    The property with respect to which the election is made consists of 60,000
Class B Common Units in the Company, representing an interest in Company capital exactly equal to the amount paid therefor and the profits, losses and distributions of the Company. 

  
 B-1 

 3.    The date on which the above property was transferred to the undersigned
was [                 ], 2016, and the taxable year to which this election relates is 2016. 

4.    The above property is subject to the following restrictions: (a) forfeiture and/or a right of repurchase by the
Company if the undersigned ceases to be an employee of, manager or director of, or consultant to, the Company (or any of its affiliates) under certain circumstances pursuant to the Equity Award Agreement with the Company, dated as of [
                ], 2016 (the “Award Agreement”) and the Second Amended and Restated Limited Liability Company Agreement of Carvana Group, LLC, dated as
of July 27, 2015, as amended and/or restated from time to time (the “LLC Agreement”), and (b) certain other restrictions pursuant to the Award Agreement and the LLC Agreement should the undersigned wish to transfer the
Membership Interest (in whole or in part). 
 5.    The fair market value of the above property at the time of transfer
(determined without regard to any restrictions other than those which by their terms will never lapse) was $0. 

6.    The amount paid for the above property by the undersigned was $0. 

7.    A copy of this election is being furnished to the Company pursuant to Treasury Regulation §1.83-2(d). A copy of this election will be submitted with the 2015 federal income tax return of the undersigned pursuant to Treasury Regulation §1.83-2(c). 

 

									
	 Date:
  
	 	  
  
	 		 	  

Participant

				
	 Date:
  
	 	  
  
	 		 	  

Participant’s Spouse

  
 B-2EX-10.17

 Exhibit 10.17 

FOURTH AMENDED AND RESTATED LEASE AGREEMENT 
  

			
	Amendment Date:	  	February 24, 2017
		
	Landlord:	  	DriveTime Car Sales Company, LLC, an Arizona limited liability company
		
	Tenant:	  	Carvana, LLC and Carvana Shipping & Delivery LLC, each, an Arizona limited liability company

 This Fourth Amended and Restated Lease Agreement (this “Lease”) is amended and
restated as of the Amendment Date by and between Landlord and Tenant as the entire and exclusive statement of all agreements, covenants, understandings, representations, warranties and liabilities of Landlord and Tenant regarding the lease of the
Premises. This Lease supersedes, amends and restates that Lease Agreement dated November 1, 2014, that Amended and Restated Lease Agreement, dated March 15, 2015, that Second Amended and Restated Lease Agreement dated July 1, 2015 (as
modified August 17, 2015) and that Third Amended and Restated Lease Agreement dated March 18, 2016 between DriveTime Car Sales Company, LLC, as Landlord and Carvana, LLC and Carvana Shipping and Delivery, LLC as Tenants, and it is intended
to be effective as of the November 1, 2014 (the “Lease Date”), except as otherwise set forth herein (e.g. updated Exhibits). 

SECTION 1: BASIC TERMS. The following defined terms (the “Basic
Terms”) are applicable to this Lease: 
 1.1 Premises: The premises (the “Premises”) shall be as set
forth in the applicable attached Exhibit(s) and covers the real property to be leased (the “Land”), including any parking spaces (the “Parking Spaces”), any lifts (the
“Lifts”), equipment and machinery related to the operations of Tenant (the Lifts, equipment and machinery collectively the “Equipment”), equipment designated for the photographing of vehicles (the
“Photo Booth”), and any existing buildings and any other improvements located on the Land (the “Buildings”). The Premises is usable by Tenant as of the Commencement Date. For any
shared space, Landlord shall allocate any Lifts and Parking Spaces to Tenant in a reasonable manner so Tenant’s Lifts and Parking Spaces are grouped together and the Parking Spaces are located in reasonable proximity to the Lifts allocated to
Tenant. 
 1.2 Lease Term: The Lease Term for each portion of the Premises shall be as set forth below: 

1.2.1 Unless otherwise specified on Exhibit A, all Hubs shall be deemed to have a two-year initial
lease term beginning on the applicable Site Commencement Date listed on Exhibit A. Tenant shall have the continuing right until December 31, 2018 to from time to time designate up to ten (10) Hubs as “Renewal Hubs”.
At each so-designated Renewal Hub, Tenant shall have two (2) consecutive 1-year renewal options and exercising (or not exercising) a renewal option at any Renewal
Hub will not affect any other Renewal Hub. Tenant agrees to use commercially reasonable efforts, taking into account Tenant’s expansion plans, to designate all Renewal Hubs before December 31, 2018. To the extent Tenant has not designated
10 Renewal Hubs on January 1, 2019, Tenant shall be deemed to have forfeited the right to designate any Hubs as Renewal Hubs as of such date (but such forfeiture shall not affect Tenant’s rights with respect to Hubs previously designated
as Renewal Hubs). 
 1.2.2 Landlord does not own the premises upon which any Inspection Center is located and instead leases (pursuant to an
“IC Lease”) such premises. Consequently, any sublease between Landlord and Tenant for such premises shall be coterminous with the underlying IC Lease. To the extent that Landlord does not own the premises upon which any Hub
is located and instead leases such premises, any sublease between Landlord and tenant for such premises shall be coterminous with the underlying lease. 

 EXECUTION COPY 
  

 1.2.3 Each renewal option may be exercised by Tenant by providing written notice to Landlord
no less than one month prior to the expiration of the applicable Premises’ Lease Term (as the same may have been previously extended), which notice shall specify the Hub for which Tenant is extending the Lease Term, subject to
Section 1.2.1. 
 Tenant acknowledges that Landlord may not own but leases the Premises from another party. Tenant may be a sublessee of
the Premises. For Landlord leased properties, notwithstanding anything herein to the contrary, any Lease Term shall always end upon the expiration date of the underlying Landlord lease. In addition, for Landlord leased properties, that Tenant uses
as Hubs (but expressly excluding the Blue Mound, Texas IRC and the Delanco, NJ IRC), notwithstanding anything herein to the contrary, Landlord shall be entitled to exit any of the leased Premises prior to the expiration date of the underlying
Landlord lease (“Early Exit”) provided that Landlord gives Tenant at least ninety (90) days’ prior written notice of such Early Exit. With respect to the Premises, Landlord agrees to provide Tenant with information regarding its
lease expirations, Early Exits, and renewals upon request from Tenant, to provide Tenant with copies of any written communication with Landlord’s landlord regarding lease expirations, Early Exits and renewals, and to reasonably cooperate with
Tenant regarding assuming or renewing such leases. For the avoidance of doubt, Landlord does not have the right to perform an Early Exit at either the Blue Mound, Texas Property or the Delanco, NJ Property. 

1.3 Commencement Date: The Amendment Date, or as otherwise set forth on Exhibit A. 

1.4 Expiration Date: With respect to any portion of the Premises, the earlier of (i) the expiration of such portion of the
Premises’ Lease Term, subject to renewals, and (ii) the expiration date of the underlying Landlord lease, if applicable. Notwithstanding the foregoing, Tenant may from time to time in Tenant’s sole discretion terminate this Lease with
respect to any one or more Hubs by providing Landlord with sixty (60) days’ prior written notice. 
 1.5 Base Rent:
As set forth in Exhibit A. 
 1.6 Tenant’s Share: As set forth in Exhibit A. 

1.7 Hubs: As set forth on Exhibit A. 

1.8 Inspection Center: As set forth on Exhibit A. 

 

					
	 1.9
	 	 Landlord Address:
	  	 DriveTime

		 		  	 Attn: Property Manager

		 		  	 1720 W. Rio Salado Parkway

		 		  	 Tempe, Arizona 85281

		 		  	 E-mail: Dan.Packowski@DriveTime.com (with a copy to: DL-Legal@DriveTime.com)

			
	 1.10
	 	 Tenant Address:
	  	 Carvana, LLC

		 		  	 Attn: General Counsel

		 		  	 4020 E. Indian School Road, Suite A

		 		  	 Phoenix, Arizona 85018

		 		  	 E-mail: paul.breaux@carvana.com

  

			
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 1.11 Property: The real property underlying the Premises and any real property
contiguous thereto in which Landlord has a right, title or interest, including any buildings or improvements thereon 
 1.12
Exhibits: Exhibit A attached hereto is incorporated herein and made a part hereof for all purposes. 
 1.13
Supplemental Premises: As mutually agreed upon by Tenant and Landlord (and subject to Landlord’s obligations to use commercially reasonable efforts, as described below), Tenant may lease or sublease other Landlord-operated
property from Landlord (“Supplemental Premises”) as a Hub. Collectively, each of the Premises described on Exhibit A, together with any Supplemental Premises, shall be referred to herein as the
“Total Leased Premises”. The applicable terms of any such leases or subleases of Supplemental Premises, including the Site Commencement Date (as described on Exhibit A) for
such Supplemental Premises will be set forth on the form of Exhibit A, which may be amended, modified or replaced from time to time to the extent such amendment, modification or replacement is executed by both Tenant and Landlord. The terms
of this Lease will apply to the Supplemental Premises, except as otherwise set forth in Exhibit A; provided that the parties agree that they intend for each Supplemental Premises to have a 2-year
initial lease term and for Hub Supplemental Premises to be eligible to be Renewal Hubs, subject to Section 1.2.1 . As Tenant expands its’ operations, it may have the need to expand certain Premises and/or lease other Landlord-operated
property from Landlord as identified from time to time by Tenant via written notice to Landlord at least three (3) months prior to such property becoming Supplemental Premises (the “Occupancy Date”). For any
Landlord-operated Property identified by Tenant prior to March 31, 2017, Landlord will make commercially reasonable efforts to make any such Landlord-operated premises available to Tenant on or before the Occupancy Date for Tenant’s
requested use consistent with and on the same or similar terms to the uses and terms of the existing Premises and Supplemental Premises. Landlord’s commercially reasonable efforts as described above will be based on Tenant’s requested use,
historical occupancy and usage of similar locations shared with Landlord (“Tenant’s Historical Use”). If after using such commercially reasonable efforts to accommodate Tenant’s requests, Landlord is unable to
accommodate any such expansion request on the specific Landlord-operated property requested by Tenant, then Landlord shall use commercially reasonable efforts based on Tenant’s Historical Use to make available alternative (but reasonably
similar) space for Tenant operated by Landlord and located within the same sub-market requested by Tenant on or before the Occupancy Date. For the avoidance of doubt, without Landlord’s written consent in
Landlord’s sole discretion, Tenant may not use Supplemental Premises as Inspection Centers. Once Tenant and Landlord have agreed upon Tenant’s addition of Supplemental Premises, such Premises shall be described on Exhibit A and thereafter
be considered part of the Premises after such Premises’ Commencement Date until such Premises’ Expiration Date. 
 1.14
Inspection Center Occupancy: Notwithstanding Tenant’s Expected Share and Landlord’s current usage of Property at the Inspection Center Properties described on Exhibit A, Landlord and Tenant agree that
Tenant’s Share of Landlord’s Blue Mound, TX and Delanco, NJ Inspection Center Properties shall each be 100% upon the earlier of (i) July 31, 2018 and (ii) the date that Landlord vacates such Premises (the “100%
Date”). As of the 100% Date, Tenant shall assume all Rent in connection with each such Inspection Center and all Landlord insurance obligations described in Section 7.2 with respect to such Premises. Tenant may request additional
usage of Landlord’s Blue Mound, TX and Delanco, NJ Inspection Center Properties prior to the 100% Date, which request Landlord may grant in its discretion. At Landlord’s option, Landlord may condition Tenant obtaining 100% Tenant’s
Share at each Inspection Center on any or both of the following: 

  

			
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 (a) Landlord being released from all lease obligations at such Inspection Center; provided
that Landlord agrees to use commercially reasonable efforts to cooperate with Tenant in Tenant’s pursuit of obtaining a direct lease of such Inspection Center with the owner of such property; and/or 

(b) Tenant purchasing or causing the owner of the applicable Inspection Center Land to purchase from Landlord any and all unamortized tenant
improvements and furnitures, fixtures and equipment belonging to Landlord at such Property, at a price equal to the net book value of the foregoing, as applicable. 

SECTION 2: LEASE OF PREMISES, COMMON
AREAS; AND EXPANSION AREA. 
 2.1 Lease
of Premises. In consideration of the representations, warranties and covenants of the parties stated entirely and exclusively in this Lease, Landlord leases the Premises exclusively to Tenant and Tenant leases
the Premises from Landlord. Landlord occupies the balance of each Property not included in the Premises. Landlord and Tenant shall cooperate in good faith and deal fairly in the location of office space, Parking Spaces and Lifts allocated to Tenant
and in their respective occupancy and use of the Property. Without Tenant’s prior written consent, Landlord shall not have any right to reduce or relocate the amount of office space or the number of Lifts or Parking Spaces available to Tenant
to less than Tenant’s Expected Share as described on Exhibit A (nor shall Landlord have the right to reallocate amongst components of Tenant’s Share). Without Tenant’s prior written consent, all office space at a particular
Premises shall be contiguous, all Parking Spaces at a particular Premises shall be contiguous, and all Lifts at a particular Premises shall be contiguous. In the event that a Photo Booth is located on the Premises, such Photo Booth is for the
exclusive use of Tenant. Though the Photo Booth structure belongs to Landlord as a fixture to the Property constructed by Tenant, all movable equipment and machinery in the Photo Booth belong to Tenant and may be removed by Tenant at any time on or
prior to expiration or termination of this Lease. Unless otherwise agreed by Landlord and Tenant, all Equipment located on the Premises may be used by Tenant and Landlord shall make any other equipment and machinery located on the Property
reasonably available to Tenant, but all Equipment belongs to Landlord and may not be removed by Tenant at any time. 
 2.2
Common Areas. In addition to the exclusive right to occupy and use the Premises, Landlord grants to Tenant the nonexclusive right to use the Common Areas of any shared Property. Common Areas include all areas
within the Property that are available for the common use of Landlord and Tenant. Common Areas include, but may not be limited to, driveways, access roads, transport delivery areas, restrooms, break rooms, parts rooms and Buildings dedicated for
providing services used by Landlord and Tenant such as vehicle detail areas and paint and body repair areas. Tenant’s and Landlord’s rights to use Common Areas are nonexclusive and shall be exercised by Landlord and Tenant in a manner that
does not interfere with the use of the Common Areas by the other party. However, with the mutual consent of the parties, certain Common Areas such as break rooms and parts rooms may be allocated to the exclusive use of one of the parties. At any
time after the first anniversary of the Commencement Date and provided Landlord delivers to Tenant 180-days advance written notice, Landlord may remove existing ancillary buildings, such as detail or paint and
body structures being shared by Landlord or Tenant and remove them from the Common Areas, in which case the Premises shall no longer include, and Tenant shall no longer use, said specific buildings as portions of the Common Areas. If Landlord
removes the existing buildings from the Common Areas, thereby making them unavailable to Tenant, then Tenant may, but shall not be required to, construct similar buildings on the Premises in a location reasonably adjacent to Lifts or other Equipment
or Parking Spaces allocated to Tenant and approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. Such construction shall be at Tenant’s cost but without any additional rent payable to Landlord. 

2.3 [Reserved]. 

  

			
	DT-Carvana Lease	 	4

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 2.4 Expansion Area. As applicable, the area in reasonable
proximity to any Premises (each Hub and Inspection Center) may include an area for expansion (“Expansion Area”). Either party may at any time during the Term of this Lease elect to develop the Expansion
Area by delivery of written notice to the other party. If Landlord elects to develop the Expansion Area then Tenant shall respond in writing to Landlord’s election within 30 days with Tenant’s election to participate or not participate in
the development of the Expansion Area. If Tenant elects in its sole discretion to participate then Tenant shall pay an agreed-upon portion of the actual costs incurred to effect such construction or development (“Expansion
Costs”) and Tenant shall be entitled to use an equivalent portion of the Expansion Area as part of the Premises. If Tenant elects to not participate then Tenant shall not pay any of the Expansion Costs and shall not be
entitled to use any of the Expansion Area as part of the Premises. If Tenant elects to develop the Expansion Area before receiving Landlord’s election to develop the Expansion Area then Tenant shall deliver written notice to Landlord and
Landlord shall respond in writing to Tenant’s election within 30 days with Landlord’s election to participate or not participate in the development of the Expansion Area. If Landlord elects to participate then Landlord and Tenant shall
mutually agree upon the use of the Expansion Area and whether Tenant will participate in paying for the actual Expansion Costs or pay additional Base Rent. Tenant shall be entitled to use that portion of the Expansion Area as mutually agreed to by
the parties and as part of the Premises in the same manner as if Landlord first elected to develop the Expansion Area and Tenant elected to participate. If Landlord does not elect to participate in Tenant’s development of the Expansion Area
then Tenant may elect to develop all or less than all of the Expansion Area and Tenant shall pay the entire actual Expansion Cost incurred but be entitled to use the entire developed Expansion Area as part of the Premises and without Tenant consent
Landlord shall not be entitled to use any of the Expansion Area developed by Tenant without Landlord’s participation. If less than all of the Expansion Area is developed then the same rights of development and participation shall continue to
apply to the balance of the Expansion Area until the earlier of the development of the entire Expansion Area or expiration of this Lease. If Tenant and Landlord agree that Tenant shall pay a portion or all of the Expansion Costs, then Tenant is not
required to pay additional Base Rent for the Expansion Area for a period of three years after the development of the Expansion Area, as the parties acknowledge that Tenant’s payment of actual Expansion Costs is sufficient consideration for
Tenant’s use of the Expansion Area for that time period. 
 SECTION 3: TERM 

3.1 Commencement Date and Expiration Date.
The Lease Term or “Term” is the period stated in the Basic Terms. The Term expires on the Expiration Date. 
 3.2
Acceptance of Premises. Tenant’s acceptance of Landlord’s delivery of the Premises conclusively establishes that Tenant unconditionally accepts and approves of the Premises, the
Building, the Land, the Common Areas and all matters relating to the Property and this Lease. Tenant acknowledges that neither Landlord nor any agent, contractor or employee of Landlord has made any representation or warranty of any kind (express or
implied) with respect to the Premises, specifically including, but not limited to, any representation or warranty of suitability or fitness for any particular purpose or use and Tenant is not relying on any duties of disclosure by Landlord or its
agents regarding the condition of the Premises or any other matter relating to the Property. Tenant accepts the Premises and every aspect of the Property in an “AS IS
– WHERE IS” condition, with all faults and defects, both patent and latent and without any improvements, renovations, alterations or replacements required to be made
by Landlord. 
 SECTION 4: RENT 

4.1 Base Rent. Tenant will pay to Landlord Base Rent stated in Exhibit A attached hereto, commencing
upon the Commencement Date. 

  

			
	DT-Carvana Lease	 	5

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 4.2 Additional Rent. In addition to the Base Rent, Tenant
shall pay when due all other amounts required by this Lease (“Additional Rent”), including Tenant’s Share of Operating Expenses. “Operating Expenses” are out-of-pocket costs specific to the Property (and excluding any corporate overhead allocated to the Property) paid by Landlord for real property taxes on the Property,
insurance but only if it includes Tenant as an insured and Tenant is not required to provide duplicate coverage, utilities services to the Property and used by Tenant, maintenance and repairs to Common Areas, Buildings and Parking Spaces included in
the Premises and other services for care of the Property generally or that benefit Tenant’s operations at the Premises. Within a reasonable time after the end of each calendar year and again after expiration of the Lease Term, Landlord will
determine the actual amount of Operating Expenses and Tenant’s Share of Operating Expenses for the expired calendar year and deliver to Tenant a written statement of such amounts along with reasonable documentation evidencing such amounts. Upon
the mutual agreement of Landlord and Tenant, no such determination is required. If Tenant paid less than the amount of Tenant’s Share of Operating Expenses specified in the statement, Tenant will pay the difference to Landlord within 30 days.
If Tenant paid more than the amount of Tenant’s Share of Operating Expenses specified in the statement, Landlord will, within 30 days, either (a) refund the excess amount to Tenant, or (b) credit the excess amount against
Tenant’s next due monthly installment of estimated Operating Expenses. Any other Additional Rent shall be paid within 15 days after receiving Landlord’s invoice for such Additional Rent. Base Rent and Additional Rent may be collectively
referred to herein as “Rent”. 
 4.3 Delinquent Rent. If Tenant does not pay any
installment of Base Rent or any undisputed Additional Rent within five days after the date payment is due, then Tenant will pay Landlord interest on the delinquent payment at the annual rate of 15% from the date when the payment was first due
through the date the payment is made. Landlord’s right to such compensation for delinquency is in addition to all of Landlord’s rights and remedies under this Lease, at law or in equity. The assessment or payment of interest on delinquent
Rent does not grant to Tenant a grace period or extension of time to pay any Rent or prevent Landlord from exercising any right or remedy provided for under this Lease. All payments to Landlord shall not be considered paid until received by
Landlord. 
 SECTION 5: TENANT’S USE 

5.1 Permitted Use. Tenant shall occupy and use the Premises (i) designated as Hubs exclusively for
vehicle and single-car hauler storage and marshalling, vehicle painting, detailing, and other similar reconditioning, vehicle delivery and related office space, and (ii) designated as Inspection Centers
exclusively for reconditioning and retail sale or wholesale of vehicles and related uses, such as vehicle and single and multi-car hauler storage, vehicle and single and
multi-car hauler marshalling, vehicle delivery and related office space (collectively, the “Permitted Use”). At any Hubs that are retail facilities for Landlord,
Tenant may not store any multi-car haulers, but at other Hubs Tenant may store multi-car haulers. At any Hub, Tenant shall not have the right to use any of
Landlord’s equipment for the painting, detailing, or other similar reconditioning of vehicles. Tenant shall not do anything in or about the Premises which will cause damage to any part of the Property, normal wear and tear excepted. Tenant
shall not commit any waste in or about the Premises or Property, and Tenant shall keep the Premises in a neat, clean, attractive and orderly condition, free of any nuisances. Tenant shall keep all fire corridors and mechanical equipment rooms in the
Premises free and clear of all obstructions at all times. At Tenant’s expense, Tenant will conform and comply with all Laws applicable to Tenant’s particular manner of use of the Premises. Landlord does not make any representation,
warranty or covenant regarding current or future laws and regulations applicable to Tenant’s use of the Premises for the Permitted Use. This Lease is subject and subordinate to all applicable federal, state and municipal laws and regulations
and all covenants, conditions and restrictions of record (collectively, “Laws”). Tenant shall at all times comply with the Laws. Without Landlord’s consent, which shall not be unreasonably withheld, conditioned or
delayed, Tenant may not place any signs on the Property other than one sign at the entrance to the Property and Tenant may not place any signs on the Building other than on the Premises portion of the Building. Tenant is solely responsible for all
signs installed and operated by Tenant on the Property and Landlord is not required to install or operate any signs for Tenant. All signs must comply with all applicable Laws and with the Landlord Rules. 

  

			
	DT-Carvana Lease	 	6

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 5.2 Hazardous Materials. As used herein, the term
“Hazardous Material,” means any substance, material or waste which is or becomes regulated by laws of any local governmental authority, the State in which the applicable Premises are located or the United
States Government as a threat to human health or the environment (“Hazardous Material Laws”). Tenant will not cause any Hazardous Material to be brought upon, kept or used in the
Premises in violation of applicable Hazardous Material Laws. Tenant acknowledges and agrees that all reporting and warning obligations required under Hazardous Material Laws resulting from or in any way relating to Tenant’s use of the Premises
or Property are Tenant’s sole responsibility, regardless whether the Hazardous Material Laws permit or require Landlord to report or warn. Tenant releases and will indemnify, defend (with counsel reasonably acceptable to Landlord), protect and
hold harmless the Landlord from and against any and all claims whatsoever arising or resulting, in whole or in part, directly or indirectly, from the presence, treatment, storage, transportation, disposal, release or management of any Hazardous
Material in, on, under, upon or from the Premises or Property resulting from or in any way related to Tenant’s use of the Premises or Property in violation of applicable Hazard Material Laws. Landlord represents and warrants to Tenant that the
Premises, Building, Land and Common Areas do not contain any Hazardous Materials and the Premises, Building, Land and Common Areas are in substantial compliance with applicable Hazard Material Laws. Landlord shall release and indemnify, defend (with
counsel reasonably acceptable to Tenant), protect and hold harmless Tenant from and against any and all claims whatsoever arising or resulting, in whole or in part, directly or indirectly, from Landlord’s breach of this environmental
representation and warranty, as well as any Hazardous Materials present at the Property prior to the Commencement Date. The obligations of Landlord and Tenant under this Section survive the expiration or earlier termination of this Lease. 

SECTION 6: IMPROVEMENTS AND SERVICES 

6.1 Landlord Improvements and Maintenance. Landlord is not
required to construct any improvements to the Property at any time to make the Premises, Building, Land or any part of the Property usable by Tenant as the Premises are delivered to Tenant and accepted by Tenant AS IS – WHERE IS and with
all faults and defects, latent and patent. However, Landlord shall promptly maintain, repair and replace improvements to the Premises, Land, Buildings and Common Areas required for them to be maintained in good operating condition and usable by
Tenant for the uses permitted by this Lease. Landlord is not required to maintain, repair or replace Equipment used exclusively by Tenant but Landlord shall maintain, repair and replace all Equipment, equipment and machinery included in or operated
as Common Areas. Landlord’s costs of such maintenance, repair and replacement shall be included in Operating Expenses but capitalized repairs and replacements shall be amortized over their useful life and only the portion amortized in a
calendar year shall be included in Operating Expenses for that calendar year. 
 6.2 Security. Landlord is not required to
provide any security services to the Premises, the Common Areas or any other portion of the Property. Any alarm systems or other security services that Tenant seeks shall be provided by Tenant at Tenant’s sole cost. Landlord shall not have any
liability for any loss or damage suffered by Tenant or Tenant’s employees or invitees due to theft, burglary, vandalism or other causes at any time, whether in the Building or the Common Areas, unless resulting from the acts or omissions of
Landlord. If Tenant obtains any security systems or services Tenant shall provide to Landlord access passes, codes and keys and may be required to enable Landlord to enter the Premises. 

6.3 Tenant Alterations and Maintenance. Tenant may, from time to
time, make alterations, improvements and expansions to the Premises (“Alterations”) with Landlord’s prior written consent, which consent Landlord shall not unreasonably withhold, condition or delay. Alterations may
include walls separating the Premises from other areas of Buildings occupied by Landlord, expansion of the Photo Booth 

  

			
	DT-Carvana Lease	 	7

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and the addition of out-buildings required for Tenant’s operations. Before commencing the Alterations, Tenant will deliver to Landlord copies of all
necessary plans and permits for the Alterations as Landlord reasonably requests. All Alterations (excluding Tenant’s furniture, trade fixtures and equipment) shall be owned by Landlord and not by Tenant and may not be removed by Tenant, unless
Landlord, as a condition of Landlord’s approval thereof, requires the removal of such items on expiration or termination of this Lease. Tenant shall promptly maintain, repair and replace any of the Equipment included in the Premises. Tenant
shall also repair any damage to the Property caused by Tenant’s use of the Property. For the avoidance of doubt, Tenant shall have the right to without Landlord’s approval remove any Photo Booth equipment, but not structure, from the
Premises at any time provided that Tenant repairs any damage to the Property caused by Tenant’s removal of such Photo Booth equipment. 

6.4 Landlord Services. Landlord will perform or provide the services described in this paragraph during the
Term of the Lease (the “Landlord Services”), the reasonable costs of Landlord Services shall be Operating Expenses and Tenant shall pay Tenant’s Share thereof. Landlord shall pay the public utility
companies for public utilities services to the Property, including electricity, water and sewer services (the “Property Utilities”). Landlord shall perform or provide periodic cleaning of the Property and
Premises by a qualified janitorial services company identified to Tenant. Tenant shall dispose of its waste in outside trash containers and enclosures designated by Landlord. Landlord shall cause all waste to be regularly removed from the Premises.
No interruption in, or temporary stoppage of, any of the Landlord Services, nor any interruption or stoppage of any public utilities services is deemed an eviction or disturbance of Tenant’s use and possession of the Premises. Tenant may elect
at any time by written notice to Landlord to perform all or any of the Landlord Services itself or obtain the same from third parties, in which case the Landlord Services no longer performed by Landlord for Tenant shall no longer be included in
Operating Expenses. 
 SECTION 7: INSURANCE 

7.1 Tenant’s Insurance Obligations. As mutually
agreed to by Tenant and Landlord, Tenant will, at Tenant’s sole cost and expense, maintain commercial general liability insurance (providing coverage at least as broad as the current ISO form) with respect to Tenant’s activities in the
Premises and upon and about the Property, on an “occurrence” basis, with minimum limits as agreed upon by Tenant and Landlord, including specific coverage provisions naming Landlord as additional insured and waiving the insurer’s
subrogation rights against Landlord and providing Landlord with at least 30 days prior notice of modification, cancellation or expiration. To the extent not prohibited by applicable Laws, Tenant, on behalf of Tenant and its insurers, waives,
releases and discharges Landlord and Landlord’s employees, agents, contractors and invitees (“Landlord Parties”) from all claims arising out of personal injury or damage to or destruction of the
Premises, Property or Tenant’s personal property or business, occasioned by any fire or other casualty or occurrence whatsoever, unless any such claim results from the criminal conduct of Landlord, and Tenant will look only to Tenant’s
insurance coverage in the event of any such claim. Tenant’s furniture, trade fixtures, equipment, other personal property and all other property in Tenant’s care, custody or control, is located at the Property at Tenant’s sole risk.
After the 100% Date, Tenant will maintain property insurance on the Buildings and all other improvements and real property at the Property, including the Photo Booth, providing coverage at least as broad as the current ISO Special Form (“all-risks”) policy in an amount not less than the full insurable replacement cost, in whole or in part under blanket policies. 

7.2 Landlord’s Insurance Obligations. Subject to the
preceding sentence, Landlord will at all times during the Term maintain property insurance on the Buildings and all other improvements and real property at the Property, including the Photo Booth, providing coverage at least as broad as the current
ISO Special Form (“all-risks”) policy in an amount not less than the full insurable replacement cost. Landlord may maintain such insurance in whole or in part under blanket policies. Such insurance
will not cover or be applicable to any personal property of Tenant within the Premises or otherwise located at the Property. 

  

			
	DT-Carvana Lease	 	8

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Landlord may also obtain commercial general liability insurance and/or errors and omissions liability against claims for bodily injury, personal injury, and property damage occurring at the
Property in such amounts as Landlord deems necessary or appropriate. Such liability insurance will protect only Landlord and, at Landlord’s option, Landlord’s lender and some or all of the Landlord Parties, and does not replace or
supplement the liability insurance this Lease obligates Tenant to carry. To the extent not prohibited by the Laws, Landlord, on behalf of Landlord and its insurers, waives, releases and discharges Tenant and Tenant’s employees, agents,
contractors and invitees (“Tenant Parties”) from all claims arising out of personal injury or damage to or destruction of the Building, Land, Common Areas and/or Property, or loss of use of the Building,
Land, Common Areas and/or Property, occasioned by any fire or other casualty or occurrence whatsoever (whether similar or dissimilar) unless any such claim results from the criminal conduct of Tenant, and Landlord will look only to Landlord’s
insurance coverage (regardless whether Landlord maintains any such coverage) in the event of any such claim. Landlord’s policy or policies of property insurance will permit releases of liability and will provide for waiver of subrogation as
provided in this Section. Premiums for property insurance, but not liability insurance, paid by Landlord shall be included in Operating Expenses and Tenant shall pay Tenant’s Share thereof. 

SECTION 8: DAMAGE OR DESTRUCTION 

8.1 For all Hubs and, with
respect to Inspection Centers, prior to the applicable
Premises’ 100% Date. If fire or other casualty renders the whole or a substantial part of the Premises untenantable and Landlord determines (in Landlord’s reasonable
discretion) that Landlord can make the Premises tenantable within 120 days after the date of the casualty, then Landlord will notify Tenant that Landlord will repair and restore the Premises to their condition prior to the casualty as is reasonably
possible within the 120 day period. Landlord will provide the notice within 15 days after the date of the casualty. If fire or other casualty renders the whole or any material part of the Premises untenantable and Landlord determines (in
Landlord’s reasonable discretion) that Landlord cannot make the Premises tenantable within 120 days after the date of the casualty, then Landlord will so notify Tenant within 15 days after the date of the casualty and either party may, by
written notice to the other within five business days thereafter, terminate this Lease effective on the date of such party’s termination notice. If the Premises is substantially damaged or destroyed by fire or other casualty that substantially
limits or interferes with Tenant’s occupancy of the Premises, either party may, at its option, by notifying the other party, terminate this Lease effective on the date of the termination notice. If this Lease is not terminated under this
Section following a fire or other casualty, then Landlord will repair and restore the Premises and Property to their condition prior to the fire or other casualty as is reasonably possible with all diligence and speed and Base Rent and Tenant’s
Share of Operating Expenses for the period during which the Premises are untenantable will abate pro rata (based upon the rentable area of the untenantable portion of the Premises as compared with the rentable area of the entire Premises). 

8.2 With respect to Inspection Centers,
after such Inspection Center’s 100% Date. If fire or other casualty renders the whole or a substantial part of the
Premises untenantable, Landlord will at Tenant’s request use commercially reasonable efforts to exercise any rights Landlord has under the applicable IC Lease with respect to such Premises; provided that (i) Tenant shall fully reimburse
Landlord for any cost, expense, or fee Landlord incurs in exercising such rights and (ii) Tenant shall indemnify, defend (with counsel reasonably acceptable to Landlord), protect and hold harmless the Landlord from and against any and all
claims whatsoever arising or resulting, in whole or in part, directly or indirectly, from Landlord’s actions or inactions taken at the request of Tenant. 

SECTION 9: EMINENT DOMAIN 

If any governmental unit with the power of eminent domain (the “Condemning Authority”) desires to
acquire all or any portion of the Premises (a “Taking”), Landlord will notify Tenant and Tenant 

  

			
	DT-Carvana Lease	 	9

 EXECUTION COPY 
  

 
will reasonably determine whether the Taking will render the Premises unsuitable for Tenant’s intended purposes. If Tenant concludes that the Taking will render the Premises unsuitable for
Tenant’s intended purposes, Landlord and Tenant will document such determination and this Lease will terminate as of the date the Condemning Authority takes possession of the portion of the Premises taken. Tenant will pay Rent to the date of
termination. If a Condemning Authority takes all or any material part of the Premises or if a Taking reduces the value of the Property by 50% or more (as reasonably determined by Landlord), regardless, then Landlord may, by notifying Tenant
terminate this Lease effective on the date the Condemning Authority takes possession of the portion of the Property taken. If this Lease does not terminate with respect to the entire Premises under this Section and the Taking includes a portion of
the Premises, this Lease automatically terminates as to the portion of the Premises taken as of the date the Condemning Authority takes possession of the portion taken and Landlord will, at its sole cost and expense, restore the remaining portion of
the Premises to a complete architectural unit with all commercially reasonable diligence and speed and will equitably reduce the Base Rent for the period after the date the Condemning Authority takes possession of the portion of the Premises taken.
Landlord will also equitably adjust Tenant’s Share of Operating Expenses for the same period to account for the reduction in the rentable area of the Premises resulting from the Taking. Tenant’s obligation to pay Base Rent and
Tenant’s Share of Operating Expenses will abate on a proportionate basis with respect to that portion of the Premises remaining after the Taking that Tenant is unable to use for Tenant’s business purposes during Landlord’s restoration
for the period of time that Tenant is unable to use such portion of the Premises. Landlord and Tenant are entitled to receive and keep all damages, awards or payments resulting from or paid on account of a Taking as provided by Law. Tenant may prove
in any condemnation proceedings and may receive any separate award for damages to or condemnation of Tenant’s unamortized costs of all Alterations including but not limited to, movable trade fixtures and equipment and for moving expenses;
provided however, that Tenant has no right to receive any award for its interest in this Lease or for loss of Landlord Improvements. 

SECTION 10: TRANSFERS 

10.1 Transfer by Tenant. Tenant shall not, without the prior written consent of
Landlord: (i) sublet all or any part of the Premises or allow it to be occupied or used by any person or entity other than Tenant; or (ii) assign its interest in this Lease. Any attempted Transfer without Landlord’s consent shall
constitute an Event of Default and shall be voidable at Landlord’s option. However, Tenant may assign this Lease or sublease all or a portion of the Premises to an entity controlled by, controlling or under common control with Tenant or an
entity acquiring or succeeding to substantially all of the business and assets of Tenant by merger, spin-off, reorganization, consolidation, acquisition (of assets or equity) or otherwise (a
“Permitted Transfer”). 
 10.2 Transfer by
Landlord. Landlord and its successors in interest shall have the right to transfer their interest in this Lease and the Property at any time and to any person or entity, provided such person or entity assumes in writing all
obligations of Landlord under this Lease accruing after the date of such transfer. In the event of any such transfer, Landlord shall be automatically relieved, without any further act by any person or entity, of all liability for the performance of
the obligations of the Landlord accruing after the date of such transfer. After the date of any such transfer the term “Landlord” as used herein shall mean the transferee of such interest in the Premises. 

SECTION 11: DEFAULTS AND REMEDIES 

11.1 Events of Default. Any of the following constitutes an
“Event of Default” by Tenant under this Lease. Landlord and Tenant agree that the notices required by this Section are intended to satisfy any and all notice requirements imposed by
the Laws and are not in addition to any such requirements. 

  

			
	DT-Carvana Lease	 	10

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 11.1.1 Failure to Pay Rent. Tenant fails to pay Base Rent, any
monthly installment of Tenant’s Share of Operating Expenses or any other Additional Rent amount as and when due and such failure continues for 10 days after delivery to Tenant of written notice thereof from Landlord. 

11.1.2 Failure to Perform. Tenant breaches or fails to perform any of Tenant’s nonmonetary obligations under this
Lease and the breach or failure continues for a period of 15 days after Tenant receives written notice of Tenant’s breach or failure from Landlord; provided that if Tenant cannot cure its breach or failure within a 15 day period, Tenant’s
breach or failure is not an Event of Default if Tenant commences to cure its breach or failure within the 15 day period and thereafter diligently pursues the cure and effects the cure within a reasonable period of time. 

11.1.3 Other Defaults. (a) Tenant makes a general assignment for the benefit of creditors; (b) a petition for
adjudication of bankruptcy or for reorganization or rearrangement is filed by Tenant; (c) a petition for adjudication of bankruptcy or for reorganization or rearrangement is filed against Tenant and is not dismissed within 90 days; (d) a
trustee or receiver is appointed to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease; or (e) substantially all of Tenant’s assets, or substantially all of
Tenant’s assets located at the Premises, or Tenant’s interest in this Lease is subjected to attachment, execution or other judicial seizure not discharged within 90 days. 

11.2 Remedies. Upon the occurrence of any Event of Default of Tenant and expiration of any applicable cure period, Landlord may
at any time and from time to time, and without preventing Landlord from exercising any other right or remedy, exercise any one or more of the following remedies: 

11.2.1 Termination of Tenant’s Possession/Re-entry
and Reletting Right. Terminate Tenant’s right to possess the Premises by any lawful means with or without terminating this Lease, in which event Tenant will immediately surrender possession of the Premises to Landlord. In
such event, this Lease continues in full force and effect (except for Tenant’s right to possess the Premises) and Tenant continues to be obligated for and must pay all Rent as and when due under this Lease. Unless Landlord specifically states
that it is terminating this Lease, Landlord’s termination of Tenant’s right to possess the Premises is not to be construed as an election by Landlord to terminate this Lease or Tenant’s obligations and liabilities under this Lease. If
Landlord terminates Tenant’s right to possess the Premises, Tenant shall have five (5) days to re-enter the Premises and remove all persons and property from the Premises. After the five
(5) days, Landlord is not obligated to, but may re-enter the Premises and remove all persons and property from the Premises. Upon such re-entry, Landlord is not
obligated to, but may relet all or any part of the Premises to a third party or parties for Tenant’s account. Tenant is immediately liable to Landlord for all costs and expenses Landlord incurs
re-entering or reletting all or any part of the Premises (the “Re-entry Costs”), including, without limitation, all costs
and expenses Landlord incurs (a) maintaining or preserving the Premises after an Event of Default; (b) recovering possession of the Premises, recovering persons and property from the Premises and storing such property (including court
costs and reasonable attorneys’ fees); (c) reletting, renovating or altering the Premises; and (d) real estate commissions, advertising expenses and similar expenses paid or payable in connection with reletting all or any part of the
Premises. Landlord may relet the Premises for a period shorter or longer than the remaining Term. If Landlord relets all or any part of the Premises, the proceeds of reletting will be applied towards Rent and all amounts payable by Tenant pursuant
to this Lease. If the amount Landlord actually collects from any reletting exceeds such Rent (“Net Rent”), Landlord will apply the excess sum to future Rent due under this Lease. 

11.2.2 Termination of Lease. Terminate this Lease effective on the date Landlord specifies in Landlord’s notice to
Tenant. Upon termination, Tenant will immediately surrender possession of the Premises to Landlord. If Landlord terminates this Lease, Landlord may recover from Tenant and Tenant will pay to Landlord on demand all damages Landlord incurs by reason
of Tenant’s default, including, without limitation, (a) all Rent due and payable under this Lease as of the effective date of the 

  

			
	DT-Carvana Lease	 	11

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termination; (b) any amount necessary to compensate Landlord for any damages proximately caused Landlord by Tenant’s failure to perform its obligations under this Lease or which in the
ordinary course would likely result from Tenant’s failure to perform, including, but not limited to, any Re-entry Costs; and (c) an amount equal to the positive difference, if any, between the Rent,
including Tenant’s Share of Operating Costs, for the balance of the Term remaining after the effective date of the termination (assuming no termination) and the amount of Rent, including Tenant’s Share of Operating Costs, for the Premises
that Tenant proves that Landlord will receive from reletting the Premises for the same period, with such positive difference discounted to present value at the Prime Rate. Nothing in this Section limits or prejudices Landlord’s right to prove
and obtain damages in an amount equal to the maximum amount allowed by the Laws, regardless whether such damages are greater than the amounts set forth in this Section. 

11.2.3 Right to Cure. If Tenant defaults in the performance of any obligation under this Lease and Tenant fails to cure
the default within the time permitted by this Section, then, Landlord may, but is not obligated to, perform any such obligation on Tenant’s part without waiving any rights based upon such default and without releasing Tenant from any
obligations hereunder. Tenant must pay to Landlord, within 15 days after delivery by Landlord to Tenant of statements therefor, sums equal to expenditures reasonably made and obligations incurred by Landlord in connection with the remedying by
Landlord of Tenant’s defaults. Such obligations survive the termination or expiration of this Lease. 
 11.2.4 Other
Remedies. Exercise any other right or remedy available to Landlord under this Lease, or otherwise at law or in equity, including without limitation statutory liens on Tenant’s tangible personal property located on the Premises. Landlord
acknowledges its duty under applicable law to mitigate damages resulting from and Event of Default by Tenant. 
 11.3
Waiver and Release by Tenant. Tenant waives and releases all claims Tenant may have after an Event of Default resulting from Landlord’s re-entry and taking possession of the Premises by any lawful means and removing and storing Tenant’s property as permitted under this Lease, regardless whether this Lease is terminated and, to the fullest
extent allowable under the Laws, Tenant releases and will indemnify, defend (with counsel reasonably acceptable to Landlord), protect and hold harmless the Landlord Parties from and against any and all claims occasioned thereby. No such reentry is
to be considered or construed as a forcible entry by Landlord. 
 11.4 Landlord’s
Default and Tenant’s Remedies. If Landlord breaches any covenant, representation or warranty in this Lease, or defaults in the
performance of any of its obligations under this Lease and fails to cure the default within the applicable cure period the breach or failure shall be an “Event of Default” of Landlord under this Lease. If Landlord defaults in the
performance of any of its obligations under this Lease, Tenant will notify Landlord of the default and Landlord will have 15 days after receiving such notice to cure the default; provided that if Landlord cannot cure its breach or failure within a
15 day period, Landlord’s breach or failure is not an Event of Default if Landlord commences to cure its breach or failure within the 15 day period and thereafter diligently pursues the cure and effects the cure within a reasonable period of
time. If an Event of Default of Landlord occurs and is not cured within the applicable cure period then Tenant may perform all actions required to cure the Event of Default and offset all costs incurred by Tenant against future Rent. If an Event of
Default of Landlord causes the Premises to be unusable by Tenant for more than five business days, then in such event Tenant shall have the right to terminate this Lease effective immediately, provided Tenant delivers written notice of termination
to Landlord within the next five business days. The remedies provided for in this Section 13.4 are not exclusive and are in addition to any and all other remedies available to Tenant in this lease or at law or equity, but subject to the waivers
and limitations stated in this Lease. 

  

			
	DT-Carvana Lease	 	12

 EXECUTION COPY 
  

 SECTION 12: SURRENDER OF PREMISES 

Tenant will surrender the Premises to Landlord at the expiration or earlier termination of this Lease in substantially the same condition as
existed at the Commencement Date, except for normal wear and tear and any alterations permitted by this Lease. Tenant will at such time remove all of its property from the Premises and promptly repair any damage to the Premises caused by such
removal. If Tenant possesses the Premises after the Term expires or is otherwise terminated without executing a new lease and without the Landlord’s express written consent, Tenant is deemed to be occupying the Premises as a tenant at
sufferance and may be removed by Landlord in accordance with applicable Law. The Base Rent payable for any period of Tenant’s possession while a tenant at sufferance shall be at a rate equal to 150% of Base Rent payable by Tenant in the last
full calendar month of the Term and the increase in the rate of Base Rent is received by Landlord as Base Rent and not as a payment of damages. 

SECTION 13: RIGHTS RESERVED TO LANDLORD 

13.1 Landlord’s Entry. Landlord and its authorized representatives may at
all reasonable times during Business Hours and upon reasonable notice to Tenant enter the Premises to: (a) inspect the Premises; (b) show the Premises to prospective purchasers, mortgagees and tenants; (c) post notices of non-responsibility or other protective notices available under the Laws; or (d) exercise and perform Landlord’s rights and obligations under this Lease, including the Landlord Services. Landlord may in the
event of any emergency enter the Premises without notice to Tenant. Landlord’s entry into the Premises is not to be construed as a forcible or unlawful entry into, or detainer of, the Premises or as an eviction of Tenant from all or any part of
the Premises. So long as Landlord does not unreasonably interfere with Tenant’s use, Tenant will also permit Landlord (or its designees) to enter the Premises to make any repairs and replacements to the Building and to erect, install, use,
maintain, replace and repair pipes, cables, conduits, plumbing and vents, and telephone, electric and other wires or other items, in, to and through the Premises if Landlord determines that such activities are necessary or appropriate for properly
operating and maintaining the Building. 
 13.2 Landlord Representation of
Title. Landlord covenants that it has full right and power to execute and perform this Lease, and that Tenant shall peaceably and quietly have, hold, and enjoy the Premises and all rights, easements, appurtenances and privileges
thereunto without hindrance by Landlord or any person or entity claiming under or through Landlord, subject, however, to the reservations and conditions of this Lease. 

SECTION 14: MISCELLANEOUS PROVISIONS 

14.1 Notices. All Notices must be in writing and must be sent by personal delivery, United States registered or certified mail
(postage prepaid), by an independent overnight courier service, e-mail, or by telephonic facsimile “fax”, addressed to the addresses specified in the Basic Terms or at such other place as either
party may designate to the other party by written notice given in accordance with this Section. Notices are deemed delivered upon receipt. Receipt of any notice shall be evidenced by the date of receipt or rejection on the return receipt, provided
refusal to accept or the inability to deliver at the address designated in accordance with this section because of changed address of which no notice was given or because of failure to provide procedures for the delivery of mail at such address
shall be deemed to be receipt of such notice. Notices to either party may be given by the attorney for the other party acting on behalf of such other party. 

14.2 Successors. The covenants and agreements contained in this Lease bind and inure to the benefit of Landlord, its successors
and assigns, bind Tenant and its successors and assigns and inure to the benefit of Tenant and its permitted successors and assigns. 

  

			
	DT-Carvana Lease	 	13

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 14.3 Relationship of Parties. This
Lease does not create the relationship of principal and agent, or of partnership, joint venture, or of any association or relationship between Landlord and Tenant other than that of landlord and tenant. 

14.4 Entire Agreement; Amendment. The Basic Term and all exhibits, addenda and
schedules attached to this Lease are incorporated into this Lease as though fully set forth in this Lease and together with this Lease contain the entire agreement between the parties with respect to the improvement and leasing of the Premises. All
preliminary and contemporaneous negotiations, including, without limitation, any letters of intent or other proposals and any drafts and related correspondence, are merged into and superseded by this Lease. No subsequent alteration, amendment,
change or addition to this Lease (other than as expressly permitted by this Lease) is binding on Landlord or Tenant unless it is in writing and signed by the party to be charged with performance. 

14.5 Severability. If any covenant, condition, provision, term or agreement of this Lease is, to any extent, held invalid or
unenforceable, the remaining portion thereof and all other covenants, conditions, provisions, terms and agreements of this Lease will not be affected by such holding, and will remain valid and in force to the fullest extent permitted by law. 

14.6 Survival. All of Tenant’s and Landlord’s representations, warranties, covenants, releases and indemnification,
defense and hold harmless obligations under this Lease survive the expiration or other termination of this Lease. 
 14.7
Attorneys’ Fees. If either Landlord or Tenant commences any litigation or judicial action to determine or enforce any of the provisions of this Lease, the prevailing party in any such litigation
or judicial action is entitled to recover all of its costs and expenses (including, but not limited to, reasonable attorneys’ fees, costs and expenditures) from the non-prevailing party. 

14.8 GOVERNING LAW. THIS LEASE IS GOVERNED BY, AND
MUST BE INTERPRETED UNDER, THE INTERNAL LAWS OF THE STATE WHERE THE APPLICABLE PROPERTY IS LOCATED. ANY SUIT ARISING
FROM OR RELATING TO THIS LEASE MUST BE BROUGHT IN THE COUNTY WHERE THE APPLICABLE PROPERTY IS LOCATED; LANDLORD
AND TENANT WAIVE THE RIGHT TO BRING SUIT ELSEWHERE. LANDLORD AND TENANT ALSO WAIVE TRIAL BY JURY. 

14.9 Time is of the Essence. Time is of the
essence with respect to the performance of every provision of this Lease in which time of performance is a factor. 
 14.10
Force Majeure. If either party is delayed or prevented from performing any obligation under this Lease (excluding, however, the payment of money) by reason of Force Majeure, such party’s performance of such
obligation is excused for a period equal to (a) the duration of the Force Majeure event, or (b) if longer, the period of delay actually caused by the Force Majeure event. 

By their execution below, Landlord and Tenant each acknowledge its receipt, reading, understanding and acceptance of every provision of the Lease, including
all Exhibits, as of the dates stated below, effective as of the Lease Date. 

  

			
	DT-Carvana Lease	 	14

							
	Landlord:	 		 	DriveTime Car Sales Company, LLC
		 		 	an Arizona limited liability company
				
		 		 	By:	 	 /s/ Jon Ehlinger

		 		 	Name:	 	Jon Ehlinger
		 		 	Title:	 	Secretary

  

			
	DT-Carvana Lease	 	1

							
	Tenant:	 		 	Carvana, LLC
		 		 	an Arizona limited liability company
				
		 		 	By:	 	 /s/ Paul Breaux

				
		 		 	Name:	 	 Paul Breaux

				
		 		 	Title:	 	 Vice President

			
		 		 	Carvana Delivery & Shipping, LLC
		 		 	an Arizona limited liability company
				
		 		 	By:	 	 /s/ Paul Breaux

				
		 		 	Name:	 	 Paul Breaux

				
		 		 	Title:	 	 Manager

  

			
	DT-Carvana Lease	 	2

 EXHIBIT A 

Premises Schedule – 

Date of Last Revision: February 3, 2017 

Definitions for All Premises: 
 Base Rent for
Premises leased by Landlord = 1.10 multiplied by (Tenant’s Share for such month for the applicable Premises) multiplied by (Landlord’s actual location-coded costs for the applicable Property (including rent and depreciation of land and
equipment but excluding Operating Expenses and labor) ) 
 Base Rent for Premises owned by Landlord or an affiliate of Landlord = (Tenant’s Share for
such month for the applicable Premises) multiplied by (Landlord’s actual location-coded costs for the applicable Property (including rent and depreciation of land (assuming a 10% cap rate) and equipment but excluding Operating Expenses and
labor) ) 
 *Tenant’s Share with respect to each type of Premises is described further below. 

*It is understood that the Tenant’s Expected Share listed below is merely an estimate based on Tenant’s projected actual usage of each Property.

 *Actual Tenant’s Share and actual Base Rent for each month shall be calculated by Landlord based on Tenant’s actual usage of each Premises
pursuant to the formulas and definitions below. 
 Hubs: 
  

									
	 Premises
	  	 Location
	  	 Tenant’s

Expected

Share of

Property
	  	 Site Commencement

Date
	  	 Expiration

Date

(subject to

renewals

at Renewal

Hubs)

	[***]	  	Charlotte Hub	  	~1.2%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Alabama Hub	  	~4.4%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Raleigh Hub	  	~6.7%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Richmond Hub	  	~9.7%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Miami Hub	  	~6.6%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Jacksonville Hub	  	~13.1%	  	February 3, 2017	  	February 2, 2019

  

	[***]	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission.

									
	[***]	  	Tampa Hub	  	~5.8%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Washington DC Hub	  	~8.7%^	  	February 3, 2017	  	February 2, 2019
	[***]	  	Cincinnati Hub	  	~8.2%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Pittsburgh Hub	  	~3.9%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Memphis Hub	  	~8.3%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Indianapolis Hub	  	~3.1%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Cleveland Hub	  	~1.1%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Stockbridge Temporary Storage	  	~13.65%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Austin Hub	  	~5.8%	  	February 3, 2017	  	February 2, 2019
	[***]	  	San Antonio Hub	  	~1.5%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Orlando Hub	  	~3.9%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Columbus Hub	  	~7.3%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Memphis Hub (Storage Lot)	  	~7.6%	  	February 3, 2017	  	February 2, 2019
	[***]	  	Nashville Hub	  	~2.7%	  	February 3, 2017	  	February 2, 2019

 Hub Definitions: 

Tenant’s Share for Hubs = 

For such month, the sum of (x) one-half of Tenant’s Share of Parking Spaces and (y) one-half of Tenant’s Share of Building Sq. Footage. 
 Tenant’s Share of
Building Sq. Footage = For such month, Tenant’s pro rata usage of building office space at the Property as Premises, expressed as a percentage. 

  

	[***]	Indicates that text has been omitted which is the subject of a confidential treatment request. The text has been separately filed with the Securities and Exchange Commission.

 Tenant’s Share of Parking Spaces = For such month,
Tenant’s pro rata usage of parking spaces at the Property as Premises, expressed as a percentage. 
 ^With respect to the Washington DC Hub only,
Base Rent shall equal: $3,000 plus [(Tenant’s Share for such month for the applicable Premises) multiplied by (Landlord’s actual location-coded costs for the applicable Property (including rent and depreciation of land but excluding
Operating Expenses and labor) minus $3,000)]. Additionally, only for purposes of calculating Tenant’s Share of Parking Spaces at the Washington, DC Hub, the number of parking spaces used by Tenant shall be reduced by 30 parking spaces. 

With respect to the Stockbridge Hub, Tenant shall make commercially reasonable efforts to vacate the premises by August 1, 2017, and in no event, shall
Tenant fail to vacate such premises later than November 1, 2017, absent consent from Landlord. 
 With respect to the Orlando Hub, Tenant shall make
commercially reasonable efforts to vacate the premises by June 1, 2017, and in no event, shall Tenant fail to vacate such premises later than August 1, 2017, absent consent from Landlord. 

Inspection Centers: 
  

							
	 Premises
	  	 Location
	  	 Tenant’s

Expected

Share of

Property
	  	 Site

Commencement Date

	1123 Cantrell Sansom Road, Blue Mound, TX 76131	  	Blue Mound Inspection Center	  	~50.0%	  	February 3, 2017
	600 Creek Road, Delanco, NJ 08075	  	Delanco Inspection Center	  	~33.33%	  	February 3, 2017

 Inspection Center Definitions: 

Tenant’s Share for Inspection Centers = 

For such month, the sum of (x) one-half of Tenant’s Share of Parking Spaces and (y) one-half of Tenant’s Share of Produced Units. 
 Tenant’s Share of
Produced Units = For such month, Tenant’s pro rata portion of vehicle units produced at the Property, expressed as a percentage. 

Tenant’s Share of Parking Spaces = For such month, Tenant’s pro rata usage of parking spaces at the
Property as Premises, expressed as a percentage. 
 [Signature Page Follows] 

			
	Tenant:
	
	Carvana, LLC (“Carvana”) an Arizona limited liability company
		
	By:	 	 /s/ Paul Breaux

		
	Name:	 	 Paul Breaux

		
	Title:	 	 Vice President

	
	Carvana Delivery & Shipping, LLC (“Carvana Shipping”) an Arizona limited liability company
		
	By:	 	 /s/ Paul Breaux

		
	Name:	 	 Paul Breaux

		
	Title:	 	 Manager

	
	Landlord:
	
	DriveTime Car Sales Company, LLC an Arizona limited liability company
		
	By:	 	 /s/ Jon Ehlinger

		
	Name:	 	 Jon Ehlinger

		
	Title:	 	 Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]