SEC Contract Filing

Filing Date: 2017-06-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex101q12017.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
 <!-- Document created using Wdesk 1 -->
 <!-- Copyright 2017 Workiva -->
 <title>Exhibit</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s2879F1A02A4C0F92E651652BCE586CAF"></a></div><div><div style="line-height:138%;padding-bottom:13px;text-align:left;text-indent:720px;font-size:12pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">FIRST AMENDMENT TO THE <br>CARVANA CO. <br>2017 OMNIBUS INCENTIVE PLAN </font></div><div style="line-height:232%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Carvana Co., a Delaware corporation (the &#8220;Company&#8221;), established the Carvana Co. 2017 Omnibus Incentive Plan effective as of April 27, 2017 (the &#8220;Plan&#8221;). The Plan was approved by the Company&#8217;s Board of Directors and Sole Stockholder on April 27, 2017. By adoption of this First Amendment, the Company now desires to amend the Plan as set forth below.</font></div><div style="line-height:232%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:10pt;">This First Amendment shall be effective as of the date set forth below.</font></div><div style="line-height:232%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">2.</font><font style="font-family:inherit;font-size:10pt;">Section 2.10 (&#8220;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Common Stock</font><font style="font-family:inherit;font-size:10pt;">&#8221;) of the Plan is hereby amended and restated in its entirety to read as follows:</font></div><div style="line-height:232%;text-align:justify;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2.10</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#160;&#160;&#160;&#160; </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Common Stock</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#8221; </font><font style="font-family:inherit;font-size:10pt;">means the shares of Class A common stock, $0.001 par value per share, of the Company.</font></div><div style="line-height:232%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">3.</font><font style="font-family:inherit;font-size:10pt;">Section 14.4 (</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Withholding of Taxes</font><font style="font-family:inherit;font-size:10pt;">) of the Plan is hereby amended and restated in its entirety to read as follows:</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">14.4</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160; </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Withholding of Taxes</font><font style="font-family:inherit;font-size:10pt;">. The Company shall have the right to deduct from any payment to be made pursuant to the Plan, or to otherwise require, prior to the issuance or delivery of shares of Common Stock or the payment of any cash hereunder, payment by the Participant of the minimum amount necessary to satisfy any federal, state or local taxes required by law to be withheld with respect to an Award. Upon the vesting of Restricted Stock (or other Award that is taxable upon vesting), or upon making an election under Section 83(b) of the Code, a Participant shall pay all required withholding to the Company. To the extent that alternative methods of withholding are available under applicable tax laws, the Committee shall have the power to choose among such methods (including, without limitation, allowing a Participant to satisfy his or her withholding obligation by reducing the number of shares of Common Stock otherwise deliverable or by delivering shares of Common Stock already owned). </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:240%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">4.</font><font style="font-family:inherit;font-size:10pt;">This First Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions and intent of this First Amendment.</font></div><div style="line-height:240%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">IN WITNESS WHEREOF, the Company has caused this First Amendment to be executed as of this 5t