Exhibit 3: April 2022 Equity Offering Email — In re Carvana Securities

Record facts

U.S. District Court for the District of Arizona · No. 2:22-cv-02126-MTL · Doc. 324-3 · 2026-02-13 · Docket on CourtListener

Summary

Exhibit 3, filed February 13, 2026 as Document 324-3 in No. 2:22-cv-02126-MTL, in the U.S. District Court for the District of Arizona, reproducing an e-mail chain of April 20, 2022 about a Carvana equity offering. The chain runs among outside counsel at Kirkland & Ellis LLP and Davis Polk & Wardwell LLP, bankers at JPMorgan and Citi, and Carvana personnel, under a subject line on the recent developments section, cover size and preferred offering timing. In the earliest message a Davis Polk partner sets a call for 8:00 am PT on Wednesday. A Kirkland & Ellis lawyer then writes that proposed language for the recent developments section will be circulated and that the updated preliminary prospectus supplement will reflect a $1.0 billion deal size. A later message attaches a Recent Developments Rider to be included in that supplement. The exhibit is three pages and marked confidential.

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Exhibit 3 
Case 2:22-cv-02126-MTL     Document 324-3     Filed 02/13/26     Page 1 of 3

Message 
From: 
on behalf of 
Sent: 
Sinclair, Ashley [ashley.sinclair@kirkland.com] 
Sinclair, Ashley <ashley.sinclair@kirkland.com> [ashley.sinclair@kirkland.com] 
4/20/2022 3:30:16 AM 
To: 
Denenberg, Alan F. [alan.denenberg@davispolk.com]; Goedert, Robert [rgoedert@kirkland.com]; Keeley, Michael P. 
[michael.keeley@kirkland.com]; Gould, Jeffrey [jeffrey.gould@davispolk.com]; Bye, Jonathan 
[jonathan.bye@davispolk.com]; Mitchell, Travis B. [travis.mitchell@davispolk.com]; Ellis, Johnny 
[johnny.ellis@kirkland.com]; eugene.y.sohn@jpmorgan.com; Dockeray, Alan [alan.dockeray@citi.com]; Bott, Jack 
[jack.bott@jpmorgan.com]; Stathis.Karanikolaidis@jpmorgan.com; kyle.p.wagner@jpmorgan.com; Hasegawa, Mana 
[mana.hasegawa@jpmorgan.com]; mark.b.pinsky@jpmorgan.com; Kim, Eui Hyun [euihyun.kim@jpmorgan.com]; 
Cuthill, Andrew [andrew.cuthill@citi.com]; Vemula, Manoj [manoj.vemula@jpmorgan.com]; Sawhney, Raghav 
[raghav.sawhney@jpmorgan.com]; Vick, Brian [brian.yick@citi.com]; ian.b.macallister@jpmorgan.com; Deleo, Brian 
[brian.deleo@citi.com]; Paul Breaux [paul.breaux@carvana.com]; Meg Kehan [meg.kehan@carvana.com]; Ben 
Darche [ben.darche@carvana.com]; Kevin Hogan [kevin.hogan@carvana.com]; Sarah Wolf Reust 
[sarah.wolfreust@carvana.com]; Steve Palmer [steve.palmer@carvana.com]; Nathan Herbert 
[nathan.herbert@carvana.com]; Michelle Moussa [michelle.moussa@carvana.com]; Mike Mckeever 
[mike.mckeever@carvana.com]; Johnson, Chris [chris.johnson@kirkland.com] 
Subject: 
RE: Carvana Equity Offering Recent Devel Section, Cover Size and Preferred Offering Timing 
Attachments: 
Recent Developments Rider (Rider S-3 - 4-20).docx 
All, 
The attached wiH be included in the updated pro supp that is circulated. 
Thank you, 
Ashley 
Ash!ey Sinclair"' 
K!RKLAND & ELUS LLP 
300 North LaSal!e, Chicago, !L r30tlf:,4 
T +1 312 862 3928 M +1 347 933 3082 
F +1 312 8\32 2200 
ar;hley.sindair:c'J).kirkland .corn 
*Admitted only in Wisconsin. 
From: Sinclair, Ashley 
Sent: Wednesday, April 20, 2022 1:53 AM 
To: 'Denenberg, Alan F.' <alan.denenberg@davispolk.com>; Goedert, Robert <rgoedert@kirkland.com>; Keeley, Michael 
P.<michael.keeley@kirkland.com>; Gould, Jeffrey <jeffrey.gould@davispolk.com>; Bye, Jonathan 
<jonathan.bye@davispolk.com>; Mitchell, Travis B.<travis.mitchell@davispolk.com>; Ellis, Johnny 
<johnny.ellis@kirkland.com>; eugene.y.sohn@jpmorgan.com; Dockeray, Alan <alan.dockeray@citi.com>; Bott, Jack 
<jack.bott@jpmorgan.com>; Stathis.Karanikolaidis@jpmorgan.com; kyle.p.wagner@jpmorgan.com; Hasegawa, Mana 
<mana.hasegawa@jpmorgan.com>; mark.b.pinsky@jpmorgan.com; Kim, Eui Hyun <euihyun.kim@jpmorgan.com>; 
Cuthill, Andrew <andrew.cuthill@citi.com>; Vemula, Manoj <manoj.vemula@jpmorgan.com>; Sawhney, Raghav 
<raghav.sawhney@jpmorgan.com>; Yick, Brian <brian.yick@citi.com>; ian.b.macallister@jpmorgan.com; Deleo, Brian 
<brian.deleo@citi.com>; 'Paul Breaux' <paul.breaux@carvana.com>; Meg Kehan <meg.kehan@carvana.com>; Ben 
Darche <ben.darche@carvana.com>; Kevin Hogan <kevin.hogan@carvana.com>; Sarah Wolf Reust 
<sarah.wolfreust@carvana.com>; Steve Palmer <steve.palmer@carvana.com>; Nathan Herbert 
<nathan.herbert@carvana.com>; Michelle Moussa <michelle.moussa@carvana.com>; Mike Mckeever 
<mike.mckeever@carvana.com>; Johnson, Chris <chris.johnson@kirkland.com> 
Subject: RE: Carvana Equity Offering Recent Devel Section, Cover Size and Preferred Offering Timing 
CONFIDENTIAL 
CVNA_CA_00061970 
Case 2:22-cv-02126-MTL     Document 324-3     Filed 02/13/26     Page 2 of 3

Thanks, Alan. 
Looping in the Carvana team. As discussed, we will circulate proposed language for the recent developments section 
that aligns with what is in the SHL. Regarding the cover size, the updated pro supp will reflect a $1.0 billion deal size. 
Ashley Sinclair* 
K!RKLAND & ELUS LLP 
300 North LaSalicJ, Chicago, IL 60654 
T +13128f:i2 3928 M +i '.347 933 3082 
F +1:312862 2200 
ashkN.sinclair\i;pkirldand.com 
"Admitted only in Wisconsin 
From: Denenberg, Alan F. <alan.denenberg@davispolk,com> 
Sent: Wednesday, April 20, 2022 1:30 AM 
To: Sinclair, Ashley <ashley.sinclair@kirkland.com>; Goedert, Robert <rgoedert@ldrkland.com>; Keeley, Michael P. 
<michael.keeley(alkfrkland,com>; Gould, Jeffrey <ieffrey,gould(wdavispofa,com>; Bye, Jonathan 
<ionathan.by~_(@davispolk.com>; Mitchell, Travis B.<travis.rnitchell@davispolk.com>; Ellis, Johnny 
<lohnny,eHis@Dkirkland.com>; eugene.y.sohn@iprnorgaru:om; Dockeray, Alan <alan.dockeray@)citLcom>; Bott, Jack 
<lack.bott(·'i.l jprnorg;an.com>; Stathis, Karaniko!aidis(dljpmorgan.corn; kyle.p.wagner@ljpmorgan.com; Hasegawa, Mana 
<mana.haseg§\Y._§.@.lP..DJ.9..man.com>; mark.b.pinsky_@.lP..f.D.Qman.com; Kim, Eui Hyun <euihyun.kim@.j_p_rn_g_rgan.com>; 
Cuthill, Andrew <andrew,cuthfll@)dtLcom>; Vemula, Manoj <manoi,vernula(rujprnorgan,com>; Sawhney, Raghav 
<raghav,sawhney@ljpmorgan.com>; Vick, Brian <brian.yick@dtLcorn>; ian,b.rnaca!listen@jpmorgan.com; Deleo, Brian 
<brian.deieo@dti.com> 
Subject: Carvana Equity Offering Recent Devel Section, Cover Size and Preferred Offering Timing 
For 800am PT call on Wednesday - I sent a calendar invite, please forward to others as appropriate. 
Thanks. 
Alan 
Alan F. Denenberg 
+1 650 752 2004 office 
+1 650 996 6413 mobile 
alan.denenberq@davispolk.com 
Davis Polk & Wardwell LLP 
Confidentiality Note: This email is intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise 
protected from disclosure. Unauthorized use, dissemination, distribution or copying of this email or the information herein or taking any action in reliance on the contents of 
this email or the information herein, by anyone other than the intended recipient or an employee or agent responsible for delivering the message to the intended recipient is 
strictly prohibited. 
you have received this email in error. please notify the sender irnmed,ately and destroy the onginal message. any attachments thereto and ali copies. 
Please refer to the firm's privacy not:ce fo1· important info:Tnation on hovv we process r,ersrnial data. Our 1Neb~_:ite is at dav:!::oolk.corn. 
T'he 1ntorrnr~t.:on cont::ilnsd in thi::~ con··::nur:icarion :~; confidsntie:, 
CONFIDENTIAL 
iti,0 ih 
t! 
CVNA_CA_00061971 
Case 2:22-cv-02126-MTL     Document 324-3     Filed 02/13/26     Page 3 of 3

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