Maplebear CLO Morgan Fong Exercises Options and Sells $938K in CART Under 10b5-1 Plan

Executive Summary

On October 26, 2026, Maplebear Inc. (d/b/a Instacart, ticker: CART) filed a Form 4 disclosing that Chief Legal Officer Morgan Fong exercised stock options and subsequently sold the underlying shares on October 22, 2026. The transactions were conducted under a pre-established Rule 10b5-1 trading plan adopted on December 10, 2025.

Transaction Details

• Option Exercise: Mr. Fong exercised stock options to purchase 18,390 shares of Common Stock at an exercise price of $7.32 per share, totaling an aggregate exercise cost of $134,614.80.
• Open Market Sales:
  • 15,382 shares were sold at a weighted average price of $50.9265 (prices ranging from $50.33 to $51.32).
  • 3,008 shares were sold at a weighted average price of $51.3906 (prices ranging from $51.35 to $51.46).
  • Total shares sold: 18,390 shares for total gross proceeds of approximately $937,934.35 (net gain before taxes of approximately $803,319.55).
• Beneficial Ownership Post-Transaction: Mr. Fong continues to directly hold 529,911 shares of Common Stock, leaving his base equity position unchanged by this exercise-and-sell operation. He also retains 36,780 vested stock options.

Market & Governance Impact

The trading significance is assessed as Low. The disposition constitutes an exercise-and-sell transaction executed entirely under an affirmative defense Rule 10b5-1 trading plan entered into nearly a year prior. It does not reduce the insider's baseline common stock holdings.