Leach Bryan 4

What Happened

• Bryan Leach, a reported 10% owner of Ibotta, exercised stock options and converted Class B shares into Class A shares, then sold the resulting 28,231 Class A shares in open‑market transactions on July 1–2, 2026. The open‑market sales generated approximately $993,966 in gross proceeds.
• Specifically, Leach exercised 21,895 option shares (two exercises at $3.99 per share) for total exercise cash outlay of $87,361, and converted 6,336 Class B shares into Class A shares at no cost. The sales were executed at weighted‑average prices in the mid‑$30s per share (overall sale proceeds ~ $994K). The activity appears to be a cash‑raising event (not a purchase).

Key Details

• Transaction dates: July 1–2, 2026; Form 4 filed July 6, 2026 (filed late relative to the 2‑business‑day Form 4 deadline).
• Shares sold: 28,231 Class A shares in multiple trades; gross proceeds ≈ $993,966.
• Options exercised: 21,895 shares exercised at $3.99 (total exercise cost $87,361).
• Conversions: 6,336 Class B → Class A shares converted at $0 cost.
• Plan/authorization: Sales effected pursuant to a Rule 10b5‑1 trading plan established March 5, 2026 (Footnote F1).
• Footnotes note weighted‑average sale price ranges and trust/spouse conversions (see F3–F12). The filing indicates the underlying options were fully vested (F13).
• Shares owned after the transactions are not reported in the materials provided on this Form 4.

Context

• This is an exercise + immediate sale pattern (exercise/convert then sell), common when insiders realize option value or rebalance holdings. The exercise cost was modest relative to proceeds; the conversions were at no cost.
• As a 10% owner (not necessarily an employee/executive trade), these transactions are typically treated as liquidity events rather than a direct signal of company fundamentals. Because the filing was submitted after the 2‑business‑day window, it was late under Form 4 timing rules.