Maplebear (CART) CLO Fong Morgan Exercises Options, Sells Shares

What Happened

• Fong Morgan, Chief Legal Officer of Maplebear Inc. (CART), exercised 18,390 stock options and immediately sold the 18,390 shares on 2026-09-22. The exercise price paid was $7.32 per share ($134,615 total). The sales were executed in multiple trades at weighted-average prices, producing total proceeds of approximately $827,246 (17,617 shares at a weighted $44.95 for $791,965; 773 shares at a weighted $45.64 for $35,281). A derivative position for 18,390 shares was reported disposed at $0.00, reflecting the option exercise/cancellation.

Key Details

• Transaction date: September 22, 2026; Form 4 filed September 24, 2026 (filed two days later, appears timely).
• Exercise: 18,390 shares @ $7.32, total $134,615 (fully vested/options exercisable — F4).
• Sales: 17,617 shares @ weighted $44.95 = $791,965 (prices ranged $44.61–$45.60 — F2); 773 shares @ weighted $45.64 = $35,281 (prices ranged $45.61–$45.7550 — F3). Total proceeds ≈ $827,246.
• Plan/notes: Trades were executed under a Rule 10b5-1 trading plan adopted December 10, 2025 (F1). Weighted-average price ranges reported; detailed per-trade prices available on request (F2, F3).
• Shares owned after transaction: not specified in the provided filing excerpt.

Context

• This was an option exercise followed by immediate sale (effectively a cashless exercise/sale of all exercised shares) and is commonly used for liquidity or tax/cost coverage rather than a straightforward directional bet on the stock. Because the sales were done under a pre-established 10b5-1 plan, they were planned in advance and intended to provide an affirmative defense under insider trading rules.