Fong Morgan 4

What Happened

• Fong Morgan, General Counsel & Secretary of Maplebear, exercised stock options to acquire 110,340 shares at $7.32 per share (total cash paid ~$807,689) and concurrently converted the related derivative (reported as a disposition at $0.00). On the same day (March 11, 2026) Morgan sold a total of 126,083 shares in multiple open-market transactions for aggregate proceeds of approximately $4,676,954.
• The sales were executed under a Rule 10b5-1 trading plan (adopted December 10, 2025). Reported weighted-average prices for the sales were $36.87, $37.57 and $37.59 for the separate blocks; the filing provides price ranges for the multiple transactions that make up those averages.

Key Details

• Transaction date: March 11, 2026; Form 4 filed March 13, 2026 (timely filing).
• Exercises: 110,340 shares acquired at $7.32/share (total ~$807,689); derivative conversion/disposition of 110,340 shares reported at $0.00.
• Sales: 75,219 shares @ $36.87 (proceeds $2,773,287); 35,121 @ $37.57 ($1,319,633); 10,788 @ $36.87 ($397,784); 4,955 @ $37.59 ($186,250). Total sold = 126,083 shares for ≈ $4.68M.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: sales executed pursuant to a Rule 10b5-1 plan (adopted 12/10/2025); reported prices are weighted averages and price ranges for the multiple trades are listed in the filing. The option exercised is fully vested and exercisable.

Context

• This was an option exercise (acquisition) followed by open-market sales. Because the total shares sold (126,083) exceed the shares acquired by exercise (110,340), some of the sold shares were likely from previously owned shares.
• Sales under an established 10b5-1 plan are commonly pre‑arranged to provide an affirmative defense under insider trading rules; they are routine rather than an immediate unplanned market signal. The filing is factual and does not indicate insider motivation.