CART Form 4: General Counsel Sells 3,546 Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Fong Morgan, General Counsel & Secretary of Maplebear Inc. (CART), reported a sale of 3,546 shares of Common Stock on 09/22/2025 at an average price of $42.39 per share. After the reported transaction, the filing shows 431,069 shares beneficially owned. The filing states the sales were executed under a Rule 10b5-1 trading plan adopted on November 26, 2024. The Form 4 was filed as a single reporting person filing and is signed by an attorney-in-fact, Nathan Cao, on 09/24/2025. The record shows a routine disclosure of an insider sale under an established trading plan and the remaining insider ownership level.

Positive

• Transaction executed under a Rule 10b5-1 trading plan, adopted on November 26, 2024, which provides pre-authorization and an affirmative defense to insider trading claims
• Detailed disclosure including trade date, price ($42.39), and remaining beneficial ownership (431,069 shares) improves transparency

Negative

• An insider sale occurred (3,546 shares sold), which some investors may view negatively despite plan-based authorization

Insights

Corporate Governance Expert

TL;DR: Insider sale disclosed under an established 10b5-1 plan; appears procedural with continued substantial ownership.

The Form 4 documents a disclosed sale of 3,546 shares by the company's General Counsel & Secretary under a Rule 10b5-1 trading plan adopted in November 2024. Use of a pre-established plan generally provides an affirmative defense to insider trading claims and indicates the sale was pre-authorized rather than opportunistic. The reporter retains 431,069 shares after the transaction, which remains a material ownership stake by an officer. From a governance perspective, transparent timely reporting and a documented 10b5-1 plan are positive controls for insider transactions.

Securities Analyst

TL;DR: Small disclosed sale relative to total holdings; disclosure reduces information asymmetry but is not material to valuation.

The sale recorded is 3,546 shares at $42.39 executed on 09/22/2025 under a 10b5-1 plan. The filing provides clear trade date, price, plan adoption date, and resulting beneficial ownership of 431,069 shares. Absent additional transactions, earnings data, or changes in role or company outlook, this transaction is routine and unlikely to be materially impactful to investors or share valuation on its own.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Fong Morgan

(Last) (First) (Middle)

C/O MAPLEBEAR INC.

50 BEALE STREET, SUITE 600

(Street)

SAN FRANCISCO CA 94105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Maplebear Inc. [ CART ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	GENERAL COUNSEL & SECRETARY

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/22/2025		S(1)		3,546	D	$42.39	431,069	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reported sales were effected pursuant to a Rule 10b5-1 trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), adopted on November 26, 2024.

	/s/ Nathan Cao, Attorney-in-Fact	09/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

Who filed the Form 4 for Maplebear Inc. (CART)?

The Form 4 was filed for Fong Morgan, who is listed as General Counsel & Secretary.

What shares were sold and at what price in the CART Form 4?

The filing reports a sale of 3,546 shares of Common Stock at an average price of $42.39 per share on 09/22/2025.

Was the sale part of a 10b5-1 trading plan for CART insider trades?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on November 26, 2024.

How many CART shares does the reporting person own after the transaction?

The Form 4 shows the reporting person beneficially owns 431,069 shares following the reported transaction.

When was the Form 4 signed and by whom?

The filing is signed by Nathan Cao, Attorney-in-Fact on 09/24/2025.