Form 4: Warby Parker Co-CEO Sells $3M in Stock Under 10b5-1 Plan

Warby Parker Co-CEO Neil Blumenthal sold 100,000 shares of Class A Common Stock for over $3 million, executed under a pre-arranged 10b5-1 trading plan.

Summary

• Neil Harris Blumenthal, Co-Chief Executive Officer and Director of Warby Parker Inc. (WRBY), converted 100,000 shares of Class B Common Stock into Class A Common Stock.
• Subsequently, Blumenthal sold 100,000 shares of Class A Common Stock at an average price of $30.29 per share.
• The total value of the sale was approximately $3,029,000.
• These transactions occurred on December 11, 2025, and were executed pursuant to a Rule 10b5-1 trading plan adopted on March 14, 2025.
• Following these transactions, Blumenthal directly owns 37,119 shares of Class A Common Stock and 3,299,271 shares of Class B Common Stock.
• He also indirectly holds 200,000 shares of Class A Common Stock and 200,000 shares of Class B Common Stock through the Royal Blue Aries Trust, and another 200,000 shares of Class A Common Stock and 200,000 shares of Class B Common Stock through the Tiffany Blue Gemini Trust.
• Additional indirect holdings of Class B Common Stock include 1,548,334 shares via Neil H. Blumenthal 2011 Family Trust, 385,221 shares via Teal Aquarius Trust, 800,000 shares via Cobalt Pisces Trust, and 1,000,000 shares via Sky Scorpio 2 Trust.

Sentiment

Score: 5

Explanation: A neutral score. While an insider sale can be perceived negatively, the execution under a pre-arranged 10b5-1 plan mitigates concerns about immediate negative sentiment or reaction to new information. It's a routine diversification or liquidity event for an executive.

Negatives

• A significant insider sale by a Co-CEO, even if pre-planned, could be perceived negatively by some investors, potentially signaling a desire for personal liquidity or diversification rather than strong confidence in immediate future stock appreciation.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: May interpret the insider sale as a signal, though the 10b5-1 plan suggests it is a pre-planned liquidity event rather than a reaction to new company news, potentially reducing negative sentiment.

Key Dates

Recommendation

While a significant insider sale by a Co-CEO might typically raise concerns, the execution under a pre-arranged Rule 10b5-1 trading plan suggests a planned liquidity event rather than a reaction to new, undisclosed negative information. This mitigates the immediate negative signal. Investors should monitor future insider activity and company performance, but this specific transaction alone does not warrant a change from a 'hold' position without further context.

Keywords

Warby Parker, WRBY, Neil Blumenthal, insider trading, stock sale, Form 4, 10b5-1 plan, Class A Common Stock, Class B Common Stock, CEO