Form 4: Warby Parker Co-CEO Sells $6M in Shares

Warby Parker Co-CEO David Gilboa sold 200,000 Class A common shares for an average price of $30.20 per share, totaling approximately $6.04 million, under a pre-arranged 10b5-1 trading plan.

Summary

• David Gilboa, Co-Chief Executive Officer and Director of Warby Parker Inc. (WRBY), reported a sale of company stock.
• On December 11, 2025, Gilboa converted 200,000 shares of Class B Common Stock into Class A Common Stock.
• Immediately following the conversion, 200,000 shares of Class A Common Stock were sold.
• The shares were sold at an average price of $30.20 per share, with execution prices ranging from $30.00 to $30.92.
• The total value of the sale was approximately $6,040,000 (200,000 shares * $30.20).
• The transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 14, 2025.
• Following these transactions, Gilboa directly beneficially owns 37,247 shares of Class A Common Stock and 4,909,923 shares of Class B Common Stock.
• Additionally, 1,656,770 shares of Class B Common Stock are indirectly beneficially owned through the David A. Gilboa 2012 Family Trust.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to insider selling, but mitigated by the fact it was a pre-planned transaction under a Rule 10b5-1 plan, which reduces the implication of the insider acting on new, negative information.

Positives

• The sale was conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a scheduled transaction rather than a reaction to recent non-public information.

Negatives

• Insider selling, even if planned, can sometimes be perceived negatively by the market as it reduces the insider's direct equity stake in the company.

Risks

• Market perception of insider selling could lead to short-term negative pressure on the stock price.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

This insider transaction report is specific to Warby Parker and its Co-CEO and does not provide broader industry context or trends.

Corporate Governance

Related Party Transactions

• Indirect beneficial ownership of 1,656,770 Class B Common Stock shares through the David A. Gilboa 2012 Family Trust is noted, which represents a related party holding.

Stakeholder Impact

• Shareholders may interpret the insider sale as a signal, potentially leading to short-term stock price volatility.
• The transaction itself does not directly impact employees, customers, suppliers, or creditors.

Next Steps

• This filing does not mention any specific future actions, events, or milestones for the company or the reporting person beyond the reported transaction.

Key Dates

Recommendation

While insider selling can sometimes be a negative signal, this transaction was executed under a pre-arranged Rule 10b5-1 trading plan, which suggests it was a planned liquidity event rather than a reaction to new, adverse company-specific information. Therefore, this single Form 4 filing alone does not provide sufficient new information to warrant a change from a 'hold' recommendation, but investors should monitor future insider activity and broader company performance.

Keywords

Warby Parker, WRBY, Insider Sale, Form 4, David Gilboa, 10b5-1 Plan, Stock Transaction, CEO, Class A Common Stock, Class B Common Stock