Form 4: Warby Parker Co-CEO Sells Shares Under 10b5-1 Plan

Warby Parker Co-Chief Executive Officer David Gilboa executed planned sales of Class A Common Stock totaling 94,906 shares in early January 2026.

Summary

• David Gilboa, Co-Chief Executive Officer and Director of Warby Parker Inc. (WRBY), reported transactions involving the company's equity securities.
• On January 7, 2026, Gilboa converted 75,000 shares of Class B Common Stock into Class A Common Stock at a price of $0 per share.
• Immediately following the conversion on January 7, 2026, he sold 75,000 shares of Class A Common Stock at an average price of $27.09 per share, with individual transactions ranging from $27.00 to $27.23.
• On January 9, 2026, Gilboa converted an additional 19,906 shares of Class B Common Stock into Class A Common Stock at a price of $0 per share.
• Following this conversion on January 9, 2026, he sold 19,906 shares of Class A Common Stock at an average price of $29.09 per share, with individual transactions ranging from $29.00 to $29.20.
• These sales were executed pursuant to a Rule 10b5-1 trading plan adopted by Gilboa on September 16, 2025.
• After these transactions, Gilboa directly beneficially owns 37,247 shares of Class A Common Stock and 4,690,017 shares of Class B Common Stock.
• An additional 1,656,770 shares of Class B Common Stock are indirectly beneficially owned by the David A. Gilboa 2012 Family Trust.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions under a pre-arranged 10b5-1 plan, which is generally neutral. While sales by a CEO can sometimes be viewed negatively, the pre-planned nature mitigates immediate concern regarding company fundamentals.

Positives

• The execution of a pre-arranged Rule 10b5-1 trading plan demonstrates structured personal financial management by a key executive, which can be viewed as a responsible approach to liquidity.

Negatives

• Significant sales by a Co-CEO, totaling 94,906 shares, could be interpreted by some investors as a lack of confidence, even though the sales were pre-planned.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This filing reports routine insider transactions and does not provide specific information to analyze broader industry trends or competitive landscape.

Related Party Transactions

• David A. Gilboa 2012 Family Trust indirectly beneficially owns 1,656,770 shares of Class B Common Stock, indicating a related party holding.

Stakeholder Impact

• Shareholders may observe the Co-CEO's share sales, which could lead to varied interpretations regarding management's confidence, though the pre-planned nature typically reduces negative impact.

Key Dates

Recommendation

The filing details pre-scheduled insider sales by a Co-CEO, which are generally not indicative of a change in company fundamentals or a shift in management's long-term outlook. These transactions are part of a Rule 10b5-1 plan, suggesting personal financial planning rather than a reaction to new information. Therefore, a 'hold' recommendation is appropriate as this filing alone does not provide new information to warrant a change in investment thesis.

Keywords

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