Form 4: Warby Parker's Co-CEO Neil Blumenthal Executes Stock Transactions

Neil Blumenthal, Co-CEO of Warby Parker, reports the acquisition and disposition of Class A Common Stock, including sales under a pre-arranged Rule 10b5-1 trading plan.

Summary

• On December 18, 2024, Neil Blumenthal, Co-CEO of Warby Parker, engaged in transactions involving the company's stock.
• He acquired 56,054 shares of Class A Common Stock at $0 and disposed of 56,054 shares at an average price of $25.09.
• Following these transactions, Blumenthal directly owns 12,177 shares of Class A Common Stock.
• He also indirectly owns 200,000 shares through the Royal Blue Aries Trust and 200,000 shares through the Tiffany Blue Gemini Trust.
• These share sales were executed under a Rule 10b5-1 trading plan adopted on September 14, 2023.
• Blumenthal also indirectly owns derivative securities convertible to Class A Common Stock through various trusts.
• The Class B Common Stock is convertible at any time at the option of the holder into the Issuer's Class A Common Stock on a one-to-one basis.
• The Class B Common Stock will automatically convert into shares of the Issuer's Class A Common Stock on a one-to-one basis upon the earlier of (i) transfer of Class B Common Stock to a person or entity that is not in the transferor's permitted ownership group, (ii) October 1, 2031, (iii) with respect to any Class B Common Stock held by any person or entity in Neil Blumenthal's permitted ownership group, (A) such time as Neil Blumenthal is removed or resigns from the board of directors, or otherwise ceases to serve as a director, (B) such time as Neil Blumenthal ceases to be either an employee, officer or consultant of the Company or any of its subsidiaries, or (C) the date that is 12 months after the death or disability of Neil Blumenthal, 4. and (iv) with respect to any Class B common stock held by any person or entity in Dave Gilboa's permitted ownership group, (A) such time as Dave Gilboa is removed or resigns from the board of directors, or otherwise ceases to serve as a director, (B) such time as Dave Gilboa ceases to be either an employee, officer or consultant of the Company or any of its subsidiaries, or (C) the date that is 12 months after the death or disability of Dave Gilboa.

Sentiment

Score: 5

Explanation: This is a neutral report of insider trading activity. The use of a 10b5-1 plan suggests pre-planned transactions, reducing the likelihood of a strong positive or negative interpretation.

Industry Context

Insider transactions are routinely monitored by investors as they can provide signals, though not always definitive, about management's perspective on the company's valuation and future prospects. The use of a pre-arranged 10b5-1 plan suggests the transactions were planned in advance to avoid any implications of trading on inside information.

Key Dates