Blumenthal Neil Harris 4

What Happened Neil Blumenthal, co‑founder and CEO of Warby Parker (WRBY), converted 63,040 shares of Class B common stock into Class A common stock (no cash consideration) and sold those 63,040 Class A shares in the open market on May 19, 2026. The shares were sold at an average execution price of $30.03, generating gross proceeds of approximately $1,893,091. The sale was executed pursuant to a Rule 10b5‑1 trading plan adopted by Mr. Blumenthal on September 16, 2025.

Key Details

• Transaction date: May 19, 2026.
• Action: Conversion of Class B to Class A (no cash) followed by open‑market sale of 63,040 shares.
• Sale price: Average $30.03 per share (range reported: $29.99–$30.19); total proceeds ≈ $1,893,091. (Average rounded to nearest cent; detailed per‑trade breakdown available on request.)
• Plan/footnotes: Sales effected under a pre‑arranged Rule 10b5‑1 trading plan (adopted Sept 16, 2025). Class B → Class A conversion is one‑for‑one under the company’s charter (see filing footnote).
• Shares owned after transaction: Not specified in the provided Form 4 excerpt.
• Filing timeliness: Form 4 filed May 21, 2026 for transactions on May 19, 2026 (appears timely).

Context

• The conversion here reflects changing share class (Class B to Class A) rather than an options exercise; conversion carried no cash cost. The converted shares were immediately sold, so this was effectively a disposition of previously held founder‑class shares.
• The sale being under a 10b5‑1 plan indicates it was a pre‑arranged, rule‑compliant trade rather than an ad hoc decision; such plans are commonly used to avoid concerns about trading on nonpublic information.
• Sales by insiders are often routine (liquidity, diversification, tax planning) and do not by themselves indicate management’s view of the company; purchases generally carry more informational weight for retail investors.