Blumenthal Neil Harris 4

What Happened
Neil Blumenthal, co‑founder and CEO of Warby Parker (WRBY), exercised options on June 18, 2026 to acquire 200,000 shares at $3.83 per share, paying a total of $766,000. The Form 4 also shows a simultaneous 200,000‑share disposition recorded at $0.00 (both entries are coded “M” for option exercise/conversion). The paid exercise (acquisition) is a purchase-type transaction (insider acquiring stock), which investors often view as more informative than routine sales.

Key Details

• Transaction date: 2026-06-18 (filed on 2026-06-23; filing was submitted 5 days after the reported transaction and thus appears later than the usual 2-business‑day Form 4 deadline).
• Acquired: 200,000 shares at $3.83 each — total cash paid ≈ $766,000.
• Disposed: 200,000 shares at $0.00 (reported as a conversion/disposition in the filing).
• Shares owned after transaction: not specified in the filing.
• Footnotes:
  • F1: The stock option was granted Feb 22, 2017, is fully vested and expires Feb 21, 2027.
  • F2/F3: The filing notes Class B common stock is convertible 1:1 into Class A common stock under specified conditions — the $0.00 disposition likely reflects a conversion (not a market sale).
• Transaction code M indicates exercise or conversion of a derivative (option).

Context
This appears to be an exercise of vested options (cash paid to convert options into shares). The $0.00 disposition line likely documents a conversion of Class B to Class A shares per the footnotes, rather than a sale for cash. As always, exercises show the insider acquiring shares (a purchase), which can be interpreted as a vote of confidence but do not by themselves explain motivation.