Gilboa David Abraham 4

What Happened
Dave Gilboa, co‑founder and CEO of Warby Parker (WRBY), reported multiple transactions on July 1, 2026. The primary action was an open‑market sale of 242,221 shares at an average price of $29.69 per share for proceeds of $7,191,541 (prices ranged $29.33–$30.05). The filing also shows derivative activity: he exercised 117,221 options at an exercise price of $3.83 (cost ~$448,956) and reported conversions of 213,746 Class B shares into Class A shares (conversion entries reported at $0). Some exercised/converted shares were acquired and/or disposed the same day per the Form 4 entries.

Key Details

• Transaction date: July 1, 2026 (Form 4 filed July 2, 2026 — timely).
• Sale: 242,221 shares sold, avg. $29.69; total proceeds ~$7.19M (execution prices ranged $29.33–$30.05).
• Exercise: 117,221 shares acquired via option exercise at $3.83/share (total cash paid ~$448,956). The option was granted Feb 22, 2017, is fully vested and expires Feb 21, 2027 (F3).
• Conversion: 213,746 Class B shares converted to Class A (conversion entries reported at $0) (F4/F5 explain conversion mechanics).
• Plan/notes: The sales were executed under a Rule 10b5‑1 trading plan adopted March 17, 2026 (F1). The filing reports an average execution price and offers to provide per‑trade prices on request (F2).
• Shares owned after transaction: not specified in the excerpt of the filing.

Context

• The Form 4 shows both acquisitions (option exercise and Class B→A conversion) and an open‑market sale the same day. The 10b5‑1 plan note indicates the sale was pre‑arranged, which is common for scheduled insider selling and is not necessarily an indication of a short‑term change in the insider’s view.
• For retail investors: purchases (insider buys) are often considered more informative than scheduled sales; here the headline action is a sizable planned sale under a 10b5‑1 plan, accompanied by routine option exercise and share class conversion.