Company: WRBY
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001104659-25-040245
Chunk: 32

Company: Warby Parker Inc.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 32
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 at 112.5% of target based on our actual performance relative to pre-established net revenue and Adjusted EBITDA targets, with payouts to our NEOs made in the form of fully vested restricted stock units (“RSUs”) instead of cash.

1 See Appendix A for definitions of Average Revenue per Customer and Active Customers, which are key operational and business metrics. 2 See Appendix A for definitions and reconciliations of Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow to the most directly comparable financial measures calculated and presented in accordance with GAAP. 23

TABLE OF CONTENTS

● An annual long-term equity award was granted to Mr. Miller. Prior to the direct listing of our Common Stock in 2021, we granted multi-year founders grants to Messrs. Blumenthal and Gilboa, consisting of performance stock units (“PSUs”) and time-based RSUs. As a result, we did not grant annual equity awards to Messrs. Blumenthal and Gilboa in 2024. Our Compensation Philosophy We believe that our compensation mix motivates and rewards each of our executives and key employees for their individual contributions to the Company, both present and future, and enables us to attract and retain high-caliber leaders. Although annual performance-based bonus opportunities incentivize the achievement of shorter-term goals, our long-term equity awards represent a longer-term compensation structure that promotes retention and continuous commitment to the operating results of the Company. The following principles guide our Compensation Committee and Board of Directors in their decisions regarding our executive compensation program: ● Base salaries should be consistent with those in similar positions at similar companies, including our peer group. ● Annual bonuses for executives should be tied exclusively to Company performance. ● Equity compensation should be used to align the interests of our executives with those of our stockholders. ● Benefits provided to our executives should be generally the same as those provided to our other employees. ● Total direct compensation should attract, motivate, and retain talented executives in a competitive environment. We have adopted the following policies and practices to ensure proper governance of our executive compensation programs and strengthen the alignment of our executive compensation programs and stockholder interests:

| ​ | What We Do                                                                                                             | ​ | ​ | What We Don’t Do                                              | ​ |
| ​ | Retain 100% independent directors on our Compensation Committee.                                                       
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 The Compensation Committee engages an independent compensation advisor, who provides no other services to the Company. 
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 A significant portion of compensation for the NEO