Company: WRBY
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001504776-25-000019
Chunk: 62

Company: Warby Parker Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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 Fair ValueUnvested as of December 31, 20242,740 $19.81 Granted1,21824.17 Forfeited(78)15.56 Released(616)22.94 Vested and not yet released(21)31.74 Unvested as of March 31, 20253,243 $20.88 The total value of unrecognized stock-based compensation expense related to outstanding RSUs and PSUs granted under the Plans was $51.0 million and $9.4 million as of March 31, 2025, respectively, which is expected to be recognized over a weighted-average period of 1.5 years and 1.4 years, respectively. As of March 31, 2025 there were 899 RSUs that were vested but not yet released, mainly related to the 2021 Founder Grant, as described below.RSUs granted prior to the Company’s direct listing vest upon the satisfaction of both a service and a performance condition, which was satisfied upon the Company’s direct listing on September 29, 2021, and the Company recognizes stock-based compensation expense using the accelerated attribution method as the service conditions are met. RSUs granted after the Company’s direct listing only contain a service condition and are recognized on a straight line basis over the vesting period.2025 Founders GrantIn March 2025, the Company granted 236 PSUs and 236 RSUs for Class A common stock to the Co-CEOs, in the aggregate, under the 2021 Plan (the “2025 Founders Grant”). The RSUs vest in equal monthly installments over a period of three years, beginning on January 1, 2025, subject to the Co-CEOs’ continued employment with the Company through the applicable vesting date. Vesting of the PSUs will occur after the end of the performance period, which began on January 1, 2025 and ends on the earlier of a change of control or December 31, 2027, in each case based on the Company’s total shareholder return (“TSR”) relative to the total shareholder returns of the companies in the Russell 2000 Growth Index as defined in the PSU agreement. The number of shares of Class A common stock to be issued in respect of the PSUs that become vested is based on an achievement factor as set forth in the table below. The final settlement of the PSUs is subject to the Co-CEOs