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Warby Parker, Inc Warby Parker, Inc. FKA: JAND, Inc. operates an online retailer, Warby Parker, that offers boutique-quality, classically crafted eyewear at a revolutionary price point. Warby Parker works also with experienced non-profit partners to ensure that each sale of their frames give someone in need access to affordable glasses. • Address: 233 Spring Street , 6th Floor East , New York, NY, 10013 • Geographic Region: New York State • Industry: Consumer Products and Services, Retailing/Distribution • SIC Codes: 5995 - Optical Goods Stores (optical laboratories grinding of lenses to prescription) • NAICS Codes: 446130 - Optical Goods Stores • Legal Counsel: Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP • Company Website: www.warbyparker.com Key Management Investors • Miller, Steve - CFO • American Express Ltd • Raider, Jeff - Co-Founder, Director • D1 Capital Partners • Hunt, Andrew - Co-Founder, Director • Durable Capital Partners • Blumenthal, Neil - Co-Founder, Director, Co-CEO • First Round Capital • Gilboa, David - Co-Founder, Director, Co-CEO • General Catalyst Partners LLC • Binder, Lon - CTO • Highland Capital Partners LLC • Cutler, Joel - Director • Individuals • Drexler, Millard - Director • Lerer Ventures • Moon, Youngme - Director • Menlo Ventures • Fixel, Lee - Director • SV Angel • Siegel, Mark - Director • Spark Capital Partners LLC • T. Rowe Price Associates, Inc. • T. Rowe Price Threshold Partnerships • Thrive Capital Partners LLC • Tiger Global Management LLC • Undisclosed Investor • Wellington Management [email protected] www.primeunicornindex.com (646) 429-0949 Investment Data Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 08/12/2020 $119.22 $3,434,377,735 140,003,821 $24.53 Preferred Price Per Share: $24.53 Participating Preferred Cap: - Round: Series E or Greater Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: - Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 04/03/2020 $125.00 $2,617,650,793 134,286,019 $19.49 Preferred Price Per Share: $19.49 Participating Preferred Cap: - Round: Series E or Greater Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: - Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 03/07/2018 $75.00 $1,857,152,542 118,162,025 $15.72 Preferred Price Per Share: $15.72 Participating Preferred Cap: - Round: Series E or Greater Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: - Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 04/23/2015 $100.00 $1,292,512,666 112,536,256 $11.49 Preferred Price Per Share: $11.49 Participating Preferred Cap: - [email protected] www.primeunicornindex.com (646) 429-0949 Round: Series D Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: - Stock Type: Conventional Convertible Reorganization: NO Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 12/17/2013 $60.00 - - $5.47 Preferred Price Per Share: $5.47 Participating Preferred Cap: - Round: Series C Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: - Stock Type: Conventional Convertible Reorganization: NO Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 01/15/2013 $1.50 - - $3.45 Preferred Price Per Share: $3.45 Participating Preferred Cap: - Round: Series B Anti-Dilution: Weighted Average Direction: Flat Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: - Stock Type: Conventional Convertible Reorganization: NO Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 08/24/2012 $36.80 - - $3.45 Preferred Price Per Share: $3.45 Participating Preferred Cap: - Round: Series B Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: - [email protected] www.primeunicornindex.com (646) 429-0949 Stock Type: Conventional Convertible Reorganization: NO Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 09/07/2011 $11.63 - - $1.84 Preferred Price Per Share: $1.84 Participating Preferred Cap: - Round: Series A Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: - Stock Type: Conventional Convertible Reorganization: NO Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 05/19/2011 $2.14 - - $0.62 Preferred Price Per Share: $0.62 Participating Preferred Cap: - Round: Series A Anti-Dilution: Weighted Average Direction: Not Applicable Redemption: No Liquidation Preference: Not Applicable Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: - Stock Type: Conventional Convertible Reorganization: NO Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 10/27/2010 $0.50 - - - [email protected] www.primeunicornindex.com (646) 429-0949 Fair Market Value per Common Share Filing Date Shares Price per Share 03/10/2014 127,097 $2.77 [email protected] www.primeunicornindex.com (646) 429-0949 Price Per Share With Valuation Valuation Preferred PPS Common PPS 3.43 Billion $24.53 3.09 Billion $22.08 2.75 Billion $19.62 2.4 Billion $17.17 2.06 Billion $14.72 1.72 Billion $12.27 PPS 1.37 Billion $9.81 Valuation 1.03 Billion $7.36 687 Million $4.91 343 Million $2.45 0 $0.00 05/19/2011 05/27/2012 06/06/2013 06/16/2014 06/26/2015 07/04/2016 07/14/2017 07/24/2018 08/03/2019 08/12/2020 [email protected] www.primeunicornindex.com (646) 429-0949 Valuation Preferred PPS Common PPS Date Valuation Date PPS Date PPS 04/23/2015 $1,292,512,666.00 05/19/2011 $0.62 03/10/2014 $2.77 03/07/2018 $1,857,152,542.00 09/07/2011 $1.84 04/03/2020 $2,617,650,793.00 08/24/2012 $3.45 08/12/2020 $3,434,377,735.00 01/15/2013 $3.45 12/17/2013 $5.47 04/23/2015 $11.49 03/07/2018 $15.72 04/03/2020 $19.49 08/12/2020 $24.53 [email protected] www.primeunicornindex.com (646) 429-0949 Prime Unicorn Index Prime Unicorn Index Preferred PPS 838 $24.53 754 $22.08 670 $19.62 587 $17.17 503 $14.72 419 $12.27 Index Values Index 335 $9.81 251 $7.36 Share Price Per Preferred 168 $4.91 84 $2.45 0 $0.00 May 2011 May 2012 Jul Sep 2013 Oct 2014 Dec 2015 2017 Feb Apr 2018 2019 Jun 2020 Jul Sep 2021 [email protected] www.primeunicornindex.com (646) 429-0949 What Do The Deal Terms Mean? Preferred Stock: A class of capital stock that may pay dividends at a specified rate and that has priority over common stock in the payment of dividends and the liquidation of assets. Many venture capital funds use preferred stock as their investment vehicle. This preferred stock is convertible into common stock. Dividends: The payments designated by the Board of Directors to be distributed among the shares outstanding. The type of share determines the amount. On preferred shares, it is generally a fixed amount. With common shares, the dividend can be omitted if the Directors decide to invest the money in a capital expenditure or if the business is slumping. If the dividend is paid, the amount varies depending on the amount of cash on hand. There are several types of dividends: Cumulative—Missed dividend payments that continue to accrue. Non-cumulative—Missed dividend payments that do not accrue. Liquidation Preference/Multiple: The amount per share that a holder of a given series of Preferred Stock will receive prior to distribution of amounts to holders of other series of Preferred Stock or Common Stock. This is usually designated as a multiple of the Issue Price, for example 2X or 3X, and there may be multiple layers of Liquidation Preferences as different groups of investors buy shares in different series. For example, holders of Series B Preferred Stock may be entitled to receive 3X their Issue Price, and then if any money is left, holders of Series A Preferred Stock may be entitled to receive 2X their Issue Price and then holders of Common Stock receive whatever is left. The trigger for the payment of the Liquidation Preference is typically a sale or liquidation of the company, such as a merger or sale of assets. Conventional Convertible Preferred Stock: A type of preferred stock that can also be referred to as Non-Participating Preferred Stock. This preferred stock typically receives a liquidation preference prior to the common stock, and does not participate on an as if converted basis with common stock in any remaining proceeds of a defined liquidation event. Upon such a liquidation event, holders of Conventional Convertible Preferred Stock must choose whether to receive their liquidation preference or convert their shares to Common Stock in order to participate in the pro rata distribution of assets.
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