Nima Ghamsari - Jul 15, 2021 Form 3 Insider Report for Blend Labs, Inc. (BLND)

Role
Chief Executive Officer, Director
Signature
/s/ Crystal Sumner, Attorney-in-fact
Stock symbol
BLND
Transactions as of
Jul 15, 2021
Transactions value $
$0
Form type
3
Date filed
7/15/2021, 07:15 PM
Next filing
Jul 22, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding BLND Class A Common Stock 5.97M Jul 15, 2021 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding BLND Class B Common Stock Jul 15, 2021 Class A Common Stock 6.57M Direct F1
holding BLND Founders Preferred Stock Jul 15, 2021 Class B Common Stock 346K Direct F1, F2
holding BLND Stock Option (right to buy) Jul 15, 2021 Class A Common Stock 3.23M $2.31 Direct F1, F3, F4
holding BLND Founder and Head of Blend Long-Term Performance Award Jul 15, 2021 Class A Common Stock 26.1M $8.58 Direct F1, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Immediately prior to the completion of the Issuer's initial public offering of Class A Common Stock, each share of Class A Common Stock as currently named will be reclassified into one share of Class B Common Stock and each share of Class B Common Stock as currently named will be reclassified into one share of Class A Common Stock. This Form 3 assumes all shares have been renamed as if such reclassification has already occurred.
F2 Each share of Founders Preferred Stock will be converted into one share of Class A Common Stock immediately prior to the completion of the Issuer's initial public offering of Class A Common Stock, and such shares of Class A Common Stock will be exchanged at a 1:1 ratio for shares of Class B Common Stock. Each share of Class B Common Stock is convertible at any time at the option of the holder into one share of Class A Common Stock and has no expiration date.
F3 Upon exercise of the option, such shares of Class A Common Stock may be exchanged at a 1:1 ratio for shares of Class B Common Stock at the election of the holder.
F4 1/84th of the shares subject to this option vest monthly following January 1, 2020, subject to the Reporting Person's continued role as a service provider to the Issuer. This option is subject to an early exercise provision and is immediately exercisable.
F5 The shares subject to this option vest in five tranches, the first of which vests upon satisfaction of certain liquidity event-related performance conditions. The remaining four tranches vest based on the Issuer's stock price performance over certain performance periods as described in the Issuer's Registration Statement on Form S-1, subject to satisfying certain service-based conditions.

Remarks:

Exhibit 24 - Power of Attorney