Nima Ghamsari - Jul 20, 2021 Form 4 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 20, 2021
Transactions value $: $0
Form type: 4
Date filed: 7/22/2021, 05:39 PM
Previous filing: Jul 15, 2021
Next filing: Dec 22, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BLND	Class A Common Stock	Conversion of derivative security		+346K	+5.8%		6.31M	Jul 20, 2021	Direct	F1
transaction	BLND	Class A Common Stock	Other		-6.31M	-100%		0	Jul 20, 2021	Direct	F2

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
transaction	BLND	Founders Preferred Stock	Conversion of derivative security	$0	-346K	-100%	$0.00^*	0	Jul 20, 2021	Class A Common Stock	346K		Direct	F1
transaction	BLND	Class B Common Stock	Other	$0	+6.31M	+96.07%	$0.00	12.9M	Jul 20, 2021	Class A Common Stock	6.31M		Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each share of Founders Preferred Stock was converted into one share of Class A Common Stock prior to the completion of the Issuer's initial public offering of Class A Common Stock (the "IPO"), and immediately prior to the closing of the IPO, such shares of Class A Common Stock were 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.
F2	Immediately prior to the closing of the IPO, the Reporting Person's shares of Class A Common Stock were exchanged at a 1:1 ratio for shares of Class B Common Stock in a transaction previously approved by the Issuer's board of directors. 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.

Content

Each share of Founders Preferred Stock was converted into one share of Class A Common Stock prior to the completion of the Issuer's initial public offering of Class A Common Stock (the "IPO"), and immediately prior to the closing of the IPO, such shares of Class A Common Stock were 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.

Immediately prior to the closing of the IPO, the Reporting Person's shares of Class A Common Stock were exchanged at a 1:1 ratio for shares of Class B Common Stock in a transaction previously approved by the Issuer's board of directors. 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.