Nima Ghamsari - Jan 24, 2024 Form 4 Insider Report for Blend Labs, Inc. (BLND)

Role
Head of Blend, Director
Signature
/s/ Winnie Ling, Attorney-in-fact
Stock symbol
BLND
Transactions as of
Jan 24, 2024
Transactions value $
-$245,939
Form type
4
Date filed
1/26/2024, 04:01 PM
Previous filing
Dec 26, 2023
Next filing
Feb 22, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BLND Class A Common Stock Other $0 +97.7K $0.00 97.7K Jan 24, 2024 Direct
transaction BLND Class A Common Stock Sale -$246K -97.7K -100% $2.52 0 Jan 24, 2024 Direct F1, 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 Class B Common Stock Other $0 -97.7K -1.07% $0.00 9.05M Jan 24, 2024 Class A Common Stock 97.7K Direct F3, F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 30, 2023.
F2 This sale price represents the weighted average sale price of the shares sold ranging from $2.455 to $2.60 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.
F3 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.
F4 All the shares of Class B Common Stock were previously pledged as collateral to secure certain personal indebtedness of the Reporting Person under a loan. On January 24, 2024, the Reporting Person sold the shares pursuant to a Rule 10b5-1 trading plan and used the proceeds to reduce the outstanding amount under the loan. The Reporting Person will make further sales of shares from time to time and use the proceeds to further reduce the outstanding amount under the loan as required under the loan documentation.
F5 The shares of Class B Common Stock held of record by the Reporting Person are pledged as collateral to secure certain personal indebtedness of the Reporting Person.