Nima Ghamsari - 20 May 2024 Form 4 Insider Report for Blend Labs, Inc. (BLND)

Role
HEAD OF BLEND, Director
Signature
/s/ Winnie Ling, Attorney-in-fact
Issuer symbol
BLND
Transactions as of
20 May 2024
Net transactions value
-$238,903
Form type
4
Filing time
03 Jun 2024, 20:01:10 UTC
Previous filing
15 May 2024
Next filing
12 Jun 2024
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BLND Class A Common Stock Other $0 +2,000,000 +1081% $0.000000 2,184,950 20 May 2024 Direct F1
transaction BLND Class A Common Stock Sale $238,903 -81,434 -3.7% $2.93 2,103,516 30 May 2024 Direct F2, F3

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 -2,000,000 -24% $0.000000 6,275,319 20 May 2024 Class A Common Stock 2,000,000 Direct F1, 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 Upon conversion of the shares of Class B Common Stock, the Reporting Person pledged an equal number of shares of Class A Common Stock as collateral to secure certain personal indebtedness.
F2 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.
F3 This sale price represents the weighted average sale price of the shares sold ranging from $2.83 to $3.09 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.
F4 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.
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.