Francis P. Patchel - Apr 3, 2023 Form 4 Insider Report for Backblaze, Inc. (BLZE)

Role
Chief Financial Officer
Signature
/s/ Thomas MacMitchell - Attorney-in-Fact
Stock symbol
BLZE
Transactions as of
Apr 3, 2023
Transactions value $
-$14,580
Form type
4
Date filed
4/5/2023, 08:11 PM
Previous filing
Mar 2, 2023
Next filing
May 2, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BLZE Class A Common Stock Conversion of derivative security $0 +3K +2.88% $0.00 107K Apr 3, 2023 Direct
transaction BLZE Class A Common Stock Sale -$14.6K -3K -2.8% $4.86 104K Apr 3, 2023 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 BLZE Stock Option (right to buy) Options Exercise $0 -3K -1.09% $0.00 272K Apr 3, 2023 Class B Common Stock 3K $2.61 Direct F3
transaction BLZE Class B Common Stock Options Exercise $0 +3K $0.00 3K Apr 3, 2023 Class A Common Stock 3K Direct F4
transaction BLZE Class B Common Stock Conversion of derivative security $0 -3K -100% $0.00* 0 Apr 3, 2023 Class A Common Stock 3K Direct F4
* 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 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.
F2 The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.81 to $4.97, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.
F3 The options are subject to a service-based vesting requirement, which shall be satisfied over a four-year period. 25% of the options vested on March 1, 2021 and 1/48th of the options vest monthly thereafter, subject to the Reporting Person's continuous service with the issuer. The options are exercisable into shares of Class B Common Stock, which are convertible on a one-to-one basis into shares of Class A Common Stock at the option of the holder.
F4 Each share of Class B Common Stock is convertible into one share of Class A Common Stock at any time at the option of the Reporting Person and has no expiration date.