Form 4: Backblaze CEO Gleb Budman Receives 300,000 Restricted Stock Units

Backblaze CEO and Chairperson Gleb Budman was granted 300,000 restricted stock units (RSUs) that will vest quarterly over approximately three years, starting May 20, 2025.

Summary

• Gleb Budman, CEO and Chairperson of Backblaze, Inc., received 300,000 restricted stock units (RSUs) on March 5, 2025.
• These RSUs represent a contingent right to receive one share of Class A common stock for each RSU.
• The RSUs are subject to a service-based vesting requirement, vesting quarterly over approximately three years.
• The first 1/12th tranche will vest on May 20, 2025, contingent upon continuous service through each vesting date.
• Following the transaction, Budman directly owns 2,163,857 shares of Class A Common Stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The granting of RSUs is a standard practice and indicates confidence in the CEO's continued leadership. The vesting schedule promotes long-term alignment.

Positives

• The grant of RSUs aligns the CEO's interests with those of the shareholders, incentivizing long-term performance.
• The vesting schedule encourages continued service and commitment from the CEO.

Future Outlook

The vesting of the RSUs is contingent upon the CEO's continued service with the company over the next three years.

Industry Context

Grants of restricted stock units are a common form of executive compensation in the tech industry, used to attract and retain talent while aligning their interests with those of shareholders.

Stakeholder Impact

• Shareholders may view the RSU grant positively as it incentivizes the CEO to drive long-term value.
• Employees may see the grant as a sign of the company's commitment to its leadership.

Key Dates