Form 4: Blend Labs Director Gerald Chen Converts Restricted Stock Units into 50,000 Shares

Blend Labs, Inc. Director and 10% Owner Gerald C. Chen acquired 50,000 shares of Class A Common Stock through the conversion of Restricted Stock Units on June 12, 2025.

Summary

• Gerald C. Chen, a Director and 10% Owner of Blend Labs, Inc. (BLND), acquired 50,000 shares of Class A Common Stock.
• This acquisition resulted from the conversion of 50,000 Restricted Stock Units (RSUs) into common stock.
• Following the transaction, Mr. Chen directly holds 87,760 shares of Class A Common Stock.
• He also indirectly holds 9,030,775 shares through Greylock 15 Limited Partnership, 501,708 shares through Greylock Principals, and 501,708 shares through Greylock 15-A.
• The RSUs vested based on the earlier of the one-year anniversary of the grant date or the day prior to the Issuer's next annual meeting of shareholders, subject to Mr. Chen's continued service as a Service Provider.

Sentiment

Score: 7

Explanation: The transaction represents a routine vesting and conversion of equity compensation, increasing the director's direct stake and aligning interests with shareholders, which is generally positive for investor confidence.

Positives

• The acquisition of shares by a director through RSU conversion indicates continued alignment of interests with shareholders.
• The transaction increases the director's direct equity stake in the company, demonstrating ongoing commitment.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This Form 4 filing reports a routine insider transaction (RSU conversion) and does not provide broader industry context or trends.

Related Party Transactions

• Gerald C. Chen indirectly holds shares through Greylock 15 Limited Partnership, Greylock Principals, and Greylock 15-A. He disclaims beneficial ownership of these securities except for his indirect pro rata interest as a managing member of Greylock LLC, which is the general partner of these entities.

Stakeholder Impact

• Shareholders: The increase in direct ownership by a director through RSU conversion can be viewed positively as it further aligns management's interests with those of the shareholders.

Next Steps

• The RSUs will vest on the earlier of (i) the one year anniversary of the grant date, or (ii) the day prior to the date of the Issuer's next annual meeting of shareholders, subject to the Reporting Person continuing to be a Service Provider through the applicable vesting date.

Key Dates

Keywords

Blend Labs, BLND, SEC Form 4, Insider Transaction, Stock Ownership, Restricted Stock Units, RSU Conversion, Director Stock Acquisition, Gerald C. Chen, Greylock