Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 78

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 78
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 vested during the years ended December 31, 2024, 2023 and 2022 was $17.5 million, $33.6 million and $57.1 million, respectively.

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Blend Labs, Inc.Notes to Consolidated Financial Statements

Performance Stock UnitsA summary of the Company’s PSU activity and related information is as follows:Number of PSUsWeightedaveragegrant date fair value per share (In thousands)Balance as of December 31, 20235,500 $0.65 Granted— $— Vested(1,175)$0.67 Forfeited(800)$0.52 Balance as of December 31, 20243,525 $0.67 In 2023, the Company’s board of directors granted a total of 5,500,000 restricted stock units with performance vesting to certain senior executives. The estimated weighted-average grant date fair value of the PSUs was determined using a Monte Carlo simulation model, which included the following significant assumptions:  risk-free interest rate, expected volatility of the Company’s stock price, and expected life of the award.As of December 31, 2024, there was $1.1 million of unrecognized stock-based compensation expense related to unvested PSUs, which is expected to be recognized over an estimated weighted average remaining period of 1.5 years. The PSUs will vest in four tranches upon continued service and satisfaction of certain market-based performance targets related to the Company’s stock price hurdles.The total stock-based compensation expense recognized for PSUs for the years ended December 31, 2024 and 2023 was $1.8 million and $0.6 million, respectively.The total fair value of PSUs vested during the year ended December 31, 2024 was $0.8 million.Non-Plan Co-Founder and Head of Blend Options In March 2021, the Company’s board of directors granted to its Co-Founder and Head of Blend a stand-alone stock option issued outside of the 2012 Plan covering a maximum of 26,057,181 shares of Class B common stock with an exercise price of $8.58 per share. The award has a 15-year term (subject to earlier termination when shares subject to the award are no longer eligible to vest) and vests upon the satisfaction of a service condition, liquidity event-related performance condition, and performance-based market conditions. The terms of the award stipulated that