Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 90

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 90
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 of certain market-based performance targets related to the Company’s stock price hurdles.Executive PSU StandardizationIn 2023, the Company’s board of directors granted PSUs (the “2023 PSU Awards”) to two legacy senior executives, covering a total of 1,200,000 PSUs and 800,000 PSUs, respectively. The 2023 PSU Awards were scheduled to vest in four tranches upon continued service and satisfaction of certain market-based performance targets related to the Company’s stock price hurdles. In December 2024, the first performance target related to the Company’s stock price was satisfied and 25% of the PSUs subject to each 2023 PSU Award vested.On March 13, 2025, the Company’s compensation committee elected to standardize the performance goals applicable to all outstanding PSUs for these two legacy senior executives so that the Company’s executives would have the same incentives and work towards the same objectives, thus creating a more cohesive and effective leadership team. In connection with this determination, the outstanding 2023 PSU Awards were cancelled and on the same date, the Company’s compensation committee granted new PSUs (the “New PSUs”) to each of the two legacy senior executives, covering a total of 1,300,000 

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Blend Labs, Inc.Notes to Consolidated Financial Statements

PSUs and 800,000 PSUs, respectively.  The New PSUs are scheduled to vest in four tranches upon continued service and satisfaction of certain market-based performance targets related to the Company’s stock price hurdles.Agreement Relating to Title365 On February 26, 2025, the Company executed an agreement with the holder of the 9.9% noncontrolling interest in Title365, where such holder will surrender its remaining interest to the Company. Additionally, the agreement terminated the Title365 stockholders agreement as described in Note 2, Summary of Significant Accounting Policies. As a result of the foregoing, the Title365 Put Option has been extinguished as of February 26, 2025.  The Company also terminated a non-compete and non-solicit agreement with the counterparty, allowing the counterparty to pursue business opportunities relating to the title insurance industry. In connection with the agreement, the Company and the counterparty executed an amendment to an existing revenue subscription arrangement, whereby the counterparty committed to a certain minimum amount of consideration for access to the Company’s platform, updated pricing, and an extension of the existing arrangement’s contractual term.

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