Company: BLND
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001855747-25-000092
Chunk: 447

Company: Blend Labs, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 447
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 value of RSUs vested during the nine months ended September 30, 2025 and 2024 was $12.0 million and $14.0 million, respectively.

20

Blend Labs, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited)

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, 20243,525 $0.67 Granted7,935 $1.61 Vested— $— Forfeited(3,225)$0.58 Balance as of September 30, 20258,235 $2.02 New PSUsIn the first quarter of 2025, the Company’s board of directors granted a total of 1,300,000 PSUs to a recently hired senior executive. On March 13, 2025, the Company’s board of directors granted a total of 4,200,000 PSUs to the Co-Founder and Head of Blend and 250,000 PSUs to another senior executive. 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.Executive PSU StandardizationIn 2023, the Company’s board of directors granted PSUs (the “2023 PSU Awards”) to two senior executives (the “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 the 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 legacy senior executives, covering a total of 1,300,000