Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 93

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 9B
Chunk 93
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ing date, and (d) an award of New PSUs (as described below).

Executive PSU Standardization

In 2023, our board of directors granted PSUs (the “2023 PSU Awards”) to each Senior Executive, covering a total of 1,200,000 PSUs for Mr. Jafari and 800,000 PSUs for Ms. Ling, 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, our compensation committee deemed it advisable to standardize the performance goals applicable to all outstanding PSUs for the 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, on March 13, 2025, the outstanding 2023 PSU Awards, covering a total of 900,000 PSUs for Mr. Jafari and 600,000 PSUs for Ms. Ling, respectively, were cancelled, and on the same date, our compensation committee granted new PSUs (the “New PSUs”) to Mr. Jafari covering a total of 1,300,00 PSUs and Ms. Ling covering a total of 800,000 PSUs.  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.

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Executive Severance Agreements

On March 13, 2025, our board of directors (with respect to Mr. Ghamsari and based on the recommendation of our compensation committee) and the compensation committee (with respect to the Senior Executives) approved the Company entering into a letter agreement (the “Letter Agreement”) with Nima Ghamsari, Head of Blend, Co-Founder, and Chair of the Company’s board of directors (the “Head of Blend” and, together with the Senior Executives, the “Executives”) and each Senior Executive. Each Letter Agreement provides the Executive with certain severance protections under the circumstances described in the Letter Agreement. Pursuant to the terms of the Letter Agreement, if the Company terminates the Executive’s employment without Cause (