Company: BLND
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001855747-25-000024
Chunk: 41

Company: Blend Labs, Inc.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 41
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 upon the expiration of the lock-up period associated with an underwritten public offering of our common stock (or certain other events detailed in the option agreement) and expires on the earlier of the 10-year anniversary of the date of grant, a change in control of the company, or Mr. Ghamsari ceasing to satisfy the service condition discussed below. Shares subject to the award that are not vested at the end of the performance period will terminate and be forfeited for no consideration.

The Founder and Head of Blend Long-Term Performance Award is divided into five tranches. In July 2021, the first tranche of 1,954,289 shares of the Founder and Head of Blend Long-Term Performance Award vested upon completion of our initial public offering. The shares in tranches two through five have a “Company Stock Price Hurdle” associated with the vesting of such tranche and none of the Company Stock Price Hurdles were achieved in 2024. The applicable performance goal must be achieved by the “Tranche Expiration Date” set forth below for any shares subject to a particular tranche to vest. Except as set forth below, on the first trading day on which the applicable performance goal is achieved, a number of shares subject to the award will vest and become exercisable equal to the “Number of Shares” corresponding to the applicable performance goal for the applicable tranche in the table below, subject to Mr. Ghamsari satisfying the service condition through the vesting date:

| Tranche 
 1       |     | Number of 
 Shares    |     | 1,954,289 |     | Performance Goal           
 IPO                        |     | Company     
 Stock Price 
 Hurdle      |        | N/A |     | Tranche Expiration Date                 
 15-month anniversary of Date of Grant   |
|:--------|:----|:----------|:----|----------:|:----|:---------------------------|:----|:------------|-------:|:----|:----|:----------------------------------------|
| 2       |     |           |     | 5,862,866 |     | Company Stock Price Hurdle |     | $           |  41.91 |     |     | Four-year anniversary of Date of Grant  |
| 3       |     |           |     | 4,560,006 |     | Company Stock Price Hurdle |     | $           |  83.82 |     |     | Six-year anniversary of Date