[Form 4] Blend Labs, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Blend Labs insider filing: This Form 4 shows transactions by Winnie Ling, Head of Legal and People at Blend Labs (BLND). On 08/20/2025 Ms. Ling was credited with two grants of Restricted Stock Units (RSUs) totaling 81,250 units: 50,000 RSUs reported as vested and 31,250 RSUs newly awarded. A separate entry shows 32,637 shares were withheld to cover taxes in connection with RSU vesting, and a Rule 10b5-1 sale executed on 08/22/2025 disposed of 4,000 shares at $3.50 each. After the transactions the filing reports Ms. Ling beneficially owned 416,631 Class A shares.

Positive

• RSU vesting and new award disclosed, showing documented compensation alignment with retention policies
• Sale executed under a Rule 10b5-1 plan, indicating a pre-established trading program and planned liquidity
• Tax withholding on vested RSUs disclosed, reflecting standard settlement procedures

Negative

• Insider sale of 4,000 shares at $3.50, which reduces insider-owned shares and may be noted by investors
• Vesting and dilution impact: vesting of 50,000 RSUs and new 31,250 RSU award increase potential shares outstanding once settled

Insights

Securities Analyst

TL;DR Insider received and vested RSUs while executing a planned sale; overall ownership remains material but transactions appear routine.

The filing documents standard equity compensation activity and a pre-established Rule 10b5-1 sale. Material elements include vesting of 50,000 RSUs, a new award of 31,250 RSUs, tax-withheld shares (32,637) and a sale of 4,000 shares at $3.50. These are compensation and liquidity actions rather than extraordinary corporate events. For investors the filing updates insider share counts and recent sale price but does not disclose other material corporate changes.

Corporate Governance Expert

TL;DR Actions align with typical governance practices: RSU vesting, tax withholding and a 10b5-1 plan sale, all properly disclosed.

The report shows compliance with disclosure rules and use of a Rule 10b5-1 trading plan adopted March 14, 2025 for the sale. Vesting schedules described (quarterly over two years) indicate retention-focused compensation. The withholding of 32,637 shares for taxes is standard. No indicia of irregular timing or undisclosed related-party transactions are present within this filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ling Winnie

(Last) (First) (Middle)

7250 REDWOOD BLVD., SUITE 300

(Street)

NOVATO CA 94945

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Blend Labs, Inc. [ BLND ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	HEAD OF LEGAL AND PEOPLE

3. Date of Earliest Transaction (Month/Day/Year)
08/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/20/2025		M		50,000	A	(1)	422,018	D
Class A Common Stock	08/20/2025		M		31,250	A	(1)	453,268	D
Class A Common Stock	08/20/2025		F(2)		32,637	D	$3.01	420,631	D
Class A Common Stock	08/22/2025		S(3)		4,000	D	$3.5	416,631	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	08/20/2025		M			50,000	(4)	(4)	Class A Common Stock	50,000	$0	0	D
Restricted Stock Units	(1)	08/20/2025		M			31,250	(5)	(5)	Class A Common Stock	31,250	$0	187,500	D

Explanation of Responses:

1. Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of BLND Class A Common Stock.

2. Shares were withheld to cover tax obligations in connection with the vesting of RSUs.

3. The sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

4. The RSUs vested in equal quarterly increments over a two year period, subject to the Reporting Person continuing to be a Service Provider through each such date.

5. The RSUs will vest in equal quarterly increments over a two year period, subject to the Reporting Person continuing to be a Service Provider through each such date.

	/s/ Winnie Ling	08/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Winnie Ling report on Form 4 for BLND?

The filing reports vesting of 50,000 RSUs, an award of 31,250 RSUs, withholding of 32,637 shares for taxes, and a sale of 4,000 shares executed under a Rule 10b5-1 plan at $3.50 per share.

How many BLND Class A shares does Winnie Ling beneficially own after these transactions?

The Form 4 reports Ms. Ling beneficially owned 416,631 Class A shares following the reported transactions.

Was the sale by the insider part of a pre-established trading plan?

Yes. The sale on 08/22/2025 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 14, 2025.

Why were shares withheld in the filing?

The filing states that 32,637 shares were withheld to cover tax obligations in connection with the vesting of RSUs.

What are the vesting terms described for the RSUs?

The RSUs vest in equal quarterly increments over a two-year period, conditioned on the reporting person continuing as a service provider.