BLZE Form 4: Gleb Budman Withholds Shares to Cover RSU Tax

Rhea-AI Filing Summary

Gleb Budman, CEO and Chairperson of Backblaze, Inc. (ticker BLZE), reported a Form 4 disclosing a non-derivative transaction on 08/20/2025. The filing shows 20,468 shares of Class A common stock were disposed of at $7.65 per share. The company withheld these shares to satisfy tax withholding obligations related to the vesting of restricted stock units; the reporting person did not sell shares to cover the tax. After the transaction, the reporting person beneficially owned 2,123,806 shares, held directly.

Insights

Securities Analyst

TL;DR: CEO had shares withheld to cover RSU taxes; no open-market sale, ownership remains substantial.

The Form 4 indicates a tax-withholding disposition of 20,468 Class A shares at $7.65 related to RSU vesting. This is an administrative, non-dispositive event rather than an active sale to raise cash. Post-transaction direct ownership of 2,123,806 shares remains sizeable and consistent with ongoing alignment between executive and shareholders. The filing contains no information about additional sales, purchases, or changes in control.

Corporate Governance Expert

TL;DR: Transaction reflects routine RSU withholding; no governance or insider-pattern red flags in this filing.

The disclosure specifies withholding to satisfy tax obligations tied to RSU vesting and explicitly states no shares were sold by the reporting person for that purpose. As a director and CEO, the reporting person retains a large direct stake, which typically supports alignment with shareholders. The form does not show any 10b5-1 plan indication or other trading programs.

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

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

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^*

Budman Gleb

(Last) (First) (Middle)

201 BALDWIN AVE.

(Street)

SAN MATEO CA 94401

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Backblaze, Inc. [ BLZE ]

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO and Chairperson

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		F(1)		20,468	D	$7.65	2,123,806	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

Explanation of Responses:

1. The shares of Class A Common Stock were withheld by the Issuer to cover tax withholding obligations in connection with the vesting of Restricted Stock Units ("RSUs"). No shares were sold by the Reporting Person to satisfy this tax liability.

Remarks:

	/s/ Thomas MacMitchell - Attorney-in-Fact	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 did Gleb Budman report on the Form 4 for BLZE?

The Form 4 reports a disposition of 20,468 Class A shares on 08/20/2025 at $7.65 per share to satisfy tax withholding from RSU vesting.

Did the reporting person sell shares on the open market?

No. The filing states the shares were withheld by the issuer to cover tax obligations; it explicitly says no shares were sold by the reporting person to satisfy this tax liability.

How many BLZE shares does Gleb Budman own after the transaction?

After the reported transaction, the reporting person beneficially owned 2,123,806 shares, held directly.

When was the transaction executed and when was the Form 4 signed?

The transaction date is 08/20/2025 and the Form 4 signature by attorney-in-fact is dated 08/22/2025.

Was this transaction part of a trading plan (Rule 10b5-1)?

The Form 4 does not indicate that the transaction was made pursuant to a Rule 10b5-1 trading plan.