BLZE Form 4: Marc Suidan Withholds 26,835 Shares to Cover Taxes

Rhea-AI Filing Summary

Marc Suidan, Chief Financial Officer of Backblaze, Inc. (BLZE), reported a withholding of 26,835 shares of Class A common stock on 08/20/2025 at an indicated price of $7.65 per share to satisfy tax withholding obligations arising from the vesting of restricted stock units (RSUs). Following the withholding, the filing reports the Reporting Person beneficially owns 281,456 shares of Class A common stock. The reported holdings include 2,500 shares previously acquired under the companys Employee Stock Purchase Plan on May 19, 2025. The form is signed by an attorney-in-fact on 05/23/2025.

Insights

Financial Analyst

TL;DR: Routine tax-withholding of vested RSUs reduced CFOs reported share count; not necessarily a change in investment stance.

The Form 4 discloses a withholding of 26,835 Class A shares at $7.65 to cover taxes on RSU vesting, a common administrative practice that does not represent an open-market sale by the executive. The post-transaction beneficial ownership is 281,456 shares, which incorporates a 2,500-share ESPP purchase on May 19, 2025. From a financial perspective, the transaction is non-cash for the issuer and simply settles employee tax obligations; it does not provide new liquidity to the reporting person and is generally neutral for valuation analysis.

Corporate Governance Expert

TL;DR: Disclosure is standard and transparent; withholding for taxes on vested RSUs is an ordinary administrative action.

The filing clearly identifies the relationship of the reporting person as CFO and discloses the nature of the transaction as withholding to cover tax liabilities from RSU vesting. The inclusion of prior ESPP-acquired shares adds clarity to the reported beneficial ownership total. There are no indications of coordinated sales, 10b5-1 plans, or unusual timing in the document itself, and the signature is provided by an attorney-in-fact, which is an accepted filing practice when authorized.

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^*

Suidan Marc

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

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)		26,835	D	$7.65	281,456(2)	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.

2. Includes 2,500 shares of Class of A Common Stock previously acquired under the Issuer's Employee Stock Purchase Plan on May 19, 2025.

Remarks:

	/s/ Thomas MacMitchell - Attorney-in-Fact	05/23/2025
	** 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 transaction did Backblaze CFO Marc Suidan report on Form 4 (BLZE)?

The filing reports the withholding of 26,835 Class A shares on 08/20/2025 at an indicated price of $7.65 per share to cover tax withholding for vested RSUs.

How many Backblaze (BLZE) shares does the reporting person own after the transaction?

The Form 4 reports beneficial ownership of 281,456 shares of Class A common stock following the reported transaction.

Does the Form 4 indicate any open-market sale by the reporting person?

No. The filing explains the shares were withheld by the issuer to cover tax withholding obligations related to RSU vesting; it states no shares were sold by the reporting person to satisfy the tax liability.

Are any other share acquisitions noted in the filing for BLZE?

Yes. The beneficial ownership total includes 2,500 shares acquired under the companys Employee Stock Purchase Plan on May 19, 2025.

Who signed the Form 4 filing for Marc Suidan?

The signature on the form is by Thomas MacMitchell, Attorney-in-Fact, dated 05/23/2025.