Ghamsari Nima 4

What Happened

• Nima Ghamsari, Head of Blend Labs and a company director, exercised/converted a total of 614,229 restricted stock units (RSUs) on February 20, 2026. Per the filing, 201,733 shares were withheld to cover tax obligations, yielding a cash withholding value of $346,981 (201,733 shares × $1.72 per share). The filing lists the derivative conversion entries (transaction code M) and the tax withholding (transaction code F).

Key Details

• Transaction date: 2026-02-20; Form 4 filed 2026-02-24 (filed within the normal reporting window).
• Shares converted/acquired: 614,229 RSUs converted to shares (375,000 + 125,000 + 114,229).
• Shares withheld for taxes: 201,733 shares at $1.72 per share = $346,981.
• Net shares delivered to Ghamsari (after withholding): approximately 412,496 shares (614,229 − 201,733).
• Footnotes: F1 confirms each RSU equals one share upon vesting; F2 notes shares withheld to cover taxes; F3/F4 describe vesting schedules (some RSUs vest quarterly over four years, others over two years).
• Shares owned after the transaction: not specified in the provided excerpt.

Context

• These were RSU conversions (derivative/award activity). The withheld shares to satisfy tax liabilities indicate a net issuance/cashless-type settlement common when RSUs vest—this is routine and does not by itself indicate a buy or sell decision in the open market.
• Transaction codes: M = exercise/conversion of derivative (RSU conversion), F = payment of exercise price or tax liability (shares withheld). The filing appears timely.