Chen Gerald C. 4

What Happened

• Gerald C. Chen, a director of Blend Labs (BLND), reported the conversion/exercise of derivative awards on 2026-06-11. The filing shows 50,000 shares were acquired via exercise/conversion (listed as N/A price) and a concurrent disposition of 50,000 shares at $0 (reported as a derivative transaction).
• This transaction reflects RSU vesting/conversion rather than an open-market buy or sale. The Form 4 does not state a cash sale price or total dollar value for the disposal.

Key Details

• Transaction date: 2026-06-11; Form 4 filed 2026-06-15 (4 days later).
• Acquired: 50,000 shares via exercise/conversion (price listed N/A).
• Disposed: 50,000 shares at $0 (derivative category).
• Footnotes: F1 — each RSU converts to one share; F6 — RSUs vested per vesting schedule (earlier of 1-year anniversary or day before next annual meeting, subject to continued service). F2–F5/F3 — some shares are held of record by Greylock-related entities and the reporting person disclaims beneficial ownership except as described.
• Shares owned after the transaction: not specified in the filing.
• Timeliness: Form 4 was filed four days after the reported transaction date (SEC Form 4 is typically due within two business days); investors may note the filing timing.

Context

• The filing records a conversion/settlement of RSUs rather than a market purchase; the reported $0 disposition is not presented as an open-market sale in the filing and the form does not explain the reason (e.g., withholding or transfer).
• For retail investors: conversions/vestings are common executive compensation events and do not necessarily signal a buy/sell intent.