Ling Winnie 4

What Happened
Winnie Ling, Head of Legal and People at Blend Labs (BLND), had Restricted Stock Units (RSUs) convert to common shares on February 20, 2026. A total of 70,414 RSUs converted into shares; 26,292 of those shares were withheld to cover tax obligations (withheld at $1.72/share for a cash value of $45,222), leaving about 44,122 net shares issued to her. These entries are reported as exercise/conversion of derivatives (code M) and tax withholding (code F), i.e., an award vesting event rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-20; Form 4 filed 2026-02-24 (filed within the usual two business-day window).
• Gross shares converting: 70,414 RSUs (31,250 + 39,164).
• Shares withheld for taxes: 26,292 shares at $1.72/share, totaling $45,222.
• Net shares received (approx.): 44,122 shares.
• Footnotes: F1 — each RSU converts to one share of BLND Class A common stock; F2 — shares were withheld to cover tax obligations; F3 — RSUs vest in equal quarterly increments over two years subject to continued service.
• The filing shows conversion/settlement of RSUs (derivative exercise/vest) and tax withholding; no late filing indicated.

Context
This was a vesting/settlement of RSUs (an award) rather than a purchase or open-market sale. The withholding of shares to cover taxes is a routine administrative step and not a market sale signal. For retail investors, award vesting is common compensation activity and should be viewed differently from discretionary insider buys or sales.