Blend Labs Inc.
10/06/2025 | Press release | Distributed by Public on 10/06/2025 14:03
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 2, 2025, the compensation committee of the board of directors of Blend Labs, Inc. (the "Company" or "Blend") approved entry into a transition and general release agreement (the "Transition Agreement") with Amir Jafari, the Company's previous Head of Finance and Administration, pursuant to which Mr. Jafari's employment with the Company will end on October 3, 2025 (the "Employment End Date"). Subject to earlier termination as provided in the Transition Agreement, Mr. Jafari will serve as a strategic advisor to the Head of Blend and the Company from the Employment End Date through January 1, 2026 (the period during which Mr. Jafari is a strategic advisor, the "Advisor Period"). In exchange for Mr. Jafari's execution and non-revocation of the Transition Agreement and the release of claims contained therein, Mr. Jafari will receive payments in amounts equivalent to his regular base salary as well as Company-paid COBRA benefits during the Advisor Period. Mr. Jafari's outstanding equity awards will continue to vest during the Advisor Period in accordance with their terms. Following the end of the Advisor Period, and subject to Mr. Jafari's compliance with the terms of the Transition Agreement and his execution and non-revocation of a supplemental release agreement, Mr. Jafari will receive an additional payment in the amount of $200,000, less applicable withholdings, and, if at any time during the Advisor Period, the closing price per share of the Company's Class A Common Stock is at least $7.00, then the 325,000 performance-based restricted stock units representing the first tranche of the equity grant made to Mr. Jafari on March 13, 2025, will vest upon the effectiveness of the supplemental release agreement.
The foregoing summary of the material terms of the Transition Agreement are qualified in their entirety by reference to the full text of the Transition Agreement, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.
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