Large owner Lee Roger H acquired 667,388 shares, converted options into 3,000,000 shares and disposed of 3,722,380 shares (SEC Form 4)

4/14/25 7:49:33 PM ET

$BRZE

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SEC FORM 4 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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Lee Roger H

(Last)

(First)

(Middle)

C/O BATTERY VENTURES

ONE MARINA PARK DRIVE, SUITE 1100

(Street)

BOSTON

02210

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Braze, Inc. [ BRZE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	04/01/2025		C		54,000	A	⁽¹⁾	58,233	I	By Battery Investment Partners XI, LLC⁽²⁾
Class A Common Stock	04/01/2025		C		1,165,143	A	⁽¹⁾	1,256,463	I	By Battery Ventures XI-A, L.P.⁽³⁾
Class A Common Stock	04/01/2025		C		307,857	A	⁽¹⁾	331,985	I	By Battery Ventures XI-B, L.P.⁽⁴⁾
Class A Common Stock	04/01/2025		C		1,210,511	A	⁽¹⁾	1,305,384	I	By Battery Ventures XI-A Side Fund, L.P.⁽⁵⁾
Class A Common Stock	04/01/2025		C		262,489	A	⁽¹⁾	283,064	I	By Battery Ventures XI-B Side Fund, L.P.⁽⁶⁾
Class A Common Stock	04/10/2025		J⁽⁷⁾		54,992	D	$0	3,241	I	By Battery Investment Partners XI, LLC⁽²⁾
Class A Common Stock	04/10/2025		J⁽⁸⁾		1,186,500	D	$0	69,963	I	By Battery Ventures XI-A, L.P.⁽³⁾
Class A Common Stock	04/10/2025		J⁽⁹⁾		313,500	D	$0	18,485	I	By Battery Ventures XI-B, L.P.⁽⁴⁾
Class A Common Stock	04/10/2025		J⁽¹⁰⁾		1,232,700	D	$0	72,684	I	By Battery Ventures XI-A Side Fund, L.P.⁽⁵⁾
Class A Common Stock	04/10/2025		J⁽¹¹⁾		267,300	D	$0	15,764	I	By Battery Ventures XI-B Side Fund, L.P.⁽⁶⁾
Class A Common Stock	04/10/2025		J⁽¹²⁾		298,284	A	$0	298,284	D⁽¹³⁾
Class A Common Stock	04/10/2025		J⁽¹⁴⁾		298,284	D	$0	0	D⁽¹³⁾
Class A Common Stock	04/10/2025		J⁽¹⁵⁾		369,104	A	$0	369,104	I	By Battery Partners XI Side Fund, LLC⁽¹⁶⁾
Class A Common Stock	04/10/2025		J⁽¹⁷⁾		369,104	D	$0	0	I	By Battery Partners XI Side Fund, LLC⁽¹⁶⁾
Class A Common Stock								29,250	I	By Battery Investment Partners Select Fund I,L.P.⁽¹⁸⁾
Class A Common Stock								1,395,750	I	By Battery Ventures Select Fund I,L.P.⁽¹⁹⁾
Class A Common Stock								190,219⁽²⁰⁾⁽²¹⁾	D⁽²²⁾
Class A Common Stock								59,549⁽²⁰⁾⁽²¹⁾⁽²³⁾	I	By Trust⁽²⁴⁾
Class A Common Stock								248,102⁽²⁰⁾⁽²¹⁾⁽²³⁾	D⁽²⁵⁾
Class A Common Stock								28,020⁽²⁰⁾⁽²¹⁾	I	By Trust⁽²⁶⁾
Class A Common Stock								144,788⁽²⁰⁾⁽²¹⁾⁽²³⁾	D⁽²⁷⁾
Class A Common Stock								139,474	D⁽²⁸⁾
Class A Common Stock								81,417⁽²⁰⁾⁽²¹⁾⁽²³⁾	I	By Trust⁽²⁹⁾
Class A Common Stock								17,689⁽²⁰⁾⁽²¹⁾	I	By Trust⁽³⁰⁾
Class A Common Stock								224,797⁽²⁰⁾⁽²¹⁾⁽²³⁾	I	By Trust⁽³¹⁾
Class A Common Stock								124,975⁽²⁰⁾⁽²¹⁾⁽²³⁾	I	By Trust⁽³²⁾
Class A Common Stock								102,730⁽²⁰⁾⁽²¹⁾	D⁽³³⁾
Class A Common Stock								147,037⁽²⁰⁾⁽²¹⁾⁽²³⁾	I	By Trust⁽³⁴⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock	⁽¹⁾	04/01/2025		C			54,000	⁽³⁵⁾	⁽³⁵⁾	Class A Common Stock	54,000	$0⁽¹⁾	100,137	I	By Battery Investment Partners XI, LLC⁽²⁾
Class B Common Stock	⁽¹⁾	04/01/2025		C			1,165,143	⁽³⁵⁾	⁽³⁵⁾	Class A Common Stock	1,165,143	$0⁽³⁵⁾	2,160,494	I	By Battery Ventures XI-A, L.P.⁽³⁾
Class B Common Stock	⁽¹⁾	04/01/2025		C			307,857	⁽³⁵⁾	⁽³⁵⁾	Class A Common Stock	307,857	$0⁽³⁵⁾	570,848	I	By Battery Ventures XI-B, L.P.⁽⁴⁾
Class B Common Stock	⁽¹⁾	04/01/2025		C			1,210,511	⁽³⁵⁾	⁽³⁵⁾	Class A Common Stock	1,210,511	$0⁽³⁵⁾	2,244,625	I	By Battery Ventures XI-A Side Fund, L.P.⁽⁵⁾
Class B Common Stock	⁽¹⁾	04/01/2025		C			262,489	⁽³⁵⁾	⁽³⁵⁾	Class A Common Stock	262,489	$0⁽³⁵⁾	486,717	I	By Battery Ventures XI-B Side Fund, L.P.⁽⁶⁾
Class B Common Stock	⁽³⁵⁾							⁽³⁵⁾	⁽³⁵⁾	Class A Common Stock	221,708		221,708	I	By Battery Investment Partners Select Fund I, L.P.⁽¹⁸⁾
Class B Common Stock	⁽³⁵⁾							⁽³⁵⁾	⁽³⁵⁾	Class A Common Stock	1,141,717		1,141,717	I	By Battery Ventures Select Fund I, L.P.⁽¹⁹⁾

1. Name and Address of Reporting Person^*

Lee Roger H

(Last)

(First)

(Middle)

C/O BATTERY VENTURES

ONE MARINA PARK DRIVE, SUITE 1100

(Street)

BOSTON

02210

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Stoner Chelsea R.

(Last)

(First)

(Middle)

C/O BATTERY VENTURES

ONE MARINA PARK DRIVE, SUITE 1100

(Street)

BOSTON

02210

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Thakker Dharmesh

(Last)

(First)

(Middle)

C/O BATTERY VENTURES

ONE MARINA PARK DRIVE, SUITE 1100

(Street)

BOSTON

02210

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

TOBIN SCOTT R

(Last)

(First)

(Middle)

C/O BATTERY VENTURES

ONE MARINA PARK DRIVE, SUITE 1100

(Street)

BOSTON

02210

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. These shares of Class B common stock were converted on a one-for-one basis into Class A common stock.

2. Securities are held by Battery Investment Partners XI, LLC ("BIP XI"). Battery Partners XI, LLC ("BP XI") is the managing member of BIP XI and may be deemed to beneficially own the securities held by BIP XI. Neeraj Agrawal, Michael M. Brown, Jesse R. Feldman, Russell L. Fleischer, Roger H. Lee, Chelsea R. Stoner, Dharmesh Thakker and Scott R. Tobin are the managing members of BP XI and may be deemed to share voting and dispositive power over these securities. Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of its, his or her pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 of for any other purpose. Mr. Agrawal is a director of the Issuer and files separate Section 16 reports.

3. Securities are held byBattery Ventures XI-A, L.P. ("BV XI-A"). BP XI is the general partner of BV XI-A and may be deemed to beneficially own the securities held by BV XI-A. Neeraj Agrawal, Michael M. Brown, Jesse R. Feldman, Russell L. Fleischer, Roger H. Lee, Chelsea R. Stoner, Dharmesh Thakker and Scott R. Tobin are the managing members of BP XI and may be deemed to share voting and dispositive power over these securities. Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of its, his or her pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 of for any other purpose. Mr. Agrawal is a director of the Issuer and files separate Section 16 reports.

4. Securities are held by Battery Ventures XI-B, L.P. ("BV XI-B"). BP XI is the general partner of BV XI-B and may be deemed to beneficially own the securities held by BV XI-B. Neeraj Agrawal, Michael M. Brown, Jesse R. Feldman, Russell L. Fleischer, Roger H. Lee, Chelsea R. Stoner, Dharmesh Thakker and Scott R. Tobin are the managing members of BP XI and may be deemed to share voting and dispositive power over these securities. Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of its, his or her pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 of for any other purpose. Mr. Agrawal is a director of the Issuer and files separate Section 16 reports.

5. Securities are held by Battery Ventures XI-A Side Fund, L.P. ("BV XI-A SF"). Battery Partners XI Side Fund, LLC ("BP XI SF") is the general partner of BV XI-A SF and may be deemed to beneficially own the securities held by BV XI-A SF. Neeraj Agrawal, Michael M. Brown, Jesse R. Feldman, Russell L. Fleischer, Roger H. Lee, Chelsea R. Stoner, Dharmesh Thakker and Scott R. Tobin are the managing members of BP XI SF and may be deemed to share voting and dispositive power over these securities. Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of its, his or her pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 of for any other purpose. Mr. Agrawal is a director of the Issuer and files separate Section 16 reports.

6. Securities are held by Battery Ventures XI-B Side Fund, L.P. ("BV XI-B SF"). BP XI SF is the general partner of BV XI-B SF and may be deemed to beneficially own the securities held by BV XI-B SF. Neeraj Agrawal, Michael M. Brown, Jesse R. Feldman, Russell L. Fleischer, Roger H. Lee, Chelsea R. Stoner, Dharmesh Thakker and Scott R. Tobin are the managing members of BP XI SF and may be deemed to share voting and dispositive power over these securities. Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of its, his or her pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 of for any other purpose. Mr. Agrawal is a director of the Issuer and files separate Section 16 reports.

7. Represents a pro rata, in-kind distribution, and not a purchase or sale of securities, by BIP XI to its members without additional consideration.

8. Represents a pro rata, in-kind distribution, and not a purchase or sale of securities, by BV XI-A to its general partner and limited partners without additional consideration.

9. Represents a pro rata, in-kind distribution, and not a purchase or sale of securities, by BV XI-B to its general partner and limited partners without additional consideration.

10. Represents a pro rata, in-kind distribution, and not a purchase or sale of securities, by BV XI-A SF to its general partner and limited partners without additional consideration.

11. Represents a pro rata, in-kind distribution, and not a purchase or sale of securities, by BV XI-B SF to its general partner and limited partners without additional consideration.

12. Represents receipt of securities in the distributions in kind described in footnotes (8) and (9).

13. Securities are held by BP XI. Neeraj Agrawal, Michael M. Brown, Jesse R. Feldman, Russell L. Fleischer, Roger H. Lee, Chelsea R. Stoner, Dharmesh Thakker and Scott R. Tobin are the managing members of BP XI and may be deemed to share voting and dispositive power over these securities. Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of its, his or her pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 of for any other purpose. Mr. Agrawal is a director of the Issuer and files separate Section 16 reports.

14. Represents a pro rata, in-kind distribution, and not a purchase or sale of securities, by BP XI to its members without consideration.

15. Represents receipt of securities in the distributions in kind described in footnotes (10) and (11).

16. Securities are held by BP XI SF. Neeraj Agrawal, Michael M. Brown, Jesse R. Feldman, Russell L. Fleischer, Roger H. Lee, Chelsea R. Stoner, Dharmesh Thakker and Scott R. Tobin are the managing members of BP XI SF and may be deemed to share voting and dispositive power over these securities. Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of its, his or her pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 of for any other purpose. Mr. Agrawal is a director of the Issuer and files separate Section 16 reports.

17. Represents a pro rata, in-kind distribution, and not a purchase or sale of securities, by BP XI SF to its members without consideration.

18. Securities are held by Battery Investment Partners Select Fund I, L.P. ("BIP Select I"). The sole general partner of BIP Select I is Battery Partners Select Fund I GP, LLC ("BP Select I GP"). Neeraj Agrawal, Michael M. Brown, Jesse R. Feldman, Russell L. Fleischer, Roger H. Lee, Chelsea R. Stoner, Dharmesh Thakker and Scott R. Tobin are the managing members of BP Select I GP and may be deemed to share voting and dispositive power over these securities. Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of its, his or her pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 of for any other purpose. Mr. Agrawal is a director of the Issuer and files separate Section 16 reports.

19. Securities are held by Battery Ventures Select Fund I, L.P. ("BV Select I"). The sole general partner of BV Select I is Battery Partners Select Fund I, L.P. ("BP Select I"). The general partner of BP Select I is BP Select I GP. Neeraj Agrawal, Michael M. Brown, Jesse R. Feldman, Russell L. Fleischer, Roger H. Lee, Chelsea R. Stoner, Dharmesh Thakker and Scott R. Tobin are the managing members of BP Select I GP and may be deemed to share voting and dispositive power over these securities. Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of its, his or her pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 of for any other purpose. Mr. Agrawal is a director of the Issuer and files separate Section 16 reports.

20. The securities beneficially owned by the Reporting Person prior to the reported transaction reflect the receipt of securities in the distribution in kind described in footnote (14) and from previous distributions in kind that constituted changes in form of ownership and, therefore, were not required to be reported pursuant to Section 16.

21. The securities beneficially owned by the Reporting Person prior to the reported transaction reflect the receipt of securities in the distribution in kind described in footnote (17) and from previous distributions in kind that constituted changes in form of ownership and, therefore, were not required to be reported pursuant to Section 16.

22. Securities are held by Michael M. Brown.

23. The securities beneficially owned by the Reporting Person prior to the reported transaction reflect the receipt of securities in the distribution in kind described in footnote (7) and from previous distributions in kind that constituted changes in form of ownership and, therefore, were not required to be reported pursuant to Section 16.

24. Securities are held by The Michael M. Brown Irrevocable GST Trust of 2013, of which Michael M. Brown is a trustee. Mr. Brown disclaims beneficial ownership of these securities except to the extent of his proportionate pecuniary interest therein.

25. Securities are held by Jesse R. Feldman.

26. Securities are held by The Jesse Feldman Irrevocable Trust of 2016, of which Jesse R. Feldman is a trustee. Mr. Feldman disclaims beneficial ownership of these securities except to the extent of his proportionate pecuniary interest therein.

27. Securities are held by Russell L. Fleischer.

28. Securities are held by Roger H. Lee.

29. Securities are held by The Roger and Clarissa Lee Irrevocable Trust of 2016, of which Roger H. Lee's brother is the trustee. Mr. Lee disclaims beneficial ownership of these securities except to the extent of his proportionate pecuniary interest therein.

30. Securities are held by The Lee Family Trust, of which Roger H. Lee is a co-trustee. Mr. Lee disclaims beneficial ownership of these securities except to the extent of his proportionate pecuniary interest therein.

31. Securities are held by the Spiller Stoner Family Trust Dated 8/22/13, of which Chelsea R. Stoner is a trustee. Ms. Stoner disclaims beneficial ownership of these securities except to the extent of her proportionate pecuniary interest therein.

32. Securities are held by the STAM Family Revocable Living Trust UAD 3/19/13, of which Dharmesh Thakker is a trustee. Mr. Thakker disclaims beneficial ownership of these securities except to the extent of his proportionate pecuniary interest therein.

33. Securities are held by Scott R. Tobin.

34. Securities are held by The Scott R. Tobin Irrevocable GST Trust of 2013, of which Scott R. Tobin is a trustee. Mr. Tobin disclaims beneficial ownership of these securities except to the extent of his proportionate pecuniary interest therein.

35. Each share of Class B Common Stock is convertible into one share of Class A Common Stock (A) at any time at the option of the Reporting Person or (B) automatically upon the occurrence of the following: (1) the transfer of such share of Class B Common Stock, except for certain transfers whereby the Reporting Person continues to hold sole voting and dispositive power with respect to each such share, (2) the death of a Class B common stockholder who is a natural person, (3) the last trading day of the fiscal quarter immediately following the fifth anniversary of the Issuer's initial public offering, (4) the date specified by affirmative vote of the holders of a majority of the outstanding shares of Class B common stock and (5) the last trading day of the fiscal quarter during which the then outstanding shares of Class B Common Stock first represent less than 10% of the aggregate number of shares of the then outstanding Class A Common Stock and Class B Common Stock.

Remarks:

This Form 4 is the second of two Forms 4 filed relating to the same event. Combined, the two reports report the holdings for the following Reporting Persons: Battery Ventures XI-A, L.P., Battery Ventures XI-B, L.P., Battery Investment Partners XI, LLC, Battery Partners XI, LLC, Battery Ventures XI-A Side Fund, L.P., Battery Ventures XI-B Side Fund, L.P., Battery Partners XI Side Fund, LLC, Battery Ventures Select Fund I, L.P., Battery Partners Select Fund I, L.P., Battery Investment Partners Select Fund I, L.P., Battery Partners Select Fund I GP, LLC, Michael M. Brown, Jesse R. Feldman, Russell L. Fleischer, Roger H. Lee, Chelsea R. Stoner, Dharmesh Thakker and Scott R. Tobin. This Form 4 has been split into two filings because there are more than 10 reporting persons in total, and the SEC's EDGAR filing system limits a single Form 4 to a maximum of 10 reporting persons.

	/s/ Christopher Schiavo, as Attorney-in-Fact for Roger H. Lee	04/14/2025
	/s/ Christopher Schiavo, as Attorney-in-Fact for Chelsea R. Stoner	04/14/2025
	/s/ Christopher Schiavo, as Attorney-in-Fact for Dharmesh Thakker	04/14/2025
	/s/ Christopher Schiavo, as Attorney-in-Fact for Scott R. Tobin	04/14/2025
	** 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.

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Recent Analyst Ratings for

$BRZE

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12/17/2025	$45.00	Buy	BTIG Research
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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

Amount

(A) or (D)

Price

Class A Common Stock

04/01/2025

54,000

⁽¹⁾

58,233

By Battery Investment Partners XI, LLC⁽²⁾

Class A Common Stock

04/01/2025

1,165,143

⁽¹⁾

1,256,463

By Battery Ventures XI-A, L.P.⁽³⁾

Class A Common Stock

04/01/2025

307,857

⁽¹⁾

331,985

By Battery Ventures XI-B, L.P.⁽⁴⁾

Class A Common Stock

04/01/2025

1,210,511

⁽¹⁾

1,305,384

By Battery Ventures XI-A Side Fund, L.P.⁽⁵⁾

Class A Common Stock

04/01/2025

262,489

⁽¹⁾

283,064

By Battery Ventures XI-B Side Fund, L.P.⁽⁶⁾

Class A Common Stock

04/10/2025

J⁽⁷⁾

54,992

3,241

By Battery Investment Partners XI, LLC⁽²⁾

Class A Common Stock

04/10/2025

J⁽⁸⁾

1,186,500

69,963

By Battery Ventures XI-A, L.P.⁽³⁾

Class A Common Stock

04/10/2025

J⁽⁹⁾

313,500

18,485

By Battery Ventures XI-B, L.P.⁽⁴⁾

Class A Common Stock

04/10/2025

J⁽¹⁰⁾

1,232,700

72,684

By Battery Ventures XI-A Side Fund, L.P.⁽⁵⁾

Class A Common Stock

04/10/2025

J⁽¹¹⁾

267,300

15,764

By Battery Ventures XI-B Side Fund, L.P.⁽⁶⁾

Class A Common Stock

04/10/2025

J⁽¹²⁾

298,284

D⁽¹³⁾

Class A Common Stock

04/10/2025

J⁽¹⁴⁾

298,284

D⁽¹³⁾

Class A Common Stock

04/10/2025

J⁽¹⁵⁾

369,104

By Battery Partners XI Side Fund, LLC⁽¹⁶⁾

Class A Common Stock

04/10/2025

J⁽¹⁷⁾

369,104

By Battery Partners XI Side Fund, LLC⁽¹⁶⁾

Class A Common Stock

29,250

By Battery Investment Partners Select Fund I,L.P.⁽¹⁸⁾

Class A Common Stock

1,395,750

By Battery Ventures Select Fund I,L.P.⁽¹⁹⁾

Class A Common Stock

190,219⁽²⁰⁾⁽²¹⁾

D⁽²²⁾

Class A Common Stock

59,549⁽²⁰⁾⁽²¹⁾⁽²³⁾

By Trust⁽²⁴⁾

Class A Common Stock

248,102⁽²⁰⁾⁽²¹⁾⁽²³⁾

D⁽²⁵⁾

Class A Common Stock

28,020⁽²⁰⁾⁽²¹⁾

By Trust⁽²⁶⁾

Class A Common Stock

144,788⁽²⁰⁾⁽²¹⁾⁽²³⁾

D⁽²⁷⁾

Class A Common Stock

139,474

D⁽²⁸⁾

Class A Common Stock

81,417⁽²⁰⁾⁽²¹⁾⁽²³⁾

By Trust⁽²⁹⁾

Class A Common Stock

17,689⁽²⁰⁾⁽²¹⁾

By Trust⁽³⁰⁾

Class A Common Stock

224,797⁽²⁰⁾⁽²¹⁾⁽²³⁾

By Trust⁽³¹⁾

Class A Common Stock

124,975⁽²⁰⁾⁽²¹⁾⁽²³⁾

By Trust⁽³²⁾

Class A Common Stock

102,730⁽²⁰⁾⁽²¹⁾

D⁽³³⁾

Class A Common Stock

147,037⁽²⁰⁾⁽²¹⁾⁽²³⁾

By Trust⁽³⁴⁾

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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Class B Common Stock

⁽¹⁾

04/01/2025

54,000

⁽³⁵⁾

Class A Common Stock

54,000

$0⁽¹⁾

100,137

By Battery Investment Partners XI, LLC⁽²⁾

Class B Common Stock

⁽¹⁾

04/01/2025

1,165,143

⁽³⁵⁾

Class A Common Stock

1,165,143

$0⁽³⁵⁾

2,160,494

By Battery Ventures XI-A, L.P.⁽³⁾

Class B Common Stock

⁽¹⁾

04/01/2025

307,857

⁽³⁵⁾

Class A Common Stock

307,857

$0⁽³⁵⁾

570,848

By Battery Ventures XI-B, L.P.⁽⁴⁾

Class B Common Stock

⁽¹⁾

04/01/2025

1,210,511

⁽³⁵⁾

Class A Common Stock

1,210,511

$0⁽³⁵⁾

2,244,625

By Battery Ventures XI-A Side Fund, L.P.⁽⁵⁾

Class B Common Stock

⁽¹⁾

04/01/2025

262,489

⁽³⁵⁾

Class A Common Stock

262,489

$0⁽³⁵⁾

486,717

By Battery Ventures XI-B Side Fund, L.P.⁽⁶⁾

Class B Common Stock

⁽³⁵⁾

Class A Common Stock

221,708

By Battery Investment Partners Select Fund I, L.P.⁽¹⁸⁾

Class B Common Stock

⁽³⁵⁾

Class A Common Stock

1,141,717

By Battery Ventures Select Fund I, L.P.⁽¹⁹⁾

Recent Analyst Ratings for

$BRZE

Date	Price Target	Rating	Analyst
12/17/2025	$45.00	Buy	BTIG Research
10/1/2025	$40.00	Overweight	Wells Fargo
7/24/2025	$40.00	Outperform	Mizuho
6/3/2025	$45.00	Overweight	Cantor Fitzgerald
3/19/2025	$43.00	Overweight	Stephens
10/31/2024	$30.00	Neutral	Macquarie
10/22/2024	$37.00	Buy	Stifel
7/10/2024	$56.00	Sector Perform → Sector Outperform	Scotiabank

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$BRZE
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Crush Q1 2026 with the Best AI Superconnector

Recent Analyst Ratings for $BRZE

$BRZE Analyst Ratings

BTIG Research resumed coverage on Braze with a new price target

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$BRZE SEC Filings

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$BRZE Financials

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Analyst Ratings

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$BRZE
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$BRZE
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