Document:

Exhibit 10.20

 

OpenDoor
Labs Inc.

 

2014 Stock
Plan

 

NOTICE
OF STOCK OPTION GRANT

 

[Optionee Name]

[Optionee Address Line 1]

[Optionee Address Line 2]

 

You have been granted an option to purchase
Common Stock of OpenDoor Labs Inc., a Delaware corporation (the “Company”), as follows:

 

	Date of Grant:	__________ 
	Exercise Price Per Share:	$__________ 
	Total Number of Shares:	__________ 
	Total Exercise Price:	$__________ 
	Type of Option:	
        ____ Incentive Stock Option

         

        ____ Nonstatutory Stock Option

         

	Expiration Date:	__________ 
	Vesting Commencement Date:	__________ 
	Vesting/Exercise Schedule:	So long as your Continuous Service Status does not terminate (and provided that no vesting shall occur following the Termination Date (as defined in Section 5 of the Stock Option Agreement)), the Shares underlying this Option shall vest and become exercisable in accordance with the following schedule:  [25%] of the Total Number of Shares shall vest and become exercisable on the 12–month anniversary of the Vesting Commencement Date and 1/48 of the Total Number of Shares shall vest and become exercisable on the corresponding day of each month thereafter (and if there is no corresponding day, the last day of the month). 
	Termination Period:	You may exercise this Option for 3 months after the Termination Date except as set out in Section 5 of the Stock Option Agreement (but in no event later than the Expiration Date).  You are responsible for keeping track of these exercise periods following the Termination Date.  The Company will not provide further notice of such periods.
	Transferability:	You may not transfer this Option except as set forth in Section 6 of the Stock Option Agreement.  [You must obtain Company approval prior to any transfer of the Shares received upon exercise of this Option.] 

 

[Signature Page Follows]

 

     

     

    

 

By your signature and the signature of the
Company’s representative or by accepting this grant, you and the Company agree that this Option is granted under and governed
by the terms and conditions of this Notice and the OpenDoor Labs Inc. 2014 Stock Plan and Option Agreement, both of which are attached
to and made a part of this Notice.

 

In addition, you agree and acknowledge that
your rights to any Shares underlying this Option will vest only as you provide services to the Company over time, that the grant
of this Option is not as consideration for services you rendered to the Company prior to your date of hire, and that nothing in
this Notice or the attached documents confers upon you any right to continue your employment or consulting relationship with the
Company for any period of time, nor does it interfere in any way with your right or the Company’s right to terminate that
relationship at any time, for any reason, with or without cause, subject to Applicable Laws. Also, to the extent applicable, the
Exercise Price Per Share has been set in good faith compliance with the applicable guidance issued by the IRS under Section 409A
of the Code. However, there is no guarantee that the IRS will agree with the valuation, and by signing below, you agree and acknowledge
that the Company, its Board, officers, employees, agents and stockholders shall not be held liable for any applicable costs, taxes,
or penalties associated with this Option if, in fact, the IRS or any other person (including, without limitation, a successor corporation
or an acquirer in a Change of Control) were to determine that this Option constitutes deferred compensation under Section 409A
of the Code. You should consult with your own tax advisor concerning the tax consequences of such a determination by the IRS. For
purposes of this paragraph, the term “Company” will be interpreted to include any Parent, Subsidiary or Affiliate.

 

	 	the company:
	 	 
	 	OpenDoor Labs Inc.
	 	 
	 	By:	 
	 	 	(Signature)

 

	 	Name:	 

	 	Title:	               
	 	 
	 	OPTIONEE:
	 	 
	 	 
	 	(Print Name)
	 	 
	 	 
	 	(Signature)
	 	 
	 	Address:
	 	 
	 	 
	 	 

 

    -2-

     

    

 

OpenDoor
Labs Inc.

 

2014 Stock
Plan

 

STOCK
OPTION AGREEMENT

 

1.                 
Grant of Option. OpenDoor Labs Inc., a Delaware corporation (the “Company”), hereby grants
to the person (“Optionee”) named in the Notice of Stock Option Grant (the “Notice”), an option
(the “Option”) to purchase the total number of shares of Common Stock (the “Shares”) set
forth in the Notice, at the exercise price per Share set forth in the Notice (the “Exercise Price”) subject
to the terms, definitions and provisions of the OpenDoor Labs Inc. 2014 Stock Plan (the “Plan”) adopted by the
Company, which is incorporated in this Stock Option Agreement (this “Agreement”) by reference. Unless otherwise
defined in this Agreement, the terms used in this Agreement or the Notice shall have the meanings defined in the Plan.

 

2.                 
Designation of Option. This Option is intended to be an Incentive Stock Option as defined in Section 422
of the Code only to the extent so designated in the Notice, and to the extent it is not so designated or to the extent this Option
does not qualify as an Incentive Stock Option, it is intended to be a Nonstatutory Stock Option.

 

Notwithstanding the above, if designated
as an Incentive Stock Option, in the event that the Shares subject to this Option (and all other incentive stock options granted
to Optionee by the Company or any Parent or Subsidiary, including under other plans) that first become exercisable in any calendar
year have an aggregate fair market value (determined for each Share as of the date of grant of the option covering such Share)
in excess of $100,000, the Shares in excess of $100,000 shall be treated as subject to a nonstatutory stock option, in accordance
with Section 5(c) of the Plan.

 

3.                 
Exercise of Option. This Option shall be exercisable during its term in accordance with the Vesting/Exercise
Schedule set out in the Notice and with the provisions of Section 7(c) of the Plan as follows:

 

(a)              
Right to Exercise.

 

(i)                
This Option may not be exercised for a fraction of a share.

 

(ii)             
In the event of Optionee’s death, Disability or other termination of Continuous Service Status, the exercisability
of this Option is governed by Section 5 below, subject to the limitations contained in this Section 3.

 

(iii)           
In no event may this Option be exercised after the Expiration Date set forth in the Notice.

 

     

     

    

 

(b)              
 Method of Exercise.

 

(i)              This Option shall be exercisable by execution and delivery of the Exercise Agreement attached hereto as Exhibit A
or of any other form of written notice approved for such purpose by the Company which shall state Optionee’s election to
exercise this Option, the number of Shares in respect of which this Option is being exercised, and such other representations and
agreements as to the holder’s investment intent with respect to such Shares as may be required by the Company pursuant to
the provisions of the Plan. Such written notice shall be signed by Optionee and shall be delivered to the Company by such means
as are determined by the Company in its discretion to constitute adequate delivery. The written notice shall be accompanied by
payment of the aggregate Exercise Price for the purchased Shares.

 

(ii)             As a condition to the grant, vesting and exercise of this Option and as further set forth in Section 9 of the Plan,
Optionee hereby agrees to make adequate provision for the satisfaction of (and will indemnify the Company and any Subsidiary or
Affiliate for) any applicable taxes or tax withholdings, social contributions, required deductions, or other payments, if any (“Tax-Related
Items”), which arise upon the grant, vesting or exercise of this Option, disposition of Shares, receipt of dividends,
if any, or otherwise in connection with this Option or the Shares, whether by withholding, direct payment to the Company, or otherwise
as determined by the Company in its sole discretion. Regardless of any action the Company or any Subsidiary or Affiliate takes
with respect to any or all applicable Tax-Related Items, Optionee acknowledges and agrees that the ultimate liability for all Tax-Related
Items is and remains Optionee’s responsibility and may exceed any amount actually withheld by the Company or any Subsidiary
or Affiliate. Optionee further acknowledges and agrees that Optionee is solely responsible for filing all relevant documentation
that may be required in relation to this Option or any Tax-Related Items other than filings or documentation that is the specific
obligation of the Company or any Subsidiary or Affiliate pursuant to Applicable Law, such as but not limited to personal income
tax returns or reporting statements in relation to the grant, vesting or exercise of this Option, the holding of Shares or any
bank or brokerage account, the subsequent sale of Shares, and the receipt of any dividends. Optionee further acknowledges that
the Company makes no representations or undertakings regarding the treatment of any Tax-Related Items and does not commit to and
is under no obligation to structure the terms or any aspect of the Option to reduce or eliminate Optionee’s liability for
Tax-Related Items or achieve any particular tax result. Further, if Optionee has become subject to tax in more than one jurisdiction,
Optionee acknowledges that tax may apply and the Company or any Subsidiary or Affiliate may be required to withhold or account
for Tax-Related Items in more than one jurisdiction.

 

(iii)            The
Company is not obligated, and will have no liability for failure, to issue or deliver any Shares upon exercise of this Option
unless such issuance or delivery would comply with the Applicable Laws, with such compliance determined by the Company in
consultation with its legal counsel. Furthermore, Optionee understands that the Applicable Laws of the country in which
Optionee is residing or working at the time of grant, vesting, and/or exercise of this Option (including any rules or
regulations governing securities, foreign exchange, tax, labor or other matters) may restrict or prevent exercise of this
Option. This Option may not be exercised until such time as the Plan has been approved by the holders of capital stock of the
Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such Shares would
constitute a violation of any Applicable Laws, including any applicable U.S. federal or state securities laws or any other
law or regulation, including any rule under Part 221 of Title 12 of the Code of Federal Regulations as promulgated
by the Federal Reserve Board. As a condition to the exercise of this Option, the Company may require Optionee to make any
representation and warranty to the Company as may be required by the Applicable Laws. Assuming such compliance, for income
tax purposes the Shares shall be considered transferred to Optionee on the date on which this Option is exercised with
respect to such Shares.

 

    -2-

     

    

 

(iv)            Subject to compliance with Applicable Laws, this Option shall be deemed to be exercised upon receipt by the Company of the
appropriate written notice of exercise accompanied by the Exercise Price and the satisfaction of any applicable obligations described
in Section 3(b)(ii) above.

 

4.                 
Method of Payment. Payment of the Exercise Price shall be by cash or check or, following the initial public
offering of the Company’s Common Stock, by Cashless Exercise pursuant to which the Optionee delivers an irrevocable direction
to a securities broker (on a form prescribed by the Company and according to a procedure established by the Company).

 

Optionee understands and agrees that, if
required by the Company or Applicable Laws, any cross-border cash remittance made to exercise this Option or transfer proceeds
received upon the sale of Shares must be made through a locally authorized financial institution or registered foreign exchange
agency and may require Optionee to provide to such entity certain information regarding the transaction. Moreover, Optionee understands
and agrees that the future value of the underlying Shares is unknown and cannot be predicted with certainty and may decrease in
value, even below the Exercise Price. Optionee understands that neither the Company nor any Subsidiary or Affiliate is responsible
for any foreign exchange fluctuation between local currency and the United States Dollar or the selection by the Company or any
Subsidiary or Affiliate in its sole discretion of an applicable foreign currency exchange rate that may affect the value of the
Option (or the calculation of income or Tax-Related Items thereunder).

 

5.                 
Termination of Relationship. Following the date of termination of Optionee’s Continuous Service Status
for any reason (the “Termination Date”), Optionee may exercise this Option only as set forth in the Notice and
this Section 5. If Optionee does not exercise this Option within the Termination Period set forth in the Notice or the termination
periods set forth below, this Option shall terminate in its entirety. In no event, may any Option be exercised after the Expiration
Date of this Option as set forth in the Notice. For the avoidance of doubt and for purposes of this Option only, termination of
Continuous Service Status and the Termination Date will be deemed to occur as of the date Optionee is no longer actively providing
services as an Employee or Consultant (except to the extent Optionee is on a Company-approved leave of absence and subject to any
Company policy or Applicable Laws regarding such leaves) and will not be extended by any notice period or “garden leave”
that may be required contractually or under Applicable Laws.

 

(a)              
General Termination. In the event of termination of Optionee’s Continuous Service Status other than
as a result of Optionee’s Disability or death or Optionee’s termination for Cause, Optionee may, to the extent Optionee
is vested in the Optioned Stock, exercise this Option during the Termination Period set forth in the Notice.

 

    -3-

     

    

 

(b)               Termination upon Disability of Optionee.  In the event of termination of Optionee’s Continuous Service
Status as a result of Optionee’s Disability, Optionee may, but only within 12 months following the Termination Date, exercise
this Option to the extent Optionee is vested in the Optioned Stock.

 

(c)              
Death of Optionee. In the event of termination of Optionee’s Continuous Service Status as a result of
Optionee’s death, or in the event of Optionee’s death within 3 months following Optionee’s Termination Date,
this Option may be exercised at any time within 12 months following the Termination Date, or if later, 12 months following the
date of death by any beneficiaries designated in accordance with Section 16 of the Plan or, if there are no such beneficiaries,
by the Optionee’s estate, or by a person who acquired the right to exercise the Option by bequest or inheritance, but only
to the extent Optionee is vested in the Optioned Stock.

 

(d)              
Termination for Cause. In the event of termination of Optionee’s Continuous Service Status for Cause,
this Option (including any vested portion thereof) shall immediately terminate in its entirety upon first notification to Optionee
of such termination for Cause. If Optionee’s Continuous Service Status is suspended pending an investigation of whether Optionee’s
Continuous Service Status will be terminated for Cause, all Optionee’s rights under this Option, including the right to exercise
this Option, shall be suspended during the investigation period.

 

6.                 
Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or
by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by him or her. The terms of this
Option shall be binding upon the executors, administrators, heirs, successors and assigns of Optionee.

 

7.                 
Lock-Up Agreement.  If so requested by the Company or the underwriters in connection with the initial public
offering of the Company’s securities registered under the Securities Act of 1933, as amended, Optionee shall not sell, make
any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however or
whenever acquired (except for those being registered) without the prior written consent of the Company or such underwriters, as
the case may be, for 180 days from the effective date of the registration statement, plus such additional period, to the extent
required by FINRA rules, up to a maximum of 216 days from the effective date of the registration statement, and Optionee shall
execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of such offering.

 

8.                 
Effect of Agreement. Optionee acknowledges receipt of a copy of the Plan and represents that he or she is
familiar with the terms and provisions thereof (and has had an opportunity to consult counsel regarding the Option terms), and
hereby accepts this Option and agrees to be bound by its contractual terms as set forth herein and in the Plan. Optionee hereby
agrees to accept as binding, conclusive and final all decisions and interpretations of the Administrator regarding any questions
relating to this Option. In the event of a conflict between the terms and provisions of the Plan and the terms and provisions of
the Notice and this Agreement, the Plan terms and provisions shall prevail.

 

    -4-

     

    

 

9.                  Imposition
of Other Requirements. The Company reserves the right to impose other requirements on Optionee’s participation in
the Plan, on this Option and the Shares subject to this Option and on any other Award or Shares acquired under the Plan, to the
extent the Company determines it is necessary or advisable in order to comply with Applicable Laws or facilitate the administration
of the Plan. Optionee agrees to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
Furthermore, Optionee acknowledges that the Applicable Laws of the country in which Optionee is residing or working at the time
of grant, holding, vesting, and exercise of the Option or the holding or sale of Shares received pursuant to the Option (including
any rules or regulations governing securities, foreign exchange, tax, labor, or other matters) may subject Optionee to additional
procedural or regulatory requirements that Optionee is and will be solely responsible for and must fulfill.

 

10.              
Electronic Delivery and Translation. The Company may, in its sole discretion, decide to deliver any documents
related to Optionee’s current or future participation in the Plan, this Option, the Shares subject to this Option, any other
Company Securities or any other Company-related documents, by electronic means. By accepting this Option, whether electronically
or otherwise, Optionee hereby (i) consents to receive such documents by electronic means, (ii) consents to the use of electronic
signatures, and (iii) if applicable, agrees to participate in the Plan and/or receive any such documents through an on-line or
electronic system established and maintained by the Company or a third party designated by the Company, including but not limited
to the use of electronic signatures or click-through electronic acceptance of terms and conditions. To the extent Optionee has
been provided with a copy of this Agreement, the Plan, or any other documents relating to this Option in a language other than
English, the English language documents will prevail in case of any ambiguities or divergences as a result of translation.

 

11.                No Acquired Rights. In accepting the Option, Optionee acknowledges that the Plan is established voluntarily
by the Company, is discretionary in nature, and may be modified, amended, suspended or terminated by the Company at any time. The
grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of
Options, other Awards or benefits in lieu of Options, even if Options have been granted repeatedly in the past, and all decisions
with respect to future grants of Options or other Awards, if any, will be at the sole discretion of the Company. In addition, Optionee’s
participation in the Plan is voluntary, and the Option and the Shares subject to the Option are extraordinary items that do not
constitute regular compensation for services rendered to the Company or any Subsidiary or Affiliate and are outside the scope of
Optionee’s employment contract, if any. The Option and the Shares subject to the Option are not intended to replace any pension
rights or compensation and are not part of normal or expected salary or compensation for any purpose, including but not limited
to calculating severance payments, if any, upon termination.

 

12.                Data Privacy. Optionee hereby explicitly and unambiguously consents to the collection, use and transfer,
whether in electronic or other form, of Optionee’s personal data (as described below) by and among, as applicable, the Company
and any Subsidiary or Affiliate for the exclusive purpose of implementing,
administering, and managing Optionee’s participation in the Plan. Optionee understands that refusal or withdrawal of consent
may affect Optionee’s ability to participate in the Plan or to realize benefits from the Option.

 

    -5-

     

    

 

Optionee understands
that the Company and any Subsidiary or Affiliate may hold certain personal information about Optionee, including, but not limited
to, Optionee’s name, home address and telephone number, date of birth, social insurance number or other identification number,
salary, nationality, job title, any shares of stock or directorships held in the Company or any Subsidiary or Affiliate, details
of all Options or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Optionee’s
favor (“Personal Data”). Optionee understands that Personal Data may be transferred to any Subsidiary or Affiliate
or third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located
in the United States, Optionee’s country, or elsewhere, and that the recipient’s country may have different data privacy
laws and protections than Optionee’s country.

 

13.               
Miscellaneous.

 

(a)              
Governing Law. The validity, interpretation, construction and performance of this Agreement, and all acts
and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted
in accordance with the laws of the state of California, without giving effect to principles of conflicts of law. For purposes of
litigating any dispute that may arise directly or indirectly from this Agreement, the parties hereby submit and consent to the
exclusive jurisdiction of the state of California and agree that any such litigation shall be conducted only in the courts of California
or the federal courts of the United States located in California and no other courts.

 

(b)              
Entire Agreement. This Agreement sets forth the entire agreement and understanding of the parties relating
to the subject matter herein and supersedes all prior or contemporaneous discussions, understandings and agreements, whether oral
or written, between them relating to the subject matter hereof.

 

(c)              
Amendments and Waivers. No modification of or amendment to this Agreement, nor any waiver of any rights under
this Agreement, shall be effective unless in writing signed by the parties to this Agreement. No delay or failure to require performance
of any provision of this Agreement shall constitute a waiver of that provision as to that or any other instance.

 

(d)              
Successors and Assigns. Except as otherwise provided in this Agreement, this Agreement, and the rights and
obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs,
executors, administrators and legal representatives. The Company may assign any of its rights and obligations under this Agreement.
No other party to this Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under
this Agreement, except with the prior written consent of the Company.

 

(e)               Notices.
Any notice, demand or request required or permitted to be given under this Agreement shall be in writing and shall be deemed
sufficient when delivered personally or by overnight courier or sent by email, or 48 hours after being deposited in the U.S.
mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party’s
address as set forth on the signature page, as subsequently modified by written notice, or if no address is specified on the
signature page, at the most recent address set forth in the Company’s books and records.

 

    -6-

     

    

 

(f)               
Severability. If one or more provisions of this Agreement are held to be unenforceable under Applicable Laws,
the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable
and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the
balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement
shall be enforceable in accordance with its terms.

 

(g)              
Construction. This Agreement is the result of negotiations between and has been reviewed by each of the parties
hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties
hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto.

 

(h)              
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed
and delivered shall be deemed an original, and all of which together shall constitute one and the same agreement. Execution of
a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original
and valid signature.

 

    -7-

     

    

 

EXHIBIT A

 

OpenDoor
Labs Inc.

 

2014 Stock
Plan

 

EXERCISE
AGREEMENT

 

This Exercise Agreement (this “Agreement”)
is made as of _______________, by and between OpenDoor Labs Inc., a Delaware corporation (the “Company”), and
____________________ (“Purchaser”). To the extent any capitalized terms used in this Agreement are not defined,
they shall have the meaning ascribed to them in the Company’s 2014 Stock Plan (the “Plan”) and the Option
Agreement (as defined below).

 

1.                 
Exercise of Option. Subject to the terms and conditions hereof, Purchaser hereby elects to exercise his or
her option to purchase _____________ shares of the Common Stock (the “Shares”) of the Company under and pursuant
to the Plan, the Notice of Stock Option Grant and the Stock Option Agreement granted __________ (the “Option Agreement”).
The purchase price for the Shares shall be $__________ per Share for a total purchase price of $___________. The term “Shares”
refers to the purchased Shares and all securities received in connection with the Shares pursuant to stock dividends or splits,
all securities received in replacement of the Shares in a recapitalization, merger, reorganization, exchange or the like, and all
new, substituted or additional securities or other property to which Purchaser is entitled by reason of Purchaser’s ownership
of the Shares.

 

2.                 
Time and Place of Exercise. The purchase and sale of the Shares under this Agreement shall occur at the principal
office of the Company simultaneously with the execution and delivery of this Agreement, the payment of the aggregate exercise price
by any method listed in Section 4 of the Option Agreement, and the satisfaction of any applicable tax, withholding, required
deductions or other payments, all in accordance with the provisions of Section 3(b) of the Option Agreement. The Company shall
issue the Shares to Purchaser by entering such Shares in Purchaser’s name as of such date in the books and records of the
Company or, if applicable, a duly authorized transfer agent of the Company, against payment of the exercise price therefor by Purchaser.
The Company will deliver to Purchaser a stock certificate or, in the case of uncertificated securities upon request, a notice of
issuance, for the Shares as soon as practicable following such date.

 

3.                 
Limitations on Transfer. In addition to any other limitation on transfer created by the transfer restrictions
set forth in the Section 12 of the Plan or by Applicable Laws, Purchaser shall not assign, encumber or dispose of any interest
in the Shares except to the extent permitted by, and in compliance with, the provisions below and Applicable Laws.

 

(a)               Transfer
Restrictions; Right of First Refusal. Before any Shares held by Purchaser or any transferee of Purchaser (either
being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including
transfer by gift or operation of law), the Company shall have the right to approve such transfer, in its sole and absolute
discretion. If the Holder would like to transfer any Shares, the Holder must provide the Company or its assignee(s) with a
right of first refusal to purchase the Shares on the terms and conditions set forth in this Section 3(a) (the
 “Right of First Refusal”), which the Company may either (1) exercise its Right of First Refusal and
purchase the Shares as forth in this Section 3(a), (2) reject to exercise its Right of First Refusal and permit the
transfer of the Shares to the Proposed Transferee (as defined below), or (3) reject to exercise its Right of First Refusal
and reject any transfer of the Shares.

 

     

     

    

 

(i)              Notice of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”)
stating: (A) the Holder’s desire to sell or otherwise transfer such Shares; (B) the name of each proposed purchaser
or other transferee (“Proposed Transferee”); (C) the number of Shares to be transferred to each Proposed
Transferee; (D) the terms and conditions of each proposed sale or transfer, including (without limitation) the purchase price
for such Shares (the “Purchase Price”); and (E) the Holder’s offer to the Company or its assignee(s) to
purchase the Shares at the Purchase Price and upon the same terms (or terms as similar as reasonably possible).

 

(ii)             Exercise of Right of First Refusal. At any time within 30 days after receipt of the Notice, the Company and/or
its assignee(s) may, by giving written notice to the Holder, elect to reject the proposed transfer, in full or in part, or elect
to purchase any or all of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the Purchase
Price, provided that if the Purchase Price consists of no legal consideration (as, for example, in the case of a transfer by gift),
the purchase price will be the fair market value of the Shares as determined in good faith by the Company. If the Purchase Price
includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Company
in good faith.

 

(iii)           
Payment. Payment of the Purchase Price shall be made, at the election of the Company or its assignee(s), in
cash (by check), by cancellation of all or a portion of any outstanding indebtedness, or by any combination thereof within 60 days
after receipt of the Notice or in the manner and at the times mutually agreed to by the Company (or its assignee(s)) and the Holder.

 

(iv)            Holder’s
Right to Transfer. If any of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are
both (A) not purchased by the Company and/or its assignee(s) as provided in this Section 3(a) and (B) approved by
the Company to be transferred, then the Holder may sell or otherwise transfer any unpurchased Shares to the Proposed
Transferee at the Purchase Price or at a higher price, provided that such sale or other transfer is consummated within 120
days after the date of the Notice and provided further that any such sale or other transfer is effected in accordance with
[the transfer restrictions set forth in the Plan and any Applicable Laws and the Proposed Transferee agrees in writing that
the provisions of this Section 3 and the waiver of statutory information rights in Section 8 shall continue to
apply to the Shares in the hands of such Proposed Transferee. The Company, in consultation with its legal counsel, may
require the Holder to provide an opinion of counsel evidencing compliance with Applicable Laws. If the Shares described in
the Notice are not transferred to the Proposed Transferee within such period, or if the Holder proposes to change the price
or other terms to make them more favorable to the Proposed Transferee, a new Notice shall be given to the Company, and the
Company and/or its assignees shall again have the right to approve such transfer and be offered the Right of First
Refusal.

 

    -2-

     

    

 

(v)             Exception for Certain Family Transfers. Anything to the contrary contained in this Section 3(a) notwithstanding,
the transfer of any or all of the Shares during Holder’s lifetime or on Holder’s death by will or intestacy to Holder’s
Immediate Family or a trust for the benefit of Holder’s Immediate Family shall be exempt from the provisions of this Section 3(a).
 “Immediate Family” as used herein shall mean lineal descendant or antecedent, spouse (or spouse’s antecedents),
father, mother, brother or sister (or their descendants), stepchild (or their antecedents or descendants), aunt or uncle (or their
antecedents or descendants), brother-in-law or sister-in-law (or their antecedents or descendants) and shall include adoptive relationships.
In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this
Section 3 and Section 8, and there shall be no further transfer of such Shares except in accordance with the terms of this
Section 3.

 

(b)              
Company’s Right to Purchase upon Involuntary Transfer. In the event of any transfer by operation of
law or other involuntary transfer (including death or divorce, but excluding a transfer to Immediate Family as set forth in Section 3(a)(v)
above) of all or a portion of the Shares by the record holder thereof, the Company shall have an option to purchase any or all
of the Shares transferred at the Fair Market Value of the Shares on the date of transfer (as determined by the Company in its sole
discretion). Upon such a transfer, the Holder shall promptly notify the Secretary of the Company of such transfer. The right to
purchase such Shares shall be provided to the Company for a period of 30 days following receipt by the Company of written notice
from the Holder.

 

(c)              
Assignment. The right of the Company to purchase any part of the Shares may be assigned in whole or in part
to any holder or holders of capital stock of the Company or other persons or organizations.

 

(d)              
Restrictions Binding on Transferees. All transferees of Shares or any interest therein will receive and hold
such Shares or interest subject to the provisions of this Agreement and the terms of the Option Agreement and the Plan, including,
without limitation, Section 3 and 8 of this Agreement, Section 7 of the Option Agreement and Section 12 of
the Plan. Any sale or transfer of the Shares shall be void unless the provisions of this Agreement are satisfied.

 

(e)               Termination
of Rights. The transfer restrictions set forth in Section  3(a) above and Section 12 of the Plan, the Right
of First Refusal granted the Company by Section 3(a) above and the option to repurchase the Shares in the event of an
involuntary transfer granted the Company by Section 3(b) above shall terminate upon (i) the first sale of Common Stock
of the Company to the general public pursuant to a registration statement filed with and declared effective by the Securities
and Exchange Commission under the Securities Act (other than a registration statement relating solely to the issuance of
Common Stock pursuant to a business combination or an employee incentive or benefit plan) or (ii) any transfer or conversion
of Shares made pursuant to a statutory merger or statutory consolidation of the Company with or into another corporation or
corporations if the common stock of the surviving corporation or any direct or indirect parent corporation thereof is
registered under the Exchange Act. Upon termination of such transfer restrictions, the Company will remove any stop-transfer
notices referred to in Section 6(b) below and related to the restrictions in this Section 3 and a new stock
certificate or, in the case of uncertificated securities, notice of issuance, for the Shares not repurchased shall be issued,
on request, without the legend referred to in Section 6(a)(ii) below and delivered to Holder.

 

    -3-

     

    

 

(f)               
Lock-Up Agreement. The lock-up provisions set forth in Section 7 of the Option Agreement shall apply
to the Shares issued upon exercise of the Option hereunder and Purchaser reaffirms Purchaser’s obligations set forth therein.

 

4.                 
Investment and Taxation Representations. In connection with the purchase of the Shares, Purchaser represents
to the Company the following:

 

(a)              
Purchaser is aware of the Company’s business affairs and financial condition and has acquired sufficient information
about the Company to reach an informed and knowledgeable decision to acquire the Shares. Purchaser is purchasing the Shares for
investment for Purchaser’s own account only and not with a view to, or for resale in connection with, any “distribution”
thereof within the meaning of the Securities Act or under any applicable provision of state law. Purchaser does not have any present
intention to transfer the Shares to any other person or entity.

 

(b)              
Purchaser understands that the Shares have not been registered under the Securities Act by reason of a specific exemption
therefrom, which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed
herein.

 

(c)              
Purchaser further acknowledges and understands that the securities must be held indefinitely unless they are subsequently
registered under the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands
that the Company is under no obligation to register the securities.

 

(d)              
Purchaser is familiar with the provisions of Rule 144, promulgated under the Securities Act, which, in substance, permits
limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities
(or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Purchaser understands
that the Company provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant to Rule
144, which rule requires, among other things, that the Company be subject to the reporting requirements of the Exchange Act, that
resales of securities take place only after the holder of the Shares has held the Shares for certain specified time periods, and
under certain circumstances, that resales of securities be limited in volume and take place only pursuant to brokered transactions.
Notwithstanding this Section 4(d), Purchaser acknowledges and agrees to the restrictions set forth in Section 4(e) below.

 

(e)               Purchaser
further understands that in the event all of the applicable requirements of Rule 144 are not satisfied, registration
under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that,
notwithstanding the fact that Rule 144 is not exclusive, the Staff of the Securities and Exchange Commission has
expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and
otherwise than pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from
registration is available for such offers or sales, and that such persons and their respective brokers who participate in
such transactions do so at their own risk.

 

    -4-

     

    

 

(f)               
Purchaser represents that Purchaser is not subject to any of the “Bad Actor” disqualifications described in
Rule 506(d)(1)(i) to (viii) under the Securities Act (attached hereto as Annex I).

 

(g)              
Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition
of the Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with
the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.

 

5.                 
Voting Provisions. As a condition precedent to entering into this Agreement, at the request of the Company,
Purchaser shall become a party to any voting agreement to which the Company is a party at the time of Purchaser’s execution
and delivery of this Agreement, as such voting agreement may be thereafter amended from time to time (the “Voting Agreement”),
by executing an adoption agreement or counterpart signature page agreeing to be bound by and subject to the terms of the Voting
Agreement and to vote the Shares in the capacity of a “Common Holder” and a “Stockholder,” as such terms
may be defined in the Voting Agreement.

 

6.                 
Restrictive Legends and Stop-Transfer Orders.

 

(a)              
Legends. Any stock certificate or, in the case of uncertificated securities, any notice of issuance, for the
Shares shall bear the following legends (as well as any legends required by the Company or applicable state and federal corporate
and securities laws):

 

(i)              “THE SECURITIES REFERENCED HEREIN HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION
WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933.”

 

(ii)             “THE SECURITIES referenced herein MAY BE TRANSFERRED
ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE Company AND THE stockholder, A COPY OF WHICH IS ON FILE WITH AND
MAY BE OBTAINED FROM THE SECRETARY OF THE Company at no charge.”

 

(iii)            “THE TRANSFER OF SECURITIES referenced herein IS SUBJECT TO RESTRICTIONS REQUIRING
APPROVAL OF THE COMPANY PURSUANT TO AND IN ACCORDANCE WITH THE COMPANY’S Stock PLAN, A COPY OF WHICH MAY BE OBTAINED UPON
WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL PLACE OF BUSINESS. THE COMPANY SHALL NOT REGISTER OR OTHERWISE RECOGNIZE OR GIVE
EFFECT TO ANY PURPORTED TRANSFER OF SHARES OF STOCK THAT DOES NOT COMPLY WITH THE COMPANY’S stock PLAN.”

 

(iv)            Any legend required by the Voting Agreement, as applicable.

 

    -5-

     

    

 

(b)              
 Stop-Transfer Notices. Purchaser agrees that, in order to ensure compliance with the restrictions referred
to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that,
if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

 

(c)              
Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have
been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such
Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been
so transferred.

 

(d)              
[For uncertificated securities:Required Notices. Purchaser acknowledges that the Shares are issued
and shall be held subject to all the provisions of this Section 6, the Certificate of Incorporation and the Bylaws of the Company
and any amendments thereto, copies of which are on file at the principal office of the Company. A statement of all of the rights,
preferences, privileges and restrictions granted to or imposed upon the respective classes and/or series of shares of stock of
the Company and upon the holders thereof may be obtained by any stockholder upon request and without charge, at the principal office
of the Company, and the Company will furnish any stockholder, upon request and without charge, a copy of such statement. Purchaser
acknowledges that the provisions of this Section 6 shall constitute the notices required by Sections 151(f) and 202(a) of the Delaware
General Corporation Law and the Purchaser hereby expressly waives the requirement of Section 151(f) of the Delaware General Corporation
Law that it receive the written notice provided for in Sections 151(f) and 202(a) of the Delaware General Corporation Law within
a reasonable time after the issuance of the Shares.]

 

7.                 
No Employment Rights. Nothing in this Agreement shall affect in any manner whatsoever the right or power of
the Company, or a parent, subsidiary or affiliate of the Company, to terminate Purchaser’s employment or consulting relationship,
for any reason, with or without cause.

 

8.                  Waiver
of Statutory Information Rights. Purchaser acknowledges and understands that, but for the waiver made herein,
Purchaser would be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purpose,
and to make copies and extracts from, the Company’s stock ledger, a list of its stockholders, and its other books and
records, and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided
in Section 220 of the Delaware General Corporation Law (any and all such rights, and any and all such other rights of
Purchaser as may be provided for in Section 220, the “Inspection Rights”). In light of the foregoing,
until the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and
declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended, Purchaser hereby
unconditionally and irrevocably waives the Inspection Rights, whether such Inspection Rights would be exercised or pursued
directly or indirectly pursuant to Section 220 or otherwise, and covenants and agrees never to directly or indirectly
commence, voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of
action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver applies to the Inspection
Rights of Purchaser in Purchaser’s capacity as a stockholder and shall not affect any rights of a director, in his or
her capacity as such, under Section 220. The foregoing waiver shall not apply to any contractual inspection rights of
Purchaser under any written agreement with the Company.

 

    -6-

     

    

 

9.                 
Miscellaneous.

 

(a)              
Governing Law. The validity, interpretation, construction and performance of this Agreement, and all acts
and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted
in accordance with the laws of the state of California, without giving effect to principles of conflicts of law. For purposes of
litigating any dispute that may arise directly or indirectly from this Agreement, the parties hereby submit and consent to the
exclusive jurisdiction of the state of California and agree that any such litigation shall be conducted only in the courts of California
or the federal courts of the United States located in California and no other courts.

 

(b)              
Entire Agreement. This Agreement sets forth the entire agreement and understanding of the parties relating
to the subject matter herein and supersedes all prior or contemporaneous discussions, understandings and agreements, whether oral
or written, between them relating to the subject matter hereof.

 

(c)              
Amendments and Waivers. No modification of or amendment to this Agreement, nor any waiver of any rights under
this Agreement, shall be effective unless in writing signed by the parties to this Agreement. No delay or failure to require performance
of any provision of this Agreement shall constitute a waiver of that provision as to that or any other instance.

 

(d)              
Successors and Assigns. Except as otherwise provided in this Agreement, this Agreement, and the rights and
obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs,
executors, administrators and legal representatives. The Company may assign any of its rights and obligations under this Agreement.
No other party to this Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under
this Agreement, except with the prior written consent of the Company.

 

(e)              
Notices. Any notice, demand or request required or permitted to be given under this Agreement shall be in
writing and shall be deemed sufficient when delivered personally or by overnight courier or sent by email, or 48 hours after being
deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such
party’s address as set forth on the signature page, as subsequently modified by written notice, or if no address is specified
on the signature page, at the most recent address set forth in the Company’s books and records.

 

(f)                Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to
renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable
replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of
the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be
enforceable in accordance with its terms.

 

    -7-

     

    

 

(g)              
Construction. This Agreement is the result of negotiations between and has been reviewed by each of the parties
hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties
hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto.

 

(h)              
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed
and delivered shall be deemed an original, and all of which together shall constitute one and the same agreement. Execution of
a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original
and valid signature.

 

(i)                Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to this
Agreement or any notices required by applicable law or the Company’s Certificate of Incorporation or Bylaws by email or any
other electronic means. Purchaser hereby consents to (i) conduct business electronically (ii) receive such documents and notices
by such electronic delivery and (iii) sign documents electronically and agrees to participate through an on-line or electronic
system established and maintained by the Company or a third party designated by the Company.

 

(j)                California Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS
NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT
OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT
FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT
ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

 

    -8-

     

    

 

The parties have executed this Exercise
Agreement as of the date first set forth above.

 

 

	 	the company:
	 	 
	 	OpenDoor Labs Inc.
	 	 
	 	By:	 
	 	 	(Signature)

 

	 	Name:	 

	 	Title:	                                     
	 	 
	 	Address:
	 	____________________
	 	__________ ______
	 	 
	 	OPTIONEE:
	 	 
	 	 
	 	(Print Name)
	 	 
	 	 
	 	(Signature)
	 	 
	 	Address:
	 	 
	 	 
	 	 

		Email:	                            

 

    -9-

     

    

 

I, ____________________, spouse of ____________________
(“Purchaser”), have read and hereby approve the foregoing Agreement. In consideration of the Company’s
granting my spouse the right to purchase the Shares as set forth in the Agreement, I hereby agree to be bound irrevocably by the
Agreement and further agree that any community property or other such interest that I may have in the Shares shall hereby be similarly
bound by the Agreement. I hereby appoint my spouse as my attorney-in-fact with respect to any amendment or exercise of any rights
under the Agreement.

 

	 	 
	 	Spouse of Purchaser (if applicable)

 

    -10-

     

    

 

Annex
I

Rule 506(d)(1)(i) to (viii) under the Securities
Act of 1933, as amended

 

(i) Has been convicted, within ten years before such sale (or
five years, in the case of issuers, their predecessors and affiliated issuers), of any felony or misdemeanor:

(A) In connection with the purchase or sale of any
security;

(B) Involving the making of any false filing with
the Commission; or

(C) Arising out of the conduct of the business of
an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

(ii) Is subject to any order, judgment or decree of any court
of competent jurisdiction, entered within five years before such sale, that, at the time of such sale, restrains or enjoins such
person from engaging or continuing to engage in any conduct or practice:

(A) In connection with the purchase or sale of any
security;

(B) Involving the making of any false filing with
the Commission; or

(C) Arising out of the conduct of the business of
an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

(iii) Is subject to a final order of a state securities commission
(or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations,
or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal
banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:

(A) At the time of such sale, bars the person from:

(1) Association with an entity regulated by such commission,
authority, agency, or officer;

(2) Engaging in the business of securities, insurance
or banking; or

(3) Engaging in savings association or credit union
activities; or

 

(B) Constitutes a final order based on a violation
of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct entered within ten years before such sale;

 

(iv) Is subject to an order of the Commission entered pursuant
to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(b) or 78o-4(c)) or section 203(e) or (f) of the
Investment Advisers Act of 1940 (15 U.S.C. 80b-3(e) or (f)) that, at the time of such sale:

(A) Suspends or revokes such person’s registration
as a broker, dealer, municipal securities dealer or investment adviser;

(B) Places limitations on the activities, functions
or operations of such person; or

(C)Bars such person from being associated with any
entity or from participating in the offering of any penny stock;

 

(v) Is subject to any order of the Commission entered within
five years before such sale that, at the time of such sale, orders the person to cease and desist from committing or causing a
violation or future violation of:

(A) Any scienter-based anti-fraud provision of the
federal securities laws, including without limitation section 17(a)(1) of the Securities Act of 1933 (15 U.S.C. 77q(a)(1)), section
10(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78j(b)) and 17 CFR 240.10b-5, section 15(c)(1) of the Securities Exchange
Act of 1934 (15 U.S.C. 78o(c)(1)) and section 206(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-6(1)), or any other
rule or regulation thereunder; or

(B) Section 5 of the Securities Act of 1933 (15 U.S.C.
77e).

 

(vi) Is suspended or expelled from membership in, or suspended
or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities
association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade;

 

(vii) Has filed (as a registrant or issuer), or was or was named
as an underwriter in, any registration statement or Regulation A offering statement filed with the Commission that, within five
years before such sale, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is,
at the time of such sale, the subject of an investigation or proceeding to determine whether a stop order or suspension order should
be issued; or

 

(viii) Is subject to a United States Postal Service false representation
order entered within five years before such sale, or is, at the time of such sale, subject to a temporary restraining order or
preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for
obtaining money or property through the mail by means of false representations.

 

    -11-Exhibit 10.24

 

OpenDoor
Labs Inc.

1 Post Street, 11th Floor

San Francisco, California 94104

 

September 14, 2020

 

Dear Eric:

 

Opendoor
Labs Inc., a Delaware corporation (the “Company”), is pleased to offer you continued employment as the
Company’s Chief Executive Officer (“CEO”) on the terms described below in this letter agreement (this
 “Agreement”). This Agreement shall become effective on the date that it is signed by you (the “Effective
Date”) and shall amend and restate your offer letter agreement dated as of January 6, 2020.

 

1.            
Employment & Board Position. You have been employed with the Company as the Company’s CEO, and will
continue to provide services to the Company as its CEO, reporting to the Company’s Board of Directors (the “Board”).
By signing this Agreement, you confirm with the Company that you are under no contractual or other legal obligations that would
prohibit you from performing your duties to the Company. You will be expected to continue to adhere to the general employment policies
and practices of the Company that may be in effect from time to time, except that when the terms of this Agreement conflict with
the Company’s general employment policies or practices, this Agreement will control. You will continue to work out of the
Company’s offices in San Francisco, California. The Company may change your position, duties, work location and compensation
from time to time in its discretion, subject to the terms and conditions set forth herein.

 

You also will continue
to serve on the Board. In the event your employment with the Company is terminated for any reason or if you are no longer CEO of
the Company, you shall and hereby do resign your position as a member of the Board, effective as of your employment termination
date or the date you are no longer CEO of the Company, as applicable.

 

2.            
Compensation. Effective as of January 1, 2020, you will be paid base salary at the annual rate of $325,000,
less applicable deductions and withholdings, to be paid in accordance with the Company’s payroll practices that may be in
effect from time to time.

 

3.            
Benefits. You will continue to be eligible to participate in the Company’s standard benefit programs,
subject to the terms and conditions of such plans. The Company may, from time to time, change these benefits in its discretion.
Additional information regarding these benefits is available for your review upon request.

 

4.             
Equity.

 

(a)           Previous
Equity Awards. Prior to January 6, 2020, you were granted or purchased various equity interests in the Company,
which shall continue to be governed by the terms of the applicable equity agreements and any equity incentive plan under which
such interests were awarded.

 

(b)           New
Equity Awards. Subject to the approval of the Board and in connection with this Agreement, the Company anticipates
granting you or has granted to you the following equity awards:

 

(i)       Pre-Listing
Restricted Stock Units. The Company has granted to you restricted stock unit awards covering 737,551 and 627,010
shares of the Company’s Common Stock (“Shares”) the “Pre-Listing RSUs”) under
the Company’s 2014 Stock Plan (the “Plan”). The Pre-Listing RSUs are subject to both time- and liquidity-based
vesting requirements. The time-based vesting requirement has a vesting commencement date of November 1, 2019, and shall be satisfied
quarterly over a four-year period (subject to your continuous service relationship with the Company on each such vesting date).
The liquidity-based vesting requirement shall be satisfied on the consummation of the first to occur of a Change of Control or
an IPO (as defined in the Company’s standard RSU grant documentation), provided that, in either case, such event occurs prior
to the seventh anniversary of the grant date of the Pre-Listing RSUs.

 

     

     

    

 

Page
2

 

As an additional benefit
to you, if: (i) the Company consummates a Change of Control (as defined in the Plan); and (ii) your employment is terminated by
the Company without Cause (as defined herein) or if you resign from the Company for Good Reason (as defined herein), in either
case in connection with or within 12 months after a Change of Control (such termination a “Qualifying Termination”);
then effective as of your employment termination date, 100% of your then remaining unvested Pre-Listing RSUs shall become fully
vested. Acceleration of the Pre-Listing RSUs is conditioned upon: (i) you continuing to comply with your obligations under this
Agreement and your Confidential Information and Invention Assignment Agreement; and (ii) you signing, delivering to the Company,
and allowing to become effective a general release of claims in favor of the Company in a form provided by the Company (the “Release”)
within the applicable time period set forth therein.

 

For purposes of this
Agreement, “Cause” means your employment is terminated for any of the following reasons: (i) any material breach by
you of this Agreement, the Confidentiality Agreement or any material written policy of the Company and, if curable, your failure
to cure such breach within 30 days after receiving written notice thereof; (ii) intentional repeated willful misconduct or gross
neglect of your duties and your failure to cure, if curable, such condition within 30 days after receiving written notice thereof;
(iii) your willful repeated failure to follow reasonable and lawful instructions from the Board of Directors of the Company, and
your failure to cure, if curable, such condition within 30 days after receiving written notice thereof; (iv) your conviction of,
or plea of guilty or nolo contendere to, any crime that results in, or is reasonably expected to result in, material harm to the
business or reputation of the Company; (v) your commission of or participation in an act of fraud against the Company; or (vi)
your intentional material damage to the Company’s business, property or reputation.

 

For purposes of this
Agreement, “Good Reason” shall mean your resignation from employment with the Company if any of the following
actions are taken by the Company without your prior written consent: (i) a material reduction in your job responsibilities,
duties, authority, or title (provided that a mere change in title to a position that is substantially similar to the prior position
held shall not constitute a material reduction in job responsibilities); (ii) a material reduction in your level of base compensation
or total compensation unless such reduction is in connection and proportional to reductions to the compensation reductions to the
other members of the management team and such reduction does not exceed 20% of your total cash compensation; (iii) a material breach
of this Agreement or the Confidentiality Agreement by the Company; or (iv) a relocation of your principal place of employment
that increases your one-way commute by more than 45 miles.  In addition, in order to terminate employment for Good Reason,
you must notify the Company in writing of the circumstances constituting Good Reason within 30 days after the first occurrence
of the circumstance giving rise to Good Reason setting forth the basis for your resignation and the Company shall have 30 days
after your written notice is received in which to cure.  In the event the Company fails to cure within such 30-day period,
you must resign from all positions you hold with the Company effective no later than 30 days after the expiration of such cure
period.

 

(i)           Post-Listing
Restricted Stock Units. In addition, the Company anticipates granting you a restricted stock unit award covering
9,202,707 shares of the Company or any parent or successor entity of the Company (as adjusted as set forth on Exhibit A)
(the “Post-Listing RSU” and together with the Pre-Listing RSUs, the “RSUs”), which shall
be granted to you prior to a Listing Event, provided that the Listing Event occurs at any time prior to December 31, 2024. The
Post-Listing RSU shall vest as set forth on Exhibit A attached to this Agreement, shall have a term of seven years (from
the grant date of such Post-Listing RSU) and shall not be entitled to receive any accelerated vesting in connection with a Change
of Control or termination of your employment. As an additional benefit to you, in the event your employment is terminated without
Cause or you resign for Good Reason after the Post-Listing RSU is granted but prior to such time as the performance-based vesting
criteria for the Post-Listing RSU set forth on Exhibit A are satisfied, the Post-Listing RSU shall remain outstanding and
shall vest as to performance when the applicable performance-based vesting criteria are satisfied, provided they are satisfied
within 60 days after such termination. In the event such performance-based vesting criteria are not satisfied by the end of such
60-day period, the Post-Listing RSU will expire.

 

     

     

    

 

Page
3

 

The RSUs shall provide
for an automatic sell-to-cover arrangement in respect of applicable withholding taxes following the first release of shares from
the Lockup (as defined on Exhibit A), if any. Shares in respect of any vested portion of the RSUs shall be delivered to
you as soon as reasonably practicable following the applicable vesting date but in no event later than two and one-half months
after the end of the calendar year following the calendar year in which such RSUs vest. The RSUs shall also be subject to the provisions
of the equity incentive plan under which they are awarded and the applicable RSU award agreement.

 

5.            
Confidential Information and Invention Assignment Agreement. You must continue to comply with the terms of
the Confidential Information and Invention Assignment Agreement that you previously executed with the Company, dated December 30,
2013, which remains in full force and effect.

 

6.             Employment
Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will continue
to be “at will,” meaning that either you or the Company may terminate your employment at any time, with or without
Cause and with or without advance notice. Any contrary representations which may have been made to you are superseded by this
offer. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation
and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will”
nature of your employment may only be changed in an express written agreement signed by you and a duly authorized member of the
Board.

 

7.             Outside Activities. While you render services to the Company, you agree that you will not engage in any other
employment, consulting or other business activity without the written consent of the Company. The Company hereby consents to you
continuing to render services to Culdesac and DivvyHomes pursuant to the advisory agreements you currently have with such companies,
so long as such activities continue not to interfere with the performance of your duties to the Company. In addition, you may make
an equity investment in any private company without the Company’s consent, provided that (a) such company is not, and is
not expected to become, competitive with the Company, (b) you do not own 5% or more of the fully-diluted equity capitalization
of such company after such investment, (c) you do not sit on the board of directors of such company (or participate in board of
directors meetings as an observer), and (d) such investing activities do not interfere with the performance of your duties to the
Company.

 

8.             Taxes,
Withholding and Required Deductions. All forms of compensation referred to in this letter are subject to all applicable
taxes, withholding and any other deductions required by applicable law.

 

9.            
Miscellaneous.

 

(a)           Governing Law. The validity, interpretation, construction and performance of this letter, and all acts
and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted
in accordance with the laws of state of California, without giving effect to principles of conflicts of law.

 

     

     

    

 

Page
4

 

(b)           Entire Agreement / Representations. You acknowledge and agree that as of your execution of this Agreement,
you have been paid all compensation and benefits owed by the Company for your services to date (other than the current payroll),
and your sole entitlement to any compensation or benefits from the Company will be as set forth in this Agreement. This letter
sets forth the entire agreement and understanding of the parties relating to the subject matter herein and supersedes all prior
or contemporaneous discussions, understandings and agreements, whether oral or written, between you and the Company relating to
the subject matter hereof.

 

(c)           Counterparts.
This letter may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an
original, and all of which together shall constitute one and the same agreement. Facsimile and electronic image signatures (including
..pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other
applicable law) will be deemed an original and valid signature.

 

(d)           Successors
and Assigns. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the
Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns.

 

(e)           Severability.
If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination shall
not affect any other provision of this Agreement and the provision in question shall be modified so as to be rendered enforceable
in a manner consistent with the intent of the parties insofar as possible under applicable law.

 

(f)            Waiver. Any waiver of a breach of this Agreement, or rights hereunder, shall be in writing and shall not
be deemed to be a waiver of any successive breach or rights hereunder.

 

(g)           Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents or notices related to this Agreement,
securities of the Company or any of its affiliates or any other matter, including documents and/or notices required to be delivered
to you by applicable securities law or any other law or the Company’s Certificate of Incorporation or Bylaws by email or
any other electronic means. You hereby consent to: (i) conduct business electronically; (ii) receive such documents
and notices by such electronic delivery; and (iii) sign documents electronically and agree to participate through an on-line
or electronic system established and maintained by the Company or a third party designated by the Company.

 

10.           Arbitration. You agree that any and all disputes relating to or regarding your employment, including disputes
regarding compensation and any and all other conflicts, shall be resolved by final and binding arbitration. You further agree that
such disputes shall be resolved on an individual basis only, and not on a class, collective or representative basis on behalf of
other employees (“Class Waiver”), to the extent permitted by applicable law. Any claim that all or part of the
Class Waiver is invalid, unenforceable, unconscionable, void or voidable may be determined only by a court. In no case may class,
collective or representative claims proceed in arbitration. Notwithstanding the foregoing, this Arbitration section shall not apply
to an action or claim brought in court pursuant to the California Private Attorneys General Act of 2004 (as amended), the California
Fair Employment and Housing Act (as amended), or the California Labor Code (as amended), to the extent any such claims are not
permitted by applicable law to be submitted to mandatory arbitration and such applicable law is not preempted by the Federal Arbitration
Act (“FAA”) or otherwise invalid.

 

     

     

    

 

Page
5

 

You
and the Company agree to bring any dispute in arbitration before a single neutral arbitrator with JAMS, Inc. or its successor
(“JAMS”), in San Francisco, California, pursuant to the JAMS Employment Rules & Procedures (which can currently
be reviewed at http://www.jamsadr.com/rules-employment-arbitration/). You on the one hand, and the Company on the
other, waive any rights to a jury trial or a bench trial in connection with the resolution of any dispute under this letter agreement
or your employment (although both parties may seek interim emergency relief from a court to prevent irreparable harm pending the
conclusion of any arbitration). This paragraph shall be construed and interpreted in accordance with the laws of the state in
which you work and the FAA. In the case of a conflict, the FAA will control. The arbitrator shall: (a) have the authority to compel
adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b)
issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of
the award. The arbitrator shall be authorized to award any or all remedies that you or the Company would be entitled to seek in
a court of law. The Company shall pay all JAMS’ arbitration fees in excess of the amount of court fees that would be required
of you if the dispute were decided in a court of law. Arbitration is not a mandatory condition of your employment. If you wish
to opt out of this arbitration agreement, you must notify the Company in writing by sending an email to hr@opendoor.com
stating your intent to opt out within 30 days of signing this letter agreement. 

 

To indicate your acceptance
of the Company’s offer of continued employment, please sign and date this letter in the space provided below and return it
to me within two business days after the date of this letter.

 

	 	Very truly yours,
	 	 
	 	OpenDoor Labs Inc.
	 	 
	 	 
	 	By:	 
	 	 	Glenn Solomon
	 	 	On behalf of the Board of Directors

 

	ACCEPTED AND AGREED:	 
	 	 
	 	 
	Eric Wu 	 
	 	 
	9/14/2020	 
	Date	 
	 	 

 

     

     

    

 

Exhibit A

 

Post-Listing RSU Terms

 

The terms below shall
apply to your Post-Listing RSU:

 

A “Listing Event”
shall mean (a) an initial public offering or direct listing of any class of common stock of the Company or (b) a merger (or similar
transaction) with a special purpose acquisition company, the result of which that any class of common stock of the Company or the
parent or successor entity of the Company is listed on the New York Stock Exchange, the Nasdaq Stock Market or other securities
exchange.

 

The Post-Listing RSU
shall vest, subject to your continued performance of services to the Company through the applicable vesting date, based on achievement
of the share price milestones set forth below. The share price shall be calculated based on the volume weighted average closing
price (“VWAP”) of the class of common stock that is publicly traded over any 60-day period starting on a date
on or after the first trading day of such class of common stock following the first release of shares from any lockup agreement
restricting sales of shares following any Listing Event (the “Lockup”), or the value of shares paid for all
of the shares of each class of common stock of the Company or its parent or successor entity in connection with a Change of Control
following a Listing Event. In the event of a stock-for-stock acquisition, the value of the acquiror’s shares shall be valued
based on the 60-day VWAP ending on and including the trading day occurring on the day prior to consummation of such Change of Control.

 

Each of the following
share amounts and share prices shall be automatically adjusted in the event of stock splits, any extraordinary dividend or other
extraordinary distribution, combinations and the like occurring prior to the date of grant. Further, in the event the Listing Event
is a merger (or similar transaction) with a special purpose acquisition company, (a) the share prices set forth below (as so adjusted)
shall be further adjusted by dividing them by the conversion ratio in such transaction (i.e., the number of shares of parent or
successor entity stock (plus the share equivalent of any cash or other consideration) delivered with respect to each share of Company
common stock) and (b) the number of shares set forth below (as so adjusted) shall be further adjusted by multiplying them by such
conversion ratio, rounding to the nearest whole share.

 

Share Price Milestones:

 

		·	1,533,785 Shares at $29.29

		·	1,533,785 Shares at $38.07

		·	1,533,785 Shares at $49.49

		·	1,533,785 Shares at $64.34

		·	1,533,785 Shares at $83.64

		·	1,533,785 Shares at $108.74

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}]]