Document:

Exhibit 10.1

 

Portions of this Exhibit 10.1, identified by
brackets, have been excluded from this Exhibit because they are both not material and would likely cause competitive harm to the registrant
if publicly disclosed. Such information will be disclosed as, if and when required pursuant to Item 402 of Regulation S-K.

 

Appendix A

 

Short-Term Incentive Plan

2022 Plan Year Targets and Goals

 

Incentive Targets

 

The incentive targets for the 2022 Plan year are
set forth in the following table:

 

	
    2022 Short-Term Incentive Opportunities

    (% of Base Salary)

	Tier	Below 

Threshold	
    Threshold

    (50%
    of Target)
	
    Target

    (100%)
	
    Maximum

    (150%
    of Target)

	CEO	0%	15%	30%	45%
	Tier I	0%	12.5%	25%	37.5%

 

Tier I includes the following executives: Chief
Financial Officer (CFO); Chief Operating Officer (COO); Chief Revenue Officer (CRO); and Chief Wealth Officer (STO).

 

Performance Goals

 

For Plan year 2022, the performance goals are
return on average assets (ROAA), efficiency ratio, delinquencies as a percentage of total loans, and individual performance based upon
the metric indicated for each position in the following table. The following table shows the performance goals at threshold, budget and
maximum for Plan year 2022:

 

	Performance

 Measures	Wt.	2022 Performance Metrics
	
    Threshold

    (90% of target

 performance)1
	
    Target

    (100%)
	
    Maximum

    (110% of target 

performance)

	ROAA	40%	[ ]%	[_]%	[_]%
	Efficiency Ratio (non-GAAP)	20%	[_]%	[_]%	[_]%
	Average Delinquencies as % of total loans	20%	[_]%	[_]%	[_]%
	Individual Performance	20%	 	 	 
	CEO – Corporate Net Income (millions)	 	$[_]	$[_]	$[_]
	CFO – Corporate Net Interest Margin	 	[_]%	[_]%	[_]%
	COO – Corporate Operating Leverage	 	[_]%	[_]%	[_]%
	CRO – Corporate Operating Leverage	 	[_]%	[_]%	[_]%
	STO – Wealth Efficiency Ratio	 	[_]%	[_]%	[_]%

 

Minimum Performance Trigger

 

For Plan year 2022, the Corporation’s net
income must be at least 50% of goal for that year, which is $[_], or the Plan will not pay out any awards, regardless of the performance
with respect to the award metrics.

 

 

1 Performance goals are net of incentive
payouts; only way to get threshold award is if incentive awards are included. Threshold has a floor of the prior year’s actual result.Exhibit 10.2

 

APPENDIX A

 

Long-Term Incentive Plan

Performance and Award Opportunities –
Three-Year Performance Period Beginning January 1, 2022

 

The table below provides the Award opportunities
as a percentage of base salary at December 31, 2021:

 

	Tier	
    Annual Target Award Opportunity

    (% of Base Salary)

	CEO	30%
	I	20%

 

Tier I includes the following executive officers:
 Chief Financial Officer; Chief Operating Officer; Chief Revenue Officer; and Senior Trust Officer.

 

Two-thirds of an Award will be a Performance Award,
and one-third of the Award will be a Time Award. The Time Award will vest ratably over a three-year period, beginning on the first anniversary
of the grant date. A participant must be an employee in good standing on each vesting date to receive shares under a Time Award.

 

2022 Performance Goals for Performance Awards

 

The Performance Period will be deemed to have
commenced on January 1, 2022 and will end on December 31, 2024. The targeted performance goals will be earnings per share and tangible
book value per share. The threshold level for vesting purposes will be 50% of the target amount. The maximum level will be 150% of those
target levels. Threshold performance for at least one of these performance metrics must be met for an award to vest. The targeted performance
goals for this Performance Period will be specified in each award agreement. If the threshold levels are met, then 50% of the Performance
Award will vest; if the target levels are met, then 100% of the Performance Award will vest; and if the maximum levels are met, then 150%
of the Performance Award will vest. Actual vesting amounts will be pro-rated between threshold and target levels and target and maximum
levels. The vesting date for these Performance Awards will be the earlier of the date on which the Compensation Committee confirms the
Corporation’s financial performance for the performance period or March 15, 2025, provided that (i) the participant is an employee
of the Corporation in good standing on such date, (ii) the Corporation’s earnings per share for the one-year period ending December
31, 2024 meet or exceed the threshold level for that performance metric, and (iii) the Corporation’s tangible book value per share
meets or exceeds the threshold level for that performance metric.Document

Exhibit 10.2

ELECTION, WAIVER AND 
CONSENT

This ELECTION, WAIVER AND CONSENT (this “Waiver”), is dated as of October 1, 2021, by and among Khosla Ventures SPAC Sponsor II LLC, a Delaware limited liability company (the “Sponsor Holdco”), the Persons set forth on Schedule I to the Sponsor Agreement (as defined below) (together with the Sponsor Holdco, each, a “Sponsor” and, together, the “Sponsors”), Khosla Ventures Acquisition Co. II, a Delaware corporation (“Acquiror”), and Nextdoor, Inc., a Delaware corporation (the “Company”).

RECITALS

WHEREAS, reference is hereby made to that certain Sponsor Support Agreement, dated July 6, 2021, by and among the Sponsors, Acquiror and the Company (the “Sponsor Agreement”);

WHEREAS, capitalized terms used herein but not defined herein shall have the respective meanings given in the Sponsor Agreement;

WHEREAS, pursuant to Sections 1.5 and 1.10 of the Sponsor Agreement, immediately following the effectiveness of the Acquiror Post-Merger Charter, the Sponsors shall exchange all of the Sponsor Exchange Shares for an aggregate of 7,347,249 shares of Acquiror Post-Merger Class B Common Stock to be issued by Acquiror to Sponsors (the “Sponsor Exchange Share Conversion”);

WHEREAS, pursuant to Section 3.4 of the Sponsor Agreement, the Sponsor Agreement may be amended, changed, supplemented, waived or otherwise modified or terminated upon the execution and delivery of a written instrument executed by Acquiror, the Sponsor Holdco and the Company;

WHEREAS, pursuant to Article IV, Section 1.1 of the Acquiror Post-Merger Charter, the shares of Acquiror Class K Common Stock issued and outstanding immediately prior to the Effective Time shall, automatically and without any action on the part of the respective holders thereof, be reclassified into shares of Acquiror Post-Merger Class B Common Stock;

WHEREAS, pursuant to Article V, Section 1 of the Acquiror Post-Merger Charter, each share of Acquiror Post-Merger Class B Common Stock shall be convertible into one fully paid and nonassessable share of Acquirer Post-Merger Class A Common Stock at the option of the holder thereof at any time upon written notice to Acquiror; and

WHEREAS, the parties hereto, including the Sponsors, wish to irrevocably (a) waive the Sponsor Exchange Share Conversion and (b) elect to convert any shares of Acquiror Post-Merger Class B Common Stock held by the Sponsors at the Effective Time into shares of Acquiror Post-Merger Class A Common Stock.

NOW, THEREFORE, in consideration of the premises, representations, warranties, covenants, and agreements contained herein and in the Sponsor Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties agree as follows:

1.Waiver. The parties hereto hereby irrevocably waive the Sponsor Exchange Share Conversion such that the Sponsor Exchange Shares shall not convert into Acquiror Post-Merger Class B 

Common Stock following the effectiveness of the Acquiror Post-Merger Charter and will instead remain Acquirer Post-Merger Class A Common Stock.

2.Conversion. Each of the Sponsors hereby irrevocably, contingent upon and effective immediately following the Effective Time, elects to convert all shares of Acquiror Post-Merger Class B Common held by such Sponsor into shares of Acquiror Post-Merger Class A Common Stock pursuant to Article V, Section 1 of the Acquiror Post-Merger Charter and hereby gives notice to Acquiror of such election.

3.Other Changes; Interpretation. Except as expressly provided herein, the provisions of the Sponsor Agreement shall remain in full force and effect.

4.Governing Law. This Waiver, and all claims or causes of action based upon, arising out of, or related to this Waiver or the transactions contemplated hereby, shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of laws of another jurisdiction.

5.Counterparts. This Waiver may be executed in separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

[Signature page follows.]

IN WITNESS WHEREOF, the Sponsors, Acquiror and the Company have each caused this Election, Waiver and Consent to be duly executed as of the date first written above.

						
	SPONSORS:

	
	KHOSLA VENTURES SPAC SPONSOR II LLC

	
	
	By:
	/s/ Samir Kaul

		Name: Samir Kaul

	Title:
	President and Chief Executive Officer

	
	
	/s/ Vinod Khosla

	Name: Vinod Khosla

	
	
	s/ Samir Kaul

	Name: Samir Kaul

	
	
	/s/ Peter Buckland

	Name: Peter Buckland

	
	
	/s/ Anita Sands

	Name: Anita Sands

	
	
	/s/ Enrico Gaglioti

	Name: Enrico Gaglioti

	
	
	/s/ Dmitri Shklovsky

	Name: Dmitri Shklovsky

[Signature Page to Election, Waiver and Consent]

IN WITNESS WHEREOF, the Sponsors, Acquiror and the Company have each caused this Election, Waiver and Consent to be duly executed as of the date first written above.

									
	ACQUIROR:

	
	KHOSLA VENTURES ACQUISITION CO. II

	
	
	By:
	/s/ Peter Buckland

		Name:
	Peter Buckland

		Title:
	Chief Operating Officer, Chief Financial Officer, Treasurer and Secretary

		

[Signature Page to Election, Waiver and Consent]

IN WITNESS WHEREOF, the Sponsors, Acquiror and the Company have each caused this Election, Waiver and Consent to be duly executed as of the date first written above.

									
	COMPANY:

	
	NEXTDOOR, INC.

	
	
	By:
	/s/ Sarah Friar
		Name:
	Sarah Friar

		Title:
	Chief Executive Officer

[Signature Page to Election, Waiver and Consent]

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