Document:

Exhibit 10.12

 

OPENDOOR
LABS INC.

1 Post Street, 11th Floor

San Francisco, California 94104

 

October 22, 2020

 

Andrew Low Ah Kee

VIA EMAIL

 

Dear Andrew:

 

Opendoor Labs Inc.,
a Delaware corporation (the “Company”), is pleased to offer you employment as the Company’s President
on the terms described in this letter agreement (this “Agreement”). Your employment is anticipated to commence
on November 9, 2020 or another date as mutually agreed to by you and the Company in writing (the actual date of your commencement
of employment shall be referred to herein as the “Start Date”).

 

1.          Employment.
As President, you will be responsible for duties as directed by the Company’s Chief Executive Officer, to whom you will report.
During the term of your employment with the Company, you will devote your best efforts and substantially all of your business time
and attention to the business of the Company, except for approved vacation periods and reasonable periods of illness or other incapacities
permitted by the Company’s general employment policies. You will initially work remotely; at such time as the Company reopens
its offices in San Francisco, California, that will be your primary office location. The Company reserves the right to require
reasonable business travel.

 

2.          Salary.
You will be paid a base salary at the annual rate of $350,000, to be paid (net of applicable taxes, withholding and any other deductions)
in accordance with the Company’s regular payroll practices. As an exempt salaried employee, you will be required to work
the Company’s normal business hours, and such additional time as appropriate for your work assignments and position, and
you will not be entitled to overtime compensation. The Company may change your base salary from time to time with seven days’
advance notice, subject to the terms and conditions set forth herein.

 

3.          Sign-on
Payment / Retention Payment.

 

(a)            Sign-on
Payment. The Company will make a one-time payment to you of $150,000, net of applicable taxes, withholding and any other
deductions (the “Sign-on Payment”), as an advance, within five business days after the Start Date. If you resign
your employment with the Company without Good Reason (as defined below), or the Company terminates your employment for Cause (as
defined below), at any time prior to the first anniversary of your Start Date, you shall repay, within 30 days of your last day
of employment with the Company, the entire $150,000, less any taxes thereon to the extent such taxes are not refundable to you.
However, the Sign-on Payment shall not subject to repayment if your employment is terminated without Cause (as defined below) or
you resign with Good Reason (as defined below) at any time.

 

(b)            Retention
Payment. You will be eligible to earn a retention bonus in connection with your continued employment with the Company through
the first anniversary of the Start Date. The Company will make a one-time payment to you of $150,000, net of applicable taxes,
withholding and any other deductions (the “Retention Payment”), within five business days after the one-year
anniversary of the Start Date, provided that you must be employed by the Company on such anniversary date in order to earn and
receive the Retention Payment.

 

4.          Benefits.

 

(a)            Standard
Benefit Programs. You will be eligible to participate in the Company’s standard benefit programs, subject to the
terms and conditions of such plans, to the same extent as other executive officers of the Company. 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.

 

    	 	 	 

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(b)            Visa-Related
Expenses & Attorneys’ Fees. The Company will sponsor your applicable visa petition and will pay reasonable
attorneys’ fees, costs and expenses incurred in connection with the visa petition process. You agree to promptly complete
and sign any documents and provide any information that the Company’s legal counsel may request in connection with the visa
petition process and you agree to provide proof of any attorneys’ fees, costs and expenses upon the Company’s request.
In addition, the Company agrees to reimburse you toward the cost of attorneys’ fees incurred by you in negotiating this Agreement,
payable within 30 days after you submit documentation of such fees. In no event will the fees, costs and expenses reimbursed in
connection with this section exceed $15,000, regardless of the actual fees, costs and expenses incurred in connection with the
visa petition process or the negotiation of this Agreement.

 

5.          Equity.

 

(a)            Time
Based Restricted Stock Units. As soon as practicable following the latest of (1) the Start Date, (2) completion
of the Company’s acquisition by Social Capital Hedosophia Holdings Corp. II (the “Parent” and such acquisition,
the “Merger”) and (3) the filing of a registration statement on Form S-8 permitting the Parent to
make equity awards under its 2020 Incentive Award Plan (the “Plan”) (such date, the “Equity Grant Date”),
the Board of Directors of the Parent will grant you a restricted stock unit (“RSU”) award for that number of
shares of Parent’s common stock (the “TRSU Grant”) equal to the product of 2,870,000 and the Exchange
Ratio (as defined below), rounded to the nearest whole share. The TRSU Grant will vest on the following schedule, subject to your
continuous service on each such date: 25% of the total TRSUs on the first anniversary of your Start Date, and thereafter 1/16th
of the total number of RSUs on a quarterly basis following the first anniversary of your Start Date. The TRSU Grant will also be
subject to the provisions of the Plan and Parent’s standard form of RSU agreement (a copy of which is filed as an exhibit
to the Form S-4 registration statement pertaining to the Merger), which you will be required to sign. The TRSU Grant shall
provide for an automatic sell-to-cover arrangement in respect of applicable withholding taxes. Shares in respect of any vested
portion of the TRSU Grant 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 applicable tax year following the applicable tax year in which
such portion of the TRSU Grant vests. The “Exchange Ratio” means the conversion ratio in the Merger (i.e., the
number of shares of Parent Common Stock delivered with respect to each share of Company Common Stock in the Merger).

 

(b)            Performance
Based Restricted Stock Units. As soon as practicable following the Equity Grant Date, the Board of Directors of the Parent
will grant you a RSU award for that number of shares of Parent’s common stock (the “PRSU Grant”) equal
to the product of 500,000 and the Exchange Ratio, rounded to the nearest whole share. The PRSU Grant will vest as set forth on
Exhibit A, subject to your continuous service on each such date. The PRSU Grant will also be subject to the provisions of
the Plan and Parent’s standard form of RSU agreement, which you will be required to sign. The PRSU Grant shall provide for
an automatic sell-to-cover arrangement in respect of applicable withholding taxes. Shares in respect of any vested portion of the
PRSU Grant 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 applicable tax year following the applicable tax year in which such portion of
the PRSU Grant vests.

 

    	 	 	 

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(c)            Adjustment
of TRSU Grant and PRSU Grant. In the event the Agreement and Plan of Merger, dated as of September 15, 2020, by and
among the Parent, the Company and a wholly-owned subsidiary of the Parent (as the same may be amended, the “Merger Agreement”)
is terminated prior to consummation of the Merger, the TRSU Grant and PRSU Grant will be made as soon as practicable following
the later of such termination and your Start Date, with the following adjustments: (1) the TRSU Grant will be for 2,870,000
shares of the Company’s Common Stock, and be made pursuant to the Company’s then-effective equity incentive plan; (2) the
PRSU Grant will be for 500,000 shares of the Company’s Common Stock and made pursuant to the Company’s then-effective
equity incentive plan; (3) the TRSU Grant and PRSU Grant will contain a liquidity-event vesting condition comparable to that
contained in RSUs granted to the Company’s employees; (4) the PRSU Grant vesting criteria may only be satisfied if the
Company achieves a Listing Event by December 31, 2024; and (5) all share prices set forth in Exhibit A will not
be divided by the Exchange Ratio as set forth therein and, if the Listing Event is a merger (or similar transaction) with a special
purpose acquisition company other than the Merger, the share prices 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). “Listing Event” means
(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.

 

6.          Compliance
with Confidentiality Information Agreement and Company Policies. As a condition of employment, you agree to sign and comply
with the Company’s Confidential Information and Inventions Assignment Agreement (the “Confidentiality Agreement”)
attached hereto as Exhibit B. In addition, you are required to abide by the Company’s policies and procedures (including
but not limited to the Company’s employee handbook), as adopted or modified from time to time within the Company’s
discretion, and acknowledge in writing that you have read and will comply with such policies and procedures (and provide additional
such acknowledgements as such policies and procedures may be modified from time to time); provided, however, that in the event
the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this
Agreement shall control.

 

7.          Protection
of Third-Party Information. By signing this Agreement, you are representing that you have full authority to accept this
position and perform the duties of the position without conflict with any other obligations and that you are not involved in any
situation that might create, or appear to create, a conflict of interest with respect to your loyalty to or duties for the Company.
You specifically warrant that you are not subject to an employment agreement or restrictive covenant preventing full performance
of your duties to the Company on and after the Start Date. In addition, you agree not to bring to the Company or use in the performance
of your responsibilities at the Company any materials or documents of a former employer that are not generally available to the
public, unless you have obtained express written authorization from the former employer for their possession and use. You also
agree to honor all obligations to former employers during your employment with the Company.

 

8.          Employment
Relationship.

 

(a)            Employment
with the Company is for no specific period of time. Your employment with the Company is “at will,” meaning that either
you or the Company may terminate your employment at any time and for any reason, 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 the Company’s Chief Executive Officer.

 

(b)            As
an additional benefit to you, in the event your employment is terminated without Cause or you resign for Good Reason prior to such
time as the performance-based vesting criteria for the PRSU Grant are satisfied, the PRSU Grant 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 PRSUs will expire.

 

    	 	 	 

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(c)            As
an additional benefit to you, in the event your employment is terminated without Cause, you resign for Good Reason, or your employment
terminates due to your death or Disability (as defined below), in any event prior to the first anniversary of the Start Date, then,
effective as of your employment termination date, you shall be deemed to have satisfied the time-based vesting requirements with
respect to 25% of the TRSU Grant, and (if granted after termination of the Merger Agreement pursuant to section 5(c) of this
Agreement) such portion of the TRSU Grant will remain outstanding and eligible to vest upon satisfaction of the liquidity-based
vesting requirements.

 

(d)            As
an additional benefit to you, if: (1) the Parent consummates a Change in Control (as defined in the Plan); and (2) your
employment is terminated without Cause or if you resign from the Company for Good Reason, in either case in connection with or
within 12 months after the Change in Control, then effective as of your employment termination date, 100% of your then remaining
unvested TRSU Grant shall become fully vested. The PRSU Grant will vest as provided in Exhibit A and, accordingly, will expire
to the extent it has not vested upon the consummation of the Change in Control.

 

(e)            The
acceleration of vesting provided in subsections (b), (c) or (d) above is conditioned upon: (1) you continuing to
comply with your obligations under this Agreement and your Confidentiality Agreement; and (2) you (or your heirs or estate,
if applicable) signing, delivering to the Company, and allowing to become effective a general release of claims in favor of the
Company in the standard form provided by the Company to its executive officers within the applicable time period set forth therein.

 

(f)            For
purposes of this Agreement, “Cause” means your employment is terminated for any of the following reasons: (1) 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; (2) 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; (3) your willful repeated failure to follow reasonable and lawful instructions from the Board of Directors of the
Company or the Company’s Chief Executive Officer, and your failure to cure, if curable, such condition within 30 days after
receiving written notice thereof; (4) 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; (5) your intentional
willful commission of or participation in an act of fraud against the Company; or (6) your intentional material damage to
the Company’s business, property or reputation. No act will be considered “willful” or “intentional”
unless it is done, or omitted to be done, by you in bad faith or without reasonable belief that your action or omission was in
the best interests of the Company or its stockholders. For the avoidance of doubt, death and disability will not constitute “Cause”
for purposes of this Agreement.

 

(g)            For
purposes of this Agreement, “Good Reason” means your resignation from employment with the Company if you resign
as result of the occurrence of any of the following: (1) a material reduction in your job responsibilities, duties or authority
(provided that a mere change in title to an employment position that is substantially similar to the prior employment position
held shall not constitute a material reduction in job responsibilities, duties or authority); (2) a change in your reporting
requirements so that you no longer report solely to the person serving as the chief executive officer of the Company and/or the
Parent’s Board of Directors (provided that a change in reporting structure such that you report primarily to such chief executive
officer and/or Board of Directors of the Parent following a Change in Control shall not constitute a change in your reporting requirements
under this clause (2)); (3) a material reduction in your base salary unless such reduction is in connection and proportional
to reductions to the base salary reductions of the other members of the management team and such reduction does not exceed 20%
of your base salary; (4) the material breach of this Agreement or the Confidentiality Agreement by the Company; or (5) the
requirement by the Company that you transfer your place of employment to a location that is outside of the greater San Francisco
Bay Area. In order to resign for Good Reason, you must provide written notice to the Company’s Chief Executive Officer within
30 days after you obtain actual knowledge of the existence of Good Reason, setting forth the basis for your resignation, allow
the Company at least 30 days from receipt of such written notice to cure such event, and if such event is not reasonably cured
within such period, you must resign from all positions you then hold with the Company not later than 30 days after the expiration
of the cure period.

 

    	 	 	 

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(h)            For
purposes of this Agreement, “Disability” means your inability, by reason of any medically determinable physical
or mental incapacity, to perform your job duties, with or without reasonable accommodation, for a period of ninety (90) consecutive
days or one hundred and twenty (120) days during any consecutive six-month period.

 

9.          Outside
Activities. Throughout your employment with the Company, you may engage in civic and not-for-profit activities so long
as such activities do not interfere with the performance of your duties hereunder. During your employment by the Company, except
on behalf of the Company, you will not directly or indirectly serve as an officer, director, stockholder, employee, partner, proprietor,
investor, joint venturer, associate, representative or consultant of any other person, corporation, firm, partnership or other
entity whatsoever known by you to compete with the Company (or is planning or preparing to compete with the Company), anywhere
in the world, in any line of business engaged in (or planned to be engaged in) by the Company; provided, however, that you may
purchase or otherwise acquire up to (but not more than) 1% of any class of securities of any enterprise (but without participating
in the activities of such enterprise) if such securities are listed on any national or regional securities exchange or are held
in a third party investment fund in which you are a passive investor and have no ability to control the voting or disposition of
securities of such fund. Nothing in this Agreement shall prohibit or restrict you from managing your personal investments in companies
that are not competitive with the Company or engaging in civic, charitable, religious or political activities, sitting on a non-profit,
professional, or industry boards, or conducting personal speaking engagements, in each case provided such endeavors do not materially
interfere with your obligations under this Agreement.

 

10.          Return
of Company Property. Within five days following the termination of your employment for any reason (or earlier if requested
by the Company), you must return to the Company all Company documents (and all copies thereof) and other Company property in your
possession, custody or control, including, but not limited to, Company files, notes, financial and operational information, password
and account information, customer lists and contact information, prospect information, product and services information, research
and development information, drawings, records, plans, forecasts, pipeline reports, sales reports or other reports, payroll information,
spreadsheets, studies, analyses, compilations of data, proposals, agreements, sales and marketing information, personnel information,
specifications, code, software, databases, computer-recorded information, tangible property and equipment (including, but not limited
to, computers, facsimile machines, mobile telephones, tablets, handheld devices, and servers), credit cards, entry cards, identification
badges and keys, and any materials of any kind which contain or embody any proprietary or confidential information of the Company,
and all reproductions thereof in whole or in part and in any medium. You further agree that you will make a diligent search to
locate any such documents, property and information and return them to the Company within the timeframe provided above. You also
must provide the Company all passwords, log-ins, administrative access, and any other information or access for and relating to
any Company computer or other device that you have used to access or use the Company’s network, as well as any Company database
or Company accounts with third parties which you established, administered, or to which you had access, and must terminate your
access to such network and accounts and otherwise comply with any Company requests regarding all such access and accounts. In addition,
if you have used any personal computer, server, or email system to receive, store, review, prepare or transmit any confidential
or proprietary data, materials or information of the Company, then within five days after your termination of employment (or earlier
if requested by the Company) you must provide the Company with a computer-useable copy of such information and permanently delete
and expunge such confidential or proprietary information from those systems without retaining any reproductions (in whole or in
part); and you agree to provide the Company access to your system, as requested, to verify that the necessary copying and deletion
is done. If requested, you shall deliver to the Company a signed statement certifying compliance with this section. You may however
keep documents evidencing your terms of employment, Company benefits information relating to you and your family, your equity holdings
and grants, agreements between you and the Company, and your compensation without violation of this section 10.

 

    	 	 	 

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11.         Miscellaneous.

 

(a)            Right
to Work. This offer is contingent upon your right to work in the United States. You agree to assist as needed and to complete
any documentation at the Company’s request to meet this condition.

 

(b)            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 state of California, without giving effect to principles of conflicts of law.

 

(c)            Entire
Agreement. You acknowledge and agree that as of your execution of this Agreement, your sole entitlement to any compensation
or benefits from the Company will be as set forth in this Agreement. This Agreement and the exhibits hereto set 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.

 

(d)            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. 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.

 

(e)            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.

 

(f)            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.

 

(g)            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.

 

(h)            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.

 

    	 	 	 

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(i)             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.
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 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 Agreement. 

 

(j)             Indemnification.
During your employment you shall be subject to and covered by a written indemnification agreement between you and the Company in
the form provided by the Company to other Section 16 officers and directors.

 

(k)            Section 409A.
The Company intends that all payments and benefits in this Agreement are exempt from Section 409A of Internal Revenue Code
(the “Code”), and any ambiguities or ambiguous terms herein will be interpreted to be exempt. To the extent
not so exempt, the Company intends that all payments and benefits will comply with Section 409A, and any ambiguities or ambiguous
terms herein will be interpreted as such. Every payment, installment and benefit payable under this Agreement is intended to constitute
a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. The Standard Severance and the
Special Severance are intended to be exempt from Section 409A pursuant to Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and
1.409A-1(b)(9). Notwithstanding the foregoing, if you are a “specified employee” within the meaning of Section 409A
at the time of your separation from service, then no severance pay or benefits payable to you, pursuant to this Agreement or otherwise,
that are considered deferred compensation for purposes of Section 409A (together, the “Deferred Payments”)
will be paid until the date that is six months and one day following the date of your separation from service. All subsequent Deferred
Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. If you die prior
to the date that is six months after the separation from service, then any payments delayed by this paragraph will be payable in
a lump sum as soon as administratively practicable after the date of your death and all other Deferred Payments will be payable
in accordance with the payment schedule applicable to each payment or benefit.

 

[Signature page to follow]

 

    	 	 	 

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To indicate your acceptance
of the Company’s offer of continued employment, please sign and date this Agreement and the enclosed Confidentiality Agreement
in the space provided below and return them to me within ten business days of the date of this letter.

 

	 	Very truly yours,
	 	 	 
	 	OPENDOOR LABS INC.
	 	 	 
	 	By:	/s/ Eric Wu
	 	 	Eric Wu
	 	 	Chief Executive Officer

 

ACCEPTED AND AGREED:

 

	/s/ Andrew Low Ah Kee	 	 

Andrew Low Ah Kee

 

Exhibit A: PRSU Vesting Terms

Exhibit B: Confidentiality Agreement

 

    	 	 	 

    	 	 	 

    

 

Exhibit A

 

PRSU VESTING TERMS

 

The PRSU Grant shall vest, subject to your
continued performance of services to the Company through the applicable vesting date, upon the 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 Parent’s common stock 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 lockup restrictions applicable to the Parent common stock issuable in the Merger
(the “Lockup”), or the value of shares paid for all of the shares of Parent in connection with a Change in Control.
In the event of a Change in Control structured as 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
in 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, and as provided in section 5(c) of the Agreement.

 

Share Price Milestones:

 

		·	1/5 of the PRSU shares at $38.07, divided by the Exchange Ratio (rounded to the nearest whole cent)

		·	1/5 of the PRSU shares at $49.49, divided by the Exchange Ratio (rounded to the nearest whole cent)

		·	1/5 of the PRSU shares at $64.34, divided by the Exchange Ratio (rounded to the nearest whole cent)

		·	1/5 of the PRSU shares at $83.64, divided by the Exchange Ratio (rounded to the nearest whole cent)

		·	1/5 of the PRSU shares at $108.74, divided by the Exchange Ratio (rounded to the nearest whole cent)

 

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Exhibit B

 

CONFIDENTIALITY AGREEMENT

 

    	 	 	 

    	 	 	 

    

 

OPENDOOR LABS INC.

 

EMPLOYEE CONFIDENTIAL INFORMATION AND
INVENTION ASSIGNMENT AGREEMENT

 

In consideration of
my employment or continued employment by Opendoor Labs Inc. (“Employer”),
and its subsidiaries, parents, affiliates, successors and assigns (together with Employer, “Company”),
the compensation paid to me now and during my employment with Company, and Company’s agreement to provide me with access
to its Confidential Information (as defined below), I enter into this Employee Confidential Information and Invention Assignment
Agreement with Employer (the “Agreement”). Accordingly, in consideration of the mutual promises and covenants
contained herein, Employer (on behalf of itself and Company) and I agree as follows:

 

1.    Confidential
Information Protections.

 

1.1    Recognition
of Company’s Rights; Nondisclosure. My employment by Company creates a relationship of confidence and trust with respect
to Confidential Information (as defined below) and Company has a protectable interest in the Confidential Information. At all times
during and after my employment, I will hold in confidence and will not disclose, use, lecture upon, or publish any Confidential
Information, except as required in connection with my work for Company or as approved by an officer of Company. I will obtain written
approval by an officer of Company before I lecture on or submit for publication any material (written, oral, or otherwise) that
discloses and/or incorporates any Confidential Information. I will take all reasonable precautions to prevent the disclosure of
Confidential Information. Notwithstanding the foregoing, pursuant to 18 U.S.C. Section 1833(b), I will not be held criminally
or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made in confidence
to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose
of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document filed in a lawsuit
or other proceeding, if such filing is made under seal. I agree that Company information or documentation to which I have access
during my employment, regardless of whether it contains Confidential Information, is the property of Company and cannot be downloaded
or retained for my personal use or for any use that is outside the scope of my duties for Company.

 

1.2    Confidential
Information. “Confidential Information” means any and all confidential knowledge or data of Company,
and includes any confidential knowledge or data that Company has received, or receives in the future, from third parties that Company
has agreed to treat as confidential and to use for only certain limited purposes. By way of illustration but not limitation, Confidential
Information includes (a) trade secrets, inventions, ideas, processes, formulas, software in source or object code, data, technology,
know-how, designs and techniques, and any other work product of any nature, and all Intellectual Property Rights (defined below)
in all of the foregoing (collectively, “Inventions”), including all Company Inventions (defined in Section 2.1);
(b) information regarding research, development, new products, business and operational plans, budgets, unpublished financial
statements and projections, costs, margins, discounts, credit terms, pricing, quoting procedures, future plans and strategies,
capital-raising plans, internal services, suppliers and supplier information; (c) information about customers and potential
customers of Company, including customer lists, names, representatives, their needs or desires with respect to the types of products
or services offered by Company, and other non-public information; (d) information about Company’s business partners
and their services, including names, representatives, proposals, bids, contracts, and the products and services they provide; (e) information
regarding personnel, employee lists, compensation, and employee skills; and (f) any other non-public information that a competitor
of Company could use to Company’s competitive disadvantage. However, Company agrees that I am free to use information that
I knew prior to my employment with Company or that is, at the time of use, generally known in the trade or industry through no
breach of this Agreement by me. Company further agrees that this Agreement does not limit: (x) my right to discuss my employment
or unlawful acts in Company’s workplace, including but not limited to sexual harassment; (y) my right to report possible
violations of law or regulation with any federal, state or local government agency; or (z) my right to discuss the terms and
conditions of my employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act
or to the extent that such disclosure is protected under applicable “whistleblower” statutes or other provisions of
law or regulation to the extent that any such rights described in (x)-(z) are not permitted by applicable law to be the subject
of nondisclosure obligations.

 

    	 	 	 

    	 	 	 

    

 

1.3    Term
of Nondisclosure Restrictions. I will only use or disclose Confidential Information as provided in this Section 1 and
I agree that the restrictions in Section 1.1 are intended to continue indefinitely, even after my employment by Company ends.
However, if a time limitation on my obligation not to use or disclose Confidential Information is required under applicable law,
and the Agreement or its restriction(s) cannot otherwise be enforced, Company and I agree that the two year period after the
date my employment ends will be the time limitation relevant to the contested restriction; provided, however, that
my obligation not to disclose or use trade secrets that are protected without time limitation under applicable law shall continue
indefinitely.

 

1.4    No
Improper Use of Information of Prior Employers and Others. During my employment by Company, I will not improperly use
or disclose confidential information or trade secrets, if any, of any former employer or any other person to whom I have an obligation
of confidentiality, and I will not bring onto Company’s premises any unpublished documents or property belonging to a former
employer or any other person to whom I have an obligation of confidentiality unless that former employer or person has consented
in writing.

 

2.    Assignments
of Inventions.

 

2.1    Definitions.
The term (a) “Intellectual Property Rights” means all past, present and future rights of the following
types, which may exist or be created under the laws of any jurisdiction in the world: trade secrets, Copyrights, trademark and
trade name rights, mask work rights, patents and industrial property, and all proprietary rights in technology or works of authorship
(including, in each case, any application for any such rights and any rights to apply for any such rights, as well as all rights
to pursue remedies for infringement or violation of any such rights); (b) “Copyright” means the
exclusive legal right to reproduce, perform, display, distribute and make derivative works of a work of authorship (for example,
a literary, musical, or artistic work) recognized by the laws of any jurisdiction in the world; (c) “Moral Rights”
means all paternity, integrity, disclosure, withdrawal, special and similar rights recognized by the laws of any jurisdiction in
the world; and (d) “Company Inventions” means any and all Inventions (and all Intellectual Property
Rights related to Inventions) that are made, conceived, developed, prepared, produced, authored, edited, amended, reduced to practice,
or learned or set out in any tangible medium of expression or otherwise created, in whole or in part, by me, either alone or with
others, during my employment by Company, and all printed, physical, and electronic copies, and other tangible embodiments of Inventions.

 

2.2    California
Limited Exclusion Notification.

 

(a)    I
acknowledge that California Labor Code section 2870(a) provides that I cannot be required to assign to Company any Invention
that I develop entirely on my own time without using Company’s equipment, supplies, facilities or trade secret information,
except for Inventions that either (i) relate at the time of conception or reduction to practice to Company’s business,
or actual or demonstrably anticipated research or development, or (ii) result from any work performed by me for Company (“Nonassignable
Inventions”).

 

(b)    To
the extent that a provision in this Agreement purports to require me to assign a Nonassignable Invention to Company, the provision
is against the public policy of the State of California and is unenforceable.

 

(c)    This
limited exclusion does not apply to any patent or Invention covered by a contract between Company and the United States or any
of its agencies requiring full title to such patent or Invention to be in the United States.

 

2.3    Prior
Inventions.

 

(a)    On
the signature page to this Agreement is a list describing any Inventions that (i) are owned by me or in which I have
an interest and that were made or acquired by me prior to my date of first employment by Company, (ii) may relate to Company’s
business or actual or demonstrably anticipated research or development, and (iii) are not to be assigned to Company (“Prior
Inventions”). If no such list is attached, I represent and warrant that no Inventions that would be classified
as Prior Inventions exist as of the date of this Agreement.

 

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(b)    I
agree that if I use any Prior Inventions and/or Nonassignable Inventions in the scope of my employment, or if I include any Prior
Inventions and/or Nonassignable Inventions in any product or service of Company, or if my rights in any Prior Inventions and/or
any Nonassignable Inventions may block or interfere with, or may otherwise be required for, the exercise by Company of any rights
assigned to Company under this Agreement (each, a “License Event”), (i) I will immediately notify
Company in writing, and (ii) unless Company and I agree otherwise in writing, I hereby grant to Company a non-exclusive,
perpetual, transferable, fully-paid, royalty-free, irrevocable, worldwide license, with rights to sublicense through multiple levels
of sublicensees, to reproduce, make derivative works of, distribute, publicly perform, and publicly display in any form or medium
(whether now known or later developed), make, have made, use, sell, import, offer for sale, and exercise any and all present or
future rights in, such Prior Inventions and/or Nonassignable Inventions. To the extent that any third parties have any rights in
or to any Prior Inventions or any Nonassignable Inventions, I represent and warrant that such third party or parties have
validly and irrevocably granted to me the right to grant the license stated above. For purposes of this paragraph, “Prior
Inventions” includes any Inventions that would be classified as Prior Inventions, whether or not they are listed
on the signature page to this Agreement.

 

2.4    Assignment
of Company Inventions. I hereby assign to Employer all my right, title, and interest in and to any and all Company Inventions
other than Nonassignable Inventions and agree that such assignment includes an assignment of all Moral Rights. To the extent such
Moral Rights cannot be assigned to Employer and to the extent the following is allowed by the laws in any country where Moral Rights
exist, I hereby unconditionally and irrevocably waive the enforcement of such Moral Rights, and all claims and causes of action
of any kind against Employer or related to Employer’s customers, with respect to such rights. I further agree that neither
my successors-in-interest nor legal heirs retain any Moral Rights in any Company Inventions. Nothing contained in this Agreement
may be construed to reduce or limit Company’s rights, title, or interest in any Company Inventions so as to be less in any
respect than that Company would have had in the absence of this Agreement.

 

2.5    Obligation
to Keep Company Informed. During my employment by Company, I will promptly and fully disclose to Company in writing all
Inventions that I author, conceive, or reduce to practice, either alone or jointly with others. At the time of each disclosure, I
will advise Company in writing of any Inventions that I believe constitute Nonassignable Inventions; and I will at that time provide
to Company in writing all evidence necessary to substantiate my belief. Subject to Section 2.3(b), Company agrees to keep
in confidence, not use for any purpose, and not disclose to third parties without my consent, any confidential information relating
to Nonassignable Inventions that I disclose in writing to Company.

 

2.6    Government
or Third Party. I agree that, as directed by Company, I will assign to a third party, including without limitation the
United States, all my right, title, and interest in and to any particular Company Invention.

 

2.7    Ownership
of Work Product. I acknowledge that all original works of authorship that are made by me (solely or jointly with others) within
the scope of my employment and that are protectable by Copyright are “works made for hire,” pursuant to United States
Copyright Act (17 U.S.C., Section 101).

 

2.8    Enforcement
of Intellectual Property Rights and Assistance. I will assist Company, in every way Company requests, including signing, verifying
and delivering any documents and performing any other acts, to obtain and enforce United States and foreign Intellectual Property
Rights and Moral Rights relating to Company Inventions in any jurisdictions in the world. My obligation to assist Company with
respect to Intellectual Property Rights relating to Company Inventions will continue beyond the termination of my employment, but
Company will compensate me at a reasonable rate after such termination for the time I actually spend on such assistance. If Company
is unable for any reason, after reasonable effort, to secure my signature on any document needed in connection with the actions
specified in this paragraph, I hereby irrevocably designate and appoint Employer and its duly authorized officers and agents
as my agent and attorney in fact, which appointment is coupled with an interest, to act for and on my behalf to execute, verify
and file any such documents and to do all other lawfully permitted acts to further the purposes of this Agreement with the same
legal force and effect as if executed by me. I hereby waive and quitclaim to Company any and all claims, of any nature whatsoever,
which I now or may hereafter have for infringement of any Intellectual Property Rights assigned to Employer under this Agreement.

 

2.9    Incorporation
of Software Code. I agree not to incorporate into any Inventions, including any Company software, or otherwise deliver to Company,
any software code licensed under the GNU General Public License, Lesser General Public License, or any other license that, by its
terms, requires or conditions the use or distribution of such code on the disclosure, licensing, or distribution of any source
code owned or licensed by Company, except in strict compliance with Company’s policies regarding the use of such software
or as directed by Company.

 

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3.    Records.
I agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any other form that
is required by Company) of all Confidential Information developed by me and all Company Inventions made by me during the period
of my employment at Company, which records will be available to and remain the sole property of Employer at all times.

 

4.    Duty
of Loyalty During Employment. During my employment by Company, I will not, without Company’s written consent, directly
or indirectly engage in any employment or business activity that is directly or indirectly competitive with, or would otherwise
conflict with, my employment by Company.

 

5.    No
Solicitation of Employees, Consultants or Contractors. To the extent permitted by applicable law, I agree that during
the period of my employment and for the one year period after the date my employment ends for any reason, including but not limited
to voluntary termination by me or involuntary termination by Company, I will not, as an officer, director, employee, consultant,
owner, partner, or in any other capacity, either directly or through others, except on behalf of Company, solicit, induce, encourage
any person known to me to be an employee, consultant, or independent contractor of Company to terminate his, her, or its relationship
with Company.

 

6.    Reasonableness
of Restrictions. I have read this entire Agreement and understand it. I agree that (a) this Agreement does not prevent
me from earning a living or pursuing my career, and (b) the restrictions contained in this Agreement are reasonable, proper,
and necessitated by Company’s legitimate business interests. I represent and agree that I am entering into this Agreement
freely, with knowledge of its contents and the intent to be bound by its terms. If a court finds this Agreement, or any of its
restrictions, are ambiguous, unenforceable, or invalid, Company and I agree that the court will read the Agreement as a whole and
interpret such restriction(s) to be enforceable and valid to the maximum extent allowed by law. If the court declines to enforce
this Agreement in the manner provided in this Section and/or Section 12.2, Company and I agree that this Agreement will
be automatically modified to provide Company with the maximum protection of its business interests allowed by law, and I agree
to be bound by this Agreement as modified.

 

7.    No
Conflicting Agreement or Obligation. I represent that my performance of all the
terms of this Agreement and as an employee of Company does not and will not breach any agreement to keep in confidence information
acquired by me in confidence or in trust prior to my employment by Company. I have not entered into, and I agree I will not enter
into, any written or oral agreement in conflict with this Agreement.

 

8.    Return
of Company Property. When I am no longer employed by Company, I will deliver to Company any and all materials, together
with all copies thereof, containing or disclosing any Company Inventions, or Confidential Information. I will not copy, delete,
or alter any information contained upon my Company computer or Company equipment before I return it to Company. In addition, if
I have used any personal computer, server, or e-mail system to receive, store, review, prepare or transmit any Company information,
including but not limited to, Confidential Information, I agree to provide Company with a computer-useable copy of all such
information and then permanently delete such information from those systems; and I agree to provide Company access to my system
as reasonably requested to verify that the necessary copying and/or deletion is completed. I further agree that any property situated
on Company’s premises and owned by Company, including disks and other storage media, filing cabinets or other work areas,
is subject to inspection by Company’s personnel at any time during my employment, with or without notice. Prior to leaving, I
hereby agree to: provide Company any and all information needed to access any Company property or information returned or required
to be returned pursuant to this paragraph, including without limitation any login, password, and account information; cooperate
with Company in attending an exit interview; and complete and sign Company’s termination statement if required to do so by
Company.

 

9.    Legal
and Equitable Remedies. I agree that (a) it may be impossible to assess the damages caused by my violation of this Agreement
or any of its terms, (b) any threatened or actual violation of this Agreement or any of its terms will constitute immediate
and irreparable injury to Company, and (c) Company will have the right to enforce this Agreement by injunction, specific performance
or other equitable relief, without bond and without prejudice to any other rights and remedies that Company may have for a breach
or threatened breach of this Agreement. If Company enforces this Agreement through a court order, I agree that the restrictions
of Section 5 will remain in effect for a period of 12 months from the effective date of the order enforcing the Agreement.

 

    	 	 	Employee Confidential Information and Inventions Assignment Agreement
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10.  Notices.
Any notices required or permitted under this Agreement will be given to Company at its headquarters location at the time
notice is given, labeled “Attention Chief Executive Officer,” and to me at my address as listed on Company payroll,
or at such other address as Company or I may designate by written notice to the other. Notice will be effective upon receipt or
refusal of delivery. If delivered by certified or registered mail, notice will be considered to have been given five business days
after it was mailed, as evidenced by the postmark. If delivered by courier or express mail service, notice will be considered to
have been given on the delivery date reflected by the courier or express mail service receipt.

 

11.  Publication
of This Agreement to Subsequent Employer or Business Associates of Employee. If I am offered employment, or the opportunity
to enter into any business venture as owner, partner, consultant or other capacity, while the restrictions in Section 5 of
this Agreement are in effect, I agree to inform my potential employer, partner, co-owner and/or others involved in managing
the business I have an opportunity to be associated with, of my obligations under this Agreement and to provide such person or
persons with a copy of this Agreement. I agree to inform Company of all employment and business ventures which I enter into while
the restrictions described in Section 5 of this Agreement are in effect and I authorize Company to provide copies of this
Agreement to my employer, partner, co-owner and/or others involved in managing the business I have an opportunity to be associated
with and to make such persons aware of my obligations under this Agreement.

 

12.  General
Provisions.

 

12.1      Governing
Law; Consent to Personal Jurisdiction. This Agreement will be governed by and construed according to the laws of the State
of California without regard to any conflict of laws principles that would require the application of the laws of a different jurisdiction.
I expressly consent to the personal jurisdiction and venue of the state and federal courts located in California for any lawsuit
filed there against me by Company arising from or related to this Agreement.

 

12.2      Severability.
If any portion of this Agreement is, for any reason, held to be invalid, illegal or unenforceable, such invalidity, illegality
or unenforceability will not affect the other provisions of this Agreement, and this Agreement will be construed as if such provision
had never been contained in this Agreement. If any portion of this Agreement is, for any reason, held to be excessively broad as
to duration, geographical scope, activity or subject, it will be construed by limiting and reducing it, so as to be enforceable
to the extent allowed by the then applicable law.

 

12.3      Successors
and Assigns. This Agreement is for my benefit and the benefit of Company and its and their successors, assigns, parent corporations,
subsidiaries, affiliates, and purchasers, and will be binding upon my heirs, executors, administrators and other legal representatives.

 

12.4      Survival.
This Agreement will survive the termination of my employment, regardless of the reason, and the assignment of this Agreement by
Company to any successor in interest or other assignee.

 

12.5      Employment
At-Will. I understand and agree that nothing in this Agreement will change my at-will employment status or confer any right
with respect to continuation of employment by Company, nor will it interfere in any way with my right or Company’s right
to terminate my employment at any time, with or without cause or advance notice.

 

12.6      Waiver.
No waiver by Company of any breach of this Agreement will be a waiver of any preceding or succeeding breach. No waiver by Company
of any right under this Agreement will be construed as a waiver of any other right. Company will not be required to give notice
to enforce strict adherence to all terms of this Agreement.

 

12.7      Export.
I agree not to export, reexport, or transfer, directly or indirectly, any U.S. technical data acquired from Company or any products
utilizing such data, in violation of the United States export laws or regulations.

 

12.8      Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any
electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable
law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be
valid and effective for all purposes.

 

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12.9      Advice
of Counsel. I ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT
LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT WILL NOT BE CONSTRUED
AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION OF THIS AGREEMENT.

 

12.10    Entire
Agreement. The obligations in Sections 1 and 2 (except Section 2.2 and Section 2.7, in each case, with respect to
a consulting relationship) of this Agreement will apply to any time during which I was previously engaged, or am in the future
engaged, by Company as a consultant, employee, or other service provider, if no other agreement governs nondisclosure and assignment
of inventions during such period. This Agreement is the final, complete and exclusive agreement of the parties with respect to
the subject matter of this Agreement and supersedes and merges all prior discussions between us, provided, however, if, prior to
execution of this Agreement, Company and I were parties to any agreement regarding the subject matter hereof, that agreement will
be superseded by this Agreement prospectively only. No modification of or amendment to this Agreement will be effective unless
in writing and signed by the party to be charged. Any subsequent change or changes in my duties, salary or compensation will not
affect the validity or scope of this Agreement.

 

[signatures to follow on next page]

 

    	 	 	Employee Confidential Information and Inventions Assignment Agreement
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This Agreement will be effective as of the
date signed by the Employee below.

 

	EMPLOYER:	 	EMPLOYEE:
	 	 	 
	 	 	 
	(Signature)	 	(Signature)
	 	 	 
	Eric Wu	 	 
	(Printed Name)	 	(Printed Name)
	 	 	 
	CEO	 	 
	(Title)	 	(Date Signed)

 

 

 

Prior
Inventions

 

		1.	Prior Inventions Disclosure. Except as listed
in Section 2 below, the following is a complete list of all Prior Inventions:

 

		 ̈	No Prior Inventions.

 

		 ̈	See below:

 

	 	 	 
	 	 	 
	 	 	 

 

		 ̈	Additional sheets attached.

 

2.    Due
to a prior confidentiality agreement, I cannot complete the disclosure under Section 1 above with respect to the Prior
Inventions generally listed below, the intellectual property rights and duty of confidentiality with respect to which I owe to
the following party(ies):

 

	 	Excluded

 Invention	 	Party(ies)	 	Relationship
	1.	 	 	 	 	 
	2.	 	 	 	 	 
	3.	 	 	 	 	 

 

		 ̈	Additional sheets attached.Exhibit 10.13

 

Opendoor
Technologies Inc.

 

Non-Employee
Director Compensation Policy

 

Approved
by the Board of Directors 

December
____, 2020

 

 

 

Each member of the
Board of Directors (the “Board”) of Opendoor Technologies Inc. (“Opendoor”)
who is a non-employee director of Opendoor (each such member, a “Non-Employee Director”) will receive
the compensation described in this Non-Employee Director Compensation Policy (this “Policy”) for his
or her Board service following the completion of Opendoor’s acquisition of Opendoor Labs Inc. (the date of such completion,
the “Completion Date”). This Policy may be amended at any time in the sole discretion of the Board or
the Compensation Committee of the Board. A Non-Employee Director may decline all or any portion of his or her compensation by giving
notice to Opendoor prior to the date cash is to be paid or equity awards are to be granted, as the case may be.

 

		1.	Annual Cash Compensation

 

1.1              
General. Commencing with the Completion Date, each Non-Employee Director will receive the cash compensation set forth
below for service on the Board. The annual cash compensation amounts will be payable in equal quarterly installments, in arrears,
promptly following the end of each quarter in which the service occurred, provided that the first quarterly payment will be pro-rated
for the partial quarter measured from the Completion Date to the end of the quarter, and the quarterly payment for each Non-Employee
Director will be pro-rated for any partial quarter of service by such Non-Employee Director. All annual cash fees are vested upon
payment.

 

		1.1.1	Annual Board Service Retainer

 

All Eligible
Directors: $50,000

Non-executive
Chair/Lead Independent Director (as applicable): $75,000 (in lieu of above)

 

		1.1.2	Annual Committee Member Service Retainer

 

Member of the
Audit Committee: $10,000

Member of the
Compensation Committee: $7,500

Member of the
Nominating and Corporate Governance Committee: $5,000

 

		1.1.3	Annual Committee Chair Service Retainer (in lieu of Committee Member Service Retainer)

 

Chair of the
Audit Committee: $20,000

Chair of the
Compensation Committee: $15,000

Chair of the
Nominating and Corporate Governance Committee: $10,000

 

1.2              
Ability to Take Cash Compensation as RSUs.

 

1.2.1         
Election. Prior to the start of each fiscal year beginning after the Completion Date, a Non-Employee Director may
elect to receive 100% of the annual cash compensation set forth herein for that next fiscal year as restricted stock units (“RSUs”)
under Opendoor’s 2020 Incentive Award Plan or any successor equity incentive plan (the “Plan”)
for that number of shares equal to (a) the projected annual cash compensation for such Non-Employee Director for the fiscal year
based on Board and committee membership as of the first day of such fiscal year divided by (b) the Share Price (as defined in Section
2), rounded to the nearest whole share. Any such RSU grant is referred to herein as the “Optional RSU Grant”.

 

    	 	1	 

     

    

 

1.2.2         
Grant Date. The grant date for an Optional RSU Grant will be on or about February 15 first occurring after the start
of the applicable fiscal year, except as provided in Section 2.1.5.

 

1.2.3         
Vesting. Unless otherwise determined by the Compensation Committee, each Optional RSU Grant will vest with respect
to 1/4th of the total number of units on the last trading day in each fiscal quarter occurring during such fiscal year, provided
in each case that the Non-Employee Director remains a Non-Employee Director on such vesting date. Optional RSU Grants will not
be subject to accelerated vesting in connection with a Change in Control (as defined in the Plan).

 

1.2.4         
Changes in Cash Compensation Amount. In the event a Non-Employee Director were to become entitled to a greater annual
cash compensation amount (either as a result of an increase in the cash compensation amounts approved by the Board or a new committee
membership or role), such Non-Employee Director will be entitled to receive the difference paid in cash pursuant to the terms above.
There would be no effect upon the Optional RSU Grant in the event a Non-Employee Director would have otherwise been entitled to
a lesser amount of cash compensation than that which was used to calculate the Optional RSU Grant as a result of a decrease in
the cash compensation amounts approved by the Board or a decreased committee membership or role.

 

		2.	Equity Compensation

 

2.1              
Automatic Equity Grants.

 

2.1.1         
Initial Grant for New Directors. Without any further action of the Board, each person who, after the Completion Date,
is elected or appointed for the first time to be a Non-Employee Director will automatically, upon the date of his or her initial
election or appointment to be a Non-Employee Director (except as provided in Section 2.1.5), be granted an RSU for that number
of shares of Opendoor common stock equal to $400,000 divided by the Share Price, rounded to the nearest whole share (the “Initial
Grant”). Each Initial Grant will vest in a series of equal annual installments on the first, second and third anniversary
of the date of grant, provided in each case that the Non-Employee Director continues to be a Non-Employee Director on such vesting
date.

 

2.1.2         
Annual Grant. Without any further action of the Board, at the close of business on the date of each annual meeting
of Opendoor’s stockholders following the Completion Date (except as provided in Section 2.1.5), each person who is then a
Non-Employee Director will automatically be granted a RSU for that number of shares of common stock equal to $200,000 divided by
the Share Price, rounded to the nearest whole share (the “Annual Grant”). Each Annual Grant will vest
in a single installment on the earlier to occur of (a) Opendoor’s next annual meeting of stockholders and (b) the first anniversary
of the date of grant of the Annual Grant, provided that the Non-Employee Director continues to be a Non-Employee Director on such
vesting date.

 

2.1.3         
Vesting; Change in Control. Notwithstanding the foregoing vesting schedules, for each Non-Employee Director in office
as of immediately prior to the closing of a Change in Control, the shares subject to his or her then-outstanding equity awards
that were granted pursuant to this Policy will become fully vested immediately prior to the closing of such Change in Control.

 

2.1.4         
Share Price. For any RSU grant to be made under this Policy, the “Share Price” shall be
the average Fair Market Value (as defined in the Plan) over the 20 trading days ending on the last trading day of the month preceding
the month in which the RSU grant is made.

 

    	 	2	 

     

    

 

2.1.5         
Remaining Terms. The remaining terms and conditions of each RSU grant under this Policy, including transferability,
will be as set forth in Opendoor’s standard RSU grant notice and agreement, in the form adopted from time to time by the
Board or its Compensation Committee. In the event any grant date set forth above for any RSU grant to be made under this Policy
is not a trading day on the Nasdaq Stock Exchange (e.g., a weekend or holiday), then the grant date shall be the next trading day,
and if there is no effective registration statement on Form S-8 covering such grant filed with the Securities and Exchange Commission
on such grant date, the grant date shall be the trading day following the date there is such a filed and effective registration
statement.

 

		3.	Expenses

 

Opendoor will reimburse each Non-Employee
Director for ordinary, necessary and reasonable out-of-pocket travel expenses to cover in-person attendance at and participation
in Board and committee meetings; provided that the Non-Employee Director timely submits to Opendoor appropriate documentation substantiating
such expenses in accordance with Opendoor’s travel and expense policy, as in effect from time to time.

 

		4.	Compensation Limits

 

Notwithstanding anything to the contrary
in this Policy, all compensation payable under this Policy will be subject to any limits on the maximum amount of Non-Employee
Director compensation set forth in the Plan, as in effect from time to time.

 

 

    	 	3

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