Document:

Exhibit 10.3

 

	OPENDOOR TECHNOLOGIES INC.
	 
	2020 INCENTIVE AWARD PLAN

 

ARTICLE I.

Purpose

 

The Plan’s purpose
is to enhance the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important
contributions to the Company by providing these individuals with equity ownership opportunities and/or equity-linked compensatory
opportunities. Capitalized terms used in the Plan are defined in Article XI.

 

ARTICLE II.

Eligibility

 

Service Providers are
eligible to be granted Awards under the Plan, subject to the limitations described herein.

 

ARTICLE III.

Administration and Delegation

 

3.1            Administration.
The Plan is administered by the Administrator. The Administrator has authority to determine which Service Providers receive Awards,
grant Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The Administrator also
has the authority to take all actions and make all determinations under the Plan, to interpret the Plan and Award Agreements and
to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct
defects and ambiguities, supply omissions and reconcile inconsistencies in the Plan or any Award Agreement as it deems necessary
or appropriate to administer the Plan and any Awards. The Administrator’s determinations under the Plan are in its sole
discretion and will be final and binding on all persons having or claiming any interest in the Plan or any Award.

 

3.2            Appointment
of Committees. To the extent Applicable Laws permit, the Board or the Administrator may delegate any or all of its powers
under the Plan to one or more Committees or committees of officers of the Company or any of its Subsidiaries; provided, that,
any such officer delegation shall exclude the power to grant Awards to non-employee Directors or Section 16 Persons. The
Board or the Administrator, as applicable, may rescind any such delegation, abolish any such committee or Committee and/or
re-vest in itself any previously delegated authority at any time.

 

ARTICLE IV.

Stock Available for Awards

 

4.1            Number
of Shares. Subject to adjustment under Article VIII and the terms of this Article IV, the maximum number of Shares
that may be issued pursuant to Awards under the Plan shall be equal to the Overall Share Limit. Shares issued under the Plan may
consist of authorized but unissued Shares, Shares purchased on the open market or treasury Shares.

 

    

     

    

 

4.2            Share
Recycling. If all or any part of an Award expires, lapses or is terminated, exchanged for or settled in cash, surrendered,
repurchased, canceled without having been fully exercised or forfeited, in any case, in a manner that results in the Company acquiring
Shares covered by the Award at a price not greater than the price (as adjusted to reflect any Equity Restructuring) paid by the
Participant for such Shares or not issuing any Shares covered by the Award, the unused Shares covered by the Award will, as applicable,
become or again be available for Award grants under the Plan. The payment of Dividend Equivalents in cash in conjunction with
any outstanding Awards shall not count against the Overall Share Limit. Notwithstanding anything to the contrary contained herein,
the following Shares shall not be added to the Shares authorized for grant under Section 4.1 and shall not be available for
future grants of Awards: (i) Shares subject to a Stock Appreciation Right that are not issued in connection with the stock
settlement of the Stock Appreciation Right on exercise thereof; and (ii) Shares purchased on the open market with the cash
proceeds from the exercise of Options; and (iii) Shares delivered (either by actual delivery or attestation) to the Company
by a Participant to satisfy the applicable exercise or purchase price of an Award and/or to satisfy any applicable tax withholding
obligation with respect to an Award (including Shares retained by the Company from the Award being exercised or purchased and/or
creating the tax obligation).

 

4.3            Incentive
Stock Option Limitations. Notwithstanding anything to the contrary herein, no more than 43,508,048 Shares may be issued pursuant
to the exercise of Incentive Stock Options.

 

4.4            Substitute
Awards. In connection with an entity’s merger or consolidation with the Company or the Company’s acquisition of
an entity’s property or stock, the Administrator may grant Awards in substitution for any options or other stock or stock-based
awards granted before such merger or consolidation by such entity or its affiliate. Substitute Awards may be granted on such terms
as the Administrator deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards will not count against
the Overall Share Limit (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under the
Plan as provided above), except that Shares acquired by exercise of substitute Incentive Stock Options will count against the
maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under the Plan. Additionally,
in the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has
shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination,
the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using
the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the
consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for
Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall
not be added to the Shares available for Awards under the Plan as provided above); provided that Awards using such available shares
shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition
or combination, and shall only be made to individuals who were not Employees, Consultants or Directors prior to such acquisition
or combination.

 

4.5            Non-Employee
Director Compensation. Notwithstanding any provision to the contrary in the Plan, the Administrator may establish compensation
for non-employee Directors from time to time, subject to the limitations in the Plan. The sum of any cash compensation, or other
compensation, and the value (determined as of the grant date in accordance with Financial Accounting Standards Board Accounting
Standards Codification Topic 718, or any successor thereto) of Awards granted to a non-employee Director as compensation for services
as a non-employee Director during any fiscal year of the Company may not exceed $1,000,000 (the “Director Limit”).

 

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ARTICLE V.

Stock Options and Stock Appreciation Rights

 

5.1          General.
The Administrator may grant Options or Stock Appreciation Rights to Service Providers subject to the limitations in the Plan,
including any limitations in the Plan that apply to Incentive Stock Options. A Stock Appreciation Right will entitle the Participant
(or other person entitled to exercise the Stock Appreciation Right) to receive from the Company upon exercise of the exercisable
portion of the Stock Appreciation Right an amount determined by multiplying the excess, if any, of the Fair Market Value of one
Share on the date of exercise over the exercise price per Share of the Stock Appreciation Right by the number of Shares with respect
to which the Stock Appreciation Right is exercised, subject to any limitations of the Plan or that the Administrator may impose
and payable in cash, Shares valued at Fair Market Value or a combination of the two as the Administrator may determine or provide
in the Award Agreement.

 

5.2          Exercise
Price. The Administrator will establish each Option’s and Stock Appreciation Right’s exercise price and specify
the exercise price in the Award Agreement. The exercise price will not be less than 100% of the Fair Market Value on the grant
date of the Option (subject to Section 5.6) or Stock Appreciation Right. Notwithstanding the foregoing, in the case of an
Option or a Stock Appreciation Right that is a Substitute Award, the exercise price per share of the Shares subject to such Option
or Stock Appreciation Right, as applicable, may be less than the Fair Market Value per share on the date of grant; provided that
the exercise price of any Substitute Award shall be determined in accordance with the applicable requirements of Sections 424
and 409A of the Code.

 

5.3          Duration.
Each Option or Stock Appreciation Right will be exercisable at such times and as specified in the Award Agreement, provided that,
subject to Section 5.6, the term of an Option or Stock Appreciation Right will not exceed ten years. Notwithstanding the
foregoing and unless determined otherwise by the Company, in the event that on the last business day of the term of an Option
or Stock Appreciation Right (other than an Incentive Stock Option) (i) the exercise of the Option or Stock Appreciation Right
is prohibited by Applicable Law, as determined by the Company, or (ii) Shares may not be purchased or sold by the applicable
Participant due to any Company insider trading policy (including blackout periods) or a “lock-up” agreement undertaken
in connection with an issuance of securities by the Company, the term of the Option or Stock Appreciation Right shall be extended
until the date that is 30 days after the end of the legal prohibition, black-out period or lock-up agreement, as determined by
the Company; provided, however, in no event shall the extension last beyond the ten year term of the applicable Option or Stock
Appreciation Right. Notwithstanding the foregoing, to the extent permitted under Applicable Laws, if the Participant, prior to
the end of the term of an Option or Stock Appreciation Right, violates the non-competition, non-solicitation, confidentiality
or other similar restrictive covenant provisions of any employment contract, confidentiality and nondisclosure agreement or other
agreement between the Participant and the Company or any of its Subsidiaries, the right of the Participant and the Participant’s
transferees to exercise any Option or Stock Appreciation Right issued to the Participant shall terminate immediately upon such
violation, unless the Company otherwise determines.

 

5.4          Exercise.
Options and Stock Appreciation Rights may be exercised by delivering to the Company a written notice of exercise, in a form the
Administrator approves (which may be electronic), signed by the person authorized to exercise the Option or Stock Appreciation
Right, together with, as applicable, payment in full (i) as specified in Section 5.5 for the number of Shares for which
the Award is exercised and (ii) as specified in Section 9.5 for any applicable taxes. Unless the Administrator otherwise
determines, an Option or Stock Appreciation Right may not be exercised for a fraction of a Share.

 

5.5          Payment
Upon Exercise. Subject to Section 10.8, any Company insider trading policy (including blackout periods) and Applicable
Laws, the exercise price of an Option must be paid by:

 

(a)            cash,
wire transfer of immediately available funds or by check payable to the order of the Company, provided that the Company may limit
the use of one of the foregoing payment forms if one or more of the payment forms below is permitted;

 

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(b)            if
there is a public market for Shares at the time of exercise, unless the Company otherwise determines, (A) delivery (including
electronically or telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker
acceptable to the Company to deliver promptly to the Company sufficient funds to pay the exercise price, or (B) the Participant’s
delivery to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver
promptly to the Company cash or a check sufficient to pay the exercise price; provided that such amount is paid to the Company
at such time as may be required by the Administrator;

 

(c)            to
the extent permitted by the Administrator, delivery (either by actual delivery or attestation) of Shares owned by the Participant
valued at their Fair Market Value;

 

(d)            to
the extent permitted by the Administrator, surrendering Shares then issuable upon the Option’s exercise valued at their Fair
Market Value on the exercise date;

 

(e)            to
the extent permitted by the Administrator, delivery of a promissory note or any other property that the Administrator determines
is good and valuable consideration; or

 

(f)            to
the extent permitted by the Company, any combination of the above payment forms approved by the Administrator.

 

5.6          Additional
Terms of Incentive Stock Options. The Administrator may grant Incentive Stock Options only to employees of the Company, any
of its present or future parent or subsidiary corporations, as defined in Sections 424(e) or (f) of the Code, respectively,
and any other entities the employees of which are eligible to receive Incentive Stock Options under the Code. If an Incentive
Stock Option is granted to a Greater Than 10% Stockholder, the exercise price will not be less than 110% of the Fair Market Value
on the Option’s grant date, and the term of the Option will not exceed five years. All Incentive Stock Options will be subject
to and construed consistently with Section 422 of the Code. By accepting an Incentive Stock Option, the Participant agrees
to give prompt notice to the Company of dispositions or other transfers (other than in connection with a Change in Control) of
Shares acquired under the Option made within (i) two years from the grant date of the Option or (ii) one year after
the transfer of such Shares to the Participant, specifying the date of the disposition or other transfer and the amount the Participant
realized, in cash, other property, assumption of indebtedness or other consideration, in such disposition or other transfer. Neither
the Company nor the Administrator will be liable to a Participant, or any other party, if an Incentive Stock Option fails or ceases
to qualify as an “incentive stock option” under Section 422 of the Code. Any Incentive Stock Option or portion
thereof that fails to qualify as an “incentive stock option” under Section 422 of the Code for any reason, including
becoming exercisable with respect to Shares having a fair market value exceeding the $100,000 limitation under Treasury Regulation
Section 1.422-4, will be a Non-Qualified Stock Option.

 

ARTICLE VI.

Restricted Stock; Restricted Stock Units

 

6.1          General.
The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider, subject to the
Company’s right to repurchase all or part of such Shares at their issue price or other stated or formula price from the
Participant (or to require forfeiture of such Shares) if conditions the Administrator specifies in the Award Agreement are not
satisfied before the end of the applicable restriction period or periods that the Administrator establishes for such Award. In
addition, the Administrator may grant to Service Providers Restricted Stock Units, which may be subject to vesting and forfeiture
conditions during the applicable restriction period or periods, as set forth in an Award Agreement.

 

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6.2          Restricted
Stock.

 

(a)            Dividends.
Participants holding Shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect to such Shares,
unless the Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator provides otherwise, if
any dividends or distributions are paid in Shares, or consist of a dividend or distribution to holders of Common Stock of property
other than an ordinary cash dividend, the Shares or other property will be subject to the same restrictions on transferability
and forfeitability as the Shares of Restricted Stock with respect to which they were paid. Notwithstanding anything to the contrary
herein, with respect to any award of Restricted Stock, dividends which are paid to holders of Common Stock prior to vesting shall
only be paid out to the Participant holding such Restricted Stock to the extent that the vesting conditions are subsequently satisfied.
All such dividend payments will be made no later than March 15 of the calendar year following the calendar year in which the
right to the dividend payment becomes nonforfeitable.

 

(b)            Stock
Certificates. The Company may require that the Participant deposit in escrow with the Company (or its designee) any stock certificates
issued in respect of Shares of Restricted Stock, together with a stock power endorsed in blank.

 

6.3          Restricted
Stock Units.

 

(a)            Settlement.
The Administrator may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practicable after
the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election, in a
manner intended to comply with Section 409A.

 

(b)            Stockholder
Rights. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit unless
and until the Shares are delivered in settlement of the Restricted Stock Unit.

 

ARTICLE VII.

Other Stock or Cash Based Awards; DIVIDEND EQUIVALENTS

 

7.1          Other
Stock or Cash Based Awards. Other Stock or Cash Based Awards may be granted to Participants, including Awards entitling Participants
to receive Shares to be delivered in the future and including annual or other periodic or long-term cash bonus awards (whether
based on specified Performance Criteria or otherwise), in each case subject to any conditions and limitations in the Plan. Such
Other Stock or Cash Based Awards will also be available as a payment form in the settlement of other Awards, as standalone payments
and as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock or Cash Based Awards may be paid
in Shares, cash or other property, as the Administrator determines.

 

7.2          Dividend
Equivalents. A grant of Restricted Stock Units or Other Stock or Cash Based Award may provide a Participant with the right
to receive Dividend Equivalents, and no Dividend Equivalents shall be payable with respect to Options or Stock Appreciation Rights.
Dividend Equivalents may be paid currently or credited to an account for the Participant, settled in cash or Shares and subject
to the same restrictions on transferability and forfeitability as the Award with to which the Dividend Equivalents are paid and
subject to other terms and conditions as set forth in the Award Agreement. Notwithstanding anything to the contrary herein, Dividend
Equivalents with respect to an Award shall only paid out to the Participant to the extent that the vesting conditions are subsequently
satisfied. All such Dividend Equivalent payments will be made no later than March 15 of the calendar year following calendar
year in which the right to the Dividend Equivalent payment becomes nonforfeitable, unless determined otherwise by the Administrator
or unless deferred in a manner intended to comply with Section 409A.

 

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ARTICLE VIII.

Adjustments for Changes in Common Stock

and Certain Other Events

 

8.1          Equity
Restructuring

 

(a)            .
In connection with any Equity Restructuring, notwithstanding anything to the contrary in this Article VIII, the Administrator
will equitably adjust each outstanding Award as it deems appropriate to reflect the Equity Restructuring, which may include adjusting
the number and type of securities subject to each outstanding Award and/or the Award’s exercise price or grant price (if
applicable), granting new Awards to Participants, and making a cash payment to Participants. The adjustments provided under this
Section 8.1 will be nondiscretionary and final and binding on the affected Participant and the Company; provided that the
Administrator will determine whether an adjustment is equitable.

 

8.2          Corporate
Transactions. In the event of any dividend or other distribution (whether in the form of cash, Common Stock, other securities,
or other property), reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization, liquidation,
dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale
or exchange of Common Stock or other securities of the Company, Change in Control, issuance of warrants or other rights to purchase
Common Stock or other securities of the Company, other similar corporate transaction or event, other unusual or nonrecurring transaction
or event affecting the Company or its financial statements or any change in any Applicable Laws or accounting principles, the
Administrator, on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior
to the occurrence of such transaction or event (except that action to give effect to a change in Applicable Law or accounting
principles may be made within a reasonable period of time after such change), is hereby authorized to take any one or more of
the following actions whenever the Administrator determines that such action is appropriate in order to (x) prevent dilution
or enlargement of the benefits or potential benefits intended by the Company to be made available under the Plan or with respect
to any Award granted or issued under the Plan, (y) to facilitate such transaction or event or (z) give effect to such
changes in Applicable Laws or accounting principles:

 

(a)            To
provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a value equal to
the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of
the Participant’s rights under the vested portion of such Award, as applicable; provided that, if the amount that could have
been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights,
in any case, is equal to or less than zero, then the Award may be terminated without payment;

 

(b)            To
provide that such Award shall vest and, to the extent applicable, be exercisable as to all Shares covered thereby, notwithstanding
anything to the contrary in the Plan or the provisions of such Award;

 

(c)            To
provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted
for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate
adjustments as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the
Administrator;

 

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(d)            To
make adjustments in the number and type of Shares (or other securities or property) subject to outstanding Awards and/or with respect
to which Awards may be granted under the Plan (including, but not limited to, adjustments of the limitations in Article IV
on the maximum number and kind of shares which may be issued) and/or in the terms and conditions of (including the grant or exercise
price or applicable performance goals), and the criteria included in, outstanding Awards;

 

(e)            To
replace such Award with other rights or property selected by the Administrator; and/or

 

(f)            To
provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.

 

8.3          Effect
of Non-Assumption in a Change in Control. Notwithstanding the provisions of Section 8.2, if a Change in Control occurs
and a Participant’s Awards are not continued, converted, assumed, or replaced with a substantially similar award by (a) the
Company, or (b) a successor entity or its parent or subsidiary (an “Assumption”), and provided that
the Participant has not had a Termination of Service, then, immediately prior to the Change in Control, such Awards shall become
fully vested, exercisable and/or payable, as applicable, and all forfeiture, repurchase and other restrictions on such Awards shall
lapse, in which case, such Awards shall be canceled upon the consummation of the Change in Control in exchange for the right to
receive the Change in Control consideration payable to other holders of Common Stock (i) which may be on such terms and conditions
as apply generally to holders of Common Stock under the Change in Control documents (including, without limitation, any escrow,
earn-out or other deferred consideration provisions) or such other terms and conditions as the Administrator may provide, and (ii) determined
by reference to the number of Shares subject to such Awards and net of any applicable exercise price; provided that to the extent
that any Awards constitute “nonqualified deferred compensation” that may not be paid upon the Change in Control under
Section 409A without the imposition of taxes thereon under Section 409A, the timing of such payments shall be governed
by the applicable Award Agreement (subject to any deferred consideration provisions applicable under the Change in Control documents);
and provided, further, that if the amount to which the Participant would be entitled upon the settlement or exercise of such Award
at the time of the Change in Control is equal to or less than zero, then such Award may be terminated without payment. The Administrator
shall determine whether an Assumption of an Award has occurred in connection with a Change in Control.

 

8.4          Administrative
Stand Still. In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation
or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary transaction
or change affecting the Shares or the share price of Common Stock, including any Equity Restructuring or any securities offering
or other similar transaction, for administrative convenience, the Administrator may refuse to permit the exercise of any Award
for up to 60 days before or after such transaction.

 

8.5          General.
Except as expressly provided in the Plan or the Administrator’s action under the Plan, no Participant will have any rights
due to any subdivision or consolidation of Shares of any class, dividend payment, increase or decrease in the number of Shares
of any class or dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as expressly provided
with respect to an Equity Restructuring under Section 8.1 or the Administrator’s action under the Plan, no issuance
by the Company of Shares of any class, or securities convertible into Shares of any class, will affect, and no adjustment will
be made regarding, the number of Shares subject to an Award or the Award’s grant or exercise price. The existence of the
Plan, any Award Agreements and the Awards granted hereunder will not affect or restrict in any way the Company’s right or
power to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital
structure or its business, (ii) any merger, consolidation dissolution or liquidation of the Company or sale of Company assets
or (iii) any sale or issuance of securities, including securities with rights superior to those of the Shares or securities
convertible into or exchangeable for Shares. The Administrator may treat Participants and Awards (or portions thereof) differently
under this Article VIII.

 

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ARTICLE IX.

General Provisions Applicable to Awards

 

9.1            Transferability.
Except as the Administrator may determine or provide in an Award Agreement or otherwise for Awards other than Incentive Stock
Options, Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of
law, except for certain beneficiary designations, by will or the laws of descent and distribution, or, subject to the Administrator’s
consent, pursuant to a domestic relations order, and, during the life of the Participant, will be exercisable only by the Participant.
Any permitted transfer of an Award hereunder shall be without consideration, except as required by Applicable Law. References
to a Participant, to the extent relevant in the context, will include references to a Participant’s authorized transferee
that the Administrator specifically approves.

 

9.2            Documentation.
Each Award will be evidenced in an Award Agreement, which may be written or electronic, as the Administrator determines. The Award
Agreement will contain the terms and conditions applicable to an Award. Each Award may contain terms and conditions in addition
to those set forth in the Plan.

 

9.3            Discretion.
Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other Award. The terms
of each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions
thereof) uniformly.

 

9.4            Termination
of Status. The Administrator will determine how an authorized leave of absence or any other change or purported change in
a Participant’s Service Provider status affects an Award and the extent to which, and the period during which the Participant,
the Participant’s legal representative, conservator, guardian or Designated Beneficiary may exercise rights under the Award,
if applicable.

 

9.5            Withholding.
Each Participant must pay the Company, or make provision satisfactory to the Administrator for payment of, any taxes required
by Applicable Law to be withheld in connection with such Participant’s Awards by the date of the event creating the tax
liability. The Company may deduct an amount sufficient to satisfy such tax obligations based on the applicable statutory withholding
rates (or such other rate as may be determined by the Company after considering any accounting consequences or costs) from any
payment of any kind otherwise due to a Participant. In the absence of a contrary determination by the Company (or, with respect
to withholding pursuant to clause (ii) below with respect to Awards held by individuals subject to Section 16 of the
Exchange Act, a contrary determination by the Administrator), all tax withholding obligations will be calculated based on the
maximum applicable statutory withholding rates. Subject to Section 10.8 and any Company insider trading policy (including
blackout periods), Participants may satisfy such tax obligations (i) in cash, by wire transfer of immediately available funds,
by check made payable to the order of the Company, provided that the Company may limit the use of the foregoing payment forms
if one or more of the payment forms below is permitted, (ii) to the extent permitted by the Administrator, in whole or in
part by delivery of Shares, including Shares delivered by attestation and Shares retained from the Award creating the tax obligation,
valued at their Fair Market Value on the date of delivery, (iii) if there is a public market for Shares at the time the tax
obligations are satisfied, unless the Company otherwise determines, (A) delivery (including electronically or telephonically
to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company
to deliver promptly to the Company sufficient funds to satisfy the tax obligations, or (B) delivery by the Participant to
the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly
to the Company cash or a check sufficient to satisfy the tax withholding; provided that such amount is paid to the Company at
such time as may be required by the Administrator, or (iv) to the extent permitted by the Company, any combination of the
foregoing payment forms approved by the Administrator. Notwithstanding any other provision of the Plan, the number of Shares which
may be so delivered or retained pursuant to clause (ii) of the immediately preceding sentence shall be limited to the number
of Shares which have a Fair Market Value on the date of delivery or retention no greater than the aggregate amount of such liabilities
based on the maximum individual statutory tax rate in the applicable jurisdiction at the time of such withholding (or such other
rate as may be required to avoid the liability classification of the applicable award under generally accepted accounting principles
in the United States of America); provided, however, to the extent such Shares were acquired by Participant from the Company as
compensation, the Shares must have been held for the minimum period required by applicable accounting rules to avoid a charge
to the Company’s earnings for financial reporting purposes; provided, further, that, any such Shares delivered or retained
shall be rounded up to the nearest whole Share to the extent rounding up to the nearest whole Share does not result in the liability
classification of the applicable Award under generally accepted accounting principles in the United States of America. If any
tax withholding obligation will be satisfied under clause (ii) above by the Company’s retention of Shares from the
Award creating the tax obligation and there is a public market for Shares at the time the tax obligation is satisfied, the Company
may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell on the applicable Participant’s
behalf some or all of the Shares retained and to remit the proceeds of the sale to the Company or its designee, and each Participant’s
acceptance of an Award under the Plan will constitute the Participant’s authorization to the Company and instruction and
authorization to such brokerage firm to complete the transactions described in this sentence.

 

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9.6            Amendment
of Award. The Administrator may amend, modify or terminate any outstanding Award, including by substituting another Award
of the same or a different type, changing the exercise or settlement date, and converting an Incentive Stock Option to a Non-Qualified
Stock Option. The Participant’s consent to such action will be required unless (i) the action, taking into account
any related action, does not materially and adversely affect the Participant’s rights under the Award, or (ii) the
change is permitted under Article VIII or pursuant to Section 10.6.

 

9.7            Conditions
on Delivery of Stock. The Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares
previously delivered under the Plan until (i) all Award conditions have been met or removed to the Company’s satisfaction,
(ii) as determined by the Company, all other legal matters regarding the issuance and delivery of such Shares have been satisfied,
including any applicable securities laws and stock exchange or stock market rules and regulations, and (iii) the Participant
has executed and delivered to the Company such representations or agreements as the Administrator deems necessary or appropriate
to satisfy any Applicable Laws. The Company’s inability to obtain authority from any regulatory body having jurisdiction,
which the Administrator determines is necessary to the lawful issuance and sale of any securities, will relieve the Company of
any liability for failing to issue or sell such Shares as to which such requisite authority has not been obtained.

 

9.8            Acceleration.
The Administrator may at any time provide that any Award will become immediately vested and fully or partially exercisable, free
of some or all restrictions or conditions, or otherwise fully or partially realizable.

 

9.9            Cash
Settlement. Without limiting the generality of any other provision of the Plan, the Administrator may provide, in an Award
Agreement or subsequent to the grant of an Award, in its discretion, that any Award may be settled in cash, Shares or a combination
thereof.

 

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9.10            Broker-Assisted
Sales. In the event of a broker-assisted sale of Shares in connection with the payment of amounts owed by a Participant
under or with respect to the Plan or Awards, including amounts to be paid under the final sentence of Section 9.5: (i) any
Shares to be sold through the broker-assisted sale will be sold on the day the payment first becomes due, or as soon thereafter
as practicable; (ii) such Shares may be sold as part of a block trade with other Participants in the Plan in which all participants
receive an average price; (iii) the applicable Participant will be responsible for all broker’s fees and other costs
of sale, and by accepting an Award, each Participant agrees to indemnify and hold the Company harmless from any losses, costs,
damages, or expenses relating to any such sale; (iv) to the extent the Company or its designee receives proceeds of such
sale that exceed the amount owed, the Company will pay such excess in cash to the applicable Participant as soon as reasonably
practicable; (v) the Company and its designees are under no obligation to arrange for such sale at any particular price;
and (vi) in the event the proceeds of such sale are insufficient to satisfy the Participant’s applicable obligation,
the Participant may be required to pay immediately upon demand to the Company or its designee an amount in cash sufficient to
satisfy any remaining portion of the Participant’s obligation.

 

ARTICLE X.

Miscellaneous

 

10.1            No
Right to Employment or Other Status. No person will have any claim or right to be granted an Award, and the grant of an Award
will not be construed as giving a Participant the right to continued employment or any other relationship with the Company or
any of its Subsidiaries. The Company and its Subsidiaries expressly reserves the right at any time to dismiss or otherwise terminate
its relationship with a Participant free from any liability or claim under the Plan or any Award, except as expressly provided
in an Award Agreement or in the Plan.

 

10.2            No
Rights as Stockholder; Certificates. Subject to the Award Agreement, no Participant or Designated Beneficiary will have any
rights as a stockholder with respect to any Shares to be distributed under an Award until becoming the record holder of such Shares.
Notwithstanding any other provision of the Plan, unless the Administrator otherwise determines or Applicable Laws require, the
Company will not be required to deliver to any Participant certificates evidencing Shares issued in connection with any Award
and instead such Shares may be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator).
The Company may place legends on stock certificates issued under the Plan that the Administrator deems necessary or appropriate
to comply with Applicable Laws.

 

10.3            Effective
Date and Term of Plan. Unless earlier terminated by the Board, the Plan will become effective on the date the Board adopts
the Plan (the “Effective Date”) and will remain in effect until the tenth anniversary of the Effective
Date. Notwithstanding anything to the contrary in the Plan, an Incentive Stock Option may not be granted under the Plan after
10 years from the earlier of (i) the date the Board adopted the Plan or (ii) the date the Company’s stockholders
approved the Plan, but Awards previously granted may extend beyond that date in accordance with the Plan. If the Plan is not approved
by the Company’s stockholders, the Plan will not become effective, and no Awards will be granted under the Plan.

 

10.4            Amendment
of Plan. The Board may amend, suspend or terminate the Plan at any time; provided that no amendment, other than an increase
to the Overall Share Limit, may materially and adversely affect any Award outstanding at the time of such amendment without the
affected Participant’s consent. No Awards may be granted under the Plan during any suspension period or after the Plan’s
termination. Awards outstanding at the time of any Plan suspension or termination will continue to be governed by the Plan and
the Award Agreement, as in effect before such suspension or termination. The Board will obtain stockholder approval of any Plan
amendment to the extent necessary to comply with Applicable Laws, or any amendment to increase the Director Limit.

 

    10

     

    

 

10.5        Provisions
for Foreign Participants. The Administrator may modify Awards granted to Participants who are foreign nationals or employed
outside the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations
or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters.

 

10.6        Section 409A.

 

(a)            General.
The Company intends that all Awards be structured to comply with, or be exempt from, Section 409A, such that no adverse tax
consequences, interest, or penalties under Section 409A apply. Notwithstanding anything in the Plan or any Award Agreement
to the contrary, the Administrator may, without a Participant’s consent, amend this Plan or Awards, adopt policies and procedures,
or take any other actions (including amendments, policies, procedures and retroactive actions) as are necessary or appropriate
to preserve the intended tax treatment of Awards, including any such actions intended to (A) exempt this Plan or any Award
from Section 409A, or (B) comply with Section 409A, including regulations, guidance, compliance programs and other
interpretative authority that may be issued after an Award’s grant date. The Company makes no representations or warranties
as to an Award’s tax treatment under Section 409A or otherwise. The Company will have no obligation under this Section 10.6
or otherwise to avoid the taxes, penalties or interest under Section 409A with respect to any Award and will have no liability
to any Participant or any other person if any Award, compensation or other benefits under the Plan are determined to constitute
noncompliant “nonqualified deferred compensation” subject to taxes, penalties or interest under Section 409A.

 

(b)            Separation
from Service. If an Award constitutes “nonqualified deferred compensation” under Section 409A, any payment
or settlement of such Award upon a termination of a Participant’s Service Provider relationship will, to the extent necessary
to avoid taxes under Section 409A, be made only upon the Participant’s “separation from service” (within
the meaning of Section 409A), whether such “separation from service” occurs upon or after the termination of the
Participant’s Service Provider relationship. For purposes of this Plan or any Award Agreement relating to any such payments
or benefits, references to a “termination,” “termination of employment” or like terms means a “separation
from service.”

 

(c)            Payments
to Specified Employees. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s) of “nonqualified
deferred compensation” required to be made under an Award to a “specified employee” (as defined under Section 409A
and as the Administrator determines) due to his or her “separation from service” will, to the extent necessary to avoid
taxes under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such “separation
from service” (or, if earlier, until the specified employee’s death) and will instead be paid (as set forth in the
Award Agreement) on the day immediately following such six-month period or as soon as administratively practicable thereafter (without
interest). Any payments of “nonqualified deferred compensation” under such Award payable more than six months following
the Participant’s “separation from service” will be paid at the time or times the payments are otherwise scheduled
to be made.

 

10.7        Limitations
on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer, other employee
or agent of the Company or any Subsidiary will be liable to any Participant, former Participant, spouse, beneficiary, or any other
person for any claim, loss, liability, or expense incurred in connection with the Plan or any Award, and such individual will
not be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity
as an Administrator, director, officer, other employee or agent of the Company or any Subsidiary. The Company will indemnify and
hold harmless each director, officer, other employee and agent of the Company or any Subsidiary that has been or will be granted
or delegated any duty or power relating to the Plan’s administration or interpretation, against any cost or expense (including
attorneys’ fees) or liability (including any sum paid in settlement of a claim with the Administrator’s approval)
arising from any act or omission concerning this Plan unless arising from such person’s own fraud or bad faith.

 

    11

     

    

 

10.8            Lock-Up
Period. The Company may, at the request of any underwriter representative or otherwise, in connection with registering the
offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise
transferring any Shares or other Company securities during a period of up to 180 days following the effective date of a Company
registration statement filed under the Securities Act, or such longer period as determined by the underwriter.

 

10.9            Data
Privacy. As a condition for receiving any Award, each Participant explicitly and unambiguously consents to the collection,
use and transfer, in electronic or other form, of personal data as described in this section by and among the Company and its
Subsidiaries and affiliates exclusively for implementing, administering and managing the Participant’s participation in
the Plan. The Company and its Subsidiaries and affiliates may hold certain personal information about a Participant, including
the Participant’s name, address and telephone number; birthdate; social security, insurance number or other identification
number; salary; nationality; job title(s); any Shares held in the Company or its Subsidiaries and affiliates; and Award details,
to implement, manage and administer the Plan and Awards (the “Data”). The Company and its Subsidiaries
and affiliates may transfer the Data amongst themselves as necessary to implement, administer and manage a Participant’s
participation in the Plan, and the Company and its Subsidiaries and affiliates may transfer the Data to third parties assisting
the Company with Plan implementation, administration and management. These recipients may be located in the Participant’s
country, or elsewhere, and the Participant’s country may have different data privacy laws and protections than the recipients’
country. By accepting an Award, each Participant authorizes such recipients to receive, possess, use, retain and transfer the
Data, in electronic or other form, to implement, administer and manage the Participant’s participation in the Plan, including
any required Data transfer to a broker or other third party with whom the Company or the Participant may elect to deposit any
Shares. The Data related to a Participant will be held only as long as necessary to implement, administer, and manage the Participant’s
participation in the Plan. A Participant may, at any time, view the Data that the Company holds regarding such Participant, request
additional information about the storage and processing of the Data regarding such Participant, recommend any necessary corrections
to the Data regarding the Participant or refuse or withdraw the consents in this Section 10.9 in writing, without cost, by
contacting the local human resources representative. If the Participant refuses or withdraws the consents in this Section 10.9,
the Company may cancel Participant’s ability to participate in the Plan and, in the Administrator’s discretion, the
Participant may forfeit any outstanding Awards. For more information on the consequences of refusing or withdrawing consent, Participants
may contact their local human resources representative.

 

10.10          Severability.
If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality or invalidity
will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provisions
had been excluded, and the illegal or invalid action will be null and void.

 

10.11          Governing
Documents. If any contradiction occurs between the Plan and any Award Agreement or other written agreement between a Participant
and the Company (or any Subsidiary) that the Administrator has approved, the Plan will govern, unless it is expressly specified
in such Award Agreement or other written document that a specific provision of the Plan will not apply.

 

10.12          Governing
Law. The Plan and all Awards will be governed by and interpreted in accordance with the laws of the State of Delaware, disregarding
any state’s choice-of-law principles requiring the application of a jurisdiction’s laws other than the State of Delaware.

 

    12

     

    

 

10.13          Claw-back
Provisions. All Awards (including, without limitation, any proceeds, gains or other economic benefit actually or constructively
received by Participant upon any receipt or exercise of any Award or upon the receipt or resale of any Shares underlying the Award)
shall be subject to the provisions of any claw-back policy implemented by the Company, including, without limitation, any claw-back
policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any
rules or regulations promulgated thereunder) as and to the extent set forth in such claw-back policy or the Award Agreement.

 

10.14          Titles
and Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the Plan’s
text, rather than such titles or headings, will control.

 

10.15          Conformity
to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with Applicable
Laws. Notwithstanding anything herein to the contrary, the Plan and all Awards will be administered only in conformance with Applicable
Laws. To the extent Applicable Laws permit, the Plan and all Award Agreements will be deemed amended as necessary to conform to
Applicable Laws.

 

10.16          Relationship
to Other Benefits. No payment under the Plan will be taken into account in determining any benefits under any pension, retirement,
savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except as expressly provided
in writing in such other plan or an agreement thereunder.

 

ARTICLE XI.

Definitions

 

As used in the Plan,
the following words and phrases will have the following meanings:

 

11.1         “Administrator”
means the Board or a Committee to the extent that the Board’s powers or authority under the Plan have been delegated to such
Committee.

 

11.2         “Applicable
Laws” means the requirements relating to the administration of equity incentive plans under U.S. federal and state
securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation
system on which the Common Stock is listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction
where Awards are granted.

 

11.3         “Award”
means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted
Stock Units, Dividend Equivalents, or Other Stock or Cash Based Awards.

 

11.4         “Award
Agreement” means a written agreement evidencing an Award, which may be electronic, that contains such terms and conditions
as the Administrator determines, consistent with and subject to the terms and conditions of the Plan.

 

11.5         “Board”
means the Board of Directors of the Company.

 

11.6         “Change
in Control” means and includes each of the following:

 

(a)            A
transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement
filed with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses
(i) and (ii) of subsection (c) below) whereby any “person” or related “group” of “persons”
(as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its
Subsidiaries, an employee benefit plan maintained by the Company or any of its Subsidiaries or a “person” that, prior
to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly
or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the
Company possessing more than 50% of the total combined voting power of the Company’s securities outstanding immediately after
such acquisition; or

 

    13

     

    

 

(b)           During
any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new
Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect
a transaction described in subsections (a) or (c)) whose election by the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the Directors then still in office who either were Directors at the
beginning of the two-year period or whose election or nomination for election was previously so approved, cease for any reason
to constitute a majority thereof; or

 

(c)           The
consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries)
of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or
substantially all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition
of assets or stock of another entity, in each case other than a transaction:

 

(i)            which
results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either
by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s
assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”))
directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities
immediately after the transaction, and

 

(ii)            after
which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor
Entity; provided, however, that no person or group shall be treated for purposes of this clause (ii) as beneficially
owning 50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company
prior to the consummation of the transaction.

 

Notwithstanding the
foregoing, if a Change in Control constitutes a payment event with respect to any Award (or portion of any Award) that provides
for the deferral of compensation that is subject to Section 409A, to the extent required to avoid the imposition of additional
taxes under Section 409A, the transaction or event described in subsection (a), (b) or (c) with respect to
such Award (or portion thereof) shall only constitute a Change in Control for purposes of the payment timing of such Award if such
transaction also constitutes a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5).

 

The Administrator shall
have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control
has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters
relating thereto; provided that any exercise of authority in conjunction with a determination of whether a Change in Control is
a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent
with such regulation.

 

11.7         “Code”
means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

 

    14

     

    

 

11.8            “Committee”
means one or more committees or subcommittees of the Board, which may include one or more Company directors or executive officers,
to the extent Applicable Laws permit. To the extent required to comply with the provisions of Rule 16b-3, it is intended that
each member of the Committee will be, at the time the Committee takes any action with respect to an Award that is subject to Rule 16b-3,
a “non-employee director” within the meaning of Rule 16b-3; however, a Committee member’s failure to qualify
as a “non-employee director” within the meaning of Rule 16b-3 will not invalidate any Award granted by the Committee
that is otherwise validly granted under the Plan.

 

11.9            “Common
Stock” means the common stock of the Company.

 

11.10          “Company”
means Opendoor Technologies Inc., a Delaware corporation, or any successor.

 

11.11          “Consultant”
means any person, including any adviser, engaged by the Company or any of its Subsidiaries to render services to such entity.

 

11.12          “Designated
Beneficiary” means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines,
to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s
effective designation, “Designated Beneficiary” will mean the Participant’s estate.

 

11.13          “Director”
means a Board member.

 

11.14          “Dividend
Equivalents” means a right granted to a Participant under the Plan to receive the equivalent value (in cash or Shares)
of dividends paid on Shares.

 

11.15          “Employee”
means any employee of the Company or its Subsidiaries.

 

11.16          “Equity
Restructuring” means, as determined by the Administrator, a non-reciprocal transaction between the Company and its
stockholders, such as a stock dividend, stock split, spin-off or recapitalization through a large, nonrecurring cash dividend,
or other large, nonrecurring cash dividend, that affects the Shares (or other securities of the Company) or the share price of
Common Stock (or other securities of the Company) and causes a change in the per share value of the Common Stock underlying outstanding
Awards.

 

11.17          “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

11.18          “Fair
Market Value” means, as of any date, the value of a share of Common Stock determined as follows: (a) if the
Common Stock is listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Common
Stock as quoted on such exchange for such date, or if no sale occurred on such date, the last day preceding such date during which
a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; (b) if
the Common Stock is not traded on a stock exchange but is quoted on a national market or other quotation system, the closing sales
price on such date, or if no sales occurred on such date, then on the last date preceding such date during which a sale occurred,
as reported in The Wall Street Journal or another source the Administrator deems reliable; or (c) without an established
market for the Common Stock, the Administrator will determine the Fair Market Value in its discretion.

 

Notwithstanding the
foregoing, with respect to any Award granted on the pricing date of the Company’s initial public offering, the Fair Market
Value shall mean the initial public offering price of a Share as set forth in the Company’s final prospectus relating to
its initial public offering filed with the Securities and Exchange Commission.

 

    15

     

    

 

11.19          “Greater
Than 10% Stockholder” means an individual then owning (within the meaning of Section 424(d) of the Code)
more than 10% of the total combined voting power of all classes of stock of the Company or its parent or subsidiary corporation,
as defined in Section 424(e) and (f) of the Code, respectively.

 

11.20          “Incentive
Stock Option” means an Option intended to qualify as an “incentive stock option” as defined in Section 422
of the Code.

 

11.21          “Non-Qualified
Stock Option” means an Option, or portion thereof, not intended or not qualifying as an Incentive Stock Option.

 

11.22          “Option”
means an option to purchase Shares, which will either be an Incentive Stock Option or a Non-Qualified Stock Option.

 

11.23          “Other
Stock or Cash Based Awards” means cash awards, awards of Shares, and other awards valued wholly or partially by referring
to, or are otherwise based on, Shares or other property awarded to a Participant under Article VII.

 

11.24          “Overall
Share Limit” means the sum of (i) 43,508,048 Shares and (ii) an annual increase on the first day of each
calendar year beginning January 1, 2022 and ending on and including January 1, 2030 equal to the lesser of (A) a
number equal to the excess (if any) of (1) 5% of the aggregate number of Shares outstanding on the final day of the immediately
preceding calendar year over (2) the number of Shares then reserved for issuance under the Plan as of such date and (B) such
smaller number of Shares as is determined by the Board.

 

11.25          “Participant”
means a Service Provider who has been granted an Award.

 

11.26          “Performance
Criteria” mean the criteria (and adjustments) that the Administrator may select for an Award to establish performance
goals for a performance period, which may include the following: net earnings or losses (either before or after one or more of
interest, taxes, depreciation, amortization, and non-cash equity-based compensation expense); gross or net sales or revenue or
sales or revenue growth; net income (either before or after taxes) or adjusted net income; profits (including but not limited to
gross profits, net profits, profit growth, net operation profit or economic profit), profit return ratios or operating margin;
budget or operating earnings (either before or after taxes or before or after allocation of corporate overhead and bonus); cash
flow (including operating cash flow and free cash flow or cash flow return on capital); return on assets; return on capital or
invested capital; cost of capital; return on stockholders’ equity; total stockholder return; return on sales; costs, reductions
in costs and cost control measures; expenses; working capital; earnings or loss per share; adjusted earnings or loss per share;
price per share or dividends per share (or appreciation in or maintenance of such price or dividends); regulatory achievements
or compliance; implementation, completion or attainment of objectives relating to research, development, regulatory, commercial,
or strategic milestones or developments; market share; economic value or economic value added models; division, group or corporate
financial goals; customer satisfaction/growth; customer service; employee satisfaction; recruitment and maintenance of personnel;
human resources management; supervision of litigation and other legal matters; strategic partnerships and transactions; financial
ratios (including those measuring liquidity, activity, profitability or leverage); debt levels or reductions; sales-related goals;
financing and other capital raising transactions; cash on hand; acquisition activity; investment sourcing activity; and marketing
initiatives, any of which may be measured in absolute terms or as compared to any incremental increase or decrease. Such performance
goals also may be based solely by reference to the Company’s performance or the performance of a Subsidiary, division, business
segment or business unit of the Company or a Subsidiary, or based upon performance relative to performance of other companies or
upon comparisons of any of the indicators of performance relative to performance of other companies.

 

    16

     

    

 

11.27          “Plan”
means this 2020 Incentive Award Plan.

 

11.28          “Restricted
Stock” means Shares awarded to a Participant under Article VI subject to certain vesting conditions and other
restrictions.

 

11.29          “Restricted
Stock Unit” means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount
in cash or other consideration determined by the Administrator to be of equal value as of such settlement date awarded to a Participant
under Article VI subject to certain vesting conditions and other restrictions.

 

11.30          “Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act.

 

11.31          “Section 409A”
means Section 409A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder.

 

11.32          “Section 16
Persons” means those officers, directors or other persons who are subject to Section 16 of the Exchange Act.

 

11.33          “Securities
Act” means the Securities Act of 1933, as amended.

 

11.34          “Service
Provider” means an Employee, Consultant or Director.

 

11.35          “Shares”
means shares of Common Stock.

 

11.36          “Stock
Appreciation Right” means a stock appreciation right granted under Article V.

 

11.37          “Subsidiary”
means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company
if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities
or interests representing at least 50% of the total combined voting power of all classes of securities or interests in one of the
other entities in such chain.

 

11.38          “Substitute
Awards” means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for,
awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company
or any Subsidiary or with which the Company or any Subsidiary combines.

 

11.39          “Termination
of Service” means the date the Participant ceases to be a Service Provider.

 

* * * * *

 

    17Exhibit 10.4

 

OPENDOOR TECHNOLOGIES INC.

2020 EMPLOYEE STOCK PURCHASE PLAN

 

ARTICLE 1

PURPOSE

 

The Plan’s purpose is to assist employees
of the Company and its Designated Subsidiaries in acquiring a stock ownership interest in the Company, and to help such employees
provide for their future security and to encourage them to remain in the employment of the Company and its Subsidiaries.

 

The Plan consists of two components: the
Section 423 Component and the Non-Section 423 Component. The Section 423 Component is intended to qualify as an
 “employee stock purchase plan” under Section 423 of the Code and shall be administered, interpreted and construed
in a manner consistent with the requirements of Section 423 of the Code. In addition, this Plan authorizes the grant of Options
under the Non-Section 423 Component, which need not qualify as Options granted pursuant to an “employee stock purchase
plan” under Section 423 of the Code; such Options granted under the Non-Section 423 Component shall be granted
pursuant to separate Offerings containing such sub-plans, appendices, rules or procedures as may be adopted by the Administrator
and designed to achieve tax, securities laws or other objectives for Eligible Employees and the Designated Subsidiaries in locations
outside of the United States. Except as otherwise provided herein, the Non-Section 423 Component will operate and be administered
in the same manner as the Section 423 Component. Offerings intended to be made under the Non-Section 423 Component will
be designated as such by the Administrator at or prior to the time of such Offering.

 

For purposes of this Plan, the Administrator
may designate separate Offerings under the Plan, the terms of which need not be identical, in which Eligible Employees will participate,
even if the dates of the applicable Offering Period(s) in each such Offering is identical, provided that the terms of participation
are the same within each separate Offering under the Section 423 Component as determined under Section 423 of the Code.
Solely by way of example and without limiting the foregoing, the Company could, but shall not be required to, provide for simultaneous
Offerings under the Section 423 Component and the Non-Section 423 Component of the Plan.

 

ARTICLE 2

Definitions

 

As used in the Plan, the following words
and phrases have the meanings specified below, unless the context clearly indicates otherwise:

 

2.1            “Administrator”
means the Committee, or such individuals to which authority to administer the Plan has been delegated under Section 7.1 hereof.

 

2.2            “Agent”
means the brokerage firm, bank or other financial institution, entity or person(s), if any, engaged, retained, appointed or authorized
to act as the agent of the Company or an Employee with regard to the Plan.

 

2.3            “Board”
means the Board of Directors of the Company.

 

2.4            “Code”
means the U.S. Internal Revenue Code of 1986, as amended, and all regulations, guidance, compliance programs and other interpretative
authority issued thereunder.

 

2.5            “Committee”
means the Compensation Committee of the Board.

 

    

     

    

 

2.6            “Common
Stock” means the common stock of the Company.

 

2.7            “Company”
means Opendoor Technologies Inc., a Delaware corporation, or any successor.

 

2.8            “Compensation”
of an Employee means the regular earnings or base salary, bonuses and commissions paid to the Employee from the Company on each
Payday as compensation for services to the Company or any Designated Subsidiary, before deduction for any salary deferral contributions
made by the Employee to any tax-qualified or nonqualified deferred compensation plan, including overtime, shift differentials,
vacation pay, salaried production schedule premiums, holiday pay, jury duty pay, funeral leave pay, paid time off, military pay,
prior week adjustments and weekly bonus, but excluding education or tuition reimbursements, imputed income arising under any group
insurance or benefit program, travel expenses, business and moving reimbursements, including tax gross ups and taxable mileage
allowance, income received in connection with any stock options, restricted stock, restricted stock units or other compensatory
equity awards and all contributions made by the Company or any Designated Subsidiary for the Employee’s benefit under any
employee benefit plan now or hereafter established. Such Compensation shall be calculated before deduction of any income or employment
tax withholdings, but shall be withheld from the Employee’s net income.

 

2.9            “Designated
Subsidiary” means each Subsidiary, including any Subsidiary in existence on the Effective Date and any Subsidiary
formed or acquired following the Effective Date, that has been designated by the Board or Committee from time to time in its sole
discretion as eligible to participate in the Plan, in accordance with Section 7.2 hereof, such designation to specify whether
such participation is in the Section 423 Component or Non-Section 423 Component. A Designated Subsidiary may participate
in either the Section 423 Component or Non-Section 423 Component, but not both, provided that a Subsidiary that,
for U.S. tax purposes, is disregarded from the Company or any Subsidiary that participates in the Section 423 Component shall
automatically constitute a Designated Subsidiary that participates in the Section 423 Component.

 

2.10            “Effective
Date” means the date the Plan is approved by the Company’s stockholders.

 

2.11            “Eligible
Employee” means an Employee:

 

(a)            who
is customarily scheduled to work at least 20 hours per week;

 

(b)            whose
customary employment is more than five months in a calendar year; and

 

(c)            who,
after the granting of the Option, would not be deemed for purposes of Section 423(b)(3) of the Code to possess 5% or
more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary.

 

For purposes of clause (c), the rules of
Section 424(d) of the Code with regard to the attribution of stock ownership shall apply in determining the stock ownership
of an individual, and stock which an Employee may purchase under outstanding options shall be treated as stock owned by the Employee.

 

Notwithstanding the foregoing, the Administrator
may exclude from participation in the Section 423 Component as an Eligible Employee:

 

(x)            any
Employee that is a “highly compensated employee” of the Company or any Designated Subsidiary (within the meaning of
Section 414(q) of the Code), or that is such a “highly compensated employee” (A) with compensation above
a specified level, (B) who is an officer or (C) who is subject to the disclosure requirements of Section 16(a) of
the Exchange Act; or

 

    2

     

    

 

(y)            any
Employee who is a citizen or resident of a foreign jurisdiction (without regard to whether they are also a citizen of the United
States or a resident alien (within the meaning of Section 7701(b)(1)(A) of the Code)) if either (A) the grant of
the Option is prohibited under the laws of the jurisdiction governing such Employee, or (B) compliance with the laws of the
foreign jurisdiction would cause the Section 423 Component, any Offering thereunder or an Option granted thereunder to violate
the requirements of Section 423 of the Code; provided that any exclusion in clauses (x) or (y) shall be applied
in an identical manner under each Offering to all Employees of the Company and all Designated Subsidiaries, in accordance with
Treas. Reg. § 1.423-2(e). Notwithstanding the foregoing, with respect to the Non-Section 423 Component, the first sentence
in this definition shall apply in determining who is an “Eligible Employee,” except (a) the Administrator may
limit eligibility further within the Company or a Designated Subsidiary so as to only designate some Employees of the Company or
a Designated Subsidiary as Eligible Employees, and (b) to the extent the restrictions in the first sentence in this definition
are not consistent with applicable local laws, the applicable local laws shall control.

 

2.12            “Employee”
means any person who renders services to the Company or a Designated Subsidiary in the status of an employee within the meaning
of Section 3401(c) of the Code. “Employee” shall not include any director of the Company or a Designated
Subsidiary who does not render services to the Company or a Designated Subsidiary in the status of an employee within the meaning
of Section 3401(c) of the Code. For purposes of the Plan, the employment relationship shall be treated as continuing
intact while the individual is on military leave, sick leave or other leave of absence approved by the Company or a Designated
Subsidiary and meeting the requirements of Treas. Reg. § 1.421-1(h)(2). Where the period of leave exceeds three months, or
such other period specified in Treas. Reg. § 1.421-1(h)(2), and the individual’s right to reemployment is not guaranteed
either by statute or by contract, the employment relationship shall be deemed to have terminated on the first day immediately following
such three-month period, or such other period specified in Treas. Reg. § 1.421-1(h)(2).

 

2.13            “Enrollment
Date” means the first date of each Offering Period.

 

2.14            “Exercise
Date” means the last day of each Offering Period, except as provided in Section 5.2 hereof.

 

2.15            “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

2.16            “Fair
Market Value” means, as of any date, the value of Common Stock determined as follows:

 

(a)            If
the Common Stock is (i) listed on any established securities exchange (such as the New York Stock Exchange or Nasdaq Stock
Market), (ii) listed on any national market system or (iii) listed, quoted or traded on any automated quotation system,
its Fair Market Value shall be the closing sales price for a share of Common Stock as quoted on such exchange or system for such
date or, if there is no closing sales price for a share of Common Stock on the date in question, the closing sales price for a
share of Common Stock on the last preceding date for which such quotation exists, as reported in The Wall Street Journal
or such other source as the Administrator deems reliable;

 

(b)            If
the Common Stock is not listed on an established securities exchange, national market system or automated quotation system, but
the Common Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid
and low asked prices for such date or, if there are no high bid and low asked prices for a share of Common Stock on such date,
the high bid and low asked prices for a share of Common Stock on the last preceding date for which such information exists, as
reported in The Wall Street Journal or such other source as the Administrator deems reliable; or

 

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(c)            If
the Common Stock is neither listed on an established securities exchange, national market system or automated quotation system
nor regularly quoted by a recognized securities dealer, its Fair Market Value shall be established by the Administrator in good
faith.

 

2.17            “Grant
Date” means the first day of an Offering Period.

 

2.18            “New
Exercise Date” has the meaning set forth in Section 5.2(b) hereof.

 

2.19            “Non-Section 423
Component” means those Offerings under the Plan, together with the sub-plans, appendices, rules or procedures,
if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which Options may be granted solely to non-U.S.
Eligible Employees and U.S. Eligible Employees who are employed by a Subsidiary other than a subsidiary corporation of the Company
within the meaning of Section 424 of the Code that need not satisfy the requirements for Options granted pursuant to an “employee
stock purchase plan” that are set forth under Section 423 of the Code.

 

2.20            “Offering”
means an offer under the Plan of an Option that may be exercised during an Offering Period as further described in Section 4
hereof. Unless otherwise specified by the Administrator, each Offering to the Eligible Employees of the Company or a Designated
Subsidiary shall be deemed a separate Offering, even if the dates of the applicable Offering Periods and the other terms of each
such Offering are identical, and the provisions of the Plan will separately apply to each Offering. To the extent permitted by
Treas. Reg. § 1.423-2(a)(1), the terms of each separate Offering under the Section 423 Component need not be identical,
provided that the terms of the Section 423 Component and an Offering thereunder together satisfy Treas. Reg. § 1.423-2(a)(2) and
(a)(3).

 

2.21            “Offering
Period” means a period, which may be consecutive or overlapping with any other Offering Period, commencing on such
date(s) as determined by the Board or Committee, in its sole discretion, and with respect to which Options shall be granted
to Participants. The duration and timing of Offering Periods may be established or changed by the Board or Committee at any time,
in its sole discretion. Notwithstanding the foregoing, in no event may an Offering Period exceed twenty-seven (27) months.

 

2.22            “Option”
means the right to purchase shares of Common Stock pursuant to the Plan during each Offering Period.

 

2.23            “Option
Price” means the purchase price of a share of Common Stock hereunder as provided in Section 4.2 hereof.

 

2.24            “Parent”
means any entity that is a parent corporation of the Company within the meaning of Section 424 of the Code.

 

2.25            “Participant”
means any Eligible Employee who elects to participate in the Plan.

 

2.26            “Payday”
means the regular and recurring established day for payment of Compensation to an Employee of the Company or any Designated Subsidiary.

 

2.27            “Plan”
means this 2020 Employee Stock Purchase Plan, including both the Section 423 Component and Non-Section 423 Component
and any other sub-plans or appendices hereto, as amended from time to time.

 

2.28            “Plan
Account” means a bookkeeping account established and maintained by the Company in the name of each Participant.

 

    4

     

    

 

2.29            “Section 409A”
means Section 409A of the Code.

 

2.30            “Section 423
Component” means those Offerings under the Plan that are intended to meet the requirements under Section 423(b) of
the Code.

 

2.31            “Subsidiary”
means any entity that is a subsidiary corporation of the Company within the meaning of Section 424 of the Code. In addition,
with respect to the Non-Section 423 Component, Subsidiary shall include any corporate or noncorporate entity in which the
Company has a direct or indirect equity interest or significant business relationship.

 

2.32            “Treas.
Reg.” means U.S. Department of the Treasury regulations.

 

2.33            “Withdrawal
Election” has the meaning set forth in Section 6.1(a) hereof.

 

ARTICLE 3

PARTICIPATION

 

3.1            Eligibility.

 

(a)            Any
Eligible Employee who is employed by the Company or a Designated Subsidiary on a given Enrollment Date for an Offering Period shall
be eligible to participate in the Plan during such Offering Period, subject to the requirements of Articles 4 and 5 hereof, and,
for the Section 423 Component, the limitations imposed by Section 423(b) of the Code. Unless determined otherwise
by the Board or the Committee, no Eligible Employee may participate in more than one Offering Period under the Section 423
Component at any one time.

 

(b)            No
Eligible Employee shall be granted an Option under the Section 423 Component which permits the Participant’s rights
to purchase shares of Common Stock under the Plan, and to purchase stock under all other employee stock purchase plans of the Company,
any Parent or any Subsidiary subject to Section 423 of the Code, to accrue at a rate which exceeds $25,000 of fair market
value of such stock (determined at the time such Option is granted) for each calendar year in which such Option is outstanding
at any time. The limitation under this Section 3.1(b) shall be applied in accordance with Section 423(b)(8) of
the Code.

 

3.2            Election
to Participate; Payroll Deductions

 

(a)            Except
as provided in Sections 3.2(e) and 3.3 hereof, an Eligible Employee may become a Participant in the Plan only by means of
payroll deduction. Each individual who is an Eligible Employee as of an Offering Period’s Enrollment Date may elect to participate
in such Offering Period and the Plan by delivering to the Company a payroll deduction authorization no later than the period of
time prior to the applicable Enrollment Date that is determined by the Administrator, in its sole discretion.

 

(b)            Subject
to Section 3.1(b) hereof and except as may otherwise be determined by the Administrator, payroll deductions (i) shall
equal at least 1% of the Participant’s Compensation as of each Payday of the Offering Period following the Enrollment Date,
but not more than 15% of the Participant’s compensation as of each Payday of the Offering Period following the Enrollment
Date; and (ii) may be expressed either as (A) a whole number percentage, or (B) a fixed dollar amount. Amounts deducted
from a Participant’s Compensation with respect to an Offering Period pursuant to this Section 3.2 shall be deducted
each Payday through payroll deduction and credited to the Participant’s Plan Account; provided that for the first Offering
Period under this Plan, payroll deductions shall not begin until such date determined by the Board or Committee, in its sole discretion.

 

    5

     

    

 

(c)            Following
at least one payroll deduction, a Participant may decrease (to as low as zero) the amount deducted from such Participant’s
Compensation only once during an Offering Period upon ten calendar days’ prior written notice to the Company. A Participant
may not increase the amount deducted from such Participant’s Compensation during an Offering Period.

 

(d)            Unless
determined otherwise by the Board or the Committee, upon the completion of an Offering Period, each Participant in such Offering
Period shall automatically participate in the immediately following Offering Period at the same payroll deduction percentage or
fixed amount as in effect at the termination of such Offering Period, unless such Participant delivers to the Company a different
election with respect to the successive Offering Period in accordance with Section 3.2(a) hereof, or unless such Participant
becomes ineligible for participation in the Plan.

 

(e)            Notwithstanding
any other provisions of the Plan to the contrary, in non-U.S. jurisdictions where participation in the Plan through payroll deductions
is prohibited, the Administrator may provide that an Eligible Employee may elect to participate through contributions to the Participant’s
account under the Plan in a form acceptable to the Administrator in lieu of or in addition to payroll deductions; provided, that,
for any Offering under the Section 423 Component, the Administrator must determine that any alternative method of contribution
is applied on an equal and uniform basis to all Eligible Employees in the Offering.

 

3.3            Leave
of Absence. During leaves of absence approved by the Company meeting the requirements of Treas. Reg. § 1.421-1(h)(2),
a Participant may continue participation in the Plan by making cash payments to the Company on the Participant’s normal payday
equal to the Participant’s authorized payroll deduction.

 

ARTICLE 4

PURCHASE OF SHARES

 

4.1            Grant
of Option. The Company may make one or more Offerings under the Plan, which may be successive or overlapping with one another,
until the earlier of: (i) the date on which the Shares available under the Plan have been sold or (ii) the date on which
the Plan is suspended or terminates. The Administrator shall designate the terms and conditions of each Offering in writing, including
without limitation, the Offering Period. Each Participant shall be granted an Option with respect to an Offering Period on the
applicable Grant Date. Subject to the limitations of Section 3.1(b) hereof, the number of shares of Common Stock subject
to a Participant’s Option shall be determined by dividing (a) such Participant’s payroll deductions accumulated
prior to an Exercise Date and retained in the Participant’s Plan Account on such Exercise Date by (b) the applicable
Option Price; provided that in no event shall a Participant be permitted to purchase during each Offering Period more than
5,000 shares of Common Stock (subject to any adjustment pursuant to Section 5.2 hereof). The Administrator may, for future
Offering Periods, increase or decrease, in its absolute discretion, the maximum number of shares of Common Stock that a Participant
may purchase during such future Offering Periods. Each Option shall expire on the last Exercise Date for the applicable Offering
Period immediately after the automatic exercise of the Option in accordance with Section 4.3 hereof, unless such Option terminates
earlier in accordance with Article 6 hereof.

 

4.2            Option
Price. The “Option Price” per share of Common Stock to be paid by a Participant upon exercise of
the Participant’s Option on an Exercise Date for an Offering Period shall equal 85% of the lesser of the Fair Market Value
of a share of Common Stock on (a) the applicable Grant Date and (b) the applicable Exercise Date, or such other price
designated by the Administrator; provided that in no event shall the Option Price per share of Common Stock be less than
the par value per share of the Common Stock; provided further, that no Option Price shall be designated by the Administrator
that would cause the Section 423 Component to fail to meet the requirements under Section 423(b) of the Code.

 

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4.3            Purchase
of Shares.

 

(a)            On
each Exercise Date for an Offering Period, each Participant shall automatically and without any action on such Participant’s
part be deemed to have exercised the Participant’s Option to purchase at the applicable per share Option Price the largest
number of whole shares of Common Stock which can be purchased with the amount in the Participant’s Plan Account. Any balance
less than the per share Option Price that is remaining in the Participant’s Plan Account (after exercise of such Participant’s
Option) as of the Exercise Date shall be carried forward to the next Offering Period, unless the Participant has elected to withdraw
from the Plan pursuant to Section 6.1 hereof or, pursuant to Section 6.2 hereof, such Participant has ceased to be an
Eligible Employee. Any balance not carried forward to the next Offering Period in accordance with the prior sentence promptly shall
be refunded to the applicable Participant. In no event shall an amount greater than or equal to the per share Option Price as of
an Exercise Date be carried forward to the next Offering Period.

 

(b)            As
soon as practicable following each Exercise Date, the number of shares of Common Stock purchased by such Participant pursuant to
Section 4.3(a) hereof shall be delivered (either in share certificate or book entry form), in the Company’s sole
discretion, to either (i) the Participant or (ii) an account established in the Participant’s name at a stock brokerage
or other financial services firm designated by the Company. If the Company is required to obtain from any commission or agency
authority to issue any such shares of Common Stock, the Company shall seek to obtain such authority. Inability of the Company to
obtain from any such commission or agency authority which counsel for the Company deems necessary for the lawful issuance of any
such shares shall relieve the Company from liability to any Participant except to refund to the Participant such Participant’s
Plan Account balance, without interest thereon.

 

4.4            Automatic
Termination of Offering Period. If the Fair Market Value of a share of Common Stock on any Exercise Date (except the final
scheduled Exercise Date of any Offering Period) is lower than the Fair Market Value of a share of Common Stock on the Grant Date
for an Offering Period, then such Offering Period shall terminate on such Exercise Date after the automatic exercise of the Option
in accordance with Section 4.3 hereof, and each Participant shall automatically be enrolled in the Offering Period that commences
immediately following such Exercise Date and such Participant’s payroll deduction authorization shall remain in effect for
such Offering Period.

 

4.5            Transferability
of Rights. An Option granted under the Plan shall not be transferable, other than by will or the applicable laws of descent
and distribution, and is exercisable during the Participant’s lifetime only by the Participant. No option or interest or
right to the Option shall be available to pay off any debts, contracts or engagements of the Participant or the Participant’s
successors in interest or shall be subject to disposition by pledge, encumbrance, assignment or any other means whether such disposition
be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings
(including bankruptcy), and any attempt at disposition of the Option shall have no effect.

 

ARTICLE 5

PROVISIONS RELATING TO COMMON STOCK

 

5.1            Common
Stock Reserved. Subject to adjustment as provided in Section 5.2 hereof, the maximum number of shares of Common Stock
that shall be made available for sale under the Plan shall be the sum of (a) 5,438,506 shares of Common Stock and (b) an
annual increase on the first day of each year beginning in 2022 with such last year being 2030 equal to the lesser of (i) 1%
of the shares of Common Stock outstanding on the last day of the immediately preceding fiscal year and (ii) such number of
shares of Common Stock as may be determined by the Board; provided, that, no more than 54,385,060 shares may be issued under
the Plan. Shares made available for sale under the Plan may be authorized but unissued shares, treasury shares of Common Stock,
or reacquired shares reserved for issuance under the Plan.

 

    7

     

    

 

5.2            Adjustments
Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Asset Sale.

 

(a)            Changes
in Capitalization. Subject to any required action by the stockholders of the Company, the number of shares of Common Stock
which have been authorized for issuance under the Plan but not yet placed under Option, as well as the price per share and the
number of shares of Common Stock covered by each Option under the Plan which has not yet been exercised shall be proportionately
adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock
split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of
shares of Common Stock effected without receipt of consideration by the Company; provided, that conversion of any convertible
securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment
shall be made by the Administrator, whose determination in that respect shall be final, binding and conclusive. Except as expressly
provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of
any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common
Stock subject to an Option.

 

(b)            Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering Periods then in progress
shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and shall terminate immediately
prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Administrator. The New
Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Administrator shall notify
each Participant in writing, at least ten business days prior to the New Exercise Date, that the Exercise Date for the Participant’s
Option has been changed to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the
New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 6.1
hereof or the Participant has ceased to be an Eligible Employee as provided in Section 6.2 hereof.

 

(c)            Merger
or Asset Sale. In the event of a proposed sale of all or substantially all of the assets of the Company, or the merger of the
Company with or into another corporation, each outstanding Option shall be assumed or an equivalent Option substituted by the successor
corporation or a Parent or Subsidiary of the successor corporation. If the successor corporation refuses to assume or substitute
for the Option, any Offering Periods then in progress shall be shortened by setting a New Exercise Date and any Offering Periods
then in progress shall end on the New Exercise Date. The New Exercise Date shall be before the date of the Company’s proposed
sale or merger. The Administrator shall notify each Participant in writing, at least ten business days prior to the New Exercise
Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s
Option shall be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from
the Offering Period as provided in Section 6.1 hereof or the Participant has ceased to be an Eligible Employee as provided
in Section 6.2 hereof.

 

5.3            Insufficient
Shares. If the Administrator determines that, on a given Exercise Date, the number of shares of Common Stock with respect to
which Options are to be exercised may exceed the number of shares of Common Stock remaining available for sale under the Plan on
such Exercise Date, the Administrator shall make a pro rata allocation of the shares of Common Stock available for issuance on
such Exercise Date in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable
among all Participants exercising Options to purchase Common Stock on such Exercise Date, and unless additional shares are authorized
for issuance under the Plan, no further Offering Periods shall take place and the Plan shall terminate pursuant to Section 7.5
hereof. If an Offering Period is so terminated, then the balance of the amount credited to the Participant’s Plan Account
which has not been applied to the purchase of shares of Common Stock shall be paid to such Participant in one lump sum in cash
within 30 days after such Exercise Date, without any interest thereon.

 

    8

     

    

 

5.4            Rights
as Stockholders. With respect to shares of Common Stock subject to an Option, a Participant shall not be deemed to be a stockholder
of the Company and shall not have any of the rights or privileges of a stockholder. A Participant shall have the rights and privileges
of a stockholder of the Company when, but not until, shares of Common Stock have been deposited in the designated brokerage account
following exercise of the Participant’s Option.

 

ARTICLE 6

TERMINATION OF PARTICIPATION

 

6.1            Cessation
of Contributions; Voluntary Withdrawal.

 

(a)            A
Participant may cease payroll deductions during an Offering Period and elect to withdraw from the Plan by delivering written notice
of such election to the Company in such form and at such time prior to the Exercise Date for such Offering Period as may be established
by the Administrator (a “Withdrawal Election”). A Participant electing to withdraw from the Plan may
elect to either (i) withdraw all of the funds then credited to the Participant’s Plan Account as of the date on which
the Withdrawal Election is received by the Company, in which case amounts credited to such Plan Account shall be returned to the
Participant in one lump-sum payment in cash within 30 days after such election is received by the Company, without any interest
thereon, and the Participant shall cease to participate in the Plan and the Participant’s Option for such Offering Period
shall terminate; or (ii) exercise the Option for the maximum number of whole shares of Common Stock on the applicable Exercise
Date with any remaining Plan Account balance returned to the Participant in one lump-sum payment in cash within 30 days after such
Exercise Date, without any interest thereon, and after such exercise cease to participate in the Plan. Upon receipt of a Withdrawal
Election, the Participant’s payroll deduction authorization and the Participant’s Option shall terminate.

 

(b)            A
Participant’s withdrawal from the Plan shall not have any effect upon the Participant’s eligibility to participate
in any similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination
of the Offering Period from which the Participant withdraws.

 

(c)            A
Participant who ceases contributions to the Plan during any Offering Period shall not be permitted to resume contributions to the
Plan during that Offering Period.

 

6.2            Termination
of Eligibility. Upon a Participant’s ceasing to be an Eligible Employee, for any reason, such Participant’s Option
for the applicable Offering Period shall automatically terminate, the Participant shall be deemed to have elected to withdraw from
the Plan, and such Participant’s Plan Account shall be paid to such Participant or, in the case of the Participant’s
death, to the person or persons entitled thereto pursuant to applicable law, within 30 days after such cessation of being an Eligible
Employee, without any interest thereon. If a Participant transfers employment from the Company or any Designated Subsidiary participating
in the Section 423 Component to any Designated Subsidiary participating in the Non-Section 423 Component, such transfer
shall not be treated as a termination of employment, but the Participant shall immediately cease to participate in the Section 423
Component; however, any contributions made for the Offering Period in which such transfer occurs shall be transferred to the Non-Section 423
Component, and such Participant shall immediately join the then-current Offering under the Non-Section 423 Component upon
the same terms and conditions in effect for the Participant’s participation in the Section 423 Component, except for
such modifications otherwise applicable for Participants in such Offering. A Participant who transfers employment from any Designated
Subsidiary participating in the Non-Section 423 Component to the Company or any Designated Subsidiary participating in the
Section 423 Component shall not be treated as terminating the Participant’s employment and shall remain a Participant
in the Non-Section 423 Component until the earlier of (i) the end of the current Offering Period under the Non-Section 423
Component, or (ii) the Enrollment Date of the first Offering Period in which the Participant is eligible to participate following
such transfer. Notwithstanding the foregoing, the Administrator may establish different rules to govern transfers of employment
between companies participating in the Section 423 Component and the Non-Section 423 Component, consistent with the applicable
requirements of Section 423 of the Code.

 

    9

     

    

 

ARTICLE 7

GENERAL PROVISIONS

 

7.1            Administration.

 

(a)            The
Plan shall be administered by the Committee, which shall be composed of members of the Board. The Committee may delegate administrative
tasks under the Plan to the services of an Agent or Employees to assist in the administration of the Plan, including establishing
and maintaining an individual securities account under the Plan for each Participant.

 

(b)            It
shall be the duty of the Administrator to conduct the general administration of the Plan in accordance with the provisions of the
Plan. The Administrator shall have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i)            To
establish and terminate Offerings;

 

(ii)            To
determine when and how Options shall be granted and the provisions and terms of each Offering (which need not be identical);

 

(iii)            To
select Designated Subsidiaries in accordance with Section 7.2 hereof; and

 

(iv)            To
construe and interpret the Plan, the terms of any Offering and the terms of the Options and to adopt such rules for the administration,
interpretation, and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. The Administrator,
in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, any Offering or any Option, in a
manner and to the extent it shall deem necessary or expedient to administer the Plan, subject to Section 423 of the Code for
the Section 423 Component.

 

(c)            The
Administrator may adopt rules or procedures relating to the operation and administration of the Plan to accommodate the specific
requirements of local laws and procedures. Without limiting the generality of the foregoing, the Administrator is specifically
authorized to adopt rules and procedures regarding handling of participation elections, payroll deductions, payment of interest,
conversion of local currency, payroll tax, withholding procedures and handling of stock certificates which vary with local requirements.
In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Administrator
under the Plan.

 

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(d)            The
Administrator may adopt sub-plans applicable to particular Designated Subsidiaries or locations, which sub-plans may be designed
to be outside the scope of Section 423 of the Code. The rules of such sub-plans may take precedence over other provisions
of this Plan, with the exception of Section 5.1 hereof, but unless otherwise superseded by the terms of such sub-plan, the
provisions of this Plan shall govern the operation of such sub-plan.

 

(e)            All
expenses and liabilities incurred by the Administrator in connection with the administration of the Plan shall be borne by the
Company. The Administrator may, with the approval of the Committee, employ attorneys, consultants, accountants, appraisers, brokers
or other persons. The Administrator, the Company and its officers and directors shall be entitled to rely upon the advice, opinions
or valuations of any such persons. All actions taken and all interpretations and determinations made by the Administrator in good
faith shall be final and binding upon all Participants, the Company and all other interested persons. No member of the Board or
Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect to the
Plan or the options, and all members of the Board or Administrator shall be fully protected by the Company in respect to any such
action, determination, or interpretation.

 

7.2            Designation
of Subsidiary Corporations. The Board or Administrator shall designate from time to time the Subsidiaries that shall constitute
Designated Subsidiaries, and determine whether such Designated Subsidiaries shall participate in the Section 423 Component
or Non-Section 423 Component. The Board or Administrator may designate a Subsidiary, or terminate the designation of a Subsidiary,
without the approval of the stockholders of the Company.

 

7.3            Reports.
Individual accounts shall be maintained for each Participant in the Plan. Statements of Plan Accounts shall be given to Participants
at least annually, which statements shall set forth the amounts of payroll deductions, the Option Price, the number of shares purchased
and the remaining cash balance, if any.

 

7.4            No
Right to Employment. Nothing in the Plan shall be construed to give any person (including any Participant) the right to remain
in the employ of the Company, a Parent or a Subsidiary or to affect the right of the Company, any Parent or any Subsidiary to terminate
the employment of any person (including any Participant) at any time, with or without cause, which right is expressly reserved.

 

7.5            Amendment
and Termination of the Plan.

 

(a)            The
Board may, in its sole discretion, amend, suspend or terminate the Plan at any time and from time to time. To the extent necessary
to comply with Section 423 of the Code (or any successor rule or provision), with respect to the Section 423 Component,
or any other applicable law, regulation or stock exchange rule, the Company shall obtain stockholder approval of any such amendment
to the Plan in such a manner and to such a degree as required by Section 423 of the Code or such other law, regulation or
rule.

 

(b)            If
the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences,
the Administrator may in its discretion modify or amend the Plan to reduce or eliminate such accounting consequence including,
but not limited to:

 

(i)            altering
the Option Price for any Offering Period including an Offering Period underway at the time of the change in Option Price;

 

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(ii)            shortening
any Offering Period so that the Offering Period ends on a new Exercise Date, including an Offering Period underway at the time
of the Administrator action; and

 

(iii)          allocating
shares of Common Stock.

 

Such modifications or amendments shall
not require stockholder approval or the consent of any Participant.

 

(c)            Upon
termination of the Plan, the balance in each Participant’s Plan Account shall be refunded as soon as practicable after such
termination, without any interest thereon.

 

7.6            Use
of Funds; No Interest Paid. All funds received by the Company by reason of purchase of shares of Common Stock under the Plan
shall be included in the general funds of the Company free of any trust or other restriction and may be used for any corporate
purpose. No interest shall be paid to any Participant or credited under the Plan.

 

7.7            Term;
Approval by Stockholders. No Option may be granted during any period of suspension of the Plan or after termination of the
Plan. The Plan shall be submitted for the approval of the Company’s stockholders within 12 months after the date of the Board’s
initial adoption of the Plan. Options may be granted prior to such stockholder approval; provided, however, that
such Options shall not be exercisable prior to the time when the Plan is approved by the stockholders; provided, further
that if such approval has not been obtained by the end of the 12-month period, all Options previously granted under the Plan shall
thereupon terminate and be canceled and become null and void without being exercised.

 

7.8            Effect
Upon Other Plans. The adoption of the Plan shall not affect any other compensation or incentive plans in effect for the Company,
any Parent or any Subsidiary. Nothing in the Plan shall be construed to limit the right of the Company, any Parent or any Subsidiary
(a) to establish any other forms of incentives or compensation for Employees of the Company or any Parent or any Subsidiary,
or (b) to grant or assume Options otherwise than under the Plan in connection with any proper corporate purpose, including,
but not by way of limitation, the grant or assumption of options in connection with the acquisition, by purchase, lease, merger,
consolidation or otherwise, of the business, stock or assets of any corporation, firm or association.

 

7.9            Conformity
to Securities Laws. Notwithstanding any other provision of the Plan, the Plan and the participation in the Plan by any individual
who is then subject to Section 16 of the Exchange Act shall be subject to any additional limitations set forth in any applicable
exemption rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act)
that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan shall be
deemed amended to the extent necessary to conform to such applicable exemptive rule.

 

7.10            Notice
of Disposition of Shares. Each Participant shall give the Company prompt notice of any disposition or other transfer of any
shares of Common Stock, acquired pursuant to the exercise of an Option granted under the Section 423 Component, if such disposition
or transfer is made (a) within two years after the applicable Grant Date or (b) within one year after the transfer of
such shares of Common Stock to such Participant upon exercise of such Option. The Company may direct that any certificates evidencing
shares acquired pursuant to the Plan refer to such requirement.

 

7.11            Tax
Withholding. The Company or any Parent or any Subsidiary shall be entitled to require payment in cash or deduction from other
compensation payable to each Participant of any sums required by federal, state or local tax law to be withheld with respect to
any purchase of shares of Common Stock under the Plan or any sale of such shares.

 

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7.12            Governing
Law. The Plan and all rights and obligations thereunder shall be construed and enforced in accordance with the laws of the
State of Delaware, without regard to the conflict of law rules thereof or of any other jurisdiction.

 

7.13            Notices.
All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have
been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company
for the receipt thereof.

 

7.14            Conditions
To Issuance of Shares.

 

(a)            Notwithstanding
anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or make any book entries
evidencing shares of Common Stock pursuant to the exercise of an Option by a Participant, unless and until the Board or the Committee
has determined, with advice of counsel, that the issuance of such shares of Common Stock is in compliance with all applicable laws,
regulations of governmental authorities and, if applicable, the requirements of any securities exchange or automated quotation
system on which the shares of Common Stock are listed or traded, and the shares of Common Stock are covered by an effective registration
statement or applicable exemption from registration. In addition to the terms and conditions provided herein, the Board or the
Committee may require that a Participant make such reasonable covenants, agreements, and representations as the Board or the Committee,
in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements.

 

(b)            All
certificates for shares of Common Stock delivered pursuant to the Plan and all shares of Common Stock issued pursuant to book entry
procedures are subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply
with federal, state, or foreign securities or other laws, rules and regulations and the rules of any securities exchange
or automated quotation system on which the shares of Common Stock are listed, quoted, or traded. The Committee may place legends
on any certificate or book entry evidencing shares of Common Stock to reference restrictions applicable to the shares of Common
Stock.

 

(c)            The
Committee shall have the right to require any Participant to comply with any timing or other restrictions with respect to the settlement,
distribution or exercise of any Option, including a window-period limitation, as may be imposed in the sole discretion of the Committee.

 

(d)            Notwithstanding
any other provision of the Plan, unless otherwise determined by the Committee or required by any applicable law, rule or regulation,
the Company may, in lieu of delivering to any Participant certificates evidencing shares of Common Stock issued in connection with
any Option, record the issuance of shares of Common Stock in the books of the Company (or, as applicable, its transfer agent or
stock plan administrator).

 

7.15            Equal
Rights and Privileges. All Eligible Employees of the Company (or of any Designated Subsidiary) granted Options pursuant to
an Offering under the Section 423 Component shall have equal rights and privileges under this Plan to the extent required
under Section 423 of the Code so that the Section 423 Component qualifies as an “employee stock purchase plan”
within the meaning of Section 423 of the Code. Any provision of the Section 423 Component that is inconsistent with Section 423
of the Code shall, without further act or amendment by the Company or the Board, be reformed to comply with the equal rights and
privileges requirement of Section 423 of the Code. Eligible Employees participating in the Non-Section 423 Component
need not have the same rights and privileges as Eligible Employees participating in the Section 423 Component.

 

    13

     

    

 

7.16            Rules Particular
to Specific Countries. Notwithstanding anything herein to the contrary, the terms and conditions of the Plan with respect to
Participants who are tax residents of a particular non-U.S. country or who are foreign nationals or employed in non-U.S. jurisdictions
may be subject to an addendum to the Plan in the form of an appendix or sub-plan (which appendix or sub-plan may be designed to
govern Offerings under the Section 423 Component or the Non-Section 423 Component, as determined by the Administrator).
To the extent that the terms and conditions set forth in an appendix or sub-plan conflict with any provisions of the Plan, the
provisions of the appendix or sub-plan shall govern. The adoption of any such appendix or sub-plan shall be pursuant to Section 7.1
above. Without limiting the foregoing, the Administrator is specifically authorized to adopt rules and procedures, with respect
to Participants who are foreign nationals or employed in non-U.S. jurisdictions, regarding the exclusion of particular Subsidiaries
from participation in the Plan, eligibility to participate, the definition of Compensation, handling of payroll deductions or other
contributions by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding
procedures, establishment of bank or trust accounts to hold payroll deductions or contributions.

 

7.17            Section 409A.
The Section 423 Component of the Plan and the Options granted pursuant to Offerings thereunder are intended to be exempt from
the application of Section 409A. Neither the Non-Section 423 Component nor any Option granted pursuant to an Offering
thereunder is intended to constitute or provide for “nonqualified deferred compensation” within the meaning of Section 409A.
Notwithstanding any provision of the Plan to the contrary, if the Administrator determines that any Option granted under the Plan
may be or become subject to Section 409A or that any provision of the Plan may cause an Option granted under the Plan to be
or become subject to Section 409A, the Administrator may adopt such amendments to the Plan and/or adopt other policies and
procedures (including amendments, policies and procedures with retroactive effect), or take any other actions as the Administrator
determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, either through compliance with
the requirements of Section 409A or with an available exemption therefrom.

 

* * * * *

  

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