Document:

Exhibit 10.24

 

OPENDOOR LABS INC.

116 NEW MONTGOMERY STREET

SAN FRANCISCO, CA 94105

 

DECEMBER 20, 2016

 

Beth Stevens

Via email to: [*****]

 

Dear Beth:

 

OpenDoor Labs Inc., a Delaware corporation (the “Company”),
is pleased to offer you employment with the Company on the terms described below.

 

		1.	Position. You will start in a full-time position in Head of Legal. You will initially report to Eric Wu. By signing
this letter, you confirm with the Company that you are under no contractual or other legal obligations that would prohibit you
from performing your duties with the Company.

 

		2.	Compensation. You will be paid a starting salary at the rate of $250,000 per year, payable on the Company’s
regular payroll dates.

 

		3.	Equity Grant. Subject to the approval of the Company’s Board of Directors, you will be granted a right
to purchase 60,000 shares of the Company’s common stock. The purchase right will be subject to the terms and conditions applicable
to restricted stock awards granted under the Company’s Employee Stock Plan, as described in that plan and the applicable
restricted stock purchase agreement, which you will be required to sign. You will vest in 25% of the shares on the 12-month anniversary
of your vesting commencement date and 1/48th of the total shares will vest in monthly installments thereafter during continuous
service, as described in the applicable restricted stock purchase agreement. The exercise price per share will be equal to the
fair market value per share on the date the restricted stock award is granted, as determined by the Company’s Board of Directors
in good faith. There is no guarantee that the Internal Revenue Service will agree with this value. You should consult with your
own tax advisor concerning the tax risks associated with accepting a right to purchase the Company’s common stock.

 

		4.	Confidential Information and Invention Assignment Agreement. Like all Company employees, you will be required,
as a condition of your employment with the Company, to sign the Company’s enclosed standard Confidential Information and
Invention Assignment Agreement.

 

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 Any contrary representations which may have been made to you are superseded by this offer.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

 

    

    Beth Stevens
December 20, 2016
Page 2

    

 

		6.	Outside Activities. While you render services to the Company, you agree that you will not engage in any other
employment, consulting or other business activity without the written consent of the Company.

 

		7.	Withholding Taxes. All forms of compensation referred to in this letter are subject to applicable withholding
and payroll taxes.

 

		8.	Miscellaneous.

 

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

 

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

 

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

 

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

 

    

    Beth Stevens
December 20, 2016
Page 3

    

 

If you wish to accept this offer, please sign and date both
the enclosed duplicate original of this letter and the enclosed Confidential Information and Invention Assignment Agreement and
return them to me. As required, by law, your employment with the Company is also contingent upon your providing legal proof of
your identity and authorization to work in the United States. This offer, if not accepted, will expire at the close of business
on December 20, 2016.

 

We look forward to having you join us no later than December 28,
2016.

 

	 	Very truly yours,
	 	 
	 	OpenDoor Labs Inc.
	 	 
	 	By:
	 	 
	 	Name:	Eric Wu
	 	Title:	 CEO

 

ACCEPTED AND AGREED

 

Signature of Employee

 

Dated: 12/20/2016

 

    

    Beth Stevens
December 20, 2016
Page 4

    

 

Anticipated Start Date: December 28, 2016

 

Attachment A: Confidential Information and Invention
Assignment Agreement

 

    

    Beth Stevens
December 20, 2016
Page 5

    

 

ATTACHMENT A

 

CONFIDENTIAL INFORMATION AND

INVENTION ASSIGNMENT AGREEMENT

 

(See Attached)Exhibit 10.25

 

 

September 26, 2019

 

Employee Name: Elizabeth Stevens

Personal Email Address: [*****]

 

Re: Retention Bonus Agreement

 

Dear Elizabeth:

 

We are pleased to offer you eligibility
for retention bonuses, under the terms set forth in this retention bonus agreement (the “Agreement”). The purpose
of this Agreement is to incentivize and reward you for your continued service to Opendoor Labs Inc. (the “Company”)
in the coming months.

 

The terms of this Agreement are as follows:

 

1.            Period
of this Agreement/At-Will Employment. This Agreement will be effective as of the date
it is executed by you and will end on August 31, 2020 (the “Term”), provided, however, that Section 4
(Confidentiality) of this Agreement shall survive the Term of this Agreement. This Agreement is not renewable unless expressly
agreed in writing between you and the Company, and it does not guarantee your employment for any specific period of time. The Company
reserves the right to terminate your employment at any time with or without Cause (as defined herein) or advance notice.

 

2.            Retention
Bonus Payments. If you sign this Agreement, you will be eligible to earn retention bonuses
in an aggregate amount of $125,000, which represents 41.7% of your annual base salary (the “Retention Bonus”)
if you remain continuously employed with the Company through each of the Retention Dates (as defined herein). The Retention
Bonus will be earned and paid in installments as provided herein.

 

Specifically, you will be paid a bonus
in the amount of $50,000 (the “First Retention Installment” on December 15, 2019 and $75,000 on August 31,
2020 (the “Second Retention Installment”). To earn and retain the December 15, 2019, First Retention
Installment, you must remain actively employed until March 1, 2020 (the First Retention Date). If you voluntarily
resign your employment or are terminated For Cause, as described herein, after the payment of the December 15, 2019 First
Retention Installment and before March 1, 2020, the First Retention Date, you agree to repay the First Retention
Installment amount in full within 5 days after your last day of employment. To earn and be paid the Second Retention Installment
you must remain employed through August 31, 2020.

 

    

    

    

 

You must remain actively and continuously
employed, continue to perform your work satisfactorily (as determined within the discretion of the Company), and comply with the
Company’s policies through each of the Retention Dates in order to earn and receive the full aggregate Retention Bonus. The
Retention Bonus payments made under this Agreement will be paid via direct deposit within 30 days of each of the respective retention
bonus dates and will be subject to regular tax withholdings and other authorized deductions. Although the Retention Period lasts
only through August 31, 2020, we hope that the relationship between you and Opendoor will continue to be mutually satisfactory
and that you will remain employed and continue to contribute to Opendoor after August 31, 2020.

 

3.             Termination
of Employment.

 

(a)            Termination
by the Company without Cause. In the event that the Company terminates your employment
without Cause (as defined herein) at any time prior to the Retention Date, and provided that: (i) you continue to comply with
your obligations under all agreements entered into between you and the Company; and (ii) you deliver to the Company (and do
not later revoke) a signed general release of claims in favor of the Company (and its officers, directors, employees, and affiliates)
in a form satisfactory to the Company and within the time period set forth therein (the “Release Period”); then
the Company will pay you a prorated amount of the Retention Bonus (prorated based on the length of employment during the Term),
less any installment amounts already paid to you and any applicable deductions and withholdings. In such circumstances, the Retention
Bonus will be paid to you no later than thirty (30) days after the effective date of the signed release that you have returned
to the Company.

 

(b)            Resignation
by Employee or Termination by the Company for Cause. In the event that you
resign your employment for any reason, or the Company terminates your employment for Cause, at any time prior to a Retention Date,
then you will not have earned and will be required to repay or will not be paid any remaining unpaid portion or installment of
the Retention Bonus, as described herein.

 

(c)            Cause
Definition. For purposes of this Agreement, “Cause,” as determined by
the Company, means the occurrence of any of the following: (i) your conviction of, or entry of a plea of guilty or nolo contendere
in a court of competent and final jurisdiction, of a felony or any crime involving moral turpitude or dishonesty; (ii) your
commission of, or participation in, a fraud or act of dishonesty against the Company, any of its subsidiaries, or its successors
and assigns, including the misappropriation of funds; (iii) your intentional, material violation of any contract or agreement
between you and the Company or its successors and assigns, or any Company policies; (iv) your unauthorized use or disclosure
of the confidential information or trade secrets of the Company, any of its subsidiaries, or its successors and assigns; or (v) your
willful misconduct or gross negligence in the performance of your duties to the Company, any of its subsidiaries, or its successors
and assigns.

 

4.            Confidentiality.
You agree to keep the existence of this Agreement and its terms confidential, provided,
however, that: (a) you may disclose this Agreement to your immediate family; (b) you may disclose this Agreement
in confidence to your attorneys, accountants, auditors, tax preparers, and financial advisors; (c) you may disclose this Agreement
insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law. In particular, nothing in this
Agreement shall prevent you from any of the following: (x) exercising any rights pursuant to Section 7 of the National
Labor Relations Act; (y) disclosing information about unlawful acts in the Company’s workplaces, including, but not
limited to, sexual harassment; or (z) making disclosures that are protected under the applicable provisions of law or regulation,
including, but not limited to, “whistleblower” statutes or other similar provisions that protect such disclosure.

 

	Opendoor Labs Inc. 405 Howard Street,
Suite 550, San Francisco, CA 94105	opendoor.com

 

    

    

    

 

5.            409A.
It is intended that all benefits and payments under this Agreement satisfy, to the greatest
extent possible, the exemptions from the application of Internal Revenue Code Section 409A provided under Treasury Regulations
1.409A-1(b)(4) and 1.409A-1(b)(9); this Agreement will be construed to the greatest extent possible as consistent with those
provisions; and the timing of any such payments or benefits may be modified to satisfy those provisions.

 

6.            Entire
Agreement. This Agreement constitutes the complete, final and exclusive embodiment of
the entire agreement between you and the Company with regard to the subject matter hereof. It is entered into without reliance
on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such
promises, warranties or representations. This Agreement may only Opendoor Labs Inc. 405 Howard Street, Suite 550, San Francisco,
CA 94105 be modified by a writing signed by both you and a duly authorized officer of the Company. If any provision of this Agreement
is determined to be invalid or unenforceable, in whole or in part, this determination shall not affect any other provision of this
Agreement and the provision in question shall be modified so as to be rendered enforceable in a manner consistent with the intent
of the parties insofar as possible under applicable law. This Agreement may be executed in counterparts which shall be deemed to
be part of one original, and facsimile and electronic signatures shall be equivalent to original signatures. This Agreement shall
be construed and interpreted and its performance shall be governed by the substantive laws of the State of California without regard
to conflicts of law principles of any jurisdiction.

 

We look forward to your continuing contributions
to the Company. Please acknowledge by signing below that you have read, understood, and agree to the terms of this Agreement.

 

	Sincerely,	 
	 	 
	 	 
	Erica Alioto
 Head of People and Development	 

 

	Opendoor Labs Inc. 405 Howard Street,
Suite 550, San Francisco, CA 94105	opendoor.com

 

    

    

    

 

	Understood and Accepted by:	 
	 	 
	 	 
	sign	 
	 	 
	 	 
	print	 
	 	 
	 	 
	date	 

 

	Opendoor Labs Inc. 405 Howard Street,
Suite 550, San Francisco, CA 94105	opendoor.com

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