Document:

Exhibit 10.24

 

OpenDoor
Labs Inc.

1 Post Street, 11th Floor

San Francisco, California 94104

 

September 14, 2020

 

Dear Eric:

 

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

 

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

 

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

 

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

 

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

 

4.             
Equity.

 

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

 

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

 

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

 

     

     

    

 

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2

 

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

 

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

 

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

 

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

 

     

     

    

 

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3

 

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

 

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

 

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

 

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

 

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

 

9.            
Miscellaneous.

 

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

 

     

     

    

 

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4

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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5

 

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

 

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

 

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

 

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

 

     

     

    

 

Exhibit A

 

Post-Listing RSU Terms

 

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

 

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

 

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

 

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

 

Share Price Milestones:

 

		·	1,533,785 Shares at $29.29

		·	1,533,785 Shares at $38.07

		·	1,533,785 Shares at $49.49

		·	1,533,785 Shares at $64.34

		·	1,533,785 Shares at $83.64

		·	1,533,785 Shares at $108.74Exhibit 10.25

 

OPENDOOR
LABS INC.

405 Howard Street, Suite 550

San Francisco, California 94105

 

July 22, 2019

 

Tom Willerer

 

[*****]

 

Dear Tom :

 

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 as Chief Product Officer and 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. You will be expected to adhere to the general employment policies and practices of the Company that
may be in effect from time to time, except that when the terms of this Agreement conflict with the Company’s general employment
policies or practices, this Agreement will control. You will work out of the Company’s offices in San Francisco, CA. The
Company may change your position, duties, work location and compensation from time to time in its discretion, subject to the terms
and conditions set forth herein.

 

2.            Compensation.
You will be paid a starting salary at the rate of $350,000 per year, less applicable payroll deductions and withholdings, payable
on the Company’s regular payroll dates.

 

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

 

4.            Signing/Retention
Bonus. In addition, you will have the opportunity to earn a signing and retention
advance equal to an aggregate of $190,000 (the “Signing/Retention Advance”). The Signing/Retention Advance will be
paid to you, less applicable withholdings and required deductions, as follows: (i) $95,000 will be advanced to you within
30 days of the start date of your employment with the Company; and (ii) 95,000 will be paid to you within 30 days after the
12-month anniversary of your start date of your employment with the Company, subject to your continuous active employment with
Company through such anniversary date. You will earn the full amount of the Signing/Retention Advance only if you remain continuously
employed with the Company for a total of one (1) year from your employment start date. Accordingly, by signing below, you
acknowledge and agree that, if you resign from the Company for any reason, or if the Company terminates your employment for Cause
(as defined in the Company’s 2014 Stock Plan (the “Plan”)), in either case within one (1) year of
your employment start date with the Company, you will be required to immediately re-pay to the Company within thirty (30) days
of your employment separation date, a pro-rated amount of any such $190,000 bonus paid to you (with such pro-rated amount based
on the number of days employed with the Company during such 12-month retention period).

 

     

     

    

 

5.            Equity.

 

(a)            Options.
Subject to the approval of the Company’s Board of Directors (the “Board”), you will be granted an option
to purchase 400000 shares of the Company’s common stock (the “Option”). The Option will be subject to
the terms and conditions applicable to options granted under the Company’s equity incentive plan (the “Plan”),
as described in that plan and the Company’s standard form of stock option agreement, which you will be required to sign.
You will vest in 25% of the total number of Option shares on the 12-month anniversary of your start date of employment with the
Company and 1/48th of the total number of Option shares will vest in monthly installments thereafter during continuous
service, as described in the applicable stock option agreement. The exercise price per share will be equal to the fair market value
per share on the date the Option is granted, as determined by the Board 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 an option to purchase the Company’s common stock.

 

(b)            Restricted
Stock Units. Subject to the approval of the Board, you will be granted a restricted stock unit (“RSU”) award
covering 780,781 shares of the Company’s common stock (the “RSU Grant”). The RSU Grant will vest only if both
the Service-Based Condition and the Liquidity Event Condition are satisfied. The “Service-Based Condition” will be
satisfied as to the RSUs on the following schedule, subject to your continuous service on each such date: 25% of the total RSUs
on the first anniversary of your vesting start date (which will be the 15th of the month in which you start employment at the Company),
and thereafter 1/16th of the total number of RSUs on a quarterly basis following the first anniversary of your vesting start date.
The “Liquidity Event Condition” will be satisfied if either of the following events occur on or before the 7th anniversary
of the date of grant of the RSU Grant: (1) a Change of Control (as defined in the Plan); and (2) the effective date of
a registration statement of the Company filed under the Securities Act of 1933, as amended, for the sale of the Company’s
common stock. The RSU Grant will also be subject to the provisions of the Plan and the Company’s standard form of RSU award
agreement.

 

6.            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.

 

7.            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 and with or without advance notice. Any contrary representations which may
have been made to you are superseded by this offer. This is the full and complete agreement between you and the Company on this
term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures,
may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement
signed by you and the Company’s Chief Executive Officer.

 

    -2-

     

    

 

8.            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.

 

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

 

10.         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 and electronic image signatures (including.pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) will be deemed
an original and valid signature.

 

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

 

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

 

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

 

(g)            Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents or notices related to this letter 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.

 

    -3-

     

    

 

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

 

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

 

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. This offer is contingent on successful completion of reference and background
checks. 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 July 23, 2019. We look forward to having you join us no later than September 23,
2019.

 

    -4-

     

    

 

	 	Very truly yours,
	 	 
	 	OPENDOOR LABS INC.
	 	 
	 	By:	 
	 	 	Eric Wu
	 	 	Chief Executive Officer and President

 

ACCEPTED AND AGREED:

 

TOM WILLERER

(PRINT EMPLOYEE NAME)

 

(Signature)

 

July 22, 2019

Date

 

Anticipated Start Date: September 23, 2019

 

Attachment A: Confidential Information and Invention
Assignment Agreement

 

    -5-

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