Document:

Exhibit 10.28

 

OPENDOOR LABS INC.

1024 Filbert Street

San Francisco, CA 94133

 

April
13th, 2014

 

Ian Wong

[*****]

[*****]

 

Dear Ian Wong:

 

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 Co-Founder/Tech Lead and you will initially report to
the Company’s CEO. Your primary duties will be to lead the data science and technical team. 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 $90,000 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 2,527,473 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 Founder 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.

 

     

     

    

 

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.

 

[Signature Page Follows]

 

     

     

    

  

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 April 13th, 2014.

 

We look forward to
having you join us no later than April 14th, 2014.

 

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

 

	ACCEPTED AND AGREED:	 
	 	 
	IAN WONG	 
	(PRINT EMPLOYEE NAME)	 
	 	 
	(Signature)	 
	 	 
	April 13,
    2014	 
	Date	 
	 	 
	Anticipated Start Date: April 14th,
    2014	 

 

Attachment A: Confidential Information
and Invention Assignment Agreement

 

     

     

    

 

ATTACHMENT A

 

CONFIDENTIAL INFORMATION AND

INVENTION ASSIGNMENT AGREEMENT

 

(See Attached)Exhibit 10.29

 

OPENDOOR LABS INC.

1 Post Street, Floor 11

San Francisco, California 94104

 

September 1, 2020

 

Ian Wong

VIA EMAIL

 

	Re:	Amendment to Offer Letter Agreement

 

Dear Ian:

 

As discussed, you and Opendoor Labs Inc.
(the “Company”) hereby agree to amend the offer letter agreement between you and the Company, dated April 13,
2014 (the “Offer Letter”), by adding to it the following provisions set forth below (the “Amendment”):

 

The Offer Letter is hereby amended to add
Section 3A and 7A as set forth below:

 

3A.             Change
of Control.

 

(a)              
Termination Without Cause In Connection With A Change of Control. If: (i) the Company consummates a Change of Control
(as defined in the Company’s 2014 Stock Plan); and (ii) your employment is terminated by the Company without Cause (as defined
in the Company’s 2014 Stock Plan) or you resign from the Company for Good Reason (as defined below) within 12 months following
a Change of Control; then 50% of your then outstanding but unvested options and restricted stock units held by you as of your employment
termination date will accelerate and be deemed vested as of your employment termination date (the “Accelerated Vesting”).

 

(b)              
Conditions for Receipt of Accelerated Vesting. As a condition of your receipt of or entitlement to the Accelerated
Vesting under this Section, you must execute an effective release of claims in favor of and in a form acceptable to the Company
(the “Release”) and allow such Release to become effective by its terms, within the applicable time period set
forth therein. For the avoidance of doubt, if you fail to timely execute a Release or if you revoke the Release so that it does
not become effective, you will not be entitled to and the Company shall have no obligation to provide you any Accelerated Vesting,
as applicable.

 

(c)               For
purposes of this letter 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, or authority (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 your job responsibilities, duties or
authority); (ii) a material reduction in your base salary unless such reduction is in connection with and proportional to
reductions to the base salary of other members of the management team and such reduction does not exceed 20% of your base
salary; or (iii) the requirement by the Company that you transfer your place of employment to a location that is outside of
the greater San Francisco Bay Area. In order to resign your 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 such event. In the event the Company fails to cure such event 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.

 

     

     

    

 

7A.            Arbitration.
You agree that any and all disputes relating to or regarding your employment, including disputes regarding compensation and
any and all other conflicts, shall be resolved by final and binding arbitration. You further agree that such disputes shall be
resolved on an individual basis only, and not on a class, collective or representative basis on behalf of other employees (“Class
Waiver”), to the extent permitted by applicable law. Any claim that all or part of the Class Waiver is invalid, unenforceable,
unconscionable, void or voidable may be determined only by a court. In no case may class, collective or representative claims
proceed in arbitration. Notwithstanding the foregoing, this Arbitration section shall not apply to an action or claim brought
in court pursuant to the California Private Attorneys General Act of 2004 (as amended), the California Fair Employment and Housing
Act (as amended), or the California Labor Code (as amended), to the extent any such claims are not permitted by applicable law
to be submitted to mandatory arbitration and such applicable law is not preempted by the Federal Arbitration Act (“FAA”)
or otherwise invalid. You and the Company agree to bring any dispute in arbitration before a single neutral arbitrator with JAMS,
Inc. or its successor (“JAMS”), in San Francisco, California, pursuant to the JAMS Employment Rules & Procedures
(which can currently be reviewed at http://www.jamsadr.com/rules-employment-arbitration/). You on the one hand, and the
Company on the other, waive any rights to a jury trial or a bench trial in connection with the resolution of any dispute under
this Agreement or your employment (although both parties may seek interim emergency relief from a court to prevent irreparable
harm pending the conclusion of any arbitration). This paragraph shall be construed and interpreted in accordance with the laws
of the state in which you work and the FAA. In the case of a conflict, the FAA will control. The arbitrator shall: (a) have the
authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted
by law; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and
a statement of the award. The arbitrator shall be authorized to award any or all remedies that you or the Company would be entitled
to seek in a court of law. The Company shall pay all JAMS’ arbitration fees in excess of the amount of court fees that would
be required of you if the dispute were decided in a court of law. Arbitration is not a mandatory condition of your employment.
If you wish to opt out of this arbitration agreement, you must notify the Company in writing by sending an email to [*****] stating
your intent to opt out within 30 days of signing this Agreement.

 

     

     

    

 

Except as set forth herein, all of
the terms and conditions set forth in your Offer Letter are unchanged and remain in effect. For avoidance of doubt, your
employment remains terminable at-will by either you or the Company, with or without Cause or advance notice. The Confidential
Information and Invention Assignment Agreement between you and the Company will continue to remain in force. This Amendment,
together with the Offer Letter, its exhibits, and all agreements referenced therein, 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 promises or representations, written or oral, other than those expressly contained
herein. This Amendment may not be modified or amended except in a writing signed by both you and a duly authorized officer of
the Company. If any provision of this Amendment is determined to be invalid or unenforceable, in whole or in part, this
determination shall not affect any other provision of this Amendment 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 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.

 

Please sign below to indicate your acceptance
of these terms. Please let me know if you have any questions.

 

Sincerely,

 

	Opendoor Labs Inc.	 
	 	 
	By:	 	 
	 	Eric Wu	 
	 	Chief Executive Officer	 

  

Understood and Agreed:

 

 

	Ian Wong	 

 

  

	Date

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