Document:

EX-10.1

 Exhibit 10.1 

August 17, 2021 
  

			
	From:	  	[_____]
		
	To:	  	Opendoor Technologies Inc.
		  	410 N. Scottsdale Road, Suite 1600
		  	Tempe, AZ 85281
	Attention:	  	Treasury Team
	Telephone No.:	  	(408) 218-6591 (Sandra Tullis) or (415) 283-9940 (Allen Colhoun)
	Email:	  	treasury@opendoor.com

 Re: Base Call Option Transaction 

The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the call option
transaction entered into on the Trade Date specified below (the “Transaction”) between [_____] (“Dealer”) and Opendoor Technologies Inc. (“Counterparty”). This communication constitutes a
“Confirmation” as referred to in the Agreement specified below. 
 1. This Confirmation is subject to, and incorporates, the
definitions and provisions of the 2006 ISDA Definitions (the “2006 Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the
2006 Definitions, the “Definitions”), in each case as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). Certain defined terms used herein have the meanings assigned to them in the
Offering Memorandum dated August 16, 2021 (as so supplemented, the “Offering Memorandum”) relating to the USD 850,000,000 principal amount of 0.25% Convertible Senior Notes due 2026 (the “Base Convertible
Securities”) issued by Counterparty (as increased by up to an additional USD 127,500,000 principal amount of 0.25% Convertible Senior Notes due 2026 that may be issued pursuant to the option to purchase additional convertible
securities (the “Optional Convertible Securities” and, together with the Base Convertible Securities, the “Convertible Securities”)) pursuant to an Indenture to be dated August 20, 2021 between
Counterparty and U.S. Bank National Association, as trustee (the “Indenture”). In the event of any inconsistency between the terms defined in the Indenture and this Confirmation, this Confirmation shall govern. The parties
acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth in the Indenture that are also defined herein by reference to the Indenture and (ii) sections of the Indenture that
are referred to herein, in each case, will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any such sections of the Indenture differ from the descriptions thereof in the Offering
Memorandum, the descriptions thereof in the Offering Memorandum will govern for purposes of this Confirmation. For the avoidance of doubt, subject to the foregoing, references herein to sections of, or definitions set forth in, the Indenture are
based on the draft of the Indenture most recently reviewed by the parties at the time of execution of this Confirmation. If any relevant sections of, or definitions set forth in, the Indenture are changed, added or renumbered between the execution
of this Confirmation and the execution of the Indenture, the parties will amend this Confirmation in good faith and in a commercially reasonable manner to preserve the economic intent of the parties as evidenced by such draft of the Indenture. In
addition, subject to the foregoing, the parties acknowledge that references to the Indenture herein are references to the Indenture as in effect on the date hereof and if the Indenture is, or the Convertible Securities are, amended, modified or
supplemented following the date hereof or the date of their execution, respectively, any such amendment, modification or supplement (other than any amendment, modification or supplement (i) pursuant to Section 5.09 of the Indenture,
subject to the provisions opposite the caption “Discretionary Adjustments” in Section 2 hereof, or (ii) pursuant to Section 8.01(I) of the Indenture that, as determined by the Calculation Agent in good faith and in a
commercially reasonable manner, conforms the Indenture to the description of Convertible Securities in the Offering Memorandum) will be disregarded for purposes of this Confirmation unless the parties agree otherwise in writing. 

Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in,
substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below. 

  
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 This Confirmation evidences a complete and binding agreement between Dealer and Counterparty
as to the terms of the Transaction to which this Confirmation relates. This Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement as if Dealer and Counterparty had executed an
agreement in such form on the date hereof (but without any Schedule except for (i) the election of US Dollars (“USD”) as the Termination Currency, (ii) the election of the laws of the State of New York as the governing law
(without reference to choice of law doctrine) and (iii) (A) the election that the “Cross Default” provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer with a “Threshold Amount” of three percent of
Dealer’s [ultimate parent’s] shareholders’ equity; provided that “Specified Indebtedness” shall not include obligations in respect of deposits received in the ordinary course of Dealer’s banking business,
(B) the phrase “or becoming capable at such time of being declared” shall be deleted from clause (1) of such Section 5(a)(vi) and (C) the following language shall be added to the end thereof “Notwithstanding the
foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (x) the default was caused solely by error or omission of an administrative or operational nature; (y) funds were available to enable the
party to make the payment when due; and (z) the payment is made within two Local Business Days of such party’s receipt of written notice of its failure to pay.”). 

All provisions contained in, or incorporated by reference to, the Agreement will govern this Confirmation except as expressly modified herein.
In the event of any inconsistency among this Confirmation, the Equity Definitions, the 2006 Definitions or the Agreement, the following shall prevail in the order of precedence indicated: (i) this Confirmation; (ii) the Equity Definitions;
(iii) the 2006 Definitions; and (iv) the Agreement. For the avoidance of doubt, except to the extent of an express conflict, the application of any provision of this Confirmation, the Agreement, the Equity Definitions or the 2006
Definitions shall not be construed to exclude or limit any other provision of this Confirmation, the Agreement, the Equity Definitions or the 2006 Definitions. 

The Transaction hereunder shall be the sole Transaction under the Agreement. If there exists any ISDA Master Agreement between Dealer and
Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master
Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or deemed ISDA Master Agreement. 

2. The Transaction constitutes a Share Option Transaction for purposes of the Equity Definitions. The terms of the particular Transaction to
which this Confirmation relates are as follows: 
  

			
	 General Terms:

		
	 Trade Date:
	  	August 17, 2021
		
	 Effective Date:
	  	The closing date of the initial issuance of the Convertible Securities.
		
	 Option Style:
	  	Modified American, as described under “Procedures for Exercise” below.
		
	 Option Type:
	  	Call
		
	 Seller:
	  	Dealer
		
	 Buyer:
	  	Counterparty
		
	 Shares:
	  	The Common Stock of Counterparty, par value USD 0.0001 (Ticker Symbol: “OPEN”).

  
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	 Number of Options:
	  	The number of Base Convertible Securities in denominations of USD 1,000 principal amount issued by Counterparty on the closing date for the initial issuance of the Convertible Securities. For the avoidance of doubt, the Number of
Options outstanding shall be reduced by each exercise of Options hereunder. In no event will the Number of Options be less than zero.
		
	 Applicable Percentage:
	  	[_____]%
		
	 Option Entitlement:
	  	A number equal to the product of the Applicable Percentage and 51.9926
		
	 Make-Whole Adjustment:
	  	Any adjustment to the Conversion Rate pursuant to Section 5.07 of the Indenture.
		
	 Discretionary Adjustment:
	  	Any adjustment to the Conversion Rate pursuant to Section 5.06 of the Indenture.
		
	 Strike Price:
	  	USD 19.2335
		
	 Cap Price:
	  	USD 29.5900
		
	 Rounding of Strike Price/Cap

Price/Option Entitlement:
	  	In connection with any adjustment to the Option Entitlement or Strike Price, the Option Entitlement or Strike Price, as the case may be, shall be rounded by the Calculation Agent in accordance with the provisions of the Indenture
relating to rounding of the “Conversion Price” or the “Conversion Rate”, as applicable (each as defined in the Indenture). In connection with any adjustment to the Cap Price hereunder, the Calculation Agent will round the
adjusted Cap Price to the nearest USD 0.0001.
		
	 Number of Shares:
	  	As of any date, a number of Shares equal to the product of the Number of Options and the Option Entitlement.
		
	 Premium:
	  	USD [_____]
		
	 Premium Payment Date:
	  	The Effective Date
		
	 Exchange:
	  	The Nasdaq Global Select Market
		
	 Related Exchange:
	  	All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the tenth line of such Section.
		
	 Procedures for Exercise:
	  	
		
	 Exercise Dates:
	  	Each Conversion Date.

  
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	 Conversion Date:
	  	With respect to any conversion of a Convertible Security (other than (x) any conversion of Convertible Securities with a “Conversion Date” (as defined in the Indenture) occurring prior to the Free Convertibility Date
or (y) any conversion of Convertible Securities in respect of which holder(s) of such Convertible Securities would be entitled to an increase in the Conversion Rate pursuant to a Make-Whole Adjustment (including, for the avoidance of doubt, if
such Make-Whole Adjustment does not result in an increase to the Conversion Rate) (any such conversion described in clause (x) or clause (y), an “Early Conversion”), to which the provisions of Section 8(b)(iii) of this
Confirmation shall apply), the “Conversion Date” (as defined in the Indenture), provided that no Conversion Date shall be deemed to have occurred with respect to Exchanged Securities (such Convertible Securities, other than
Exchanged Securities, the “Relevant Convertible Securities” for such Conversion Date).
		
	 Free Convertibility Date:
	  	February 15, 2026
		
	 Exchanged Securities:
	  	With respect to any Conversion Date, any Convertible Securities with respect to which Counterparty makes the election described in Section 5.08 of the Indenture and the financial institution designated by Counterparty accepts
such Convertible Securities in accordance with Section 5.08 of the Indenture, as long as Counterparty does not submit a Notice of Exercise in respect thereof.
		
	 Expiration Date:
	  	August 15, 2026, subject to earlier exercise.
		
	 Automatic Exercise on Conversion Dates:
	  	Applicable, which means that on each Conversion Date occurring on or after the Free Convertibility Date, a number of Options equal to the number of Relevant Convertible Securities for such Conversion Date in denominations of USD
1,000 principal amount shall be automatically exercised, subject to “Notice of Exercise” below.
		
	 Automatic Exercise After Free Convertibility Date:
	  	Notwithstanding anything to the contrary herein or in the Equity Definitions, unless Counterparty notifies Dealer in writing prior to 5:00 p.m., New York City time, on the “Scheduled Trading Day” (as defined in the
Indenture) immediately preceding the “Maturity Date” (as defined in the Indenture) that it does not wish automatic exercise to occur, all Options then outstanding as of 5:00 p.m., New York City time, on the Expiration Date shall be deemed
to be automatically exercised as if (i) a number of Relevant Convertible Securities (in denominations of USD 1,000 principal amount) equal to such number of then-outstanding Options were converted with a Conversion Date occurring on or after
the Free Convertibility Date and (ii) such Relevant Convertible Securities were outstanding under the Indenture immediately prior to such deemed conversion; provided that no such automatic exercise pursuant to this paragraph shall occur
if the “Daily VWAP” (as defined in the Indenture) for each “VWAP Trading Day” (as defined in the Indenture) during the Cash Settlement Averaging Period is less than or equal to the Strike
Price.

  
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	 Notice Deadline:
	  	In respect of any exercise of Options hereunder on any Conversion Date on or after the Free Convertibility Date, 5:00 p.m., New York City time, on the “Scheduled Trading Day” (as defined in the Indenture) immediately
preceding the “Maturity Date” (as defined in the Indenture).
		
	 Notice of Exercise:
	  	Counterparty shall notify Dealer in writing prior to the Notice Deadline of the number of Relevant Convertible Securities being converted on the related Conversion Date. For the avoidance of doubt, if Counterparty fails to give such
notice when due in respect of any exercise of Options hereunder with a Conversion Date occurring on or after the Free Convertibility Date, Automatic Exercise shall apply and the Conversion Date shall be deemed to be the Notice Deadline.
		
	 Notice of Final Convertible Security Settlement Method:
	  	In addition, Counterparty shall notify Dealer in writing before 5:00 p.m., New York City time, on the “Scheduled Trading Day” (as defined in the Indenture) immediately preceding the Free Convertibility Date of the
settlement method (and, if applicable, the “Specified Dollar Amount” (as defined in the Indenture)) elected (or deemed to be elected) with respect to Relevant Convertible Securities with a Conversion Date occurring on or after the Free
Convertibility Date (any such notice, a “Notice of Final Convertible Security Settlement Method”); provided that if Counterparty does not timely deliver the Notice of Final Convertible Security Settlement Method then the
Notice of Final Convertible Security Settlement Method shall be deemed timely given and the Applicable Settlement Method shall be a Cash Election with a “Specified Dollar Amount” (as defined in the Indenture) of USD 1,000. If Counterparty
elects a Settlement Method other than Net Share Settlement in the Notice of Final Convertible Security Settlement Method, the Notice of Final Convertible Security Settlement Method shall contain a written representation by Counterparty to Dealer
that Counterparty is not, on the date of the Notice of Final Convertible Security Settlement Method, in possession of any material non-public information with respect to Counterparty or the Shares.
		
	 Dealer’s Contact Details for purpose of Giving Notice:
	  	As specified in Section 6(b) below.
		
	 Settlement Terms:
	  	
		
	 Settlement Date:
	  	For any Exercise Date, the date one Settlement Cycle following the final day of the Cash Settlement Averaging Period.
		
	 Delivery Obligation:
	  	In lieu of the obligations set forth in Sections 8.1 and 9.1 of the Equity Definitions, and subject to “Automatic Exercise on Conversion Dates” and “Notice of Exercise” above and “Method of Adjustment”,
“Discretionary Adjustments”, “Consequences of Merger Events/Tender Offers”, “Consequences of Announcement Events” and Section 8(u) below, in respect of an Exercise Date, Dealer will deliver to Counterparty on the
related Settlement Date (the “Delivery Obligation”), (i) a number of Shares equal to the product of the Applicable Percentage and the aggregate number of Shares, if any, that Counterparty would be
obligated

  
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		  	to deliver to the holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 5.03(B) of the Indenture (except that such number of Shares shall be rounded down to the nearest whole number) and
cash in lieu of any fractional Share resulting from such rounding and/or (ii) the product of the Applicable Percentage and the aggregate amount of cash, if any, in excess of the principal amount of the Relevant Convertible Securities that
Counterparty would be obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 5.03(B) of the Indenture, determined, for each of clauses (i) and (ii), by the Calculation Agent in
a commercially reasonable manner by reference to such Sections of the Indenture as if Counterparty had elected to satisfy its conversion obligation in respect of such Relevant Convertible Securities by the Applicable Settlement Method,
notwithstanding any different actual election by Counterparty with respect to the settlement of such Relevant Convertible Securities; provided that if the “Daily VWAP” (as defined in the Indenture) for any “VWAP Trading
Day” (as defined in the Indenture) during the Cash Settlement Averaging Period is greater than the Cap Price, then clause (B) of the relevant “Daily Conversion Value” (as defined in the Indenture) for such “VWAP Trading
Day” shall be determined as if such “Daily VWAP” for such “VWAP Trading Day” were deemed to equal the Cap Price; provided further that the Delivery Obligation shall be determined excluding any Shares and/or cash that
Counterparty is obligated to deliver to holder(s) of the Relevant Convertible Securities as a direct or indirect result of any adjustments to the Conversion Rate pursuant to a Discretionary Adjustment, a Make-Whole Adjustment and any interest
payment that Counterparty is (or would have been) obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date.
		
	 Applicable Settlement Method:
	  	For any Relevant Convertible Securities, if Counterparty has notified Dealer in the Notice of Final Convertible Security Settlement Method that it has elected, or is deemed to have elected, to satisfy its conversion obligation in
respect of such Relevant Convertible Securities in cash or in a combination of cash and Shares in accordance with Section 5.03(A) of the Indenture (a “Cash Election”) with a “Specified Dollar Amount” (as defined in
the Indenture) of at least USD 1,000, the Applicable Settlement Method shall be the settlement method actually so elected, or deemed to be elected, by Counterparty in respect of such Relevant Convertible Securities (the “Convertible
Securities Settlement Method”); otherwise, the Applicable Settlement Method shall assume Counterparty had made a Cash Election with respect to such Relevant Convertible Securities (a “Deemed Cash Election”) with a
“Specified Dollar Amount” (as defined in the Indenture) of USD 1,000 per Relevant Convertible Security (“Net Share Settlement”) and the Delivery Obligation shall be determined by the Calculation Agent pursuant to
Section 5.03(B)(i)(2) of the Indenture as if the relevant “Observation Period” (as defined in the Indenture) were the Cash Settlement Averaging Period.
		
	 Cash Settlement Averaging Period:
	  	The 30 “VWAP Trading Days” (as defined in the Indenture) commencing on the 31st “Scheduled Trading Day” (as defined in the Indenture) prior to the “Maturity Date” (as defined in the
Indenture).

  
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	 Other Applicable Provisions:
	  	To the extent Dealer is obligated to deliver Shares hereunder, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if “Physical Settlement” applied to the Transaction;
provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under
applicable securities laws that exist as a result of the fact that Counterparty is the issuer of the Shares.
	 Restricted Certificated Shares:
	  	Notwithstanding anything to the contrary in the Equity Definitions, Dealer may, in whole or in part, deliver Shares required to be delivered to Counterparty hereunder in certificated form in lieu of delivery through the Clearance
System. With respect to such certificated Shares, the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by deleting the remainder of the provision after the word “encumbrance” in the
fourth line thereof.
	 Adjustments:
	  	
		
	 Method of Adjustment:
	  	 Notwithstanding Section 11.2 of the Equity Definitions, upon the occurrence of any event or condition set forth in the Dilution
Adjustment Provisions (a “Potential Adjustment Event”) that requires an adjustment under the Indenture, the Calculation Agent shall, in good faith and in a commercially reasonable manner, make a corresponding adjustment in respect
of any one or more of the Strike Price, the Number of Options, the Option Entitlement and any other term relevant to the exercise, settlement or payment of the Transaction, to the extent an analogous adjustment is required under the Indenture,
subject to “Discretionary Adjustments” below. Immediately upon the occurrence of any Potential Adjustment Event, Counterparty shall notify the Calculation Agent of such Potential Adjustment Event.

 
 Notwithstanding anything to the contrary herein or in the Equity Definitions:

 
 (i) in connection with any Potential Adjustment Event as a result of an event or
condition set forth in Section 5.05(A)(ii) of the Indenture or Section 5.05(A)(iii)(1) of the Indenture where, in either case, the period for determining “Y” (as such term is used in Section 5.05(A)(ii) of the Indenture) or
“SP” (as such term is used in Section 5.05(A)(iii)(1) of the Indenture), as the case may be, begins before Counterparty has publicly announced the event or condition giving rise to such Potential Adjustment Event, then the Calculation
Agent shall, in good faith and in a commercially reasonable manner, have the right to adjust any variable relevant to the exercise, settlement or payment for the Transaction as appropriate to reflect the commercially reasonable costs (to account
solely for hedging mismatches and market losses) and commercially reasonable out-of-pocket expenses incurred by Dealer in connection with its commercially reasonable
hedging activities as a result of such event or condition not having been publicly announced prior to the beginning of such period; and

  
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		  	 (ii) if any Potential Adjustment Event is declared and (a) the event or condition giving rise to such Potential Adjustment Event is
subsequently amended, modified, cancelled or abandoned, (b) the “Conversion Rate” (as defined in the Indenture) is otherwise not adjusted at the time or in the manner contemplated by the relevant Dilution Adjustment Provision based on
such declaration or (c) the “Conversion Rate” (as defined in the Indenture) is adjusted as a result of such Potential Adjustment Event and subsequently re-adjusted (each of clauses (a), (b) and
(c), a “Potential Adjustment Event Change”) then, in each case, the Calculation Agent shall, in good faith and in a commercially reasonable manner, have the right to adjust any variable relevant to the exercise, settlement or
payment for the Transaction as appropriate to reflect the commercially reasonable costs (to account solely for hedging mismatches and market losses) and commercially reasonable
out-of-pocket expenses incurred by Dealer in connection with its commercially reasonable hedging activities as a result of such Potential Adjustment Event Change.

 
 For the avoidance of doubt, Dealer shall not have any payment or delivery obligation
hereunder in respect of, and no adjustment shall be made to the terms of the Transaction on account of, (x) any distribution of cash, property or securities by Counterparty to the holders of Convertible Securities (upon conversion or otherwise)
or (y) any other transaction in which holders of Convertible Securities are entitled to participate, in each case, in lieu of an adjustment under the Indenture in respect of a Potential Adjustment Event (including, without limitation, under the
proviso to the first sentence of Section 5.05(A)(iii)(1) of the Indenture or the proviso to the first sentence of Section 5.05(A)(iv) of the Indenture).

		
	 Dilution Adjustment Provisions:
	  	Sections 5.05(A)(i), (ii), (iii), (iv) and (v) and Section 5.05(H) of the Indenture
		
	 Discretionary Adjustments:
	  	Notwithstanding anything to the contrary herein or in the Equity Definitions, if the Calculation Agent in good faith disagrees with any adjustment under the Indenture that is the basis of any adjustment hereunder and that involves
an exercise of discretion by Counterparty, its board of directors or a committee of its board of directors (including, without limitation, pursuant to Section 5.05(H) of the Indenture or pursuant to Section 5.09 of the Indenture or any
supplemental indenture entered into thereunder or in connection with the determination of the fair value of any securities, property, rights or other assets), then the Calculation Agent will determine the corresponding adjustment to be made to any
one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment of or under the Transaction in good faith and in a commercially reasonable manner consistent with the
methodology set forth in the Indenture. In addition, notwithstanding the foregoing, if any Potential Adjustment Event occurs during the Cash Settlement Averaging Period but no adjustment was made to any Convertible Security under the Indenture
because the relevant holder of such Convertible Security was deemed to be a record owner of the underlying Shares on the related Conversion Date, then the Calculation Agent shall, in good faith and in a commercially reasonable manner, make an
adjustment, consistent with the methodology set forth in the Indenture as determined by it, to the terms hereof in order to account for such Potential Adjustment Event. For the avoidance of doubt, the Delivery Obligation shall be calculated on the
basis of such adjustments by the Calculation Agent.

  
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	 Extraordinary Events:
	  	
		
	 Merger Events:
	  	Notwithstanding Section 12.1(b) of the Equity Definitions, “Merger Event” shall have the same meaning as the meaning of “Common Stock Change Event” set forth in Section 5.09(A) of the
Indenture.
		
	 Consequences of Merger Events/Tender Offers:
	  	Notwithstanding Section 12.2 of the Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent, acting in good faith and commercially reasonably, shall make a corresponding adjustment in respect of any
adjustment under the Indenture to any one or more of the nature of the Shares, the Number of Options, the Option Entitlement, composition of the “Shares” hereunder and any other variable relevant to the exercise, settlement or payment for
the Transaction, to the extent an analogous adjustment is required under Section 5.09 of the Indenture in respect of such Merger Event, as determined in good faith and in a commercially reasonable manner by the Calculation Agent by reference to
such Section, subject to “Discretionary Adjustments” above; provided that such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant to a Make-Whole Adjustment or a Discretionary Adjustment;
provided further that in respect of any election by the holders of Shares with respect to the consideration due upon consummation of any Merger Event, the Calculation Agent shall have the right to adjust any variable relevant to the exercise,
settlement or payment for the Transaction as appropriate to compensate Dealer for any losses (including, without limitation, market losses customary for transactions similar to the Transaction with counterparties similar to Counterparty) relating to
any mismatch on its Hedge Position, assuming Dealer maintains a commercially reasonable Hedge Position, and the type and amount of consideration actually paid or issued to the holders of Shares in respect of such Merger Event; and provided
further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) securities issued by an entity that is not a corporation organized under
the laws of the United States, any state thereof or the District of Columbia or (ii) the Counterparty to the Transaction, following such Merger Event, will not be a corporation organized under the laws of the United States, any State thereof or
the District of Columbia or will not be the Issuer, Dealer may elect in its commercially reasonable discretion that Cancellation and Payment (Calculation Agent Determination) shall apply. For the avoidance of doubt, adjustments shall be made
pursuant to the provisions set forth above regardless of whether any Merger Event gives rise to an Early Conversion. For purposes of this paragraph, “Tender Offer” means the occurrence of any event or condition set forth in
Section 5.05(A)(v) of the Indenture.
		
	 Notice of Merger Consideration:
	  	Upon the occurrence of a Merger Event, Counterparty shall reasonably promptly (but in any event prior to consummation of such Merger Event) notify the Calculation Agent of, in the case of a Merger Event that causes the Shares to be
converted into the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), the weighted average of the types and amounts of consideration actually received by holders of Shares upon
consummation of such Merger Event.

  
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	 Consequences of Announcement Events:
	  	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by
references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”, (y) the phrase “exercise, settlement, payment or any other terms of the
Transaction (including, without limitation, the spread)” shall be replaced with the phrase “Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)” and the words “whether within a
commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event” shall be inserted prior to the word “, which” in the seventh line, and (z) for the avoidance of doubt, the
Calculation Agent shall, in good faith and in a commercially reasonable manner, determine whether the relevant Announcement Event has had an economic effect on the Transaction (the terms of which include, among other terms, the Strike Price and Cap
Price), and, if so, shall adjust the Cap Price accordingly to take into account such economic effect on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination Date and/or
any other date of cancellation, it being understood that (i) any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event and (ii) in making any adjustment the
Calculation Agent shall take into account volatility, liquidity or other factors before and after such Announcement Event. An Announcement Event shall be an “Extraordinary Event” for purposes of the Equity Definitions, to which Article 12
of the Equity Definitions is applicable.
		
	 Announcement Event:
	  	(i) The public announcement by Issuer, any subsidiary of Issuer, any affiliate of Issuer, any agent or representative of Issuer, any Valid Third Party Entity or any affiliate of a Valid Third Party Entity of (x) any transaction
or event that, if completed, would constitute a Merger Event or Tender Offer, (y) any potential acquisition or disposition by Issuer and/or its subsidiaries where the aggregate consideration exceeds 35% of the market capitalization of Issuer as
of the date of such announcement (a “Transformative Transaction”) or (z) the intention to enter into a Merger Event or Tender Offer or a Transformative Transaction, (ii) the public announcement by Issuer of an intention to
solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer or a Transformative Transaction or (iii) any subsequent public announcement by Issuer, any subsidiary of
Issuer, any affiliate of Issuer, any agent or representative of Issuer or a Valid Third Party Entity of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence
(including, without limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention),
as determined by the Calculation Agent in good faith and in a commercially reasonable manner. For the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a
later Announcement

  
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		  	Event with respect to such transaction or intention. For purposes of this definition of “Announcement Event,” (A) “Merger Event” shall mean such term as defined under Section 12.1(b) of the Equity
Definitions (but, for the avoidance of doubt, the remainder of the definition of “Merger Event” in Section 12.1(b) of the Equity Definitions following the definition of “Reverse Merger” therein shall be disregarded) and (B)
“Tender Offer” shall mean such term as defined under Section 12.1(d) of the Equity Definitions.
		
	 Valid Third Party Entity:
	  	In respect of any transaction, any third party that has a bona fide intent to enter into or consummate such transaction (it being understood and agreed that in determining whether such third party has such a bona fide intent, the
Calculation Agent may take into consideration the effect of the relevant announcement by such third party (or its agent or representative) on the Shares and/or options relating to the Shares).
		
	 Nationalization, Insolvency or Delisting:
	  	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Shares are not
immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The Nasdaq Global Select Market or The
Nasdaq Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any
such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.
		
	 Additional Termination Event(s):
	  	Notwithstanding anything to the contrary in the Equity Definitions, if, as a result of an Extraordinary Event, the Transaction would be cancelled or terminated (whether in whole or in part) pursuant to Article 12 of the Equity
Definitions, an Additional Termination Event (with the Transaction (or the cancelled or terminated portion thereof) being the Affected Transaction and Counterparty being the sole Affected Party) shall be deemed to occur, and, in lieu of Sections
12.7, 12.8 and 12.9 of the Equity Definitions, Section 6 of the Agreement shall apply to such Affected Transaction.
		
	 Additional Disruption Events:
	  	
		
	 (a) Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public
announcement of, the formal or informal interpretation”, (ii) by adding the phrase “and/or Hedge Position” after the word “Shares” in clause (X) thereof and (iii) by immediately following the word
“Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”; and provided further that Section 12.9(a)(ii) of the Equity Definitions is hereby
amended by (i) replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption
or promulgation of new regulations authorized or mandated by existing statute)” and (ii) adding the words “, or holding, acquiring or disposing of Shares or any Hedge Positions relating to,” after the words “obligations
under” in clause (Y) thereof.

  
 Page 11 of 30 

			
	 (b) Failure to Deliver:
	  	Applicable
		
	 (c) Insolvency Filing:
	  	Applicable
		
	 (d) Hedging Disruption:
	  	 Applicable; provided that:
  

(i) Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following sentence at the end of such Section:

 
 “For the avoidance of doubt, (i) the term “equity price risk” shall
be deemed to include, but shall not be limited to, stock price and volatility risk, and (ii) the transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing and other terms.”;
and
  
 (ii) Section 12.9(b)(iii) of the Equity Definitions is hereby amended by
inserting in the third line thereof, after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected by such Hedging Disruption”.

		
	 (e) Increased Cost of Hedging:
	  	Applicable
		
	 Hedging Party:
	  	Dealer
		
	 Determining Party:
	  	Dealer; provided that the Determining Party will promptly, upon written notice from Counterparty, provide a statement displaying in reasonable detail the basis for such determination, adjustment or calculation, as the case
may be (including any quotations, market data or information from internal or external sources used in making such determination, adjustment or calculation, it being understood that the Determining Party shall not be required to disclose any
confidential information or proprietary models used by it in connection with such determination, adjustment or calculation, as the case may be).
		
	 Non-Reliance:
	  	
		
	 Agreements and Acknowledgments
	  	Applicable
		
	 Regarding Hedging Activities:
	  	Applicable
		
	 Additional Acknowledgments:
	  	Applicable
		
	 Hedging Adjustment:
	  	For the avoidance of doubt, whenever Dealer, Determining Party or the Calculation Agent makes an adjustment, calculation or determination permitted or required to be made pursuant to the terms of this Confirmation or the Equity
Definitions to take into account the effect of any event (other than an adjustment, calculation or determination made by reference to the Indenture), the Calculation Agent, Determining Party or Dealer, as the case may be, shall make such adjustment,
calculation or determination in a commercially reasonable manner and by reference to the effect of such event on Dealer assuming that Dealer maintains a commercially reasonable hedge
position.

  
 Page 12 of 30 

			
	 3.  Calculation Agent:
	  	Dealer; provided that all calculations and determinations by the Calculation Agent (other than calculations or determinations made by reference to the Indenture) shall be made in good faith and in a commercially reasonable
manner and assuming for such purposes that Dealer is maintaining, establishing and/or unwinding, as applicable, a commercially reasonable hedge position; provided further that if an Event of Default of the type described in
Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party occurs, Counterparty shall have the right to appoint a successor calculation agent which shall be a nationally recognized third-party dealer in over-the-counter corporate equity derivatives. The Calculation Agent agrees that it will promptly, upon written notice from Counterparty, provide a statement displaying in
reasonable detail the basis for such determination, adjustment or calculation, as the case may be (including any quotations, market data or information from internal or external sources used in making such determination, adjustment or calculation,
it being understood that the Calculation Agent shall not be required to disclose any confidential information or proprietary models used by it in connection with such determination, adjustment or calculation, as the case may be).

  

	 	4.	 Account Details: 

Dealer Payment Instructions: 

[_____] 
 Counterparty Payment
Instructions: 
 [_____] 
  

	 	5.	 Offices: 

The Office of Dealer for the Transaction is: 

[_____] 
 The Office of
Counterparty for the Transaction is: 
 Inapplicable, Counterparty is not a Multibranch Party 

 

	 	6.	 Notices: For purposes of this Confirmation: 

 

	 	(a)	 Address for notices or communications to Counterparty: 

 

	 	To:	              Opendoor Technologies Inc.

              410 N. Scottsdale Road, Suite 1600 

             Tempe, AZ 85281 

	 	Attention:	          Treasury Team 

	 	Telephone	 No.:  (408) 218-6591 (Sandra Tullis) or (415) 283-9940 (Allen Colhoun) 

	 	Email:                treasury@opendoor.com	 

  
 Page 13 of 30 

	 	(b)	 Address for notices or communications to Dealer: 

[_____] 
  

	 	7.	 Representations, Warranties and Agreements: 

(a) In addition to the representations and warranties in the Agreement and those contained elsewhere herein, Counterparty
represents and warrants to and for the benefit of, and agrees with, Dealer as follows: 
 (i) On the Trade Date,
(A) Counterparty is not aware of any material nonpublic information regarding Counterparty or the Shares and (B) all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not
contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading. 

(ii) (A) On the Trade Date, the Shares or securities that are convertible into, or exchangeable or exercisable for Shares, are
not subject to a “restricted period,” as such term is defined in Regulation M under the Exchange Act (“Regulation M”) and (B) Counterparty shall not engage in any “distribution,” as such term is defined in
Regulation M, other than a distribution meeting the requirements of the exceptions set forth in sections 101(b)(10) and 102(b)(7) of Regulation M, until the third Exchange Business Day immediately following the Trade Date. 

(iii) Without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that neither
Dealer nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings Per
Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own
Equity (or any successor issue statements). 
 (iv) Without limiting the generality of Section 3(a)(iii) of the
Agreement, the Transaction will not violate Rule 13e-1 or Rule 13e-4 under the Exchange Act. 

(v) Prior to the Trade Date, Counterparty shall deliver to Dealer a resolution of Counterparty’s board of directors
authorizing the Transaction. 
 (vi) Counterparty is not entering into this Confirmation to create actual or apparent trading
activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise in violation of
the Exchange Act. 
 (vii) Counterparty is not, and after giving effect to the transactions contemplated hereby will not be,
required to register as, an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

(viii) On each of the Trade Date and the Premium Payment Date, Counterparty is not “insolvent” (as such term is
defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and Counterparty would be able to purchase the Number of Shares in compliance with the laws of the
jurisdiction of Counterparty’s incorporation. 

  
 Page 14 of 30 

 (ix) The representations and warranties of Counterparty set forth in
Section 3 of the Agreement and Section 1 of the Purchase Agreement, dated as of August 17, 2021, among Counterparty and Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC, as representatives of the initial purchasers
party thereto (the “Purchase Agreement”), are true and correct as of the Trade Date and the Effective Date and are hereby deemed to be repeated to Dealer as if set forth herein. 

(x) To the knowledge of Counterparty, no state or local (including non-U.S.
jurisdictions) law, rule, regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or
entity) as a result of Dealer or its affiliates owning or holding (however defined) Shares; provided that Counterparty makes no representation or warranty regarding any such requirement that is applicable generally to the ownership of equity
securities by Dealer or any of its affiliates solely as a result of it or any of such affiliates being financial institutions or broker-dealers. 

(xi) Counterparty (A) is capable of evaluating investment risks independently, both in general and with regard to all
transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the
broker-dealer in writing; and (C) has total assets of at least USD 50 million as of the date hereof. 
 (xii) The
assets of Counterparty do not constitute “plan assets” under the Employee Retirement Income Security Act of 1974, as amended, the Department of Labor Regulations promulgated thereunder or similar law. 

(b) Each of Dealer and Counterparty agrees and represents that it is an “eligible contract participant” as defined in
Section 1a(18) of the U.S. Commodity Exchange Act, as amended, and is entering into the Transaction as principal (and not as agent or in any other capacity, fiduciary or otherwise) and not for the benefit of any third party. 

(c) Each of Dealer and Counterparty acknowledges that the offer and sale of the Transaction to it is intended to be exempt from
registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(a)(2) thereof. Accordingly, Counterparty represents and warrants to Dealer that (i) it has the financial ability to
bear the economic risk of its investment in the Transaction and is able to bear a total loss of its investment and its investments in and liabilities in respect of the Transaction, which it understands are not readily marketable, are not
disproportionate to its net worth, and it is able to bear any loss in connection with the Transaction, including the loss of its entire investment in the Transaction, (ii) it is an “accredited investor” as that term is defined in
Regulation D as promulgated under the Securities Act, (iii) it is entering into the Transaction for its own account and without a view to the distribution or resale thereof, (iv) the assignment, transfer or other disposition of the
Transaction has not been and will not be registered under the Securities Act and is restricted under this Confirmation, the Securities Act and state securities laws, and (v) its financial condition is such that it has no need for liquidity with
respect to its investment in the Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness and is capable of assessing the merits of and understanding (on its own behalf or through
independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction. 
 (d)
Each of Dealer and Counterparty agrees and acknowledges that Dealer is a “financial institution” and “financial participant” within the meaning of Sections 101(22) and 101(22A) of the Bankruptcy Code. The parties hereto further
agree and acknowledge (A) that this Confirmation is a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is
a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment” within the meaning of Section 546 of the
Bankruptcy Code, and (B) that Dealer is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j), 548(d)(2), 555 and 561 of the Bankruptcy Code. 

  
 Page 15 of 30 

 (e) As a condition to the effectiveness of the Transaction, Counterparty
shall deliver to Dealer an opinion of counsel, dated as of the Premium Payment Date and reasonably acceptable to Dealer in form and substance, with respect to the matters set forth in Section 3(a) of the Agreement and Section 7(a)(vii)
hereof; provided that any such opinion of counsel may contain customary exceptions and qualifications, including, without limitation, exceptions and qualifications relating to indemnification provisions. 

(f) Counterparty understands that notwithstanding any other relationship between Counterparty and Dealer and its affiliates, in
connection with this Transaction and any other over-the-counter derivative transactions between Counterparty and Dealer or its affiliates, Dealer or its affiliates is
acting as principal and is not a fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment, unwind or termination thereof. 

(g) Counterparty represents and warrants that neither it nor any of its subsidiaries has applied, and neither it nor any of its
subsidiaries shall until after the first date on which no portion of the Transaction remains outstanding following any final exercise and settlement, cancellation or early termination of the Transaction, apply, for a loan, loan guarantee, direct
loan (as that term is defined in the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)) or other investment, or to receive any financial assistance or relief under any program or facility (collectively
“Financial Assistance”) that (i) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve
Act, as amended, and (ii) (A) requires under applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) as a condition of such Financial
Assistance, that Counterparty or any of its subsidiaries comply with any requirement not to, or otherwise agree, attest, certify or warrant that it or any of its subsidiaries has not, as of the date specified in such condition, repurchased, or will
not repurchase, any equity security of Counterparty, and that neither it nor any of its subsidiaries has, as of the date specified in the condition, made a capital distribution or will make a capital distribution, or (B) where the terms of the
Transaction would cause Counterparty or any of its subsidiaries under any circumstances to fail to satisfy any condition for application for or receipt or retention of the Financial Assistance (collectively “Restricted Financial
Assistance”); provided that Counterparty or any of its subsidiaries may apply for Restricted Financial Assistance if Counterparty either (x) determines based on the advice of outside counsel of national standing that the terms
of the Transaction would not cause Counterparty or any of its subsidiaries to fail to satisfy any condition for application for or receipt or retention of such Financial Assistance based on the terms of the program or facility as of the date of such
advice or (y) delivers to Dealer evidence or other guidance from a governmental authority with jurisdiction for such program or facility that the Transaction is permitted under such program or facility (either by specific reference to the
Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects). Counterparty further represents and warrants that the Premium is not being paid, in whole or in part, directly or indirectly, with
funds received under or pursuant to any program or facility, including the U.S. Small Business Administration’s “Paycheck Protection Program”, that (a) is established under applicable law (whether in existence as of the Trade
Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires under such applicable law (or any regulation, guidance, interpretation or other
pronouncement of a governmental authority with jurisdiction for such program or facility) that such funds be used for specified or enumerated purposes that do not include the purchase of the Transaction (either by specific reference to the
Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects). 
 (h)
[Counterparty represents and warrants that it has received, read and understands the OTC Options Risk Disclosure Statement and a copy of the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics
and Risks of Standardized Options”. 
 (i) Each party acknowledges and agrees to be bound by the Conduct Rules of the
Financial Industry Regulatory Authority, Inc. applicable to transactions in options, and further agrees not to violate the position and exercise limits set forth therein, in each case, to the extent such rules are applicable to such party.] 

  
 Page 16 of 30 

	 	8.	 Other Provisions: 

(a) Right to Extend. Dealer may postpone or add, in whole or in part, any Exercise Date or Settlement Date or any other
date of valuation, payment or delivery by Dealer, with respect to some or all of the relevant Options (in which event the Calculation Agent, in good faith and in a commercially reasonable manner, shall make appropriate adjustments to the Delivery
Obligation), if Dealer determines, in good faith and in a commercially reasonable manner, and, in respect of clause (ii) below, based on the advice of counsel, that such extension is reasonably necessary or appropriate (i) to preserve
Dealer’s commercially reasonable hedging or hedge unwind activity hereunder in light of existing liquidity conditions in the cash market, the stock borrow market or other relevant market (but only if there is a material decrease in liquidity
relative to Dealer’s expectations on the Trade Date), or (ii) to enable Dealer to effect purchases or sales of Shares or Share Termination Delivery Units in connection with its commercially reasonable hedging, hedge unwind or settlement
activity hereunder in a manner that would (assuming, in the case of purchases, Dealer were Counterparty or an affiliated purchaser of Counterparty) be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related
policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer and, in the case of policies or procedures, so long as such policies or procedures are consistently
applied to transactions similar to the Transaction); provided that no such Exercise Date, Settlement Date or other date of valuation, payment or delivery may be postponed or added more than 60 “VWAP Trading Days” (as defined in the
Indenture) after the original Exercise Date, Settlement Date or other date of valuation, payment or delivery, as the case may be. 

(b) Additional Termination Events. 

(i) The occurrence of an event of default with respect to Counterparty under the terms of the Convertible Securities as set
forth in Section 7.01 of the Indenture, which default has resulted in the Convertible Securities becoming due and payable under the terms thereof, shall constitute an Additional Termination Event with respect to which the Transaction is the
sole Affected Transaction and Counterparty is the sole Affected Party, and Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to
Section 6(e) of the Agreement. 
 (ii) Within five Exchange Business Days immediately following any Repurchase Event (as
defined below), Counterparty (x) in the case of a Repurchase Event resulting from the redemption of any Convertible Securities by Counterparty or the repurchase of any Convertible Securities by Counterparty upon the occurrence of a
“Fundamental Change” (as defined in the Indenture), shall notify Dealer in writing of such Repurchase Event and (y) in the case of a Repurchase Event not described in clause (x) above, may notify Dealer of such Repurchase Event,
in each case, including the number of Convertible Securities subject to such Repurchase Event (any such notice, a “Convertible Securities Repurchase Notice”). Notwithstanding anything to the contrary in this Confirmation, the
receipt by Dealer from Counterparty of (1) any Convertible Securities Repurchase Notice, and (2) in the case of any Convertible Securities Repurchase Notice described in clause (y) above, a written representation and warranty by
Counterparty that, as of the date of such Convertible Securities Repurchase Notice, Counterparty is not in possession of any material nonpublic information regarding Counterparty or the Shares, in each case, within the applicable time period set
forth in the preceding sentence, shall constitute an Additional Termination Event as provided in this Section 8(b)(ii). Upon receipt of any such Convertible Securities Repurchase Notice and the related written representation and warranty,
Dealer shall promptly designate an Exchange Business Day following receipt of such Convertible Securities Repurchase Notice (which in no event shall be earlier than the related repurchase date for such Convertible Securities) as an Early Termination
Date with respect to the portion of this Transaction corresponding to a number of Options (the “Repurchase Options”) equal to the lesser of (A) the number of such Convertible Securities specified in such Convertible Securities
Repurchase Notice and (B) the Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the Number of Options shall be reduced by the number of Repurchase Options. Any payment hereunder with respect to
such termination shall be calculated pursuant to Section 6 of the 

  
 Page 17 of 30 

 
Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to this Transaction and a Number of Options equal to the number of
Repurchase Options, (2) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (3) the terminated portion of the Transaction were the sole Affected Transaction. “Repurchase Event”
means that (i) any Convertible Securities are repurchased or redeemed (whether pursuant to Section 4.02 or 4.03 of the Indenture or otherwise) by Counterparty or any of its subsidiaries (including in connection with, or as a result of, a
Fundamental Change (as defined in the Indenture), a tender offer, exchange offer or similar transaction or for any other reason), (ii) any Convertible Securities are delivered to Counterparty in exchange for delivery of any property or assets of
Counterparty or any of its subsidiaries (howsoever described), (iii) any principal of any of the Convertible Securities is repaid prior to the final maturity date of the Convertible Securities, or (iv) any Convertible Securities are exchanged
by or for the benefit of the “Holders” (as such term is defined in the Indenture) thereof for any other securities of Counterparty or any of its affiliates (or any other property, or any combination thereof) pursuant to any exchange offer
or similar transaction. For the avoidance of doubt, any conversion of Convertible Securities (whether into cash, Shares, “Reference Property” (as defined in the Indenture) or any combination thereof) pursuant to the terms of the Indenture
shall not constitute a Repurchase Event. Counterparty acknowledges and agrees that if an Additional Termination Event has occurred under this Section 8(b)(ii), then any related Convertible Securities subject to a Repurchase Event will be deemed
to be cancelled and disregarded and no longer outstanding for all purposes hereunder. 
 (iii) Notwithstanding anything to
the contrary in this Confirmation, upon any Early Conversion in respect of which the relevant converting “Holder” (as such term is defined in the Indenture) has satisfied the requirements to conversion set forth in Section 5.02(A) of
the Indenture: 
  

	 	(A)	 Counterparty may, as promptly as practicable (but in any event within five Scheduled Trading Days of the
“Conversion Date” (as defined in the Indenture) for such Early Conversion), provide written notice (an “Early Conversion Notice”) to Dealer specifying the number of Convertible Securities surrendered for conversion on such
Conversion Date (such Convertible Securities, the “Affected Convertible Securities”), and the giving of such Early Conversion Notice shall constitute an Additional Termination Event as provided in this Section 8(b)(iii);
provided that any such Early Conversion Notice shall contain a written acknowledgement by Counterparty of its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act and
the rules and regulations thereunder, in respect of the delivery of such Early Conversion Notice; 

  

	 	(B)	 upon receipt of any such Early Conversion Notice, within a commercially reasonable period of time thereafter,
Dealer shall designate an Exchange Business Day as an Early Termination Date (which Exchange Business Day shall be on or as promptly as reasonably practicable after the related settlement date for such Affected Convertible Securities) with respect
to the portion of the Transaction corresponding to a number of Options (the “Affected Number of Options”) equal to the lesser of (x) the number of Affected Convertible Securities and (y) the Number of Options as of the
“Conversion Date” (as defined in the Indenture) for such Early Conversion; 

  

	 	(C)	 any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the
Agreement as if (x) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the Affected Number of Options, (y) Counterparty were the sole
Affected Party with respect to such Additional Termination Event and (z) the terminated portion of the Transaction were the sole Affected Transaction; 

  
 Page 18 of 30 

	 	(D)	 for the avoidance of doubt, in determining the amount payable in respect of such Affected Transaction pursuant
to Section 6 of the Agreement, the Calculation Agent shall assume that (x) the relevant Early Conversion and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading thereto had
not occurred, (y) no adjustment to the conversion rate for the Convertible Securities has occurred pursuant to any Make-Whole Adjustment or Discretionary Adjustment and (z) the corresponding Convertible Securities remain outstanding; and

  

	 	(E)	 the Transaction shall remain in full force and effect, except that, as of the “Conversion Date”(as
defined in the Indenture) for such Early Conversion, the Number of Options shall be reduced by the Affected Number of Options. 

(c) Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If (a) an Early
Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except
as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to all holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s control, or
(iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or
(viii) of the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case that resulted from an event or events outside Counterparty’s control), and if Dealer would owe any amount to
Counterparty pursuant to Section 6(d)(ii) and 6(e) of the Agreement (any such amount, a “Payment Obligation”), then Dealer shall satisfy the Payment Obligation by the Share Termination Alternative (as defined below) unless
(a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger Date, Tender Offer Date, Announcement Date (in the case of a
Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable, of its election that the Share Termination Alternative shall not apply, (b) as of the date of such election, Counterparty represents that
is not in possession of any material non-public information regarding Counterparty or the Shares, and that such election is being made in good faith and not as part of a plan or scheme to evade compliance with
the federal securities laws, and (c) Dealer agrees, in its sole discretion, to such election, in which case the provisions of Section 6(d)(ii) and 6(e) of the Agreement, as the case may be, shall apply. 

 

			
	 Share Termination Alternative:
	  	If applicable, means that Dealer shall deliver to Counterparty the Share Termination Delivery Property on the date on which the Payment Obligation would otherwise be due pursuant to Section 6(d)(ii) of the Agreement or such
later date or dates as Dealer may commercially reasonably determine (the “Share Termination Payment Date”) taking into account commercially reasonable hedging or hedge unwind activity, in satisfaction of the Payment
Obligation.
		
	 Share Termination Delivery Property:
	  	A number of Share Termination Delivery Units, as calculated by the Calculation Agent in good faith and in a commercially reasonable manner, equal to the Payment Obligation divided by the Share Termination Unit Price. The
Calculation Agent shall, in good faith and in a commercially reasonable manner, adjust the Share Termination Delivery Property by replacing any fractional portion of the aggregate amount of a security therein with an amount of cash equal to the
value of such fractional security based on the values used to calculate the Share Termination Unit Price.

  
 Page 19 of 30 

			
	 Share Termination Unit Price:
	  	The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery Property, as determined by the Calculation Agent in a
commercially reasonable manner and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation.
		
	 Share Termination Delivery Unit:
	  	In the case of a Termination Event (other than on account of an Insolvency, Nationalization or Merger Event), Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of an Insolvency, Nationalization or
Merger Event, one Share or a unit consisting of the number or amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any
securities) in such Insolvency, Nationalization or Merger Event, as applicable. If such Insolvency, Nationalization or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive
the maximum possible amount of cash.
		
	 Failure to Deliver:
	  	Applicable
		
	 Other Applicable Provisions:
	  	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable as if “Physical Settlement” applied to the Transaction, except that all references
to “Shares” shall be read as references to “Share Termination Delivery Units”; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any
representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws as a result of the fact that Counterparty is the issuer of any Share Termination Delivery Units (or any part
thereof).

 (d) Disposition of Hedge Shares. Counterparty hereby agrees that if, in the good faith
reasonable judgment of Dealer, based on the advice of counsel, the Shares (the “Hedge Shares”) acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction in a commercially reasonable manner cannot be
sold in the U.S. public market by Dealer without registration under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective
registration statement under the Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance reasonably satisfactory to Dealer, substantially in the form of an underwriting agreement for a
registered offering, (B) provide accountant’s “comfort” letters in customary form for registered offerings of equity securities, (C) provide disclosure opinions of nationally recognized outside counsel to Counterparty
reasonably acceptable to Dealer, (D) provide other customary opinions, certificates and closing documents customary in form for registered offerings of equity securities and (E) afford Dealer a reasonable opportunity to conduct a “due
diligence” investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities (in all cases of (A)-(E) above, as would be usual and customary for offerings for companies of similar size and industry);
provided that if Counterparty elects clause (i) above but the items referred to therein are not completed in a timely manner, or if Dealer, in its sole reasonable discretion, is not satisfied with access to due diligence materials, the
results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this Section 8(d) shall apply at the election of Counterparty;
(ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially similar to private placement purchase agreements customary for private placements of equity securities of
similar size and industry, in form and substance commercially reasonably satisfactory to Dealer, including customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence
rights (for Dealer or any designated buyer of the Hedge Shares from Dealer), and best efforts obligations to provide opinions and 

  
 Page 20 of 30 

 
certificates and such other documentation as is customary for private placements agreements for transactions of similar size and type, as is commercially reasonably acceptable to Dealer (in which
case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its good faith, commercially reasonable judgment, to compensate Dealer for any commercially reasonable discount from the public market
price of the Shares incurred on the sale of Hedge Shares in a private placement); or (iii) purchase the Hedge Shares from Dealer at the then-current market price on such Exchange Business Days, and in the amounts and at such time(s),
commercially reasonably requested by Dealer. This Section 8(d) shall survive the termination, expiration or early unwind of the Transaction. 

(e) Repurchase and Conversion Rate Adjustment Notices. Counterparty shall, at least two Scheduled Trading Days prior to
any day on which Counterparty effects any repurchase of Shares or consummates or otherwise engages in any transaction or event (a “Conversion Rate Adjustment Event”) that could reasonably be expected to lead to an increase in the
“Conversion Rate” (as defined in the Indenture), give Dealer a written notice of such repurchase or Conversion Rate Adjustment Event (a “Repurchase Notice”) if, following such repurchase or Conversion Rate Adjustment
Event, the Notice Percentage would reasonably be expected to be (i) greater than 3.02% and (ii) greater by 0.50% than the Notice Percentage included in the immediately preceding Repurchase Notice (or, in the case of the first such
Repurchase Notice, greater than the Notice Percentage as of the date hereof). The “Notice Percentage” as of any day is the fraction, expressed as a percentage, the numerator of which is the Number of Shares plus the number of Shares
underlying any other convertible bond hedge transactions or similar call options sold by Dealer to Counterparty and the denominator of which is the number of Shares outstanding on such day. In the event that Counterparty fails to provide Dealer with
a Repurchase Notice on the day and in the manner specified in this Section 8(e) then Counterparty agrees to indemnify and hold harmless Dealer, its affiliates and their respective directors, officers, employees, agents and controlling persons
(Dealer and each such person being an “Indemnified Party”) from and against any and all commercially reasonable losses (including losses relating to the Dealer’s commercially reasonable hedging activities as a consequence of
becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to this
Transaction), claims, damages and liabilities (or actions in respect thereof), joint or several, to which such Indemnified Party may become subject under applicable securities laws, including without limitation, Section 16 of the Exchange Act
or under any state or federal law, regulation or regulatory order, relating to or arising out of such failure. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any Indemnified
Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition, Counterparty will reimburse any Indemnified
Party for all commercially reasonable out-of-pocket expenses (including commercially reasonable counsel fees and expenses) as they are incurred (after notice to
Counterparty) in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and
whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty. This indemnity shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and delegation of the
Transaction made pursuant to this Confirmation or the Agreement and shall inure to the benefit of any permitted assignee of Dealer. 

(f) Transfer and Assignment. 

(i) Either party may transfer or assign any of its rights or obligations under the Transaction with the prior written consent
of the non-transferring party, such consent not to be unreasonably withheld or delayed; provided that Dealer may transfer or assign without any consent of Counterparty its rights and obligations
hereunder, in whole or in part, to any person, or any person whose obligations would be guaranteed by a person, in either case, with a rating (i) for its long-term, unsecured and unsubordinated indebtedness at least equivalent to Dealer’s
(or its ultimate parent’s) or (ii) that is no lower than A3 from Moody’s Investor Service, Inc. (or its successor) or A- from Standard and Poor’s Rating Group, Inc. (or its successor);
provided further that, at the time of such transfer or assignment either (x) both the Dealer and transferee or assignee in any such transfer or assignment are a “dealer in securities” within the meaning of
Section 475(c) (1) of the Internal 

  
 Page 21 of 30 

 
Revenue Code of 1986, as amended (the “Code”) or (y) the transfer or assignment does not result in a deemed exchange by Counterparty within the meaning of Section 1001
of the Code. In the event of any such transfer or assignment, the transferee or assignee shall agree that (i) Counterparty shall not be required to pay the transferee or assignee under Section 2(d)(i)(4) of the Agreement any amount greater
than the amount Counterparty would have been required to pay to Dealer in the absence of such transfer or assignment, (ii) Counterparty shall not receive from the transferee or assignee any amount or number of Shares (after taking into account
any amounts payable or deliverable under Section 2(d)(i)(4) of the Agreement) less than it would have been entitled to receive in the absence of such transfer or assignment and (iii) Dealer shall cause the transferee or assignee to provide
Counterparty with a complete and accurate U.S. Internal Revenue Service Form W-9 or W-8 (or successor form), as applicable. If at any time at which (1) the Equity
Percentage exceeds 8.0% or (2) Dealer, Dealer Group (as defined below) or any person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer Person”)
under Section 203 of the Delaware General Corporation Law or other federal, state or local law, rule, regulation or regulatory order or organizational documents or contracts of Counterparty applicable to ownership of Shares (“Applicable
Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the number of Shares that would give
rise to reporting, registration, filing or notification obligations or other requirements (including obtaining prior approval by a state or federal regulator, but excluding reporting obligations arising under Section 13 of the Exchange Act as
in effect on the Trade Date) of a Dealer Person under Applicable Restrictions and with respect to which such requirements have not been met or the relevant approval has not been received, or that would have any other adverse effect on a Dealer
Person, under Applicable Restrictions minus (y) 1% of the number of Shares outstanding on the date of determination (either such condition described in clause (1) or (2), an “Excess Ownership Position”), Dealer, in its
discretion, is unable to effect a transfer or assignment to a third party after its commercially reasonable efforts on pricing and terms and within a time period reasonably acceptable to Dealer such that an Excess Ownership Position no longer
exists, Dealer may designate any Scheduled Trading Day as an Early Termination Date with respect to a portion (the “Terminated Portion”) of the Transaction, such that an Excess Ownership Position would no longer exist following the
resulting partial termination of the Transaction (after taking into account commercially reasonable adjustments to Dealer’s commercially reasonable Hedge Positions from such partial termination). In the event that Dealer so designates an Early
Termination Date with respect to a portion of the Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement or Section 8(c) of this Confirmation as if (i) an Early Termination Date had been designated in
respect of a Transaction having terms identical to the Terminated Portion of the Transaction, (ii) Counterparty were the sole Affected Party with respect to such partial termination, (iii) such portion of the Transaction were the only
Terminated Transaction and (iv) Dealer were the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement. The
“Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates or any other person subject to aggregation with Dealer for
purposes of the “beneficial ownership” test under Section 13 of the Exchange Act, or any “group” (within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part (collectively,
“Dealer Group”) beneficially owns (within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange
Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day. In the case of a transfer or assignment by Counterparty of its rights
and obligations hereunder and under the Agreement, in whole or in part (any such Options so transferred or assigned, the “Transfer Options”), to any party, withholding of such consent by Dealer shall not be considered unreasonable
if such transfer or assignment does not meet the reasonable conditions that Dealer may impose including, but not limited, to the following conditions: 

  
 Page 22 of 30 

	 	(A)	 With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification
obligations pursuant to Section 8(e) or any obligations under Section 2 (regarding Extraordinary Events) or 8(d) of this Confirmation; 

  

	 	(B)	 Any Transfer Options shall only be transferred or assigned to a third party that is a United States person (as
defined in the Code); 

  

	 	(C)	 Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such third
party (including, but not limited to, undertakings with respect to compliance with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and
execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party and Counterparty as are requested by, and reasonably satisfactory to, Dealer; 

 

	 	(D)	 Dealer shall not, as a result of such transfer and assignment, be required to pay the transferee on any payment
date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of such transfer and assignment; 

 

	 	(E)	 Dealer shall not, as a result of such transfer or assignment, receive from the transferee or assignee any
amount or number of Shares (after taking into account any amounts payable or deliverable under Section 2(d)(i)(4) of the Agreement) less than it would have been entitled to receive in the absence of such transfer or assignment;

  

	 	(F)	 An Event of Default, Potential Event of Default or Termination Event shall not occur as a result of such
transfer and assignment; 

  

	 	(G)	 Without limiting the generality of clause (B), Counterparty shall have caused the transferee to make such Payee
Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment; and

  

	 	(H)	 Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel fees,
incurred by Dealer in connection with such transfer or assignment. 

 (ii) Notwithstanding any other
provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its
affiliates to purchase, sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such
obligations. Dealer shall be discharged of its obligations to Counterparty solely to the extent of any such performance. 

(g) Staggered Settlement. If upon advice of counsel with respect to applicable legal and regulatory requirements,
including any requirements relating to Dealer’s commercially reasonable hedging activities hereunder, Dealer reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver, any or all of the
Shares to be delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates
(each, a “Staggered Settlement Date”) as follows: 

  
 Page 23 of 30 

 (i) in such notice, Dealer will specify to Counterparty the related
Staggered Settlement Dates (each of which will be on or prior to such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date; and 

(ii) the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates
will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date. 
 (h)
Disclosure. Effective from the date of commencement of discussions concerning the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the
tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 

(i) No Netting and Set-off. The provisions of Section 2(c) of the Agreement
shall not apply to the Transaction. Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to the other party under the Transaction against any delivery or payment
obligations owed to it by the other party, whether arising under the Agreement, under any other agreement between parties hereto, by operation of law or otherwise. 

(j) Equity Rights. Dealer acknowledges and agrees that this Confirmation is not intended to convey to it rights with
respect to the Transaction that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt, the parties agree that the preceding sentence shall not apply at any time other than during
Counterparty’s bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. For the avoidance of doubt, the parties acknowledge that the obligations of Counterparty
under this Confirmation are not secured by any collateral that would otherwise secure the obligations of Counterparty herein under or pursuant to any other agreement. 

(k) Early Unwind. In the event the sale by Counterparty of the Base Convertible Securities is not consummated pursuant to the Purchase Agreement for any reason by the close of business in New York on August 20, 2021 (or such later date as agreed upon by the parties) (August 20, 2021 or
such later date being the “Early Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”) on the Early Unwind Date and the Transaction and all of the respective rights and obligations of
Dealer and Counterparty hereunder shall be cancelled and terminated. Following such termination and cancellation, each party shall be released and discharged by the other party from, and agrees not to make any claim against the other party with
respect to, any obligations or liabilities of either party arising out of, and to be performed in connection with, the Transaction either prior to or after the Early Unwind Date. Dealer and Counterparty represent and acknowledge to the other that
upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged. 
 (l)
Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or other securities or buy
or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other than
in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do so
in a manner that it deems appropriate to hedge its price and market risk with respect to the “Daily VWAP” (as defined in the Indenture); (D) any market activities of Dealer and its affiliates with respect to Shares may affect the market
price and volatility of Shares, as well as the “Daily VWAP” (as defined in the Indenture), each in a manner that may be adverse to Counterparty; and (E) the Transaction is a derivatives transaction in which it has granted Dealer an
option, and Dealer may purchase shares for its own account at an average price that may be greater than, or less than, the price paid by Counterparty under the terms of the Transaction. 

  
 Page 24 of 30 

 (m) Wall Street Transparency and Accountability Act. In connection
with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (the “WSTAA”), the parties hereby agree that neither the enactment of the WSTAA (or any statute containing any legal certainty provision similar to
Section 739 of the WSTAA) or any regulation under the WSTAA (or any such statute), nor any requirement under the WSTAA (or any statute containing any legal certainty provision similar to Section 739 of the WSTAA) or an amendment made by
the WSTAA (or any such statute), shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination
event, force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging
Disruption, Increased Cost of Hedging or Illegality). 
 (n) Governing Law; Exclusive Jurisdiction; Waiver of Jury.

 (i) THE AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT AND THIS CONFIRMATION
SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE, OTHER THAN TITLE 14 OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

(ii) Section 13(b) of the Agreement is deleted in its entirety and replaced by the following: 

“Each party hereby irrevocably and unconditionally submits for itself and its property in any suit, legal action or
proceeding relating to this Confirmation or the Agreement, or for recognition and enforcement of any judgment in respect thereof, (each, “Proceedings”) to the exclusive jurisdiction of the Supreme Court of the State of New York, sitting in
New York County, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof. Nothing in this Confirmation or the Agreement precludes either party from bringing Proceedings in any other
jurisdiction if (A) the courts of the State of New York or the United States of America for the Southern District of New York lack jurisdiction over the parties or the subject matter of the Proceedings or decline to accept the Proceedings on
the grounds of lacking such jurisdiction; (B) the Proceedings are commenced by a party for the purpose of enforcing against the other party’s property, assets or estate any decision or judgment rendered by any court in which Proceedings
may be brought as provided hereunder; (C) the Proceedings are commenced to appeal any such court’s decision or judgment to any higher court with competent appellate jurisdiction over that court’s decisions or judgments if that higher
court is located outside the State of New York or Borough of Manhattan, such as a federal court of appeals or the U.S. Supreme Court; or (D) any suit, action or proceeding has been commenced in another jurisdiction by or against the other party
or against its property, assets or estate and, in order to exercise or protect its rights, interests or remedies under this Confirmation or the Agreement, the party (1) joins, files a claim, or takes any other action, in any such suit, action
or proceeding, or (2) otherwise commences any Proceeding in that other jurisdiction as the result of that other suit, action or proceeding having commenced in that other jurisdiction.” 

(iii) EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY
APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS CONFIRMATION OR THE AGREEMENT. 

(o) Amendment. This Confirmation and the Agreement may not be modified, amended or supplemented, except in a written
instrument signed by Counterparty and Dealer. 

  
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 (p) Counterparts. This Confirmation may be executed in several
counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Delivery of an executed signature page by facsimile or electronic transmission (e.g. “pdf” or “tif”),
or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law, e.g., www.docusign.com, shall be effective as delivery of a manually executed counterpart hereof. 

(q) Tax Matters. For purposes of Sections 4(a)(i) and (ii) of the Agreement, Counterparty agrees to deliver to
Dealer one duly executed and completed United States Internal Revenue Service Form W-9 (or successor thereto) and Dealer shall provide to Counterparty one duly executed and completed United States Internal
Revenue Service Form W-9 (or successor thereto). Such forms shall be delivered upon (i) execution and delivery of this Confirmation, (ii) promptly upon reasonable request of the other party and
(iii) promptly upon learning that any such form previously provided by the other party has become obsolete or incorrect. 

(r) Withholding Tax with Respect to Non-US Counterparties. “Indemnifiable
Tax” as defined in Section 14 of the Agreement shall not include (i) any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official
interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the
implementation of such Sections of the Code (a “FATCA Withholding Tax”) or (ii) any U.S. federal withholding tax imposed on amounts treated as dividends from sources within the United States under Section 871(m) of the
Code (or any Treasury regulations or other guidance issued thereunder). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of the
Agreement. 
 (s) Payee Tax Representations. For the purpose of Section 3(f) of the Agreement, the parties make
the representations below: 
 (i) [_____] 

(ii) Counterparty is a corporation for U.S. federal income tax purposes and is organized under the laws of the United States.
It is “exempt” within the meaning of Treasury Regulation sections 1.6041-3(p) and 1.6049-4(c) from information reporting on IRS Form 1099 and backup
withholding. 
 (t) Amendment to Equity Definitions and the Agreement. 

(i) Solely in respect of adjustments to the Cap Price pursuant to Section 8(u): 

 

	 	(1)	 Section 11.2(e)(v) of the Equity Definitions is hereby amended by adding the phrase “, provided that,
notwithstanding this Section 11.2(e)(v), the parties hereto agree that, with respect to the Transaction, the following repurchases of Shares by the Issuer or any of its subsidiaries shall not be considered Potential Adjustment Events: any
repurchases of Shares in open-market transactions at prevailing market prices or privately negotiated accelerated Share repurchase (or similar) transactions that are entered into at prevailing market prices and in accordance with customary market
terms for transactions of such type to repurchase the Shares, in each case, to the extent that, after giving effect to such transactions, the aggregate number of Shares repurchased during the term of the Transaction pursuant to all transactions
described in this proviso would not exceed 10% of the number of Shares outstanding as of the Trade Date, as determined by the Calculation Agent” at the end of such Section. 

  
 Page 26 of 30 

	 	(2)	 Section 11.2(e)(vii) of the Equity Definitions is hereby amended by deleting the words “that may have
a diluting or concentrative effect on the theoretical value of the relevant Shares” and replacing them with the words “that is the result of a corporate event involving the Issuer or its securities that has, in the commercially reasonable
judgment of the Calculation Agent, a material economic effect on the Shares or options on the Shares; provided that such event is not based on (a) an observable market, other than the market for the Counterparty’s own stock or
(b) an observable index, other than an index calculated and measured solely by reference to Counterparty’s own operations.” 

  

	 	(3)	 Section 12.1(d) of the Equity Definitions is hereby amended by replacing “10%” with
“15%”. 

 (ii) Section 12.9(b)(i) of the Equity Definitions is hereby amended by replacing
“either party may elect” with “Dealer may elect or, if Counterparty represents to Dealer in writing at the time of such election that (i) it is not aware of any material nonpublic information with respect to Counterparty or the
Shares and (ii) it is not making such election as part of a plan or scheme to evade compliance with the U.S. federal securities laws, Counterparty may elect.” 

(iii) Section 12.9(b)(vi) of the Equity Definitions is hereby amended by (1) adding the word “or” immediately
before subsection “(B)”, (2) deleting the comma at the end of subsection (A), (3) deleting subsection (C) in its entirety, (4) deleting the word “or” immediately preceding subsection (C) and (5) replacing the words
“either party” in the last sentence of such Section with “Dealer”. 
 (iv) Section 12(a) of the Agreement
is hereby amended by (1) deleting the phrase “or email” in the third line thereof and (2) deleting the phrase “or that communication is delivered (or attempted) or received, as applicable, after the close of business on a
Local Business Day” in the final clause thereof. 
 (u) Other Adjustments Pursuant to the Equity Definitions.
Notwithstanding anything to the contrary in the Agreement, the Equity Definitions or this Confirmation, upon the occurrence of a Merger Date, the occurrence of a Tender Offer Date, or declaration by Counterparty of the terms of any Potential
Adjustment Event, the Calculation Agent shall determine in good faith and in a commercially reasonable manner whether such occurrence or declaration, as applicable, has had a material economic effect on the Transaction and, if so, shall, in its good
faith and commercially reasonable discretion, adjust the Cap Price to preserve the fair value of the Options taking into account, for the avoidance of doubt, such economic effect on both the Strike Price and Cap Price (provided that in no
event shall the Cap Price be less than the Strike Price; provided further that any adjustment to the Cap Price made pursuant to this Section 8(u) shall be made without duplication of any other adjustment hereunder). Solely for purposes
of this Section 8(u), (x) the terms “Potential Adjustment Event,” “Merger Event,” and “Tender Offer” shall each have the meanings assigned to each such term in the Equity Definitions (as amended by
Section 8(t)(i)) and (y) “Extraordinary Dividend” means any cash dividend on the Shares. 
 (v) Notice of
Certain Other Events. (A) Counterparty shall give Dealer commercially reasonable advance (but in no event less than one Exchange Business Day) written notice of the section or sections of the Indenture and, if applicable, the formula
therein, pursuant to which any adjustment will be made to the Convertible Securities in connection with any Potential Adjustment Event, Merger Event or Tender Offer and (B) promptly following any such adjustment, Counterparty shall give Dealer
written notice of the details of such adjustment. 

  
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 (w) Payment by Counterparty. In the event that, following payment of
the Premium, (i) an Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the
Agreement) and, as a result, Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount
calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero. 
 (x) [_____] 

  
 Page 28 of 30 

 Counterparty hereby agrees (a) to check this Confirmation carefully and immediately
upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Counterparty
with respect to the Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information required herein and immediately returning an executed copy to Dealer. 

 

			
	Yours faithfully,
	
	[_____]
		
	By:	 	              

		 	Name:
		 	Title:

 [Signature Page to Base Capped Call Confirmation] 

			
	 Agreed and Accepted By:

	
	 OPENDOOR TECHNOLOGIES INC.

		
	By:	 	              

		 	Name:
		 	Title:

 [Signature Page to Base Capped Call Confirmation]Document

TRANSITION AND SEPARATION AGREEMENT

This Transition and Separation Agreement (“Agreement”) is entered into by and between James R. Hatfield (“Employee”) and Pinnacle West Capital Corporation and its subsidiaries (collectively, “Company”).

Recitals

A.Company has employed Employee since July 14, 2008.

B.Company and Employee have mutually agreed to separate Employee’s employment effective December 31, 2021 (the “Separation Date”).

C.The parties mutually desire that Employee remain employed by Company through the Separation Date under the terms described herein.
Agreement
NOW, THEREFORE, in consideration of the covenants and releases contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1.       Effective Date: This Agreement will become effective and enforceable eight (8) days after Employee executes it (the “Effective Date”), unless Employee revokes this Agreement pursuant to paragraph 8(c)(vi) below.

2.    Transition Period:

a.       Between the Effective Date and the Separation Date (the “Transition  Period”), Employee will remain an employee of Company and Company will  compensate  Employee  at Employee’s current annual base salary of $700,000, plus additional compensation as expressly stated herein, subject to all applicable withholdings and deductions, in accordance with the Company’s regular payroll practices, and pursuant to the policies, plans, and benefit programs for which Employee is eligible as of the Effective Date, so long as Employee complies with all of his obligations hereunder.

b.    During the Transition Period, Employee’s title will be Advisor to the Chief Executive Officer. Employee’s duties and responsibilities will be determined by Company’s Chief Executive Officer, in his sole discretion, or by the Chief Executive Officer’s designees.  Employee will have access to his personal office at the Company’s headquarters until August 30, 2021.  After August 30, 2021, Employee’s duties and responsibilities will be conducted at locations that are not within the Company’s office buildings or other properties and Employee will not have access to the Company’s office buildings or other properties unless authorized by the Company’s Chief Executive Officer. 

c.    During the Transition Period, Employee will abide by the terms of this Agreement, the APS Code of Ethics and Business Practices, and all Company policies and procedures. 

d.    Upon the Separation Date, Employee agrees to execute, submit to Company, and not revoke the Reaffirmation of Transition and Separation Agreement, attached as Exhibit A (“Reaffirmation Agreement”).

e.    In the event Employee’s employment is terminated by the Company without cause prior to the Separation Date and provided that Employee complies with all of his obligations under the Agreement, Employee will be entitled to receive the remaining salary, incentive awards, and any other cash compensation due under the Agreement up through the Separation Date, plus an amount equal to the value of any benefits under the policies and plans to which Employee would have been entitled had his employment continued through the Separation Date, but for which Employee may become disqualified solely due to the Company’s termination of his employment before the Separation Date.  For purposes only of this paragraph, “cause” means (A) embezzlement, theft, fraud, deceit and/or dishonesty by the Employee involving the property, business or affairs of the Company or any of its subsidiaries, or (B) an act of moral turpitude which in the sole judgment of the Company reflects adversely on the business or reputation of the Company or any of its subsidiaries or negatively affects any of the Company’s or any of its subsidiaries’ employees or customers.

3.    Separation Payment:  In consideration of Employee remaining employed with the Company during the Transition Period and provided Employee complies with the restrictions, covenants, and all other obligations set forth in the Agreement, the Company shall pay to Employee a lump sum separation payment in the amount of $750,000 (less all applicable withholding) (the “Separation Payment”), within 15 calendar days after the Separation Date. Should Employee apply for and be determined eligible to receive unemployment compensation, Employee shall not be eligible to receive unemployment compensation benefits during the 12-month period following the Separation Date.

4.    Benefits Coverage: During the Transition Period, Company will provide Employee with continuation of benefits under the Company’s benefits plan(s), or their equivalent substitution or replacement plans, at the same levels of coverage and/or benefits in which Employee participated immediately prior to the Effective Date, provided that Employee and Company continue to pay their respective shares of the cost of such coverage. Following the Separation Date, Employee will be eligible to elect continued coverage under the medical plan(s) in accordance with COBRA (Consolidated Omnibus Budget Reconciliation Act) for an additional period up to eighteen (18) months. Employee shall be responsible for the full cost of such coverage. Should Employee elect to retire on the Separation Date, this Agreement does not affect Employee’s eligibility or ineligibility to elect retiree medical coverage. Employee should direct any questions regarding his benefits or retirement to: _______________________.

5.    Long-Term Incentive Awards:  Employee has entered into certain Restricted Stock Unit Agreements and Performance Share Award Agreements with Company (collectively, the “Award Agreements”) and Employee’s awards will be managed in accordance with the terms of the respective Award Agreements. During the Transition Period, Employee will continue to receive any stock or cash to which he is entitled pursuant to the terms of the Award Agreements. On the Separation Date, Employee will be vested pursuant to the terms of the Award Agreements and as such, in accordance with the terms of the Award Agreements, Employee will not forfeit any existing outstanding awards under the Award Agreements and Employee will be entitled to receive stock or cash, if any, as specified in the Award Agreements. 

6.    Qualified Pension, Savings Plan. SEBRP Benefits. and Deferred Compensation Plan: During the Transition Period, Employee will continue to be eligible for and as applicable, continue to receive any and all benefits pursuant to the Pinnacle West Capital Corporation Retirement Plan, the Pinnacle West Capital Corporation Supplemental Excess Benefit Retirement Plan of 2005 (under which Employee will be an eligible officer of the Company), the Pinnacle West Capital Corporation Savings Plan, the Deferred Compensation Plan of 2005 for Employees of Pinnacle West Capital Corporation and Affiliates, and/or any substitute or replacement plans.  All such plans will be managed in accordance with the terms of each respective plan. 

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7.    KEESA Terminates: The parties agree that the Key Executive Employment and Severance Agreement between the Company and Employee (the “KEESA “) shall remain in full force and effect during the Transition Period.  The KEESA shall terminate on the Separation Date, and Employee is not entitled to any compensation or benefits under the KEESA after the Separation Date, except to the extent that Employee became entitled to any such payments under KEESA prior to the Separation Date.

8.    2021 Annual Incentive Award: Employee is eligible to receive a 2021 incentive award under the Arizona Public Service Company 2021 Annual Incentive Award Plan (the “2021 Incentive Plan”) at the Executive Vice President level. The amount of such award will be based only on the APS Performance Component and Business Unit Performance Component, as those terms are defined in the 2021 Incentive Plan. 

9.    Waiver and Release:

a.    General Waiver and Release by Employee: Employee waives and releases, for Employee and Employee’s spouse, heirs and assigns, any and all rights, claims, demands, causes of action, obligations, damages, penalties, fees, costs, expenses and liabilities (collectively, “Claims”) that Employee has or had against the Company, its successor(s) and all current and former parent companies, subsidiaries and other entities related to or affiliated with Company and all of their current and former agents, officers, owners, employees, attorneys, successors and assigns (collectively, the “Releasees”) ARISING ON OR BEFORE THE EFFECTIVE DATE, WHETHER KNOWN TO EMPLOYEE AT THE TIME OF EXECUTION OF THIS AGREEMENT OR NOT. THIS FULL WAIVER AND RELEASE OF ALL CLAIMS includes without limitation, any Claims relating in any way to Employee’s employment with the Company and/or the termination of employment, including Claims arising under the following laws and any amendments thereto: Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 1981, the Equal Pay Act, the Labor Management Relations Act, the Sarbanes-Oxley Act, the Employee Retirement Income Security Act of 1974, the Civil Rights Act of 1991, the Arizona Civil Rights Act, the New Mexico Human Rights Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act of 1967, the Consolidated Omnibus Budget Reconciliation Act, the American Jobs Creation Act of 2004, the state or federal Occupational Safety and Health Acts, the Family and Medical Leave Act, the Health Insurance Portability and Accountability Act of 1996, the Genetic Information Nondiscrimination Act of 2008, the Energy Reorganization Act, or any other federal, state, or local statute, ordinance or common law. Employee’s waiver also includes all claims, whether known or unknown, for constructive discharge, negligent supervision, breach of contract, breach of express or implied covenant, defamation, libel, slander, intentional or negligent infliction of emotional distress, tortious interference with contract, retaliation, failure to pay wages, bonuses, commissions or other benefits, attorneys’ fees and any other claim that could be raised by Employee as a result of Employee’s employment or termination of employment with Company. This release does not relate to claims for vested employee benefits or worker’s compensation statutory benefits required by law, and Employee does not waive any right which cannot be waived as a matter of law.

b.    Acknowledgement of Consideration and Benefits: Except for the consideration set forth in this Agreement, and Employee’s vested benefits, Employee expressly acknowledges and agrees that as of Effective Date, Employee has been paid all wages and other benefits due, and that Company is not otherwise indebted to Employee for any other wages, benefits, benefit plans including, without limitation, health, dental and disability insurance, except any rights to COBRA continuation coverage that Employee may elect. Employee shall not be entitled to any additional payment for accrued but unused paid time off. This Agreement does not affect Employee’s eligibility or ineligibility to elect retiree medical coverage or any other post-employment compensation or benefits under the plans referenced herein.

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c.    ADEA Release: Employee acknowledges and agrees that, by entering into this Agreement, Employee is waiving any and all rights or claims that Employee may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), as amended, arising on or before the Effective Date. Employee further expressly acknowledges and agrees that:

i.    Employee is advised in writing by this Agreement to consult with an attorney prior to executing this Agreement;

ii.    Employee may take up to twenty-one (21) days from the date on which Employee received this Agreement to review this Agreement, and if Employee executed this Agreement prior to the expiration of the 21-day review period mentioned above, Employee did so voluntarily and thereby waived the balance of the review period;

iii.    The parties hereby agree that changes made to any prior versions of this Agreement do not constitute material changes and do not restart the running of the 21-day review period;

iv.    If Employee fails to sign this Agreement within the twenty-one (21) day review period described above, this Agreement is withdrawn;

v.    In exchange for Employee’s waiver of any and all rights or claims under the ADEA arising on or before the Effective Date, Employee will receive consideration in addition to anything of value that Employee was already entitled to receive before executing this Agreement; and

vi.    Employee has seven (7) days following Employee’s execution of this Agreement in which to revoke the Agreement. Any revocation of this Agreement must be in writing and postmarked during the revocation period to: __________________.

10.    No Admissions: This Agreement is not intended to be, and should not be construed as, an admission of liability by either party.

11.    Bar to Any Lawsuit: Except as may otherwise be prohibited by law, the Company may plead this executed Agreement as a complete bar to any lawsuit before any court with respect to any Claim that existed or may have existed as of the Effective Date, except any claims that may arise regarding any breach of the parties’ obligations under this Agreement, or any other agreements or plans specifically referenced and/or incorporated herein.

12.    Cooperation, with Government Agencies: Nothing in this Agreement shall be construed to prohibit Employee from reporting or disclosing any suspected instance of illegal activity or interference with protected activity of any nature, any nuclear safety concerns, any Workplace safety concerns, or any public safety concerns to the Nuclear Regulatory Commission (“NRC”), Department of Labor (“DOL”), U.S. Equal Employment Opportunity Commission (“EEOC “), National Labor Relations Board (“NLRB”), Securities and Exchange Commission (“SEC”), or any other federal, state or local agencies with investigative and enforcement powers with whom Employee could file a charge. This Agreement shall not be construed to prohibit Employee from providing information to the NRC, DOL, EEOC, NLRB, SEC, Occupational Safety and Health Administration, or the Arizona or New Mexico Division of Occupational Safety and Health, or testifying in any civil or criminal proceedings, even if such information or testimony relates to the claims or matters covered by this Agreement. This Agreement shall not be construed as a waiver or withdrawal of any 
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concerns that Employee has or may have reported to the NRC, DOL, or SEC, or withdrawal of Employee’s participation in any NRC, DOL, or SEC proceedings.

13.    Return of Property: Company and the Employee acknowledge and agree that on or before the Separation Date, Employee shall return to the Company all Company (and any of its subsidiaries’) property in Employee’s possession or control, including but not limited to phones, personal data assistants (smart phones, etc.), laptops, files, memoranda, e-mail, documents, records, correspondence (both electronic and hard copies), data files, computers, credit cards, keys, building passes, parking passes, security passes, access or identification cards, and any other Company (and its subsidiaries’) property.

14.    Confidentiality:

a.    Except as expressly permitted in this Agreement, Employee agrees to hold in confidence, and not to disclose to or use for the benefit of Employee or any person, firm or corporation, any Confidential Information (as hereinafter defined) of the Company, whether or not such Confidential Information is attributed to the Company, without the Company’s prior written authorization in each particular case. The Company and Employee hereby acknowledge and agree that any default by Employee under this subparagraph, whether or not such default is continuing, will cause irreparable damage to the Company in an amount difficult to ascertain. Accordingly, in addition to any other relief to which the Company may be entitled, at law, or in equity, the Company shall be entitled to such equitable relief as may be ordered by any court of competent jurisdiction including, but not limited to, an injunction restraining any violation of this subparagraph, and without bond, security or the proof of actual damages. The obligations of this subparagraph shall survive any expiration or termination of this Agreement for a breach of this paragraph by Employee, the Company shall also be entitled to receive all compensation or profits derived or received by Employee in connection with any transaction constituting a breach of this subparagraph.

b.   For the purposes of this Agreement, the term “Confidential Information” shall mean all information, material and trade secrets related to the present or reasonably anticipated business of the Company which are either (i) proprietary to the Company or (ii) received from a third party by the Company under an obligation of confidence, in each case which Employee has obtained or may, directly or indirectly, obtain knowledge of or access to, through or as a result of Employee’s relationship with the Company. Without limiting the generality of the foregoing, Confidential Information shall include, but is not limited to, the following types of information and other information of a similar nature (whether or not reduced to writing or still in development): Company investigation, training, or safety information; personnel information relating to current or former Company employees; attorney-client privileged communications; data relating to the Company workforce demographics; Company investment information; employee files; discoveries; ideas; inventions; research methods; practices; processes; systems; formulae; projects; improvements; concepts; knowledge; software in various stages of development; designs; drawings; specifications; techniques; models; data; source code; object code; patent claims; documentation; diagrams; flow charts; research; economic and financial analyses; developments; procedures;  “know-how”; marketing techniques and materials; marketing and development plans; customer names and other information related to customers; price lists; pricing policies; and financial information. Confidential Information shall include information constituting a “trade secret” as defined by Arizona law. Confidential Information shall also include any information described above which the Company obtains from another party and which the Company treats as proprietary or designates as Confidential Information, whether or not owned or developed by the Company.

15.    Employee Non-Solicitation: Employee agrees that for a period of twelve ( 12) months following the Separation Date, Employee will not encourage, induce, or otherwise solicit, or actively assist any other  person  or organization  to encourage, induce or otherwise solicit, directly  or indirectly, any employee of the 
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Company or any of its affiliates to terminate his or her employment with the Company or its affiliates, or otherwise interfere with the advantageous business relationship of the Company and its affiliates with their employees. Employee’s breach of the provisions of this paragraph shall be deemed material and significant and shall entitle Company to recover damages, including, without limitation, attorneys’ fees, and costs.

16.    Voluntary and Knowing: Employee enters into this Agreement knowingly and voluntarily in exchange for the promises herein, and Company has made no other representations to induce or influence Employee’s execution of this Agreement.

17.    Non-Disparagement:  Employee agrees not to criticize, denigrate, or otherwise disparage the Company, other Releasees, or any of the Releasees’ employees, officers or directors, products, practices or standards of business conduct. However, nothing in this paragraph shall prohibit Employee from complying with any lawful subpoena or court order or taking any other actions affirmatively authorized by law. Employee will not give any media interviews or respond to any media inquiries relating in any way to matters arising out of the business in which Employee, Company or any of its subsidiaries was engaged during Employee’s period of employment or continues to be engaged, without the prior written consent of Company.

18.    Third-Party Inquiries: If any third party (e.g., prospective employer, lender) wishes to verify Employee’s employment with APS, Employee shall advise that entity to contact The Work Number at http://www.theworknumber.com or (800) 367-5690. Employee shall also provide the APS Employer Code for The Work Number, which is 11803, to any entity seeking verification of Employee’s employment.

19.    Tax Consequences: Employee acknowledges that Employee has had the opportunity to review the provisions of this Agreement and the application of Section 409A of the Internal Revenue Code of 1986 (the “Code”) generally with legal counsel of Employee’s choice. Employee further acknowledges that Employee is solely responsible for any tax consequences imposed upon Employee by Section 409A and that the Company (and its parent and any of its subsidiaries) shall not have any liability or responsibility with respect to taxes imposed on Employee pursuant to Section 409A or any other provision of the Code.

20.    Miscellaneous:

a.A waiver by any party of any breach of any provision of this Agreement, or any party’s decision not to invoke or enforce any right under this Agreement, will not be deemed a waiver of any right or subsequent breach, and all provisions of this Agreement will remain in force.

b.If any party commences litigation with respect to this Agreement, the prevailing party or parties shall be entitled to reimbursement from the non-prevailing party or parties of all reasonable legal fees and costs incurred in connection with such litigation.

c.The parties represent that they (i) have had an opportunity to seek the advice of attorneys of their own choice prior to entering into this Agreement, (ii) have not relied on any representation by the other party in their understanding of this Agreement, and (iii) fully understand and voluntarily accept the terms of this Agreement. The parties further represent that any failure to seek advice of an attorney of their choice was a voluntary choice on their part.

d.This Agreement constitutes and contains the entire agreement and understanding between the parties concerning Employee’s employment with the Company, Employee’s separation from the Company, and the other subject matters addressed herein. This Agreement supersedes and replaces all prior negotiations and agreements, proposed or otherwise, whether written or oral, concerning the subject 
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matters of this Agreement, except the Award Agreements and other plans and agreements expressly named in this Agreement, which are hereby incorporated into this Agreement by reference. Employee warrants and represents that no agreements, promises, or inducements not expressed in this Agreement have been made to Employee.

e.If a court of competent jurisdiction determines that any provision of this Agreement is invalid, then that invalidity shall not affect other provisions or applications that can be given effect without the invalid provision or application.

f.This Agreement shall be interpreted and governed by Arizona law without regard to conflict of law principals. The parties agree that any legal action arising from or relating to this Agreement shall be heard exclusively by a state or federal court of competent jurisdiction located in Maricopa County, Arizona.

g.This Agreement may be executed in counterparts, and each executed counterpart shall have the same effect as a signed original. Photographic copies of such executed counterparts may be used in lieu of the original for any purpose.

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
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I have reviewed, understand and agree to the foregoing terms and represent that neither I nor anyone else has modified or altered the form of Agreement provided to me by the Company.

JAMES R. HATFIELD

/s/ James R. Hatfield________________________        Date:  August 20, 2021        

PINNACLE WEST CAPTIAL CORPORATION

By: /s/ Jeffrey B. Guldner___________________        Date:  August 23, 2021        
Jeffrey B. Guldner
Chairman, Chief Executive Officer and President

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EXHIBIT “A”

REAFFIRMATION OF TRANSITION AND SEPARATION AGREEMENT

(DO NOT EXECUTE UNTIL ON OR AFTER THE SEPARATION DATE)

    For consideration set forth in the Transition and Separation Agreement which Employee executed on James R. Hatfield (“Agreement”), Employee hereby reaffirms the covenants, obligations, representations and releases contained in the Agreement, including but not limited to:

1.    Employee waives and releases, for Employee and Employee’s spouse, heirs and assigns, any and all rights, claims, demands, causes of action, obligations, damages, penalties, fees, costs, expenses and liabilities (collectively, “Claims”) that Employee has or had against the Company, its successor(s) and all current and former parent companies, subsidiaries and other entities related to or affiliated with Company and all of their current and former agents, officers, owners, employees, attorneys, successors and assigns (collectively, the “Releasees”) ARISING ON OR BEFORE THE EFFECTIVE DATE, WHETHER KNOWN TO EMPLOYEE AT THE TIME OF EXECUTION OF THIS AGREEMENT OR NOT.  THIS FULL WAIVER AND RELEASE OF ALL CLAIMS includes without limitation, any Claims relating in any way to Employee’s employment with the Company and/or the termination of employment, including Claims arising under the following laws and any amendments thereto: Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 1981, the Equal Pay Act, the Labor Management Relations Act, the Sarbanes-Oxley Act, the Employee Retirement Income Security Act of 1974, the Civil Rights Act of 1991, the Arizona Civil Rights Act, the New Mexico Human Rights Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act of 1967, the Consolidated Omnibus Budget Reconciliation Act, the American Jobs Creation Act of 2004, the state or federal Occupational Safety and Health Acts, the Family and Medical Leave Act, the Health Insurance Portability and Accountability Act of 1996, the Genetic Information Nondiscrimination Act of 2008, the Energy Reorganization Act, or any other federal, state, or local statute, ordinance or common law. Employee’s waiver also includes all claims, whether known or unknown, for constructive discharge, negligent supervision, breach of contract, breach of express or implied covenant, defamation, libel, slander, intentional or negligent infliction of emotional distress, tortious interference with contract, retaliation, failure to pay wages, bonuses, commissions or other benefits, attorneys’ fees and any other claim that could be raised by Employee as a result of Employee’s employment or termination of employment with Company. This release does not relate to claims for vested employee benefits or worker’s compensation statutory benefits required by law, and Employee does not waive any right which cannot be waived as a matter of law.

2.    Employee acknowledges that except for the consideration set forth in the Agreement, and Employee’s vested benefits, Employee has been paid all wages and other benefits due, and that Company is not otherwise indebted to Employee for any other wages, benefits, benefit plans including, without limitation, health, dental and disability insurance, except any rights to COBRA continuation coverage that Employee may elect. Employee shall not be entitled to any additional payment for accrued but unused paid time off. Should Employee be eligible and elect to retire upon separation, this Agreement does not affect Employee’s eligibility to elect retiree medical coverage.

3.    Employee acknowledges and agrees that, by entering into this Agreement, Employee is waiving any and all rights or claims that Employee may have under the Age Discrimination in Employment Act of 1967 (“ADEA’’), as amended, arising on or before the Effective Date. Employee further expressly acknowledges and agrees that:
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i.    Employee is advised in writing by this Agreement to consult with an attorney prior to executing this Agreement;

ii.    Employee may take up to twenty-one (21) days from the date on which Employee received this Agreement to review this Agreement, and if Employee executed this Agreement prior to the expiration of the 21-day review period mentioned above, Employee did so voluntarily and thereby waived the balance of the review period;

iii.    The Parties hereby agree that changes made to any prior versions of this Agreement do not constitute material changes and do not restart the running of the 21-day review period;

iv.    If Employee fails to sign this Agreement within the 21-day review period described above, this Agreement is withdrawn;

v.    In exchange for Employee’s waiver of any and all rights or claims under the ADEA arising on or before the Effective Date, Employee will receive consideration in addition to anything of value that Employee was already entitled to receive before executing this Agreement; and

vi.    Employee has seven (7) days following Employee’s execution of this Agreement in which to revoke the Agreement. Any revocation of this Agreement must be in writing and postmarked during the revocation period to: _________________.

THIS AGREEMENT PROVIDES A COMPLETE AND BINDING RELEASE AND WAIVER OF ALL EXISTING CLAIMS AND RIGHTS, KNOWN AND UNKNOWN, THAT THE EMPLOYEE MAY HAVE AS OF THE DATE EMPLOYEE SIGNS THIS REAFFIRMATION OF THE TRANSITION AND SEPARATION AGREEMENT.
CAUTION:  THIS IS A WAIVER AND RELEASE; READ BEFORE SIGNING

Date:__________________                __________________________________
                            James R. Hatfield

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