SEC Contract Filing

Filing Date: 2023-02-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.18
<SEQUENCE>3
<FILENAME>a2022ex1018opendoorxwuempl.htm
<DESCRIPTION>EX-10.18
<TEXT>
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<title>Document</title></head><body><div id="i6cb2f03b27ef4d739e3b7ae11a3f7756_1"></div><div style="min-height:69.12pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit 10.18</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">OPENDOOR TECHNOLOGIES INC.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">1 Post Street, 11</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:139%;position:relative;top:-3.5pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%"> Floor<br>San Francisco, California 94104</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 1, 2022</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Eric Wu</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">VIA EMAIL</font></div><div><font><br></font></div><div style="margin-bottom:12pt;margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Re&#58; Amendment of Letter Agreement</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dear Eric&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Reference is hereby made to the continued employment letter agreement between you and Opendoor Labs Inc. dated as of September 14, 2020 (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;). This letter agreement amends the Agreement, effective as of December 1, 2022 (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Effective Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), in the manner set forth herein, to reflect that, as of the Effective Date, you shall resign as Chief Executive Officer and Chairperson of the Board of Directors of Opendoor Technologies Inc. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;) and transition to your new role as the Company&#8217;s President, Marketplace.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.&#160;&#160;&#160;&#160; Section 1 of the Agreement is amended and restated in its entirety to read as follows&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;1.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Employment &#38; Board Position</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Effective as of the Effective Date, you shall resign your position as Chief Executive Officer of the Company and its subsidiaries, and you shall remain employed with the Company as the Company&#8217;s President, Marketplace, reporting to the Chief Executive Officer of the Company. As President of Marketplace, you will be responsible for developing and overseeing the Company's third-party marketplace product and other responsibilities consistent with your title as may from time to time be assigned to you by the Chief Executive Officer of the Company. By signing this Agreement, you confirm with the Company that you are under no contractual or other legal obligations that would prohibit you from performing your duties to the Company. You will be expected to continue to adhere to the general employment policies and practices of the Company that may be in effect from time to time, except that when the terms of this Agreement conflict with the Company&#8217;s general employment policies or practices, this Agreement will control. You and the Company acknowledge and agree that you currently work in the greater Los Angeles metropolitan area and that such location shall be considered your principal place of employment for purposes of the Agreement.</font></div><div style="text-ali