Opendoor Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
On February 8, 2023, Opendoor Technologies granted 1,941,692 restricted stock units to 15 non-executive employees as part of its Inducement Award Plan.
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Rhea-AI Summary
On February 8, 2023, Opendoor Technologies granted 1,941,692 restricted stock units to 15 non-executive employees as part of its Inducement Award Plan. This plan aims to attract new talent by offering equity awards to individuals not previously employed by Opendoor. The restricted stock units will vest over two years, with 50% vesting on the first anniversary of January 15, 2023, and the remainder vesting quarterly thereafter, contingent upon continued employment. This strategic move is designed to incentivize new hires and strengthen Opendoor's operational capacity in the residential real estate market.
Positive
- Granting of 1,941,692 restricted stock units to attract new talent.
- Equity awards as an inducement to enhance employee retention and motivation.
Negative
- None.
Details
News Market Reaction – OPEN
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SAN FRANCISCO, Calif., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (“Opendoor”) (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today announced that on February 8, 2023, the Compensation Committee of Opendoor’s Board of Directors granted restricted stock units covering 1,941,692 shares of its common stock to fifteen (15) non-executive employees, in connection with their commencement of employment, under the Opendoor Technologies Inc. 2022 Inducement Award Plan (the “Inducement Plan”). The restricted stock units were granted as an inducement material to the employees’ commencement of employment and were granted as an employment inducement award pursuant to Nasdaq Listing Rule 5635(c)(4).
The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Opendoor, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Opendoor, pursuant to Nasdaq Listing Rule 5635(c)(4).
The restricted stock units vest over two years, with
About Opendoor
Opendoor’s mission is to power life’s progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide.
For more information, please visit www.opendoor.com.
Contact Information
Investors:
Elise Wang
investors@opendoor.com
Media:
Sheila Tran/ Charles Stewart
press@opendoor.com
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