Opendoor Announces Inducement Grant
Opendoor Technologies, Inc. (Nasdaq: OPEN) has announced the grant of restricted stock units (RSUs) under its 2022 Inducement Award Plan, approved by the Board of Directors. This grant, totaling 1,558,441 shares, was made to Sydney Schaub, the newly appointed Chief Legal Officer, as a material inducement for employment. One-third of the RSUs will vest on September 15, 2023, with the remainder vesting quarterly over the next two years, contingent upon continued service. The plan aims to motivate and retain talent in the growing residential real estate platform.
- Grant of 1,558,441 RSUs as an inducement for Chief Legal Officer.
- Equity awards approved by the Compensation Committee, demonstrating strategic hiring.
- None.
SAN FRANCISCO, Oct. 07, 2022 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today announced it has granted an equity award under its Opendoor Technologies Inc. 2022 Inducement Award Plan (the “Plan”). The Plan was approved by Opendoor’s Board of Directors in July 2022.
In connection with the appointment of Sydney Schaub as Chief Legal Officer, Opendoor granted restricted stock units (RSUs) to Schaub to acquire an aggregate of 1,558,441 shares of Opendoor common stock. One-third of the total number of RSUs will vest on September 15, 2023 and thereafter one-twelfth of the total number of RSUs will vest in quarterly installments over the next eight subsequent quarters, subject to Schaub’s continuous service on each vesting date. The equity awards were approved by Opendoor’s Compensation Committee of the Board of Directors on October 7, 2022 and were granted as a material inducement to employment, as required by Nasdaq Rule 5635(c)(4).
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
Opendoor
investors@opendoor.com
Media:
Sheila Tran / Charles Stewart
Opendoor
press@opendoor.com
FAQ
What is the recent equity award granted by Opendoor Technologies Inc.?
When will the RSUs granted to Sydney Schaub vest?
What is the purpose of Opendoor's 2022 Inducement Award Plan?
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