secwatch.observer — SEC 8-K summary
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Issuer:     Opendoor Technologies Inc. (OPEN)
CIK:        0001801169
Form:       8-K
Filed at:   2025-09-11T23:59:59+00:00
Accession:  0001140361-25-034609
Event type: leadership
Sentiment:  positive
Materiality: 0.85
Item codes: 3.02, 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Opendoor names Shopify COO Kaz Nejatian CEO; founders Rabois, Wu return; $40M PIPE
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- Appoints Kaz Nejatian (former Shopify COO) as CEO, effective by Oct 7, 2025.
- Co-founders Keith Rabois (Chairman) and Eric Wu rejoin Board; two directors resign.
- Khosla Ventures and Eric Wu invest $40M in PIPE; shares issued at ~$6.65 per share.
- CEO compensation: $1 salary, no bonus; 81.8M performance-based RSUs with stock price hurdles up to $33.
- Make-whole awards of $30M ($15M cash + $15M RSU) vest after 9 months of service.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/0001140361-25-034609-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1801169/000114036125034609/ef20055426_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-25-034609

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer