secwatch.observer — SEC 8-K summary
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Issuer:     Opendoor Technologies Inc. (OPEN)
CIK:        0001801169
Form:       8-K
Filed at:   2022-12-29T23:59:59+00:00
Accession:  0001193125-22-314744
Event type: other_material
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Opendoor adopts Executive Severance Plan covering CEO, CFO, and key employees
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- Severance plan adopted Dec 22, 2022; CEO designated Tier 1 Executive, CFO and certain others Tier 2.
- On termination without cause or for good reason (non-CIC): Tier 1 gets base plus target bonus over 12 months, COBRA, equity acceleration of shares vesting within 12 months.
- On change-in-control termination: Tier 1 gets 1.5x base salary plus pro rata bonus over 18 months, COBRA, 100% acceleration of time-based equity.
- Benefits require release of claims and compliance with restrictive covenants; 280G cutback applies if excise tax triggered.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1801169/000119312522314744/0001193125-22-314744-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1801169/000119312522314744/d432996d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-314744

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