Opendoor Technologies Inc. (OPEN): President Lucas Matheson reason not stated

Events in this filing

Item 5.02 as filed

Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 21, 2026, Opendoor Technologies Inc. (the
“Company”) announced that Lucas Matheson w ill step down as the Company’s President, effective as of the same date (the “Effective Date”).
In connection with this transition, Mr. Matheson and the Company
executed a transition agreement, dated October 21 , 2026 (the “Matheson Transition Agreement”). Pursuant to the Matheson
Transition Agreement, Mr. Matheson will continue to be employed with the Company in a non-executive role as an Advisor to the Chief Executive Officer through July 15, 2027, on substantially the same terms and with substantially the same
compensation. If Mr. Matheson’s employment terminates on July 15, 2027, or his employment is terminated prior to such date for any reason other than by the Company for cause, Mr. Matheson will be entitled to receive his base salary through
July 15, 2027, plus severance under the Company’s Executive Severance Plan.
The foregoing description is qualified in its entirety by reference to the full text of the Matheson Transition Agreement, a copy of which will be filed as an
exhibit to a subsequent periodic report of the Company.
In connection with the transition of the President role, the
Company’s Board of Directors (the “Board”) appointed Kaz Nejatian, 44 , to serve as the Company’s President, effective as of the Effective Date, in addition to his existing roles as Chief Executive Officer and a member of the Board. Information regarding Mr. Nejatian’s background and certain transactions
involving Mr. Nejatian can be found under the headings “Proposal 1 – Election of Directors” and “Certain Relationships and Related Person Transactions” in the Company’s definitive proxy statement for the 2026 Annual Meeting of Stockholders , filed with the Securities and Exchange Commission on April 28, 2026, which disclosure is incorporated by reference herein. Mr. Nejatian’s compensation is not expected to change in connection with his appointment.