Fall Grants Digest vol 2
Opendoor (OPEN) and Oracle (ORCL); CCB, FDS, DRI, NN
We begin with a review of compensation activity at two firms that have recently been in the spotlight.
Opendoor (OPEN)
If you follow financial markets in any capacity, you’re almost certainly aware how the meme-stock momentum has really impacted OPEN 0.00%↑ this year. A lot of the management and directors seem all-in emotionally, judging by their online posting behavior. It’s a $5B market cap today—who knows what it’ll be tomorrow! Certainly a lot of drama for a residential real-estate platform.
The CEO equity package details from Sept 15, 2025 had pretty dramatic price-hurdles on the PSU portion, ranging from $9 to $33. Even the time-vesting RSU portion has a single $6.24 gate around price:
…eligible to vest in installments over a period of five years, with 20% vesting on September 15, 2026, and the remainder vesting in quarterly installments thereafter, subject to the achievement of an average closing stock price that equals or exceeds $6.24 over the 60 trading day period preceding the applicable vesting date….
The new interim CFO Christy Schwartz, who is an Opendoor veteran returning to the firm after departing earlier this year, has a bit of a different pay package. From the September 20, 2025 filing:
Pursuant to the Schwartz Offer Letter, Ms. Schwartz is entitled to an annual base salary of $1,200,000.
…Ms. Schwartz will be granted an award of 400,641 restricted stock units (“RSUs”). The RSUs will vest in three equal installments on each of November 15, 2025, February 15, 2026 and May 15, 2026.
…if Ms. Schwartz’s employment is terminated by the Company other than for cause prior to May 15, 2026, if she resigns 30 days after the Company hires a Chief Financial Officer, or if she terminates her employment for any reason subsequent to May 15, 2026, she will be entitled to… accelerated vesting of any outstanding unvested portion of the foregoing RSUs.
These would be atypically short time-hurdles for a full-time executive, but are in line with the interim role. The highlight here is because there’s a very, very funny future where Opendoor stock collapses immediately after they find a permanent CFO and she’s the only person that ends up making any money.
In some sense, this is the perfect role to have at a meme-stock business for a sober minded individual.
Oracle (ORCL)
ORCL 0.00%↑ is a $700B market cap business that you may have heard of.
On September 22, 2025, two Co-CEOs were announced:
In connection with their promotions as Chief Executive Officers, Mr. Magouyrk and Mr. Sicilia will each receive stock option grants on September 24, 2025 with an exercise price equal to the fair market value of Oracle’s common stock on the date of the grant.
Mr. Magouyrk will receive a grant of stock options to purchase $250 million in shares of Oracle common stock with 80% of the grant consisting of time-based stock options and 20% of the grant consisting of performance-based stock options (“PSOs”).
Mr. Sicilia will receive a grant of stock options to purchase $100 million in shares of Oracle common stock with 80% of the grant consisting of time-based stock options and 20% of the grant consisting of PSOs.
For both Mr. Magouyrk and Mr. Sicilia, the time-based stock options will vest over a four-year period subject to continued service and the PSOs will vest over a three-year performance period ending May 31, 2028, subject to the achievement of certain revenue metrics, in each case pursuant to the terms of Oracle’s Amended and Restated 2020 Equity Incentive Plan.
It is a bit strange to have co-CEOs where one has over $150m more equity comp than the other, but regardless, these are huge options grants with a strike price of ~$308.
It certainly lends confidence to the idea that they believe the underlying fundamentals are going to continue trending for a while yet.
