Eric Feder
Opendoor TechnologiesAbout Eric Feder
Eric Feder (age 55) has served as an independent director of Opendoor Technologies Inc. since May 2024. He is President of LEN X, LLC (since 2019) and a senior operating executive at Lennar Corporation since 2008, previously serving as Vice Chairman at Rialto Capital from 2008 to 2018 where he oversaw more than $6 billion of real estate investments and non‑performing loan acquisitions. He also serves on the board of Hippo Holdings Inc. and sits on Hippo’s Compensation Committee; Opendoor’s Board has affirmatively determined Mr. Feder is independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lennar Corporation | Senior Operating Executive | 2008–present | Oversees Lennar’s innovation platform and real estate technology investments |
| Rialto Capital | Vice Chairman | 2008–2018 | Oversaw >$6B of direct real estate investments and non‑performing loan acquisitions |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LEN X, LLC (subsidiary of Lennar) | President | 2019–present | Leads innovation investments; LEN X holds Opendoor shares (see Equity Ownership) |
| Hippo Holdings Inc. | Director | 2018–present | Compensation Committee member |
Board Governance
- Committee assignments: None; Mr. Feder is currently not a member of Audit & Risk, Compensation, or Nominating Committees .
- Independence: The Board determined Mr. Feder is independent under Nasdaq listing standards .
- Attendance: In 2024, the Board held five meetings; each director attended at least 75% of Board and committee meetings. All nine directors then serving attended the 2024 Annual Meeting. Executive sessions of independent directors are held at least twice per year .
- Ownership alignment: Directors must hold the lesser of 5× annual cash retainer or 60,000 shares within five years. As of Dec 31, 2024, all directors met the guideline except Mr. Feder (has until May 2029) and Mr. Benson (until Sept 2029) .
- Trading controls: Hedging and short‑term derivatives are prohibited; pledging/margin accounts are prohibited without prior consent of the Chief Legal Officer .
- Lead Independent Director context: John Rice served as Lead Independent Director; he is not standing for re‑election, and the Board will determine the optimal leadership structure post‑meeting .
Fixed Compensation
| Component | Amount/Policy | Notes |
|---|---|---|
| Annual Board cash retainer | $50,000 | Paid quarterly, prorated for partial service |
| Lead Independent Director cash retainer (in lieu of Board retainer) | $75,000 | If applicable (not applicable to Feder) |
| Committee member cash retainers | Audit $10,000; Compensation $7,500; Nominating $5,000 | Not applicable to Feder in 2024 due to no committee assignments |
| Committee chair cash retainers | Audit $20,000; Compensation $15,000; Nominating $10,000 | Not applicable to Feder |
| 2024 Fees Earned or Paid in Cash (Feder) | $33,333 | Actual cash compensation for 2024 |
| 2024 Director Compensation (Feder) | Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | $33,333 |
| Stock Awards (TRSUs) | $181,198 |
| Total | $214,531 |
- Mix signal: Equity comprised ~84.5% of Feder’s 2024 director compensation versus ~15.5% cash, consistent with equity‑heavy alignment for Opendoor’s non‑employee directors .
Performance Compensation
- Annual equity is granted as time‑based restricted stock units (TRSUs) for directors; no performance (TSR/financial/ESG) metrics apply to director equity awards. Awards vest based on continued service .
| Grant/Term | Detail |
|---|---|
| Annual TRSU grant (directors) | $200,000 divided by “Share Price” (20‑day average) at time of grant; vests in a single installment on the earlier of next annual meeting or first anniversary |
| Feder initial TRSU | Granted May 1, 2024; $200,000 divided by Share Price, prorated for partial year; single‑installment vest per annual schedule |
| Annual TRSU timing (2024) | Non‑employee directors received annual grant on June 14, 2024; single‑installment vesting schedule |
| Annual Grant Share Price floor | Effective Feb 26, 2025, Annual Grants use the greater of 20‑day average price or $2.00 per share (reduces share count if stock price is below $2.00) |
No director performance metrics (revenue, EBITDA, TSR percentile, ESG) are disclosed for director compensation at Opendoor; director equity is time‑based and service‑vested .
Other Directorships & Interlocks
| Company | Role | Since | Committee Roles |
|---|---|---|---|
| Hippo Holdings Inc. | Director | 2018 | Compensation Committee |
- Compensation committee interlocks: The proxy reports no interlocks or insider participation involving Opendoor’s executive officers and other entities’ boards/compensation committees in the prior year .
Expertise & Qualifications
- Extensive real estate industry knowledge and technology investment experience from Lennar and LEN X; prior leadership of large‑scale real estate investments at Rialto; service on public company boards and compensation committees .
Equity Ownership
| Measurement date | Total beneficial ownership | % of outstanding | Components and notes |
|---|---|---|---|
| Dec 31, 2024 | TRSUs outstanding: 87,960 | n/a | Unvested director TRSUs held as of year‑end |
| Mar 26, 2025 | 10,293 shares | <1% | Shares held by LEN X, LLC (Feder is President); he is a minority shareholder of Lennar (<1%), and disclaims beneficial ownership except to the extent of pecuniary interest |
| Jun 2, 2025 | 98,253 shares | <1% | Includes 10,293 shares held by LEN X and 87,960 RSUs vesting within 60 days of June 2, 2025 |
- Ownership guidelines compliance: Directors must hold the lesser of 5× annual cash retainer or 60,000 shares within five years; Mr. Feder has until May 2029 to reach the required ownership level .
- Hedging/pledging: Company prohibits hedging and margin accounts; pledging requires prior CLO consent; no pledging by Mr. Feder is disclosed .
Governance Assessment
- Board effectiveness: Independent status and strong sector expertise are positives; attendance met the ≥75% threshold in 2024; director‑only executive sessions occur regularly, supporting independent oversight .
- Compensation alignment: Director pay structure is balanced with a heavy equity component (TRSUs) and limited cash; 2025 policy amendment adds a $2.00 floor for Annual Grant share price, limiting share issuance at low prices and aligning with dilution control .
- Conflicts and related parties: Feder’s role at LEN X/Lennar could present perceived conflicts given Opendoor’s housing market exposure; however, the Board has maintained his independence and disclosed no related person transactions requiring approval or disclosure since Jan 1, 2024. Beneficial ownership via LEN X is small (<1%), and Feder disclaims beneficial ownership except for pecuniary interest .
- Ownership alignment: Feder has a clear path and timeline to meet director ownership guidelines (by May 2029). TRSUs outstanding and near‑term vesting increase alignment but are not yet at the 60,000 share threshold requirement .
RED FLAGS
- Potential conflict perception: Executive role at LEN X (Lennar) while serving on Opendoor’s board requires ongoing monitoring, even though no related party transactions are disclosed and independence has been affirmed .
- Limited committee engagement: No current committee assignments reduce direct involvement in oversight niches (audit, compensation, nominating), which can limit governance impact relative to peers who chair or serve on committees .
Signals supporting investor confidence
- Independence affirmed and robust governance policies (clawbacks, hedging/pledging prohibitions, stock ownership guidelines) are in place .
- Attendance thresholds met and regular executive sessions enhance board oversight quality .