Stephen Johnson - Sep 1, 2021 Form 4 Insider Report for Offerpad Solutions Inc. (OPAD)

Role: Chief Operating Officer
Signature: /s/ Adam Martinez, as Attorney-in-Fact for Stephen Johnson
Stock symbol: OPAD
Transactions as of: Sep 1, 2021
Transactions value $: $0
Form type: 4
Date filed: 9/3/2021, 06:39 PM
Next filing: Mar 3, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	OPAD	Stock Options	Award		+1.13M			1.13M	Sep 1, 2021	Class A Common Stock	1.13M	$1.23	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The stock option will vest and become exercisable with 25% on August 10, 2021 and then ratably in equal quarterly installments over the following three years thereafter.
F2	On September 1, 2021, pursuant to that certain Agreement and Plan of Merger, dated as of March 17, 2021, by and among the Issuer, Orchids Merger Sub LLC ("Merger Sub") and OfferPad, Inc. ("Old Offerpad"), Merger Sub merged with and into Old Offerpad with Old Offerpad surviving as a wholly owned subsidiary of Supernova Partners Acquisition Company, Inc., which changed its name to Offerpad Solutions, Inc. (the "Merger"). Upon consummation of the Merger each issued and outstanding option to purchase one share of Old Offerpad common stock was automatically cancelled and converted into an option to purchase approximately 7.533 (the "Exchange Ratio") shares of Class A common stock of the Issuer, and the exercise price was adjusted by the Exchange Ratio.

Content

The stock option will vest and become exercisable with 25% on August 10, 2021 and then ratably in equal quarterly installments over the following three years thereafter.

On September 1, 2021, pursuant to that certain Agreement and Plan of Merger, dated as of March 17, 2021, by and among the Issuer, Orchids Merger Sub LLC ("Merger Sub") and OfferPad, Inc. ("Old Offerpad"), Merger Sub merged with and into Old Offerpad with Old Offerpad surviving as a wholly owned subsidiary of Supernova Partners Acquisition Company, Inc., which changed its name to Offerpad Solutions, Inc. (the "Merger"). Upon consummation of the Merger each issued and outstanding option to purchase one share of Old Offerpad common stock was automatically cancelled and converted into an option to purchase approximately 7.533 (the "Exchange Ratio") shares of Class A common stock of the Issuer, and the exercise price was adjusted by the Exchange Ratio.