EXP WORLD HOLDINGS, INC. (OTCMKTS:EXPI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 27, 2017, eXp World Holdings, Inc. (the “Company”) entered into a Separation Agreement and Release (the “Separation Agreement”) with Russell Cofano, the President and General Counsel of the Company, and on July 28, 2017, Mr. Cofano resigned as President and General Counsel of the Company and terminated his employment relationship with the Company.
Under the Separation Agreement, the Company will pay Mr. Cofano a separation payment of $239,301, net of applicable taxes, of which $150,000 will be paid within ten days of the effective date of the Agreement (as defined therein) and the remainder paid in three monthly installments in the gross amount of $29,767 each. In addition, in exchange for relinquishing his rights under prior option and stock awards, the Company has agreed to pay Mr. Cofano $341,700, net of applicable taxes, in monthly installment payments of $20,100 beginning on the fourth month following the effective date of the Agreement.
In addition, Mr. Cofano will be subject to non-competition and non-solicitation covenants and has agreed to provide 12 weeks of executive transition assistance to the Company. The Separation Agreement also contains mutual releases and other customary terms.
Following Mr. Cofano’s resignation, Glenn Sanford will remain the Chief Executive Officer of the Company.
The description of the Separation Agreement and Release between the Company and Mr. Cofano contained in this Form 8-K is qualified in its entirety by reference to the complete text thereof filed as Exhibit 10.1 to this report and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
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Exhibit Number |
Description |
| 10.1 | Separation Agreement and Release between Russell Cofano and the Company, dated July 27, 2017 |
EXP World Holdings, Inc. ExhibitEX-10.1 3 exp_8k-ex1001.htm SEPARATION AGREEMENT AND RELEASE Exhibit 10.1 SEPARATION AGREEMENT AND RELEASE This Separation Agreement and Release (“Agreement”) is made by and between Russell G. Cofano (“Executive”) and eXp World Holdings,…To view the full exhibit click here
About EXP WORLD HOLDINGS, INC. (OTCMKTS:EXPI)
eXp World Holdings, Inc., formerly eXp Realty International Corporation, is a cloud-based real estate company. The Company’s segments include Real Estate Brokerage Services, Mortgage Origination Services, and Corporate and Other. It operates over the Internet through its Website, http://exprealty.com and a cloud-based platform to provide its residential real estate brokerage services. Through its Website, buyers can search real-time property listings, and sellers list their properties and gain exposure across the various markets it operates within. It also provides buyers and sellers access to a network of professional, consumer-centric agents and brokers. It provides agents, teams of agents and brokerage-owners with the systems, support, professional development and infrastructure. This includes delivering around the clock access to collaborative tools and training for real estate brokers and agents. The Company also operates a loan brokerage origination company.