RE/MAX Holdings,Inc. (NYSE:RMAX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December4, 2018, the Board of Directors of RE/MAX Holdings,Inc. approved a Severance Pay Benefit Plan (the “Plan”). The Plan provides benefits to eligible employees of RE/MAX, LLC (an indirect subsidiary of RE/MAX Holdings,Inc.) and its subsidiaries (collectively, the “Company”), including executive officers, in the event of involuntary termination of their employment due to position elimination, reduction in force, or other circumstances that the Company determines should result in payment of benefits, subject to certain restrictions set forth in the Plan. In order to be eligible, an employee must have been a part-time or full-time employee of the Company for at least three months. The amount of severance pay is determined based on years of service, regular base salary, and position. Payment of severance benefits is conditioned upon the employee signing an agreement and release in a form provided by the Company that (i)provides a comprehensive release of claims against the Company and (ii)contains non-solicitation and non- disparagement provisions.
Executive officers who meet all the requirements of the Plan would be entitled to the following benefits: ten months of base salary (for those employed by the Company for less than two years) or one year of base salary (for those employed by the Company for two years or more); up to $7,500 in executive outplacement services; continued health benefits under the Consolidated Omnibus Budget Reconciliation Act (COBRA); and, if the termination occurs after September30 of any year, a pro-rated bonus.
The above description of the Plan is qualified in its entirety by reference to the full text of the Plan, which is attached hereto as Exhibit10.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits. *
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ExhibitNo. |
Description |
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10.1 |
Severance Pay Benefit Plan |
RE/MAX Holdings, Inc. Exhibit
EX-10.1 2 a19-8212_1ex10d1.htm EX-10.1 Exhibit 10.1 Severance Pay Benefit Plan 1. Purpose The purpose of the RE/MAX,…
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About RE/MAX Holdings,Inc. (NYSE:RMAX)
RE/MAX Holdings, Inc. is a franchisor of real estate brokerage services. The Company is engaged in the business of recruiting and retaining agents, and selling franchises. The Company operates in two segments: Real Estate Franchise Services and Brokerages. The Real Estate Franchise Services segment comprises the operations of its owned and independent global franchising operations, and corporate-wide professional services expenses. The Brokerages segment contains the operations of its owned brokerage offices in the United States, the results of operations of a mortgage brokerage company, in which it owns a non-controlling interest and reflects the elimination of intersegment revenue and other consolidation entities. Its franchisees operate under the RE/MAX brand name. In the United States and Canada, it owns over 10 of over 30 regional franchises, representing over 55% of its the United States and Canada agent count. The remaining over 20 regional franchises are Independent Regions.
