Benzinga | Jan 11, 2022 08:31AM EST

Re/Max Holdings Says On Jan 10 CEO Adam Contos Reached Understanding With Board Regarding His Decision To Leave Co.

On January 10, 2022, Adam Contos, the Chief Executive Officer of RE/MAX Holdings, Inc. (the "Company"), reached an understanding with the Board of Directors (the "Board") of the Company regarding his decision to leave the Company in order to spend more time with his family and to pursue new entrepreneurial endeavors. The Company and Mr. Contos entered into an Executive Separation and Release Agreement (the "Separation Agreement") in order to, among other things, provide for a transition period with the appointment of a new Chief Executive Officer. Pursuant to the Separation Agreement, Mr. Contos will cease serving as the Chief Executive Officer and as a member of the Company's Board effective March 31, 2022. Mr. Contos's resignation is not because of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices.



Pursuant to the Separation Agreement, Mr. Contos will receive 24 months of his annual base salary, which shall be paid in the form of salary continuation beginning in April 2022, 24 months of continued employee benefits from the Company, a 2021 performance bonus based on the Company's achievement of financial metrics and strategic goals in accordance with the Company's short-term incentive plan for executive officers, and a pro-rated 2022 bonus at the target level. In addition, 30,893 of his unvested performance restricted stock units will vest on March 31, 2022, at which time his remaining performance and time-based restricted stock units will be forfeited. Mr. Contos will receive certain other benefits as set forth in the Separation Agreement.



The foregoing summary of the Separation Agreement does not purport to be complete and is qualified it its entirety by reference to such agreement, a copy of which is filed as Exhibit 10.1 and incorporated herein by reference.