Re/Max CEO Margaret Kelly will retire Dec. 31, but the company will continue paying her $770,000 base salary for three years, while also providing benefits like medical, health and disability insurance, and 401(k) matching contributions.

That’s according to the separation agreement the real estate franchisor filed with securities regulators the day after announcing that Kelly had decided to retire.

In addition to $2.31 million in base salary, Kelly is slated to receive a $231,000 performance bonus for 2014, and walk away with 45,455 shares of restricted stock, including 30,304 shares that hadn’t yet vested.

Kelly will also keep the right to exercise options to purchase 480,000 shares of Re/Max common stock for $3.60 per share until Jan. 1, 2017. With Re/Max shares trading above $30 in recent weeks, those options could be worth more than $12 million.

“Kelly’s resignation is not because of any disagreement with the company on any matter relating to the company’s operations, policies or practices,” Re/Max said in a separate filing.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×