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.

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