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
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect Black Friday Sale! Bundle our next two events or secure your 2021 All Access Pass.SEE THE DEALS×
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