Form 4: RE/MAX Holdings Executive Serene M. Smith Reports Stock Grants and Tax Withholding

Serene M. Smith, Chief of Staff & COO of RE/MAX Holdings, reported the acquisition of performance-based and time-based restricted stock units (RSUs) and the withholding of shares for tax obligations.

Summary

• Serene M. Smith, the Chief of Staff & COO of RE/MAX Holdings, filed a Form 4 detailing changes in beneficial ownership.
• On March 1, 2024, Smith was granted 57,534 performance-based RSUs under the 2023 Omnibus Incentive Plan, which will vest based on performance between January 1, 2024, and December 31, 2026; the actual number of RSUs vesting can range from 0-200% of the target amount.
• Also on March 1, 2024, Smith received 38,356 time-based RSUs that vest in three equal annual installments starting March 1, 2025.
• An additional 1,932 RSUs were granted, representing an incremental amount above the previously reported target based on performance-based RSUs granted in 2021.
• 10,361 shares of Class A common stock were withheld by RE/MAX Holdings to cover tax obligations upon the settlement of RSUs on March 1, 2024.
• Following these transactions, Smith beneficially owns 214,988 shares of Class A Common Stock, which includes 151,004 unvested RSUs.

Sentiment

Score: 6

Explanation: Neutral sentiment as the document primarily reports routine stock transactions. It doesn't contain overtly positive or negative information.

Positives

• The grant of RSUs aligns Smith's interests with the company's performance and long-term success.
• Time-based RSUs provide a retention incentive for Smith.
• The reporting person's holdings in the company have increased.

Negatives

• Shares were withheld to cover tax obligations, reducing the number of shares Smith directly receives.

Risks

• The vesting of performance-based RSUs is contingent on the company's performance, which may not be guaranteed.
• The value of the RSUs is subject to the market price of RE/MAX Holdings' Class A common stock, which can fluctuate.

Future Outlook

The vesting of the RSUs is dependent on future performance and continued employment, aligning executive compensation with company goals.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates ongoing executive compensation practices at RE/MAX Holdings.

Stakeholder Impact

• The stock grants may incentivize management to improve company performance, benefiting shareholders.
• The tax withholding impacts the number of shares received by the executive.

Key Dates