When did the Holdings shareholders approve the new Holdings 2023 Omnibus Incentive Plan for Remax?
Remax Franchise · 2025 FDDAnswer from 2025 FDD Document
During the second quarter of 2023, Holdings shareholders approved a new Holdings 2023 Omnibus Incentive Plan (the "2023 Incentive Plan"), that became effective immediately upon approval, superseding the prior 2013 Incentive Plan (the "2013 Incentive Plan"). The 2023 Incentive Plan along with the 2013 Incentive Plan (collectively referred to as the "Incentive Plan"), include restrictive stock units which may have time-based or performance-based vesting criteria. In addition, during the fourth quarter of 2023, pursuant to the inducement award exception under New York Stock Exchange Rule 303A.08, the Board of Directors approved equity grants to the Company's newly appointed CEO ("2023 CEO Grants") which have both time-based and performance-based vesting criteria.
Source: Item 1 — Business and Organization (FDD pages 334–464)
What This Means (2025 FDD)
According to Remax's 2025 Franchise Disclosure Document, the Holdings shareholders approved the new Holdings 2023 Omnibus Incentive Plan during the second quarter of 2023. This plan, referred to as the "2023 Incentive Plan," became effective immediately upon approval and superseded the prior 2013 Incentive Plan. The 2023 Incentive Plan, along with the 2013 Incentive Plan, includes restrictive stock units that may have time-based or performance-based vesting criteria.
Additionally, during the fourth quarter of 2023, the Board of Directors approved equity grants to the company's newly appointed CEO, which have both time-based and performance-based vesting criteria. These grants were made pursuant to the inducement award exception under New York Stock Exchange Rule 303A.08. The company recognizes equity-based compensation expense related to these plans in "Selling, operating and administrative expenses" within the Consolidated Statements of Income (Loss).
For a prospective Remax franchisee, this information may not have a direct impact on their day-to-day operations. However, it provides insight into how Remax Holdings, Inc. incentivizes its executives and employees through equity-based compensation plans. Understanding the structure and approval process of these plans can offer a glimpse into the company's overall governance and strategic priorities.