Douglas Elliman CFO Departs, Interim Appointed

TL;DR

Elliman's CFO Richard Hamann is out, Christopher Laferty steps in as interim CFO. Watch for financial updates.

AI Summary

Douglas Elliman Inc. announced on November 24, 2024, the departure of its Chief Financial Officer, Richard Hamann. The company has appointed Christopher Laferty as the interim CFO, effective immediately. This change comes as the company navigates its financial operations.

Why It Matters

A change in CFO can signal shifts in financial strategy or performance, impacting investor confidence and the company's stock price.

Risk Assessment

Risk Level: medium — A sudden CFO departure can indicate underlying financial issues or strategic disagreements, warranting closer scrutiny of the company's financial health.

Key Players & Entities

• Douglas Elliman Inc. (company) — Registrant
• Richard Hamann (person) — Departing Chief Financial Officer
• Christopher Laferty (person) — Interim Chief Financial Officer
• November 24, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — ch registered: Common stock, par value $0.01 per share DOUG New York Stock Exchange
• $800,000 — is entitled to an annual base salary of $800,000, a one-time cash signing bonus of $800,
• $3 — Performance Stock Price ") is less than $3.00, no Common Stock will be issued in s
• $4 — the Performance Stock Price is equal to $4.00, 1,550,000 shares of Common Stock wi
• $5 — Stock Price is equal to or greater than $5.00, 2,325,000 shares of Common Stock wi
• $3.00 — he Performance Stock Price is more than $3.00 and less than $5.00 (and is not $4.00)
• $5.00 — Price is more than $3.00 and less than $5.00 (and is not $4.00) by a linear extrapol
• $4.00 — n $3.00 and less than $5.00 (and is not $4.00) by a linear extrapolation between the

Filing Documents

• doug-20241124.htm (8-K) — 49KB
• ex1011125.htm (EX-10.1) — 103KB
• 0001878897-24-000057.txt ( ) — 330KB
• doug-20241124.xsd (EX-101.SCH) — 2KB
• doug-20241124_def.xml (EX-101.DEF) — 14KB
• doug-20241124_lab.xml (EX-101.LAB) — 25KB
• doug-20241124_pre.xml (EX-101.PRE) — 15KB
• doug-20241124_htm.xml (XML) — 3KB

From the Filing

doug-20241124 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 24, 2024 DOUGLAS ELLIMAN INC. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jurisdiction of Incorporation) 001-41054 87-2176850 (Commission File Number) (I.R.S. Employer Identification No.) 4400 Biscayne Boulevard Miami Florida 33137 (Address of Principal Executive Offices) (Zip Code) ( 305 ) 579-8000 (Registrant's Telephone Number, Including Area Code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities Registered Pursuant to 12(b) of the Act: Title of each class: Trading Name of each exchange Symbol(s) on which registered: Common stock, par value $0.01 per share DOUG New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements with Certain Officers. Employment Agreement with Michael Liebowitz On November 24, 2024, Douglas Elliman Inc. (the " Company ") entered into an employment agreement, effective as of October 22, 2024 (the " Liebowitz Employment Agreement "), with Michael Liebowitz, which sets forth the terms and conditions of his employment as the Company's Chief Executive Officer. Pursuant to the Liebowitz Employment Agreement, Mr. Liebowitz's employment shall continue for an indefinite period, subject to the termination provisions provided for in the Liebowitz Employment Agreement. Mr. Liebowitz is entitled to an annual base salary of $800,000, a one-time cash signing bonus of $800,000 and is eligible to participate in the Company's annual incentive program with a target annual bonus opportunity determined by the Board of Directors of the Company (the " Board ") (or the Compensation and Human Capital Committee of the Board (the " Compensation Committee ", if properly authorized)). Mr. Liebowitz's bonus payments, if awarded, are subject to compliance with performance goals determined by the Compensation Committee. Such performance goals shall be consistent with Mr. Liebowitz's positions as the Chief Executive Officer of the Company. The Liebowitz Employment Agreement may be terminated by the Company without Cause (as defined in the Liebowitz Employment Agreement) upon providing notice (the " Termination Notice ") to Mr. Liebowitz stating such intention. In the event that the Company terminates Mr. Liebowitz's employment without Cause, the Employment Period shall terminate on the date set forth in the Termination Notice (the " Termination Date ") and a severance period of six months (such period, the " Severance Period ") shall commence upon the Termination Date. Upon a termination by the Company without Cause, during the Severance Period, Mr. Liebowitz shall be entitled to receive his base salary, and subject to Mr. Liebowitz's timely election of continuation coverage under the Company's group health plan plans, and continued copayment of premiums at the same level as if Mr. Liebowitz were an active employee of the Company, Mr. Liebowitz and his eligible dependents shall be entitled to a taxable monthly reimbursement in an amount equal to the amount of health insurance premiums that the Company would have subsidized, if any, had Mr. Liebowitz remained an active employee, for the Severance Period, provided that the Mr. Liebowitz remains eligible for coverage through the Severance Period. Mr. Liebowitz shall also be eligible to receive a prorated bonus, if applicable for the year in which the termination occurred. In addition, Mr. Liebowitz shall be entitled to (x) payment of any earned but unpaid amounts, including bonuses for performance periods that ended prior to the Termination Date and any unreimbursed business expenses, with such pay

View Full Filing

View this 8-K filing on SEC EDGAR