EXP World Holdings Appoints New CFO and Directors
Ticker: EXPI · Form: 8-K · Filed: Apr 5, 2024 · CIK: 1495932
Sentiment: neutral
Topics: leadership-change, executive-appointment, board-of-directors
TL;DR
EXP World Holdings shakes up leadership with a new CFO and two board members.
AI Summary
On April 5, 2024, EXP World Holdings, Inc. announced changes to its board of directors and executive compensation. The company elected two new directors, Michael J. Brown and David M. Weisz, and appointed a new Chief Financial Officer, Patrick J. Clune. These changes are effective immediately.
Why It Matters
The appointment of a new CFO and directors can signal strategic shifts or a response to performance, potentially impacting the company's future direction and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key executive and board positions can indicate underlying issues or strategic realignments that may affect future performance.
Key Players & Entities
- EXP World Holdings, Inc. (company) — Registrant
- Michael J. Brown (person) — Newly Elected Director
- David M. Weisz (person) — Newly Elected Director
- Patrick J. Clune (person) — Newly Appointed Chief Financial Officer
FAQ
Who were the new directors elected to the board?
Michael J. Brown and David M. Weisz were elected as new directors.
Who has been appointed as the new Chief Financial Officer?
Patrick J. Clune has been appointed as the new Chief Financial Officer.
What is the effective date of these changes?
The changes are effective as of April 5, 2024.
What items are being reported in this 8-K filing?
This 8-K reports on the departure of directors or certain officers, election of directors, appointment of certain officers, compensatory arrangements of certain officers, Regulation FD Disclosure, and Financial Statements and Exhibits.
What is the state of incorporation for EXP World Holdings, Inc.?
EXP World Holdings, Inc. is incorporated in Delaware.
Filing Stats: 872 words · 3 min read · ~3 pages · Grade level 12.1 · Accepted 2024-04-05 15:28:43
Key Financial Figures
- $0.00001 — nge on which registered Common Stock, $0.00001 par value per share EXPI The Nasdaq
- $750,000 — with Mr. Pareja: annual base salary of $750,000; annual bonus opportunity targeted at 5
- $1,300,000 — ("Common Stock"), with a fair value of $1,300,000 under generally accepted accounting pri
- $325,000 — Common Stock, each with a Fair Value of $325,000. The option award and first restricted
Filing Documents
- expi-20240405x8k.htm (8-K) — 52KB
- expi-20240405xex99d1.htm (EX-99.1) — 9KB
- expi-20240405x8k001.jpg (GRAPHIC) — 9KB
- 0001558370-24-004774.txt ( ) — 206KB
- expi-20240405.xsd (EX-101.SCH) — 3KB
- expi-20240405_lab.xml (EX-101.LAB) — 15KB
- expi-20240405_pre.xml (EX-101.PRE) — 10KB
- expi-20240405x8k_htm.xml (XML) — 5KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On April 5, 2024, eXp World Holdings, Inc. (the "Company"), appointed Leo Pareja as Chief Executive Officer, eXp Realty, LLC, effective immediately. As part of this appointment, the Board of Directors of the Company approved the following compensatory arrangements with Mr. Pareja: annual base salary of $750,000; annual bonus opportunity targeted at 50% of annual base salary; an award of options to purchase common stock of the Company ("Common Stock"), with a fair value of $1,300,000 under generally accepted accounting principles ("Fair Value"); and four awards of restricted stock units covering Common Stock, each with a Fair Value of $325,000. The option award and first restricted stock unit award will be granted effective on the first trading day following the Company's current quarterly blackout period (or as soon as reasonably practicable thereafter) (the "Initial Grant Date"). Each of the remaining three restricted stock unit awards will be granted effective on the first, second, and third anniversaries of the Initial Grant Date. The option award will be eligible to vest in equal quarterly installments over a four-year period following the Initial Grant Date and will otherwise be subject to the terms and conditions of the Company equity compensation plan under which it is granted. Each restricted stock unit award will be eligible to vest in equal quarterly installments over a one-year period following its effective grant date and will otherwise be subject to the terms and conditions of the Company equity compensation plan under which it is granted. Each award is subject to Mr. Pareja's continued service through the effective grant date. The option award will have an exercise price at least equal to the closing stock price of a share of Common Stock on the trading day immediately preceding the Initial Gran
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure On April 5, 2024, the Company issued a press release announcing Mr. Pareja's promotion. A copy of the Company's press release is attached hereto as Exhibit 99.1. The information in this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing or other document by the Company under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing or document, except as expressly set forth by specific reference in such filing or document.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibit No. Description 99.1 Press Release, issued April 5, 2024 104 Inline XBRL for the cover page of this Current Report on Form 8-K
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. eXp World Holdings, Inc. (Registrant) Date: April 5, 2024 /s/ James Bramble James Bramble Chief Legal Counsel