MADISON, N.J., Oct. 27, 2017 /PRNewswire/ — Realogy Holdings Corp. (NYSE: RLGY), (the "Company"), the largest full-service residential real estate services company in the United States, today announced the grant on October 23, 2017 (the "Grant Date") of a non-qualified stock option to purchase 261,234 shares of the Company’s common stock with an exercise price equal to $32.80 per share (the closing price per share of the Company’s common stock as reported on the NYSE on the Grant Date) and 76,220 restricted stock units to Ryan M. Schneider as a material inducement to his hiring as President and Chief Operating Officer of the Company. The grant to Mr. Schneider was previously reported on a Current Report on Form 8-K filed by the Company on October 23, 2017 with the U.S. Securities and Exchange Commission.
The stock options expire ten years from the Grant Date and vest over a four-year period, in equal annual installments on each anniversary date of the Grant Date. The restricted stock units vest over a three-year period, in equal annual installments on each anniversary date of the Grant Date and carry dividend equivalent rights related to any cash dividend paid by the Company while the restricted stock units are outstanding. Vesting of the equity awards accelerate if employment terminates due to death or disability. The equity awards contain "double trigger" provisions that provide for accelerated vesting upon a qualifying termination within 24 months of a change in control of the Company (or, if the awards are not assumed or equitably converted by the successor company, upon the change in control).
The inducement grants were made outside of the terms of Realogy’s Amended and Restated 2012 Long-Term Incentive Plan and were approved by the Company’s Compensation Committee of the Board of Directors in reliance on the employment inducement exemption to shareholder approval provided under the New York Stock Exchange’s Listed Company Manual Rule 303A.08, which requires public announcement of inducement awards.
About Realogy Holdings Corp.
Realogy Holdings Corp. (NYSE: RLGY) is a technology-enabled leading provider of residential real estate services that is focused on empowering independent sales agents to best serve today’s consumers. Realogy delivers its services through its well-known industry brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, Sotheby’s International Realty® as well as NRT, Cartus, Title Resource Group and ZapLabsSM, an in-house innovation and technology development lab. Realogy’s fully integrated business model includes brokerage, franchising, relocation, mortgage and, title and settlement services. Realogy provides independent sales agents access to leading technology, best-in-class marketing and learning programs, and support services to help them become more productive and build stronger businesses. Realogy’s affiliated brokerages operate around the world with approximately 187,700 independent sales agents in the United States and approximately 90,000 independent sales agents in more than 100 other countries and territories. Realogy is headquartered in Madison, New Jersey.
SOURCE Realogy Holdings Corp.