Now eXp Realty has hit 19,000 agents we have a more sustainable long-term plan for how equity awards are distributed in eXp Realty.
Sustainable Equity Plan
- Your first completed transaction with eXp Realty: $200 worth of eXp World Holdings common stock. This for each anniversary closing.
- When agent caps: $400 worth of eXp World Holdings common stock.
- For directly attracting another agent to the company and upon the closing of that agent’s first transaction with eXp Realty: $400 worth of eXp World Holdings common stock. This is a ONE TIME benefit.
- When named an ICON agent:** Up to $16,000 worth of eXp World Holdings common stock, eligible on a yearly basis. $12,000 is awarded and vests after three years and an additional $2,000 will be issued after each company event (The eXp Shareholder Summit and EXPCON) with no vesting period, for a possible total of $4,000.
- All stock grants will be priced based on the closing market price of EXPI’s common stock on the last trading day of the qualification month.
- All equity will have an award date, which is the month an agent qualifies for an award. Agent must remain with the company in good standing for a period of three years from the award date. For attraction awards, sponsoring agent and the agent who joins and closed their first transaction must both remain in good standing with the company for a period of three years from the award date.
Equity Offset Repurchase Program
The repurchase program will help offset equity issuances that eXp Realty awards to its agents for meeting certain milestones in the Sustainable Equity Plan.
“eXp World Holdings continues, on a consolidated basis, to generate solid cash flow and maintain a debt-free balance sheet with more than $22 million in cash and cash equivalents as of the end of the third quarter of 2018. The company has grown its available cash by more than $17 million since the beginning of the year and we fully expect the company will continue to grow its cash balance through 2019 and beyond,” commented Jeff Whiteside, Chief Financial Officer of eXp World Holdings. “We also believe that this plan matches up well with the company’s commitment to its core value of sustainability. As the company continues to grow we want to make sure that we are offsetting a portion of the equity issuances that we provide our agents at eXp Realty. Consistent with eXp Realty’s business model, it is important to us that we continue to reward our agents with equity. We have confidence in our company’s future and believe that this is a prudent use of our cash.”