Document:

EX-10.24

 Exhibit 10.24 

 
 

 
 June 25, 2012 
 Raymond W. Urbanski, M.D., Ph.D. 
 623 Greylyn Drive 

San Ramon, CA 94583 
  

	Re:	Resignation Agreement 

 Dear Ray:

 This letter sets forth the substance of the Resignation Agreement (the “Agreement”) that Metabolex, Inc. (the “Company”)
is offering you as an alternative to the proposed Termination Agreement of today’s date. 
 1. Resignation Date. As
part of this Agreement you hereby offer your resignation of employment and as an officer of the Company, pursuant to the letter of resignation (a form of which is set forth in Exhibit A) that you agree to execute and return to the Company
concurrently with this Agreement. The Company hereby accepts your resignation, effective as of June 11, 2012 (the “Resignation Date”), which became your last day of work with the Company and your employment termination date.

 2. Accrued Salary and Vacation. On the Resignation Date, the Company will pay you all accrued salary, and all accrued
and unused vacation earned through the Resignation Date, subject to standard payroll deductions and withholdings. 
 3.
Severance. You acknowledge that under the circumstances of your employment termination, you are not eligible for the severance benefits described in the offer letter agreement between you and the Company dated October 3, 2011 (the
“Offer Letter Agreement”). As part of this Agreement, the Company agrees to pay you, as severance, $ 184,850 subject to standard payroll deductions and withholdings (“Severance”). Severance will be paid in a lump sum on the first
regular payday no earlier than one week after the Effective Date, as defined in paragraph 18 below, provided that you sign this Agreement and do not revoke the ADEA Waiver as defined in paragraph 18. 

4. Hiring Bonus. You acknowledge that you were paid the first $20,000 installment of the Hiring Bonus, pursuant to and as
defined in the Offer Letter Agreement. As part of this Agreement, you agree and acknowledge that you will not be eligible to receive, and will not earn, the second $20,000 installment of the Hiring Bonus. As part of this Agreement, the Company
agrees to waive its right under the Offer Letter Agreement, to repayment by you of any portion of the first installment of the Hiring Bonus. 
 5. Housing Assistance. You acknowledge that, in accordance with your letter agreement with the Company dated November 18, 2011, the Company has fully performed its obligations under the Offer
Letter Agreement to provide you with relocation assistance. 

  
  

Metabolex, Inc.    3876 Bay Center Place, Hayward, CA 94545    Phone: (510)
293-8800    www.metabolex.com 

 Raymond W. Urbanski, M.D., Ph.D. 
 June 26, 2012 
  Page
 2
 
  

 6. Discretionary Bonus. You will not be eligible to earn, and will not receive,
any bonus award for your service in 2012, under the Company’s annual discretionary bonus program. 
 7.
Unemployment Benefits. As part of this Agreement, the Company agrees not to oppose your claim for unemployment compensation benefits, which will be determined by the State of California. If you wish, you may characterize the separation as a
“mutual resignation”. 
 8. Health Care Continuation Coverage (COBRA). To the extent provided by the federal
COBRA law or, if applicable, state insurance laws, and by the Company’s current group health insurance policies, you will be eligible to continue your group health insurance benefits at your own expense. Later, you may be able to convert to an
individual policy through the provider of the Company’s health insurance, if you wish. 
 9. Stock Options. You were
granted an option to purchase 650,000 shares of the Company’s common stock, pursuant to the Company’s equity incentive plan (the “Plan”). Under the terms of the Plan and your stock option grant, vesting will cease as of the
Resignation Date, as of which date none of your shares will have 
 10. Other Compensation or Benefits. You acknowledge
that, except as expressly provided in this Agreement, you will not receive any additional compensation, bonus, stock option vesting, severance or benefits after the Resignation Date. 

11. Expense Reimbursements. You agree that, within five (5) business days of the Resignation Date, you will submit your final
documented expense reimbursement statement reflecting all business expenses you incurred through the Resignation Date, if any, for which you seek reimbursement. The Company will reimburse you for these expenses pursuant to its regular business
practice. 
 12. Return of Company Property. By the Resignation Date, you agree to return to the Company all Company
documents (and all copies thereof) and other Company property that you have had in your possession at any time, including, but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial information,
specifications, computer-recorded information, tangible property (including, but not limited to, computers, telephone), credit cards, entry cards, identification badges and keys; and, any materials of any kind that contain or embody any proprietary
or confidential information of the Company (and all reproductions thereof). 
 13. Proprietary Information Obligations.
You hereby acknowledge your continuing obligations, both during and after your employment, under your Employee Agreement on Confidential Information and Inventions, including your obligations not to use or disclose any confidential or
proprietary information of the Company. A copy of your Employee Agreement on Confidential Information and Inventions is attached hereto as Exhibit B. 

  
  

www.metabolex.com 

 Raymond W. Urbanski, M.D., Ph.D. 
 June 26, 2012 
  Page
 3
 
  

 14. Confidentiality. The provisions of this Agreement will be held in
strictest confidence by you and the Company and will not be publicized or disclosed in any manner whatsoever; provided, however, that: (a) you may disclose this Agreement to your immediate family; (b) the parties may disclose this
Agreement in confidence to their respective attorneys, accountants, auditors, tax preparers, and financial advisors; (c) the Company may disclose this Agreement as necessary to fulfill standard or legally required corporate reporting or
disclosure requirements; and (d) the parties may disclose this Agreement insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law. In particular, and without limitation, you agree not to disclose the
terms of this Agreement to any current or former Company employee. 
 15. Nondisparagement. You agree not to disparage
the Company or the Company’s officers, directors, employees, shareholders, parents, subsidiaries, affiliates, and agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that
you may respond accurately and fully to any question, inquiry or request for information when required by legal process. 

16. Release of Claims. In exchange for Severance, the Company’s waiver of repayment of the Hiring Bonus, and other
consideration provided to you by this Agreement that you are not otherwise entitled to receive, you hereby generally and completely release Metabolex, Inc. and its current and former directors, officers, employees, shareholders, partners, agents,
attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts,
conduct, or omissions occurring prior to your signing this Agreement. This general release includes, but is not limited to: (1) all claims arising out of or in any way related to your employment with the Company, or the termination of that
employment; (2) all claims related to your compensation or benefits from the Company, including salary, bonuses, the Hiring Bonus, commissions, vacation pay, expense reimbursements, relocation assistance, severance pay, severance benefits,
fringe benefits, stock, stock options, accelerated vesting of stock options (including without limitation the Acceleration as defined in the Offer Letter Agreement), or any other ownership interests in the Company; (3) all claims for breach of
contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; claims under the Offer Letter Agreement; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in
violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as
amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), and the California Fair Employment and Housing Act (as amended). 

17. Exceptions. You are not releasing any claim that cannot be waived under applicable state or federal law. You are not releasing
any rights that you have to be indemnified (including any right to reimbursement of expenses) arising under applicable law, the certificate of incorporation or by-laws (or similar constituent documents of the Company), any indemnification agreement
between you and the Company, or any directors’ and officers’ liability insurance policy of the Company. Nothing in this Agreement shall prevent you from filing, cooperating with, or participating in any proceeding before the Equal
Employment 

  
  

www.metabolex.com 

 Raymond W. Urbanski, M.D., Ph.D. 
 June 26, 2012 
  Page
 4
 
  

 
Opportunity Commission, the Department of Labor, or the California Department of Fair Employment and Housing, except that you acknowledge and agree that you shall not recover any monetary
benefits in connection with any such claim, charge or proceeding with regard to any claim released herein. Nothing in this Agreement shall prevent you from challenging the validity of the release in a legal or administrative proceeding. 

18. ADEA Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under the
ADEA (“ADEA Waiver”). You also acknowledge that the consideration given for the ADEA Waiver is in addition to anything of value to which you were already entitled. You further acknowledge that you have been advised by this writing, as
required by the ADEA, that: (a) your ADEA Waiver does not apply to any rights or claims that arise after the date you sign this Agreement; (b) you should consult with an attorney prior to signing this Agreement; (c) you have
twenty-one (21) days to consider this Agreement (although you may choose to voluntarily sign it sooner); (d) you have seven (7) days following the date you sign this Agreement to revoke the ADEA Waiver, with such revocation to be
effective only if you deliver written notice of revocation to the Company within the seven (7)-day period; and (e) the ADEA Waiver will not be effective until the date upon which the revocation period has expired unexercised, which will be the
eighth day after you sign this Agreement (“Effective Date”). 
 19. Section 1542 Waiver. YOU UNDERSTAND
THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. In giving the release herein, which includes claims which may be unknown to you at present, you acknowledge that you have read and understand Section 1542 of the California
Civil Code, which reads as follows: 
 “A general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” 
 You hereby expressly waive and relinquish all rights and benefits under that section and any law of any other jurisdiction of similar effect with respect to your release of any unknown or unsuspected
claims herein. 
 20. Representations. You hereby represent that you have been paid all compensation owed and for all
hours worked, have received all the leave and leave benefits and protections for which you are eligible, pursuant to the Family and Medical Leave Act or otherwise, and have not suffered any on-the-job injury for which you have not already filed a
claim. 
 21. General. This Agreement including Exhibits A and B, constitutes the complete, final and exclusive
embodiment of the entire agreement between you and the Company with regard to this subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes
any other such promises, warranties or representations. This Agreement may not be modified or amended 

  
  

www.metabolex.com 

 Raymond W. Urbanski, M.D., Ph.D. 
 June 26, 2012 
  Page
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except in a writing signed by both you and a duly authorized officer of the Company. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the
Company, and inure to the benefit of both you and the Company, and each party’s heirs, successors and assigns. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not
affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable to the fullest extent permitted by law, consistent with the intent of the parties. This Agreement will be
deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of California as applied to contracts made and to be performed entirely within California. 

If you choose to accept this Agreement instead of the Termination Agreement, please sign below and on Exhibit A, and return the originals to me.

 I wish you good luck in your future endeavors. 
 Sincerely, 
  

			
	METABOLEX, INC.
		
	By:	 	

		 	Harold Van Wart
		 	Chief Executive Officer

 Exhibit A – Resignation Letter 
 Exhibit B – Employee Agreement on Confidential Information and Inventions 
  

			
	AGREED:
	
	

	Raymond W. Urbanski, M.D., Ph.D.
	
	June 25, 2012
	Date

  
  

www.metabolex.com 

 EXHIBIT A 
 Louis G. Lange, M.D., Ph.D. 
 Chairman, Board of Directors 

Metabolex, Inc. 
 Dear Chairman Lange:

 I hereby tender my resignation as an employee, and as Chief Medical Officer of Metabolex, Inc., effective as of June 11,
2012. 
 Dated: June 26, 2012 
  

			
	

	Raymond W. Urbanski, M.D., Ph.D.

  
  

www.metabolex.com 

 EXHIBIT B 

[Employee Agreement on Confidential Information and Inventions] 

  
  

www.metabolex.comEX-10.6

 Exhibit 10.6 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (“Agreement”) is made effective as of March 1, 2010 (“Effective
Date”), by and between RE/MAX International Holdings, Inc., a Delaware corporation with its principal place of business at 5075 South Syracuse Street, Denver, CO 80237-2712 and RE/MAX, LLC, a Delaware limited liability company with its
principal place of business at 5075 South Syracuse Street, Denver, CO 80237-2712 (collectively, the “Company”), and Margaret M. Kelly (“Executive’’), with her principal residence at 960 Westchester Circle,
Castle Rock, CO 80108. 
 WHEREAS, the Board of Directors of the Company or its appropriate designee (the “Board”)
and the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”), have collectively approved the continued appointment and employment of the Executive to serve as Chief Executive Officer of the
Company; 
 WHEREAS, the Executive desires to continue to serve as Chief Executive Officer of the Company; and 

WHEREAS, the parties wish to set forth the terms and conditions of such engagement and service. 

NOW, THEREFORE, in consideration of the continued employment of the Executive by the Company and the mutual agreements hereinafter set
forth, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Scope of Employment;
Authority and Responsibilities. 
 (a) The Company hereby employs the Executive as the Chief Executive Officer of the Company, and
the Executive accepts such employment by the Company subject to the terms and conditions of this Agreement. 
 (b) In her capacity as Chief
Executive Officer of the Company, the Executive shall report directly to the Chairman of the Board (“Chairman”) and shall perform all of the duties that are commensurate with that of a Chief Executive Officer, including direction
and oversight of all day-to-day operations of the Company, management of all C-level officers (including President, Chief Operating Officer, Chief Legal Officer, Chief Financial Officer and Executive Vice President of Franchise Development),
oversight of the strategic planning activities of the Senior Vice President of Global Brand Management and Strategic Planning, and such other duties as may reasonably be directed by the Chairman. Throughout her employment, the Executive shall devote
sufficient time, energy and skill to the performance of the duties of her employment by the Company (except as otherwise provided for herein), shall faithfully and industriously perform such duties, and shall diligently follow and implement all
lawful management policies and decisions of the Chairman. 

 (c) Executive may engage in other activities for her own account while employed hereunder,
including without limitation, charitable, community and other business activities, provided that in the judgment of the Chairman, such other activities do not: (1) materially interfere with the performance of Executive’s duties hereunder;
(2) create an actual or apparent conflict of interest with the Company; or (3) violate any of the restrictive covenants set forth in Section 4. 

(d) Subject to the terms of this Agreement, Executive agrees to comply with, implement and abide by all lawful Company policies and procedures
and all lawful directions of the Chairman. 
 2. Compensation, Benefits and Expense Reimbursement. 

(a) Base Salary; Adjustment of Base Salary. In consideration for her service under the terms of this Agreement, the Company
shall pay to the Executive an annual base salary (“Base Salary”), which amount shall be paid in installments in accordance with the normal payroll payment practices of the Company and shall be subject to such deductions and
withholding as are required by law. The Base Salary for the first twelve (12) months shall be set at a rate of Six Hundred Sixty-Nine Thousand Five Hundred Dollars ($669,500) per year. On or about 12 months following Executive’s active
employment under this Agreement (the “Anniversary Date”) and on or about each Anniversary Date thereafter during the Term of this Agreement, Executive’s Base Salary rate may be reviewed by the Chairman or Board, and
Executive’s Base Salary may be adjusted upward at any time at the discretion of the Chairman or Board or downward under Section 3(d)(iv). 

(b) Performance Reviews. On or around each Anniversary Date during the Term of this Agreement, the Chairman or Board may meet
with the Executive to assess and mutually confer on the Executive’s performance during the prior year, discuss any potential modifications of direction or priorities, mutually set future priorities and goals for the Executive and the Company,
and determine the amount, if any, of the Performance Bonus described in Section 2(c) below. 
 (c) Performance Bonus. The
Executive shall be eligible, but not entitled, to receive an annual performance-based bonus (the “Performance Bonus”) based upon the performance of the Company and/or upon the performance of Executive against a plan and/or goals
agreed upon by the Chairman or Board and the Executive. To the extent granted, a Performance Bonus shall be paid to the Executive in a lump sum, subject to applicable deductions and withholding, within 2 1/2 months following the end of the calendar
year for which the Performance Bonus is paid. The Chairman or Board shall determine the appropriate amount of the Performance Bonus applying the above-referenced criteria. 

(d) Incentive Plan. The Executive may be offered the opportunity to participate in certain incentive plans as may be
designed, approved and implemented by the Board in its sole discretion. 

  
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 (e) Professional Company Membership Dues and Expenses. If desired by the Executive
and subject to the pre-approval of the Chairman or Board, the Company shall pay for the Executive’s expenses of membership, receipt of publications, and other participation in the relevant programs and activities of the leading real estate
trade associations. 
 (f) Business Expenses. The Company shall pay or reimburse to the Executive all reasonable travel,
dining, entertainment, and other business expenses incurred by the Executive in the performance of her duties under this Agreement. The Executive shall, as a condition of any such payment or reimbursement, submit verification, substantiation and
documentation of the nature and amount of such expenses in accordance with the policies of the Company. The Executive shall have made available to her the Company’s credit or charge card for use with respect to such expenses. Such credit or
charge card shall not be used to incur any personal (non-business-related) expenses; any personal expenses inadvertently charged to such card shall be reimbursed immediately by the Executive to the Company. 

(g) Spousal/Partner Travel Expenses. Subject to the pre-approval of the Chairman or Board, the Company shall pay or reimburse to
the Executive all travel and related expenses for the Executive’s spouse/partner to attend all business functions, events, meetings, and conferences at which the participation of spouses/partners is ordinary and customary. 

(h) Standard Benefits. In addition to the salary and other specifically described benefits payable to the Executive hereunder,
the Executive shall receive such benefits as are made available to Company executives generally, including, without limitation, life insurance, medical insurance, dental insurance, long- and short-term disability insurance, retirement plan(s), and
sick leave. The Executive should consult the various plan documents for specific information regarding retirement, disability and health plans. 

(i) Gross-up Payment. In the event that Executive shall become entitled to any amounts, whether pursuant to the terms of this
Agreement or any other plan, arrangement or agreement with the Company (the “Regular Amounts”) that are determined to be subject to a tax penalty (a “Penalty”), including without limitation the penalties imposed by
Internal Revenue Code (“IRC”) Section 4999, IRC Section 409A and any similar tax penalty that may hereafter be imposed, the Company shall pay to Executive an additional amount (the “Gross-up Payment”) such
that the net amount retained by Executive after payment of all applicable federal, state and local taxes on the sum of the Regular Amounts plus the Gross-up Payment is equal to the net amount that would have been retained by Executive after payment
of all applicable federal, state and local taxes on the Regular Amount if such amounts had not been subject to a Penalty. 
 (j)
Section 409A. It is the intent of this Agreement to comply with the requirements of IRC Section 409A, and any ambiguities herein will be interpreted and this agreement will be administered to so comply. Therefore, in order to
be consistent with the requirements of IRC Section 409A: 
 (i) Reimbursements. To the extent that any reimbursement or in-kind
benefit provided to Executive or her spouse under Section 2(e), (f) or (g) is taxable, unless stated 

  
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otherwise: (1) such reimbursements and in-kind benefits will be provided only for expenses incurred during the Executive’s employment with the Company; (2) the expenses eligible
for reimbursement or the in-kind benefits provided in any given calendar year will not affect the expenses eligible for reimbursement or the in-kind benefits provided in any other calendar year; (3) the reimbursement of an eligible expense must
be made no later than the last day of the calendar year following the calendar year in which the expense is incurred; and (4) the right to reimbursements or in-kind benefits cannot be liquidated or exchanged for any other benefit. 

(ii) Gross-Up Payment. Any Gross-Up Payment under Section 2(i) shall be paid to Executive as soon as practicable following the
date of payment of the Regular Amounts and in no event later than the end of the Executive’s taxable year next following the taxable year in which the Executive remits to the taxing authority the Penalty. 

3. Term; Termination; Termination/Severance Benefits. 

(a) Term. The “Term” of this Agreement shall be three (3) years commencing on the Effective Date. On each
Anniversary Date, the Term shall be automatically extended by one year, so that this Agreement shall have a rolling three year duration. 

(b) Termination. During the Term, this Agreement and the Executive’s employment by the Company hereunder may be terminated:
(i) by the mutual written agreement of the Executive and the Company; (ii) by the Company for “Cause”; (iii) by the Executive upon not less than thirty (30) days’ prior written notice to the Board or its designee;
(iv) by the Company upon not less than thirty (30) days’ prior written notice to the Executive; (v) by the Executive at any time upon written notice for “Good Reason”; (vi) upon the death of the Executive; or
(vii) by the Company upon the “Disability” of the Executive. 
 (c) Termination/Severance Benefits. Except as
otherwise provided herein and subject to Section 4(g), the compensation and termination payments provided pursuant to this Section 3(c) shall be paid at such times and in such manner as payments normally would be made under Section 2
above and shall be subject to deductions and withholding as provided in Section 2(a) above. 
 (i) In the event Executive’s
employment hereunder is terminated by mutual agreement pursuant to Section 3(b)(i) above, the Company shall provide to Executive any payments and benefits pursuant to Section 2 above which have been earned but have not been provided
through the date of termination and such additional sums, if any, as mutually agreed in writing by the Executive and the Company. 
 (ii) In
the event Executive’s employment hereunder is terminated for Cause pursuant to Section 3(b)(ii) above, the Company’s sole obligation to the Executive shall be the provision of any payments and benefits pursuant to Section 2 above
which have been earned but have not been provided through the date of termination. 

  
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 (iii) In the event Executive’s employment hereunder is terminated by the Executive upon not
less than thirty (30) days’ prior written notice to the Company pursuant to Section 3(b)(iii) above, the Company shall provide all payments and benefits to the Executive pursuant to Section 2 above which have been earned hut have
not been provided through the date of termination. 
 (iv) In the event Executive’s employment hereunder is terminated by the Company
upon not less than thirty (30) days’ prior written notice to the Executive pursuant to Section 3(b)(iv) above, the Company shall provide all payments and benefits to the Executive pursuant to Section 2 above which have been
earned but have not been provided through the date of termination, and shall pay to the Executive severance benefits of: (A) twenty-four (24) months of continued Base Salary at Executive’s then current rate, to be paid on the regular
payroll schedule of the Company commencing with the date of termination; (B) an amount equal to the Executive’s Performance Bonus as has been declared but not yet paid to Executive, to he paid in a lump sum within thirty (30) days of
the date of termination; and (C) continuation of all benefits set forth in Section 2(h) above during the period in which severance is paid out to the Executive, to the extent permitted by the Company’s then current benefit plans. 

(v) In the event Executive’s employment hereunder is terminated by the Executive for Good Reason pursuant to Section 3(b)(v) above,
the Company shall provide all payments and benefits to the Executive pursuant to Section 2 above which have been earned but have not been provided through the date of termination, and shall pay to the Executive severance benefits of:
(A) twenty-four (24) months of continued Base Salary at Executive’s then current rate, to be paid on the regular payroll schedule of the Company commencing with the date of termination; (B) an amount equal to the Executive’s
Performance Bonus as has been declared but not yet paid to Executive, to be paid in a lump sum within thirty (30) days of the date of termination; and (C) continuation of all benefits set forth in Section 2(h) above during the period
in which severance is paid out to the Executive, to the extent permitted by the Company’s then current benefit plans. 
 (vi) In the
event Executive’s employment hereunder is terminated by the death of the Executive pursuant to Section 3(b)(vi) above, the Company shall provide to the Executive’s estate all payments and benefits pursuant to Section 2 above,
which have been earned but have not been provided through the date of the Executive’s death. 
 (vii) In the event this Agreement and
the Executive’s employment hereunder are terminated by the Company as a result of the Disability of the Executive pursuant to Section 3(b)(vii) above, the Company shall provide to the Executive all payments and benefits pursuant to
Section 2 above, which have been earned but have not been provided through the date of termination. 
 (viii) Notwithstanding the
above, if any compensation to be paid to Executive under Section 3(c) is “nonqualified deferred compensation” subject to IRC Section 409A, such compensation shall be paid no earlier than the date of Executive’s
“separation from service” from the Company within the meaning of IRC Section 409A(a)(2)(A)(i). If the Executive is a 

  
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“specified employee” within the meaning of IRC Section 409A(a)(2)(B)(i) at the time of the Executive’s separation from service, any nonqualified deferred compensation subject
to IRC Section 409A that would otherwise have been payable as a result of, and within the first six (6) months following, the Executive’s “separation from service”, and not by reason of another event under IRC
Section 409A(a)(2)(A), will become payable six (6) months and one (1) day following the date of the Executive’s separation from service or, if earlier, the date of Executive’s death. 

(d) Definitions. For purposes of this Agreement: 

(i) “Cause” shall mean any one of the following: 

(A) Executive’s conduct amounting to fraud, theft or misappropriation of any funds or property of or due to the Company; 

(B) Executive’s attempt to obtain, or, in fact, obtaining, any personal profit from any transaction in which the Executive has an
interest which is adverse to the interests of the Company unless the Executive shall have first obtained the consent of the Board; 
 (C)
Executive’s failure to substantially perform her duties hereunder (other than that caused by Executive’s Disability), which failure is not remedied within 30 days of written notice by the Chairman or the Board; 

(D) Executive’s gross negligence or material mismanagement in performing Executive’s duties and responsibilities as directed by the
Board or her superiors at the Company; 
 (E) Executive’s material breach of any term of this Agreement, which breach is not cured
within thirty (30) days of written notice by the Chairman or the. Board; 
 (F) Executive’s conviction of or plea of nolo
contendere to a felony; or 
 (G) Executive’s conduct that results in material injury to the reputation, business or business
relationships of the Company. 
 (ii) “Disability” shall mean the inability of the Executive to carry out the essential
functions of Executive’s duties under this Agreement by reason of the Executive’s illness or injury, which inability has continued for a period of either sixty (60) days or one hundred twenty (120) non-consecutive days in any
twelve-month period. 
 (iii) “Good Reason” shall mean any one of the following: 

(A) The Company’s material breach of the compensation, salary or benefit obligations of this Agreement, which breach is not cured by the
Company within thirty (30) days written notice by Executive; 

  
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 (B) The relocation of the Executive’s principal place of business to outside of fifty
(50) miles of its location as of the Effective Date; 
 (C) A material diminution of Executive’s role or responsibilities within
the Company, including without limitation requiring that Executive report to a position other than the Chairman; or 
 (D) Failure of any
successor to assume or honor its obligations under this Agreement on the date on which it acquires a controlling interest in the equity, assets or businesses of the Company or thereafter. 

(iv) Notwithstanding Section 3(d)(iii)(A) above, “Good Reason” shall not mean any such reduction in the Executive’s pay or
benefits which occurs in the context of across-the-board reductions in executive pay authorized by the Chairman or Board to address the financial needs of the Company. 

4. Restrictive Covenants. 
 (a)
Confidentiality. In the course of her employment by the Company, the Executive will have access to Confidential Information (as defined below) of the Company and its affiliates, subsidiaries and franchisees. The Executive agrees to
maintain the strict confidentiality of all Confidential Information during the term of this Agreement and thereafter. For purposes of this Agreement, “Confidential Information” shall mean all non-public information and materials of
the Company, including information and materials received by the Company from third parties, concerning the Company’s business practices and operations. Confidential Information shall include, but not be limited to, information or data
contained in the Company’s financial records, personnel records, media and marketing techniques and arrangements, contemplated products and services, purchasing information and other business, strategic and operational data of the Company and
its affiliates, subsidiaries and franchises. Confidential Information includes all other information and materials which are of a proprietary or confidential nature, even if they are not marked as such. Upon the termination of this Agreement,
Executive shall promptly return all Company property, including but not limited to all Confidential Information, retaining no copies. This provision shall survive the termination of this Agreement indefinitely. 

(b) Intellectual Property. The Executive recognizes and agrees that all copyrights, trademarks, patents, and other intellectual
property rights to works or marks arising in, from or in connection with the Executive’s employment by the Company, and that are within the scope of the Executive’s employment by the Company, are the sole and exclusive property of the
Company. The Executive agrees not to assert any such rights against the Company or any third party. The Executive agrees to assign, and hereby does assign, to the Company all rights, if any, in or to such works or marks that may accrue to the
Executive during the term of this Agreement. This provision shall survive the termination of this Agreement indefinitely. 
 (c)
Agreement Not to Solicit Employees. During the Term and for a period of twelve (12) months immediately following the termination of her employment, the Executive 

  
 7 

 
shall not, either directly or indirectly, on her own behalf or in the service of or on behalf of others, solicit or recruit (or attempt to solicit or recruit) any person employed by the Company
to end their employment with the Company or to provide services to Executive or any other business, organization, program, or activity that directly competes with the Company in the areas of franchising real estate brokerages, real estate brokerage,
insurance brokerage or any other defined business in which the Company engaged during the Term (hereinafter the “Company’s Business”). 

(d) Agreement Not to Solicit Clients / Franchisees. During the Term and for a period of twelve (12) months immediately
following the termination of her employment, the Executive shall not directly or indirectly solicit any client of the Company with whom she has or has had direct or indirect contact during her employment to cease doing business with the Company or
to otherwise do business with Executive or any entity that directly competes with the Company in the Company’s Business. Executive similarly shall not directly or indirectly solicit any franchisee of the Company to cease doing business with the
Company or to otherwise do business with Executive or any entity that directly competes with the Company in the Company’s Business. 

(e) Agreement Not to Compete. 

(i) During the Term and for a period of three (3) months immediately following the termination of her employment, the Executive shall
not, either directly or indirectly, accept employment or perform services on behalf of herself or any individual or entity that directly competes with the Company in the Company’s Business. 

(ii) During the Term and for a period of twelve (12) months immediately following the termination of her employment, the Executive shall
not, either directly or indirectly, accept employment as a senior executive officer or perform services, which services are the same or substantially similar to the services she performed for the Company, on behalf of or for the benefit of herself
or any entity that directly competes with the Company in the Company’s Business. 
 (iii) The Company and the Executive agree that,
except in the event of the Company’s termination of the Executive for Cause, the restrictions set forth in this Section 4(e) are only enforceable to the extent the Company tenders to the Executive payment at a rate equal to
Executive’s final Base Salary. The parties agree that the Company’s payment of severance pursuant to Section 3 of this Agreement shall discharge this payment obligation. Where severance benefits are not required by this Agreement,
tender of this supplemental consideration may be commenced at any point in the 12-month period immediately following the termination of Executive’s employment. 

(iv) In the event of the Company’s termination for Cause, the Executive and Company agree that the restrictions in this Section 4(e)
shall be fully enforceable without supplemental consideration paid to the Executive. 

  
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 (f) Reasonableness of Covenants. Executive acknowledges and agrees that the Company
conducts the Company’s Business throughout the United States and internationally, that the above covenants cannot be meaningfully restricted geographically, and that the covenants reasonably restrict Executive from competing in any market
– domestic or foreign – in which the Company operates. 
 (g) Enforcement Provisions. 

(i) The covenants stated above are intended to be separate and divisible provisions, and if, for any reason, any one or more of such
provisions shall be held to be invalid or unenforceable, in whole or in part, it is agreed that the invalidity or unenforceability of such provision(s) shall not be held to affect the validity or enforceability of any other provision set forth in
this Agreement. 
 (ii) By signing below, the Executive acknowledges and agrees that breach of any of the above covenants will cause the
Company irreparable injury that cannot be reasonably or adequately compensated by damages in an action at law. Accordingly, the Company shall be entitled to injunctive relief for any breach, or anticipated breach, of the covenants in addition to any
other rights or remedies the Company may have. 
 (iii) If the Executive breaches any provision of the covenants during the term of any
severance payment under this Agreement, the Company shall immediately cease such severance payments without waiver of any other remedy. 

(h) Agreement Freely Entered. Executive agrees that she has read these Covenants in their entirety and understands all of their
terms and conditions, that she has had the opportunity to consult with any individuals of her choice regarding her agreement to the provisions contained herein, including legal counsel of her choice, that she is entering into these Covenants of her
own free will, without coercion from any source. The Executive agrees that such provisions are reasonable and necessary to protect the interests of the Company. 

5. Indemnification and D&O Insurance. 

(a) Indemnification. The Company agrees that if Executive is made a party, or is threatened to be made a party, to any
threatened or actual action, suit or proceeding, whether civil, criminal, administrative, investigative, appellate or other (“Proceeding”) by reason of the fact that she is or was a director, officer, executive, agent, manager,
consultant or representative of the Company or is or was serving at the request of the Company or in connection with her duties hereunder as a director, officer, member, executive, agent, manager, consultant, trustee or representative of another
person, or if any claim, demand, request, investigation, dispute, controversy, threat, discovery request, or request for testimony or information (“Request”) is made, or threatened to be made, that arises out of or relates to
Executive’s service under or as a result of this Agreement or in any of the foregoing capacities, then the Executive shall promptly be indemnified and held harmless by the Company to the fullest extent legally permitted or authorized by the
Company’s by-laws or Board’s resolutions or, if greater, by applicable law, 

  
 9 

 
against any and all costs, claims, causes of action expenses, liabilities and losses (including, without limitation, attorney’s fees, judgments, interest, expenses of investigation,
penalties, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) incurred or suffered by Executive in connection with a Proceeding or Request, and such indemnification shall continue as to Executive even if she has
ceased to be a director, member, executive, employee, officer, agent, manager, consultant, trustee or representative of the Company or other person and shall inure to the benefit of Executive’s heirs, executors and administrators. The Company
shall advance to Executive all costs and expenses incurred by her in connection with any Proceeding or Request within fifteen (15) days after receiving written notice from Executive requesting an advance. Executive’s notice shall include,
to the extent required by applicable law, an undertaking by Executive to repay the amount advanced if she is ultimately determined not to be entitled to indemnification against such costs and expenses. 

(b) D&O Insurance. During the Term and for such period as may be necessary under applicable statutes of limitation,
the Company shall keep in place a directors and officers liability insurance policy (or policies) providing coverage to Executive for claims relating to or arising out of her employment with the Company. 

6. Cooperation. Following the termination of this Agreement, the Executive agrees to cooperate with, and assist, the
Company to ensure a smooth transition in management and, if requested by the Company, to make herself available to consult during regular business hours at mutually agreed upon times for up to a three (3) month period thereafter. At any time
following the termination of her employment, the Executive will provide such information as the Company may request with respect to any Company-related transaction or other matter in which the Executive was involved in any way while employed by the
Company. The Executive further agrees, during the Term and thereafter, to assist and cooperate with the Company in connection with the defense or prosecution of any claim that may be made against, or by, the Company or its affiliates, in connection
with any dispute or claim of any kind involving the Company or its affiliates, including providing testimony in any proceeding before any arbitral, administrative, judicial, legislative or other body or agency. The Executive shall be entitled to
reimbursement for all properly documented expenses reasonably incurred in connection with rendering transition services under this Section, including, but not limited to, reimbursement for all reasonable travel, lodging, meal expenses and legal
fees, and the Executive shall be entitled to a per diem amount for her services equal to her then most recent annualized Base Salary under this Agreement, divided by two hundred forty (240). 

7. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for hereunder by
seeking other employment or otherwise, nor shall the amount of any payment owed hereunder be reduced by any compensation earned by Executive as the result of employment by another employer after the date of termination of employment by the Company.

 8. Non-Disparagement. During the Term and thereafter, Executive and the Company agree to represent the counter party
in a positive light and not to disparage or in any other way communicate to any person or entity any negative information or opinion concerning the Executive or the Company, its parents, subsidiaries and affiliates, or any of their partners,

  
 10 

 
members, shareholders, officers, directors, employees or agents, or any of them. This provision shall not prohibit either party from making any statements or taking any actions required by law,
or reporting any actions or inactions either party believes to be unlawful. This provision shall not be interpreted to require or encourage either party to make any misrepresentations. For purposes of this Section 8 only, the term
“Company” shall be limited in scope to the officers and directors of the Company. 
 9. Automatic Amendment of Agreement
with Change in Control. 
 (a) “Change in Control” shall mean any one of the following: 

(i) The stockholders of the Company approve a merger or consolidation of the Company with any other corporation or entity – other than a
merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity)
more than 50% of the combined voting power of the voting securities of the Company or of such surviving entity outstanding immediately after such merger or consolidation; 

(ii) The stockholders of the Company approve an agreement for the sale or disposition by the Company of all or substantially all of the
Corporation’s assets; 
 (iii) Dave and Gail Liniger collectively cease to own, either directly or indirectly, more than fifty percent
(50%) of the voting shares of the Company’s stock; or 
 (iv) Dave Liniger ceases to serve as, or actively perform the duties of,
Chairman as a result of his disability or death. 
 (b) In the event of a Change in Control as defined above, this Agreement shall be
automatically amended, without the necessity of affirmative action by any party hereto, as follows: 
 (i) The following provision shall be
added as Section 2(k): 
 Stay-on Bonus. In the event Executive remains actively employed by the Company for the 12-month
period immediately following the date of a Change in Control, Executive shall be entitled to receive a “Stay-on Bonus” payment in an amount to be determined by the successor. In no event will the amount of the Stay-on Bonus be less
than six (6) months of Executive’s Base Salary as of the day before the Change in Control occurred. Such Stay-on Bonus, if due, shall be paid in a lump sum within thirty (30) days of the end of the respective 12-month period following
the Change in Control, Executive acknowledges and agrees that she is not entitled to any pro-rata Stay-on Bonus in the event she works less than twelve (12) months following the Change in Control. 

  
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 (ii) Section 3(b)(iii) shall be revised to state “by the Executive upon not less than
ninety (90) days’ prior written notice to the Board or its designee.” 
 (c) Following the automatic amendment of this
Agreement pursuant to Section 9(b), Section 9 shall be of no further effect, and this Agreement shall only be subject to subsequent amendment pursuant to Section 10(i). 

10. Miscellaneous. 

(a) Assignment. The Executive may not assign any part of the Executive’s rights or obligations under this Agreement. In the
event of any merger, consolidation or reorganization involving the Company, this Agreement shall become an obligation of, inure to the benefit of, and be assigned to, any legal successor or successors to the Company. This Agreement may not otherwise
be assigned by the Company without the express prior written consent of the Executive. 
 (b) Warranties. Each party hereto
covenants, warrants and represents that it shall comply with all laws and regulations applicable to this Agreement, and that it shall exercise due care and act in good faith at all times in performance of its obligations under this Agreement. 

(c) Headings. Titles or captions of sections or paragraphs contained in this Agreement are intended solely for the convenience
of reference, and shall not serve to define, limit, extend, modify, or describe the scope of this Agreement or the meaning of any provision hereof. 

(d) Waiver. A waiver by the Company of any breach of this Agreement by the Executive shall not be effective unless in writing,
and no such waiver shall constitute a waiver of the same or another breach on a subsequent occasion. 
 (e) Governing Law;
Jurisdiction for Dispute Resolution. All questions with respect to the construction of this Agreement and the rights and liabilities of the parties hereunder shall be determined in accordance with the laws of State of Colorado. Any legal
action taken or to be taken by either party regarding this Agreement, or the rights and liabilities of parties hereunder, shall be brought only before a federal, state or local court of competent jurisdiction located within the State of Colorado.
Each party hereby consents to the jurisdiction and venue of the federal, state and local courts located within the State of Colorado for such purposes. 

(f) Severability. All provisions of this Agreement are severable. If any provision or portion hereof is determined to be
unenforceable in arbitration or by a court of competent jurisdiction, then the remaining portion of this Agreement shall remain in full force and effect. 

  
 12 

 (g) Force Majeure. Neither party shall be liable for failure to perform its
obligations under this Agreement due to events beyond that party’s reasonable control, including, but not limited to, strikes, riots, wars, fire, acts of God, and acts in compliance with any applicable law, regulation or order (whether valid or
invalid) of any governmental body. 
 (h) Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original and all of which taken together shall constitute one and the same instrument. 
 (i) Entire
Agreement; Amendment. This Agreement (i) constitutes the entire agreement between the parties with respect to the subject matter hereof; (ii) supersedes and replaces all prior agreements, oral and written, between the parties
relating to the subject matter hereof; and (iii) may be amended only by a written instrument clearly setting forth the amendment(s) and executed by both parties. 

(j) Notices. Any notice hereby required or permitted to be given shall be sufficiently given if in writing and upon mailing by
certified mail, postage prepaid, to either party at the address of such party or such other address as shall have been designated by written notice by such party to the other party. 

(k) Attorney’s Fees. 

(i) Except as set forth in this Section 10(k), in any legal action brought to enforce this Agreement, or because of an alleged dispute,
breach or default in connection with any provision of this Agreement, each party shall be responsible for their own attorney’s fees and other costs. 

(ii) In the event Executive obtains a judgment enforcing her rights under Sections 2(a) and/or 3(c) of this Agreement, Executive shall be
entitled to receive from the Company payment for her attorneys fees and costs incurred in obtaining such judgment. 
 (iii) In the event
the Company obtains a judgment enforcing its rights under Section 4 of this Agreement, the Company shall be entitled to receive from Executive payment for its attorneys fees and costs incurred in obtaining such judgment. 

[ Signatures appear on following page. ] 

  
 13 

 IN WITNESS WHEREOF, the Company (through its authorized representative) and the Executive
have each executed and delivered this Agreement. 
  

									
		 	RE/MAX International Holdings, Inc.	 	
				
		 	By:	 	 /s/ David L. Liniger
	 	
		 		 	Name:	 	David L. Liniger	 	
		 		 	Title:	 	Chairman	 	
				
		 	Date:	 	 Aug 6, 2010
	 	
			
		 	RE/MAX, LLC	 	
				
		 	By:	 	 /s/ David L. Liniger
	 	
		 		 	Name:	 	David L. Liniger	 	
		 		 	Title:	 	Chairman	 	
				
		 	Date:	 	 Aug 6, 2010
	 	
			
		 	THE EXECUTIVE	 	
				
		 		 	 /s/ Margaret M. Kelly
	 	
		 		 	Margaret M. Kelly	 	
				
		 	Date:	 	 Aug 6, 2010
	 	

  
 14

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