Document:

EX-10.15

 Exhibit 10.15 

Execution Version 

SERVICING AGREEMENT 
 Dated
as of April 1, 2013 
  
  

SPRINGCASTLE SERIES ASSET BACKED NOTES 2013-A 
  

 
 among 

SPRINGLEAF FINANCE, INC., 

as the Servicer, 
 SPRINGCASTLE
AMERICA FUNDING, LLC 
 SPRINGCASTLE CREDIT FUNDING, LLC 

SPRINGCASTLE FINANCE FUNDING, LLC, 

as the Co-Issuers 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

in its capacity as a Loan Trustee for each of the Co-Issuers 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	DEFINITIONS	  
			
	 SECTION 1.01
	 	Definitions	  	 	1	  
	
	ARTICLE II	  
	ADMINISTRATION AND SERVICING OF LOANS	  
			
	 SECTION 2.01
	 	Acceptance of Appointment and Other Matters Relating to the Servicer	  	 	2	  
	 SECTION 2.02
	 	Servicing Compensation	  	 	4	  
	 SECTION 2.03
	 	Representations, Warranties and Covenants of the Servicer	  	 	5	  
	 SECTION 2.04
	 	Adjustments	  	 	8	  
	 SECTION 2.05
	 	Back-up Servicing Agreement	  	 	8	  
	 SECTION 2.06
	 	Monthly Servicer Report	  	 	8	  
	 SECTION 2.07
	 	Annual Compliance Certificate	  	 	8	  
	 SECTION 2.08
	 	Copies of Reports Available	  	 	8	  
	 SECTION 2.09
	 	Notices to Springleaf	  	 	8	  
	 SECTION 2.10
	 	Subservicers	  	 	8	  
	 SECTION 2.11
	 	Servicing Transfer	  	 	9	  
	 SECTION 2.12
	 	Power of Attorney	  	 	10	  
	
	ARTICLE III	  
	COLLECTIONS AND ALLOCATIONS	  
			
	 SECTION 3.01
	 	Collections and Allocations	  	 	12	  
	
	ARTICLE IV	  
	OTHER MATTERS RELATING TO THE SERVICER	  
			
	 SECTION 4.01
	 	Reserved	  	 	13	  
	 SECTION 4.02
	 	Merger or Consolidation of, or Assumption of the Obligations of, the Servicer	  	 	13	  
	 SECTION 4.03
	 	Limitation on Liability of the Servicer and Others	  	 	13	  
	 SECTION 4.04
	 	Servicer Indemnification of the Co-Issuers, the Loan Trustees, the Paying Agent and the Indenture Trustee	  	 	14	  
	 SECTION 4.05
	 	Resignation of the Servicer	  	 	14	  
	 SECTION 4.06
	 	Access to Certain Documentation and Information Regarding the Loans	  	 	15	  
	 SECTION 4.07
	 	Delegation of Duties	  	 	16	  
	 SECTION 4.08
	 	Examination of Records	  	 	16	  
	 SECTION 4.09
	 	Insurance	  	 	16	  
	
	ARTICLE V	  
	DEFAULTS	  
			
	 SECTION 5.01
	 	Servicer Defaults	  	 	17	  
	 SECTION 5.02
	 	Indenture Trustee to Act; Appointment of Successor	  	 	19	  

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	
	ARTICLE VI	  
	TERMINATION	  
			
	 SECTION 6.01
	 	Termination of Agreement as to Servicing	  	 	21	  
	 SECTION 6.02
	 	Optional Purchase	  	 	21	  
	
	ARTICLE VII	  
	MISCELLANEOUS PROVISIONS	  
			
	 SECTION 7.01
	 	Amendment; Waiver of Past Defaults; Assignment	  	 	22	  
	 SECTION 7.02
	 	GOVERNING LAW	  	 	23	  
	 SECTION 7.03
	 	Notices	  	 	23	  
	 SECTION 7.04
	 	Severability of Provisions	  	 	25	  
	 SECTION 7.05
	 	Further Assurances	  	 	25	  
	 SECTION 7.06
	 	Nonpetition Covenant	  	 	26	  
	 SECTION 7.07
	 	No Waiver; Cumulative Remedies	  	 	26	  
	 SECTION 7.08
	 	Counterparts	  	 	26	  
	 SECTION 7.09
	 	Third-Party Beneficiaries	  	 	26	  
	 SECTION 7.10
	 	Merger and Integration	  	 	26	  
	 SECTION 7.11
	 	Headings	  	 	26	  
	 SECTION 7.12
	 	Limitation of Liability of Loan Trustees	  	 	26	  
	SECTION 7.13	 	Survival	  	 	27	  
			
	 SCHEDULES
	 		  			
			
	 Schedule I
	 	Required Servicing Protocols	  			
			
	 EXHIBITS
	 		  			
			
	 Exhibit A
	 	Form of Servicer Officer’s Certificate	  			
			
	 Exhibit B
	 	Servicing Transfer Timeline	  			

  
 ii 

 SERVICING AGREEMENT, dated as of April 1, 2013, among Springleaf Finance, Inc., an Indiana
corporation, as the Servicer, SpringCastle America Funding, LLC, a Delaware limited liability company, SpringCastle Credit Funding, LLC, a Delaware limited liability company, and SpringCastle Finance Funding, LLC, a Delaware limited liability
company, as the Co-Issuers and Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as a Loan Trustee to each Co-Issuer. 

In consideration of the mutual agreements herein contained, each party agrees as follows for the benefit of the Paying Agent, the Indenture
Trustee and the Noteholders to the extent specifically provided herein and in the Indenture: 
 ARTICLE 1 

Definitions 

SECTION 1.01 Definitions. Certain capitalized terms in this Servicing Agreement are defined in and shall have the
respective meanings assigned to them in Part A of Schedule I to that certain Indenture dated as of even date herewith among the Co-Issuers, the Loan Trustees, the Indenture Trustee and the Servicer., (together with Part B of such Schedule I, the
“Definitions Schedule”). The rules of construction set forth in Part B of the Definitions Schedule shall be applicable to this Servicing Agreement. 

[END OF ARTICLE I] 

  
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 ARTICLE II 

Administration and Servicing of Loans 

SECTION 2.01 Acceptance of Appointment and Other Matters Relating to the Servicer. 

(a) The Co-Issuers and the Loan Trustees authorize Springleaf (but without transfer to Springleaf of any Co-Issuer’s or any Loan
Trustee’s right to service the Loans) and Springleaf agrees to act, as an independent contractor, as the Servicer effective upon the Servicing Transfer on the Servicing Transfer Date for a particular Loan, in accordance with the terms of this
Servicing Agreement, and the Noteholders, by their acceptance of their Notes, consent to Springleaf acting as Servicer. 
 (b) 

(i) From and after the Servicing Transfer Date for a Loan, the Servicer shall service and administer such Loan and shall extend, amend or
otherwise modify such Loan, by complying in all material respects with the following (collectively, the “Servicing Standard”): (A) the Credit and Collection Policy, (B) the Required Servicing Protocols, and (C) applicable
Requirements of Law; provided, however, that Servicer shall not be obligated to foreclose or otherwise enforce a collateral security interest on any Loan nor, with respect to any PHL Loan, to monitor the delinquency status of real
estate taxes or hazard or flood insurance premiums on mortgage properties or monitor the lien status of any mortgage securing a PHL Loan. In servicing and administering the Loans, the Servicer shall employ the same standard of care as it employs in
servicing and administering consumer loans that it holds for its own account. 
 (ii) From and after the Servicing Transfer Completion
Date, the Servicer shall perform the administration, servicing, billing, collecting and reporting functions related to Credit Insurance that the Co-Issuers have agreed to perform under the Credit Insurance ASA. 

(iii) The Servicer shall have full power and authority, acting alone or through any party properly designated by it hereunder, including the
Subservicers, to do any and all things in connection with such servicing and administration which it may deem necessary or desirable, consistent with the terms of this Servicing Agreement and the Servicing Standard. Without limiting the generality
of the foregoing and subject to Section 5.01, unless such power is revoked by the Indenture Trustee on account of the occurrence of a Servicer Default pursuant to Section 5.01, the Servicer shall have full power and authority (i) to
make withdrawals or to instruct the Paying Agent to make withdrawals from the Collection Account or the Advance Reserve Account, permitted by the terms of this Servicing Agreement or the Indenture and (ii) subject to the authority granted to
the Interim Servicers and HSBC Bank under the Interim Servicing Agreement, to execute and deliver, on behalf of the Co-Issuers, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other
comparable instruments, with respect to the Loans and, after the delinquency of any Loan and to the extent permitted under and in compliance with applicable Servicing Standards, to commence collection proceedings with respect to such Loans. The
Servicer shall, no less frequently than monthly, 

  
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promptly forward or cause to be forwarded to the Custodian (i) original documents evidencing an assumption, modification, consolidation or extension of any PHL Loan entered into in
accordance with this Servicing Agreement that were not previously delivered to the Custodian and (ii) with respect to any PUL Loan, original documents, if any, evidencing an assumption, modification, consolidation or extension of any Note the
original of which is held by the Custodian. The Co-Issuers, the Loan Trustees, the Paying Agent and the Indenture Trustee shall furnish the Servicer with any documents reasonably requested by the Servicer as necessary or appropriate to enable the
Servicer to carry out its servicing and administrative duties hereunder (the “Documents Provided to Servicer:); provided, however, that no Co-Issuer, Loan Trustee nor the Paying Agent nor the Indenture Trustee shall be
liable for any negligence with respect to, or misuse of, any such Documents Provided to Servicer by the Servicer or any of its agents or Subservicer and the Servicer shall hold the Co-Issuers, the Loan Trustees, the Paying Agent and the Indenture
Trustee harmless against any Losses, claims, damages, fines or penalties of any nature incurred in connection therewith in accordance with Section 4.04. 

(c) From and after the Servicing Transfer Completion Date, the Servicer is hereby directed to and, consistent with such direction, the
Servicer shall advance the amount of any additional borrowing by the related Loan Obligor (each an “Intra-Month Draw Advance”) to the extent required under the related Loan Agreements and not prohibited by any Requirements of Law.
Such Intra-Month Draw Advances will be made from (i) Collections received by Servicer and not yet remitted to the Collection Account, (ii) if such Collections are insufficient, the Collection Account, (iii) if such Collections and
funds in the Collection Account are insufficient, the Advance Reserve Account or (iv) if all such amounts described in the preceding clauses (i) through (iii) are insufficient, the Servicer’s own funds. The Servicer shall be
entitled to reimburse itself for any such unreimbursed Intra-Month Draw Advances previously made with its own funds from Collections received or by withdrawing such Intra-Month Draw Advance amounts from the Collection Account or Advance Reserve
Account at a future date. 
 (d) Prior to the Servicing Transfer Completion Date, the Servicer shall provide oversight of the Interim
Servicers’ activities under the Interim Servicing Agreement as and to the extent permitted under the Interim Servicing Agreement and shall use coordinate the servicing transfer of Loans to and onboarding of such Loans to Servicer’s system
in accordance with the Servicing Transfer Timeline and Section 2.11 hereto. 
 (e) The Servicer shall not be required to use
separate servicing operations, offices or employees for servicing the Loans from the operations, offices, employees used by the Servicer in connection with servicing other consumer loans. Except as otherwise contemplated hereunder with respect to
the Collection Account, the Servicer shall not be required to use separate accounts for servicing the Loans from the accounts used by the Servicer in connection with servicing other consumer loans. 

(g) The Servicer shall: (i) not amend any related Loan Agreement other than on a per customer basis in accordance with the Servicing
Standard; (ii) comply, in all material respects, with the terms and conditions of the related Loan Agreements, based on the form and substance of such Loan Agreements as they are made available to Servicer as of the Servicing Transfer Date for
such Loan and as reflected in the related loan level data transferred to Servicer as of the Servicing Transfer Date for such Loan; and (iii) promptly inform the Co-Issuers of any material claims or litigation with respect to the Loans. 

  
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 (h) The Servicer will take commercially reasonable steps to ensure that its and any
Subservicer’s firewalls and encryption technology will prevent unauthorized access to and use of information and personal information. 

(i) Notwithstanding that the Servicer has no duty or obligation hereunder to foreclose or otherwise realize on any collateral that may be
securing a Loan, the Servicer confirms that, should any such foreclosure be undertaken, the Servicer shall use commercially reasonable efforts to ensure that the Servicer, its personnel, any subservicers and any agents retained by the Servicer or
any subservicers, including, but not limited to, law firms and attorneys, are in full compliance with those state and local, and any other applicable laws, rules, regulations and ordinances in connection with any such foreclosures and other actions
taken with respect to foreclosed properties or tenants of such properties on behalf of the Co-Issuers, the Loan Trustees and the Indenture Trustee. 

(j) The Servicer shall make interest rate adjustments for each Loan in compliance with the requirements of the related mortgage and Note. The
Servicer shall execute and deliver any notices required by each mortgage and Note regarding such interest rate adjustments. 
 (k) The
Servicer shall, as soon as practicable but no later than May 8, 2013, determine whether the actual Adjusted Loan Principal Balance as of the Cut-Off Date was less than $3,841,604,723 and shall promptly inform the Sellers, the Co-Issuers, the
Loan Trustee, the Indenture Trustee and the Paying Agent of the amount of any capital contributions that need to be funded under the Loan Purchase Agreements on account of such shortfall. 

SECTION 2.02 Servicing Compensation. 

(a) In consideration of its servicing activities hereunder, the Servicer shall be entitled to receive the Servicing Fee (as defined below)
which shall be payable at the times and in the manner set forth in the Indenture. The “Servicing Fee” for any Payment Date shall be an amount equal to the sum of the following applicable amounts for each Loan: 

(i) prior to the Servicing Transfer Completion Date, for each Loan that is not a Serviced Loan as of the beginning of the applicable
Collection Period, an amount equal to (A) for the Payment Dates in respect of the first and second Collection Periods, $1.66, (B) for the Payment Dates in respect of the third and fourth Collection Periods, $2.50 and (C) for any
Payment Date with respect to any Collection Period thereafter (but prior to the Servicing Transfer Completion Date), $3.33; or 
 (ii) (A)
until the Payment Date that is three years from the date of the Servicing Transfer Completion Date, for each Loan that is a Serviced Loan as of the beginning of the applicable Collection Period, an amount equal to the product of (x) 2.25%
(i.e., 0.0225), multiplied by (y) the aggregate Loan Principal Balance of such Serviced Loan as of the first day of the related Collection Period, multiplied by (z) one-twelfth; and

  
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(B) thereafter, for each Loan that is a Serviced Loan as of the beginning of the applicable Collection Period, an amount equal to the product of (x) 2.50% (i.e., 0.025), multiplied by
(y) the aggregate Loan Principal Balance of such Serviced Loan as of the first day of the related Collection Period, multiplied by (z) one-twelfth; 

provided that from and after the Servicing Transfer Completion Date, the minimum monthly Servicing Fee shall be $250,000. 

(b) On the Payment Date related to the Collection Period in which the Servicing Transfer Completion Date occurs, the Servicer shall be
entitled to receive a one-time set up fee for loan onboarding in an amount equal to $625,000 which shall be paid to the Servicer in accordance with the priority of payments in Section 8.06 of the Indenture. 

(c) Subject to the Servicer’s right to receive the payments and reimbursements described herein (including any of the subsections of this
Section 2.02 above), the Servicer shall be required to pay all fees, costs and expenses, including the reasonable fees and disbursements of attorneys, independent accountants and all other fees, costs and expenses incurred by the Servicer in
connection with its activities hereunder, including, without limitation, any fees payable to any Subservicer or any other Person performing any of the Servicer’s duties and obligations hereunder. The Servicer shall be required to pay such fees,
costs and expenses (to the extent not subject to the Servicer’s right to receive the payments and reimbursements described herein (including any of the subsections of this Section 2.02)) for its own account and such fees, costs and
expenses shall not be allocable to the Trust Estate. 
 SECTION 2.03 Representations, Warranties and Covenants of the
Servicer. The Servicer and any Successor Servicer by its appointment hereunder hereby makes, with respect to itself only, on the Closing Date (or on the date of the appointment of such Successor Servicer), the following representations,
warranties and covenants on which the Co-Issuers and the Loan Trustees shall be deemed to rely in entering into this Servicing Agreement: 

(a) Organization. It is an organization validly existing and in good standing under the laws of, and is duly qualified to do business
in, the jurisdiction of its incorporation or organization and has, in all material respects, full power and authority to own its properties and conduct its consumer loan business as presently owned or conducted, and to execute, deliver and perform
its obligations under this Servicing Agreement and each other Transaction Document to which it is a party. 
 (b) Due Qualification.
It is in good standing and duly qualified to do business (or is exempt from such requirements) and (i) the Servicer has obtained all necessary licenses and approvals in each jurisdiction in which it is performing the primary servicing function
for any of the Loans under this Servicing Agreement or (ii) each Subservicer has obtained all necessary licenses and approvals in each jurisdiction in which such Subservicer is performing the primary servicing function for any of the Loans
under this Servicing Agreement, except where the failure to so qualify or obtain licenses or approvals would not have an Adverse Effect. 

(c) Due Authorization. The execution, delivery, and performance by it of this Servicing Agreement and the other agreements and
instruments executed and delivered by it as contemplated hereby, have been duly authorized it by all necessary action on the part of such party. 

  
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 (d) Binding Obligation. This Servicing Agreement and each other Transaction Document to
which it is a party constitutes a legal, valid and binding obligation of such party, enforceable in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws or by general principles of equity (whether
considered in a proceeding at law or in equity). 
 (e) No Conflict. The execution and delivery of this Servicing Agreement and each
Transaction Document to which it is a party by it, and the performance by it of the transactions contemplated by this Servicing Agreement and the fulfillment by it of the terms hereof and thereof applicable to such party, will not conflict with,
violate or result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, any material indenture, contract, agreement, mortgage, deed of trust or other instrument to which
it is a party or by which it or its properties are bound. 
 (f) No Violation. The execution and delivery by it of this Servicing
Agreement and each other Transaction Document to which it is a party, the performance by it of the transactions contemplated by this Servicing Agreement and each other Transaction Document to which it is a party and the fulfillment by it of the
terms hereof and thereof applicable to such party will not conflict with or violate any Requirements of Law applicable to such party. 
 (g)
No Proceedings. There are no Proceedings or investigations pending against it before any Governmental Authority or, to the best of its knowledge, threatened, seeking to prevent the consummation of any of the transactions contemplated by this
Servicing Agreement or seeking any determination or ruling that, in the reasonable judgment of such party, would materially and adversely affect the performance by it of its obligations under this Servicing Agreement and the other Transaction
Documents to which it is a party. 
 (h) Compliance with Requirements of Law; Credit and Collection Policy. It shall duly satisfy all
obligations on its part to be fulfilled hereunder or in connection with each Loan and will maintain in effect all qualifications required under the Servicing Standard in order to service each Loan in accordance with the Servicing Standard. 

(i) No Modification, Rescission or Cancellation. It shall not permit any material amendment, waiver, modification, rescission or
cancellation of any Loan, except in accordance in all material respects with this Servicing Agreement, the Servicing Standard, or as ordered by a court of competent jurisdiction or other Governmental Authority. 

(j) Protection of Rights. It shall take no action which, nor omit to take any action the omission of which, would impair, in any
material respect, the rights of any Co-Issuer, any Loan Trustee or the Indenture Trustee in any Loan, nor shall it reschedule, revise or defer payments due on any Loan, except in each case in accordance in all material respects with this Servicing
Agreement and the Servicing Standard provided, however, that Servicer shall not be obligated to foreclose or otherwise enforce a collateral security interest on any Loan nor, with 

  
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respect to any PHL Loan, to monitor the delinquency status of real estate taxes or hazard or flood insurance premiums on mortgage properties or monitor the lien status of any mortgage securing a
PHL Loan. 
 (k) Credit and Collection Policy. It shall not, and shall not permit any Subservicer to, amend, modify, waive or
supplement the Credit and Collection Policy in any manner that could reasonably be expected to result in an Adverse Effect. 
 (l)
Further Assurances. It shall do and perform, from time to time, such acts as are within its power and authority as the Servicer, as applicable, to maintain the perfection and priority of the security interests in the Loans under the Loan
Purchase Agreements, such costs to be borne by the Co-Issuers. 
 (m) As of the Servicing Transfer Date for any Loan, the Servicer will have
and will thereafter maintain the facilities, adequate staffing and experienced personnel and procedures necessary for the sound servicing of such Loans. 

In the event any of the representations, warranties or covenants of the Servicer contained in paragraphs (h), (i), or (j) of this
Section 2.03 with respect to any Loan is breached, which breach materially adversely affects the interests of the Noteholders, and is not cured within thirty (30) days (the “Cure Period”) from the date on which the
Servicer discovered such breach or the Servicer is notified by any Co-Issuer, any Loan Trustee, the Indenture Trustee, the Paying Agent of such breach, then any Loan or Loans to which such event relates shall be assigned and transferred to the
Servicer on the terms and conditions set forth below. 
 The Servicer shall effect such assignment by making a deposit into the Collection
Account in immediately available funds not later than the Payment Date immediately following the related Collection Period in which such Cure Period expired in an amount equal to the product of (x) the Applicable Purchase Percentage times
(y) the Loan Principal Balance of the affected Loans as of such date. 
 Upon each such deposit into the Collection Account by the
Servicer, the applicable Co-Issuer and its Loan Trustee shall automatically and without further action sell, transfer, assign, set over and otherwise convey to the Servicer, without recourse, representation or warranty, all right, title and interest
of such Co- Issuer and Loan Trustee in and to such Loans, all monies due or to become due and all amounts received or receivable with respect thereto and all proceeds thereof. Such Co-Issuer and Loan Trustee shall execute such documents and
instruments of transfer or assignment and take such other actions as shall be reasonably requested by the Servicer to effect the conveyance of any such Loans pursuant to this Section 2.03 but only upon receipt of an Officer’s
Certificate of the Servicer that states that all conditions set forth in this Section have been satisfied. The obligation of the Servicer to accept reassignment or assignment of such Loans, and to make the deposits required to be made to the
Collection Account as provided in the preceding paragraph, shall constitute the sole remedy available to the Co-Issuers and the Loan Trustees with respect to a breach of such representations, warranties and covenants, except as provided in
Section 4.04. 

  
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 SECTION 2.04 Adjustments. If (i) the Servicer or any Subservicer makes
a deposit into the Collection Account in respect of a Collection of a Loan and such Collection was received by the Servicer or such Subservicer in the form of a check or other payment which is not honored or is reversed for any reason or
(ii) the Servicer or any Subservicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer or such Subservicer shall appropriately
adjust the amount subsequently deposited into the Collection Account to reflect such dishonored or reversed payment or mistake. Any such adjustment shall be reflected in the records of the Servicer or the applicable Subservicer with respect to such
Loan. 
 SECTION 2.05 Back-up Servicing Agreement. The Servicer shall comply with its obligations set forth under the
Back-up Servicing Agreement. 
 SECTION 2.06 Monthly Servicer Report. Not later than the twenty-seventh (27th) day of each calendar month, or if such day is not a Business Day, the next succeeding Business Day, the Servicer shall deliver to each Co-Issuer, the Loan Trustees, the Back-up Servicer, the
Paying Agent and the Indenture Trustee the Monthly Servicer Report with respect to the prior Collection Period; provided, that if, during the Interim Servicing Period, the Servicer has not received from the Interim Servicer the monthly report
contemplated by Exhibit B-2 to the Interim Servicing Agreement at least two (2) Business Days prior to such twenty-seventh (27th) day, the Servicer may postpone delivery of the Monthly
Servicer Report to the earlier of (x) the second (2nd) Business Day following its receipt of such monthly report and (y) the last Business Day of such calendar month. 

SECTION 2.07 Annual Compliance Certificate. The Servicer shall deliver to the Co-Issuers, the Loan Trustees, the Back-up
Servicer and the Indenture Trustee on or before April 30 of each calendar year, beginning with April 30, 2014, an Officer’s Certificate substantially in the form of Exhibit A hereto, together with an agreed upon procedures
letter delivered by an independent provider with respect to the Servicer’s activities under the Transaction Documents. 
 SECTION 2.08
Copies of Reports Available. A copy of each Monthly Servicer Report and Officer’s Certificate provided pursuant to Section 2.06 or 2.07, respectively, may be obtained by any Noteholder in the manner
prescribed under Section 8.09 of the Indenture. 
 SECTION 2.09 Notices to Springleaf. In the event that
Springleaf is no longer acting as Servicer, any Successor Servicer shall deliver to Springleaf each Monthly Servicer Report, Officer’s Certificate and report required to be provided thereafter pursuant to Section 2.06, 2.07
or 2.08. 
 SECTION 2.10 Subservicers. 

(a) Servicer may appoint one or more of its Affiliates as subservicers (each a “Subservicer”) to perform any of
Servicer’s obligations hereunder from time to time in its sole discretion; provided that, such servicing arrangement and the term of the related subservicing agreement (if any) must provide for the servicing of the Loans in a manner
consistent with the servicing arrangements contemplated hereunder. 

  
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 (b) The Servicer shall be entitled to terminate the subservicing of the Loans by any Subservicer
so appointed at any time in its sole discretion. Notwithstanding anything else to the contrary contained herein, all rights and obligations of any Subservicer so appointed shall terminate upon the occurrence of a Successor Servicing Transfer Date.

 (c) Each Subservicer shall be entitled to compensation for its services as a Subservicer as agreed to by the Servicer and such
Subservicer provided that (i) the Servicer will be solely responsible for any subservicing fees payable to the Subservicer in respect of its servicing activities with respect to the Loans and the Co-Issuers will not be required to pay any such
fees to any Subservicer and (ii) no subservicing arrangement shall result in an increase of the Servicing Fee payable to the Servicer. 

(d) Notwithstanding the appointment of the Subservicers for any such servicing and administration of the related Loans or any other purpose
hereunder, the Servicer shall remain obligated and solely liable to the Co-Issuers, the Loan Trustees, the Indenture Trustee, the Paying Agent and the Noteholders for the servicing and administering of the Loans in accordance in all material
respects with the provisions of this Servicing Agreement without diminution of such obligation or liability by virtue of such subservicing arrangement to the same extent and under the same terms and conditions as if the Servicer alone were servicing
and administering the Loans. 
 SECTION 2.11 Servicing Transfer. 

(a) The Servicer hereby agrees that it will use commercially reasonable efforts to effectuate the Servicing Transfer to the Servicer, or its
designee, within the time frame contemplated under the terms of the Interim Servicing Agreement and the Servicing Transfer Timeline. 
 (b)
The Servicer shall conduct an operational test of its servicing system no later than ten (10) days prior to the Servicing Transfer Completion Date to ensure that all necessary updates have been made or shall be made in preparation for the
boarding of the Loans to its servicing system for the onboarding of the Loans. 
 (c) On or prior to the Servicing Transfer Completion Date
or as soon as practicable thereafter, the Servicer shall send, or cause to be sent, (i) to each Loan Obligor under a PHL Loan that is identified by the Interim Servicer as being secured by a first lien, such written notices as are required
under the Real Estate Settlement Procedures Act and 12 CFR Section 1024.21 to inform such Loan Obligor of the change in servicer from the applicable Interim Servicer to Servicer and (ii) to each other Loan Obligor, a written notice
informing such Loan Obligor of the change in servicer from the applicable Interim Servicer to Servicer to the extent provided in Section 3.04(c) of the Interim Servicing Agreement; provided, that the Servicer shall not be required to
send such notices with respect to any Loan that, as of the Servicing Transfer Completion Date, is a non-performing Loan or the Loan Obligor of which is subject to an Insolvency Proceeding if the Servicer determines that such notice is not
permissible under applicable Requirements of Law or would otherwise interfere with ongoing proceedings to collect such Loan. 

  
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 (d) For any Loan for which the related Loan Obligor is, as of the Servicing Transfer Completion
Date, permitted to write a check to draw upon its line of credit (each, a “Convenience Check”), the Servicer will (or will engage a vendor) to provide the same ability to such Loan Obligor to draw upon such Loan Obligor’s line
of credit through Convenience Checks as of the Servicing Transfer Completion Date unless and until such line of credit is either suspended or terminated, at no cost to such Loan Obligor. The Servicer will take all appropriate action that may be
necessary to notify the Loan Obligors of any changes to their accounts as soon as practicable on or after the Servicing Transfer Completion Date. 

(e) As of the Servicing Transfer Completion Date, all servicing responsibilities with respect to the Loans shall pass to the Servicer and the
Interim Servicers shall cease all servicing responsibilities with respect to the Loans and the Servicer shall cause any Collections received from the Interim Servicers or HSBC after such Servicing Transfer Completion Date with respect to the Loans
to be transferred to the Collection Account promptly after the Servicer’s receipt of such Collections. 
 SECTION 2.12 Power
of Attorney. 
 In order to enable the Servicer to more fully perform its duties hereunder, each Co-Issuer and each Loan Trustee
hereby affirms that it has made, constituted and appointed, and by these presents does hereby nominate, make, constitute and appoint, the Servicer as such Co-Issuer’s and Loan Trustee’s true and lawful attorney-in-fact and in such
Co-Issuer or Loan Trustee’s name, place and stead, to perform any and all acts which may be necessary or appropriate to enable the Servicer to service and administer the Serviced Loans on the terms and conditions set forth herein, such
authorized power to include but not be limited to the following powers: 
 FIRST: To prepare, execute, deliver and record any
and all deeds, assignments, endorsements and other instruments of conveyance or assignment, and any and all instruments of modification, amendment, assumption, renewal, extension, termination, release, conveyance, reconveyance, satisfaction or
cancellation, or of partial or full release or discharge, and any and all other comparable or related instruments with respect to the Loans, any underlying property or properties securing a Loan (the “Collateral”), and/or any
Collateral acquired by the Servicer through foreclosure, deed- in-lieu of foreclosure, abandonment, reclamation from bankruptcy or otherwise following a default on the related Loan, including any such assignments, conveyances and other instruments
of any Loan as permitted under the Servicing Agreement and the Indenture; 
 SECOND: To agree and to contract with any
person, in any manner and upon terms and conditions deemed, in the sole discretion of said attorney-in-fact, necessary or appropriate for the accomplishment of any such modification, amendment, assumption, renewal, extension, termination, release,
conveyance, reconveyance, satisfaction or cancellation of any Loans, Collateral and/or property received in furtherance of any of the transactions contemplated by the foregoing; 

THIRD: To endorse, sign, deliver and deposit any and all checks, drafts or instruments of deposits issued by obligors,
insurance companies or vendors to the extent that the same represent funds paid on any Loans or proceeds of any Loan or any Collateral; 

  
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 FOURTH: To commence any legal proceeding on behalf of the Company to enforce a
Loan or foreclose on any Collateral; 
 FIFTH: To perform any and all acts of any kind or nature whatsoever as the Servicer
may deem necessary or desirable to effect the satisfaction, cancellation, assignment, release or discharge of any Loans, together with any liens and security interests securing same, that the Servicer has determined to have been paid in full; 

SEVENTH: To execute and deliver any and all financing statements, continuation statements and other documents or instruments
necessary to maintain any lien created by the mortgage, deed of trust or other instrument creating a lien on any Collateral; and 

EIGHTH: To do and perform any and every act necessary, requisite or proper in connection with the foregoing and with the
exercise of the Servicer’s obligations under this Servicing Agreement; 
 in each of the foregoing cases, with full and unqualified authority to
delegate any or all of the foregoing powers to any person or persons whom said attorney-in-fact shall select. The foregoing powers are coupled with an interest and shall be irrevocable so long as this Servicing Agreement remains in effect and shall
run in favor of any Successor Servicer. Each Co-Issuer and each Loan Trustee hereby further agrees that any third party receiving a duly executed copy or facsimile of this Servicing Agreement, together with a statement from the Servicer that it is
entitled to exercise this power of attorney on behalf of such Co-Issuer or Loan Trustee as described above, may rely on such power, and that any subsequent notice of revocation or termination hereof or other revocation or termination hereof by
operation of law shall be ineffective as to such third party. Each Co-Issuer and each Loan Trustee further agrees to execute any separate power of attorney reaffirming the powers set forth herein as the Servicer may reasonably request in connection
with any exercise of the Servicer’s powers and obligations under this Servicing Agreement. 
 [END OF ARTICLE II] 

  
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 ARTICLE III 

Collections and Allocations 

SECTION 3.01 Collections and Allocations. 

(a) The Servicer shall comply with its obligations in Article VIII of the Indenture. 

(b) The Servicer shall cause each Subservicer to deliver any Collections received by such Subservicer to the Servicer for deposit into the
Collection Account as promptly as possible on or after the date of receipt of such Collections by such Subservicer, provided that, the Servicer shall remit any Collections it receives that it is not entitled to retain for its own account hereunder
to the Collection Account no later than the second (2nd) Business Day following its date of processing of such amounts; provided that (i) on account of boarding and other
transition activity immediately following the Servicing Transfer Completion Date, the Servicer may have up. to ten (10) Business Days following the date of processing to deposit Collections in the Collection Account for Collections received by
the Servicer during the ten (10) Business Day period immediately following the Servicing Transfer Completion Date; and (ii) if (y) no Servicer Default has occurred and is continuing and (z) the Servicer maintains a long term
rating of “A” or higher and a short term rating of “A-1” or higher from S&P and the other requirements set forth in Section 8.03 of the Indenture are satisfied, the Servicer need not make the deposits of
Collections into the Collection Account as provided in the preceding sentence, but may make a single deposit in the Collection Account in immediately available funds not later than 11:00 a.m., New York City time, on the Business Day preceding each
Payment Date in an amount equal to the Collections received during the related Collection Period. 
 (c) For the avoidance of doubt,
Servicer Collection Charges and Credit Insurance Fees do not constitute Collections and are not required to be remitted to the Collection Account. 

[END OF ARTICLE III] 

  
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 ARTICLE IV 

Other Matters Relating to the Servicer 

SECTION 4.01 Reserved. 

SECTION 4.02 Merger or Consolidation of, or Assumption of the Obligations of, the Servicer. The Servicer shall keep in
full force and effect its existence and rights as a corporation and shall obtain and preserve its qualification to do business in all jurisdictions in which such qualification is or shall be necessary to protect the validity and enforceability of
this Servicing Agreement or any of the Loans, and to enable the Servicer to perform its duties under this Servicing Agreement. The Servicer shall not consolidate with or merge into any other corporation, limited partnership, limited liability
company or other entity or convey, transfer or sell its properties and assets substantially as an entirety to any Person, unless: 
 (a) (i)
the entity formed by such consolidation or into which the Servicer is merged (in each case, if other than the Servicer) or the Person which acquires by conveyance, transfer or sale the properties and assets of the Servicer substantially as an
entirety shall be an Eligible Servicer (after giving effect to such consolidation, merger or transfer) and (ii) if the Servicer is not the surviving Person, such surviving Person shall expressly assume, by a written agreement supplemental
hereto, executed and delivered to the Co-Issuers, the Loan Trustees, the Paying Agent and the Indenture Trustee, in a form reasonably satisfactory to the Co-Issuers, the Loan Trustees, the Paying Agent and the Indenture Trustee, the performance of
every covenant and obligation of the Servicer hereunder and under each other Transaction Document to which it is a party; and 
 (b) the
Servicer or the surviving Person of such consolidation or merger or Person which acquires the properties and assets of the Servicer has delivered to the Co-Issuers, the Loan Trustees, the Paying Agent and the Indenture Trustee (A) an
Officer’s Certificate of the Servicer or such entity, as applicable, stating that such consolidation, merger, conveyance, transfer or sale complies with this Section 4.02 (provided that the Opinion of Counsel need not include an
opinion as to compliance with clause (a)(i) above), and (B) an Officer’s Certificate of the Servicer or such entity, as applicable, and an Opinion of Counsel each stating that such supplemental agreement described in clause (a) is a
valid and binding obligation of such surviving or transferee Person enforceable against such Person in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting creditors’ rights generally from time to time in effect or general principles of equity. 
 Upon any such
merger, consolidation or transfer of all or substantially all of the assets of the Servicer in accordance with this Section 4.02, the surviving or transferee Person shall be the successor to and substituted for the Servicer for all
purposes under this Servicing Agreement. 
 SECTION 4.03 Limitation on Liability of the Servicer and Others. 

(a) Except as provided in Section 4.04, neither the Servicer nor any of the directors, officers, partners, members, managers,
employees, Subservicers or agents of the 

  
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Servicer in its capacity as Servicer shall be under any liability to any Co-Issuer, any Loan Trustee, the Indenture Trustee, the Paying Agent, the Noteholders or any other Person for any action
taken or for refraining from the taking of any action in good faith in its capacity as Servicer in accordance with this Servicing Agreement; provided, however, that this provision shall not protect the Servicer or any such Person
against contractual liability under this Servicing Agreement for any breach of warranties or representations made herein, or any failure to perform any express contractual duties set forth herein, or any liability which would otherwise be imposed by
reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of reckless disregard of its obligations and its duties hereunder. The Servicer and any director, officer, employee, partner, member or
manager or agent of the Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (other than the Servicer) respecting any matters arising hereunder. The Servicer shall not be under any
obligation to appear in, prosecute or defend any legal action which is not incidental to its duties as Servicer in accordance with this Servicing Agreement and which in its reasonable judgment may involve it in any material expense or liability. In
furtherance of its obligations hereunder, the Servicer may, in its sole discretion, undertake any such legal action which it may deem necessary or desirable for the benefit of the Co-Issuers and the Noteholders with respect to this Servicing
Agreement and the rights and duties of the parties hereto and the interests of the Co-Issuers and the Noteholders hereunder. 
 SECTION 4.04
Servicer Indemnification of the Co-Issuers, the Loan Trustees, the Paying Agent and the Indenture Trustee. Subject to Section 4.03, the Servicer shall indemnify and hold harmless each Co-Issuer, each Loan Trustee (as
such and in its individual capacity), the Indenture Trustee and any trustees predecessor thereto, the Paying Agent, each Seller and their respective directors, officers, employees, partners, members or managers and agents (each, an
“Indemnified Person”) from and against any and all loss, liability, claim, action, suit, cost, expense, damage or injury, of any kind and nature whatsoever, including any judgment, award, settlement, fines, reasonable
attorneys’ fees and other costs or expenses incurred in connection with the defense of any action, Proceeding, investigation or claim (any of the foregoing, “Losses”) suffered or sustained by any of them by reason of any acts
or omissions of the Servicer (including any Losses arising from misuse or negligence with respect to Documents Provided to Servicer that are indemnified pursuant to Section 2.01(b)(iii)) which are in breach of this Servicing Agreement or
which arise by reason of willful misfeasance, bad faith or gross negligence in the Servicer’s performance of its duties or by reason of reckless disregard of its obligations and its duties hereunder; provided that the Servicer shall not
be obligated to indemnify any such Indemnified Person for any Losses that arise from the gross negligence or willful misconduct of such Indemnified Person or its affiliates, directors, officers, employees, partners, members, managers or agents.
Notwithstanding anything to the contrary herein, the Servicer shall not in any event be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, without limitation, loss of profit) irrespective
of whether the Servicer has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 SECTION 4.05
Resignation of the Servicer. 
 (a) The Servicer shall not resign from or, subject to Section 4.05(b)
below, assign, the obligations and duties hereby imposed on it except upon a determination that (i) the 

  
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performance of its duties hereunder is no longer permissible under Requirements of Law and (ii) there is no reasonable action which the Servicer could take to make the performance of its duties
hereunder permissible under Requirements of Law. Any determination permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel, at its own expense, to such effect delivered to the Co-Issuers, the Loan Trustees and the
Indenture Trustee. No resignation shall become effective until a Successor Servicer (which shall be the Back-up Servicer unless the Back-up Servicer is the resigning Servicer) or the Indenture Trustee shall have assumed the responsibilities and
obligations of the Servicer in accordance with Section 5.02 hereof, subject, in the case of an assumption by the Back-up Servicer, to the provisions of the Back-up Servicing Agreement. If within one hundred twenty (120) days of the
date of the determination that the Servicer may no longer act as Servicer as described above the Indenture Trustee is unable to appoint a Successor Servicer, the Indenture Trustee shall serve as Successor Servicer. Notwithstanding the foregoing, the
Indenture Trustee shall, if it is legally unable so to act, petition a court of competent jurisdiction to appoint any established institution qualifying as an Eligible Servicer as the Successor Servicer hereunder. 

(b) Notwithstanding anything in this Servicing Agreement to the contrary, the Servicer may assign (which assignment shall not constitute a
resignation for purposes of the foregoing clause (a)) part or all of its obligations and duties as Servicer under this Servicing Agreement to an Affiliate of the Servicer so long as: (v) such entity shall be an Eligible Servicer as of the date
of such assignment; (w) such surviving Person shall expressly assume, by a written agreement supplemental hereto, executed and delivered to the Co-Issuers, the Loan Trustees, the Paying Agent and the Indenture Trustee, in a form reasonably
satisfactory to the Co-Issuers, the Loan Trustees, the Paying Agent and the Indenture Trustee, the performance of every covenant and obligation of the Servicer assigned to it; (x) the Servicer shall have reasonably determined, as evidenced by
an Officer’s Certificate of the Servicer delivered to the Indenture Trustee and the Loan Trustees, that such assignment will not materially adversely affect the interests of the Noteholders; (y) the Servicer shall have caused such assignee
to deliver to the Co-Issuers, the Loan Trustees, the Paying Agent and the Indenture Trustee an Officer’s Certificate of such Affiliate and an Opinion of Counsel, each stating that such supplemental agreement described in clause (w) is a
valid and binding obligation of such Affiliate enforceable against such Affiliate in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors’ rights generally from time to time in effect or general principles of equity; and (z) the Servicer shall have delivered an Opinion of Counsel (i) stating that the assignment is permitted in accordance with the
terms of this Section 4.05 and (ii) if such assignment is made to any entity other than Springleaf Finance Corporation, confirming (based on reasonable assumptions) that such assignment will not materially adversely affect the
interests of the Noteholders. 
 SECTION 4.06 Access to Certain Documentation and Information Regarding the Loans. The
Servicer shall provide to each Co-Issuer (including any regulatory agency having or claiming to have authority over any Co-Issuer), each Loan Trustee, the Paying Agent or the Indenture Trustee, as applicable, access to the documentation regarding
the Loans, such access being afforded without charge but only (a) upon reasonable request, (b) during normal business hours, (c) subject to the Servicer’s normal security and confidentiality procedures and (d) at reasonably
accessible offices in the continental United States designated by the Servicer. Nothing in this Section shall derogate from the obligation of any Co-Issuer, any Loan Trustee, 

  
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the Paying Agent, the Indenture Trustee or the Servicer to observe any Requirements of Law prohibiting disclosure of information regarding the Loan Obligors and the failure of the Servicer to
provide access as provided in this Section as a result of such obligation shall not constitute a breach of this Section. 
 SECTION 4.07
Delegation of Duties. In the ordinary course of business (and subject to the standard of care set forth in Section 2.01), the Servicer may at any time delegate its duties hereunder with respect to the Loans to any
Person (including the Subservicers) that agrees to conduct such duties in accordance with the Servicing Standard and this Servicing Agreement. Such delegation shall not relieve the Servicer of its liability and responsibility with respect to such
duties, and shall not constitute a resignation within the meaning of Section 4.05. 
 SECTION 4.08 Examination of
Records. The Servicer shall make such notations in its computer files or other records that it reasonably deems appropriate to make manifest that the Loans have been conveyed to the Co-Issuers and their related Loan Trustees. The
Servicer shall, prior to the sale or transfer to a third party of any receivable held in its custody, examine its computer records and other records to determine that such loan is not, and does not include, a Loan. Upon such examination and
conclusion that such loan is not, and does not include, a Loan, the Servicer shall be free to sell, transfer or otherwise assign such loan. 

SECTION 4.09 Insurance. The Servicer will maintain in full force and effect (a) an adequate errors and omissions
insurance policy and (b) such other insurance coverage, by financially sound and respectable insurers, on all properties of a character usually insured by organizations engaged in the same or similar business against loss or damage of a kind
customarily insured against by such organizations. 
 [END OF ARTICLE IV] 

  
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 ARTICLE V 

Defaults 
 SECTION
5.01 Servicer Defaults. If any one of the following events (a “Servicer Default”) shall occur and be continuing: 

(a) any failure by the Servicer to make any payment, transfer or deposit or to give instructions or to give notice to the Indenture Trustee to
make such payment, transfer or deposit by the date such payment, transfer or deposit or instruction or notice is required to be made under the terms of this Servicing Agreement or the Indenture, and which continues unremedied for a period of five
(5) Business Days after the date on which notice of such failure, requiring the same to be remedied, shall have been given by registered or certified mail to the Servicer by any Co-Issuer, any Loan Trustee, the Paying Agent or the Indenture
Trustee, or to the Servicer, any Co-Issuer, any Loan Trustee, the Paying Agent and the Indenture Trustee by the Required Noteholders; or 

(b) failure on the part of the Servicer duly to observe or perform in any material respect any other covenants or agreements of the Servicer
set forth in this Servicing Agreement or the Indenture, which failure has a material adverse effect on the interests of the Noteholders (as determined by the Required Noteholders), and which continues unremedied for a period of sixty (60) days
after the date on which notice of such failure, requiring the same to be remedied, shall have been given by registered or certified mail to the Servicer by any Co-Issuer, any Loan Trustee, the Paying Agent or the Indenture Trustee, or to the
Servicer, any Co-Issuer, any Loan Trustee, the Paying Agent and the Indenture Trustee by the Required Noteholders; or 
 (c) any
representation, warranty or certification made by the Servicer in this Servicing Agreement or the Indenture or in any certificate delivered pursuant to this Servicing Agreement or the Indenture shall prove to have been incorrect in any material
respect when made or deemed made, and such failure has a material adverse effect on the interests of the Noteholders (as determined by the Required Noteholders), and which continues unremedied for a period of thirty (30) days after the date on
which a notice specifying such incorrect representation or warranty and requiring the same to be remedied, shall have been given by registered or certified mail to the Servicer by any Co-Issuer, any Loan Trustee, the Paying Agent or the Indenture
Trustee, or to the Servicer, any Co-Issuer, any Loan Trustee, the Paying Agent and the Indenture Trustee by the Required Holders; or 
 (d)
an Insolvency Event shall occur with respect to the Servicer; 
 then, in the event of any Servicer Default, so long as a Servicer Default is continuing,
the Indenture Trustee may (and upon the written direction of the Required Noteholders shall), by notice then given to the Servicer, the Co-Issuers, the Loan Trustees, the Paying Agent and the Back-up Servicer (a “Termination
Notice”), terminate all of the rights and obligations of the Servicer as Servicer under this Servicing Agreement and the Indenture. The existence of a Servicer Default may be waived with the consent of the Required Noteholders. 

  
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 After receipt by the Servicer of a Termination Notice, and effective on the date on which the
Successor Servicer assumes the servicing obligations hereunder, all authority and power of the Servicer under this Servicing Agreement shall pass to and be vested in the Successor Servicer (a “Successor Servicing Transfer”)
appointed by the Indenture Trustee pursuant to Section 5.02; and, without limitation, the Indenture Trustee is hereby authorized and empowered (upon the failure of the Servicer to cooperate promptly) to execute and deliver, on behalf of
the Servicer, as attorney-in-fact or otherwise, all documents and other instruments upon the failure of the Servicer to execute or deliver such documents or instruments, and to do and accomplish all other acts or things necessary or appropriate to
effect the purposes of such Successor Servicing Transfer. Notwithstanding the receipt of the Servicer of a Termination Notice, the terminated Servicer shall, as provided in Section 5.02(a), continue to be bound to perform as Servicer in
accordance with the terms of this Servicing Agreement until the Successor Servicer has assumed such servicing obligations. The Servicer agrees to cooperate with the Indenture Trustee and such Successor Servicer in (i) effecting the termination
of the responsibilities and rights of the Servicer to conduct servicing hereunder and (ii) transferring all duties and obligations of the Servicer hereunder to such Successor Servicer, including the transfer to such Successor Servicer of all
authority of the Servicer to service and administer the Loans provided for under this Servicing Agreement, including all authority over all Collections which shall on the date of transfer be held by the Servicer for deposit, or which have been
deposited by the Servicer, in the Collection Account, or which shall thereafter be received with respect to the Loans, and in assisting the Successor Servicer. The Servicer shall work with the Successor Servicer to transfer to the Successor Servicer
all its electronic records relating to the Loans, together with all other records, correspondence and documents necessary for the continued servicing and administration of the Loans in the manner and at such times as the Successor Servicer shall
reasonably request. To the extent that a Servicer Default gives rise to the Successor Servicing Transfer, the predecessor Servicer shall be responsible for all reasonable expenses incurred in transferring the servicing duties to the Successor
Servicer; provided that Servicer shall be entitled to be reimbursed for all amounts to which Servicer is entitled pursuant to Section 2.02, and any other amounts owed to Servicer under this Servicing Agreement as of such termination
date. To the extent that compliance with this Section shall require the Servicer to disclose to the Successor Servicer information of any kind which the Servicer deems to be confidential or give the Successor Servicer access to software or other
intellectual property, the Successor Servicer shall be required to enter into such customary licensing and confidentiality agreements as the Servicer shall deem reasonably necessary to protect its interests. 

Notwithstanding the foregoing, a delay in or failure of performance referred to in paragraph (a) above shall not constitute a Servicer
Default if such delay or failure could not be prevented by the exercise of reasonable diligence by the Servicer and such delay or failure was caused by an act of God or the public enemy, acts of declared or undeclared war, public disorder, rebellion
or sabotage, epidemics, landslides, lightning, fire, hurricanes, earthquakes, floods or similar causes. If, following the expiration of the sixty (60)-day period in the case of a delay or failure of performance described in paragraph (b) above
or the thirty (30)-day period in the case of a delay or failure of performance described in paragraph (c) above, the applicable delay or failure of performance remains outstanding but the Servicer continues to work diligently to remedy such
delay or failure of performance, then Servicer shall have an additional thirty (30) days upon notice from the Servicer to the Indenture Trustee to attempt to recommence performance. If performance has not substantially resumed after such
additional thirty (30) day 

  
 18 

 
period, then the Indenture Trustee may terminate the Servicer by written notice to the Servicer. Such notice shall specify the event upon which the termination is based. Termination under this
paragraph shall be effective immediately upon delivery of the notice. Servicer shall not have any liability to any party as a consequence of any such termination, other than with respect to obligations accrued and unperformed as of the date of
termination. The preceding sentences shall not relieve the Servicer from using all commercially reasonable efforts to perform its obligations in a timely manner in accordance with the terms of this Servicing Agreement and the Indenture and the
Servicer shall provide the Indenture Trustee and the Co-Issuers with an Officer’s Certificate giving prompt notice of such failure or delay by it, together with a description of its efforts so far to perform its obligations. 

SECTION 5.02 Indenture Trustee to Act; Appointment of Successor. 

(a) On and after the receipt or delivery by the Servicer of a Termination Notice pursuant to Section 5.01, the Servicer shall continue to
perform all servicing functions under this Servicing Agreement, and shall be entitled to the related Servicing Fees and other amounts to which it is entitled in connection therewith, until the earlier of the (i) date specified on the
Termination Notice or otherwise specified by the Indenture Trustee and (ii) the Successor Servicing Transfer Date. The Indenture Trustee shall as promptly as possible after the giving of a Termination Notice appoint an Eligible Servicer (which
shall be the Back-up Servicer unless the Back-up Servicer is then acting as the Servicer) as a successor Servicer (the “Successor Servicer”), and such Successor Servicer shall accept its appointment by a written assumption in a form
acceptable to the Indenture Trustee. In the event that a Successor Servicer has not been appointed or has not accepted its appointment at the time when the Servicer ceases to act as Servicer, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer. The Indenture Trustee may delegate any of its servicing obligations to an Affiliate or agent in accordance with Section 2.01(b) and Section 4.07. Notwithstanding the
foregoing, the Indenture Trustee shall, if it is legally unable or unwilling so to act, petition a court of competent jurisdiction to appoint any established institution qualifying as an Eligible Servicer as the Successor Servicer hereunder. 

(b) Upon its appointment, the Successor Servicer shall be the successor in all respects to the Servicer with respect to servicing functions
under this Servicing Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof (other than in the case of the Back-up Servicer, any such
responsibility, duty or liability that it is not required to assume under the terms of the Back-up Servicing Agreement), and all references in this Servicing Agreement to the Servicer shall be deemed to refer to the Successor Servicer. 

Within five (5) Business Days after the Servicer becomes aware of any uncured Servicer Default, the Servicer shall give notice thereof to
the Co-Issuers, the Loan Trustees, the Paying Agent and the Indenture Trustee. Within five (5) Business Days after any Co-Issuer, any Loan Trustee, the Paying Agent or Indenture Trustee becomes aware of any uncured Event of Default under the
Indenture that is continuing and reasonably could be expected to have a material adverse effect on Servicer’s ability to perform its obligations hereunder, such Co-Issuer, Loan Trustee, the Paying Agent or the Indenture Trustee, as applicable,
shall give notice thereof to the Servicer. Upon any termination or appointment of a Successor Servicer pursuant to this 

  
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Article V, the Indenture Trustee shall give prompt notice thereof to the Noteholders. Any successor appointed as provided herein shall execute, acknowledge and deliver to the Servicer and
to the Co-Issuers, Loan Trustees, the Paying Agent and the Indenture Trustee (if the Indenture Trustee is not the Successor Servicer) an instrument accepting such appointment, whereupon such successor shall become fully vested with all the rights,
powers, duties, responsibilities, obligations and liabilities of the Servicer, with like effect as if originally named as a party to this Servicing Agreement and the Indenture. 

[END OF ARTICLE V] 

  
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 ARTICLE VI 

Termination 

SECTION 6.01 Termination of Agreement as to Servicing. Unless earlier terminated as contemplated herein, all rights of
the Indenture Trustee, the Paying Agent and the Noteholders set forth herein, and all the respective obligations and responsibilities hereunder of the Co-Issuers, the Loan Trustees and the Servicer to the Paying Agent, shall terminate on the date of
the later of the repayment or satisfaction of the Notes and the termination of the Indenture. Such partial termination shall be automatic, without any required action of the Indenture Trustee, the Paying Agent, any Co-Issuer, any Loan Trustee or any
Noteholder. From and after any such partial termination, this Servicing Agreement shall continue in effect with respect to the respective rights, obligations and responsibilities of the Co-Issuers, the Loan Trustees and the Servicer to each other
until the earlier of (i) such time as all of the Loans have been collected in full or been charged-off as uncollectible and (ii) the date on which none of the Co-Issuers or the Loan Trustees continue to own any Loans, at which time the
appointment of the Servicer under this Servicing Agreement and the respective obligations and responsibilities under this Servicing Agreement of all such parties hereto shall terminate automatically, without any required action on the part of any
such party, except with respect to the obligations described in Section 7.06 which will survive such termination 
 SECTION 6.02
Optional Purchase. On any day occurring on or after the date on which the principal balance of the Outstanding Notes is reduced to 20% or less of the principal balance of the Outstanding Notes as of the Closing Date (subject to
the consent of the members of the Sellers), the Servicer shall have the option to purchase all of the Loans at a purchase price equal to the Asset Redemption Price in accordance with Section 8.07(b) of the Indenture. If the Servicer elects to
exercise such option, it shall comply with all applicable conditions set forth in the Indenture. Upon proper exercise of such option and payment of the Asset Redemption Price, all or the applicable portion of the Loans to be sold in such optional
purchase shall be sold to the Servicer at a price equal to the related Asset Redemption Price. The proceeds of any such optional purchase shall be applied to the Notes in accordance with the provisions for the redemption of such Notes on such date
as set forth in the Indenture. 
 [END OF ARTICLE VI] 

  
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 ARTICLE VII 

Miscellaneous Provisions 

SECTION 7.01 Amendment; Waiver of Past Defaults; Assignment. 

(a) This Servicing Agreement may be amended from time to time by the Servicer, the Co-Issuers and the Loan Trustee, by a written instrument
signed by each of them, but without consent of any of the Noteholders (i) to cure any ambiguity, to correct or supplement any provision herein that may be inconsistent with any other provision herein, or (ii) as may be necessary or
advisable in order to avoid the imposition of any withholding taxes or state or local income or franchise taxes imposed on any Co-Issuer’s property or its income; provided, however, that such action shall not adversely affect in
any material respect the interest of any of the Noteholders or Loan Trustees as evidenced by an Officer’s Certificate of each Co-Issuer to such effect delivered to the Indenture Trustee and the Loan Trustees. Additionally, this Servicing
Agreement may be amended from time to time by the Servicer, the Co-Issuers and the Loan Trustees, by a written instrument signed by each of them, but without consent of any of the Noteholders, provided, however, that the party requesting such
amendment shall, at its own expense, provide the Indenture Trustee with an Opinion of Counsel and an Officer’s Certificate each stating that such amendment: (i) will not materially adversely affect the interests of the Noteholders and
(ii) is permitted by this Servicing Agreement. 
 (b) This Servicing Agreement may also be amended from time to time by the Servicer,
the Co-Issuers and the Loan Trustees, with the consent of the Required Noteholders, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Servicing Agreement or of modifying in any manner
the rights of the Noteholders; provided, however, that no such amendment shall directly or indirectly (i) reduce in any manner the amount of or delay the timing of any distributions to be made to Noteholders or deposits of amounts
to be so distributed without the consent of each affected Noteholder, (ii) change the definition of or the manner of calculating the interest of any Noteholder without the consent of each affected Noteholder or (iii) reduce the aforesaid
percentage required to consent to any such amendment without the consent of each Noteholder. 
 (c) Promptly after the execution of any such
amendment or consent (other than an amendment pursuant to paragraph (a)), the Co-Issuers shall furnish a copy of such amendment to the Indenture Trustee and each Noteholder. 

(d) It shall not be necessary for the consent of Noteholders under this Section 7.01 to approve the particular form of any
proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Noteholders shall be subject to such reasonable
requirements as the Indenture Trustee may prescribe. 
 (e) The Required Noteholders may, on behalf of all Noteholders, waive any default by
any Co-Issuer or the Servicer in the performance of their obligations hereunder and its consequences, except the failure to make any distributions required to be made to Noteholders or to make any required deposits of any amounts to be so
distributed (which such default may only 

  
 22 

 
be waived by 100% of the affected Noteholders). Upon any such waiver of a past default, such default shall cease to exist, and any default arising therefrom shall be deemed to have been remedied
for every purpose of this Servicing Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. 

(f) Each Loan Trustee may, but shall not be obligated to, enter into any such amendment which affects such Loan Trustee’s rights, duties,
benefits, protections, privileges or immunities under this Servicing Agreement or otherwise. In connection with the execution of any amendment hereunder, each Loan Trustee shall be entitled to receive an Opinion of Counsel, at the expense of the
party requesting such amendment, to the effect that such amendment is permitted under the terms of this Servicing Agreement. 
 (g) This
Servicing Agreement shall bind and inure to the benefit of and be enforceable by the Servicer, the Co-Issuers and the Loan Trustees and their respective successors and assigns. Except as contemplated in Section 4.02 and
Section 4.05, no party to this Servicing Agreement may assign any interest in this Servicing Agreement, except that (i) any Co-Issuer may assign its interest in this Servicing Agreement to the Indenture Trustee under the Indenture
and (ii) any party may assign its interest in this Agreement to any other Person if (A) at least ten days prior to the assignment notice is given to each other party hereto, and (B) each other party gives its prior written consent to
the assignment. 
 SECTION 7.02 GOVERNING LAW. THIS SERVICING AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 7.03 Notices. 

All demands, notices, instructions, directions and communications under this Servicing Agreement shall be in writing and shall be deemed to
have been duly given if personally delivered at, mailed by certified or registered mail, return receipt requested, or delivered by nationally recognized overnight courier or sent by facsimile transmission. 

(a) in the case of the Servicer, to: 

Springleaf Finance, Inc. 
 601
NW Second Street 
 Evansville, Indiana 47708 

Attention: General Counsel 

Telephone: (812) 468-5502 

Facsimile: (812) 468-5396 

  
 23 

 (b) in the case of any Co-Issuer, to: 

Springleaf Finance, Inc. 
 601
N.W. Second Street 
 Evansville, IN 47708 

Facsimile: (812)468-5042 

Attention: John Anderson, Head of Capital Markets 

E-mail: iohn.anderson@slfs.com 

and 
 Springleaf Finance, Inc.

 601 N.W. Second Street 

Evansville, IN 47708 

Facsimile: (812) 468-5396 

Attention: Scott D. McKinlay, Senior Vice President and General Counsel 

E-mail: scott.mckinlay@slfs.com 

and 
 Newcastle Investment Corp.

 c/o Fortress Investment Group 

1345 Avenue of the Americas 

New York, New York 10105 

Facsimile: (212) 798-6060 

Attention: Brian Sigman, Chief Financial Officer 

Email: Bsigman@fortress.com 

and 
 Newcastle Investment Corp

 c/o Fortress Investment Group 

1345 Avenue of the Americas 

New York, New York 10105 

Facsimile: (212)798-6060 

Attention: Jay Strauss 
 Email:
istrauss@fortress.com 
 (c) in the case of any Loan Trustee, to: 

Wilmington Trust, National Association 

Rodney Square North 
 1100 North
Market Street 
 Wilmington, Delaware 19890 

Attention: Corporate Trust Department 

Telephone: (302) 636-6372 

Facsimile: (302) 636-4140 

  
 24 

 (d) in the case of the Indenture Trustee, to: 

U.S. Bank National Association 

60 Livingston Avenue, EP-MN-WS3D 

St. Paul, Minnesota 55107-2232 

Attn: Structured Finance/Springcastle 2013-A; 

Telephone: (651)466-5049 

Facsimile: (651) 466-7363 

(e) in the case of the Paying Agent: 

Wells Fargo Bank, N.A. 

Corporate Trust Services/Structured Products Services 

Sixth and Marquette Ave. 
 MAC
N9311-161 
 Minneapolis, Minnesota 55479 

Attention: Marianna Stershic 

Telephone: (612) 667-7181 

Facsimile: (612) 667-3464 

(f) in the case of the Back-up Servicer, to: 

Wells Fargo Bank, N.A. 

Corporate Trust Services 
 Sixth
and Marquette Avenue 
 MAC N9311-161 

Minneapolis, Minnesota 55479 

Attention: Marianna Stershic 

Telephone: (612) 667-7181 

Facsimile: (612) 667-3464 

(g) to any other Person as specified in the Indenture; or, as to each party, at such other address or facsimile number as shall be designated
by such party in a written notice to each other party. 
 SECTION 7.04 Severability of Provisions. If any one or more
of the covenants, agreements, provisions or terms of this Servicing Agreement shall for any reason whatsoever be held invalid, then such provisions shall be deemed severable from the remaining provisions of this Servicing Agreement and shall in no
way affect the validity or enforceability of the remaining provisions. 
 SECTION 7.05 Further Assurances. Each
Co-Issuer, Loan Trustee and the Servicer agree to do and perform, from time to time, any and all acts and to authorize or execute any and all further instruments required or reasonably requested by any other party hereto in order to more fully to
effect the purposes of this Servicing Agreement. 

  
 25 

 SECTION 7.06 Nonpetition Covenant. Notwithstanding any prior termination of
this Servicing Agreement, the Servicer shall not, prior to the date which is one year and one day (or any longer preference period) after the termination of this Servicing Agreement, acquiesce in or petition or otherwise invoke the process of any
Governmental Authority for the purpose of commencing or sustaining a case against any Co-Issuer under any Debtor Relief Law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Co-Issuer
or any substantial part of its property or ordering the winding-up or liquidation of the affairs of and Co-Issuer. 
 SECTION 7.07
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any Co-Issuer, the Servicer, any Loan Trustee, the Noteholders, the Paying Agent or the Indenture Trustee, any right, remedy,
power or privilege under this Servicing Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege under this Servicing Agreement preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges provided under this Servicing Agreement are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. 

SECTION 7.08 Counterparts. This Servicing Agreement may be executed in two or more counterparts (and by different parties
on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 

SECTION 7.09 Third-Party Beneficiaries. This Servicing Agreement will inure to the benefit of and be binding upon the
parties hereto, the Noteholders, the Indenture Trustee and the Paying Agent and their respective successors and permitted assigns. Each of the Backup Servicer, the Indenture Trustee, the Paying Agent and, for purposes of Sections 4.04 and 6.02
hereof, each of the Sellers, is a third-party beneficiary to this Servicing Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto. Except as otherwise expressly provided in
this Servicing Agreement, no other Person will have any right or obligation hereunder. 
 SECTION 7.10 Merger and
Integration. Except as specifically stated otherwise herein, this Servicing Agreement sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded
by this Servicing Agreement. This Servicing Agreement may not be modified, amended, waived or supplemented except as provided herein. 

SECTION 7.11 Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning
or interpretation of any provision hereof. 
 SECTION 7.12 Limitation of Liability of Loan Trustees. It is expressly
understood and agreed by the parties hereto that (a) this Servicing Agreement is executed and delivered by Wilmington Trust, National Association, not individually or personally but solely as trustee of legal title to the Loans, in the exercise
of the powers and authority conferred and 

  
 26 

 
vested in it under the Loan Trust Agreements and (b) under no circumstances shall Wilmington Trust, National Association, be personally liable for the payment of any indebtedness or expenses
of any Co-Issuer or Loan Trustee, or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by any Co-Issuer or Loan Trustee under this Servicing Agreement, 

SECTION 7.13 Survival. Sections 1.01, 2.01, 2.02, 2.03, 2.09, Article IV,
Article V, Article VII and Schedule I of this Servicing Agreement shall survive any expiration or termination of this Servicing Agreement, along with any other provision of this Servicing Agreement necessary to interpret any such
provision, and any other provisions of this Servicing Agreement related to the servicing of Loans or Servicer’s right to compensation therefor so long as termination assistance services are required to be provided pursuant to
Section 5.01. 
 [END OF ARTICLE VII] 

  
 27 

 IN WITNESS WHEREOF, the Servicer, each Co-Issuer and each Loan Trustee have caused this Servicing
Agreement to be duly executed by their respective officers as of the date first above written. 
  

					
	SPRINGLEAF FINANCE, INC.,
	as Servicer
		
	By:	 	

		 	Name:	 	John C. Anderson
		 	Title:	 	Executive Vice President, Capital Markets

  
 SIGNATURE PAGE TO

 SERVICING AGREEMENT 

 
					
	SPRINGCASTLE AMERICA FUNDING, LLC,
	as Co-Issuer
		
	By:	 	

		 	Name:	 	John C. Anderson
		 	Title:	 	President
	
	SPRINGCASTLE CREDIT FUNDING, LLC,
	as a Co-Issuer
		
	By:	 	

		 	Name:	 	John C. Anderson
		 	Title:	 	President
	
	SPRINGCASTLE FINANCE FUNDING, LLC,
	as a Co-Issuer
		
	By:	 	

		 	Name:	 	John C. Anderson
		 	Title:	 	President

  
 SIGNATURE PAGE TO

 SERVICING AGREEMENT 

 
					
	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Loan Trustee on behalf of SpringCastle America Funding, LLC
		
	By:	 	

		 	Name:	 	Roseline K. Maney
		 	Title:	 	Vice President
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Loan Trustee on behalf of SpringCastle Credit Funding, LLC
		
	By:	 	

		 	Name:	 	Roseline K. Maney
		 	Title:	 	Vice President
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Loan Trustee on behalf of SpringCastle Finance Funding, LLC
		
	By:	 	

		 	Name:	 	Roseline K. Maney
		 	Title:	 	Vice President

  

  
 SIGNATURE PAGE TO

 SERVICING AGREEMENT 

 ACKNOWLEDGED AND AGREED TO AS TO SECTIONS 2.01, 4.05, 4.06, 5.01,
5.02 AND 6.01 BY: 
  

					
	U.S. BANK NATIONAL ASSOCIATION, as
	Indenture Trustee
		
	By:	 	

		 	Name:	 	John L. Linssen
		 	Title:	 	Vice President

  
 SIGNATURE PAGE TO

 SERVICING AGREEMENT 

 ACKNOWLEDGED AND AGREED TO AS TO SECTIONS 2.01, 4.06, 5.01, 5.02 AND
6.01 BY: 
  

					
	WELLS FARGO BANK, N.A., as Paying Agent
		
	By:	 	

		 	Name:	 	Marianna C. Stershic
		 	Title:	 	Vice President

  
 SIGNATURE PAGE TO

 SERVICING AGREEMENT 

 SCHEDULE I 

Required Servicing Protocols 

Section 1. Definitions. Capitalized terms used in this Schedule I and not otherwise defined in the Servicing Agreement
shall have the following meanings: 
 “Agency” means HUD, FTC or a State Agency, as applicable. 

“Applicable Requirements” means, as of the time of reference, (a) the terms of the Loan Agreement or Note, as
applicable, (b) all Requirements of Law applicable to the servicing of or the purchase, sale, enforcement and insuring or guaranty of, or filing of claims in connection with, the related Loans and (c) all Governmental Orders applicable to
the servicing rights or the related Loans. 
 “Bank Regulator” means any federal or state governmental agency or authority
charged with the supervision or regulation of banks and their holding companies or mortgage banking (including the Board of Governors of the Federal Reserve System, OCC, FDIC and the Consumer Financial Protection Bureau), which regulates Portfolio
Sellers or HSBC Finance Corporation. 
 “FTC” means the Federal Trade Commission or any successor thereto. 

“Governmental Authority” means any federal, national, supranational, state, provincial, local or similar government,
governmental or quasi-governmental, regulatory or administrative authority, agency, commission or political sub-division or any court, tribunal or judicial or arbitral body, including any Bank Regulator or Agency. 

“Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award issued by or
entered into with any Governmental Authority. 
 “HUD” means the United States Department of Housing and Urban Development
or any successor thereto. 
 “Law” means any federal, national, supranational, state, provincial, local or similar statute,
law, ordinance, regulation, regulatory guidance of general applicability, rule, code, order, requirement or rule of law (including common law and any applicable unclaimed or escheatable property laws). 

“Loan Agreement” means a loan repayment agreement, personal credit line account agreement, home equity credit line revolving
loan agreement, retail installment sales contract or other loan agreement, credit agreement or other agreement evidencing a debt with respect to a Loan, together with any assignment, extension, endorsement or modification thereof. 

 “Loss Mitigation” means any loan modification (including trial modification),
loss avoidance or reduction, foreclosure alternative or foreclosure prevention effort or process, including pursuant to any federal, state or local program, or proprietary program of a Portfolio Seller or an Interim Servicer, initiated or offered to
the related Loan Obligor by a Portfolio Seller or an Interim Servicer with respect to any Loan. 
 “Note” means, with
respect to any Loan, a promissory note or notes or other evidence of debt with respect to such Loan, together with any assignment, reinstatement, extension, endorsement or modification thereof. 

“PHL Loan” means a Loan that is a fixed or variable rate personal homeowner closed- end loan or open-end line of credit. 

“State Agency” means any state agency or other entity with authority to regulate the mortgage-related activities of a
Portfolio Seller or to determine the investment or servicing requirements with regard to mortgage loan origination, purchasing, servicing or master servicing performed by a Portfolio Seller. 

Section 2. Servicing of Loans. 

(a) From and after the Servicing Transfer Date for any Loan, the Servicer shall service any such Serviced Loan that is subject to Loss
Mitigation in accordance with the terms of any such Loss Mitigation and the Servicing Standard in all material respects. If the applicable Portfolio Seller or the applicable Interim Servicer has commenced any Loss Mitigation process, and such Loss
Mitigation process is ongoing as of the initial Servicing Transfer Date for any Loan, the Servicer shall continue such Loss Mitigation process until completion. 

(b) From and after the Servicing Transfer Date for any PHL Loan, the Servicer shall: 

(i) permit Loan Obligors under any such open-end PHL Loan to cancel and terminate such open-end PHL Loan at any time and
adequately disclose to Loan Obligors under any such open-end PHL Loan the procedures required to cancel and terminate such open-end PHL Loan; 

(ii) not charge any Loan Obligor a prepayment penalty for prepayment of any such PHL Loan; 

(iii) separately identify on each monthly account statement delivered to any Loan Obligor under any such PHL Loan the amount,
if any, of monthly credit insurance premium paid by such Loan Obligor in connection with such PHL Loan; 
 (iv) allocate all
interest short amounts with respect to each such PHL Loan into a deferred interest account; disclose any amount of deferred interest and any interest short as of the date of the last payment on each Loan Obligor’s monthly billing statement for

  
 2 

 
each such PHL Loan; and allocate interest short with respect to each such PHL Loan to the deferred interest account no less often than on a quarterly basis except to the extent that a full
payment (or equivalent) must be made in the quarter for the reallocation to occur; 
 (v) not unilaterally convert Loan
Obligors under any such PHL Loan from biweekly payments to semi-monthly payments or otherwise change a Loan Obligor’s payment date under any such PHL Loan without disclosing the new payment date and obtaining such Loan Obligor’s consent;
and 
 (vi) provide payoff information to Loan Obligors under any such PHL Loan or their authorized representatives on all
underlying liens held by the applicable Co-Issuer, within five business days of a Loan Obligor’s written request, or as specifically permitted by state or federal Law; and subject to applicable federal and state Laws, inform Loan Obligor under
any such PHL Loan that requests by mortgage brokers or other agents must be in writing and must include a written authorization from the related Loan Obligor to provide the requested information. 

  
 3 

 EXHIBIT A 

FORM OF SERVICER OFFICER’S CERTIFICATE 

The undersigned, the duly [OFFICER TITLE] of Springleaf Finance, Inc. (“SLFI”), does hereby certify, on behalf of SLFI and
not in an individual capacity, that: 
 1. SLFI is, as of the date hereof, the Servicer under that certain Servicing Agreement dated as of
April 1, 2013 (as amended and supplemented, or otherwise modified and in effect from time to time, the “Servicing Agreement”), by and among SLFI, as the Servicer, and SpringCastle America Funding, LLC, a Delaware limited
liability company, SpringCastle Credit Funding, LLC, a Delaware limited liability company, and SpringCastle Finance Funding, LLC, a Delaware limited liability company, as the Co-Issuers, and Wilmington Trust, National Association, in its capacity as
a Loan Trustee to each Co-Issuer. 
 2. The undersigned is a Servicing Officer and is duly authorized pursuant to the Servicing Agreement to
execute and deliver this Officer’s Certificate to the Co-Issuer and the Indenture Trustee. 
 3. A review of the activities of the
Servicer during the calendar year ended December 31,         , and of its performance under the Servicing Agreement was conducted under my supervision. 

4. Based on such review, the Servicer has, to the best of my knowledge, performed in all material respects all of its obligations under the
Servicing Agreement and other Transaction Documents throughout such year and no Servicer Default has occurred and is continuing, except as set forth in paragraph 5 below. 

5. The following is a description of each Servicer Default known to me to have occurred and be continuing as of the date of this
Officer’s Certificate made by the Servicer during the year ended December 31,         , which sets forth in detail the (a) nature of each such Servicer Default, (b) the action taken by the
Servicer, if any, to remedy each such Servicer Default and (c) the current status of each such Servicer Default: (If applicable, insert “None.”) 

Capitalized terms used but not defined herein are used as defined in the Servicing Agreement. 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Officer’s Certificate
this      day of                 .1 

 

			
	By:	 	  

	Name:	 	
	Title:	 	

  

	1 	Required to be delivered on or before April 30 of each calendar year, beginning with April 30, 2014 pursuant to Section 2.07 of the Servicing Agreement. 

 EXHIBIT B 

SERVICING TRANSFER TIMELINE 
  

					
	 System
	  	 Springleaf
	  	 Completion

Date

	Account Data Conversion	  	  ̈  Complete all CMII, MS, and RMS
discovery activities.
  ̈  Complete all mapping
activities
  ̈  Complete all gap design, development and
testing
  ̈  Complete final (3rd) mock conversion

 ̈  Complete account conversion to SCORE

 ̈  Complete Data Warehouse Conversion

 ̈  Post Load Support
	  	4/1
 5/31

7/31
 8/30

9/2
 9/4

12/31

			
	Financial Data Extract	  	  ̈  Complete all design

 ̈  Complete final (4th) mock conversion

 ̈  Process
1st production file

 ̈  Complete all development
	  	3/7
 3/29

4/1
 4/8

			
	 Insurance

Interface
	  	  ̈  Obtain product information

 ̈  Determine reporting platform

 ̈  Determine CPI process, if any

 ̈  Complete analysis and design

 ̈  Complete development

 ̈  Complete testing

 ̈  Promote changes to Production
	  	4/1
 2/28

3/8
 4/30

6/28
 7/31

9/3

			
	 Billing

Statement

Conversion
	  	  ̈  Identify statement types

 ̈  Identify volumes by product type/due date

 ̈  Modify Stock

 ̈  Place stock order
	  	3/29
 4/30

5/31
 7/31

			
	 Payment

Processing

Conversion
	  	  ̈  Determine if payments need to be
kept separate at USB.
  ̈  Identify payment types

 ̈  Map payment types to SLFS

 ̈  Define post payment processing
	  	3/22
 3/29

4/30
 5/31

			
	 Image

Conversion
	  	  ̈  Complete image ingestion design

 ̈  Complete image transfer design

 ̈  Receive images

 ̈  Compete image ingestion
	  	6/7
 6/21

8/15
 11/1EX-4.2

 Exhibit 4.2 

RE/MAX HOLDINGS, INC. 

2013 OMNIBUS INCENTIVE PLAN 

1. Purposes of the Plan. The purposes of this Plan are to attract and retain the best available personnel, to provide additional
incentives to Employees, Directors and Consultants and to promote the success of the Company’s business. 
 2. Definitions. The
following definitions shall apply as used herein and in the individual Award Agreements except as defined otherwise in an individual Award Agreement. In the event a term is separately defined in an individual Award Agreement, such definition shall
supersede the definition contained in this Section 2. 
 (a) “Administrator” means the Board or any of the Committees
appointed to administer the Plan. 
 (b) “Affiliate” and “Associate” shall have the respective meanings ascribed to such
terms in Rule 12b-2 promulgated under the Exchange Act. 
 (c) “Applicable Laws” means
the legal requirements relating to the Plan and the Awards under applicable provisions of federal securities laws, state corporate and securities laws, the Code, the rules of any applicable stock exchange or national market system, and the rules of
any non-U.S. jurisdiction applicable to Awards granted to residents therein. 
 (d) “Assumed” means that pursuant to a Corporate
Transaction either (i) the Award is expressly affirmed by the Company or (ii) the contractual obligations represented by the Award are expressly assumed (and not simply by operation of law) by the successor entity or its Parent in
connection with the Corporate Transaction with appropriate adjustments to the number and type of securities of the successor entity or its Parent subject to the Award and the exercise or purchase price thereof which at least preserves the
compensation element of the Award existing at the time of the Corporate Transaction as determined in accordance with the instruments evidencing the agreement to assume the Award. 

(e) “Award” means the grant of an Option, SAR, Dividend Equivalent Right, Restricted Stock, Restricted Stock Unit, Other Award or
other right or benefit under the Plan. 
 (f) “Award Agreement” means the written agreement or other instrument evidencing the
grant of an Award, including any amendments thereto. An Award Agreement may be in the form of an agreement to be executed by both the Grantee and the Company (or an authorized representative of the Company) or certificates, notices or similar
instruments. 
 (g) “Board” means the Board of Directors of the Company. 

(h) “Change in Control” means a change in ownership or control of the Company after the Registration Date effected through either of
the following transactions: 
 (i) the direct or indirect acquisition by any person or related group of persons (other than an acquisition
from or by the Company or by a Company-sponsored 

 
employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities pursuant to a tender or exchange offer
made directly to the Company’s stockholders which a majority of the Continuing Directors who are not Affiliates or Associates of the offeror do not recommend such stockholders accept, or 

(ii) a change in the composition of the Board over a period of twelve (12) months or less such that a majority of the Board members
(rounded up to the next whole number) ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who are Continuing Directors. 

(i) “Code” means the Internal Revenue Code of 1986, as amended. 

(j) “Committee” means any committee composed of members of the Board appointed by the Board to administer the Plan. 

(k) “Common Stock” means the Class A common stock of the Company, par value $0.0001 per share. 

(l) “Company” means RE/MAX Holdings, Inc., a Delaware corporation, or any successor entity that adopts the Plan in connection with a
Corporate Transaction. 
 (m) “Consultant” means any person (other than an Employee or a Director, solely with respect to rendering
services in such person’s capacity as a Director) who is engaged by the Company or any Related Entity to render consulting or advisory services to the Company or such Related Entity. 

(n) “Continuing Directors” means members of the Board who either (i) have been Board members continuously for a period of at
least twelve (12) months or (ii) have been Board members for less than twelve (12) months and were elected or nominated for election as Board members by at least a majority of the Board members described in clause (i) who were
still in office at the time such election or nomination was approved by the Board. 
 (o) “Continuous Service” means that the
provision of services to the Company or a Related Entity in any capacity of Employee, Director or Consultant is not interrupted or terminated. In jurisdictions requiring notice in advance of an effective termination as an Employee, Director or
Consultant, Continuous Service shall be deemed terminated upon the actual cessation of providing services to the Company or a Related Entity notwithstanding any required notice period that must be fulfilled before a termination as an Employee,
Director or Consultant can be effective under Applicable Laws. A Grantee’s Continuous Service shall be deemed to have terminated either upon an actual termination of Continuous Service or upon the entity for which the Grantee provides services
ceasing to be a Related Entity. Continuous Service shall not be considered interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Related Entity, or any successor, in any capacity of Employee,
Director or Consultant, or (iii) any change in status as long as the individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director or 

  
 2 

 
Consultant (except as otherwise provided in the Award Agreement). Notwithstanding the foregoing, except as otherwise determined by the Administrator, in the event of any spin-off of a Related
Entity, service as an Employee, Director or Consultant for such Related Entity following such spin-off shall be deemed to be Continuous Service for purposes of the Plan and any Award under the Plan. An approved leave of absence shall include sick
leave, military leave, or any other authorized personal leave. For purposes of each Incentive Stock Option granted under the Plan, if such leave exceeds three (3) months, and reemployment upon expiration of such leave is not guaranteed by
statute or contract, then the Incentive Stock Option shall be treated as a Non-Qualified Stock Option on the day three (3) months and one (1) day following the expiration of such three (3) month period. 

(p) “Corporate Transaction” means any of the following transactions, provided, however, that the Administrator shall determine under
parts (iv) and (v) whether multiple transactions are related, and its determination shall be final, binding and conclusive: 
 (i)
a merger or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the state in which the Company is incorporated; 

(ii) the sale, transfer or other disposition of all or substantially all of the assets of the Company; 

(iii) the complete liquidation or dissolution of the Company; 

(iv) any reverse merger or series of related transactions culminating in a reverse merger (including, but not limited to, a tender offer
followed by a reverse merger) in which the Company is the surviving entity but (A) the shares of Common Stock outstanding immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in the
form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different
from those who held such securities immediately prior to such merger or the initial transaction culminating in such merger; or 
 (v)
acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the
Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Administrator
determines shall not be a Corporate Transaction. 
 (q) “Covered Employee” means an Employee who is a “covered employee”
under Section 162(m)(3) of the Code. 
 (r) “Director” means a member of the Board or the board of directors or board of
managers of any Related Entity. 

  
 3 

 (s) “Disability” means such term (or word of like import) as defined under the
long-term disability policy of the Company or the Related Entity to which the Grantee provides services regardless of whether the Grantee is covered by such policy. If the Company or the Related Entity to which the Grantee provides service does not
have a long-term disability plan in place, “Disability” means that a Grantee is unable to carry out the responsibilities and functions of the position held by the Grantee by reason of any medically determinable physical or mental
impairment for a period of not less than ninety (90) consecutive days. A Grantee will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion.

 (t) “Dividend Equivalent Right” means a right entitling the Grantee to compensation measured by dividends paid with respect to
Common Stock. 
 (u) “Employee” means any person, including an Officer or Director, who is in the employ of the Company or any
Related Entity, subject to the control and direction of the Company or any Related Entity as to both the work to be performed and the manner and method of performance. The payment of a director’s fee by the Company or a Related Entity shall not
be sufficient to constitute “employment” by the Company. 
 (v) “Exchange Act” means the Securities Exchange Act of 1934,
as amended. 
 (w) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 

(i) If the Common Stock is listed on one or more established stock exchanges or national market systems, including without limitation the New
York Stock Exchange, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Common Stock is listed (as determined by the
Administrator) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported in The Wall Street
Journal or such other source as the Administrator deems reliable; 
 (ii) If the Common Stock is regularly quoted on an automated quotation
system (including the OTC Bulletin Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such stock as quoted on such system or by such securities dealer on the date of determination, but if selling
prices are not reported, the Fair Market Value of a share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on the date of determination (or, if no such prices were reported on that date, on the last
date such prices were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 

(iii) In the absence of an established market for the Common Stock of the type described in (i) and (ii), above, the Fair Market Value
thereof shall be determined by the Administrator in good faith. 
 (x) “Grantee” means an Employee, Director or Consultant who
receives an Award under the Plan. 

  
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 (y) “Incentive Stock Option” means an Option intended to qualify as an incentive stock
option within the meaning of Section 422 of the Code. 
 (z) “Non-Qualified Stock Option” means an Option not intended to
qualify as an Incentive Stock Option. 
 (aa) “Officer” means a person who is an officer of the Company or a Related Entity within
the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
 (bb) “Option” means an
option to purchase Shares pursuant to an Award Agreement granted under the Plan. 
 (cc) “Other Award” means an award entitling the
Grantee to Shares or cash that may or may not be subject to restrictions upon issuance or cash compensation, as established by the Administrator. 

(dd) “Parent” means a “parent corporation”, whether now or hereafter existing, as defined in Section 424(e) of the
Code. 
 (ee) “Performance-Based Compensation” means compensation qualifying as “performance-based compensation” under
Section 162(m) of the Code. 
 (ff) “Performance Period” means the period of time during which the performance goals must be
met in order to determine the degree of payout and/or vesting with respect to, or the amount or entitlement to, an Award. 
 (gg)
“Plan” means this 2013 Omnibus Incentive Plan. 
 (hh) “Registration Date” means the first to occur of (i) the
closing of the first sale to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended, of (A) the Common Stock or
(B) the same class of securities of a successor corporation (or its Parent) issued pursuant to a Corporate Transaction in exchange for or in substitution of the Common Stock; and (ii) in the event of a Corporate Transaction, the date of
the consummation of the Corporate Transaction if the same class of securities of the successor corporation (or its Parent) issuable in such Corporate Transaction shall have been sold to the general public pursuant to a registration statement filed
with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended, on or prior to the date of consummation of such Corporate Transaction. 

(ii) “Related Entity” means any (i) Parent or Subsidiary of the Company, (ii) any other entity controlling, controlled by
or under common control with the Company, and (iii) RMCO, LLC. 

  
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 (jj) “Restricted Stock” means Shares issued under the Plan to the Grantee for such
consideration, if any, and subject to such restrictions on transfer, forfeiture provisions, and other terms and conditions as established by the Administrator. 

(kk) “Restricted Stock Units” means an Award which may be earned in whole or in part upon the passage of time or the attainment of
performance criteria established by the Administrator and which may be settled for cash, Shares or other securities or a combination of cash, Shares or other securities as established by the Administrator. 

(ll) “RMCO, LLC” means RMCO, LLC, a Delaware limited liability company. 

(mm) “Rule 16b-3” means Rule 16b-3
promulgated under the Exchange Act or any successor thereto. 
 (nn) “SAR” means a stock appreciation right entitling the Grantee
to Shares or cash compensation or a combination thereof, as established by the Administrator, measured by appreciation in the value of Common Stock. 

(oo) “Share” means a share of the Common Stock. 

(pp) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of
the Code. 
 (qq) “Substitute Options” means Options that the Company will grant under the Plan in substitution of options that
were granted by RMCO, LLC. 
 3. Stock and Cash Subject to the Plan. 

(a) Subject to the provisions of Section 10, below, the maximum aggregate number of Shares which may be issued pursuant to Awards
initially shall be a number of Shares equal to the sum of (i) 787,500 Shares, which will be available for issuance solely pursuant to the Substitute Options, and (ii) 1,578,293. Additionally, commencing on the first business day in 2014 and on
the first business day of each calendar year thereafter while the Plan is in effect, the maximum aggregate number of Shares available for issuance under the Plan shall be increased by a number equal to the lesser of (x) one percent (1%) of
the number of Shares outstanding as of the last day of the immediately preceding calendar year, calculated on a fully diluted basis, or (y) a lesser number of Shares determined by the Administrator. Subject to the provisions of Section 10,
below, no more than 1,500,000 Shares may be issued pursuant to Incentive Stock Options granted under the Plan. SARs payable in Shares shall reduce the maximum aggregate number of Shares which may be issued under the Plan only by the net number of
actual Shares issued to the Grantee upon exercise of the SAR. The Shares to be issued pursuant to Awards may be authorized, but unissued, or reacquired Common Stock. 

  
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 (b) Any Shares covered by an Award (or portion of an Award), other than a Substitute Option,
which is forfeited, canceled or expires (whether voluntarily or involuntarily) shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Shares which may be issued under the Plan. Shares that actually have
been issued under the Plan pursuant to an Award shall not be returned to the Plan and shall not become available for future issuance under the Plan, except that if unvested Shares are forfeited, such Shares shall become available for future grant
under the Plan. To the extent not prohibited by the listing requirements of the New York Stock Exchange (or other established stock exchange or national market system on which the Common Stock is traded) or Applicable Law, any Shares covered by an
Award (other than a Substitute Option) which are surrendered (i) in payment of the Award exercise or purchase price (including pursuant to the “net exercise” of an option pursuant to Section 7(b)(v)) or (ii) in satisfaction
of tax withholding obligations incident to the exercise of an Award shall be deemed not to have been issued for purposes of determining the maximum number of Shares which may be issued pursuant to all Awards under the Plan, unless otherwise
determined by the Administrator. Shares underlying the Substitute Options will not be available for issuance pursuant to other Awards in any circumstance. 

(c) Prior to the first shareholder meeting at which directors are to be elected to the Board that occurs after the close of the third calendar
year following the calendar year in which the Registration Date occurs, the maximum aggregate amount of cash that may be issued pursuant to Other Awards under the Plan to Covered Employees is $40,000,000. 

4. Administration of the Plan. 

(a) Plan Administrator. 

(i) Administration with Respect to Directors and Officers. With respect to grants of Awards to Directors or Officers, the Plan shall be
administered by (A) the Board or (B) a Committee designated by the Board. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. 

(ii) Administration With Respect to Consultants and Other Employees. With respect to grants of Awards to Employees or Consultants who
are neither Directors nor Officers, the Plan shall be administered by (A) the Board or (B) a Committee designated by the Board. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by
the Board. The Board or Committee may also authorize one or more Officers to administer the Plan with respect to Awards to Employees or Consultants who are neither Directors nor Officers (and to grant such Awards) and may limit such authority as the
Board or Committee, as applicable, determines from time to time. 
 (iii) Administration With Respect to Covered Employees.
Notwithstanding the foregoing, it is intended that as of and after the date that the exemption for the Plan under Section 162(m) of the Code expires, as set forth in Section 18 below (or any exemption having similar effect), grants of
Awards to any Covered Employee intended to qualify as Performance-Based Compensation shall be made only by a Committee (or subcommittee of a Committee) which is comprised solely of two or more Directors eligible to serve on a committee making Awards
qualifying as Performance-Based Compensation. In the case of such Awards granted to Covered Employees, references to the “Administrator” or to a “Committee” shall be deemed to be references to such Committee or subcommittee. 

  
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 (iv) Administration Errors. In the event an Award is granted in a manner inconsistent
with the provisions of this subsection (a), such Award shall be presumptively valid as of its grant date to the extent permitted by the Applicable Laws. 

(b) Powers of the Administrator. Subject to Applicable Laws and the provisions of the Plan (including any other powers given to the
Administrator hereunder), and except as otherwise provided by the Board or any Committee, the Administrator shall have the authority, in its discretion to do all things that it determines to be necessary or appropriate in connection with the
administration of the Plan, including, without limitation: 
 (i) to select the Employees, Directors and Consultants to whom Awards may be
granted from time to time hereunder; 
 (ii) to determine whether, when and to what extent Awards are granted hereunder; 

(iii) to determine the number of Shares or the amount of cash or other consideration to be covered by each Award granted hereunder; 

(iv) to approve forms of Award Agreements for use under the Plan; 

(v) to determine the terms and conditions of any Award granted hereunder; 

(vi) to amend the terms of any outstanding Award granted under the Plan, provided that any amendment that would adversely affect the
Grantee’s rights under an outstanding Award shall not be made without the Grantee’s written consent, provided, however, that an amendment or modification that may cause an Incentive Stock Option to become a Non-Qualified Stock Option shall
not be treated as adversely affecting the rights of the Grantee; 
 (vii) to reduce, in each case, without stockholder approval, the
exercise price of any Option awarded under the Plan and the base appreciation amount of any SAR awarded under the Plan and canceling an Option or SAR at a time when its exercise price or base appreciation amount (as applicable) exceeds the Fair
Market Value of the underlying Shares, in exchange for another Option, SAR, Restricted Stock, or other Award or for cash; 
 (viii) to
prescribe, amend and rescind rules and regulations relating to the Plan and to define terms not otherwise defined herein; 
 (ix) to
construe and interpret the terms of the Plan, any rules and regulations under the Plan and Awards, including without limitation, any notice of award or Award Agreement, granted pursuant to the Plan; 

(x) to approve corrections in the documentation or administration of any Award; 

  
 8 

 (xi) to grant Awards to Employees, Directors and Consultants employed outside the United States
or to otherwise adopt or administer such procedures or subplans that the Administrator deems appropriate or necessary on such terms and conditions different from those specified in the Plan as may, in the judgment of the Administrator, be necessary
or desirable to further the purpose of the Plan; and 
 (xii) to take such other action, not inconsistent with the terms of the Plan, as the
Administrator deems appropriate. 
 The express grant in the Plan of any specific power to the Administrator shall not be construed as limiting any power or
authority of the Administrator; provided that the Administrator may not exercise any right or power reserved to the Board. Any decision made, or action taken, by the Administrator or in connection with the administration of this Plan shall be final,
conclusive and binding on all persons having an interest in the Plan. 
 (c) Indemnification. In addition to such other rights of
indemnification as they may have as members of the Board or as Officers or Employees, members of the Board and any Officers or Employees to whom authority to act for the Board, the Administrator or the Company is delegated shall be defended and
indemnified by the Company to the extent permitted by law on an after-tax basis against all reasonable expenses, including attorneys’ fees, actually and necessarily incurred in connection with the defense of any claim, investigation, action,
suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan, or any Award granted hereunder, and against all amounts
paid by them in settlement thereof (provided such settlement is approved by the Company) or paid by them in satisfaction of a judgment in any such claim, investigation, action, suit or proceeding, except in relation to matters as to which it shall
be adjudged in such claim, investigation, action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional misconduct; provided, however, that within thirty (30) days after the institution of such claim,
investigation, action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity at the Company’s expense to defend the same. 

5. Eligibility. Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants. Incentive Stock
Options may be granted only to Employees of the Company or a Parent or a Subsidiary of the Company. An Employee, Director or Consultant who has been granted an Award may, if otherwise eligible, be granted additional Awards. Awards may be granted to
such Employees, Directors or Consultants who are residing in non-U.S. jurisdictions as the Administrator may determine from time to time. 

6. Terms and Conditions of Awards. 

(a) Types of Awards. The Administrator is authorized under the Plan to award any type of arrangement to an Employee, Director or
Consultant that is not inconsistent with the provisions of the Plan and that by its terms involves or might involve the issuance of (i) Shares, (ii) cash or (iii) an Option, a SAR, or similar right with a fixed or variable price
related to the Fair Market Value of the Shares and with an exercise or conversion privilege related to the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria

  
 9 

 
or other conditions. Such awards include, without limitation, Options, SARs, sales or bonuses of Restricted Stock, Restricted Stock Units, Other Awards or Dividend Equivalent Rights, and an Award
may consist of one such security or benefit, or two (2) or more of them in any combination or alternative. 
 (b) Designation of
Award. Each Award shall be designated in the Award Agreement. In the case of an Option, the Option shall be designated as either an Incentive Stock Option or a Non-Qualified Stock Option. However, notwithstanding such designation, an Option will
qualify as an Incentive Stock Option under the Code only to the extent the $100,000 limitation of Section 422(d) of the Code is not exceeded. The $100,000 limitation of Section 422(d) of the Code is calculated based on the aggregate Fair
Market Value of the Shares subject to Options designated as Incentive Stock Options which become exercisable for the first time by a Grantee during any calendar year (under all plans of the Company or any Parent or Subsidiary of the Company). For
purposes of this calculation, Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of the Shares shall be determined as of the grant date of the relevant Option. In the event that the
Code or the regulations promulgated thereunder are amended after the date the Plan becomes effective to provide for a different limit on the Fair Market Value of Shares permitted to be subject to Incentive Stock Options, then such different limit
will be automatically incorporated herein and will apply to any Options granted after the effective date of such amendment. 
 (c)
Conditions of Award. Subject to the terms of the Plan, the Administrator shall determine the provisions, terms, and conditions of each Award including, but not limited to, the Award vesting schedule, forfeiture provisions, form of payment
(cash, Shares, or other consideration) upon settlement of the Award, payment contingencies, and satisfaction of any performance criteria. The performance criteria established by the Administrator for any Awards intended to be Performance-Based
Compensation shall be one of, or combination of the following: net earnings or net income (before or after taxes); agent count; franchise sales; earnings per share; revenues or sales (including net sales or revenue growth); net operating profit;
return measures (including return on assets, net assets, capital, invested capital, equity, sales, or revenue); cash flow (including operating cash flow, free cash flow, cash flow return on equity, and cash flow return on investment); earnings
before or after taxes, interest, depreciation, and/or amortization; gross or operating margins; productivity ratios; share price (including growth measures and total stockholder return); expense targets; margins; operating efficiency; market share;
working capital targets and change in working capital; economic value added or EVA® (net operating profit after tax minus the sum of capital multiplied by the cost of capital); or net
operating income. The performance criteria established by the Administrator for any Awards not intended to be Performance-Based Compensation may be based on any one of, or combination of, the foregoing or any other performance criteria established
by the Administrator. The performance criteria may be applicable to the Company, Related Entities and/or any individual business units of the Company or any Related Entity and may be measured annually or cumulatively over a period of years, on an
absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group, in each case as specified by the Administrator. Partial achievement of the specified criteria may result in a payment or
vesting corresponding to the degree of achievement as specified in the Award Agreement. In addition, to the extent applicable to Awards intended to qualify as Performance-Based Compensation, the performance criteria shall be calculated in accordance
with generally accepted accounting principles, but excluding, unless otherwise specified by the Administrator, the effect (whether positive or negative) of any change in accounting standards and any extraordinary, unusual or nonrecurring item
occurring after the establishment of the performance criteria. 

  
 10 

 (d) Acquisitions and Other Transactions. The Administrator may issue Awards under the Plan
in settlement, assumption or substitution for, outstanding awards or obligations to grant future awards in connection with the Company or a Related Entity acquiring another entity, an interest in another entity or an additional interest in a Related
Entity whether by merger, stock purchase, asset purchase or other form of transaction. 
 (e) Deferral of Award Payment. The
Administrator may establish one or more programs under the Plan to permit selected Grantees the opportunity to elect to defer receipt of consideration to be received under an Award other than an Award of Options or SARs. The Administrator may
establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules and
procedures that the Administrator deems advisable for the administration of any such deferral program. 
 (f) Separate Programs. The
Administrator may establish one or more separate programs under the Plan for the purpose of issuing particular forms of Awards to one or more classes of Grantees on such terms and conditions as determined by the Administrator from time to time.
 
 (g) Individual Limitations on Awards. 

(i) Individual Limit for Options and SARs. Following the date that the exemption from application of Section 162(m) of the Code
described in Section 18 (or any exemption having similar effect) ceases to apply to Awards, the maximum number of Shares with respect to which Options and SARs may be granted to any Grantee in any calendar year shall be seven hundred and fifty
thousand (750,000) Shares. The foregoing limitation shall be adjusted proportionately in connection with any change in the Company’s capitalization pursuant to Section 10, below. To the extent required by Section 162(m) of the
Code or the regulations thereunder, in applying the foregoing limitation with respect to a Grantee, if any Option or SAR is canceled, the canceled Option or SAR shall continue to count against the maximum number of Shares with respect to which
Options and SARs may be granted to the Grantee. For this purpose, the repricing of an Option (or in the case of a SAR, the base amount on which the stock appreciation is calculated is reduced to reflect a reduction in the Fair Market Value of the
Common Stock) shall be treated as the cancellation of the existing Option or SAR and the grant of a new Option or SAR. 
 (ii) Individual
Limit for Restricted Stock and Restricted Stock Units. Following the date that the exemption from application of Section 162(m) of the Code described in Section 18 (or any exemption having similar effect) ceases to apply to Awards, for
awards of Restricted Stock and Restricted Stock Units that are intended to be Performance-Based Compensation, the maximum number of Shares with respect to which such Awards may be granted to any Grantee in any calendar year shall be five hundred
thousand (500,000) Shares. The foregoing limitation shall be adjusted proportionately in connection with any change in the Company’s capitalization pursuant to Section 10, below. 

  
 11 

 (iii) Individual Limit for Cash-Based Other Awards. Following the date that the exemption
from application of Section 162(m) of the Code described in Section 18 (or any exemption having similar effect) ceases to apply to Awards, for Other Awards that are intended to be Performance-Based Compensation, with respect to each twelve
(12) month period that constitutes or is part of each Performance Period, the maximum amount that may be paid to a Grantee pursuant to such Awards shall be ten million dollars $(10,000,000) in cash or five hundred thousand
(500,000) Shares, as applicable. In addition, the foregoing limitation shall be prorated for any Performance Period consisting of fewer than twelve (12) months by multiplying such limitation by a fraction, the numerator of which is the
number of months in the Performance Period and the denominator of which is twelve (12). 
 (h) Deferral. If the vesting or receipt of
Shares or cash under an Award is deferred to a later date, any amount (whether denominated in Shares or cash) paid in addition to the original number of Shares or amount of cash subject to such Award will not be treated as an increase in the number
of Shares or amount of cash subject to the Award if the additional amount is based either on a reasonable rate of interest or on one or more predetermined actual investments such that the amount payable by the Company at the later date will be based
on the actual rate of return of a specific investment (including any decrease as well as any increase in the value of an investment). 
 (i)
Term of Award. The term of each Award shall be the term stated in the Award Agreement, provided, however, that the term of an Incentive Stock Option shall be no more than ten (10) years from the date of grant thereof. However, in the
case of an Incentive Stock Option granted to a Grantee who, at the time the Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary of
the Company, the term of the Incentive Stock Option shall be five (5) years from the date of grant thereof or such shorter term as may be provided in the Award Agreement. Notwithstanding the foregoing, the specified term of any Award shall not
include any period for which the Grantee has elected to defer the receipt of the Shares or cash issuable pursuant to the Award. 
 (j)
Transferability of Awards. Incentive Stock Options may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the
lifetime of the Grantee, only by the Grantee. Other Awards shall be transferable (i) by will and by the laws of descent and distribution and (ii) during the lifetime of the Grantee, to the extent and in the manner authorized by the
Administrator, but only to the extent such transfers are made to family members, to family trusts, to family controlled entities, to charitable organizations, and pursuant to domestic relations orders or agreements, in all cases without payment for
such transfers to the Grantee. Notwithstanding the foregoing, the Grantee may designate one or more beneficiaries of the Grantee’s Award in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator.

  
 12 

 (k) Time of Granting Awards. The date of grant of an Award shall for all purposes be the
date on which the Administrator makes the determination to grant such Award, or such other later date as is determined by the Administrator. 

7. Award Exercise or Purchase Price, Consideration and Taxes. 

(a) Exercise or Purchase Price. The exercise or purchase price, if any, for an Award shall be as follows: 

(i) In the case of an Incentive Stock Option: 

(A) granted to an Employee who, at the time of the grant of such Incentive Stock Option owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary of the Company, the per Share exercise price shall be not less than one hundred ten percent (110%) of the Fair Market Value per Share on the date
of grant; or 
 (B) granted to any Employee other than an Employee described in the preceding paragraph, the per Share exercise price shall
be not less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 
 (ii) In the case of a
Non-Qualified Stock Option, the per Share exercise price shall be not less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 

(iii) In the case of Awards intended to qualify as Performance-Based Compensation, the exercise or purchase price, if any, shall be not less
than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 
 (iv) In the case of SARs, the base
appreciation amount shall not be less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 
 (v)
In the case of other Awards, such price as is determined by the Administrator. 
 (vi) Notwithstanding the foregoing provisions of this
Section 7(a), in the case of an Award issued pursuant to Section 6(d), above, the exercise or purchase price for the Award shall be determined in accordance with the provisions of the relevant instrument evidencing the agreement to issue
such Award. 
 (b) Consideration. Subject to Applicable Laws, the consideration to be paid for the Shares to be issued upon exercise
or purchase of an Award including the method of payment, shall be determined by the Administrator. In addition to any other types of consideration the Administrator may determine, the Administrator is authorized to accept as consideration for Shares
issued under the Plan the following, provided that the portion of the consideration equal to the par value of the Shares must be paid in cash or other legal consideration permitted by the Delaware General Corporation Law: 

  
 13 

 (i) cash; 

(ii) check; 
 (iii) surrender of
Shares or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require which have a Fair Market Value on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to
which said Award shall be exercised; 
 (iv) with respect to Options, if the exercise occurs on or after the Registration Date, payment
through a broker-assisted cashless exercise program made available by the Company; 
 (v) with respect to Options, payment through a
“net exercise” procedure established by the Company such that, without the payment of any funds, the Grantee may exercise the Option and receive the net number of Shares; or 

(vi) any combination of the foregoing methods of payment. 

The Administrator may at any time or from time to time, by adoption of or by amendment to the standard forms of Award Agreement described in
Section 4(b)(iv), or by other means, grant Awards which do not permit all of the foregoing forms of consideration to be used in payment for the Shares or which otherwise restrict one or more forms of consideration. 

(c) Taxes. The Company and any Related Entity shall have the power and the right to deduct or withhold, or require a Grantee to remit to
the Company or a Related Entity, an amount sufficient to satisfy any federal, state, local, domestic or foreign taxes required to be withheld with respect to any taxable event arising with respect to an Award. The Administrator may require or may
permit Grantees to elect that the withholding requirement be satisfied, in whole or in part, by having the Company withhold, or by tendering to the Company, Shares having a Fair Market Value equal to the minimum statutory withholding (based on
minimum statutory withholding rates for federal and state tax purposes, including payroll taxes) that could be imposed on the transaction and, in any case, which would not result in additional accounting expense to the Company. 

8. Exercise of Award. 

(a) Procedure for Exercise; Rights as a Stockholder. 

(i) Any Award granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator under the
terms of the Plan and specified in the Award Agreement. 
 (ii) An Award shall be deemed to be exercised when written notice of such
exercise has been given to the Company in accordance with the terms of the Award by the person entitled to exercise the Award and full payment for the Shares with respect to which the Award is exercised has been made, including, to the extent
selected, use of the broker-dealer sale and remittance procedure to pay the purchase price as provided in Section 7(b)(iv). 

  
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 (b) Exercise of Award Following Termination of Continuous Service. 

(i) An Award may not be exercised after the termination date of such Award set forth in the Award Agreement and may be exercised following the
termination of a Grantee’s Continuous Service only to the extent provided in the Award Agreement. 
 (ii) Where the Award Agreement
permits a Grantee to exercise an Award following the termination of the Grantee’s Continuous Service for a specified period, the Award shall terminate to the extent not exercised on the last day of the specified period or the last day of the
original term of the Award, whichever occurs first. 
 (iii) Any Award designated as an Incentive Stock Option to the extent not exercised
within the time permitted by law for the exercise of Incentive Stock Options following the termination of a Grantee’s Continuous Service shall convert automatically to a Non-Qualified Stock Option and thereafter shall be exercisable as such to
the extent exercisable by its terms for the period specified in the Award Agreement. 
 9. Conditions Upon Issuance of Shares. If at
any time the Administrator determines that the delivery of Shares pursuant to the exercise, vesting or any other provision of an Award is or may be unlawful under Applicable Laws, the vesting or right to exercise an Award or to otherwise receive
Shares pursuant to the terms of an Award shall be suspended until the Administrator determines that such delivery is lawful and shall be further subject to the approval of counsel for the Company with respect to such compliance. The Company shall
have no obligation to effect any registration or qualification of the Shares under federal or state laws. 
 10. Adjustments Upon Changes
in Capitalization. Subject to any required action by the stockholders of the Company and Section 11 hereof, the number of Shares covered by each outstanding Award, the number of Shares available for issuance under the Plan, the number of
Shares that may be issued pursuant to Incentive Stock Options under the Plan, the exercise or purchase price of each such outstanding Award, the Share limits set forth in Section 6(g), and any other terms that the Administrator determines
require adjustment shall be proportionately adjusted for (i) any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock dividend, recapitalization, combination or reclassification of the
Shares, or similar transaction affecting the Shares, (ii) any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company, or (iii) any other transaction with respect to Common Stock
including a corporate merger, consolidation, acquisition of property or stock, separation (including a spin-off or other distribution of stock or property), reorganization, liquidation (whether partial or complete) or any similar transaction;
provided, however that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” In the event of any distribution of cash or other assets to stockholders other
than a normal cash dividend, the Administrator shall also make such adjustments as provided in this Section 10 or substitute, exchange or grant Awards to effect such adjustments (collectively “adjustments”). Any such adjustments to
outstanding Awards will be effected in a manner that precludes the enlargement of rights and benefits under such Awards. In connection with the foregoing adjustments, the Administrator may, in its discretion, prohibit the exercise of Awards or other
issuance of Shares, cash or other consideration pursuant to Awards during certain periods of time. Except as the Administrator determines, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall
affect, and no adjustment by reason hereof shall be made with respect to, the number or price of Shares subject to an Award. 

  
 15 

 11. Corporate Transactions and Changes in Control. 

(a) Termination of Award to Extent Not Assumed in Corporate Transaction. Effective upon the consummation of a Corporate Transaction, all
outstanding Awards under the Plan shall terminate. However, all such Awards shall not terminate to the extent they are Assumed in connection with the Corporate Transaction. 

(b) Acceleration of Award Upon Corporate Transaction or Change in Control. The Administrator shall have the authority, exercisable
either in advance of any actual or anticipated Corporate Transaction or Change in Control or at the time of an actual Corporate Transaction or Change in Control and exercisable at the time of the grant of an Award under the Plan or any time while an
Award remains outstanding, to provide for the full or partial automatic vesting and exercisability of one or more outstanding unvested Awards under the Plan and the release from restrictions on transfer or forfeiture rights of such Awards in
connection with a Corporate Transaction or Change in Control, on such terms and conditions as the Administrator may specify. The Administrator also shall have the authority to condition any such Award vesting and exercisability or release from such
limitations upon the subsequent termination of the Continuous Service of the Grantee within a specified period following the effective date of the Corporate Transaction or Change in Control. The Administrator may provide that any Awards so vested or
released from such limitations in connection with a Change in Control, shall remain fully exercisable until the expiration or sooner termination of the Award. 

(c) Effect of Acceleration on Incentive Stock Options. Any Incentive Stock Option accelerated under this Section 11 in connection
with a Corporate Transaction or Change in Control shall remain exercisable as an Incentive Stock Option under the Code only to the extent the $100,000 dollar limitation of Section 422(d) of the Code is not exceeded. 

12. Effective Date and Term of Plan. The Plan shall become effective upon the earlier to occur of its adoption by the Board or its
approval by the stockholders of the Company. It shall continue in effect for a term of ten (10) years unless sooner terminated. Subject to Section 17, below, and Applicable Laws, Awards may be granted under the Plan upon its becoming
effective. 
 13. Amendment, Suspension or Termination of the Plan. 

(a) The Board may at any time amend, suspend or terminate the Plan; provided, however, that no such amendment shall be made without the
approval of the Company’s stockholders to the extent such approval is required by Applicable Laws. 
 (b) No Award may be granted during
any suspension of the Plan or after termination of the Plan. 

  
 16 

 (c) No suspension or termination of the Plan (including termination of the Plan under
Section 11, above) shall adversely affect any rights under Awards already granted to a Grantee. 
 14. Limitation of Liability.
The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company
of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 

15. No Effect on Terms of Employment/Consulting Relationship. The Plan shall not confer upon any Grantee any right with respect to the
Grantee’s Continuous Service, nor shall it interfere in any way with his or her right or the right of the Company or any Related Entity to terminate the Grantee’s Continuous Service at any time, with or without cause, and with or without
notice. 
 16. No Effect on Retirement and Other Benefit Plans. Except as specifically provided in a retirement or other benefit plan
of the Company or a Related Entity, Awards shall not be deemed compensation for purposes of computing benefits or contributions under any retirement plan of the Company or a Related Entity, and shall not affect any benefits under any other benefit
plan of any kind or any benefit plan subsequently instituted under which the availability or amount of benefits is related to level of compensation. The Plan is not a “Pension Plan” or “Welfare Plan” under the Employee Retirement
Income Security Act of 1974, as amended. 
 17. Stockholder Approval. The grant of Incentive Stock Options under the Plan shall be
subject to approval by the stockholders of the Company within twelve (12) months before or after the date the Plan is adopted excluding Incentive Stock Options issued in substitution for outstanding Incentive Stock Options pursuant to
Section 424(a) of the Code. Such stockholder approval shall be obtained in the degree and manner required under Applicable Laws. The Administrator may grant Incentive Stock Options under the Plan prior to approval by the stockholders, but until
such approval is obtained, no such Incentive Stock Option shall be exercisable. In the event that stockholder approval is not obtained within the twelve (12) month period provided above, all Incentive Stock Options previously granted under the
Plan shall be exercisable as Non-Qualified Stock Options. 
 18. Effect of Section 162(m) of the Code. The numerical limits set
forth in Section 6(g) of the Plan shall not be applicable until the expiration of the transition period set forth in Treasury Regulation Section 1.162-27(f). Under such Treasury Regulation, this exemption is available to the Plan for the
duration of the period that lasts until the earliest of: (i) the expiration of the Plan; (ii) the material modification of the Plan; (iii) the exhaustion of the maximum number of shares of Common Stock and other compensation available
for Awards under the Plan, as set forth in Section 3; (iv) the first meeting of stockholders at which directors are to be elected that occurs after the close of the third calendar year following the calendar year in which the Company first
becomes subject to the reporting obligations of Section 12 of the Exchange Act; or (v) such other date required by Section 162(m) of the Code and the rules and regulations promulgated thereunder. Notwithstandng anything herein to the
contrary, the Administrator may, in its sole discretion, grant Awards at any time, including after the expiration of the transition period set forth in Treasury Regulation Section 1.162-27(f), that are not intended to (or otherwise do not)
qualify as Performance-Based Compensation. 

  
 17 

 19. Unfunded Obligation. Grantees shall have the status of general unsecured creditors of
the Company. Any amounts payable to Grantees pursuant to the Plan shall be unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974, as amended. Neither
the Company nor any Related Entity shall be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial
ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Grantee account shall not create or constitute a
trust or fiduciary relationship between the Administrator, the Company or any Related Entity and a Grantee, or otherwise create any vested or beneficial interest in any Grantee or the Grantee’s creditors in any assets of the Company or a
Related Entity. The Grantees shall have no claim against the Company or any Related Entity for any changes in the value of any assets that may be invested or reinvested by the Company with respect to the Plan. 

20. Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of
any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly
requires otherwise. 
 21. Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board, the submission of the Plan to
the stockholders of the Company for approval, nor any provision of the Plan will be construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including, without
limitation, the granting of Awards otherwise than under the Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 

22. Governing Law. This Plan and any agreements or other documents hereunder shall be interpreted and construed in accordance with the
laws of Delaware to the extent not preempted by federal law. Any reference in this Plan or in the agreement or other document evidencing any Awards to a provision of law or to a rule or regulation shall be deemed to include any successor law, rule
or regulation of similar effect or applicability. 

  
 18 

 RE/MAX HOLDINGS, INC. 

2013 OMNIBUS INCENTIVE PLAN 

OPTION SUBSTITUTION AWARD 

On                     , 2013 (the
“Effective Date”), RE/MAX Holdings, Inc., a Delaware corporation (the “Company”), completed an initial public offering of shares of Class A common stock of the Company, $0.0001 par value per share
(“Shares”) (the “IPO”). On the date of the IPO, the individual named below (“Optionee”) held outstanding options to purchase Class B common units (“Units”) of RMCO, LLC, a Delaware
limited liability company (“RMCO LLC”) (the “RMCO LLC Option”) issued pursuant to the RMCO, LLC 2011 Unit Option Plan, as amended (the “Unit Plan”). In connection with the completion of the IPO, the
RMCO LLC Option is being exchanged for and substituted with an option to purchase Shares (the “RE/MAX Holdings, Inc. Option”) granted under the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan (the “Plan”). This
Option Substitution Award (the “Award”) evidences the terms of the RE/MAX Holdings, Inc. Option as previously adjusted by the adjustments provided for in Section 8 of the Unit Plan, and the cancellation of the RMCO LLC Option.

 Name of Optionee:    
                                         
                
 The table below summarizes the option immediately before
and after the IPO: 
  

									
	 RMCO LLC Option
	  	 RE/MAX Holdings, Inc. Option

	 Grant Date
	 	 No. of Units

of RMCO LLC
	 	 Exercise Price 
per Unit
	  	 No. of Shares of

RE/MAX Holdings, Inc.
	  	 Exercise Price 
per Share

A. ADJUSTMENTS AND SUBSTITUTION 

1. Split of Units. Pursuant to Section 8 of the Unit Plan, the number of Units covered by the unexercised portion of the RMCO LLC
Option and the option exercise price per Unit has been equitably adjusted in connection with a split of Units effected without receipt of consideration by RMCO LLC. 

2. Tax Law Requirements. The adjustments and substitution are intended to comply with federal tax law requirements to avoid being
considered a modification of the original option for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), which requires, as applicable, the following: 

(a) The total spread of the RE/MAX Holdings, Inc. Option immediately after the adjustments and substitution (the excess of the aggregate fair
market value of the Shares subject to the option over the aggregate option exercise price) cannot exceed the total spread of the RMCO LLC Option immediately before the adjustment and substitution; 

(b) The ratio of the option exercise price to the fair market value of a Share subject to the RE/MAX Holdings, Inc. Option immediately after
the adjustments and substitution cannot be greater than the ratio of the option exercise price to the fair market value of a Unit subject to the RMCO LLC Option immediately before the adjustments and substitution; 

(c) The RE/MAX Holdings, Inc. Option must contain all terms of the RMCO LLC Option, except to the extent such terms are rendered inoperative by
the transaction; 
 (d) The RE/MAX Holdings, Inc. Option must not provide the Optionee additional benefits that the Optionee did not have
under the RMCO LLC Option; and 

  

 (e) In connection with the substitution and the receipt of the RE/MAX Holdings, Inc. Option, all
rights of the Optionee under the RMCO LLC Option must be cancelled. 
 3. Other Adjustments. The number of Units subject to the RMCO
LLC Option on the Effective Date was determined by rounding the amount determined after the adjustments down to the next whole number of Units. The exercise price per Unit of the RMCO LLC Option on the Effective Date was determined by rounding the
amount determined after the adjustments up to the next whole cent. 
 4. Substitution. In connection with the occurrence of the IPO,
each outstanding RMCO LLC Option is being exchanged for a RE/MAX Holdings, Inc. Option and as reflected in this Award, and, following the exchange, the RMCO LLC Option shall be cancelled. 

B. STOCK OPTION AWARD 
 1.
Grant of Option. Subject to the terms and conditions of this Award and the Plan, the Company hereby grants to Optionee, an Option to purchase the number of Shares, at the Exercise Price (each as set forth on the cover page of this Award), and
subject to the terms and conditions of the Plan, which is incorporated herein by reference. In the event of a conflict between the terms and conditions of the Plan and this Award, the terms and conditions of the Plan shall govern, except to the
extent the Plan would be considered to provide for an additional benefit that would violate the tax law requirement set forth in Section A.2 of this Award. All capitalized terms in this Award that are not otherwise defined herein shall have the
meaning assigned to them in this Award or in the Plan. 
 2. Type of Option. The Option is a Non-Qualified Stock
Option. 
 3. Vesting. The Option is fully vested. 

4. Option Term; Expiration Date. The Option shall have a maximum term of ten (10) years measured from the original Grant Date (as
set forth in the table on the cover sheet of this Award) and shall accordingly expire at the close of business at Company headquarters on the tenth anniversary of the Grant Date or such earlier date pursuant to Section B.5 of this Award (the
“Expiration Date”). 
 5. Termination of Service; Expiration of Option. The Option shall expire
immediately and be forfeited in the event that Optionee’s Continuous Service is terminated for Cause (as defined in the employment agreement between Optionee and the Company or a Related Entity). Otherwise, the Option will expire on the earlier
of (i) 90 days after the termination of Continuous Service, and (ii) the close of business on the tenth anniversary of the date of the original Grant Date. Notwithstanding any provision in this Award to the contrary, any portion of the
Option granted hereunder which has not been exercised prior to or in connection with a Corporate Transaction or Change in Control shall expire upon the consummation of any such transaction. 

6. Option Exercise.  
 (a)
Right to Exercise. The Option shall be exercisable on or before the Expiration Date. 
 (b) Exercise. Prior to
the close of business on the Expiration Date, Optionee may exercise all or any portion of the Option by delivering written notice of exercise to the Company, together with payment in full by delivery of a cashier’s, personal or certified check
or wire transfer of immediately available funds to the Company in the amount equal to the number of Shares subject to the Option to be acquired multiplied by the applicable option exercise price. Additionally, the Optionee must make arrangements
with the Company for payment of any tax withholding on Option exercise. 
 7. Tax Withholding. The Company or any Related Entity
shall be entitled, if necessary or desirable, to deduct and withhold (or, in the sole discretion of the Company, secure payment from Optionee in lieu of withholding) the amount of any tax withholding due with respect to this Award. In the
Company’s sole discretion, such tax withholding may be accomplished by the withholding of Shares which would otherwise be issued upon Option exercise to the Optionee in an amount whose Fair Market Value equal to the minimum statutory
withholding (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes) that could be imposed on the transaction and, in any case, which would not result in additional accounting expense to the

  
 - 2 - 

 
Company. In the event that the Company or a Related Entity does not make such deductions or withholdings, Optionee shall indemnify the Company and a Related Entity for any amounts paid or payable
by the Company or a Related Entity with respect to any such taxes, together with any interest, penalties and additions to tax and any related expenses thereto. 

8. Transfer of Option. The Option may not be transferred in any manner other than by will or by the laws of descent and distribution,
provided, however, that the Option may be transferred during the lifetime of the Optionee to the extent and in the manner authorized by the Committee. 

9. Continued Service. Neither the grant of the Option nor this Award gives Optionee the right to continue Service with the Company or
its Related Entities in any capacity. The Company and its Related Entities reserve the right to terminate Optionee’s Service at any time and for any reason not prohibited by law. 

10. Stockholder Rights. Until the stock certificate evidencing Shares subject to the Option are issued (as evidenced by the appropriate
entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option.
No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 10 of the Plan 

11. Additional Requirements. Optionee acknowledges that Shares acquired upon exercise of the Option may bear such legends as the
Company deems appropriate to comply with applicable federal, state or foreign securities laws. 
 12. Governing Law. The validity and
construction of this Award and the Plan shall be construed in accordance with and governed by the laws of the State of Delaware other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of
the Plan and this Award to the substantive laws of any other jurisdiction. 
 13. Binding Effect. This Award shall be binding upon
and inure to the benefit of the Company and Optionee and their respective heirs, executors, administrators, legal representatives, successors and assigns. 

14. Tax Treatment; Section 409A. Optionee may incur tax liability as a result of the exercise of the Option or the
disposition of Shares. Optionee should consult his or her own tax adviser before exercising the Option or disposing of the Shares. 

Optionee acknowledges that the Committee, in the exercise of its sole discretion and without Optionee’s consent, may amend or modify the
Option and this Award in any manner and delay the payment of any amounts payable pursuant to this Award to the minimum extent necessary to satisfy the requirements of Section 409A of the Code. The Company will provide Optionee with notice of
any such amendment or modification. 
 15. Amendment. The terms and conditions set forth in this Award may only be amended by the
written consent of the Company and Optionee, except to the extent set forth in Section B.14 hereof regarding Section 409A of the Code and any other provision set forth in the Plan. 

  
 - 3 - 

 16. 2013 Omnibus Incentive Plan. The Option and Shares acquired upon exercise of the
Option granted hereunder shall be subject to such additional terms and conditions as may be imposed under the terms of the Plan, a copy of which has been provided to Optionee. 

 

			
	RE/MAX HOLDINGS, INC.
		
	 By:
	 	
		
	 Date:
	 	

 To acknowledge your acceptance of the Award and the cancellation of your RMCO LLC Option, please sign and date below.

  

	
	 
	 Optionee’s Signature

	
	 Date:

  
 - 4 - 

 RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

NOTICE OF RESTRICTED STOCK UNIT AWARD 
  

					
	 Grantee’s Name and Address:
	  	 	  	
		  	 	  	
		  	 	  	

 You (the “Grantee”) have been granted an award of Restricted Stock Units (the “Award”),
subject to the terms and conditions of this Notice of Restricted Stock Unit Award (the “Notice”), the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”) and the Restricted Stock Unit
Agreement (the “Agreement”) attached hereto, as follows. Unless otherwise provided herein, the terms in this Notice shall have the same meaning as those defined in the Plan. 

 

					
	 Award Number
	  	 	  	
			
	 Date of Award
	  	 	  	
			
	 Total Number of Restricted Stock

Units Awarded (the “Units”)
	  	 	  	

 Vesting Schedule: 

Subject to the Grantee’s Continuous Service and other limitations set forth in this Notice, the Agreement and the Plan, the Units will
“vest” in accordance with the following schedule (the “Vesting Schedule”): 
 [For Grantees Subject to
Section 16 only: In the event of a Corporate Transaction or a Change in Control in connection with which the Award is not assumed or converted into an equivalent award by the acquiring or successor entity (or a Parent thereof), the Units,
to the extent outstanding and unvested, shall automatically become fully vested immediately prior to the effective date of such Corporate Transaction or Change in Control.] 

In the event of the Grantee’s change in status from Employee to Consultant or Director, the determination of whether such change in
status results in a termination of Continuous Service will be determined in accordance with Section 409A of the Code. 
 For purposes
of this Notice and the Agreement, the term “vest” shall mean, with respect to any Units, that such Units are no longer subject to forfeiture to the Company. If the Grantee would become vested in a fraction of a Unit, such Unit shall not
vest until the Grantee becomes vested in the entire Unit. 
 Vesting shall cease upon the date the Grantee terminates Continuous Service for
any reason, excluding death or Disability. In the event the Grantee terminates Continuous Service for any reason, excluding death or Disability, any unvested Units held by the Grantee immediately upon such termination of the Grantee’s
Continuous Service shall be forfeited and deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of such reconveyed Units and shall have all rights and interest in or related thereto without further
action by the Grantee. 

 If the Grantee’s Continuous Service terminates due to the Grantee’s death or
Disability, the Units that would have vested on the vesting date next following the date of such termination of Continuous Services shall immediately become vested as of the date of such termination of Continuous Service, and all remaining unvested
Units shall be forfeited and deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of such reconveyed Units and shall have all rights and interest in or related thereto without further action by the
Grantee. 
 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Award is to be governed by the
terms and conditions of this Notice, the Plan, and the Agreement. 
  

			
	 RE/MAX Holdings, Inc.,
 a Delaware
corporation

		
	By:	 	 
	Title:	 	 
	Date:	 	 

 THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE UNITS SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S
CONTINUOUS SERVICE OR AS OTHERWISE SPECIFICALLY PROVIDED HEREIN (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT, NOR
IN THE PLAN, SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE GRANTEE’S
CONTINUOUS SERVICE AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL. 

  
 2 

 Grantee Acknowledges and Agrees: 

The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar with the terms and
provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of
counsel prior to executing this Notice and fully understands all provisions of this Notice, the Agreement and the Plan. The Grantee further agrees and acknowledges that this Award is a non-elective arrangement pursuant to Section 409A of the
Code. 
 The Grantee further acknowledges that, from time to time, the Company may be in a “blackout period” and/or subject to
applicable federal securities laws that could subject the Grantee to liability for engaging in any transaction involving the sale of the Company’s Shares. The Grantee further acknowledges and agrees that, prior to the sale of any Shares
acquired under this Award, it is the Grantee’s responsibility to determine whether or not such sale of Shares will subject the Grantee to liability under insider trading rules or other applicable federal securities laws. 

The Grantee understands that the Award is subject to the Grantee’s consent to access this Notice, the Agreement, the Plan and the Plan
prospectus (collectively, the “Plan Documents”) in electronic form on the Company’s intranet or the website of the Company’s designated brokerage firm, if applicable. By signing below (or providing an electronic signature by
clicking below) and accepting the grant of the Award, the Grantee: (i) consents to access electronic copies (instead of receiving paper copies) of the Plan Documents via the Company’s intranet or the website of the Company’s
designated brokerage firm, if applicable; (ii) represents that the Grantee has access to the Company’s intranet or the website of the Company’s designated brokerage firm, if applicable; (iii) acknowledges receipt of electronic
copies, or that the Grantee is already in possession of paper copies, of the Plan Documents; and (iv) acknowledges that the Grantee is familiar with and accepts the Award subject to the terms and provisions of the Plan Documents. 

The Company may, in its sole discretion, decide to deliver any Plan Documents by electronic means or request the Grantee’s consent to
participate in the Plan by electronic means. The Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a
third party designated by the Company. 
 The Grantee hereby agrees that all questions of interpretation and administration relating to this
Notice, the Plan and the Agreement shall be resolved by the Administrator in accordance with Section 8 of the Agreement. The Grantee further agrees to the venue and jurisdiction selection in accordance with Section 9 of the Agreement. The
Grantee further agrees to notify the Company upon any change in his or her residence address indicated in this Notice. 
  

			
	Date:                                     
                                    	 	  

		 	Grantee’s Signature
		 	  

		 	Grantee’s Printed Name
		 	  

		 	Address
		 	  

		 	City, State & Zip

  
 3 

 Award Number:
                                 

RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT 

1. Issuance of Units. RE/MAX Holdings, Inc., a Delaware corporation (the “Company”), hereby issues to the Grantee (the
“Grantee”) named in the Notice of Restricted Stock Unit Award (the “Notice”) an award (the “Award”) of the Total Number of Restricted Stock Units Awarded set forth in the Notice (the “Units”), subject to the
Notice, this Restricted Stock Unit Agreement (the “Agreement”) and the terms and provisions of the Company’s 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”), which is incorporated herein by reference.
Unless otherwise provided herein, the terms in this Agreement shall have the same meaning as those defined in the Plan. 
 2. Transfer
Restrictions. The Units may not be transferred in any manner other than by will or by the laws of descent and distribution. 
 3.
Conversion of Units and Issuance of Shares. 
 (a) General. Subject to Section 3(b), one share of Common Stock shall be
issuable for each Unit subject to the Award (the “Shares”) upon vesting. Immediately thereafter, or as soon as administratively feasible, the Company will transfer the appropriate number of Shares to the Grantee, subject to satisfaction of
any required tax or other withholding obligations. Any fractional Unit remaining after the Award is fully vested shall be discarded and shall not be converted into a fractional Share. Notwithstanding the foregoing, the relevant number of Shares
shall be issued no later than sixty (60) days following the date the Unit vests.  
 (b) Delay of Issuance of Shares. The
Company shall delay the issuance of any Shares under this Section 3 to the extent necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified employees” of certain
publicly-traded companies); in such event, any Shares to which the Grantee would otherwise be entitled during the six (6) month period following the date of the Grantee’s termination of Continuous Service will be issuable on the first
business day following the expiration of such six (6) month period. 
 4. Right to Shares and Dividends; Dividend Equivalents.
The Grantee shall not have any right in, to or with respect to any of the Shares (including any voting rights or rights with respect to dividends paid on the Shares) issuable under the Award until the Award is settled by the issuance of such Shares
to the Grantee, except that Dividend Equivalents shall be earned with respect to Units that vest. The amount of Dividend Equivalents earned with respect to each such Unit that vests shall be equal to the total ordinary cash dividends, if any,
declared on a Share where the record date of the dividend is between the Grant Date of this Award and the date a Share is issued upon vesting of the Unit. Any Dividend Equivalents earned shall be paid in cash to the Grantee when the Shares subject
to the vested Units to which they relate are issued. No Dividend Equivalents shall be earned or paid with respect to any Units that do not vest. Dividend Equivalents shall not accrue interest. 

 5. Taxes. 

(a) Tax Liability. The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Award,
regardless of any action the Company or any Related Entity takes with respect to any tax withholding obligations that arise in connection with the Award. Neither the Company nor any Related Entity makes any representation or undertaking regarding
the treatment of any tax withholding in connection with any aspect of the Award, including the grant, vesting, assignment, release or cancellation of the Units, the delivery of Shares, the subsequent sale of any Shares acquired upon vesting and the
receipt of any dividends or dividend equivalents. The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Grantee’s tax liability. 

(b) Payment of Withholding Taxes. Prior to any event in connection with the Award (e.g., vesting or issuance of Shares) that the Company
determines may result in any tax withholding obligation, whether United States federal, state, local or non-U.S., including any social insurance, employment tax, payment on account or other tax-related obligation (the “Tax Withholding
Obligation”), the Grantee must arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a manner acceptable to the Company. 

(i) By Share Withholding. If permissible under Applicable Law, the Grantee authorizes the Company to, upon the exercise of its sole
discretion, withhold from those Shares otherwise issuable to the Grantee the whole number of Shares sufficient to satisfy the minimum applicable Tax Withholding Obligation. The Grantee acknowledges that the withheld Shares may not be sufficient to
satisfy the Grantee’s minimum Tax Withholding Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding
Obligation that is not satisfied by the withholding of Shares described above. 
 (ii) By Sale of Shares. Unless the Grantee
determines to satisfy the Tax Withholding Obligation by some other means in accordance with clause (iii) below, the Grantee’s acceptance of this Award constitutes the Grantee’s instruction and authorization to the Company and any
brokerage firm determined acceptable to the Company for such purpose to, upon the exercise of Company’s sole discretion, sell on the Grantee’s behalf a whole number of Shares from those Shares issuable to the Grantee as the Company
determines to be appropriate to generate cash proceeds sufficient to satisfy the minimum applicable Tax Withholding Obligation. Such Shares will be sold on the day such Tax Withholding Obligation arises (e.g., a vesting date) or as soon thereafter
as practicable. The Grantee will be responsible for all broker’s fees and other costs of sale, and the Grantee agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale. To the
extent the proceeds of such sale exceed the Grantee’s minimum Tax Withholding Obligation, the Company agrees to pay such excess in cash to the Grantee. The Grantee acknowledges that the Company or its designee is under no obligation to arrange
for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon
as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the sale of Shares described above. 

  
 2 

 (iii) By Check, Wire Transfer or Other Means. At any time not less than five
(5) business days (or such fewer number of business days as determined by the Administrator) before any Tax Withholding Obligation arises (e.g., a vesting date), the Grantee may elect to satisfy the Grantee’s Tax Withholding Obligation by
delivering to the Company an amount that the Company determines is sufficient to satisfy the Tax Withholding Obligation by (x) wire transfer to such account as the Company may direct, (y) delivery of a certified check payable to the
Company, or (z) such other means as specified from time to time by the Administrator. 
 Notwithstanding the foregoing, the Company or a Related Entity
also may satisfy any Tax Withholding Obligation by offsetting any amounts (including, but not limited to, salary, bonus and severance payments) payable to the Grantee by the Company and/or a Related Entity. Furthermore, in the event of any
determination that the Company has failed to withhold a sum sufficient to pay all withholding taxes due in connection with the Award, the Grantee agrees to pay the Company the amount of such deficiency in cash within five (5) days after
receiving a written demand from the Company to do so, whether or not the Grantee is an employee of the Company at that time. 
 6. Entire
Agreement; Governing Law. The Notice, the Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and
the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee. These agreements are to be construed in accordance with and
governed by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of
the parties. Should any provision of the Notice or this Agreement be determined to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable. 

7. Construction. The captions used in the Notice and this Agreement are inserted for convenience and shall not be deemed a part of the
Award for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the
context clearly requires otherwise. 
 8. Administration and Interpretation. Any question or dispute regarding the administration or
interpretation of the Notice, the Plan or this Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute by the Administrator shall be final and binding on all persons. 

9. Venue and Jurisdiction. The parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or
this Agreement shall be brought exclusively in the United States District Court for Delaware (or should such court lack jurisdiction to hear such 

  
 3 

 
action, suit or proceeding, in a Delaware state court) and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law,
any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any
one or more provisions of this Section 9 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid
and enforceable. 
 10. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively
given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees
prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party. 

11. Amendment and Delay to Meet the Requirements of Section 409A. The Grantee acknowledges that the Company, in the exercise of
its sole discretion and without the consent of the Grantee, may amend or modify this Agreement in any manner and delay the issuance of any Shares issuable pursuant to this Agreement to the minimum extent necessary to meet the requirements of
Section 409A of the Code as amplified by any Treasury regulations or guidance from the Internal Revenue Service as the Company deems appropriate or advisable. Notwithstanding anything in this Agreement or the Plan to the contrary, to the extent
the Award is determined to be subject to Section 409A of the Code and Shares will be issued pursuant to the Award on account of such Change in Control or Corporate Transaction, neither a Change in Control nor a Corporate Transaction shall be
deemed to have occurred for purposes of this Award unless such Change in Control or Corporate Transaction also constitutes a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the
assets of the Company, as those terms are used in Section 409A of the Code. In addition, the Company makes no representation that the Award will comply with Section 409A of the Code and makes no undertaking to prevent Section 409A of
the Code from applying to the Award or to mitigate its effects on any deferrals or payments made in respect of the Units. The Grantee is encouraged to consult a tax adviser regarding the potential impact of Section 409A of the Code. 

END OF AGREEMENT 

  
 4 

 RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

NOTICE OF RESTRICTED STOCK UNIT AWARD 
  

			
	Grantee’s Name and Address:	 	  

		 	  

		 	  

 You (the “Grantee”) have been granted an award of Restricted Stock Units (the “Award”),
subject to the terms and conditions of this Notice of Restricted Stock Unit Award (the “Notice”), the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”) and the Restricted Stock Unit
Agreement (the “Agreement”) attached hereto, as follows. Unless otherwise provided herein, the terms in this Notice shall have the same meaning as those defined in the Plan. 

 

			
	Award Number	 	  

	Date of Award	 	  

	 Total Number of Restricted Stock

Units Awarded (the “Units”)
	 	  

 Vesting Schedule: 

The Units will be 100% “vested” as of the Date of Award. For purposes of this Notice and the Agreement, the term “vested”
shall mean that the Units are not subject to forfeiture to the Company. 
 Issuance of Shares: 

The issuance of Shares underlying the Units will occur on May 20, 2014. 

IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Award is to be governed by the terms and
conditions of this Notice, the Plan, and the Agreement. 
  

			
	RE/MAX Holdings, Inc., a Delaware corporation
		
	By:	 	 
		
	Title:	 	 
		
	Date:	 	 

 Grantee Acknowledges and Agrees: 

The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar with the terms and
provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of
counsel prior to executing this Notice and fully understands all provisions of this Notice, the Agreement and the Plan. The Grantee further agrees and acknowledges that this Award is a non-elective arrangement pursuant to Section 409A of the
Code. 
 The Grantee further acknowledges that, from time to time, the Company may be in a “blackout period” and/or subject to
applicable federal securities laws that could subject the Grantee to liability for engaging in any transaction involving the sale of the Company’s Shares. The Grantee further acknowledges and agrees that, prior to the sale of any Shares
acquired under this Award, it is the Grantee’s responsibility to determine whether or not such sale of Shares will subject the Grantee to liability under insider trading rules or other applicable federal securities laws. 

The Grantee understands that the Award is subject to the Grantee’s consent to access this Notice, the Agreement, the Plan and the Plan
prospectus (collectively, the “Plan Documents”) in electronic form on the Company’s intranet or the website of the Company’s designated brokerage firm, if applicable. By signing below (or providing an electronic signature by
clicking below) and accepting the grant of the Award, the Grantee: (i) consents to access electronic copies (instead of receiving paper copies) of the Plan Documents via the Company’s intranet or the website of the Company’s
designated brokerage firm, if applicable; (ii) represents that the Grantee has access to the Company’s intranet or the website of the Company’s designated brokerage firm, if applicable; (iii) acknowledges receipt of electronic
copies, or that the Grantee is already in possession of paper copies, of the Plan Documents; and (iv) acknowledges that the Grantee is familiar with and accepts the Award subject to the terms and provisions of the Plan Documents. 

The Company may, in its sole discretion, decide to deliver any Plan Documents by electronic means or request the Grantee’s consent to
participate in the Plan by electronic means. The Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a
third party designated by the Company. 
 The Grantee hereby agrees that all questions of interpretation and administration relating to this
Notice, the Plan and the Agreement shall be resolved by the Administrator in accordance with Section 8 of the Agreement. The Grantee further agrees to the venue and jurisdiction selection in accordance with Section 9 of the Agreement. The
Grantee further agrees to notify the Company upon any change in his or her residence address indicated in this Notice. 
  

									
					
	Date:	 	 	 		 		 	 
		 		 		 		 	Grantee’s Signature
					
		 		 		 		 	 
		 		 		 		 	Grantee’s Printed Name
					
		 		 		 		 	 
		 		 		 		 	Address
					
		 		 		 		 	 
		 		 		 		 	City, State & Zip

  
 2 

 Award Number:
                         

RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT 

1. Issuance of Units. RE/MAX Holdings, Inc., a Delaware corporation (the “Company”), hereby issues to the Grantee (the
“Grantee”) named in the Notice of Restricted Stock Unit Award (the “Notice”) an award (the “Award”) of the Total Number of Restricted Stock Units Awarded set forth in the Notice (the “Units”), subject to the
Notice, this Restricted Stock Unit Agreement (the “Agreement”) and the terms and provisions of the Company’s 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”), which is incorporated herein by reference.
Unless otherwise provided herein, the terms in this Agreement shall have the same meaning as those defined in the Plan. 
 2. Transfer
Restrictions. The Units may not be transferred in any manner other than by will or by the laws of descent and distribution. 
 3.
Conversion of Units and Issuance of Shares. 
 (a) General. One share of Common Stock shall be issued to the Grantee on
May 20, 2014 for each Unit subject to the Award (the “Shares”). Any fractional Unit remaining after satisfaction of any required tax or other withholding obligations shall be discarded and shall not be converted into a fractional
Share.  
 (b) Delay of Issuance of Shares. The Company shall delay the issuance of any Shares under this Section 3 to
the extent necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified employees” of certain publicly-traded companies); in such event, any Shares to which the Grantee would otherwise
be entitled during the six (6) month period following the date of the Grantee’s termination of Continuous Service will be issuable on the first business day following the expiration of such six (6) month period. 

4. Right to Shares and Dividends; Dividend Equivalents. The Grantee shall not have any right in, to or with respect to any of the
Shares (including any voting rights or rights with respect to dividends paid on the Shares) issuable under the Award until the Award is settled by the issuance of such Shares to the Grantee, except that Dividend Equivalents shall be earned with
respect to Units. The amount of Dividend Equivalents earned with respect to each such Unit shall be equal to the total ordinary cash dividends, if any, declared on a Share where the record date of the dividend is between the Grant Date of this Award
and the date a Share is issued. Any Dividend Equivalents earned shall be paid in cash to the Grantee when the Shares subject to the Units to which they relate are issued. Dividend Equivalents shall not accrue interest. 

 5. Taxes. 

(a) Tax Liability. The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Award,
regardless of any action the Company or any Related Entity takes with respect to any tax withholding obligations that arise in connection with the Award. Neither the Company nor any Related Entity makes any representation or undertaking regarding
the treatment of any tax withholding in connection with any aspect of the Award, including the grant, vesting, assignment, release or cancellation of the Units, the delivery of Shares, the subsequent sale of any Shares and the receipt of any
dividends or dividend equivalents. The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Grantee’s tax liability. 

(b) Payment of Withholding Taxes. Prior to any event in connection with the Award that the Company determines may result in any tax
withholding obligation, whether United States federal, state, local or non-U.S., including any social insurance, employment tax, payment on account or other tax-related obligation (the “Tax Withholding Obligation”), the Grantee must
arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a manner acceptable to the Company. 
 (i) By
Share Withholding. If permissible under Applicable Law, the Grantee authorizes the Company to, upon the exercise of its sole discretion, withhold from those Shares otherwise issuable to the Grantee the whole number of Shares sufficient to
satisfy the minimum applicable Tax Withholding Obligation. The Grantee acknowledges that the withheld Shares may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation. Accordingly, the Grantee agrees to pay to the
Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the withholding of Shares described above. 

(ii) By Sale of Shares. Unless the Grantee determines to satisfy the Tax Withholding Obligation by some other means in accordance with
clause (iii) below, the Grantee’s acceptance of this Award constitutes the Grantee’s instruction and authorization to the Company and any brokerage firm determined acceptable to the Company for such purpose to, upon the exercise of
Company’s sole discretion, sell on the Grantee’s behalf a whole number of Shares from those Shares issuable to the Grantee as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the minimum applicable
Tax Withholding Obligation. Such Shares will be sold on the day such Tax Withholding Obligation arises or as soon thereafter as practicable. The Grantee will be responsible for all broker’s fees and other costs of sale, and the Grantee agrees
to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale. To the extent the proceeds of such sale exceed the Grantee’s minimum Tax Withholding Obligation, the Company agrees to pay such
excess in cash to the Grantee. The Grantee acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the
Grantee’s minimum Tax Withholding Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation
that is not satisfied by the sale of Shares described above. 

  
 2 

 (iii) By Check, Wire Transfer or Other Means. At any time not less than five
(5) business days (or such fewer number of business days as determined by the Administrator) before any Tax Withholding Obligation arises, the Grantee may elect to satisfy the Grantee’s Tax Withholding Obligation by delivering to the
Company an amount that the Company determines is sufficient to satisfy the Tax Withholding Obligation by (x) wire transfer to such account as the Company may direct, (y) delivery of a certified check payable to the Company, or
(z) such other means as specified from time to time by the Administrator. 
 Notwithstanding the foregoing, the Company or a Related Entity also may
satisfy any Tax Withholding Obligation by offsetting any amounts (including, but not limited to, salary, bonus and severance payments) payable to the Grantee by the Company and/or a Related Entity. Furthermore, in the event of any determination that
the Company has failed to withhold a sum sufficient to pay all withholding taxes due in connection with the Award, the Grantee agrees to pay the Company the amount of such deficiency in cash within five (5) days after receiving a written demand
from the Company to do so, whether or not the Grantee is an employee of the Company at that time. 
 6. Entire Agreement; Governing
Law. The Notice, the Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with
respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee. These agreements are to be construed in accordance with and governed by the
internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the parties.
Should any provision of the Notice or this Agreement be determined to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable. 

7. Construction. The captions used in the Notice and this Agreement are inserted for convenience and shall not be deemed a part of the
Award for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the
context clearly requires otherwise. 
 8. Administration and Interpretation. Any question or dispute regarding the administration or
interpretation of the Notice, the Plan or this Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute by the Administrator shall be final and binding on all persons. 

9. Venue and Jurisdiction. The parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or
this Agreement shall be brought exclusively in the United States District Court for Delaware (or should such court lack jurisdiction to hear such action, suit or proceeding, in a Delaware state court) and that the parties shall submit to the
jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY
WAIVE ANY RIGHT THEY 

  
 3 

 
HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 9 shall for any reason be held invalid or unenforceable, it is the
specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

10. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal
delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to
the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party. 

11. Amendment and Delay to Meet the Requirements of Section 409A. The Grantee acknowledges that the Company, in the exercise of
its sole discretion and without the consent of the Grantee, may amend or modify this Agreement in any manner and delay the issuance of any Shares issuable pursuant to this Agreement to the minimum extent necessary to meet the requirements of
Section 409A of the Code as amplified by any Treasury regulations or guidance from the Internal Revenue Service as the Company deems appropriate or advisable. Notwithstanding anything in this Agreement or the Plan to the contrary, to the extent
the Award is determined to be subject to Section 409A of the Code, neither a Change in Control nor a Corporate Transaction shall be deemed to have occurred for purposes of this Award unless such Change in Control or Corporate Transaction also
constitutes a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, as those terms are used in Section 409A of the Code. In addition, the Company makes no
representation that the Award will comply with Section 409A of the Code and makes no undertaking to prevent Section 409A of the Code from applying to the Award or to mitigate its effects on any deferrals or payments made in respect of the
Units. The Grantee is encouraged to consult a tax adviser regarding the potential impact of Section 409A of the Code. 
 END OF
AGREEMENT 

  
 4 

 RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

NOTICE OF RESTRICTED STOCK AWARD 
  

					
	 Grantee’s Name and Address:
	  	 	  	
		  	 	  	
		  	 	  	

 You (the “Grantee”) have been granted Shares of Common Stock of the Company (the “Award”),
subject to the terms and conditions of this Notice of Restricted Stock Award (the “Notice”), the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan (the “Plan”), as amended from time to time, and the Restricted Stock Award
Agreement (the “Agreement”) attached hereto, as follows. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice. 

 

					
	 Award Number
	  	 	  	
			
	 Date of Award
	  	 	  	
			
	 Vesting Commencement Date
	  	 	  	
			
	 Total Number of Shares

of Common Stock Awarded

(the “Shares”)
	  	 	  	

 Vesting Schedule: 

Subject to the Grantee’s Continuous Service and other limitations set forth in this Notice, the Plan and the Agreement, the Shares will
“vest” in accordance with the following schedule: 
 In the event of a Corporate Transaction or a Change in Control in connection
with which the Award is not assumed or converted into an equivalent award by the acquiring or successor entity (or a Parent thereof), the Award, to the extent outstanding and unvested, shall automatically become fully vested immediately prior to the
effective date of such Corporate Transaction or Change in Control. 
 In the event of the Grantee’s change in status from Employee,
Director or Consultant to any other status of Employee, Director or Consultant, the Shares shall continue to be eligible to vest in accordance with the Vesting Schedule set forth above. 

For purposes of this Notice and the Agreement, the term “vest” shall mean, with respect to any Shares, that such Shares are no
longer subject to forfeiture to the Company. Shares that have not vested are deemed “Restricted Shares.” 
 Vesting shall cease
upon the date of termination of the Grantee’s Continuous Service for any reason, including death or Disability. In the event the Grantee’s Continuous Service is terminated for any reason, including death or Disability, any Restricted
Shares held by the Grantee immediately following such termination of Continuous Service shall be deemed 

 
reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of the Restricted Shares and shall have all rights and interest in or related thereto without further
action by the Grantee. The foregoing forfeiture provisions set forth in this Notice as to Restricted Shares shall apply to the new capital stock or other property (including cash paid other than as a regular cash dividend) received in exchange for
the Shares in consummation of any transaction described in Section 11 of the Plan and such stock or property shall be deemed Additional Securities (as defined in the Agreement) for purposes of the Agreement, but only to the extent the Shares
are at the time covered by such forfeiture provisions. 
 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and
agree that the Award is to be governed by the terms and conditions of this Notice, the Plan and the Agreement. 
  

			
	 RE/MAX Holdings, Inc.,

	 a Delaware corporation

		
	 By:
	 	 
	Title:	 	 

 THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE SHARES SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S
CONTINUOUS SERVICE OR AS OTHERWISE SPECIFICALLY PROVIDED HEREIN (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT NOR
THE PLAN SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE GRANTEE’S
CONTINUOUS SERVICE AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL. 

As a condition to receiving the Shares, the Grantee agrees to refrain from making an election pursuant to Section 83(b) of the Code with
respect to the Shares. 
 The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar
with the terms and provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain
the advice of counsel prior to executing this Notice and fully understands all provisions of this Notice, the Agreement and the Plan. The Grantee hereby agrees that all questions of interpretation and administration relating to this Notice, the Plan
and the Agreement shall be resolved by the Administrator in accordance with Section 11 of the Agreement. The Grantee further agrees to the venue selection and waiver of jury trial in accordance with Section 12 of the Agreement. The Grantee
further agrees to notify the Company upon any change in the residence address indicated in this Notice. 
  

											
	Dated: 	 	 	 		 	 	Signed: 	  	 	 

  
 2 

 Award Number:
                                 

RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

RESTRICTED STOCK AWARD AGREEMENT 

1. Issuance of Shares. RE/MAX Holdings, Inc., a Delaware corporation (the “Company”), hereby issues to the Grantee (the
“Grantee”) named in the Notice of Restricted Stock Award (the “Notice”), the Total Number of Shares of Common Stock Awarded set forth in the Notice (the “Shares”), subject to the Notice, this Restricted Stock Award
Agreement (the “Agreement”) and the terms and provisions of the Company’s 2013 Omnibus Incentive Plan (the “Plan”), as amended from time to time, which are incorporated herein by reference. Unless otherwise defined herein,
the terms defined in the Plan shall have the same defined meanings in this Agreement. All Shares issued hereunder will be deemed issued to the Grantee as fully paid and nonassessable shares, and the Grantee will have the right to vote the Shares at
meetings of the Company’s stockholders. The Company shall pay any applicable stock transfer taxes imposed upon the issuance of the Shares to the Grantee hereunder. 

2. Transfer Restrictions. The Shares issued to the Grantee hereunder may not be sold, transferred by gift, pledged, hypothecated, or
otherwise transferred or disposed of by the Grantee prior to the date when the Shares become vested pursuant to the Vesting Schedule set forth in the Notice. Any attempt to transfer Restricted Shares in violation of this Section 2 will be null
and void and will be disregarded. 
 3. Escrow of Stock. For purposes of facilitating the enforcement of the provisions of this
Agreement, the Grantee agrees, immediately upon receipt of the certificate(s) for the Restricted Shares, to deliver such certificate(s), together with an Assignment Separate from Certificate in the form attached hereto as Exhibit A,
executed in blank by the Grantee with respect to each such stock certificate, to the Secretary or Assistant Secretary of the Company, or their designee, to hold in escrow for so long as such Restricted Shares have not vested, with the authority to
take all such actions and to effectuate all such transfers and/or releases as may be necessary or appropriate to accomplish the objectives of this Agreement in accordance with the terms hereof. The Grantee hereby acknowledges that the appointment of
the Secretary or Assistant Secretary of the Company (or their designee) as the escrow holder hereunder with the stated authorities is a material inducement to the Company to make this Agreement and that such appointment is coupled with an interest
and is accordingly irrevocable. The Grantee agrees that the Restricted Shares may be held electronically in a book entry system maintained by the Company’s transfer agent or other third party and that all the terms and conditions of this
Section 3 applicable to certificated Restricted Shares will apply with the same force and effect to such electronic method for holding the Restricted Shares. The Grantee agrees that such escrow holder shall not be liable to any party hereto (or
to any other party) for any actions or omissions unless such escrow holder is grossly negligent relative thereto. The escrow holder may rely upon any letter, notice or other document executed by any signature purported to be genuine and may resign
at any time. Upon the vesting of Restricted Shares, the escrow holder will, without further order or instruction, transmit to the Grantee the certificate evidencing such Shares; provided, however, that no transmittal of certificates
evidencing the Shares will occur unless and until the Grantee has satisfied all Tax Withholding Obligations (as defined in Section 5(c) below). 

  
 1 

 4. Additional Securities and Distributions. 

(a) Any securities or cash received (other than a regular cash dividend) as the result of ownership of the Restricted Shares (the
“Additional Securities”), including, but not by way of limitation, warrants, options and securities received as a stock dividend or stock split, or as a result of a recapitalization or reorganization or other similar change in the
Company’s capital structure, shall be retained in escrow in the same manner and subject to the same conditions and restrictions as the Restricted Shares with respect to which they were issued, including, without limitation, the Vesting Schedule
set forth in the Notice. The Grantee shall be entitled to direct the Company to exercise any warrant or option received as Additional Securities upon supplying the funds necessary to do so, in which event the securities so purchased shall constitute
Additional Securities, but the Grantee may not direct the Company to sell any such warrant or option. If Additional Securities consist of a convertible security, the Grantee may exercise any conversion right, and any securities so acquired shall
constitute Additional Securities. In the event of any change in certificates evidencing the Shares or the Additional Securities by reason of any recapitalization, reorganization or other transaction that results in the creation of Additional
Securities, the escrow holder is authorized to deliver to the issuer the certificates evidencing the Shares or the Additional Securities in exchange for the certificates of the replacement securities. 

(b) The Company shall disburse to the Grantee all regular cash dividends with respect to the Shares and Additional Securities (whether vested
or not), less any applicable withholding obligations. 
 5. Taxes. 

(a) No Section 83(b) Election. As a condition to receiving the Shares, the Grantee agrees to refrain from making an election
pursuant to Section 83(b) of the Code with respect to the Shares. 
 (b) Tax Liability. The Grantee is ultimately liable and
responsible for all taxes owed by the Grantee in connection with the Award, regardless of any action the Company or any Related Entity takes with respect to any tax withholding obligations that arise in connection with the Award. Neither the Company
nor any Related Entity makes any representation or undertaking regarding the treatment of any tax withholding in connection with the grant or vesting of the Award or the subsequent sale of Shares subject to the Award. The Company and its Related
Entities do not commit and are under no obligation to structure the Award to reduce or eliminate the Grantee’s tax liability. 
 (c)
Payment of Withholding Taxes. Prior to any event in connection with the Award (e.g., vesting) that the Company determines may result in any tax withholding obligation, whether United States federal, state, local or non-U.S., including any
employment tax obligation (the “Tax Withholding Obligation”), the Grantee must arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a manner acceptable to the Company. 

  
 2 

 (i) By Share Withholding. The Grantee authorizes the Company to, upon the exercise of its
sole discretion, withhold from those Shares issuable to the Grantee the whole number of Shares sufficient to satisfy the minimum applicable Tax Withholding Obligation. The Grantee acknowledges that the withheld Shares may not be sufficient to
satisfy the Grantee’s minimum Tax Withholding Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding
Obligation that is not satisfied by the withholding of Shares described above. 
 (ii) By Sale of Shares. Unless the Grantee
determines to satisfy the Tax Withholding Obligation by some other means in accordance with clause (iii) below, the Grantee’s acceptance of this Award constitutes the Grantee’s instruction and authorization to the Company and any
brokerage firm determined acceptable to the Company for such purpose to sell on the Grantee’s behalf a whole number of Shares from those Shares issuable to the Grantee as the Company determines to be appropriate to generate cash proceeds
sufficient to satisfy the minimum applicable Tax Withholding Obligation. Such Shares will be sold on the day such Tax Withholding Obligation arises (e.g., a vesting date) or as soon thereafter as practicable. The Grantee will be responsible for all
broker’s fees and other costs of sale, and the Grantee agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale. To the extent the proceeds of such sale exceed the Grantee’s
minimum Tax Withholding Obligation, the Company agrees to pay such excess in cash to the Grantee. The Grantee acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the
proceeds of any such sale may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional
payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the sale of Shares described above. 
 (iii)
By Check, Wire Transfer or Other Means. At any time not less than five (5) business days (or such fewer number of business days as determined by the Administrator) before any Tax Withholding Obligation arises (e.g., a vesting date), the
Grantee may elect to satisfy the Grantee’s Tax Withholding Obligation by delivering to the Company an amount that the Company determines is sufficient to satisfy the Tax Withholding Obligation by (x) wire transfer to such account as the
Company may direct, (y) delivery of a certified check payable to the Company, or (z) such other means as specified from time to time by the Administrator. 

Notwithstanding the foregoing, the Company also may satisfy any Tax Withholding Obligation by offsetting any amounts (including, but not limited to, salary,
bonus and severance payments) due to the Grantee by the Company. 
 6. Stop-Transfer Notices. In order to ensure compliance with the
restrictions on transfer set forth in this Agreement, the Notice or the Plan, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and, if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own records. The Company may issue a “stop transfer” instruction if the Grantee fails to satisfy any Tax Withholding Obligations. 

  
 3 

 7. Refusal to Transfer. The Company shall not be required (i) to transfer on its
books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee
to whom such Shares shall have been so transferred. 
 8. Restrictive Legends. The Grantee understands and agrees that the Company
shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal
securities laws: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED BY THE TERMS OF THAT CERTAIN RESTRICTED STOCK AWARD AGREEMENT
BETWEEN THE COMPANY AND THE NAMED STOCKHOLDER. THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH SUCH AGREEMENT, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

9. Entire Agreement: Governing Law. The Notice, the Plan and this Agreement constitute the entire agreement of the parties with respect
to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by
means of a writing signed by the Company and the Grantee. These agreements are to be construed in accordance with and governed by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the
application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the parties. Should any provision of the Notice or this Agreement be determined to be illegal or unenforceable, the other
provisions shall nevertheless remain effective and shall remain enforceable. 
 10. Construction. The captions used in the Notice and
this Agreement are inserted for convenience and shall not be deemed a part of the Award for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the
singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 
 11.
Administration and Interpretation. Any question or dispute regarding the administration or interpretation of the Notice, the Plan or this Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of
such question or dispute by the Administrator shall be final and binding on all persons. 
 12. Venue and Jurisdiction. The parties
agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Agreement shall be brought exclusively in the United States District Court for Delaware (or should such court lack jurisdiction to hear such
action, suit or proceeding, in a Delaware state court) and that the parties shall submit to the 

  
 4 

 
jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding
brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 9 shall for any reason be held invalid or
unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

13. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal
delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to
the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party. 

END OF AGREEMENT 

  
 5 

 EXHIBIT A 

STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE 

FOR VALUE RECEIVED,                  hereby sells, assigns and
transfers unto                     ,                 
(            ) shares of the Common Stock of RE/MAX Holdings, Inc., a Delaware corporation (the “Company”), standing in his name on the books of, the Company represented by
Certificate No.                  herewith, and does hereby irrevocably constitute and appoint the Secretary of the Company attorney to transfer the said stock in
the books of the Company with full power of substitution. 
 DATED:
                             

 

	
	   

 [Please sign this document but do not date it. The date and information of the transferee will be completed if and
when the shares are assigned.] 

  
 1 

 RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

NOTICE OF RESTRICTED STOCK AWARD 
  

					
	 Grantee’s Name and Address:
	 	 	 	
		 	 	 	
		 	 	 	

 You (the “Grantee”) have been granted Shares of Common Stock of the Company (the “Award”),
subject to the terms and conditions of this Notice of Restricted Stock Award (the “Notice”), the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan (the “Plan”), as amended from time to time, and the Restricted Stock Award
Agreement (the “Agreement”) attached hereto, as follows. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice. 

 

					
	 Award Number
	  	 	  	
			
	 Date of Award
	  	 	  	
			
	 Vesting Commencement Date
	  	 	  	
			
	 Total Number of Shares

of Common Stock Awarded

(the “Shares”)
	  	 	  	

 Vesting Schedule: 

Subject to the Grantee’s Continuous Service and other limitations set forth in this Notice, the Plan and the Agreement, the Shares will
“vest” in accordance with the following schedule: 
 In the event of the Grantee’s change in status from Employee, Director
or Consultant to any other status of Employee, Director or Consultant, the Shares shall continue to be eligible to vest in accordance with the Vesting Schedule set forth above. 

For purposes of this Notice and the Agreement, the term “vest” shall mean, with respect to any Shares, that such Shares are no
longer subject to forfeiture to the Company. Shares that have not vested are deemed “Restricted Shares.” 
 Vesting shall cease
upon the date of termination of the Grantee’s Continuous Service for any reason, including death or Disability. In the event the Grantee’s Continuous Service is terminated for any reason, including death or Disability, any Restricted
Shares held by the Grantee immediately following such termination of Continuous Service shall be deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of the Restricted Shares and shall have all rights
and interest in or related thereto without further action by the Grantee. The foregoing forfeiture provisions set forth in this Notice as to Restricted Shares shall apply to the new capital stock or other property (including cash paid other than as
a regular cash dividend) received in exchange for the Shares in consummation of any transaction described in Section 11 of the Plan and such stock or property shall be deemed Additional Securities (as defined in the Agreement) for purposes of
the Agreement, but only to the extent the Shares are at the time covered by such forfeiture provisions. 

 The Award shall be subject to the provisions of Section 11 of the Plan in the event of a
Corporate Transaction or Change in Control. 
 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the
Award is to be governed by the terms and conditions of this Notice, the Plan and the Agreement. 
  

			
	 RE/MAX Holdings, Inc.,

a Delaware corporation

		
	 By:
	 	 
	 Title:
	 	 

 THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE SHARES SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S
CONTINUOUS SERVICE OR AS OTHERWISE SPECIFICALLY PROVIDED HEREIN (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT NOR
THE PLAN SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE GRANTEE’S
CONTINUOUS SERVICE AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL. 

As a condition to receiving the Shares, the Grantee agrees to refrain from making an election pursuant to Section 83(b) of the Code with
respect to the Shares. 
 The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar
with the terms and provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain
the advice of counsel prior to executing this Notice and fully understands all provisions of this Notice, the Agreement and the Plan. The Grantee hereby agrees that all questions of interpretation and administration relating to this Notice, the Plan
and the Agreement shall be resolved by the Administrator in accordance with Section 11 of the Agreement. The Grantee further agrees to the venue selection and waiver of jury trial in accordance with Section 12 of the Agreement. The Grantee
further agrees to notify the Company upon any change in the residence address indicated in this Notice. 
  

									
	 Dated: 
	 	 	 		 	Signed: 	 	 

  
 2 

 Award Number:
                                 

RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

RESTRICTED STOCK AWARD AGREEMENT 

1. Issuance of Shares. RE/MAX Holdings, Inc., a Delaware corporation (the “Company”), hereby issues to the Grantee (the
“Grantee”) named in the Notice of Restricted Stock Award (the “Notice”), the Total Number of Shares of Common Stock Awarded set forth in the Notice (the “Shares”), subject to the Notice, this Restricted Stock Award
Agreement (the “Agreement”) and the terms and provisions of the Company’s 2013 Omnibus Incentive Plan (the “Plan”), as amended from time to time, which are incorporated herein by reference. Unless otherwise defined herein,
the terms defined in the Plan shall have the same defined meanings in this Agreement. All Shares issued hereunder will be deemed issued to the Grantee as fully paid and nonassessable shares, and the Grantee will have the right to vote the Shares at
meetings of the Company’s stockholders. The Company shall pay any applicable stock transfer taxes imposed upon the issuance of the Shares to the Grantee hereunder. 

2. Transfer Restrictions. The Shares issued to the Grantee hereunder may not be sold, transferred by gift, pledged, hypothecated, or
otherwise transferred or disposed of by the Grantee prior to the date when the Shares become vested pursuant to the Vesting Schedule set forth in the Notice. Any attempt to transfer Restricted Shares in violation of this Section 2 will be null
and void and will be disregarded. 
 3. Escrow of Stock. For purposes of facilitating the enforcement of the provisions of this
Agreement, the Grantee agrees, immediately upon receipt of the certificate(s) for the Restricted Shares, to deliver such certificate(s), together with an Assignment Separate from Certificate in the form attached hereto as Exhibit A,
executed in blank by the Grantee with respect to each such stock certificate, to the Secretary or Assistant Secretary of the Company, or their designee, to hold in escrow for so long as such Restricted Shares have not vested, with the authority to
take all such actions and to effectuate all such transfers and/or releases as may be necessary or appropriate to accomplish the objectives of this Agreement in accordance with the terms hereof. The Grantee hereby acknowledges that the appointment of
the Secretary or Assistant Secretary of the Company (or their designee) as the escrow holder hereunder with the stated authorities is a material inducement to the Company to make this Agreement and that such appointment is coupled with an interest
and is accordingly irrevocable. The Grantee agrees that the Restricted Shares may be held electronically in a book entry system maintained by the Company’s transfer agent or other third party and that all the terms and conditions of this
Section 3 applicable to certificated Restricted Shares will apply with the same force and effect to such electronic method for holding the Restricted Shares. The Grantee agrees that such escrow holder shall not be liable to any party hereto (or
to any other party) for any actions or omissions unless such escrow holder is grossly negligent relative thereto. The escrow holder may rely upon any letter, notice or other document executed by any signature purported to be genuine and may resign
at any time. Upon the vesting of Restricted Shares, the escrow holder will, without further order or instruction, transmit to the Grantee the certificate evidencing such Shares; provided, however, that no transmittal of certificates
evidencing the Shares will occur unless and until the Grantee has satisfied all Tax Withholding Obligations (as defined in Section 5(c) below). 

  
 1 

 4. Additional Securities and Distributions. 

(a) Any securities or cash received (other than a regular cash dividend) as the result of ownership of the Restricted Shares (the
“Additional Securities”), including, but not by way of limitation, warrants, options and securities received as a stock dividend or stock split, or as a result of a recapitalization or reorganization or other similar change in the
Company’s capital structure, shall be retained in escrow in the same manner and subject to the same conditions and restrictions as the Restricted Shares with respect to which they were issued, including, without limitation, the Vesting Schedule
set forth in the Notice. The Grantee shall be entitled to direct the Company to exercise any warrant or option received as Additional Securities upon supplying the funds necessary to do so, in which event the securities so purchased shall constitute
Additional Securities, but the Grantee may not direct the Company to sell any such warrant or option. If Additional Securities consist of a convertible security, the Grantee may exercise any conversion right, and any securities so acquired shall
constitute Additional Securities. In the event of any change in certificates evidencing the Shares or the Additional Securities by reason of any recapitalization, reorganization or other transaction that results in the creation of Additional
Securities, the escrow holder is authorized to deliver to the issuer the certificates evidencing the Shares or the Additional Securities in exchange for the certificates of the replacement securities. 

(b) The Company shall disburse to the Grantee all regular cash dividends with respect to the Shares and Additional Securities (whether vested
or not), less any applicable withholding obligations. 
 5. Taxes. 

(a) No Section 83(b) Election. As a condition to receiving the Shares, the Grantee agrees to refrain from making an election
pursuant to Section 83(b) of the Code with respect to the Shares. 
 (b) Tax Liability. The Grantee is ultimately liable and
responsible for all taxes owed by the Grantee in connection with the Award, regardless of any action the Company or any Related Entity takes with respect to any tax withholding obligations that arise in connection with the Award. Neither the Company
nor any Related Entity makes any representation or undertaking regarding the treatment of any tax withholding in connection with the grant or vesting of the Award or the subsequent sale of Shares subject to the Award. The Company and its Related
Entities do not commit and are under no obligation to structure the Award to reduce or eliminate the Grantee’s tax liability. 
 (c)
Payment of Withholding Taxes. Prior to any event in connection with the Award (e.g., vesting) that the Company determines may result in any tax withholding obligation, whether United States federal, state, local or non-U.S., including any
employment tax obligation (the “Tax Withholding Obligation”), the Grantee must arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a manner acceptable to the Company. 

  
 2 

 (i) By Share Withholding. The Grantee authorizes the Company to, upon the exercise of its
sole discretion, withhold from those Shares issuable to the Grantee the whole number of Shares sufficient to satisfy the minimum applicable Tax Withholding Obligation. The Grantee acknowledges that the withheld Shares may not be sufficient to
satisfy the Grantee’s minimum Tax Withholding Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding
Obligation that is not satisfied by the withholding of Shares described above. 
 (ii) By Sale of Shares. Unless the Grantee
determines to satisfy the Tax Withholding Obligation by some other means in accordance with clause (iii) below, the Grantee’s acceptance of this Award constitutes the Grantee’s instruction and authorization to the Company and any
brokerage firm determined acceptable to the Company for such purpose to sell on the Grantee’s behalf a whole number of Shares from those Shares issuable to the Grantee as the Company determines to be appropriate to generate cash proceeds
sufficient to satisfy the minimum applicable Tax Withholding Obligation. Such Shares will be sold on the day such Tax Withholding Obligation arises (e.g., a vesting date) or as soon thereafter as practicable. The Grantee will be responsible for all
broker’s fees and other costs of sale, and the Grantee agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale. To the extent the proceeds of such sale exceed the Grantee’s
minimum Tax Withholding Obligation, the Company agrees to pay such excess in cash to the Grantee. The Grantee acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the
proceeds of any such sale may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional
payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the sale of Shares described above. 
 (iii)
By Check, Wire Transfer or Other Means. At any time not less than five (5) business days (or such fewer number of business days as determined by the Administrator) before any Tax Withholding Obligation arises (e.g., a vesting date), the
Grantee may elect to satisfy the Grantee’s Tax Withholding Obligation by delivering to the Company an amount that the Company determines is sufficient to satisfy the Tax Withholding Obligation by (x) wire transfer to such account as the
Company may direct, (y) delivery of a certified check payable to the Company, or (z) such other means as specified from time to time by the Administrator. 

Notwithstanding the foregoing, the Company also may satisfy any Tax Withholding Obligation by offsetting any amounts (including, but not limited to, salary,
bonus and severance payments) due to the Grantee by the Company. 
 6. Stop-Transfer Notices. In order to ensure compliance with the
restrictions on transfer set forth in this Agreement, the Notice or the Plan, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and, if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own records. The Company may issue a “stop transfer” instruction if the Grantee fails to satisfy any Tax Withholding Obligations. 

  
 3 

 7. Refusal to Transfer. The Company shall not be required (i) to transfer on its
books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee
to whom such Shares shall have been so transferred. 
 8. Restrictive Legends. The Grantee understands and agrees that the Company
shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal
securities laws: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED BY THE TERMS OF THAT CERTAIN RESTRICTED STOCK AWARD AGREEMENT
BETWEEN THE COMPANY AND THE NAMED STOCKHOLDER. THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH SUCH AGREEMENT, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

9. Entire Agreement: Governing Law. The Notice, the Plan and this Agreement constitute the entire agreement of the parties with respect
to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by
means of a writing signed by the Company and the Grantee. These agreements are to be construed in accordance with and governed by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the
application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the parties. Should any provision of the Notice or this Agreement be determined to be illegal or unenforceable, the other
provisions shall nevertheless remain effective and shall remain enforceable. 
 10. Construction. The captions used in the Notice and
this Agreement are inserted for convenience and shall not be deemed a part of the Award for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the
singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 
 11.
Administration and Interpretation. Any question or dispute regarding the administration or interpretation of the Notice, the Plan or this Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of
such question or dispute by the Administrator shall be final and binding on all persons. 
 12. Venue and Jurisdiction. The parties
agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Agreement shall be brought exclusively in the United States District Court for Delaware (or should such court lack jurisdiction to hear such
action, suit or proceeding, in a Delaware state court) and that the parties shall submit to the 

  
 4 

 
jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding
brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 9 shall for any reason be held invalid or
unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

13. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal
delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to
the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party. 

END OF AGREEMENT 

  
 5 

 EXHIBIT A 

STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE 

FOR VALUE RECEIVED,                     
hereby sells, assigns and transfers unto                     ,
                 (            ) shares of the Common Stock of RE/MAX Holdings, Inc., a Delaware
corporation (the “Company”), standing in his name on the books of, the Company represented by Certificate No.                  herewith, and does hereby
irrevocably constitute and appoint the Secretary of the Company attorney to transfer the said stock in the books of the Company with full power of substitution. 

DATED:                         
 
  

	
	   

 [Please sign this document but do not date it. The date and information of the transferee will be completed if and
when the shares are assigned.] 

  
 1 

 RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

NOTICE OF STOCK OPTION AWARD 
  

					
	Grantee’s Name and Address:	  	 	  	
		  	 	  	
		  	 	  	

 You (the “Grantee”) have been granted an option to purchase shares of Common Stock, subject to the
terms and conditions of this Notice of Stock Option Award (the “Notice”), the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”) and the Stock Option Award Agreement (the “Option
Agreement”) attached hereto, as follows. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice. 
  

					
	Award Number	  	 	  	
			
	Date of Award	  	 	  	
			
	Vesting Commencement Date	  	 	  	
			
	Exercise Price per Share    	  	$                                      
                                        	  	
			
	Total Number of Shares Subject
to the Option (the “Shares”)	  	 	  	
			
	Total Exercise Price	  	$                                      
                                        	  	
			
	Type of Option:	  	                 Incentive Stock Option	  	
			
		  	                  Non-Qualified Stock Option	  	
			
	Expiration Date:	  	 	  	
			
	Post-Termination Exercise Period:    	  	Three (3) Months	  	

 Vesting Schedule: 

Subject to the Grantee’s Continuous Service and other limitations set forth in this Notice, the Plan and the Option Agreement, the Option
may be exercised, in whole or in part, in accordance with the following schedule: 
 In the event of a Corporate Transaction or a Change in
Control in connection with which the Option is not assumed or converted into an equivalent award by the acquiring or successor entity (or a Parent thereof), the Option, to the extent outstanding and unvested, shall automatically become fully vested
and exercisable immediately prior to the effective date of such Corporate Transaction or Change in Control. 
 During any authorized leave
of absence, the vesting of the Option as provided in this schedule shall be suspended after the leave of absence exceeds a period of three (3) months. Vesting of the Option shall resume upon the Grantee’s termination of the leave of
absence and return to service to the Company or a Related Entity. The Vesting Schedule of the Option shall be extended by the length of the suspension. 

 In the event of termination of the Grantee’s Continuous Service for Cause, the
Grantee’s right to exercise the Option shall terminate concurrently with the termination of the Grantee’s Continuous Service, except as otherwise determined by the Administrator. 

IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Option is to be governed by the terms and
conditions of this Notice, the Plan, and the Option Agreement. 
  

			
	 RE/MAX Holdings, Inc.,

	 a Delaware corporation

		
	 By:
	 	 
	 Title:
	 	 

 THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE SHARES SUBJECT TO THE OPTION SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD
OF THE GRANTEE’S CONTINUOUS SERVICE OR AS SPECIFICALLY PROVIDED HEREIN (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE
OPTION AGREEMENT, OR THE PLAN SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE RIGHT OF THE COMPANY
OR RELATED ENTITY TO WHICH THE GRANTEE PROVIDES SERVICES TO TERMINATE THE GRANTEE’S CONTINUOUS SERVICE, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH
THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL. 
 The Grantee acknowledges receipt of a copy of the Plan and the Option
Agreement, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Option subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the Plan, and the Option
Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice, and fully understands all provisions of this Notice, the Plan and the Option Agreement. The Grantee hereby agrees that all questions
of interpretation and administration relating to this Notice, the Plan and the Option Agreement shall be resolved by the Administrator in accordance with Section 13 of the Option Agreement. The Grantee further agrees to the venue selection and
waiver of a jury trial in accordance with Section 14 of the Option Agreement. The Grantee further agrees to notify the Company upon any change in the residence address indicated in this Notice. 

 

									
	Dated: 	 	 	 		 	Signed: 	 	 
		 		 		 		 	Grantee

  
 2 

 Award Number:
                     

RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

STOCK OPTION AWARD AGREEMENT 

1. Grant of Option. RE/MAX Holdings, Inc., a Delaware corporation (the “Company”), hereby grants to the Grantee (the
“Grantee”) named in the Notice of Stock Option Award (the “Notice”), an option (the “Option”) to purchase the Total Number of Shares of Common Stock subject to the Option (the “Shares”) set forth in the
Notice, at the Exercise Price per Share set forth in the Notice (the “Exercise Price”) subject to the terms and provisions of the Notice, this Stock Option Award Agreement (the “Option Agreement”) and the Company’s 2013
Omnibus Incentive Plan, as amended from time to time (the “Plan”), which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Option Agreement.

 If designated in the Notice as an Incentive Stock Option, the Option is intended to qualify as an Incentive Stock Option as defined in
Section 422 of the Code. However, notwithstanding such designation, the Option will qualify as an Incentive Stock Option under the Code only to the extent the $100,000 dollar limitation of Section 422(d) of the Code is not exceeded. The
$100,000 limitation of Section 422(d) of the Code is calculated based on the aggregate Fair Market Value of the Shares subject to options designated as Incentive Stock Options which become exercisable for the first time by the Grantee during
any calendar year (under all plans of the Company or any Parent or Subsidiary of the Company). For purposes of this calculation, Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value
of the shares subject to such options shall be determined as of the grant date of the relevant option. 
 2. Exercise of Option. 

(a) Right to Exercise. The Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice and
with the applicable provisions of the Plan and this Option Agreement. The Option shall be subject to the provisions of Section 11 of the Plan relating to the exercisability or termination of the Option in the event of a Corporate Transaction or
Change in Control. The Grantee shall be subject to reasonable limitations on the number of requested exercises during any monthly or weekly period as determined by the Administrator. In no event shall the Company issue fractional Shares. 

(b) Method of Exercise. The Option shall be exercisable by delivery of an exercise notice (a form of which is attached as Exhibit A) or
by such other procedure as specified from time to time by the Administrator which shall state the election to exercise the Option, the whole number of Shares in respect of which the Option is being exercised, and such other provisions as may be
required by the Administrator. The exercise notice shall be delivered in person, by certified mail, or by such other method (including electronic transmission) as determined from time to time by the Administrator to the Company accompanied by
payment of the Exercise Price and all applicable income and employment taxes required to be withheld. The 

  
 1 

 
Option shall be deemed to be exercised upon receipt by the Company of such notice accompanied by the Exercise Price and all applicable withholding taxes, which, to the extent selected, shall be
deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price provided in Section 3(d) below to the extent such procedure is available to the Grantee at the time of exercise and such an exercise
would not violate any Applicable Law. 
 (c) Taxes. No Shares will be delivered to the Grantee or other person pursuant to the
exercise of the Option until the Grantee or other person has made arrangements acceptable to the Administrator for the satisfaction of applicable income tax and employment tax withholding obligations, including, without limitation, such other tax
obligations of the Grantee incident to the receipt of Shares. Upon exercise of the Option, the Company or the Grantee’s employer may offset or withhold (from any amount owed by the Company or the Grantee’s employer to the Grantee) or
collect from the Grantee or other person an amount sufficient to satisfy such tax withholding obligations. Furthermore, in the event of any determination that the Company has failed to withhold a sum sufficient to pay all withholding taxes due in
connection with the Option, the Grantee agrees to pay the Company the amount of such deficiency in cash within five (5) days after receiving a written demand from the Company to do so, whether or not the Grantee is an employee of the Company at
that time. 
 (d) Section 16(b). Notwithstanding any provision of this Option Agreement to the contrary, other than termination
of the Grantee’s Continuous Service for Cause, if a sale within the applicable time periods set forth in Sections 5, 6 or 7 herein of Shares acquired upon the exercise of the Option would subject the Grantee to suit under Section 16(b) of
the Exchange Act, the Option shall remain exercisable until the earliest to occur of (i) the tenth (10th) day following the date on which a sale of such Shares by the Grantee would no longer be subject to such suit, (ii) the one
hundred and ninetieth (190th) day after the Grantee’s termination of Continuous Service, or (iii) the date on which the Option expires. 

3. Method of Payment. Payment of the Exercise Price shall be made by any of the following, or a combination thereof, at the election of
the Grantee; provided, however, that such exercise method does not then violate any Applicable Law and, provided further, that the portion of the Exercise Price equal to the par value of the Shares must be paid in cash or other legal consideration
permitted by the Delaware General Corporation Law: 
 (a) cash; 

(b) check; 
 (c) surrender of
Shares held for the requisite period, if any, necessary to avoid a charge to the Company’s earnings for financial reporting purposes, or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require
which have a Fair Market Value on the date of surrender or attestation equal to the aggregate Exercise Price of the Shares as to which the Option is being exercised; 

  
 2 

 (d) payment through a “net exercise” such that, without the payment of any funds, the
Grantee may exercise the Option and receive the net number of Shares equal to (i) the number of Shares as to which the Option is being exercised, multiplied by (ii) a fraction, the numerator of which is the Fair Market Value per Share (on
such date as is determined by the Administrator) less the Exercise Price per Share, and the denominator of which is such Fair Market Value per Share (the number of net Shares to be received shall be rounded down to the nearest whole number of
Shares); or 
 (e) payment through a broker-dealer sale and remittance procedure pursuant to which the Grantee (i) shall provide written
instructions to a Company-designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise price payable for the purchased Shares and
(ii) shall provide written directives to the Company to deliver the certificates for the purchased Shares directly to such brokerage firm in order to complete the sale transaction. 

4. Restrictions on Exercise. The Option may not be exercised if the issuance of the Shares subject to the Option upon such exercise
would constitute a violation of any Applicable Laws. If the exercise of the Option within the applicable time periods set forth in Section 5, 6 and 7 of this Option Agreement is prevented by the provisions of this Section 4, the Option
shall remain exercisable until one (1) month after the date the Grantee is notified by the Company that the Option is exercisable, but in any event no later than the Expiration Date set forth in the Notice. 

5. Termination or Change of Continuous Service. In the event the Grantee’s Continuous Service terminates, the Grantee may, but
only during the Post-Termination Exercise Period, exercise the portion of the Option that was vested at the date of such termination (the “Termination Date”). The Post-Termination Exercise Period shall commence on the Termination Date. In
the event of termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise the Option shall, except as otherwise determined by the Administrator, terminate concurrently with the termination of the
Grantee’s Continuous Service (also the “Termination Date”). In no event, however, shall the Option be exercised later than the Expiration Date set forth in the Notice. In the event of the Grantee’s change in status from Employee,
Director or Consultant to any other status of Employee, Director or Consultant, the Option shall remain in effect and the Option shall continue to vest in accordance with the Vesting Schedule set forth in the Notice; provided, however, that with
respect to any Incentive Stock Option that shall remain in effect after a change in status from Employee to Director or Consultant, such Incentive Stock Option shall cease to be treated as an Incentive Stock Option and shall be treated as a
Non-Qualified Stock Option on the day three (3) months and one (1) day following such change in status. Except as provided in Sections 6 and 7 below, to the extent that the Option was unvested on the Termination Date, or if the
Grantee does not exercise the vested portion of the Option within the Post-Termination Exercise Period, the Option shall terminate. 
 6.
Disability of Grantee. In the event the Grantee’s Continuous Service terminates as a result of his or her Disability, the Grantee may, but only within twelve (12) months commencing on the Termination Date (but in no event later than
the Expiration Date), exercise the portion of the Option that was vested on the Termination Date; provided, however, that if such Disability is not a “disability” as such term is defined in Section 22(e)(3) of the Code and the Option
is an Incentive Stock Option, such Incentive Stock Option shall cease to be treated as an Incentive Stock Option and shall be treated as a Non-Qualified Stock Option on the day 

  
 3 

 
three (3) months and one (1) day following the Termination Date. To the extent that the Option was unvested on the Termination Date, or if the Grantee does not exercise the vested
portion of the Option within the time specified herein, the Option shall terminate. Section 22(e)(3) of the Code provides that an individual is permanently and totally disabled if he or she is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. 

7. Death of Grantee. In the event of the termination of the Grantee’s Continuous Service as a result of his or her death, or in
the event of the Grantee’s death during the Post-Termination Exercise Period or during the twelve (12) month period following the Grantee’s termination of Continuous Service as a result of his or her Disability, the person who
acquired the right to exercise the Option pursuant to Section 8 may exercise the portion of the Option that was vested at the date of termination within twelve (12) months commencing on the date of death (but in no event later than the
Expiration Date). To the extent that the Option was unvested on the date of death, or if the vested portion of the Option is not exercised within the time specified herein, the Option shall terminate. 

8. Transferability of Option. The Option, if an Incentive Stock Option, may not be transferred in any manner other than by will or by
the laws of descent and distribution and may be exercised during the lifetime of the Grantee only by the Grantee. The Option, if a Non-Qualified Stock Option, may not be transferred in any manner other than by will or by the laws of descent and
distribution, provided, however, that a Non-Qualified Stock Option may be transferred during the lifetime of the Grantee to the extent and in the manner authorized by the Administrator. Notwithstanding the foregoing, the Grantee may designate one or
more beneficiaries of the Grantee’s Incentive Stock Option or Non-Qualified Stock Option in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator. Following the death of the Grantee, the Option,
to the extent provided in Section 7, may be exercised (a) by the person or persons designated under the deceased Grantee’s beneficiary designation or (b) in the absence of an effectively designated beneficiary, by the
Grantee’s legal representative or by any person empowered to do so under the deceased Grantee’s will or under the then applicable laws of descent and distribution. The terms of the Option shall be binding upon the executors,
administrators, heirs, successors and transferees of the Grantee. 
 9. Term of Option. The Option must be exercised no later than
the Expiration Date set forth in the Notice or such earlier date as otherwise provided herein. After the Expiration Date or such earlier date, the Option shall be of no further force or effect and may not be exercised. 

10. Tax Consequences. The Grantee may incur tax liability as a result of the Grantee’s purchase or disposition of the Shares. THE
GRANTEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES. 
 11. Entire Agreement: Governing Law.
The Notice, the Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect
to the subject matter hereof, and may not be modified adversely to the 

  
 4 

 
Grantee’s interest except by means of a writing signed by the Company and the Grantee. Nothing in the Notice, the Plan and this Option Agreement (except as expressly provided therein) is
intended to confer any rights or remedies on any persons other than the parties. The Notice, the Plan and this Option Agreement are to be construed in accordance with and governed by the internal laws of the State of Delaware without giving effect
to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the parties. Should any provision of the Notice, the Plan or this Option
Agreement be determined to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable. 

12. Construction. The captions used in the Notice and this Option Agreement are inserted for convenience and shall not be deemed a part
of the Option for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless
the context clearly requires otherwise. 
 13. Administration and Interpretation. Any question or dispute regarding the
administration or interpretation of the Notice, the Plan or this Option Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute by the Administrator shall be final and binding on
all persons. 
 14. Venue and Waiver of Jury Trial. The Company, the Grantee, and the Grantee’s assignees pursuant to
Section 8 (the “parties”) agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Option Agreement shall be brought in the United States District Court for Delaware (or should such court
lack jurisdiction to hear such action, suit or proceeding, in a Delaware state court) and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party
may have to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of
this Section 14 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

15. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal
delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to
the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party. 

END OF AGREEMENT 

  
 5 

 EXHIBIT A 

RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

EXERCISE NOTICE 
 [COMPANY

 ADDRESS] 
 Attention: Secretary 

1. Exercise of Option. Effective as of today,
                    ,      the undersigned (the “Grantee”) hereby elects to exercise the Grantee’s option to
purchase                      shares of the Common Stock (the “Shares”) of RE/MAX Holdings, Inc. (the “Company”) under and
pursuant to the Company’s 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”) and the [ ] Incentive [ ] Non-Qualified Stock Option Award Agreement (the “Option Agreement”) and Notice of
Stock Option Award (the “Notice”) dated                             ,
                    . Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Exercise Notice.

 2. Representations of the Grantee. The Grantee acknowledges that the Grantee has received, read and understood the Notice, the
Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions. 
 3. Rights as Stockholder. Until
the stock certificate evidencing such Shares is issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a
stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend
or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 10 of the Plan. 

4. Delivery of Payment. The Grantee herewith delivers to the Company the full Exercise Price for the Shares, which, to the extent
selected, shall be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price provided in Section 3(e) of the Option Agreement. 

5. Tax Consultation. The Grantee understands that the Grantee may suffer adverse tax consequences as a result of the Grantee’s
purchase or disposition of the Shares. The Grantee represents that the Grantee has consulted with any tax consultants the Grantee deems advisable in connection with the purchase or disposition of the Shares and that the Grantee is not relying on the
Company for any tax advice. 
 6. Taxes. The Grantee agrees to satisfy all applicable foreign, federal, state and local income and
employment tax withholding obligations and herewith delivers to the Company the full amount of such obligations or has made arrangements acceptable to the Company to satisfy such obligations. In the case of an Incentive Stock Option, the Grantee
also agrees, as partial consideration for the designation of the Option as an Incentive Stock Option, to notify the Company in writing within thirty (30) days of any disposition of any shares acquired by exercise of the Option if such
disposition occurs within two (2) years from the Date of Award or within one (1) year from the date the Shares were transferred to the Grantee. 

  
 1 

 7. Successors and Assigns. The Company may assign any of its rights under this Exercise
Notice to single or multiple assignees, and this agreement shall inure to the benefit of the successors and assigns of the Company. This Exercise Notice shall be binding upon the Grantee and his or her heirs, executors, administrators, successors
and assigns. 
 8. Construction. The captions used in this Exercise Notice are inserted for convenience and shall not be deemed a
part of this agreement for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be
exclusive, unless the context clearly requires otherwise. 
 9. Administration and Interpretation. The Grantee hereby agrees that any
question or dispute regarding the administration or interpretation of this Exercise Notice shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute by the Administrator shall be final and
binding on all persons. 
 10. Governing Law; Severability. This Exercise Notice is to be construed in accordance with and governed
by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the
parties. Should any provision of this Exercise Notice be determined by a court of law to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective
and shall remain enforceable. 
 11. Notices. Any notice required or permitted hereunder shall be given in writing and shall be
deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with
postage and fees prepaid, addressed to the other party at its address as shown below beneath its signature, or to such other address as such party may designate in writing from time to time to the other party. 

12. Further Instruments. The parties agree to execute such further instruments and to take such further action as may be reasonably
necessary to carry out the purposes and intent of this agreement. 
 13. Entire Agreement. The Notice, the Plan and the Option
Agreement are incorporated herein by reference and together with this Exercise Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of
the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee. Nothing in the Notice, the Plan, the Option
Agreement and this Exercise Notice (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties. 

  
 2 

									
	Submitted by:	 		 		 	Accepted by:
				
	GRANTEE:	 		 		 	RE/MAX Holdings, Inc.
				
	 	 		 	By:	 	 
	(Signature)	 		 	Title:	 	 
					
	Address:	 		 		 	Address:	 	
				
	 	 		 		 	[COMPANY ADDRESS]
	 	 		 		 	

  
 3 

 RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

NOTICE OF STOCK OPTION AWARD 
  

					
	Grantee’s Name and Address:            	  	 	  	
		  	 	  	
		  	 	  	

 You (the “Grantee”) have been granted an option to purchase shares of Common Stock, subject to the
terms and conditions of this Notice of Stock Option Award (the “Notice”), the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”) and the Stock Option Award Agreement (the “Option
Agreement”) attached hereto, as follows. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice. 
  

					
	Award Number	  	 	  	
			
	Date of Award	  	 	  	
			
	Vesting Commencement Date            	  	 	  	
			
	Exercise Price per Share	  	$                                      
                                        	  	
			
	Total Number of Shares Subject
to the Option (the “Shares”)	  	 	  	
			
	Total Exercise Price	  	$                                      
                                        	  	
			
	Type of Option:	  	                     Incentive Stock Option	  	
			
		  	                     Non-Qualified Stock Option	  	
			
	Expiration Date:	  	 	  	
			
	Post-Termination Exercise Period:	  	Three (3) Months	  	

 Vesting Schedule: 

Subject to the Grantee’s Continuous Service and other limitations set forth in this Notice, the Plan and the Option Agreement, the Option
may be exercised, in whole or in part, in accordance with the following schedule: 
 During any authorized leave of absence, the vesting of
the Option as provided in this schedule shall be suspended after the leave of absence exceeds a period of three (3) months. Vesting of the Option shall resume upon the Grantee’s termination of the leave of absence and return to service to
the Company or a Related Entity. The Vesting Schedule of the Option shall be extended by the length of the suspension. 
 In the event of
termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise the Option shall terminate concurrently with the termination of the Grantee’s Continuous Service, except as otherwise determined by the
Administrator. 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the
Option is to be governed by the terms and conditions of this Notice, the Plan, and the Option Agreement. 
  

			
	 RE/MAX Holdings, Inc.,

	 a Delaware corporation

		
	 By:
	 	 
	 Title:
	 	 

 THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE SHARES SUBJECT TO THE OPTION SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD
OF THE GRANTEE’S CONTINUOUS SERVICE (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE OPTION AGREEMENT, OR THE PLAN SHALL
CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE RIGHT OF THE COMPANY OR RELATED ENTITY TO WHICH THE
GRANTEE PROVIDES SERVICES TO TERMINATE THE GRANTEE’S CONTINUOUS SERVICE, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY,
THE GRANTEE’S STATUS IS AT WILL. 
 The Grantee acknowledges receipt of a copy of the Plan and the Option Agreement, and represents
that he or she is familiar with the terms and provisions thereof, and hereby accepts the Option subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the Plan, and the Option Agreement in their
entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice, and fully understands all provisions of this Notice, the Plan and the Option Agreement. The Grantee hereby agrees that all questions of interpretation
and administration relating to this Notice, the Plan and the Option Agreement shall be resolved by the Administrator in accordance with Section 13 of the Option Agreement. The Grantee further agrees to the venue selection and waiver of a jury
trial in accordance with Section 14 of the Option Agreement. The Grantee further agrees to notify the Company upon any change in the residence address indicated in this Notice. 

 

									
	Dated: 	 	 	 		 	Signed: 	 	 
		 		 		 		 	Grantee

  
 2 

 Award Number:
                                 

RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

STOCK OPTION AWARD AGREEMENT 

1. Grant of Option. RE/MAX Holdings, Inc., a Delaware corporation (the “Company”), hereby grants to the Grantee (the
“Grantee”) named in the Notice of Stock Option Award (the “Notice”), an option (the “Option”) to purchase the Total Number of Shares of Common Stock subject to the Option (the “Shares”) set forth in the
Notice, at the Exercise Price per Share set forth in the Notice (the “Exercise Price”) subject to the terms and provisions of the Notice, this Stock Option Award Agreement (the “Option Agreement”) and the Company’s 2013
Omnibus Incentive Plan, as amended from time to time (the “Plan”), which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Option Agreement.

 If designated in the Notice as an Incentive Stock Option, the Option is intended to qualify as an Incentive Stock Option as defined in
Section 422 of the Code. However, notwithstanding such designation, the Option will qualify as an Incentive Stock Option under the Code only to the extent the $100,000 dollar limitation of Section 422(d) of the Code is not exceeded. The
$100,000 limitation of Section 422(d) of the Code is calculated based on the aggregate Fair Market Value of the Shares subject to options designated as Incentive Stock Options which become exercisable for the first time by the Grantee during
any calendar year (under all plans of the Company or any Parent or Subsidiary of the Company). For purposes of this calculation, Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value
of the shares subject to such options shall be determined as of the grant date of the relevant option. 
 2. Exercise of Option. 

(a) Right to Exercise. The Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice and
with the applicable provisions of the Plan and this Option Agreement. The Option shall be subject to the provisions of Section 11 of the Plan relating to the exercisability or termination of the Option in the event of a Corporate Transaction or
Change in Control. The Grantee shall be subject to reasonable limitations on the number of requested exercises during any monthly or weekly period as determined by the Administrator. In no event shall the Company issue fractional Shares. 

(b) Method of Exercise. The Option shall be exercisable by delivery of an exercise notice (a form of which is attached as Exhibit A) or
by such other procedure as specified from time to time by the Administrator which shall state the election to exercise the Option, the whole number of Shares in respect of which the Option is being exercised, and such other provisions as may be
required by the Administrator. The exercise notice shall be delivered in person, by certified mail, or by such other method (including electronic transmission) as determined from time to time by the Administrator to the Company accompanied by
payment of the Exercise Price and all applicable income and employment taxes required to be withheld. The 

  
 1 

 
Option shall be deemed to be exercised upon receipt by the Company of such notice accompanied by the Exercise Price and all applicable withholding taxes, which, to the extent selected, shall be
deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price provided in Section 3(d) below to the extent such procedure is available to the Grantee at the time of exercise and such an exercise
would not violate any Applicable Law. 
 (c) Taxes. No Shares will be delivered to the Grantee or other person pursuant to the
exercise of the Option until the Grantee or other person has made arrangements acceptable to the Administrator for the satisfaction of applicable income tax and employment tax withholding obligations, including, without limitation, such other tax
obligations of the Grantee incident to the receipt of Shares. Upon exercise of the Option, the Company or the Grantee’s employer may offset or withhold (from any amount owed by the Company or the Grantee’s employer to the Grantee) or
collect from the Grantee or other person an amount sufficient to satisfy such tax withholding obligations. Furthermore, in the event of any determination that the Company has failed to withhold a sum sufficient to pay all withholding taxes due in
connection with the Option, the Grantee agrees to pay the Company the amount of such deficiency in cash within five (5) days after receiving a written demand from the Company to do so, whether or not the Grantee is an employee of the Company at
that time. 
 (d) Section 16(b). Notwithstanding any provision of this Option Agreement to the contrary, other than termination
of the Grantee’s Continuous Service for Cause, if a sale within the applicable time periods set forth in Sections 5, 6 or 7 herein of Shares acquired upon the exercise of the Option would subject the Grantee to suit under Section 16(b) of
the Exchange Act, the Option shall remain exercisable until the earliest to occur of (i) the tenth (10th) day following the date on which a sale of such Shares by the Grantee would no longer be subject to such suit, (ii) the one
hundred and ninetieth (190th) day after the Grantee’s termination of Continuous Service, or (iii) the date on which the Option expires. 

3. Method of Payment. Payment of the Exercise Price shall be made by any of the following, or a combination thereof, at the election of
the Grantee; provided, however, that such exercise method does not then violate any Applicable Law and, provided further, that the portion of the Exercise Price equal to the par value of the Shares must be paid in cash or other legal consideration
permitted by the Delaware General Corporation Law: 
 (a) cash; 

(b) check; 
 (c) surrender of
Shares held for the requisite period, if any, necessary to avoid a charge to the Company’s earnings for financial reporting purposes, or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require
which have a Fair Market Value on the date of surrender or attestation equal to the aggregate Exercise Price of the Shares as to which the Option is being exercised; 

  
 2 

 (d) payment through a “net exercise” such that, without the payment of any funds, the
Grantee may exercise the Option and receive the net number of Shares equal to (i) the number of Shares as to which the Option is being exercised, multiplied by (ii) a fraction, the numerator of which is the Fair Market Value per Share (on
such date as is determined by the Administrator) less the Exercise Price per Share, and the denominator of which is such Fair Market Value per Share (the number of net Shares to be received shall be rounded down to the nearest whole number of
Shares); or 
 (e) payment through a broker-dealer sale and remittance procedure pursuant to which the Grantee (i) shall provide written
instructions to a Company-designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise price payable for the purchased Shares and
(ii) shall provide written directives to the Company to deliver the certificates for the purchased Shares directly to such brokerage firm in order to complete the sale transaction. 

4. Restrictions on Exercise. The Option may not be exercised if the issuance of the Shares subject to the Option upon such exercise
would constitute a violation of any Applicable Laws. If the exercise of the Option within the applicable time periods set forth in Section 5, 6 and 7 of this Option Agreement is prevented by the provisions of this Section 4, the Option
shall remain exercisable until one (1) month after the date the Grantee is notified by the Company that the Option is exercisable, but in any event no later than the Expiration Date set forth in the Notice. 

5. Termination or Change of Continuous Service. In the event the Grantee’s Continuous Service terminates, the Grantee may, but
only during the Post-Termination Exercise Period, exercise the portion of the Option that was vested at the date of such termination (the “Termination Date”). The Post-Termination Exercise Period shall commence on the Termination Date. In
the event of termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise the Option shall, except as otherwise determined by the Administrator, terminate concurrently with the termination of the
Grantee’s Continuous Service (also the “Termination Date”). In no event, however, shall the Option be exercised later than the Expiration Date set forth in the Notice. In the event of the Grantee’s change in status from Employee,
Director or Consultant to any other status of Employee, Director or Consultant, the Option shall remain in effect and the Option shall continue to vest in accordance with the Vesting Schedule set forth in the Notice; provided, however, that with
respect to any Incentive Stock Option that shall remain in effect after a change in status from Employee to Director or Consultant, such Incentive Stock Option shall cease to be treated as an Incentive Stock Option and shall be treated as a
Non-Qualified Stock Option on the day three (3) months and one (1) day following such change in status. Except as provided in Sections 6 and 7 below, to the extent that the Option was unvested on the Termination Date, or if the
Grantee does not exercise the vested portion of the Option within the Post-Termination Exercise Period, the Option shall terminate. 
 6.
Disability of Grantee. In the event the Grantee’s Continuous Service terminates as a result of his or her Disability, the Grantee may, but only within twelve (12) months commencing on the Termination Date (but in no event later than
the Expiration Date), exercise the portion of the Option that was vested on the Termination Date; provided, however, that if such Disability is not a “disability” as such term is defined in Section 22(e)(3) of the Code and the Option
is an Incentive Stock Option, such Incentive Stock Option shall cease to be treated as an Incentive Stock Option and shall be treated as a Non-Qualified Stock Option on the day 

  
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three (3) months and one (1) day following the Termination Date. To the extent that the Option was unvested on the Termination Date, or if the Grantee does not exercise the vested
portion of the Option within the time specified herein, the Option shall terminate. Section 22(e)(3) of the Code provides that an individual is permanently and totally disabled if he or she is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months. 

7. Death of Grantee. In the event of the termination of the Grantee’s Continuous Service as a result of his or her death, or in
the event of the Grantee’s death during the Post-Termination Exercise Period or during the twelve (12) month period following the Grantee’s termination of Continuous Service as a result of his or her Disability, the person who
acquired the right to exercise the Option pursuant to Section 8 may exercise the portion of the Option that was vested at the date of termination within twelve (12) months commencing on the date of death (but in no event later than the
Expiration Date). To the extent that the Option was unvested on the date of death, or if the vested portion of the Option is not exercised within the time specified herein, the Option shall terminate. 

8. Transferability of Option. The Option, if an Incentive Stock Option, may not be transferred in any manner other than by will or by
the laws of descent and distribution and may be exercised during the lifetime of the Grantee only by the Grantee. The Option, if a Non-Qualified Stock Option, may not be transferred in any manner other than by will or by the laws of descent and
distribution, provided, however, that a Non-Qualified Stock Option may be transferred during the lifetime of the Grantee to the extent and in the manner authorized by the Administrator. Notwithstanding the foregoing, the Grantee may designate one or
more beneficiaries of the Grantee’s Incentive Stock Option or Non-Qualified Stock Option in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator. Following the death of the Grantee, the Option,
to the extent provided in Section 7, may be exercised (a) by the person or persons designated under the deceased Grantee’s beneficiary designation or (b) in the absence of an effectively designated beneficiary, by the
Grantee’s legal representative or by any person empowered to do so under the deceased Grantee’s will or under the then applicable laws of descent and distribution. The terms of the Option shall be binding upon the executors,
administrators, heirs, successors and transferees of the Grantee. 
 9. Term of Option. The Option must be exercised no later than
the Expiration Date set forth in the Notice or such earlier date as otherwise provided herein. After the Expiration Date or such earlier date, the Option shall be of no further force or effect and may not be exercised. 

10. Tax Consequences. The Grantee may incur tax liability as a result of the Grantee’s purchase or disposition of the Shares. THE
GRANTEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES. 
 11. Entire Agreement: Governing Law.
The Notice, the Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect
to the subject matter hereof, and may not be modified adversely to the 

  
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Grantee’s interest except by means of a writing signed by the Company and the Grantee. Nothing in the Notice, the Plan and this Option Agreement (except as expressly provided therein) is
intended to confer any rights or remedies on any persons other than the parties. The Notice, the Plan and this Option Agreement are to be construed in accordance with and governed by the internal laws of the State of Delaware without giving effect
to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the parties. Should any provision of the Notice, the Plan or this Option
Agreement be determined to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable. 

12. Construction. The captions used in the Notice and this Option Agreement are inserted for convenience and shall not be deemed a part
of the Option for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless
the context clearly requires otherwise. 
 13. Administration and Interpretation. Any question or dispute regarding the
administration or interpretation of the Notice, the Plan or this Option Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute by the Administrator shall be final and binding on
all persons. 
 14. Venue and Waiver of Jury Trial. The Company, the Grantee, and the Grantee’s assignees pursuant to
Section 8 (the “parties”) agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Option Agreement shall be brought in the United States District Court for Delaware (or should such court
lack jurisdiction to hear such action, suit or proceeding, in a Delaware state court) and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party
may have to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of
this Section 14 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

15. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal
delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to
the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party. 

END OF AGREEMENT 

  
 5 

 EXHIBIT A 

RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN 

EXERCISE NOTICE 
 [COMPANY

 ADDRESS] 
 Attention: Secretary 

1. Exercise of Option. Effective as of today,
                    ,      the undersigned (the “Grantee”) hereby elects to exercise the Grantee’s option to
purchase                      shares of the Common Stock (the “Shares”) of RE/MAX Holdings, Inc. (the “Company”) under and
pursuant to the Company’s 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”) and the [ ] Incentive [ ] Non-Qualified Stock Option Award Agreement (the “Option Agreement”) and Notice of
Stock Option Award (the “Notice”) dated                     ,
                    . Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Exercise Notice.

 2. Representations of the Grantee. The Grantee acknowledges that the Grantee has received, read and understood the Notice, the
Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions. 
 3. Rights as Stockholder. Until
the stock certificate evidencing such Shares is issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a
stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend
or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 10 of the Plan. 

4. Delivery of Payment. The Grantee herewith delivers to the Company the full Exercise Price for the Shares, which, to the extent
selected, shall be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price provided in Section 3(e) of the Option Agreement. 

5. Tax Consultation. The Grantee understands that the Grantee may suffer adverse tax consequences as a result of the Grantee’s
purchase or disposition of the Shares. The Grantee represents that the Grantee has consulted with any tax consultants the Grantee deems advisable in connection with the purchase or disposition of the Shares and that the Grantee is not relying on the
Company for any tax advice. 
 6. Taxes. The Grantee agrees to satisfy all applicable foreign, federal, state and local income and
employment tax withholding obligations and herewith delivers to the Company the full amount of such obligations or has made arrangements acceptable to the Company to satisfy such obligations. In the case of an Incentive Stock Option, the Grantee
also agrees, as partial consideration for the designation of the Option as an Incentive Stock Option, to notify the Company in writing within thirty (30) days of any disposition of any shares acquired by exercise of the Option if such
disposition occurs within two (2) years from the Date of Award or within one (1) year from the date the Shares were transferred to the Grantee. 

  
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 7. Successors and Assigns. The Company may assign any of its rights under this Exercise
Notice to single or multiple assignees, and this agreement shall inure to the benefit of the successors and assigns of the Company. This Exercise Notice shall be binding upon the Grantee and his or her heirs, executors, administrators, successors
and assigns. 
 8. Construction. The captions used in this Exercise Notice are inserted for convenience and shall not be deemed a
part of this agreement for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be
exclusive, unless the context clearly requires otherwise. 
 9. Administration and Interpretation. The Grantee hereby agrees that any
question or dispute regarding the administration or interpretation of this Exercise Notice shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute by the Administrator shall be final and
binding on all persons. 
 10. Governing Law; Severability. This Exercise Notice is to be construed in accordance with and governed
by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the
parties. Should any provision of this Exercise Notice be determined by a court of law to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective
and shall remain enforceable. 
 11. Notices. Any notice required or permitted hereunder shall be given in writing and shall be
deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with
postage and fees prepaid, addressed to the other party at its address as shown below beneath its signature, or to such other address as such party may designate in writing from time to time to the other party. 

12. Further Instruments. The parties agree to execute such further instruments and to take such further action as may be reasonably
necessary to carry out the purposes and intent of this agreement. 
 13. Entire Agreement. The Notice, the Plan and the Option
Agreement are incorporated herein by reference and together with this Exercise Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of
the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee. Nothing in the Notice, the Plan, the Option
Agreement and this Exercise Notice (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties. 

  
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	Submitted by:	 		 		 	Accepted by:
				
	GRANTEE:	 		 		 	RE/MAX Holdings, Inc.
				
	 	 		 	By:	 	 
	(Signature)	 		 	Title:	 	 
					
	Address:	 		 		 	Address:	 	
			
	 	 		 	[COMPANY ADDRESS]
	 	 		 	

  
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