Third Amendment to eXp World Holdings, Inc. Stock Repurchase Program
Exhibit 10.10
Third Amendment to Issuer Repurchase Plan
(under Rules 10b-18 and 10b5-1 of the Securities Exchange Act of 1934)
This Third Amendment to Issuer Repurchase Plan dated December 27, 2022 (the “Third Amendment”), entered into by and between eXp World Holdings, Inc. (“Purchaser” or “Issuer”) and Stephens Inc. (“Stephens”), amends that certain Issuer Repurchase Plan dated January 10, 2022 (the “2022 Purchase Plan”), which was previously amended by the First Amendment to Issuer Repurchase Plan, dated May 6, 2022 (the “First Amendment”), and the Second Amendment to Issuer Repurchase Plan, dated September 27, 2022 (the “Second Amendment”). The 2022 Purchase Plan as amended by the First Amendment, the Second Amendment, and this Third Amendment, is hereinafter referred to as the “Purchase Plan.”
Purchaser and Stephens hereby agree as follows:
2. Section C.2. of the Purchase Plan is hereby deleted in its entirety and replaced with the following:
2. Stephens is authorized to begin purchasing Stock in the open market pursuant to this Purchase Plan on January 11, 2022 and shall cease purchasing Stock on the earliest to occur of (i) the date on which the Purchase Plan is terminated in accordance with Paragraph D.1 below, (ii) the date on which Stephens receives notice of the commencement or impending commencement of any proceedings in respect of or triggered by Purchaser’s bankruptcy or insolvency, and (iii) the earlier to occur of (specify one or more dates or occurrences that will mark the last day on which purchases may occur):
X close of the Principal Market on December 31, 2024; or
X the aggregate price of all purchases pursuant to (i) the Purchase Plan, (ii) the Issuer Repurchase Plan dated December 28, 2018, as amended, by and between Purchaser and Stephens, and (iii) the Issuer Repurchase Plan dated June 1, 2020, as amended, by and between Purchaser and Stephens, after including all commissions, and other expenses of purchase, reaches $500,000,000.
(the “Plan Purchase Period”).
3. Section C.3.(c) of the Purchase Plan is hereby deleted in its entirety and replaced with the following:
(c)The “Daily Purchase Amount” for any Purchase Day shall be the maximum number of shares allowed under Rule 10b-18(b)(4) (using 25% of average daily trading volume reported for the Stock during the four calendar weeks preceding
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the week in which the purchase is to be effected); provided, however, that the total dollar amount of all aggregate purchases under the Purchase Plan during any calendar month through and including December 2022 shall not exceed $13,300,000, including any commissions or fees, and the total dollar amount of all aggregate purchases under the Purchase Plan during any calendar month commencing January 1, 2023 shall not exceed $10,000,000, including any commissions or fees.
4. Purchaser hereby represents, warrants and covenants that (i) Purchaser is not aware of any material nonpublic information concerning the Purchaser or its securities, (ii) Purchaser is entering into this Third Amendment in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws, and (iii) there are no legal, contractual or regulatory restrictions applicable to Purchaser or its affiliates that would prohibit Purchaser from entering into this Third Amendment or prohibit any purchase pursuant to the Purchase Plan, as amended hereby.
5. Except as expressly provided in this Third Amendment, the provisions of the Purchase Plan, as previously amended, shall remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the undersigned have signed this Third Amendment as of the date first written above.
eXp World Holdings, Inc.Stephens Inc.
By: /s/ Kent Cheng_____________________By: /s/ Leon Lants_____________________
Printed Name: Kent Cheng Printed Name: Leon Lants
Title: Chief Accounting Officer Title: Director of Trading Operations
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