RE/MAX Director Cathleen Raffaeli Disposes 28,021 Shares

What Happened
Cathleen Raffaeli, a director of RE/MAX Holdings, Inc. (RMAX), reported a disposition to the issuer of 28,021 shares on August 24, 2026. The Form 4 lists the transaction code D (disposition to the issuer) and shows no per-share price (N/A). This was not an open‑market sale or purchase by the insider but a corporate‑transaction disposition tied to the merger described in the filing.

Key Details

• Transaction date: 2026-08-24. Transaction code: D (Disposition to issuer). Price: N/A (no per‑share sale price reported).
• Shares disposed: 28,021. Shares owned after the transaction: not reported in the data provided.
• Filing appears timely (Period of Report = 2026-08-24; Filing date = 2026-08-24).
• Footnote F1: The disposition occurred in connection with the Agreement and Plan of Merger among RE/MAX, The Real Brokerage Inc. (New Wildlife) and related merger subsidiaries (First and Second Mergers).
• Footnote F2: The reported securities include RSUs that were converted into rights to receive New Wildlife common stock (and cash for accrued dividend equivalents) under the merger terms.
• Footnote F3: Each RE/MAX Class A share was converted under the merger into either $13.80 in cash or 0.5150 shares of New Wildlife common stock per share, at the holder’s election. If all 28,021 shares were converted to cash at $13.80 each, the gross amount would be about $386,690 (before any taxes/withholdings).

Context
This was a disposition as part of a corporate merger, not an ordinary insider sale that signals personal trading intent. The filing indicates conversion/settlement mechanics under the Merger Agreement (cash or stock election and RSU conversion), rather than an open‑market transaction. For retail investors, note this is a transactional outcome of the merger process rather than a routine insider trade; no further inference about the director’s sentiment should be drawn from this single corporate‑transaction disposition.