eXp World (EXPI) Insider Filing: RSU Vesting and Tax-Withholding by CMO

Rhea-AI Filing Summary

Wendy Forsythe, Chief Marketing Officer of eXp World Holdings, Inc. (EXPI), reported transactions dated 08/15/2025. Restricted stock units previously granted to Forsythe vested, resulting in 2,288 shares acquired at a $0.00 per-share cost and increasing her direct holdings to 6,160 shares. To satisfy tax obligations on the vesting, 615 shares were withheld and disposed of at $10.44 per share, reducing her direct holdings to 5,545 shares. The Form 4 was signed by an attorney-in-fact on behalf of Forsythe on 08/19/2025. The filing reflects a routine equity compensation vesting event and related tax withholding rather than an open-market sale or purchase.

Insights

Corporate Governance Expert

TL;DR: Routine RSU vesting and tax withholding by a named officer; not an unusual governance signal.

This Form 4 documents standard equity compensation mechanics: previously granted RSUs vested and shares were withheld to cover taxes. The transaction does not indicate change in control, executive departure, or opportunistic trading. The post-transaction ownership levels show a modest direct stake (5,545 shares) that appears unchanged in strategic terms. For governance review, this is a routine disclosure consistent with compensation execution and internal tax settlement.

Securities Analyst

TL;DR: Small, non-market acquisition from vesting with a tax withholding disposal; immaterial to valuation or liquidity.

The reporting shows 2,288 RSUs vesting (recorded as acquired at $0.00) and 615 shares withheld at $10.44 to satisfy taxes, leaving 5,545 shares beneficially owned directly. The transaction does not represent a cash purchase or market sale by the officer and is unlikely to affect share supply or signal a change in insider sentiment given the modest size. No derivatives or other compensatory changes were reported.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Forsythe Wendy

(Last) (First) (Middle)

C/O EXP WORLD HOLDINGS, INC.

2219 RIMLAND DRIVE, SUITE 301

(Street)

BELLINGHAM WA 98226

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
eXp World Holdings, Inc. [ EXPI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Marketing Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/15/2025	08/15/2025	M(1)		2,288	A	$0.00	6,160	D
Common Stock	08/15/2025		F		615(2)	D	$10.44	5,545	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Vesting of restricted stock units ("RSUs") previously granted to the Reporting Person.

2. Represents shares withheld from the Reporting Person to cover tax obligations.

Remarks:

	/s/ James Bramble, attorney-in-fact for Wendy Forsythe	08/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Wendy Forsythe report on Form 4 for EXPI?

The filing shows 2,288 RSUs vested (acquired at $0.00) and 615 shares withheld to cover taxes, disposed at $10.44 per share.

How many shares does Wendy Forsythe beneficially own after these transactions?

After the reported transactions Forsythe beneficially owns 5,545 shares directly.

When did the reported transactions occur and when was the Form 4 signed?

Transactions were dated 08/15/2025 and the Form 4 was signed by attorney-in-fact on 08/19/2025.

Why were some shares disposed of in this filing?

The filing explains that 615 shares were withheld to cover tax obligations related to RSU vesting.

Does this Form 4 report any open-market purchases or sales by the officer?

No. The Form 4 reports RSU vesting and tax-withholding disposal; there are no open-market purchases or voluntary market sales reported.