Document:

EXHIBIT 10.2

                       TRANSITION SERVICES AGREEMENT, dated as of August 10, 2009, between OCWEN FINANCIAL CORPORATION, a Florida corporation (“OCWEN” or together with its Affiliates “OCWEN Group”), and ALTISOURCE SOLUTIONS S.à r.l., a public limited liability company organized under the laws of the Grand Duchy of Luxembourg and an
        indirect, wholly-owned subsidiary of OCWEN (“ALTISOURCE” or together with its Affiliates “ALTISOURCE Group”).

        RECITALS

                       WHEREAS, OCWEN and Altisource Portfolio Solutions S.A. (formerly known as Altisource Portfolio Solutions S.à r.l., formerly known as Ocwen Luxembourg S.à r.l.), the sole parent of ALTISOURCE (“ALTISOURCE Parent”), are parties to a Separation Agreement dated as of August 10, 2009 (the “Separation Agreement”),
        pursuant to which OCWEN will (i) contribute to ALTISOURCE Parent the Altisource Business (as defined in the Separation Agreement) and (ii) distribute (the “Distribution”) to the holders of shares of OCWEN’s outstanding capital stock all of the outstanding capital stock of ALTISOURCE Parent;

                       WHEREAS, following the Distribution, ALTISOURCE Parent will operate the Altisource Business, and OCWEN will operate the OCWEN Business (as defined in the Separation Agreement); and

                       WHEREAS, following the Distribution, (i) ALTISOURCE desires to receive, and OCWEN is willing to provide, or cause to be provided, certain transition services in connection with the Altisource Business and (ii) OCWEN desires to receive, and ALTISOURCE is willing to provide, or cause to be provided, certain transition services in connection with the OCWEN Business,
        in each case for a limited period of time and subject to the terms and conditions of this Agreement.

                       NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, the parties agree as follows:

                       1.          Definitions.

                       (a)         Capitalized terms used herein and not otherwise defined have the meanings given to such terms in the Separation Agreement.

                       (b)         For the purposes of this Agreement, the following terms shall have the following meanings:

                       “Affiliate” means with respect to any Person (a “Principal”) (a) any directly or indirectly wholly-owned subsidiary of such Principal, (b) any Person that directly or indirectly owns 100% of the voting stock of such Principal or (c) a Person that controls, is controlled by or is under common control with such Principal. As used
        herein, “control” of any entity means the possession, directly or indirectly, through one or more intermediaries, of the power to direct or cause the direction of the management or policies of such entity, whether through ownership of voting securities or other interests, by contract or otherwise. Furthermore, with respect to any Person that is partially owned by such Principal and does not otherwise constitute an Affiliate (a “Partially-Owned Person”), such
        Partially-Owned Person shall be considered an Affiliate of such Principal for purposes of this Agreement if such Principal can, after making a good faith effort to do so, legally bind such Partially-Owned Person to this Agreement.

        1

        

        

        

                       “Agreement” means this Transition Services Agreement, including the Schedules hereto and any SOWs entered into pursuant to Section 2(b).

                       “Fully Allocated Cost” means, with respect to provision of a Service, the all-in cost of the Providing Party’s provision of such Service, including a share of direct charges of the function providing such Service, and including allocable amounts to reflect compensation and benefits, technology expenses, occupancy and equipment expense, and
        third-party payments incurred in connection with the provision of such Service, but shall not include any Taxes payable as a result of performance of such Service.

                       “OCWEN-Provided Services” means the services set forth on Schedule I and the SOWs related thereto.

                       “ALTISOURCE-Provided Services” means the services set forth on Schedule II and the SOWs related thereto.

                       “Providing Party” means a party in its capacity of providing a Service hereunder.

                       “Receiving Party” means a party in its capacity of receiving a Service hereunder.

                       “Services” means, as the context requires, the OCWEN-Provided Services and the ALTISOURCE-Provided Services, collectively or either of the OCWEN-Provided Services or the ALTISOURCE-Provided Services.

                       “SOW” means a statement of work entered into between the parties on an as-needed basis to describe a particular service that is not covered specifically in a schedule hereto, but has been agreed to be provided pursuant to the terms of this Agreement except as otherwise set forth in such SOW.

                       2.          Provision of Services.

                       (a)         Generally. Subject to the terms and conditions of this Agreement, (i) OCWEN shall provide, or cause to be provided, to ALTISOURCE and the ALTISOURCE Group, solely for the benefit of the Altisource Business in the ordinary course of business, the OCWEN-Provided Services, and (ii) ALTISOURCE shall
        provide, or cause to be provided, to OCWEN and the OCWEN Group, solely for the benefit of the OCWEN Business in the ordinary course of business, the ALTISOURCE-Provided Services, in each case for periods commencing on the Distribution Date through the respective period specified in Schedule I or Schedule II (the “Service Period”), unless such period is earlier terminated in accordance with Section 5.

                       (b)         Statements of Work. In addition to the services provided as set forth on Schedule I and Schedule II, from time to time during the term of this Agreement the parties shall have the right to enter into SOWs to set forth the terms of any related or additional transition services to be
        performed hereunder. Any SOW shall be agreed to by each party, shall be in writing and (I) shall contain: (i) the identity of each of the Providing Party and the Receiving Party; (ii) a description of the Services to be performed thereunder; (iii) the applicable performance standard for the provision of such Service, if different from the Performance Standard; (iv) the amount, schedule and method of compensation for provision of such Service, which shall reflect the Fully Allocated Cost
        of such Service; and (II) may contain (i) the Receiving Party’s standard operating procedures for receipt of services similar to such Service, including operations, compliance requirements and related training schedules; (ii) information technology support requirements of the Receiving Party with respect to such Service; and (iii) training and support commitments with respect to such Service. For the avoidance of doubt, the terms and conditions of this Agreement shall apply to any
        SOW.

        2

        

        

        

                       (c)         The Services shall be performed on Business Days during hours that constitute regular business hours for each of OCWEN and ALTISOURCE, unless otherwise agreed. No Receiving Party, nor any member of its respective Group, shall resell, subcontract, license, sublicense or otherwise transfer any of the Services
        to any Person whatsoever or permit use of any of the Services by any Person other than by the Receiving Party and its Affiliates directly in connection with the conduct of the Receiving Party’s respective business in the ordinary course of business.

                       (d)         Notwithstanding anything to the contrary in this Section 2 (but subject to the second succeeding sentence), the Providing Party shall have the exclusive right to select, employ, pay, supervise, administer, direct and discharge any of its employees who will perform Services. The Providing Party shall be
        responsible for paying such employees’ compensation and providing to such employees any benefits. With respect to each Service, the Providing Party shall use commercially reasonable efforts to have qualified individuals participate in the provision of such Service; provided, however, that (i) the Providing Party shall not be obligated to have any individual participate in the provision of any Service if the Providing Party determines that such participation would adversely
        affect the Providing Party or its Affiliates; and (ii) none of the Providing Party or its Affiliates shall be required to continue to employ any particular individual during the applicable Service Period.

                       (e)         Each of OCWEN and ALTISOURCE acknowledges that the purpose of this Agreement is to enable it to receive the applicable Services on an interim basis. Accordingly, at all times from and after the Distribution Date, each of OCWEN and the OCWEN Group, on the one hand, and ALTISOURCE and the ALTISOURCE Group, on
        the other hand, shall use commercially reasonable efforts to make or obtain, or cause to be made or obtained, any filings, registrations, approvals, permits or licenses; implement, or cause to be implemented, any systems; purchase, or cause to be purchased, any equipment; and take, or cause to be taken, any and all other actions, in each case necessary or advisable to enable it to provide for the Services for itself as soon as reasonably practical, and in any event prior to the
        expiration of the relevant Service Periods. For the avoidance of doubt, no Providing Party shall be required to provide any Service for a period longer than the applicable Service Period.

                       3.          Standard of Performance.

                       (a)         The Providing Party shall use commercially reasonable efforts to provide, or cause to be provided, to the Receiving Party and the Receiving Party’s Group, each Service in a manner generally consistent with the manner and level of care with which such Service was provided to the Altisource Business or
        the OCWEN Business, as applicable, immediately prior to the Distribution Date (or, with respect to any Service not provided prior to the Distribution Date, generally consistent with the manner and level of care with which such Service is performed by the Providing Party for its own behalf) (the “Performance Standard”), unless otherwise specified in this Agreement. Notwithstanding the foregoing, no Providing Party shall have any obligation hereunder to provide to any
        Receiving Party (i) any improvements, upgrades, updates, substitutions, modifications or enhancements to any of the Services unless otherwise specified in Schedule I or Schedule II, as applicable, or (ii) any Service to the extent that the need for such Service arises, directly or indirectly, from the acquisition by the Receiving Party or any member of its Group, outside the ordinary course of business, of any assets of, or any equity interest in, any Person. The Receiving
        Party acknowledges and agrees that the Providing Party may be providing services similar to the Services provided hereunder and/or services that involve the same resources as those used to provide the Services to its and its Affiliates’ business units and other third parties, and, accordingly, the Providing Party reserves the right to modify any of the Services or the manner in which any of the Services are provided in the ordinary course of business; provided, however,
        that no such modification shall materially diminish the Services or have a materially adverse effect on the business of the Receiving Party.

        3

        

        

        

                       (b)         The Providing Party will use commercially reasonable efforts not to establish priorities, as between the Providing Party and its Affiliates, on the one hand, and the Receiving Party and its Affiliates, on the other hand, as to the provision of any Service, and will use commercially reasonable efforts to
        provide the Services within a time frame so as not to materially disrupt the business of the Receiving Party. Notwithstanding the foregoing, the Receiving Party acknowledges and agrees that, due to the transitional nature of the Services, the Providing Party shall have the right to establish reasonable priorities as between the Providing Party and its Affiliates, on the one hand, and the Receiving Party and its Affiliates, on the other hand, as to the provision of any Service if the
        Providing Party determines that such priorities are necessary to avoid any adverse effect to the Providing Party and its Affiliates. If any such priorities are established, the Providing Party shall advise the Receiving Party as soon as possible of any Services that will be delayed as a result of such prioritization, and will use commercially reasonable efforts to minimize the duration and impact of such delays.

                       4.          Fees for Services.

                       (a)         As compensation for a particular Service, the Receiving Party agrees to pay to the Providing Party the Fully Allocated Cost of providing the Services in accordance with this Agreement or, with respect to any SOW, the amount set forth therein.

                       (b)         The Providing Party shall submit statements of account to the Receiving Party on a monthly basis with respect to all amounts payable by the Receiving Party to the Providing Party hereunder (the “Invoiced Amount”), setting out the Services provided, and the amount billed to the Receiving
        Party as a result of providing such Services (together with, in arrears, any Commingled Invoice Statement (as defined below) and any other invoices for Services provided by third parties, in each case setting out the Services provided by the applicable third parties). The Receiving Party shall pay the Invoiced Amount to the Providing Party by wire transfer of immediately available funds to an account or accounts specified by the Providing Party, or in such other manner as specified by
        the Providing Party in writing, or otherwise reasonably agreed to by the Parties, within 30 days of the date of delivery to the Receiving Party of the applicable statement of account; provided, that, in the event of any dispute as to an Invoiced Amount, the Receiving Party shall pay the undisputed portion, if any, of such Invoiced Amount in accordance with the foregoing, and shall pay the remaining amount, if any, promptly upon resolution of such dispute.

        4

        

        

        

                       (c)         The Providing Party may engage third-party contractors, at a reasonable cost, to perform any of the Services, to provide professional services related to any of the Services, or to provide any secretarial, administrative, telephone, e-mail or other services necessary or ancillary to the Services
        (collectively, the “Ancillary Services”) (all of which may be contracted for separately by the Providing Party on behalf of the Receiving Party) after giving notice to the Receiving Party, reasonably in advance of the commencement of such Services and Ancillary Services to be so provided by such contractors, of the identity of such contractors, each Service and Ancillary Service to be provided by such contractors and a good faith estimate of the cost (or formula for
        determining the cost) of the Services and Ancillary Services to be so provided by such contractors. The Receiving Party may, in its sole discretion, decline to accept any such Services or Ancillary Services to be provided by any such contractors by giving prompt written notice to the Providing Party, provided that, if the Receiving Party so declines any Service or Ancillary Service from any such contractors, then thereafter, notwithstanding anything in this Agreement to the
        contrary, the Providing Party shall be excused from any obligation to provide such Service or Ancillary Service.

                       (d)         The Providing Party may cause any third party to which amounts are payable by or for the account of the Receiving Party in connection with Services or Ancillary Services to issue a separate invoice to the Receiving Party for such amounts. The Receiving Party shall pay or cause to be paid any such separate
        third party invoice in accordance with the payment terms thereof. Any third party invoices that aggregate Services or Ancillary Services for the benefit of the Receiving Party and its Group, on the one hand, with services not for the benefit of Receiving Party and its Group, on the other hand (each, a “Commingled Invoice”), shall be separated by the Providing Party. The Providing Party shall prepare a statement indicating that portion of the invoiced amount of such
        Commingled Invoice that is attributable to Services or the Ancillary Services rendered for the benefit of Receiving Party and its Group (the “Commingled Invoice Statement”). The Providing Party shall deliver such Commingled Invoice Statement and a copy of the Commingled Invoice to Receiving Party. The Receiving Party shall, within 30 days after the date of delivery to the Receiving Party of such Commingled Invoice Statement, pay or cause to be paid the amount set
        forth on such Commingled Invoice Statement to the third party, and shall deliver evidence of such payment to the Providing Party. The Providing Party shall not be required to use its own funds for payments to any third party providing any of the Services or Ancillary Services or to satisfy any payment obligation of the Receiving Party or any of its Affiliates to any third party provider; provided, however, that in the event the Providing Party does use its own funds for any such
        payments to any third party, the Receiving Party shall reimburse the Providing Party for such payments as invoiced by the Providing Party within 30 days following the date of delivery of such invoice from the Providing Party.

                       (e)         The Providing Party may, in its discretion and without any liability, suspend any performance under this Agreement upon failure of the Receiving Party to make timely any payments required under this Agreement beyond the applicable cure date specified in Section 5(b)(8) of this Agreement.

        5

        

        

        

                       (f)         In the event that the Receiving Party does not make any payment required under the provisions of this Agreement to the Providing Party when due in accordance with the terms hereof, the Providing Party may, at its option, charge the Receiving Party interest on the unpaid amount at the rate of 2% per annum
        above the prime rate charged by JPMorgan Chase Bank, N.A. (or its successor). In addition, the Receiving Party shall reimburse the Providing Party for all costs of collection of overdue amounts, including any reimbursement required under Section 4(d) and any reasonable attorneys’ fees.

                       (g)         The Receiving Party acknowledges and agrees that it shall be responsible for any interest or other amounts in respect of any portion of any Commingled Invoice that the Receiving Party is required to pay pursuant to any Commingled Invoice Statement.

                       5.          Term; Termination.

                       (a)          Term. The term of this Agreement shall commence on the Distribution Date and shall continue in full force and effect until the end of the latest Service Period or the earlier date upon which this Agreement has been otherwise terminated in accordance with the terms hereof.

                       (b)          Termination. During the term of this Agreement, this Agreement (or, with respect to items (1), (3), (4), (5), (7) and (8) below, the particular SOW only) may be terminated:

        	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (1)

                	
                    by a Receiving Party, if the Receiving Party is prohibited by law from receiving such Services from the Providing Party;

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (2)

                	
                    by a Receiving Party, in the event of a material breach of any covenant or representation and warranty contained herein or otherwise directly relating to or affecting the Services to be provided hereunder of the Providing Party that cannot be or has not been cured by the 30th day from the Receiving Party’s giving of written notice of such breach to the Providing Party;

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (3)

                	
                    by a Receiving Party, if the Providing Party fails to comply with all applicable regulations to which the Providing Party is subject directly relating to or affecting the Services to be performed hereunder, which failure cannot be or has not been cured by the 30th day from the Receiving Party’s giving of written notice of such failure to the Providing Party;

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (4)

                	
                    by a Receiving Party, if the Providing Party or any member of its Group providing Services hereunder is cited by a Governmental Authority for materially violating any law governing the performance of a Service, which violation cannot be or has not been cured by the 30th day from the Receiving Party’s giving of written notice of such citation to the Providing Party;

                

        6

        

        

        

        	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (5)

                	
                    by a Receiving Party, if the Providing Party fails to meet any Performance Standard for a period of three consecutive months, which failure cannot be or has not been cured by the 30th day from the Receiving Party’s giving of written notice of such failure to the Providing Party;

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (6)

                	
                    by either party, if the other party (A) becomes insolvent, (B) files a petition in bankruptcy or insolvency, is adjudicated bankrupt or insolvent or files any petition or answer seeking reorganization, readjustment or arrangement of its business under any law relating to bankruptcy or insolvency, or if a receiver, trustee or liquidator is appointed for any of the property of the other party and within 60 days thereof such party fails to
                    secure a dismissal thereof or (C) makes any assignment for the benefit of creditors;

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (7)

                	
                    by a Receiving Party, in the event of any material infringement of such Receiving Party’s Intellectual Property (as defined in the Intellectual Property Agreement) by the Providing Party, which infringement cannot be or has not been cured by the 30th day from the Receiving Party’s giving of written notice of such event to the Providing Party;

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (8)

                	
                    by a Providing Party, if the Receiving Party fails to make any payment for any portion of Services the payment of which is not being disputed in good faith by the Receiving Party, which payment remains unmade by the 30th day from the Providing Party’s giving of written notice of such failure to the Receiving Party; and

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    (9)

                	
                    by a Receiving Party, upon 60 days prior notice to the Providing Party, if the Receiving Party has determined to perform the respective Service or SOW on its own behalf.

                

                       (c)         Upon the early termination of any Service pursuant to Section 5(b)(9) or upon the expiration of the applicable Service Period, following the effective time of the termination, the Providing Party shall no longer be obligated to provide such Service; provided that the Receiving Party shall be
        obligated to reimburse the Providing Party for any reasonable out-of-pocket expenses or costs attributable to such termination.

                       (d)         No termination, cancellation or expiration of this Agreement shall prejudice the right of either party hereto to recover any payment due at the time of termination, cancellation or expiration (or any payment accruing as a result thereof), nor shall it prejudice any cause of action or claim of either party
        hereto accrued or to accrue by reason of any breach or default by the other party hereto.

                       (e)         Notwithstanding any provision herein to the contrary, Sections 4, 6 and 9 through 17 of this Agreement shall survive the termination of this Agreement.

                       6.          Miscellaneous. Except as otherwise expressly set forth in this Agreement, the provisions in Article X of the Separation Agreement (which Article X addresses counterparts, entire agreement, corporate power, governing law, third party beneficiaries, notices, severability, expenses, headings,
        survival of covenants, waivers of default, specific performance, amendments, interpretation, jurisdiction and service of process) other than the provisions thereof relating to assignability and publicity, shall apply mutatis mutandis to this Agreement.

        7

        

        

        

                       7.          Intellectual Property. Subject to the terms of the Intellectual Property Agreement, the Receiving Party grants to the Providing Party and its Affiliates a limited, non-exclusive, fully paid-up, nontransferable, revocable license, without the right to sublicense, for the term of this Agreement to
        use all intellectual property owned by or, to the extent permitted by the applicable license, licensed to the Receiving Party solely to the extent necessary for the Providing Party to perform its obligations hereunder.

                       8.           Cooperation; Access.

                       (a)         The Receiving Party shall, and shall cause its Group to, permit the Providing Party and its employees and representatives access, on Business Days during hours that constitute regular business hours for the Receiving Party and upon reasonable prior request, to the premises of the Receiving Party and its Group
        and such data, books, records and personnel designated by the Receiving Party and its Group as involved in receiving or overseeing the Services as the Providing Party may reasonably request for the purposes of providing the Services. The Providing Party shall provide the Receiving Party, upon reasonable prior written notice, such documentation relating to the provision of the Services as the Receiving Party may reasonably request for the purposes of confirming any Invoiced Amount or
        other amount payable pursuant to any Commingled Invoice Statement or otherwise pursuant to this Agreement. Any documentation so provided to the Providing Party pursuant to this Section will be subject to the confidentiality obligations set forth in Section 9 of this Agreement.

                       (b)         Each party hereto shall designate a relationship manager (each, a “Relationship Executive”) to report and discuss issues with respect to the provision of the Services and successor relationship executives in the event that a designated Relationship Executive is not available to perform such
        role hereunder. The initial Relationship Executive designated by OCWEN shall be Ronald M. Faris and the initial Relationship Executive designated by ALTISOURCE shall be William B. Shepro. Either party may replace its Relationship Executive at any time by providing written notice thereof to the other party hereto.

                        9.          Confidentiality. This Agreement and the information provided to each party hereunder shall be subject to the confidentiality provisions set forth in Sections 6.07 and 6.08 of the Separation Agreement.

                       10.          Dispute Resolution. All disputes, controversies and claims directly or indirectly arising out of or in relation to this Agreement or the validity, interpretation, construction, performance, breach or enforceability of this Agreement shall be finally, exclusively and conclusively settled in
        accordance with the provisions of Article VII of the Separation Agreement, which shall apply mutatis mutandis to this Agreement.

                       11.          Warranties; Limitation of Liability; Indemnity.

                       (a)          The Receiving Party acknowledges that the Providing Party is not engaged in the business of providing services of the type being provided hereunder and that the Services and Ancillary Services to be provided by the Providing Party to the Receiving Party and the Receiving Party’s Group are being
        provided as an accommodation to the Receiving Party and the Receiving Party’s Group in connection with the transactions contemplated by the Separation Agreement. All Services and Ancillary Services are provided “as is”.

        8

        

        

        

                       (b)         Other than the statements expressly made by the Providing Party in this Agreement, the Providing Party makes no representation or warranty, express or implied, with respect to the Services and Ancillary Services and, except as provided in Subsection (c) of this Section 11, the Receiving Party
        hereby waives, releases and renounces all other representations, warranties, obligations and liabilities of the Providing Party, and any other rights, claims and remedies of the Receiving Party against the Providing Party, express or implied, arising by law or otherwise, with respect to any nonconformance, error, omission or defect in any of the Services or Ancillary Services, including (i) any implied warranty of merchantability or fitness for a particular purpose, (ii) any implied
        warranty of non-infringement or arising from course of performance, course of dealing or usage of trade and (iii) any obligation, liability, right, claim or remedy in tort, whether or not arising from the negligence of the Providing Party.

                       (c)         None of the Providing Party or any of its Affiliates or any of its or their respective officers, directors, employees, agents, attorneys-in-fact, contractors or other representatives shall be liable for any action taken or omitted to be taken by the Providing Party or such person under or in connection with
        this Agreement, except that the Providing Party shall be liable for direct damages or losses incurred by the Receiving Party or the Receiving Party’s Group arising out of the gross negligence or willful misconduct of the Providing Party or any of its Affiliates or any of its or their respective officers, directors, employees, agents, attorneys-in-fact, contractors or other representatives in the performance or nonperformance of the Services or Ancillary Services.

                       (d)         In no event shall the aggregate amount of all such damages or losses for which the Providing Party may be liable under this Agreement exceed the aggregate total sum received by the Providing Party for the Services; provided, that, no such cap shall apply to liability for damages or losses arising from
        or relating to breaches of Section 9 (relating to confidentiality), infringement of Intellectual Property or fraud or criminal acts. Except as provided in Subsection (c) of this Section 11, none of the Providing Party or any of its Affiliates or any of its or their respective officers, directors, employees, agents, attorneys-in-fact, contractors or other representatives shall be liable for any action taken or omitted to be taken by, or the negligence, gross
        negligence or willful misconduct of, any third party.

                       (e)         Notwithstanding anything to the contrary herein, none of the Providing Party or any of its Affiliates or any of its or their respective officers, directors, employees, agents, attorneys-in-fact, contractors or other representatives shall be liable for damages or losses incurred by the Receiving Party or any
        of the Receiving Party’s Affiliates for any action taken or omitted to be taken by the Providing Party or such other person under or in connection with this Agreement to the extent such action or omission arises from actions taken or omitted to be taken by, or the negligence, gross negligence or willful misconduct of, the Receiving Party or any of the Receiving Party’s Affiliates.

        9

        

        

        

                       (f)         No party hereto or any of its Affiliates or any of its or their respective officers, directors, employees, agents, attorneys-in-fact, contractors or other representatives shall in any event have any obligation or liability to the other party hereto or any such other person whether arising in contract
        (including warranty), tort (including active, passive or imputed negligence) or otherwise for consequential, incidental, indirect, special or punitive damages, whether foreseeable or not, arising out of the performance of the Services or Ancillary Services or this Agreement, including any loss of revenue or profits, even if a party hereto has been notified about the possibility of such damages; provided, however , that the provisions of this Subsection (f) shall not limit
        the indemnification obligations hereunder of either party hereto with respect to any liability that the other party hereto may have to any third party not affiliated with any member of the Providing Party’s Group or the Receiving Party’s Group for any incidental, consequential, indirect, special or punitive damages.

                       (g)         The Receiving Party shall indemnify and hold the Providing Party and its Affiliates and any of its or their respective officers, directors, employees, agents, attorneys-in-fact, contractors or other representatives harmless from and against any and all damages, claims or losses that the Providing Party or any
        such other person may at any time suffer or incur, or become subject to, as a result of or in connection with this Agreement or the Services or Ancillary Services provided hereunder, except those damages, claims or losses incurred by the Providing Party or such other person arising out of the gross negligence or willful misconduct by the Providing Party or such other person.

                       (h)         Neither party hereto may bring an action against the other under this Agreement (whether for breach of contract, negligence or otherwise) more than six months after that party becomes aware of the cause of action, claim or event giving rise to the cause of action or claim or one year after the termination of
        this Agreement, whichever is shorter.

                       12.          Taxes. Each party hereto shall be responsible for the cost of any sales, use, privilege and other transfer or similar taxes imposed upon that party as a result of the transactions contemplated hereby. Any amounts payable under this Agreement are exclusive of any goods and services taxes, value
        added taxes, sales taxes or similar taxes (“Sales Taxes”) now or hereinafter imposed on the performance or delivery of Services, and an amount equal to such taxes so chargeable shall, subject to receipt of a valid receipt or invoice as required below in this Section 12, be paid by the Receiving Party to the Providing Party in addition to the amounts otherwise payable under this Agreement. In each case where an amount in respect of Sales Tax is payable by the
        Receiving Party in respect of a Service provided by the Providing Party, the Providing Party shall furnish in a timely manner a valid Sales Tax receipt or invoice to the Receiving Party in the form and manner required by applicable law to allow the Receiving Party to recover such tax to the extent allowable under such law. Additionally, if the Providing Party is required to pay ‘gross-up’ on withholding taxes with respect to provision of the Services, such taxes shall be
        billed separately as provided above and shall be owing and payable by the Receiving Party. Any applicable property taxes resulting from provision of the Services shall be payable by the party owing or leasing the asset subject to such tax.

                       13.          Public Announcements. No party to this Agreement shall make, or cause to be made, any press release or public announcement or otherwise communicate with any news media in respect of this Agreement or the transactions contemplated by this Agreement without the prior written consent of the other
        party hereto unless otherwise required by law, in which case the party making the press release, public announcement or communication shall give the other party reasonable opportunity to review and comment on such and the parties shall cooperate as to the timing and contents of any such press release, public announcement or communication.

        10

        

        

        

                       14.          Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. No party hereto may assign either this Agreement or any of its rights, interests or obligations hereunder without the prior written approval of
        the other party hereto; provided, however, that either party may assign this Agreement without the consent of the other party to any third party that acquires, by any means, including by merger or consolidation, all or substantially all the consolidated assets of such party. Any purported assignment in violation of this Section 14 shall be void and shall constitute a material breach of this Agreement.

                       15.          Relationship of the Parties. The parties hereto are independent contractors and none of the parties hereto is an employee, partner or joint venturer of the other. Under no circumstances shall any of the employees of a party hereto be deemed to be employees of the other party hereto for any
        purpose. Except as expressly provided in Section 4(d), none of the parties hereto shall have the right to bind the others to any agreement with a third party or to represent itself as a partner or joint venturer of the other by reason of this Agreement.

                       16.          Force Majeure. Neither party hereto shall be in default of this Agreement by reason of its delay in the performance of, or failure to perform, any of its obligations hereunder if such delay or failure is caused by strikes, acts of God, acts of the public enemy, acts of terrorism, riots or other
        events that arise from circumstances beyond the reasonable control of that party. During the pendency of such intervening event, each of the parties hereto shall take all reasonable steps to fulfill its obligations hereunder by other means and, in any event, shall upon termination of such intervening event, promptly resume its obligations under this Agreement.

                       17.          Waiver of Jury Trial. EACH PARTY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING
        WITHOUT A JURY.

        * * * * *

        11

        

        

        

                       IN WITNESS WHEREOF, the parties have caused this Transition Services Agreement to be executed as of the date first written above by their duly authorized representatives.

        	
                     

                	
                     

                	
                     

                
	
                     

                	
                    OCWEN FINANCIAL CORPORATION

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    By

                	
                    /s/ Ronald M. Faris

                
	
                     

                	
                     

                	 
	
                     

                	
                     

                	
                    Name: Ronald M. Faris

                
	
                     

                	
                     

                	
                    Title:   President

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ALTISOURCE SOLUTIONS S.À R.L.

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    By

                	
                    

                    /s/ William B. Shepro

                
	
                     

                	
                     

                	 
	
                     

                	
                     

                	
                    Name: William B. Shepro

                
	
                     

                	
                     

                	
                    Title:   Manager

                

        

        

        

        

        SCHEDULE I

        OCWEN-PROVIDED SERVICES

        	
                     

                	
                     

                	
                     

                	
                     

                	
                     

                
	
                    Services Provided

                	
                    Service Period (months)

                	
                    Service Fee

                
	
                    FINANCE AND ACCOUNTING

                	
                    12

                	
                    Fully Allocated Cost of providing services.

                
	
                    Services Provided:

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Corporate Accounting

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Accounts Payables

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Accounts Receivables

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Corporate Secretary Support

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Financial Reporting

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Payroll Services

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Tax

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Treasury

                	
                     

                	
                     

                	
                     

                
	
                    HUMAN RESOURCES

                	
                    24

                	
                    Fully Allocated Cost of providing services.

                
	
                    Services Provided:

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Benefits Administration

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Employee and Contractor On-boarding

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Employee Engagement

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    HR Administration

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    HR Strategy and Consulting

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    HRIS Administration and Reporting

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Performance Management Platforms

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Personnel Files

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Recruiting

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Salary Administration

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Training and Compliance Support

                	
                     

                	
                     

                	
                     

                

        

        

        

        

        	
                     

                	
                     

                	
                     

                	
                     

                	
                     

                
	
                    Services Provided

                	
                    Service Period (months)

                	
                    Service Fee

                
	
                    LAW

                	
                    24

                	
                    Fully allocated cost of providing services.

                
	
                    Services Provided:

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Contract Review Services

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Corporate Governance Services

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Intellectual Property Maintenance Services

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    License Maintenance Services

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Litigation Management

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Regulatory Compliance Services

                	
                     

                	
                     

                	
                     

                
	
                    RISK MANAGEMENT

                	
                    24

                	
                    Fully Allocated Cost of providing services.

                
	
                    Services Provided:

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Internal Audit

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    SOX Compliance and SAS 70

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Business continuity and Disaster Recovery Planning

                	
                     

                	
                     

                	
                     

                
	
                    OTHER OPERATIONS SUPPORT

                	
                    24

                	
                    Fully Allocated Cost of providing services

                
	
                    ·

                	
                    Capital Markets

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Modeling

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Quantitative Analytics

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    General Business Consulting

                	
                     

                	
                     

                	
                     

                

        

        

        

        

        SCHEDULE II

        ALTISOURCE-PROVIDED SERVICES

        	
                     

                	
                     

                	
                     

                	
                     

                	
                     

                
	
                    Services Provided

                	
                    Service Period (months)

                	
                    Service Fee

                
	
                    CONSUMER PSYCHOLOGY

                	
                    24

                	
                    Fully Allocated Cost of providing services.

                
	
                    Services Provided:

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Scripting Support

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Staffing Models

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Training Development

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    User and Task Analysis

                	
                     

                	
                     

                	
                     

                
	
                    CORPORATE SERVICES

                	
                    24

                	
                    Fully Allocated Cost of providing services.

                
	
                    Services Provided:

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Facilities Management

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Mailroom Support

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Physical Security

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Travel Services

                	
                     

                	
                     

                	
                     

                
	
                    FINANCE AND ACCOUNTING

                	
                    12

                	
                    Fully Allocated Cost of providing services.

                
	
                    Services Provided:

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Accounting Services and Reporting

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Accounts Payables

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Accounts Receivables

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Corporate Secretary Support

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Financial Reporting

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Payroll Services

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Tax

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Treasury

                	
                     

                	
                     

                	
                     

                

        

        

        

        

        	
                     

                	
                     

                	
                     

                	
                     

                	
                     

                
	
                    Services Provided

                	
                    Service Period (months)

                	
                    Service Fee

                
	
                    HUMAN RESOURCES

                	
                    24

                	
                    Fully Allocated Cost of providing services.

                
	
                    Services Provided:

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Benefits Administration

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Employee and Contractor On-boarding

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Employee Engagement

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    HR Administration

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    HR Strategy and Consulting

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    HRIS Administration and Reporting

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Performance Management Platforms

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Personnel Files

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Recruiting

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Salary Administration

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Training and Compliance Support

                	
                     

                	
                     

                	
                     

                
	
                    RISK MANAGEMENT AND SIX SIGMA

                	
                    24

                	
                    Fully Allocated Cost of providing services.

                
	
                    Services Provided:

                	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ·           Information Security

                	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ·           Internal Audit

                	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ·           Loan Quality

                	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ·           Quality Assurance

                	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ·           Risk Management

                	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ·           SOX Compliance and SAS 70

                	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ·           Six Sigma

                	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ·           Business Continuity and Disaster Recovery Planning

                	
                     

                	
                     

                	
                     

                

        

        

        

        

        	
                     

                	
                     

                	
                     

                	
                     

                	
                     

                
	
                    Services Provided

                	
                    Service Period (months)

                	
                    Service Fee

                
	
                    VENDOR MANAGEMENT OPERATIONS

                	
                    24

                	
                    Fully Allocated Cost of providing services.

                
	
                    Services Provided:

                	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ·           Contract Negotiation

                	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ·           Vendor Compliance

                	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ·           Vendor Management Services

                	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ·           Insurance Risk Management

                	
                     

                	
                     

                	
                     

                
	
                    OTHER OPERATIONS SUPPORT

                	
                    24

                	
                    Fully Allocated Cost of providing services

                
	
                    ·

                	
                    Capital Markets

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Modeling

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    Quantitative Analytics

                	
                     

                	
                     

                	
                     

                
	
                    ·

                	
                    General Business ConsultingEXHIBIT 10.3

        EMPLOYEE MATTERS AGREEMENT

                  EMPLOYEE MATTERS AGREEMENT, dated as of August 10, 2009 (this “Agreement”), by and between OCWEN FINANCIAL CORPORATION, a Florida corporation (“OCWEN”), and ALTISOURCE SOLUTIONS S.À R.L., a private limited liability company organized under the laws of the Grand Duchy of Luxembourg and an indirect, wholly-owned subsidiary of OCWEN
        (“ALTISOURCE”). Capitalized terms used herein and not otherwise defined have the respective meanings assigned to them in the Separation Agreement to be entered into between OCWEN and Altisource Portfolio Solutions S.A., the sole parent of ALTISOURCE (“ALTISOURCE Parent”) (the “Separation Agreement”).

        R E C I T A L S

                  WHEREAS, OCWEN and ALTISOURCE Parent are entering into the Separation Agreement pursuant to which OCWEN will (i) separate its existing business into two independent businesses, (ii) contribute the ALTISOURCE Business to ALTISOURCE and (iii) distribute all of the capital stock of ALTISOURCE Parent to the shareholders of OCWEN as a dividend; and

                  WHEREAS, OCWEN and ALTISOURCE wish to set forth their agreements as to certain matters regarding compensation and employee benefits.

                  NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, the Parties agree as follows:

        ARTICLE I

        General

                  SECTION 1.01 General Allocation of Assets and Liabilities for Existing Plans. Except as otherwise specifically provided herein, from and after the Distribution, (a) OCWEN shall retain, or shall cause the applicable other members of the OCWEN Group or its or their applicable employee benefit plans to retain, sponsorship of, and all Assets and Liabilities arising out of or relating to, all
        employment, compensation and employee benefits-related plans, programs, agreements and arrangements sponsored or maintained by OCWEN or any of its Subsidiaries (other than ALTISOURCE Parent and its Subsidiaries) immediately prior to the Distribution (collectively, the “Existing OCWEN Plans”) and (b) ALTISOURCE shall retain, or shall cause the applicable other members of the ALTISOURCE Group or its or their applicable employee benefit plans to retain, sponsorship of,
        and all Assets and Liabilities arising out of or relating to, all employment, compensation and employee benefits-related plans, programs, agreements and arrangements sponsored or maintained by ALTISOURCE Parent or any of its Subsidiaries immediately prior to the Distribution, if any (collectively, the “Existing ALTISOURCE Plans”).

                  SECTION 1.02 Cessation of Participation in OCWEN Plans. Except as otherwise expressly provided herein, as of the Distribution, each employee of ALTISOURCE or any of its Subsidiaries (whether or not on disability or any other leave of absence) giving effect to the Distribution (it being understood that ALTISOURCE Parent has no employees) (collectively, the “ALTISOURCE
        Employees”) shall immediately cease to be eligible for and participate actively in any Existing OCWEN Plan.

        

        

        

                  SECTION 1.03 Adoption of New ALTISOURCE Plans. Except as otherwise expressly provided herein or in the Separation Agreement, in connection with the Distribution, ALTISOURCE shall provide, or shall cause to be provided, compensation and employee benefits to the ALTISOURCE Employees under one or more existing or newly adopted employee benefit plans, programs or arrangements. Except as
        otherwise expressly provided herein or in the Separation Agreement, ALTISOURCE shall be solely responsible for all Liabilities arising out of or relating to such plans, programs and arrangements.

        ARTICLE II

        OCWEN Options and Restricted Stock

                  SECTION 2.01 Stock Options. (a) Effective as of the Distribution, each option to purchase OCWEN Common Stock (“OCWEN Stock Options”) granted and outstanding under either the 2007 Equity Incentive Plan or the 1991 Non-Qualified Stock Option Plan of OCWEN (“OCWEN Option Plans”) shall remain granted and outstanding and shall not, and OCWEN shall cause
        (to the maximum extent permitted under the OCWEN Option Plans) the OCWEN Stock Options not to, terminate, accelerate or otherwise vest as a result of the Distribution, and each holder thereof immediately prior to the Distribution will be entitled to receive the following, determined in a manner in accordance with, and subject to, the relevant OCWEN Option Plan, FAS123R and Section 409A of the Internal Revenue Code: (i) a number of options to acquire shares of ALTISOURCE Common Stock
        equal to the product of (x) the number of OCWEN Stock Options held by such holder on the Distribution and (y) one-third (1/3) (the “ALTISOURCE Stock Options”), with an exercise price to be determined in a manner consistent with this Section 2.01 and (ii) the same number of OCWEN Stock Options as such holder had prior to the Distribution, with an adjusted exercise price to be determined in a manner consistent with this Section 2.01 (the “Adjusted
        OCWEN Stock Options”) (the ALTISOURCE Stock Options and the Adjusted OCWEN Stock Options, together, the “Post-Distribution Stock Options”).

                  (b)   The option exercise price of the ALTISOURCE Stock Options and the Adjusted OCWEN Stock Options shall be set at a value so as to maintain the intrinsic value of the OCWEN Stock Options, both individually and in the aggregate, and to maintain the ratio of exercise price to fair market value of the OCWEN Stock Options and the Post-Distribution Stock Options.

                  (c)   Each of OCWEN and ALTISOURCE intends that, subsequent to the Distribution, ALTISOURCE shall enact, or shall cause to be enacted, one or more equity incentive or similar plans that will allow or provide for the issuance of new options (or other equity-based awards) to acquire ALTISOURCE Common Stock, on such terms, and subject to such conditions (including, without
        limitation, as to eligibility, vesting and performance criteria), as ALTISOURCE may decide in its sole discretion.

        2

        

        

        

                  SECTION 2.02 Restricted Stock. Pursuant to the Distribution, each holder of shares of OCWEN Common Stock that is subject to restriction shall receive a dividend of ALTISOURCE Common Stock as provided for in the Separation Agreement. Any such share of ALTISOURCE Common Stock received as a dividend in respect of restricted OCWEN Common Stock shall be subject to the same restrictions and
        terms (including vesting schedule and forfeiture) as were applicable, as of the Distribution Date, to the restricted OCWEN Common Stock on which the dividend was declared and paid (except where applicable laws in such foreign jurisdictions may require a different approach).

                  SECTION 2.03 Form S-8. Subsequent to the effectiveness of the Form 10, but prior to the consummation of the Distribution, ALTISOURCE shall prepare and file with the Commission a registration statement on Form S-8 (or another appropriate form) registering a number of shares of ALTISOURCE Common Stock equal to the number of options to purchase ALTISOURCE Common Stock resulting from the
        actions contemplated in SECTION 2.01 above and under any new equity incentive or similar plan. ALTISOURCE shall use its reasonable best efforts to cause any such registration statement to be effective (and the current status of the prospectus or prospectuses required thereby shall be maintained) as long as any options to purchase ALTISOURCE Common Stock may remain outstanding.

                  SECTION 2.04 Section 16. The Parties shall take all reasonable steps as may be required to cause the transactions contemplated by this Article II and any other acquisitions of ALTISOURCE equity securities (including derivative securities) or dispositions of OCWEN equity securities (including derivative securities) in connection with this Agreement or the Separation Agreement by
        each individual who is a director or officer of OCWEN or ALTISOURCE subject to Section 16 of the Exchange Act to be exempt under Rule 16b-3 promulgated under the Exchange Act.

        ARTICLE III

        U.S. Retirement and Deferred Compensation Plans

                  SECTION 3.01 U.S. Tax-Qualified 401(k) Plan. (a) Effective as of the Distribution, ALTISOURCE shall have in effect a defined contribution plan within the meaning of Section 401(k) of the Code (the “ALTISOURCE 401(k) Plan”) that will provide benefits to eligible and participating ALTISOURCE Employees and any former employee of ALTISOURCE or any of its Subsidiaries
        (other than any such individual who was employed directly by OCWEN or any of its Subsidiaries (other than ALTISOURCE or any of its Subsidiaries) at any time following such individual’s most recent direct employment with ALTISOURCE or any of its Subsidiaries) (each such former employee, a “Former ALTISOURCE Employee”) participating in OCWEN’s 401(k) Plan (the “OCWEN 401(k) Plan”) (except where applicable laws in such foreign jurisdictions
        may require a different approach). Each ALTISOURCE Employee and Former ALTISOURCE Employee participating in the OCWEN 401(k) Plan immediately prior to the effectiveness of the ALTISOURCE 401(k) Plan shall be eligible to participate in the ALTISOURCE 401(k) Plan as of such effectiveness. ALTISOURCE shall cause each ALTISOURCE Employee to be credited with all service accrued with OCWEN and its Subsidiaries prior to such transfer for all purposes under the ALTISOURCE 401(k)
        Plan.

        3

        

        

        

                  (b)   Within a reasonable period of time following the Distribution, OCWEN shall cause to be transferred to the ALTISOURCE 401(k) Plan, and ALTISOURCE shall cause the ALTISOURCE 401(k) Plan to accept, an amount equal to the account balances of all ALTISOURCE Employees and Former ALTISOURCE Employees who are participants in the OCWEN 401(k) Plan. Such transfer shall include any
        promissory notes evidencing outstanding loan balances under the OCWEN 401(k) Plan with respect to such account balances. OCWEN shall debit the account of each such individual under the OCWEN 401(k) Plan by the amount transferred for the benefit of such individual to the ALTISOURCE 401(k) Plan, and ALTISOURCE shall allocate the amounts transferred to the ALTISOURCE 401(k) Plan to the account of each such individual by crediting such account with the amount debited from such
        individual’s account under the OCWEN 401(k) Plan. Following the foregoing transfer, ALTISOURCE and/or the ALTISOURCE 401(k) Plan shall assume all Liabilities of OCWEN, the OCWEN Group and their respective Affiliates under the OCWEN 401(k) Plan with respect to all participants in the OCWEN 401(k) Plan whose balances were transferred to the ALTISOURCE 401(k) Plan and their beneficiaries, and OCWEN, the OCWEN Group and their respective Affiliates and the OCWEN 401(k) Plan shall have
        no Liabilities to provide such participants with benefits under the OCWEN 401(k) Plan following such transfer. OCWEN and ALTISOURCE shall use reasonable efforts to minimize the duration of any “blackout period” imposed in connection with the transfer of account balances from the OCWEN 401(k) Plan to the ALTISOURCE 401(k) Plan.

                  SECTION 3.02 Director Non-Qualified Deferred Compensation Plans. OCWEN shall retain, or shall cause the applicable other members of the OCWEN Group to retain, sponsorship of, and all Assets and Liabilities arising out of or relating to, OCWEN’s 1996 Stock Plan for Directors, as amended and Deferred Plan for Directors, dated March 7, 2005, and shall make, or cause to be made,
        payments to all participants in such plans, including those who are current or former directors of OCWEN, in accordance with the terms of the applicable plan.

        ARTICLE IV

        Incentive Plans

                  SECTION 4.01 Annual Incentive Plan. ALTISOURCE shall assume all Liabilities with respect to ALTISOURCE Employees and ALTISOURCE Former Employees pursuant to OCWEN’s 1998 Annual Incentive Plan (“OCWEN AIP”) as in effect as of the Distribution Date that relate to any periods under the OCWEN AIP commencing prior to and ending after the Distribution Date (the
        “Applicable Performance Periods”), and OCWEN, the OCWEN Group and their respective Affiliates shall have no Liabilities to provide ALTISOURCE Employees or ALTISOURCE Former Employees with benefits under the OCWEN AIP with respect to the Applicable Performance Periods. ALTISOURCE expects to (a) establish an incentive plan (the “ALTISOURCE AIP”) for ALTISOURCE Employees and ALTISOURCE Former Employees that will contain the same terms as the OCWEN AIP
        as in effect as of the Distribution Date with respect to the Applicable Performance Periods and (b) at the times originally prescribed by the OCWEN AIP, make payments to the ALTISOURCE Employees and Former ALTISOURCE Employees with respect to the Applicable Performance Periods in accordance with the terms of the ALTISOURCE AIP.

        4

        

        

        

        ARTICLE V

        U.S. Welfare Benefits, Severance Plan and Other Matters

                  SECTION 5.01 U.S. Welfare Plans. (a) No later than the Distribution, ALTISOURCE shall have in effect welfare benefit plans that provide an appropriate level of life insurance, health care, dental care, accidental death and dismemberment insurance, disability and other group welfare benefits (the “ALTISOURCE Welfare Plans”) for ALTISOURCE Employees employed in
        Luxembourg or such other foreign jurisdiction as may become applicable, who immediately prior to the date such ALTISOURCE Welfare Plans are established (the “Welfare Plan Transition Date”) are participants in the comparable Existing OCWEN Plans (the “OCWEN Welfare Plans”) (except where applicable laws in such foreign jurisdictions may require a different approach). OCWEN and ALTISOURCE agree that, to the extent reasonably practicable, the ALTISOURCE
        Welfare Plans shall provide to such ALTISOURCE Employees coverage that is substantially similar to the coverage that was provided to them under the corresponding OCWEN Welfare Plans immediately prior to the Welfare Plan Transition Date. ALTISOURCE shall, subject to approval by its third-party insurance providers, (A) waive all limitations as to preexisting conditions, exclusions and waiting periods and actively-at-work requirements with respect to participation and coverage requirements
        applicable to such ALTISOURCE Employees and their dependents under the ALTISOURCE Welfare Plans to the extent previously satisfied under the applicable corresponding OCWEN Welfare Plan immediately prior to the Welfare Plan Transition Date and (B) provide each such ALTISOURCE Employee and his or her eligible dependents with credit under ALTISOURCE Welfare Plans for any co-payments and deductibles paid under corresponding OCWEN Welfare Plans prior to the Welfare Plan Transition Date in
        the calendar year in which the Welfare Plan Transition Date occurs for purposes of satisfying any applicable deductible or out-of-pocket requirements under any ALTISOURCE Welfare Plans in which such ALTISOURCE Employees participate.

                  (b)     ALTISOURCE shall retain, or shall cause the applicable other members of the ALTISOURCE Group or the applicable ALTISOURCE Welfare Plans to retain, responsibility for all claims for welfare benefits incurred prior to, from and after the Distribution under the OCWEN Welfare Plans and the ALTISOURCE Welfare Plans by ALTISOURCE Employees and their dependents and
        beneficiaries.

                  SECTION 5.02 COBRA and HIPAA. ALTISOURCE shall retain all liabilities and obligations to ALTISOURCE Employees and their eligible dependents, in respect of health insurance under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) and applicable
        state law.

        ARTICLE VI

        Termination

                  SECTION 6.01 Termination. This Agreement may be terminated by OCWEN at any time, in its sole discretion, prior to the Distribution Date.

        5

        

        

        

                  SECTION 6.02 Effect of Termination. In the event of any termination of this Agreement prior to the Distribution Date, neither party (or any of its directors or officers) shall have any Liability or further obligation to the other party.

        ARTICLE VII

        Miscellaneous

                  SECTION 7.01 No Third-Party Beneficiaries. Without limiting the generality of Section 10.04 of the Separation Agreement, this Agreement is solely for the benefit of the parties hereto, and no current or former director, officer, employee or independent contractor of any member of the OCWEN Group or any member of the ALTISOURCE Group or any other individual associated therewith (including
        any beneficiary or dependent thereof) shall be regarded for any purpose as a third-party beneficiary of this Agreement, and no provision of this Agreement shall create such rights in any such persons in respect of any benefits that may be provided, directly or indirectly, under any benefit plan, program, policy, agreement or arrangement of any member of the OCWEN Group or any member of the ALTISOURCE Group. No provision of this Agreement shall constitute a limitation on the rights to
        amend, modify or terminate any benefit plans, programs, policies, agreements or arrangements of any member of the OCWEN Group or any member of the ALTISOURCE Group, and nothing herein shall be construed as an amendment to any such benefit plan, program, policy, agreement or arrangement. No provision of this Agreement shall require any member of the OCWEN Group or any member of the ALTISOURCE Group to continue the employment of any employee of any member of the OCWEN Group or any member
        of the ALTISOURCE Group for any specific period of time following the Distribution Date.

                  SECTION 7.02 Confidentiality. This Agreement and the information provided to each party hereunder shall be subject to the confidentiality provisions set forth in Sections 6.07 and 6.08 of the Separation Agreement.

                  SECTION 7.03 Dispute Resolution. All disputes, controversies and claims directly or indirectly arising out of or in relation to this Agreement or the validity, interpretation, construction, performance, breach or enforceability of this Agreement shall be finally, exclusively and conclusively settled in accordance with the provisions of Article VII of the Separation Agreement, which shall
        apply mutatis mutandis to this Agreement.

                  SECTION 7.04 Miscellaneous. Except as otherwise expressly set forth in this Agreement, the provisions in Article X of the Separation Agreement (which Article X addresses counterparts, entire agreement, corporate power, governing law, assignability, third party beneficiaries, notices, severability, publicity, expenses, headings, survival of covenants, waivers of default, specific
        performance, amendments, interpretation, jurisdiction and service of process) shall apply mutatis mutandis to this Agreement.

        *     *     *     *     *

        6

        

        

        

                  IN WITNESS WHEREOF, the parties have caused this Employee Matters Agreement to be executed as of the date first written above by their duly authorized representatives.

        	
                     

                	
                     

                	
                     

                
	
                     

                	
                    OCWEN FINANCIAL CORPORATION

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    By 

                	
                    /s/ Ronald M. Faris

                
	
                     

                	
                     

                	 
	
                     

                	
                     

                	
                    Name: Ronald M. Faris

                
	
                     

                	
                     

                	
                    Title:   President

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    ALTISOURCE SOLUTIONS S.À R.L.

                
	
                     

                	
                     

                	
                     

                
	
                     

                	
                    By

                	
                    

                    /s/ William B. Shepro  

                
	
                     

                	
                     

                	 
	
                     

                	
                     

                	
                    Name: William B. Shepro

                
	
                     

                	
                     

                	
                    Title:   Manager

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}]]