Document:

Exhibit

Exhibit 10.5

EMPLOYMENT CONTRACT OF INDEFINITE DURATION

BY AND BETWEEN:

		
	1.
	ALTISOURCE SOLUTIONS S.à r.l., a private limited liability company (société à responsabilité limitée) organized under the laws of the Grand Duchy of Luxembourg, with registered office at 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies Register under number B. 147268 (“S.à r.l.”) (hereinafter referred to as the “Employer”); and

		
	2.
	Indroneel Chatterjee born on [redacted] in India and currently residing at [redacted] (hereinafter referred to as the “Employee”)

The Employee and the Employer may hereinafter collectively be referred to as the "Parties", each being a "Party".

It has been agreed by and between the Parties as follows:

Article 1 - Definitions: 

Appointment or Employment: the employment of the Employee by the Employer on the terms of this Contract.
ASPS: Altisource Portfolio Solutions S.A., the ultimate parent company of the Employer.
Commencement Date: the latter to occur of (i) October 1, 2017 or (ii) the date of the Employee’s relocation to Luxembourg after receipt of the Luxembourg Work and Residence Authorization.
Company: the Employer, its parent companies, subsidiaries, and their respective successors and assigns.
Confidential Information: information (of any nature and in any format) which is not in the public domain, relating to the business, products, affairs and finances of the Employer.
Contract: the present unlimited period employment contract.
Incapacity: any illness or injury which prevents the Employee from carrying out his duties.
Rules and Regulations: any internal rules and regulations which may be periodically prepared by the Company, and which apply to similarly situated employees.

	
			
	Employee _____ / Employer _____
	 
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Article 2 – Duties and Nature of Service

		
	(a)
	The Employer shall employ the Employee from the Commencement Date to fulfill the position of Chief Financial Officer of the Company. The Employee will have the responsibilities enumerated in Article 2(b) below, or such other authority, functions, duties, powers and responsibilities as may be assigned to the Employee from time to time. The Parties hereby acknowledge and accept that considering the nature of the Employee’s activities it is impossible to provide a comprehensive description of the activities to be performed by him, which shall include all the tasks that are directly or indirectly necessary or useful for the performance of the concerned duties. 

    
		
	(b)
	Employee’s responsibilities will include, but not be limited to, the following: 

		
	•
	Directing and overseeing all aspects of the Company's Finance, Accounting, Financial Reporting, Tax and Investor Relations functions 

		
	•
	Developing an effective capital allocation strategy to create long-term shareholder value, including evaluating capital investments and debt/equity market opportunities

		
	•
	Ensuring that the Company’s interim and annual financial statements and management’s discussion and analysis thereon fairly present the financial position of the Company and the results of its operations 

		
	•
	Ensuring the effective design and operation of the Company’s systems of internal controls over financial reporting

		
	•
	Developing and implementing the Company’s strategy in partnership with the Chief Executive Officer and Board of Directors of ASPS, including, without limitation: 

		
	o
	Developing and implementing the five (5) year enterprise strategic plan 

		
	o
	Providing ongoing strategic input to the Chief Executive Officer and Board of Directors of ASPS, including recommendations on pricing strategy, working capital management and new-capability development

		
	o
	Assisting, and in certain instances overseeing, in the development and management of business and product strategies across the enterprise

		
	o
	Assisting, and in certain instances leading, in the implementation of strategic business and product plans, monitoring and reporting against the plans to ensure the Company is meeting its financial goals

		
	•
	Ensuring the effective staffing and management of the Finance, Accounting, Financial Reporting, Tax and Investor Relations organizations and developing and implementing processes which are necessary to provide strategic, financial and accounting support to the Company and its employees

	
			
	Employee _____ / Employer _____
	 
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	•
	Such other responsibilities as deemed appropriate by the Chief Executive Officer or the Board of Directors of ASPS

		
	(c)
	The Employee shall serve the Employer on the terms of this Contract and accepts the aforementioned position. The Employee shall work for the Employer in this position or in any other similar position, which the Employer may assign to him over the course of time. Notwithstanding anything in this Contract to the contrary, the Employee understands and agrees that the Employment is contingent upon the satisfactory completion of background checks as may be conducted by the Company and its external auditors and the Employee expressly consents to such background checks.

		
	(d)
	The registered office of the Employer is 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg. The Employee shall carry out his duties in the Grand-Duchy of Luxembourg or at such other place as instructed by the Employer. The Employee shall undertake all national and international business travels justified by the business needs and his function.

		
	(e)
	The Parties agree and the Employee consents that the place of employment is not an essential condition of this Contract. As such, the Employee expressly agrees to work, to be posted and even to be transferred to another location or entity of the Company if such location or entity is in the U.S. or in the EU. 

		
	(f)
	The Employee expressly confirms that he is not bound to any other company, firm or entity by a non-competition or any other such clause which would prevent him from signing the present Contract.

		
	(g)
	The Employee shall undertake to inform the Employer immediately in writing of any changes in his personal situation such as his address, family status or number of children. The Employer shall treat all such information confidentially.

		
	(h)
	The Employee warrants that, upon receipt of his Luxembourg Work Permit and Authorization of Residence, he will be entitled to work in Luxembourg without any additional approvals and will notify the Employer immediately if he ceases to be so-entitled during the Employment.

		
	(i)
	The Employee consents to undergo an obligatory medical examination within two (2) months of commencing the Employment in order to verify his physical aptitude to fulfill his obligations under the Employment.

Article 3 – Duration and Termination 
		
	(a)
	The first six (6) months of the Appointment shall be a probationary period and the Appointment may be terminated at any time during this period, with one month prior notice. During this probationary period the Employee's performance and suitability for continued employment will be monitored. Pursuant to article L.121-5 of the Luxembourg Labor Code, this Contract cannot be terminated unilaterally during the first two (2) weeks of the probationary period except in the case of gross 

	
			
	Employee _____ / Employer _____
	 
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misconduct. After completion of the first two (2) weeks’ probation, either party may terminate the Contract without cause until the end of the probationary period in accordance with article L.121-5. 
		
	(b)
	If neither Party has given notice of termination within the probationary period, the present Contract shall be deemed to be effective as of the first day of the probationary period and concluded for an indefinite period, subject to the terms of this Contract and the Luxembourg Labor Code.

		
	(c)
	Either Party may terminate this Contract in writing, giving the other no less than the following legal prior notice, in accordance with article L.124-1 of the Luxembourg Labor Code:

In the case of the dismissal of the Employee by the Employer, the latter must respect a minimum prior notice of:
		
	•
	Two (2) months if the term of the Employment is under five (5) years 

		
	•
	Four (4) months if the term of the Employment is between five (5) and ten (10) years

		
	•
	Six (6) months if the term of the Employment is over ten (10) years

In the case of the resignation of the Employee, the following prior notice must be given:
		
	•
	One (1) month if the term of the Employment is under five (5) years

		
	•
	Two (2) months if the term of the Employment is between five (5) and ten (10) years

		
	•
	Three (3) months if the term of the Employment is over ten (10) years

The respective prior notice will run from the fifteenth (15th) day of the month if notice was given before such a date, or from the first (1st) day of the following month if notice was given after the fifteenth (15th) of the month. The Employer reserves the right to pay salary in lieu of notice for all or any part of the notice period.
		
	(d)
	In accordance with article L.124-7 of the Luxembourg Labor Code, if the Employee is dismissed for reasons other than the gross misconduct described in article L.124-10, the Employer shall pay the Employee as severance: 

		
	•
	One (1) month’s gross base salary if the term of the Employment is between five (5) and ten (10) years

		
	•
	Two (2) months’ gross base salary if the term of the Employment is between ten (10) and fifteen (15) years

		
	•
	Three (3) months’ gross base salary if the term of the Employment is over fifteen (15) years

		
	(e)
	To the extent that Employee is terminated for reasons other than the gross misconduct described in article L.124-10 of the Luxembourg Labor Code, the Employer will pay additional amounts to the 

	
			
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Employee as set forth in Article 9 of this Contract pursuant to and contingent upon the execution of the Employer’s Separation Agreement.
		
	(f)
	Notwithstanding the above, the Employer may terminate the Contract with immediate effect without notice and with no liability to make any further payment to the Employee (other than in respect of amounts accrued due and unpaid at the date of termination) if the Employee commits an act of gross misconduct in accordance with article L.124-10 of the Luxembourg Labor Code. 

		
	(g)
	The Contract will automatically terminate by operation of the law on the date on which the Employee is declared to be medically unable to perform his duties under the Contract by the pre-employment, or any subsequent, medical examination; on the fifty-second week of continual Incapacity over any one hundred and four week period; when the Employee reaches the legal retirement age or is attributed an old-age pension or any other of the provisions specified under articles L.125-2 to L.125-4 of the Luxembourg Labor Code.

Article 4 – Remuneration
		
	(a)
	The Employee’s annual gross base salary shall be 475,000 U.S. Dollars (USD) or 422,750 Euros (EUR) (converted into EUR at a USD to EUR exchange rate of 0.89.). This annual gross base salary shall be payable in EUR in twenty four (24) instalments.

		
	(b)
	In accordance with article L.223-1 of the Luxembourg Labor Code, the salary shall be adapted and vary proportionally with the variations of the index of cost of living in the Grand Duchy of Luxembourg. The above salary has been fixed in consideration of the index applicable at the date on which this Contract becomes effective (Salary Index at the time of the signature of the present Contract: 794.54 as of January 1, 2017).

		
	(c)
	The Employee's salary shall accrue from day to day and be paid in arrears twice monthly directly into the Employee's bank account. The Employee shall inform the Employer of all necessary details relating thereto.

		
	(d)
	The Employer hereby informs the Employee that in order to fulfill the obligations under the Contract and to pay his salary, the following information about the Employee may be transmitted: name, address, civil status, date of birth, any documents given during the recruiting and employment proceedings (including the curriculum vitae), the employment agreement and salary, proof of payment, all raises or modifications of salary, the hours effectively worked, any correspondence with the employees as well as all other documents relating to the Contract (such as holiday requests or Incapacity certificates). The Employee consents to the transfer of the above personal information within the group of companies of the Employer, including outside of the European Union, as contemplated by Article 19 Paragraph 1(a) of the Luxembourg law on Data Protection of August 2, 2002. The Employee is permitted to access the 

	
			
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above information and may demand the rectification of any error thereupon. For the avoidance of doubt, the Parties agree that the Company will be authorized to publicly disclose such information to the extent required pursuant to the rules and regulations promulgated by the Securities and Exchange Commission, and the Employee expressly consents to such disclosures.
		
	(e)
	Upon satisfaction of the relevant performance criteria in accordance with Altisource’s Incentive Plan, as amended from time to time by the Employer in its sole discretion, the Employee may be entitled to an annual discretionary bonus as per a scorecard as amended from time to time, which scorecard will be made available to the Employee as set forth below. At the target performance level, the Employee can anticipate earning approximately 475,000 USD in incentive compensation on an annual basis, less applicable withholding taxes. There is no legal entitlement to the annual bonus and payment is at the sole discretion of the Employer. Notwithstanding the foregoing, (i) for calendar year 2017, Employee will receive a cash incentive compensation payment of 485,000 USD, less applicable withholding taxes, subject to meeting performance expectations and continued employment through the date of payment, payable at the time when incentive payments for similarly situated executives are made (expected March 2018) and (ii) for calendar year 2018, Employee will receive a minimum cash incentive compensation payment of 475,000 USD, less applicable withholding taxes, subject to meeting performance expectations and continued employment through the date of payment, payable at the time when 2018 incentive payments for similarly situated executives are made (expected March 2019). Incentive payments will be made in USD or EUR at the then-applicable USD to EUR exchange rate at the Employee’s discretion.

		
	(f)
	The Employee will receive a one-time cash incentive bonus of 34,464 USD, subject to applicable withholding taxes, payable upon satisfactory completion of the first one (1) year of employment. Payment of the bonus will be made in USD or EUR at the then-applicable USD to EUR exchange rate at the Employee’s discretion

		
	(g)
	In accordance with the terms of the 2009 Equity Incentive Plan, subject in each case to Employee’s execution of the applicable award agreement containing all of the terms and conditions of the award, the Employee will be awarded: 

		
	•
	On the Commencement Date, a grant of ASPS restricted stock (“Restricted Shares”) scheduled to vest over four (4) years, subject to continued employment except as otherwise set forth in the applicable award agreement. The value of the award will be equal to the value of Employee’s unvested and forfeited deferred compensation from his prior employer as of the Commencement Date. The number of Restricted Shares shall be determined by dividing such award value by the average of the high and low price of the ASPS common stock on the Commencement Date. 

	
			
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	•
	On the date when the 2017 annual incentive for similarly situated executives are approved by the Compensation Committee of the ASPS Board of Directors (expected in March 2018) (the “Grant Date”), subject to continued employment through the Grant Date, a grant of Restricted Shares with an award value of 540,000 USD scheduled to vest over the subsequent three (3) years. Such vesting will be subject to the Employee’s continued employment except as otherwise set forth in the applicable award agreement. The number of Restricted Shares shall be determined by dividing the award value by the average of the high and low price of the ASPS common stock on the Grant Date. 

		
	•
	On the Commencement Date, the option to acquire 20,000 shares of ASPS common stock at a strike price equal to the closing price of the ASPS common stock on the Commencement Date. These options will be market-based options, whereby (i) two-thirds (2/3) of the market-based options would commence vesting if the stock price realizes a compounded annual gain of at least twenty percent (20%) over the exercise price, so long as the stock price is at least double the exercise price, with one-third (1/3) vesting immediately upon the achievement of such criteria and the remaining two-thirds (2/3) vesting over the next two (2) years and (ii) the remaining one third (1/3) of the market-based options would commence vesting if the stock price realizes a compounded annual gain of at least twenty-five percent (25%)  over the exercise price, so long as it is at least triple the exercise price, with one-third (1/3) vesting immediately upon the achievement of such criteria and the remaining two-thirds (2/3) vesting over the next two (2) years. Such vesting will be subject to the Employee’s continued employment except as otherwise set forth in the applicable award agreement.

		
	(h)
	The Employee will be eligible for certain relocation benefits while employed in Luxembourg in accordance with the Altisource Relocation Plan provided to the Employee by the Employer. 

		
	(i)
	It is expressly agreed that any bonus, premium or any other fringe benefits not arising from any legal or contractual provision or regulation, granted to the Employee, shall be deemed to be a gift, whatever their frequency and their amount and may therefore not be considered as vested rights to the benefit of the Employee. 

		
	(j)
	The salary and other benefits of the Employee shall be payable after deduction of all compulsory contributions to the social security system (if applicable) in existence in Luxembourg and after deduction of the retentions at source of income tax (if applicable) and, should the case arise, any other charges imposed by Luxembourg Law.

Article 5 – Working Hours and Holidays
		
	(a)
	The working hours shall be fixed in accordance with the applicable legal provisions in the Grand-

	
			
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Duchy of Luxembourg and the Employee's salary is based on a minimum average of forty (40) working hours per week and eight (8) hours per day scheduled in principle from Monday to Friday. The Employee hereby acknowledges that general working hours or overtime statutory provisions are not applicable to his position as a higher level employee ("cadre supérieur") within the meaning of article L.211-3 of the Luxembourg Labor Code, and in accordance with article L.211-27 (4) of the Luxembourg Labor Code. Working hours may thus vary according to the Employer's requirements.  
		
	(b)
	The Employee shall have the right to twenty-five (25) days of paid annual leave, in addition to the Luxembourg public holidays, notwithstanding article L.233-4 of the Luxembourg Labor Code's provisions. 

		
	(c)
	The Employee will respect a reasonable delay between requesting leave from the Employer and taking it, in order to not perturb the functioning of the Employer in accordance with article L.233-10 of the Luxembourg Labor Code. The Employer shall respect the Employee's request to the extent that the request does not perturb the functioning of the Employer or conflict with other employees' leave.

		
	(d)
	The Employee shall take, and the Employer shall allow the Employee to take, his accumulated leave in full before the end of each calendar year, in accordance with articles L.233-9 and L.233-10 of the Luxembourg Labor Code.

		
	(e)
	In the event that business reasons prevent the Employee from taking all his annual leave entitlement during the calendar year, he may transfer the remaining leave entitlement to the next calendar year, in which case it shall expire on the 31st of March, unless prevented again by business reasons. For the avoidance of doubt, if the Employee separates from the Company between January 1st and March 31st, any leave carried over from the prior year shall expire and Employee shall not be entitled to payment for such leave.

Article 6 – Incapacity 
		
	(a)
	The Employee who is incapable of working for any reason of illness or accident shall notify the Employer or his representative as soon as possible on the first day of Incapacity, either personally or by way of an intermediary. Such notification may be made orally or in writing.

		
	(b)
	The Employee has three (3) days to provide the Employer with a medical certificate in which the beginning and the expected duration of Incapacity is stated. The Employer reserves the right to request a medical counter examination.

		
	(c)
	Subject to the Employee's compliance with the provisions of the Luxembourg Labor Code, he shall, in principle, continue to receive his full salary and contractual benefits (if any) from the Employer during the initial sickness period provided by article L.121-6 of the Luxembourg Labor Code.

	
			
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Article 7 – Confidential Information / Employer properties

		
	(a)
	The Employee shall treat as confidential all information concerning the activities of the Company, and he shall not disclose to third parties, or to other employees, any information of which he may have been made aware during the present Contract, notwithstanding that which is reasonably necessary to permit normal performance of their respective duties by the parties concerned.

		
	(b)
	The Employee undertakes both during this employment with the Employer and at any time after the termination thereof not to perform or participate in any act of unfair competition. 

		
	(c)
	Any breach of this obligation occurring while the Contract is in place, shall constitute a serious fault rendering immediately and definitively any further relationship between the Employer and the Employee impossible and justifying the immediate dismissal of the Employee without any notice or indemnity and without prejudice to any further proceedings or claims which may be exercised by the Employer.

		
	(d)
	All notes, reports, listings, files, documents, and contacts howsoever related to the Employer are and shall remain the exclusive property of the Employer and shall be created, processed, and stored by the Employee in a confidential manner exclusively on behalf of the Employer.

		
	(e)
	When the present Contract shall come to an end, the Employee must return to the Employer all documents as well as copies of such documents which may be in the possession of or under the control of the Employee, and the Employee undertakes to do everything to assist the Employer to recover all documents which may be beyond the control of the Employee.

Article 8 – Obligations 

		
	(a)
	Throughout the duration of this Contract, the Employee will work exclusively for the Employer and will not take up any other occupation or engage in any act which is directly or indirectly competitive with the business of the Employer or any of its affiliated companies and to its detriment. 

		
	(j)
	Throughout the duration of this Contract, the Employee shall not have any direct or indirect interest in any other business or organisation if that business or organisation competes or might reasonably be considered by the Employer to compete with the Company or any of its affiliated companies or if this impairs or might reasonably be considered to impair the Employee’s ability to act in the best interests of the Company or any of its affiliated companies. 

	
			
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	(k)
	Throughout the duration of this Contract, the Employee shall comply with the rules, policies and procedures set out in the Company’s Code of Business Conduct and Ethics, Management Directives and other applicable internal Rules and Regulations, which may be amended from time to time by the Company. This Contract is intended, among other things, to supplement applicable Rules and Regulations and does not in any way modify or abrogate the obligations or duties owed by the Employee to the Company thereunder.

Article 9 – Non-competition and Non-solicitation
		
	(a)
	During a twelve (12) month period following the date upon which his service under this Contract terminates or expires, the Employee hereby undertakes that he will not run within the Grand Duchy of Luxembourg or in the United States of America a personal business similar or in competition with the business of the Company nor enter into an employment contract with a business similar or in competition with the business of the Company. In that regard, the Employee shall not directly or indirectly on his own behalf, or in the service of or on behalf of others, engage in, provide any executive, managerial, supervisory, sales, marketing, research, or customer-related services to, or own (other than ownership of less than one percent (1%) of the outstanding voting securities of any entity the voting securities of which are traded on a national securities exchange) a beneficial or legal interest in, any business (other than the Company) which (i) concerns the business of the Company or (ii) is competitive or likely to be competitive with the business of the Company . 

		
	(b)
	The Employee agrees that he will disclose the existence of his obligations pursuant to Article 9 of this Contract to any potential employer prior to accepting employment.

		
	(c)
	In consideration of the above-mentioned obligations, and in addition to any amounts owed pursuant to articles L.124-1 and L.124-7 of the Luxembourg Labor Code (as set forth in article 3(c) and 3(d) herein), the Employer will pay to the Employee four (4) months of his gross base salary. The Employer will pay the Employee these additional severance amounts subject to the Employee’s execution of the Employer’s Separation Agreement. 

		
	(d)
	The Employer may waive Employee’s obligations set forth in Articles 9(a) and 9(b) unilaterally on condition that it informs the Employee (by email or mail) within two (2) weeks from the notice of termination of the Contract by either party. If the Employer waives these obligations and provides the required notification, the Employer will be relieved from the payment obligations set forth in Article 9(c).   

		
	(e)
	Throughout the duration of this Contract and for a period of two (2) years following its termination, the Employee will not, directly or indirectly, solicit or hire or assist any other person or entity in soliciting or hiring any employee of the Company or any of its affiliated companies to perform services 

	
			
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for any entity (other than the Company or any other affiliated companies), or attempt to induce any such employee to leave the Company or any of its affiliated companies.

		
	(f)
	Throughout the duration of this Contract and for a period of two (2) years following its termination, the Employee will not, directly or indirectly, solicit or hire or assist any other person or entity in soliciting or hiring any client of the Company or any of its affiliated companies, or attempt to induce any such client to leave the Company or any of its affiliated companies.

		
	(g)
	Any breach of these obligations shall constitute a serious fault and might give raise to one or several claims or proceedings to be exercised by the Company before the courts and authorities concerned.

		
	(h)
	The Employee expressly agrees that the provisions of Section 9 of the Contract may be enforced against him in any court or competent jurisdiction in the United States.

		
	(i)
	In the event that this article is determined by a court which has jurisdiction to be unenforceable in part or in whole, the court shall be deemed to have the authority to revise any provision of this Contract to the minimum extent necessary to be enforceable to the maximum extent permitted by law. 

Article 10 – Intellectual property

		
	(a)
	Any inventions, devices or concepts, as well as any result of research, any original creation or program, related to the field of activity of the Company and made or developed by the Employee during his employment and for a period of one (1) year after termination of such relationship for whatsoever reason, belongs to the exclusive legal and beneficial ownership of the Employer, in accordance with the relevant provisions of patent and copyright laws applicable in Luxembourg.

		
	(b)
	The Employee hereby grants, assigns and conveys to the Employer all right, title, and interest in and to all inventions, devices or concepts, as well as any result of research, any original creation or program, and all other materials (as well as the copyrights, patents, trade secrets, and similar rights attendant hereto) conceived, reduced to practice, authored, developed or delivered by the Employee either solely or jointly with others, during and in connection with the performance of services under the Contract with the Employer.

		
	(c)
	The Employee shall have no right to disclose or use any such inventions, devices or concepts, as well as any result of research, any original creation or program, and all other materials for any purpose whatsoever and shall not communicate to any third party the nature of or details relating to such 

	
			
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inventions, devices or concepts, as well as any result of research, any original creation or program, and all other materials.  

		
	(d)
	The Employee agrees that he will comply with all obligations set forth in the Employee Intellectual Property Agreement provided by the Employer and incorporated herein by this reference.

Article 11 – Use of information technologies 

The Employee undertakes not to use the Internet with the Company’s hardware if such activity does not comply with applicable law and public order, and if it adversely affects the Company’s interests. 

Article 12 – Data protection

		
	(a)
	The Luxembourg law of 2 August 2002, implemented in articles L.261-1 and L.261-2 of the Luxembourg Labor code, defines how the Employees’ personal data may be used for normal administrative purposes resulting out of the Employees’ employment with the Employer. By signing this Contract, the Employee expressly agrees to his data being used for this purpose. The Employee commits himself to inform the Employer of any modification of his personal data (i.e. address, bank account number etc.).

		
	(b)
	The Employees’ data will be held for as long as legally required and held confidentially.

		
	(c)
	This data is retained as long as the obligations and duties deriving from them are no longer legally required.  The Employee may at any time request the Employer to provide him with his personal data or require the correction of the data in case of justified grievances.

Article 13 – Miscellaneous
		
	(a)
	All notices and other communications provided for hereunder shall be in English and in writing, delivered by hand or by registered or certified mail (return receipt requested) and delivered or addressed to the addressee at its address below (or any other address it may subsequently notify in writing to the other Party):

 If to the Employer, to:
Address: 40, Avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg (or any other address that becomes corporate headquarters and published in the Luxembourg Gazette ("Mémorial"), with an electronic copy to KevinJ.Wilcox@altisource.lu)
Attention:     Kevin J. Wilcox 

	
			
	Employee _____ / Employer _____
	 
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If to the Employee, to:
Address:    In Luxembourg, address to be established
Attention:     Indroneel Chatterjee
The date on which a notice shall be deemed validly given shall be the date of its receipt by the addressee, i.e. the date appearing on the acknowledgment or refusal of receipt or the addressee's countersignature. 
		
	(b)
	No amendment or waiver of any provision of this Contract, nor consent to or departure by either Party therefrom, nor any subsidiary agreement relating to the subject matter of this Contract, shall in any event be valid unless it is in writing and signed by or on behalf of both Parties.

		
	(c)
	This Contract may be assigned by Employer to any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of Employer. This Agreement shall be binding upon and inure to the benefit of the Parties, their successors, assigns, heirs, executors and legal representatives. If there shall be a successor to Employer or Employer shall assign this Agreement, then as used in this Agreement, (a) the term “Employer” shall mean Employer as hereinbefore defined and any successor or any permitted assignee, as applicable, to which this Agreement is assigned.

		
	(d)
	The possible nullity or non-applicability of one or more provisions of the present Contract shall not result in the nullification of the entire Contract.

Article 14 – Governing Law and Jurisdiction
Except for breaches of the provisions of Article 9 herein, the present Contract shall be governed, interpreted and performed by and in accordance with the law in force in the Grand- Duchy of Luxembourg. Except for breaches of the provisions of Article 9 herein, each Party expressly agrees to submit to the exclusive jurisdiction of the Courts of Luxembourg over any claim or matter arising under or in connection with this Contract.
Article 15 – Contractual Interpretation
If any provision of this Contract is held to be unenforceable, then this Contract will be deemed amended to the extent necessary to render the otherwise unenforceable provision, and the rest of the Contract, valid and enforceable. If a court declines to amend this Contract as provided herein, the invalidity or unenforceability of any provision of this Contract shall not affect the validity or enforceability of the remaining provisions, which shall be enforced as if the offending provision had not been included in this Contract.

	
			
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In witness whereof the present Contract has been signed in triplicate on the ____ day of August 2017 and each of the Parties acknowledges having received one original version (with the 3rd original version to be provided to the Luxembourg Ministry of Foreign Affairs.)

The Employer
Altisource Solutions S.à r.l.

	
			
	By: Kevin J. Wilcox, Manager
	 
	 

The Employee

	
	
	By: Indroneel Chatterjee

	
			
	 
	 
	Page 14 of 14Exhibit

Exhibit 10.6

NON-QUALIFIED STOCK OPTION AWARD AGREEMENT

THIS NON-QUALIFIED STOCK OPTION AWARD AGREEMENT (the “Agreement”) is made as of October 5, 2017  (the “Grant Date”), between Altisource Portfolio Solutions S.A., a Luxembourg société anonyme (“Altisource” and, together with its subsidiaries and affiliates, the “Company”), and Indroneel Chatterjee, an employee of the Company (the “Employee”).

WHEREAS, the Company desires, by affording the Employee an opportunity to purchase shares of its common stock, par value $1.00 per share (“Shares”), to further the objectives of the Company’s 2009 Equity Incentive Plan (the “2009 Plan”).

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, and intending to be legally bound hereby, the parties hereto have agreed, and do hereby agree, as follows:

		
	1.
	OPTION GRANT

The Company hereby grants to the Employee, pursuant to and subject to the 2009 Plan, the right and option to purchase all or any part of an aggregate 20,000 Shares from the Company for a purchase price of $27.29 per share (the “Strike Price”), on the terms and conditions set forth in this Agreement (the “Options”).

		
	2.
	OPTION TERM

The term of the Options shall begin on the Grant Date and will continue for a period of ten (10) years from the Grant Date, unless earlier terminated pursuant to exercise, in accordance with Section 3 Subsection A or as provided in Section 5 below.

		
	3.
	VESTING OF OPTIONS

		
	A.
	Vesting Schedule

Subject to the provisions of Sections 5 and 6 below, the Options shall vest and become exercisable based on the achievement of performance criteria as follows:

		
	(1)
	Ordinary Performance-Based Vesting. Two-thirds (2/3) of the Options (the “Ordinary Performance-Based Options”) shall vest in three (3) equal annual increments, as follows.  One-third (1/3) of the Ordinary Performance-Based Options shall vest on the date as of which both of the following performance criteria have been met:  (x) the per share price of the Shares at any time from the date of this Agreement equals or exceeds two times the Strike Price, and (y) investors achieve a 20% Annualized Rate of Return from the date of this Agreement based on the Strike Price.  Thereafter, one-third (1/3) of the Ordinary Performance-Based Options shall automatically vest on each of the consecutive two (2) anniversaries of the date of such initial vesting.

	
			
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	(2)
	Extraordinary Performance-Based Vesting.  One-third (1/3) of the Options (the “Extraordinary Performance-Based Options”) shall vest in three (3) equal annual increments, as follows.  One- third (1/3) of the Extraordinary Performance-Based Options shall vest on the date as of which both of the following extraordinary performance criteria have been met: (x) the per share price of the Shares at any time from the date of this Agreement equals or exceeds three times the Strike Price, and (y) investors achieve a 25% Annualized Rate of Return from the date of this Agreement based on the Strike Price.  Thereafter, one-third (1/3) of the Extraordinary Performance-Based Options shall automatically vest on each of the consecutive two (2) anniversaries of the date of such initial vesting.

For the avoidance of doubt, the requisite ordinary performance and/or extraordinary performance criteria provided in clauses (x) and (y) of Section 3, Subsections A(1) and A(2) above, once satisfied for the initial vesting of the Ordinary Performance-Based Options and/or the Extraordinary Performance-Based Options, respectively, do not need to continue to be satisfied for vesting of the same on the subsequent two (2) anniversaries of such initial vesting.
    
		
	B.
	General

The Employee shall have none of the rights of a shareholder with respect to any of the Shares subject to the Options until such Shares shall be issued in the Employee’s name or the name of the Employee’s designee following the exercise of the Options.

		
	4.
	METHOD OF OPTION EXERCISE

		
	A.
	Subject to the terms and conditions of this Agreement, vested Options may be exercised by written notice to the Company at its executive offices to the attention of the Corporate Secretary of the Company (the “Notice”).  The Notice shall state the election to exercise vested Options, shall state the number of Shares in respect of which it is being exercised (the “Purchased Shares”) and shall be signed by the person or persons so exercising such Options.  In no case may vested Options be exercised as to less than fifty (50) Shares at any one time (or the remaining Shares then purchasable under the vested Options, if less than fifty (50) Shares) or for a fractional Share.  Except as provided in Section 5 below, vested Options may not be exercised unless the Employee shall, at the time of the exercise, be an employee of the Company and not under a notice of resignation.  During the Employee’s lifetime, only the Employee or the Employee’s guardian or legal representative may exercise vested Options (in the case of the Employee’s guardian or legal representative, such guardian or legal representative, as applicable, will be considered to be the Employee for purposes of exercising the Employee’s rights in this Section 4, Subsections A and B).  

		
	B.
	A Notice shall be accompanied by (1) a personal check payable to the order of the Company for payment of the full purchase price of the Purchased Shares, (2) delivery 

	
			
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to the Company of the number of Shares duly endorsed for transfer and owned by the Employee that have an aggregate Fair Market Value equal to the aggregate purchase price of the Purchased Shares or (3) payment therefor made in such other manner as may be acceptable to the Company on such terms as may be determined by the Board of Directors.  “Fair Market Value” shall have the meaning given to that term in the 2009 Plan.  In addition to and at the time of payment of the purchase price, the person exercising the vested Options shall pay to the Company the full amount of any federal and state withholding or other taxes applicable to the taxable income of such person resulting from such exercise in cash unless the Board of Directors in its sole discretion shall permit such taxes to be paid in Shares. Such payment may also be made in the form of payroll withholding, at the election of the Employee. The Company shall issue the Purchased Shares as soon as practicable after receipt of the notice and all required payments by the person or persons exercising the Options as provided in Section 4, Subsection A above.  Unless the person or persons exercising the Options shall otherwise direct the Company in writing, such Purchased Shares shall be registered in the name of the Employee and shall be delivered as aforesaid to or upon the written order of the Employee.  

		
	C.
	To the extent Options shall be exercised, pursuant to Section 5 hereof, by any person or persons other than the Employee, such notice shall be accompanied by appropriate proof of the derivative right of such person or persons to exercise the Options. 

		
	D.
	The date of exercise of an Option shall be the date on which the Notice, the documents and all payments required under this Section 4 are received by or arranged with the Corporate Secretary of the Company.  If such Notice is received after the market closes, the following trading day will be considered the date of exercise.  All Purchased Shares shall be fully paid and non-assessable.

		
	E.
	The Company may require the Employee to exercise the Options electronically through the Shareworks system or any other online system pursuant to the procedures set forth therein as determined by the Company in its sole discretion.

		
	F.
	The Company may amend the procedures set forth in this Section 4, Subsections A through E in its sole discretion.  

		
	5.
	TERMINATION OF OPTIONS

The Options may not be exercised to any extent after termination of the Options. Options will terminate as set forth below in this Section 5:

		
	A.
	The Options shall terminate upon the exercise of such Options in the manner provided in this Agreement and the 2009 Plan, whether or not the Purchased Shares are ultimately delivered.

	
			
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	B.
	Except as may otherwise be provided in Section 3 Subsection A and this Section 5, Subsections A and C for the earlier termination of the Options, the Options and all rights and obligations thereunder shall expire ten (10) years after the Grant Date.

		
	C.
	If, prior to exercise, expiration, forfeiture, surrender or cancellation of the Options, the Employee’s employment terminates, the Options shall terminate in accordance with the 2009 Plan except as follows:

		
	(1)
	by reason of termination of employment by the Company for Cause, then all Options shall terminate on the date of termination of employment. 

		
	(2)
	by reason of termination of employment by the Employee (other than by reason of Retirement), then all unvested Options shall terminate on the date Employee provides notice of his or her resignation and all vested Options shall terminate on the date that is six (6) months after the date of termination of employment.

		
	(3)
	by reason of death or Disability, then the Options shall remain outstanding, subject to vesting only upon satisfaction of the respective criteria for the vesting of such options set forth in Section 3, Subsection A. In case the Employee’s employment is terminated by reason of death or Disability and the Employee is dead or incapacitated, the vested options will be transferred to the Employee’s legal heirs.

		
	(4)
	by reason of termination of employment by the Company without Cause or  Retirement of the Employee, then (a) if the respective performance criteria for the Ordinary Performance-Based Options or such Extraordinary Performance-Based Options have been satisfied on or prior to the ninety (90) day anniversary of the date of such termination of employment, such Ordinary Performance-Based Options or Extraordinary Performance-Based Options, as applicable, shall terminate on the later of (i) the six (6) month anniversary of the date such Option vests, or (ii) the six (6) month anniversary of the date of such termination of employment, and (b) if the respective performance criteria for the Ordinary Performance-Based Options or Extraordinary Performance-Based Options have not been satisfied on or prior to the ninety (90) day anniversary of the date of such termination of employment, such Ordinary Performance-Based Options or Extraordinary Performance-Based Options, as applicable, shall terminate on the ninety (90) day anniversary of the date of termination of employment.  Notwithstanding the foregoing, if the respective performance criteria for the Ordinary Performance-Based Options or the Extraordinary Performance Based Options have been satisfied on or prior to the ninety (90) day anniversary of the date of such termination of employment, the Company will have the right in its sole discretion to require the Employee to exercise all or part of such Ordinary Performance-Based Options or such Extraordinary Performance-

	
			
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Based Options at any time. For the avoidance of doubt, in no event shall this Section 5, Subsection C(4) extend the life of the Options beyond the Option term as set forth in Section 2 of this Agreement.

		
	D.
	The Employee’s right to retain any Options following termination of employment under Section 5 Subsection C is subject in all cases to the requirement that the Employee has been employed with the Company for a period of at least three (3) years in the case of Retirement or two (2) years in the case of termination of employment, Disability or death, unless otherwise determined by the Company in its sole discretion.

		
	6.
	CONDITIONS UPON TERMINATION OF EMPLOYMENT

		
	A.
	For a period of two (2) years following the Employee’s departure from the Company, the Employee shall not (A) engage, either directly or indirectly, in any manner or capacity as advisor, principal, agent, partner, officer, director, employee, member of any association or otherwise, in any business or activity which is at the time competitive with any business or activity conducted by the Company, (B) solicit, directly or indirectly, any employee of the Company to leave the employ of the Company for employment, hire or engagement as an independent contractor elsewhere, (C) in any way interfere with the relationship between any customer, supplier, licensee or business relation of the Company or (D)  share, reveal or utilize any Confidential Information of the Company except as otherwise expressly permitted by Company.

		
	B.
	For a period of two (2) years following the Employee’s departure from the Company, the Employee shall be available at reasonable times for consultations at the request of the Company’s management with respect to phases of the business with which the Employee was actively connected during the Employee’s employment, but such consultations shall not be required to be performed during usual vacation periods or periods of illness or other incapacity or without reasonable compensation and cost reimbursement.  

		
	C.
	The Employee acknowledges that the Company would not have awarded the Options granted to the Employee under this Agreement absent the Employee’s agreement to be bound by the covenants made in this Section 6. 

		
	D.
	In the event that the Employee fails to comply with any of the promises made in this Section 6, then in addition to and not in limitation of any and all other remedies available to the Company at law or in equity (a) the Options, to the extent then unexercised, whether vested or unvested, will be immediately forfeited and cancelled and (b) the Employee will be required to immediately deliver to the Company an amount (in cash or in Shares) equal to the market value (on the date of exercise) of any Shares acquired on exercise of the Options less the exercise price paid for such Shares (the “Share Value”) to the extent such Shares were acquired by the Employee 

	
			
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upon exercise of the Options at any time from 180 days prior to the earlier of (i) the date of termination of employment or (ii) the date the Employee fails to comply with any promise made in this Section 6, to 180 days after the date when the Company learns that the Employee has not complied with any such promise. The Employee will deliver such Share Value amount (either in cash or in Shares) to the Company on such terms and conditions as may be required by the Company. The Company will be entitled to enforce this repayment obligation by all legal means available, including, without limitation, to set off the Share Value amount and any other damage amount against any amount that might be owed to the Employee by the Company. 

		
	E.
	The Employee further acknowledges that in the event that the covenants made in this Section 6 are not fulfilled, the damage to the Company would be irreparable. The Company, in addition to any other remedies available to it, including, without limitation, the remedies set forth in Section 6, Subsection D above, shall be entitled to injunctive relief against the Employee’s breach or threatened breach of said covenants. 

		
	7.
	CORPORATE TRANSACTIONS; CHANGE OF CONTROL/RESTRUCTURING EVENT; OTHER EVENTS

		
	A.
	Corporate Transactions

Except to the extent governed by Section 7, Subsections B and C below, if there shall be any change in the Shares subject to the Options granted hereunder, through merger, consolidation, reorganization, recapitalization, stock dividend, extraordinary dividend, stock split, spin off of one or more subsidiaries or other change in the corporate structure, appropriate adjustments shall be made by the Board of Directors in its discretion in the aggregate number and kind of Shares subject to the 2009 Plan and the number and kind of Shares and the price per Share subject to the Options. Further, the Board of Directors shall have the right to adjust the ordinary performance conditions and extraordinary performance conditions as appropriate to avoid inequitable dilution or enlargement of award values or rights in connection with such a corporate transaction or restructuring.  Without limiting the generality of the foregoing, in the event of a restructuring or transaction resulting in some or all of the Company’s Shares being convertible into equity of a separate company, the Board of Directors shall have the authority to replace Options with any one or more of the following: (1) adjusted options of the Company; (2) adjusted options on the equity of the separate company; and (3) a combination of adjusted options on the shares of both the Company and the separate company, all as the Board of Directors sees as equitable. In the event of any such option adjustment and/or conversion, the Board of Directors shall attempt to reasonably approximate the aggregate value of the Employee’s Options under this Agreement. For the avoidance of doubt, in the event Employee remains employed with the separate company that results from a restructuring or transaction covered by this Section 7, for purposes of this Agreement, the Employee will be deemed to remain employed as if the Employee 

	
			
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continued employment with the Company such that the employment termination provisions applicable to the Options shall not be invoked unless and until the Employee’s employment with such separate company shall terminate.

		
	B.
	Change of Control/Restructuring Event 

		
	(1)
	If a Change of Control/Restructuring Event occurs, the Board of Directors shall have the right to make appropriate adjustments, including, without limiting the generality of the foregoing (i) allow the Options to continue in full force and effect in accordance with the terms hereof or (ii) issue an award of shares in the Successor Entity as the Board of Directors deems equitable.   

		
	(2)
	If the Options are to remain in place following such Change of Control/Restructuring Event, appropriate adjustments shall be made by the Board of Directors in its discretion in the aggregate number and kind of Shares subject to the 2009 Plan and the number and kind of Shares and the price per Share subject to the Options. Further, the Board of Directors shall have the right to adjust the ordinary performance conditions and extraordinary performance conditions as appropriate to avoid inequitable dilution or enlargement of award values or rights in connection with such Change of Control/Restructuring Event.  Without limiting the generality of the foregoing, such discretions shall include the authority to replace Options with any one or more of the following: (a) adjusted options of the Company; (b) adjusted options on the equity of any Successor Entity surviving such Change of Control/Restructuring event; and (c) a combination of adjusted options on the shares of both the Company and the Successor Entity, all as the Board of Directors sees as equitable. In the event of any such option adjustment and/or conversion, the Board of Directors shall attempt to reasonably approximate the aggregate value of the Employee’s Options under this Agreement. 

		
	C.
	Other Events

		
	(1)
	The 2009 Plan and Agreement and the Options granted hereunder shall not affect the right of the Company to reclassify, recapitalize, issue equity or otherwise change its capital or debt structure or to merge, consolidate, convey any or all of its assets, dissolve, liquidate, wind up or otherwise reorganize. The Board of Directors shall have the discretion to make adjustments to the awards made hereunder to reflect any changes that the Board of Directors deems appropriate as a result of any sale, an IPO, business combination, acquisition, recapitalization, reclassification, merger, consolidation, reorganization, stock dividend, stock split, spin off of one or more divisions or subsidiaries, a “going private” transaction (which shall mean any transaction that results in the occurrence of any of the following events: (a) Altisource’s common stock is no longer listed on any national securities exchange or quoted on the NASDAQ Global Select 

	
			
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Market or other securities quotation system; (b) Altisource is no longer subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act; or (c) Altisource becomes subject to Rule 13e-3 under the Exchange Act) or similar transaction affecting the Options. Upon the occurrence of any such events, the Board of Directors may make appropriate adjustments to the Options made hereunder to avoid inequitable dilution or enlargement of award values or rights in connection with any such event (as determined by the Board of Directors in its sole discretion based on any facts and circumstances it considers relevant). For the avoidance of doubt, the Options are subject to the dilutive impact of equity issuances (including an IPO) or other costs of capital made in connection with acquisitions or capital raises.

		
	8.
	NON-TRANSFERABILITY OF OPTIONS

The Options shall not be transferable otherwise than by will or by the applicable laws of descent and distribution.  More particularly (but without limiting the generality of the foregoing), the Options may not be assigned, transferred (except as aforesaid), pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process.  Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Options contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the Options, shall be null and void and without effect.

		
	9.
	PAYMENT OF EXPENSES AND COMPLIANCE WITH LAWS

The Company shall at all times during the term of the Options reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of this Agreement, shall pay all original issue and/or transfer taxes with respect to the issue and/or transfer of Shares pursuant hereto and all other fees and expenses necessarily incurred by the Company in connection therewith and will from time to time use its best efforts to comply with all laws and regulations which, in the opinion of counsel for the Company, shall be applicable thereto.

The intent of the parties is that payments and benefits under this Agreement comply with or otherwise be exempt from Section 409A of the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder (the “Code”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted either to be exempt from or in compliance therewith. If any provision of this Agreement (or any award of compensation or benefits provided under this Agreement) would cause Employee to incur any additional tax or interest under Section 409A of the Code, the Company may reform such provision to comply with 409A.

		
	10.
	DEFINITIONS

		
	A.
	As used herein, the term “Board of Directors” shall mean the Board of Directors or Compensation Committee of Altisource or any Successor Entity, as applicable.

	
			
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	B.
	As used herein, “Cause” means, as reasonably determined by the Board of Directors (excluding the Employee, if he/she is then a member of the Board of Directors) either (i) any willful or grossly negligent conduct (including but not limited to fraud or embezzlement) committed by the Employee in connection with the Employee’s employment by the Company which conduct in the reasonable determination of the Board of Directors has had or will have a material detrimental effect on the Company’s business or (ii) the Employee’s conviction of, or entering into a plea of nolo contendere to, a felony involving fraud or embezzlement or such other crime which may bring disrepute upon the Company, whether or not committed in the course of the Employee’s employment with the Company. For the avoidance of doubt, termination of employment as a result of a business reorganization or reduction in force will be deemed termination without Cause.

		
	C.
	As used herein, “Change of Control/Restructuring Date” means either the date (i) which includes the “closing” of the transaction which makes a Change of Control/Restructuring Event effective if the Change of Control/Restructuring Event is made effective through a transaction which has a “closing” or (ii) a Change of Control/Restructuring Event is reported in accordance with applicable law as effective to the Securities and Exchange Commission if the Change of Control/Restructuring Event is made effective other than through a transaction which has a “closing.” 

		
	D.
	As used herein, a “Change of Control/Restructuring Event” means (i) the acquisition by any person or entity, or two or more persons and/or entities acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934), of outstanding shares of voting stock of the Company at any time if after giving effect to such acquisition, and as a result of such acquisition, such person(s) or entity(ies) own more than fifty percent (50%) of such outstanding voting stock, (ii) the sale in one or more transactions of substantially all of the Company’s assets to any person or entity, or two or more persons and/or entities acting in concert, or (iii) the merger, consolidation or similar transaction resulting in a reduction of the interest in the Company’s stock of the pre-transaction stockholders to less than fifty percent (50%) of the post-transaction ownership. 

		
	E.
	As used herein, “Confidential Information” means all information relating to Company, including any of its subsidiaries, customers, vendors, and affiliates, of any kind whatsoever; know-how; experience; expertise; business plans; ways of doing business; business results or prospects; financial books, data and plans; pricing; supplier information and agreements; investor or lender data and information; business processes (whether or not the subject of a patent), computer software and specifications therefore; leases; and any and all agreements entered into by Company or its affiliates and any information contained therein; database mining and marketing; customer relationship management programs; any technical, operating, design, economic, client, customer, consultant, consumer or collector related data and information, marketing strategies or initiatives and plans which at the time or 

	
			
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times concerned is either capable of protection as a trade secret or is considered to be of a confidential nature regardless of form. Confidential Information shall not include: (i) information that is or becomes generally available to the public other than as a result of a disclosure in breach of this Agreement, (ii) information that was available on a non-confidential basis prior to the date hereof or becomes available from a person other than the Company who was not otherwise bound by confidentiality obligations to the Company and was not otherwise prohibited from disclosing the information or (iii) Confidential Information that is required by law to be disclosed, in which case, the Employee will provide the Company with notice of such obligation immediately to allow the Company to seek such intervention as it may deem appropriate to prevent such disclosure including and not limited to initiating legal or administrative proceedings prior to disclosure. 
		
	F.
	As used herein, “Disability” means a physical or mental impairment which, as reasonably determined by the Board of Directors, renders the Employee unable to perform the essential functions of his employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than one hundred and eighty (180) days in any twelve (12) month period, unless a longer period is required by federal or state law, in which case that longer period would apply. 

		
	G.
	As used herein, if the  “Retirement” means termination (other than by reason of death or Disability) of the Employee’s employment with the Company pursuant to and in accordance with a plan or program of the Company applicable to the Employee provided, however, that for purposes of this Agreement only, the Employee must have attained the age of sixty (60) and been an employee of the Company for not less than three (3) years as of  the date of termination of employment by reason of Retirement.

		
	H.
	As used herein, the term “Successor Entity” means the person that is formed by, replaces or otherwise survives the Company as a result of a transaction, series of transaction or restructuring with the effect that the Company ceases to exist.

		
	I.
	Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the 2009 Plan.

		
	11.
	AMENDMENT

In the event that the Board of Directors shall amend the 2009 Plan under the provisions of Section 9 of the 2009 Plan and such amendment shall modify or otherwise affect the subject matter of this Agreement, this Agreement shall, to that extent, be deemed to be amended by such amendment to the 2009 Plan.  The Company shall notify the Employee in writing of any such amendment to the 2009 Plan and this Agreement as soon as practicable after its approval. Notwithstanding any other provision of this Agreement or the 2009 Plan, the Employee’s Options under this Agreement may 

	
			
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not be amended in a way that materially diminishes the value of the Options without the Employee’s consent to the amendment.

		
	12.
	CONSTRUCTION

		
	A.
	In the event of any conflict between the 2009 Plan and this Agreement, the provisions of the 2009 Plan shall control.  This Agreement shall be governed in all respects by the laws of the State of Georgia.  No provision of this Agreement shall limit in any way whatsoever any right that the Company may otherwise have to terminate the employment of the Employee at any time.

		
	B.
	If any provision of this Agreement is held to be unenforceable, then this provision will be deemed amended to the extent necessary to render the otherwise unenforceable provision, and the rest of the Agreement, valid and enforceable. If a court declines to amend this Agreement as provided herein, the invalidity or unenforceability of any particular provision thereof shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision had been omitted.

		
	C.
	Except as otherwise required by applicable law, rule or regulation, the Board of Directors shall have full discretion with respect to any actions to be taken or determinations to be made in connection with this Agreement (including, without limitation, any determination with regard to Section 3, Section 6 and Section 7), and its determinations shall be final, binding and conclusive.

		
	13.
	ENTIRE AGREEMENT

This Agreement, together with the 2009 Plan, constitutes the entire agreement between the Company and the Employee and supersedes all other discussions, correspondence, representations, understandings and agreements between the parties, with respect to the subject matter hereof.

		
	14.
	HEADINGS

The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed a part hereof.

		
	15.
	CONFIRMING INFORMATION

By accepting this Agreement, either through electronic means or by providing a signed copy, the Employee (i) acknowledges and confirms that the Employee has read and understood the 2009 Plan and the Agreement and (ii) acknowledges that acceptance through electronic means is equivalent to doing so by providing a signed copy.

[SIGNATURE PAGE FOLLOWS]

	
			
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	I hereby agree to and accept the terms of this Agreement.

Employee

_______________________________
Indroneel Chatterjee

	 

	 
	 

	Altisource Portfolio Solutions S.A.

By: ___________________________
Name: William B. Shepro
Title: Chief Executive Officer

	 

	

Attested by: ____________________
Name: Kevin J. Wilcox
Title: Chief Administration and Risk Officer
	 

	
			
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