Document:

EX-10.8 FORM OF ALTISOURCE PORTFOLIO SOLUTIONS

Exhibit 10.8

2009 EQUITY INCENTIVE PLAN

SECTION 1. PURPOSE

	1.01	 	The purpose of the 2009 Equity Incentive Plan (the “Plan”) is to assist Altisource Portfolio
Solutions S.A. (the “Corporation”) in attracting, retaining and motivating directors and
employees of outstanding ability and to align their interests with those of the shareholders
of the Corporation.

SECTION 2. DEFINITIONS; CONSTRUCTION

	2.01	 	Definitions. In addition to the terms defined elsewhere in the Plan, the following terms as
used in the Plan shall have the following meanings when used with initial capital letters:

	 	2.01.1	 	“Award” means any Option, Restricted Stock, Performance Award or Other Stock-Based
Award, or any other right or interest relating to Shares granted under the Plan.

	 	2.01.2	 	“Award Agreement” means any written agreement, contract or other instrument or
document evidencing an Award.

	 	2.01.3	 	“Board” means the Corporation’s Board of Directors.

	 	2.01.4	 	“Code” means the Internal Revenue Code of 1986, as amended from time to time,
together with rules, regulations and interpretations promulgated thereunder. References
to particular sections of the Code shall include any successor provisions.

	 	2.01.5	 	“Change of Control” shall mean a change in control of a nature that would be required
to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or
not the Corporation is then subject to such reporting requirement.

	 	2.01.6	 	“Committee” means, (a) with respect to Participants who are employees and other
service providers, the Compensation Committee or such other committee of the Board as
may be designated by the Board to administer the Plan, as referred to in Section 3.01
hereof, consisting of at least three members of the Board; provided however, that any
member of the Committee participating in the taking of any action under the Plan shall
qualify as (1) an “outside director” as then defined under Section 162(m) of the Code
or any successor provision, (2) a “non-employee director” as then defined under Rule
16b-3 or any successor rule and (3) an “independent” director under the rules of the
NASDAQ Global Market, or (b) with respect to Participants who are non-employee
directors, the Board.

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	 	2.01.7	 	“Common Stock” means shares of the common stock, par value $1.00 per share, and such
other securities of the Corporation or other corporation or entity as may be
substituted for Shares pursuant to Section 8.01 hereof.

	 	2.01.8	 	“Covered Employee” shall have the meaning provided in Section 162(m)(3) of the Code.

	 	2.01.9	 	“Exchange Act” means the Securities Exchange Act of 1934, as amended.

	 	2.01.10	 	“Fair Market Value” of shares of any stock, including but not limited to Common
Stock, or units of any other securities (herein “shares”), shall be the mean between
the highest and lowest sales prices per share for the date(s) as established by the
Board as of which Fair Market Value is to be determined in the principal market in
which such shares are traded, as quoted in The Wall Street Journal (or in such other
reliable publication as the Committee, in its discretion, may determine to rely upon).
If the Fair Market Value of shares on any date(s) cannot be determined on the basis set
forth in the preceding sentence, or if a determination is required as to the Fair
Market Value on any date of property other than shares, the Committee shall in good
faith determine the Fair Market Value of such shares or other property on such date(s).
Fair Market Value shall be determined without regard to any restriction other than a
restriction which, by its terms, will never lapse.

	 	2.01.11	 	“Option” means a right, granted under Section 6.02 hereof, to purchase Shares at a
specified price during specified time periods.

	 	2.01.12	 	“Other Stock-Based Award” means an Award, granted under Section 6.05 hereof, that is
denominated or payable in, valued in whole or in part by reference to, or otherwise
based on, or related to, Shares.

	 	2.01.13	 	“Participant” means (a) an employee of the Corporation or any Subsidiary or
affiliate, including, but not limited to, a Covered Employee, or (b) a member of the
Board, who, in the case of either clause (a) or (b), is granted an Award under the
Plan.

	 	2.01.14	 	“Performance Award,” “Performance Goal” and “Performance Period” shall have the
meanings provided in Section 6.04.

	 	2.01.15	 	“Restricted Stock” means Shares, granted under Section 6.03 hereof, that are subject
to certain restrictions.

	 	2.01.16	 	“Rule 16b-3” means Rule 16b-3 under the Exchange Act, as amended from time to time,
or any successor to such Rule promulgated by the Securities and Exchange Commission
under Section 16 of the Exchange Act.

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	 	2.01.17	 	“Shares” means the common stock of the Corporation, par value $1.00 per share, and
such other securities of the Corporation as may be substituted for Shares pursuant to
Section 8.01 hereof.

	 	2.01.18	 	“Subsidiary” means any corporation in an unbroken chain of corporations beginning
with the Corporation, if each of the corporations other than the last corporation in
the chain owns stock possessing at least 50% of the total combined voting power of all
classes of stock in one of the other corporations in the chain.

	2.02	 	Construction. For purposes of the Plan, the following rules of construction shall apply:

	 	2.02.1	 	The word “or” is disjunctive but not necessarily exclusive.

	 	2.02.2	 	Words in the singular include the plural; words in the plural include the singular;
words in the neuter gender include the masculine and feminine genders, and words in the
masculine or feminine gender include the other and neuter genders.

SECTION 3. ADMINISTRATION

	3.01	 	The Plan shall be administered by the Committee. References hereinafter to the Committee
shall mean the Compensation Committee of the Board (or other appointed committee) with respect
to employee Participants. The Committee shall have complete, full and final authority to take
the following actions, in each case subject to and consistent with the provisions of the Plan:

	 	(i)	 	to designate Participants;

	 	(ii)	 	to determine the type or types of Awards to be granted to each Participant;

	 	(iii)	 	to determine the number of Awards to be granted, the number of Shares or
amount of cash or other property to which an Award will relate, the terms and
conditions of any Award (including, but not limited to, any exercise price, grant price
or purchase price, any limitation or restriction, any schedule for lapse of
limitations, forfeiture restrictions or restrictions on exercisability or
transferability, and accelerations or waivers thereof, including in the case of a
Change of Control based in each case on such considerations as the Committee shall
determine), and all other matters to be determined in connection with an Award;

	 	(iv)	 	to determine whether, to what extent and under what circumstances an Award may
be settled in, or the exercise price of an Award may be paid in cash, Shares, other
Awards or other property, or an Award may be accelerated, vested, canceled, forfeited,
exchanged or surrendered;

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	 	(v)	 	to interpret and administer the Plan and any instrument or agreement relating
to, or Award made under, the Plan;

	 	(vi)	 	to prescribe the form of each Award Agreement, which need not be identical for
each Participant;

	 	(vii)	 	to adopt, amend, suspend, waive and rescind such rules and regulations as the
Committee may deem necessary or advisable to administer the Plan;

	 	(viii)	 	to correct any defect or supply any omission or reconcile any inconsistency, and to
construe and interpret the Plan, the rules and regulations, any Award Agreement or
other instrument entered into or Award made under the Plan;

	 	(ix)	 	to make all other decisions and determinations as may be required under the
terms of the Plan or as the Committee may deem necessary or advisable for the
administration of the Plan; and

	 	(x)	 	to make such filings and take such actions as may be required from time to time
by appropriate state, regulatory and governmental agencies. Any action of the
Committee with respect to the Plan shall be final, conclusive and binding on all
Persons, including the Corporation, Subsidiaries, Participants and any Person claiming
any rights under the Plan from or through any Participants. The express grant of any
specific power to the Committee, and the taking of any action by the Committee, shall
not be construed as limiting any power or authority of the Committee. The Committee may
delegate to officers, managers and/or agents of the Corporation or any Subsidiary the
authority, subject to such terms as the Committee shall determine, to perform
administrative and other functions under the Plan. Each member of the Committee shall
be entitled to, in good faith, rely or act upon any report or other information
furnished to him by an officer, manager or other employee of the Corporation or a
Subsidiary, the Corporation’s independent certified public accountants, or any
executive compensation consultant or other professional retained by the Corporation
and/or Committee to assist in the administration of the Plan.

SECTION 4. SHARES SUBJECT TO THE PLAN

	4.01	 	The maximum net number of Shares which may be issued and in respect of which Awards may be
granted under the Plan shall be limited to 6,666,667 shares of Common Stock, subject to
adjustment as provided in Section 8.01, which may be used for all forms of Awards. Each Share
issued under the Plan pursuant to an Award other than an Option or other purchase right in
which the Participant pays the Fair Market Value for such Share measured as of the grant date,
or appreciation right which is based upon the Fair Market Value of a Share as of the grant
date, shall reduce the number of available Shares by 1.00.

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	 	 	For purposes of this Section 4.01, the number of Shares to which an Award relates shall be
counted against the number of Shares available under the Plan at the time of grant of the
Award, unless such number of Shares cannot be determined at that time, in which case the
number of Shares actually distributed pursuant to the Award shall be counted against the
number of Shares available under the Plan at the time of distribution; provided, however,
that Awards related to or retroactively added to, or granted in tandem with, substituted for
or converted into, other Awards shall be counted or not counted against the number of Shares
reserved and available under the Plan in accordance with procedures adopted by the Committee
so as to ensure appropriate counting but avoid double counting.

	 	 	If any Shares to which an Award relates are forfeited or the Award otherwise terminates
without payment being made to the Participant in the form of Shares or if payment is made to
the Participant in the form of cash, cash equivalents or other property other than Shares,
any Shares counted against the number of Shares available under the Plan with respect to
such Award shall, to the extent of any such forfeiture or termination or alternative
payment, again be available for Awards under the Plan. If the exercise price of an Award is
paid by delivering to the Corporation Shares previously owned by the Participant or if
Shares are delivered or withheld for purposes of satisfying a tax withholding obligation,
the number of Shares covered by the Award equal to the number of Shares so delivered or
withheld shall, however, be counted against the number of Shares granted and shall not again
be available for Awards under the Plan. Any Shares distributed pursuant to an Award may
consist, in whole or part, of authorized and unissued Shares, including Shares repurchased
by the Corporation for purposes of the Plan.

SECTION 5. ELIGIBILITY

	5.01	 	Awards may be granted only to individuals who are employees of the Corporation or any
Subsidiary or affiliate or to members of the Board.

SECTION 6. SPECIFIC TERMS OF AWARDS

	6.01	 	General. Subject to the terms of the Plan and any applicable Award Agreement, Awards may be
granted as set forth in this Section 6. In addition, the Committee may impose on any Award or
the exercise thereof, at the date of grant or thereafter (subject to the terms of Section
9.01), such additional terms and conditions, not inconsistent with the provisions of the Plan,
as the Committee shall determine, including separate escrow provisions and terms requiring
forfeiture of Awards in the event of termination of employment or service by the Participant.
Except as required by applicable law, Awards may be granted for no consideration other than
prior and/or future services.

	6.02	 	Options. The Committee is authorized to grant Options to Participants on the following terms
and conditions:

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	 	(i)	 	Exercise Price. The criteria for determining the exercise price per Share of an
Option shall be determined and such price shall be established by the Committee prior
to each grant.

	 	(ii)	 	Option Term. The term of each Option shall be determined by the Committee,
except that no Option shall be exercisable after the expiration of ten years from the
date of grant. The Option shall be evidenced by a form of written Award Agreement, and
subject to the terms thereof.

	 	(iii)	 	Times and Methods of Exercise. The Committee shall determine the time or times
at which an Option may be exercised in whole or in part, the methods by which the
exercise price may be paid or deemed to be paid, and the form of such payment,
including, without limitation, cash, Shares, or other property or any combination
thereof, having a Fair Market Value on the date of exercise equal to the exercise
price, provided, however, that (1) in the case of a Participant who is at the time of
exercise subject to Section 16 of the Exchange Act, any portion of the exercise price
representing a fraction of a Share shall in any event be paid in cash or in property
other than any equity security (as defined by the Exchange Act) of the Corporation and
(2) except as otherwise determined by the Committee, in its discretion, at the time the
Option is granted, no shares which have been held for less than six months may be
delivered in payment of the exercise price of an Option. Delivery of Shares in payment
of the exercise price of an Option, if authorized by the Committee, may be accomplished
through the effective transfer to the Corporation of Shares held by a broker or other
agent.

	 	 	 	Unless otherwise determined by the Committee, the Corporation will also cooperate
with any person exercising an Option who participates in a cashless exercise program
of a broker or other agent under which all or part of the Shares received upon
exercise of the Option are sold through the broker or other agent, for the purpose
of paying the exercise price of an Option. Notwithstanding the preceding sentence,
unless the Committee, in its discretion, shall otherwise determine, the exercise of
the Option shall not be deemed to occur, and no Shares will be issued by the
Corporation upon exercise of an Option, until the Corporation has received payment
in full of the exercise price.

	 	(iv)	 	Termination of Employment. In the case of Participants, unless otherwise
determined by the Committee and reflected in the Award Agreement or award program:

	 	(A)	 	if a Participant shall die while employed or engaged by the
Corporation or a Subsidiary or affiliate or during a period following
termination of employment or engagement during which an Option otherwise
remains exercisable under this Section 6.02(iv), Options granted to the
Participant, to the extent exercisable at the time of the Participant’s death,
may be exercised within two years after the date of the Participant’s death,
but not later than the expiration date of the Options, by the executor or

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	 	 	 	administrator of the Participant’s estate or by the Person or Persons to
whom the Participant shall have transferred such right by will or by the
laws of descent and distribution.

	 	(B)	 	if the Participant must terminate employment due to disability,
the Options may be exercised within three years after the date of termination,
but not later than the expiration date of the Options.

	 	(C)	 	if the Participant has attained the age of 55 and has been an
employee of the Corporation, its Subsidiary, or affiliate for not less than
three (3) years as of or on the date of termination of employment by reason of
retirement, the Options shall vest and shall become immediately exercisable in
full on the date of termination and may be exercised within three years after
the date of retirement, but not later than the expiration date of the Options.

	 	(D)	 	if the employment or engagement of a Participant with the
Corporation and its Subsidiaries and affiliates shall be involuntarily
terminated under circumstances which would qualify the Participant for benefits
under a severance plan of the Corporation or shall terminate his or her
employment or engagement with the written consent of the Corporation or a
Subsidiary, the Committee may elect to vest the Options immediately. Options
granted to the Participant, to the extent exercisable at the date of the
Participant’s termination of employment or engagement, may be exercised within
six months after the date of termination of employment or engagement, but not
later than the expiration date of the Options.

	 	(E)	 	except to the extent an Option remains exercisable under
paragraphs (A) through (D) above, any Option granted to a Participant shall
terminate six months after the date of termination of employment or engagement
of the Participant with the Corporation or a Subsidiary or affiliate.

	 	(v)	 	Individual Option Limit. The aggregate number of Shares for which Options may
be granted under the Plan to any single Participant in any calendar year shall not
exceed 666,667 Shares. The limitation in the preceding sentence shall be interpreted
and applied in a manner consistent with Section 162(m) of the Code.

	6.03	 	Restricted Stock. The Committee is authorized to grant Restricted Stock to Participants on
the following terms and conditions:

	 	(i)	 	Issuance and Restrictions. Restricted Stock shall be subject to such
restrictions on transferability and other restrictions as the Committee may impose
(including, without limitation, limitations on the right to vote Restricted Stock or
the right to receive dividends thereon), which restrictions may lapse separately or in
combination at such times, under such circumstances, in such installments or otherwise,
as the Committee shall determine at the time of grant or thereafter. The restriction
period applicable to Restricted Stock shall, in the case of a time-based

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	 	 	 	restriction, be not less than three years, with ratable vesting over such period or,
in the case of a performance-based restriction period, be not less than one year.

	 	(ii)	 	Forfeiture. Except as otherwise determined by the Committee at the time of
grant or thereafter, upon termination of employment, engagement or other service (as
determined under criteria established by the Committee) during the applicable
restriction period, Restricted Stock that is at that time subject to restrictions shall
be forfeited and reacquired by the Corporation; provided, however, that the Committee
may provide, by rule or regulation or in any Award Agreement, that restrictions on
Restricted Stock shall be waived in whole or in part in the event of terminations
resulting from specified causes, and the Committee may in other cases waive in whole or
in part restrictions on Restricted Stock.

	 	(iii)	 	Certificates for Shares. Restricted Stock granted under the Plan may be
evidenced in such manner as the Committee shall determine, including, without
limitation, issuance of certificates representing Shares, which may be held in escrow.
Certificates representing Shares of Restricted Stock shall be registered in the name of
the Participant and shall bear an appropriate legend referring to the terms, conditions
and restrictions applicable to such Restricted Stock.

	6.04	 	Performance Awards. The Committee is authorized to grant Performance Awards to Participants
on the following terms and conditions:

	 	(i)	 	Right to Payment. A Performance Award shall represent a right to receive Shares
based on the achievement, or the level of achievement, during a specified Performance
Period of one or more Performance Goals established by the Committee at the time of the
Award.

	 	(ii)	 	Terms of Performance Awards. At or prior to the time a Performance Award is
granted, the Committee shall cause to be set forth in the Award Agreement or otherwise
in writing (1) the Performance Goals applicable to the Award and the Performance Period
during which the achievement of the Performance Goals shall be measured, (2) the amount
which may be earned by the Participant based on the achievement, or the level of
achievement, of the Performance Goals or the formula by which such amount shall be
determined and (3) such other terms and conditions applicable to the Award as the
Committee may, in its discretion, determine to include therein. The terms so
established by the Committee shall be objective such that a third party having
knowledge of the relevant facts could determine whether or not any Performance Goal has
been achieved, or the extent of such achievement, and the amount, if any, which has
been earned by the Participant based on such performance. The Committee may retain the
discretion to reduce (but not to increase) the amount of a Performance Award which will
be earned based on the achievement of Performance Goals. When the Performance Goals are
established, the Committee shall also specify the manner in which the level of
achievement of such Performance Goals shall be calculated and the weighting assigned to
such Performance Goals. The Committee may determine

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	 	 	 	that unusual items or certain specified events or occurrences, including changes in
accounting standards or tax laws and the effects of non-operational items or
extraordinary items as defined by generally accepted accounting principles, shall be
excluded from the calculation to the extent permitted in Section 162(m).

	 	(iii)	 	Performance Goals. “Performance Goals” shall mean one or more pre-established,
objective measures of performance during a specified “Performance Period”, selected by
the Committee in its discretion.

	 	 	 	Performance Goals may be based upon one or more of the following objective
performance measures and expressed in either, or a combination of, absolute or
relative values: earnings per share, earnings per share growth, return on capital
employed, costs, net income, net income growth, operating margin, revenues, revenue
growth, revenue from operations, expenses, income from operations as a percent of
capital employed, income from operations, cash flow, market share, return on equity,
return on assets, earnings (including EBITDA and EBIT), operating cash flow,
operating cash flow as a percent of capital employed, economic value added, gross
margin, total shareholder return, workforce diversity, number of accounts, workers’
compensation claims, budgeted amounts, cost per hire, turnover rate, and/or training
costs and expenses. Performance Goals based on such performance measures may be
based either on the performance of the Corporation, a Subsidiary or Subsidiaries,
affiliate, any branch, department, business unit or other portion thereof under such
measure for the Performance Period and/or upon a comparison of such performance with
the performance of a peer group of corporations, prior Performance Periods or other
measure selected or defined by the Committee at the time of making a Performance
Award. The Committee may in its discretion also determine to use other objective
performance measures as Performance Goals.

	 	(iv)	 	Committee Certification. Following completion of the applicable Performance
Period, and prior to any payment of a Performance Award to the Participant, the
Committee shall determine in accordance with the terms of the Performance Award and
shall certify in writing whether the applicable Performance Goal or Goals were
achieved, or the level of such achievement, and the amount, if any, earned by the
Participant based upon such performance. For this purpose, approved minutes of the
meeting of the Committee at which certification is made shall be sufficient to satisfy
the requirement of a written certification.

	 	 	 	Performance Awards are not intended to provide for the deferral of compensation,
such that payment of Performance Awards shall be paid within two and one-half months
following the end of the calendar year in which the Performance Period ends or such
other time period if and to the extent as may be required to avoid characterization
of such Awards as deferred compensation.

	 	(v)	 	Maximum Individual Performance Award Payments. In any one calendar year, the
maximum amount which may be earned by any single Participant under

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	 	 	 	Performance Awards granted under the Plan shall be limited to 666,667 Shares. In the
case of multi-year Performance Periods, the amount which is earned in any one
calendar year is the amount paid for the Performance Period divided by the number of
calendar years in the period. In applying this limit, the number of Shares earned by
a Participant shall be measured as of the close of the applicable calendar year
which ends the Performance Period, regardless of the fact that certification by the
Committee and actual payment to the Participant may occur in a subsequent calendar
year or years.

	6.05	 	Other Stock-Based Awards. The Committee is authorized, subject to limitations under
applicable law, to grant to Participants, in lieu of salary, cash bonus, fees or other
payments, such other Awards that are denominated or payable in, valued in whole or in part by
reference to, or otherwise based on, or related to, Shares, as deemed by the Committee to be
consistent with the purposes of the Plan, including, without limitation, purchase rights,
appreciation rights, Shares awarded which are not subject to any restrictions or conditions,
convertible securities, exchangeable securities or other rights convertible or exchangeable
into Shares, as the Committee in its discretion may determine. In the discretion of the
Committee, such Other Stock-Based Awards, including Shares, or other types of Awards
authorized under the Plan, may be used in connection with, or to satisfy obligations of the
Corporation or a Subsidiary under, other compensation or incentive plans, programs or
arrangements of the Corporation or any Subsidiary for eligible Participants.

	 	 	The Committee shall determine the terms and conditions of Other Stock-Based Awards. Shares
or securities delivered pursuant to a purchase right granted under this Section 6.05 shall
be purchased for such consideration, paid for by such methods and in such forms, including,
without limitation, cash, Shares, or other property or any combination thereof, as the
Committee shall determine, but the value of such consideration shall not be less than the
Fair Market Value of such Shares or other securities on the date of grant of such purchase
right.

	 	 	Appreciation rights may not be granted at a price less than the fair market value of the
underlying Shares on the date of grant. Delivery of Shares or other securities in payment of
a purchase right or appreciation right, if authorized by the Committee, may be accomplished
through the effective transfer to the Corporation of Shares or other securities held by a
broker or other agent. Unless otherwise determined by the Committee, the Corporation will
also cooperate with any person exercising a purchase right who participates in a cashless
exercise program of a broker or other agent under which all or part of the Shares or
securities received upon exercise of a purchase right are sold through the broker or other
agent, or under which the broker or other agent makes a loan to such person, for the purpose
of paying the exercise price of a purchase right.

	 	 	Notwithstanding the preceding sentence, unless the Committee, in its discretion, shall
otherwise determine, the exercise of the purchase right shall not be deemed to occur, and no
Shares or other securities will be issued by the Corporation upon exercise of a purchase
right, until the Corporation has received payment in full of the exercise price.

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SECTION 7. GENERAL TERMS OF AWARDS

	7.01	 	Stand-Alone, Tandem and Substitute Awards. Awards granted under the Plan may, in the
discretion of the Committee, be granted either alone or in addition to, or in tandem with, any
other Award granted under the Plan or any award granted under any other plan, program or
arrangement of the Corporation or any Subsidiary (subject to the terms of Section 9.01) or any
business entity acquired or to be acquired by the Corporation or a Subsidiary.

	 	 	Awards granted in addition to or in tandem with other Awards or awards may be granted either
at the same time as or at a different time from the grant of such other Awards or awards.

	7.02	 	Certain Restrictions Under Rule 16b-3. Upon the effectiveness of any amendment to Rule 16b-3,
this Plan and any Award Agreement for an outstanding Award held by a Participant then subject
to Section 16 of the Exchange Act shall be deemed to be amended, without further action on the
part of the Committee, the Board or the Participant, to the extent necessary for Awards under
the Plan or such Award Agreement to qualify for the exemption provided by Rule 16b-3, as so
amended, except to the extent any such amendment requires shareholder approval.

	7.03	 	Decisions Required to be Made by the Committee. Other provisions of the Plan and any Award
Agreement notwithstanding, if any decision regarding an Award or the exercise of any right by
a Participant, at any time such Participant is subject to Section 16 of the Exchange Act, is
required to be made or approved by the Committee or the Board in order that a transaction by
such Participant will be exempt under Rule 16b-3, then the Committee or the Board shall retain
full and exclusive power and authority to make such decision or to approve or disapprove any
such decision by the Participant.

	7.04	 	Term of Awards. The term of each Award shall be for such period as may be determined by the
Committee; provided, however, that in no event shall the term of any Option exceed a period of
ten years from the date of its grant.

	7.05	 	Form of Payment of Awards. Subject to the terms of the Plan and any applicable Award
Agreement, payments or substitutions to be made by the Corporation upon the grant, exercise or
other payment or distribution of an Award may be made in such forms as the Committee shall
determine at the time of grant or thereafter (subject to the terms of Section 9.01),
including, without limitation, cash, Shares, or other property or any combination thereof, in
each case in accordance with rules and procedures established, or as otherwise determined, by
the Committee.

	7.06	 	Limits on Transfer of Awards; Beneficiaries. No right or interest of a Participant in any
Award shall be pledged, encumbered or hypothecated to or in favor of any Person other than the
Corporation, or shall be subject to any lien, obligation or liability of such

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	 	 	Participant to any Person other than the Corporation or a Subsidiary except as otherwise
established by the Committee at the time of grant or thereafter. No Award and no rights or
interests therein shall be assignable or transferable by a Participant otherwise than by
will or the laws of descent and distribution, and any Option or other right to purchase or
acquire Shares granted to a Participant under the Plan shall be exercisable during the
Participant’s lifetime only by such Participant. A beneficiary, guardian, legal
representative or other Person claiming any rights under the Plan from or through any
Participant shall be subject to all the terms and conditions of the Plan and any Award
Agreement applicable to such Participant as well as any additional restrictions or
limitations deemed necessary or appropriate by the Committee.

	7.07	 	Registration and Listing Compliance. No Award shall be paid and no Shares or other securities
shall be distributed with respect to any Award in a transaction subject to the registration
requirements of the Securities Act of 1933, as amended, or any state securities law or subject
to a listing requirement under any listing agreement between the Corporation and any national
securities exchange, and no Award shall confer upon any Participant rights to such payment or
distribution until such laws and contractual obligations of the Corporation have been complied
with in all material respects. Except to the extent required by the terms of an Award
Agreement or another contract between the Corporation and the Participant, neither the grant
of any Award nor anything else contained herein shall obligate the Corporation to take any
action to comply with any requirements of any such securities laws or contractual obligations
relating to the registration (or exemption therefrom) or listing of any Shares or other
securities, whether or not necessary in order to permit any such payment or distribution.

	7.08	 	Stock Certificates. Awards representing Shares under the Plan may be recorded in book entry
form until the lapse of restrictions or limitations thereon, or issued in the form of
certificates. All certificates for Shares delivered under the terms of the Plan shall be
subject to such stop-transfer orders and other restrictions as the Committee may deem
advisable under federal or state securities laws, rules and regulations thereunder, and the
rules of any national securities exchange or automated quotation system on which Shares are
listed or quoted. The Committee may cause a legend or legends to be placed on any such
certificates to make appropriate reference to such restrictions or any other restrictions or
limitations that may be applicable to Shares. In addition, during any period in which Awards
or Shares are subject to restrictions or limitations under the terms of the Plan or any Award
Agreement, the Committee may require any Participant to enter into an agreement providing that
certificates representing Shares issuable or issued pursuant to an Award shall remain in the
physical custody of the Corporation or such other Person as the Committee may designate.

12

 

SECTION 8. ADJUSTMENT PROVISIONS

	8.01	 	If a dividend or other distribution shall be declared upon the Common Stock payable in shares
of the Common Stock, the number of shares of Common Stock then subject to any outstanding
Options, Performance Awards or Other Stock Based Awards, the number of shares of Common Stock
which may be issued under the Plan but are not then subject to outstanding Options,
Performance Awards or Other Stock Based Awards and the maximum number of shares as to which
Options or Performance Awards may be granted and as to which shares may be awarded under
Sections 6.02(vi) and 6.04(v), shall be adjusted by adding thereto the number of shares of
Common Stock which would have been distributable thereon if such shares had been outstanding
on the date fixed for determining the shareholders entitled to receive such stock dividend or
distribution. Shares of Common Stock so distributed with respect to any Restricted Stock held
in escrow shall also be held by the Corporation in escrow and shall be subject to the same
restrictions as are applicable to the Restricted Stock on which they were distributed.

	 	 	If the outstanding shares of Common Stock shall be changed into or exchangeable for a
different number or kind of shares of stock or other securities of the Corporation or
another corporation, or cash or other property, whether through reorganization,
reclassification, recapitalization, stock split-up, combination of shares, merger or
consolidation, then there shall be substituted for each share of Common Stock subject to any
then outstanding Option, Performance Award or Other Stock Based Award, and for each share of
Common Stock which may be issued under the Plan but which is not then subject to any
outstanding Option, Performance Award or Other Stock Based Award, the
number and kind of shares of stock or other securities (and in the case of outstanding Options, Performance
Awards or Other Stock Based Awards, the cash or other property) into which each outstanding
share of the Common Stock shall be so changed or for which each such share shall be
exchangeable. Unless otherwise determined by the Committee in its discretion, any such stock
or securities, as well as any cash or other property, into or for which any Restricted Stock
held in escrow shall be changed or exchangeable in any such transaction shall also be held
by the Corporation in escrow and shall be subject to the same restrictions as are applicable
to the Restricted Stock in respect of which such stock, securities, cash or other property
was issued or distributed.

	 	 	In case of any adjustment or substitution as provided for in this Section 8.01, the
aggregate option price for all Shares subject to each then outstanding Option, Performance
Award or Other Stock Based Award, prior to such adjustment or substitution shall be the
aggregate option price for all shares of stock or other securities (including any fraction),
cash or other property to which such Shares shall have been adjusted or which shall have
been substituted for such Shares. Any new option price per share or other unit shall be
carried to at least three decimal places with the last decimal place rounded upwards to the
nearest whole number.

	 	 	If the outstanding shares of the Common Stock shall be changed in value by reason of any
spin-off, split-off or split-up, or dividend in partial liquidation, dividend in property
other than cash, or extraordinary distribution to shareholders of the Common Stock, (a)

13

 

	 	 	the Committee shall make any adjustments to any then outstanding Option, Performance Award
or Other Stock Based Award, which it determines are equitably required to prevent dilution
or enlargement of the rights of optionees and awardees which would otherwise result from any
such transaction, and (b) unless otherwise determined by the Committee in its discretion,
any stock, securities, cash or other property distributed with respect to any Restricted
Stock held in escrow or for which any Restricted Stock held in escrow shall be exchanged in
any such transaction shall also be held by the Corporation in escrow and shall be subject to
the same restrictions as are applicable to the Restricted Stock in respect of which such
stock, securities, cash or other property was distributed or exchanged.

	 	 	No adjustment or substitution provided for in this Section 8.01 shall require the
Corporation to issue or sell a fraction of a Share or other security. Accordingly, all
fractional Shares or other securities which result from any such adjustment or substitution
shall be eliminated and not carried forward to any subsequent adjustment or substitution.
Owners of Restricted Stock held in escrow shall be treated in the same manner as owners of
Common Stock not held in escrow with respect to fractional Shares created by an adjustment
or substitution of Shares, except that, unless otherwise determined by the Committee in its
discretion, any cash or other property paid in lieu of a fractional Share shall be subject
to restrictions similar to those applicable to the Restricted Stock exchanged therefor.

	 	 	In the event of any other change in or conversion of the Common Stock, the Committee may in
its discretion adjust the outstanding Awards and other amounts provided in the Plan in order
to prevent the dilution or enlargement of rights of Participants.

SECTION 9. AMENDMENTS TO AND TERMINATION OF THE PLAN

	9.01	 	The Board may amend, alter, suspend, discontinue or terminate the Plan without the consent of
shareholders or Participants, except that, without the approval of the shareholders of the
Corporation, no amendment, alteration, suspension, discontinuation or termination shall be
made if shareholder approval is required by any federal or state law or regulation or by the
rules of any stock exchange on which the Shares may then be listed, or if the amendment,
alteration or other change materially increases the benefits accruing to Participants,
increases the number of Shares available under the Plan or modifies the requirements for
participation under the Plan, or if the Board in its discretion determines that obtaining such
shareholder approval is for any reason advisable; provided, however, that except as provided
in Section 7.02, without the written consent of the Participant, no amendment, alteration,
suspension, discontinuation or termination of the Plan may materially and adversely affect the
rights of such Participant under any Award theretofore granted to him. The Committee may,
consistent with the terms of the Plan, waive any conditions or rights under, amend any terms
of, or amend, alter, suspend, discontinue or terminate, any Award theretofore granted,
prospectively or retrospectively; provided, however, that except as provided in Section 7.02,
without the consent of a Participant, no amendment, alteration, suspension, discontinuation or
termination of any

14

 

	 	 	Award may materially and adversely affect the rights of such Participant under any Award
theretofore granted to him; and provided further that, except as provided in Section 8.01 of
the Plan, the exercise price of any outstanding Option may not be reduced, whether through
amendment, cancellation or replacement, unless such reduction is approved by the
shareholders of the Corporation.

SECTION 10. GENERAL PROVISIONS

	10.01	 	No Right to Awards; No Shareholder Rights. No Participant shall have any claim to be granted
any Award under the Plan, and there is no obligation for uniformity of treatment of
Participants, except as provided in any other compensation, fee or other arrangement. No Award
shall confer on any Participant any of the rights of a shareholder of the Corporation unless
and until Shares are in fact issued to such Participant in connection with such Award.

	10.02	 	Withholding. To the extent required by applicable Federal, state, local or foreign law, the
Participant or his successor shall make arrangements satisfactory to the Corporation, in its
discretion, for the satisfaction of any withholding tax obligations that arise in connection
with an Award. The Corporation shall not be required to issue any Shares or make any other
payment under the Plan until such obligations are satisfied. The Corporation is authorized to
withhold from any Award granted or any payment due under the Plan, including from a
distribution of Shares, amounts of withholding taxes due with respect to an Award, its
exercise or any payment thereunder, and to take such other action as the Committee may deem
necessary or advisable to enable the Corporation and Participants to satisfy obligations for
the payment of such taxes. This authority shall include authority to withhold or receive
Shares, Awards or other property and to make cash payments in respect thereof in satisfaction
of such tax obligations.

	10.03	 	No Right to Employment or Continuation of Service. Nothing contained in the Plan or any
Award Agreement shall confer, and no grant of an Award shall be construed as conferring, upon
any Participant any right to continue in the employ or service of the Corporation or to
interfere in any way with the right of the Corporation or shareholders to terminate his
employment or service at any time or increase or decrease his compensation, fees, or other
payments from the rate in existence at the time of granting of an Award, except as provided in
any Award Agreement or other compensation, fee or other arrangement.

	10.04	 	Unfunded Status of Awards; Creation of Trusts. The Plan is intended to constitute an
“unfunded” plan for incentive compensation. With respect to any payments not yet made to a
Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall
give any such Participant any rights that are greater than those of a general unsecured
creditor of the Corporation; provided, however, that the Committee may authorize the creation
of trusts or make other arrangements to meet the Corporation’s obligations under the Plan to
deliver Shares or other property pursuant to

15

 

	 	 	any Award, which trusts or other arrangements shall be consistent with the “unfunded” status
of the Plan unless the Committee otherwise determines.

	10.05	 	No Limit on Other Compensatory Arrangements. Nothing contained in the Plan shall prevent the
Corporation from adopting other or additional compensation, fee or other arrangements (which
may include, without limitation, employment agreements with executives and arrangements which
relate to Awards under the Plan), and such arrangements may be either generally applicable or
applicable only in specific cases.
Notwithstanding anything in the Plan to the contrary, the terms of each Award shall be
construed so as to be consistent with such other arrangements in effect at the time of the
Award.

	10.06	 	No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan
or any Award. The Committee shall determine whether cash, other Awards or other property shall
be issued or paid in lieu of fractional Shares or whether such fractional Shares or any rights
thereto shall be forfeited or otherwise eliminated.

	10.07	 	Governing Law. The validity, interpretation, construction and effect of the Plan and any
rules and regulations relating to the Plan shall be governed by the laws of the Grand Duchy of
Luxembourg (without regard to the conflicts of laws thereof).

	10.08	 	Severability. If any provision of the Plan or any Award is or becomes or is deemed invalid,
illegal or unenforceable in any jurisdiction, or would disqualify the Plan or any Award under
any law deemed applicable by the Committee, such provision shall be construed or deemed
amended to conform to applicable laws or if it cannot be construed or deemed amended without,
in the determination of the Committee, materially altering the intent of the Plan or Award, it
shall be deleted and the remainder of the Plan or Award shall remain in full force and effect;
provided, however, that, unless otherwise determined by the Committee, the provision shall not
be construed or deemed amended or deleted with respect to any Participant whose rights and
obligations under the Plan are not subject to the law of such jurisdiction or the law deemed
applicable by the Committee.

SECTION 11. EFFECTIVE DATE AND TERM OF THE PLAN

	11.01	 	The effective date and date of adoption of the Plan shall be      , 2009, the date of adoption of
the Plan by the Board, provided that such adoption of the Plan is approved by a majority of
the votes cast at a duly held meeting of shareholders at which a quorum representing a
majority of the outstanding voting stock of the Corporation is, either in person or by proxy,
present and voting. Notwithstanding anything else contained in the Plan or in any Award
Agreement, no Option or other purchase right granted under the Plan may be exercised, and no
Shares may be distributed pursuant to any Award granted under the Plan, prior to such
shareholder approval. In the event such shareholder approval is not obtained, all Awards
granted under the Plan shall automatically be deemed void and of no effect.

16EX-10.9 EMPLOYMENT AGREEMENT/WILLIAM B. SHEPRO

Exhibit
10.9

Dated

[DATE]

EMPLOYMENT CONTRACT

BETWEEN

ALTISOURCE SOLUTIONS S.à r.l.

AND

MR. WILLIAM BENJAMIN SHEPRO

 

 

Dated: [DATE]

EMPLOYMENT CONTRACT

BY AND BETWEEN:

	1.	 	Altisource Solutions S.à r.l., a private limited liability company (société à responsabilité
limitée) incorporated under the laws of the Grand Duchy of Luxembourg, with a share capital of
USD 20,000.-, having its registered office at 2-8, avenue Charles de Gaulle, L-1653
Luxembourg, not yet registered with the Luxembourg Trade and Companies Register (hereinafter
referred to as “the Employer”);

and

	2.	 	Mr. William Benjamin Shepro, born on the 17th March 1969 in Hartford, Connecticut
(United States of America), residing at 5265 Mount Vernon Parkway, Atlanta, GA, 30327, United
States of America, prior to relocation to an address in Luxembourg (hereinafter referred to as
“the Employee”);

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

The present contract is signed for an unlimited period of time, in accordance with the provisions
of the Luxembourg Labour Code, under the following conditions agreed by and between the Parties:

Article 1 — Definitions and interpretations:

	(a)	 	The definitions and rules of interpretation of this clause apply to this Contract.
	 
	 	 	Board : the board of directors of the Employer or of Altisource Portfolio Solutions S.A.
(including any committee of the Board or any individual duly appointed by it);
	 
	 	 	Cause : in accordance with article L.124-10 of the Luxembourg labour code, Cause is held to
include (i) wilful misconduct by the Employee with regard to the Employer which has a material
adverse effect on the Employer and which is not cured within thirty (30) days of receipt of a
written notice from the Board which specifically identifies such purported misconduct by the
Employee; (ii) the wilful refusal of Executive to attempt to follow the proper direction of the
Board which is not cured within thirty (30) days of receipt of a written notice from the Board
which specifically identifies such purported failure by Employee, provided that the foregoing
refusal by Employee shall not be “Cause” if such direction is illegal, unethical or immoral and
Employee promptly so notifies the Board; (iii) material and continuing wilful failure by
Employee to perform the duties required of him under the present Contract (other than any such
failure resulting from incapacity due to physical or mental illness) which is not cured within
thirty (30) days of receipt of a written demand for substantial performance from the Board
which specifically identifies the manner in which it is believed that Employee has
substantially and continually refused to attempt to perform his duties hereunder; (iv) the
Employee being convicted of a felony; (v) a material breach of this Contract, which is not
cured

2

 

	 	 	within thirty (30) days of receipt of a written notice of such breach from the Board
specifically identifying the manner in which it is believed that Employee has materially
breached this Contract, or (vi) drunkenness or the possession of narcotics on Employer’s
property, wilful and material damage to Employer’s property or repeated and material violations
of Employer’s policies, provided that such violations have not been cured within thirty (30)
days of receipt of written notice which specifically identifies the policies at issue. For
purposes of this paragraph, no act, or failure to act, on Employee’s part shall be considered
“wilful” unless done, or omitted to be done, by him not in good faith and without reasonable
belief that his action or omission was in the best interests of the Employer;
	 
	 	 	Commencement Date : the first Monday, two weeks after the date of distribution of the
Employer’s Parent Company (in accordance with article 9 (a));
	 
	 	 	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;
	 
	 	 	Employment : the employment of the Employee by the Employer on the terms of this Contract;
	 
	 	 	Good Reason : the occurrence or failure to cause the occurrence, as the case may be, without
Employee’s express written consent of any of the following circumstances: (i) any substantial
unreasonable material diminution of Employee’s positions, duties or responsibilities hereunder
(except in each case in connection with the termination of Employee’s employment for Cause or
disability or as a result of Employee’s death, or temporarily as a result of Employee’s illness
or other absence), or, the assignment to Employee of duties or responsibilities that are
inconsistent with Employee’s position; (ii) removal of, or the non re-election of the Employee
from executive positions with the Employer or its Parent Company without election to a higher
position or removal of Employee from any of his executive positions; (iii) a failure by the
Employer to continue any incentive plan, programme or arrangement in which Employee is entitled
to participate (the “Incentive Plans”), provided that any such Incentive Plans may be modified
at the Employer’s discretion from time to time; (iv) any material breach by the Employer of any
provision of this Agreement; (v) failure of any successor to the Employer or to the Parent
Company (whether direct or indirect and whether by merger, acquisition, consolidation or
otherwise) to assume the obligations of the Employer hereunder in a writing delivered to
Employee upon the assignee becoming the successor;
	 
	 	 	Tax Gross Up : all amounts necessary to reimburse Employee for taxes required to be paid by
Employee for applicable benefits paid hereunder;
	 
	 	 	Incapacity : any illness or injury which prevents the Employee from carrying out his duties;
	 
	 	 	Parent Company : Altisource Portfolio Solutions S.A., a public limited liability company
(société anonyme), incorporated under the laws of the Grand Duchy of Luxembourg, with a share
capital of USD 9,341,907.-, having its registered office at 2-8,

3

 

	 	 	avenue Charles de Gaulle, L-1653 Luxembourg, registered with the Luxembourg Trade and Companies
Register under number B 72 391;
	 
	 	 	Pre-Contractual Statement : any undertaking, promise, assurance, statement, representation,
warranty or understanding (whether in writing or not) of any person (whether party to this
Contract or not) relating to the Employee’s employment under this Contract which is not
expressly set out in this Contract or any documents referred to in it;
	 
	 	 	Rules and Regulations : any internal rules, regulations, policies or procedures which may be
periodically prepared by the Employer and which apply to all its employees including the
Employee;
	 
	 	 	Subsidiaries : all present and future subsidiaries of the Employer or the Parent Company;
	 
	 	 	Target Total Compensation : annual gross salary together with annual target incentive; and
	 
	 	 	Travel and Entertainment Expense Policy : Employer’s policy on travel and entertainment
expenses, as may be amended from time to time. The Employee hereby affirms that he has seen and
approved the policy and possesses a copy.
	 
	(b)	 	Any reference to a particular law is a reference to the said law as it is in force at that
time, taking any amendment, extension or re-enactment into account and including any
subordinate legislation made under it.
	 
	(c)	 	A reference to one gender includes reference to the other gender.

Article 2 — Duties and Nature of Service

	(a)	 	The Employer shall employ the Employee and the Employee shall serve the Employer as from the
Commencement Date to fulfill the position of Chief Executive Officer. As such, the Employee
will execute tasks including, but not limited to, (i) implementing the strategic goals and
objectives of the Employer and Employer’s Parent Company, (ii) assisting the Board to fulfil
its governance function and (iii) giving direction and leadership towards the achievement of
the Employer’s mission, strategy, and main objectives.

	(b)	 	During the Employment the Employee shall (i) unless prevented by Incapacity, devote the whole
of his time, attention and abilities to the business of the Employer, (ii) diligently exercise
such powers and perform such duties as may from time to time be assigned to him by the Board
together with such person or persons as the Board may appoint to act jointly with him, (iii)
comply with all reasonable and lawful directions given to him by the Board and (iv) use his
best endeavours to promote, protect, develop and extend the business of the Employer.

	(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.

4

 

	(d)	 	The Employment will take place in such various addresses, as may be reasonably designated by
the Employer. The Employee consents that the geographical location of the Employment is not a
substantive clause of this Contract. The head office of the Employer is located at 2-8, avenue
Charles de Gaulle, L-1653, Luxembourg. However, if the geographical location of the
Employment is relocated to over thirty miles away from its original address, the Employer
agrees to pay all standard relocation costs for Employee.

	(e)	 	The Employee agrees to travel on the Employer’s business (both within Luxembourg and abroad)
as may be reasonably required for the proper performance of the duties under the Employment.
During the Employment the Employee may be required to work outside Luxembourg for a continuous
period of more than one (1) month. In such an event, the Employer will provide the Employee
with the following information before he leaves : (i) the length of time required abroad; (ii)
the currency of salary (if applicable); (ii) any monetary benefits or benefits in kind due (if
applicable); and (iv) any repatriation conditions (if applicable).

	(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 relevant
change in the Employee’s personal situation such as his address. The Employer shall treat all
such information confidentially.

	(h)	 	The Employee warrants that he is currently applying for the necessary administrative work and
residence permits with the relevant Luxembourg authorities, which, upon receipt, will entitle
him to work in Luxembourg without any additional approvals. The Employee shall notify the
Employer immediately if he ceases to be so-entitled during the Employment. The Employee shall
further immediately notify the Employer of his address of residence in Luxembourg.

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

	(j)	 	The Employee shall comply with all the rules, policies and procedures set out in the internal
Rules and Regulations, which shall be established over the course of time by the Employer and
a copy of which will be made available to the Employee once adopted. Such Rules and
Regulations may be modified at any time. In the event of conflict between the terms of this
Contract and the terms of the Rules and Regulations, this Contract shall prevail.

Article 3 — Term of Employment

	(a)	 	The present Contract shall take effect or be deemed to have taken effect, on the Commencement
Date and is concluded for an indefinite period, subject to the terms of this Contract and the
Luxembourg Labour Code.

	(b)	 	For the purposes of the following calculations in Artilcle 3, the Employee will be credited
with the previous term of employment with Ocwen Financial Corporation, a company

5

 

	 	 	incorporated under the laws of Florida, the United States of America, with registered address at
1661 Worthington Road, West Palm Beach, Florida, 33409, United States of America. The parties
hereby acknowledge agree that the Employee’s term of employment with Ocwen Financial Corporation
is twelve (12) years.
	 
	(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 Labour
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.
	 
	(d)	 	In accordance with article L.124-7 of the Luxembourg Labour Code, a further redundancy
payment of one to twelve months’ salary shall be paid by the Employer to the Employee
justifying a term of employment of over five years at the end of the notice period,
notwithstanding the provisions under article L. 124-7 (3).
	 
	(e)	 	Notwithstanding sub (c) and (d) and in accordance with article L.124-10 of the Luxembourg
Labour Code, 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) for Cause.
	 
	(f)	 	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 Labour Code. In such an event, the
Employer will pay the Employee all standard relocation costs necessary to relocate the
Employee to either Atlanta, South Florida or equivalent in the United States of America, at
the Employee’s sole discretion.
	 
	(g)	 	In addition to the minimum notice requirements, under sub (c), should the Employer terminate
the Employee’s employment for any reason other than for Cause, the Employer shall pay to the
Employee a further twelve (12) months’ salary and one year’s target incentive compensation as
well as all standard relocation costs (together with Tax Gross

6

 

	 	 	Up) necessary to relocate the Employee to either Atlanta, South Florida or equivalent, at the
Employee’s sole discretion. To the extent notice of termination is provided by Employer after
October 1st of the service year and before incentives are paid for the prior service
year, employee will be entitled to receive any incentive earned and vested for the prior service
year in addition to the one year’s target incentive to be paid hereunder. The amounts paid
hereunder will include all redundancy payments as required under sub (d).
	 
	(h)	 	If the Employee provides ninety (90) days notice of Good Reason and the Employer fails to
correct such Good Reason within ninety (90) days, the Employee may terminate the Employment
immediately. In such an event, and upon termination, the Employer shall pay to the Employee
twelve (12) months Target Total Compensation as well as all standard relocation costs
(together with Tax Gross Up) to relocate the Employee to either Atlanta, South Florida or
equivalent, at the Employee’s sole discretion.

Article 4 — Working Hours and Holidays

	(a)	 	The Employee hereby acknowledges that general working hours or overtime statutory provisions
are not applicable to his position as an executive, in accordance with article 16-2 of the law
of 30 June 2004 on collective employment relations. Working hours may thus vary according to
the Employer’s requirements.
	 
	(b)	 	The Employee shall have the right to 25 days of annual paid time off, in addition to the
Luxembourg public holidays, notwithstanding article L.233-4 of the Luxembourg Labour Code’s
provisions. The Employee will accrue paid time off at 2 1/12 days per completed month worked.
The Employer’s holiday year runs from the 1st January to the 31st
December. For 2009, Employee will receive paid time off accruals outstanding for Ocwen
Financial Corporation as of the Commencement Date.
	 
	 	 	The Employee will respect a reasonable delay between requesting the Employer for leave and
taking it, in order to not perturb the functioning of the company. The Employer shall respect
the Employee’s request to the extent that the request does not perturb the functioning of the
company or conflict with other employees’ leave.
	 
	(c)	 	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 Labour Code. The Employee may not carry forward any more than five
days of accrued paid time off to a subsequent holiday year, nor receive any payment in lieu of
such entitlement without the prior consent of the Employer.

Article 5 — Remuneration

	(a)	 	All payments and allowances to the Employee shall be in euros (EUR). Upon providing notice to
the Employer’s Chief Financial Officer prior to the payment thereof, the Employee may elect,
(i) to have all or a percentage of his cash incentive payment paid in U.S. Dollars and (ii) to
receive any severance payment in U.S. Dollars.
	 
	(b)	 	The Employee’s annual gross salary shall be USD 442,000.-, payable in twenty-six instalments
of USD 17,000.- less all applicable withholdings- per annum. The Employee’s salary is based on
a minimum of 40 hours a week. All salary amounts for 2009 shall be

7

 

	 	 	converted into Euros prior to payment at the average exchange rate for conversion from US
Dollars to Euros for 2009 up to the Commencement Date. Subsequent to 2009, all salary amounts
shall be converted into Euros prior to payment at the average exchange rate for conversion from
US Dollars to Euros for the prior fiscal year.
	 
	(c)	 	The Employee’s salary shall accrue from day to day and be payable in arrears bi-weekly 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 fulfil the obligations under the
employment 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
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 employment
contract (such as holiday requests or Incapacity certificates), in accordance with articles 26
and 28 of the 2002 Personal Data Law, as amended.
	 
	 	 	The Employee is permitted to access the above information and may demand the rectification of
any error thereupon.
	 
	(e)	 	The Employee’s salary shall be reviewed by the Board annually, the first such review to take
place in January 2010. The Employer is under no obligation to award an increase following a
salary review. There will be no review of the salary after notice has been given by either
Party to terminate the Employment.
	 
	(f)	 	Upon satisfaction of the relevant performance criteria, the Employee may be entitled to an
annual incentive in the target amount of USD 663,000.-. The objective criteria to taken into
account to award such incentives for 2009 and thereafter include the criteria detailed in the
Employee’s Scorecard to be approved by the Compensation Committee annually.
	 
	(g)	 	The Employer may introduce further benefits for employees, such as health care and
contributory pensions. Any invitation to participate in such benefits will be issued by the
Board as and when any such benefits are implemented, on a non-discriminatory basis to all or
to objectively determined sections of employees. This clause shall not entitle the Employee to
participate in any such benefit unless so entitled by his position in the above criteria. It
is intended that the Employee will receive similar benefits to those received in his role as
President Ocwen Solutions for Ocwen Financial Corporation.
	 
	(h)	 	The salary, incentive 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 6 — Expenses

	(a)	 	The Employer shall reimburse (or procure the reimbursement of) all reasonable
expenses, (to the extent that such expenses are compliant with the Employer’s Travel and
Entertainment Expense Policy), wholly, properly and necessarily incurred by the

8

 

	 	 	Employee in the course of the Employment, subject to production of receipts or other appropriate
evidence of payment.
	 
	(b)	 	The Employee shall abide by the Employer’s policies on expenses as communicated to the
Employee.
	 
	(c)	 	Any credit card supplied to the Employee by the Employer shall be used only for expenses
incurred in the course of the Employment.

Article 7 — Incapacity

	(a)	 	The Employee who is incapable of working for any reason of illness or accident shall notify
the Employer or his representative on the first day of Incapacity, either personally or by way
of an intermediary. Such notification may be made orally or in writing.
	 
	(b)	 	If the period of Incapacity is over three days, the Employee must present a medical
certificate demonstrating his Incapacity by the third day at the latest, in order to benefit
from the article L.121-6 of the Luxembourg Labour Code protection from redundancy.
	 
	(c)	 	Subject to the Employee’s compliance with the provisions of the Luxembourg Labour Code, he
shall continue to receive his full salary and contractual benefits (if any) during any period
of absence due to Incapacity up to the last day of the within which the aggregate
seventy-seventh day of Incapacity falls during any fifty-two week period. Such payment shall
be inclusive of any statutory sick pay due in accordance with applicable legislation at the
time of absence, in compliance with article L.121-6 of the Luxembourg Labour Code.
	 
	(d)	 	If the Employee has fulfilled his legal obligations under L.121-6 of the Luxembourg Labour
Code, the Employer may not terminate the Employment for a period of twenty-six weeks by giving
the notice specified in clause 3.b.
	 
	(e)	 	To the extent the Employment is terminated due to Incapacity in accordance with article L.
121-6(5), the Employer will pay all standard relocation costs (together with Tax Gross Up) to
relocate the Employee to either Atlanta, South Florida or equivalent at the Employee’s sole
discretion.

Article 8 — Confidential Information and Restrictive Covenants

	(a)	 	The Employee shall treat as confidential all information concerning the activities of the
Employer, 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 or their respective duties by the parties
concerned.
	 
	(b)	 	All notes, reports, listings, files, documents, and contacts whatsoever 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.

9

 

	 	 	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.
	 
	(c)	 	Simultaneously to the signing of the present Contract, the Parties acknowledge they are
executing the Altisource Employee Intellectual Property Agreement in substantially the same
form of that which is appended hereto as exhibit B.
	 
	(d)	 	Following the valid termination of the Employment, the Employee hereby expressly agrees to
refrain from setting up his own company, or setting himself up as a freelancer, in any
directly or indirectly competing field with the Employer’s activities including but not
limited to any residential mortgage related services, residential mortgage related outsourcing
services, receivables management outsourcing services and the sale of mortgage related
technology products in Luxembourg for a period of one (1) year.
	 
	(e)	 	The Employee hereby acknowledges that during his time of Employment he has been and will be
provided with access to confidential information and to Employer’s clients, customers and
others with whom the Employer has formed valuable business arrangements. The Employee hereby
agrees that he will not: (i) for a period of one (1) year following the date of termination
of this Contract, solicit any of Employer’s clients or take any other action that would
interfere with, diminish or impair the relationships that the Employer has with its clients,
customers and others with which the Employer has business relationships or to which services
are rendered; (ii) hire, recruit, solicit for employment or induce to terminate the Employer’s
employment of any person (natural or otherwise) who is or who becomes an employee of the
Employer; or (iii) assist with others engaging in any of the foregoing.

Article 9 — Miscellaneous

	(a)	 	The Parties hereby expressly agree to reexecute the Contract within thirty (30) days
subsequent to the distribution date of Employer’s Parent Company, in order to amend it to
include the actual Commencement date and the Employee’s address in Luxembourg.
	 
	(b)	 	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:
	 	Altisource Portfolio Solutions S.A.

2-8, avenue Charles de Gaulle, L-1653 Luxembourg
	 

	 	Attention:
	 	The Board of Managers

	 	 	if to the Employee, to:

10

 

	 	 	 	 	 
	 

	 	Address:
	 	5265 Mount Vernon Parkway, Atlanta, GA, 30327, United States of America (until the
Employer has been informed of the Employee’s Luxembourg address)
	 

	 	Attention:
	 	Mr. William Shepro

	 	 	Each time the Employee’s address is changed, notice shall be given to the Employer and at such
time all notices are required be sent to the new address. The foregoing notwithstanding, and
for the avoidance of doubt the parties may meet the notice requirements hereunder by hand
delivering to the other party.
	 
	(c)	 	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.
	 
	(d)	 	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.
	 
	(e)	 	The Employee is hereby prohibited from exercising all other professional employment activity
during the term of the Contract and in addition to the Employment, without prior written
consent from the Employer.
	 
	(f)	 	Each Party of behalf of itself acknowledges and agrees with the other Party that (i) this
Contract, together with any documents referred to in it, constitute the entire agreement and
understanding between the Employee and the Employer, superseding any prior agreement relating
to the Employment (ii) that by entering into this Contract neither Party has relied on any
Pre-Contractual Statement and (iii) that other than remedy for breach of Contract under the
terms of the present Contract no Party shall have any right of action against the other Party
in respect of any Pre-Contractual Statement.
	 
	(g)	 	Nothing in this Contract shall operate to limit or to exclude any liability for fraud.

Article 9 — Governing Law and Jurisdiction

The present Contract shall be governed, interpreted and performed by and in accordance with the law
in force in the Grand-Duchy of Luxembourg. 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.

In witness whereof the present Contract has been signed in duplicate on [DATE] 2009 and each of the
Parties acknowledges having received one original version.

11

 

The Employer

Altisource Solutions S.à r.l.

	 	 	 
	 

[NAME]

	 	 
	[FUNCTION]
	 	 

The Employee

Mr. William Benjamin Shepro

	 	 	 
	 

	 	 

Exhibit A : Altisource Employee Intellectual Property Agreement

12

 

EXHIBIT A

EMPLOYEE INTELLECTUAL PROPERTY AGREEMENT

          This AGREEMENT made by and between ALTISOURCE SOLUTIONS S.à r.l., a private limited liability
company organized under the laws of the Grand Duchy of Luxembourg, having a place of business at 2,
rue Jean Bertholet L-1233,Luxembourg (together with its parent company, Altisource Portfolio
Solutions, S.A., and each of its parent company’s subsidiaries, affiliates or related companies
“Altisource”), and

	 	 	 	 	 	 	 
	 

(Name of Employee)

	 	 	 	 

(Social Security Number)
	 	 

          In consideration for my employment by Altisource, and the wages or salary and other employee
benefits in compensation for my services, I agree that:

	1.	 	I will not disclose or induce Altisource or companies which it owns or controls to use
confidential information or trade secrets of others, unless authorized by the owner.
	 
	2.	 	During my employment with Altisource and thereafter, I will treat all Confidential
Information as secret and confidential and I will never use or disclose or authorize anyone
else to use or disclose such Confidential Information except as is expressly permitted by
Altisource in performance of my designated duties to Altisource. I will diligently protect
all Confidential Information against loss by inadvertent or unauthorized use or disclosure.
	 
	3.	 	Since I have no right to use Confidential Information after termination of my employment with
Altisource, in addition to other rights or remedies Altisource may have, Altisource shall have
a perpetual, royalty-free, nonexclusive license to fully utilize for any purpose all
inventions, computer programs and copyright works made, conceived, or authored by me, alone or
jointly with others, related to work I performed during my employment with Altisource, and
which utilizes Confidential Information.
	 
	 	 	All Developments are the property of Altisource and deemed works made for hire, to the
extent applicable. To the extent any Developments and the rights therein do not become the
property of Altisource by operation of law, I hereby assign to Altisource all my rights to
such Developments in all countries as of the time such rights arise.
	 
	4.	 	For the purpose of this Agreement, the following words shall have the following meanings:

	 	a.	 	“Confidential Information” means information which is disclosed to me, known by
me, or generated by me as a consequence of or related to my employment with Altisource,
which is not generally known outside Altisource, and which relates to Altisource’s
business. “Confidential Information” is intended to include, but is not limited to,
trade secrets,

 

 

	 	 	 	inventions, processes, formulas, systems, computer programs, plans, programs,
studies, techniques and business information.
	 
	 	b.	 	“Developments” means all inventions, whether or not patentable, Confidential
Information, computer programs, copyright works, algorithms, processes, trademarks
and other intellectual property, made, conceived, or authored by me, alone or
jointly with others, while employed by Altisource, whether or not during normal
business hours or on Altisource premises, that are within the existing or
contemplated scope of Altisource’s business or of companies which it owns or
controls at the time such Developments are made, conceived, or authored or which
result from or are suggested by any work I or others may do for or on behalf of
Altisource or such companies.

	5.	 	I have these rights. No provision in this Agreement is intended to require assignment of any
of my rights in an invention for which I can prove no equipment, supplies, facilities, or
trade secret information of Altisource was used and was developed entirely on my own time; and
which I can prove (1) does not relate to the business of Altisource or to the actual or
demonstrably anticipated research or development of Altisource; and (2) does not result from
any work performed by me for Altisource.
	 
	6.	 	I will promptly submit to Altisource written disclosures of all inventions, whether or not
patentable, which are made or conceived by me, alone or jointly with others, while I am
employed by Altisource.
	 
	7.	 	Upon request by Altisource, at any time during my employment with Altisource and thereafter,
I will:

	 	a.	 	submit to Altisource written disclosures of all intellectual property made,
conceived, or authored, by me, alone or jointly with others, while employed by
Altisource; and
	 
	 	b.	 	provide proper assistance and execute all papers deemed by Altisource to be
necessary to effectuate the intentions of the parties expressed in this Agreement and
to develop and preserve legal protection for all Developments in the name of
Altisource.

	8.	 	All written materials and other tangible objects, including copies, made or compiled by me or
made available to me in the course of my employment, shall be the property of Altisource and
shall be delivered to Altisource upon termination of my employment or at any other time upon
request.
	 
	9.	 	The laws of the Grand Duchy of Luxembourg will govern the interpretation, validity and effect
of this Agreement without regard to its place of execution or its place of performance. Should
I violate this Agreement, inadvertently or otherwise, I acknowledge that irreparable harm will
result to Altisource, and that Altisource shall be entitled to any remedy, legal or equitable,
to correct any harm which results from such violation.
	 
	10.	 	This Agreement may not be superseded, amended, or modified except by a written agreement
signed by me and any of the president, the chief financial officer or the general counsel of
Altisource.

 

 

	11.	 	If any provision of this Agreement is held to be unenforceable for any reason, it shall be
conformed to prevailing law rather than voided, if possible, in order to achieve the intent of
the parties to the extent possible. In any event, all other provisions of this Agreement
shall be deemed valid and enforceable to the fullest extent possible.
	 
	 	 	If Altisource decides not to exercise any of its rights under this Agreement or to take no
action, against any violation, such decision shall not affect the exercise of such right or
taking of any action at another time.
	 
	12.	 	There is no agreement or restriction which prevents the performance of my duties under this
Agreement, except an agreement with           , a copy of which is attached hereto. (If there is none,
insert “no exception.”)

          I acknowledge that I have read and that I understand this Agreement. I understand that to the
extent applicable it remains in effect following my employment with Altisource. I also understand
this Agreement is legally binding upon me and upon my heirs and it may be transferred by Altisource
to any of its successors or assigns.

	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Accepted by Altisource:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	Date:

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