Document:

Exhibit 10.1

 Exhibit 10.1 

AGREEMENT 
 This Agreement
(the “Agreement”) is dated as of July 23, 2015, by and among Real Estate Strategies L.P., a Bermuda Limited Partnership (“RES) IRSA Inversiones y Representaciones Sociedad Anónima, an Argentine sociedad
anónima (“IRSA”) and Condor Hospitality Trust, Inc., a corporation (the “Company” and, together with the Investor and IRSA, the “Parties” and any of them individually, a “Party”). 

WHEREAS, the Company is planning an exchange offer of up to 11,664,615 shares of its common stock for its Series A preferred stock and
Series B preferred stock and which it contemplates will result in the issuance of in excess of 20% of its common stock (the “Exchange Offer”); 

WHEREAS, pursuant to Section 7(c) of the terms of the 6.25% Series C convertible preferred stock, the consents of RES and IRSA are
required for the Company to issue in excess of 20% of its common stock in the Exchange Offer; 
 WHEREAS, the Company believes the
success of the Exchange Offer would be enhanced by the conversion of some or all of its shares of Series C convertible preferred stock into common stock pursuant to the terms of the Series C convertible preferred stock; 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements set forth herein, and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 
 1.
Consent to Exchange Offer. 
 RES and IRSA hereby consent to the issuance of common stock by the Company pursuant to the Exchange
Offer. The consent by RES and IRSA is exclusively for the Exchange Offer and not for any other offering or matter. 
  

2. Conditional Agreement to Convert Series C Convertible Preferred Stock. 

(a) Conversion. RES and IRSA agree that they shall cause the Series C convertible preferred stock to be converted into common stock
pursuant to the terms, provided: 
  
 (i) Minimum
Acceptance—at least 80% of the shares of each of the Series A preferred stock and the Series B preferred stock are tendered and exchanged for common stock in the Exchange Offer (the “Minimum Acceptance”); 

 
 (ii) Shareholder Approvals—the requisite vote
of Company shareholders is received at or prior to the consummation of the Exchange Offer approving (the “Shareholder Approvals”): 
  

 

	 	(A)	Common Stock Issuance—the issuance of common stock in the Exchange Offer and in connection with the unpaid dividends on converted shares of Series C convertible preferred stock; 

 
  

	 	(B)	Beneficial Ownership Limitation—deletion of the provisions of the Series C convertible preferred stock that prohibit Series C convertible preferred stock from being converted to the extent the conversion
would cause RES and its affiliates to beneficially own more than 34% of voting stock (the “Beneficial Ownership Limitation”); 

  

 

	 	(C)	Redemption—deletion of the provision of the Series B preferred stock that requires a cash redemption of the Series B preferred stock if a person beneficially owns 35% of the common stock or voting stock of
the Company (the “Series B Required Redemption”); 

  

	 	(D)	Warrant Extension—amendment, at RES’s option, of the warrants originally issued to RES in February 2012 to extend the term of 50% of the warrants to January 31, 2018, and the term of the other 50%
of the warrants to January 31, 2019, and increase the beneficial ownership limitation therein from 34% to 49%, and permit the warrants to be exercised for common stock or non-voting common stock (the “Warrant Extension”);

  

	 	(E)	Non-Voting Common Stock—amend the Company charter to: 

  

 

	 	1)	authorize non-voting common stock without voting rights but otherwise with the same rights as the common stock, and convertible at the option of the holder into common stock at such times as the conversion would not
result in the holder owning more than 49% of the voting power of the Company; and 

  
  

	 	2)	issue non-voting common stock upon conversion of Series C convertible preferred stock to the extent issuing common stock would result in RES and affiliates owning more than 49% of the voting stock of the Company; and

  
  

	 	(F)	Dividends—issuance of common stock in the Exchange Offer and in connection with unpaid dividends of Series C convertible preferred stock and issuance of common stock, if any, as a premium, on conversion of
the Series C convertible preferred stock; and 

  

(iii) Conditional Agreements—the Company complies with its conditional agreements set forth in Sections 3 and
4 below. 
  
 (b)(i) Amount of Conversion. If the foregoing
conditions of Section 2(a) are met, then at the time of the consummation of the Exchange Offer, RES and IRSA shall cause the Series C convertible to be converted at a percentage equal to the percentages of Series A preferred stock and Series B
preferred stock tendered and exchanged for common stock in the Exchange Offer. If the Series A preferred stock and Series B preferred stock are each exchanged at 80% or above, but at different percentages, the percent of conversion of the Series C
convertible preferred stock above 80% will be the weighted average (based on liquidation value) of the difference in the exchanged percentages of the Series A preferred stock and Series B preferred stock. For example, if 80% of the Series A
preferred stock and 90% of the Series B preferred stock are tendered in the exchange offer, then RES would convert 87.2% of the Series C convertible preferred stock. 

(ii) Minimum Beneficial Ownership. Notwithstanding the foregoing, RES and IRSA may retain beneficial ownership of 1,000
shares of Series C convertible preferred stock if the conversion would otherwise result in beneficial ownership of less than that number of shares. 
  

3. Conditional Agreements of Company. If RES and IRSA are obligated pursuant to Section 2(b) above to cause the conversion of shares of Series C
convertible preferred stock as set forth therein and the Exchange Offer is contemporaneously consummated then the Company agrees: 
 (a)
Unpaid Dividends—that in addition to the issuance of common stock upon conversion of the Series C convertible preferred stock pursuant to the terms thereof, the Company will also issue a number of shares of common stock to the holder of
the Series C convertible preferred stock equal to the unpaid dividends, with compounded interest thereon, on the converted shares of Series C convertible preferred stock at the per share value of the common stock used for the Exchange Offer in
return for the waiver of such unpaid dividends by the holder of the Series C convertible preferred stock; 

  
 2 

 (b) Charter Amendments—to amend the Company charter to: 

 
 (i) Beneficial Ownership Limitation—remove the
Beneficial Ownership Limitation; 
 (ii) Series B Required Redemption—remove the Series B Required Redemption;
and 
 (iii) Non-Voting Common Stock—add authorization to issue non-voting convertible common stock; and add the
option for Series C convertible preferred stock to be converted into non-convertible common stock and/or common stock, in a mix at the option of the holder. 
  

(c) Warrant Extension—amend the warrants to add the Warrant Extension; 

(d) RES and IRSA Consents—that as long as RES has the right to designate two or more directors to the Company board of directors,
the following requires the approval of RES and IRSA: 
  

(i) the merger, consolidation, liquidation or sale of substantially all of the assets of the Company; 

 
 (ii) the sale by the Company of common stock or securities
convertible into common stock equal to 20% or more of the outstanding common stock or voting stock; or 
  

(iii) any Company transaction of more than $120,000 in which any of its directors or executive officers or any member of their
immediate family will have a material interest, exclusive of employment compensation and interests arising solely from the ownership of the Company equity securities if all holders of that class of equity securities receive the same benefit on a pro
rata basis; 
 (e) Committee Assignments—that as long as RES has the right to under the Director Designation Agreement dated
February 2, 2012 to have appointed an “Investor Designee” (as that term is defined therein) to the Nominating Committee of the Company board of directors, then RES shall have the right to have appointed one Investor Designee to all
current and future committees of the Company board of directors (provided the Investor Designee meets the independence requirements if so required under Nasdaq rules); 

(f) Preemptive Rights Term—that Section 3(a) of the Investor Rights and Conversion Agreement dated February 1, 2012 will
be deemed amended to eliminate the requirement for a combined stake requirement of 1,250,000 shares of common stock (10,000,000 shares prior to the 8-for-1 reverse stock split) and extend the term of Section 3(a) from January 31, 2018 to
January 31, 2020; 
  
 (g) Approvals—that as long as RES
has the right to designate two or more directors to the Company board of directors: 
  

(i) Ownership Limitation Approval—the affirmative vote of the board members designated by RES will be required as
part of the vote of the Company board of directors approving an exemption under Article IX, Section 7 of the Company’s Amended and Restated Articles of Incorporation from the “Ownership Limitation” set forth therein, or otherwise
such exemption shall not be approved; and 

  
 3 

 (ii) Nomination—director nominees nominated by the Nominating
Committee of the Company board of directors shall require the affirmative vote of the RES designated director on the committee or they shall not be nominated. 

4. Further Agreement. In the event the weighted average trading price per share of the common stock for the three trading days immediately preceding
the last trading day of the tender offer period of the Exchange Offer is below $2.00, then in addition to the shares of common stock issued on conversion of the Series C convertible stock and in connection with the unpaid dividends thereon, the
Company shall issue additional shares in the conversion equal to 10% of the liquidation value of the shares so converted, with such shares valued at the per share value of the common stock used in the Exchange Offer, subject to approval of the
issuance by the Company board of directors provided that, if the Company board of directors does not approve the issuance of such additional common stock then the Company will terminate the Exchange Offer and the agreements set forth in
Section 2 and Section 3 hereof will terminate and the Parties will have no obligations thereunder. 
  

5. Miscellaneous. 
  

(a) Amendment. No amendment or waiver of any provision of this Agreement will be effective with respect to any party unless made in
writing and signed by an officer of a duly authorized representative of such party. 
  

(b) Waivers. The conditions to each party’s obligations in the Agreement are for the sole benefit of such party and may be waived
by such party in whole or in part to the extent permitted by applicable law. No waiver of any party to this Agreement will be effective unless it is in a writing signed by a duly authorized officer of the waiving party that makes express reference
to the provision or provisions subject to such waiver. 
  
 (c)
Counterparts and Facsimile. For the convenience of the parties hereto, this Agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will
together constitute the same agreement. Executed signature pages to this Agreement may be delivered by facsimile and such facsimiles will be deemed as sufficient as if actual signature pages had been delivered. 

 
 (d) Governing Law and Forum. This Agreement shall be governed by,
and construed in accordance with, the internal laws of the State of New York without regard to the principles of conflicts of laws. Each of the parties hereto hereby irrevocably consents, to the maximum extent permitted by law, that any action or
proceeding relating to this Agreement or the transactions contemplated hereby shall be brought, at the option of the party instituting the action or proceeding, in any court of general jurisdiction in New York County, New York, in the United States
District Court for the Southern District of New York or in any state or federal court sitting in the area currently comprising the Southern District of New York. Each of the parties hereto waives any objection that it may have to the conduct of any
action or proceeding in any such court based on improper venue or forum non conveniens, waives personal service of any and all process upon it, and consents that all service of process may be made by mail or courier service directed to it at the
address set forth herein and that service so made shall be deemed to be completed upon the earlier of actual receipt or ten days after the same shall have been posted or delivered to a nationally recognized courier service. Nothing contained in this
shall affect the right of any party hereto to serve legal process in any other manner permitted by law. 
  

(e) Notices. All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms
of this Agreement shall be in writing, unless otherwise specified in this Agreement, and if sent to the Investor, shall be delivered to Real Estate Strategies L.P. Clarendon House 2, Church Street, Hamilton HM CX, Bermuda, c/o IRSA Inversiones y
Representaciones Sociedad Anónima, Bolívar 108 (C1066AAB), Buenos Aires, 

  
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Argentina, fax no. +54 (11) 4323-7449, Attention: Eduardo S. Elsztain, with copies to and Zang, Bergel & Vines Abogados, Florida 537, 18th Floor, (C1005AAK), Buenos Aires,
Argentina, fax no. +54 (11) 5166-7070, Attention: Pablo Vergara del Carril; or if sent to the Company or the Operating Partnership, shall be delivered to Condor Hospitality Trust, Inc., 1800 West Pasewalk Avenue, Suite 200, Norfolk, Nebraska
68701, fax no. (402) 371-4229 Attention: Chief Executive Officer, with a copy to McGrath North Mullin & Kratz, PC LLO, Suite 3700 First National Tower, 1601 Dodge Street, Omaha, Nebraska 68102, fax no. (402) 952-1802, Attention:
Guy Lawson. Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. 
  

(f) Captions. The section, paragraph and clause captions herein are for convenience of reference only, do not constitute part of this
Agreement and will not be deemed to limit or otherwise affect any of the provisions hereof. 
  

(g) No Third Party Beneficiaries. Nothing contained in this Agreement, expressed or implied, is intended to confer upon any person or
entity other than the parties hereto, any benefit right or remedies. 
  

(h) Time of Essence. Time is of the essence in the performance of each and every term of this Agreement. 

 
 (i) Successors, Assigns and Transferees. This Agreement and the
rights and obligations hereunder shall be binding upon and inure to the benefit of the parties and their respective legal representatives, heirs, legatees, successors, and assigns and any other transferee. 

 
 (j) Assignment. This Agreement and the rights and obligations
hereunder may not be assigned without the prior written consent of the parties hereto and any purported or attempted assignment or other transfer of rights or obligations under this Agreement without such consent shall be void and of no force or
effect. 
  
 (k) Expenses; Attorney’s Fees. Each party will be
solely responsible for its fees and expenses in connection with this Agreement, including the fees and expenses of their respective attorneys, accountants, investment bankers and consultants. In any action or proceeding brought to enforce any
provision of this Agreement, the successful party shall be entitled to recover reasonable attorney’s fees and expenses in addition to any other available remedy. 
  

(l) Authority. Each Party represents that (i) it has full entity power and authority to enter into this Agreement, (ii) the
Agreement has been duly authorized, validly executed and delivered, and (iii) the Agreement constitutes the legal, valid, and binding agreement of the Party, enforceable in accordance with its terms. 

 
 (m) Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal, or unenforceable in any respect for any reason, the validity, legality, and enforceability of any such provision in every other respect and of
the remaining provisions contained herein shall not be in any way impaired thereby. 
  

(n) Entire Agreement. This Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, between the parties, with respect to the subject matter hereof. 
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PAGE] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as
of the date first above written. 
  

					
	REAL ESTATE STRATEGIES L.P.
		
	By:		 JIWIN S.A.
 General
Partner

			
			By:		 /s/ JIWIN S.A.

	
	 IRSA Inversiones y Representaciones

Sociedad Anónima

			
			By:		 /s/ IRSA

	
	CONDOR HOSPITALITY TRUST, INC.
			
			By:		 /s/ J. William Blackham

					 Name: J. William Blackham
 Title: President and
Chief Executive Officer

  
 6EX10.3 Form of Non-Qualified Stock Option Award Agreement

        
Exhibit 10.3

NON-QUALIFIED STOCK OPTION AWARD AGREEMENT
THIS NON-QUALIFIED STOCK OPTION AWARD AGREEMENT (the “Agreement”) is made as of [Grant Date] (the “Grant Date”), between Altisource Portfolio Solutions S.A., a Luxembourg société anonyme (“Altisource” and, together with its subsidiaries and affiliates, the “Company”), and [Full Name of Employee (including middle initial if available)], 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 [Number of options] Shares from the Company for a purchase price of $[Strike Price] 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 or as provided in Section 5 below.
		
	3.
	VESTING OF OPTIONS

		
	A.
	Subject to the provisions of Sections 5 and 6 below, the Options shall vest in three (3) equal annual increments, as follows.  One-third (1/3) of the Options shall vest on each anniversary of the Grant Date commencing on the first anniversary of the Grant Date continuing until all Options are vested.  

		
	B.
	Accelerated Vesting

Notwithstanding the vesting schedule provided in Section 3, Subsection A above, if the Employee’s employment is terminated by reason of (a) death or Disability or (b) Retirement, then the Options shall vest and shall become immediately exercisable in full on the date of such termination; provided, however, that the Employee’s right to such accelerated vesting is subject to the requirement that the Employee has been employed with the Company for a period of at least two (2) years on the date of death or Disability, or three (3) years on the date of Retirement, unless otherwise determined by the Company in its sole discretion.
		
	C.
	General

The Employee shall have none of the rights of a stockholder 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, the 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 “Secretary”). Such notice shall state the election to exercise the 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 the Options.  In no case may the Options be exercised as to less than fifty (50) Shares at any one time (or the remaining Shares then purchasable under the Options, if less than fifty (50) Shares) or for a fractional Share. Except as provided in Section 5 below, the Options may not be exercised unless the Employee shall, at the time of the exercise, be an employee of the Company. During the Employee’s lifetime, only the Employee or the Employee’s guardian or legal representative may exercise the Options.  

		
	B.
	Such notice shall be accompanied by (i) a personal check payable to the order of the Company for payment of the full purchase price of the Purchased Shares, (ii) delivery 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 (iii) payment therefor made in such other manner as may be acceptable to the Company on such terms as may be determined by the Compensation Committee of the Board of Directors (the “Committee”). “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 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 Committee 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 option holder. The Company shall issue the Shares of the said 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 Shares shall be registered in the name of the person or persons so exercising the Options and shall be delivered as aforesaid to or upon the written order of the person or persons exercising the Options.

		
	C.
	In the event the Options shall be exercised, pursuant to Sections 3 and 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 the Options 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 Secretary. If such notice is received after the market closes, the following trading day will be considered the date of exercise. All Shares that shall be purchased upon the exercise of the Options as provided herein 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 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 in one of the ways, whichever first occurs, 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 Shares are ultimately delivered.

		
	B.
	Except as may otherwise be provided in Section 5, Subsection C below 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, 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 Disability or Retirement, then the Options shall terminate (a) five (5) years after the date of such termination of employment or (b) the end of the Option’s term, whichever occurs first. In the event of the death of the Employee after such termination of employment, the Options shall terminate on the earlier to occur of: (i) three (3) years after the date of the Employee’s death; or (ii) the end of the Option’s term, during which period the Options may be exercised by the person or persons to whom the Employee’s rights shall pass by will or by the applicable laws of descent or distribution.

		
	(2)
	by reason of death, then the Options shall terminate (a) three (3) years after the date of the Employee’s death or (b) the end of the Option’s term, whichever occurs first, during which period the Options may be exercised at any time by the person or persons to whom the Employee’s rights shall pass by will or by the applicable laws of descent or distribution. 

		
	(3)
	by reason of termination of employment by the Company for Cause or termination of employment by the Employee, then all Options shall terminate on such date of termination of employment.

		
	(4)
	by reason of termination of employment by the Company without Cause, then all unvested Options shall terminate on the date of such termination of employment and all vested Options shall terminate on (a) the six (6) month anniversary of the date of such termination of employment or (b) the end of the Option’s term, whichever occurs first.

		
	D.
	The Employee’s right to retain any Options following termination of employment under this Section 5 is subject in all cases to the requirement that the Employee has been employed with the Company for a period of at least two (2) years on the date of such termination of employment, or three (3) years in the case of Retirement, 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 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. 

		
	F.
	Any determination by the Board of Directors with regard to Section 6, Subsections (D) and (E) shall be conclusive.

		
	7.
	ADJUSTMENT UPON CHANGES IN STOCK; CHANGE OF CONTROL/RESTRUCTURING EVENT

		
	A.
	Except to the extent governed by Section 7, Subsection (B) below, if there shall be any change in the Shares subject to the Options granted hereunder, through merger, consolidation, reorganization, recapitalization, stock 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 (or if the Company is not the surviving company in any such transaction, the Board of Directors of the surviving company - with the Board of Directors of the Company and the surviving company collectively referred to in this Section 7 as the “Board”) 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. 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 shall have the authority to replace outstanding Options with any one or more of the following: (A) adjusted options of the Company; (B) adjusted options on the equity of the separate company; and (C) a combination of adjusted options on the shares of both the Company and the separate company, all as the Board sees as equitable. In the event of any such option adjustment and/or conversion, the Board shall attempt to reasonably approximate the aggregate value of the Employee’s outstanding 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 continued employment with the Company such that the employment termination provisions applicable to Options shall not be invoked unless and until the Employee’s employment with such separate company shall terminate.

		
	B.
	If a Change of Control/Restructuring Event occurs, the acquiring person or entity shall have the right to cancel the Options in exchange for a payment equal to the then intrinsic value of the Options as determined by the Board, effective as of the Change of Control/Restructuring Date or to allow the Options to continue in full force and effect in accordance with the terms hereof. If the Options are to remain in place following such Change of Control/Restructuring Event, the Board shall have the right in its discretion to make appropriate adjustments in the aggregate number and kind of Shares and the price per Share subject to the Options. Such discretions shall include the authority to replace outstanding Options with any one or more of the following: (a) adjusted options of the Company; (b) adjusted options on the equity of any separate company surviving such Change of Control/Restructuring event; and (c) a combination of adjusted options on the shares of both the Company and the separate company, as such Board sees as equitable. In the event of any such option adjustment and/or conversion, such Board shall attempt to reasonably approximate the aggregate value of the Employee’s outstanding Options under this Agreement.

		
	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.
		
	10.
	DEFINITIONS

		
	A.
	As used herein, the term “Cause” shall mean, as reasonably determined by the Board of Directors (excluding the Employee, if the Employee 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, whether or not committed in the course of the Employee’s employment with the Company.

		
	B.
	As used herein, “Change of Control/Restructuring Date” shall mean 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.” 

		
	C.
	As used herein, a “Change of Control/Restructuring Event” shall mean (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. To the extent the Employee’s employment agreement conflicts with the Change of Control/Restructuring Event definition set forth in the immediately preceding sentence, the Employee’s employment agreement will govern.

		
	D.
	As used herein, the term “Confidential Information” shall mean 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 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, 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. 

		
	E.
	As used herein, the term “Disability” shall mean 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. 

		
	F.
	As used herein, the term “Retirement” shall mean termination (other than by reason of death or Disability) of the Employee’s employment with the Company or one of its subsidiaries pursuant to and in accordance with a plan or program of the Company or subsidiary 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.

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

		
	12.
	CONSTRUCTION

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.
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.
		
	13.
	ENTIRE AGREEMENT

This Agreement 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.
		
	16.
	WAIVER AND RELEASE BY EMPLOYEE

AS A CONDITION PRECEDENT TO AND IN CONSIDERATION FOR THE COMPANY MAKING THIS AWARD, THE EMPLOYEE IRREVOCABLY WAIVES AND FOREVER RELEASES ANY AND ALL EXISTING CLAIMS TO ANY EQUITY-BASED COMPENSATION (INCLUDING ANY EQUITY APPRECIATION AWARDS, RIGHTS OR OPTIONS) ALLOCATED, ASSIGNED OR OTHERWISE ATTRIBUTED TO THE EMPLOYEE PRIOR TO THE GRANT DATE  PURPORTING TO GIVE THE EMPLOYEE THE RIGHT TO BENEFIT FROM OR PARTICIPATE IN THE APPRECIATION OR INCREASE IN VALUE OF, OR PROFITS OR DIVIDENDS FROM, ANY DIVISION, BUSINESS UNIT OR OTHER SUB-DIVISION OF THE COMPANY OR ANY SUBSIDIARY OF ALTISOURCE, INCLUDING WITHOUT LIMITATION, ANY PLAN TITLED OR STRUCTURED AS A DIVISION EQUITY APPRECIATION RIGHTS PLAN, BUSINESS UNIT EQUITY APPRECIATION RIGHTS PLAN, SHADOW STOCK PLAN, OR PROFIT SHARING PLAN.  FOR PURPOSES OF CLARIFICATION, THE FOREGOING WAIVER AND RELEASE SHALL NOT APPLY TO ANY STOCK OPTION OR RESTRICTED STOCK AWARD FOR ALTISOURCE COMMON STOCK ISSUED PURSUANT TO THE 2009 PLAN, INCLUDING ANY RIGHTS IN STOCK OF OTHER COMPANIES RESULTING THEREFORM. 

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

Employee

_______________________________
[Full Name of Employee (including middle initial if available)]

	 

	 
	 

	Altisource Portfolio Solutions S.A.

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

	 

	

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

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