Document:

2013.12.31 Ex 10.6

EXHIBIT 10.6

OCWEN MORTGAGE SERVICING, INC.
AMENDED AND RESTATED
2013 PREFERRED STOCK PLAN

(As Adopted Effective as of February 25, 2014) 
     1.    Purpose. The purpose of the Ocwen Mortgage Servicing, Inc. Amended and Restated 2013 Preferred Stock Plan (the “Plan”) is to induce certain employees to remain in the employ of Ocwen Mortgage Servicing, Inc. (the “Company”) and its present and future subsidiary corporations (“Subsidiaries”), to encourage ownership of shares in the Company by such employees and to provide additional incentive for such employees to promote the success of the Company's business.  This Plan amends and restates the Ocwen Mortgage Servicing, Inc. 2013 Preferred Stock Plan, which first became effective on March 1, 2013.
2.    Effective Date of the Plan. The Plan, as amended and restated, is effective as of February 25, 2014 by action of the Board of Directors of the Company (the “Board”). 
3.    Stock Subject to Plan. The authorized but unissued shares of the Preferred Stock of the Company, consisting of One Hundred Thousand (100,000) shares of Class A Preferred Stock, $0.01 par value per share (“Class A Preferred Stock”), One Hundred Thousand (100,000) shares of Class B Preferred Stock, $0.01 par value per share (“Class B Preferred Stock”), One Hundred Thousand (100,000) shares of Class C Preferred Stock, $0.01 par value per share (“Class C Preferred Stock”), Ten Thousand (10,000) shares of Class D Preferred Stock, $0.01 par value per share (“Class D Preferred Stock”), Ten Thousand (10,000) shares of Class E Preferred Stock, $0.01 par value per share (“Class E Preferred Stock”), Ten Thousand (10,000) shares of Class F Preferred Stock, $0.01 par value per share (“Class F Preferred Stock”), Ten Thousand (10,000) shares of Class G Preferred Stock, $0.01 par value per share (“Class G Preferred Stock”), Ten Thousand (10,000) shares of Class H Preferred Stock, $0.01 par value per share (“Class H Preferred Stock”), Ten Thousand (10,000) shares of Class I Preferred Stock, $0.01 par value per share (“Class I Preferred Stock”), Ten Thousand (10,000) shares of Class J Preferred Stock, $0.01 par value per share (“Class J Preferred Stock”), Ten Thousand (10,000) shares of Class K Preferred Stock, $0.01 par value per share (“Class K Preferred Stock”), Ten Thousand (10,000) shares of Class L Preferred Stock, $0.01 par value per share (“Class L Preferred Stock”), Ten Thousand (10,000) shares of Class M Preferred Stock, $0.01 par value per share (“Class M Preferred Stock”), Ten Thousand (10,000) shares of Class N Preferred Stock, $0.01 par value per share (“Class N Preferred Stock”), Ten Thousand (10,000) shares of Class O Preferred Stock, $0.01 par value per share (“Class O Preferred Stock”), Ten Thousand (10,000) shares of Class P Preferred Stock, $0.01 par value per share (“Class P Preferred Stock”), Ten Thousand (10,000) shares of Class Q Preferred Stock, $0.01 par value per share (“Class Q Preferred Stock”), Ten Thousand (10,000) shares of Class R Preferred Stock, $0.01 par value per share (“Class R Preferred Stock”), Ten Thousand (10,000) shares of Class S Preferred Stock, $0.01 par value per share (“Class S Preferred Stock”), Ten Thousand (10,000) shares of Class T Preferred Stock, $0.01 par value per share (“Class T Preferred Stock”), Ten Thousand (10,000) shares of Class U Preferred Stock, $0.01 par value per share (“Class U Preferred Stock”), Ten Thousand (10,000) shares of Class V Preferred Stock, $0.01 par value per share (“Class V Preferred Stock”) and Ten Thousand (10,000) shares of Class W Preferred Stock, $0.01 par value per share (“Class W Preferred Stock” with Class A Preferred Stock, Class B Preferred Stock, Class C Preferred Stock and Class D Preferred Stock, Class E Preferred Stock, Class F Preferred Stock, Class G Preferred Stock, Class H Preferred Stock, Class I Preferred Stock, Class J Preferred Stock, Class K Preferred Stock, Class L Preferred Stock, Class M Preferred Stock, Class N Preferred Stock, Class O Preferred Stock, Class P Preferred Stock, Class Q Preferred Stock, Class R Preferred Stock, Class S Preferred Stock, Class T Preferred Stock, Class U Preferred Stock, and Class V Preferred Stock, collectively referred to herein as “Preferred Stock”) are hereby reserved for issuance under the Plan.   If any shares of the Preferred Stock issued under the Plan are reacquired by the Company as provided in Section 9 below, such shares shall again be available for the purposes of the Plan. 
4.     Committee. The Committee shall consist of the members of the Board. With respect to the issuance of Preferred Stock, other than to himself, the Chief Executive Officer shall advise the Committee in determining the persons to whom Preferred Stock shall be issued. A majority of the members of the Committee shall constitute a quorum. All determinations of the Committee shall be made by a majority of its members present at a meeting duly called and held. Any decision or determination of the Committee reduced to writing and signed by a majority of the members of the Committee shall be fully effective as if it had been made at a meeting duly called and held. 
5.    Administration. Subject to the provisions of the Plan, the Committee shall have complete authority in its discretion to select the individuals (the “Participants”) to whom shares of Preferred Stock shall be allocated, the number of shares of Preferred Stock to be included in each allocation and the time or times at which Preferred Stock shall be allocated (the date of any such action of the Committee being hereinafter called an “Allocation Date”). To the extent a member of the Committee may be granted shares of Preferred Stock under the Plan, such Committee member shall recuse himself or herself 

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from the vote of the Committee to issue such shares to the Committee member. The Committee shall also have authority to interpret the Plan and to prescribe, amend and rescind rules and regulations relating to it. Any determination by the Committee in carrying out, administering or construing the Plan shall be final and binding for all purposes and upon all interested persons and their heirs, successors and personal representatives. 
     6.    Eligibility. An allocation of shares of Preferred Stock may only be made to persons who are employees of the Company or a Subsidiary. 
7.    Factors Considered in Allocating Shares of Preferred Stock. In making any determination as to Participants to whom allocations of shares of Preferred Stock shall be made and as to the number of shares of Preferred Stock to be allocated to any Participant, the Committee shall take into account the duties of the respective Participants, their past, present and potential contribution to the success of the Company and its Subsidiaries and such other factors as the Committee shall deem relevant in connection with accomplishing the purpose of the Plan. 
8.     Purchase Price. Each person who shall be allocated shares of Preferred Stock hereunder shall purchase the same from the Company at and for a purchase price of $1.00 a share. Failure by a Participant to purchase and pay for all of the shares of Preferred Stock allocated to him or her within thirty days after he or she shall have been given written notice of such allocation shall result in a cancellation of such allocation and he or she shall no longer have the right to purchase the same hereunder. 
9.    Restrictions on Shares of Preferred Stock. 
A. Except as otherwise provided in this Section, the shares of Preferred Stock allocated to a Participant may not be sold, assigned, transferred or otherwise disposed of, and may not be pledged or hypothecated for any reason, other than sales of the shares of Preferred Stock back to the Company pursuant to the terms of Section 9B below. These stock restrictions shall remain in full force and effect for the entire life of the Plan. 
 B. In addition, the Company shall have the right to redeem at any time all or any shares of Preferred Stock purchased by a Participant and shall pay to him or her, in redemption of such shares, an amount equal to the price paid by the Participant for such redeemed shares of Preferred Stock.  Notwithstanding the foregoing, the Company shall have no right to redeem any shares of Preferred Stock within six months of the date of issuance of such shares.
C. Upon issuance of the certificate or certificates for the shares of Preferred Stock in the name of a Participant, the Participant shall thereupon be a stockholder with respect to all the shares of Preferred Stock represented by such certificate or certificates and shall have the rights of a stockholder with respect to such shares of Preferred Stock, including the right to receive all dividends and other distributions paid with respect to such shares of Preferred Stock. Notwithstanding the foregoing, shares of Preferred Stock issued pursuant to the Plan may be certificated or uncertificated, as determined by the Committee.
D. Each Participant receiving shares of Preferred Stock shall (a) agree that such shares of Preferred Stock shall be subject to, and shall be held by the Company in accordance with, all of the applicable terms and provisions of the Plan, (b) represent and warrant to the Company that he or she is acquiring such shares of Preferred Stock for investment for his or her own account, and, in any event, that he or she will not sell or otherwise dispose of said shares other than sales back to the Company upon termination of his or her employment as set forth in Section 9B hereof.  The foregoing agreement, representation and warranty shall be contained in an agreement in writing (“Preferred Stock Agreement”) which shall be delivered by the Participant to the Company. The Committee shall adopt, from time to time, such rules with respect to the Plan as it deems appropriate and failure by a Participant to comply with such rules shall result in the termination of any allocated shares of Preferred Stock to such Participant. 
10.    Adjustment of Number of Shares. 
A. In the event that a dividend shall be declared upon the Preferred Stock payable in shares of the Preferred Stock, the number of shares of the Preferred Stock then subject to any Preferred Stock Agreement and the number of shares of the Preferred Stock reserved for issuance in accordance with the provisions of the Plan but not yet issued shall be adjusted by adding to each such share the number of shares which would be distributable thereon if such shares had been outstanding on the date fixed for determining the stockholders entitled to receive such stock dividend. In the event that the outstanding shares of the Preferred Stock shall be changed into or exchanged for a different number or kind of shares of Preferred Stock or other securities of the Company or of another corporation, whether through reorganization, recapitalization, stock split-up, combination of shares, sale of assets, merger or consolidation in which the Company is the surviving corporation, then, there shall be substituted for each share of the Preferred Stock then subject to a Preferred Stock Agreement and for each share of the Preferred Stock reserved for issuance in accordance with the provisions of the Plan but not yet issued, the number and kind of shares of stock or other securities into which each outstanding share of the Preferred Stock shall be so changed or for which each such share shall be exchanged. 
     B. In the event that there shall be any change, other than as specified in this Section 10, in the number or kind of outstanding shares of the Preferred Stock, or of any stock or other securities into which the Preferred Stock shall have been 

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changed, or for which it shall have been exchanged, then, if the Committee shall, in its sole discretion, determine that such change equitably requires an adjustment in the number or kind of shares then subject to a Preferred Stock Agreement and the number or kind of shares reserved for issuance in accordance with the provisions of the Plan but not yet issued, such adjustment shall be made by the Committee and shall be effective and binding for all purposes of the Plan and of each Preferred Stock Agreement entered into in accordance with the provisions of the Plan. 
C. No adjustment or substitution provided for in this Section 10 shall require the Company to deliver a fractional share under the Plan or any Preferred Stock Agreement. 
11.    Withholding and Waivers.  Each Participant shall make such arrangements with the Company with respect to income tax withholding as the Company shall determine in its sole discretion are appropriate to ensure payment of federal, United States Virgin Islands, state or local income taxes due with respect to the issuance and/or ownership of shares of the Preferred Stock issued hereunder. 
12.    Expenses of Administration. All costs and expenses incurred in the operation and administration of the Plan shall be borne by the Company. 
13.    No Employment Right. Neither the existence of the Plan nor the grant of any shares of Preferred Stock hereunder shall require the Company or any Subsidiary to continue any Participant in the employ of the Company or such Subsidiary. 
14.    Amendment of Plan. The Board may, at any time and from time to time, by a resolution appropriately adopted, make such modifications of the Plan as it shall deem advisable. No amendment of the Plan may, without the consent of the Participants to whom any shares of Preferred Stock shall theretofore have been allocated, adversely affect the rights or obligations of such Participants with respect to such shares of Preferred Stock. The Committee, in its discretion, may cause the restrictions imposed in accordance with the provisions of Section 9 hereof with respect to any shares of Preferred Stock to terminate, in whole or in part, prior to the time when they would otherwise terminate. 
15.    Expiration and Termination of the Plan. The Plan shall terminate on March 1, 2023 or at such earlier time as the Board may determine; provided, however, that such termination shall not, without the consent of the Participants to whom any shares of Preferred Stock shall theretofore have been allocated, adversely affect the rights or obligations of such Participants with respect to such shares of Preferred Stock. 
16.    Governing Law. The Plan shall be governed by the laws of the United States Virgin Islands. 

* * * * * * * *

32013.12.31 Ex 10.31

EXHIBIT 10.31
THIRD AMENDMENT TO SERVICES AGREEMENT
This Third Amendment to the Services Agreement (the “Third Amendment”) is dated as of July 24, 2013, and is made by and between OCWEN FINANCIAL CORPORATION, a corporation organized under the laws of the State of Florida (“OCWEN” or together with its Affiliates “OCWEN Group”), and ALTISOURCE SOLUTIONS S.À R.L., a limited liability company organized under the laws of the Grand Duchy of Luxembourg (“ALTISOURCE” or together with its Affiliates “ALTISOURCE Group”).
Recitals
WHEREAS, OCWEN and ALTISOURCE entered in that certain Services Agreement dated August 10, 2009 (as subsequently amended, the “Services Agreement”) and that certain Services Letter dated August 10, 2009 (as subsequently amended, the “Services Letter”);
WHEREAS, pursuant to the Services Agreement, the OCWEN Group receives, and ALTISOURCE provides or causes to be provided to the OCWEN Group, certain services described in Schedule A to the Services Letter; and
WHEREAS, now the parties desire to amend the Agreement to clarify certain cooperation and access rights, privacy and security provisions designed to protect non-public personal, consumer information, and add certain insurance requirements.
Agreement
NOW, THEREFORE, in consideration of the mutual covenants made herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
		
	1.
	Amendment to Section 11, Cooperation; Access; Steering Committee, subparagraph (a) of the Services Agreement. Subparagraph (a) of Section 11, Cooperation; Access; Steering Committee, is hereby deleted in its entirety and restated it as follows:

(a)    Each Party shall, and shall cause its Group (“Audited Party” for purposes of this Section) to, permit the other Party and its employees and representatives (“Auditing Party”), at the Auditing Party’s own expense, access, on Business Days during hours that constitute regular business hours for the Audited Party and upon reasonable prior request, to the premises of the Audited Party and its Group and such data, books, records and personnel designated by the Audited Party and its Group as the Auditing Party may reasonably request for the purposes of determining compliance with this Agreement and with laws applicable to the Services. If Providing Party undergoes an independent, third party assessment, substantially similar to a Statement on Standards for Attestation Engagements (SSAEs) Number 16 reporting on controls at a service organization, as such may be amended from time to time and conducted by an independent external audit agency in accordance with the attestation standards established by the American Institute of Certified Public Accountants, then upon reasonable prior request by Customer Party, Providing Party will make such assessment available to Customer Party. Any such inspection shall not unreasonably interfere with the Party’s normal business operations.  Any documentation so provided pursuant to this Section 11 will be subject to the confidentiality obligations set forth in Section 12 of this Agreement.

		
	2.
	Amendment to Section 14(c), Warranties; Limitation of Liability; Indemnity. Section 14(c), is hereby deleted in its entirety and restated as follows:

(c)    In no event shall: (i) the amount of damages or losses for which the Providing Party and the Customer Party may be liable under this Agreement exceed the fees due to the Providing Party for the most recent six (6) month period under the applicable Service or SOW(s); provided that if Services have been performed for less than six (6) months, then the damages or losses will be limited to the value of the actual Services performed during such period; or (ii) the aggregate amount of all such damages or losses for which the Providing Party may be liable under this Agreement exceed one million dollars ($1,000,000); provided that no such cap shall apply to liability for damages or losses arising from or relating to breaches of Section 12 (Confidentiality), Section 15(d) (Protection of Consumer Information), infringement of Intellectual Property, or fraud or criminal acts.  Except as provided in Section 14(b) hereof, none of the Providing Party or any of its Affiliates or any of its or their respective officers, directors, employees, agents, attorneys-in-fact, contractors, or other representatives shall be liable for any action taken or omitted to be taken by, or the negligence, gross negligence, or willful misconduct of, any third party.
		
	3.
	Amendment to Section 15, Additional Agreements. Section 15, Additional Agreements, is hereby deleted in its entirety and restated as follows:

15.    Additional Agreements.
(a)    Data Backup and Storage. The Providing Party shall maintain data backup and document storage and retrieval systems adequate for the provision of the Services.
(b)    Business Continuity Plan. The Providing Party shall maintain a business continuity plan adequate for the provision of the Services and shall provide a copy of such plan upon the Customer Party’s request.
(c)    Compliance with Legal Authority. The Providing Party shall provide the Services under this Agreement and any SOW in compliance with (i) all obligations and applicable laws, regulations, rules, and guidelines, as amended or changed from time to time, including, but not limited to, privacy and data protection laws pursuant to Section 15(d) below, labor and overtime laws, tax laws, the U.S. Foreign Corrupt Practices Act and environmental protection laws; and (ii) all requirements from any Governmental Authority to maintain necessary licenses and permits.
(d)    Protection of Consumer Information.
		
	(1)
	Providing Party shall comply with applicable privacy and data laws and regulations including, without limitation, the GLB Act and only use Consumer Information to perform its obligations under this Agreement and/or as otherwise permitted under the applicable laws and regulations and will not disclose the Consumer Information contrary to the provisions of this Agreement or any other applicable laws and regulations.

		
	(2)
	Providing Party shall develop written company policies and procedures, as well as implement appropriate physical and other security measures and controls reasonably designed to: (i) ensure the security, integrity, and confidentiality of the Consumer Information; (ii) protect against any reasonably foreseeable threats or hazards to the security and integrity of 

the Consumer Information; and (iii) protect against any unauthorized access to or use of the Consumer Information that could result in substantial harm or inconvenience to any consumer or customer.
		
	(3)
	Providing Party shall, at a minimum, establish and maintain such data security program reasonably designed to meet the objectives of the Interagency Guidelines Establishing Standards for Safeguarding Customer Information as set forth in the Code of Federal Regulations at 12 C.F.R. Parts 30, 208, 211, 225, 263, 308, 364, 568 and 570.

		
	(4)
	Within a reasonable time following Providing Party’s discovery of Consumer Information Breach, Providing Party shall take appropriate actions to address the Consumer Information Breach, including using its best efforts stop such Consumer Information Breach and notifying Customer Party.

		
	(5)
	For purposes of this Section 15(d):

		
	a.
	“Consumer Information” means “non-public personal information” of “consumers” or “customers” - as those terms are defined by the GLB Act - which Providing Party may receive, maintain, process or otherwise access from time to time in providing services to Customer Party pursuant to the terms of this Agreement.

		
	b.
	“GLB Act” means, collectively, the Gramm-Leach-Bliley Act (15 U.S.C. §6801, et seq.) and its implementing regulations.

		
	c.
	“Consumer Information Breach” means any confirmed breach or compromise of the security, confidentiality or integrity of Consumer Information.

(e)    Third Party Vendor Management. The Providing Party shall maintain and, upon written, reasonable request, submit to the Customer Party information regarding its vendor management program and any of its applicable vendor management reviews of the third party vendors designated and used by Providing Party in connection with the performance of any of the obligations under this Agreement. Providing Party shall perform periodic reviews designed to confirm that the performance of its designated third party vendors is in compliance with the terms of the Agreement. Providing Party shall be responsible for the provision of the Services set forth in this Agreement regardless of which third party vendor it designates and uses to conduct the Services. Customer Party may request the revocation of the designation and use of a third party vendor in connection with the performance of any of the obligations under this Agreement by providing Providing Party with written notice describing a reasonable business necessity for the revocation.
(f)    Insurance. The Providing Party shall at all times while performing Services hereunder, carry with an insurance agency with a Best’s Insurance Reports rating of “A-VIII” or better: (i) worker’s compensation insurance in accordance with the laws of the governmental bodies having jurisdiction; (ii) general liability insurance in amounts not less than Three Million Dollars ($3,000,000.00) per occurrence for bodily injury, personal injury and property 

damage liability combined; (iii) automobile insurance in amounts not less than One Million Dollars ($1,000,000.00) combined single limit for bodily injury and property damage for each occurrence, covering all hired and non-owned vehicles; (iv) Commercial Crime Insurance/Fidelity in the amount of Five Million Dollars ($5,000,000.00) per occurrence, including coverage for theft or loss of Customer Party and Customer Party property; and (v) professional liability insurance to cover errors and omissions in amounts not less than Five Million Dollars ($5,000,000.00) per occurrence. Providing Party shall provide a certificate of insurance indicating such coverage upon request by Customer Party. The insurance required under this Section may be in a policy or policies of insurance, primary and excess, including so-called umbrella or catastrophe form, which may also include comprehensive automobile insurance and employer’s liability insurance.  Customer Party may elect to accept lesser or alternative forms of insurance.
		
	4.
	Counterparts.  This Third Amendment may be signed in counterparts with the same effect as if both parties had signed one and the same document. This Third Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all of which shall together constitute one and the same agreement. Counterparts shall become effective when counterparts have been signed by each of the parties and delivered to the other parties; it being understood that all parties need not sign the same counterpart. This Third Amendment and its counterparts may be executed by providing an electronic signature under the terms of the Electronic Signatures Act, 15 U.S.C. § 7001 et seq., and may not be denied legal effect solely because it is in electronic form or permits the completion of the business transaction referenced herein electronically instead of in person.

5.Agreement in Full Force and Effect as Amended.  The terms and conditions of this Third Amendment shall prevail over any conflicting terms and conditions in the Agreement. Capitalized terms that are used in this Third Amendment not otherwise defined herein shall have the meanings ascribed to them in the Agreement. Except as specifically amended or waived hereby, all of the terms and conditions of the Agreement shall remain in full force and effect. All references to the Agreement in any other document or instrument shall be deemed to mean the Agreement as amended by this Third Amendment. The parties hereto agree to be bound by the terms and obligations of the Agreement, as amended by this Third Amendment, as though the terms and obligations of the Agreement were set forth herein.
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IN WITNESS WHEREOF, the Parties have caused this Third Amendment to be executed by their respective authorized representatives, effective as of the date first written above.
	
		
	OCWEN
	ALTISOURCE

	Ocwen Financial Corporation
	Altisource Solutions S.à r.l.

	By:  /s/ Ronald M. Faris
	By:  /s/ William B. Shepro

	Name:  Ronald M. Faris
	Name:  William B. Shepro

	Title:  President & CEO
	Title:  Manager

	Date:  September 3, 2013
	Date:  September 4, 2013

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