Document:

EX-10.2

 Exhibit 10.2 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of August 5, 2021 by and between Sunrun Inc. (the
“Company”), and Mary Powell (“Executive”) (collectively the “Parties”), to go into effect with respect to Executive’s role as an employee of the Company on August 5, 2021 and with respect to Executive’s
appointment as the Company’s Chief Executive Officer on August 31, 2021 (the “Effective Date”). 
 NOW,
THEREFORE, in consideration of the promises and mutual covenants contained herein, the parties agree as follows: 

1.    Employment Period. Executive’s employment with the Company pursuant to this
Agreement shall be “at will,” and either the Company or Executive may terminate the employment relationship at any time. The period during which Executive is in fact employed by the Company pursuant to this Agreement shall constitute the
“Employment Period” hereunder. 
 2.    Duties and Responsibilities. 

A.    Executive shall serve as the Company’s Chief Executive Officer (“CEO”), with a principal office in the
Company’s San Francisco, California location, and shall report to the Company’s Board of Directors (the “Board”). Executive agrees to perform in good faith and to the best of her ability all services that may be required of
Executive hereunder and to be available to render such services at all reasonable times and places in accordance with such directions and requests as may be made from time to time by the Board. 

B.    Executive has been, and will continue to serve as, a member of the Company’s Board. However, Executive may be
removed from the Board in accordance with applicable law and the Company’s bylaws. If Executive ceases to be employed by the Company in the capacity set forth herein, then Executive agrees to promptly resign from all Board and officer positions
at the request of the Company. 
 C.    Executive is expected and agrees to devote her full working time and attention
to the business of the Company and will not render services to any other business without the prior approval of the Board (except as provided herein) or, directly or indirectly, engage or participate in any business that is competitive in any manner
with the business of the Company. Executive agrees that by the fifteenth (15th) day following the Effective Date, Executive will have resigned, stepped down or ceased to provide service to any other business, job, charitable and civic activity or
consulting activity, other than incidental activities undertaken on behalf of these entities and activities undertaken on behalf of the Company related to these entities that are disclosed to the Company. Notwithstanding, Executive may invest in up
to one percent (1%) of the outstanding securities of any publicly-held corporation without approval of the Board, subject to the Company’s Insider Trading Policy and Related Party Transactions Policy. Moreover, in the sole discretion of, and
upon written approval from, the Board, Executive may participate in other Board of Director or advisory positions that do not in any way negatively impact or conflict with the Company or Executive’s employment with the Company; provided that
Executive provides advance notice to the Company’s General Counsel prior to pursuing any such position. 

D.    Executive also understands and agrees that she must fully comply with the Company’s standard operating
policies, procedures, and practices that are from time to time in effect during the term of her employment. 
  

 3.    Compensation. 

A.    Base Pay. During the Employment Period, the Company shall pay Executive a base salary of $33,333.33 per
semi-monthly pay period (equivalent to $800,000.00 annually), less applicable deductions and withholding (the “Base Salary”). 

B.    Target Bonus. Executive will be eligible to participate in the Company’s Amended and Restated
Executive Incentive Compensation Plan (“EICP”), with an initial target of 125% of the Base Salary (the “Target Bonus”). Incentive payments pursuant to the EICP are discretionary and depend on both Company performance and
Executive’s individual performance. All EICP incentives are subject to the terms and conditions of the EICP plan, which will be provided to Executive separately. Incentive targets are pro-rated for the
year in which Executive is hired. Payment of any earned incentive shall be made as soon as practicable after being approved by the Board’s Compensation Committee (“Committee”). Unless otherwise determined by the Committee, to earn any
portion of the Target Bonus for a given year, Executive must be employed by the Company on the date the associated bonus is paid. In addition, amounts received pursuant to the EICP will be subject to the terms of the Company’s Policy for
Recoupment of Incentive Compensation (the “Clawback Policy”), which will be provided to Executive separately. 

C.    Sign-On Bonus. The Company will pay Executive a one-time sign-on bonus of $1,000,000.00, less applicable deductions and withholdings (the “Sign-On Bonus”). 

(1)    The Sign-On Bonus is intended, in part, to assist Executive in her
transition and relocation to Northern California, relocation of personal property (including moving and storage expenses), temporary rental costs, associated travel expenses and car access, and to generally help defray relocation costs. 

(2)    The Sign-On Bonus is also expressly intended to serve as a retention
vehicle. Although the Company shall pay Executive the Sign-On Bonus on or around the Effective Date of this Agreement, it shall not be deemed earned until, and unless, Executive completes twenty-four
(24) months of active employment with the Company in good standing (as determined by the Board in its reasonable good faith discretion), and shall otherwise be deemed an advance that is subject to repayment. 

(i)    Such repayment obligation shall apply to 100% of the Sign-On Bonus if
Executive separates from employment with the Company for any reason within twelve (12) months of employment hereunder other than for involuntary separation without Cause (as such term is defined in the Company’s Severance Plan, as defined
below), and shall apply to 50% of the Sign-On Bonus if Executive separates from employment with the Company other than for involuntary separation without Cause after twelve (12) months but prior to
completing 24 months of employment hereunder. 
 (ii)    Any repayment obligation must be satisfied within thirty
(30) days of the separation event, and Executive agrees that, to the greatest degree permissible by applicable law, the Company may in its discretion elect to offset any repayment amount owed hereunder from any payments that might otherwise be
due to Executive. Executive further agrees that if Executive fails to fully satisfy the repayment obligation hereunder, then the Company shall also be entitled to recover from Executive any reasonable fees and costs incurred in enforcing this
repayment obligation, if applicable, including but not limited to reasonable attorneys’ fees, together with interest at the maximum rate of interest permissible by law. 

  
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 D.    Deductions and Withholdings. The Company shall
deduct and withhold from any compensation payable to Executive any and all applicable federal, state, and local income and employment withholding taxes and any other amounts required to be deducted or withheld by the Company under applicable
statutes, regulations, ordinances, or orders governing or requiring the withholding or deduction of amounts otherwise payable as compensation or wages. Executive shall bear all expense of, and be solely responsible for, all federal, state and local
taxes due with respect to any payment received under this Agreement (and all agreements referenced herein). 

4.    Equity Awards. 

A.    Sign-on RSU Award. Following commencement of employment, the Company
will recommend to the Board that Executive be granted Restricted Stock Units (“RSUs”) valued at $1,000,000. The number of RSUs granted will be calculated by dividing the approved dollar amount by the average closing price of Sunrun common
stock during the thirty (30) trading days prior to the date of grant, unless stated otherwise in the approval document. 

B.    Long-Term Incentive Equity Awards. Following commencement of employment, the Company will recommend to the
Board that Executive be granted time-based equity awards with an aggregate value of $4,000,000 in the form of 50% in stock options (“Options”) and 50% in RSUs. The number of Options granted will be determined using Black-Scholes valuation
methods. The number of RSUs granted will be calculated by dividing the approved dollar amount by the average closing price of Sunrun common stock during the thirty (30) trading days prior to the date of grant, unless stated otherwise in the
approval document. 
 C.    RSU Vesting. All RSUs referenced herein will vest over four (4) years,
commencing on August 31, 2021, the commencement of Executive’s employment as the Company’s Chief Executive Officer (the “Vesting Commencement Date”), with twenty-five percent (25%) of the RSUs vesting on the one-year anniversary of Executive’s Vesting Commencement Date, and the remaining RSUs vesting in equal quarterly installments (every three (3) months) thereafter on the same day of the month as the Vesting
Commencement Date, contingent upon Executive’s continuous employment at the Company through each such date. The RSUs will be subject to the terms and conditions of the Company’s 2015 Equity Incentive Plan (the “2015 Plan”), as
described in the 2015 Plan and the applicable 2015 equity award agreement. 
 D.    Option Vesting. The shares
subject to the Option will vest over four (4) years, commencing on the Vesting Commencement Date, with twenty-five percent (25%) of such shares vesting on the one-year anniversary of the Vesting
Commencement Date, and the remaining shares vesting in equal monthly installments thereafter contingent upon Executive’s continuous employment at the Company through each such date. The shares subject to the Option will be subject to the terms
and conditions of the Company’s 2015 Plan, as described in the 2015 Plan and the applicable 2015 equity award agreement. 

E.    Performance-Based Equity. Following commencement of employment, the Company will recommend to the Board that
Executive be granted a performance-based restricted stock unit (“PSU”) award with a target value of $2,000,000. The PSU award will be a multi-year award tied to Company performance targets. The PSU award will be subject to the terms and
conditions of the Company’s 2015 Plan, as described in the 2015 Plan and the applicable 2015 equity award agreement, as well as the terms of the Company’s Clawback Policy. 

  
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 5.    Severance Benefits. Subject to approval of
the Board, Executive will be permitted to participate in the Company’s Key Employee Change in Control Severance Plan (the “Severance Plan”) applicable to Executive based on Executive’s position with the Company. As a participant
in the Severance Plan, Executive shall be required to sign a participation agreement that will set forth the severance payments and benefits to which Executive may be entitled in connection with certain terminations of employment, which would be in
lieu of any other severance or other benefits Executive might otherwise be entitled to under any plan, program or policy that the Company may have in effect from time to time. 

6.    General Benefits. 

A.    Health and Welfare Benefits. During the Employment Period, Executive shall be eligible to participate
in all employee benefits and benefit plans generally made available to the Company’s full-time executive employees, including, but not limited to, medical, dental, vision and long-term disability insurance benefits and arrangements, subject to
the terms, conditions and relevant qualification criteria for such benefits and benefit plans. The Company, in its discretion, may change from time-to-time the employee
benefits and benefit plans it generally makes available to its employees. 
 B.    Vacation, Sick, and Holiday
Pay. Executive shall be entitled to vacation, sick, and holiday pay pursuant to the terms of the Company’s applicable employee policies, as may exist from time to time. This includes that Executive may participate in the Sunrun Freedom
Policy, which currently provides full-time exempt employees an opportunity to take paid days out of the office, limited by such employee’s managerial approval (in this case, the Board), and subject to such individual’s judgment that they
will timely complete all job assignments and achieve all performance goals. Details on the Company’s Freedom Policy can be found in the Employee Guidebook. The Company may modify benefits, including but not limited to the Sunrun Freedom Policy,
from time to time as it deems necessary. 
 C.    Expense Reimbursement. Executive shall be
entitled to reimbursement for all reasonable and necessary expenses incurred by Executive associated with the conduct of the Company’s business in accordance with the Company’s policies. Such reimbursements shall be subject to the
Company’s then-existing policies and procedures for reimbursement of business expenses, but in any event shall include submission of written requests for reimbursement within thirty (30) days of incurring the expense, accompanied by
vouchers, receipts or other details of such expenses in the form required by the Company, sufficient to substantiate a deduction for such business expenses under all applicable rules and regulations of federal and state taxing authorities. If such
expense qualifies for reimbursement, then the Company will reimburse Executive for that expense in accordance with existing expense reimbursement policies and practices. 

7.    Confidential Information and Inventions Agreement. As a condition of employment and the
benefits provided by this Agreement, Executive is required to timely execute and return the Company’s form of Confidentiality, Inventions Assignment, and Restrictive Covenant Agreement, attached hereto as Exhibit A (the
“Confidentiality Agreement”). Executive shall at all times remain subject to the terms and conditions of such Confidentiality Agreement, and nothing in this Agreement shall supersede, modify or affect Executive’s obligations, duties
and responsibilities thereunder. 

  
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 8.    Compliance with
Section 409A. It is the intent of the Company and Executive that the provisions of this Agreement (and all agreements and plans referenced herein) comply with all applicable requirements of
Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), or an exemption thereto, and payments may only be made under this Agreement (and all agreements and plans referenced herein) upon an event and in a
manner permitted by Section 409A, to the extent applicable, including the six (6)-month delay for payments to “specified employees,” if applicable. Accordingly, to the extent any provisions of this Agreement (or of any agreement or
plan referenced herein) would otherwise contravene one or more requirements or limitations of Section 409A, then the Company and Executive shall, within the remedial amendment period provided under the Treasury Regulations issued under
Section 409A, if available, effect through mutual agreement the appropriate amendments to those provisions which are necessary in order to bring the provisions of this Agreement into compliance with Section 409A. All payments to be made
upon a termination of employment may only be made upon a “separation from service” under Section 409A, to the extent required by Section 409A. For purposes of Section 409A, each payment hereunder (or under any agreement or
plan referenced herein) shall be treated as a separate payment, and the right to a series of installment payments shall be treated as a right to a series of separate payments. In no event may Executive, directly or indirectly, designate the taxable
year of a payment. Notwithstanding anything in this Agreement (or of any agreement or plan referenced herein) to the contrary, Executive shall be solely responsible for the tax consequences of any payments under this Agreement (and of any agreement
referenced herein), and in no event shall the Company have any responsibility or liability if any payment, agreement or plan does not meet the applicable requirements of Section 409A. Although the Company intends to administer this Agreement
(and any agreement or plan referenced herein) to prevent taxation under Section 409A, the Company does not represent or warrant that the Agreement (or any agreement or plan referenced herein) complies with any provision of federal, state, local
or other tax law. 
 9.    Successors and Assigns. This Agreement and all rights hereunder
are personal to Executive and may not be transferred or assigned by Executive at any time. The Company may assign its rights, together with its obligations hereunder, to any parent, subsidiary, affiliate or successor, or in connection with any sale,
transfer or other disposition of all or substantially all of its business and assets, provided, however, that any such assignee assumes the Company’s obligations hereunder. 

10.    Notices. 

A.    Any and all notices, demands or other communications required or desired to be given hereunder by any party shall be
in writing and shall be validly given or made to another party if delivered either personally or if deposited in the United States mail, certified or registered, postage prepaid, return receipt requested. Notice may also be provided in the form of
email sent to the appropriate individual (e.g. to Executive and/or to the Company’s General Counsel), but only to the extent that such individual confirms receipt of such email. If such notice, demand or other communication shall be delivered
personally, then such notice shall be conclusively deemed given at the time of such personal delivery. 

  
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 B.    If such notice, demand or other communication is given by mail,
such notice shall be conclusively deemed given forty-eight (48) hours after deposit in the United States mail addressed to the party to whom such notice, demand or other communication is to be given as hereinafter set forth: 

To the Company: 

Sunrun Inc. 
 225 Bush St.,
Suite 1400 
 San Francisco, CA 94104 

Attn: General Counsel 
 To
Executive: 
 To such personal address as the Company may have on file for Executive at the time of notice. 

C.    Any party hereto may change its address for the purpose of receiving notices, demands and other communications as
herein provided by a written notice given in the manner aforesaid to the other party hereto. 

11.    General Creditor Status. The benefits to which Executive may become entitled under this
Agreement shall be paid, when due, from the Company’s general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, Executive’s right (or the
right of the executors or administrators of Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Company and shall have no priority over the claims of other general creditors. 

12.    Governing Documents. This Agreement, together with (i) any equity or long-term
equity incentive agreements duly executive by Executive and the Company, (ii) the Severance Plan, (iii) the Indemnification Agreement, (iv) the Confidentiality Agreement, (v) the Mutual Arbitration Agreement, (vi) the
Clawback Policy; and (vii) all other plans, policies, or agreements referenced herein, shall constitute the entire agreement and understanding of the Parties with respect to the terms and conditions of Executive’s employment with the
Company and the eligibility for any potential severance payments, and this Agreement shall supersede all prior and contemporaneous written or verbal agreements and understandings between the Parties relating to such subject matter. This Agreement,
including but not limited to the at-will nature of the employment relationship as reflected herein, may only be amended by written instrument signed by Executive and a duly authorized representative of the
Board. 
 13.    Governing Law. The provisions of this Agreement shall be construed and
interpreted under the laws of the State of California applicable to agreements executed and wholly performed within the State of California. If any provision of this Agreement as applied to any party or to any circumstance should be adjudged by a
court of competent jurisdiction to be void or unenforceable for any reason, the invalidity of that provision shall in no way affect (to the maximum extent permissible by law) the application of such provision under circumstances different from those
adjudicated by the court, the application of any other provision of this Agreement, or the enforceability or invalidity of this Agreement as a whole. Should any provision of this Agreement become or be deemed invalid, illegal or unenforceable in any
jurisdiction by reason of the scope, extent or duration of its coverage, then such provision shall be deemed amended to the extent necessary to conform to applicable law so as to be valid and enforceable or, if such provision cannot be so amended
without materially altering the intention of the parties, then such provision will be stricken, and the remainder of this Agreement shall continue in full force and effect. 

  
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 14.    Arbitration. Each party hereto agrees
that any disputes which arise out of or relate to Executive’s employment, the termination of Executive’s employment, or the terms of this Agreement shall be resolved through final and binding arbitration in accordance with the terms of the
Mutual Arbitration Agreement attached hereto as Exhibit B (the “Mutual Arbitration Agreement”), which Executive expressly agrees to execute contemporaneously herewith. 

15.    Counterparts. This Agreement may be executed in more than one counterpart, each of
which shall be deemed an original, but all of which together shall constitute but one and the same instrument. 

16.    Construction. The language of this Agreement shall be construed as to its fair meaning,
and not strictly for or against either party. Any rule of construction that any ambiguities in a contract shall be construed against the drafter of a contract shall not apply. 

IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the day and year written above. 

 

			
	SUNRUN INC.
	
	 /s/ Gerald Risk

		
	By:	 	 Gerald Risk

	Title:	 	Lead Independent Director
	
	EXECUTIVE
	
	 /s/ Mary Powell

	Mary Powell

  
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 EXHIBIT A 

CONFIDENTIALITY, INVENTIONS ASSIGNMENT, 

AND RESTRICTIVE COVENANT AGREEMENT 

 EXHIBIT B 

MUTUAL ARBITRATION AGREEMENTDocument

Exhibit 10.2
Certain information has been omitted in accordance with Item 601(b)(10) of Regulation S-K because it is both not material and is the type of information that the registrant treats as private or confidential. An unredacted copy will be furnished supplementally to the SEC upon request.
Binding Term Sheet
The items set forth in this term sheet and the attached exhibit (collectively, this “Term Sheet”) are binding and hereby agreed to by Ocwen Financial Corporation and Ocwen USVI Services, LLC (individually and together, with affiliates, “Ocwen”) and Altisource S.à r.l. (“Altisource”). The parties may also execute detailed agreements to further memorialize some or all of the below. This Term Sheet shall be read in conjunction with the February 22, 2019 Binding Term Sheet among the parties (as subsequently modified, supplemented and/or amended, including by this Term Sheet, the “2019 Term Sheet”) and existing agreements between the parties, and does not supersede the same except as may be expressly set forth herein. The effective date of this Term Sheet is May 5, 2021.
 
1)Term of Existing Agreement.  Extend the term of the Services Agreement (between Altisource and Ocwen Financial Corporation) dated August 10, 2009 (as amended), the Services Agreement  (between Altisource and Ocwen Mortgage Servicing, Inc., as succeeded in interest by Ocwen USVI Services, LLC) dated October 1, 2012 (as amended), all Services Letters (and amendments thereto) made pursuant to the foregoing Services Agreements and the 2019 Term Sheet (collectively, the “Agreement”), all pursuant to which Altisource currently provides services, along with the additional services set forth below, to August 31, 2030 (the applicable terms, as so extended being the “Extended Term”).  

Notwithstanding anything in the Agreement to the contrary, in the event that an Altisource Change of Control (as defined below) to a Competitor (as defined below) is to occur on or after September 1, 2028, Altisource shall notify Ocwen of such potential Change of Control following public disclosure thereof (or earlier, if Altisource elects).  Following such notice, if Ocwen reasonably believes that such a Change of Control may negatively impact Ocwen, the parties will promptly meet to discuss remedial actions to prevent such negative impacts. If the parties are not able to agree on appropriate remedial actions to prevent such negative impacts to Ocwen’s reasonable satisfaction prior to the consummation of the Change in Control (“Closing”), Ocwen may terminate the Agreement upon no less than sixty (60) days’ prior written notice delivered to Altisource:

(a)prior to the Closing, in which case the termination will be effective only in the event of the Closing; or
(b)within sixty (60) days immediately following the Closing.

As used herein, “Change of Control” means a change in ownership of (a) greater than fifty percent (50%) of the voting securities of Altisource in a single transaction or related series of transactions (unless securities representing more than fifty percent (50%) of the total voting power are beneficially owned, directly or indirectly, by the persons who beneficially owned the outstanding voting securities immediately prior to such transaction) or (b) all or substantially all of the consolidated assets of Altisource.  As used herein, “Competitor” means an entity (or an affiliate with greater than fifty percent (50%) of the voting securities owned by or under common control with such entity) whose business includes the servicing of residential mortgages with 
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scale substantially similar to or greater than the scale of Ocwen (as of the time of the Change of Control).  

Notwithstanding anything in the Agreement to the contrary, on and after September 1, 2028, Section D.1 of the 2019 Term Sheet shall not apply in connection with Altisource’s sale or assignment of all or a portion of Altisource’s business or any line of business to a Competitor which does not constitute a Change of Control (such transaction, an “Altisource Business Sale”), and Ocwen shall not be required to consent to an assignment of all or a portion of the Agreement, any statement of work (“SOW”) or any Services (the “Applicable Services”) pursuant to such an Altisource Business Sale, provided, Altisource shall notify Ocwen of such potential Altisource Business Sale following public disclosure thereof (or earlier, if Altisource elects).  Following such notice, if Ocwen reasonably believes that such Altisource Business Sale may negatively impact Ocwen, the parties will promptly meet to discuss remedial actions to prevent such negative impacts such that Ocwen would consent to and reasonably cooperate with such Altisource Business Sale. If the parties are not able to agree on appropriate remedial actions to prevent such negative impacts to Ocwen’s reasonable satisfaction, Ocwen may terminate the Applicable Services upon no less than sixty (60) days’ prior written notice delivered to Altisource:

(a)prior to the consummation of the Altisource Business Sale, in which case the termination will be effective only in the event of the consummation of the Altisource Business Sale; or
(b)within sixty (60) days immediately following the consummation of the Altisource Business Sale.

In the event of a termination of the Agreement (or the applicable portion thereof) related to a Change of Control, or termination of Applicable Services related to an Altisource Business Sale, Altisource will cause the assignee to agree to permit Ocwen to purchase post-termination services for a period of up to 270 days from the date on which the Agreement (or the applicable portion thereof) terminates on the current terms thereunder.  Notwithstanding anything to the contrary in the Agreement, Ocwen shall not be obligated to reimburse Altisource for any expenses or costs attributable to a termination related to a Change in Control or an Altisource Business Sale. 

2)Services.  

a.With respect to each service identified in Exhibit A (an “Additional Service”), the parties shall commence (or, if already commenced, shall continue) the negotiation of a statement of work or other agreement, to the extent applicable for such Additional Service (each such statement of work or other agreement, including those existing per Exhibit A, an “Applicable Additional Service Agreement”) by the applicable Agreement Negotiation Commencement Date specified in Exhibit A.  With respect to such negotiations for each Additional Service:
i.Such negotiations shall be conducted in good faith, with each party using commercially reasonable best efforts to finalize such negotiations in an expedient manner, which efforts shall include each party responding to reasonable requests for information and proposed revisions to the Applicable Additional Service Agreement reasonably promptly and fully, dedicating personnel and if applicable executive resources to such negotiation, and conducting periodic virtual meetings reasonably designed to facilitate a prompt finalization and execution of the Applicable Additional Service Agreement;

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ii.Such negotiations shall continue with respect to each such Additional Service until the earlier of the parties executing the Applicable Additional Service Agreement or the parties agreeing to cease such negotiations with respect to such Additional Service; and
iii.In accordance with Section 4(b) of the 2019 Term Sheet, Ocwen shall conduct a benchmarking study of pricing and performance standards prior to Altisource providing any Additional Services to the NY PHH Portfolio as required by the Conditional Approval dated September 27, 2018 issued by the New York Department of Financial Services to Ocwen, with Ocwen using commercially reasonable efforts to complete such study in a timely manner.

b.For each Additional Service, the two-stage process defined below shall be followed by the parties to implement such Additional Service.

c.Stage 1 shall commence for each Additional Service upon the parties executing an Applicable Additional Service Agreement (which statement of work or agreement shall contain applicable performance standards (“Applicable SLAs”)) for such service. 
i.Ocwen shall commence providing orders to Altisource for each such Additional Service promptly following execution of such Applicable Additional Service Agreement.  Ocwen shall provide Additional Service orders in a reasonable volume and reasonable consistency to permit Altisource to demonstrate an ability to satisfy the Applicable SLAs. Notwithstanding the foregoing, the Applicable SLAs shall not be deemed a Performance Standard (as defined in the Services Agreement between the parties dated August 10, 2009 (as amended, the “Services Agreement”), shall not otherwise constitute an obligation of Altisource nor shall Altisource’s performance with respect to the Applicable SLAs prior to Order Volume Compliance (defined below) be used to terminate the Applicable Additional Service Agreement (except as specified in subsection iv below).  
ii.The parties shall reasonably cooperate to implement processes, communicate and provide feedback (as applicable) regarding each Additional Service, and otherwise act as reasonably necessary to facilitate Altisource providing such Additional Service according to the Applicable SLAs.
iii.Ocwen shall promptly communicate to Altisource in writing any specific, reasonable concerns Ocwen may have with Altisource’s cooperation or Altisource’s ability to meet the Applicable SLAs, and shall reasonably cooperate with Altisource in resolving such concerns (collectively, “Feedback”).
iv.Ocwen shall evaluate Altisource fairly and in good faith.  If, following such fair and good faith evaluation, and after Ocwen consults with Altisource and gives Altisource a reasonable opportunity to address any Feedback provided, Ocwen reasonably believes that Altisource will not reasonably be able to meet the Applicable SLAs or other reasonable requirements Ocwen imposes on its other vendors, then Ocwen shall be permitted to terminate the Applicable Additional Service Agreement by providing written notice. 

d.Stage 2 shall commence for an Additional Service upon Altisource satisfying the applicable SLA metrics for [REDACTED] months for such Additional Service.  Stage 2 shall not commence for a given Additional Service if Stage 1 of such Additional Services is terminated by Ocwen pursuant to Section 2.c.iv. of this Term Sheet.

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i.The parties shall mutually cooperate to designate a reasonable period of time at the beginning of Stage 2 over which Ocwen shall increase the orders to Altisource for such Additional Service such that Ocwen will comply with the referral volume requirements set forth in the 2019 Term Sheet.  
ii.Upon Ocwen complying with such volume requirements with respect to such Additional Service (“Order Volume Compliance”): 
1.such Additional Service shall be a Standard Service (as defined in the 2019 Term Sheet) and subject to the obligations for Standard Services in the 2019 Term Sheet; and
2.the Applicable SLAs shall be in full force and effect.

e.This Term Sheet hereby amends the Statement of Work dated December 1, 2020 (“FHA SOW”) to delete and render void any and all termination clauses and exclusivity or volume related clauses in such FHA SOW in conflict with any clause herein (including without limitation Section XV therein); provided, however, that the second paragraph of Section XVI of the FHA SOW shall remain unchanged by this Term Sheet (except for the first sentence thereof, which shall not have any effect upon execution of this Term Sheet).

f.Reserved.  

g.Solely with respect to the Additional Services identified in the Applicable Additional Service Agreement as requiring integration services (collectively, the “Integration Services”), to the extent that Ocwen currently utilizes an integration or other interface with a third party system to order or permit fulfillment of such Integration Service (collectively, an “Interface”), Ocwen shall (as mutually agreed upon by the parties and subject to any confidentiality restrictions in place with third parties, with Ocwen using reasonable efforts to disclose applicable information to Altisource as needed) provide Altisource with written material specifications of such Interface (including, without limitation, all APIs and software dependences) as reasonably necessary for Altisource to develop a materially similar Interface (the “Replacement”).  To the extent such confidentiality restrictions prevent Ocwen from providing necessary specifications of such Interface to enable Altisource to develop such Replacement using commercially reasonable efforts, Altisource shall in accordance with the Applicable Additional Service Agreement be permitted to develop an alternative Replacement to serve similar functionality. Ocwen shall reasonably cooperate with Altisource in developing and testing the Replacement.  Testing of a Replacement shall be completed for determining whether the Replacement provides materially the same or better functionality as the Interface. Upon successful completion of the applicable testing, Ocwen shall in accordance with the Applicable Additional Service Agreement engage Altisource to provide the applicable Integration Service.

h.Deleted. 

i.Ocwen shall, no later than the date hereof, apply to become a member of the Lenders One® mortgage cooperative and shall take all actions reasonably necessary to become and remain a member in good standing of the cooperative throughout the Extended Term.  The parties have discussed and will promptly finalize the terms of the Lenders One member agreement. Unless otherwise agreed upon by the parties, the fees paid by Ocwen for being a member of Lenders One shall not increase during the Extended Term.  

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j.Ocwen hereby represents and warrants that [REDACTED]. 

k.The Services Agreement, Services Letter, 2019 Term Sheet and any applicable statements of work, memoranda of understanding or other agreements thereunder shall be deemed amended to clarify and/or specify the below (with all the foregoing agreements continuing in effect except as specifically modified by the below):

i.The Performance Standard for REO Management Services shall be reviewed by the parties in good faith, as applicable, to determine if the parties need to implement process, system and any other changes reasonably necessary to facilitate the replacement of Altisource as the provider of certain field services.

l.Promptly following execution of this Term Sheet, the parties shall review in good faith any issues raised by the parties pertaining to the Services.
 
3)Fees.  Fees charged for Services shall be at prevailing market rates. Either party may reasonably request renegotiation of such fees from time to time.  

4)Reserved. 

5)Reserved.  

6)Reserved.  

7)Transfers of Services. 

a.To the extent that, at any time during the Extended Term, Ocwen transfers away from Altisource, causes to be transferred away from Altisource, or otherwise takes any action resulting in a party other than Altisource receiving, orders to perform one or more Services (the “Transferred Service(s)”) on one or more Portfolios (as defined in the 2019 Term Sheet), or portions thereof (a “Transfer”), then, except for Section 6(e) of the Services Agreement and in addition to the other rights and remedies that the parties may have under the applicable agreements, Altisource shall not be required to incur any costs or perform any services or other work to assist Ocwen in such Transfer (“Transfer Services”) and Ocwen shall not be required to pay any costs and services, except as agreed to in writing by the parties (a “Transfer Services Agreement”).  Upon request by Ocwen, Altisource shall provide Ocwen with a reasonable estimate of fees and costs for providing the Transfer Services. Any such Transfer Services Agreement shall include a mutually acceptable project plan with reasonable and sufficient detail as to the Transfer Services needed and reasonable deadlines for the performance of such Transfer Services.  

b.To the extent that Altisource continues to provide any Service on such Portfolios, it shall notify Ocwen if Altisource used materials created in connection with the Transferred Services in connection with the remaining Services.  Upon such notice, Ocwen shall use commercially reasonable efforts to obtain on a royalty-free basis the right for Altisource and its affiliates to use solely in furtherance of providing any Service to Ocwen or its affiliates, or on behalf of Ocwen, to a client that the parties have in common or such client’s affiliates or the relevant investor or servicers, the equivalent work product, deliverables or other materials created by or on behalf of, or otherwise at the direction of, Ocwen or the party performing such Transferred Service(s).

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c.All Performance Standards impacted or otherwise affected by a Transfer shall be reviewed by the parties in good faith. During such period, Altisource and Ocwen shall reasonably cooperate to mitigate adverse impacts to applicable Performance Standards.

8)COVID-19 Event.  In the event scorecards are adversely impacted as a result of a Force Majeure Event (as defined in the Services Agreement), the parties agree that the Total Weighted Score for the scorecards for all impacted Performance Standards (as defined in the Services Agreement and the 2019 Term Sheet) shall be deemed to be at the Meet Expectations level from March 2020 through March 2021.  

9)Sales Taxes.  With respect to the total sales tax that Altisource has confirmed as paid on behalf of Ocwen and/or its clients that is outstanding and unpaid as of the date of this Term Sheet [REDACTED] (the “Total Outstanding Sales Tax”).

a.Ocwen shall provide to Altisource within a reasonable period of time following the date hereof, a reasonable written plan to collect that portion of the Outstanding Sales Tax that Ocwen believes is collectible (the “First Sales Tax Portion”), and consider in good faith any feedback that Altisource provides on such plan.  Promptly thereafter, Ocwen shall commence (or shall continue) using its commercially reasonable best efforts to collect such First Sales Tax Portion as promptly as reasonably possible, provided that Altisource shall use its commercially reasonable best efforts to provide timely support to Ocwen with respect to such collection efforts.  Ocwen shall provide reasonable updates on its collection efforts and collections progress to Altisource until no further amounts from the First Sales Tax Portion are reasonably likely to be collected by Ocwen.  

10)Outstanding Accounts Receivable.  The parties shall continue to discuss in good faith and resolve in the ordinary course any of Altisource’s outstanding and billed accounts receivable. 

11)Reserved.

12)Release. Following the parties’ execution of this Term Sheet and in consideration of the covenants, recitals and agreements set forth herein:

a.Altisource, on behalf of itself and its officers, directors, agents, employees, representatives, attorneys, insurers, affiliates, parents, subsidiaries, successors, assigns, and related persons and entities (the “Altisource Parties”), shall release and forever discharge Ocwen and its officers, directors, agents, employees, representatives, attorneys, insurers, affiliates, parents, subsidiaries, successors, assigns, and related persons and entities (the “Ocwen Parties”) from and against any and all claims, demands, causes of action, lawsuits, remedies, costs, damages, attorneys’ fees, and liabilities of any kind, nature or amount, whether in law or equity, known or unknown, anticipated or unanticipated, that the Altisource Parties now have or may hereafter acquire, based on actions or inactions occurring on or prior to the date hereof arising from or relating in any manner to any and all transactions described in the Reservation of Rights letter dated February 22, 2019, with respect to any and all claims arising from or related in any way to Ocwen’s transfer of service referrals and services to providers other than Altisource.  

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b.Ocwen, on behalf of itself and the Ocwen Parties, shall release and forever discharge the Altisource Parties from and against any and all claims, demands, causes of action, lawsuits, remedies, costs, damages, attorneys’ fees, and liabilities of any kind, nature or amount, whether in law or equity, known or unknown, anticipated or unanticipated, that the Ocwen Parties now have or may hereafter acquire, based on actions or inactions occurring on or prior to the date hereof arising from or relating in any manner to any and all transactions described in the Reservation of Rights letter dated February 22, 2019, with respect to any and all claims arising from or related in any way to Ocwen’s transfer of service referrals and services to providers other than Altisource.

c.Notwithstanding the foregoing, the Ocwen Parties and the Altisource Parties are not released from any obligations they have under this Term Sheet. 

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Accepted and agreed by:

Altisource S.à r.l.

By: /s/ William B. Shepro 
Name: William B. Shepro 
Title: Manager
Date: May 5, 2020 / 05:32 EDT

Ocwen Financial Corporation 

By: /s/ Joseph B. Samarias
Name: Joseph B. Samarias
Title: EVP and General Counsel
Date: May 5, 2021

Ocwen USVI Services, LLC

By: /s/ Leah E. Hutton
Name: Leah E. Hutton
Title: Assistant Secretary
Date: May 5, 2021

    

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Exhibit A – Additional Services

									
	Service Category	Service1 
	Agreement Negotiation Commencement Date2

	FHA/VA Loans	Field services	N/A – Already Executed
	CWCOT first and second chance auction services	N/A – Already Executed
	Title insurance services	N/A – Already Executed
	[REDACTED]	N/A – Already Executed
	[REDACTED]	N/A – Already Executed
	[REDACTED]	As mutually agreed upon by the parties
	Foreclosure auction	[REDACTED]	[REDACTED]
	Reverse Mortgage Services	[REDACTED]	As mutually agreed upon by the parties
	Trustee services	[REDACTED]	Not applicable as parties would use the existing agreements between them pertaining to trustee services
	Other	[REDACTED]	As mutually agreed upon by the parties

1 The services are applicable solely to the extent Ocwen engages a third party to provide such services. Accordingly, Ocwen retains the right at all times to perform such services, in whole or in part, internally, including through its affiliates; [REDACTED].
2 Ocwen will not be required to breach any of its non-terminable contractual requirements, existing as of the effective date of the Applicable Additional Service Agreement, to provide a certain volume of referrals for the applicable services to third parties. 
9

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