Document:

Exhibit 10.2.2

		

			Exhibit 10.2.2

		

		

			 

		

		
			SECOND AMENDMENT TO CREDIT AGREEMENT

		

		
			THIS SECOND AMENDMENT TO CREDIT AGREEMENT is made as of this 9th day of November, 2018, by and among AQUA PENNSYLVANIA, INC., a Pennsylvania corporation (“Borrower”), the several banks which are parties to this Agreement (each a “Bank” and collectively, the “Banks”) and PNC BANK, NATIONAL ASSOCIATION in its capacity as agent for the Banks (in such capacity, the “Agent”).
		

		
			BACKGROUND
		

			
	
			
				 A.
			The Borrower, the Agent and the Banks are parties to an Amended and Restated Credit Agreement, dated as of November 17, 2016 (as heretofore amended, supplemented, modified, or restated, the “Credit Agreement”), pursuant to which the Banks have made available to the Borrower a revolving credit facility in an aggregate amount of $100,000,000 (the “Facility”).  The loans under the Facility are evidenced by the Borrower’s Notes to the Banks in the aggregate principal amount of $100,000,000.

			
	
			
				 B.
			The Borrower, the Agent and the Banks desire to extend the Termination Date of the Facility and modify certain other provisions of the Credit Agreement, all on the terms and subject to the conditions herein set forth.

		
			NOW THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows:
		

		
			AGREEMENT
		

			
	
			
				 1.
			Terms.  Capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement.

			
	
			
				 2.
			Amendment to Credit Agreement.  Effective on November 14, 2018 (the “Effective Date”), the Credit Agreement is hereby amended as follows:

			
	
			
				 (a)
			The following definitions shall be inserted in Section 1.1 in the appropriate alphabetical order:

		
			“Beneficial Owner”: for the Borrower, each of the following: (i) each individual, if any, who, directly or indirectly, owns 25% or more of the Borrower’s Capital Stock; and (ii) a single individual with significant responsibility to control, manage, or direct the Borrower.
		

		
			“Beneficial Ownership Regulations”: means 31 C.F.R. § 1010.230.
		

		
			“Certificate of Beneficial Ownership”:  for the Borrower, a certificate in form and substance acceptable to the Agent (as amended or modified by the Agent from time to time in its sole discretion), certifying, among other things, the Beneficial Owner of the Borrower.
		

		

		

		 

 

		“Euro-Rate Termination Date”:  as defined in subsection 2.10(d).  
		

		
			“FCPA” shall mean the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.
		

		
			“Overnight Bank Funding Rate”:  for any day, the rate comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York (“NYFRB”), as set forth on its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by the NYFRB (or by such other recognized electronic source (such as Bloomberg) selected by the Agent for the purpose of displaying such rate); provided, that if such day is not a Business Day, the Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no longer exists, a comparable replacement rate determined by the Agent at such time (which determination shall be conclusive absent manifest error). If the Overnight Bank Funding Rate determined as above would be less than zero, then such rate shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Bank Funding Rate without notice to the Borrower.
		

			
	
			
				 (b)
			The following definitions in Section 1.1 of the Credit Agreement are hereby amended and restated to read in full as follows: 

		
			“Anti-Terrorism Laws”:  any Laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering, bribery or anti-corruption (including the FCPA) and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws (including, without limitation, any of the foregoing promulgated by the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the European Union and member states, Her Majesty's Treasury of the United Kingdom, the Hong Kong Monetary Authority, or other relevant sanctions authority), all as amended, supplemented or replaced from time to time.
		

		
			“Termination Date”:  the earlier of (a) November 12, 2019 or any later date to which the Termination Date shall have been extended pursuant to subsection 2.8(d) hereof and (b) the date the Commitments are terminated as provided herein.
		

			
	
			
				 (c)
			Section 2.10 of the Credit Agreement is hereby amended and restated to read in full as follows:

		

		

		 

		

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		“2.10Eurodollar Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available; Successor Eurodollar Rate.
		

		
			(a)The Agent shall have the rights specified in subsection 2.10(c) if on any date on which a Eurodollar Rate would otherwise be determined, the Agent shall have determined that:
		

		
			(i)adequate and reasonable means do not exist for ascertaining such Eurodollar Rate, or
		

		
			(ii)a contingency has occurred which materially and adversely affects the secondary market for negotiable certificates of deposit maintained by dealers of recognized standing relating to the London Interbank Market relating to the Eurodollar Rate.
		

		
			(b)The Agent shall have the rights specified in subsection 2.10(c) if at any time any Bank shall have determined that:
		

		
			(i)the making, maintenance or funding of any Loan to which a Eurodollar Rate applies has been made impracticable or unlawful by compliance by such Bank in good faith with any Law or any interpretation or application thereof by any Governmental Authority or with any request or directive of any such Governmental Authority (whether or not having the force of Law), or
		

		
			(ii)such Eurodollar Rate will not adequately and fairly reflect the cost to such Bank of the establishment or maintenance of any such Loan, or
		

		
			(iii)after making all reasonable efforts, deposits of the relevant amount for the relevant Interest Period for a Loan to which a Eurodollar Rate applies are not available to such Bank in the London Interbank Market.
		

		
			(c)In the case of any event specified in subsection 2.10(a) above, the Agent shall promptly so notify the Banks and the Borrowers thereof, and in the case of an event specified in subsection 2.10(b) above, such Bank shall promptly so notify the Agent and endorse a certificate to such notice as to the specific circumstances of such notice, and the Agent shall promptly send copies of such notice and certificate to the other Banks and the Borrower.  Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (A) the Banks, in the case of such notice given by the Agent, or (B) such Bank, in the case of such notice given by such Bank, to allow the Borrower to select, convert to or renew a Eurodollar Rate shall be suspended until the Agent shall have later notified the Borrower, or such Bank shall have later notified the Agent, of the Agent's or such Bank's, as the case may be, determination that the circumstances giving rise to such previous 
		

		 

		

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		determination no longer exist.  If at any time the Agent makes a determination under subsection 2.10(a) and the Borrower has previously notified the Agent of its selection of, conversion to or renewal of a Eurodollar Rate and such interest rate has not yet gone into effect, such notification shall be deemed to provide for selection of, conversion to or renewal of a Base Rate Loan to the extent permitted hereunder.  If any Bank notifies the Agent of a determination under subsection 2.10(b), the Borrower shall, subject to the Borrowers' indemnification obligations under subsection 2.13 as to any Loan of the Bank to which a Eurodollar Rate applies, on the date specified in such notice either (i) as applicable, convert such Loan to the Base Rate, or (ii) prepay such Loan in accordance with Section 2.9.  Absent due notice from the Borrower of conversion or prepayment, such Loan shall automatically be converted to the Base Rate upon such specified date.
		

		
			(d)(i)If the Agent determines (which determination shall be final and conclusive, absent manifest error) that either (A) (I) the circumstances set forth in subsection 2.10(a) have arisen and are unlikely to be temporary, or (II) the circumstances set forth in subsection 2.10(a) have not arisen but the applicable supervisor or administrator (if any) of the Eurodollar Rate or a Governmental Authority having jurisdiction over the Agent has made a public statement identifying the specific date after which the Eurodollar Rate shall no longer be used for determining interest rates for loans (either such date, a “Euro-Rate Termination Date”), or (B) a rate other than the Eurodollar Rate has become a widely recognized benchmark rate for newly originated loans in Dollars in the U.S. market, then the Agent may (in consultation with the Borrower) choose a replacement index for the Eurodollar Rate and make adjustments to applicable margins and related amendments to this Agreement as referred to below such that, to the extent practicable, the all-in interest rate based on the replacement index will be substantially equivalent to the all-in Eurodollar Rate-based interest rate in effect prior to its replacement.
		

		
			(ii)The Agent and the Borrower shall enter into an amendment to this Agreement to reflect the replacement index, the adjusted margins and such other related amendments as may be appropriate, in the discretion of the Agent, for the implementation and administration of the replacement index-based rate.  Notwithstanding anything to the contrary in this Agreement or the other Loan Documents (including, without limitation, Section 9.1), such amendment shall become effective without any further action or consent of any other party to this Agreement at 5:00 p.m. Philadelphia time on the tenth (10th) Business Day after the date a draft of the amendment is provided to the Banks, unless the Agent receives, on or before such tenth (10th) Business Day, a written notice from the Required Banks stating that such Banks object to such amendment.
		

		

		

		 

		

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		(iii)Selection of the replacement index, adjustments to the applicable margins, and amendments to this Agreement (A) will be determined with due consideration to the then-current market practices for determining and implementing a rate of interest for newly originated loans in the United States and loans converted from a Eurodollar Rate-based rate to a replacement index-based rate, and (B) may also reflect adjustments to account for (I) the effects of the transition from the Eurodollar Rate to the replacement index and (II) yield- or risk-based differences between the Eurodollar Rate and the replacement index.
		

		
			(iv)Until an amendment reflecting a new replacement index in accordance with this Subsection 2.10(d) is effective, each advance, conversion and renewal of a Loan under the Eurodollar Rate Option will continue to bear interest with reference to the Eurodollar Rate; provided, however, that if the Agent determines (which determination shall be final and conclusive, absent manifest error) that a Euro-Rate Termination Date has occurred, then following the Euro-Rate Termination Date, all Loans as to which the Eurodollar Rate would otherwise apply shall automatically be converted to the Base Rate (which shall be determined without utilizing the Daily LIBOR Rate component thereof) until such time as an amendment reflecting a replacement index and related matters as described above is implemented.
		

		
			(v)Notwithstanding anything to the contrary contained herein, if at any time the replacement index is less than zero, at such times, such index shall be deemed to be zero for purposes of this Agreement.”
		

			
	
			
				 (d)
			Section 3.21 of the Credit Agreement is hereby amended and restated to read in full as follows:

		
			“3.21  No Covered Entity is a Sanctioned Person. No Covered Entity, either in its own right or through any third party (a) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (b) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (c) engages in any dealings or transactions prohibited by any Anti-Terrorism Law.  The Borrower has instituted and maintains policies and procedures designed to promote and achieve continued compliance with Anti-Terrorism Laws.”
		

			
	
			
				 (e)
			The following two additional Sections 3.23 and 3.24 are hereby added at the end of Section 3 of the Credit Agreement:

		

		

		 

		

			5

		

 

		“3.23Anti-Corruption. Neither the Borrower nor any of its Subsidiaries, nor, to the knowledge of any Responsible Officer of the Borrower, any director, officer, agent, employee or other person acting on behalf of the Borrower or any of its Subsidiaries, has taken any action, directly or indirectly, that would result in a violation by such persons of the FCPA or any other applicable anti-corruption law; and the Borrower has instituted and maintains policies and procedures designed to promote and achieve continued compliance therewith.
		

		
			3.24Certificate of Beneficial Ownership.  If the Borrower qualifies as a legal entity customer under the Beneficial Ownership Regulations, the Certificate of Beneficial Ownership for the Borrower executed and delivered to the Agent and the Banks on or prior to the date of this Agreement, as updated from time to time in accordance with this Agreement, is accurate, complete and correct as of the date hereof and as of the date any such update is delivered. The Borrower acknowledges and agrees that the Certificate of Beneficial Ownership is one of the Loan Documents.”
		

			
	
			
				 (f)
			The following additional Section 5.13 shall be added at the end of Section 5 of the Credit Agreement:

		
			“5.13  Certificate of Beneficial Ownership and Other Additional Information.  The Borrower shall provide to the Agent and the Banks: (i) confirmation of the accuracy of the information set forth in the most recent Certificate of Beneficial Ownership, if any, provided to the Agent and the Banks; (ii) if applicable, a new Certificate of Beneficial Ownership when the individual(s) to be identified as a Beneficial Owner have changed; and (iii) such other information and documentation as may reasonably be requested by the Agent or any Bank from time to time for purposes of compliance by the Agent or such Bank with applicable Laws (including without limitation the USA Patriot Act and other “know your customer” and anti-money laundering rules and regulations), and any policy or procedure implemented by the Agent or such Bank to comply therewith.”
		

			
	
			
				 3.
			Loan Documents.  Except where the context clearly requires otherwise, all references to the Credit Agreement in any of the Loan Documents or any other document delivered to the Banks or the Agent in connection therewith shall be to the Credit Agreement as amended by this Agreement.

			
	
			
				 4.
			Borrower’s Ratification.  The Borrower agrees that it has no defenses or set-offs against the Banks or the Agent or their respective officers, directors, employees, agents or attorneys, with respect to the Loan Documents, all of which are in full force and effect, and that all of the terms and conditions of the Loan Documents not inconsistent herewith shall remain in full force and effect unless and until modified or amended in writing in accordance with their terms.  The Borrower hereby ratifies and confirms its obligations under the Loan Documents as 
		

		 

		

			6

		

 

			amended hereby and agrees that the execution and delivery of this Agreement does not in any way diminish or invalidate any of its obligations thereunder.

			
	
			
				 5.
			Representations and Warranties.  The Borrower hereby represents and warrants to the Agent and the Banks that:

			
	
			
				 (a)
			The representations and warranties made in the Credit Agreement are true and correct in all material respects as of the date hereof; provided, however, that for purposes of the representations in Section 3.1 thereof, the annual and quarterly financial information referred to in such Section shall be deemed to be the most recent such information furnished to each Bank;

			
	
			
				 (b)
			No Default or Event of Default under the Credit Agreement exists on the date hereof; and

			
	
			
				 (c)
			This Agreement has been duly authorized, executed and delivered so as to constitute the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms.

		
			All of the above representations and warranties shall survive the making of this Agreement.
		

			
	
			
				 6.
			Conditions Precedent.  The effectiveness of the amendments set forth herein is subject to the fulfillment, to the satisfaction of the Agent and its counsel, of the following conditions precedent on or before the Effective Date:

			
	
			
				 (a)
			The Agent shall have received, with copies or counterparts for each Bank as appropriate, the following, all of which shall be in form and substance satisfactory to the Agent and shall be duly completed and executed by the Borrower, the Agent and the Banks, as applicable:

			
	
			
				 (i)
			

			
	
			
			This Agreement; 

			
	
			
				 (ii)
			

			
	
			
			Copies, certified by the Secretary or an Assistant Secretary of the Borrower as of a recent date, of resolutions of the board of directors of the Borrower in effect on the date hereof authorizing the execution, delivery and performance of this Agreement and the other documents and transactions contemplated hereby; 

			
	
			
				 (iii)
			

			
	
			
			Copies, certified by its corporate secretary as of a recent date, of the articles of incorporation, certificate of formation, and by-laws of the Borrower as in effect, or a certificate stating that there have been no changes to any such documents since the most recent date, true and correct copies thereof were delivered to the Agent;

		 

		

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				 (iv)
			

			
	
			
			If the Borrower qualifies as a legal entity customer under the Beneficial Ownership Regulations, an executed Certificate of Beneficial Ownership for the Borrower and such other documentation and other information requested by the Agent and the Banks in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act; and

			
	
			
				 (v)
			

			
	
			
			Such additional documents, certificates and information as the Agent or the Banks may require pursuant to the terms hereof or otherwise reasonably request.

			
	
			
				 (b)
			After giving effect to this Agreement, the representations and warranties set forth in the Credit Agreement shall be true and correct in all material respects on and as of the date hereof; provided, however, that for purposes of the representations in Section 3.1 thereof, the annual and quarterly financial information referred to in such Section shall be deemed to be the most recent such information furnished to each Bank.

			
	
			
				 (c)
			No Default or Event of Default shall have occurred and be continuing as of the date hereof.

			
	
			
				 7.
			Miscellaneous.

			
	
			
				 (a)
			All terms, conditions, provisions and covenants in the Loan Documents and all other documents delivered to the Agent and the Banks in connection therewith shall remain unaltered and in full force and effect except as modified or amended hereby.  To the extent that any term or provision of this Agreement is or may be deemed expressly inconsistent with any term or provision in any Loan Document or any other document executed in connection therewith, the terms and provisions hereof shall control.

			
	
			
				 (b)
			The execution, delivery and effectiveness of this Agreement shall neither operate as a waiver of any right, power or remedy of the Agent or the Banks under any of the Loan Documents nor constitute a waiver of any Default or Event of Default thereunder.

			
	
			
				 (c)
			In consideration of the Agent’s and the Banks’ agreement to amend the existing revolving credit facility, the Borrower hereby waives and releases the Agent and the Banks and their respective officers, attorneys, agents and employees from any liability, suit, damage, claim, loss or expense of any kind or failure whatsoever and howsoever arising that it ever had up until, or has as of, the date of this Agreement.

			
	
			
				 (d)
			This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous understandings and agreements.

			
	
			
				 (e)
			In the event any provisions of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof.

		 

		

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				 (f)
			This Agreement shall be governed by and construed according to the laws of the Commonwealth of Pennsylvania.

			
	
			
				 (g)
			This Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors and assigns and may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

			
	
			
				 (h)
			The headings used in this Agreement are for convenience of reference only, do not form a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement.

			
	
			
				 (i)
			This Agreement may be executed in one or more counterparts, each of which counterparts when executed and delivered shall be deemed to be an original, and all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile or other electronic transmission will be effective as delivery of a manually executed counterpart hereof.

		
			[signature pages follow]
		

		
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			﻿
		

		
			 
		

		

		

		 

		

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		IN WITNESS WHEREOF, the Borrower, the Agent and the Banks have caused this Agreement to be executed by their duly authorized officers as of the date first above written.
		

		
			AQUA PENNSYLVANIA, INC.

		

			
					
						﻿

					
					
						 

				
	
					
						By:

					
					
						/s/ Daniel J. Schuller

				
	
					
						Name:

					
					
						Daniel J. Schuller

				
	
					
						Title:

					
					
						Executive Vice President and Chief Financial Officer

				

		
			﻿
		

		
			PNC BANK, NATIONAL ASSOCIATION, 
as Agent and as a Bank
		

		
			﻿
		

			
					
						﻿

					
					
						 

				
	
					
						By:

					
					
						/s/ Domenic D’Ginto

				
	
					
						Name:

					
					
						Domenic D’Ginto

				
	
					
						Title:

					
					
						Senior Vice President

				

		
			﻿
		

		
			CITIZENS BANK OF PENNSYLVANIA, 
as a Bank
		

		
			﻿
		

			
					
						﻿

					
					
						 

				
	
					
						By:

					
					
						/s/ Hassan Shakeel

				
	
					
						Name:

					
					
						Hassan Shakeel

				
	
					
						Title:

					
					
						Vice President

				

		
			﻿
		

		
			TD BANK, N.A., as a Bank
		

		
			﻿
		

			
					
						﻿

					
					
						 

				
	
					
						By:

					
					
						/s/ Jennifer L. Suspenski

				
	
					
						Name:

					
					
						Jennifer L. Suspenski

				
	
					
						Title:

					
					
						Vice President

				

		
			﻿
		

		
			THE HUNTINGTON NATIONAL BANK, 
as a Bank
		

		
			﻿
		

			
					
						﻿

					
					
						 

				
	
					
						By:

					
					
						/s/ Michael Kiss

				
	
					
						Name:

					
					
						Michael Kiss

				
	
					
						Title:

					
					
						Vice President

				

		
			﻿
		

		 

		

			10Exhibit

Exhibit 10.78

SECOND AMENDED AND RESTATED EMPLOYMENT CONTRACT DATED AS OF 
NOVEMBER 6, 2018 

BY AND BETWEEN:

		
	1.
	ALTISOURCE S.à r.l., a private limited liability company (société à responsabilité limitée) organised under the laws of the Grand Duchy of Luxembourg, with registered office at 40, Avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies Register under number B. 189519 (“S.à r.l.”) (hereinafter referred to as the “Employer”)

and

		
	2.
	GREGORY J. RITTS (hereinafter referred to as the “Employee”)

The Employee and the Employer may hereinafter collectively be referred to as the "Parties", each being a "Party".
W I T N E S S E T H:
WHEREAS, the Employee and the Employer previously entered into a First Amended and Restated Employment Contract, effective October 27, 2014; and
WHEREAS, the Parties now desire to further amend and restate Employee’s employment contract with the Employer, effective November 6, 2018, on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants contained herein, it has been agreed by and between the Parties as follows:

Article 1 - Definitions: 

Amendment Date: the effective date of this Second Amended and Restated Employment Contract dated November 6, 2018; 
Appointment or Employment: the employment of the Employee by the Employer on the terms of this Contract;
Cause:  the occurrence of one or more of the following: (i) the willful misconduct by the Employee with regard to the Company which has a material adverse effect on the Company; (ii) the willful refusal of the Employee to attempt to follow the proper direction of the Chief Executive Officer (the “CEO”) and/or Chief Administration and Risk Officer (“CARO”) of the Company, which is not cured within thirty (30) days of receipt of a written notice from the Board which specifically identifies such purported failure by Employee, provided that the foregoing refusal by Employee shall not be “Cause” if such direction is illegal, unethical or immoral and Employee promptly so notifies the CEO and/

1

or the CARO of the Company and such notification specifically identifies the illegal, unethical or immoral nature of the direction; (iii) material and continuing failure by Employee to perform the duties required of him under the present Contract (other than any such failure resulting from incapacity due to physical or mental illness or where performance would constitute Good Reason) which is not cured within thirty (30) days of receipt of a written demand for substantial performance from the Board which specifically identifies the manner in which it is believed that Employee has substantially and continually refused to attempt to perform his duties hereunder; (iv) the Employee being convicted of a felony; (v) a material breach of this Contract, which is not cured within thirty (30) days of receipt of a written notice of such breach from the Board specifically identifying the manner in which it is believed that Employee has materially breached this Contract, or (vi) drunkenness or the possession of narcotics on Company property, willful or material damage to the Company’s property or repeated or material violations of Company policies, provided that such Company policy violations have not been cured within thirty (30) days of receipt of written notice which specifically identifies the policies at issue. No act, or failure to act, on Employee’s part shall be considered “willful” unless done, or omitted to be done, by him not in good faith and without reasonable belief that his action or omission was in the best interests of the Company. The definitions of Cause set forth in Employee’s existing equity award agreements shall be deemed to be replaced in their entirety by the definition of Cause set forth in this paragraph. Notwithstanding the foregoing, Employee shall only have the opportunity to cure under clauses (ii), (iii), (v) and (vi) to the extent that the circumstance(s) giving rise to Cause is/are in the reasonable good faith judgment of the Managers of the Employer susceptible to cure, and Employee has not previously cured any other circumstance giving rise to Cause under this Agreement in the preceding twelve (12) month period.

Change of Control: the occurrence of any one or more of the following: (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 Altisource Portfolio Solutions S.A. (“ASPS”) 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 ASPS stock of the pre-transaction shareholders to less than fifty percent (50%) of the post-transaction ownership. Notwithstanding anything herein to the contrary, the definition of Change of Control set forth herein shall not be broader than the definition of “change in control event” as set forth under Section 409A of the Internal Revenue Code of 1986, as amended, and the guidance promulgated thereunder, and if a transaction or event does not otherwise fall within such definition of change in control event, it shall not be deemed a Change of Control for purposes of this Contract. Where applicable, the definitions of Change of Control set forth in Employee’s existing equity award agreements shall be deemed to be replaced in their entirety by the definition of Change of Control set forth in this paragraph.
Company: the Employer, its parent company and its subsidiaries; 

2

Confidential Information: information (of any nature and in any format) which is not in the public domain, relating to the business, products, affairs and finances of the Employer;
Contract: the present unlimited period Second Amended and Restated Employment Contract;
Good Reason: the occurrence or failure to cause the occurrence, as the case may be, without Employee’s express written consent of any of the following circumstances, which  is not cured within ninety (90) days after written notice thereof by the Employee to the Employer: (i) any substantial unreasonable material diminution of Employee’s positions, duties or responsibilities hereunder (except in each case in connection with the termination of Employee’s employment for Cause or disability or as a result of Employee’s death, or temporarily as a result of Employee’s illness or other absence), (ii) removal of the Employee from executive positions with the Employer or ASPS without election or appointment to an equal or  higher position, (iii) a change in the reporting structure such that Employee no longer directly reports to the CARO or the CEO, (iv) Employer action that results in a materially negative change in the compensation or benefits of Employee (which, for the avoidance of doubt, shall not include (a) the failure to allow Employee to continue to participate in a Long-Term Incentive Plan, other incentive plan or other benefits if such benefits are discontinued, temporarily or permanently, for other similarly-situated executives) or (b) a reduction of Employee’s incentive compensation, whether material or not, where such reduction results from the failure to meet applicable achievement criteria), (v) a material change required by the Company in the geographic location at which Employee must perform the services (for the avoidance of doubt, in no event will a change in geographic location within the Grand Duchy of Luxembourg constitute a “material change” in geographic location)  or (vi) any material breach by the Employer of any provision of this Agreement; provided however that in all such circumstances identified in clauses (i) through (vi), “Good Reason” will not exist and will not be a Qualifying Event unless the relevant circumstance occurs or fails to occur, as the case may be, prior to September 24, 2020 and William Shepro is no longer serving as the Chief Executive Officer of ASPS at the time such circumstance occurs of fails to occur.
Incapacity: any illness or injury which prevents the Employee from carrying out his duties; and
Rules and Regulations: any internal rules and regulations which may be periodically prepared by the Company and which apply to all its employees including the Employee.

Article 2 - Duties and Nature of Service

		
	(a)
	Employee’s employment shall continue under this Second Amended and Restated Employment Contract commencing on the Amendment Date and Employee shall fulfill the position of Chief Legal and Compliance Officer. As such, he will execute tasks and have such responsibilities including, but not limited to, the following: 

		
	•
	Providing legal and regulatory advice and counsel, expertise and leadership relating to all aspects of the Company’s legal matters, including litigation and governmental investigations management, as well as legal 

3

and compliance risk mitigation, general corporate law and governance; 
		
	•
	Department Administration; managing the Law and Compliance Department, consisting of Transactions, Litigation, etc.; 

		
	•
	Setting quality and service standards, arranging appropriate training, developing form documents, managing the department’s budget, billing, collections and vendors, and managing staffing assignments and workloads; 

		
	•
	Directing the defense of the organization against suits or claims and prepares prosecution of the organizations claims against others; managing a coordinated legal approach to respond to parallel internal investigations in support of simultaneous civil litigation and federal and state inquiries; 

		
	•
	Supervising and managing the provision of legal services, through either internal personnel or external counsel, to meet the strategic objectives of the organization; actively managing legal issues to minimize risk and costs for the organization; serving as primary contact with outside counsel; 

		
	•
	Ensuring that legal procedures, legal policies and documentation are in place to support the business from a financial and regulatory perspective; monitoring the effectiveness of legal risk controls and identifying and remedying control gaps; and

		
	•
	Such other responsibilities as deemed appropriate by the Managers of the Employer.

The Parties hereby acknowledge and accept that considering the nature of the Employee’s activities it is impossible to provide a comprehensive description of the activities to be performed by him, which shall include all the tasks that are directly or indirectly necessary or useful for the performance of the concerned duties.  

		
	(b)
	The Employee shall serve the Employer on the terms of this Contract and accept the aforementioned position. The Employee shall work for the Employer in this position or in any other similar position, which the Employer may assign to him over the course of time.

		
	(c)
	The Employment will take place in such various geographical locations, including abroad, as may be reasonably designated by the Employer. The Employee consents that the geographical location of the Employment is not a substantive clause of this Contract. The Head Office of the Employer is 40, Avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg.

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

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

		
	(f)
	The Employee warrants that, as of the Amendment Date, he is entitled to work in Luxembourg without any additional approvals and will notify the Employer immediately if he ceases to be so-entitled during the Employment.

4

		
	(g)
	The Employee shall comply with all the rules, policies and procedures set out in the internal Rules and Regulations, which shall be established over the course of time by the Company and a copy of which will be made available to the Employee once adopted. Such Rules and Regulations may be modified at any time and do not form part of this Contract. In the event of conflict between the terms of this Contract and the terms of the Rules and Regulations, this Contract shall prevail.

Article 3 - Duration

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

In the case of the dismissal of the Employee by the Employer, the latter must respect a minimum prior notice of:

		
	•
	Two (2) months if the term of the Employment is under five (5) years

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

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

In the case of the resignation of the Employee, the following prior notice must be given:

		
	•
	One (1) month if the term of the Employment is under five (5) years

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

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

The respective prior notice will run from the fifteenth (15th) day of the month if notice was given before such a date, or from the first (1st) day of the following month if notice was given after the fifteenth (15th) of the month. The Employer reserves the right to pay salary in lieu of notice for all or any part of the notice period.

		
	(b)
	In accordance with article L.124-7 of the Luxembourg Labor Code, if the Employee is dismissed for reasons other than the gross misconduct described in article L.124-10, the Employer shall pay the Employee as severance: 

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

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

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

Any amounts paid to the Employee pursuant to Article 8 of this Contract will be inclusive of any payments required under article L.124-7 of the Luxembourg Labor Code as set forth in this Article 3(b).

		
	(c)
	To the extent that Employee is terminated by the Employer for reasons other than for Cause, the Employer will pay additional amounts to the Employee as set forth in Article 8 of this Contract pursuant to and contingent upon the execution of a general release of claims in the form provided by the Employer (the “Employer’s Release Agreement”).

5

		
	(d)
	Notwithstanding the above, the Employer may terminate the Contract with immediate effect without notice and with no liability to make any further payment to the Employee (other than in respect of amounts accrued due and unpaid at the date of termination) if the Employee commits any act or misconduct rendering the working relationship under the Employment immediately and durably impossible to maintain, in accordance with article L.124-10 of the Luxembourg Labor Code.

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

Article 4 - Remuneration

		
	(a)
	The Employee’s annual gross base salary is 370,608 Euros, as of the Amendment Date (based on the latest revision to Employee’s salary prior to the Amendment Date which took place on August 1, 2018). This annual gross base salary shall be payable in twenty four (24) instalments.

		
	(b)
	In accordance with article L.223-1 of the Luxembourg Labor Code, the salary shall be adapted and vary proportionally with the variations of the index of cost of living in the Grand Duchy of Luxembourg. The above salary has been fixed in consideration of the index applicable at the date on which this employment agreement becomes effective (Salary Index at the time of the Amendment Date: 814.40 as of August 1, 2018). 

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

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

6

		
	(e)
	Upon satisfaction of the relevant performance criteria in accordance with Altisource’s Incentive Plan, as amended from time to time by the Employer in its sole discretion, the Employee may be entitled to an annual discretionary bonus as per a scorecard as amended from time to time. At the target performance level, as of the Amendment Date, the Employee can anticipate earning approximately 240,000 United States Dollars in incentive compensation on an annual basis, less applicable withholding taxes (based on the latest revision to Employee’s incentive compensation target prior to the Amendment Date which took place on August 1, 2017). The annual incentive may be paid in a combination of cash and restricted share units (or other similar equity instrument). 

		
	(f)
	There is no legal entitlement to the annual bonus and payment is at the sole discretion of the Employer. Any target incentive will be prorated for the actual time that the Employee has worked for the Employer during the applicable working year. Payment of the incentive will be made in USD or EUR at the then-applicable USD to EUR exchange rate at the Employee’s sole discretion. 

		
	(g)
	The Employee will be eligible for certain Relocation and Expatriate Benefits while employed in Luxembourg in accordance with the Altisource Relocation Plan provided to the Employee by the Employer.

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

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

		
	(j)
	The Employee's remuneration may be periodically revised by the Employer without requiring a written amendment to this Contract.

Article 5 - Working Hours and Holidays

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

 

7

		
	(b)
	The Employee shall have the right to twenty-five (25) days of paid annual leave, in addition to the Luxembourg public holidays, notwithstanding article L.233-4 of the Luxembourg Labor Code's provisions. 

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

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

		
	(e)
	In the event that business reasons prevent the Employee from taking all his annual leave entitlement during the calendar year, he may transfer the remaining leave entitlement to the next calendar year, in which case they shall expire on the 31st of March, unless prevented again by business reasons. 

Article 6 - Incapacity 

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

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

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

Article 7 - Confidential Information / Employer properties

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

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

8

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

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

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

Article 8 -  Payments Upon Certain Events. 

		
	(a)
	In the event that (i)  Employee’s employment with the Company is terminated by the Company other than for Cause (as defined in Article 1) prior to September 24, 2020, (ii) Employee resigns from his employment with the Company for Good Reason (as defined in Article 1) prior to September 24, 2020 or (iii) a Change of Control (as defined in Article 1) occurs and Employee is employed at the time the Change of Control occurs (each, a “Qualifying Event”), then, subject to satisfaction of the condition set forth in Article 8(g):

		
	•
	the Company shall pay Employee a one-time lump sum cash payment equal to (i) twelve (12) months of his then-current base salary plus (ii) one (1) year’s annual incentive compensation (calculated at one hundred percent (100%) of his then-current Target Amount (as defined below)); and

		
	•
	if a Qualifying Event occurs after October 1st of a calendar year and before the annual incentive compensation for such calendar year is paid, the Company shall pay Employee a lump sum payment for his annual incentive compensation for such year based on actual performance results (such payment to be prorated to the date of the Qualifying Event if the Qualifying Event occurs between October 1st and December 31st of such calendar year).

For the avoidance of doubt, for purposes of this Contract, the date of termination without Cause, shall be Employee’s last day of employment after expiration of any notice periods.

		
	(b)
	In addition to the payments set forth in Article 8(a) above, subject to satisfaction of the condition set forth in Article 8(g) and notwithstanding anything to the contrary in the applicable award agreement(s), upon a Qualifying Event, Employee would also be entitled to:

9

		
	•
	the immediate vesting of any then-outstanding service-based stock options (or the cash intrinsic value thereof at the Company’s option) granted pursuant to his Non-Qualified Stock Option Award Agreement dated as of August 29, 2016);

		
	•
	the immediate vesting of any then-outstanding service-based restricted shares (or the cash intrinsic value thereof at the Company’s option) granted pursuant to his Restricted Share Award Agreement dated as of April 15, 2015; his Restricted Share Award Agreement dated as of April 7, 2017; his Restricted Share Award Agreement dated as of July 27, 2017 and his Restricted Share Award Agreement dated as of November 13, 2017;

		
	•
	the immediate vesting of any then-outstanding restricted stock units (or the cash intrinsic value thereof at the Company’s option) granted pursuant to his Restricted Stock Unit Award Agreement dated as of February 12, 2018; 

		
	•
	the vesting of any then-outstanding market-based stock option awards (or the cash intrinsic value thereof at the Company’s option) granted pursuant to his Non-Qualified Stock Option Award Agreement dated as of October 1, 2014, his Non-Qualified Stock Option Award Agreement dated as of August 29, 2016; and his Non-Qualified Stock Option Award Agreement dated as of July 27, 2017; provided that the relevant market hurdles for such stock options have been met prior to the Qualifying Event or within ninety (90) days thereafter, with the vesting occurring on the later of the date of the Qualifying Event or the date such market hurdles are met; and 

		
	•
	the vesting of any then-outstanding performance-based stock option awards (or the cash intrinsic value thereof at the Company’s option) granted pursuant to his Non-Qualified Stock Option Award Agreement dated as of April 7, 2017 (based on service revenue targets) and his Non-Qualified Stock Option Award Agreement dated as of February 12, 2018 (based on 2018 Adjusted EPS targets); provided that the relevant performance hurdles for such stock options have been met prior to the Qualifying Event or within ninety (90) days thereafter, with the vesting occurring on the later of the date of the Qualifying Event or the date such performance hurdles are met; provided  that the number of stock options that will so vest shall be determined in accordance with the terms of the applicable award agreement and related Exhibit A based on the degree of achievement of the performance goals set forth therein.

		
	(c)
	Any stock options vesting as a result of the occurrence of a Qualifying Event and subsequent satisfaction of the condition set forth in Article 8(g), shall be exercisable as follows:

10

		
	•
	if the Qualifying Event is a Qualifying Event as defined under Article 8(a)(i) and (ii), the vested stock options shall be exercisable for a period of six months from the date such stock options vest and, thereafter, shall terminate; and

 
		
	•
	if the Qualifying Event is a Change of Control, as defined under Article 8(a)(iii), the vested stock options shall be exercisable for a period ending on the later of (i) the (6) month anniversary of the date such stock options vest or (ii) the six (6) month anniversary of the date of Employee’s last day of employment with the Company and, thereafter, shall terminate. 

		
	(d)
	Except as provided in (i) Article 8(b) and (c), (ii) the definitions of “Cause,” “Change of Control” and “Good Reason” in Article 1 above and (iii) Article 10(a) below, all terms of Employee’s equity award agreements shall otherwise govern the treatment of Employee’s equity awards in all aspects.  

		
	(e)
	In the event Employee is still employed by the Company on September 24, 2020, not serving a notice period, and no Change of Control has occurred (“Retention Date”), the Company shall pay Employee a one-time lump sum cash payment equal to (i) twelve (12) months of his then-current base salary plus (ii) an amount equal to one (1) year’s annual incentive compensation (calculated at one hundred percent (100%) of his then-current Target Amount (as defined below)). 

		
	(f)
	As used herein, the term “Target Amount” shall refer only to the amount of Employee’s incentive compensation at the target performance level pursuant to Article 4(e) herein, and shall exclude any target compensation under the Company’s Long-Term Incentive Plan or any other plan or program that may be implemented by the Company.

		
	(g)
	It is an express condition to the payment of any amount or post-termination benefit called for under this Article 8 that Employee shall execute  the Employer’s Release Agreement that becomes irrevocable pursuant to its terms no later than sixty (60) days (or such shorter period set forth in the Employer’s Release) following the Qualifying Event or Retention Date, as applicable.

		
	(h)
	Notwithstanding anything herein to the contrary, the amounts paid under this Article 8 will include any payments required under article L.124-7 of the Luxembourg Labor Code as referenced in Article 3(b) above.

		
	(i)
	Employee and the Employer intend for all payments under this Article 8 to be exempt from Section 409A of the US Internal Revenue Code of 1986, as amended (“Code”), including without limitation under the short-term deferral exempt set forth in Treasury Regulation Section 1.409A-1(b)(4) and the separation pay exemptions set forth in Treasury Regulation 1.409A-1(b)(9).  For purposes of Section 409A of the Code, each payment of compensation or benefits under this Article 8 shall be treated as a separate payment.  Notwithstanding the foregoing, if any amount or benefit otherwise payable under this Article 8 in the event of Employee’s termination of 

11

employment constitutes “nonqualified deferred compensation” within the meaning of Code Section 409A, payment of such amount or benefit shall commence when the Employee incurs a “separation from service” within the meaning of Treasury Regulation 1.409A-1(h), without regard to any of the optional provisions thereunder, from the Employer and any entity that would be considered a single employer with the Employer under Code Section 414(b) or 414(c) (“Separation from Service”).  Such payments or benefits shall be provided in accordance with the timing provisions of this Contract by substituting the Contract’s references to “termination of employment” or “termination” with Separation from Service.  In addition, if at the time of Employee’s Separation from Service the Employee is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i), any amount or benefit that constitutes “nonqualified deferred compensation” within the meaning of Code Section 409A that becomes payable under this Article 8 to Employee on account of the Employee’s Separation from Service will not be paid until after the earlier of (i) first business day of the seventh month following Employee’s Separation from Service, or (ii) the date of the Employee’s death (the “409A Suspension Period”). Within 14 calendar days after the end of the 409A Suspension Period, the Employee shall be paid a cash lump sum payment equal to any payments and benefits that the Company would otherwise have been required to provide under Article 8 of this Contract but for the imposition of the 409A Suspension Period delayed because of the preceding sentence.  Thereafter, the Employee shall receive any remaining payments and benefits due under this Contract in accordance with the terms of Article 8 (as if there had not been any Suspension Period beforehand).  

Article 9 - Other Obligations 

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

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

Article 10 - Non-competition and Non-solicitation

		
	(a)
	In consideration of the Employment and the salary and other compensation and benefits payable under this Contract (including but not limited to any payments that may be made pursuant to Article 8 above or Article 10(c) below, as applicable), during a twenty-four (24) month period following the date upon which his service under this Contract terminates or expires, the Employee hereby undertakes that he will not run within the Grand Duchy of Luxembourg or in the United States of America a personal business similar or in competition with the business 

12

of the Company nor enter into an employment contract with a business similar or in competition with the business of the Company. In that regard, the Employee shall not directly or indirectly on his own behalf, or in the service of or on behalf of others, engage in, provide any executive, managerial, supervisory, sales, marketing, research, or customer-related services to, or own (other than ownership of less than one percent (1%) of the outstanding voting securities of any entity the voting securities of which are traded on a national securities exchange) a beneficial or legal interest in, any business (other than the Company) which (i) concerns the business of the Company or any affiliate thereof or (ii) is competitive or likely to be competitive with the business of the Company or any affiliate thereof. The non-competition covenants set forth in Employee’s existing equity award agreements shall be deemed to be replaced in their entirety by the non-competition covenant set forth in this Article 10(a).

		
	(b)
	The Employee agrees that he will disclose the existence of his obligations pursuant to Article 10 of this Contract to any potential employer prior to accepting employment.

		
	(c)
	If the Employee’s employment ends and a Qualifying Event has not taken place, in consideration of the obligations set forth in Article 10(a) above, and in addition to any amounts owed pursuant to articles L.124-1 and L.124-7 of the Luxembourg Labor Code (as set forth in Articles 3(a) and 3(b) herein), the Employer will pay to the Employee four (4) months of his gross base salary. The Employer will pay the Employee these additional severance amounts subject to the Employee’s execution of the Employer’s Release Agreement.

		
	(d)
	Throughout the duration of this Contract and for a period of twenty-four (24) months following its termination, the Employee will not, directly or indirectly, solicit or hire or assist any other person or entity in soliciting or hiring any employee of the Company or any of its affiliated companies to perform services for any entity (other than the Company or any other affiliated companies), or attempt to induce any such employee to leave the Company or any of its affiliated companies.

		
	(e)
	Throughout the duration of this Contract and for a period of twenty-four (24) months following its termination, the Employee will not, directly or indirectly, solicit or hire or assist any other person or entity in soliciting or hiring any client of the Company or any of its affiliated companies, or attempt to induce any such client to leave the Company or any of its affiliated companies.

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

		
	(g)
	The Employee expressly agrees that the provisions of Article 10 of the Contract may be enforced against him in any court or competent jurisdiction in the United States.

13

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

Article 11 - Intellectual property

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

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

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

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

Article 12 - Use of information technologies 

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

Article 13 - Data protection

		
	(a)
	As part of the performance of the Contract, as required by law or for the Employer’s legitimate interests, the Employer may process personal data on the Employee prior, during and after the Employment. Details on such processing and on the rights of employees can be found in the Human Resources section of the Company’s intranet. 

14

		
	(b)
	The Employee acknowledges that he has been informed that the Employer will be responsible for the processing of his personal data, such as his name, address, social security number, bank details, photo, as well as any personal information necessary for personnel management and salary administration.

		
	(c)
	The Employee acknowledges that his personal data may be transferred to affiliates. A copy of the legal basis for the transfer of data to third countries will be made available in the Human Resources section of the Company’s intranet.

		
	(d)
	The Employees’ data will be held by the Employer for as long as legally required and processed in accordance with applicable personal data protection legislation and regulations. 

		
	(e)
	The Employer hereby informs the Employee of, without limitation, his rights of access, deletion and rectification of his personal data, as well as of his right of complaint to the local data protection authority and his right to object to the processing of, or illegal use of, personal data, in accordance with the applicable legal provisions on data protection.  

Article 14 - Miscellaneous

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

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

If to the Employee, to:
Address:    In Luxembourg, address communicated separately
Attention:     Gregory J. Ritts

The date on which a notice shall be deemed validly given shall be the date of its receipt by the addressee, i.e. the date appearing on the acknowledgment or refusal of receipt or the addressee's countersignature. 

		
	(b)
	No amendment or waiver of any provision of this Contract, nor consent to or departure by either Party therefrom, nor any subsidiary agreement relating to the subject matter of this Contract, shall in any event be valid unless it is in writing and signed by or on behalf of both Parties.

15

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

Article 15 - Governing Law and Jurisdiction

Except for breaches of the provisions of Article 10 herein, the present Contract shall be governed, interpreted and performed by and in accordance with the law in force in the Grand- Duchy of Luxembourg. Except for breaches of the provisions of Article 10 herein, each Party expressly agrees to submit to the exclusive jurisdiction of the Courts of Luxembourg over any claim or matter arising under.

Article 16 - Contractual Interpretation

If any provision of this Contract is held to be unenforceable, then this Contract will be deemed amended to the extent necessary to render the otherwise unenforceable provision, and the rest of the Contract, valid and enforceable. If a court declines to amend this Contract as provided herein, the invalidity or unenforceability of any provision of this Contract shall not affect the validity or enforceability of the remaining provisions, which shall be enforced as if the offending provision had not been included in this Contract.
In witness whereof the present Contract has been signed in duplicate and each of the Parties acknowledges having received one original version.

The Employer
Altisource S.à r.l.

	
	
	/s/Kevin J. Wilcox

	By: Kevin J. Wilcox, Manager
Date: November 6, 2018

The Employee

	
	
	/s/Gregory J. Ritts

	By: Gregory J. Ritts
Date:  November 6, 2018

16

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