ALTISOURCE PORTFOLIO SOLUTIONS S.A. (NASDAQ:ASPS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ALTISOURCE PORTFOLIO SOLUTIONS S.A. (NASDAQ:ASPS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 3, 2017, Altisource Portfolio Solutions S.A. (the “Company” or “Altisource”) through its subsidiary Altisource Solutions S.à r.l. entered into an employment contract with Indroneel Chatterjee (the “Employment Contract”), which is expected to be effective on or around October 1, 2017. Upon the commencement of Mr. Chatterjee’s employment, Mr. Chatterjee will serve as the Company’s Chief Financial Officer and the Company’s current Chief Financial Officer, Michelle Esterman, will assume the role of Executive Vice President, Finance. In this role, Ms. Esterman will have continued responsibility for leading the Company’s Accounting, Tax, Treasury, Vendor Management and Facilities functions, with an increased focus on driving operational and cost efficiencies for the Company. Ms. Esterman will no longer receive foreign living allowances but her compensation will otherwise remain the same.

Mr. Chatterjee, age 36, has fourteen years of experience in the financial services industry with a strong background in corporate finance and strategy. He joins the Company from Nomura Securities where he has served since August 2014, most recently as Head of Credit Solutions, Global Markets. Prior to joining Nomura Securities, Mr. Chatterjee held the positions of Investment Analyst, Absolute Return Income Fund for Perry Capital from March 2013 to April 2014, Executive Director for UBS Securities LLC from November 2009 to March 2013 and Vice President, High Yield Research for AIG Global Investment Group from October 2006 to November 2009. Mr. Chatterjee holds a Bachelor of Science in Economics from the Wharton School of Business at the University of Pennsylvania. There are no family relationships between Mr. Chatterjee and any of Altisource’s directors and executive officers and he has no direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Securities and Exchange Commission Regulation S-K.

The Employment Contract is subject to receipt of Mr. Chatterjee’s Luxembourg work and residence authorization. to the terms of the Employment Contract, Mr. Chatterjee will receive (i) a base salary of $475,000, (ii) a cash bonus of $34,464, payable on the first anniversary of Mr. Chatterjee’s employment and (iii) an opportunity to receive an annual incentive compensation payment of $475,000 at the target performance level, subject to a minimum payment of $485,000 for 2017 and $475,000 for 2018. If Mr. Chatterjee’s Employment Contract terminates, he would receive, as consideration for a one-year non-competition agreement, a single lump sum payment equal to four months’ base salary, unless such non-competition agreement is waived by the Company.

Upon commencement of employment, Mr. Chatterjee will also receive (i) a grant of restricted shares of Altisource common stock (“Restricted Shares”), in an amount expected to approximate the value of the deferred compensation that he forfeited when he left his prior employment and scheduled to vest over four (4) years and (ii) 20,000 stock options to purchase Altisource’s common stock. The stock options will be a combination of service-based and market-based options consistent with grants made to other executive officers. Further, subject to his continued employment, on the date when the 2017 annual incentive compensation payments are approved for the Company’s executive officers, Mr. Chatterjee will receive a grant of Restricted Shares with an award value of $540,000 scheduled to vest over the subsequent three (3) years. The terms of each of these grants will be subject to the terms of the Company’s 2009 Equity Incentive Plan and related award agreements applicable to the grants.

In addition, in connection with his relocation to Luxembourg, Mr. Chatterjee will receive certain relocation benefits and foreign living allowances, consistent with those provided to other Luxembourg-based executive officers.

The description of the Employment Contract contained herein is qualified in its entirety by reference to the full text of the Employment Contract, which will be filed as an exhibit to the Company’s Form 10-Q Quarterly Report for the quarter ending September 30, 2017.

The Company issued a press release on August 9, 2017, to announce the developments referred to above. A copy of that press release is attached as an Exhibit to this Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

Altisource Portfolio Solutions S.A. ExhibitEX-99.1 2 pressrelease20170809.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 FOR IMMEDIATE RELEASEFOR FURTHER INFORMATION CONTACT:   Michelle D. Esterman Chief Financial Officer T: +352 2469 7950 E: Michelle.Esterman@altisource.luAltisource Announces Organizational ChangesLuxembourg,…To view the full exhibit click here
About ALTISOURCE PORTFOLIO SOLUTIONS S.A. (NASDAQ:ASPS)
Altisource Portfolio Solutions S.A. is a marketplace and transaction solutions provider for the real estate, mortgage and consumer debt industries. The Company operates through three segments: Mortgage Services, Financial Services and Technology Services. The Company’s Mortgage Services segment provides services that span the mortgage and real estate lifecycle, and are outsourced by loan servicers, loan originators, home investors, and other sellers and buyers of single family homes. The Company’s Financial Services segment provides collection and customer relationship management services to debt originators and servicers (credit card, auto lending, retail credit and mortgage) and the utility, insurance and hotel industries. Technology Services segment provides a portfolio of software, data analytics and infrastructure management services that support the management of mortgage and real estate activities and marketplace transactions across the mortgage and real estate lifecycles.