Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 22, 2009, the Compensation Committee of the Board of Directors of
Altisource Portfolio Solutions S.A. ("Altisource") approved an equity incentive
award pursuant to which 2 members of the company's senior management team were
granted options to purchase a total of 113,333 shares of Altisource's common
stock under the 2009 Equity Incentive Plan. Included as grant recipients were
the following executives:
Name Title # of Options Granted
John T. McRae II Chief Executive Officer, Nationwide Credit, Inc. 80,000
Chief Financial Officer, Altisource Portfolio 33,333
Robert D. Stiles Solutions S.A.
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The options have an exercise price of $14.15 per share or the closing price of
the company's stock on the day of the Committee's approval. The vesting schedule
for the options has a time-based component, in which 25% of the options vest in
equal increments over four years, and a performance-based component, in which up
to 75% of the options could vest in equal increments over four years commencing
upon the achievement of certain performance criteria related to the company's
annualized rate of return and stock price. Two-thirds of the performance-based
options would begin to vest over four years if the stock price realizes a
compounded annual gain of at least 20% over the exercise price, so long as the
stock price is at least double the exercise price. The remaining third of the
performance-based options would begin to vest over four years if the stock price
realizes a 25% gain, so long as it is at least triple the exercise price.
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