UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 26, 2021 (February 24, 2021)
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 24, 2021, Altisource S.à r.l. (“Altisource”), a subsidiary of Altisource Portfolio Solutions S.A. (together with its subsidiaries, the “Company”), notified Marcello Mastioni, who currently serves as Chief Operating Officer, of the elimination of the Chief Operating Officer position and, as a consequence, the termination of his employment effective May 31, 2021 (the “Separation Date”).
In connection with the termination of Mr. Mastioni’s employment, Mr. Mastioni will receive, subject to the completion of a successful transition and other customary conditions: (i) cash payments totaling €504,300, as severance, and (ii) his 2020 annual incentive compensation (“AIP”) in the same manner, percentage amount of target AIP and timing, as determined by the Board of Directors for similarly situated executives. Altisource will also pay for certain relocation related expenses actually incurred, as well as certain tax related services and other statutorily required benefits, and the parties will negotiate a separation and release agreement.
Pursuant to that certain Amended and Restated Employment Contract of Indefinite Duration between Mr. Mastioni and Altisource dated March 22, 2019, and the Company’s 2009 Equity Incentive Plan, Mr. Mastioni will also be entitled to: (i) the accelerated vesting on or around the Separation Date of certain time-based RSUs that were scheduled to vest prior to June 30, 2022 pursuant to applicable award agreements (with the remainder of the time-based RSUs to be forfeited), and (ii) the continued vesting of certain awards, if applicable performance hurdles are met prior to or within a specified period after the Separation Date.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 26, 2021
| Altisource Portfolio Solutions S.A. | |||||||||||
| By: | /s/ William B. Shepro | ||||||||||
| Name: | William B. Shepro | ||||||||||
| Title: | Chairman and Chief executive Officer | ||||||||||