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): March 11, 2021 (March 11, 2021)
(Exact name of Registrant as specified in its Charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||||||||
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+352 2469 7900
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(Former name or former address, if changed since last report)
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| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ||||||||
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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.
In response to the anticipated continued impact to Altisource Portfolio Solutions S.A.’s (“Altisource” or the “Company”) revenue and cash flow from government and servicers measures to assist borrowers in response to the COVID-19 pandemic, Altisource’s Chairman and Chief Executive Officer voluntarily agreed to forgo 40% of his base salary effective March 1, 2021 and continuing through no later than December 31, 2021. In addition, he voluntarily waived on a permanent basis his housing allowance, effective March 1, 2021, and the use of one company leased vehicle effective June 1, 2021.
In addition, the base salary of Altisource’s Chief Financial Officer and certain other CEO direct reports was reduced by 15% on a temporary basis effective March 1, 2021 and continuing through no later than December 31, 2021.
The changes in compensation will not impact the calculation of incentive or termination payments to such individuals, as may be applicable. In addition, if any such individual is terminated by the Company other than for cause or the equivalent applicable standard, the Company will pay to such individual an amount equal to the forgone base salary.
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: March 11, 2021
| Altisource Portfolio Solutions S.A. | |||||||||||
| By: | /s/ Gregory J. Ritts | ||||||||||
| Name: | Gregory J. Ritts | ||||||||||
| Title: | Chief Legal and Compliance Officer | ||||||||||