SEC Form 4 · accession 0001225208-15-010182
ALTISOURCE PORTFOLIO SOLUTIONS S.A. · ASPS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Vivek Bhandari
Officer — President, Financial Services
Period of report
Apr 15, 2015
Accepted (ET)
Apr 17, 2015 · 5:54 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001462418
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Apr 15, 2015 | A | 5,600 | $0.00 | A | 5,600 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock OptionsF2 | $18.79 | Apr 15, 2015 | A | 20,300 | A | — | Apr 15, 2025 | Common Stock | 20,300 | 20,300 | D |
Explanation of responses
- F1On 4/15/15, Mr. Bhandari was granted 5,600 restricted shares of ASPS common stock, which are scheduled to vest in three equal installments on the second, third and fourth anniversaries of the grant date (i.e., 4/15/17, 4/15/18 and 4/15/19). In the event that a corporate restructuring or a change of control transaction takes place (1) on or before six months after 4/15/15, 50% of the restricted stock award will vest and the remainder will be forfeited, (2) between six and 18 months after 4/15/15, 75% of the restricted stock award will vest and the remainder will be forfeited and (3) any time more than 18 months from 4/15/15, 100% of the restricted stock award will vest.
- F2On 4/15/15, Mr. Bhandari was granted 20,300 options to acquire shares of ASPS common stock which will vest as follows: (1) 7,800 of the options will vest in three equal installments on the 2nd, 3rd and 4th anniversaries of the grant date (ie. 4/15/17, 4/15/18 and 4/15/19); (2) 8,333 of the options are performance-based and will vest in three equal installments: 1/3 of the options vest when (a) the share price doubles the exercise price and (b) investors achieve a 20% annualized rate of return based on the exercise price. Thereafter, 1/3 of the options vest each anniversary of the initial vesting; and (3) 4,167 of the options are extraordinary performance-based and will vest in three equal installments: 1/3 of the options vest when (a) the share price triples the exercise price and (b) investors achieve a 25% annualized rate of return based on the exercise price. Thereafter, 1/3 of the options vest each anniversary of the initial vesting.