Altisource implements $13.5M annual cost reduction plan; CEO & CFO take 30% pay cut in stock swap

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

Company-wide cost reduction plan targets $13.5M annualized savings vs average Q2 2023 costs.
Chairman/CEO and CFO volunteer to forgo 30% of base salary, receiving option to be paid in unrestricted common stock or cash with interest.
Reduced compensation starts Nov 1, 2023; quarterly payout with stock valued at lower of average period price or prior-day close.
September 2023 adjusted compensation costs run-rate $10.5M annualized lower than Q2 average, indicating plan on track.

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