Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 25, 2019, Encore Capital Group, Inc. ("Encore") and Cabot Credit
Management Limited, an indirect subsidiary of Encore, entered into a Transition
Agreement with Mr. Kenneth Stannard (the "Transition Agreement"), whereby Mr.
Stannard would continue to perform his normal duties until December 31, 2019,
after which he would remain as a senior employee of the Company until March 15,
2020 and would then commence a garden leave period until the termination of his
employment on March 15, 2021 or such earlier date as may be mutually agreed
(such period from November 25, 2019 through termination, the "Transition
Period").
As a continuing employee during the Transition Period, Mr. Stannard will
continue to participate in the employer sponsored health plan and receive his
base salary. In addition, Mr. Stannard will become vested in any restricted
stock units and any performance stock units for which the applicable vesting
conditions are satisfied through March 2021. Mr. Stannard is not entitled to an
equity grant for 2020 or 2021. Mr. Stannard will be entitled to any earned bonus
for 2019, which will be paid in March 2020 as part of the Company's standard
payroll process. He is not entitled to any bonus for 2020 or 2021.
Mr. Stannard will continue to be bound by the restrictive covenants in the
Executive Service Agreement, dated February 10, 2014, by and between Mr.
Stannard and Cabot Credit Management Limited.
A copy of the Transition Agreement is attached hereto as Exhibit 10.1 and is
incorporated herein by reference (and the foregoing description is qualified in
its entirety by reference to such document).
Item 9.01. Financial Statements and Exhibits.
Exhibit Number Description
10.1+ Transition Agreement, dated November 25, 2019, by and among
Cabot Credit Management Limited, Encore Capital Group, Inc.
and Kenneth Stannard
104 Cover Page Interactive Data File (embedded within the Inline
XBRL document)
+ Management contract or compensatory plan or arrangement.
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