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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