Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e) On December 21, 2020, PRA Group, Inc. (the "Company") entered into three-year employment agreements (the "Employment Agreements") with the following named executive officers (each, an "NEO"), upon the recommendation of the Compensation Committee of the Company's Board of Directors:

Name of NEO             Position
Kevin P. Stevenson      Chief Executive Officer
Peter M. Graham         Chief Financial Officer
Christopher B. Graves   Global Investment and Analytics Officer
Steven C. Roberts       Global Operations Officer

The Employment Agreements, which are effective January 1, 2021, specify the position, compensation, benefits, term of employment and other terms and conditions relating to each NEO's employment. The Employment Agreements:



•supersede prior employment agreements with each NEO that expired December 31,
2020;
•expire on December 31, 2023, unless terminated earlier, in accordance with
their terms;
•provide that each NEO is eligible to receive equity awards under the Company's
Omnibus Incentive Plan;
•provide for payments to each NEO in the event of disability and to each NEO's
beneficiaries in the event of death;
•condition receipt of severance payments upon execution of a general release in
a form approved by the Company;
•provide for no severance payments if the NEO is terminated for Cause (as
defined in the Employment Agreements) or voluntarily terminates employment when
such termination is not a Constructive Termination (as defined in the Employment
Agreements); and
•include customary provisions related to non-solicitation, non-competition and
confidentiality.

The Employment Agreements provide that the minimum base salary and annual bonus target for Mr. Stevenson are $925,000; for Messrs. Graham and Roberts are $480,000; and for Mr. Graves are $475,000.

Under the terms of the Employment Agreements, if an NEO's employment is terminated by the Company without Cause or by the NEO due to a Constructive Termination and the termination occurs outside the Change in Control Protection Period (as defined in the Employment Agreement), the NEO will be paid the following:

(1) the greater of the then current base salary or the minimum base salary due under the remaining term of the Employment Agreement for Messrs. Graham, Graves and Roberts and the greater of two times the then current base salary or the minimum base salary due under the remaining term of the Employment Agreement for Mr. Stevenson;

(2) the target annual bonus for the year in which the termination occurs for Messrs. Graham, Graves and Roberts and two times the target annual bonus for the year in which the termination occurs for Mr. Stevenson; and

(3) Consolidated Omnibus Budget Reconciliation Act ("COBRA") premium reimbursements for up to 18 months.

In cases where an NEO's employment is terminated by the Company without Cause or by the NEO due to a Constructive Termination and the termination occurs during the Change-in-Control Protection Period, the NEO will be paid the following:

(1) the greater of 1.5 times the then current base salary or the minimum base salary due under the remaining term of the Employment Agreement for Messrs. Graham, Graves and Roberts and two times the then current base salary or the minimum base salary due under the remaining term of the Employment Agreement for Mr. Stevenson;

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(2) 1.5 times the target annual bonus for the year in which the termination occurs for Messrs. Graham, Graves and Roberts and two times the target annual bonus for the year in which the termination occurs for Mr. Stevenson; and

(3) COBRA premium reimbursements for up to 18 months.

The foregoing summary description of the Employment Agreements is not complete and is qualified entirely by reference to the actual text of the form of Employment Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.




Item 9.01 Financial Statements and Exhibits
(d)     Exhibits
          10.1                     Form of Employment Agreement between PRA Group, Inc. and Certain
                                 Executives effective January 1, 2021.
        104                      Cover Page Interactive Data File (embedded within the Inline XBRL
                                 document)

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