<SEC-DOCUMENT>0001193125-14-065160.txt : 20140224
<SEC-HEADER>0001193125-14-065160.hdr.sgml : 20140224
<ACCEPTANCE-DATETIME>20140224165733
ACCESSION NUMBER:		0001193125-14-065160
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20140220
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140224
DATE AS OF CHANGE:		20140224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENCORE CAPITAL GROUP INC
		CENTRAL INDEX KEY:			0001084961
		STANDARD INDUSTRIAL CLASSIFICATION:	SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
		IRS NUMBER:				481090909
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26489
		FILM NUMBER:		14637648

	BUSINESS ADDRESS:	
		STREET 1:		3111 CAMINO DEL RIO NORTH
		STREET 2:		SUITE 1300
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92108
		BUSINESS PHONE:		877-445-4581

	MAIL ADDRESS:	
		STREET 1:		3111 CAMINO DEL RIO NORTH
		STREET 2:		SUITE 1300
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MCM CAPITAL GROUP INC
		DATE OF NAME CHANGE:	19990430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MIDLAND CORP OF KANSAS
		DATE OF NAME CHANGE:	19990423
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d682485d8k.htm
<DESCRIPTION>FORM 8-K
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<HTML><HEAD>
<TITLE>FORM 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): February&nbsp;20, 2014 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>ENCORE CAPITAL GROUP, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>000-26489</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>48-1090909</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>3111 Camino Del Rio North, Suite 1300, San Diego, California</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>92108</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(877) 445-4581 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (<I>see</I> General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Appointment of Non-Executive Chairman </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
February&nbsp;20, 2014, the Board of Directors (the &#147;Board&#148;) of Encore Capital Group, Inc. (the &#147;Company&#148;) appointed Willem T. Mesdag as non-executive Chairman of the Board. Mr.&nbsp;Mesdag has served as a director of the Company
since May 2007. He is the Managing Partner of Red Mountain Capital Partners LLC, an investment advisor, and is President of Red Mountain Capital Management, Inc., its Managing Member.&nbsp;Mr.&nbsp;Mesdag succeeds George Lund, who on
February&nbsp;20, 2014 announced his intention to resign as Executive Chairman of the Board and as an employee of the Company. Mr.&nbsp;Lund will continue to serve as a non-employee director of the Company. Mr.&nbsp;Lund had served as the
Company&#146;s Executive Chairman since July 2009. Prior to that, Mr.&nbsp;Lund had served as non-executive Chairman of the Board beginning in August 2008 and as a director beginning in September 2007. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Appointment of Directors </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
February&nbsp;20, 2014, the Board, upon the recommendation of the Board&#146;s Nominating Committee, appointed Laura Olle and Richard Srednicki to the Board, effective February&nbsp;26, 2014. The Board has affirmatively determined that Ms.&nbsp;Olle
and Mr.&nbsp;Srednicki qualify as independent directors under the Nasdaq listing standards. In addition, Ms.&nbsp;Olle was appointed to the Audit Committee of the Board and Mr.&nbsp;Srednicki was appointed to the Compensation Committee of the Board,
in each case effective February&nbsp;26, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Olle joins the Board having retired from Capital One Financial Corporation in
2007, where she served as chief enterprise risk officer. She joined Capital One in 1999 as senior vice president of Information Technology Systems Development. Prior to Capital One, Ms.&nbsp;Olle served as senior vice president of Information
Systems and Services at Freddie Mac. She has also held key IT positions at the Marriott Corporation and worked as a management consultant at Arthur Young and Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Srednicki retired from JPMorgan Chase&nbsp;&amp; Co. in 2007 following seven years as chief executive officer of Chase Card Services
and a member of the JPMorgan Chase Operating and Executive Committees. Prior to Chase Card Services, he was president of the Home Services Division at Sears Roebuck&nbsp;&amp; Co., president of AT&amp;T Universal Card Services, general manager of
Citibank Germany, general manager of Citibank Card Services USA and a senior product manager at Colgate Palmolive Company. Until recently, he was a board member of Alliance Bank of Arizona and the Affinion Group, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For their service as non-employee directors, Ms.&nbsp;Olle and Mr.&nbsp;Srednicki will be eligible for the same retainer fees as other
non-employee directors. Each will also receive an initial equity award of $50,000 in shares of Company common stock, consistent with the Company&#146;s compensation program for non-employee directors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Changes to Non-Employee Director Compensation </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In December 2013, the Board, based upon the recommendation of the Board&#146;s Compensation Committee, approved and in increase in the annual
equity retainer payable to non-employee directors from $50,000 to $100,000. The increase will be effective for the equity retainer to be granted on the fifth business day following the Company&#146;s 2014 annual meeting of stockholders. In addition,
on February&nbsp;20, 2014, the Board, based upon the recommendation of the Board&#146;s Compensation Committee, approved (i)&nbsp;a $50,000 annual cash retainer for service as non-executive Chairman of the Board and (ii)&nbsp;a $50,000 annual cash
retainer for non-employee directors of the Company who also serve on the Board of Directors of Cabot Credit Management Limited (&#147;Cabot&#148;), the Company&#146;s U.K.-based subsidiary, to compensate them for the increased time and travel
commitments commensurate with that role. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After these changes, the Company&#146;s compensation plan for non-employee directors is as
follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">For service on the Board and attendance at meetings of the Board (i)&nbsp;an annual cash retainer of $50,000 (payable semi-annually in advance) and (ii)&nbsp;an annual equity award retainer with a grant-date value of
$100,000 (granted as shares or units of Company common stock, to be granted on the fifth business day following the annual meeting of stockholders). </TD></TR></TABLE>

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<TD ALIGN="left" VALIGN="top">An additional annual cash retainer of $50,000 payable to the non-executive Chairman of the Board (payable semi-annually in advance). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">An additional annual cash retainer of $20,000 payable to the Chairman of each of the Audit Committee, Compensation Committee and Nominating Committee, and $10,000 payable to all other directors serving on each of the
Audit Committee, Compensation Committee and Nominating Committee (in each case payable semi-annually in advance). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">An additional annual cash retainer of $50,000 for non-employee directors also serving on Cabot&#146;s Board of Directors (payable semi-annually in advance). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Upon a non-employee director&#146;s initial appointment to the Board, an equity award with a grant-date value of $50,000 (granted as shares or units of Company common stock, to be granted on the fifth business day
following the date the director becomes a member of the Board). </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Director compensation is based on annual service. All
equity award grants are fully vested on the date of grant. A director is not permitted to sell his or her shares until the director&#146;s service to the Company as a director terminates, other than shares sold to cover applicable tax obligations
related to the delivery of shares. If the Company declares a dividend, directors would be paid a dividend in the same method and at the same time as other stockholders of the Company are paid such dividends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the Company&#146;s press release announcing the foregoing events is attached hereto as Exhibit 99.1 and is incorporated herein by
reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Compensation Arrangements for Chief Financial Officer </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;24, 2014, the Company entered into certain arrangements with its Chief Financial Officer, Paul Grinberg, in order to ensure
continuity of service. Specifically, the Company and Mr.&nbsp;Grinberg entered into a letter agreement (the &#147;Letter Agreement&#148;) setting forth certain changes to Mr.&nbsp;Grinberg&#146;s compensation. Under the Letter Agreement,
Mr.&nbsp;Grinberg will be eligible for an annualized base salary of $550,000, effective January&nbsp;1, 2014. Mr.&nbsp;Grinberg&#146;s annual target cash bonus will remain at 100% of his base salary, and his annual target cash bonus for 2013 will be
calculated based on a target of $500,000. He will remain eligible for annual long-term compensation awards, to be determined by the Board&#146;s Compensation Committee in its sole discretion. In addition, the Letter Agreement provides for a special
restricted stock award with a grant-date fair market value equal to $1,100,000, to be granted within 30 days of the date Mr.&nbsp;Grinberg executes the Letter Agreement. The restricted stock will cliff vest on December&nbsp;31, 2016, provided that
if the Company terminates Mr.&nbsp;Grinberg&#146;s employment without &#147;Cause&#148; or if Mr.&nbsp;Grinberg terminates his employment for &#147;Good Reason&#148; (as such terms are defined in the restricted stock agreement) prior to
December&nbsp;31, 2016, the shares will vest 100% on the date of Mr.&nbsp;Grinberg&#146;s termination of employment. The Letter Agreement further provides that if the Company terminates Mr.&nbsp;Grinberg&#146;s employment without &#147;Cause&#148;
(as defined in his equity award agreements), any equity awards that would have vested in the 18-month period following termination of Mr.&nbsp;Grinberg&#146;s employment will accelerate and vest on the date of Mr.&nbsp;Grinberg&#146;s termination of
employment. Mr.&nbsp;Grinberg will continue to receive a monthly allowance for commuting expenses of $8,500. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Letter Agreement also
amends the Severance Protection Letter Agreement dated as of March&nbsp;11, 2009, and amended on January&nbsp;9, 2013, between the Company and Mr.&nbsp;Grinberg (the &#147;Severance Agreement&#148;). The Letter Agreement amends the definition of
&#147;Good Reason&#148; in the Severance Agreement. Under the amended Severance Agreement, &#147;Good Reason&#148; includes the following: (i)&nbsp;a material reduction in base or target bonus compensation or expense reimbursement entitlements;
(ii)&nbsp;a material reduction in authority, duties or responsibilities, other than a reduction in authority, duties or responsibilities in connection with a transfer of such authority, duties or responsibilities to a successor; (iii)&nbsp;a change
in reporting responsibilities so that Mr.&nbsp;Grinberg no longer reports to the Company&#146;s Chief Executive Officer; (iv)&nbsp;a material change in the location at which Mr.&nbsp;Grinberg provides services for the Company (which is defined as
any relocation by the Company of Mr.&nbsp;Grinberg&#146;s employment to a location that is more than 35&nbsp;miles from Mr.&nbsp;Grinberg&#146;s present office location and is more than 35&nbsp;miles from Mr.&nbsp;Grinberg&#146;s primary residence
at the time of such relocation, without Mr.&nbsp;Grinberg&#146;s consent); or (v)&nbsp;any termination of employment by Mr.&nbsp;Grinberg on or after December&nbsp;31, 2016 so long as Mr.&nbsp;Grinberg provides the Company with written notice of
such termination at least 90 days prior to the date of such termination. To be eligible to receive the </P>

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benefits regarding a termination for Good Reason under clauses (i)&nbsp;through (iv), (1)&nbsp;Mr.&nbsp;Grinberg must provide written notice of the &#147;Good Reason&#148; condition to the
Company within 90&nbsp;days after the initial existence of such condition; (2)&nbsp;the Company must not have cured such condition within 30&nbsp;days of receipt of the written notice or it must have stated unequivocally in writing that it does not
intend to attempt to cure such condition; and (3)&nbsp;Mr. Grinberg must resign from employment within 12&nbsp;months following the end of the period within which the Company was entitled to remedy the condition constituting Good Reason but failed
to do so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing summary of the terms of the Letter Agreement is qualified in its entirety by reference to Exhibit 10.1, which is
incorporated herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.1</TD>
<TD ALIGN="left" VALIGN="top">Letter Agreement, dated February&nbsp;24, 2014, between Encore Capital Group, Inc. and Paul Grinberg </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">99.1</TD>
<TD ALIGN="left" VALIGN="top">Press release dated February 24, 2014 </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">ENCORE CAPITAL GROUP, INC.</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: February&nbsp;24, 2014</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Greg Call</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Greg Call</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel, and Corporate Secretary</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g682485ex10_1pg001.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;24, 2014 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Paul Grinberg </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3111 Camino Del Rio North, Suite 1300
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">San Diego, California 92108 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Paul: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter memorializes our recent conversations concerning certain changes to the terms and conditions of your continuing employment and
compensation arrangements with Encore Capital Group, Inc., a Delaware corporation, and its subsidiaries and affiliates (collectively, &#147;Encore&#148;), as detailed below. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Compensation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You and Encore agree to the
following changes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Base Salary</U>. Effective January&nbsp;1, 2014, your annualized base salary will be $550,000, payable in accordance with Encore&#146;s standard payroll practices. Your base salary may be increased in the sole
discretion of Encore&#146;s Compensation Committee. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Annual Cash Bonus</U>. Your annual target cash bonus will remain at 100% of your base salary. In addition, your 2013 annual cash bonus will be calculated based on a target of $500,000. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Annual Long-Term Incentive Compensation</U>. Your annual target long-term incentive compensation will be determined by Encore&#146;s Compensation Committee in its sole discretion. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Special Transaction&nbsp;&amp; Retention Award</U>. Within 30 days of the date you execute this letter, Encore will grant you a restricted stock award with a grant-date fair market value equal to $1,100,000, all of
which will cliff vest 100% on December&nbsp;31, 2016; provided, however, if Encore terminates your employment without &#147;Cause&#148; or you terminate your employment for &#147;Good Reason&#148; prior to December&nbsp;31, 2016 (each term as
defined in the restricted stock agreement for the award), all of these shares will cliff vest 100% on the date of your termination of employment. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Accelerated Vesting</U>. If the Company terminates your employment without &#147;Cause&#148; (as defined in the equity award agreements), any equity awards that would have vested during the 18-month period following
your termination of employment will accelerate and vest on your termination date. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Commuting Expenses</U>. Your monthly allowance for commuting expenses will remain at $8,500.00. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment to Severance Protection Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter also serves as an amendment (&#147;Amendment&#148;) to the letter agreement (the &#147;Severance Protection Agreement&#148;)
between you and Encore dated March&nbsp;11, 2009, as amended on January&nbsp;9, 2013. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You and Encore agree to the following changes to
your Severance Protection Agreement: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The second paragraph of Section&nbsp;2 of your Severance Protection Letter Agreement is deleted
in its entirety and replaced with the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Agreement, a &#147;<B>Good Reason</B>&#148; is defined as any of the
following reasons: (i)&nbsp;a material reduction in your base or target bonus compensation or your expense reimbursement entitlements; (ii)&nbsp;a material reduction in your authority, duties or responsibilities, other than a reduction in your
authority, duties or responsibilities in connection with a transfer of such authority, duties or responsibilities to your successor; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Mr.&nbsp;Paul Grinberg </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;24, 2014 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;a change in your reporting responsibilities so that you no longer report to the
Company&#146;s Chief Executive Officer; (iv)&nbsp;a material change in the location at which you provide services for the Company (which is defined as any relocation by the Company of your employment to a location that is more than thirty-five
(35)&nbsp;miles from your present office location and is more than thirty-five (35)&nbsp;miles from your primary residence at the time of such relocation, without your consent), or (v)&nbsp;any termination of your employment by you on or after
December&nbsp;31, 2016 so long as you provide the Company with written notice of such termination at least 90 days prior to the date of such termination. To be eligible to receive the benefits set forth in this Section&nbsp;2 regarding a termination
by you for Good Reason under clauses (i)&nbsp;through (iv), (x)&nbsp;you must provide written notice of the &#147;Good Reason&#148; condition to the Company within ninety (90)&nbsp;days after the initial existence of such condition, (y)&nbsp;the
Company must not have cured such condition within thirty (30)&nbsp;days of receipt of your written notice or it must have stated unequivocally in writing that it does not intend to attempt to cure such condition; and (z)&nbsp;you resign from
employment within twelve (12)&nbsp;months following the end of the period within which the Company was entitled to remedy the condition constituting Good Reason but failed to do so. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. This Amendment to your Severance Protection Agreement has been duly authorized by Encore and is a legal and binding obligation of Encore
and you, enforceable in accordance with its terms. All disputes arising under this Amendment will be governed by, and interpreted in accordance with, the laws of the State of California, without regard to its conflict of law provisions. Any action
to enforce this Amendment (other than an action which must be brought by arbitration pursuant to Section&nbsp;14 of the Severance Protection Agreement) must be brought in, and you and Encore hereby consent to the jurisdiction of, the County of San
Diego, California. Both you and Encore hereby waive the right to claim that any such court is an inconvenient forum for the resolution of any such action. Except as specifically amended hereby, the Severance Protection Agreement shall remain in full
force and effect. In the event the terms of the Severance Protection Agreement conflict with this Amendment, the terms of this Amendment shall control. Except as otherwise provided herein, this Amendment contains the entire understanding between you
and Encore, and there are no other agreements or understandings between you and Encore with respect to the subject matter hereof. No alteration or modification hereof shall be valid except by a subsequent written instrument executed by both you and
an authorized officer of Encore. This Amendment may be executed in any number of counterparts, and each such counterpart shall be deemed to be an original instrument, but all such counterparts together shall constitute only one agreement. Any
facsimile or email scan of this Amendment shall be considered an original document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything provided herein, your
employment with Encore remains &#147;at will,&#148; as described in your Severance Protection Agreement. As you would expect, all compensation and payments will be subject to applicable tax withholding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Paul, if the terms and conditions of this letter are acceptable to you, please sign below. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Ken A. Vecchione</TD></TR>
<TR>
<TD HEIGHT="8"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ken A. Vecchione</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Encore Capital Group, Inc.</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCEPTED AND AGREED: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Paul Grinberg</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Paul Grinberg</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">Date: February 24, 2014</TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g682485ex99_1pg001.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Encore Introduces New Board Chair and Directors, Announces Senior Executive Promotions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>New Appointments Position Company for Continued Growth </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SAN DIEGO &#150; February&nbsp;24, 2014 &#150; Encore Capital Group, Inc. (Nasdaq: ECPG), an international specialty finance company, announced today the
appointment of Willem Mesdag as non-executive board chairman of the board and Laura Olle and Richard Srednicki as new directors. Additionally, the company announced the promotion of Ashish Masih, Jim Syran and Manu Rikhye to Executive Vice President
positions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mesdag will succeed George Lund, who has served as executive chairman since July 2009 and as a director since 2007. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lund said, &#147;To watch the trajectory of this company over the years has been truly impressive, and I&#146;m proud to have been a part of it. However, the
most rewarding part of my Encore&nbsp;board&nbsp;tenure has been the talented team of people with whom I&#146;ve had the chance to work. Because of their strengths, I am confident that Encore will continue to be an industry leader. One of those
great people is Will, who started with me as a director seven years ago, and in whose very capable hands I expect the board to thrive.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mesdag also
joined Encore&#146;s board in 2007. He is the Managing Partner of Red Mountain Capital Partners LLC, an investment advisor. He is also a director of Destination XL, Inc., and Nature&#146;s Sunshine Products, Inc. Before establishing Red Mountain,
Mesdag was a partner of Goldman, Sachs&nbsp;&amp; Co. He holds a bachelor&#146;s degree from Northwestern University and a JD from Cornell Law School. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;I&#146;m honored to have this opportunity to lead the Encore board,&#148; said Mesdag. &#147;Ken and the management team have put forward a strong
vision for where this company is headed, and I&#146;m excited to work with them to bring about its fullest potential.&#148;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Encore President and Chief
Executive Officer Ken Vecchione added, &#147;George has been a tremendous asset to our company, and he has helped guide Encore through incredible periods of growth and expansion. We&#146;re very grateful for his service on the board. As we look
ahead, Will is well positioned to help us navigate the tremendous changes that our industry is undergoing and identify opportunities to continue delivering great value to our shareholders.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Encore is also welcoming two new directors. Laura Olle joins Encore&#146;s board having recently retired from Capital One, where she served as chief
enterprise risk officer. She joined Capital One in 1999 as senior vice president of Information Technology Systems Development. Prior to Capital One, Olle served as senior vice president of Information Systems and Services for nine years at Freddie
Mac. She has also held key IT positions at the Marriott Corporation and worked as a management consultant at Arthur Young and Company. Olle graduated with honors from the State University of New York at Stony Brook with a bachelor&#146;s degree in
Psychology. She received her MBA from the University of Nebraska and completed the Stanford University Executive Program. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Richard Srednicki also joins Encore&#146;s board, having retired from JPMorgan Chase&nbsp;&amp; Co. following
seven years as chief executive officer of Chase Card Services and a member of the JPMorgan Chase Operating and Executive Committees. Prior to Chase Card Services, Srednicki was president of the Home Services Division at Sears Roebuck&nbsp;&amp; Co.,
president of AT&amp;T Universal Card Services, general manager of Citibank Germany, general manager of Citibank Card Services USA and a senior product manager at Colgate Palmolive Company. Until recently, he was a director of the Alliance Bank of
Arizona and the Affinion Group of Stanford, CT. Srednicki is a graduate of the Kellogg School of Business at Northwestern University and Ripon College. He also served in the U.S. Army as First Lieutenant Platoon Leader and Company Executive Officer.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We&#146;re thrilled to have Laura and Richard lend their considerable financial services expertise to our board,&#148; said Mesdag. &#147;They
offer unique perspectives as we continue to improve many aspects of our business ranging from its technology platform to critical relationships with issuers.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, Encore is aligning three key operations areas to achieve its future growth strategy. That strategy includes growing the U.S. debt purchasing
business and subsidiaries, expanding into new geographies, and diversifying into new asset classes. Specifically, Ashish Masih is promoted to Executive Vice President of U.S. Debt Purchasing and Operations. This includes global responsibilities for
internal call center operations, analytics, legal collections, marketing, and Asset Acceptance operations. Jim Syran is promoted to Executive Vice President of New Business Integration. In this capacity, he will be responsible for the integration of
international and U.S. new businesses. Manu Rikhye is promoted to Executive Vice President of Encore India. In this role, Rikhye will oversee India&#146;s servicing (both Encore and Cabot), corporate development, strategic alliances, and India debt
purchasing, scheduled to launch at the end of 2014. All of these individuals report directly to Ken Vecchione. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We are fortunate to have top talent
within the company to provide the necessary leadership as we grow and evolve,&#148; said Vecchione. &#147;Each of these individuals has the proven scope, depth, and tenacity to lead these endeavors and I&#146;m excited about what they can
accomplish.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>### </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About
Encore Capital Group, Inc. </B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Encore Capital Group is an international specialty finance company providing debt recovery solutions for consumers and
property owners across a broad range of assets. Through its subsidiaries, the Company purchases portfolios of consumer receivables from major banks, credit unions, and utility providers, and partners with individuals as they repay their obligations
and work toward financial recovery. Through its Propel Financial Services subsidiary, the Company assists property owners who are delinquent on their property taxes by structuring affordable monthly payment plans and purchases delinquent tax liens
directly from select taxing authorities. Through its Cabot Credit Management subsidiary in the United Kingdom, the Company is a market-leading acquirer and manager of consumer debt in the United Kingdom and Ireland. Encore&#146;s success and future
growth are driven by its sophisticated and widespread use of analytics, its broad investments in data and behavioral science, the significant cost advantages provided by its highly efficient operating model and proven investment strategy, and the
Company&#146;s demonstrated commitment to conducting business ethically and in ways that support its consumers&#146; financial recovery. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a
component stock of the Russell 2000, the S&amp;P SmallCap 600, and the Wilshire 4500.&nbsp;More information about the Company can be found at&nbsp;<U>www.encorecapital.com</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The statements in this
press release that are not historical facts, including, most importantly, those statements preceded by, or that include, the words &#147;may,&#148; &#147;believe,&#148; &#147;projects,&#148; &#147;expects,&#148; &#147;anticipates&#148; or the
negation thereof, or similar expressions, constitute &#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995 (the &#147;Reform Act&#148;). These statements may include, but are not limited
to, statements regarding our future operating results, performance, business plans or prospects. For all &#147;forward-looking statements,&#148; the Company claims the protection of the safe harbor for forward-looking statements contained in the
Reform Act. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company and its subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are discussed in the reports filed by the Company with the Securities and Exchange Commission, including its most
recent report on Form 10-K and its subsequent reports on Form 10-Q, each as it may be amended from time to time. The Company disclaims any intent or obligation to update these forward-looking statements. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media Contact: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Katie Lilley, Hillenby </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">703-722-3061 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">katielilley@hillenby.com </P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
