Document:

EX-10.1

Portfolio Recovery Associates, Inc.

3.00% Convertible Senior Notes due 2020

Purchase Agreement

August 7, 2013

	 	 	 
	William Blair & Company, L.L.C.

	JMP Securities LLC

	 	

	As Representatives of the Several

	Purchasers Named in Schedule A

	c/o William Blair & Company, L.L.C.

	222 West Adams Street

	Chicago, Illinois 60606

	Ladies and Gentlemen:

	Section 1.

	 	Introductory.

Portfolio Recovery Associates, Inc. (the “Company”), a Delaware corporation, proposes, subject
to the terms and conditions stated herein, to issue and sell to the Purchasers named in Schedule A
hereto (the “Purchasers”) an aggregate of $250,000,000 principal amount of its 3.00% Convertible
Senior Notes due 2020 (the “Firm Securities”), convertible into shares of the Company’s common
stock, par value $0.01 per share (“Common Stock”), and cash or a combination of shares of Common
Stock and cash, and, at the election of the Purchasers, up to an aggregate of $37,500,000
additional principal amount of its 3.00% Convertible Senior Notes due 2020 (the “Optional
Securities”) (the Firm Securities and the Optional Securities which the Purchasers elect to
purchase pursuant to Section 4 hereof are herein collectively called the “Securities”).

	 	 	 
	The Company hereby confirms its agreement with the Purchasers as follows:

	Section 2.

	 	Representations and Warranties of the Company.

The Company represents and warrants to the several Purchasers that:

(a) A preliminary offering memorandum, dated August 6, 2013 (the “Preliminary Offering
Memorandum”) and an offering memorandum, dated August 7, 2013 (the “Offering Memorandum”), have
been prepared in connection with the offering of the Securities and shares of the Common Stock
issuable upon conversion thereof. The Preliminary Offering Memorandum, as amended and supplemented
with the Additional Written Offering Communication (as defined below) set forth on Schedule B
hereto immediately prior to 3:00 P.M., Chicago Time, on August 7, 2013 (the “Applicable Time”), is
hereinafter referred to as the “Pricing Memorandum”. Any reference to the Preliminary Offering
Memorandum, the Pricing Memorandum or the Offering Memorandum shall be deemed to refer to and
include the Company’s most recent Annual Report on Form 10-K and all subsequent documents filed
with the United States Securities and Exchange Commission (the “Commission”) pursuant to Section
13(a), 13(c) or 15(d) of the United States Securities Exchange Act of 1934, as amended (the
“Exchange Act”), on or prior to the date of such memorandum, and any reference to the Preliminary
Offering Memorandum or the Offering Memorandum, as the case may be, as amended or supplemented, as
of any specified date, shall be deemed to include (i) any documents filed with the Commission
pursuant to Section 13(a), 13(c) or 15(d) of the Exchange Act after the date of the Preliminary
Offering Memorandum or the Offering Memorandum, as the case may be, and prior to such specified
date and (ii) any written communication (as defined in Rule 405 under the 1933 Act) that
constitutes an offer to sell or a solicitation of an offer to buy the Securities other than the
Preliminary Memorandum or the Offering Memorandum (“Additional Written Offering Communication”)
furnished by the Company prior to the completion of the distribution of the Securities; and all
documents filed under the Exchange Act and so deemed to be included in the Preliminary Offering
Memorandum, the Pricing Memorandum or the Offering Memorandum, as the case may be, or any amendment
or supplement thereto are hereinafter called the “Exchange Act Reports.” The Exchange Act Reports,
when they were or are filed with the Commission, conformed or will conform in all material respects
to the applicable requirements of the Exchange Act and the applicable rules and regulations of the
Commission thereunder; and no such documents were filed with the Commission since the Commission’s
close of business on the business day immediately prior to the date of this Agreement and prior to
the execution of this Agreement.

(b) The Preliminary Offering Memorandum or the Offering Memorandum and any amendments or
supplements thereto and the Exchange Act Reports did not and will not, as of their respective
dates, contain an untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided, however, that this representation and warranty shall not apply to any
statements or omissions made in reliance upon and in conformity with information furnished in
writing to the Company by a Purchaser through the Representatives expressly for use therein (the
“Purchaser Information”).

(c) The Pricing Memorandum as of the Applicable Time, did not include any untrue statement of
a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; and each
Additional Written Offering Communication does not conflict with the information contained in the
Pricing Memorandum or the Offering Memorandum and each such Additional Written Offering
Communication, as supplemented by and taken together with the Pricing Memorandum as of the
Applicable Time, did not include any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

(d) The Company and its subsidiaries have been duly organized or formed and are validly
existing as corporations or limited liability companies in good standing under the laws of their
respective places of incorporation or formation, as the case may be, with the corporate power and
authority or the power and authority as a limited liability company, as applicable, to own their
properties and conduct their business as described in the Pricing Memorandum; the Company and each
of its subsidiaries are duly qualified to do business as foreign corporations or foreign limited
liability companies, as applicable, under the applicable law of, and are in good standing as such
in, each jurisdiction in which they own or lease substantial properties, have an office, or in
which substantial business is conducted and such qualification is required except in any such case
where the failure to so qualify or be in good standing would not have a material adverse effect
upon the Company and its subsidiaries taken as a whole (a “Material Adverse Effect”); and no
proceeding of which the Company has knowledge has been instituted in any such jurisdiction,
revoking, limiting or curtailing, or seeking to revoke, limit or curtail, such power and authority
or qualification. The States of Kansas, Nevada, Alabama, Tennessee, California, Illinois, the
District of Columbus, Pennsylvania, New York, New Jersey, Texas and the Commonwealth of Virginia
are the only jurisdictions in which the Company or any of its subsidiaries maintains an office or
leases property.

(e) Except with respect to Claims Compensation, LLC, the Company owns directly or indirectly
100 percent of the issued and outstanding limited liability company interests of each of its
subsidiaries, free and clear of any claims, liens, encumbrances or security interests and all of
such limited liability company interests have been duly authorized and validly issued and are fully
paid.

(f) The issued and outstanding shares of capital stock of the Company as set forth in the
Pricing Memorandum have been duly authorized and validly issued, are fully paid and nonassessable;
the shares of Common Stock initially issuable upon conversion of the Securities have been duly and
validly authorized and reserved for issuance and, when issued and delivered in accordance with the
provisions of the Securities and the Indenture referred to below, will be duly and validly issued,
fully paid and non-assessable, free of preemptive or similar rights and will conform in all
material respects to the description of the Common Stock of the Company contained in the Pricing
Memorandum and Offering Memorandum.

(g) The Securities to be sold by the Company have been duly authorized and when issued,
delivered and paid for pursuant to this Agreement, will have been duly executed, authenticated,
issued and delivered and will constitute valid and legally binding obligations of the Company
entitled to the benefits provided by the indenture to be dated as of August 13, 2013 (the
“Indenture”) between the Company and Wells Fargo Bank, National Association, as trustee (the
“Trustee”), under which they are to be issued; the Indenture has been duly authorized and, when
executed and delivered by the Company and the Trustee, the Indenture will constitute a valid and
legally binding instrument, enforceable in accordance with its terms, subject, as to enforcement,
to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or
affecting creditors’ rights and to general equity principles; and the Securities and the Indenture
will conform to the descriptions thereof in the Pricing Memorandum and the Offering Memorandum and
will be in substantially the form previously delivered to the Representatives.

(h) The making and performance by the Company of this Agreement, the issuance of the
Securities and issuance of the Common Stock, if any, upon conversion of the Securities have been
duly authorized by all necessary corporate action and will not (i) violate any provision of the
Company’s charter or bylaws, (ii) result, except as would not have a Material Adverse Effect, in a
breach or violation of any of the terms and provisions of, or constitute a default or change of
control under (A) any agreement, franchise, license, indenture, mortgage, deed of trust, or other
instrument to which the Company or any subsidiary is a party or by which the Company, any
subsidiary or the property of any of them may be bound or affected, or (B) any statute, rule,
regulation or order applicable to the Company or any of its subsidiaries of any court, regulatory
body, administrative agency or other governmental body having jurisdiction over the Company or any
subsidiary or any of their respective properties, or any order of any court, regulatory body,
administrative agency or other governmental body entered in any proceeding to which the Company or
any subsidiary was or is now a party or by which it is bound. No consent, approval, authorization
or other order of any court, regulatory body, administrative agency or other governmental body is
required for the execution and delivery of this Agreement, the issuance of the Securities and the
issuance of the Common Stock, if any, upon conversion of the Securities or the consummation of the
transactions contemplated herein or the Indenture, except as may be required under state securities
or Blue Sky laws or The NASDAQ Global Select Market in connection with the purchase and
distribution of the Securities by the Purchasers. This Agreement has been duly executed and
delivered by the Company.

(i) The accountants who have expressed their opinions with respect to certain of the
consolidated financial statements incorporated by reference in the Pricing Memorandum are an
independent registered public accounting firm as required by the Securities Act of 1933 (the “1933
Act”) and the Exchange Act, and such accountants are not in violation of the auditor independence
requirements of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”).

(j) The consolidated financial statements of the Company incorporated by reference in the
Pricing Memorandum and the Offering Memorandum present fairly, in all material respects, the
consolidated financial position of the Company as of the respective dates of such financial
statements, and the consolidated results of operations and cash flows of the Company for the
respective periods covered thereby, all in conformity with U.S. generally accepted accounting
principles consistently applied throughout the periods involved, except as disclosed therein.

The financial information set forth in the Pricing Memorandum and the Offering Memorandum
under “Summary Consolidated Financial and Operating Data” presents fairly, in all material
respects, on the basis stated in the Pricing Memorandum and the Offering Memorandum, the
information set forth therein.

All disclosures contained in the Pricing Memorandum and the Offering Memorandum regarding
“non-GAAP financial measures” (as such term is defined by the Commission’s rules and regulations)
comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the 1933 Act, to
the extent applicable.

(k) Neither the Company nor any subsidiary is (i) in violation of its organizational documents
or (ii) in default under any consent decree, or in default with respect to any material provision
of any lease, loan agreement, franchise, license, permit or other contract obligation to which it
is a party; and, to the Company’s knowledge, there does not exist any state of facts which
constitutes an event of default as defined in such documents or which, with notice or lapse of time
or both, would constitute such an event of default, in each case, except in the case of clause (ii)
for violations or defaults that neither singly nor in the aggregate would have a Material Adverse
Effect.

(l) There are no material legal or governmental proceedings pending, or to the Company’s
knowledge, threatened to which the Company or any subsidiary is or may be a party or of which
material property owned or leased by the Company or any subsidiary is or may be the subject, or
related to environmental or discrimination matters that are not disclosed in the Pricing Memorandum
and the Offering Memorandum, or that question the validity of this Agreement or any action taken or
to be taken pursuant hereto.

(m) There are no holders of securities of the Company having rights to registration thereof or
preemptive rights to purchase Common Stock.

(n) The Company and each of its subsidiaries have good and marketable title to all the
properties and assets reflected as owned in the financial statements hereinabove described (or
elsewhere in the Pricing Memorandum and the Offering Memorandum), subject to no lien, mortgage,
pledge, charge or encumbrance of any kind except those, if any, reflected in such financial
statements (or elsewhere in the Pricing Memorandum and the Offering Memorandum) or that are not
material to the Company and its subsidiaries taken as a whole. The Company and each of its
subsidiaries hold their respective leased properties that are material to the Company and its
subsidiaries taken as a whole under valid and binding leases.

(o) The Company has not taken and will not take during the offering period (including any time
after the date of the Offering Memorandum during which the Purchasers are deemed to be making a
distribution of the Securities), directly or indirectly, any action designed to or which has
constituted or which might reasonably be expected to cause or result, under the Exchange Act or
otherwise, in stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of the Securities. For the avoidance of doubt, any repurchase of the
Company’s common stock pursuant to a publicly announced share repurchase plan shall not violate the
foregoing provision.

(p) Subsequent to the respective dates as of which information is given in the Pricing
Memorandum and the Offering Memorandum, and except as contemplated by the (i) Pricing Memorandum,
(ii) Offering Memorandum or (iii) First Amendment to Credit Agreement, dated August 6, 2013, by and
among the Company, the Guarantors, the Lenders party thereto constituting the Required Lenders and
Bank of America, N.A. (the “Credit Agreement Amendment”), the Company and its subsidiaries, taken
as a whole, have not incurred any material liabilities or obligations, direct or contingent, or
entered into any material transactions not in the ordinary course of business and there has not
been any material adverse change in their condition (financial or otherwise) or results of
operations nor any material change in their capital stock, short-term debt or long-term debt.

(q) There is no material document of a character required to be described in the Pricing
Memorandum and the Offering Memorandum or Exchange Act Reports which is not described as required.

(r) Except as disclosed in the Pricing Memorandum and the Offering Memorandum, the Company
together with its subsidiaries owns and possesses all right, title and interest in and to, or has
duly licensed from third parties, all patents, patent rights, trade secrets, inventions, know-how,
trademarks, trade names, copyrights, service marks and other proprietary rights (“Trade Rights”)
material to the business of the Company and each of its subsidiaries taken as a whole. Neither the
Company nor any of its subsidiaries has received any notice of infringement, misappropriation or
conflict from any third party as to such material Trade Rights which has not been resolved or
disposed of and neither the Company nor any of its subsidiaries has infringed, misappropriated or
otherwise conflicted with material Trade Rights of any third parties, which infringement,
misappropriation or conflict would have a Material Adverse Effect.

(s) The conduct of the business of the Company and each of its subsidiaries is in compliance
in all respects with applicable federal, state, local and foreign laws and regulations, except
where the failure to be in compliance would not have a Material Adverse Effect.

(t) The Company and its subsidiaries possess certificates, authorizations, or permits issued
by appropriate governmental agencies or bodies necessary to conduct the business now operated by
them, and have not received any notice of proceedings relating to the revocation or modification of
any such certificate, authorization or permit that, if determined adversely to the Company or its
subsidiaries, would, individually or in the aggregate, have a Material Adverse Effect.

(u) All offers and sales of the Company’s capital stock or membership interests of its
subsidiaries prior to the date hereof were either (i) made pursuant to a registration statement
filed by the Company with the Commission under the 1933 Act or (ii) at all relevant times exempt
from the registration requirements of the 1933 Act and, in each case, all such offers and sales
during the twelve months prior to the date hereof were duly registered with or the subject of an
available exemption from the registration requirements of the applicable state and local securities
or blue sky laws.

(v) Except as described in the Offering Memorandum, the Company has filed all necessary
federal and state income and franchise tax returns that were required to be filed prior to the date
hereof, after taking into account all applicable extensions obtained, and has paid all taxes shown
as due thereon and there is no tax deficiency that has been, or to the knowledge of the Company
might be, asserted against the Company or any of its properties or assets, in each case that would
have a Material Adverse Effect.

(w) A registration statement pursuant to Section 12(b) of the Exchange Act to register the
Common Stock thereunder has been declared effective by the Commission pursuant to the Exchange Act,
and the Common Stock is duly registered thereunder. The Common Stock of the Company is listed on
The NASDAQ Global Select Market.

(x) The Company has established and maintains disclosure controls and procedures (as defined
in Rules 13a-15 and 15d-15 under the Exchange Act) and such controls and procedures are effective
in ensuring that material information relating to the Company, including its subsidiaries, is made
known to the principal executive officer and the principal financial officer. The Company has
utilized such controls and procedures (to the extent applicable) in preparing and evaluating the
disclosures included in the Pricing Memorandum and the Offering Memorandum.

(y) The Company and each of its subsidiaries maintain a system of internal accounting controls
sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with
management’s general or specific authorizations; (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with generally accepted accounting
principles and to maintain accountability for assets; (iii) access to assets is permitted only in
accordance with management’s general or specific authorization; and (iv) amounts reflected on the
Company’s consolidated balance sheet for assets are compared with existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.

(z) The Company is not, and after giving effect to the offering and sale of the Securities and
the application of the proceeds thereof as described in the Pricing Memorandum will not be, and
does not intend to conduct its business in a manner in which it would become, an “investment
company” as defined in Section 3(a) of the Investment Company Act of 1940, as amended (“Investment
Company Act”).

(aa) No transaction has occurred between or among the Company and any of its officers or
directors, stockholders or any affiliate or affiliates of any such officer or director or
stockholder that is required to be described in and is not described in the Pricing Memorandum and
the Offering Memorandum or the Exchange Act Reports.

(bb) The Company’s board of directors has validly appointed an audit committee whose
composition satisfies the requirements of Rule 5605(c)(2) of the Rules of The NASDAQ Stock Market
(the “NASDAQ Rules”), and the board of directors or the audit committee has adopted a charter that
satisfies the requirements of Rule 5605(c)(1) of the NASDAQ Rules.

(cc) The Company and its subsidiaries are insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as are customary in the businesses
in which they are engaged or propose to engage after giving effect to the transactions described in
the Pricing Memorandum and the Offering Memorandum. To the knowledge of the Company, all policies
of insurance and fidelity or surety bonds insuring the Company, its subsidiaries and their
respective businesses, assets, employees, officers and directors are in full force and effect; and
the Company and its subsidiaries are in compliance with the terms of such policies and instruments
in all material respects.

(dd) The Company is in compliance in all material respects with all applicable provisions of
the Sarbanes-Oxley Act and all rules and regulations promulgated thereunder.

(ee) None of the Company and its subsidiaries is involved in any labor dispute nor, to the
knowledge of the Company, is any such dispute threatened. The Company is not aware of any
threatened or pending litigation between the Company and any of its executive officers and has not
received notice from any of its executive officers that such officer does not intend to remain in
the employment of the Company.

(ff) The statements set forth in the Pricing Memorandum and the Offering Memorandum under the
caption “Description of Notes” and “Description of Common Stock”, insofar as they purport to
constitute a summary of the terms of the Securities and the Common Stock issuable upon conversion
of the Securities, under the caption “Certain U.S. Federal Income Tax Considerations”, and under
the caption “Plan of Distribution”, insofar as they purport to describe the provisions or provide
summaries of the laws and documents referred to therein, fairly and accurately summarize the
matters referred to therein in all material respects (based on the assumptions described therein).

(gg) The Company has not sold or issued any shares of Common Stock during the six-month period
preceding the date of the Offering Memorandum, including any sales pursuant to Regulation D of the
Act, other than (i) shares issued pursuant to employee benefit plans, stock option plans or other
employee compensation plans or pursuant to outstanding options, rights or warrants, or (ii) as
disclosed in the Pricing Memorandum.

(hh) Neither the Company nor any of its subsidiaries, nor, to the Company’s knowledge, any
director, officer, agent, employee or other person associated with or, to the Company’s knowledge,
acting on behalf of the Company or any of its subsidiaries, has violated or is in violation of any
provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”), and the rules
and regulations thereunder, including, without limitation, by making use of mails or any means or
instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to
pay or authorization of the payment of any money, or other property, gift, promise to give, or
authorization of the giving of anything of value to any “foreign official” (as such term is defined
in the FCPA) or any foreign political party or official thereof or any candidate for foreign
political office in contravention of the FCPA.

(ii) The operations of the Company and its subsidiaries are and have been conducted at all
times in compliance with applicable financial recordkeeping and reporting requirements of the
Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes
of all jurisdictions in which the Company and its subsidiaries conduct business, the rules and
regulations thereunder and any related or similar rules, regulations or guidelines, issued,
administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and
no action, suit or proceeding by or before any court or governmental agency, authority or body or
any arbitrator involving the Company or any of its subsidiaries with respect to the Money
Laundering Laws is pending or, to the knowledge of the Company, threatened.

(jj) Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any
director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is
currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the
U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly use the proceeds
of the offering of the Securities, or lend, contribute or otherwise make available such proceeds to
any subsidiary, joint venture partner or other person or entity, for the purpose of financing the
activities of any person currently subject to any U.S. sanctions administered by OFAC.

(kk) None of the transactions contemplated by this Agreement (including, without limitation,
the use of the proceeds from the sale of the Securities) will violate or result in a violation of
Section 7 of the Exchange Act, or any regulation promulgated thereunder, including, without
limitation, Regulations T, U, and X of the Board of Governors of the Federal Reserve System.

(ll) When the Securities are issued and delivered pursuant to this Agreement, the Securities
will not be of the same class (within the meaning of Rule 144A under the 1933 Act) as securities
which are listed on a national securities exchange registered under Section 6 of the Exchange Act
or quoted in a U.S. automated inter-dealer quotation system.

(mm) The Company is subject to Section 13 or 15(d) of the Exchange Act and has filed all the
material required to be filed pursuant to Section 13, 14 or 15(d) thereof and has filed in a timely
manner all reports required to be filed thereunder during the 12 calendar months and any portion of
a month immediately preceding the date hereof.

(nn) Neither the Company nor any person acting on its or their behalf (provided that no
representation is made as to the Purchasers or any person acting on their behalf) has offered or
sold the Securities by means of any general solicitation or general advertising within the meaning
of Rule 502(c) under the 1933 Act.

(oo) Within the preceding six months, neither the Company nor any other person acting on
behalf of the Company (provided that no representation is made as to the Purchasers or any person
acting on their behalf) has offered or sold to any person any Securities, or any securities of the
same or a similar class as the Securities, other than Securities offered or sold to the Purchasers
hereunder. The Company will take reasonable precautions designed to insure that any offer or sale,
direct or indirect, in the United States or to any U.S. person (as defined in Rule 902 under the
1933 Act) of any Securities or any substantially similar security issued by the Company, within six
months subsequent to the date on which the distribution of the Securities has been completed (as
notified to the Company by the Representatives), is made under restrictions and other circumstances
reasonably designed not to affect the status of the offer and sale of the Securities in the United
States and to U.S. persons contemplated by this Agreement as transactions exempt from the
registration provisions of the 1933 Act.

(pp) Assuming the accuracy of the representations and warranties of the Purchasers contained
in Section 3 and their compliance with their agreements set forth therein, it is not necessary in
connection with the offer, sale and delivery of the Securities to the Purchasers in the manner
contemplated by this Agreement to register the Securities under the 1933 Act or to qualify the
Indenture under the Trust Indenture Act of 1939, as amended.

(qq) The Securities satisfy the requirements set forth in Rule 144A(d)(3) under the 1933 Act.

Section 3. Representations and Warranties of the Purchasers.

(a) Each Purchaser, severally and not jointly, represents and warrants that such Purchaser is
a qualified institutional buyer as defined in Rule 144A under the 1933 Act (a “QIB”) with such
knowledge and experience in financial and business matters as are necessary in order to evaluate
the merits and risks of an investment in the Securities. Each Purchaser, severally and not
jointly, agrees with the Company that (i) it will not solicit offers for, or offer or sell, such
Securities by any form of general solicitation or general advertising (as those terms are used in
Regulation D under the 1933 Act) or in any manner involving a public offering within the meaning of
Section 4(2) of the 1933 Act and (ii) it will solicit offers for such Securities only from, and
will offer such Securities only to, persons that it reasonably believes to be QIBs that in
purchasing such Securities are deemed to have represented and agreed as provided in the Offering
Memorandum under the captions “Notice to Investors” and “Transfer Restrictions”.

(b) Each Purchaser, severally and not jointly, represents, warrants, and agrees with respect
to offers and sales outside the United States that:

(i) such Purchaser understands that no action has been or will be taken in any jurisdiction by
the Company that would permit a public offering of the Securities, or possession or distribution of
the Preliminary Offering Memorandum, the Pricing Memorandum, the Offering Memorandum or any other
offering or publicity material relating to the Securities, in any country or jurisdiction where
action for that purpose is required; and

(ii) the Securities have not been registered under the 1933 Act and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons except in accordance
with Rule 144A under the 1933 Act or pursuant to another exemption from the registration
requirements of the 1933 Act.

Section 4. Purchase, Sale and Delivery of Securities.

On the basis of the representations, warranties and agreements herein contained, but subject
to the terms and conditions herein set forth, (a) the Company agrees to sell to the Purchasers
named in Schedule A hereto, and each of the Purchasers agree, severally and not jointly, to
purchase from the Company at a purchase price of 97.25% of the principal amount thereof, of Firm
Securities, and (b) in the event and to the extent that the Representatives shall exercise the
election to purchase Optional Securities as provided below, the Company agrees to issue and sell to
each of the Purchasers, and each of the Purchasers agrees, severally and not jointly, to purchase
from the Company, at the same purchase price set forth in clause (a) of this Section 4, that
portion of the aggregate the principal amount of the Optional Securities as to which such election
shall have been exercised (to be adjusted by the Company so as to eliminate fractions of $1,000),
in each case as set forth opposite the name of such Purchaser in Schedule A hereto.

The Company hereby grants to the Purchasers the right to purchase at their election up to
$37,500,000 in aggregate principal amount of the Optional Securities, at the purchase price set
forth in clause (a) of the first paragraph of this Section 4. Any such election to purchase
Optional Securities may be exercised only by written notice from you to the Company, given within a
period of 30 calendar days after the date of this Agreement solely to cover overallotments, setting
forth the aggregate principal amount of Optional Securities to be purchased and the date on which
such Optional Securities are to be delivered, as determined by the Representatives but in no event
earlier than the First Closing Date (as defined below) or, unless the Representatives and the
Company otherwise agree in writing, earlier than two or later than ten New York Business Days after
the date of such notice. “New York Business Day” shall mean each Monday, Tuesday, Wednesday,
Thursday and Friday which is not a day on which banking institutions in New York are generally
authorized or obligated by law or executive order to close.

The Securities to be purchased by each Purchaser hereunder will be represented by one or more
definitive global Securities in book-entry form which will be deposited by or on behalf of the
Company with The Depository Trust Company (“DTC”) or its designated custodian. The Company will
deliver the Securities to the Representatives for the account of each Purchaser, against payment by
or on behalf of such Purchaser of the purchase price therefor by wire transfer of Federal
(same-day) funds, by causing DTC to credit the Securities to the account of the Representatives at
DTC. The Company will cause the certificates representing the Securities to be made available via
PDF to the Representatives for checking at least twenty-four hours prior to the Closing Date (as
defined below) at the offices of Wilson Sonsini Goodrich & Rosati, Professional Corporation, 650
Page Mill Road, Palo Alto, California 94304 (the “Closing Location”). The time and date of such
delivery and payment shall be, with respect to the Firm Securities, 9:30 a.m., Chicago time, on
August 13, 2013 or such other time and date as the Representatives and the Company may agree upon
in writing, and, with respect to the Optional Securities, 9:30 a.m., Chicago time, on the date
specified by the Representatives in the written notice given by the Representatives of the
Purchasers’ election to purchase such Optional Securities, or such other time and date as the
Representatives and the Company may agree upon in writing. Such time and date for delivery of the
Firm Securities is herein called the “First Closing Date”, such time and date for delivery of the
Optional Securities, if not the First Closing Date, is herein called the “Second Closing Date”, and
each such time and date for delivery is herein called a “Closing Date”.

The documents to be delivered at each Closing Date by or on behalf of the parties hereto
pursuant to Section 8 hereof, including the cross receipt for the Securities and any additional
documents requested by the Purchasers pursuant to Section 8(ix) hereof, will be delivered at the
Closing Location, and the Securities will be delivered at the office of DTC or its designated
custodian, all at such Closing Date. Final drafts of the documents to be delivered pursuant to the
preceding sentence will be available for review by the parties hereto at the Closing Location at
5:00 p.m., Chicago time, on the New York Business Day next preceding such Closing Date.

Section 5. Covenants of the Company.

The Company covenants and agrees as follows:

(a) To furnish to the Representatives, on the business day next succeeding the date of this
Agreement and during the period mentioned in Section 5(d) or (e), PDF copies and, upon request and
without charge, as many printed copies of the Pricing Memorandum, the Offering Memorandum, any
documents incorporated by reference therein and any supplements and amendments thereto as the
Representatives may reasonably request.

(b) Before amending or supplementing the Preliminary Offering Memorandum, the Pricing
Memorandum or the Offering Memorandum, to furnish to the Representatives a copy of each such
proposed amendment or supplement and not to use any such proposed amendment or supplement to which
the Representatives reasonably object.

(c) To furnish to the Representatives a copy of each proposed Additional Written Offering
Communication to be prepared by or on behalf of, used by, or referred to by the Company and not to
use or refer to any proposed Additional Written Offering Communication to which the Representatives
reasonably object.

(d) If the Pricing Memorandum is being used to solicit offers to buy the Securities at a time
when the Offering Memorandum is not yet available to prospective purchasers and any event shall
occur or condition exist as a result of which it is necessary to amend or supplement the Pricing
Memorandum in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading, or if, in the opinion of counsel for the Purchasers, it is
necessary to amend or supplement the Pricing Memorandum to comply with applicable law, forthwith to
prepare and furnish, at its own expense, to the Purchasers and to any dealer upon request, either
amendments or supplements to the Pricing Memorandum so that the statements in the Pricing
Memorandum as so amended or supplemented will not, in the light of the circumstances when delivered
to a prospective purchaser, be misleading or so that the Pricing Memorandum, as amended or
supplemented, will comply with applicable law.

(e) If, during such period after the date hereof and prior to the date on which all of the
Securities shall have been sold by the Purchasers, any event shall occur or condition exist as a
result of which it is necessary to amend or supplement the Offering Memorandum in order to make the
statements therein, in the light of the circumstances under which they are made when the Offering
Memorandum is delivered to a purchaser, not misleading, or if, in the opinion of counsel for the
Purchasers, it is necessary to amend or supplement the Offering Memorandum to comply with
applicable law, forthwith to prepare and furnish, at its own expense, to the Purchasers, either
amendments or supplements to the Offering Memorandum so that the statements in the Offering
Memorandum as so amended or supplemented will not, in the light of the circumstances under which
they were made when the Offering Memorandum is delivered to a purchaser, be misleading or so that
the Offering Memorandum, as amended or supplemented, will comply with applicable law.

(f) To endeavor to qualify the Securities for offer and sale under the securities or Blue Sky
laws of such jurisdictions within the United States and Canada as the Representatives shall
reasonably request; provided that in connection therewith the Company shall not be required to (i)
qualify as a foreign corporation, (ii) qualify as a dealer in securities, or (iii) take any action
that would subject it to general service of process in any such jurisdiction where it is not
presently qualified or where it would be subject to taxation in respect of doing business in any
jurisdiction which it otherwise would not.

(g) Neither the Company nor any of its affiliates (as defined in Rule 144 under the 1933 Act)
will sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in the 1933 Act) which could be integrated with the sale of the Securities in
a manner which would require the registration under the 1933 Act of the Securities.

(h) Not to solicit any offer to buy or offer or sell the Securities or the Common Stock
issuable upon conversion of the Securities by means of any form of general solicitation or general
advertising (as those terms are used in Regulation D under the 1933 Act) or in any manner involving
a public offering within the meaning of Section 4(2) of the 1933 Act.

(i) While any of the Securities or the Common Stock issuable upon conversion of the Securities
remain “restricted securities” within the meaning of the 1933 Act, to make available, upon request,
to any seller of such Securities the information specified in Rule 144A(d)(4) under the 1933 Act,
unless the Company is then subject to Section 13 or 15(d) of the Exchange Act.

(j) During the period of one year after the First Closing Date or Second Closing Date, if
later, the Company will not, and will not permit any of its affiliates to resell any of the
Securities or the Common Stock issuable upon conversion of the Securities which constitute
“restricted securities” under Rule 144 that have been reacquired by any of them.

(k) Not to take any action prohibited by Regulation M under the Exchange Act in connection
with the distribution of the Securities contemplated hereby.

(l) For so long as the Company is subject to the Exchange Act, the Company will comply in all
material respects with all registration, filing and reporting requirements of the Exchange Act and
The NASDAQ Global Select Market and the Company will comply in all material respects with all
applicable provisions of the Sarbanes-Oxley Act.

(m) The Company will maintain such controls and other procedures, including without limitation
those required by the Sarbanes-Oxley Act and the applicable regulations thereunder, that are
designed to ensure that information required to be disclosed by the Company in the reports that it
files or submits under the Exchange Act is recorded, processed, summarized and reported within the
time periods specified in the Commission’s rules and forms, including without limitation, controls
and procedures designed to ensure that information required to be disclosed by the Company in the
reports that it files or submits under the Exchange Act is accumulated and communicated to the
Company’s management, including its principal executive officer and its principal financial
officer, or persons performing similar functions, as appropriate to allow timely decisions
regarding required disclosure, to ensure that material information relating to the Company,
including its subsidiaries, is made known to them by others within those entities.

(n) For so long as the Company is subject to the Exchange Act, the Company and its
subsidiaries will maintain a system of internal accounting controls designed to provide reasonable
assurance that: (i) transactions are executed in accordance with management’s general or specific
authorizations; (ii) transactions are recorded as necessary to permit preparation of financial
statements in conformity with generally accepted accounting principles and to maintain
accountability for assets; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; and (iv) amounts reflected on the Company’s consolidated balance
sheet for assets is compared with existing assets at reasonable intervals and appropriate action is
taken with respect to any differences.

The Company also agrees that, without the prior written consent of the Representatives on
behalf of the Purchasers, it will not, during the period ending 90 days after the date of the
Offering Memorandum (the “Restricted Period”), (1) offer, pledge, sell, contract to sell, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or
warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares
of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock
or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of the common stock, whether any such transaction
described in clause (1) or (2) above is to be settled by delivery of common stock or such other
securities, in cash or otherwise. The foregoing sentence shall not apply to (a) the sale of the
Securities under this Agreement, (b) the issuance of shares of Common Stock upon conversion of the
Securities, if applicable or (c) the issuance by the Company of any shares of Common Stock upon the
exercise of an option, warrant or right or the conversion of a security outstanding on the date
hereof or any grants under the Company’s equity or stock plans in accordance with the terms of such
plans as described in the Offering Memorandum.

Section 6. Covenants of the Company and the Purchasers.

The Company represents and agrees that, unless it obtains the prior consent of the
Representatives, and each Purchaser, severally and not jointly, represents and agrees that, except
for one or more term sheets relating to the Securities containing customary information and
conveyed to purchasers of Securities, unless it obtains the prior consent of the Company and the
Representatives, it has not made and will not make any offer relating to the Securities that, if
the offering of Securities contemplated by this Agreement were conducted as a public offering
pursuant to a registration statement under the 1933 Act, would constitute an “issuer free writing
prospectus,” as defined in Rule 433, or that would otherwise constitute a “free writing
prospectus,” as defined in Rule 405, required to be filed with the Commission.

Section 7. Payment of Expenses.

Whether or not the transactions contemplated hereunder are consummated or this Agreement
becomes effective as to all of its provisions or is terminated, the Company agrees to pay (i) all
costs, fees and expenses (other than legal fees and disbursements of counsel for the Purchasers and
the expenses incurred by the Purchasers) incurred in connection with the performance of the
obligations of the Company hereunder, including without limiting the generality of the foregoing,
all fees and expenses of legal counsel for the Company and of the Company’s independent
accountants, all costs and expenses incurred in connection with the preparation, printing, filing
and distribution (including electronic delivery) of the Preliminary Offering Memorandum, the
Pricing Memorandum, the Offering Memorandum, any Additional Written Offering Communication
(including all exhibits and financial statements) and all amendments and supplements provided for
herein, this Agreement and a blue sky memorandum, (ii) all reasonable third-party costs, fees and
expenses (including reasonable legal fees and disbursements of outside legal counsel for the
Purchasers not to exceed $15,000) incurred by the Purchasers in connection with qualifying or
registering all or any part of the Securities for offer and sale under blue sky laws; (iii) all
costs and expenses related to the transfer and delivery of the Securities to the Purchasers,
including any transfer or other taxes payable thereon; (iv) all reasonable costs, fees and expenses
(including without limitation any damages or other amounts payable in connection with legal or
contractual liability) associated with the reforming of any contracts for sale of the Securities
made by the Purchasers caused by a breach of the representation contained in the second paragraph
of Section 2(c); provided, however, that except as provided in this Section 7 and in Sections 9, 11
and 14 of this Agreement, the Purchasers will pay all of their own costs and expenses, including
fees of their counsel (except as set forth above), transfer taxes on resale of any Securities by
them; (v) any fees charged by rating agencies for the rating of the Securities; (vi) the fees and
expenses, if any, incurred in connection with the admission of the Securities for trading any
appropriate market system; (vii) the costs and charges of the Trustee and any transfer agent,
registrar or depositary; (viii) the cost of the preparation, issuance and delivery of the
Securities; (ix) the costs and expenses of the Company relating to investor presentations on any
“road show” undertaken in connection with the marketing of the offering of the Securities,
including, without limitation, expenses associated with the preparation or dissemination of any
electronic road show, expenses associated with production of road show slides and graphics and fees
and expenses of any consultants engaged in connection with the road show presentations with the
prior approval of the Company; (x) the document production charges and expenses associated with
printing this Agreement; and (xi) all other reasonable cost and expenses incident to the
performance of the obligations of the Company hereunder for which provision is not otherwise made
in this Section. It is understood, however, that, except as provided in this Section, and Sections
9, 11 and 14 hereof, the Purchasers will pay all of their own costs and expenses, including the
fees of their counsel and transfer taxes on resale of any of the Securities by them.

Section 8. Conditions of the Obligations of the Purchasers.

The obligations of the several Purchasers to purchase and pay for the Firm Securities on the
First Closing Date and the Optional Securities on the Second Closing Date shall be subject to the
accuracy of the representations and warranties on the part of the Company herein set forth as of
the date hereof and as of the First Closing Date or the Second Closing Date, as the case may be, to
the accuracy of the statements of officers of the Company made pursuant to the provisions hereof,
to the performance by the Company of its obligations hereunder, and to the following additional
conditions:

(a) The Securities shall have been qualified for sale under the blue sky laws of such states
as shall have been specified by the Representatives.

(b) The legality and sufficiency of the authorization, issuance and sale or transfer and sale
of the Securities hereunder, the validity and form of the certificates representing the Securities,
the execution and delivery of this Agreement, and all corporate proceedings and other legal matters
incident thereto, and the form of the Preliminary Offering Memorandum, Pricing Memorandum and
Offering Memorandum shall have been approved by counsel for the Purchasers exercising reasonable
judgment.

(c) You shall not have advised the Company that the Pricing Memorandum, or the Offering
Memorandum or any amendment or supplement thereto, contains an untrue statement of fact, which, in
the opinion of counsel for the Purchasers, is material or omits to state a fact which, in the
opinion of such counsel, is material and is required to be stated therein or necessary to make the
statements therein not misleading.

(d) Subsequent to the execution and delivery of this Agreement, there shall not have occurred
any material adverse change, or any development involving a prospective material adverse change, in
or affecting particularly the business or properties of the Company or its subsidiaries, taken as a
whole, whether or not arising in the ordinary course of business, which, in the judgment of the
Representatives, makes it impractical or inadvisable to proceed with the public offering or
purchase of the Securities as contemplated hereby.

(e) There shall have been furnished to you, as Representatives of the Purchasers, on the First
Closing Date or the Second Closing Date, as the case may be, except as otherwise expressly provided
below:

(i) An opinion of Dechert LLP, counsel for the Company, addressed to the Purchasers and dated
the First Closing Date or the Second Closing Date, as the case may be, in form and substance
reasonably acceptable to the Purchasers.

(ii) An opinion of Wilson Sonsini Goodrich & Rosati, Professional Corporation, counsel for the
Purchasers, dated the First Closing Date or the Second Closing Date, as the case may be, in form
and substance reasonably acceptable to the Purchasers, and the Company shall have furnished to such
counsel such documents and shall have exhibited to them such papers and records as they may
reasonably request for the purpose of enabling them to pass upon such matters.

(iii) A certificate of the chief executive officer and the principal financial officer of the
Company, dated the First Closing Date or the Second Closing Date, as the case may be, to the effect
that:

(1) the representations and warranties of the Company set forth in Section 2 of this Agreement
are true and correct as of the date of this Agreement and as of the First Closing Date or the
Second Closing Date, as the case may be, and the Company has complied with all the agreements and
satisfied all the conditions on its part to be performed or satisfied at or prior to such Closing
Date;

(2) there shall not have occurred any downgrading, nor shall any notice have been given of any
intended or potential downgrading or of any review for a possible change that does not indicate the
direction of the possible change, in the rating accorded any of the debt securities of the Company
by any “nationally recognized statistical rating organization,” as such term is defined in Section
3(a)(62) of the Exchange Act;

(3) there shall not have occurred any change, or any development involving a prospective
change, in the condition, financial or otherwise, or in the earnings, business or operations of the
Company and its subsidiaries, taken as a whole, from that set forth in the Pricing Memorandum
provided to the prospective purchasers of the Securities that, in the Representatives’ judgment, is
material and adverse and that makes it, in the Representative’s judgment, impracticable to market
the Securities on the terms and in the manner contemplated in the Pricing Memorandum; and

(4) subsequent to the date of the most recent financial statements included in the Pricing
Memorandum, and except as set forth or contemplated in the Pricing Memorandum or the Credit
Agreement Amendment, (A) none of the Company and its consolidated subsidiaries has incurred any
material liabilities or obligations, direct or contingent, or entered into any material
transactions, in each case, not in the ordinary course of business, and (B) there has not been any
change that has had or would reasonably be expected to have a Material Adverse Effect or any
material change in short-term debt or long-term debt of the Company and its subsidiaries.

The delivery of the certificate provided for in this subparagraph shall be and constitute a
representation and warranty of the Company as to the facts required in the immediately foregoing
clauses (1), (2), (3) and (4) to be set forth in said certificate.

(iv) On the date hereof and also on the First Closing Date or the Second Closing Date, as the
case may be, there shall be delivered to you a letter addressed to you, as Representatives of the
Purchasers, from KPMG LLP, an independent registered public accountant firm, the first one to be
dated the date hereof, the second one to be dated the First Closing Date and the third one (in the
event of a second closing) to be dated the Second Closing Date, in form and substance reasonably
satisfactory to the Purchasers. There shall not have been any change or decrease specified in the
letters referred to in this subparagraph which makes it impractical or inadvisable in the judgment
of the Representatives to proceed with the public offering or purchase of the Securities as
contemplated hereby.

(v) A certificate of the chief executive officer and the principal financial officer of the
Company, dated the First Closing Date or the Second Closing Date, as the case may be, verifying the
truth and accuracy of such statistical or financial figures regarding the Company included in the
Pricing Memorandum which you may reasonably request and which have not been otherwise verified by
the letters referred to in clause (v) above, such verification to include the provision of
documentary evidence supporting any such statistical or financial figure.

(vi) The “lock-up” agreements, each substantially in the form of Exhibit A hereto, between the
Representatives and each of the officers and directors of the Company named in Schedule C hereto
relating to sales and certain other dispositions of shares of Common Stock or certain other
securities, delivered to the Representatives on or before the date hereof, shall be in full force
and effect on the Closing Date.

(vii) An application for the listing of the Common Stock issuable upon conversion of the
Securities (assuming the Company elects to physically settle the Securities) shall have been
submitted to The NASDAQ Global Select Market.

(viii) Such further certificates and documents as you may reasonably request.

All such opinions, certificates, letters and documents shall be in compliance with the
provisions hereof only if they are satisfactory to you and to Wilson Sonsini Goodrich & Rosati,
Professional Corporation, counsel for the Purchasers, which approval shall not be unreasonably
withheld. The Company shall furnish you with such manually signed or conformed copies of such
opinions, certificates, letters and documents as you request.

If any condition to the Purchasers’ obligations hereunder to be satisfied prior to or at the
First Closing Date is not so satisfied, this Agreement at your election will terminate upon
notification to the Company without liability on the part of any Purchaser or the Company, except
for the expenses to be paid or reimbursed by the Company pursuant to Sections 7 and 9 hereof and
except to the extent provided in Section 11 hereof.

Section 9. Reimbursement of Purchasers’ Expenses.

If the sale to the Purchasers of the Firm Securities on the First Closing Date is not
consummated because any condition of the Purchasers’ obligations hereunder is not satisfied or
because of any refusal, inability or failure on the part of the Company to perform any agreement
herein or to comply with any provision hereof, unless such failure to satisfy such condition or to
comply with any provision hereof is due to the default or omission of any Purchaser, the Company
agrees to reimburse you and the other Purchasers upon demand for all out-of-pocket expenses
(including reasonable fees and disbursements of counsel) that shall have been reasonably incurred
by you and them in connection with the proposed purchase and the sale of the Securities. Any such
termination shall be without liability of any party to any other party except that the provisions
of Section 7, Section 9 and Section 11 shall at all times be effective and shall apply.

	 	 	 
	Section 10.

Section 11.

	 	Reserved.

Indemnification.

(a) The Company agrees to indemnify and hold harmless each Purchaser and each person, if any,
who controls any Purchaser within the meaning of the 1933 Act or the Exchange Act against any
losses, claims, damages or liabilities, joint or several, to which such Purchaser or such
controlling person may become subject under the 1933 Act, the Exchange Act or other federal or
state statutory law or regulation, at common law or otherwise (including in settlement of any
litigation if such settlement is effected with the written consent of the Company), insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon any untrue statement or alleged untrue statement of any material fact contained in the
Preliminary Offering Memorandum, the Pricing Memorandum or any amendment or supplement thereto, any
Additional Written Offering Communication prepared by or on behalf of, used by, or referred to by
the Company, any road-show or the Offering Memorandum or any amendment or supplement thereto, or
arise out of or are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances under which they were made; and will reimburse each Purchaser and each such
controlling person for any legal or other expenses reasonably incurred by such Purchaser or such
controlling person in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Company will not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in the Preliminary
Offering Memorandum, the Pricing Memorandum or any amendment or supplement thereto, any Additional
Written Offering Communication prepared by or on behalf of, used by, or referred to by the Company,
any road-show or the Offering Memorandum or any amendment or supplement thereto in reliance upon
and in conformity with written information furnished to the Company by or on behalf of any
Purchaser through the Representatives, specifically for use therein. In addition to its other
obligations under this Section 11(a), the Company agrees that, as an interim measure during the
pendency of any claim, action, investigation, inquiry or other proceeding arising out of or based
upon any statement or omission, or any alleged statement or omission, described in this
Section 11(a), it will reimburse the Purchasers on a monthly basis for all reasonable legal and
other expenses incurred in connection with investigating or defending any such claim, action,
investigation, inquiry or other proceeding, notwithstanding the absence of a judicial determination
as to the propriety and enforceability of the Company’s obligation to reimburse the Purchasers for
such expenses and the possibility that such payments might later be held to have been improper by a
court of competent jurisdiction. This indemnity agreement will be in addition to any liability
which the Company may otherwise have.

(b) Each Purchaser will severally indemnify and hold harmless the Company, each of its
directors, each of its officers, and each person, if any, who controls the Company within the
meaning of the 1933 Act or the Exchange Act, against any losses, claims, damages or liabilities to
which the Company, or any such director, officer, or controlling person may become subject under
the 1933 Act, the Exchange Act or other federal or state statutory law or regulation, at common law
or otherwise (including in settlement of any litigation, if such settlement is effected with the
written consent of such Purchaser), insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any untrue or alleged untrue statement
of any material fact contained in the Preliminary Offering Memorandum, the Pricing Memorandum or
any amendment or supplement thereto, any Additional Written Offering Communication prepared by or
on behalf of, used by, or referred to by the Company, any road-show or the Offering Memorandum or
any amendment or supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances under which they were made to the
extent, but only to the extent, that such untrue statement or alleged untrue statement or omission
or alleged omission was made in the Preliminary Offering Memorandum, the Pricing Memorandum or any
amendment or supplement thereto, any Additional Written Offering Communication prepared by or on
behalf of, used by, or referred to by the Company, any road-show or the Offering Memorandum or any
amendment or supplement thereto in reliance upon and in conformity with Section 3 of this Agreement
or any other written information furnished to the Company by such Purchaser through the
Representatives specifically for use in the preparation thereof, it being understood and agreed
that the only such information consists of the following: the first sentence of the sixth
paragraph, the fourth sentence of the seventh paragraph and the fourteenth paragraph, each under
the heading “Plan of Distribution” in the Preliminary Offering Memorandum and the Offering
Memorandum; and will reimburse any legal or other expenses reasonably incurred by the Company, or
any such director, officer, or controlling person in connection with investigating or defending any
such loss, claim, damage, liability or action. In addition to their other obligations under this
Section 11(b), the Purchasers agree that, as an interim measure during the pendency of any claim,
action, investigation, inquiry or other proceeding arising out of or based upon any statement or
omission, or any alleged statement or omission, described in this Section 11(b), they will
reimburse the Company on a monthly basis for all reasonable legal and other expenses incurred in
connection with investigating or defending any such claim, action, investigation, inquiry or other
proceeding, notwithstanding the absence of a judicial determination as to the propriety and
enforceability of the Purchasers’ obligation to reimburse the Company for such expenses and the
possibility that such payments might later be held to have been improper by a court of competent
jurisdiction. This indemnity agreement will be in addition to any liability which such Purchaser
may otherwise have.

(c) Promptly after receipt by an indemnified party under this Section 11 of notice of the
commencement of any action, such indemnified party will, if a claim in respect thereof is to be
made against an indemnifying party under this Section 11, notify the indemnifying party of the
commencement thereof; but the omission so to notify the indemnifying party will not relieve it from
any liability which it may have to any indemnified party except to the extent that the indemnifying
party was prejudiced by such failure to notify. In case any such action is brought against any
indemnified party, and it notifies an indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate in, and, to the extent that it may wish, jointly
with all other indemnifying parties similarly notified, to assume the defense thereof, with counsel
reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such
action include both the indemnified party and the indemnifying party and the indemnified party
shall have reasonably concluded, based on the advice of outside counsel, that there may be legal
defenses available to it and/or other indemnified parties which are different from or additional to
those available to the indemnifying party, or the indemnified and indemnifying parties may have
conflicting interests which would make it inappropriate for the same counsel to represent both of
them, the indemnified party or parties shall have the right to select separate counsel to assume
such legal defense and otherwise to participate in the defense of such action on behalf of such
indemnified party or parties. Upon receipt of notice from the indemnifying party to such
indemnified party of its election so to assume the defense of such action and approval by the
indemnified party of counsel, the indemnifying party will not be liable to such indemnified party
under this Section 11 for any legal or other expenses subsequently incurred by such indemnified
party in connection with the defense thereof unless (i) the indemnified party shall have employed
such counsel in connection with the assumption of legal defense in accordance with the proviso to
the next preceding sentence (it being understood, however, that the indemnifying party shall not be
liable for the expenses of more than one separate counsel, approved by the Representatives in the
case of paragraph (a) representing all indemnified parties not having different or additional
defenses or potential conflicting interest among themselves who are parties to such action),
(ii) the indemnifying party shall not have employed counsel reasonably satisfactory to the
indemnified party to represent the indemnified party within a reasonable time after notice of
commencement of the action or (iii) the indemnifying party has authorized the employment of counsel
for the indemnified party at the expense of the indemnifying party. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any settlement of any pending or
threatened proceeding in respect of which any indemnified party is or could have been a party and
indemnity could have been sought hereunder by such indemnified party, unless such settlement
includes an unconditional release of such indemnified party from all liability arising out of such
proceeding.

(d) If the indemnification provided for in this Section 11 is unavailable to an indemnified
party under paragraphs (a) or (b) hereof in respect of any losses, claims, damages or liabilities
referred to therein, then each applicable indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to
reflect the relative benefits received by the Company and the Purchasers from the offering of the
Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in
clause (i) above but also the relative fault of the Company and the Purchasers in connection with
the statements or omissions which resulted in such losses, claims, damages or liabilities, as well
as any other relevant equitable considerations. The respective relative benefits received by the
Company and the Purchasers shall be deemed to be in the same proportion, in the case of the
Company, as the total price paid to the Company for the Securities by the Purchasers (net of
discount but before deducting expenses) bears to, and in the case of the Purchasers, as the
discount received by them bears to, the total of such amounts paid to the Company and received by
the Purchasers as discount, in each case as contemplated by Section 4. The relative fault of the
Company and the Purchasers shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission to state a material fact
relates to information supplied by the Company or the Purchasers and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission.
The amount paid or payable by a party as a result of the losses, claims, damages and liabilities
referred to above shall be deemed to include any legal or other fees or expenses reasonably
incurred by such party in connection with investigating or defending any action or claim.

The Company and the Purchasers agree that it would not be just and equitable if contribution
pursuant to this Section 11(d) were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 11(d), no
Purchaser shall be required to contribute any amount in excess of the amount by which the total
price at which the Securities purchased by it and distributed exceeds the amount of any damages
which such Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. The Purchasers’ obligations to
contribute pursuant to this Section 11(d) are several in proportion to their respective commitments
and not joint.

(e) The provisions of this Section 11 shall survive any termination of this Agreement.

Section 12. Default of Purchasers.

It shall be a condition to the agreement and obligation of the Company to sell and deliver the
Securities hereunder, and of each Purchaser to purchase the Securities hereunder, that, except as
hereinafter in this paragraph provided, each of the Purchaser shall purchase and pay for all
Securities agreed to be purchased by such Purchaser hereunder upon tender to the Representatives of
all such Securities in accordance with the terms hereof. If any Purchaser or Purchasers default in
their obligations to purchase Securities hereunder on the First Closing Date and the aggregate
principal amount of Securities which such defaulting Purchaser or Purchasers agreed but failed to
purchase does not exceed 10 percent of the total aggregate principal amount of Securities which the
Purchasers are obligated to purchase on the First Closing Date, the Representatives (or, if the
Representatives are in default, the non-defaulting Purchasers) may make arrangements satisfactory
to the Company for the purchase of such Securities by other persons, including any of the
Purchasers, but if no such arrangements are made by such date the nondefaulting Purchasers shall be
obligated severally, in proportion to their respective commitments hereunder, to purchase the
Securities which such defaulting Purchasers agreed but failed to purchase on such date. If any
Purchaser or Purchasers so default and the aggregate principal amount of Securities with respect to
which such default or defaults occur is more than the above percentage and arrangements
satisfactory to the Representatives (or, if the Representatives are in default, the non-defaulting
Purchasers) and the Company for the purchase of such Securities by other persons are not made
within 36 hours after such default, this Agreement will terminate without liability on the part of
any nondefaulting Purchaser or the Company, except for the expenses to be paid by the Company
pursuant to Sections 7 and 9 hereof and except to the extent provided in Section 11 hereof.

In the event that Securities to which a default relates are to be purchased by the
nondefaulting Purchasers or by another party or parties, the Representatives (or, if the
Representatives are in default, the non-defaulting Purchasers) or the Company shall have the right
to postpone the First Closing Date for not more than seven business days in order that the
necessary changes in the Pricing Memorandum and Offering Memorandum and any other documents, as
well as any other arrangements, may be effected. As used in this Agreement, the term “Purchaser”
includes any person substituted for an Purchaser under this Section 12. Nothing herein will
relieve a defaulting Purchaser from liability for its default.

Section 13. Effective Date.

This Agreement shall become effective upon the execution and delivery hereof by the parties
hereto.

Section 14. Termination.

Without limiting the right to terminate this Agreement pursuant to any other provision hereof:

(a) This Agreement may be terminated by the Company by notice to you or by you by notice to
the Company at any time prior to the time this Agreement shall become effective as to all its
provisions, and any such termination shall be without liability on the part of the Company to any
Purchaser (except for the expenses to be paid or reimbursed pursuant to Sections 7 and 9 hereof and
except to the extent provided in Section 11 hereof) or of any Purchaser to the Company.

(b) This Agreement may also be terminated by you prior to the First Closing Date, and the
option referred to in Section 4, if exercised, may be cancelled at any time prior to the Second
Closing Date, if (i) trading in securities on the New York Stock Exchange or The Nasdaq Stock
Market shall have been suspended or minimum prices shall have been established on such exchange or
market, or (ii) a banking moratorium shall have been declared by Illinois, New York, or United
States authorities, or (iii) there shall have been any material adverse change in financial markets
or any material adverse change in political, economic or financial conditions which, in the opinion
of the Representatives, either renders it impracticable or inadvisable to proceed with the offering
and sale of the Securities on the terms set forth in the Pricing Memorandum or materially and
adversely affects the market for the Securities, or (iv) there shall have been an outbreak of major
armed hostilities between the United States and any foreign power or terrorist organization which
in the opinion of the Representatives makes it impractical or inadvisable to offer or sell the
Securities. Any termination pursuant to this paragraph (b) shall be without liability on the part
of any Purchaser to the Company or on the part of the Company to any Purchaser (except for expenses
to be paid or reimbursed pursuant to Sections 7 and 9 hereof and except to the extent provided in
Section 11 hereof).

Section 15. Representations and Indemnities to Survive Delivery.

The respective indemnities, agreements, representations, warranties and other statements of
the Company, of its officers and of the several Purchasers set forth in or made pursuant to this
Agreement will remain in full force and effect, regardless of any investigation made by or on
behalf of any Purchaser or the Company or any of its or their partners, principals, members,
officers or directors or any controlling person, and will survive delivery of and payment for the
Securities sold hereunder.

Section 16. Notices.

All communications hereunder will be in writing and, if sent to the Purchasers will be mailed,
delivered or telegraphed and confirmed to you c/o William Blair & Company, L.L.C., 222 West Adams
Street, Chicago, Illinois 60606, with a copy to John A. Fore, c/o Wilson Sonsini Goodrich & Rosati,
Professional Corporation, Palo Alto, California 94304; if sent to the Company will be mailed,
delivered or telegraphed and confirmed to the Secretary of the Company at its corporate
headquarters, 120 Corporate Boulevard, Norfolk, Virginia 23502, with a copy to Richard Goldberg,
c/o Dechert LLP, 1095 Avenue of the Americas, New York, New York 10036.

Section 17. No Advisory or Fiduciary Relationship.

The Company acknowledges and agrees that (a) the purchase and sale of the Securities pursuant
to this Agreement, including the determination of the offering price of the Securities and any
related discounts and commissions, is an arm’s-length commercial transaction between the Company,
on the one hand, and the several Purchasers, on the other hand, (b) in connection with the offering
of the Securities contemplated by this Agreement and the process leading to such transaction each
Purchaser is and has been acting solely as a principal and is not the agent or fiduciary of the
Company, or its stockholders, creditors, employees or any other party, (c) no Purchaser has assumed
or will assume an advisory or fiduciary responsibility in favor of the Company with respect to the
offering of the Securities contemplated by this Agreement or the process leading thereto
(irrespective of whether such Purchaser has advised or is currently advising the Company on other
matters) and no Purchaser has any obligation to the Company with respect to the offering of the
Securities contemplated by this Agreement except the obligations expressly set forth in this
Agreement, (d) the Purchasers and their respective affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Company and (e) the Purchasers
have not provided any legal, accounting, regulatory or tax advice with respect to the offering of
the Securities contemplated by this Agreement and the Company has consulted its own legal,
accounting, regulatory and tax advisors to the extent it deemed appropriate.

Section 18. Successors.

This Agreement will inure to the benefit of and be binding upon the parties hereto and their
respective successors, personal representatives and assigns, and to the benefit of the officers and
directors and controlling persons referred to in Section 11, and no other person will have any
right or obligation hereunder. The term “successors” shall not include any purchaser of the
Securities as such from any of the Purchasers merely by reason of such purchase.

Section 19. Representation of Purchasers.

You will act as Representatives for the several Purchasers in connection with this financing,
and any action under or in respect of this Agreement taken by you will be binding upon all the
Purchasers.

Section 20. Partial Unenforceability.

If any section, paragraph or provision of this Agreement is for any reason determined to be
invalid or unenforceable, such determination shall not affect the validity or enforceability of any
other section, paragraph or provision hereof.

Section 21. Applicable Law.

This Agreement shall be governed by and construed in accordance with the laws of the State of
New York.

If the foregoing is in accordance with your understanding of our agreement, kindly sign and
return to us the enclosed duplicates hereof, whereupon it will become a binding agreement between
the Company and the several Purchasers including you, all in accordance with its terms.

Very truly yours,

Portfolio Recovery Associates, Inc.

By: /s/ Judith Scott

	 	 	Name:
Judith Scott

	 	 	 	Title: EVP, General Counsel and Secretary

1

The foregoing Agreement is hereby confirmed and accepted as of the date first above written.

William Blair & Company, L.L.C.

Acting as Representative of the several
Purchasers named in Schedule A.

By: William Blair & Company, L.L.C.

By: /s/ Brett Paschke

Name: Brett Paschke Title: Head of Equity

Capital Markets

JMP Securities LLC

Acting as Representative of the several
Purchasers named in Schedule A.

By: JMP Securities LLC

By: /s/ Kent Ledbetter

Name: Kent Ledbetter Title: Director of

Investment Banking

Schedule A

	 	 	 	 	 
	Purchaser	 	Number of Firm Securities to be Purchased
	William Blair & Company, L.L.C.
	 	$	87,500,000	
	JMP Securities LLC
	 		87,500,000	
	SunTrust Robinson Humphrey, Inc.
	 		50,000,000	
	Raymond James& Associates, Inc.
	 		25,000,000	
	 
	 	 	 	 
	Total
	 	$	250,000,000	

Schedule B

	 	1.	 	Pricing term sheet, dated August 7, 2013

PRICING TERM SHEET STRICTLY CONFIDENTIAL

DATED August 7, 2013

PORTFOLIO RECOVERY ASSOCIATES, INC.

$250,000,000 3.00% CONVERTIBLE SENIOR NOTES DUE 2020

The information in this pricing term sheet supplements Portfolio Recovery Associates, Inc.’s
preliminary offering memorandum, dated August 6, 2013 (the “Preliminary Offering
Memorandum”), and supersedes the information in the Preliminary Offering Memorandum to the
extent inconsistent with the information in the Preliminary Offering Memorandum. In all
other respects, this term sheet is qualified in its entirety by reference to the Preliminary
Offering Memorandum, including all other documents incorporated by reference therein.
References to “we,” “our” and “us” refer to Portfolio Recovery Associates, Inc. and not to
its consolidated subsidiaries. Terms used herein but not defined herein shall have the
respective meanings as set forth in the Preliminary Offering Memorandum. All references to
dollar amounts are references to U.S. dollars.

	 	 	 
	Issuer:
	 	Portfolio Recovery Associates, Inc.

	Ticker/Exchange for Common

Stock (“common stock”):
	 	

“PRAA”/ The NASDAQ Global Select Market.

	Securities:
	 	3.00% Convertible Senior Notes due 2020 (the “notes”).

	Principal Amount:
	 	$250,000,000.

	Overallotment Option to

Purchase Additional Notes:
	 	

$ 37,500,000.

	Denominations:
	 	$1,000 and multiples of $1,000 in excess thereof.

	Ranking:
	 	Senior unsecured.

	Maturity:
	 	August 1, 2020, unless earlier repurchased or converted.

	No Redemption at Our Option:
	 	We may not redeem the notes prior to the maturity date,

and no “sinking fund” is provided for the notes, which

means that we are not required to redeem or retire the

notes periodically.

	Fundamental Change:
	 	If we undergo a “fundamental change” (as defined in the

Preliminary Offering Memorandum under the caption

“Description of Notes—Fundamental Change Permits

Holders to Require Us to Repurchase Notes”) prior to

the maturity date of the notes, subject to certain

conditions, holders may require us to repurchase for

cash all or part of their notes in principal amounts of

$1,000 or a multiple thereof. The fundamental change

repurchase price will be equal to 100% of the principal

amount of the notes to be repurchased, plus accrued and

unpaid interest to, but excluding, the fundamental

change repurchase date.

	Interest and Interest

Payment Dates:
	 	3.00% per year

Interest will accrue from August 13, 2013 and will be

payable semiannually in arrears on February 1 and

August 1 of each year, beginning on February 1, 2014.

	Regular Record Dates:
	 	January 15 and July 15 of each year, immediately

preceding the relevant February 1 or August 1 interest

payment date, as the case may be.

	Issue Price:
	 	100% of principal, plus accrued interest, if any, from

August 13, 2013 if settlement occurs after that date.

	Last Reported Sale Price of

Our Common Stock on August

7, 2013:
	 	$50.55 per share.

	Initial Conversion Rate:
	 	15.2172 shares of common stock per $1,000 principal

amount of notes, subject to adjustment.

	Initial Conversion Price:
	 	Approximately $65.72 per share, subject to adjustment.

	Conversion Premium:
	 	Approximately 30% above the last reported sale price of

our common stock on August 7, 2013.

	Settlement Method:
	 	Cash, shares of our common stock or a combination of

cash and shares of our common stock, at our election,

as described in the Preliminary Offering Memorandum.

	Joint Book-Running Managers:
	 	William Blair & Company, L.L.C.

JMP Securities LLC

SunTrust Robinson Humphrey, Inc.

Raymond James & Associates, Inc.

	Pricing Date:
	 	August 7, 2013.

	Trade Date:
	 	August 8, 2013.

	Expected Settlement Date:
	 	August 13, 2013.

	CUSIP Number (144A):
	 	73640Q AA3

	ISIN (144A):
	 	US73640QAA31

	Listing:
	 	None.

	Net Proceeds:
	 	We estimate that the net proceeds from this offering

will be approximately $242.0 million ($279.0 million if

the initial purchasers exercise their option to

purchase additional notes solely to cover

overallotments in full), after deducting the initial

purchasers’ discount and commissions and estimated

offering expenses payable by us.

	Use of Proceeds:
	 	We intend to use:

	 	 	• an amount estimated to be approximately $190.0

million to temporarily repay the revolving debt

outstanding under our credit facility;

• up to $50.0 million of the net proceeds of the

offering to repurchase shares of our common stock

concurrently with the pricing of this offering; and

• remaining proceeds from the offering, if any,

together with amounts available under the revolving

credit facility, for portfolio acquisitions and/or

business acquisitions, and for general corporate

purposes including, but not limited to, organic growth,

working capital and capital expenditures, or future

stock repurchases and dividends.

	 	 	See “Use of Proceeds” in the Preliminary Offering

Memorandum.

   Description of Notes—Conversion Rights—Adjustment to Conversion Rate Upon Conversion Upon a Make-Whole Fundamental Change

Holders who convert their notes in connection with a make-whole fundamental change occurring prior to the maturity date of the notes may be
entitled to an increase in the conversion rate for the notes so surrendered for conversion.

Make-Whole Table: The following table sets forth the number of additional shares by which the conversion rate will be increased per $1,000
principal amount of notes for each stock price and effective date set forth below:
--------------------------------------------------------------------------------------------------------------------------------------------

                                                                       Stock Price
             -------------------------------------------------------------------------------------------------------------------------------

Effective Date                $50.55       $60.00       $70.00       $80.00       $90.00      $100.00      $125.00      $150.00      $200.00
-----------------------   ----------   ----------   ----------   ----------   ----------   ----------   ----------   ----------   ----------

August 13, 2013........   4.5652       3.3262       2.5143       1.9858       1.6213       1.3575       0.9343       0.6793       0.3785

August 1, 2014.........   4.5652       3.0397       2.2463       1.7483       1.4148       1.1773       0.8067       0.5865       0.3274

August 1, 2015.........   4.5652       2.7426       1.9669       1.4992       1.1985       0.9910       0.6766       0.4922       0.2756

August 1, 2016.........   4.5652       2.4584       1.6855       1.2465       0.9809       0.8044       0.5474       0.4001       0.2252

August 1, 2017.........   4.5652       2.1975       1.4027       0.9886       0.7582       0.6166       0.4209       0.3095       0.1753

August 1, 2018.........   4.5652       1.9482       1.0902       0.7057       0.5213       0.4217       0.2894       0.2145       0.1239

August 1, 2019.........   4.5652       1.6783       0.6877       0.3704       0.2643       0.2145       0.1504       0.1125       0.0656

August 1, 2020.........   4.5652       1.4509       0.0000       0.0000       0.0000       0.0000       0.0000       0.0000       0.0000

            The exact stock prices and effective dates may not be set forth in the table above, in which case

	 	•	 	If the stock price is between two stock prices in the table or the effective date is between two effective
dates in the table, the number of additional shares by which the conversion rate will be increased will be
determined by a straight-line interpolation between the number of additional shares set forth for the higher and
lower stock prices and the earlier and later effective dates, as applicable, based on a 365-day year.

	 	•	 	If the stock price is greater than $200.00 per share (subject to adjustment in the same manner as the stock
prices set forth in the column headings of the table above), no additional shares will be added to such conversion
rate.

	 	•	 	If the stock price is less than $50.55 per share (subject to adjustment in the same manner as the stock
prices set forth in the column headings of the table above), no additional shares will be added to such conversion
rate.
Notwithstanding the foregoing, in no event will the conversion rate per $1,000 principal amount of notes exceed 19.7824 shares
of common stock, subject to adjustment in the same manner as the conversion rate as set forth in the Preliminary Offering
Memorandum under the caption “Description of Notes — Conversion Rights —Conversion Rate Adjustments.”
[Remainder of Page Intentionally Blank]

__________________

This communication is intended for the sole use of the person to whom it is
provided by the sender. This material is confidential and is for your information
only and is not intended to be used by anyone other than you. This information does
not purport to be a complete description of the notes or the offering. This
communication does not constitute an offer to sell or the solicitation of an offer
to buy any notes in any jurisdiction to any person to whom it is unlawful to make
such offer or solicitation in such jurisdiction.

The notes and any shares of common stock issuable upon conversion of the notes have
not been and will not be registered under the U.S. Securities Act of 1933, as
amended (the “Securities Act”), or any other securities laws, and may not be offered
or sold within the United States or any other jurisdiction, except pursuant to an
exemption from, or in a transaction not subject to, the registration requirements of
the Securities Act and any other applicable securities laws. The initial purchasers
are initially offering the notes only to qualified institutional buyers as defined
in, and in reliance on, Rule 144A under the Securities Act.

The notes and any shares of common stock issuable upon conversion of the notes are
not transferable except in accordance with the restrictions described under “Notice
to Investors” and “Transfer Restrictions” in the Preliminary Offering Memorandum.

A copy of the Preliminary Offering Memorandum for the offering of the notes may be
obtained by contacting William Blair & Company, L.L.C., Attn: Gary Morabito, 222
West Adams Street, Chicago, Illinois 60606, by telephone at (312) 364-8472 or email
at gmorabito@williamblair.com; or JMP Securities LLC, Attn: Claire Cornell,
600 Montgomery Street, Suite 1000, San Francisco, California 94111, by telephone at
(415) 835-8985 or email at ccornell@jmpsecurities.com.

Any legends, disclaimers or other notices that may appear below are not applicable
to this communication and should be disregarded. Such legends, disclaimers or other
notices have been automatically generated as a result of this communication having
been sent via Bloomberg or another system.

Schedule C

Signatories to Lock-up Agreement

Steven Fredrickson

David Roberts

John Fain

Penelope Kyle

James Nussle

Scott Tabakin

James Voss

Kevin Stevenson

Michael Petit

Neal Stern

P. Kent McCammon

EXHIBIT A

FORM OF LOCK-UP LETTER

August   , 2013

William Blair & Company, L.L.C.

JMP Securities LLC

As Representatives of the Several

Purchasers Named

in Schedule A to the Purchase Agreement

c/o William Blair & Company, L.L.C.

222 West Adams Street

Chicago, Illinois 60606

Ladies and Gentlemen:

The undersigned understands that William Blair & Company, L.L.C. and JMP Securities LLC (the
“Representatives”) propose to enter into a Purchase Agreement (the “Purchase Agreement”) with
Portfolio Recovery Associates, Inc., a Delaware corporation (the “Company”), providing for the
placement (the “Placement”) by the several Purchasers, including the Representatives (the
“Purchasers”), of the Company’s Convertible Senior Notes due 2020 (the “Securities”). The
Securities will be convertible into cash, shares of common stock of the Company, par value $0.01
per share (the “Common Stock”) or a combination of cash and Common Stock, at the Company’s
election.

To induce the Purchasers that may participate in the Placement to continue their efforts in
connection with the Placement, the undersigned hereby agrees that, without the prior written
consent of the Representatives on behalf of the Purchasers, it will not, during the period
commencing on the date hereof and ending 90 days after the date of the final offering memorandum
(the “Restricted Period”) relating to the Placement, (1) offer, pledge, sell, contract to sell,
sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly,
any shares of Common Stock beneficially owned (as such term is used in Rule 13d-3 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), by the undersigned or any other securities
so owned convertible into or exercisable or exchangeable for Common Stock or (2) enter into any
swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of the Common Stock, whether any such transaction described in clause (1)
or (2) above is to be settled by delivery of Common Stock or such other securities, in cash or
otherwise. The foregoing sentence shall not apply to (a) transfers of shares of Common Stock or
any security convertible into Common Stock as a bona fide gift, (b) to the extent applicable,
distributions of shares of Common Stock or any security convertible into Common Stock to limited
partners or stockholders of the undersigned, (c) transfers of shares of Common Stock or any
security convertible into Common Stock to any trust, partnership or limited liability company for
the direct or indirect benefit of the undersigned or the immediate family of the undersigned, (d)
transfers of shares of Common Stock or any security convertible into Common Stock to a wholly owned
subsidiary of the undersigned or to the direct or indirect members or partners of the undersigned,
(e) transfers of shares of Common Stock or any security convertible into Common Stock by will or
intestate, (f) transfers of shares of Common Stock or any security convertible into Common Stock to
a nominee or custodian of a person or entity to whom a transfer would be permissible under clauses
(a) through (f); provided that in the case of any transfer or distribution pursuant to clauses (a)
through (f) (i) each donee or distributee shall sign and deliver a lock-up letter substantially in
the form of this letter and (ii) no filing under Section 16(a) of the Exchange Act, reporting a
reduction in beneficial ownership of shares of Common Stock, shall be required or shall be
voluntarily made during the Restricted Period, (g) in connection with the surrender or forfeiture
of shares to the Company solely to satisfy tax withholding obligations upon exercise or vesting of
stock options or awards, (h) the establishment of a trading plan pursuant to Rule 10b5-1 under the
Exchange Act for the transfer of shares of Common Stock, provided that (A) such plan does not
provide for the transfer of Common Stock during the Restricted Period and (B) to the extent a
public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by
or on behalf of the undersigned or the Company regarding the establishment of such plan, such
announcement or filing shall include a statement to the effect that no transfer of Common Stock may
be made under such plan during the Restricted Period, or (i) sales of shares of Common Stock
pursuant to a trading plan established pursuant to Rule 10b5-1 under the Exchange Act, provided
that such trading plan was established prior to the date hereof and made available to the
Representatives or their counsel. In addition, the undersigned agrees that, without the prior
written consent of the Representatives on behalf of the Purchasers, it will not, during the
Restricted Period, make any demand for or exercise any right with respect to, the registration of
any shares of Common Stock or any security convertible into or exercisable or exchangeable for
Common Stock. The undersigned also agrees and consents to the entry of stop transfer instructions
with the Company’s transfer agent and registrar against the transfer of the undersigned’s shares of
Common Stock except in compliance with the foregoing restrictions.

It is understood that the undersigned will be released from its obligations under this
“lock-up” agreement if the Company notifies the undersigned that it does not intend to proceed with
the Placement, if the Purchase Agreement (other than the provisions thereof that survive
termination) shall terminate or be terminated prior to payment for and delivery of the Securities
or if the Placement shall not have occurred by September 1, 2013.

The undersigned understands that the Company and the Purchasers are relying upon this
agreement in proceeding toward consummation of the Placement. The undersigned further understands
that this agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal
representatives, successors and assigns.

Whether or not the Placement actually occurs depends on a number of factors, including market
conditions. Any Placement will only be made pursuant to the Purchase Agreement, the terms of which
are subject to negotiation between the Company and the Purchasers.

	 
	Very truly yours,
	(Name)
	(Address)

2ANR-2013.6.30-10QExhibit10.1

Exhibit 10.1

ALPHA NATURAL RESOURCES, INC. 
2012 LONG-TERM INCENTIVE PLAN
PERFORMANCE-BASED INCENTIVE COMPENSATION AWARD AGREEMENT
This Performance-Based Incentive Compensation Award Agreement set forth below (this “Agreement”) is dated as of the grant date (the “Grant Date”) set forth on Exhibit A and is between Alpha Natural Resources, Inc., a Delaware corporation (“Alpha”), and the Eligible Person to whom the Committee has made this Performance Grant (the “Award Recipient”).
Alpha has established its 2012 Long-Term Incentive Plan (the “Plan”) to advance the interests of Alpha and its stockholders by providing incentives to certain eligible persons who contribute significantly to the strategic and long-term performance objectives and growth of Alpha and any parent, subsidiary or affiliate of Alpha.  All capitalized terms not otherwise defined in this Agreement have the same meaning given such capitalized terms in the Plan.
Pursuant to the provisions of the Plan, the Committee or its Designated Administrator has full power and authority to direct the execution and delivery of this Agreement in the name and on behalf of Alpha, and has authorized the execution and delivery of this Agreement.
Agreement
The parties agree as follows:
Section 1.Incentive Compensation Award.  Subject to and pursuant to all terms and conditions stated in this Agreement and in the Plan, as of the Grant Date, Alpha hereby makes a Performance Grant to the Award Recipient in the form of performance-based incentive compensation, payable in cash (the “Incentive Compensation”).  The amount of the Incentive Compensation covered by and subject to the terms of this Agreement is set forth on Exhibit A.
Section 2.    Performance Period.  The “Performance Period” means the performance period as set forth on Exhibit A.
Section 3.    Performance Measure.  Subject to the provisions of this Agreement, Alpha shall pay the Award Recipient the Incentive Compensation that is earned in accordance with the achievement of the performance measure set forth on Exhibit A.
Section 4.    Delivery of Cash.  Except as otherwise provided in this Agreement and subject to satisfaction of the applicable tax withholding requirements set forth in Section 7, Alpha shall cause the Incentive Compensation earned and determined under Section 3 to be delivered to the Award Recipient within the thirty (30) day period immediately following the end of the Performance Period; provided, however, that: (i) except as provided below, no cash payment shall be delivered with respect to Incentive Compensation unless the Committee has certified in writing that the applicable performance goals set forth on Exhibit A and other material terms of this Agreement have been achieved; and (ii) the Company shall not deliver any cash payment with respect to Incentive Compensation if the Committee or Designated Administrator or other authorized agent determines, in its or his sole discretion, that the delivery of such payment would violate the terms of the Plan, this Agreement or applicable law.
Section 5.    Separation from Service.
(a)    Except as set forth in this Section 5 or as otherwise provided in a Company plan applicable to Award Recipient or any agreement between the Award Recipient and the Company, if (i) Award Recipient Separates from Service for any reason prior to the end of the Performance Period, or (ii) Award Recipient breaches the confidentiality 

        

covenant as described in Section 10, then effective at the close of business on the date the Award Recipient Separates from Service, or the date the Award Recipient breaches the confidentiality covenant as described in Section 10 hereof, as applicable, all of Award Recipient’s Incentive Compensation covered by this Agreement, whether earned or unearned, shall be automatically cancelled and forfeited in its entirety without any further obligation on the part of Alpha, such that Alpha shall not be obligated to make any payment to Award Recipient with respect to such cancelled and forfeited Incentive Compensation.
(b)    Unless otherwise provided in a Company plan applicable to Award Recipient or any agreement between the Award Recipient and the Company, if during the Performance Period (i) the Award Recipient Separates from Service as a result of Award Recipient’s Permanent Disability (as defined below) or death, (ii) the Award Recipient experiences an involuntary Separation from Service by the Company other than for Cause (as defined below), or (iii) the Award Recipient Separates from Service as a result of Award Recipient’s Retirement (as defined below), the Award Recipient shall be entitled to receive a prorated portion of the Incentive Compensation to the extent earned pursuant to Section 3 above, determined at the end of the Performance Period and based on the ratio of the number of complete months the Award Recipient is employed or serves during the Performance Period to the total number of months in the Performance Period. Any Incentive Compensation to which Award Recipient becomes entitled to receive pursuant to the preceding sentence will be paid to Award Recipient in accordance with the provisions of Section 4 of the Agreement; provided, that any payments due on the Award Recipient’s death shall be paid to the Award Recipient’s estate.
(c)    Unless otherwise provided in a Company plan applicable to Award Recipient or any agreement between the Award Recipient and the Company, in the event that a Change of Control (as defined below) occurs prior to the end of the Performance Period and (i) the Award Recipient experiences an involuntary Separation from Service by the Company other than for Cause (1) within the 90-day period immediately preceding a Change of Control, or (2) prior to the end of the Performance Period and on or within the one (1) year period following such Change of Control; or (ii) the acquiring entity in a Change of Control does not assume this Agreement and convert the Incentive Compensation into a substantially comparable award of the acquiring equity, the Incentive Compensation that has not been previously cancelled and forfeited shall become fully vested and payable in full (and the Performance Period shall thereafter be deemed to have terminated).  Any Incentive Compensation to which Award Recipient becomes entitled to receive pursuant to the preceding sentence will be paid to Award Recipient contemporaneous with the consummation of the Change of Control or, if later under (i), on or before the sixtieth (60th) day following the Award Recipient’s Separation from Service (but, in each case, within the short-term deferral exception as specified in Treas. Reg. § 1.409A-1(b)(4)).
(d)    For purposes of this Agreement and unless otherwise defined in a Company plan applicable to Award Recipient or an agreement between the Award Recipient and the Company, if any, the following terms shall have the following meanings: (i) a “Change of Control” shall mean (A) any merger, consolidation or business combination in which the stockholders of Alpha immediately prior to the merger, consolidation or business combination do not own at least a majority of the outstanding equity interests of the surviving parent entity, (B) the sale of all or substantially all of the Company’s assets in a single transaction or a series of related transactions, (C) the acquisition of beneficial ownership or control of (including, without limitation, power to vote) a majority of the outstanding Common Shares of Alpha by any person or entity (including a “group” as defined by or under Section 13(d)(3) of the Exchange Act), (D) the stockholders of Alpha approve any plan for the dissolution or liquidation of Alpha, or (E) a contested election of directors, as a result of which or in connection with which the persons who were directors of Alpha before such election or their nominees cease to constitute a majority of the Board; (ii) the term “Permanent Disability” shall mean the Award Recipient’s physical or mental incapacity to perform his or her usual duties with such condition likely to remain continuously and permanently as determined by the Company; (iii) the term “Cause” shall mean “Employer Cause” as set forth in any employment agreement between the Award Recipient and the Company or, in the absence of such an agreement, “Cause” as defined by the Company’s employment policies in effect at the time of Separation from Service; (iv) the term “Retirement” shall mean (A) the date the Award Recipient reaches the age of 62 with ten (10) Years of Service, (B) the date the Award Recipient reaches the age of 65, or (C) a combination of age and Years of Service which equals 80 (for example, an Award Recipient who reaches the age of 50 with thirty (30) Years of Service); and (v) the term “Years of Service” shall mean the aggregate annual periods of continuous employment or other service with the Company measured from the Award Recipient’s date of hire (or re-hire) and ending on the date the Award Recipient Separates from Service, including employment or other service with any affiliates or subsidiaries 

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which become such after the Grant Date, including any predecessors and any other entities for this purpose as approved by the Committee (or its delegatee(s)), and provided that an absence or leave approved by the Company, to the extent permitted by applicable provisions of the Code, shall not be considered an interruption of employment or performance of services for any purpose under this Agreement.  Whether an Award Recipient has experienced a Separation from Service will be determined based on all of the facts and circumstances in accordance with the guidance issued under Section 409A and, to the extent not inconsistent therewith, the terms of the Plan.
Section 6.    Clawback/Recoupment.
(a)    The Committee may, to the extent permitted by governing law, require reimbursement of any payment of Incentive Compensation received in settlement of this Award if the Award Recipient is an employee of pay grade 22 or higher as of the Grant Date where: (i) the payment was predicated upon the achievement of certain financial results that were subsequently the subject of a restatement of the Company’s financial statements filed with the Securities and Exchange Commission, which restatement occurs no more than three years from the date of settlement of this Award, where the Committee reasonably determines that any employee engaged in intentional misconduct that caused or partially caused the need for the restatement, and a lower payment would have been made to the Award Recipient based upon the restated financial results; provided, however, that the Committee reserves the discretion to determine that any Award Recipient shall not be subject to this provision; or (ii) the Award Recipient engaged in ethical misconduct in violation of the Company’s Code of Business Ethics, which the Committee reasonably determines caused material business or reputational harm to the Company.
(b)    If the Committee reasonably determines that any payment of Incentive Compensation received in settlement of this Award should be reimbursed under subsections (a)(i) or (a)(ii), then the following shall apply: (i) in the event reimbursement is required under subsection (a)(i), the Award Recipient shall be required to reimburse the Company in an amount equal to the dollar value of the Incentive Compensation the Award Recipient received in excess of what the Award Recipient would have received on such date had the payment been based upon such restated financial results; or (ii) in the event reimbursement is required under subsection (a)(ii), the Award Recipient shall be required to promptly reimburse the Company in an amount the Committee reasonably determines to be appropriate, which could equal the full value of the Incentive Compensation the Award Recipient received during such three-year period.  Notwithstanding the foregoing, the Company shall not be required to make any additional payment in the event that the restated financial results would have resulted in a greater amount upon payment of the Award to the Award Recipient.
(c)    In the event the Award Recipient is obligated to reimburse the Company for amounts under subsections (b)(i) or (b)(ii), the Company may, at its sole election: (i) require the Award Recipient to pay the amount in a lump sum within 30 days of such determination; (ii) deduct the amount from any other compensation owed to the Award Recipient (as a condition to receiving the performance-based compensation under this Award, the Award Recipient agrees to permit the deduction provided for by this subsection); or (iii) a combination of subsections (c)(i) and (c)(ii).
(d)    By accepting this Award, the Award Recipient agrees that timely payment to the Company as set forth in this Section 6 is reasonable and necessary, and that timely payment to the Company as set forth in this Section 6 is not a penalty, and it does not preclude the Company from seeking all other remedies that may be available to the Company.  The Award Recipient further acknowledges and agrees that the Award Recipient’s Incentive Compensation shall be cancelled and forfeited without payment by the Company if the Committee reasonably determines that the Award Recipient has engaged in the conduct specified under subsection (a).
Section 7.    Income Taxes.  The Award Recipient acknowledges that any income for federal, state or local income tax purposes that the Award Recipient is required to recognize on account of the payment of Incentive Compensation to the Award Recipient shall be subject to withholding of tax by the Company.  In accordance with administrative procedures established by the Company, the Award Recipient may elect to satisfy his or her minimum statutory withholding tax obligations, if any, on account of the settlement of this Award in one or a combination of the following methods: in cash or separate check made payable to the Company or by authorizing the Company to withhold from the payment to be made to the Award Recipient hereunder a sufficient amount equal to the applicable minimum statutory withholding tax obligation.  In the event the Award Recipient does not make such payment when requested, the Company may refuse to make any payments required under this Agreement or any other incentive plan agreement 

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entered into by the Award Recipient and the Company until such payment has been made or arrangements for such payment satisfactory to the Company have been made.
Section 8.    Rights to Continued Employment.  Neither the Plan nor this Agreement shall be deemed to give the Award Recipient any right to continue to be employed by, or provide services to, the Company, nor shall the Plan or the Agreement be deemed to limit in any way the Company’s right to terminate the employment or services of the Award Recipient at any time.
Section 9.    Further Assistance.  The Award Recipient will provide assistance reasonably requested by the Company in connection with actions taken by the Award Recipient while employed by the Company, including, but not limited to, assistance in connection with any lawsuits or other claims against the Company arising from events during the period in which the Award Recipient was employed by the Company.
Section 10.    Confidentiality.  The Award Recipient acknowledges that the business of the Company is highly competitive and that the Company’s strategies, methods, books, records, and documents, technical information concerning their products, equipment, services, and processes, procurement procedures and pricing techniques, the names of and other information (such as credit and financial data) concerning former, present or prospective customers and business affiliates, all comprise confidential business information and trade secrets which are valuable, special, and unique assets which the Company uses in its business to obtain a competitive advantage over competitors. The Award Recipient further acknowledges that protection of such confidential business information and trade secrets against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position.  The Award Recipient acknowledges that by reason of the Award Recipient’s duties to and association with the Company, the Award Recipient has had and will have access to and has and will become informed of confidential business information which is a competitive asset of the Company.  The Award Recipient hereby agrees that the Award Recipient will not, at any time during or after employment, make any unauthorized disclosure of any confidential business information or trade secrets of the Company, or make any use thereof, except in the carrying out of employment responsibilities.  The Award Recipient shall take all necessary and appropriate steps to safeguard confidential business information and protect it against disclosure, misappropriation, misuse, loss and theft.  Confidential business information shall not include information in the public domain (but only if the same becomes part of the public domain through a means other than a disclosure prohibited hereunder).  The above notwithstanding, a disclosure shall not be unauthorized if (i) it is required by law or by a court of competent jurisdiction or (ii) it is in connection with any judicial, arbitration, dispute resolution or other legal proceeding in which the Award Recipient’s legal rights and obligations as an employee or under this Agreement are at issue; provided, however, that the Award Recipient shall, to the extent practicable and lawful in any such events, give prior notice to the Company of the Award Recipient’s intent to disclose any such confidential business information in such context so as to allow the Company an opportunity (which the Award Recipient will not oppose) to obtain such protective orders or similar relief with respect thereto as may be deemed appropriate.  Any information not specifically related to the Company would not be considered confidential to the Company.  In addition to any other remedy available at law or in equity, in the event of any breach by the Award Recipient of the provisions of this Section 10 which is not waived in writing by the Company, all vesting of the Incentive Compensation shall cease effective upon the occurrence of the actions or inactions by the Award Recipient constituting a breach by the Award Recipient of the provisions of this Section 10.
Section 11.    Binding Effect; No Third Party Beneficiaries.  This Agreement shall be binding upon and inure to the benefit of the Company and the Award Recipient and their respective heirs, representatives, successors and permitted assigns.  This Agreement shall not confer any rights or remedies upon any person other than the Company and the Award Recipient and their respective heirs, representatives, successors and permitted assigns.  The parties agree that this Agreement shall survive the payment of the Incentive Compensation.
Section 12.    Agreement to Abide by Plan; Conflict between Plan and Agreement.  The Plan is hereby incorporated by reference into this Agreement and is made a part hereof as though fully set forth in this Agreement.  The Award Recipient, by execution of this Agreement, (i) represents that he or she is familiar with the terms and provisions of the Plan, and (ii) agrees to abide by all of the terms and conditions of this Agreement and the Plan.  The Award Recipient accepts as binding, conclusive and final all decisions or interpretations of the Committee or the Designated Administrator of the Plan upon any question arising under the Plan and this Agreement (including, without 

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limitation, the date of the Award Recipient’s Separation from Service).  In the event of any conflict between the Plan and this Agreement, the Plan shall control and this Agreement shall be deemed to be modified accordingly, except to the extent that the Plan gives the Committee or the Designated Administrator the express authority to vary the terms of the Plan by means of this Agreement, in which case, this Agreement shall govern.
Section 13.    Entire Agreement.  Except as otherwise provided herein, in any Company plan applicable to the Award Recipient, or in any other agreement between the Award Recipient and the Company, this Agreement and the Plan, each of which the Award Recipient has reviewed and accepted in connection with the grant of the Incentive Compensation reflected by this Agreement, constitutes the entire agreement between the parties and supersedes any prior understandings, agreements, or representations by or between the parties, written or oral, to the extent they related in any way to the subject matter of this Agreement.  Notwithstanding the foregoing, it is expressly agreed by the parties that the Incentive Compensation shall be treated as if it is a performance-based equity award for purposes of Section 3.10 of the Third Amended and Restated Employment Agreement, dated July 31, 2009, between the Company and the Award Recipient. 
Section 14.    Choice of Law.  To the extent not superseded by federal law, the laws of the state of Delaware (without regard to the conflicts laws of Delaware) shall control in all matters relating to this Agreement and any action relating to this Agreement must be brought in State and Federal Courts located in the Commonwealth of Virginia.
Section 15.    Notice.  All notices, requests, demands, claims, and other communications under this Agreement shall be in writing. Any notice, request, demand, claim, or other communication under this Agreement shall be deemed duly given if (and then two business days after) it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient and, if to Alpha, at its address provided in Section 18, and, if to the Award Recipient, the Award Recipient’s most recent address set forth in the Company’s records.  Either party to this Agreement may send any notice, request, demand, claim, or other communication under this Agreement to the intended recipient at such address using any other means (including personal delivery, expedited courier, messenger service, telecopy, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other communication shall be deemed to have been duly given unless and until it actually is received by the intended recipient.  Either party to this Agreement may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other party notice in the manner set forth in this section.
Section 16.    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
Section 17.    Amendments.  This Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto, or as otherwise provided under the Plan.  Notwithstanding, Alpha may, in its sole discretion and subject to the terms of the Plan, modify or amend the terms of this Agreement, impose conditions on the timing and effectiveness of the payment of the Incentive Compensation, or take any other action it deems necessary or advisable, to cause this Award to be excepted from Section 409A of the Code (or to comply therewith to the extent Alpha determines it is not excepted).
Section 18.    Acknowledgements.
(a)    By accepting this Award of Incentive Compensation, the Award Recipient acknowledges receipt of a copy of the Plan, and the prospectus relating to this Award of Incentive Compensation, and agrees to be bound by the terms and conditions set forth in this Agreement and the Plan, as in effect and/or amended from time to time.
(b)    The Plan and related documents, which may include but do not necessarily include the Plan prospectus, this Agreement and financial reports of the Company, may be delivered to you electronically.  Such means of delivery may include but do not necessarily include the delivery of a link to a Company intranet site or the internet site of a third party involved in administering the Plan, the delivery of the documents via e-mail or CD-ROM or such other delivery determined at the Designated Administrator’s discretion.  Both Internet Email and the World Wide Web are required in order to access documents electronically.

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(c)    This Award is intended to be excepted from coverage under, or compliant with,  Section 409A of the Code and the regulations promulgated thereunder and shall be interpreted and construed accordingly.  Notwithstanding, the Award Recipient recognizes and acknowledges that Section 409A of the Code may impose upon the Award Recipient certain taxes or interest charges for which the Award Recipient is and shall remain solely responsible.
(d)    The Award Recipient acknowledges that, by receipt of this Award, the Award Recipient has read this Section 18 and consents to the electronic delivery of the Plan and related documents, as described in this Section 18.  The Award Recipient acknowledges that the Award Recipient may receive from the Company a paper copy of any documents delivered electronically at no cost if the Award Recipient contacts the Director-Compensation Systems of the Company by telephone at (276) 619-4410 or by mail to One Alpha Place, P.O. Box 16429, Bristol, VA 24209.  The Award Recipient further acknowledges that the Award Recipient will be provided with a paper copy of any documents delivered electronically if electronic delivery fails.
[Remainder of this Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of _______ __, 201_.

ALPHA NATURAL RESOURCES, INC.

By:
Name: 
Title: 

Address:
Alpha Natural Resources, Inc.
One Alpha Place
P.O. Box 16429
Bristol, VA 24209
Attn: Burke T. Vander Lind

AWARD RECIPIENT

    

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EXHIBIT A

Name of Award Recipient:
Grant Date:
Performance Period:
Amount of the Award:
Performance Measure:

8

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