Document:

Form of StanCorp Financial Group, Inc. Long-Term Incentive Award Agreement

 Exhibit 10.15 
 STANCORP FINANCIAL GROUP, INC. 
 LONG-TERM INCENTIVE AWARD AGREEMENT

 (                 Performance
Period) 
 This Long-Term Incentive Award Agreement (this “Agreement”) is made effective as of
                             between StanCorp Financial Group, Inc., an Oregon corporation (the
“Company”) and «First_Name» «Last_Name» (the “Employee”). 
 On
                    , the Organization and Compensation Committee (the “Committee”) of the Company’s Board of Directors (the
“Board”) gave final approval for a performance-based award to the Employee pursuant to Section 8 of the Company’s 2002 Stock Incentive Plan (the “Plan”). Compensation paid pursuant to the award is intended to qualify as
performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986 (the “Code”). Employee desires to accept the award subject to the terms and conditions of this Agreement. 

In consideration of the agreements set forth below, the Company and the Employee agree as follows: 

1. Award. Subject to the terms and conditions of this Agreement, the Company shall issue to the Employee the number of shares of
common stock (“Common Stock”) of the Company (“Performance Shares”) determined under this Agreement based on (a) the Company’s performance during the three-year period from
                     to
                     (the “Performance Period”) as described in Section 2, and (b) Employee’s continued employment
through the Performance Period as described in Section 3. Recipient’s “Target Share Amount” for purposes of this Agreement is             shares. 

2. Performance Conditions. 
 2.1 Subject to Section 3 and Section 4, the number of Performance Shares to be issued to the Employee shall be determined by multiplying the Target Share Amount by the Payout Factor determined
under the following formula: 
 Payout Factor = (25% * TSR PF) + (25% * ROE PF) + (50% * Premium Growth PF) 

where the “TSR PF,” the “ROE PF” and the “Premium Growth PF” are determined under the following table based on the
Company’s TSR Rank, ROE Rank and Premium Growth Rank, respectively (each as defined below), for the Performance Period. 

																					
	 TSR Rank
	 	TSR PF	 	 	ROE Rank	 	  	ROE PF	 	 	Premium
Growth Rank	 	  	Premium
Growth PF	 
	 1
	 	 	200	% 	 	 	1	  	  	 	200	% 	 	 	1	  	  	 	200	% 
	 2
	 	 	200	% 	 	 	2	  	  	 	200	% 	 	 	2	  	  	 	200	% 
	 3
	 	 	167	% 	 	 	3	  	  	 	167	% 	 	 	3	  	  	 	167	% 
	 4
	 	 	133	% 	 	 	4	  	  	 	133	% 	 	 	4	  	  	 	133	% 
	 5
	 	 	100	% 	 	 	5	  	  	 	100	% 	 	 	5	  	  	 	100	% 
	 6
	 	 	75	% 	 	 	6	  	  	 	75	% 	 	 	6	  	  	 	75	% 
	 7
	 	 	50	% 	 	 	7	  	  	 	50	% 	 	 	7	  	  	 	50	% 
	 8
	 	 	25	% 	 	 	8	  	  	 	25	% 	 	 	8	  	  	 	25	% 
	 9
	 	 	0	% 	 	 	9	  	  	 	0	% 	 	 	9	  	  	 	0	% 
	 10
	 	 	0	% 	 	 	10	  	  	 	0	% 	 	 	10	  	  	 	0	% 

 If the number of companies to be ranked for purposes of determining the TSR PF, the ROE
PF or the Premium Growth PF is reduced below 10 pursuant to the last two sentences of Section 2.2.2 or the last two sentences of Section 2.4.2, the applicable PF shall be determined under the relevant columns of the following tables based
on the total number of companies remaining to be ranked: 
  

																							
	9 Companies to be Ranked	 	 	8 Companies to be Ranked	 	 	7 Companies to be Ranked	 
	Rank	 	  	PF	 	 	Rank	 	  	PF	 	 	Rank	 	  	PF	 
	 	1	  	  	 	200	% 	 	 	1	  	  	 	200	% 	 	 	1	  	  	 	200	% 
	 	2	  	  	 	200	% 	 	 	2	  	  	 	167	% 	 	 	2	  	  	 	167	% 
	 	3	  	  	 	167	% 	 	 	3	  	  	 	133	% 	 	 	3	  	  	 	133	% 
	 	4	  	  	 	133	% 	 	 	4	  	  	 	100	% 	 	 	4	  	  	 	100	% 
	 	5	  	  	 	100	% 	 	 	5	  	  	 	75	% 	 	 	5	  	  	 	63	% 
	 	6	  	  	 	63	% 	 	 	6	  	  	 	50	% 	 	 	6	  	  	 	25	% 
	 	7	  	  	 	25	% 	 	 	7	  	  	 	25	% 	 	 	7	  	  	 	0	% 
	 	8	  	  	 	0	% 	 	 	8	  	  	 	0	% 	 				  			
	 	9	  	  	 	0	% 	 				  				 				  			

  

																							
	6 Companies to be Ranked	 	 	5 Companies to be Ranked	 	 	4 Companies to be Ranked	 
	Rank	 	  	PF	 	 	Rank	 	  	PF	 	 	Rank	 	  	PF	 
	 	1	  	  	 	200	% 	 	 	1	  	  	 	200	% 	 	 	1	  	  	 	200	% 
	 	2	  	  	 	150	% 	 	 	2	  	  	 	150	% 	 	 	2	  	  	 	100	% 
	 	3	  	  	 	100	% 	 	 	3	  	  	 	100	% 	 	 	3	  	  	 	25	% 
	 	4	  	  	 	63	% 	 	 	4	  	  	 	25	% 	 	 	4	  	  	 	0	% 
	 	5	  	  	 	25	% 	 	 	5	  	  	 	0	% 	 				  			
	 	6	  	  	 	0	% 	 				  				 				  			

 2.2 TSR Rank. 

2.2.1 To determine the Company’s “TSR Rank,” the TSR (as defined below) of the Company and
each of the Peer Group Companies (as defined below) shall be calculated, and the Company and the Peer Group Companies shall be ranked from “1” to “10” based on their respective TSRs with “1” being the company with the
highest TSR. 

  
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 2.2.2 The “Peer Group Companies” are: 

 

			
	 Assurant, Inc.
	 	The Hartford Financial Services Group, Inc.
	 Lincoln National Corporation
	 	MetLife, Inc.
	 Principal Financial Group, Inc.
	 	Protective Life Corporation
	 Prudential Financial, Inc.
	 	Symetra Financial Corporation
	 Unum Group
	 	

 If prior to the end of the Performance Period, any Peer Group Company ceases to be a
public reporting company for any reason, then such company shall not be considered a Peer Group Company. In addition, if as of the last day of the Performance Period, any Peer Group Company is a party to an agreement pursuant to which all or
substantially all of the stock or assets of the Peer Group Company will be acquired by a third party, then such company shall not be considered a Peer Group Company for purposes of determining the Company’s TSR Rank, but shall remain a Peer
Group Company for purposes of determining the Company’s ROE Rank. 
 2.2.3 The
“TSR” for the Company and each Peer Group Company shall be calculated by (a) assuming that $100 is invested in the common stock of the company at a price equal to the closing market price of the stock on the last trading day of
        , (b) assuming that for each dividend paid on the stock during the Performance Period, the amount equal to the dividend paid on the assumed number of shares held is reinvested in additional
shares at a price equal to the closing market price of the stock on the ex-dividend date for the dividend, and (c) determining the final dollar value of the total assumed number of shares based on the closing market price of the stock on the
last trading day of         . The TSR shall then equal the amount determined by subtracting $100 from the foregoing final dollar value, dividing the result by 100 and expressing the resulting fraction
as a percentage. 
 2.3 ROE Rank. 

2.3.1 To determine the Company’s “ROE Rank,” the Average ROE (as defined below) of the
Company and each of the Peer Group Companies (as defined in Section 2.2.2 above) shall be calculated, and the Company and the Peer Group Companies shall be ranked from “1” to “10” based on their respective Average ROEs with
“1” being the company with the highest Average ROE. 
 2.3.2 The “Average
ROE” of the Company and each Peer Group Company for the Performance Period shall be calculated by averaging the Adjusted ROEs determined for the applicable company for each of the three years of the Performance Period. “Adjusted ROE”
of any company for any year shall mean the company’s net income return on average equity (excluding accumulated other comprehensive income (loss)) as publicly reported by the Company and calculated as follows. Adjusted ROE for any year shall be
calculated by dividing the company’s net income for the year by the company’s Average Equity for the year. For this purpose, a company’s net income for any year shall be that amount as set forth in the audited consolidated income
statement of the company for the year or, if the audited income statement is not available, as set forth in the financial or statistical supplement published by the company for the last quarter of the applicable year; provided, however, that if
there are 

  
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noncontrolling interests in any company’s subsidiaries or if any company has outstanding preferred stock, net income shall mean net income after giving effect to income or loss attributable
to noncontrolling interests but without giving effect to dividends or other amounts attributable to preferred shareholders. “Average Equity” of any company for any year shall mean the average of the company’s Adjusted Equity (as
defined below) as of the last day of the year and the company’s Adjusted Equity as of the last day of the prior year. “Adjusted Equity” of any company as of any date shall be calculated by subtracting the company’s accumulated
other comprehensive income (loss) from the company’s total shareholders’ equity (which excludes noncontrolling interests, if any), in each case as set forth on the audited consolidated balance sheet of the company as of the applicable date
or, if the audited balance sheet is not available, as set forth in the financial or statistical supplement published by the company for the last quarter of the applicable year. If a company restates its audited consolidated financial statements for
any applicable year or as of any applicable date, the latest publicly available restated data on the date the Committee certifies the ROE Rank pursuant to Section 4.1 shall be used for the calculations under this Section 2.3.2. 

2.4 Premium Growth Rank. 
 2.4.1 To determine the Company’s “Premium Growth Rank,” the Premium Growth (as defined below) of the Company and each of the PG Peer Companies (as defined below) shall be calculated, and
the Company and the PG Peer Companies shall be ranked from “1” to “10” based on their respective Premium Growths with “1” being the company with the highest Premium Growth. 

2.4.2 The Company’s “Premium Growth” shall be calculated by dividing the total
             premium revenues for the Company’s group life and AD&D, group long term disability and group short term disability product lines by the total
             premium revenues for the same product lines (in each case as set forth in the notes to audited consolidated financial statements of the Company and its subsidiaries for
the applicable year), subtracting one from the result and then expressing the resulting fraction as a percentage. The “Premium Growth” for each of the companies listed in the following table (the “PG Peer Companies”) shall be
calculated by dividing the amount of              revenues for the company’s segment or product line(s) listed in the table by the total
             revenues for the same segments or product line(s), subtracting one from the result and then expressing the resulting fraction as a percentage. All revenue information
for each PG Peer Company shall be obtained from the financial or statistical supplement published by the company for the last quarter of the applicable year; provided, however, that if the
             revenue information for any PG Peer Company is subsequently revised, the latest publicly available
             revenue information on the date the Committee certifies the Premium Growth Rank pursuant to Section 4.1 shall be used for the calculations under this
Section 2.4.2. 

  
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	 PG Peer Company
	 	 Comparative Premium Revenue Line
Item(s)

		
	 Aetna Inc.
	 	Premiums of Group Insurance Segment
		
	 Assurant, Inc.
	 	Employee Benefits Segment - Net earned premiums and other considerations of the Group disability single premiums for closed blocks, All other group disability premiums, and Group
life product lines
		
	 CIGNA Corporation
	 	Disability and Life Segment – Premiums and fees of the Life and Disability product lines
		
	 The Hartford Financial Services Group, Inc.
	 	Group Benefits Segment – Premiums of the Group Disability and Group Life product lines
		
	 Lincoln National Corporation
	 	Group Protection Segment – Insurance Premiums of the Life and Disability product lines
		
	 MetLife, Inc.
	 	Insurance Products Segment – Premiums of the Group Life product line
		
	 Principal Financial Group, Inc.
	 	Life and Health Insurance Segment – Specialty Benefits Insurance subsegment – Premiums and Fees of the Group life and Group disability product lines
		
	 Prudential Financial, Inc.
	 	Premiums and Policy charges and fee income of Group Insurance Segment
		
	 Unum Group
	 	Unum US Segment – Premiums of the Group Disability, Group Life and AD&D product lines

 If prior to the end of the Performance Period, any PG Peer Company ceases to be a public
reporting company for any reason, or if it ceases to report premium revenues for the segment or product lines listed in the above table, then such company shall not be considered a PG Peer Company. In addition, if prior to the end of the Performance
Period, any PG Peer Company acquires (including an acquisition by reinsurance) any other PG Peer Company, any of the companies listed in the following table, or the group life and disability product lines of any of those companies, then such company
shall not be considered a PG Peer Company. 
  

					
	 Guardian Life of America
	 	Mutual of Omaha	  	Liberty Mutual
	 ING Employee Benefits
	 	AIG Benefit Solutions	  	New York Life
	 Minnesota Life
	 	WellPoint Life & Disability	  	Fort Dearborn Life
	 United Healthcare Specialty Benefits
	 	OneAmerica (AUL)	  	Liberty Life of Boston

 3. Employment Condition. 

3.1 In order to receive the full number of Performance Shares determined under Section 2, the
Employee must not have a Termination of Employment (as defined below) prior to the last day of the Performance Period (the “Vesting Date”). 

3.2 If the Employee has a Termination of Employment prior to the Vesting Date as a result of Total
Disability, Death or Retirement as such terms are defined in Sections 6.1-4(b), 6.1-4(c) and 6.1-4(f), respectively, of the Plan, the Employee or beneficiary shall be 

  
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entitled to receive an award payout following the completion of the Performance Period as determined under this Agreement based on a reduced Target Share Amount. The Target Share Amount following
Total Disability, Death or Retirement of the Employee shall be determined by multiplying the Target Share Amount before such event by a fraction, the numerator of which is the number of days in the period starting on the first day of the Performance
Period and ending on the date of the Employee’s Termination of Employment and the denominator of which is the number of days in the Performance Period. 
 3.3 If the Employee has a Termination of Employment prior to the Vesting Date, other than by reason of Total Disability, Death or Retirement, the Employee shall forfeit all rights to receive any
Performance Shares. 
 3.4 A “Termination of Employment” shall be deemed to occur on the date on which
the Employee ceases to be employed on a continuous full time basis by the Company or a subsidiary of the Company for any reason or no reason, with or without cause. The Employee shall not be treated as having a Termination of Employment during the
time the Employee is receiving long term disability benefits provided by the Company or a subsidiary of the Company, unless the Employee has received formal written notice of termination. 

4. Certification and Payment. 
 4.1 As soon as practicable following the release of earnings by the Company, the Peer Group Companies and the PG Peer Companies for the last year of the Performance Period, the Company shall calculate the
Payout Factor and the corresponding number of Performance Shares issuable to the Employee based on the Payout Factor, and shall submit these calculations to the Committee. Notwithstanding anything to the contrary in this Agreement, the Committee
may, in its sole discretion, reduce by up to 50% the calculated numbers of Performance Shares to be issued based on circumstances relating to the performance of the Company or the Employee. No later than the March 15 immediately following the
Vesting Date the Committee shall certify in writing (which may consist of approved minutes of a Committee meeting) the TSR Rank, ROE Rank and Premium Growth Rank attained by the Company for the Performance Period, and the number of Performance
Shares issuable to the Employee based on those performance levels. Subject to applicable tax withholding, the number of Performance Shares so certified shall be issued to the Employee as soon as practicable following such certification, but no
Performance Shares shall be issued prior to certification. No fractional shares shall be issued and the number of Performance Shares deliverable shall be rounded to the nearest whole share. 

4.2 If, after the certification and payment under this Agreement, any Peer Group Company restates its financial statements
for any year of the Performance Period for a reason other than a change in accounting principles or guidance, and if such restatement would result in an improvement in the Company’s ROE Rank or Premium Growth Rank, the Company shall recalculate
the Payout Factor and submit it for certification at the next meeting of the Committee, and promptly following such certification any additional Performance Shares resulting from the recalculation shall be issued to the Employee, subject to
applicable tax withholding. 

  
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 5. Tax Withholding. The Employee acknowledges that, on the date the Performance
Shares are issued to the Employee (the “Payment Date”), the Value (as defined below) on that date of the Performance Shares will be treated as ordinary compensation income for federal and state income and FICA tax purposes, and that the
Company will be required to withhold taxes on these income amounts. To satisfy the required minimum withholding amount, the Company shall withhold the number of Performance Shares having a Value equal to the minimum withholding amount. For purposes
of this Section 5, the “Value” of a Performance Share shall be equal to the closing market price for Common Stock on the last trading day preceding the Payment Date. 

6. Change of Control. 
 6.1 Notwithstanding any other provision of this Agreement, if a Change of Control (as defined below) occurs before the Vesting Date and the Employee has not previously forfeited the Employee’s
Performance Shares under Section 3, the Company shall, within 5 business days thereafter and subject to applicable tax withholding as provided for in Section 5, issue to the Employee a number of Performance Shares determined by multiplying
the Target Share Amount by a fraction, the numerator of which is the number of days in the period starting on the first day of the Performance Period and ending on the date of the Change in Control and the denominator of which is the number of days
in the Performance Period; provided, however, that if the Employee had a Termination of Employment due to Total Disability, Death or Retirement prior to the date of the Change in Control, the number of Performance Shares to be issued shall be equal
to the Target Share Amount (as previously adjusted under Section 3.2). Amounts delivered or paid under this Section 6 shall be in satisfaction of any and all obligations of the Company to issue Performance Shares under this Agreement.

 6.2 For purposes of this Agreement, a Change of Control shall have occurred if: 

(a) Any “Person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any company owned, directly or indirectly, by the shareholders of the Company in
substantially the same proportions as their ownership of stock of the Company), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 30%
or more of the combined voting power of the Company’s then outstanding securities; 
 (b) The Company
completes a merger or other consolidation of the Company with any other company, other than (i) a merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving entity) 51% or more of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such
merger or consolidation or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person acquires more than 30% of the combined voting power of the Company’s then
outstanding securities; 

  
 7 

 (c) The Company completes a sale or disposition of all or substantially all
of its assets; or 
 (d) During any period of twelve months or less, individuals who at the beginning of such
period constituted a majority of the Board cease for any reason to constitute a majority of the Board unless the nomination or election of such new directors was approved by a vote of at least two-thirds of the directors then still in office who
were directors at the beginning of such period. 
 7. Mergers, Consolidations or Changes in Capital Structure. If, after
the date of this Agreement, the outstanding Common Stock is increased or decreased or changed into or exchanged for a different number or kind of shares or other securities of the Company or of another corporation by reason of any reorganization,
merger, consolidation, plan of exchange, recapitalization, reclassification, stock split, combination of shares or dividend payable in shares, or in the event of any consolidation, merger or plan of exchange involving the Company pursuant to which
the Common Stock is converted into cash, securities or other consideration, then appropriate adjustment shall be made by the Committee in the number and kind of shares subject to this Agreement so that the Employee’s proportionate interest
before and after the occurrence of the event is maintained. 
 8. No Right to Employment. Nothing in this Agreement or
the Plan shall (i) confer upon the Employee any right to be continued in the employment of the Employee’s employer or interfere in any way with the right of such employer to terminate the Employee’s employment at any time, for any
reason or no reason, with or without cause, or to decrease the Employee’s compensation or benefits, or (ii) confer upon the Employee any right to the continuation, extension, renewal, or modification of any compensation, contract or
arrangement with or by the Company or any subsidiary of the Company. 
 9. Approval. The obligations of the Company under
this Agreement and the Plan are subject to the approval of state, federal or foreign authorities or agencies with jurisdiction in the matter. The Company will use its reasonable best efforts to take steps required by state, federal or foreign law or
applicable regulations, including rules and regulations of the Securities and Exchange Commission and any stock exchange on which the Company’s shares may then be listed, in connection with the grant evidenced by this Agreement. The foregoing
notwithstanding, the Company shall not be obligated to deliver the Performance Shares if such delivery would violate or result in a violation of applicable state or federal securities laws. 

10. Miscellaneous. 
 10.1 Governing Law. This Agreement shall be governed by and construed under the laws of the State of Oregon, without regard to the choice of law principles applied in the courts of such state.

  
 8 

 10.2 Severability. If any provision or provisions of this Agreement
are found to be unenforceable, the remaining provisions shall nevertheless be enforceable and shall be construed as if the unenforceable provisions were deleted. 

10.3 Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the
subject matter hereof and supersedes all prior and contemporaneous oral or written agreements between the Company and the Employee relating to the subject matter hereof. 

10.4 Amendment. This Agreement may be amended or modified only by written consent of the Company and the Employee.

 10.5 Assignment. The Employee may not assign this Agreement or any rights hereunder to any other party
or parties without the prior written consent of the Company. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 
  

			
	STANCORP FINANCIAL GROUP, INC.
		
	By:	 	 
	
	 EMPLOYEE

	
	 

  
 9Amendment No. 1 to Amended and Restated Senior Secured Note Purchase Agreement

 Exhibit 4.1 
 EXECUTION VERSION 
 AMENDMENT NO. 1 

Dated as of May 8, 2012 
 to 
 AMENDED AND RESTATED SENIOR SECURED NOTE PURCHASE AGREEMENT 

Dated as of February 10, 2011 
 THIS AMENDMENT NO. 1 (“Amendment”) is made as of May 8, 2012 by and among Encore Capital Group, Inc. (the “Company”), the undersigned holders of Notes (the
“Noteholders”) and, solely for purpose of Section 1 of this Amendment, SunTrust Bank (“SunTrust”), as, on and after the Amendment No. 1 Effective Date, collateral agent (the “Collateral
Agent”) under that certain Intercreditor Agreement, dated as of September 20, 2010, by and among the Noteholders and JPMorgan Chase Bank, N.A. (“JPMorgan”), as, prior to the Amendment No. 1 Effective Date,
collateral agent and administrative agent thereunder and, for purpose of certain provisions thereof, the Company and the other Credit Parties (as amended, supplemented or otherwise modified from time to time, the “Intercreditor
Agreement”). Reference is made to that certain Amended and Restated Senior Secured Note Purchase Agreement, dated as of February 10, 2011, between the Company, on the one hand, and the Purchasers named therein, on the other hand (as
amended, supplemented or otherwise modified from time to time, the “Note Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Note Agreement. 

WHEREAS, the Company has requested that the Noteholders agree to certain amendments with respect to the Note Agreement as
provided in this Amendment, and SunTrust has requested that the Credit Parties, the Noteholders, and Sun Trust, as Collateral Agent, enter into Section 1 of this Amendment; 

WHEREAS, the Noteholders party hereto have agreed to such amendments and to the terms of Section 1 of this Amendment
on the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises set forth
above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company, the Noteholders party hereto, and SunTrust, in its capacity as Collateral Agent,
have agreed to enter into this Amendment. 
 1. Appointment of Successor Collateral Agent. 

(a) The Noteholders and Credit Parties having received the notice of resignation (as required in Section 18 of the
Intercreditor Agreement, other than the requirement that such notice be made at least 30 days in advance of the resignation, which requirement is hereby waived by the Noteholders and the Credit Parties in this instance only) of JPMorgan as
collateral agent (in such capacity, the “Former Agent”) under the Intercreditor Agreement and other Transaction Documents, the Noteholders agree that, effective as of the date hereof, (a) JPMorgan has resigned as Collateral
Agent 

 
under the Intercreditor Agreement and other Transaction Documents, and (b) SunTrust hereby is appointed (and SunTrust accepts such appointment) as successor Collateral Agent under the
Intercreditor Agreement and other Transaction Documents. In accordance with Section 18 of the Intercreditor Agreement, JPMorgan is discharged from its duties and obligations under the Intercreditor Agreement and the other Transaction Documents
as Collateral Agent, provided that notwithstanding the effectiveness of such resignation, the provisions of the Intercreditor Agreement and similar provisions in the other Transaction Documents shall continue in effect for the benefit of
JPMorgan in respect of any actions taken or omitted to be taken by it while it was acting as the Collateral Agent under the Intercreditor Agreement or the other Transaction Documents, as applicable. The Credit Parties hereby notify the Noteholders,
and the Noteholders and Credit Parties acknowledge, for purposes of the Intercreditor Agreement, that JPMorgan has resigned as “Agent” (as defined in the Intercreditor Agreement) and SunTrust has accepted the appointment of successor
“Agent” (as defined in the Intercreditor Agreement), effective as of the Effective Date (as defined below). 
 (b) (i) the Collateral Agent shall bear no responsibility for any actions taken or omitted to be taken by the Former Agent while JPMorgan served as Collateral Agent under the Intercreditor Agreement and
the other Transaction Documents and (ii) each of the parties hereto authorizes (including without limitation to the extent contemplated under Section 9-509 of the Uniform Commercial Code of the State of New York (or any corollary provision
of the uniform commercial code of any other state)) SunTrust, as Collateral Agent, to file any UCC assignments or amendments with respect to the UCC Financing Statements, mortgages, and other filings in respect of the Collateral as SunTrust deems
necessary or desirable to evidence the Collateral Agent’s succession as Collateral Agent under the Intercreditor Agreement and the other Transaction Documents and each party hereto agrees to execute any documentation reasonably necessary to
evidence such succession. 
 (c) Without limiting the provisions of clause (b)(i) immediately above or any
indemnification provisions set forth in the Intercreditor Agreement and the other Transaction Documents, each of the Noteholders and the Credit Parties agrees that SunTrust, in its capacity as Collateral Agent (and not in its capacity as Lender
under the Credit Agreement), shall bear no responsibility or liability for any event, circumstance or condition existing on or prior to the date this Amendment becomes effective in accordance with Section 3 below (the “Effective
Date”), including, without limitation, with respect to any of the Collateral, the Transaction Documents or the transactions contemplated thereby (the “Indemnified Events”). Furthermore, each Credit Party hereby agrees to
indemnify and hold harmless SunTrust and each of its officers, directors, employees, agents, advisors and other representatives (each an “Indemnified Party”) from and against (and will reimburse each Indemnified Party as the same
are incurred for) any and all claims, liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever (including, without limitation, the reasonable fees, disbursements and
other charges of counsel) that may at any time be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of (including, without limitation, in connection with any
investigation, litigation or proceeding or preparation of a defense in connection therewith) any Indemnified Events except to the extent that they are determined in a final non-appealable judgment by a court of competent jurisdiction to have
resulted from the gross negligence or willful misconduct of the party seeking indemnification. The agreements contained in this clause (c) shall survive the payment of the Secured Obligations and termination of the Transaction Documents.

 (d) On and after the Effective Date, all items of collateral, including possessory collateral, held by the
Former Agent for the benefit of the Secured Parties shall be deemed to be held by the Former Agent as agent and bailee for the benefit and on behalf of SunTrust, as Collateral Agent for the benefit of the Secured Parties, until such time as such
possessory collateral has been delivered to SunTrust, as Collateral Agent. Notwithstanding anything herein to the contrary, the Company and each 

  
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other Credit Party which is a party hereto agrees that all of such Liens granted by any Credit Party pursuant to any Transaction Document shall in all respects be continuing and in effect and are
hereby ratified and reaffirmed. Without limiting the generality of the foregoing, any reference to the Former Agent on any publicly filed document, to the extent such filing relates to the Liens in the Collateral assigned hereby and until such
filing is modified to reflect the interests of SunTrust, as Collateral Agent, shall, with respect to such Liens and security interests, constitute a reference to the Former Agent as collateral representative of SunTrust, as Collateral Agent.

 (e) It is acknowledged and agreed by each of the parties hereto that SunTrust, solely in succeeding to the
position of Collateral Agent (exclusive of its capacity as a Lender under the Credit Agreement), (i) has undertaken no analysis of the Collateral Documents or the Collateral and (ii) has made no determination as to (x) the validity,
enforceability, effectiveness or priority of any Liens granted or purported to be granted pursuant to the Collateral Documents or (y) the accuracy or sufficiency of the documents, filings, recordings and other actions taken to create, perfect
or maintain the existence, perfection or priority of the Liens granted or purported to be granted pursuant to the Collateral Documents. SunTrust shall be entitled to assume that, as of the date hereof, all Liens purported to be granted pursuant to
the Collateral Documents are valid and perfected Liens having the priority intended by the Secured Parties. In addition, the Noteholders hereby agree that SunTrust shall have no liability for failing to have any of the Collateral Documents or other
Transaction Documents assigned to the Collateral Agent. 
 (f) Following the Effective Date, all notices
required to be delivered to the Agent or Collateral Agent under the Intercreditor Agreement or any other Transaction Document shall be delivered to SunTrust at the following address: 

SunTrust Bank 
 3333 Peachtree Road 
 Atlanta, Georgia 30326 

Attn: Peter Wesemeier 
 Facsimile: (404) 439-7390 
 With a copy to: 

Sun Trust Bank 
 Agency Services 
 303 Peachtree Street, 25th floor 

Atlanta, Georgia 30308 
 Attn: Doug Weltz 
 Facsimile: (404) 495-2170 

2. Amendments to Note Agreement. Effective as of the Effective Date, the Note Agreement and, in the case of clause
(a) below, each other Transaction Document, is amended as follows: 
 (a) The Note Agreement and each other
Transaction Document are amended to remove all reference to JPMorgan Chase Bank N.A. as “Collateral Agent” and replace each such reference with a reference to SunTrust Bank. 

(b) Section 9.2 of the Note Agreement is hereby amended and restated in its entirety as follows: 

  
 3 

 “The Company will, and will cause each Subsidiary to,
carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is conducted on the Amendment No. 1 Effective Date (and after giving effect to the Propel Acquisition) and do all things
necessary to remain duly incorporated or organized, validly existing and (to the extent such concept applies to such entity) in good standing as a domestic corporation, partnership or limited liability company in its jurisdiction of incorporation or
organization, as the case may be, as in effect on the Closing Date, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except (i) as permitted by Section 10.2, and
(ii) except to the extent that the failure to maintain any of the foregoing could not reasonably be expected to have a Material Adverse Effect.” 
 (c) Section 9.7 of the Note Agreement is hereby amended to amend and restate the first sentence thereof in its entirety as follows: 

“The Company shall cause each of its Subsidiaries (other than the Excluded Subsidiaries and (so long
as any Propel Indebtedness is outstanding, or commitments therefor are in effect) each member of the Propel Group) to guarantee pursuant to the Multiparty Guaranty or supplement or counterpart thereto (or, in the case of a Foreign Subsidiary, any
other guarantee agreement requested by the Required Holders) the obligations of the Company evidenced by the Notes and under the other Transaction Documents.” 

(d) Section 10.4 of the Note Agreement is hereby amended to add the following proviso immediately prior to the
semi-colon in clause 10.4.5: 
 “provided further that in the case of any
investments in any member of the Propel Group, such investment shall be permitted only to the extent that, after giving effect to such investment, (i) no Default shall exist and be continuing and (ii) the Company shall be in compliance
with Sections 10.12 and 10.13 on a pro-forma basis as if the investment occurred on the first day of the applicable period being tested pursuant to such Sections” 

(e) Section 10.4 of the Note Agreement is hereby further amended to delete the “and” immediately following
the semicolon in clause 10.4.8, to delete the period in clause 10.4.9 and replace such period with “; and”, and to add the following new clause 10.4.10 immediately following clause 10.4.9 thereof: 

“the Propel Acquisition, provided that the acquisition consideration therefor does not in the
aggregate exceed $195,000,000.” 
 (f) Section 10.5 of the Note Agreement is hereby amended by
amending and restating clause 10.5.5 thereof in its entirety, as follows: 
 “Indebtedness
arising from intercompany loans and advances (i) made by any Subsidiary to any Credit Party; provided that the Company agrees that all such Indebtedness owed to any member of the Propel Group by any Credit Party shall be expressly
subordinated to the Secured Obligations pursuant to subordination provisions reasonably acceptable to the Required Holders, (ii) made by the Company to any other Credit Party; provided that the Company agrees that all such Indebtedness
shall be expressly subordinated to the Secured Obligations pursuant to subordination provisions reasonably acceptable to the Required 

  
 4 

 
Holders, (iii) made by the Company or any Subsidiary to any Subsidiary solely for the purpose of facilitating, in the ordinary course of business consistent with past practice as of the
Closing Date (and excluding, for the avoidance of doubt, any business relating to the acquisition of receivables owed by a Person subject to bankruptcy or similar proceedings), the payment of fees and expenses in connection with collection actions
or proceedings or (iv) made by the Company or any other Credit Party to any member of the Propel Group to the extent such loan would be permitted as an investment in compliance with the final proviso of Section 10.4.5;” 

(g) Section 10.5 of the Note Agreement is hereby further amended to delete the “and” immediately following
the semicolon in clause 10.5.14, to delete the period in clause 10.5.15 and replace such period with “; and”, and to add the following new clause 10.5.16 immediately following clause 10.5.15 thereof: 

“the Propel Indebtedness, provided that the aggregate principal amount thereof does not exceed
$190,000,000, and the unsecured guaranty obligations of the Company of such Propel Indebtedness.” 
 (h)
Section 10.6 of the Note Agreement is hereby amended to delete the “and” immediately following the semicolon in clause 10.6.13, to delete the period in clause 10.6.14 and replace such period with “; and”, and to add the
following clause 10.6.15 immediately following clause 10.6.14 thereof: 
 “Liens on the
assets of any member of the Propel Group securing the Propel Indebtedness.” 
 (i) Section 10.9 of the
Note Agreement is hereby amended and restated in its entirety as follows: 
 “The Company
will not, nor will it permit any Credit Party or any member of the Propel Group to, create or otherwise cause to become effective any consensual encumbrance or restriction of any kind on the ability of any Credit Party or member of the Propel Group
(i) to pay dividends or make any other distribution on its stock, (ii) to pay any Indebtedness or other obligation owed to the Company or any other Subsidiary, (iii) to make loans or advances or other Investments in the Company or any
other Subsidiary, or (iv) to sell, transfer or otherwise convey any of its property to the Company or any other Subsidiary, other than (A) customary restrictions on transfers, business changes or similar matters relating to earn out
obligations in connection with Permitted Acquisitions, and (B) as provided in this Agreement, the Credit Agreement and as required pursuant to the documents governing the Propel Indebtedness, but only to the extent relating to the collateral
owned by any member of the Propel Group securing the Propel Indebtedness.” 
 (j) Schedule B of the Note
Agreement is amended to add the following definitions in their appropriate alphabetical order therein: 
 “ “Amendment No. 1” means Amendment No. 1 dated as of May 8, 2012, to Amended and Restated Senior Secured Note Agreement dated as of February 10, 2011 by and among the
Company, the Noteholders named therein, JPMorgan and SunTrust, as Collateral Agent and as Administrative Agent. 

  
 5 

 “ “Amendment No. 1 Effective Date” means
May 8, 2012.” 
 “ “Propel” means Propel Financial Services, LLC, a
Texas limited liability company.” 
 “ “Propel Acquisition” means the
acquisition by Propel Acquisition Co. of the Propel Group.” 
 “ “Propel
Acquisition Co.” means a Subsidiary of the Company that is a Delaware limited liability company formed for the purpose of acquiring the Propel Group.” 

“ “Propel Group” means Propel and its Subsidiaries and each other entity acquired by Propel
Acquisition Co. as part of the same transaction as the acquisition of Propel.” 
 “
“Propel Indebtedness” means the Indebtedness incurred by any member of the Propel Group in connection with the Propel Acquisition and the on-going financing of the operations and business of the Propel Group.” 

“ “Propel Principal Collections” means the aggregate amount of collections of the Propel
Group (but not constituting Amortized Collections) which are not included in the revenues of any member of the Propel Group by reason of the application of such collections to the principal of such receivables.” 

“ “SunTrust” means SunTrust Bank, a Georgia banking corporation, in its individual
capacity, and its successors.” 
 (k) Schedule B of the Note Agreement is further amended to amend
the definition of “Consolidated EBITDA” by restating clause (1) thereof to read as follows: 
 “to the extent not included in such revenue, Amortized Collections and Propel Principal Collections,”. 
 (l) Schedule 10.4.1 of the Note Agreement is amended to amend and restate clause 2(a) thereof in its entirety as follows: 

“All investments will be held in US Dollars (other than investments in currencies of countries
wherein the Company or any of its Subsidiaries carries on business, in an aggregate US Dollar equivalent amount not to exceed $20,000,000 at any time).” 
 3. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that (a) the Noteholders shall have received (i) counterparts of this Amendment
duly executed by the Company, the Required Holders and the Collateral Agent and the Consent and Reaffirmation attached hereto duly executed by the Guarantors, (ii) a fully executed copy of the credit agreement to be entered into by Propel on or
about the date hereof, which shall be in form and substance reasonably satisfactory to the Required Holders, (iii) a fully executed copy of a corresponding amendment to the Credit Agreement together with a fully executed copy of the
accompanying side letter signed by JPMorgan Chase Bank, N.A. and acknowledged by each of SunTrust Bank and the Company, and (iv) such other opinions, instruments and documents as are reasonably requested by the Noteholders and (b) the
Company shall have paid, to the extent invoiced, all fees and expenses of the Noteholder (including attorneys’ fees and expenses) in connection with this Amendment and the other Transaction Documents. 

  
 6 

 4. Representations and Warranties of the Company. The Company hereby
represents and warrants as follows: 
 (a) This Amendment and the Note Agreement as amended hereby constitute
legal, valid and binding obligations of the Company and are enforceable against the Company in accordance with their terms. 
 (b) As of the date hereof and giving effect to the terms of this Amendment, (i) there exists no Default or Event of Default and (ii) the representations and warranties contained in
Section 5 of the Note Agreement, as amended hereby, are true and correct, except for representations and warranties made with reference solely to an earlier date, which are true and correct as of such earlier date. 

5. Reference to and Effect on the Note Agreement. 

(a) Upon the effectiveness hereof, each reference to the Note Agreement in the Note Agreement or any other Transaction
Document shall mean and be a reference to the Note Agreement as amended hereby. 
 (b) Except as specifically
amended above, the Note Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 

(c) Other than as expressly set forth herein, the execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of the Noteholders, nor constitute a waiver of any provision of the Note Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith. 

6. Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws of the
State of New York, excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state. 

7. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall
not constitute a part of this Amendment for any other purpose. 
 8. Counterparts. This Amendment may be
executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF shall have the same
force and effect as manual signatures delivered in person. 
 [Signature Pages Follow] 

  
 7 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and
year first above written. 
  

			
	 ENCORE CAPITAL GROUP, INC.

		
	 By:
	 	 /s/ J. Brandon Black

	 Name:
	 	 J. Brandon Black

	 Title:
	 	 President & Chief Executive Officer

  
 Signature Page
to Amendment No. 1 
 Encore Capital Group, Inc. 
 Amended and Restated Senior Secured Note Purchase Agreement dated as of February 10, 2011 

			
	 SUNTRUST BANK,

	 as Collateral Agent, solely for purpose of Section 1 of this Amendment

		
	 By:
	 	 /s/ Peter Wesemeier

	 Name:
	 	 Peter Wesemeier

	 Title:
	 	 Vice President

  
 Signature Page
to Amendment No. 1 
 Encore Capital Group, Inc. 
 Amended and Restated Senior Secured Note Purchase Agreement dated as of February 10, 2011 

			
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ Mitchell W. Reed

	 Title:
	 	Vice President
	
	PRUCO LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Mitchell W. Reed

	 Title:
	 	Vice President
	
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
		
	By:	 	Prudential Investment Management, Inc., investment manager
		
	By:	 	 /s/ Mitchell W. Reed

	 Title:
	 	Vice President
	
	PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION
		
	By:	 	Prudential Investment Management, Inc., investment manager
		
	By:	 	 /s/ Mitchell W. Reed

	 Title:
	 	Vice President

  
 Signature Page
to Amendment No. 1 
 Encore Capital Group, Inc. 
 Amended and Restated Senior Secured Note Purchase Agreement dated as of February 10, 2011 

 CONSENT AND REAFFIRMATION 

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 1 to the Amended and
Restated Senior Secured Note Agreement dated as of February 10, 2011 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Note Agreement”) by and between Encore Capital Group, Inc.
(the “Company”) and the holders of Notes party thereto (the “Noteholders”), which Amendment No. 1 is dated as of May 8, 2012 (the “Amendment”). Capitalized terms used in this Consent and
Reaffirmation and not defined herein shall have the meanings given to them in the Note Agreement. Without in any way establishing a course of dealing by any Noteholder, each of the undersigned agrees to be bound by its obligations under
Section 1 of the Amendment and consents to the Amendment and reaffirms the terms and conditions of the Multiparty Guaranty, the Pledge and Security Agreement and any other Transaction Document executed by it and acknowledges and agrees that
such agreement and each and every such Transaction Document executed by the undersigned in connection with the Note Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. 

All references to the Note Agreement contained in the above-referenced documents shall be a reference to the Note
Agreement as modified by the Amendment and as each of the same may from time to time hereafter be amended, modified or restated. 
 Dated: May 8, 2012 
 [Signature Page Follows] 

									
	 MIDLAND CREDIT MANAGEMENT, INC.
	 		  	
		 		  	 ASCENSION CAPITAL GROUP, INC.

	 By:
	 	 /s/ J. Brandon Black
	 		  		  	
	 Name:
	 	 J. Brandon Black
	 		  	 By:
	  	 /s/ J. Brandon Black

	 Title:
	 	 President & Chief Executive Officer
	 		  	 Name:
	  	 J. Brandon Black

		 		 		  	 Title:
	  	 President

			
	 MIDLAND PORTFOLIO SERVICES, INC.
	 		  	 MIDLAND FUNDING LLC

					
	 By:
	 	 /s/ J. Brandon Black
	 		  	 By:
	  	 /s/ J. Brandon Black

	 Name:
	 	 J. Brandon Black
	 		  	 Name:
	  	 J. Brandon Black

	 Title:
	 	 President
	 		  	 Title:
	  	 President

			
	 MIDLAND INDIA LLC
	 		  	 MIDLAND INTERNATIONAL LLC

					
	 By:
	 	 /s/ Glen Freter
	 		  	 By:
	  	 /s/ J. Brandon Black

	 Name:
	 	 Glen Freter
	 		  	 Name:
	  	 J. Brandon Black

	 Title:
	 	 Treasurer
	 		  	 Title:
	  	 President

			
	 MIDLAND FUNDING NCC-2 CORPORATION
	 		  	 MRC RECEIVABLES CORPORATION

					
	 By:
	 	 /s/ J. Brandon Black
	 		  	 By:
	  	 /s/ J. Brandon Black

	 Name:
	 	 J. Brandon Black
	 		  	 Name:
	  	 J. Brandon Black

	 Title:
	 	 President
	 		  	 Title:
	  	 President

  
 Signature Page
to Consent and Reaffirmation 
 Amendment No. 1 
 Encore Capital Group, Inc. 
 Amended and Restated Senior Secured Note Purchase
Agreement dated as of February 10, 2011

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