Document:

Form of Split-Dollar Agreement

 Exhibit 10.3 
 SAMPLE ENDORSEMENT METHOD 
 SPLIT-DOLLAR INSURANCE AGREEMENT 
 (Employer-Pay-All Agreement) 
 This
Agreement, entered into this      day of             , 20    , by and between Midland Credit Management, Inc,
hereafter called the “Employer,” and (Name) , hereafter called the “Employee,” WITNESSETH: 
 WHEREAS, the
Employee is a valuable employee of the Employer and has been employed since (Date) ; 
 WHEREAS, the Employee has agreed to continue
such service and the Employer desires that he/she do so; and 
 WHEREAS, in the continuation of such relationship the parties desire
to enter into a split-dollar agreement in order to provide insurance protection for the benefit of the Employee; 
 NOW THEREFORE, in
consideration of the services heretofore rendered and to be rendered by the Employee and of the mutual covenants contained herein, the parties hereto agree as follows: 
  

	1.	PURCHASE OF INSURANCE. The Employer shall apply to Principal Life Insurance Company, Des Moines, Iowa, hereafter called the “Insurer,” for an insurance policy on
the life of the Employee, in the face amount of $                     (amount may also be written out), on the EVUL plan, (the
“Policy”) and shall be designated as sole owner of the Policy subject to the conditions hereafter set forth. 

  

	2.	PREMIUMS. [Planned Periodic Premiums] shall be paid by the Employer [monthly] as they become due. 

  

	3.	BENEFICIARY PROVISIONS. The beneficiary provisions of the Policy shall provide that upon the death of the Employee the proceeds shall be paid as follows:

  

	 	A.	PART A. To the Employer, the balance of the proceeds in excess of PART B. 

  

	 	B.	PART B. Ten percent (10%) of the net death benefit payable under the Policy to (Name) , (Relationship) of the Employee, if living, otherwise to (Name) , (Relationship) of the
Employee. The Employee may, without the consent of any other person or legal entity, change the beneficiary with respect to PART B of the proceeds. 

  

	 	C.	 The transfer of all rights under both PART A and PART B to a single individual, identical group of individuals, or a single entity, whether presently a party to
this split-dollar agreement or the designee of a party to the agreement, shall 

	 	 
terminate any limitation on the policyowner’s right to change the beneficiary designation of either PART A or PART B of the proceeds and thereafter the
policyowner may designate the beneficiary of the entire proceeds and exercise all other privileges of ownership without restriction. 

  

	4.	FIDUCIARY PROVISIONS. The Management Compensation Committee of Employer (Attention: Senior Vice President, Human Resources) is hereby designated as the “Named
Fiduciary” for the split-dollar program (hereafter called the “Program”) established by this Agreement, and he or she shall have the authority to control and manage the operation and administration of such Program.

  

	5.	ALLOCATION OF FIDUCIARY RESPONSIBILITIES. The Named Fiduciary may allocate his or her responsibilities for the operation and administration of the Program, including the
designation of persons to carry out fiduciary responsibilities under the Program. The Named Fiduciary shall effect any such allocation of his or her responsibilities by delivering to the Employer a written instrument signed by him or her that
specifies the nature and extent of the responsibilities allocated, including the persons who are designated to carry out those fiduciary responsibilities under the Program, together with a signed acknowledgment of their acceptance.

  

	6.	PROGRAM ADMINISTRATOR. The Named Fiduciary is hereby designated as the “Program Administrator” of this Program. 

  

	7.	CLAIMS PROCEDURE. The following claims procedure shall apply to the Program: 

  

	 	a.	Filing of a Claim for Benefits. The Employee or the beneficiaries of the Policy shall make a claim for the benefits provided under the Policy in the manner provided in the
Policy. 

  

	 	b.	Claim Approval or Denial With Respect to Program Benefits. With respect to a claim for benefits, the Program Administrator shall review and make decisions on claims for
benefits. The Program Administrator shall have complete and sole discretionary authority to determine eligibility for benefits and to construe the terms of the Program. 

  

	 	c.	Notification to Claimant of Decision. If a claim is wholly or partially denied, notice of the decision, meeting the requirements of paragraph d. following, shall be furnished
to the claimant within a reasonable period of time after the claim has been filed. 

  

	 	d.	Content of Notice. The Program Administrator shall provide to any claimant whose claim for benefits is denied in whole or in part a written notice setting forth, in a manner
calculated to be understood by the claimant, the following: 

  

	 	(1)	the specific reason or reasons for the denial or partial denial; 

  

	 	(2)	specific reference to pertinent Policy or Program provisions on which the denial is based; 

  

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	 	(3)	a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and

  

	 	(4)	an explanation of the Program’s claim review procedure, as set forth in paragraphs e. and f. following. 

  

	 	e.	Review Procedure. The purpose of the review procedure set forth in this paragraph and in paragraph f. following is to provide a procedure by which a claimant under the
Program may have a reasonable opportunity to appeal a denial or partial denial of a claim and request a full and fair review. To accomplish that purpose, the claimant or a duly authorized representative: 

  

	 	(1)	may request a review by written application to the Program Administrator; 

  

	 	(2)	may review pertinent Program documents or agreements; and 

  

	 	(3)	may submit issues and comments in writing. 

 A claimant (or
duly authorized representative) shall request a review at any time within sixty (60) days by filing a written application after receipt by the claimant of written notice of the denial of his or her claim. 
  

	 	f.	Decision on Review. A decision on review of a denial of a claim shall be made in the following manner. 

  

	 	(1)	The decision on review shall be made by the Program Administrator, which may in his or her discretion hold a hearing on the denied claim. The Program Administrator shall make his or
her decision promptly, unless special circumstances (such as the need to hold a hearing) require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but no later than one hundred twenty
(120) days after receipt of the request for review. 

  

	 	(2)	The decision on review shall be in writing, and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, and specific
references to the pertinent Policy or Program provisions on which the decision is based. 

  

	8.	TERMINATION OF AGREEMENT. Either party hereto, with or without the consent of the other, may terminate this Agreement by giving notice of termination in writing. Termination
of employment or failure of the Employer to advance premiums as agreed shall automatically terminate this Agreement. Upon termination of the Agreement for any reason the Employee shall have the right to purchase the Policy from the Employer. The
purchase price of the Policy shall be the accumulated value, less any policy loan indebtedness. In the event of purchase by the Employee, the Employer agrees to execute such documents as may be necessary to transfer sole and complete ownership of
the Policy to the Employee. 

  

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	9.	FAILURE TO PURCHASE. In the event the Employee does not exercise his/her right to purchase the Policy within 30 days following the termination of this Agreement, the Employee
agrees to execute such documents as may be necessary to release or transfer his/her interest in the Policy, including the right to name the beneficiary of the Policy as provided under Article 3.B. hereof, to the Employer. 

 

	10.	LIABILITY OF INSURANCE COMPANY. It is understood by the parties hereto that in issuing the Policy, the Insurer shall have no liability except as set forth in the Policy. The
Insurer shall not be bound to inquire into or take notice of any of the convenants herein contained as to the Policy or as to the application of the proceeds of the Policy. Rights under the Policy may be exercised during the life of the Employee
pursuant to the provisions of the Policy. Upon the death of the Employee, the Insurer shall be discharged from all liability on payment of the proceeds in accordance with the Policy provisions and without regard to this Agreement or any amendment
hereof. 

  

	11.	BINDING EFFECT OF AGREEMENT. This Agreement shall be binding upon the parties hereto, their heirs, assigns, successors, executors and administrators. In the event the
Employer becomes a party to any merger, consolidation or reorganization, this Agreement shall remain in full force and effect as an obligation of the Employer or its successors in interest. 

  

	12.	GOVERNING LAW. This Agreement shall be governed and construed in accordance with the laws of the State of
                    . 

  

	13.	AMENDMENTS. Amendments may be made to this Agreement by a written agreement signed by each of the parties and attached hereto. Additional policies of insurance on the life of
the Employee may be purchased under this Agreement by amendment to Article 1. hereof. 

 [Remainder of page intentionally left
blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have set their hands and seals, the Employer by its duly authorized
officer, on the day and year above written. 
  

			
	
	(Signature of Employee)
	(Name)

			
	
	(Name of Employer)

			
		
	BY	 	(Signature of Officer)
		 	(Name)

  

 5Form of Restricted Stock Award Agreement

 Exhibit 10.4 
 ENCORE CAPITAL GROUP, INC. 
 RESTRICTED STOCK UNIT GRANT NOTICE 
 (2005
STOCK INCENTIVE PLAN) 
 Encore Capital Group, Inc. (the “Company”), pursuant to its
2005 Stock Incentive Plan (the “Plan”), hereby awards to Participant a Restricted Stock Unit award for the number of shares of the Company’s Stock set forth below (the “Award”). The Award is
subject to all of the terms and conditions as set forth herein and in the Plan and the Restricted Stock Unit Agreement, both of which are attached hereto and incorporated herein in their entirety. Capitalized terms not otherwise defined herein shall
have the meanings set forth in the Plan or the Restricted Stock Unit Agreement. In the event of any conflict between the terms in the Award and the Plan, the terms of the Plan shall control. 
  

					
	Participant:	  	  	  	
	Date of Grant:	  	  	  	
	Vesting Commencement Date:	  	  	  	
	Number of Shares Subject to Award:	  	  	  	
	Consideration:	  	Participant’s Past Services	  	
	Fair Market Value per Share:	  	$                    	  	

  

			
	Vesting Schedule:	  	____________________________________________________________________________________. [In addition, the vesting of the shares shall accelerate upon the occurrence of the following events:
____________________________________.] Notwithstanding the foregoing, vesting shall terminate on upon the Participant’s termination of Continuous Service.
		
	Issuance Schedule:	  	The shares will be issued in accordance with the issuance schedule set forth in Section 6 of the Restricted Stock Unit Agreement.

 Additional Terms/Acknowledgements: The undersigned Participant acknowledges receipt of, and understands and
agrees to, this Restricted Stock Unit Grant Notice, the Restricted Stock Unit Agreement and the Plan. Participant further acknowledges that as of the Date of Grant, this Restricted Stock Unit Grant Notice, the Restricted Stock Unit Agreement and the
Plan set forth the entire understanding between Participant and the Company regarding the Award and supersedes all prior oral and written agreements on that subject. 
  

									
	ENCORE CAPITAL GROUP, INC.	 		 	PARTICIPANT:
				
	By:	 	  	 		 	  
		 	Signature	 		 	Signature
					
	Title:	 	  	 		 	 Date:
	 	  
					
	Date:	 	  	 		 		 	

 ATTACHMENTS: Restricted Stock Unit Agreement, 2005 Stock Incentive Plan

  

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 ATTACHMENT I 
 ENCORE CAPITAL GROUP, INC. 
 2005 STOCK INCENTIVE PLAN 
 RESTRICTED STOCK
UNIT AGREEMENT – EXECUTIVE 
 Pursuant to the Restricted Stock Unit Grant Notice
(“Grant Notice”) and this Restricted Stock Unit Agreement and in consideration of your past services, Encore Capital Group, Inc. (the “Company”) has awarded you a deferred issuance restricted stock
award (the “Award”) under its 2005 Stock Incentive Plan (the “Plan”) for the number of shares of the Company’s Stock as indicated in the Grant Notice. Your Award is granted to you effective as of
the Date of Grant set forth in the Grant Notice for this Award. Defined terms not explicitly defined in this Restricted Stock Unit Agreement shall have the same meanings given to them in the Plan. In the event of any conflict between the terms in
this Restricted Stock Unit Agreement and the Plan, the terms of the Plan shall control. 
 RECITALS 
 WHEREAS, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) provides that deferred compensation arrangements (including, in this
case, the Award) that do not comply with, among other things, the distribution requirements of Code Section 409A, are subject to an additional 20% tax, plus interest, on the distribution. 
 WHEREAS, Code Section 409A provides that the payment of the deferred compensation must not occur prior to: (i) termination of Continuous Service (as defined
below), but “key employees” of publicly traded companies must wait an additional six months, (ii) Disability (as defined below), (iii) death, (iv) a fixed date (or dates) specified at the time of deferral, (v) a change
in control, or (vi) the occurrence of an unforeseeable emergency. 
 WHEREAS, at the time the shares subject to your Award would otherwise be issued to
you in connection with your termination of Continuous Service, you may be subject to the distribution limitations contained in Code Section 409A applicable to a “key employee” as defined in Code Section 416(i). 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto do hereby agree that the details of your Award are as follows: 
 1. VESTING. 
  

	 	(a)	 In General. Subject to the limitations contained herein, your Award will vest in accordance with the vesting schedule provided in the Grant Notice, provided
that vesting will cease upon the termination of your Continuous Service. Notwithstanding the foregoing, if you elect to defer receipt of the shares pursuant to Section 6(a) of this Restricted Stock Unit Agreement, then any shares subject to
this Award that would otherwise 

  

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vest within the 12-month period following the Date of Grant indicated on your Grant Notice shall instead vest on the date that is 12 months following the
date of your election to defer. For purposes of this Award, “Continuous Service” means that your service with the Company or an Affiliate, whether as an employee, director or consultant, is not interrupted or terminated. A
change in the capacity in which you render service to the Company or an Affiliate as an employee, consultant or director or a change in the entity for which you render such service, provided that there is no interruption or termination of your
service with the Company or an Affiliate, shall not terminate your Continuous Service. For example, a change in status from an employee of the Company to a consultant to an Affiliate or to a director shall not constitute an interruption of
Continuous Service. To the extent permitted by law, the Board or its compensation committee or any officer designated by the Board or its compensation committee, in that party’s sole discretion, may determine whether Continuous Service shall be
considered interrupted in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal leave. Notwithstanding the foregoing, a leave of absence shall be treated as Continuous Service for
purposes of vesting to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to you, or as otherwise required by law. 

 

	 	(b)	Vesting Acceleration. Notwithstanding the foregoing, upon a Change of Control during your Continuous Service, or in the event that your Continuous Service is terminated due
to your death or Disability, then your Award will immediately vest in full. 

 2. NUMBER
OF SHARES. The number of shares subject to your Award may be adjusted from time to time for capitalization adjustments, as provided in the Plan. 
 3. SECURITIES LAW COMPLIANCE. You may not be issued any shares under your Award unless the
shares are either: (i) then registered under the Securities Act; or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award also must comply with other
applicable laws and regulations governing the Award, and you will not receive such shares if the Company determines that such receipt would not be in material compliance with such laws and regulations. 
 4. LIMITATIONS ON TRANSFER. Your Award is not transferable, except by will or by the laws of
descent and distribution. In addition to any other limitation on transfer created by applicable securities laws, you agree not to assign, hypothecate, donate, encumber or otherwise dispose of any interest in any of the shares of Stock held by you
under the Award until the shares are issued to you in accordance with Section 6 of this Agreement. After the shares have been issued to you, you are free to assign, hypothecate, donate, encumber or otherwise dispose of any interest in such
shares provided that any such actions are in compliance with the provisions herein and applicable securities laws. 
  

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 5. DIVIDENDS. You shall be entitled to receive payments equal to any cash dividends
and other distributions paid with respect to a corresponding number of shares covered by your Award, provided that if any such dividends or distributions are paid in shares, the Fair Market Value of such shares shall be converted into additional
shares covered by the Award, and further provided that such additional shares shall be subject to the same forfeiture restrictions and restrictions on transferability as apply to the shares subject to the Award with respect to which they relate.

 6. DATE OF ISSUANCE.  
  

	 	(a)	The Company will deliver to you a number of shares of the Company’s Stock equal to the number of vested shares subject to your Award, including any additional shares
received pursuant to Section 5 above that relate to those vested shares on the vesting date or dates provided in your Grant Notice; [provided, however, that if the first vesting date occurs no sooner than 12 months following the Date of
Grant specified in your Grant Notice and if, within the 30-day period following the Date of Grant indicated on your Grant Notice, you elect to defer delivery of such shares of Common Stock beyond the vesting date, then the Company will deliver such
shares to you on the date or dates that you so elect (the “Settlement Date”). Notwithstanding the foregoing, in the event of your termination of Continuous Service prior to the Settlement Date, such vested shares of
Common Stock shall instead be delivered to you on the date of your termination of Continuous Service. If such deferral election is made, the Committee shall, in its sole discretion, establish the rules and procedures for such election which shall be
evidenced by a Restricted Stock Unit Election Agreement. 

  

	 	(b)	Notwithstanding anything to the contrary set forth herein, if at the time the shares would otherwise be issued to you as a result of your termination of Continuous Service, you are
subject to the distribution limitations contained in Code Section 409A applicable to “key employees” as defined in Code Section 416(i), share issuances to you as a result of your termination of Continuous Service shall not be
made before the date which is six (6) months following the date of your termination of Continuous Service, or, if earlier, the date of your death that occurs within such six (6) month period. 

 7. RESTRICTIVE LEGENDS. The shares issued under your Award shall be endorsed with appropriate legends
determined by the Company. 
 8. AWARD NOT A SERVICE
CONTRACT. 
  

	 	(a)	 Your Continuous Service with the Company or an Affiliate is not for any specified term and may be terminated by you or by the Company or an Affiliate at any time,
for any reason, with or without cause and with or without notice. Nothing in this Restricted Stock Unit Agreement 

  

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(including, but not limited to, the vesting of your Award pursuant to the schedule set forth in Section 2 herein), the Plan or any covenant of good
faith and fair dealing that may be found implicit in this Restricted Stock Unit Agreement or the Plan shall: (i) confer upon you any right to continue in the employ of, or affiliation with, the Company or an Affiliate; (ii) constitute any
promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other term or condition of employment or affiliation; (iii) confer any right or benefit
under this Restricted Stock Unit Agreement or the Plan unless such right or benefit has specifically accrued under the terms of this Agreement or Plan; or (iv) deprive the Company of the right to terminate you at will and without regard to any
future vesting opportunity that you may have. 

  

	 	(b)	By accepting this Award, you acknowledge and agree that the right to continue vesting in the Award pursuant to the schedule set forth in Section 2 is earned only by continuing
as an employee, director or consultant at the will of the Company (not through the act of being hired, being granted this Award or any other award or benefit) and that the Company has the right to reorganize, sell, spin-out or otherwise restructure
one or more of its businesses or Affiliates at any time or from time to time, as it deems appropriate (a “reorganization”). You further acknowledge and agree that such a reorganization could result in the termination of your Continuous
Service, or the termination of Affiliate status of your employer and the loss of benefits available to you under this Restricted Stock Unit Agreement, including but not limited to, the termination of the right to continue vesting in the Award. You
further acknowledge and agree that this Restricted Stock Unit Agreement, the Plan, the transactions contemplated hereunder and the vesting schedule set forth herein or any covenant of good faith and fair dealing that may be found implicit in any of
them do not constitute an express or implied promise of continued engagement as an employee or consultant for the term of this Agreement, for any period, or at all, and shall not interfere in any way with your right or the Company’s right to
terminate your Continuous Service at any time, with or without cause and with or without notice. 

 9.
WITHHOLDING OBLIGATIONS. 
  

	 	(a)	On or before the time you receive a distribution of shares pursuant to your Award, or at any time thereafter as requested by the Company, you hereby authorize withholding from
payroll and/or any other amounts payable to you, and otherwise agree to make adequate provision for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or an Affiliate, if any, which arise in
connection with your Award. 

  

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	 	(b)	Unless the tax withholding obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation to issue the shares of Stock subject to your Award.

 10. UNSECURED OBLIGATION. Your Award is unfunded, and as a holder of a vested
Award, you shall be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares pursuant to this Agreement. You shall not have voting or any other rights as a stockholder of the Company with
respect to the shares to be issued pursuant to this Agreement until such shares are issued to you pursuant to Section 6 of this Agreement. Upon such issuance, you will obtain full voting and other rights as a stockholder of the Company. Nothing
contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person. 
 11. NOTICES. Any notices provided for in your Award or the Plan shall be given in writing and shall be deemed effectively
given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company. 
 12. MISCELLANEOUS. 
  

	 	(a)	The rights and obligations of the Company under your Award shall be transferable to any one or more persons or entities, and all covenants and agreements hereunder shall inure to
the benefit of, and be enforceable by the Company’s successors and assigns. Your rights and obligations under your Award may only be assigned with the prior written consent of the Company. 

  

	 	(b)	You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your
Award. 

  

	 	(c)	You acknowledge and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award, and
fully understand all provisions of your Award. 

 13. GOVERNING PLAN
DOCUMENT. Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time
to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your Award and those of the Plan, the provisions of the Plan shall control. 
 14. SEVERABILITY. If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be
unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or
invalid 

  

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shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while
remaining lawful and valid. 
 15. EFFECT ON OTHER EMPLOYEE
BENEFIT PLANS. The value of the Award subject to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating the Employee’s benefits under any employee
benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit
plans. 
 16. AMENDMENT. This Agreement may not be modified, amended or terminated except by an instrument in writing,
signed by you and by a duly authorized representative of the Company. Notwithstanding the foregoing, this Agreement may be amended solely by the Board by a writing which specifically states that it is amending this Agreement, so long as a copy of
such amendment is delivered to you, and provided that no such amendment adversely affecting your rights hereunder may be made without your written consent. Without limiting the foregoing, the Board reserves the right to change, by written notice to
you, the provisions of this Agreement in any way it may deem necessary or advisable to carry out the purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision,
provided that any such change shall be applicable only to rights relating to that portion of the Award which is then subject to restrictions as provided herein. 
  

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