secwatch.observer — SEC 8-K summary
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Issuer:     PRA GROUP INC (PRAA)
CIK:        0001185348
Form:       8-K
Filed at:   2023-12-07T23:59:59+00:00
Accession:  0001185348-23-000039
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PRA Group enters new employment agreement with CEO Vikram Atal through Dec 2025
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- Employment agreement effective Dec 1, 2023, expires Dec 31, 2025, unless terminated earlier.
- Base salary remains $950,000; eligible for annual bonus and equity awards under existing plans.
- Severance on without-cause/constructive termination: greater of remaining base salary or 1.5x base (2x on change of control), plus 1.5x target bonus (2x on change of control), plus 24 months COBRA.
- Agreement supersedes prior letter agreement dated March 27, 2023.
- Contains restrictive covenants: non-solicitation, non-competition, non-disparagement, confidentiality.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1185348/000118534823000039/0001185348-23-000039-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1185348/000118534823000039/praa-20231201.htm
  HTML page:      https://secwatch.observer/filing/0001185348-23-000039

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