PRAA » Topics » Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

This excerpt taken from the PRAA 8-K filed Oct 27, 2005.

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On October 24, 2005, the Board of Directors, upon recommendation of the Nominating and Corporate Governance Committee of the Board of Directors, appointed Penelope W. Kyle to the Board of Directors as an independent director, effective October 24, 2005. Ms. Kyle will replace Peter Cohen on the Board of Directors and she has been appointed to serve on the Nominating and Corporate Governance Committee and the Compensation Committee of the Board of Directors. A copy of the press release announcing Ms. Kyle’s appointment and Mr. Cohen's resignation is attached to this current report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

The Board of Directors also approved the issuance of 2,000 restricted shares of the Company's common stock to Ms. Kyle, in accordance with the Portfolio Recovery Associates, Inc. Amended and Restated 2002 Stock Option Plan and 2004 Restricted Stock Plan. Further, as a member of the Board of Directors, Ms. Kyle is entitled to receive a retainer fee of $7,500 per quarter and will be reimbursed for travel expenses related to her attendance at meetings, according to the existing compensation policy for directors.

In addition, on October 25, 2005, the Company announced the promotion of Kevin P. Stevenson from Chief Financial Officer to Chief Financial and Administrative Officer. Mr. Stevenson’s compensation was not affected by the promotion. A copy of the press release announcing Mr. Stevenson’s promotion is attached to this current report on Form 8-K as Exhibit 99.2 and is incorporated herein by reference.





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