# EDGAR Filing Document

**Accession Number:** 0001183833
**File Stem:** 0001209191-23-013160
**Filing Date:** 2023-2
**Character Count:** 9270
**Document Hash:** ed2a052ff4c3f0eedad0c2c29a756952
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-013160.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001209191-23-013160

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230223

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** HOCHSCHILD ROGER C
- **CENTRAL INDEX KEY:** 0001183833

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33378
- **FILM NUMBER:** 23674804

**MAIL ADDRESS:**
- **STREET 1:** 2500 LAKE COOK ROAD
- **CITY:** RIVERWOODS
- **STATE:** IL
- **ZIP:** 60015
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Discover Financial Services
- **CENTRAL INDEX KEY:** 0001393612
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERSONAL CREDIT INSTITUTIONS [6141]
- **IRS NUMBER:** 362517428
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 2500 LAKE COOK ROAD
- **CITY:** RIVERWOODS
- **STATE:** IL
- **ZIP:** 60015
- **BUSINESS PHONE:** 224-405-0900

**MAIL ADDRESS:**
- **STREET 1:** 2500 LAKE COOK ROAD
- **CITY:** RIVERWOODS
- **STATE:** IL
- **ZIP:** 60015

## Ex-24

```

Exhibit 24
POWER OF ATTORNEY

     Know all by these presents that the undersigned hereby constitutes and
appoints each of Philip J. Castrogiovanni, Efie Vainikos, and Michael Ebner,
signing singly, the undersigned's true and lawful attorney-in-fact to:

          (1) execute for and on behalf of the undersigned, all reports to be
filed by the undersigned pursuant to Section 16(a) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), and the rules promulgated
thereunder (including Forms 3, 4 and 5, and any successor forms) (the "Section
16 Reports") with respect to the equity securities of Discover Financial
Services (the "Company"); and

          (2) do and perform any and all acts for and on behalf of the
undersigned that may be necessary or desirable to complete and execute any such
Section 16 Reports, complete and execute any amendment or amendments thereto,
and file such report with the U.S. Securities and Exchange Commission and any
stock exchange or similar authority; and

          (3) take any other action of any type whatsoever in connection with
the foregoing that, in the opinion of such attorney-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it being
understood that the documents executed by such attorney-in-fact on behalf of the
undersigned pursuant to this Power of Attorney shall be in such form and shall
contain such terms and conditions as such attorney-in-fact may approve in such
attorney-in-fact's discretion.

     The powers granted above may be exercised by each such attorney-in-fact on
behalf of the undersigned, individually, and on behalf of the undersigned in any
fiduciary or representative capacity in which the undersigned may be acting.

     The undersigned hereby grants to each such attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary, or proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution or revocation,
hereby ratifying and confirming all that such attorney-in-fact, or such
attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be
done by virtue of this Power of Attorney and the rights and powers herein
granted.  The undersigned acknowledges that the foregoing attorneys-in-fact, in
serving in such capacity at the request of the undersigned, are not assuming,
nor is the Company assuming, any of the undersigned's responsibilities to comply
with Section 16 of the Exchange Act.

     This Power of Attorney shall be effective as of the date set forth below
and shall continue in full force and effect until the undersigned is no longer
required to file Section 16 Reports with respect to the equity securities of the
Company, unless earlier (a) revoked by the undersigned in a signed writing
delivered to the foregoing attorneys-in-fact or (b) superseded by a new power of
attorney regarding the purposes outlined herein as of a later date.

     IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be
executed as of this 22nd day of February, 2023.

Signature: /s/ Roger C. Hochschild
Print Name: Roger C. Hochschild

```

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>HOCHSCHILD ROGER C<br><sub>(Last) (First) (Middle)</sub><br>2500 LAKE COOK ROAD<br><sub>(Street)</sub><br>RIVERWOODS, IL 60015<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-23 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_CEO and President_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Discover Financial Services [ DFS ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-02-23 |  | A |  | 21286 | A | $0.00 | 916311<sup>(1)</sup> | D |  |
| Common Stock |  |  |  |  |  |  |  | 29111 | I | By Hochschild Remainder Trust<sup>(2)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) Includes 80,876 shares subject to a non-recourse loan to the generation-skipping trust ("GST") for which the reporting person's spouse serves as trustee.

(2) These shares are held in a trust for the benefit of the reporting person's spouse and children. The reporting person's spouse is trustee of the trust.

**Remarks:**
Exhibit 24 - Power of Attorney

**Signature:** /s/ Efie Vainikos as Attorney-In-Fact for Roger C. Hochschild  
**Date:** 2023-02-27

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**