Document:

Class C(2012-1) Terms Document

 Exhibit 4.1 
 CHASE ISSUANCE TRUST 
 as Issuing Entity 

CLASS C(2012-1) TERMS DOCUMENT 
 dated as of May 23, 2012 
 to 

AMENDED AND RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 
 dated as of October 15, 2004

 to 
 THIRD AMENDED AND 
 RESTATED INDENTURE 

dated as of December 19, 2007 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Indenture Trustee and
Collateral Agent 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	
	ARTICLE I	  
	
	Definitions and Other Provisions of General Application	  
			
	 Section 1.01
	 	 Definitions
	  	 	1	  
	 Section 1.02
	 	 Governing Law
	  	 	5	  
	 Section 1.03
	 	 Counterparts
	  	 	5	  
	 Section 1.04
	 	 Ratification of Indenture and Indenture Supplement
	  	 	5	  
	
	ARTICLE II	  
	
	The Class C(2012-1) Notes	  
			
	 Section 2.01
	 	 Creation and Designation
	  	 	7	  
	 Section 2.02
	 	 Interest Payment
	  	 	7	  
	 Section 2.03
	 	 Calculation Agent; Determination of LIBOR
	  	 	7	  
	 Section 2.04
	 	 Payments of Interest and Principal
	  	 	8	  
	 Section 2.05
	 	 Targeted Amount to be on Deposit in the Class C Reserve Sub-Account
	  	 	9	  
	 Section 2.06
	 	 Form and Delivery of Class C(2012-1) Notes; Depository; Denominations
	  	 	9	  
	 Section 2.07
	 	 Delivery and Payment for the Class C(2012-1) Notes
	  	 	10	  
	 Section 2.08
	 	 Supplemental Indenture
	  	 	10	  
	
	ARTICLE III	  
	
	Restrictions on Transfer of the Class C(2012-1) Notes	  
			
	 Section 3.01
	 	 Private Placement of the Class C(2012-1) Notes
	  	 	11	  
	 Section 3.02
	 	 Transfer of the Class C(2012-1) Notes
	  	 	11	  
	
	ARTICLE IV	  
	
	Miscellaneous Provision	  
			
	 Section 4.01
	 	 Amendments
	  	 	21	  
	 Section 4.02
	 	 Limitation on Changing the Scheduled Principal Payment Date or Legal Maturity Date
	  	 	21	  
	 Section 4.03
	 	 No Ratings Confirmation Required for Class C(2012-1) Notes
	  	 	21	  

  
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 THIS CLASS C(2012-1) TERMS DOCUMENT (this “Terms Document”), by and between the
CHASE ISSUANCE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and collateral agent (the “Collateral Agent”), is made and entered into as of May 23, 2012. 

Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries Class C Notes and
shall specify the principal terms thereof. 
 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the
context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this
Article, and include the plural as well as the singular; 
 (2) all other terms used herein which are defined in
the Indenture Supplement, the Indenture or the Asset Pool Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) as used in this Terms Document and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Terms Document or in any such certificate or
other document, and accounting terms partly defined in this Terms Document or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under GAAP. To the extent that the definitions of
accounting terms in this Terms Document or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP, the definitions contained in this Terms Document or in any such certificate or other document shall
control; 
 (4) the words “hereof,” “herein,” “hereunder” and words of similar
import when used in this Terms Document shall refer to this Terms Document as a whole and not to any particular provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to subsections,

  
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Sections, clauses, Schedules and Exhibits in or to this Terms Document unless otherwise specified; the term “including” means “including without limitation”; references to any
law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; references to any Person include that Person’s successors and assigns; and references to any agreement refer to such
agreement, as amended, supplemented or otherwise modified from time to time; 
 (5) in the event that any term or
provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement, the Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and

 (6) each capitalized term defined herein shall relate only to the Class C(2012-1) Notes and no other Tranche
of CHASEseries Notes issued by the Issuing Entity. 
 “Asset Pool Supplement” means the Second Amended and
Restated Asset Pool One Supplement to the Indenture, dated as of December 19, 2007, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 
 “Bank” means Chase Bank USA, National Association, a national banking association. 
 “Beneficiary” means Chase Bank USA, National Association, in its capacity as beneficial owner of the Issuing Entity. 

“Calculation Agent” is defined in Section 2.03(a). 

“Class C Reserve Account Percentage” means, for any Monthly Period, (i) 1.50%, if the Quarterly Excess Spread
Percentage for such Monthly Period is greater than or equal to 4.50%, (ii) 2.50%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 4.50% and greater than or equal to 4.00%, (iii) 3.00%, if the Quarterly Excess
Spread Percentage for such Monthly Period is less than 4.00% and greater than or equal to 3.50%, (iv) 4.00%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 3.50% and greater than or equal to 3.00%,
(v) 5.50%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 3.00% and greater than or equal to 2.50%, (vi) 6.50%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 2.50% and
greater than or equal to 2.00% and (vii) 7.00%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 2.00%. 

  
 2 

 “Class C(2012-1) Note” means any Note, substantially in the form set forth
in Exhibit A-3 to the Indenture Supplement, designated therein as a Class C(2012-1) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class C(2012-1) Noteholder” means a Person in whose name a Class C(2012-1) Note is registered in the Note Register. 

“Class C(2012-1) Tax Opinion” means an Opinion of Counsel stating that the Class C(2012-1) Notes will be characterized
as debt for United States federal income tax purposes. 
 “Class C(2012-1) Termination Date” means the earliest
to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class C(2012-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied
pursuant to Article V thereof. 
 “Controlled Accumulation Amount” means $62,500,000. 

“Eligible Purchaser” means a corporation, partnership or other entity which can make the representations set forth in
Section 3.02(b) or (c) hereof, as applicable, and that is either (x) a QIB, or in the case of an initial Transfer by the Bank only, an “Accredited Investor” within the meaning of Rule 501(a)(1)(2)(3) or (7) of
Regulation D under the Securities Act or (y) a Non-U.S. Person (as defined in Regulation S under the Securities Act) in an offshore transaction in compliance with Rule 903 or Rule 904 of Regulation S under the Securities Act. 

“Exempt Transaction” means a Transfer to an Eligible Purchaser in a transaction exempt from the registration
requirements of the Securities Act and applicable state securities or “blue sky” laws. 
 “Indenture”
means the Third Amended and Restated Indenture, dated as of December 19, 2007, between the Issuing Entity and the Indenture Trustee. 
 “Indenture Supplement” means the Amended and Restated CHASEseries Indenture Supplement, dated as of October 15, 2004, among the Issuing Entity, the Indenture Trustee and the
Collateral Agent. 
 “Initial Dollar Principal Amount” means $750,000,000. 

  
 3 

 “Interest Payment Date” means June 15, 2012 and the 15th day of each
month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 
 “Interest
Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such
Interest Payment Date. 
 “Issuance Date” means May 23, 2012. 

“Legal Maturity Date” means May 15, 2017. 
 “LIBOR” means, for any Interest Period, the London interbank offered rate for one-month United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date
for each Interest Period in accordance with the provisions of Section 2.03. 
 “LIBOR Determination Date”
means (1) May 21, 2012 for the period from and including the Issuance Date through but excluding June 15, 2012 and (2) for each interest period thereafter, the second London Business Day prior to the commencement of the second
and each subsequent Interest Period. 
 “London Business Day” means any Business Day on which dealings in
deposits in United States Dollars are transacted in the London interbank market. 
 “Note Interest Rate” means
a rate per annum equal to 0.96% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
 “Paying Agent” means Wells Fargo Bank, National Association. 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the
same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to
evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 “QIB” means a “qualified
institutional buyer,” as defined in Rule 144A under the Securities Act. 

  
 4 

 “Quarterly Excess Spread Percentage” means, for each Determination Date,
the percentage equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three. 

“Record Date” means, for any Note Transfer Date, the last Business Day of the preceding Monthly Period. 

“Reference Banks” means four major banks in the London interbank market selected by the Beneficiary. 

“Reuters Screen LIBOR01 Page” means the display page so designated on the Reuters Monitor Money Rates (or such other
page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purposes of displaying rates comparable to LIBOR). 
 “Scheduled Principal Payment Date” means May 15, 2015. 

“Stated Principal Amount” means $750,000,000. 
 “Targeted Holders” means each holder of a right to receive interest or principal with respect to any interest in the Issuing Entity with respect to which a Class C(2012-1) Tax Opinion has
not been rendered; provided, however, that any Person holding more than one right or interest each of which would cause such Person to be a Targeted Holder shall be treated as a single Targeted Holder. 

“Transfer” means a sale, conveyance, assignment, hypothecation, pledge, participation, or other form of transfer of any
Class C(2012-1) Note. 
 Section 1.02 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 1.03 Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will
be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 

Section 1.04 Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the
Indenture, the Asset Pool Supplement and 

  
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the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool Supplement and the Indenture Supplement as so supplemented by this Terms
Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 

  
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 ARTICLE II 
 THE CLASS C(2012-1) NOTES 
 Section 2.01 Creation and
Designation. There is hereby created a Tranche of CHASEseries Class C Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “CHASEseries Class C(2012-1) Notes.” 

Section 2.02 Interest Payment. 
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class C(2012-1) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual
number of days in the related Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to the related Interest Period, times, (ii) the Outstanding Dollar Principal Amount of
the Class C(2012-1) Notes determined as of the close of business on the Interest Payment Date preceding the related Note Transfer Date for the Class C(2012-1) Notes; provided, however, that for the first Interest Payment Date the amount of interest
due with respect to the Class C(2012-1) Notes shall be an amount equal to the product of (x) the Outstanding Dollar Principal Amount of the Class C(2012-1) Notes on the Issuance Date, (y) 23 divided by 360 and (z) the Note Interest
Rate in effect with respect to the Class C(2012-1) Notes determined on May 21, 2012. Interest on the Class C(2012-1) Notes will be calculated on the basis of the actual number of days elapsed and a 360-day year. 

(b) Pursuant to Section 3.03 of the Indenture Supplement, on each Note Transfer Date with respect to the Class C(2012-1) Notes, the
Indenture Trustee shall deposit into the Class C(2012-1) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class C(2012-1) Notes. 

Section 2.03 Calculation Agent; Determination of LIBOR 

(a) The Issuing Entity hereby agrees that for so long as any Class C(2012-1) Notes are Outstanding, there shall at all times be an agent
appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuing Entity hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each Interest Period. The
Calculation Agent may be removed by the Issuing Entity at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuing Entity, or if the Calculation Agent fails to determine LIBOR for an Interest Period, the
Issuing Entity shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuing Entity or its Affiliates. The Calculation Agent may not resign its duties, and the Issuing
Entity may not remove the Calculation Agent, without a successor having been duly appointed. 

  
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 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the
basis of the rate for deposits in United States dollars for a one-month period which appears on Reuters Screen LIBOR01 Page or on such comparable system as is customarily used to quote LIBOR as of 11:00 a.m., London time, on such date. If such rate
does not appear on Reuters Screen LIBOR01 Page or on a comparable system as is customarily used to quote LIBOR the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are
offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request the principal London office of each of the Reference Banks
to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that
LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading
European banks for a one-month period. 
 (c) The Note Interest Rate applicable to the then current and the immediately
preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (612) 667-8058 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written
notice by the Indenture Trustee to each Noteholder from time to time. 
 (d) On each LIBOR Determination Date, the Calculation
Agent shall send to the Indenture Trustee and the Beneficiary, via email or by facsimile transmission, notification of LIBOR for the following Interest Period. 
 Section 2.04 Payments of Interest and Principal. 
 (a) Any installment
of interest or principal payable on any Class C(2012-1) Note which is punctually paid or duly provided for by the Issuing Entity and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying
Agent to the Person in whose name such Class C(2012-1) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written
instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to
such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in
immediately available funds to the account designated by such nominee. 
 (b) The right of the Class C(2012-1) Noteholders to
receive payments from the Issuing Entity will terminate on the first Business Day following the Class C(2012-1) Termination Date. 

  
 8 

 Section 2.05 Targeted Amount to be on Deposit in the Class C Reserve
Sub-Account. 
 (a) The amount targeted, with respect to any Monthly Period, to be on deposit in the Class C Reserve
Sub-Account for the Class C(2012-1) Notes on the Note Transfer Date in the immediately succeeding Monthly Period, will, on the Issuance Date, be $103,210,714 and, thereafter, will be an amount equal to the product of (A) the Class C Reserve
Account Percentage for such Monthly Period times (B) the Initial Dollar Principal Amount of the CHASEseries Notes (exclusive of (x) any Class or Tranche of CHASEseries Notes which will be paid in full on the applicable Payment Date for
such Class or Tranche of CHASEseries Notes in the immediately succeeding Monthly Period and (y) any Class or Tranche of CHASEseries Notes which will have a Nominal Liquidation Amount of zero on the applicable Payment Date for such Class or
Tranche of CHASEseries Notes in the immediately succeeding Monthly Period) times (C) a fraction, the numerator of which is the Nominal Liquidation Amount of the Class C(2012-1) Notes as of the close of business on the last day of such Monthly
Period (exclusive of the amount deposited with respect to the Targeted Principal Deposit Amount on the applicable Note Transfer Date for such Tranche of CHASEseries Class C Notes in the next succeeding Monthly Period) and the denominator of which is
the Nominal Liquidation Amount of all Class C Notes in the CHASEseries as of the close of business on the last day of such Monthly Period (exclusive of the amount deposited with respect to the Targeted Principal Deposit Amount on the applicable Note
Transfer Date for all Tranches of CHASEseries Class C Notes in the next succeeding Monthly Period); provided however, that if an Early Redemption Event or Event of Default occurs with respect to the Class C(2012-1) Notes, the amount targeted to be
on deposit will be the Initial Dollar Principal Amount of the Class C(2012-1) Notes. 
 (b) The Issuing Entity may change the
percentage and methodology set forth above for calculating the amount targeted to be on deposit in the Class C Reserve Sub-Account for the Class C(2012-1) Notes without the consent of any Noteholder so long as the Issuing Entity has
(i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes that the change in such percentage or formula will not result in a Ratings Effect with respect to any Outstanding Notes and (ii) delivered
to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuing Entity Tax Opinion. 

Section 2.06 Form and Delivery of Class C(2012-1) Notes; Depository; Denominations. 

(a) The Class C(2012-1) Notes, together with the Indenture Trustee’s certificate of authentication, shall be in substantially the
form set forth in Exhibit A. The terms of Class C(2012-1) Notes set forth in Exhibit A are part of the terms of this Terms Document. 
 (b) The Class C(2012-1) Notes shall initially be issued in definitive, fully registered, certificated form and shall initially be retained by and registered in the name of the Bank. In the event any Class
C(2012-1) Note is Transferred in an Exempt Transaction, such Class C(2012-1) Note may be issued either in the form of a global Registered Note as provided 

  
 9 

 
in Sections 2.02 and 3.01(i) of the Indenture, respectively, or in definitive, fully registered, certificated form, as applicable, and shall initially be registered in the name of the beneficial
owner as listed in the Note Register. If, however, any Class C(2012-1) Note is Transferred pursuant to an effective registration under the Securities Act and applicable state securities or “blue sky” laws, such Class C(2012-1) Note shall
be issued in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture, respectively. The Depository for any Class C(2012-1) Notes issued as global Registered Notes shall be The Depository Trust Company, with
each such Class C(2012-1) Note being registered in the name of Cede & Co., its nominee. 
 (c) The Class C(2012-1)
Notes (i) initially issued to and retained by the Bank and any Class C(2012-1) Notes Transferred in an Exempt Transaction will be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess of that amount and
(ii) Transferred pursuant to an effective registration statement will be issued in minimum denominations of $1,000 and integral multiples of that amount. 
 Section 2.07 Delivery and Payment for the Class C(2012-1) Notes. The Issuing Entity shall execute and deliver the Class C(2012-1) Notes to the Indenture Trustee for authentication, and the
Indenture Trustee shall deliver the Class C(2012-1) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 
 Section 2.08 Supplemental Indenture. The Issuing Entity may enter into a supplemental indenture with respect to the Class C(2012-1) Notes as provided in Section 9.01 of the Indenture;
provided, however, that any supplemental indenture which provides for an additional or alternative form of credit enhancement for the Class C(2012-1) Notes shall, in addition to the requirements set forth in Section 9.01 of the
Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such change in credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the
CHASEseries. 
 [END OF ARTICLE II] 

  
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 ARTICLE III 
 RESTRICTIONS ON TRANSFER OF THE CLASS C(2012-1) NOTES 

Section 3.01 Private Placement of the Class C(2012-1) Notes. 

(a) The Class C(2012-1) Notes have not been registered under the Securities Act, or any state securities or blue sky law. No Transfer of
any Class C(2012-1) Note shall be made except either (i) pursuant to an effective registration under the Securities Act and applicable state securities or “blue sky” laws or (ii) in an Exempt Transaction. The Class C(2012-1)
Notes initially purchased by the Bank and any Class C(2012-1) Notes Transferred in an Exempt Transaction shall bear a legend to the effect set forth in subsection (b) below. None of the Issuing Entity, the Transfer Agent and Note Registrar, the
Owner Trustee or the Indenture Trustee is obligated to register the Class C(2012-1) Notes under the Securities Act or any other securities or “blue sky” law or to take any other action not otherwise required under this Terms Document, the
Indenture, the Indenture Supplement, the Asset Pool Supplement or the Transfer and Servicing Agreement to permit the Transfer of Class C(2012-1) Notes without registration or as described above; provided however that in connection with any Transfer
of a Class C(2012-1) Note, the Bank may, in its sole discretion, register the Class C(2012-1) Notes under the Securities Act or any other securities or “blue sky” law. 

(b) Each Class C(2012-1) Note (i) initially issued to the Bank or (ii) Transferred in an Exempt Transaction shall bear a
restrictive legend to the following effect: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. 
 Section 3.02 Transfer of the Class C(2012-1) Notes. 
 (a) Transfer
of the Class C(2012-1) Notes Pursuant to an Effective Registration under the Securities Act with a Class C(2012-1) Tax Opinion. If, at the time of any proposed Transfer of the Class C(2012-1) Notes by the Bank, as initial holder of the Class
C(2012-1) Notes, the Class C(2012-1) Notes have been registered under the Securities Act and a Class C(2012-1) Tax Opinion is rendered, then the proposed Transfer will not be subject to any additional restrictions with respect to such Transfer or
its proposed transferee. With respect to 

  
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any such Transfer, the Class C(2012-1) Note shall be transferred for a global Registered Note which shall bear a legend to the following effect: 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT
WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER
ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF
CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
 (b) Transfer of the Class C(2012-1) Notes in an Exempt Transaction with a Class C(2012-1) Tax Opinion. If, at the time of any proposed Transfer of the Class C(2012-1) Notes in an Exempt
Transaction, a Class C(2012-1) Tax Opinion is rendered, then such Transfer shall be made in compliance with the restrictions set forth in this subsection 3.02(b) (including the applicable legends to be set forth on the face of the Class C(2012-1)
Note as provided in Exhibit A) (1) to a Person (A)(x) who the Issuing Entity reasonably believes is a QIB or (y) only in connection with an initial Transfer by the Bank of Class C(2012-1) Notes, who is an “Accredited Investor” as
defined in Rule 501(a)(1)(2)(3) or (7) of Regulation D (“Regulation D”) under the Securities Act, and (B) that is aware that the resale or other transfer is being made in reliance on Rule 144A or (2) in an offshore
transaction in accordance with Rule 903 or Rule 904 of Regulation S (“Regulation S”) under the Securities Act. Each Eligible Purchaser who becomes a Holder of a Class C(2012-1) Note in connection with an Exempt Transaction, by its
acceptance of such Class C(2012-1) Note, will, in the case of a global Registered Note, be 

  
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deemed to have acknowledged, represented to and agreed with the Issuing Entity and the Bank (and in the case of a certificated Class C(2012-1) note will be required to provide a certificate
acknowledging, representing to and agreeing with the Issuing Entity and the Bank) as follows: 
 (i) It
understands and acknowledges that the Class C(2012-1) Notes may only be Transferred (A) in the United States to QIBs pursuant to Rule 144A, or (B) outside the United States pursuant to Regulation S. 

(ii) It understands that the Class C(2012-1) Notes have not been and will not be registered under the Securities Act or
any state or other applicable securities law and that the Class C(2012-1) Notes, or any interest or participation therein, may not be Transferred unless registered pursuant to, or exempt from registration under, the Securities Act and any other
applicable securities law. 
 (iii) It has had access to such financial and other information concerning the
Issuing Entity, the Bank and the Class C(2012-1) Notes as it has deemed necessary in connection with its decision to purchase the Class C(2012-1) Notes. 
 (iv) It acknowledges that the Class C(2012-1) Notes will bear legends to the following effect unless the Issuing Entity determines otherwise, consistent with applicable law: 

“THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH
CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN
ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR

  
 13 

 
ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D OR (4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN
THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR TRANSFER SET FORTH IN THE CLASS C(2012-1) TERMS DOCUMENT (AS HEREINAFTER DEFINED). 

PRIOR TO PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE
RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 

AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.” 
 (v) If it is acquiring any Class C(2012-1) Note, or any interest or participation therein, as a
fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion with respect to such account and that it has full power to make the acknowledgements, representations and agreements contained herein on
behalf of each such account. 
 (vi) It (A)(x) is a QIB, (y) is aware that the sale to it is being made in
reliance on Rule 144A and if it is acquiring such Class C(2012-1) Notes or any interest or participation therein for the account of another QIB, such QIB is aware that the sale is being made in reliance on Rule 144A and (z) is acquiring such
Class C(2012-1) Notes or any interest or participation therein for its own account or for the account of a QIB, (B) in the case of initial Transfers only (x) is an Accredited Investor, (y) is aware that the sale to it is being made in
reliance on Section 4(2) under the Securities Act and if it is acquiring such Class C(2012-1) Notes or any interest or participation therein for the account of another Accredited Investor, such Accredited Investor is aware that the sale is
being made in reliance on Section 4(2) under the Securities Act and (z) is acquiring such Class C(2012-1) Notes or any interest or participation therein for its own account or for 

  
 14 

 
the account of an Accredited Investor, or (C) is not a U.S. Person (as defined in Regulation S) and is purchasing such Class C(2012-1) Notes or any interest or participation therein in an
offshore transaction pursuant to Regulation S. 
 (vii) It is purchasing the Class C(2012-1) Notes for its own
account, or for one or more investor accounts for which it is acting as fiduciary or agent, in each case for investment, and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act,
subject to any requirements of law that the disposition of its property or the property of such investor account or accounts be at all times within its or their control and subject to its or their ability to resell such Class C(2012-1) Notes, or any
interest or participation therein pursuant to the provisions of this Terms Agreement. 
 (viii) It agrees that if
in the future it should offer, sell or otherwise transfer such Class C(2012-1) Note or any interest or participation therein, it will do so only (A) to the Issuing Entity, (B) pursuant to Rule 144A to a person who it reasonably believes is
a QIB in a transaction meeting the requirements of Rule 144A, purchasing for its own account or for the account of a QIB, whom it has informed that such offer, sale or other transfer is being made in reliance on Rule 144A or (C) in an offshore
transaction meeting the requirements of Rule 903 or Rule 904 of Regulation S under the Securities Act. 
 (ix) If
it is acquiring such Class C(2012-1) Note or any interest or participation therein in an offshore transaction (as defined in Regulation S), it acknowledges that the Class C(2012-1) Notes will be represented in the form of a global Registered Note as
provided in Sections 2.02 and 3.01(i) of the Indenture, respectively or in definitive, fully registered, certificated form, as applicable, and that transfers thereof or any interest or participation therein are restricted as set forth in this Terms
Agreement. If it is a QIB, it acknowledges that the Class C(2012-1) Notes offered in reliance on Rule 144A will be represented in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture, respectively or in
definitive, fully registered, certificated form, as applicable, and that transfers thereof or any interest or participation therein are restricted as set forth in this Terms Agreement. 

(x) It acknowledges that the Issuing Entity, the Indenture Trustee, the Bank and others will rely on the truth and
accuracy of the foregoing acknowledgments, representations and agreements, and agrees that if any of the foregoing acknowledgments, representations and agreements deemed to have been made by it are no longer accurate, it shall promptly notify the
Issuing Entity, the Owner Trust, and the Bank. 

  
 15 

 (xi) With respect to any foreign purchaser claiming an exemption from United
States income or withholding tax, it shall have delivered to the Indenture Trustee a true and complete Form W-8, Form 1001 or Form 4224 or such equivalent form then in effect, indicating such exemption. 

(xii) It acknowledges that transfers of the Class C(2012-1) Notes or any interest or participation therein shall be
subject in all respects to the restrictions applicable thereto contained in this Terms Agreement. 
 (c) Transfer of the
Class C(2012-1) Notes in an Exempt Transaction without a Class C(2012-1) Tax Opinion. If, at the time of any proposed Transfer of the Class C(2012-1) Notes in an Exempt Transaction by the Bank, as initial holder of the Class C(2012-1) Notes, a
Class C(2012-1) Tax Opinion has not been rendered, then the Transfer restrictions described in subsection 3.02(b)(i) through (iii) and (v) through (xii) (other than clause (iv)), in addition to the restrictions set forth below, will
govern. Each Eligible Purchaser who becomes a Holder of a Class C(2012-1) Note, in connection with an Exempt Transaction for which a Class C(2012-1) Tax Opinion has not been rendered, by its acceptance of such Class C(2012-1) Note, will be required
to execute a certificate addressed to the Issuing Entity and the Bank in the form of Exhibit B attached hereto acknowledging and representing and agreeing to the restriction described in subsection (b)(i) through (iii) and (v) through
(xii) and as follows: 
 (i) Unless a Class C(2012-1) Tax Opinion is rendered, no portion of the Class
C(2012-1) Notes or any interest therein may be Transferred in an Exempt Transaction except in accordance with this subsection 3.02(c). No portion of the Class C(2012-1) Notes or any interest therein may be Transferred in an Exempt Transaction,
unless the Indenture Trustee has received an Issuing Entity Tax Opinion with respect to such Transfer. 
 (ii)
Any attempted Transfer of a Class C(2012-1) Note that would cause the number of Targeted Holders to exceed ninety-five shall be void. 
 (iii) Such Eligible Purchaser is, for federal income tax purposes, either (1) a citizen or resident of the United States, (2) a corporation or partnership organized in or under the laws of the
United States or any state or the District of Columbia which, if such entity is a tax exempt entity, recognizes that payments with respect to the Class C(2012-1) Notes may constitute unrelated business taxable income, (3) an estate the income
of which is includible in gross income for U.S. federal income tax purposes regardless of its source, or (iv) (a) a trust for which a court within the United States is able to exercise primary supervision over its administration and for
which one or more persons described in this paragraph are able to control all substantial decisions or (b) a trust for which a valid election has been made to be treated as an United States person.

  
 16 

 
Such Eligible Purchaser also shall agree that it will furnish to the Person from whom it is acquiring any interest in the Class C(2012-1) Notes and the Indenture Trustee, a properly executed U.S.
Internal Revenue Service Form W 9 (and will agree to furnish a new Form W 9, or any successor applicable form, upon the expiration or obsolescence of any previously delivered form) and such other certifications, representations or Opinions of
Counsel as may be requested by the Indenture Trustee. 
 (iv) Such Eligible Purchaser has not acquired and will
not Transfer any interest in the Class C(2012-1) Notes or cause an interest in the Class C(2012-1) Notes to be marketed, on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code and any
Treasury regulations thereunder, including, without limitation, an over the counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations. In addition, such Eligible Purchaser shall certify to the Issuing
Entity and the Indenture Trustee, prior to any delivery or Transfer to it of any Class C(2012-1) Notes, (1) that it is not and will not become (and that, if it is disregarded as an entity separate from its owner within the meaning of Treasury
Regulations Section 301.7701-3(a) (a “DRE”), its owner is not and will not become), for so long as the Eligible Purchaser holds an interest in the Class C(2012-1) Notes, a partnership, Subchapter S corporation or grantor trust
for U.S. federal income tax purposes (a “Flow-Thru Entity”), or (2) that if the Eligible Purchaser (or, if the Eligible Purchaser is a DRE, its owner) is, or becomes, a Flow-Thru Entity, for so long as the Eligible Purchaser
(or, if the Eligible Purchaser is a DRE, its owner) is a Flow-Thru Entity and the Eligible Purchaser holds an interest in the Class C(2012-1) Notes, not more than 50% of the value of any interests in such Eligible Purchaser (or, if the Eligible
Purchaser is a DRE, its owner) will be attributable to interests in the Issuing Entity held by such Eligible Purchaser. Such Eligible Purchaser of an interest in the Class C(2012-1) Notes acknowledges that the Opinion of Counsel to the effect that
the Issuing Entity will not be treated as an association or publicly traded partnership taxable as a corporation is dependent in part on the accuracy of its certifications described in this subsection 3.02(c). 

(v) Any request for registration of Transfer of all or any portion of the Class C(2012-1) Notes in an Exempt Transaction
pursuant to subsection 3.02(c) shall be made at the office of the Indenture Trustee, as Transfer Agent and Note Registrar. Only upon receipt by the Indenture Trustee of the written consent of the Issuing Entity to such Transfer shall the Class
C(2012-1) Notes (or such portion thereof) be transferred upon the Note Register; provided, however, that such consent shall only be withheld based upon the reasonable belief of the Issuing Entity that such Transfer may cause the number
of Targeted Holders to exceed ninety-five. Such Transfers of all or any portion of the Class C(2012-1) Notes shall be subject to the restrictions set forth in this subsection 3.02(c). Successive registrations and registrations of Transfers as
aforesaid may 

  
 17 

 
be made from time to time as desired, and each such registration shall be noted on the Note Register. 
 (vi) No portion of the Class C(2012-1) Notes or any interest therein may be Transferred in an Exempt Transaction to (a) an “employee benefit plan” (as defined in Section 3(3) of
ERISA), including governmental plans and church plans, (b) any “plan” (as defined in Section 4975(e)(1) of the Code) including individual retirement accounts and Keogh plans, or (c) any other entity whose underlying assets
include “plan assets” (within the meaning of Department of Labor Regulation Section 2510.3 101, 29 C.F.R. § 2510.3 101 or otherwise under ERISA) by reason of a plan’s investment in the entity, including, without limitation,
an insurance company general account. 
 (vii) It acknowledges that the Class C(2012-1) Notes will bear legends
to the following effect unless the Issuing Entity determines otherwise, consistent with applicable law: 
 “THIS NOTE HAS
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION
HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT
THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED,
IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED
INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D. EACH NOTE
OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 

  
 18 

 PRIOR TO PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE
AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE
REGISTRATION RIGHTS TO ANY PURCHASER. 
 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR TRANSFER SET
FORTH IN THE CLASS C(2012-1) TERMS DOCUMENT (AS HEREINAFTER DEFINED). THIS NOTE MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT THE PRIOR WRITTEN CONSENT OF THE ISSUING ENTITY. 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE
TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW
IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS
NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND
FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
 EACH PURCHASER OR HOLDER REPRESENTS AND
WARRANTS FOR THE BENEFIT OF THE ISSUING ENTITY AND THE INDENTURE TRUSTEE THAT SUCH PURCHASER OR HOLDER IS NOT (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA), INCLUDING GOVERNMENTAL PLANS AND CHURCH PLANS,
(B) ANY “PLAN” (AS DEFINED IN SECTION 4975(E)(1) OF THE CODE) INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS AND KEOGH PLANS, OR (C) ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF
DEPARTMENT OF LABOR REGULATION SECTION 2510.3 101, 29 C.F.R. § 2510.3 101 OR OTHERWISE UNDER ERISA) BY REASON OF A PLAN’S 

  
 19 

 
INVESTMENT IN THE ENTITY, INCLUDING, WITHOUT LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT.” 
 The Issuing Entity will facilitate any Transfer of the Class C(2012-1) Notes consistent with the requirements of this Section 3.02, including assisting in the determination as to whether the
number of Targeted Holders would exceed ninety-five. 
 Any transfer, resale, pledge or other transfer of the Class C(2012-1)
Notes contrary to the restrictions set forth in this Section 3.02 and in this Terms Agreement shall be deemed void ab initio by the Indenture Trustee. As used in this Section 3.02, the terms “United States” and “U.S.
persons” have the meaning given them in Regulation S. 
 [END OF ARTICLE III] 

  
 20 

 ARTICLE IV 
 MISCELLANEOUS PROVISION 
 Section 4.01 Amendments.
Notwithstanding anything to the contrary contained herein, each Class C(2012-1) Note and this Terms Document may be amended or supplemented to modify the restrictions on and procedures for Transfer of the Class C(2012-1) Notes to reflect any change
in applicable law or regulation (or the interpretation thereof) or in practices relating to the Transfer of restricted securities generally. Each Noteholder shall by its acceptance of such Class C(2012-1) Note, have agreed to any such amendment or
supplement. 
 Section 4.02 Limitation on Changing the Scheduled Principal Payment Date or Legal Maturity Date. So
long as the Class C(2012-1) Notes are held by the Beneficiary or any Affiliate of the Beneficiary, (a) neither the Scheduled Principal Payment Date nor the Legal Maturity Date of such Class C(2012-1) Notes may be amended to an earlier date and
(b) the Class C(2012-1) Notes may not be cancelled prior to their Scheduled Principal Payment Date by presentation by the Beneficiary or any Affiliate of the Beneficiary of such Class C(2012-1) Notes to the Indenture Trustee for cancellation
except in accordance with Section 11.02 of the Indenture or if the Outstanding Dollar Principal Amount of the Class C(2012-1) Notes is paid in full pursuant to the provisions of this Terms Document. 

Section 4.03 No Ratings Confirmation Required for Class C(2012-1) Notes. Notwithstanding Section 3.10(iv) of the
Indenture, and if the Class C(2012-1) Notes have been rated by any Note Rating Agency, the Issuing Entity will not be required to obtain written confirmation from each Note Rating Agency that an issuance of a new Tranche of Notes will not have a
Ratings Effect on the Class C(2012-1) Notes. 
 [END OF ARTICLE IV] 

  
 21 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed,
all as of the day and year first above written. 
  

					
	CHASE ISSUANCE TRUST
		
	By:	 	CHASE BANK USA, NATIONAL ASSOCIATION, as Beneficiary and not in its individual capacity
		
	By:	 	 /s/ Keith W. Schuck

		 	Name:	 	Keith W. Schuck
		 	Title:	 	President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee and Collateral Agent
		
	By:	 	 /s/ Julie Tanner Fischer

		 	Name:	 	Julie Tanner Fischer
		 	Title:	 	Vice President

 Chase Issuance Trust 
 CHASEseries Class C(2012-1) Terms Document 
 Signature Page 

 EXHIBIT A 
 FORM OF CLASS C NOTE 
 I. Legends to be applied with respect to the initial Class
C(2012-1) Note issued to the Bank: 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME
INSTITUTE AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES
FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THIS NOTE HAS NOT BEEN
AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH
CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN
ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING
FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D OR (4) IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT. EACH NOTE 

  
 A-1

 
OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE
ACCOUNT OF ANOTHER QIB. 
 PRIOR TO PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF
EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY
PURCHASER. 
 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF. 

  
 A-2

 II. Legends to be applied with respect to Class C(2012-1) Notes Transferred pursuant to an effective
registration under the Securities Act and a Class C(2012-1) Tax Opinion: 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS
AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF
CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-3

 III. Legends to be applied with respect to Class C(2012-1) Notes Transferred in an Exempt Transaction
with a Class C(2012-1) Tax Opinion: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or
(7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS
INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D OR (4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S
UNDER THE SECURITIES ACT. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER
QIB. 
 PRIOR TO PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE
RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER.

  
 A-4

 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF. 
 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR TRANSFER SET FORTH IN THE CLASS C(2012-1) TERMS
DOCUMENT (AS HEREINAFTER DEFINED). 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME
INSTITUTE AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES
FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THE HOLDER OF THIS
NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL,
STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

  
 A-5

 IV. Legends to be applied with respect to Class C(2012-1) Notes Transferred in an Exempt Transaction
without a Class C(2012-1) Tax Opinion: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A OR (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or
(7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS
INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE
(2) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 PRIOR TO PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED
TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 

  
 A-6

 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF. 
 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR TRANSFER SET FORTH IN THE CLASS C(2012-1) TERMS
DOCUMENT (AS HEREINAFTER DEFINED). THIS NOTE MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT THE PRIOR WRITTEN CONSENT OF THE ISSUING ENTITY. 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, OR JOIN IN ANY
INSTITUTION AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE
INDENTURE. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF
A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME.

 EACH PURCHASER OR HOLDER REPRESENTS AND WARRANTS FOR THE BENEFIT OF THE ISSUING ENTITY AND THE INDENTURE TRUSTEE THAT SUCH PURCHASER OR
HOLDER IS NOT (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA), INCLUDING GOVERNMENTAL PLANS AND CHURCH PLANS, (B) ANY “PLAN” (AS DEFINED IN SECTION 4975(E)(1) OF THE CODE) INCLUDING INDIVIDUAL
RETIREMENT ACCOUNTS AND KEOGH PLANS, OR (C) ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, 29 C.F.R. § 2510.3-101 OR OTHERWISE UNDER ERISA)
BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY, INCLUDING, WITHOUT LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT. 

  
 A-7

			
	 REGISTERED
	  	up to $            
	 No. R-    
	  	CUSIP NO.            

 CHASE ISSUANCE TRUST 
 Floating Rate 
 CHASEseries CLASS C(2012-1) NOTE 

Chase Issuance Trust, a statutory trust created under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to CHASE BANK USA, NATIONAL ASSOCIATION, or registered assigns, subject to the following provisions, a principal sum of
            payable on May 15, 2015 (the “Scheduled Principal Payment Date”), except as otherwise provided below or in the Indenture; provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on May 15, 2017 (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of LIBOR plus 0.96% per annum, as more specifically set forth in the Class
C(2012-1) Terms Document, dated as of May 23, 2012 (the “Class C(2012-1) Terms Document”), between the Issuing Entity, the Indenture Trustee and the Collateral Agent, and shall be due and payable on each Interest Payment Date from the
Monthly Interest Accrual Date in the related Monthly Period (or, in the case of the first Interest Payment Date, from and including the date of issuance of this Note) to but excluding the first Monthly Interest Accrual Date after the end of that
Monthly Period. Interest will be computed on the basis of a 360-day year and the actual number of days elapsed. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same
effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed
by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

  
 A-8

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or
in facsimile, by its Authorized Officer. 
  

					
	 CHASE ISSUANCE TRUST, as Issuing Entity

			
		 	 By:
	 	CHASE BANK USA,
		 		 	NATIONAL ASSOCIATION, not in its individual capacity but solely as Beneficiary under the Trust Agreement
			
		 	 By:
	 	  

		 		 	Name:
		 		 	Title:
			
		 	 Date:
	 	

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is the one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK,
	 NATIONAL ASSOCIATION, not in its individual
 capacity but solely as Indenture Trustee

		
	By:	 	  

		 	Name:
		 	Title:
		
	Date:	 	

  
 A-9

 [REVERSE OF NOTE] 
 This Class C Note is one of the Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its “CHASEseries Class C(2012-1) Notes” (herein called the “Notes”), all
issued under an Third Amended and Restated Indenture dated as of December 19, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuing Entity and Wells Fargo Bank, National Association,
as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture), as supplemented by an Second Amended and Restated Asset Pool One Supplement dated as of December 19, 2007 (the
“Asset Pool One Supplement”), an Amended and Restated CHASEseries Indenture Supplement, dated as of October 15, 2004 (the “Indenture Supplement”), and the Class C(2012-1) Terms Document, each between the Issuing Entity and
Wells Fargo Bank, National Association, as Indenture Trustee and collateral agent (the “Collateral Agent”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee, the Collateral Agent and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 Although a summary of certain provisions of the Indenture is set forth below, this Note is qualified in its entirety by the terms and provisions of the Indenture and reference is made to that Indenture
for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Indenture Trustee. 

The Class A Notes and the Class B Notes will also be issued under the Indenture. 

The Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and the
Asset Pool One Supplement. 
 Principal of this Note will be payable on the Scheduled Principal Payment Date in an amount
described on the face hereof, subject to the provisions of the Indenture. 
 As described above, the entire unpaid principal
amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default relating solely to the
non-payment of interest on the Notes shall have occurred and be continuing and the Indenture Trustee or the Holders of more than 66b% of the Outstanding Dollar Principal Amount of the Notes have declared the Notes to be immediately due and payable
in the manner provided in Section 6.02 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the holders of more than 66b% of the

  
 A-10

 
Outstanding Dollar Principal Amount of the Notes. All principal payments on the Notes shall be made pro rata to the Noteholders entitled thereto. 

On any Payment Date on or after the Payment Date on which the aggregate Nominal Liquidation Amount (after giving effect to all payments
on such Payment Date) of any class of Notes is reduced to less than 10% of its highest Outstanding Dollar Principal Amount at any time, the Servicer has the right, but not the obligation, to redeem such class of Notes in whole but not in part,
pursuant to Section 11.02 of the Indenture. The redemption price of such Notes will equal 100% of the Outstanding Dollar Principal Amount of such Tranche plus accrued, unpaid and additional interest or principal accreted and unpaid on
such Tranche to but excluding the date of redemption. 
 Subject to the terms and conditions of the Indenture, the Issuing
Entity may, from time to time, issue one or more series of Notes secured by one or more asset pools. Subject to the terms of the Asset Pool One Supplement, the Issuing Entity may, from time to time, issue one or more series of Notes secured by Asset
Pool One. Subject to the terms and conditions of the Indenture Supplement, the Issuing Entity may, from time to time, issue one or more Tranches of CHASEseries Notes. 
 On each Payment Date, the Paying Agent shall distribute to each Noteholder of record on the related Record Date (except for the final distribution with respect to this Note) such Noteholder’s pro
rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Notes. Final payments of this Note will be made only upon presentation and surrender of this Note at
the office or offices therein specified. 
 Payments of interest on this Note due and payable on each Interest Payment Date,
together with the installment of principal, if any, due and payable on each Principal Payment Date, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note
(or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be
Cede & Co.), as applicable, payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments
made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was
the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such Payment 

  
 A-11

 
Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of
the Indenture Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuing Entity in
Schedule A hereto. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this
Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a correspondent located,
in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized
denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the Issuing Entity may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee, the
Collateral Agent or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the
Collateral Agent or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Collateral Agent or the Indenture Trustee or of any successor or assign of the Indenture Trustee, the
Collateral Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that by accepting the benefits of the Indenture that such Noteholder will not at any time institute against First USA Credit Card Master Trust or the Issuing Entity, or join with any institution against First USA Credit Card Master Trust or
the Issuing Entity, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes,
the Indenture, 

  
 A-12

 
the Asset Pool One Supplement, the CHASEseries Indenture Supplement, the Terms Agreement or any Derivative Agreement. 
 Prior to the due presentment for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose
name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuing Entity, the Indenture
Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of
Notes representing more than 66b% of the Outstanding Dollar Principal Amount of the Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued
thereunder. 
 The term “Issuing Entity” as used in this Note includes any successor to the Issuing Entity under the
Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to
the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS NOTE AND THE
INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS. 

  
 A-13

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity on the Notes or under the
Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner,
owner, beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity or the Owner Trustee or of any successor or assign of the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Indenture, the Asset Pool One Supplement, the CHASEseries Indenture Supplement and the Class C(2012-1) Terms Document, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note. 
 Notwithstanding the allocation provisions of the Indenture, the
Asset Pool One Supplement, each additional Asset Pool Supplement, the CHASEseries Indenture Supplement and the indenture supplements for each other Series of Notes, if any, to the extent that the CHASEseries Noteholders are deemed to have any
interest in any assets of the Issuing Entity allocated to other Notes, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note, shall agree that their interest in those assets is
subordinate to claims or rights of such other Noteholders to those other assets. Further, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note, shall agree that such agreement
constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. 

  
 A-14

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
 (name and address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in
the premises. 
  

					
	Dated:	 		 	
		
		 	*
	  
 Signature
Guaranteed:
	 	

  

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
alteration, enlargement or any change whatsoever. 

  
 A-15

 SCHEDULE A 
 PART I 
 INTEREST PAYMENTS 

 

									
	 Interest Payment Date
	  	Date of
Payment	  	Total Amount
of Interest
Payable	  	Amount of
Interest Paid	  	Confirmation
of payment by
or on behalf
of the Trust
		  		  		  		  	

  
 A-16

 PART II 
 PRINCIPAL PAYMENTS 
  

							
	 Date of Payment
	  	Total Amount
Payable	  	Total Amount
Paid	  	Confirmation of
payment by or 
on
behalf of the Trust
		  		  		  	

  

							
	 Date of Payment
	  	Total Amount
Payable	  	Total Amount
Paid	  	Confirmation of
payment by or 
on
behalf of the Trust
		  		  		  	

  
 A-17Form of Restricted Stock Units Agreement

 Exhibit 10.1 
 ORCHARD SUPPLY HARDWARE STORES CORPORATION 
 RESTRICTED
STOCK UNITS GRANT NOTICE 
 2011 EQUITY
INCENTIVE PLAN 
 Orchard Supply Hardware Stores Corporation (the “Company”), pursuant
to the Orchard Supply Hardware Stores Corporation 2011 Equity Incentive Plan (the “Plan”), hereby grants to the Participant identified below an award (the “Award”) of that number of Restricted Stock
Units (the “Units”). This Award is subject to all of the terms and conditions set forth herein and in the Restricted Stock Units Agreement attached hereto, and the Plan (collectively, the “Award
Documents”), all of which are attached hereto and incorporated herein in their entirety. All capitalized terms not defined in this grant notice shall have the meanings ascribed thereto in the Restricted Stock Units Agreement or the
Plan, as the case may be. In addition, this grant shall constitute a grant of an equivalent number of Dividend Equivalents subject to the rules set forth in the Restricted Stock Units Agreement and the Plan. 

 

					
	Participant:	 	  
	 	
			
	Grant Date:	 	  
	 	
			
	Number of Units:	 	  
	 	
		
	Settlement Date:	 	For each Unit, the date on which such Unit becomes a Vested Unit in accordance with the vesting schedule set forth below.
		
	Vesting Units:	 	[insert vesting schedule]
		
	Consideration:	 	No payment is required for the Units, although payment may be required for the amount of any withholding taxes due as a result of the award of, vesting, or settlement
of, the Units, as described in the Restricted Stock Units Agreement.

 Additional Terms/Acknowledgements: The undersigned Participant acknowledges receipt of the Award Documents, and
understands and agrees to the terms set forth in the Award Documents. Participant further acknowledges that as of the Grant Date, the Award Documents set forth the entire understanding between Participant and the Company regarding the acquisition of
shares of the Company’s Common Stock pursuant to the settlement of the Units and supersedes all prior oral and written agreements on that subject. 
  

									
	ORCHARD SUPPLY HARDWARE STORES CORPORATION	 		 	PARTICIPANT
				
	By:	 	  
	 		 	  

		 	Signature	 		 	Signature
					
	Title:	 	  
	 		 		 	
					
	Name:	 	  
	 		 	Name:	 	  

 ATTACHMENTS: I. Restricted Stock Units Agreement; II. 2011 Equity Incentive Plan

 Attachment I 
 Restricted Stock Units Agreement 

 ORCHARD SUPPLY HARDWARE STORES
CORPORATION 
 2011 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNITS AGREEMENT 

Pursuant to the provisions of the Orchard Supply Hardware Stores Corporation 2011 Equity Incentive Plan (“Plan”),
the terms of the Grant Notice (“Grant Notice”) to which this Restricted Stock Units Agreement (hereinafter “Restricted Stock Units Agreement” or “Agreement”) is attached and
this Restricted Stock Units Agreement, Orchard Supply Hardware Stores Corporation (the “Company”) grants you that number of Units indicated in the Grant Notice. Capitalized terms not defined in this Agreement or Grant Notice
but defined in the Plan shall have the same definitions as in the Plan and the Grant Notice. This Agreement shall automatically apply to any number of additional Grant Notices as may also be subsequently entered into with respect to Units granted to
you under the Plan except as may be specifically set forth in such future Grant Notice. 
 The details of your Award are as
follows: 
 1. THE AWARD. The Company hereby awards to you the aggregate number of Units
specified in your Grant Notice. The Units are awarded to you in consideration for your service to the Company as an Eligible Person. Each Unit represents a right to receive on a date determined in accordance with the Grant Notice and this Agreement
one (1) share of the Company’s Common Stock for each vested Unit (as defined below). 
 2.
DOCUMENTATION. As a condition to the award of the Units, you agree to execute the Grant Notice and to deliver the same to the Company, along with such additional documents as the Company may require. 

3. CONSIDERATION FOR THE AWARD. No cash payment is required for the
Units, although you may be required to tender payment in cash or other acceptable form of consideration for the amount of any withholding taxes due as a result of the award of, vesting or settlement of the Units. In addition, if required by
applicable state corporate law, you shall furnish consideration in the form of cash or past services rendered having a value not less than the par value of the shares of the Company’s Common Stock issued upon settlement of the Units.

 4. DIVIDEND EQUIVALENTS. This Agreement also constitutes the award of a Dividend
Equivalent. On the date that the Company pays a cash dividend to holders of its Common Stock generally, you shall be credited with a number of additional whole Dividend Equivalents determined by dividing (a) the product of (i) the dollar
amount of the cash dividend paid per share of the Company’s Common Stock on such date and (ii) the sum of the Number of Units and the number of Dividend Equivalents previously credited to you pursuant to the Award and which have not been
settled or forfeited as of such date, by (b) the Fair Market Value per share of the Company’s Common Stock on such date. Any resulting fractional Dividend Equivalents shall be rounded down to the nearest whole number. Such additional
Dividend Equivalents shall be subject to the same terms and conditions and shall be settled or forfeited in the same manner and at the same time as the Units originally subject to the Award with respect to which they have been credited. 

  
 1 

 5. VESTING. Subject to the limitations contained in this Agreement and
the Plan, the Units will vest as provided in the Grant Notice (once vested, such Units shall be “Vested Units”). Vesting is contingent upon your continuous service with the Company as an Eligible Person. If your continuous
service with the Company terminates prior to the vesting of all or any number of the Units for any reason, then (a) you shall automatically forfeit any unvested Units as of the date of termination without any further action by the Company, and
(b) if Dividend Equivalents have been credited with respect to any unvested Units and such Units are forfeited, all Dividend Equivalents credited in connection with such forfeited Units shall also be forfeited. 

6. SETTLEMENT. Subject to the provisions of this Agreement, the Company shall issue to you on the Settlement Date
with respect to each Vested Unit to be settled on such date one (1) share of the Company’s Common Stock. The Company will issue the shares of Common Stock in settlement of the Award in uncertified form, with such shares of Common Stock to
be recorded in your name in the books and records of the Company’s transfer agent. The grant of the Award and issuance of shares of Common Stock upon settlement of the Award shall be subject to compliance with all applicable requirements of
federal, state or foreign law with respect to such securities. No shares of Common Stock may be issued hereunder if the issuance of such shares of Common Stock would constitute a violation of any applicable federal, state or foreign securities laws
or other law or regulations or the requirements of any stock exchange or market system upon which the shares of Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any,
deemed by the Company’s legal counsel to be necessary to the lawful issuance of any shares of Common Stock subject to the Award shall relieve the Company of any liability in respect of the failure to issue such shares of Common Stock as to
which such requisite authority shall not have been obtained. As a condition to the settlement of the Award, the Company may require you to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable
law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. The Company shall not be required to issue fractional shares of its Common Stock upon the settlement of the Award. Any fractional
share of Common Stock resulting from the settlement of an Award shall be rounded down to the nearest whole number. 
 7.
NUMBER OF UNITS. The number of Units subject to your Award may be adjusted from time to time pursuant to the provisions of Section 12 of the Plan and the addition of
Dividend Equivalents pursuant to Section 4 of this Agreement. Any and all new, substituted, or additional securities to which you may be entitled under the terms of the Award shall likewise be subject to the terms of the Plan and this
Agreement. 
 8. TRANSFER RESTRICTIONS. No Unit may, at any time prior to becoming Vested
Units and settled for shares of Common Stock, be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by you (including, without limitation, by operation of law) and any such purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 9. RIGHTS AS A STOCKHOLDER OR
EMPLOYEE. You shall have no rights as a stockholder with respect to any shares of Common Stock which may be issued in settlement of this Award until the date of the appropriate entry on the books of
the Company or of a duly authorized transfer agent of the Company. No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date such certificate is issued, except as provided in
Section 4 and Section 7. 

  
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 10. SECURITIES LAWS. The issuance and delivery of
shares of Common Stock shall comply with all applicable requirements of law, including (without limitation) the Securities Act, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock
exchange or other securities market on which the Company’s securities may then be traded. If the Company deems it necessary to ensure that the issuance of securities under the Plan is not required to be registered under any applicable
securities laws, you shall deliver to the Company an agreement or certificate containing such representations, warranties and covenants as the Company which satisfies such requirements. The certificates representing the shares of Common Stock shall
be subject to such stop transfer orders and other restrictions as the Committee may deem reasonably advisable, and the Company may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 11. LEGENDS ON CERTIFICATES. The
certificates representing the shares of Common Stock delivered to you or registered in your name, as the case may be, shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the
rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares of Common Stock are listed, and any applicable Federal or state laws, and the Committee may cause a legend or legends to
be put on any such certificates to make appropriate reference to such restrictions. 
 12. NO
EMPLOYMENT OR SERVICE CONTRACTS. Your Award is not an employment or service contract, and nothing in your Award shall be deemed to create in any way whatsoever any obligation on your
part to continue to serve as an employee, director or consultant to the Company or any of its Affiliates. In addition, nothing in your Award shall obligate the Company or any Affiliate, their respective stockholders, boards of directors, officers or
employees to continue any relationship that you might have as an employee, director or consultant or as any other type of service provider for the Company or any Affiliate. Neither you nor any other person shall have any claim to be granted any
additional Awards and there is no obligation under the Plan for uniformity of treatment of holders or beneficiaries of Awards. The terms and conditions of the Award granted hereunder or any other Award granted under the Plan (or otherwise) and the
Committee’s determinations and interpretations with respect thereto and/or with respect to you and any recipient of an Award under the Plan need not be the same (whether or not you and any such other recipient are similarly situated).

 13. WITHHOLDING OBLIGATIONS. 

(a) At the time your Award is made, or at any time thereafter as requested by the Company, you hereby authorize the Company or its
Affiliates to satisfy its withholding obligations, if any, from payroll or any other amounts payable to you, and you further agree to make adequate provision for any sums required to satisfy the federal, state, local and foreign tax withholding
obligations of the Company or any Affiliate, if any, which arise in connection with your Award, the vesting of Units or the issuance of shares of Common Stock in settlement thereof. Unless otherwise specified by the Committee, you may also satisfy
such tax withholding obligations, in whole or in part, pursuant to such procedures as the Company may specify from time to time by requesting that the Company withhold otherwise deliverable shares of Common Stock having an aggregate Fair Market
Value equal to (but not exceeding) the 

  
 3 

 
minimum amount required to be withhold and/or by the sale of shares of Common Stock to generate sufficient cash proceeds to satisfy any such tax withholding obligation. In the event of such
election, you hereby authorize the Company to take any steps as may be necessary to effect any such sale and agree to pay any costs associated therewith, including without limitation any applicable broker’s fees. 

(b) Unless the tax withholding obligations of the Company, if any, are satisfied, the Company shall have no obligation to settle any
Vested Units. 
 14. TAX CONSEQUENCES. You acknowledge that
you have had the opportunity to review with your own tax advisors the federal, state, local and/or foreign tax consequences of the transactions contemplated by this Agreement. You further acknowledge that you are relying solely on such advisors and
not on any statements of the Company, its Affiliates, or any of their agents. You understand that you (and not the Company or its Affiliates) shall be responsible for your personal tax liability that may arise as a result of the transactions
contemplated by this Agreement. 
 15. LIMITATIONS APPLICABLE TO
SECTION 16 PERSONS. Notwithstanding any other provision of the Plan or this Agreement, if you are subject to Section 16 of the Exchange Act, the Plan and this Agreement shall
be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive
rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to confirm to such applicable exemptive rule. 
 16. NOTICES. Any notices provided for in your Award or the Plan shall be given in writing and shall be delivered by hand or sent by Federal Express,
certified or registered mail, return receipt requested, postage prepaid, 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. 
 17. COMPLIANCE
WITH SECTION 409A. It is intended that any election, payment or benefit which is made or provided pursuant to or in connection with this Award that may result in the “deferral of compensation”
(as defined in Section 409A of the Code, the Regulations issued thereunder, or other administrative guidance thereunder (“Section 409A”) shall comply in all respects with the applicable requirements of Section 409A
to avoid the unfavorable tax consequences provided therein for non-compliance. In connection with effecting such compliance with Section 409A, the following shall apply: 
 (a) Notwithstanding anything set forth herein to the contrary, no amount payable pursuant to this Agreement on account of your termination of service which constitutes a “deferral of
compensation” within the meaning of Section 409A shall be paid unless and until you have incurred a “separation from service” within the meaning of Section 409A. Furthermore, to the extent that you are a “specified
employee” within the meaning of the Section 409A as of the date of your separation from service, no amount that constitutes a deferral of compensation which is payable on account of your separation from service shall be paid to you before
the date (the “Delayed Payment Date”) which is first day of the seventh month after the date of your separation from service or, if earlier, the date of your death following such separation from service. All
such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date. 

  
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 (b) Neither you, nor the Company, shall take any action to accelerate or delay the payment
of any benefits which constitute a “deferral of compensation” within the meaning of Section 409A in any manner which would not be in compliance with Section 409A. 

(c) Notwithstanding any other provision of this Agreement or the Plan to the contrary, the Company is authorized to amend this Agreement,
to void or amend any election made by you under this Agreement and/or to delay the payment of any monies and/or provision of any benefits in such manner as may be determined by the Company, in its discretion, to be necessary or appropriate to comply
with Section 409A without prior notice or your consent. You hereby release and hold harmless the Company, its directors, officers and stockholders from any and all claims that may arise from or relate to any tax liability, penalties, interest,
costs, fees or other liability incurred by you in connection with the Award, including as a result of the application of Section 409A. 
 (d) The Company has not obtained a tax ruling or other confirmation from the Internal Revenue Service with regard to the application of Section 409A to the Award, and the Company does not represent
or warrant that this Agreement will avoid adverse tax consequences to you, including as a result of the application of Section 409A. You hereby acknowledge that you have been advised to seek the advice of your own independent tax advisor prior
to entering into this Agreement and is not relying upon any representations of the Company or any of its agents as to the effect of or the advisability of entering into this Agreement. 

18. MISCELLANEOUS. 
 (a) 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 this Award. 

(b) You may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may,
from time-to-time, amend or revoke such designation. If no designated beneficiary survives you, your estate shall be deemed to be your beneficiary. 
 (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. 
 (d) The waiver by either party of compliance with any provision of the Award by the other party
shall not operate or be construed as a waiver of any other provision of the Award, or of any subsequent breach by such party of a provision of the Award. 
 (e) The terms of this Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and shall be binding on you and your beneficiaries, executors, administrators,
heirs and successors. 

  
 5 

 (f) The invalidity or unenforceability of any provision of this Agreement shall not affect
the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 

(g) This Agreement shall be governed in all respects by the laws of the State of Delaware, without regard to conflicts of laws principles
thereof. 
 (h) This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. 
 19. GOVERNING PLAN
DOCUMENT AND ENTIRE AGREEMENT. Your Award is subject to all interpretations, amendments, rules and regulations that may from time to time be promulgated and adopted
pursuant to the Plan. In the event of any conflict between the provisions of the Plan and any other document, the provisions of the Plan shall control. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto
with respect to the subject matter contained herein and supersedes all prior communications, representations and negotiations in respect thereto. No change, modification or waiver of any provision of this Agreement shall be valid unless the same be
in writing and signed by the parties hereto. 

  
 6 

 Attachment II 

Orchard Supply Hardware Stores Corporation 
 2011 Equity Incentive Plan

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