Document:

EX-4.3

 Exhibit 4.3 

OMNIBUS AMENDMENT TO SPECIFIED TERMS DOCUMENTS 

THIS OMNIBUS AMENDMENT TO SPECIFIED TERMS DOCUMENTS, dated as of August 27, 2019 (this “Agreement”), is entered into
between: (i) Discover Card Execution Note Trust, a Delaware statutory trust, as issuer (the “Issuer”), and (ii) U.S. Bank National Association, a national banking association, as indenture trustee under the Indenture
referred to below (in such capacity, the “Indenture Trustee”). 
 WHEREAS, the Indenture Trustee and the Issuer are parties
to (i) the Amended and Restated Indenture, dated as of December 22, 2015, as supplemented by the Second Amended and Restated Indenture Supplement, dated as of December 22, 2015, as amended by Amendment No. 1 to Second Amended and
Restated Indenture Supplement, dated as of the date hereof, each by and between the Issuer and the Indenture Trustee (collectively, the “Indenture”) and (ii) certain Class B Terms Documents and Class C Terms Documents
listed on Exhibit A hereto (collectively, the “Specified Terms Documents”); 
 WHEREAS, the parties hereto intend to
amend each of the Specified Terms Documents as set forth herein; and 
 WHEREAS, this Agreement is being entered into pursuant to Sections
1002 and 1003 of the Indenture, and all conditions precedent to the execution of this Agreement, as set forth in such Sections 1002 and 1003, have been satisfied. 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1.    DEFINITIONS. As used herein,
(a) capitalized terms which are defined in the preamble hereto shall have the meanings as so defined and (b) capitalized terms not so defined shall have the meanings set forth in the Indenture or the applicable Specified Terms Document, as
applicable. 
 SECTION 2.    AMENDMENTS TO SPECIFIED TERMS DOCUMENTS. 

(a)    The Class C(2016-1) Terms Document is hereby amended by adding the
following definition to Section 1.01 in appropriate alphabetical order: 
 ““Transfer” means any sale, transfer,
assignment, exchange, participation, pledge, hypothecation, rehypothecation, or other grant of a security interest in or disposition of, a Class C(2016-1) Note.” 

 

 (b)    The Class C(2016-1)
Terms Document is hereby amended by adding the following Section 2.14 immediately after Section 2.13: 
 “Section 2.14.
Additional Requirements for Registration of and Limitations on Transfer and Exchange of Class C(2016-1) Notes. No Transfer (or purported Transfer) of a
Class C(2016-1) Note (or economic interest therein) shall be made by Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal
income tax purposes (except to a person which is considered the same person as Discover Bank for such purposes) and any such Transfer (or purported Transfer) of such Class C(2016-1) Note shall be void ab
initio unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Class C(2016-1) Note will constitute debt for U.S. federal income tax purposes; provided that
any such Class C(2016-1) Note may be pledged to a Federal Reserve Bank provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to
the requirement that such Class C(2016-1) Note shall not be further transferrable unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Class C(2016-1) Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary to track any such Class C(2016-1)
Note (e.g., if a portion of the Class C(2016-1) Notes have original issue discount and a portion of the Class C(2016-1) Notes do not), tracking conditions such
as requiring that such Class C(2016-1) Note be in definitive registered form may be required by the Transferor as a condition to such transfer.” 

(c)    The Class B(2017-1) Terms Document is hereby amended by adding the
following definition to Section 1.01 in appropriate alphabetical order: 
 ““Transfer” means any sale, transfer,
assignment, exchange, participation, pledge, hypothecation, rehypothecation, or other grant of a security interest in or disposition of, a Class B(2017-1) Note.” 

(d)    The Class B(2017-1) Terms Document is hereby amended by adding the
following Section 2.14 immediately after Section 2.13: 
 “Section 2.14. Additional Requirements for Registration of
and Limitations on Transfer and Exchange of Class B(2017-1) Notes. No Transfer (or purported Transfer) of a Class B(2017-1) Note (or economic
interest therein) shall be made by Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal income tax purposes (except to a person which is considered the same person as
Discover Bank for such purposes) and any such Transfer (or 

  
 2 

 
purported Transfer) of such Class B(2017-1) Note shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee to
the effect that such Class B(2017-1) Note will constitute debt for U.S. federal income tax purposes; provided that any such Class B(2017-1) Note may be
pledged to a Federal Reserve Bank provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such
Class B(2017-1) Note shall not be further transferrable unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such
Class B(2017-1) Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary to track any such
Class B(2017-1) Note (e.g., if a portion of the Class B(2017-1) Notes have original issue discount and a portion of the
Class B(2017-1) Notes do not), tracking conditions such as requiring that such Class B(2017-1) Note be in definitive registered form may be required by the
Transferor as a condition to such transfer.” 
 (e)    The
Class C(2017-1) Terms Document is hereby amended by adding the following definition to Section 1.01 in appropriate alphabetical order: 

““Transfer” means any sale, transfer, assignment, exchange, participation, pledge, hypothecation, rehypothecation, or
other grant of a security interest in or disposition of, a Class C(2017-1) Note.” 

(f)    The Class C(2017-1) Terms Document is hereby amended by adding the
following Section 2.14 immediately after Section 2.13: 
 “Section 2.14. Additional Requirements for Registration of
and Limitations on Transfer and Exchange of Class C(2017-1) Notes. No Transfer (or purported Transfer) of a Class C(2017-1) Note (or economic
interest therein) shall be made by Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal income tax purposes (except to a person which is considered the same person as
Discover Bank for such purposes) and any such Transfer (or purported Transfer) of such Class C(2017-1) Note shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee
to the effect that such Class C(2017-1) Note will constitute debt for U.S. federal income tax purposes; provided that any such Class C(2017-1) Note may
be pledged to a Federal Reserve Bank provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such
Class C(2017-1) Note shall not be further transferrable unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such
Class C(2017-1) Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary to track 

  
 3 

 
any such Class C(2017-1) Note (e.g., if a portion of the Class C(2017-1) Notes have original issue
discount and a portion of the Class C(2017-1) Notes do not), tracking conditions such as requiring that such Class C(2017-1) Note be in definitive registered
form may be required by the Transferor as a condition to such transfer.” 
 (g)    The Class B(2017-2) Terms Document is hereby amended by adding the following definition to Section 1.01 in appropriate alphabetical order: 

““Transfer” means any sale, transfer, assignment, exchange, participation, pledge, hypothecation, rehypothecation, or
other grant of a security interest in or disposition of, a Class B(2017-2) Note.” 

(h)    The Class B(2017-2) Terms Document is hereby amended by adding the
following Section 2.15 immediately after Section 2.14: 
 “Section 2.15. Additional Requirements for Registration of
and Limitations on Transfer and Exchange of Class B(2017-2) Notes. No Transfer (or purported Transfer) of a Class B(2017-2) Note (or economic
interest therein) shall be made by Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal income tax purposes (except to a person which is considered the same person as
Discover Bank for such purposes) and any such Transfer (or purported Transfer) of such Class B(2017-2) Note shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee
to the effect that such Class B(2017-2) Note will constitute debt for U.S. federal income tax purposes; provided that any such Class B(2017-2) Note may
be pledged to a Federal Reserve Bank provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such
Class B(2017-2) Note shall not be further transferrable unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such
Class B(2017-2) Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary to track any such
Class B(2017-2) Note (e.g., if a portion of the Class B(2017-2) Notes have original issue discount and a portion of the
Class B(2017-2) Notes do not), tracking conditions such as requiring that such Class B(2017-2) Note be in definitive registered form may be required by the
Transferor as a condition to such transfer.” 
 (i)    The
Class C(2017-2) Terms Document is hereby amended by adding the following definition to Section 1.01 in appropriate alphabetical order: 

  
 4 

 ““Transfer” means any sale, transfer, assignment, exchange,
participation, pledge, hypothecation, rehypothecation, or other grant of a security interest in or disposition of, a Class C(2017-2) Note.” 

(j)    The Class C(2017-2) Terms Document is hereby amended by adding the
following Section 2.15 immediately after Section 2.14: 
 “Section 2.15. Additional Requirements for Registration of
and Limitations on Transfer and Exchange of Class C(2017-2) Notes. No Transfer (or purported Transfer) of a Class C(2017-2) Note (or economic
interest therein) shall be made by Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal income tax purposes (except to a person which is considered the same person as
Discover Bank for such purposes) and any such Transfer (or purported Transfer) of such Class C(2017-2) Note shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee
to the effect that such Class C(2017-2) Note will constitute debt for U.S. federal income tax purposes; provided that any such Class C(2017-2) Note may
be pledged to a Federal Reserve Bank provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such
Class C(2017-2) Note shall not be further transferrable unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such
Class C(2017-2) Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary to track any such
Class C(2017-2) Note (e.g., if a portion of the Class C(2017-2) Notes have original issue discount and a portion of the
Class C(2017-2) Notes do not), tracking conditions such as requiring that such Class C(2017-2) Note be in definitive registered form may be required by the
Transferor as a condition to such transfer.” 
 (k)    The
Class B(2018-1) Terms Document is hereby amended by adding the following definition to Section 1.01 in appropriate alphabetical order: 

““Transfer” means any sale, transfer, assignment, exchange, participation, pledge, hypothecation, rehypothecation, or
other grant of a security interest in or disposition of, a Class B(2018-1) Note.” 

(l)    The Class B(2018-1) Terms Document is hereby amended by adding the
following Section 2.15 immediately after Section 2.14: 
 “Section 2.15. Additional Requirements for Registration of
and Limitations on Transfer and Exchange of Class B(2018-1) Notes. No Transfer (or purported Transfer) of a 

  
 5 

 
Class B(2018-1) Note (or economic interest therein) shall be made by Discover Bank, the Transferor or any person which is considered the same person
as Discover Bank or the Transferor for U.S. federal income tax purposes (except to a person which is considered the same person as Discover Bank for such purposes) and any such Transfer (or purported Transfer) of such
Class B(2018-1) Note shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Class B(2018-1)
Note will constitute debt for U.S. federal income tax purposes; provided that any such Class B(2018-1) Note may be pledged to a Federal Reserve Bank provided that the pledge thereof and the
exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such Class B(2018-1) Note shall not be further transferrable unless an Opinion of Counsel
is first delivered to the Indenture Trustee to the effect that such Class B(2018-1) Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary to track
any such Class B(2018-1) Note (e.g., if a portion of the Class B(2018-1) Notes have original issue discount and a portion of the
Class B(2018-1) Notes do not), tracking conditions such as requiring that such Class B(2018-1) Note be in definitive registered form may be required by the
Transferor as a condition to such transfer.” 
 (m)    The
Class B(2018-2) Terms Document is hereby amended by adding the following definition to Section 1.01 in appropriate alphabetical order: 

““Transfer” means any sale, transfer, assignment, exchange, participation, pledge, hypothecation, rehypothecation, or
other grant of a security interest in or disposition of, a Class B(2018-2) Note.” 

(n)    The Class B(2018-2) Terms Document is hereby amended by adding the
following Section 2.15 immediately after Section 2.14: 
 “Section 2.15. Additional Requirements for Registration of
and Limitations on Transfer and Exchange of Class B(2018-2) Notes. No Transfer (or purported Transfer) of a Class B(2018-2) Note (or economic
interest therein) shall be made by Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal income tax purposes (except to a person which is considered the same person as
Discover Bank for such purposes) and any such Transfer (or purported Transfer) of such Class B(2018-2) Note shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee
to the effect that such Class B(2018-2) Note will constitute debt for U.S. federal income tax purposes; provided that any such Class B(2018-2) Note may
be pledged to a Federal Reserve Bank provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in 

  
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connection therewith shall be subject to the requirement that such Class B(2018-2) Note shall not be further transferrable unless an Opinion of
Counsel is first delivered to the Indenture Trustee to the effect that such Class B(2018-2) Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary
to track any such Class B(2018-2) Note (e.g., if a portion of the Class B(2018-2) Notes have original issue discount and a portion of the Class B(2018-2) Notes do not), tracking conditions such as requiring that such Class B(2018-2) Note be in definitive registered form may be required by the
Transferor as a condition to such transfer.” 
 (o)    The
Class C(2018-1) Terms Document is hereby amended by adding the following definition to Section 1.01 in appropriate alphabetical order: 

““Transfer” means any sale, transfer, assignment, exchange, participation, pledge, hypothecation, rehypothecation, or
other grant of a security interest in or disposition of, a Class C(2018-1) Note.” 

(p)    The Class C(2018-1) Terms Document is hereby amended by adding the
following Section 2.15 immediately after Section 2.14: 
 “Section 2.15. Additional Requirements for Registration of
and Limitations on Transfer and Exchange of Class C(2018-1) Notes. No Transfer (or purported Transfer) of a Class C(2018-1) Note (or economic
interest therein) shall be made by Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal income tax purposes (except to a person which is considered the same person as
Discover Bank for such purposes) and any such Transfer (or purported Transfer) of such Class C(2018-1) Note shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee
to the effect that such Class C(2018-1) Note will constitute debt for U.S. federal income tax purposes; provided that any such Class C(2018-1) Note may
be pledged to a Federal Reserve Bank provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such
Class C(2018-1) Note shall not be further transferrable unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such
Class C(2018-1) Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary to track any such
Class C(2018-1) Note (e.g., if a portion of the Class C(2018-1) Notes have original issue discount and a portion of the
Class C(2018-1) Notes do not), tracking conditions such as requiring that such Class C(2018-1) Note be in definitive registered form may be required by the
Transferor as a condition to such transfer.” 

  
 7 

 (q)    Each Specified Terms Document is hereby amended by adding the
following paragraph as the last paragraph of the legend of the Form of Note attached as Exhibit A thereto: 
 “TRANSFER OF THIS NOTE IS
SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TERMS DOCUMENT. NO TRANSFER OF THIS NOTE SHALL BE MADE BY DISCOVER BANK (“DISCOVER”), THE TRANSFEROR OR ANY PERSON WHICH IS CONSIDERED THE SAME PERSON AS DISCOVER OR THE TRANSFEROR FOR U.S.
FEDERAL INCOME TAX PURPOSES (EXCEPT TO A PERSON WHICH IS CONSIDERED THE SAME PERSON AS DISCOVER FOR SUCH PURPOSES) AND ANY SUCH TRANSFER SHALL BE VOID AB INITIO UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT
THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES; PROVIDED THAT THIS NOTE MAY BE PLEDGED TO A FEDERAL RESERVE BANK PROVIDED THAT THE PLEDGE THEREOF AND THE EXERCISE OF REMEDIES BY THE FEDERAL RESERVE BANK IN CONNECTION
THEREWITH SHALL BE SUBJECT TO THE REQUIREMENT THAT THIS NOTE SHALL NOT BE FURTHER TRANSFERRABLE UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX
PURPOSES.” 
 SECTION 3.    EFFECTIVENESS. This Agreement shall become effective as of the date first set
forth above; provided that (i) each of the Indenture Trustee and the Issuer shall have executed and delivered a counterpart of this Agreement, (ii) the Rating Agency Condition shall have been satisfied and (iii) the Issuer
shall have received written consent from the holder of the Class B Notes and Class C Notes issued pursuant to the Specified Terms Documents to enter into this Agreement as evidenced by the execution of the agreement and acknowledgement
hereto. 
 SECTION 4.    BINDING EFFECT; RATIFICATION. (a) On and after the execution and delivery hereof,
(i) this Agreement shall be a part of each of the Specified Terms Documents and (ii) each reference in any Specified Terms Document to “this Agreement”, “hereof”, “hereunder” or words of like import, and each
reference in any other Related Document to any Specified Terms Document, shall mean and be a reference to the applicable Specified Terms Document as amended hereby. 

(b)    Except as expressly amended hereby, each Specified Terms Document shall remain in full force and effect and is
hereby ratified and confirmed by the parties hereto. 
 SECTION 5.    NO RECOURSE. It is expressly understood and
agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not 

  
 8 

 
individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and
agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer, (c) nothing
herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for
the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents. 

SECTION 6.    NO PETITION. The Indenture Trustee covenants that it will not directly or indirectly institute or
cause to be instituted against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any Federal or state bankruptcy law and it will not directly or indirectly institute or cause to be
instituted against the Transferor any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any Federal or state bankruptcy law in any instance; provided, that the foregoing shall not in
anyway limit the Noteholders’ rights to pursue any other creditor rights or remedies that the Noteholders may have for claims against the Issuer. 

SECTION 7.    MISCELLANEOUS. (a) THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS,
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY, AND PERFORMANCE, BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. 

(b)    Headings used herein are for convenience of reference only and shall not affect the meaning of this Agreement. 

(c)    This Agreement may be executed in any number of counterparts, and by the parties hereto on separate counterparts,
each of which shall be an original and all of which taken together shall constitute one and the same agreement. Executed counterparts may be delivered electronically. 

  
 9 

 (d)    The Indenture Trustee is not responsible for the validity or
sufficiency of this Agreement or the recitals contained herein. 

*    *    *    *    *    * 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
as of the date first above written. 
  

			
	DISCOVER CARD EXECUTION NOTE TRUST, as Issuer
	
	By: WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Trustee on behalf of the Issuer
		
	By:	 	/s/ Dorri Costello
		
	Name:	 	Dorri Costello
		
	Title:	 	Vice President

  

					
		  	S-1	  	Omnibus Amendment to Specified Terms Documents

 
			
	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as the Indenture Trustee
		
	By:	 	/s/ Christopher J. Nuxoll
		
	Name:	 	Christopher J. Nuxoll
		
	Title:	 	Vice President

  

					
		  	S-2	  	Omnibus Amendment to Specified Terms Documents

 
			
	AS AGREED AND ACKNOWLEDGED BY:
	
	DISCOVER PRODUCTS INC., as sole Holder of the Class B(2017-1) Notes, Class B(2017-2) Notes,
Class B(2018-1) Notes, Class B(2018-2) Notes, Class C(2016-1) Notes,
Class C(2017-1) Notes Class C(2017-2) Notes, Class C(2018-1) Notes
		
	By:	 	/s/ Timothy J. Schmidt
		
	Name:	 	Timothy J. Schmidt
		
	Title:	 	Senior Vice President and Treasurer

  

					
		  	S-3	  	Omnibus Amendment to Specified Terms Documents

 EXHIBIT A 

 

	 	1.	 The Class B(2017-1) Terms Document, dated as of May 31, 2017
(the “Class B(2017-1) Terms Document”), between the Indenture Trustee and the Issuer. 

 

	 	2.	 The Class B(2017-2) Terms Document, dated as of December 7,
2017 (the “Class B(2017-2) Terms Document”), between the Indenture Trustee and the Issuer. 

 

	 	3.	 The Class B(2018-1) Terms Document, dated as of August 30,
2018 (the “Class B(2018-1) Terms Document”), between the Indenture Trustee and the Issuer. 

 

	 	4.	 The Class B(2018-2) Terms Document, dated as of September 27,
2018 (the “Class B(2018-2) Terms Document”), between the Indenture Trustee and the Issuer. 

 

	 	5.	 The Class C(2016-1) Terms Document, dated as of August 26,
2016 (the “Class C(2016-1) Terms Document”), between the Indenture Trustee and the Issuer. 

 

	 	6.	 The Class C(2017-1) Terms Document, dated as of May 31, 2017
(the “Class C(2017-1) Terms Document”), between the Indenture Trustee and the Issuer. 

 

	 	7.	 The Class C(2017-2) Terms Document, dated as of December 7,
2017 (the “Class C(2017-2) Terms Document”), between the Indenture Trustee and the Issuer. 

 

	 	8.	 The Class C(2018-1) Terms Document, dated as of September 27,
2018 (the “Class C(2018-1) Terms Document”), between the Indenture Trustee and the Issuer. 

  

					
		  		  	Omnibus Amendment to Specified Terms DocumentsExhibit

Exhibit 10.1

Jeniffer Jaynes SEVERANCE AGREEMENT
SEVERANCE AGREEMENT

This Severance Agreement is entered into this 12th day of February, 2018 (the “Effective Date”),  by and among Westell Technologies, Inc., a Delaware corporation and Westell, Inc., an Illinois corporation (collectively, "the Company") and Jeniffer Jaynes ("Executive").

RECITALS

		
	A.
	The Company desires to continue to retain Executive and recognizes the valuable services the Executive has rendered and is expected to render in the future, and desires assurance the Executive will provide her active participation in the business of the Company; and

		
	B.
	The Executive wishes to be continue to serve the Company but desires the assurances and benefits provided by this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the Company and the Executive hereby agree as follows:

1.Termination by Company with Severance Pay and Severance Benefits.  The Company may at any time terminate Executive's employment without Cause or reason, by delivery to Executive of a termination notice.  Upon a termination of employment by the Company without Cause or by the Executive for Good Reason, Executive shall be entitled to Severance Pay and Severance Benefits upon execution (within 30 days from the date of such termination) and effectiveness of a general release of the Company and its affiliates generally in the form attached as Exhibit A hereto (to be updated by the Company to reflect the then particular circumstances and any legal requirements) and the expiration of any revocation period thereunder without revocation.

The Executive shall receive the greater of such Severance Pay and Severance Benefits or any post termination payments or benefits to which Executive may otherwise be entitled in accordance with Company policy, practice or any other agreement now or hereafter in effect.

2.Termination without Severance Pay or Severance Benefits.  The Company may at any time terminate the Executive for Cause, effective upon delivery to the Executive of a termination notice.  Executive shall not be entitled to Severance Pay or Severance Benefits if the Executive 

dies, becomes disabled such that she is unable to perform substantially all of her duties (notwithstanding the provision of any reasonable accommodation) for one hundred twenty (120) days during any period of 365 consecutive calendar days, resigns her position, or is terminated by the Company for Cause at any time. 

3.Forfeiture of Severance Pay and Severance Benefits.  If Executive shall breach (other than an immaterial and inadvertent breach) any obligation of confidentiality, nondisclosure or nonsolicitation under this or any other written agreement in effect between Executive and the Company or its affiliates, then in addition to any rights the Company has under those agreements to enjoin action and recover damages, the Company shall be released from any further obligation to pay Severance Pay or provide Severance Benefits to the Executive.

4.No Obligation to Seek Further Employment.  Executive shall not be required to seek other employment, nor shall the amount of any Severance Payment provided hereunder be reduced by any compensation earned by the Executive by virtue of other employment after the date of termination of Executive's employment with the Company.

5.Effect on Other Contractual Rights.  The provisions of this Agreement, and any payment provided hereunder, shall not reduce any amounts otherwise payable, or in any way diminish Executive's existing rights to COBRA benefits or vested benefits under retirement plans of the Company, including contractual rights under issued and outstanding stock options owned by the Executive.

6.Confidential Information.  Executive acknowledges that the information, observations and data obtained by her during the course of her employment by the Company concerning the affairs of the Company and its affiliates (the "Company Information") are confidential and are the property of the Company or its affiliates.  Executive hereby agrees that she shall not disclose to any unauthorized person or use for her own account or for the account of any third party any Company Information without the Company's written consent, unless and then only to the extent it becomes generally known to and available for use by the public other than as a result of Executive's acts or failure to act.  Executive shall use her best efforts to prevent the unauthorized misuse, espionage, loss or theft of the Company Information.  Executive further agrees to deliver to the Company at the termination of her employment, or at any other time the Company may request in writing, all memoranda, notes, plans, records, reports and other documents (and copies thereof) relating to Company that Executive may then possess or have under her control.

7.No Solicitation.  Whether or not Executive is entitled to Severance Pay or Severance Benefits, Executive shall not, for one year following termination:  (a) induce or attempt to induce any person who is employed by the Company or one of its direct or indirect subsidiaries in any 

capacity to leave such person's position, or in any way interfere with the relationship between the Company or one of its direct or indirect subsidiaries and such person, or (b) hire directly or through another entity, in any capacity, any person who was employed by the Company or one of its direct or indirect subsidiaries within 12 months prior to termination of Executive's employment, unless and until such person has been separated from employment with the Company or one of its direct or indirect subsidiaries for at least six months or that individual was involuntarily terminated by the Company.

8.Definitions:
		
	"Severance Pay" 
	means an amount equal to twelve months base salary at the base salary rate in effect for Executive as of the effective date of the termination, but no less than the salary rate in effect as of the Effective Date, payable in regular installments at the time salary would have been payable (with each payment being treated as a separate payment).

		
	"Severance Benefits" 
	means continued benefits under COBRA for Executive and those of her dependents who were covered dependents as of the effective date of the termination, which the Company shall continue to pay for the Company portion of the required premium or contribution during the period in which the Executive is receiving severance payments from the Company in the amount which the Company was remitting on behalf of the Executive prior to her termination.  The Executive shall be required to continue to pay that portion of any premiums or contributions that the Executive was remitting prior to her termination to maintain such benefit (subject to any increases imposed by the benefit plan).

		
	"Cause" 
	means (i) theft, dishonesty, fraudulent misconduct, unauthorized disclosure of trade secrets, gross dereliction of duty or other grave misconduct on the part of the Executive that is substantially injurious to the Company or one of its direct or indirect subsidiaries; (ii) the Executive’s willful act or omission that she knew would have the effect of materially injuring the reputation, business or prospects of the Company or one of its direct or indirect subsidiaries; (iii) the failure by Executive to comply with a particular directive or request from the Board of the Company or one of its direct or indirect subsidiaries, regarding a matter material to the Company or one of its direct or indirect subsidiaries, and the failure thereafter by Executive to reasonably address and remedy 

such noncompliance within thirty (30) days (or such shorter period as shall be reasonable or necessary under the circumstances) following Executive's receipt of written notice from such Board confirming Executive's noncompliance; (iv) the taking of an action by Executive regarding a matter material to the Company or one of its direct or indirect subsidiaries, which action Executive knew at the time the action was taken to be specifically contrary to a particular directive or request from the Board of the Company or one of its direct or indirect subsidiaries; (v) the failure by Executive to comply with the written policies of the Company or one of its direct or indirect subsidiaries, regarding a matter material to the Company, or such subsidiary, including expenditure authority, and the failure thereafter by Executive to reasonably address and remedy such noncompliance within thirty (30) days (or such shorter period as shall be reasonable or necessary under the circumstances) following Executive's receipt of written notice from such Board confirming Executive's noncompliance, but such opportunity to cure shall not apply if the failure is not curable; (vi) Executive's engaging in willful, reckless or grossly negligent conduct or misconduct which, in the good faith determination of the Board of the Company or one of its direct or indirect subsidiaries, is materially injurious to the Company or one or more of its direct or indirect subsidiaries, monetarily or otherwise; (vii) the aiding or abetting a competitor or other breach by the Executive of her fiduciary duties to the Company or one of its direct or indirect subsidiaries for which she serves as officer or director; (viii) a material breach by Executive of her obligations of confidentiality or nondisclosure or (if applicable) any breach of Executive’s obligations of nonsolicitation under this Agreement; (ix) the use or knowing possession by Executive of illegal drugs on the premises of the Company or one of its direct or indirect subsidiaries; (x) Executive is convicted of, or pleads guilty or no contest to, a felony or a crime involving moral turpitude; or (xi) the Executive’s consent to an order of the Securities and Exchange Commission for the Executive’s violation of the federal securities laws.

		
	“Good Reason”
	means that Executive, without his or her consent, has; (i) incurred a “permanent” material reduction in Executive’s current Base 

Salary or bonus opportunity, (ii) suffered a material breach of this Agreement by the Company; or (iii) been required to relocate or travel more than thirty-five (35) miles from his/her current place of employment in order to continue to perform the duties and responsibilities of his/her position (not including customary travel as may be required by the nature of his/her position).

9.Notice.  For purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested and postage prepaid, addressed, in the case of Executive, to her latest address in the Company records, and in the case of the Company, to the Company's principal office, provided that all notice to the Company shall be directed to the attention of the Board of Directors with a copy to the Secretary of the Company, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt.

10.Waiver, Amendment and Integration.  No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and the Company.  No waiver by either party at any time of any breach by the other party of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement.  This Agreement sets forth the complete agreement of the Company with regard to any post termination payment and benefits.

11.Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois, excluding conflicts of law principles.

12.No Employment Contract.  Nothing in this Agreement shall be deemed to constitute a contract or guaranty of employment or alter the at-will status of Executive's employment.

13.Validity.  The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

14.Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the 

same instrument.

15.Tax Effect.  All payments and benefits provided hereunder shall be provided net of applicable withholding.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date. 

Westell Technologies, Inc.

By:  /s/ Kirk R. Brannock
Title:  Chief Executive Officer

Westell, Inc.

By:  /s/ Kirk R. Brannock
Title:  Chief Executive Officer

/s/ Jeniffer Jaynes
Jeniffer Jaynes

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