Document:

Amendment to Terms Documents

 Exhibit 4.1 
 Execution Version 
  
  
 DISCOVER CARD EXECUTION NOTE TRUST 
 Issuer

 and 
 U.S. BANK NATIONAL
ASSOCIATION 
 Indenture Trustee 
 AMENDMENT TO TERMS DOCUMENTS 
 LISTED ON EXHIBIT A HERETO 
 Dated as of March 31, 2008 
 to 
 INDENTURE SUPPLEMENT 
 Dated as of
July 26, 2007 
 for the DiscoverSeries Notes 
 to 
 INDENTURE 
 Dated as of July 26, 2007 
  
  

 THIS AMENDMENT TO CERTAIN TERMS DOCUMENTS LISTED ON EXHIBIT A (the “Amendment”), by and between
DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the
United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of March 31, 2008. 
 WHEREAS, the Issuer and the Indenture Trustee have entered into certain TERMS DOCUMENTS listed on Exhibit A (the “Terms Documents”), pursuant to Section 301(c) of the Indenture dated as of July 26, 2007, between the
Issuer and Indenture Trustee, as the same may be amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time (the “Indenture”); 
 WHEREAS, each of such Terms Documents identifies the date intended to be the first Distribution Date of the Accumulation Period as the Accumulation
Commencement Date, rather than the first day of the Due Period related to such Distribution Date; and 
 WHEREAS, pursuant to subsection
1001(c) of the Indenture, the Issuer and the Indenture Trustee desire to amend the Terms Documents to correct the Accumulation Commencement Date. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements herein contained, each party agrees as follows for the benefit of the other parties and for the benefit of the Noteholders: 
 1. Definitions. Unless otherwise specified, capitalized terms used in this Amendment shall have the same meanings ascribed to them in the
applicable Terms Documents. 
 2. Amendment to Class B(2007-1) Terms Document. 
  

	 	(a)	The definition of “Accumulation Commencement Date” is hereby amended and restated in its entirety to read as follows: 

 “Accumulation Commencement Date” means July 1, 2013, or such later date as the Calculation Agent on behalf of the Issuer determines
in accordance with Section 4.02 of the Indenture Supplement. 
 3. Amendment to Class C(2007-1) Terms Document. 
  

	 	(a)	The definition of “Accumulation Commencement Date” is hereby amended and restated in its entirety to read as follows: 

 “Accumulation Commencement Date” means July 1, 2009, or such later date as the Calculation Agent on behalf of the Issuer determines
in accordance with Section 4.02 of the Indenture Supplement. 

 4. Amendment to Class B(2007-2) Terms Document. 
  

	 	(a)	The definition of “Accumulation Commencement Date” is hereby amended and restated in its entirety to read as follows: 

 “Accumulation Commencement Date” means August 1, 2009, or such later date as the Calculation Agent on behalf of the Issuer
determines in accordance with Section 4.02 of the Indenture Supplement. 
 5. Amendment to Class C(2007-2) Terms Document.

  

	 	(a)	The definition of “Accumulation Commencement Date” is hereby amended and restated in its entirety to read as follows: 

 “Accumulation Commencement Date” means August 1, 2009, or such later date as the Calculation Agent on behalf of the Issuer
determines in accordance with Section 4.02 of the Indenture Supplement. 
 3. Effect Upon the Agreement. Except as specifically
set forth herein, the Terms Documents shall remain in full force and effect and are hereby ratified and confirmed. 
 4. Counterparts.
This Amendment may be executed in two or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 

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

			
	 DISCOVER CARD EXECUTION NOTE TRUST,
     as Issuer

		
	By:	 	Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Jennifer A. Luce

	Name:	 	Jennifer A. Luce
	Title:	 	Sr. Financial Services Officer
	
	 U.S. BANK NATIONAL ASSOCIATION, as
     Indenture Trustee

		
	By:	 	 /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	Vice President

 [Signature Page to Amendment to Terms Documents] 

 EXHIBIT A 
 1. The Class B(2007-1) Terms Document, dated as of July 26, 2007, between the Indenture Trustee and the Note Issuance Trust. 
 2. The Class C(2007-1) Terms Document, dated as of July 26, 2007, between the Indenture Trustee and the Note Issuance Trust. 
 3. The Class
B(2007-2) Terms Document, dated as of August 31, 2007, between the Indenture Trustee and the Note Issuance Trust. 
 4. The Class C(2007-2) Terms
Document, dated as of August 31, 2007, between the Indenture Trustee and the Note Issuance Trust.Summary of Director and Named Executive Officer Compensation Arrangements

 Exhibit 10.23 
 SUMMARY OF DIRECTOR AND NAMED EXECUTIVE OFFICER COMPENSATION 
  

	I.	DIRECTOR COMPENSATION 

 In 2007, Austin A. Adams,
Edward A. Kangas and Leo J. Pound each received an annual director fee of $100,000, payable in quarterly installments, plus reimbursement of expenses incurred in attending Board and committee meetings. In addition, Mr. Kangas received an annual
fee of $50,000 for his services as Lead Director and Mr. Pound received an annual fee of $25,000 for his services as Chairman of the audit committee. In 2007, we paid $15,097 for premiums for coverage for Mr. Pound and his family under our
health insurance plan. In addition, on February 2, 2007, Messrs. Adams, Kangas and Pound were each granted 2,772.70005 restricted shares of our Class A common stock. These restricted shares vest annually in 25 percent increments, beginning
on the first anniversary of the date of grant. 
  

	II.	EXECUTIVE COMPENSATION 

 The compensation paid to
our executive officers consists of the following elements: 
  

	 	•	 	 base salary; 

  

	 	•	 	 performance-based cash bonuses; 

  

	 	•	 	 equity compensation; 

  

	 	•	 	 severance benefits, death benefits and right to participate in a nonqualified deferred compensation plan; 

  

	 	•	 	 other benefits, such as the use of an automobile and, in the case of Michael J. Barrist, the personal use of an airplane; and 

  

	 	•	 	 benefits that are generally available to all full-time employees of NCO, such as participation in group medical, disability and life insurance plans and a 401(k)
plan. 

 Each of the executive officers has an employment agreement with NCO pursuant to which such officer is paid the
minimum base annual compensation set forth in the agreement subject to such increases as may be approved by NCO’s Compensation Committee. At a minimum, such base salaries are to be adjusted each year in accordance with changes in the Consumer
Price Index for the Philadelphia area. 
 NCO has a management incentive program for its executive officers, which is not set forth in a
written agreement. Each year the Board or the Compensation Committee sets goals, including targets for earnings before interest, taxes, depreciation and amortization, referred to as EBITDA, for the executive officers as a group. The participants
have the potential to earn a cash bonus up to a maximum based on a percentage of each eligible participant’s base salary, ranging from 75 percent to 100 percent depending on their position (“Bonus Percentage”), which is stipulated in
each executive officer’s respective employment agreement. 
 In 2006, NCO adopted the Restricted Share Plan which authorizes grants of
restricted shares of NCO’s Class A common stock to its officers and key employees. On August 10, 2007, each of Messrs. Schwab, Gindin, Leckerman and Winokur were awarded 4,443.05152, 4,443.05152, 5,668.72091 and 3,971.64022 restricted
shares of Class A common stock, respectively. The shares of restricted stock granted under the Restricted Share Plan vest annually in 25 percent increments upon each anniversary of the date of grant, each, referred to as an annual vesting date,
provided that the recipient remains employed by us. In addition, if a recipient’s employment is terminated by us without Cause (as defined in the Restricted Share Plan) or if a recipient terminates his employment with us for Good Reason (as
defined in the Restricted Share Plan) within three months immediately preceding an annual vesting date, such award will immediately vest with respect to the 25 percent of the then unvested shares that would have vested had such recipient remained
employed through the annual vesting date. In addition, each restricted share award will immediately vest in full in the event a Change in Control or Public Offering (each as defined in the Restricted Share Plan) occurs. In the future, the
Compensation Committee, on a discretionary basis, may elect to award NCO’s executive officers restricted stock under the Restricted Share Plan, although there is no obligation for NCO to do so and NCO does not expect any such awards to be
material. 

 Each executive officer’s employment agreement contains termination provisions that provide each
respective executive officer with severance payments if their respective employment is terminated in specified circumstances. NCO has an Executive Salary Continuation Plan that provides beneficiaries of designated participants with a salary
continuation benefit in the event of the participant’s death while employed by NCO. NCO provides its executive officers the use of an automobile leased by us at prices ranging from $970 to $2,200 per month or a monthly cash allowance for an
equivalent amount. Mr. Barrist’s compensation also includes the use by Mr. Barrist of an aggregate of 150 hours on an airplane that is partly owned by NCO for both business and personal use, as determined by Mr. Barrist in his
discretion. 
 The following table sets forth the current base salaries and Bonus Percentage of NCO’s CEO and each of the executive
officers who were named in the 2007 Summary Compensation Table in NCO’s Annual Report on Form 10-K for the year ended December 31, 2007 (the “Named Executive Officers”). The salaries set forth below reflect the CPI adjustment
required under the employment agreements that were made effective as of January 1, 2008. 
  

							
	 Name and Position
	  	Salary	  	Bonus
Percentage	 
	 Michael J. Barrist
President & Chief Executive Officer
	  	$	784,982	  	100	%
	 John R. Schwab
Executive Vice President, Finance, Chief Financial Officer and Treasurer
	  	$	345,104	  	75	%
	 Joshua Gindin, Esq.
Executive Vice President and General Counsel
	  	$	384,074	  	75	%
	 Steven Leckerman
Executive Vice President and Chief Operating Officer—Global Services
	  	$	646,313	  	100	%
	 Steven L. Winokur
Executive Vice President and Chief Administrative Officer
	  	$	441,308	  	100	%

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