Document:

2008 Omnibus Equity Plan

 Exhibit 10.1 
 ECB BANCORP, INC. 
 2008 OMNIBUS EQUITY
PLAN 
 ARTICLE 1 
 PURPOSE AND EFFECTIVE DATE 
 1.1    Purpose. The purpose of this 2008 Omnibus Equity Plan of ECB Bancorp, Inc. (“ECB”), is to promote ECB’s long-term financial success and increase stockholder value by providing officers and
employees the opportunity to acquire an ownership interest in ECB and enabling ECB and its related entities to attract and retain the services of those officers and employees upon whom the successful conduct of its business depends. 
 1.2    Effective Date. This Plan shall be effective when it is adopted by ECB’s Board of Directors and thereafter
approved by the affirmative vote of ECB’s stockholders in accordance with applicable rules and procedures, including those in Internal Revenue Code Section 422 and Treasury Regulation Section 1.422-3. Any award granted under this Plan
before stockholder approval shall be null and void if stockholders do not approve the Plan within 12 months after the Plan’s adoption by ECB’s Board of Directors. Subject to Article 11, the Plan shall continue until the tenth anniversary
of the date it is approved by ECB’s Board of Directors. 
 ARTICLE 2 
 DEFINITIONS 
 When used
in this Plan, the following words, terms, and phrases have the meanings given in this Article 2 unless another meaning is expressly provided elsewhere in this document or is clearly required by the context. When applying these definitions and any
other word, term, or phrase used in this Plan, the form of any word, term, or phrase shall include any and all of its other forms. 
 2.1    Award means a grant of (a) the right under Article 6 to purchase ECB common stock at a stated price during a specified period of time (an “Option”), which Option may be (i) an
Incentive Stock Option that on the date of the Award is identified as an Incentive Stock Option, satisfies the conditions imposed under Internal Revenue Code Section 422, and is not later modified in a manner inconsistent with Internal Revenue
Code Section 422 or (ii) a Nonqualified Stock Option, meaning any Option that is not an Incentive Stock Option, (b) Restricted Stock, meaning shares of ECB common stock granted to a Participant contingent upon satisfaction of
conditions described in Article 7, or (c) Performance Shares, meaning shares of ECB common stock granted to a Participant contingent upon satisfaction of conditions described in Article 8. 
 2.2    Award Agreement means the written or electronic agreement between ECB and each Participant containing the terms and
conditions of an Award and the manner in which it will or may be settled if earned. If there is a conflict between the terms of this Plan and the terms of the Award Agreement, the terms of this Plan shall govern. 
 2.3    Covered Employee means those Employees, including Officers, whose compensation is or likely will be subject to limited
deductibility under Internal Revenue Code Section 162(m) as of the last day of any calendar year. 
 2.4    Employee means any person who, on any applicable date, is a common law employee of ECB or a Related Entity. A worker who is not classified as a common law employee but who is subsequently reclassified as a
common law employee of ECB or a Related Entity for any reason and on any basis shall be treated as a common law employee solely from the date reclassification occurs. Reclassification shall not be applied retroactively for any purpose of this Plan.
An Employee shall not cease to be an Employee in the case of any leave of absence approved by ECB, provided that, for purposes of Incentive Stock Options, no such leave may exceed ninety (90) days, unless reemployment upon expiration of
such leave is guaranteed by statute or contract. 
  

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 2.5    Exercise Price means the amount, if any, a Participant must pay to
exercise an Award. 
 2.6    Fair Market Value means the value of one share of ECB common stock, determined
according to the following rules: (a) if ECB common stock is traded on an exchange or on an automated quotation system giving closing prices, the reported closing price on the relevant date if it is a trading day and otherwise on the next
trading day, (b) if ECB common stock is traded over-the-counter with no reported closing price, the mean between the highest bid and the lowest asked prices on that quotation system on the relevant date if it is a trading day and otherwise on
the next trading day, or (c) if neither clause (a) nor clause (b) applies, the fair market value as determined by the Plan Committee in good faith and, to the extent applicable, consistent with the rules and valuation methods
prescribed under Internal Revenue Code Section 422 and Section 409A and related regulations, and other applicable tax rules. 
 2.7    Internal Revenue Code means the Internal Revenue Code of 1986, as amended or superseded after the date this Plan becomes effective under Section 1.2, and any applicable rulings or regulations issued
under the Internal Revenue Code of 1986. 
 2.8    Participant means an Employee to whom an Award is granted, for
as long as the Award remains outstanding. 
 2.9    Plan means this 2008 Omnibus Equity Plan, as amended from time
to time. 
 2.10    Plan Committee means a committee of ECB’s Board of Directors consisting entirely of
individuals who (a) are outside directors as defined in Treasury Regulation Section 1.162-27(e)(3)(i), (b) are non-employee directors within the meaning of Rule 16b-3 under the Securities Exchange Act of 1934, (c) do not receive
remuneration from ECB or any Related Entity in any capacity other than as a Director, except as permitted under Treasury Regulation Section 1.162-27(e)(3), and (d) are independent directors within the meaning of rules of The NASDAQ Stock
Market, Inc. The Plan Committee shall consist of at least three individuals. 
 2.11    Plan Year means ECB’s
fiscal year. 
 2.12    Related Entity means an entity that is or becomes related to ECB through common ownership,
as determined under Internal Revenue Code Section 414(b) or (c), but modified as permitted under Treasury Regulation Section 1.409A-1(b)(5)(iii) as to Awards to which such regulation is applicable. 
 2.13    ECB Bancorp, Inc., or ECB, means ECB Bancorp, Inc., a North Carolina corporation. Except for purposes of determining
whether a Change in Control has occurred (according to Article 10), the term ECB Bancorp, Inc., or ECB, also means any corporation or entity that is a successor to ECB Bancorp, Inc., or substantially all of its assets, and that assumes the
obligations of ECB Bancorp, Inc., under this Plan by operation of law or otherwise. 
 ARTICLE 3 
 PARTICIPATION 
 3.1    Awards to Employees. Consistent with the terms of the Plan and subject to Section 3.2, the Plan Committee alone shall decide which Employees will be granted Awards, shall specify the types of Awards
granted to Employees, and shall determine the terms upon which Awards are granted and may be earned. The Plan Committee may establish different terms and conditions for each type of Award granted to an Employee, for each Employee receiving the same
type of Award, and for the same Employee for each Award the Employee receives, regardless of whether the Awards are granted at the same or different times. The Plan Committee shall have exclusive authority to determine whether an Award qualifies or
is intended to qualify for the exemption from the deduction limitations of Internal Revenue Code Section 162(m) for performance-based compensation. 
  

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 3.2    Conditions of Participation. By accepting an Award, each Participant
agrees (a) to be bound by the terms of the Award Agreement relating to the Award and the Plan and to comply with other conditions imposed by the Plan Committee, and (b) that the Plan Committee (or ECB’s Board of Directors, as
appropriate) may amend the Plan and the Award Agreements without any additional consideration if necessary to comply with or avoid penalties arising under Internal Revenue Code Section 409A or any other Section of the Code, even if the
amendment reduces, restricts, or eliminates rights that were granted under the Plan, the Award Agreement, or both before the amendment. 
 ARTICLE 4 
 ADMINISTRATION 
 4.1    Duties. The Plan Committee is responsible for administering the Plan and shall have all powers appropriate and
necessary for that purpose. Consistent with the Plan’s objectives, ECB’s Board of Directors and the Plan Committee may adopt, amend, and rescind rules and regulations relating to the Plan to protect ECB’s and its Related
Entities’ interests. Consistent with the Plan’s objectives, ECB’s Board of Directors and the Plan Committee shall have complete discretion to make all other decisions necessary or advisable for the administration and interpretation of
the Plan. Actions of ECB’s Board of Directors and the Plan Committee shall be final, binding, and conclusive for all purposes and upon all persons. 
 4.2    Delegation of Duties. In its sole discretion, ECB’s Board of Directors and the Plan Committee may delegate ministerial duties associated with the Plan to any person that it deems
appropriate, including an Employee. However, neither ECB’s Board of Directors nor the Plan Committee shall delegate a duty it must discharge to comply with the conditions for exemption of performance-based compensation from the deduction
limitations of Section 162(m). 
 4.3    Award Agreement. As soon as administratively practical after the
date an Award is made, the Plan Committee or ECB’s Board of Directors shall prepare and deliver an Award Agreement to each affected Participant. The Award Agreement shall: 
 (a) describe the terms of the Award, including the type of Award and when and how it may be exercised or earned, 
 (b) state the Exercise Price, if any, associated with the Award, 
 (c) state how the Award will or may be settled, 
 (d) describe (i) any conditions that must be satisfied before the Award may be exercised or earned, (ii) any objective
restrictions placed on the Award and any performance-related conditions and performance criteria that must be satisfied before those restrictions will be released, and (iii) any other applicable terms and conditions affecting the Award.

 4.4    Restriction on Repricing. Regardless of any other provision of this Plan or an Award Agreement, neither
ECB’s Board of Directors nor the Plan Committee may reprice (as defined under rules of the New York Stock Exchange or The NASDAQ Stock Market) any Award unless the repricing is approved in advance by ECB’s stockholders acting at a meeting.

 ARTICLE 5 
 LIMITS ON STOCK SUBJECT TO AWARDS 
 5.1    Number of Authorized Shares of Stock. Subject to any adjustments required by Section 5.4, the maximum number of shares of ECB common stock that may be subject to Awards under this Plan is 200,000. ECB
shall at all times during the term of this Plan reserve and keep available the number of shares of its common stock as shall be sufficient to satisfy the requirements of the Plan. The common stock issued pursuant to the Plan may be unissued shares
or reacquired shares, bought on the market or otherwise. 
  

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 5.2    Award Limits and Annual Participant Limits. 
 (a)    Award Limits. Of the total shares authorized under Section 5.1, up to a maximum of 200,000
shares may be reserved for issuance under Incentive Stock Options. 
 (b)    Annual Participant
Limits. The aggregate number of shares of ECB common stock underlying Awards granted under this Plan to any Participant in any Plan Year, regardless of whether the Awards are thereafter canceled, forfeited, or terminated, shall not exceed
15,000 shares. This annual limitation is intended to include the grant of all Awards, including but not limited to Awards representing performance-based compensation described in Internal Revenue Code Section 162(m)(4)(C). 
 5.3    Share Accounting. For purposes of calculating the maximum number of shares of common stock that may be issued under the
Plan: 
 (a) When cash is used by the Participant as full payment for shares issued upon exercise of a Nonqualified Stock
Option or an Incentive Stock Option or as payment for the purchase of Restricted Stock or Performance Shares, all the shares issued (including the shares, if any, withheld for tax withholding requirements) shall be counted; 
 (b) Any shares of common stock subject to a Stock Option which for any reason terminates or expires unexercised, or shares granted in
connection with a Performance Share Award that are unearned and, thus, never issued, shall again be available for issuance under the Plan. 
 5.4    Adjustment in Capitalization. If, after the Effective Date, there is a stock dividend or stock split, recapitalization (including payment of an extraordinary dividend), merger, consolidation, combination,
spin-off, distribution of assets to stockholders, exchange of shares or other similar corporate change affecting ECB common stock, then consistent with the applicable provisions of Internal Revenue Code Sections 162(m), 409A, 422, and 424 and
associated regulations and to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, the Plan Committee shall, in a manner the Plan Committee considers equitable, adjust (a) the
number of Awards that may or will be granted to Participants during a Plan Year, (b) the aggregate number of shares of ECB common stock available for Awards under Section 5.1 or subject to outstanding Awards, as well as any share-based
limits imposed under this Plan, (c) the respective Exercise Price, number of shares, and other limitations applicable to outstanding or subsequently granted Awards, and (d) any other factors, limits, or terms affecting any outstanding or
subsequently granted Awards. 
 ARTICLE 6 
 STOCK OPTIONS 
 6.1    Grant of Options.
Subject to the terms of the Plan, at any time during the term of this Plan the Plan Committee may grant Incentive Stock Options and Nonqualified Stock Options to Employees. Unless an Award Agreement provides otherwise, Options awarded under this
Plan are intended to satisfy the requirements for exclusion from coverage under Internal Revenue Code Section 409A to the extent Section 409A is applicable to those Options as of the date of their issuance, and all such Option Award
Agreements shall be construed and administered consistent with that intention. 
 6.2    Exercise Price. Except as
necessary to implement Section 6.7, each Option shall have an Exercise Price per share at least equal to the Fair Market Value of a share of ECB common stock on the date of grant. However, the Exercise Price per share shall be at least 110% of
the Fair Market Value of a share of ECB common stock on the date of grant for any Incentive Stock Option granted to an Employee who, on the date of grant, owns (as defined in Internal Revenue Code Section 424(d)) ECB common stock possessing
more than 10% of the total combined voting power of all classes of stock (or the combined voting power of any Related Entity), determined according to rules issued under Internal Revenue Code Section 422. 
  

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 6.3    Exercise of Options. Subject to any terms, restrictions, and conditions
specified in the Plan, and unless specified otherwise in the Award Agreement, Options shall be exercisable at the time or times specified in the Award Agreement, and they may become exercisable as to portions of the shares covered by Options at
intervals during a stated period of time, but no Incentive Stock Option may be exercised more than ten years after the date on which it is granted, nor more than five years after the date on which it is granted to an Employee who on the date of
grant owns (as defined in Internal Revenue Code Section 424(d)) ECB common stock possessing more than 10% of the total combined voting power of all classes of stock or the combined voting power of any Related Entity, determined under rules
issued under Internal Revenue Code Section 422. 
 6.4    Incentive Stock Options. Despite any provision in
this Plan to the contrary: 
 (a) no provision of this Plan relating to Incentive Stock Options shall be interpreted, amended,
or altered, nor shall any discretion or authority granted under the Plan be exercised, in a manner that is inconsistent with Internal Revenue Code Section 422 or, without the consent of the affected Participant, to cause any Incentive Stock
Option to fail to qualify for the federal income tax treatment provided by Internal Revenue Code Section 421; 
 (b) no
Employee may be granted Incentive Stock Options under this Plan if the aggregate Fair Market Value (determined as of the date the Option is granted and taking into account such Option) of stock of ECB and its Related Entities with respect to which
Incentive Stock Options (as defined in Section 422 of the Code) are exercisable for the first time by such Employee during any calendar year, under this and all other plans of ECB and its Related Entitles, would exceed one hundred thousand
dollars ($100,000) (or other amount specified in Internal Revenue Code Section 422(d)), determined under rules issued under Internal Revenue Code Section 422; 
 (c) no Incentive Stock Option shall be granted to a person who is not an Employee on the grant date; and 
 (d) all Incentive Stock Options held by a Participant shall terminate upon termination of the Participant’s employment with either
ECB or its Related Entity, provided, that such period may be extended in the Award Agreement pursuant to the following: (i) subject to the terms of Section 9.1, for an additional period not to exceed ninety (90) days upon
termination of the Participant’s employment with ECB or its Related Entities other than as a result of death or disability; (ii) for an additional period not to exceed one (1) year upon termination of the Participant’s employment
with ECB or its Related Entities as a result of death; and (iii) for an additional period not to exceed one (1) year upon termination of the Participant’s employment with ECB or its Related Entities as a result of disability (within
the meaning of Section 22(e)(3) of the Code and as defined in the Incentive Stock Option Agreement); 
 6.5    Exercise Procedures and Payment for Options. The Exercise Price associated with each Option must be paid according to procedures described in the Award Agreement. These procedures may allow either of the
following payment methods: (a) payment in cash or a cash equivalent or (b) surrender by the Participant of unrestricted shares of ECB common stock he or she has owned for at least six months before the exercise date as partial or full
payment of the Exercise Price, either by actual delivery of the shares or by attestation, with each share valued at the Fair Market Value of a share of ECB common stock on the exercise date. In its sole discretion the Plan Committee may withhold its
approval for any method of payment for any reason, including but not limited to concerns that the proposed method of payment will result in adverse financial accounting treatment, adverse tax treatment for ECB or the Participant, or a violation of
the Sarbanes-Oxley Act of 2002, as amended from time to time, and related regulations and guidance. A Participant may exercise an Option solely by sending to the Plan Committee or its designee a completed exercise notice in the form prescribed by
the Plan Committee along with payment, or designation of an approved payment procedure, of the Exercise Price. 
 6.6    Holding Period. For so long as ECB remains a reporting company (meaning that it has a class of equity securities registered under the Exchange Act), shares of ECB common stock acquired upon exercise of an
Option shall not be sold or otherwise transferred before the expiration of six (6) months from the date such Option is granted. 
 6.7    Substitution of Options. In ECB’s discretion, persons who become Employees as a result of a transaction described in Internal Revenue Code Section 424(a) may receive Options in exchange for
options granted by their former employer or the former Related Entity subject to the rules and procedures prescribed under Section 424. 
  

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 6.8    Rights Associated With Options. A Participant holding an unexercised
Option shall have no voting or dividend rights associated with shares underlying the unexercised Option. The Option shall be transferable solely as provided in Section 13.1. Unless otherwise specified in the Award Agreement or as otherwise
specifically provided in the Plan, ECB common stock acquired upon exercise of an Option shall have all dividend and voting rights associated with ECB common stock and shall be transferable, subject to applicable federal securities laws, applicable
requirements of any national securities exchange or system on which shares of ECB common stock are then listed or traded, and applicable blue sky or state securities laws. 
 ARTICLE 7 
 RESTRICTED STOCK 
 7.1    Award of Restricted Stock. Subject to the terms, restrictions, and conditions specified in the Plan and the associated
Award Agreement, at any time during the term of this Plan the Plan Committee may award shares of Restricted Stock to Employees. Restricted Stock may be awarded at no cost or at a price per share determined by the Plan Committee, which may be less
than the Fair Market Value of a share of ECB common stock on the date of grant. 
 7.2    Earning Restricted
Stock. Subject to the terms, restrictions, and conditions specified in the Plan and the associated Award Agreement, and unless otherwise specified in the Award Agreement: 
 (a) terms, restrictions, and conditions imposed on Restricted Stock awarded to Participants shall lapse as described in the Award
Agreement, and any Award Agreement may provide for a schedule under which terms, restrictions and conditions lapse as to portions of the shares included in an Award at intervals during a stated period of time; 
 (b) during the period in which satisfaction of the conditions imposed on Restricted Stock is to be determined, the share certificates for
such Restricted Stock and any shares of ECB common stock issuable as a dividend or other distribution on the Restricted Stock shall be held by ECB, 
 (c) at the end of the period in which satisfaction of the conditions imposed on Restricted Stock is to be determined, (i) the Restricted Stock, or any applicable portion thereof, shall be forfeited to the extent
that terms, restrictions, and conditions described in the Award Agreement are not satisfied (with a refund, without interest, of any consideration paid by the Participant), and (ii) subject to the terms of Section 13.4, the certificates
evidencing the Restricted Stock, or any applicable portion thereof, shall be released by ECB and distributed to the Participant as soon as practicable after the last day of the period in which satisfaction of the conditions imposed on Restricted
Stock is to be determined to the extent that terms, restrictions, and conditions specified in the Award Agreement are satisfied. Any Restricted Stock Award relating to a fractional share of ECB common stock shall be rounded to the next whole share
when settled. 
 7.3    Rights Associated With Restricted Stock. During the period in which satisfaction of the
conditions imposed on Restricted Stock is to be determined, and unless the Restricted Stock Award Agreement specifies otherwise, Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated. Except as
otherwise required for compliance with the conditions for exemption of performance-based compensation from the deduction limitations of Internal Revenue Code Section 162(m) and except as otherwise required by the terms of the applicable Award
Agreement, during the period in which satisfaction of the conditions imposed on Restricted Stock is to be determined each Participant to whom Restricted Stock is issued may exercise full voting rights associated with that Restricted Stock and shall
be entitled to receive all dividends and other distributions on that Restricted Stock; provided, however, that if a dividend or other distribution is paid in the form of shares of ECB common stock, those shares shall also be considered
Restricted Stock. The certificate evidencing such shares shall be held by ECB, and the shares shall be subject to the same restrictions on transferability and forfeitability as the shares of Restricted Stock to which the dividend or distribution
relates. 
 7.4    Internal Revenue Code Section 83(b) Election. The Plan Committee may provide in an Award
Agreement that the Award of Restricted Stock is conditioned upon the Participant making or refraining from making an election under Internal Revenue Code Section 83(b). If a Participant makes an election under Internal Revenue Code
Section 83(b) concerning a Restricted Stock Award, the Participant must promptly file a copy of the election with ECB. 
  

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 ARTICLE 8 
 PERFORMANCE SHARES 
 8.1    Award of Performance Shares. Subject to the terms, restrictions, and conditions specified in the Plan and the Award Agreement, at any time during the term of this Plan the Plan Committee may award
Performance Shares to Employees. Performance Shares shall be earned and issued based on performance objectives set forth in the Award Agreement being met, which objectives shall consist of one or more of the criteria specified in Section 8.2
(the “Performance Criteria”). Determination of the specific Performance Criteria and the related measurement periods or other factors which apply to Performance Shares granted to a Participant, and of whether any or all such Performance
Criteria have been achieved, shall be made by the Plan Committee, in its sole discretion, and its determinations shall be final and binding on the Participant. Performance Shares shall be awarded for issuance only after the Performance Criteria have
been met. Performance Shares may be awarded (a) to Covered Employees in a manner that qualifies as performance-based compensation under Internal Revenue Code Section 162(m) or (b) to Employees who are not Covered Employees in any
manner reasonably determined by the Plan Committee. Unless an Award Agreement provides otherwise, Performance Shares awarded under this Plan are intended to satisfy the requirements for exclusion from coverage under Internal Revenue Code
Section 409A and the respective Award Agreements shall be construed and administered consistent with that intention. 
 8.2    Performance Criteria. 
 (a) Performance Shares that are intended to qualify as
performance-based compensation under Internal Revenue Code Section 162(m) may be earned based on goals or objectives specified by the Plan Committee relating to one or more or any combination of the following Performance Criteria, which may be
applied solely with reference to ECB, to a Related Entity, to ECB and a Related Entity, or relatively between ECB, a Related Entity, or both and one or more unrelated entities – 
 (1) net earnings or net income (before or after taxes), 
 (2) earnings per share, 
 (3) deposit or asset growth, 
 (4) net operating income, 
 (5) return measures (including return on assets and equity), 
 (6) fee income, 
 (7) earnings before or after taxes, interest, depreciation and/or amortization, 
 (8) interest spread, 

(9) productivity ratios, 
 (10) share price, including but not limited to growth measures and total stockholder return, 
 (11) expense targets, 
 (12) credit quality, 
 (13) efficiency ratio, 
 (14) market share, 
 (15) customer satisfaction, 
 (16) net income after cost of capital, or 
 (17) any other factors the Plan Committee considers relevant and appropriate 
 (b)
Performance Shares awarded to Participants who are not Covered Employees may be earned based on one or more or any combination of the Performance Criteria listed in Section 8.2(a). 
  

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 (c) Different Performance Criteria may be applied to individual Employees or to groups of
Employees and, as specified by the Plan Committee, may be based on the results achieved (i) separately by ECB or any Related Entity, (ii) by any combination of ECB and Related Entities, or (iii) by any combination of segments,
products, or divisions of ECB and Related Entities. 
 (d) The Plan Committee shall make appropriate adjustments of
Performance Criteria to reflect the effect on any Performance Criteria of any stock dividend or stock split affecting ECB common stock, a recapitalization (including without limitation payment of an extraordinary dividend), merger, consolidation,
combination, spin-off, distribution of assets to stockholders, exchange of shares, or similar corporate change. Also, the Plan Committee shall make a similar adjustment to any portion of a Performance Criterion that is not based on ECB common stock
but that is affected by an event having an effect similar to those just described. As permitted under Internal Revenue Code Section 162(m), the Plan Committee may make appropriate adjustments of Performance Criteria to reflect a substantive
change in an Employee’s job description or assigned duties and responsibilities. 
 (e) Performance Criteria shall be
established in an Award Agreement as soon as administratively practicable after the criteria are established, but in the case of Covered Employees no later than the earlier of: (i) 90 days after the beginning of the applicable Performance
Period and (ii) the expiration of 25% of the applicable period in which satisfaction of the applicable Performance Criteria is to be determined. 
 8.3    Earning Performance Shares. Except as otherwise provided in the Plan or the Award Agreement, at the end of each applicable measurement period in which satisfaction of the Performance
Criteria is to be determined, the Plan Committee shall certify that the Performance Criteria have or have not been satisfied, after which the following shall occur: 
 (a) To the extent the Plan Committee certifies that the Performance Criteria were not satisfied, then the Award shall terminate as to all
or the portion of the Performance Shares associated with Performance Criteria certified as not having been satisfied, and those Performance Shares shall never be issued; 
 (b) To the extent the Plan Committee certifies that the Performance Criteria have
been satisfied, then all or the portion of the Performance Shares associated with Performance Criteria certified as having been satisfied shall, subject to the terms of Section 13.4, be issued to the Participant in the form a certificate for
shares of ECB common stock (unless otherwise specified in the Award Agreement) on or before the later of (i) the 15th day of the third month
after the end of the Participant’s taxable year in which the Plan Committee certifies that the related Performance Criteria are satisfied and (ii) the 15th day of the third month after the end of ECB’s taxable year in which the Plan Committee certifies that the related Performance Criteria were satisfied. However, the Performance Shares may be distributed later if
ECB reasonably determines that compliance with that schedule is not administratively practical and if the distribution is made as soon as practical. 
 8.4    Rights Associated with Performance Shares. During the measurement period in which satisfaction of the Performance Criteria is to be determined with respect to Performance Shares
awarded to a Participant, (i) the Performance Shares shall remain unissued; (ii) the right to receive the Performance Shares upon issuance may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
(iii) the Participant shall have no voting rights with respect to the unissued Performance Shares, and (iv) the Participant shall have no right to receive dividends or other distributions with respect to the unissued Performance Shares.

 8.5.    Internal Revenue Code Section 83(b) Election. The Plan Committee may provide in an Award Agreement
that the grant of any Performance Shares shall be conditioned upon the Participant making or refraining from making an election under Internal Revenue Code Section 83(b). If a Participant makes an election under Internal Revenue Code
Section 83(b) concerning a Performance Share Award, the Participant must promptly file a copy of the election with ECB. 
  

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 ARTICLE 9 
 TERMINATION 
 9.1    Termination for
Cause. 
 (a) If a Participant’s employment with ECB is terminated for Cause, or if in ECB’s judgment a basis
for termination for Cause exists, all Awards held by the Participant that are outstanding shall be forfeited, regardless of whether the Awards are exercisable and regardless of whether the Participant’s employment with ECB or a Related Entity
actually terminates, except that (i) Restricted Stock that is no longer subject to forfeiture, and (ii) Performance Shares for which the Performance Criteria have been met, and (iii) shares received in connection with Options that
have been exercised, shall not be affected by termination for Cause. 
 (b) The term “Cause” shall mean one or more
of the acts described in this Section 9.1(b): 
 (1) an act of fraud, intentional misrepresentation, embezzlement,
misappropriation, or conversion by the Participant of the assets or business opportunities of ECB or a Related Entity, 
 (2)
conviction of the Participant of or plea by the Participant of guilty or no contest to a felony or a misdemeanor, 
 (3)
violation by the Participant of the written policies or procedures of ECB or the Related Entity with which the Participant is employed, including but not limited to violation of ECB’s or the Related Entity’s code of ethics, 
 (4) unless disclosure is inadvertent, disclosure to unauthorized persons of any confidential information not in the public domain relating
to ECB’s or a Related Entity’s business, including all processes, inventions, trade secrets, computer programs, technical data, drawings or designs, information concerning pricing and pricing policies, marketing techniques, plans and
forecasts, new product information, information concerning methods and manner of operations, and information relating to the identity and location of all past, present, and prospective customers and suppliers, 
 (5) intentional breach of any contract (including without limitation any employment, confidentiality or inventions agreement) with or
violation of any legal obligation owed to ECB or a Related Entity, 
 (6) dishonesty relating to the duties owed by the
Participant to ECB or a Related Entity or any breach of a fiduciary duty held by the Participant with respect to ECB or a Related Entity, 
 (7) the Participant’s willful and continued refusal to substantially perform assigned duties, other than refusal resulting from sickness or illness or while suffering from an incapacity due to physical or mental
illness, including a condition that does or may constitute a disability, 
 (8) the Participant’s willful engagement in
gross misconduct materially and demonstrably injurious to ECB or a Related Entity, 
 (9) the Participant’s breach of any
term of this Plan or an Award Agreement, 
 (10) intentional cooperation with a party attempting a Change in Control of ECB,
unless ECB’s Board of Directors approves or ratifies the Participant’s action before the Change in Control or unless the Participant’s cooperation is required by law, 
 (11) any action that constitutes “cause” for termination as defined in any written agreement between the Participant and ECB or
a Related Entity. 
 However, Cause shall not be deemed to exist merely because the Participant is absent from active employment during
periods of paid time off, consistent with the applicable paid time-off policy of ECB or its Related Entity with which the Participant is employed, as the case may be, sickness or illness or while suffering from an incapacity due to physical or
mental illness, including a condition that does or may constitute a disability, or other period of absence approved by ECB or its Related Entity, as the case may be. The Plan Committee shall have the sole discretion to determine whether any
condition constitutes a disability for purposes of the Plan or this Section 9.1. 
  

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 9.2    Termination for any Other Reason. Unless specified otherwise by the
Plan Committee at the time an Award is granted and set forth in the Award Agreement, or in this Plan, and except as provided in Section 9.1, when a Participant’s employment terminates for any reason, the portions of the Participant’s
outstanding Options that are unvested and unexercisable, and the portions of the Participant’s Restricted Stock Awards that at such time are subject to forfeiture, and the portions of the Participant’s Performance Share Awards that have
not been earned, shall be forfeited. Options that are exercisable when termination occurs shall be forfeited if not exercised before the earlier of (a) the expiration date specified in the Award Agreement, (b) any other time (including the
date of termination), or after any number of days following the date of termination, as specified in the Award Agreements pertaining to those Options. 
 ARTICLE 10 
 EFFECT OF A
CHANGE IN CONTROL 
 10.1    Definition of Change in Control. The
term “Change in Control” shall have the meaning given in any written agreement between the Participant and ECB or any Related Entity. However, if an Award is subject to Internal Revenue Code Section 409A, the term Change in
Control shall have the meaning given in Section 409A. If an Award is not subject to Internal Revenue Code Section 409A, and if the term Change in Control is not defined in a written agreement between the Participant and ECB or a Related
Entity, any of the following events occurring on or after the date this Plan becomes effective under Section 1.2 shall constitute a Change in Control: 
 (a)    Change in Board Composition. A Change in Control shall be deemed to have occurred if individuals who constitute ECB’s Board of Directors on the date this Plan becomes
effective under Section 1.2 (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board of Directors. A person who becomes a Director after the Effective Date of this Plan and whose election
or nomination for election is approved by a vote of at least two-thirds (2/3) of the Incumbent Directors on the Board of Directors shall be deemed to be an Incumbent Director. The necessary two-thirds (2/3) approval may take the form of a
specific vote on that person’s election or nomination, or approval of ECB’s proxy statement in which the person is named as a nominee for Director without written objection by Incumbent Directors to the nomination. A person elected or
nominated as a Director of ECB initially as the result of an actual or threatened director-election contest or any other actual or threatened solicitation of proxies by or on behalf of any person other than ECB’s Board of Directors shall never
be deemed an Incumbent Director unless at least two-thirds (2/3) of the Incumbent Directors specifically vote to treat that person as an Incumbent Director. 
 (b)    Significant Ownership Change. A Change in Control shall be deemed to have occurred if any person
directly or indirectly is or becomes the beneficial owner of securities, the combined voting power which securities in the election of ECB’s Directors is: 
 (1) 50% or more of the combined voting power of all of ECB’s outstanding securities eligible to vote for the election of ECB’s
Directors, 
 (2) 25% or more, but less than 50%, of the combined voting power of all of ECB’s outstanding securities
eligible to vote in the election of ECB’s Directors, except that an event described in this paragraph (b)(2) shall not constitute a Change in Control if it is the result of any of the following acquisitions of ECB’s securities: 

(A) by ECB or a Related Entity, reducing the number of ECB securities outstanding (unless the person thereafter becomes the beneficial
owner of additional securities that are eligible to vote in the election of ECB’s Directors, increasing the person’s beneficial ownership by more than one percent), 
 (B) by or through an employee benefit plan sponsored or maintained by ECB or a Related Entity and described (or intended to be described)
in Internal Revenue Code Section 401(a), 
 (C) by or through an equity compensation plan maintained by ECB or a Related
Entity, including this Plan and any program described in Internal Revenue Code Section 423, 
 (D) by an underwriter
temporarily holding securities in an offering of securities, 
 (E) in a Non-Control Transaction, as defined in
Section 10.1(c), or 
  

 10 

 (F) in a transaction (other than one described in Section 10.1(c)) in which
securities eligible to vote in the election of ECB’s Directors are acquired from ECB, if a majority of the Incumbent Directors approves a resolution providing expressly that the acquisition shall not constitute a Change in Control. 

(c) Merger. A Change in Control shall be deemed to have occurred upon consummation of a merger, consolidation, share
exchange, or similar form of corporate transaction involving ECB or a Related Entity requiring approval of ECB’s stockholders, whether for the transaction or for the issuance of securities in the transaction (a “Business
Combination”), unless immediately after the Business Combination: 
 (1) more than 50% of the total voting power of
either (i) the corporation resulting from consummation of the Business Combination (the “Surviving Corporation”) or, if applicable, (ii) the ultimate parent corporation that directly or indirectly beneficially owns 100% of
the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”) is represented by securities that were eligible to vote in the election of ECB’s Directors and that were outstanding
immediately before the Business Combination (or, if applicable, represented by securities into which the ECB securities were converted in the Business Combination), and that voting power among the holders thereof is in substantially the same
proportion as the voting power of securities eligible to vote in the election of ECB’s Directors among the holders thereof immediately before the Business Combination, 
 (2) no person (other than any employee benefit plan sponsored or maintained by the Surviving Corporation or the Parent Corporation or any
employee stock benefit trust created by the Surviving Corporation or the Parent Corporation) directly or indirectly is or becomes the beneficial owner of 25% or more of the total voting power of the outstanding voting securities eligible to elect
directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation), and 
 (3) at least a
majority of the members of the Board of Directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) were Incumbent Directors when the initial agreement providing for the Business Combination was approved by
ECB’s Board of Directors. 
 A Business Combination satisfying all of the criteria specified in clauses (1), (2), and (3) of this
Section 10.1(c) shall constitute a “Non-Control Transaction,” or 
 (d) Sale of Assets. A
Change in Control shall be deemed to have occurred if ECB’s stockholders approve a plan of complete liquidation or dissolution of ECB or a sale of all or substantially all of its assets, but in any case only if ECB’s assets are transferred
to an entity not owned directly or indirectly by ECB, a Related Entity or ECB’s stockholders. 
 10.2    Effect
of Change in Control. If a Change in Control occurs, the Plan Committee shall have the right in its sole discretion to – 
 (a) accelerate the exercisability of any or all Options, despite any limitations contained in the Plan or Award Agreement, 
 (b) accelerate the vesting of Restricted Stock or Performance Shares, despite any limitations contained in the Plan or Award Agreement, 
 (c) cancel any or all outstanding Awards in exchange for the kind and amount of shares of the surviving or new corporation, cash, securities, evidences of indebtedness, other property, or any combination thereof that
the holder of the Award would have received upon consummation of the Change in Control transaction (the “Acquisition Consideration”) had the Option, Restricted Stock or Performance Shares been exercised or converted into shares of
ECB common stock before the transaction, less the applicable exercise or purchase price, 
 (d) cause the holders of any or
all Awards to have the right during the term of the Awards to receive upon exercise of the Award the Acquisition Consideration receivable upon consummation of the transaction by a holder of the number of shares of ECB common stock that might have
been obtained upon exercise or conversion of all or any portion thereof, less the applicable exercise or purchase price therefore, or to convert the Award into a stock option, restricted stock or performance shares relating to the surviving or new
corporation in the transaction, or 
  

 11 

 (e) take such other action as it deems appropriate to preserve the value of the Award to
the Participant. 
 The Plan Committee may provide for any of the foregoing actions in an Award Agreement in advance, may provide for any of
the foregoing actions in connection with the Change in Control, or both. 
 For purposes of this Plan the term “person”
shall be as defined in Section 3(a)(9) and as used in Sections 13(d)(3) and 14(d) (2) of the Securities Exchange Act of 1934, and the terms “beneficial owner” and “beneficial ownership” shall have the
meaning given in the Securities and Exchange Commission’s Rule 13d-3 under the Securities Exchange Act of 1934. 
 ARTICLE 11 
 AMENDMENT, MODIFICATION AND
TERMINATION OF PLAN 
 ECB may terminate, suspend, or amend the Plan at any time without
stockholder approval, unless stockholder approval is necessary to satisfy applicable requirements imposed by (a) Rule 16b-3 under the Securities Exchange Act of 1934, or any successor rule or regulation, (b) the Internal Revenue Code,
which requirements may include without limitation qualification of an Award as performance-based compensation under Internal Revenue Code Section 162(m) and compliance with requirements under Internal Revenue Code Section 422, or
(c) any securities exchange, market, or other quotation system on or through which ECB’s securities are listed or traded. However, no Plan amendment shall (a) result in the loss of a Plan Committee member’s status as a
“non-employee director,” as that term is defined in Rule 16b-3 under the Securities Exchange Act of 1934 or any successor rule or regulation, (b) cause the Plan to fail to satisfy the requirements imposed by Rule 16b-3, or
(c) without the affected Participant’s consent (and except as specifically provided otherwise in this Plan or the Award Agreement), adversely affect any Award granted before the amendment, modification, or termination. Despite any
provision in the Plan, including this Article 11, to the contrary, ECB shall have the right to amend the Plan and any Award Agreements without the consent of or additional consideration to affected Participants if amendment is necessary to comply
with or avoid penalties arising under Internal Revenue Code Section 409A or any other section of the Code, even if the amendment reduces, restricts, or eliminates rights granted under the Plan, the Award Agreement, or both, before the
amendment. 
 ARTICLE 12 
 ISSUANCE OF SHARES AND SHARE CERTIFCATES 
 12.1    Issuance of Shares. ECB shall issue or cause to be issued shares of its common stock as soon as practicable upon exercise or conversion of an Award that is payable in shares of ECB
common stock after compliance with the terms set forth in this Article 12. No shares shall be issued until full payment is made, if payment is required by the terms of the Award. In the case of an Option or Performance Shares, until a stock
certificate evidencing the shares is issued, no right to vote or receive dividends or any other rights as a stockholder shall exist for the shares of ECB common stock to be issued. Issuance of shares of common stock shall be evidenced by a
computerized or manual entry in the stock records of ECB or of a duly authorized transfer agent of ECB, which records are established to evidence the issuance of shares of ECB common stock and are binding on all parties, unless manifest error
exists. Issuance may also be evidenced by the issuance of a stock certificate. 
 12.2    Delivery of Share
Certificates. ECB shall not be required to issue any shares or deliver any certificates until all of the following conditions are fulfilled: 
 (a) payment in full for the shares and for any tax withholding, 
 (b) completion of any
registration or other qualification of the shares the Plan Committee in its discretion deems necessary or advisable under any Federal or state laws or under the rulings or regulations of the Securities and Exchange Commission or any other regulating
body, 
 (c) if ECB common stock is listed on The NASDAQ Stock Market or another exchange, admission of the shares to listing
on The NASDAQ Stock Market or the other exchange, 
  

 12 

 (d) if the offer and sale of shares of ECB common stock is not registered under the
Securities Act of 1933, qualification of the offer and sale under an available registration exemption under the Securities Act of 1933, 
 (e) obtaining any approval or other clearance from any Federal or state governmental agency the Plan Committee, in its discretion, determines to be necessary or advisable. The inability of ECB to obtain from any
regulatory body having jurisdiction the authority deemed by ECB’s counsel to be necessary for the lawful issuance of any shares of its common stock hereunder shall relieve ECB of any liability in respect of the nonissuance or sale of such stock
as to which such requisite authority shall not have been obtained; and 
 (f) the Plan Committee is satisfied that the
issuance and delivery of shares of ECB common stock under this Plan complies with applicable Federal, state, or local law, rule, regulation, or ordinance or any rule or regulation of any other regulating body, for which the Plan Committee may seek
approval of ECB’s counsel. 
 ECB shall not be required to register any Option, any common stock to be issued pursuant to the exercise
of any Option, or any common stock otherwise issued pursuant to the grant of any Award, under the Securities Act of 1933 of any other laws or regulations to which ECB’s securities may be subject 
 12.3    Applicable Restrictions on Shares. Shares of ECB common stock issued may be subject to such stock transfer orders and
other restrictions as the Plan Committee may determine are necessary or advisable under any applicable Federal or state securities law rules, regulations and other requirements, the rules, regulations and other requirements of The NASDAQ Stock
Market or any stock exchange upon which ECB common stock is listed, and any other applicable Federal or state law. Certificates for the common stock may bear any restrictive legends the Plan Committee considers appropriate. 
 ARTICLE 13 
 MISCELLANEOUS 
 13.1    Assignability. Except as described in this Section or as
provided in Section 13.2, an Award may not be transferred except by will or by the laws of descent and distribution, and an Award may be exercised during the Participant’s lifetime solely by the Participant or by the Participant’s
guardian or legal representative. However, with the permission of the Plan Committee a Participant or a specified group of Participants may transfer Awards other than Incentive Stock Options to a revocable inter vivos trust of which the
Participant is the settlor, or may transfer Awards other than Incentive Stock Options to a member of the Participant’s immediate family, a revocable or irrevocable trust established solely for the benefit of the Participant’s immediate
family, a partnership or limited liability company whose only partners or members are members of the Participant’s immediate family, or an organization described in Internal Revenue Code Section 501(c)(3). An Award transferred to one of
these permitted transferees shall continue to be subject to all of the terms and conditions that applied to the Award before the transfer and to any other rules prescribed by the Plan Committee. A permitted transferee may not retransfer an Award
except by will or by the laws of descent and distribution, and the transfer by will or by the laws of descent and distribution must be a transfer to a person who would be a permitted transferee according to this Section 13.1. 
 13.2    Beneficiary Designation. Each Participant may name a beneficiary or beneficiaries to receive or to exercise any vested
Award that is unpaid or unexercised at the Participant’s death. Beneficiaries may be named contingently or successively. Unless otherwise provided in the beneficiary designation, each designation made shall revoke all prior designations made by
the same Participant. A beneficiary designation must be made on a form prescribed by the Plan Committee and shall not be effective until filed in writing with the Plan Committee. If a Participant has not made an effective beneficiary designation,
the deceased Participant’s beneficiary shall be his or her surviving spouse or, if none, the deceased Participant’s estate. None of ECB, its Board of Directors, or the Plan Committee is required to infer a beneficiary from any other
source. The identity of a Participant’s designated beneficiary shall be based solely on the information included in the latest beneficiary designation form completed by the Participant and shall not be inferred from any other evidence.

  

 13 

 13.3    No Implied Rights to Awards or Continued Services. No Employee has any
claim or right to be granted an Award under this Plan, and there is no obligation of uniformity of treatment of Employees under this Plan. Nothing in the Plan shall or shall be construed to guarantee that any Participant will receive a future Award.
Neither this Plan nor any Award shall be construed as giving any individual any right to continue as an Employee of ECB or a Related Entity. Neither the Plan nor any Award shall constitute a contract of employment, and ECB expressly reserves to
itself and all Related Entities the right at any time to terminate Employees free from liability or any claim under this Plan. 
 13.4    Tax Withholding. Each Participant shall be responsible for all federal, state, local or other taxes of any nature as shall be imposed pursuant to any law or governmental regulation or ruling on or related
to any Award granted hereunder or action taken with respect thereto, or on any income which a Participant is deemed to recognize in connection with an Award. If the Committee shall determine to its reasonable satisfaction that ECB or any of its
Related Entities is required to pay or withhold the whole or any part of any estate, inheritance, income, or other tax with respect to or in connection with any Award or action taken with respect thereto, then ECB or such Related Entity shall have
the full power and authority to withhold and pay such tax out of any shares of common stock being purchased by or delivered to the Participant or from the Participant’s salary or any other funds otherwise payable to the Participant, or, prior
to and as a condition of exercising an Option or the delivery of any common stock to the Participant in connection with any other Award, ECB may require that the Participant pay to it in cash or otherwise the amount of any such tax which ECB, in
good faith, believes it or its related Entity is required to withhold. 
 13.5    Indemnification. Each individual
who is or was a member of ECB’s Board of Directors or Plan Committee shall be indemnified and held harmless by ECB against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in
connection with or resulting from any claim, action, suit, or proceeding to which he or she may be made a party or in which he or she may be involved by reason of any action taken or not taken under the Plan as a Director of ECB or as a Plan
Committee member and against and from any and all amounts paid, with ECB’s approval, by him or her in settlement of any matter related to or arising from the Plan as a ECB Director or as a Plan Committee member or paid by him or her in
satisfaction of any judgment in any action, suit or proceeding relating to or arising from the Plan against him or her as a ECB Director or as a Plan Committee member, except in relation to matters as to which it shall be adjudged in such action,
suit or proceeding that such Committee member is liable for gross negligence or willful misconduct in the performance of his duties. In order to receive indemnification such director must give ECB an opportunity at its expense to handle and defend
the matter before he or she undertakes to handle and defend it in his or her own behalf. The right of indemnification described in this Section is not exclusive and is independent of any other rights of indemnification to which the individual may be
entitled under ECB’s organizational documents, by contract, as a matter of law, or otherwise. 
 13.6    No
Limitation on Compensation. Nothing in the Plan shall be construed to limit the right of ECB to establish other plans or to pay compensation to Employees in cash or property in a manner not expressly authorized under the Plan. 
 13.7    Governing Law. The Plan and all agreements hereunder shall be construed in accordance with and governed by the laws,
other than laws governing conflict of laws, of the State of North Carolina. This Plan is not intended to be governed by the Employee Retirement Income Security Act of 1974, and the Plan shall be construed and administered in a manner that is
consistent with that intention. 
 13.8    No Impact on Benefits. Plan Awards are not compensation for purposes of
calculating a Participant’s rights under any employee benefit plan that does not specifically require the inclusion of Awards in benefit calculations. 
 13.9    Securities and Exchange Commission Rule 16b-3. The Plan is intended to comply with all applicable conditions of Securities and Exchange Commission Rule 16b-3 under the Securities
Exchange Act of 1934, as that rule may be amended from time to time. All transactions involving a Participant who is subject to beneficial ownership reporting under Section 16(a) of the Securities Exchange Act of 1934 shall be subject to the
conditions set forth in Rule 16b-3, regardless of whether the conditions are expressly set forth in this Plan, and any provision of this Plan that is contrary to Rule 16b-3 shall not apply to that Participant. 
  

 14 

 13.10    Internal Revenue Code Section 162(m). The Plan is intended to
comply with applicable requirements of Section 162(m) for exemption of performance-based compensation from the deduction limitations of Section 162(m). Unless the Plan Committee expressly determines otherwise, any provision of this Plan
that is contrary to those Section 162(m) exemption requirements shall not apply to an Award that is intended to qualify for the exemption for performance-based compensation. In the event the Performance Shares become subject to the
Section 162(m) compensation limit (“Limit”) upon vesting, the Plan Committee may delay the distribution of such shares to the Participant to a date upon which the Limit is inapplicable to the Performance Shares. However, the
Performance Shares shall be distributed upon the earlier of (a) the tax year in which there is a reasonable anticipation that the Limit will become inapplicable to the Performance Shares and (b) the tax year in which the Participant
separates from service with ECB. 
 13.11    Successors. All obligations of ECB under Awards granted under this
Plan are binding on any successor to ECB, whether as a result of a direct or indirect purchase, merger, consolidation, or otherwise of all or substantially all of the business or assets of ECB. 
 13.12    Severability. If any provision of this Plan or the application thereof to any person or circumstances is held to be
illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan or other applications, and this Plan is to be construed and enforced as if the illegal or invalid provision had not been included.

 13.13    No Golden Parachute Payments. Despite any provision in this Plan or in an Award Agreement to the
contrary, ECB shall not be required to make any payment under this Plan or an Award Agreement that would be a prohibited golden parachute payment within the meaning of Section 18(k) of the Federal Deposit Insurance Act or which would be a
nondeductible payment within the meaning of Internal Revenue Code Section 280G. 
 13.14    Use of Proceeds.
Proceeds from the sale of stock pursuant to Options or from the sale of Restricted Stock or Performance Shares shall constitute general funds of ECB. 
  

 15Exhibit 4.1

 Exhibit 4.1 
  
  
  
 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 
 as Issuer 
 and 
 THE
BANK OF NEW YORK 
 as Indenture Trustee 
 CLASS A(2008-3) TERMS DOCUMENT 
 dated as of April 16, 2008 
 to 
 CARD SERIES INDENTURE SUPPLEMENT 

 dated as of October 9, 2002, 
 as amended by the First Amendment thereto dated as of March 1, 2008 
 to 
 ASSET POOL 1 SUPPLEMENT 
 dated as of
October 9, 2002, 
 as amended by the First Amendment thereto dated as of March 1, 2008 
 to 
 INDENTURE 
 dated as of October 9, 2002, as amended and restated as of January 13, 2006, 
 and as further amended by the First Amendment thereto dated as of March 1, 2008 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
		 	ARTICLE I	  	
		 	Definitions and Other Provisions of General Application	  	
			
	 Section 1.01.
	 	Definitions	  	1
			
	 Section 1.02.
	 	Governing Law	  	7
			
	 Section 1.03.
	 	Counterparts	  	7
			
	 Section 1.04.
	 	Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement	  	7
			
		 	ARTICLE II	  	
		 	The Class A(2008-3) Notes	  	
			
	 Section 2.01.
	 	Creation and Designation	  	8
			
	 Section 2.02.
	 	Adjustments to Required Subordinated Percentages	  	8
			
	 Section 2.03.
	 	Interest Payment	  	8
			
	 Section 2.04.
	 	[Reserved]	  	9
			
	 Section 2.05.
	 	Payments of Interest and Principal	  	9
			
	 Section 2.06.
	 	Form of Delivery of Class A(2008-3) Notes; Depository; Denominations	  	9
			
	 Section 2.07.
	 	Delivery and Payment for the Class A(2008-3) Notes	  	9
			
	 Section 2.08.
	 	Targeted Deposits to the Accumulation Reserve Account	  	10
			
	 Section 2.09.
	 	[Reserved]	  	10

 THIS CLASS A(2008-3) TERMS DOCUMENT (this “Terms Document”), by and between CAPITAL ONE
MULTI-ASSET EXECUTION TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at E. A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road,
Wilmington, DE 19805 and THE BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of April 16, 2008. 
 Pursuant to this Terms Document, the Issuer shall create a new tranche of Class A 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 Asset Pool 1 Supplement or the Indenture, either directly or by reference therein, have the meanings
assigned to them therein; 

  

	 	(3)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein
expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date
of such computation; 

  

	 	(4)	all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions
of this Terms Document; 

  

	 	(5)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular
Article, Section or other subdivision; 

  

	 	(6)	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 Asset Pool 1
Supplement, the Indenture or the Transfer and Administration Agreement, the terms and provisions of this Terms Document shall be controlling; 

  

	 	(7)	each capitalized term defined herein shall relate only to the Class A(2008-3) Notes and no other Tranche of Notes issued by the Issuer; and 

  

 1 

	 	(8)	“including” and words of similar import will be deemed to be followed by “without limitation.” 

 “Accumulation Period Amount” means $50,000,000.00; provided, however, if the Accumulation Period Length is determined to
be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount specified in the definition of “Accumulation Period Amount” in the Indenture
Supplement. 
 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to
be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first
Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class A(2008-3) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the
first Distribution Date following and including the March 2011 Distribution Date for which the Quarterly Excess Spread Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier
than 12 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class A(2008-3) Notes pursuant to Section 3.10(b) of the Indenture Supplement,
(iii) the Monthly Period following the first Distribution Date following and including the September 2011 Distribution Date for which the Quarterly Excess Spread Percentage is less than 3%, but in such event the Accumulation Reserve Funding
Period shall not be required to commence earlier than 6 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class A(2008-3) Notes pursuant to
Section 3.10(b) of the Indenture Supplement, and (iv) the Monthly Period following the first Distribution Date following and including the November 2011 Distribution Date for which the Quarterly Excess Spread Percentage is less than
4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 4 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account for
the Class A(2008-3) Notes pursuant to Section 3.10(b) of the Indenture Supplement and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal
Payment Date for the Class A(2008-3) Notes and (ii) the date on which the Class A(2008-3) Notes are paid in full. 
 “Asset Pool
1 Supplement” means the Asset Pool 1 Supplement dated as of October 9, 2002, as amended by the First Amendment thereto, dated as of March 1, 2008, by and between the Issuer and the Indenture Trustee, as amended and supplemented
from time to time. 
 “Base Rate” means, with respect to any Monthly Period, the sum of (a) the Card Series Servicing
Fee Percentage and (b) the weighted average (based on the Outstanding Dollar Principal Amount of the related Card Series Notes) of the following: 
 (i) in the case of a Tranche of Card Series Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to such Tranche for the period from and including the Monthly
Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in such Monthly 

  

 2 

 
Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in the following Monthly Period;

 (ii) in the case of a Tranche of Card Series Discount Notes, the rate of accretion (converted to an accrual rate) of such
Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Discount Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Discount Notes in
the following Monthly Period; 
 (iii) in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement
for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue (prior to the netting of such payments, if applicable) for the period from and including the Monthly Interest Accrual Date for such Tranche of
Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following Monthly Period; provided, however, that in the case of a Tranche of Card Series Notes with a
Performing Derivative Agreement for interest in which the rating on such Tranche of Card Series Notes is not dependant upon the rating of the applicable Derivative Counterparty, the amount determined pursuant to this clause (iii) will be the
higher of (1) the rate determined pursuant to this clause (iii) above and (2) the rate of interest applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in
such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following Monthly Period; and 
 (iv) in the case of a tranche of Card Series Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related Terms Document. 
 “Class A(2008-3) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the
Class A(2008-3) Notes or (b) an Event of Default and acceleration of the Class A(2008-3) Notes. 
 “Class A(2008-3)
Note” means any Note, substantially in the form set forth in Exhibit A-2 to the Indenture Supplement, designated therein as a Class A(2008-3) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2008-3) Noteholder” means a Person in whose name a Class A(2008-3) Note is registered in the Note Register. 
 “Class A(2008-3) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar
Principal Amount of the Class A(2008-3) 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 VI thereof. 
  

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 “Excess Spread Percentage” shall mean, with respect to any Distribution Date, the
amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
 “Expected Principal Payment Date” means April 15, 2013. 
 “Initial Dollar Principal Amount”
means $600,000,000. 
 “Indenture” means the Indenture dated as of October 9, 2002, as amended and restated as of
January 13, 2006, and as further amended by the First Amendment thereto, dated as of March 1, 2008, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
 “Indenture Supplement” means the Card Series Indenture Supplement dated as of October 9, 2002, as amended by the First Amendment
thereto, dated as of March 1, 2008, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
 “Interest Payment Date” means the fifteenth day of each month commencing in May 2008, or if such fifteenth 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) through the day preceding such Interest Payment Date. 
 “Issuance Date” means April 16, 2008. 
 “Legal Maturity Date” means February 16, 2016.

 “Maximum Subordination Amount of Class B Notes” means, for the Class A(2008-3) Notes for any date of determination, an
amount equal to the product of (a) Adjusted Outstanding Dollar Principal Amount of the Class A(2008-3) Notes on such date of determination and (b) the percentage equivalent of a fraction, the numerator of which is 10 and the denominator of
which is 83.00. 
 “Note Interest Rate” means a rate per annum equal to 5.05%. 
 “Paying Agent” means The Bank of New York. 
 “Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction: 
 (a) the numerator of which is equal to the sum of: 
 (i) the aggregate amount of Finance
Charge Amounts allocated to the Card Series with respect to such Monthly Period; plus 
  

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 (ii) the aggregate amount of Interest Funding sub-Account Earnings on all Tranches of
Card Series Notes for such Monthly Period; plus 
 (iii) any amounts to be treated as Card Series Finance Charge
Amounts pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement; minus 
 (iv) the excess,
if any, of (1) the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over (2) the sum of the aggregate amount to be treated as Card Series Finance Charge Amounts for such Monthly Period
pursuant to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of Card Series Notes for such
Monthly Period; minus 
 (v) the Card Series Default Amount for such Monthly Period; and 
 (b) the denominator of which is the numerator used in the calculation of the Card Series Floating Allocation Percentage for such Monthly Period.

 “Quarterly Excess Spread Percentage” means, with respect to the March 2011 Distribution Date and each Distribution Date
thereafter, 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 Distribution Date, the last Business Day of the preceding Monthly Period. 
 “Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding
Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2008-3) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer;
provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change. 
 “Required Subordinated Amount of Class B Notes” means, for the Class A(2008-3) Notes for any date of determination, an amount equal to
the product of (a) the Required Subordinated Percentage of Class B Notes for such Class A(2008-3) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2008-3) Notes on such date of
determination; provided, however, that such an amount shall not exceed the Maximum Subordination Amount of Class B Notes for the Class A(2008-3) Notes; provided further, however, that for any date of determination
on or after the occurrence and during the continuation of a Class A(2008-3) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2008-3) Notes will be the greater of (x) the amount determined above for such date of
determination and (y) the amount determined above for the date immediately prior to the date on which such Class A(2008-3) Adverse Event shall have occurred. 
  

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 “Required Subordinated Amount of Class C Notes” means, for the Class A(2008-3) Notes for
any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class C Notes for such Class A(2008-3) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of
such Class A(2008-3) Notes on such date of determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater
than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class C Notes for the Class A(2008-3) Notes will
not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class A(2008-3) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class A(2008-3) Notes; provided
further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2008-3) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2008-3) Notes will be the
greater of (x) the amount determined above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2008-3) Adverse Event shall have occurred and (z) unless
(i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any
Tranche of Card Series Notes, the amount determined pursuant to the preceding proviso. 
 “Required Subordinated Amount of Class D
Notes” means, for the Class A(2008-3) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class D Notes for such Class A(2008-3) Notes on such date of determination and
(b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2008-3) Notes on such date of determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche
of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required
Subordinated Amount of Class D Notes for the Class A(2008-3) Notes will not be less than an amount equal to 1.2049% of the Initial Dollar Principal Amount of the Class A(2008-3) Notes, provided further, however, that for any
date of determination on or after the occurrence and during the continuation of a Class A(2008-3) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2008-3) Notes will be the greatest of (x) the amount determined
above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2008-3) Adverse Event shall have occurred and (z) unless (i) the Prefunding Target Amount for any
Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the amount
determined pursuant to the preceding proviso. 
 “Required Subordinated Percentage of Class B Notes” means, for the Class
A(2008-3) Notes, 10.8434%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of
Class C Notes” means, for the Class A(2008-3) Notes, 8.4338%, subject to adjustment in accordance with Section 2.02. 
  

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 “Required Subordinated Percentage of Class D Notes” means, for the Class A(2008-3)
Notes, 1.2049%, subject to adjustment in accordance with Section 2.02. 
 “Stated Principal Amount” means
$600,000,000. 
 Section 1.02. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, 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, Asset Pool 1 Supplement and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement is in all respects ratified and confirmed and
the Indenture as so supplemented by the Asset Pool 1 Supplement as so supplemented by the Indenture Supplement as so supplemented and 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 A(2008-3) Notes 
 Section 2.01. Creation and Designation. There is hereby created a tranche
of Card Series Class A Notes to be issued pursuant to the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement to be known as the “Card Series Class A(2008-3) Notes.” 
 Section 2.02. Adjustments to Required Subordinated Percentages. 
 (a) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes or the Required Subordinated Percentage of Class C Notes, in each case for the Class A(2008-3) Notes, without the consent of
any Noteholders or any Note Rating Agencies, provided that, after giving effect to such change, (x) the sum of the Required Subordinated Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case,
for the Class A(2008-3) Notes after giving effect to such change is equal to or greater than the sum of the Required Subordinated Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class
A(2008-3) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2008-3) Notes does not exceed the Maximum Subordinated Amount of Class B Notes. 
 (b) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes or
the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2008-3) Notes, such that after giving effect to all changes to such percentages on such date the sum of the Required Subordinated Percentage of Class B Notes, the
Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, in each case, for the Class A(2008-3) Notes after giving effect to such change is less than the sum of the Required Subordinated Percentage
of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, in each case, for the Class A(2008-3) Notes immediately prior to giving effect to such change, without the consent of
any Noteholders, provided that the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card Series that the change in such percentage 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 for each Master Trust and an Issuer Tax Opinion. 
 Section 2.03. Interest Payment. 
 (a)
For each Interest Payment Date, the amount of interest due with respect to the Class A(2008-3) Notes shall be an amount equal to one twelfth of the product of (i) the Note Interest Rate times (ii) the Outstanding Dollar Principal
Amount of the Class A(2008-3) Notes determined as of the Record Date preceding the related Distribution Date; provided however that for the first Interest Payment Date the amount of interest due is $2,440,833.33. Any interest on the Class A(2008-3)
Notes will be calculated on the basis of a 360-day year consisting of twelve 30 day months. 
  

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 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Distribution Date, the
Indenture Trustee shall deposit into the Class A(2008-3) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2008-3) Notes. 
 Section 2.04. [Reserved]. 
 Section 2.05.
Payments of Interest and Principal. 
 (a) Any installment of interest or principal, if any, payable on any Class A(2008-3) Note which
is punctually paid or duly provided for by the Issuer 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 A(2008-3) 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 A(2008-3) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class
A(2008-3) Termination Date. 
 Section 2.06. Form of Delivery of Class A(2008-3) Notes; Depository; Denominations. 
 (a) The Class A(2008-3) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the
Indenture, respectively. 
 (b) The Depository for the Class A(2008-3) Notes shall be The Depository Trust Company, and the Class A(2008-3)
Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2008-3) Notes will be issued in
minimum denominations of $100,000 and integral multiples of $1,000 in excess of that amount. 
 Section 2.07. Delivery and Payment for the
Class A(2008-3) Notes. The Issuer shall execute and deliver the Class A(2008-3) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2008-3) Notes when authenticated, each in accordance with
Section 303 of the Indenture. 
  

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 Section 2.08. Targeted Deposits to the Accumulation Reserve Account. 
 The deposit targeted to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an
amount equal to the Required Accumulation Reserve sub-Account Amount. 
 Section 2.09. [Reserved]. 
 [END OF ARTICLE II] 
  

 10 

 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. 
  

					
	CAPITAL ONE MULTI-ASSET EXECUTION TRUST,
		
	By:	 	 DEUTSCHE BANK TRUST COMPANY
 DELAWARE, not in its individual capacity, but
 solely as Owner Trustee on behalf of the Trust

		
	By:	 	/s/ Jenna Kaufman
		 	Name:	 	Jenna Kaufman
		 	Title:	 	Attorney-in-fact
		
	By:	 	/s/ Louis Bodi
		 	Name:	 	Louis Bodi
		 	Title:	 	Attorney-in-fact
	
	 THE BANK OF NEW YORK, as Indenture Trustee
 and not in its individual capacity

		
	By:	 	/s/ Alan Terezian
		 	Name:	 	Alan Terezian
		 	Title:	 	Assistant Treasurer

 [Class A(2008-3) Terms Document]

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