Document:

Class A(2012-2) Terms Document

 Exhibit 4.1 

 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST

 Issuer 
 and 
 U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 

CLASS A(2012-2) TERMS DOCUMENT 
 Dated as of April 16, 2012 
 to 

AMENDED AND RESTATED INDENTURE SUPPLEMENT 
 Dated as of June 4, 2010 
 for the DiscoverSeries Notes 

to 
 INDENTURE

 Dated as of July 26, 2007 
  

 
  

 TABLE OF CONTENTS 

 

							
	  	 	 	  	Page	 
	ARTICLE I	  
	
	Definitions and Other Provisions of General Application	  
			
	Section 1.01	 	 Definitions
	  	 	1	  
	 Section 1.02
	 	Representations and Warranties of Issuer	  	 	7	  
	 Section 1.03
	 	Representations and Warranties of Indenture Trustee	  	 	8	  
	 Section 1.04
	 	Limitations on Liability	  	 	8	  
	 Section 1.05
	 	Governing Law	  	 	8	  
	 Section 1.06
	 	Counterparts	  	 	8	  
	 Section 1.07
	 	Ratification of Indenture and Indenture Supplement	  	 	8	  
	
	 ARTICLE II
	   

	
	The Class A(2012-2) Notes	  
			
	 Section 2.01
	 	Creation and Designation	  	 	9	  
	 Section 2.02
	 	Adjustments to Required Subordinated Percentages and Amount	  	 	9	  
	 Section 2.03
	 	Interest Payment	  	 	9	  
	 Section 2.04
	 	Notification of LIBOR	  	 	10	  
	 Section 2.05
	 	Payments of Interest and Principal	  	 	10	  
	 Section 2.06
	 	Form of Delivery of Class A(2012-2) Notes; Depository; Denominations	  	 	10	  
	 Section 2.07
	 	Delivery and Payment for the Class A(2012-2) Notes	  	 	10	  
	 Section 2.08
	 	Targeted Deposits to the Accumulation Reserve Account	  	 	11	  
	 Section 2.09
	 	Additional Issuances of Notes	  	 	11	  
	 Section 2.10
	 	Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	12	  
	 Section 2.11
	 	Variable Accumulation Period	  	 	12	  

 Exhibit 
  

					
	 Exhibit A
	 	Form of Class A Note	 	

 THIS CLASS A(2012-2) TERMS DOCUMENT (this “Terms Document”), 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 April 16, 2012. 
 Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class A Notes of the DiscoverSeries 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 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; 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; 

(5) in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained
in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling, but solely with respect to the Class A(2012-2) Notes; 
 (6) each capitalized term defined herein shall relate only to the Class A(2012-2) Notes and no other Tranche of Notes issued by the Issuer; 

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

(8) for purposes of determining any amount or making any calculation hereunder, such amount or calculation, (x) if specified to be as
of the first day of any Due Period, shall (a)

 
include any Notes issued during such Due Period as if such Notes had been outstanding on the first day of such Due Period and (b) give effect to any payments, deposits or other allocations
made on the Distribution Date related to the prior Due Period, and (y) if specified to be as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other allocations made on the related
Distribution Date. 
 “Accumulation Amount” means $83,333,333.34; provided, however, if the
commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Amount shall be determined in accordance with the definition of “Accumulation Amount” in the Indenture Supplement. 

“Accumulation Commencement Date” means April 1, 2013, or such later date as the Calculation Agent on behalf of the
Issuer determines in accordance with Section 2.11 hereof. 
 “Accumulation Period” has the meaning set
forth in the Indenture Supplement. 
 “Accumulation Period Length” means 12 months; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Period Length shall be determined in accordance with the definition of “Accumulation Period Length” in
the Indenture Supplement. 
 “Accumulation Reserve Funding Period” shall not apply if the Calculation Agent on
behalf of the Issuer notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right
column of the following table was in effect on the immediately preceding Distribution Date, if the Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date
immediately preceding the earlier to occur of: 
 (x) the Expected Maturity Date for the Class A(2012-2) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2012-2) Notes is paid in full. 

 

			
	 Distribution Date:
	  	 Condition:

		
	 (a) The Distribution Date occurring three (3) calendar months prior to the first scheduled Distribution Date of the
Accumulation Period (as adjusted in accordance with Section 2.11 hereof) and any following Distribution Date
	  	No condition.
		
	 (b) The Distribution Date occurring four (4) calendar months prior to the first scheduled Distribution Date of the
Accumulation Period (as adjusted in accordance with Section 2.11 hereof) and any following Distribution Date
	  	The three-month rolling average Excess Spread Percentage is less than 4%.

  
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	(c) The Distribution Date occurring six (6) calendar months prior
to the first scheduled Distribution Date of the Accumulation Period
(as adjusted in accordance with
Section 2.11 hereof) and any
following Distribution Date	  	The three-month rolling average Excess Spread Percentage is
less than 3%.
		
	(d) The Distribution Date occurring twelve (12) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with
Section 2.11 hereof) and any following Distribution Date	  	The three-month rolling average Excess Spread Percentage is less than 2%.

 provided, however, if at any point the Accumulation Reserve Funding Period has not commenced because no condition
requiring funding has occurred or the Calculation Agent has determined that the Accumulation Period Length will be shortened to one (1) month, and subsequently a condition requiring funding occurs and the Calculation Agent determines that the
Accumulation Period Length will not be so shortened, the Accumulation Reserve Funding Period shall commence on the following Distribution Date. 
 “Class A(2012-2) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the Class A(2012-2) Notes or (b) an Event of Default
and acceleration of the Class A(2012-2) Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred, a Class A(2012-2)
Adverse Event shall not be treated as continuing from and after the date of such cure. 
 “Class A(2012-2)
Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class A(2012-2) Note and duly executed and authenticated in accordance with the Indenture. 

“Class A(2012-2) Noteholder” means a Person in whose name a Class A(2012-2) Note is registered in the Note Register.

 “Class A(2012-2) Termination Date” means the earliest to occur of (a) the Principal Payment Date on
which the Outstanding Dollar Principal Amount of the Class A(2012-2) 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. 

“Excess Spread Percentage” for any Distribution Date means a fraction, the numerator of which is the Excess Spread
Amount for such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related Due Period. 

“Expected Maturity Date” means April 15, 2014. 

  
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 “Indenture” means the Indenture dated as of July 26, 2007 between the
Issuer and Indenture Trustee, as amended by the First Amendment to Indenture, dated as of June 4, 2010, as such agreement may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time.

 “Indenture Supplement” means the Amended and Restated Indenture Supplement dated as of June 4, 2010,
for the DiscoverSeries Notes, by and between the Issuer and the Indenture Trustee, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Initial Dollar Principal Amount” means $1,000,000,000, or such higher amount as is specified in any Notice of
Additional Issuance under Section 2.09 hereof. 
 “Interest Accrual 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 first Interest Payment Date for any Class A(2012-2) Note, from and including the applicable Issuance Date) to but excluding such Interest
Payment Date. 
 “Interest Payment Date” means the fifteenth day of each month commencing in May 2012, or if
such fifteenth day is not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means
April 16, 2012 with respect to all Class A(2012-2) Notes issued on the date hereof and, with respect to any additional Class A(2012-2) Notes issued pursuant to Section 2.09 hereof, any Issuance Date specified in the Notice of Additional
Issuance delivered thereunder. 
 “Legal Maturity Date” means October 17, 2016. 

“LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in United States dollars with a
duration comparable to the relevant Interest Accrual Period which appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the Indenture
Trustee on the basis of the rates at which deposits in United States dollars are offered by major banks in the London interbank market, selected by the Indenture Trustee, at approximately 11:00 a.m., London time, on such day to prime banks in the
London interbank market with a duration comparable to the relevant Interest Accrual Period commencing on that day. The Indenture Trustee will request the principal London office of at least four banks to provide a quotation of its rate. If at least
two such quotations are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by four major banks in New York
City, selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration comparable to the relevant Interest Accrual Period commencing on that day. If
LIBOR with respect to a LIBOR Determination Date is not determined pursuant to the foregoing, LIBOR with respect to such LIBOR Determination Date will be LIBOR with respect to the immediately prior LIBOR Determination Date. 

  
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 “LIBOR Business Day,” if applicable, shall mean a day other than a Saturday
or a Sunday on which banking institutions in both the City of London, England and in New York, New York are not required or authorized by law to be closed. 
 “LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the commencement of an Interest Accrual Period. 

“Note Interest Rate” means LIBOR + 0.15% per annum, calculated on the basis of the actual number of days elapsed
and a 360-day year. 
 “Notice of Additional Issuance” has the meaning set forth in Section 2.09 hereof.

 “Required Daily Deposit Target Finance Charge Amount” means, for any day in a Due Period, an amount equal to
the Class A Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class A Tranche Interest
Allocation cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class A Tranche Interest Allocation
determined based on a pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by 1.25. 

“Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such Due Period is in
the Accumulation Period for the Class A(2012-2) Notes, the Accumulation Amount, (ii) if such day is on or after the occurrence and during the continuance of a Class A(2012-2) Adverse Event, the Nominal Liquidation Amount of the Class A(2012-2)
Notes, and (iii) in all other circumstances, zero. 
 “Required Subordinated Amount of Class B Notes”
means, for the Class A(2012-2) 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(2012-2) Notes on such date of determination and 
 (b) the Nominal
Liquidation Amount of such Class A(2012-2) Notes on such date of determination; 
 provided however, that for any date of determination
on or after the occurrence and during the continuation of a Class A(2012-2) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2012-2) 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(2012-2) Adverse Event shall have
occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the Class A(2012-2) Notes for any date
of determination, an amount equal to the product of 

  
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 (a) the Required Subordinated Percentage of Class C Notes for such Class A(2012-2) Notes on
such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2012-2) Notes on such date of determination;

 provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class
A(2012-2) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2012-2) 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(2012-2) Adverse Event shall have
occurred. 
 “Required Subordinated Amount of Class D Notes” means, for the Class A(2012-2) 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(2012-2) Notes on such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2012-2) Notes on such
date of determination; 
 provided, however, that for any date of determination on or after the occurrence and during the continuation of
a Class A(2012-2) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2012-2) 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 the Class A(2012-2) Adverse Event shall have occurred. 

“Required Subordinated Percentage of Class B Notes” means, for the Class A(2012-2) Notes, 7.284768%, subject to
adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class C Notes” means,
for the Class A(2012-2) Notes, 9.271523%, subject to adjustment in accordance with Section 2.02. 
 “Required
Subordinated Percentage of Class D Notes” means, for the Class A(2012-2) Notes, 15.894040%, subject to adjustment in accordance with Section 2.02. 
 “Reuters Screen LIBOR01” means the display page currently so designated on the Reuters Screen (or such other page as may replace that page on that service for the purpose of displaying
comparable rates or prices). 
 “Specified Rating” means, for the Class A(2012-2) Notes, Aaa(sf) with respect
to Moody’s, AAA(sf) with respect to Standard & Poor’s and AAAsf with respect to Fitch. 

  
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 “Stated Principal Amount” means $1,000,000,000 or such higher amount as is
specified in any Notice of Additional Issuance under Section 2.09. 
 “Targeted Accumulation Reserve Subaccount
Deposit” means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2012-2) Notes as of the close of business on
the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer. 
 Section 1.02 Representations and Warranties of Issuer. The Issuer represents and warrants that: 
 (a) the Issuer has been duly formed and is validly existing as a statutory trust in good standing under the laws of the State of Delaware, and has full power and authority to execute and deliver this
Terms Document and to perform the terms and provisions hereof; 
 (b) the execution, delivery and performance of this Terms
Document by the Issuer have been duly authorized by all necessary corporate and statutory trust proceedings of any Beneficiary and the Owner Trustee, do not require any approval or consent of any governmental agency or authority, and do not and will
not conflict with any material provision of the Certificate of Trust or the Trust Agreement of the Issuer; 
 (c) this Terms
Document is the valid, binding and enforceable obligation of the Issuer, except as the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by
general equity principles; 
 (d) to the best of the Issuer’s knowledge, this Terms Document will not conflict with any law
or governmental regulation or court decree applicable to it; 
 (e) the Issuer is not required to be registered under the
Investment Company Act; 
 (f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for
purposes of or in connection with this Terms Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or
based on reasonable estimates on the date as of which such information is stated or certified; and 
 (g) to the best knowledge
of the Issuer, there are no proceedings or investigations pending against the Issuer before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (A) asserting
the invalidity of this Terms Document, (B) seeking to prevent the consummation of any of the transactions contemplated by this Terms Document or (C) seeking any determination or ruling which in the Issuer’s judgment would materially
and adversely affect the performance by the Issuer of its obligations under this Terms Document or the validity or enforceability of this Terms Document. 

  
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 Section 1.03 Representations and Warranties of Indenture Trustee. The Indenture
Trustee represents and warrants and any successor trustee shall represent and warrant that: 
 (a) The Indenture Trustee is
organized, existing and in good standing under the laws of the United States of America; 
 (b) The Indenture Trustee has full
power, authority and right to execute, deliver and perform this Terms Document, and has taken all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 

(c) This Terms Document has been duly executed and delivered by the Indenture Trustee. 

Section 1.04 Limitations on Liability. 
 (a) It is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and delivered by the Owner Trustee not individually or personally but solely as Owner Trustee
under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal
representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as creating any liability on the Owner Trustee individually or
personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to this Terms Document and by any Person claiming by, through or under them and (iv) under
no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the
Issuer under this Terms Document or any related documents. 
 (b) None of the Indenture Trustee, the Owner Trustee, the
Calculation Agent, any Beneficiary, the Depositor, any Master Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect to this Terms Document, and recourse may
be had solely to the Collateral pledged to secure these Class A(2012-2) Notes under the Indenture, the Indenture Supplement and this Terms Document. 
 Section 1.05 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 ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

Section 1.06 Counterparts. This Terms Document may be executed in any number of counterparts, each of which when so executed will
be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.07
Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in all respects 

  
 8 

 
ratified and confirmed and the Indenture as supplemented by the Indenture Supplement and this Terms Document shall be read, taken and construed as one and the same instrument. 

ARTICLE II 
 The
Class A(2012-2) Notes 
 Section 2.01 Creation and Designation. There is hereby created a Tranche of Class A Notes
to be issued pursuant to this Terms Document, the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class A(2012-2) Notes.” 
 Section 2.02 Adjustments to Required Subordinated Percentages and Amount. 

(a) On any date, the Issuer may, at the direction of the Beneficiary, 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(2012-2) Notes, without the consent of any Noteholders; provided that the Issuer has received written
confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 
 (b) On any date, the Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of Class B Notes, the Required Subordinated Amount of Class C Notes or
the Required Subordinated Amount of Class D Notes, in each case for the Class A(2012-2) Notes with a different form of credit enhancement (including, without limitation, a cash collateral account, a letter of credit, a reserve account, a surety
bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms Document as shall be necessary for such replacement without the consent of
any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding
DiscoverSeries Notes. 
 Section 2.03 Interest Payment. For each Interest Payment Date, the amount of interest due with
respect to the Class A(2012-2) Notes shall be an amount equal to 
  

	 	(i)	(A) a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period and the denominator of which is 360, times

   (B) the Note Interest Rate in effect with respect to such related Interest Accrual
Period, times 
  

	 	(ii)	the Outstanding Dollar Principal Amount of the Class A(2012-2) Notes determined as of the first date of such related Interest Accrual Period, plus

  
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 any Class A Tranche Interest Allocation Shortfall for such Class A(2012-2) Notes for the immediately
preceding Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual Period, calculated on the basis of the actual number of days in the related Interest Accrual Period and a
360-day year. 
 Section 2.04 Notification of LIBOR. On each LIBOR Determination Date, the Indenture Trustee shall send
to the Issuer, the Beneficiary, each applicable Master Servicer and any stock exchange on which the Class A(2012-2) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic transmission, notification
of LIBOR for the following Interest Accrual Period. 
 Section 2.05 Payments of Interest and Principal. 

(a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date;
provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture
Supplement; and provided, further, that if a Class A(2012-2) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class A(2012-2) Notes in
accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class A(2012-2) Notes shall be made as set forth in Section 1102 of the Indenture. 

(b) The right of the Class A(2012-2) Noteholders to receive payments from the Issuer will terminate on the Class A(2012-2) Termination
Date. 
 (c) All payments of principal, interest or other amounts to the Class A(2012-2) Noteholders will be made pro
rata based on the Stated Principal Amount of their Class A(2012-2) Notes. 
 Section 2.06 Form of Delivery of Class
A(2012-2) Notes; Depository; Denominations. 
 (a) The Class A(2012-2) Notes shall be delivered in the form of a Global Note
which shall be a Registered Note as provided in Section 204 of the Indenture. The form of the Class A(2012-2) Notes is attached hereto as Exhibit A. 
 (b) The Depository for the Class A(2012-2) Notes shall be The Depository Trust Company, and the Class A(2012-2) Notes shall initially be registered in the name of Cede & Co., its nominee.

 (c) The Class A(2012-2) Notes will be issued in minimum denominations of $200,000 and integral multiples of $1,000 in excess
of that amount. 
 Section 2.07 Delivery and Payment for the Class A(2012-2) Notes. The Issuer shall execute and deliver
the Class A(2012-2) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2012-2) Notes when authenticated, each in accordance with Sections 203 and 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 Subaccount for the Class A(2012-2) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve Subaccount Deposit minus
any amount on deposit in the Accumulation Reserve Subaccount for the Class A(2012-2) Notes. 
 Section 2.09 Additional
Issuances of Notes. Subject to clauses (ii), (iii), (iv) and (v) of Sections 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class A(2012-2) Notes, so long as the following conditions precedent
are satisfied: 
 (a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional Class
A(2012-2) Notes (the “Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 

 

	 	(i)	the Issuance Date of such additional Class A(2012-2) Notes; 

  

	 	(ii)	the amount of such additional Class A(2012-2) Notes being offered and the resulting Initial Dollar Principal Amount and Stated Principal Amount of Class A(2012-2)
Notes; 

  

	 	(iii)	the date from which interest on such additional Class A(2012-2) Notes will accrue (which may be a date prior to the date of issuance thereof); 

 

	 	(iv)	the first Interest Payment Date on which interest will be paid on such additional Class A(2012-2) Notes; and 

 

	 	(v)	any other terms that the Issuer set forth in such notice of issuance of additional Class A(2012-2) Notes to clarify the rights of Holders of such additional Class
A(2012-2) Notes or the effect of such issuance of additional Class A(2012-2) Notes on any calculations to be made with respect to the Class A(2012-2) Notes, Class A, or the Issuer. 

All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such Class A(2012-2) Notes;

 (b) no Class A(2012-2) Adverse Event has occurred and is continuing; and 

(c) either (i) the issuance of such additional Class A(2012-2) Notes would be treated as part of the same issue as the outstanding
Class A(2012-2) Notes under Treasury Regulation Sections 1.1275-1(f)(1) or 1.1275-2(k), or (ii) such additional Class A(2012-2) Notes are not issued with “original issue discount” for purposes of Section 1273 of the Code.

 The Issuer shall not have to satisfy the conditions set forth in Section 310 of the Indenture in connection with an
issuance of additional Class A(2012-2) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class A(2012-2) Notes; 

  
 11 

 
provided, however, that the Issuer shall have to deliver to the Indenture Trustee a Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such issuance. 

Section 2.10 Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes. At any
time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust
to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator
of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including the Class A(2012-2) Notes and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust
minus (ii) the sum of the Series Investor Interests for all such Series that provide that the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and
shall be treated as Series Finance Charge Amounts for the DiscoverSeries. 
 Section 2.11 Variable Accumulation
Period. Notwithstanding anything to the contrary in Section 4.02 of the Indenture Supplement, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement of the Accumulation
Period for the Class A(2012-2) Notes and determine a new Accumulation Commencement Date, subject to the conditions set forth in this Section 2.11; provided, however, that the Accumulation Period shall commence no later than the
first day of the Due Period related to the Expected Maturity Date for the Class A(2012-2) Notes. Any such delay by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the scheduled Due Period immediately
preceding the first Due Period in the Accumulation Period (after giving effect to any prior delay in the commencement of the Accumulation Period pursuant to this Section 2.11). 

The Calculation Agent on behalf of the Issuer shall cause such delay if the Calculation Agent determines in good faith that each of the
following conditions will be satisfied: (i) the Calculation Agent on behalf of the Issuer delivers to the Indenture Trustee a certificate to the effect that the Calculation Agent on behalf of the Issuer reasonably believes that, based on the
payment rate and the anticipated availability of Series Principal Amounts and Reallocated Principal Amounts, the delay in the commencement of the Accumulation Period for the Class A(2012-2) Notes will not result in any Tranche of Notes not being
paid in full on the relevant Expected Maturity Date; (ii) such delay is permitted under the Series 2007-CC Series Supplement or any other applicable agreement relating to any Additional Collateral Certificate; and (iii) the Accumulation
Amount, the Accumulation Commencement Date and the Accumulation Period Length shall have been adjusted. The Calculation Agent on behalf of the Issuer shall not be required to obtain confirmation from the applicable Note Rating Agencies that such
delay in the commencement of the Accumulation Period will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes, unless at the time of such delay there is a Tranche of Outstanding DiscoverSeries Notes, which were issued
prior to January 1, 2009 and for which the commencement of the Accumulation Period for such Tranche of Notes has already been delayed pursuant to Section 4.02 of the Indenture Supplement. If such confirmation from the applicable Note
Rating Agency is not required, the Calculation Agent on behalf of the Issuer shall provide written notice to each applicable Note Rating Agency in the event that the 

  
 12 

 
commencement of the Accumulation Period for the Class A(2012-2) Notes is delayed pursuant to this Section 2.11. 
 [Remainder of page intentionally blank; signature page follows] 

  
 13 

 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. 
  

			
	 DISCOVER CARD EXECUTION NOTE TRUST,

as Issuer

		
	By:	 	 Wilmington Trust Company,

    not in its individual capacity but solely
     as Owner Trustee

		
	By:	 	 
		 	Name: Jennifer A. Luce
		 	Title: Assistant Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,
         as Indenture Trustee

		
	By:	 	 
		 	Name: Patricia M. Child
		 	Title: Vice President

 [Signature Page to Class A(2012-2) Terms Document] 

 FORM OF DISCOVERSERIES CLASS A(2012-2) NOTE 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT AT
ANY TIME INSTITUTE AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE
ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, ANY RECEIVERSHIP, INSOLVENCY, BANKRUPTCY OR SIMILAR PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION
WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE, ANY DERIVATIVE AGREEMENT, ANY SUPPLEMENTAL CREDIT ENHANCEMENT AGREEMENT AND ANY SUPPLEMENTAL LIQUIDITY AGREEMENT. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS
FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

			
	REGISTERED	  	$[•] *
	 No. 1
	  	CUSIP NO. 254683AU9

 DISCOVER CARD EXECUTION NOTE TRUST 

Floating Rate 

DISCOVERSERIES CLASS A(2012-2) NOTE 
 DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (herein referred to as the “Issuer” or the “Note Issuance Trust”),
for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of $[•] ([•] dollars) payable on the April 15, 2014 Payment Date (the “Expected
Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement (as defined on the reverse hereof); provided, however, that the entire unpaid principal amount of this Note shall be due and
payable on the October 17, 2016 Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of one-month LIBOR + 0.15% per annum, as more specifically set forth in the Class A(2012-2) Terms
Document dated as of April 16, 2012 (the “Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture
Trustee under the Indenture), and shall be due and payable on each Interest Payment Date from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2012-2) Notes, from and including the
applicable Issuance Date) to but excluding such Interest Payment Date. Interest will be computed on the basis of the actual number of days elapsed and a 360-day year. Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof. 
 The principal and interest may be payable monthly, and may be payable earlier or later than the
Expected Maturity Date, following an Event of Default or while an Early Redemption Event has occurred and is continuing. No principal or interest will be distributed on the Note following the distribution of proceeds of a Receivables Sale.

 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts. 
 The Initial Dollar Principal Amount of the Class
A(2012-2) Notes is $1,000,000,000. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication
hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, Indenture Supplement or the Terms Document referred to on the reverse hereof, or be
valid or obligatory for any purpose. 
  

	*	Denominations of $200,000 and in integral multiples of $1,000 in excess thereof. 

  
 2 

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

			
	 DISCOVER CARD EXECUTION NOTE TRUST,
         as Issuer

		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee
		
	 By:
	 	 
		 	Name:
		 	Title:
		
		 	Date:

  
 3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		
	 By:
	 	 
		 	Name:
		 	Title:
		
		 	Date:

  
 4 

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its Class A(2012-2) DiscoverSeries Notes
(herein called the “Class A(2012-2) Notes”), all issued under an Indenture dated as of July 26, 2007, as amended by the First Amendment to Indenture, dated as of June 4, 2010 (such Indenture, as may be further amended,
restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture”), as supplemented by an Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated
as of June 4, 2010 (such Indenture Supplement, as may be further amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture Supplement”), between the
Issuer and Indenture Trustee, to which Indenture and Indenture Supplement reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class
A(2012-2) Notes are subject to all terms of the Indenture, the Indenture Supplement and the Terms Document. All terms used in this Class A(2012-2) Note that are defined in the Indenture, the Indenture Supplement and the Terms Document shall have the
meanings assigned to them in or pursuant to the Indenture, the Indenture Supplement and the Terms Document. 
 The Class B
Notes, the Class C Notes and the Class D Notes of the DiscoverSeries and other tranches of Class A Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class A(2012-2) Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture and the Indenture Supplement. 
 Principal of the Class A(2012-2) Notes will be payable on the Expected Maturity Date
in an amount described on the face hereof except as otherwise provided in the Indenture or the Indenture Supplement. 
 As
described above, the entire unpaid principal amount of this Class A(2012-2) Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Class A(2012-2) Notes shall be due and
payable on the date on which an Event of Default relating to the Class A(2012-2) Notes shall have occurred and be continuing and, except in the event of an insolvency related default, the Indenture Trustee or the Majority Holders of the applicable
Series, Class or Tranche of Outstanding Dollar Principal Amount of the Outstanding Notes have declared the Class A(2012-2) Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided,
however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the Majority Holders of such applicable Series, Class or Tranche of Notes. 

On any day occurring on or after the date on which the aggregate Nominal Liquidation Amount of any Tranche of Notes is reduced to less
than 5% of its highest Outstanding Dollar Principal Amount, the Depositor or any Affiliate thereof has the right, but not the obligation, to redeem such Tranche of Notes in whole but not in part, pursuant to Section 1202 of the
Indenture. The redemption price will be an amount equal to the Outstanding Dollar Principal Amount of such Tranche, plus accrued, unpaid and additional interest or principal accreted and unpaid on such Tranche to but excluding the date of
redemption. 

  
 5 

 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Note
Issuance Trust, may from time to time issue, or direct the Owner Trustee, on behalf of the Note Issuance Trust, to issue, one or more Series, Classes or Tranches of Notes. 
 On each Payment Date, the Paying Agent shall distribute to each Holder of Class A(2012-2) Notes of record on the related Record Date (except for the final distribution with respect to this Class A(2012-2)
Note) such Holder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Class A Notes. 

Payments of interest on this Class A(2012-2) Note due and payable on each Payment Date, together with any installment of principal, if
any, to the extent not in full payment of this Class A(2012-2) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class A(2012-2) Note on the Note Register as of the close of business on each Record
Date, except that with respect to Class A(2012-2) Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be CEDE & CO.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Class
A(2012-2) Note be submitted for notation of payment. Any reduction in the principal amount of this Class A(2012-2) Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders
of this Class A(2012-2) Note and of any Class A(2012-2) Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Class A(2012-2) Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as
of the Record Date preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Class A(2012-2) Note at the Indenture
Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be
entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto. 
 As provided in the Indenture and subject to
certain limitations set forth therein and as set forth in the first legend on the face hereof, the transfer of this Class A(2012-2) Note may be registered on the Note Register upon surrender of this Class A(2012-2) Note for registration of transfer
at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a
national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Class A(2012-2) Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Class A(2012-2) Note, but the transferor may be required to pay a sum 

  
 6 

 
sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

To the fullest extent permitted by applicable law, each Noteholder or Note Owner, by acceptance of a Class A(2012-2) Note or, in the case
of a Note Owner, a beneficial interest in a Class A(2012-2) Note, covenants and agrees that by accepting the benefits of the Indenture it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as
a depositor with respect to any Master Trust or the Issuer, or join in any institution against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership,
insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any
Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 
 Prior to the due presentment for
registration of transfer of this Class A(2012-2) Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A(2012-2) Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A(2012-2) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to
the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding Dollar Principal
Amount of each adversely affected Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class A(2012-2) Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Class A(2012-2) Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Class A(2012-2) Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Class A(2012-2) Note includes any successor to the Issuer under the Indenture.

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
Indenture Trustee and the Holders of Notes under the Indenture. 
 The Class A(2012-2) Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

  
 7 

 THIS CLASS A(2012-2) NOTE AND THE INDENTURE 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 ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

No reference herein to the Indenture and no provision of this Class A(2012-2) Note or of the Indenture shall alter or impair the
obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class A(2012-2) Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Class A(2012-2) Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture
Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A(2012-2) Note. 

  
 8 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
  

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

							
	Dated:                    	  	 	  	  
	 	*
		  		  	Signature Guaranteed:	 	

  
  

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

  
 9 

 SCHEDULE A 
 PART I 
 INTEREST PAYMENTS 

 

									
	 Interest Payment Date
	  	Date of
Payment	  	Total Amount
of Interest Payable	  	Amount of
Interest Paid	  	Confirmation of
payment by or on
behalf of the Note Issuance
Trust
	 1.
	  		  		  		  	
	 2.
	  		  		  		  	
	 3.
	  		  		  		  	
	 4.
	  		  		  		  	
	 5.
	  		  		  		  	
	 6.
	  		  		  		  	
	 7.
	  		  		  		  	
	 8.
	  		  		  		  	
	 9.
	  		  		  		  	
	 10.
	  		  		  		  	
	 11.
	  		  		  		  	
	 12.
	  		  		  		  	
	 13.
	  		  		  		  	
	 14.
	  		  		  		  	
	 15.
	  		  		  		  	
	 16.
	  		  		  		  	
	 17.
	  		  		  		  	
	 18.
	  		  		  		  	
	 19.
	  		  		  		  	
	 20.
	  		  		  		  	
	 21.
	  		  		  		  	
	 22.
	  		  		  		  	
	 23.
	  		  		  		  	
	 24.
	  		  		  		  	

  
 10 

 PART II 
 PRINCIPAL PAYMENTS 
  

									
	 Principal Payment Date
	  	Date of
Payment	  	Total Amount
of Principal Payable	  	Total Amount Paid	  	Confirmation of
payment by or on
behalf of the Note Issuance
Trust
	 1.
	  		  		  		  	
	 2.
	  		  		  		  	
	 3.
	  		  		  		  	
	 4.
	  		  		  		  	
	 5.
	  		  		  		  	
	 6.
	  		  		  		  	
	 7.
	  		  		  		  	
	 8.
	  		  		  		  	
	 9.
	  		  		  		  	
	 10.
	  		  		  		  	
	 11.
	  		  		  		  	
	 12.
	  		  		  		  	

  
 11Amended and Restated Employment Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 TIBCO SOFTWARE INC. 

VIVEK RANADIVÉ AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
 This Agreement is effective as of February 28,
2012 (the “Effective Date”), by and between TIBCO Software Inc. (the “Company”) and Vivek Ranadivé (“Executive”), and amends and restates the employment agreement that the parties originally entered into as of
November 30, 2004 and amended in September 2008 (the “Prior Agreement”). 
 1. Duties and Scope of
Employment. 
 a) Positions and Duties. At the Effective Date, Executive will continue serving as Chief Executive
Officer of the Company and as Chairman of its Board of Directors (the “Board”). Executive will render such business and professional services in the performance of his duties, consistent with Executive’s position within the Company,
as will reasonably be assigned to him by the Board. The period of Executive’s employment under this Agreement is referred to herein as the “Employment Term.” 
 b) Board Membership. At each annual meeting of the Company’s stockholders during the Employment Term, the Company will nominate Executive to serve as a member of the Board. Executive’s
service as a member of the Board will be subject to any required stockholder approval. 
 c) Obligations. During the
Employment Term, Executive will devote Executive’s full business efforts and time to the Company. For the duration of the Employment Term, Executive agrees not to actively engage in any other employment, occupation, or consulting activity for
any direct or indirect remuneration without the prior approval of the Board (which approval will not be unreasonably withheld); provided, however, that Executive may, without the approval of the Board, serve in any capacity with any civic,
educational, or charitable organization, provided such services do not interfere with Executive’s obligations to Company. 

2. At-Will Employment. Executive and the Company agree that Executive’s employment with the Company constitutes
“at-will” employment. Executive and the Company acknowledge that this employment relationship may be terminated at any time, upon written notice to the other party, with or without good cause or for any or no cause, at the option either of
the Company or Executive. However, as described in this Agreement, Executive may be entitled to severance benefits depending upon the circumstances of Executive’s termination of employment. Upon the termination of Executive’s employment
with the Company for any reason, Executive will be entitled to payment of all accrued but unpaid compensation, vacation, expense reimbursements, and other benefits due to Executive through his termination date under any Company-provided or paid
plans, policies, and arrangements. Executive agrees to resign from all positions that he holds with the Company, including, without limitation, his position as a member of the Board, immediately following the termination of his employment if the
Board so requests. 

 3. Term of Agreement. This Agreement shall be renewed for a term of three years
commencing on the Effective Date. 
 4. Compensation. 

a) Base Salary. During fiscal year 2012, the Company will pay Executive an annual salary of $575,000 as compensation for his
services (the “Base Salary”). The Base Salary will be paid periodically in accordance with the Company’s normal payroll practices and be subject to the usual, required withholding. Executive’s salary will be subject to review,
and adjustments will be made based upon the Company’s standard practices. 
 b) Annual Bonus. Executive’s
annual target bonus, including Executive’s 2012 fiscal year target bonus, will be 100% of Base Salary (“Target Bonus”). Executive’s annual bonus will be payable upon achievement of performance goals established by the
Compensation Committee of the Board (the “Committee”). Executive will have the opportunity to discuss the nature of such achievement or performance goals with the Committee prior to such goals being established. The actual bonus paid may
be higher or lower than the Target Bonus for over- or under-achievement of Executive’s performance goals, as determined by the Committee. The Committee also will take into account changes to the size or capabilities of the Company in
determining actual bonus amounts. Bonuses, if any, will accrue and become payable in accordance with the Committee’s standard practices (including, without limitation, any claw back or recoupment policy that the Company may adopt in the future,
which policy generally applies to all senior executives of the Company) for paying executive incentive compensation, provided however that any bonus payable under this Section 4(b) will be paid by the later of (i) two-and-one-half months
after the end of the Company’s fiscal year to which it relates or (ii) two-and-one-half months after the end of the Executive’s taxable year in which the bonus becomes payable. 

c) Equity Compensation. In fiscal year 2012, the Company will grant Executive one or more restricted stock unit awards (or similar
awards) covering in the aggregate (assuming maximum achievement of applicable performance objectives) 700,000 shares of Company common stock. The Company may also grant equity awards to Executive in future fiscal years which may be based on
achievement of applicable performance conditions at the maximum level specified and satisfaction of applicable time-based vesting conditions. Any future equity awards shall be in the sole discretion of the Committee. The awards will be subject to
the Company’s then standard terms and conditions for grants and may also be subject to performance based vesting, all as determined by the Committee in its discretion. The Executive will have the opportunity to discuss the nature of any
applicable performance goals with the Committee prior to such performance goals being established. 
 Notwithstanding anything
in this Section 4(c) to the contrary, the Company’s ability to grant equity awards, including the awards described in the preceding paragraph, under Company stock plans is subject to stockholder approval of reservation of the requisite
number of shares. 
 5. Employee Benefits. During the Employment Term, Executive will be eligible to participate in
accordance with the terms of all Company employee benefit plans, policies, and arrangements that are applicable to other senior executives of the Company, as such plans, policies, and arrangements may exist from time to time. 

  
 -2-

 6. Expenses. The Company will reimburse Executive for reasonable travel,
entertainment, and other expenses incurred by Executive in the furtherance of the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time. Any such
reimbursements shall be made or provided in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), including but not limited to, the following provisions: (i) the amount of any expense
reimbursement or in-kind benefit provided during a taxable year shall not affect any expenses eligible for reimbursement in any other taxable year; (ii) the reimbursement of the eligible expense shall be made no later than the last day of the
Executive’s taxable year that immediately follows the taxable year in which the expense was incurred; and (iii) the right to any reimbursement shall not be subject to liquidation or exchange for another benefit or payment. 

In addition, the Company will reimburse Executive for any amount he is required to pay as a result of application to
him in an individual capacity of the filing and fee payment requirements of Section 7(A)(a) of the Clayton Act, as amended, in conjunction with certain requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended or any
similar non-U.S. law (such amounts, including penalties or interest thereon, the “HSR Fees”). Such reimbursement shall include payment of such additional amount (including on an iterative basis) intended to fully gross him up for all taxes
of any nature that he might be required to pay as a result of the Company’s payment of any HSR Fee amount and any additional gross-up amount(s). For purposes of calculating these amounts, all taxes will be assumed to apply to Executive at the
highest marginal rate. Payments required under this paragraph shall be made no later than March 15th of the year following the year in which Executive is required to remit a HSR Fee. The HSR Fees paid by Executive during 2011, plus the applicable full gross-up amount, shall be paid by March 15,
2012. 
 7. Severance. 
 a) Termination Without Cause or Resignation for Good Reason other than in connection with a Change of Control. If Executive’s employment is terminated by the Company without Cause or by
Executive for Good Reason, and the termination is not in Connection with a Change of Control, then, subject to Section 8, Executive will receive: (i) continued payment of Base Salary for a period of 12 months, (ii) a lump-sum payment,
paid at the time fiscal year bonuses are paid to other executives (but in no event later than March 15 of the year following the year in which Executive’s termination of employment occurs), equal to 1.0 times Executive’s actual bonus
for the fiscal year immediately preceding the fiscal year in which the termination occurs, (iii) reimbursement for premiums paid to continue coverage for Executive and Executive’s eligible dependents under the Company’s Benefit Plans
(as defined in Section 9 below) for the Continuance Period (as defined in Section 9 below), or, if earlier, until Executive is eligible for similar benefits from another employer (provided Executive validly elects to continue coverage
under applicable law), and (iv) except to such greater extent as may be set forth in the applicable award agreement, 12 months’ accelerated vesting of equity awards then held by the Executive (performance conditions

  
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applicable to performance-based equity awards that might under the award terms have been satisfied in such 12-month period shall remain in place unless the Board, in its sole discretion, waives
such condition and accelerates such vesting effective as of the termination date) whether granted prior to, on or after the Effective Date. In addition, Executive will have 12 months to exercise any stock options that have the accelerated vesting
described in the preceding sentence. In no case, however, shall any equity award be exercisable after the expiration of its term. 
 b) Termination Without Cause or Resignation for Good Reason in connection with a Change of Control. If Executive’s employment is terminated by the Company without Cause or by Executive for
Good Reason, and the termination is in Connection with a Change of Control, then, subject to Section 8, Executive will receive: (i) continued payment of Base Salary for a period of 24 months, (ii) a lump-sum payment, paid no later
than March 15 of the year following the year in which Executive’s termination of employment occurs, equal to twice the average of Executive’s actual bonuses for the two fiscal years immediately preceding the fiscal year in which the
Change of Control occurs, (iii) reimbursement for premiums paid to continue coverage for Executive and Executive’s eligible dependents under the Company’s Benefit Plans for the Continuance Period, or, if earlier, until Executive is
eligible for similar benefits from another employer (provided Executive validly elects to continue coverage under applicable law), (iv) except to such greater extent (with respect to performance vesting awards) as may be reflected in the
applicable award agreement, 100% vesting of all equity awards then held by Executive, whether granted prior to, on or after the Effective Date, and, if applicable (v) a Section 280G gross-up, as described in Section 17 below. In
addition, Executive will have 24 months to exercise equity awards that have the accelerated vesting described in the preceding sentence. In no case, however, shall any equity award be exercisable after the expiration of its term. 

c) Voluntary Termination without Good Reason; Termination for Cause. If Executive’s employment with the Company terminates
voluntarily by Executive without Good Reason or is terminated for Cause by the Company, then (i) all further vesting of Executive’s outstanding equity awards will terminate immediately, (ii) all payments of compensation by the Company
to Executive hereunder will terminate immediately (except as to amounts already earned), and (iii) Executive will not be entitled to any severance but Executive will be paid all accrued but unpaid vacation, expense reimbursements and other
benefits due to Executive through his termination date under any Company-provided or paid plans, policies, and arrangements. 

d) Termination due to Death or Disability. If Executive’s employment terminates by reason of death or Disability, then
(i) Executive will be entitled to receive benefits only in accordance with the Company’s then applicable plans, policies, and arrangements; and (ii) except as otherwise may be reflected in any applicable award agreement,
Executive’s outstanding equity awards will accelerate such that he will be treated as immediately vested in and able to exercise or be distributed all award shares that would have vested and become exercisable or distributable had he remained
employed for an additional twelve (12) months and had all applicable performance objectives been achieved at target level during such period and will thereafter terminate in accordance with the terms and conditions of the applicable award
agreement(s); provided that if distribution immediately upon such termination would result in an award’s becoming subject to early 

  
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income inclusion and/or additional tax and penalties under Code Section 409A, then the award shares will become vested as provided in this Clause (ii) but shall not be distributed until
the date on which vested shares would have been distributed but for this sentence. 
 8. Sole Right to Severance. This
Agreement is intended to represent Executive’s sole entitlement to severance payments and benefits in connection with the termination of his employment. To the extent Executive is entitled to receive severance or similar payments and/or
benefits under any other Company plan, program, agreement, policy, practice, or the like (the “Other Benefits”), severance payments and benefits due to Executive under this Agreement will be first paid under this Agreement and the Other
Benefits will be reduced. The Other Benefits will only be paid to the extent that they exceed those provided under this Agreement and only to the extent such reduction does not subject Executive to any early income inclusion or additional tax or
penalty under Code Section 409A. 
 9. Conditions to Receipt of Severance; No Duty to Mitigate. 

a) Separation Agreement and Release of Claims. The receipt of any severance or other benefits pursuant to Section 7 will be
subject to Executive signing and not revoking a separation agreement and release of claims in the form attached hereto as Exhibit A (the “Release”), and provided that such Release is effective no later than sixty (60) days following
the termination of employment (such deadline, the “Release Deadline”). If Executive does not execute the Release by the Release Deadline, Executive will forfeit all rights to severance payments and benefits under this Agreement. No
severance or other benefits pursuant to Section 7 will be paid or provided until the Release becomes effective. Notwithstanding any contrary provisions of Section 7, in the event that the termination occurs at a time during the calendar
year where it would be possible for the Release to become effective in the calendar year following the calendar year in which the Executive’s termination occurs, any severance that would be considered Deferred Compensation Separation Benefits
(as defined in Section 10) will be paid on the later of, (i) the Release Deadline, (ii) such time as required by the payment schedule applicable to each severance benefit, or (iii) such time as required by Section 10.

 b) Non-Competition. In the event of a termination of Executive’s employment that otherwise would entitle
Executive to the receipt of severance pursuant to Section 7(b), Executive agrees not to engage in Competition (as defined below) during the Continuance Period. If Executive engages in Competition within the Continuance Period, all continuing
payments and benefits to which Executive otherwise may be entitled pursuant to Section 7(b) will cease immediately. The sole remedy the Company will have against Executive in the event of a breach of this Section 8(b) shall be that
provided in the preceding sentence. 
 c) Nonsolicitation. In the event of a termination of Executive’s employment
that otherwise would entitle Executive to the receipt of severance pursuant to Section 7, Executive agrees that, during the Continuance Period, Executive, directly or indirectly, whether as employee, owner, sole proprietor, partner, director,
member, consultant, agent, founder, co-venturer or otherwise, (i) will not solicit, induce, or influence any person to modify his or her employment or consulting relationship with the Company (the “No-Inducement”), and (ii) not
intentionally divert business 

  
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away from the Company by soliciting business from any of the Company’s substantial customers and users who would otherwise have placed the solicited order with the Company (the “No
Solicit”). If Executive breaches the No-Inducement or No Solicit, all continuing payments and benefits to which Executive otherwise may be entitled pursuant to Section 7 will cease immediately. The sole remedy the Company will have against
Executive in the event of a breach of this Section 8(c) shall be that provided in the preceding sentence. 
 d) No Duty
to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any earnings that Executive may receive from any other source reduce any such payment. 

10. Definitions. The following terms referred to in this Agreement will have the following meanings: 

a) Benefit Plans. For purposes of this Agreement, “Benefit Plans” means plans, policies, or arrangements that the
Company sponsors (or participates in) and that immediately prior to Executive’s termination of employment provide Executive and Executive’s eligible dependents with medical, dental, or vision benefits. Benefit Plans do not include any
other type of benefit (including, but not by way of limitation, financial counseling, disability, life insurance, or retirement benefits). A requirement that the Company provide Executive and Executive’s eligible dependents with coverage under
the Benefit Plans will not be satisfied unless the coverage is no less favorable than that provided to Executive and Executive’s eligible dependents immediately prior to Executive’s termination of employment. Subject to the immediately
preceding sentence, the Company may, at its option, satisfy any requirement that the Company provide coverage under any Benefit Plan by instead providing coverage under a separate plan or plans providing coverage that is no less favorable or by
paying Executive a lump-sum payment which is, on an after-tax basis, sufficient to provide Executive and Executive’s eligible dependents with equivalent coverage under a third party plan that is reasonably available to Executive and
Executive’s eligible dependents. 
 b) Cause. For purposes of this Agreement, “Cause” means
(i) Executive’s act of dishonesty or fraud in connection with the performance of his responsibilities to the Company with the intention that such act result in Executive’s substantial personal enrichment, (ii) Executive’s
conviction of, or plea of nolo contendere to, a felony, (iii) Executive’s willful failure to perform his duties or responsibilities, or (iv) Executive’s violation or breach of any fiduciary or contractual duty to the
Company which results in material damage to the Company or its business; provided that if any of the foregoing events is capable of being cured, the Company will provide notice to Executive describing the nature of such event and Executive will
thereafter have 30 days to cure such event and if such event is cured within that 30-day period, then grounds will no longer exist for terminating his employment for Cause. 
 c) Change of Control. For purposes of this Agreement, “Change of Control” means (i) a sale of all or substantially all of the Company’s assets, (ii) any merger,
consolidation, or other business combination transaction of the Company with or into another corporation, entity, or person, other than a transaction in which the holders of at least a majority of the shares of voting capital stock of the Company
outstanding immediately prior to such transaction continue to hold 

  
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(either by such shares remaining outstanding or by their being converted into shares of voting capital stock of the surviving entity) a majority of the total voting power represented by the
shares of voting capital stock of the Company (or the surviving entity) outstanding immediately after such transaction, (iii) the direct or indirect acquisition (including by way of a tender or exchange offer) by any person, or persons acting
as a group, of beneficial ownership or a right to acquire beneficial ownership of shares representing a majority of the voting power of the then outstanding shares of capital stock of the Company, (iv) a contested election of members of the
Board (“Directors”), as a result of which or in connection with which the persons who were Directors before such election or their nominees cease to constitute a majority of the Board, or (v) a dissolution or liquidation of the
Company. 
 d) Competition. For purposes of this Agreement, Executive will be deemed to have engaged in
“Competition” if he, without the consent of the Board, following a Change of Control and following a termination of his employment described in Section 7(b), directly or indirectly provides services relating to the enterprise
application integration space (whether as an employee, consultant, agent, corporate officer, director, or otherwise) to, or participates in the financing, operation, management, or control of, Microsoft Corporation, International Business Machine
Corporation, Oracle, SAP A.G., or Software A.G. (each, together with their successors and assigns, a “Restricted Company”), or any division, unit or affiliate of a Restricted Company involved in the enterprise application integration space
(such a division, unit or affiliate, a “Restricted Division”). Notwithstanding the foregoing, nothing contained in this Section 9(d) or in Section 8(b) above shall prohibit Executive from being employed or engaged in a corporate
function or senior management position (and holding commensurate equity interests) with a Restricted Company that is engaged in multiple lines of business, one of which includes a Restricted Division, so long as Executive does not provide to the
Restricted Division services of a sort that differ significantly from the services he provides to the other divisions, units or affiliates for which he has responsibility within the overall organization. 

e) Continuance Period. For purposes of this Agreement, “Continuance Period” will mean the period of time beginning on
the date of the termination of Executive’s employment and ending on the date on which Executive is no longer receiving Base Salary payments under Section 7. 
 f) Disability. For purposes of this Agreement, Disability shall have the same defined meaning as in the Company’s long-term disability plan. 

g) Good Reason. For purposes of this Agreement, “Good Reason” means the occurrence of any of the following without
Executive’s express written consent: (i) a material reduction in Executive’s position or duties other than removal from the position of Chairman if the Board decides to separate the roles of CEO and Chairman, (ii) a material
reduction in Executive’s Base Salary or Target Bonus other than pursuant to a reduction that also is applied to substantially all other executive officers of the Company and which reduction reduces the base salary and/or target annual incentive
by a percentage reduction that is no greater than 10%, (iii) a material and significant reduction in the aggregate compensation paid to Executive pursuant to the Company’s 

  
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employee benefits package (including Executive’s participation in health plans, retirement plans and other significant benefit programs) other than pursuant to a reduction that also is
applied to substantially all other executive officers of the Company and that reduces the level of the aggregate value of the employee benefits by a percentage reduction that is no greater than 10%, or (iv) relocation of Executive’s
primary place of business for the performance of his duties to the Company to a location that is more than 30 miles from its prior location (where such relocation results in an increase in Executive’s one-way commute). Executive will not resign
for Good Reason without first providing the Company with written notice within ninety (90) days of the event that Executive believes constitutes “Good Reason” specifically identifying the acts or omissions constituting the grounds for
Good Reason and a cure period of thirty (30) days following the date of such notice. 
 h) In Connection with a Change
of Control. For purposes of this Agreement, a termination of Executive’s employment with the Company is “in Connection with a Change of Control” if Executive’s employment is terminated during the period beginning three months
prior to a Change of Control and ending twelve months following a Change of Control. 
 i) Section 409A Limit. For
purposes of this Agreement, “Section 409A Limit” will mean the lesser of two (2) times: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Company’s taxable year
preceding the Company’s taxable year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum
amount that may be taken into account under a qualified plan pursuant to Code Section 401(a)(17) for the year in which Executive’s employment is terminated. 
 11. Code Section 409A. Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A of the Code and any
final regulations and guidance promulgated thereunder (collectively “Section 409A”) at the time of Executive’s “separation from service” (as defined under Section 409A) that is not as a result of his death, and the
severance payable to Executive, if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits may be considered deferred compensation under Section 409A (together, the “Deferred
Compensation Separation Benefits”), then only that portion of the Deferred Compensation Separation Benefits which does not exceed the Section 409A Limit (as defined above) may be made within the first six (6) months following
Executive’s separation of service in accordance with the payment schedule applicable to each payment or benefit. Any portion of the Deferred Compensation Separation Benefits in excess of the Section 409A Limit otherwise due to Executive on
or within the six (6) month period following Executive’s separation of service will accrue during such six (6) month period and will become payable in a lump sum payment on the date six (6) months and one (1) day following
the date of Executive’s separation of service date. All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein
to the contrary, if Executive dies following his separation of service but prior to the six (6) month anniversary of the date thereof, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as
administratively 

  
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practicable after the date of Executive’s death and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or
benefit. It is the intent of this Agreement to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and
any ambiguities herein will be interpreted to so comply. All references to a termination of Executive’s employment hereunder shall be deemed to occur only if there is a “separation from service” as defined under Section 409A.
Each payment and benefit under this Agreement is hereby designated as a separate payment for purposes of Section 409A. 

12. Insurance. The Company will provide Executive with Director and Officer error and omissions insurance and ERISA fiduciary
insurance in accordance with the Company’s insurance practices for executive officers. 
 13. Confidential
Information. Executive acknowledges that the Nondisclosure/ Assignment Agreement between Executive and the Company (the “Confidential Information Agreement”) will continue in effect. During the Employment Term, Executive agrees to
execute any updated versions of the Company’s form of Nondisclosure/Assignment Agreement (any such updated version also referred to as the “Confidential Information Agreement”) as may be required of substantially all of the
Company’s executive officers. 
 14. Assignment. This Agreement will be binding upon and inure to the benefit of
(a) the heirs, executors, and legal representatives of Executive upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this
Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all or substantially all
of the assets or business of the Company. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other
attempted assignment, transfer, conveyance, or other disposition of Executive’s right to compensation or other benefits will be null and void. 
 15. Notices. All notices, requests, demands, and other communications called for hereunder will be in writing and will be deemed given (a) on the date of delivery if delivered personally,
(b) one day after being sent by a well established commercial overnight service, or (c) four days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the
following addresses, or at such other addresses as the parties may later designate in writing: 
 If to the Company: 

Attn: Chairman of the Compensation Committee 
 TIBCO Software Inc. 
 3303 Hillview Avenue 

Palo Alto, CA 94304 

  
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 If to Executive: 
 at the last residential address known by the Company. 
 16. Severability.
If any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable, or void, this Agreement will continue in full force and effect without said provision. 

17. Arbitration. 
 a) General. In consideration of Executive’s service to the Company, its promise to arbitrate all employment related disputes, and Executive’s receipt of the compensation, pay raises, and
other benefits paid to Executive by the Company, at present and in the future, Executive agrees that any and all controversies, claims, or disputes with anyone (including the Company and any employee, officer, director, shareholder, or benefit plan
of the Company in their capacity as such or otherwise) arising out of, relating to, or resulting from Executive’s service to the Company under this Agreement or otherwise or the termination of Executive’s service with the Company,
including any breach of this Agreement, will be subject to binding arbitration under the Arbitration Rules set forth in California Code of Civil Procedure Section 1280 through 1294.2, including Section 1283.05 (the “Rules”) and
pursuant to California law. Disputes which Executive agrees to arbitrate, and thereby agrees to waive any right to a trial by jury, include any statutory claims under state or federal law, including, but not limited to, claims under Title VII of the
Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the California Fair Employment and Housing Act, the California Labor Code, claims of
harassment, discrimination, or wrongful termination, and any statutory claims. Executive further understands that this Agreement to arbitrate also applies to any disputes that the Company may have with Executive. 

b) Procedure. Executive agrees that any arbitration will be administered by the American Arbitration Association (“AAA”)
and that a neutral arbitrator will be selected in a manner consistent with its National Rules for the Resolution of Employment Disputes. The arbitration proceedings will be held in Santa Clara County, California and will allow for discovery
according to the rules set forth in the National Rules for the Resolution of Employment Disputes or California Code of Civil Procedure. Executive agrees that the arbitrator will have the power to decide any motions brought by any party to the
arbitration, including motions for summary judgment and/or adjudication and motions to dismiss and demurrers, prior to any arbitration hearing. Executive agrees that the arbitrator will issue a written decision on the merits. Executive understands
the Company will pay for any administrative or hearing fees charged by the arbitrator or AAA except that Executive will pay the first $200.00 of any filing fees associated with any arbitration Executive initiates. Executive agrees that the
arbitrator will administer and conduct any arbitration in a manner consistent with the Rules and that to the extent that the AAA’s National Rules for the Resolution of Employment Disputes conflict with the Rules, the Rules will take precedence.

 c) Remedy. Except as provided by the Rules, arbitration will be the sole, exclusive, and final remedy for any dispute
between Executive and the Company. Accordingly, 

  
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except as provided for by the Rules, neither Executive nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration. Notwithstanding, the arbitrator
will not have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator will not order or require the Company to adopt a policy not otherwise required by law which the Company has not adopted. 

d) Availability of Injunctive Relief. In addition to the right under the Rules to petition the court for provisional relief,
Executive agrees that any party also may petition the court for injunctive relief where either party alleges or claims a violation of this Agreement or the Confidentiality Agreement or any other agreement regarding trade secrets, confidential
information, nonsolicitation or Labor Code §2870. 
 e) Administrative Relief. Executive understands that this
Agreement does not prohibit Executive from pursuing an administrative claim with a local, state, or federal administrative body such as the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission, or the workers’
compensation board. This Agreement does, however, preclude Executive from pursuing court action regarding any such claim. 
 f)
Voluntary Nature of Agreement. Executive acknowledges and agrees that Executive is executing this Agreement voluntarily and without any duress or undue influence by the Company or anyone else. Executive further acknowledges and agrees that
Executive has carefully read this Agreement and that Executive has asked any questions needed for Executive to understand the terms, consequences, and binding effect of this Agreement, including that Executive is waiving Executive’s right to a
jury trial. Finally, Executive agrees that Executive has been provided an opportunity to seek the advice of an attorney of Executive’s choice before signing this Agreement. 

18. Section 280G of the Code. 
 a) In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of
Section 280G of the Code and (ii) but for this Section 17(a)(ii), would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then Executive’s severance and other benefits
under Section 7 will be either: 
 a) delivered in full, or 

b) delivered as to such lesser extent which would result in no portion of such severance benefits being subject to excise
tax under Section 4999 of the Code, 
 whichever of the foregoing amounts, taking into account the applicable federal, state and local
income taxes and the Excise Tax imposed by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such severance benefits may be taxable
under Section 4999 of the Code. If a reduction in severance and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order:
(1) reduction of the cash 

  
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severance payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction
of continued employee benefits under Company Benefit Plans. In the event that the accelerated vesting of equity awards is to be cancelled, such vesting acceleration will be cancelled in a manner designed to provide Executive with the greatest
economic benefit. If more than one manner of cancellation of accelerated vesting benefits yields the greatest economic benefit, accelerated vesting of equity awards will be reduced pro rata. 

b) Subject to the provisions of Section 17(f) below, all determinations required to be made under this Section 17, including
whether an Excise Tax is payable by Executive and the amount of such Excise Tax and whether a reduction in payments and benefits is required, will be made by the Company’s independent public accounting firm prior to the Change of Control (the
“Accounting Firm”). If the Company’s independent public accounting firm is serving as accountant or auditor for the person or entity effecting the Change of Control, the Company shall appoint a nationally recognized independent
registered public accounting firm to serve, and such firm shall be deemed to be the “Accounting Firm” for purposes of this Section 17. The Company will direct the Accounting Firm to submit its determination and detailed supporting
calculations to both the Company and Executive within fifteen (15) calendar days after the date of the Change of Control or the date of Executive’s termination of employment, if applicable, and any other such time or times as may be
requested by the Company or Executive. The Accounting Firm will furnish Executive with an opinion stating that he has substantial authority not to report any Excise Tax on his federal, state, local income or other tax return. Any determination by
the Accounting Firm as to the amount of any Excise Tax or reduction in payments and benefits will be binding upon the Company and Executive. 
 c) The Company and Executive will each provide the Accounting Firm access to and copies of any books, records and documents in the possession of the Company or Executive, as the case may be, reasonably
requested by the Accounting Firm, and otherwise cooperate with the Accounting Firm in connection with the preparation and issuance of the determination contemplated by Section 17(b) above. 

d) The federal, state and local income or other tax returns filed by Executive will be prepared and filed on a consistent basis with the
determination of the Accounting Firm with respect to the Excise Tax payable by Executive. Executive will make proper payment of the amount of any Excise Tax, and at the request of the Company, provide to the Company true and correct copies (with any
amendments) of his federal income tax return as filed with the Internal Revenue Service and corresponding state and local tax returns, if relevant, as filed with the applicable taxing authority, and such other documents reasonably requested by the
Company, evidencing such payment. 
 e) The fees and expenses of the Accounting Firm for its services in connection with the
determinations and calculations contemplated by Sections 17(b) and 17(d) above will be borne by the Company. If such fees and expenses are initially advanced by Executive, the Company will reimburse Executive the full amount of such fees and
expenses within twenty (20) days after receipt from Executive of a statement therefore and reasonable evidence of his payment thereof. 

  
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 f) If, for any reason, the Accounting Firm, as defined above, fails to act in the manner
contemplated by this Section 17 within a reasonable period of time, the Executive may appoint another nationally recognized independent accounting firm with the consent of the Company (unless such consent is unreasonably withheld or delayed),
to perform all of such duties of the Accounting Firm that are contemplated by this Section 17, in which event such independent accountants will thereafter be deemed to be the “Accounting Firm” for purposes of this Section 17.

 g) Section 280G Gross-up. Executive and the Company hereby agree that the Section 280G gross-up contained in
Executive’s Prior Agreement no longer is in effect. At the time of any renewal or replacement of this Agreement, Executive and the Company agree to negotiate in good faith the issue of whether they will reinstitute a gross-up of any taxes to
which Executive might become subject as a result of application of Sections 280G and 4999 of the Code, to payments or benefits received by or owed to him under such subsequent agreement. 

19. Legal and Tax Expenses. During the term of this Agreement, the Company will reimburse Executive up to $35,000 for reasonable
expenses relating to legal, accounting and tax advice incurred by him in connection with the negotiation, execution and modification of this Agreement. 
 20. Integration. This Agreement, together with the Confidential Information Agreement and Executive’s Company equity award agreements, represents the entire agreement and understanding between
the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral, including the employment agreement between the Company and Executive, dated November 30, 2004. No waiver, alteration, or
modification of any of the provisions of this Agreement will be binding unless in writing that specifically references this Section and is signed by duly authorized representatives of the parties hereto. With respect to equity awards granted on or
after the date hereof, the provisions of this Agreement will apply to such awards except to the extent otherwise explicitly provided in the applicable equity award agreement. 
 21. Waiver of Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or
subsequent breach of this Agreement. 
 22. Survival. The Confidential Information Agreement, the Company’s and
Executive’s responsibilities under Sections 7, 8 and 16 will survive the termination of this Agreement. 
 23.
Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement. 
 24. Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes. 
 25. Governing Law. This Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions). 

  
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 26. Acknowledgment. Executive acknowledges that he has had the opportunity to discuss
this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement. 

27. Counterparts. This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an
original and will constitute an effective, binding agreement on the part of each of the undersigned. 
 IN WITNESS WHEREOF, each
of the parties has executed this Agreement, in the case of the Company by a duly authorized officer, as of the day and year written below. 

COMPANY: 
 TIBCO SOFTWARE INC.

  

					
	By:	 	 /s/ William R. Hughes
	 	Date: February 28, 2012
	Title:	 	Executive Vice President, General Counsel & Secretary	 	

 EXECUTIVE: 
  

			
	 /s/ Vivek Ranadivé
	 	                        Date: February 28,
2012
	        Vivek Ranadivé	 	

  

  
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 EXHIBIT A 
 FORM OF RELEASE OF CLAIMS AGREEMENT 

  
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 TIBCO SOFTWARE INC. 

RELEASE OF CLAIMS AGREEMENT 
 RECITALS 
 This Release and Non-Disparagement Agreement (the
“Agreement”) is made by and between Vivek Ranadive (“Employee”) and TIBCO Software Inc. or its subsidiary (the “Company”) (collectively referred to as the “Parties” or individually referred to as a
“Party”): 
 WHEREAS, Employee was employed by the Company; 

WHEREAS, Employee signed an employment agreement with the Company dated February     , 2012 (the
“Employment Agreement”); 
 WHEREAS, the Employee’s employment with the Company has terminated effective [Click
And Type Date] (“Termination Date”) and Employee shall be eligible to receive benefits under the Employment Agreement; and, 
 WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions and demands that the Employee may have against the Company, including, but not
limited to, any and all claims arising out of or in any way related to Employee’s employment with or separation from the Company. 
 NOW, THEREFORE, in consideration of the promises made herein, the Parties hereby agree as follows: 
 COVENANTS 
 1. Release of Claims. Employee agrees that the
benefits provided in the Employment Agreement represents settlement in full of all outstanding obligations owed to Employee by the Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders,
founders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations and assigns (the “Releasees”). Employee, on his own behalf, and on behalf of his respective heirs, family members, executors, agents, and
assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute or pursue, any claim, complaint, charge, duty, obligation or cause of action relating to any matters of any kind,
whether presently known or unknown, suspected or unsuspected, that Employee may possess against any of the Releasees arising from any omissions, acts or facts or damages that have occurred up until and including the Effective Date of this Agreement
including, without limitation: 
 a) any and all claims relating to or arising from Employee’s employment relationship with
the Company and the termination of that relationship; 

  
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 b) any and all claims relating to, or arising from, Employee’s right to purchase, or
actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal
law; 
 c) any and all claims for wrongful discharge of employment; constructive discharge; termination in violation of public
policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of a covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional
distress; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery;
invasion of privacy; false imprisonment; and conversion; 
 d) any and all claims for violation of any federal, state or
municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967; the Americans with Disabilities Act of 1990; the Fair Labor Standards Act,
except as prohibited by law; the Fair Credit Reporting Act; the Employee Retirement Income Security Act of 1974; the Family and Medical Leave Act, except as prohibited by law; the Worker Adjustment and Retraining Notification Act; the Older Workers
Benefit Protection Act; the California Fair Employment and Housing Act; the California Labor Code and the Sarbanes-Oxley Act of 2002; 
 e) any and all claims for violation of the federal, or any state, constitution; 

f) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; 

g) any claim for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of
the proceeds received by Employee as a result of this Agreement; and 
 h) any and all claims for attorneys’ fees and
costs. 
 Employee agrees that the release set forth in this section shall be and remain in effect in all respects as a complete
general release as to the matters released. This release does not extend to any obligations incurred under this Agreement or under Section 7 of the Employment Agreement. This release does not release claims that cannot be released as a matter
of law, including, but not limited to, Employee’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is
authorized to enforce or administer laws related to employment, against the Company (with the understanding that any such filing or participation does not give Employee the right to recover any monetary damages against the Company; Employee’s
release of claims herein bars Employee from recovering such monetary relief from the Company). The Company acknowledges that the release under this Agreement does not release the Company from its obligation to provide insurance under Section 12
of the Employment Agreement. 

  
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 2. Acknowledgement of Waiver of Claims Under ADEA. Employee acknowledges that he is
waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Employee agrees that this waiver and release does not apply to any
rights or claims that may arise under the ADEA after the Effective Date of this Agreement. Employee acknowledges that the consideration given under Section 7 of the Employment Agreement for this waiver and release is in addition to anything of
value to which Employee was already entitled. Employee further acknowledges that he has been advised by this writing that: (a) he should consult with an attorney prior to executing this Agreement; (b) he has forty-five
(45) days within which to consider this Agreement; (c) as set forth in the Decisional Unit Information Letter attached hereto as Exhibit A, he has been advised in writing by the Company of the decisional unit for this reduction in force,
as well as the class, unit, or group of individuals affected, and the job titles and ages of all individuals who were and were not affected; (d) he has seven (7) days following his execution of this Agreement to revoke this Agreement;
(e) this Agreement shall not be effective until after the revocation period has expired; and (f) nothing in this Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this
waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Employee signs this Agreement and returns it to the Company in less than the 45-day
period identified above, Employee hereby acknowledges that he has freely and voluntarily chosen to waive the time period allotted for considering this Agreement. Employee acknowledges and understands that revocation must be accomplished by delivery
of a written notification to [insert contact information for appropriate Company representative – e.g., HR and contact information] prior to the Effective Date. 
 3. Civil Code Section 1542. The Employee represents that the Employee is not aware of any claim by him other than the claims that are released by this Agreement. Employee acknowledges that he
has been advised by legal counsel and is familiar with the provisions of California Civil Code Section 1542, which provides as follows: 
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS
SETTLEMENT WITH THE DEBTOR. 
 Employee, being aware of said code section, agrees to expressly waive any rights Employee may have thereunder, as
well as under any other statute or common law principles of similar effect. 
 4. No Pending or Future Lawsuits. Employee
represents that Employee has no lawsuits, claims, or actions pending in his name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Employee also represents that Employee does not intend to bring any
claims on Employee’s own behalf or on behalf of any other person or entity against the Company or any of the other Releasees. 

  
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 5. Non-Competition. Employee acknowledges and agrees that the terms and conditions of
Section 9(b) of the Employment Agreement relating to non-competition remain in effect for the applicable Continuance Period (as defined in the Employment Agreement). 
 6. Non-Solicitation. Employee acknowledges and agrees that the terms and conditions of Section 9(c) of the Employment Agreement relating to non-solicitation remain in effect for the applicable
Continuance Period. 
 7. Severability. In the event that any provision, or any portion thereof, becomes or is declared
by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision or portion of said provision. 

8. No Waiver. The failure of the Company to insist upon the performance of any of the terms and conditions in this Agreement, or
the failure to prosecute any breach of any of the terms and conditions of this Agreement, shall not be construed thereafter as a waiver of any such terms or conditions. This entire Agreement shall remain in full force and effect as if no such
forbearance or failure of performance had occurred. 
 9. No Oral Modification. This Agreement may only be amended in a
writing signed by Employee and an authorized representative of the Company. 
 10. Governing Law. This Agreement shall be
construed, interpreted, governed and enforced in accordance with the laws of the State of California, without regard to choice-of-law provisions. Employee hereby consents to personal and exclusive jurisdiction and venue in the State of California.

 11. Effective Date. Employee has seven (7) days after he signs this Agreement to revoke it.
This Agreement will become effective on the eighth
(8th) day after Employee signed this Agreement, so
long as it has been signed by both Parties and has not been revoked before that date (the “Effective Date”). 
 12.
Counterparts. This Agreement may be executed in counterparts and by facsimile, and each counterpart and facsimile shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of
the undersigned. 
 13. Voluntary Execution of Agreement. Employee understands and agrees that he executed this Agreement
voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of his claims against the Company and any of the other Releasees. Employee acknowledges that:

 a) he has read this Agreement; 
 b) he has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of his own choice or that he has voluntarily declined to seek such counsel; 

  
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 c) he understands the terms and consequences of this Agreement and of the releases it
contains; and 
 d) he is fully aware of the legal and binding effect of this Agreement. 

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. 

 

					
		 		 	Vivek Ranadive, an individual
			
	Dated: February     , 2012	 		 	  

		 		 	Vivek Ranadive
		 		 	TIBCO Software Inc.
			
	Dated: February     , 2012	 	By	 	  

		 		 	[Click and Type Officer Name]
		 		 	[Click and Type Title]

  
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