Document:

Exhibit

Aarhus · June 2018
Our ref 017396-0008 cbn/mobj/kch Doc. No. 19305960.1

Share Purchase Agreement

                                                                                                                                                                                           
Project Erann

	
					
	Copenhagen
	Aarhus
	Shanghai
	 
	 

	Langelinie Allé 35
	Værkmestergade 2
	Suite 2H08
	T +45 72 27 00 00
	Law Firm P/S

	2100 Copenhagen 
	8000 Aarhus Denmark
	No.1440 Yan'an Middle Road 
	F +45 72 27 00 27
	CVR No. 38538071

	Denmark
	Denmark
	Jing'an District, 200040
	E info@bechbruun.com
	www.bechbruun.com

STRICTLY CONFIDENTIAL
Our ref.  315314 -JAS

SHARE PURCHASE AGREEMENT

Kolding    Copenhagen    Odense    Hamburg

ANDERSENI
PARTNERS

TABLE OF CONTENT

		
	1.
	Definitions, schedules and interpretation               4

		
	2.
	The subject-matter of the Agreement and Effective Date    9

		
	3.
	The Purchase Price and its payment    10

		
	4.
	Closing of the Transaction    10

		
	5.
	Post Closing    12

		
	6.
	The Purchaser's examinations    12

		
	7.
	The Sellers' Representations and Warranties    13

		
	8.
	The Sellers' Specific Indemnities    13

		
	9.
	The Purchaser’s Representations and Warranties    16

		
	10.
	Indemnification    17

		
	11.
	Non-competition and non-solicitation clauses    23

		
	12.
	Other provisions    25

		
	13.
	Disputes    29

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PARTNERS

List of schedules:

Schedule 2.2    List of shareholders
 
Schedule 2.3    Group structure

Schedule 4.2.1    Approval of the Transaction from the Company's board of directors 

Schedule 4.2.2    Register of shareholders of the Company

Schedule 4.2.3    Confirmation from the Sellers regarding possession of corporate documents 

Schedule 4.2.4    Letter of resignation from the board of directors (Mette Hay)

Schedule 4.2.5    Exclusive license agreement between the Company and Herman Miller Inc. 

Schedule 4. 2.6    Shareholders’ Agreement

Schedule 4.2.7    Statement from Rolf Hay regarding termination of bonus

Schedule 4.2.8    Documentation of Nine United’s payment of the inter- company loan 

Schedule 4.3 .1    Approval of the Transaction from the Purchaser 's boa r d of directors 

Schedule 4.3. 2    Documentation of the Purchaser's payment of the Purchase Price 

Schedule 5.1. 1    Articles of association (in agreed form)

Schedule 5.4 .1    Post Closing activities 

Schedule 6.1    Due Diligence Documentation

Schedule 7.1    Sellers’ Representations and Warranties 

Schedule 12.1. 1    Joint taxation

ANDERSENI
PARTNERS

SHARE PURCHASE AGREEMENT

On 7 June 2018 (the "Effective Date"), on one side

Nine United A/S
Company reg. no. (CVR) 25 93 44 58
Havnen 1
8700 Horsens Denmark
(hereinafter the "Nine United")

Holdingselskabet af 1/7 2007 ApS
Company reg. no. 30 70 87 17
Baunegardsvej 57
2900 Hellerup Denmark
(hereinafter “Holdingselskabet")

(Nine United and Holdingselskabet collectively the "Sellers" and separately a/the "Seller")

and the other side

Herman Miller Holdings Limited Corporation Registration No. 7200056 5th Floor, 9-10 Market Place
London, Wl W 8AQ United Kingdom
(hereinafter the "Purchaser")

have entered into the following share purchase agreement regarding the transfer of shares in Nine United Denmark A/S, company reg. no. (CVR) 26 79 99 45, to the Purchaser on the terms and conditions set out below:

		
	1.
	Definitions, schedules and interpretation

		
	1.
	For the purposes of this Agreement, the following terms and expressions have the following meanings:

		
	1.
	Agreement means this share purchase agreement and its Schedules.

		
	2.
	Annual Reports mean the annual reports of the Companies for the financial years 2014/15 - 2016/17 to the extent such accounts have been prepared.

		
	3.
	Banking Day means a day where the banks in Copenhagen and London are generally open for the public for ordinary banking business (other than for internet banking only)

ANDERSENI
PARTNERS

		
	4.
	Breach means in relation to (i) the Sellers' Representations and Warranties; that one of the Sellers' Representations and Warranties turns out to be incorrect or not fulfilled, (ii) the Sellers' Specific Indemnities; that an event, Claim, Loss or the like covered by one of the Sellers' Specific Indemnities occurs, (iii) the Purchaser's Representations and Warranties; that one of the Purchaser's Representations and Warranties turns out to be incorrect or not fulfilled, or (iv) other provisions in the Agreement; any other failure to meet the obligations of a Party under the Agreement .

		
	5.
	Claim means a claim for indemnification by either Party against the other Party resulting from a Breach.

		
	6.
	Claim Notice has the meaning set forth in Clause 10 .5.1.

		
	7.
	Clause means a clause included in this Agreement.

		
	8.
	Closing means the signing and completion of the Transaction through the Parties' exchange of their respective deliveries and fulfilment of their respective obligations as set out in Clause 4, i.e. the Effective Date.

		
	9.
	Closing Date means the Effective Date.

		
	10.
	Companies means the Company and its following subsidiaries:

		
	•
	Nine United Norway AS, company reg. no. 994 085 522 (org. no.), Josefines gate 23, 0351 Oslo, Norway (of which the Company owns seventy (70)% of the share capital); and

		
	•
	Nine United Studio UK Ltd., company reg. no. 08109344, 34 Queen Annes Gate, London, SWlH 9AB, England.

		
	11.
	Company means Nine United Denmark A/S, company reg. no. (CVR) 26 79 99 45, Havnen 1, 8700 Horsens, Denmark.

		
	12.
	Confidential Information has the meaning set forth in Clause 12.6 .1.

		
	13.
	Contract means any contract, agreement, binding arrangement or commitment, to which any of the Companies is a party.

		
	14.
	Corporate Documents means memorandum of association, articles of association, rules of procedure for the board of directors and any similar corporate document s.

		
	15.
	DKK means Danish Kroner, the lawful currency of Denmark.

		
	16.
	Due Diligence Documentation means the material listed in Schedule 6.1 with accompanying USB stick.

		
	17.
	Effective Date means 7 June 2018.

		
	18.
	Fundamental Representations and Warranties mean the Sellers' Representations and Warranties specified in 

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PARTNERS

clauses 1 (Matters relating to company law; Capacity) and 2 (The Shares) of Schedule 7.1.

		
	19.
	Governmental Authority means any state, government, government department, ministry, commission, council, board, bureau, agency, court, municipality, district or other judicial, administrative, regulatory or legislative authority in Denmark, the European Union, or any other jurisdiction in which the Companies carry on its business or activities.

		
	20.
	Intellectual Property Rights and IPR mean patents, utility models, trademarks (registered or unregistered), other business logos, domain names and design rights, know-how, trade secrets and other intellectual property rights owned or used by the Companies.

		
	21.
	Interest means an annual rate of interest of 1.5 percentage points above 3 month CIBOR as published by the Nasdaq Copenhagen A/S at 11: 00 (CET) on the Effective Date calculated on the basis of the actual number of days elapsed and

365 days in the year.

		
	22.
	Key Employees means the following employees: Henrik Ellebcek Steensgaard, Rolf Hay, Mette Hay, Jesper Langballe, Mette Langkilde, Dan Nielsen, Susanne 0stergaard, Trine Thomsen, Jan Jensen and Anne-Sofie Mortensen.

		
	23.
	Leakage means, except for any Permitted Leakage, any dividend, other payment, other financial advantage or distribution (whether in cash or in kind) declared, paid or made by the Companies to or for the benefit of the Sellers and/or any of Sellers' Related Parties.

		
	24.
	Loss means any documented loss, claim, liability, cost or expense recoverable under the laws of Denmark, except for indirect and/or consequential losses, e.g. loss of goodwill and loss of profit etc. However, losses for the Purchaser due to the Companies suffering losses that would normally be considered indirect and/or consequential losses for the Companies (e.g. loss of the Companies' goodwill and loss of profit), including reasonable external costs and expenses related to the recovery of such loss, shall be considered as a direct loss.

		
	25.
	Maximum Limit has the meaning set forth in Clause 10.3.2.

		
	26.
	Minimum Limit has the meaning set forth in Clause 10.3.1.

		
	27.
	Party means the Purchaser and/or the Sellers, and the Parties means the Purchaser and the Sellers collectively.

		
	28.
	Permitted Leakage means distribution of dividends from the Company of DKK 110,000,000 to the Sellers and any 

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Leakage paid in the ordinary course of business of the Companies (e.g. payment of taxes due to mandatory joint taxation, payment of salaries, payment of rent, payment pursuant to commercial agreements, etc.). As of 6 June 2018, the general meeting of the Company has resolved to distribute dividends of an amount of DKK 110,000,000 of which approx. DKK 69,000,000 has been paid out to the Sellers. The Parties have agreed that the remaining amount of dividends (DKK 41,000,000) shall be transferred to the Sellers after the Effective Date once the TAK License Payment has been paid to the Company.

		
	29.
	Person means any individual (natural person), corporation, company, partnership, firm, association, trust, incorporated or unincorporated organization or other legal entity as well as any Governmental Authority.

		
	30.
	Purchase Price means DKK 423,500,000.

		
	31.
	Purchaser means Herman Miller Holdings Limited, Corporation registration No. 7200056, 5th Floor, 9-10 Market Place, London, WlW 8AQ, United Kingdom.

		
	32.
	Purchaser's Representations and Warranties means the representations and warranties contained in Clause 9.

		
	33.
	Related Parties means Persons that are related parties (In Danish "ncerstfiende ") pursuant to the definition in section 2 of the Danish Insolvency Act in force at any time or another similar provision.

		
	34.
	Release Date has the meaning set forth in Clause 10 .9.1.

		
	35.
	Retained Amount has the meaning set forth in Clause 10 .9.1.

		
	36.
	Schedules means the schedules of this Agreement.

		
	37.
	Sellers mean Nine United A/ S, Company reg. no. (CVR) 25 93 44 58, Havnen 1, 8700 Horsens, Denmark, and Holdingselskabet af 1/7 2007 ApS, Company reg. no. (CVR) 30 70 87 17, Baunegardsvej 57, 2900 Hellerup, Denmark.

		
	38.
	Sellers' Bank Accounts means (i) in respect of Nine United a bank account with Nordea Bank Denmark (!B AN: DK482005655757866) and (ii) in respect of Holdingselskabet a bank account with Nordea Bank Denmark (!BAN : DK72 20006272 222310 ).

		
	39.
	Sellers' Representations and Warranties means the representations and warranties contained in Schedule 7.1.

		
	40.
	Sellers' Specific Indemnities mean the indemnities contained in Clause 8.

		
	41.
	Sellers' Ultimate Owners mean (i) Troels Holch Povlsen in respect of Nine United and (ii) Rolf Hay in respect of Holdingselskabet.

ANDERSENI
PARTNERS

1.1.4 2 Shareholders' Agreement means the shareholders' agreement entered into by and between the Sellers and the Purchaser regarding their mutual holdings of shares in the Company attached as Schedule 4.2.6.

		
	1.
	Shares means the fully paid-up shares in the Company of a nominal value of DKK 1,485,000 and equal to thirty-three (33)% of all of the Company's issued and outstanding share capital. The Parties acknowledge and agree that (i) Nine United sells shares in the Company of a nominal value of DKK 1,170,000 and equal to twenty-six (26)% of all of the Company's issued and outstanding share capital to the Purchaser, (ii) Holdingselskabet sells shares in the Company of a nominal value of DKK 315,000 and equal to seven (7)% of all of the Company's issued and outstanding share capital to the Purchaser and (iii) the Purchase Price being paid by the Purchaser to the Sellers, cf. Clause 3.1, shall be divided pro rata to the shares sold by each of the Sellers (out of all Shares sold by the Sellers).

		
	2.
	TAK means Nine United TAK Co., Ltd., Corporate registration No. 91310000MA1K34BX43, Room 301-57, Floor 3, Building 1, No.38, Debao Road, Pilot Free Trade Zone, China (Shanghai).

		
	3.
	TAK License Agreement means the license agreement dated 7 June 2018 between TAK and the Company.

		
	4.
	TAK License Payment means the license payment of DKK 15,000,000 that falls due 10 Banking Days after 7 June 2018 from TAK to the Company under the TAK License Agreement.

		
	5.
	Taxes means all direct and indirect taxes, whether contingent or actual, such as income tax, company tax, VAT and turnover tax and social benefits and all similar taxes, duties and fees.

		
	6.
	Third Party Rights means liens, encumbrances, charges, pre-emption rights, options to purchase, other options, owners' rights as well as any other right, actual or potential, of third party (including any other party than the authorised rights owner)

		
	7.
	Tipping Basket has the meaning set forth in Clause 10.3.1.

		
	8.
	Transaction means the transfer of the Shares from the Sellers to the Purchaser as contemplated by the Agreement.

		
	1.
	The Schedules attached to the Agreement form an integral part of the Agreement.

		
	2.
	Each Party has participated in the negotiation and drawing up of the Agreement. None of the Parties is regarded as a drafter for the purposes of interpreting the Agreement.

		
	2.
	The subject-matter of the Agreement and Effective Date

		
	1.
	With effect from the Effective Date, the Sellers sell the Shares to the Purchaser, and the Purchaser acquires the Shares from the Sellers on the terms and conditions set out in this Agreement.

ANDERSENI
PARTNERS

		
	2.
	The Shares amount to thirty-three (33)% of the total share capital of the Company and are transferred to the Purchaser free and clear of all Third Party Right s. The remaining shares in the Company are owned by the Sellers, as shown in the list of shareholders attached as Schedule 2.2.

		
	3.
	The Company is part of the group structure shown in the attached Schedule 2.3.

		
	4.
	As of the Effective Date, the Purchaser shall be entitled to all benefits, and to exercise all rights, attached or accruing to the Shares including, without limitation, the right to receive all dividends, distributions or any return of capital declared, paid or made by the Company on or after the Effective Date.

		
	3.
	The Purchase Price and its payment

		
	1.
	In return for the sale of the Shares, the Purchaser shall pay to the Sellers the Purchase Price

		
	4.
	Closing of the Transaction

		
	1.
	Completion of the Transaction ("Closing") shall take place electronically (via e­ mail) and simultaneously with the Parties' execution of the Agreement, i.e. at the Effective Date.

		
	2.
	At the Effective Date, the Sellers have delivered the following documents against the Purchaser's simultaneous fulfilment of all its obligations set forth in Clause 4.3:

		
	1.
	Approval of the Transaction from the board of directors of the Company, such approval attached as Schedule 4. 2.1.

		
	2.
	.2 The Company's register of shareholders in which the Purchaser had been registered as the owner of the Shares free of any Third Party Rights, such register of shareholders attached as Schedule 4.2.2.

		
	3.
	3   Confirmation from the Sellers stating that the minutes of general meetings and board meetings and audit reports of the Companies are in the Companies' possession, such confirmation attached as Schedule 4. 2.3.

		
	4.
	Statement from Mette Hay stating that she retires as board member of the Company and does not have any claims against the Company as a result of her directorship, such statement attached as Schedule 4.2.4.

		
	5.
	Executed version of a exclusive license agreement between the Company and Herman Miller, Inc. signed by the legal representatives of the Company, such license agreement attached as Schedule 4. 2.5.

		
	6.
	Executed version of the Shareholders ' Agreement signed by the legal representatives of the Sellers and the Sellers ' Ultimate Owners, such Shareholders‘ Agreement attached as Schedule 4.2.6.

ANDERSENI
PARTNERS

		
	7.
	Statement from Rolf Hay confirming that he is not entitled to any bonus payments from the Companies and that any previous bonus agreements entered into (written or not written) between the Company and Rolf Hay has been terminated, such statement attached as Schedule 4.2.7.

		
	8.
	.8 Documentation stating that the inter-company loan provided by the Company to Nine United as of 24 July 2013 (the balance amounted to DKK 62,000, 000 .00 as of 21 February 2018), including interest, has been settled in full prior to Closing, such documentation attached as Schedule 4.2.8.

		
	3.
	3    At the Effective Date, the Purchaser has delivered the following documents against the Sellers' simultaneous fulfilment of all their obligations set forth in Clause 4. 2:

		
	1.
	.1 Approval of the Transaction from the Purchaser's board of directors, such approval attached as Schedule 4.3 .1.

		
	1.
	Documentation stating that the Purchase Price has been transferred to the Sellers ' Bank Accounts in immediately available funds with value as of the Effective Date, such documentation attached as Schedule 4.3 .2.

		
	2.
	3   Executed version of an exclusive license agreement between the Company and Herman Miller, Inc. signed by the legal representatives of Herman Miller, Inc., such license agreement attached as Schedule 4.2.5.

		
	3.
	Executed version of the Shareholders ' Agreement signed by the legal representatives of the Purchaser, such Shareholders' Agreement attached as Schedule 4.2.6.

		
	2.
	The actions specified in Clauses 4.1 and 4.3 are considered as being performed simultaneously to the effect that none of the actions are considered as having been performed before all actions have been performed or a Party has waived the other Part y's performance thereof.

		
	3.
	In the event that the Purchaser fails to fulfil its obligations under Clause 4.3. 2, the Sellers are entitled (i) to rescind (in Danish: "h<Eve") the Agreement and (ii) to be indemnified by the Purchaser for any Loss incurred due to such failure.

		
	5.
	Post Closing

		
	1.
	General meetings

5.1. 1 The Parties shall on the Effective Date or as soon as reasonably possible thereafter procure (i) the holding of general meeting of shareholders of the Company for the purpose of electing a new board of directors of the Company in 

ANDERSENI
PARTNERS

accordance with the Shareholders' Agreement, and (ii) the holding of a general meeting of shareholders of the Company for the purpose of adopting new articles of association in accordance with articles of association attached in agreed form as Schedule 5.1.1.

5.1.2 The Purchaser undertakes as soon as practically possible following Closing to notify the relevant business authority (in Danish: "Erhvervsstyrelsen") of the resignation of the members of the board of directors of the Companies who resign at Closing in accordance with the Shareholders ' Agreement.

		
	1.
	Registration of transfer of Shares with public register of shareholders.

		
	1.
	1   The Sellers shall procure that the Company on the Effective Date or as soon as reasonably possible thereafter procure that the new ownership of the Shares is duly recorded in the Danish Public Register of Shareholders (in Danish: "Det Offentlige Ejerregister” and “register over reel/e ejere”) at the webpage www.virk.dk.

		
	2.
	Incentive program for Rolf Hay

		
	1.
	Within a reasonable time following the Effective Date and no later than three (3) months after the Effective Date, the Parties shall procure that the Company offers Rolf Hay a customary management incentive program as further set out in the Shareholders' Agreement.

		
	3.
	Additional post Closing activities

5.4 .1 In addition to the above -mentioned actions in this Clause 5, the Parties have agreed on implementing the additional post Closing activities listed in Schedule 5.4.1 with in the individual time limits set out therein to the best of their abilities.

		
	6.
	The Purchaser's examinations

		
	1.
	Prior to the Effective Date, the Purchaser and its advisers have had the opportunity to examine the commercial, financial, legal and other matters of the Companies through a virtual data room during the period from 16 April 2018 to 1 June 2018.

The material which the Purchaser has had opportunity to examine has been copied to a USB stick which is handed over to the Purchaser and the Sellers in connection with the completion of the Transaction. A list of the material copied to the USB stick is attached in Schedule 6.1.

		
	2.
	As part of its due diligence, the Purchaser has had opportunity to ask questions to the Sellers in writing and to interview relevant employees of the Company. A list of written questions and answers is also included in Schedule 6.1.

		
	7.
	The Sellers' Representations and Warranties

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PARTNERS

		
	1.
	As at the Effective Date, each of the Sellers provide the representations and warranties contained in Schedule 7.1 in favour of the Purchaser.

		
	2.
	The Sellers' Representations and Warranties are provided with effect as at the Effective Date on an objective basis, i.e. without regard to the Sellers' actual knowledge. Except for the Sellers' Specific Indemnities, the Sellers' Representations and Warranties are the Sellers' complete and only representations and warranties and the Purchaser shall not rely on any other representations, warranties, assumptions or expectations - whether express or implied - except as expressly set out in this Agreement.

		
	3.
	The Sellers' Representation and Warranties are not limited by any knowledge of the Purchaser and its advisors whatsoever, including such knowledge which have been obtained on the basis of the Due Diligence Documentation.

		
	8.
	The Sellers' Specific Indemnities

		
	1.
	In addition to the Sellers' Representations and Warranties the Sellers provide the below indemnities in Clauses 8.2-8.8 (the "Sellers' Specific Indemnities") in favour of the Purchaser as at the Effective Date. The Sellers ' Specific Indemnities concern matters of which the Purchaser has had notice prior to the Effective Date, and thus the Sellers' Specific Indemnities are not limited by any knowledge of the Purchaser and its advisors whatsoever.

		
	2.
	Tax

		
	1.
	No special Tax relief, Tax exemption, Tax incentive or the like enjoyed by any of the Companies may be changed or reversed as a result of circumstances attributable to the activities of the Companies prior to the Effective Date or as a result of the conclusion of the Agreement.

		
	1.
	.2 All income tax returns and reports relating to Tax which must be filed prior to the Effective Date by or on behalf of the Companies have been duly filed with the relevant authority and were correct and complete, and any information which must be filed for the purpose of correct Tax assessment has been filed. All due Tax payable by and imposed on the Companies has been paid in full.

		
	1.
	3   The required and sufficient provisions for any kind of Tax payable but not yet due as at the date of the Annual Accounts have been made in the Annual Reports.

		
	2.
	No transactions, agreements or measures have been made or taken where the primary object was tax arbitrage, and no transactions, agreements or measures constitute illegal tax evasion.

		
	3.
	To the extent that the Companies have not met the applicable requirements of transfer pricing documentation and 

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continuously complied with the prepared transfer pricing documentation, e.g. intragroup trading has taken place in accordance with the transfer pricing rules in force, there will be no Loss for the Purchaser and/or the Companies, except for ordinary consultancy costs for preparing such transfer pricing documentation.

		
	4.
	The Companies have reported the Companies' historical tax losses to the Danish tax authorities, to the effect that the Danish tax authorities cannot refuse use of deferrable tax losses for the period preceding the Effective Date on the grounds that notification has not taken place in compliance with the provisions of Danish tax law.

		
	5.
	The pre-Closing restructuring of shares regarding Nine United Norway AS and Nine United Studio UK Ltd. have been carried out on arm's length terms and will not result in any adverse Tax consequences for any of the Companies.

		
	6.
	No Governmental Authority is entitled to make any claim against any of the Companies due to the Company's historical credit relief for foreign taxes.

		
	7.
	No Governmental Authority is entitled to make any claim against the Company regarding withholding Taxes concerning the Company's royalty payments to ERB Sari.

		
	2.
	IPR

8.3.1 The ownership of all IPR have been lawfully transferred to the Company or Nine United Studio UK Ltd. to the effect that no other Person (including other Nine United companies) has ownership to any such IPR and no Person is entitled to make any claim against the Companies due to such transfer of ownership.

		
	1.
	. 2 The Company's obligation to enforce the designers' Intellectual Property Rights in the whole world under the license Contract with Komplot Design will not result in a loss for any of the Companies.

		
	2.
	Claims

8.4.1 The personal injury claim, which have been registered with the Company's insurance company (Zurich) in respect of the Company's master liability insurance under claim no. C18-012708 will not result in any Loss for any of the Companies.

		
	1.
	.2 The personal injury claim of approximately EUR 40,000, which was caused in the Netherlands in 2016 due to a failure of a AAC23 chair, and which has been registered with the Company's insurance company, will not result in any Loss for any of the Companies.

		
	2.
	General data protection regulation (GDPR)

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	1.
	Any non-compliance with the European GDPR will not result in any Loss for the Purchaser and/or the Companies.

		
	3.
	Competition law

		
	1.
	In the event that (a) the following Contracts (i) strategic co-operation agreement with Kvist Industries A/S; (ii) cooperation agreement with Sandra Baumer Thomas Schultz GbR; (iii) retail agreement with Over the Top BV; (iv) Retail agreement with HAY by Einrichter GmbH & Co. KG; (v) retail agreement Sari Pierfran; (vi) retail agreement with Reload Management AS; and (vii) cooperation agreement with Bahne S0rensen A/S violate applicable competition law and/or (b) any Person is entitled to make any claim against any of the Companies due to violation of such applicable competition law, such issues will not result in any Loss for the Purchaser and/or the Companies.

8. 7    Cash balance and no Leakage

		
	1.
	.1 At 4 June 2018, the Company had a positive cash balance of at least DKK 108,800,000. For the avoidance of doubt, the TAK License Payment and the lump sum payment from Herman Miller, Inc. under the exclusive license agreement (Schedule 4.2.5) are not included in the DKK 108,800,000.

8.7. 2 During the period from 4 June 2018 to the Closing Date there has been no Leak­ age.

		
	2.
	Contracts

8.8 .1 None of the designers under the license Contracts regarding top ten products, to the effect that the IPR granted to the Company and Nine United Studio UK ltd., respectively, may object to the licenses being sublicensed under the Contracts.

		
	9.
	The Purchaser's Representations and Warranties

		
	1.
	The Purchaser represents and warrants (the "Purchaser's Representations and Warranties") to the Sellers as set out in Clauses 9.1-9 .5. The representations and warranties set out in Clauses 9 .1-9.5 are the Purchaser's complete and sole representations and warranties and no other representations and warranties have been provided by the Purchaser pursuant to the Agreement. The Sellers shall not rely on any other representations, warranties, assumptions, expectations or agreements - whether express or implied - except as expressly set out in this Agreement. The Purchaser's Representations and Warranties are given with effect as of the Effective Date.

		
	2.
	Due authorisation and binding obligations

		
	1.
	The Purchaser validly exists and is registered, having capacity to carry on its business, to sue and be sued, to hold 

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its own assets and to enter into the Agreement and perform its obligations hereunder. The Purchaser has made all acts required to be made under the Purchaser's Corporate Documents and applicable law to enter into the Agreement and perform its obligations hereunder. No consent from any shareholder, creditor or any other Person, or notification to or registration with any court of law or administrative body is required in connection with the execution and performance of the Agreement, except as set out in the Agreement.

		
	2.
	The Agreement is valid and binding on the Purchaser and is enforceable against the Purchaser in accordance with its terms, except where enforceability is prohibited or restrained by applicable bankruptcy and insolvency law or similar legislation generally affecting the enforceability of creditors' rights.

		
	3.
	No breach

		
	1.
	.1 Neither the execution nor the performance of the Agreement conflicts with or constitutes a breach of:

		
	(1)
	the Purchaser's Corporate Document s;

		
	(2)
	any material judgement, decision or order of any court, arbitration tribunal or Governmental Authority which includes or binds the Purchaser;

		
	(3)
	any law or regulation applicable to the Purchaser;  or

		
	(4)
	any material agreement or obligation binding upon the Purchaser.

		
	2.
	No disputes

		
	1.
	.1 No claim, lawsuit, legal or other proceeding is pending or to the Purchaser's knowledge threatened against the Purchaser or its assets before any court, arbitration tribunal, or administrative body which, if adversely decided, would prevent or delay the Purchaser's consummation of the Agreement.

		
	2.
	Payment guarantee

9.5.1 The Purchaser has, and will during the period until and including Closing have, at its free disposal the amount necessary for the Purchaser to settle its payment obligations at Closing, cf. Clauses 3.1 and 4.3.2.

		
	10.
	Indemnification

		
	1.
	Breach of the Agreement

		
	1.
	1 Either Party shall indemnify the other Party in compliance with the general rules of Danish law from any Loss suffered by the other Party as a result of a Breach. Notwithstanding the above, the clarifications and modifications specified in 

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Clauses 10 .2-10 .9 shall apply in regard to Claims concerning a Breach of the Sellers ' Representations and Warranties and the Sellers' Specific Indemnities.

		
	2.
	The Sellers have no obligation to indemnify the Purchaser with respect to information in the Due Diligence Documentation relating to future commercial risks, business plans, budgets, forecasts or similar commercially forward-looking matters

		
	1
	.1. 3 In case of a Breach of any of the Sellers' Representations and Warranties, the Sellers' Specific Indemnities or this Agreement, the Sellers shall in accordance with this Agreement indemnify the Purchaser for any Loss related to such Breach. Consequently, the Sellers are jointly and severally liable, however, in the individual relationship between the Sellers, each of the Sellers shall finally bear such Loss in proportion to their pro rata share of the Shares, i. e. Nine United shall bear 26/33 and Holdingselskabet shall bear 7/33.

10.1.4 For a period of twenty (20) Banking Days following receipt of a Claim Notice (as defined in Clause 10.5.1 below) from the Purchaser, the Sellers are entitled to remedy the Breach. If, and to the extent, the Sellers remedy the Breach, the Sellers' obligation to indemnify the Purchaser for said Breach will cease.

		
	1.
	Calculation of Claims

		
	1.
	All Claims must be compensated by cash payment; however, the Purchaser is entitled to Claim specific performance instead of financial compensation in case of Breach of the Fundamental Representations and Warranties.

		
	2.
	Any payment from the Sellers to the Purchaser under Clause 10.1.1 is regarded as a reduction of the Purchase Price.

		
	3.
	Losses are calculated at the ratio of DKK 1 to DKK 1 without consideration of any multiples under which the Purchase Price has been calculated.

		
	4.
	When calculating the Purchaser's Loss, any amount and value of other benefits obtained (alter deduction of costs and expenses such as self insurance) by the Companies (valued on the basis of Purchaser's thirty-three (33)% interest purchased hereunder) or the Purchaser as a result of the event giving rise to the Claim must be deducted from the Purchaser's Claim against the Sellers, including:

		
	(1)
	Tax savings which the Purchaser and/or the Companies have obtained; and

		
	(2)
	insurance payments received by the Purchaser and/or the Companies.

		
	5.
	In the event that the Purchaser - following payment by the Sellers of any amount of indemnification to the Purchaser - receives payment or enjoys a benefit (alter deduction of costs and expenses such as self insurance) from a third party relating to the same Breach in accordance with Clause 10.2.4, the Purchaser shall reimburse the Sellers an amount corresponding to such net amount or benefit to the Sellers (not exceeding the amount of indemnification paid by the Sellers to the Purchaser) plus Interest from the time of the Purchaser's receipt of the amount or benefit from 

ANDERSENI
PARTNERS

such third party.

10 .2.6 The Purchaser shall use all reasonable efforts to use its influence in the Company in order to avoid and to mitigate all Loss arising from a Breach. If and to the extent that the Purchaser fails so to avoid and mitigate the Loss, the Sellers shall be relieved from their obligation to indemnify the Purchaser.

		
	1.
	The Sellers have no obligation to indemnify the Purchaser for any Loss caused by (i) any change in applicable laws or regulations after the Effective Date including any change in Tax rates, (ii) any change in the Companies' accounting principles adopted after the Effective Date; or (iii) the Purchaser 's and the Companies' actions or omissions after Closing.

		
	2.
	The Sellers have no obligation to indemnify the Purchaser for any Loss incurred by the Purchaser if and to the extent specific provisions or writ e-offs are made in respect thereof in the Annual Reports.

		
	1.
	Minimum Limit, Tipping Basket and Maximum Limit

10.3.1 If the Purchaser is entitled to set up Claims of indemnification for Breach of the Sellers ' Representations and Warranties and/or the Sellers ' Specific Indemnities, such a Claim may only be set up if each Claim exceeds DKK 423, 500 (the "Minimum Limit "), and if the Claim or all the Claims that individually exceed the minimum limit of DKK 423,500 collectively exceed DKK 4,235,000 (basket). In the event the abovementioned thresholds in this Clause 10. 3.1 are reached, the Sellers shall be liable in respect of the aggregate amount of such Claim from the first DKK 1.00 (the "Tipping Basket").

10. 3.2 The Sellers ' total obligation to indemnify the Purchaser from Breach of the Sellers ' Representations and Warranties and the Sellers ' Specific Indemnities, shall not under any circumstances exceed, in the aggregate, DKK 31,709,000 (the "Maximum Limit ").

		
	1.
	.3 Any Loss or Claim by the Purchaser and/or the Purchaser's group/affiliates under the exclusive license agreement in Schedule 4.2. 5 shall be included when calculated whether the Maximum Limit has been reached. Thus, if, for instance, DKK 10,000,000 has been claimed in the exclusive license agreement, a maximum of DKK 21,709, 000 (DKK 31,709,000 -10,000, 000) can be claimed by the Purchaser under the Agreement.

		
	1.
	Series of Claims (i.e. Claims arising out of the same event or of several similar events) are regarded as one Claim according to the Minimum Limit of DKK 423,500 specified in Clause 10 .3.1.

ANDERSENI
PARTNERS

		
	2.
	The limits specified in Clauses 10.3.1-10. 3.4 do not apply to the Fundamental Representations and Warranties but do apply to the Sellers' Specific Indemnities.

		
	2.
	Time-barring

		
	1.
	Except with respect to the specific other Clauses of this Agreement described in Clauses 10.4.2-10.4.3, the Sellers' obligation to indemnify the Purchaser from Breach of the Sellers' Representations and Warranties becomes time-barred (i) in accordance with the provisions of Clause 10.5; or (ii) within fifteen (15) months after the Effective Date.

		
	2.
	The Sellers have no obligation to indemnify the Purchaser for a Loss resulting from Breach of the Fundamental Representations and Warranties, if the Purchaser fails to give notice to the Sellers of such Claims prior ten (10) years after the Effective Date.

		
	3.
	The Sellers have no obligation to indemnify the Purchaser for a Loss resulting from Breach of the Sellers' Specific Indemnities set forth in Clauses 9. 2.1-9 .2.9 (Taxes), if the Purchaser fails to give notice to the Sellers of such Claims prior to the date falling three (3) months after expiry of the statutory limitation period applicable to the underlying claim to which the Claim refers. Except with respect to the specific Sellers' Specific Indemnities described above, the Sellers have no obligation to indemnify the Purchaser for a Loss resulting from Breach of the other Sellers' Specific Indemnities, if the Purchaser fails to give notice to the Sellers of such Claims prior to fifteen (15) months after the Effective Date. It is intentional that this period equals the period in Clause 10.4.1.

		
	1.
	Notice of Claims

		
	1.
	In the event that the Purchaser wishes to make a Claim against the Sellers or in the event that the Purchaser acquires knowledge of a matter which may give rise to a Claim against the Sellers, the Purchaser shall give notice (a "Claim Notice”) to the Sellers within sixty (60) Banking Days after the Purchaser appointed member and/or observer of the Company's board of directors acquiring knowledge of the matter giving rise to such Claim or possible Claim.

10 .5. 2 In the event that the Purchaser fails to give a Claim Notice to the Sellers in due time, cf. Clause 10.5.1, the Sellers' obligation to indemnify the Purchaser will cease in respect of the relevant matter.

10 .5.3 A Claim Notice must contain a description in reasonable detail of the Claim and the factual and legal basis of the Claim as well as the amount of the Claim (estimated if necessary).

		
	1.
	The Purchaser shall keep the Sellers informed of the status, development and other relevant information concerning 

ANDERSENI
PARTNERS

a Claim.

		
	2.
	5 In the event that the Sellers reject (in part or in full) any obligation to indemnify the Purchaser in respect of a Claim, the Sellers shall notify the Purchaser thereof in writing. In such case, the Purchaser must commence arbitration proceedings in respect of the Claim (or such part thereof which the Sellers have rejected) within three (3) months of the Purchaser's receipt of the Sellers' rejection notice, failing which the Sellers ' obligation to indemnify the Purchaser in respect of the Claim (or the relevant part thereof) will automatically cease.

		
	1.
	Third party claims

		
	1.
	1    This Clause 10 .6.1 applies in circumstances where:

		
	(1)
	a claim is made by a third party against the Purchaser or the Companies which has given rise or may be expected to give rise to a Claim by the Purchaser against the Sellers under the Sellers ' Representations and Warranties or the Sellers' Specific Indemnities; or

		
	(2)
	the Purchaser or the Companies have made or may be expected to make a claim against a third party in respect of matters for which the Purchaser has made or may be expected to make a Claim against the Sellers under the Sellers' Representations and Warranties or the Sellers' Specific Indemnities.

		
	1.
	.2 In the circumstances described in Clause 10.6.1 and provided that the Sellers beforehand have accepted to be under an indemnification obligation with respect to the Claim concerned in accordance with this Clause 10, the Purchaser shall (and the Purchaser shall contribute to that the Companies will):

		
	(1)
	keep the Sellers informed of all relevant matters pertaining to such claim, including written communication and discussions with the relevant third party and give the Sellers and their advisors access to the material pertaining to such claim, optionally with the exception of confidential paragraphs, and to a reasonable extent consult with the Purchaser's and the Companies ' employees and advisors relevant in the context of such claim; and

		
	(2)
	take any such reasonable action requested by the Sellers, including the instruction of professional advisors nominated by the Sellers and who is acceptable to the Purchaser, such accept not to be unreasonably withheld, to act on behalf of the Purchaser and/or the Companies, provided that the expenses incurred in this connection are reasonable, to make, defend or settle any such claim raised by or against a third party as referred to in Clause 10.6.1(1) or Clause 10.6.1(2).

		
	2.
	No other remedies for Breach of the Agreement

10.7.1 The Parties waive the right to Claim remedies for Breach other than those specified above in this Clause 10 (and the limits stated herein), including the right to terminate the Agreement or to Claim a proportional reduction.

ANDERSENI
PARTNERS

		
	1.
	Intent

		
	1.
	The limits specified in Clause 10.3 with respect to the remedies for Breach of the Parties do not apply in the event of intent (except in the event that such issue, information or circumstance was fairly disclosed in the Due Diligence Documentation or within the Purchaser's knowledge), however they do apply in the event of gross negligence. In the event of intent, the Sellers' obligation to indemnify the Purchaser from non-performance of the Sellers' Representations and Warranties or the Sellers' Specific Indemnities becomes time-barred at the latest of the following dates: (i) the date of time barring under Clause 10.4 and (ii) the date of time barring pursuant to the provision of the Danish Limitations Act on time barring.

		
	2.
	The Purchaser's security for Claims under the Sellers' Representations and Warranties and the Sellers' Specific Indemnities

		
	1.
	In security of any Claims of the Purchaser against the Sellers relating to Breach of the Sellers' Representations and Warranties and the Sellers' Specific Indemnities, each of the Sellers undertakes to retain an amount equal to ten (10)% of their respective part of the Purchase Price in cash or cash equivalents (the "Retained Amount") until the later of (i) fifteen (15) months from the Effective Date and (ii) the final settlement of any Claims made by the Purchaser in accordance with the provisions of the Agreement (the "Release Date") as security for the payment of any Claims that the Purchaser may have under the Agreement. If any of the Sellers at any time before the Release Date fails to retain the Retained Amount, the relevant Sellers Ultimate Owner shall be directly and personally liable for an amount equal to the shortfall of the Retained Amount. The Sellers and the Sellers' Ultimate Owners acknowledge and agree that they shall not allow any Third Party Rights to be granted in the Sellers' remaining shares in the Company 

		
	11.
	Non-competition and non-solicitation clauses

		
	1.
	Without the prior written approval from the Purchaser cf. Clause 11.11, Holdingselskabet and Rolf Hay may not, directly or indirectly, have any interests in an undertaking that markets goods or services competing with the Companies' present activities or activities initiated or planned at the Effective Date.

		
	2.
	Interests in such a competing undertaking include:

		
	a.
	direct or indirect ownership or co-ownership of the undertaking;

		
	b.
	interest in the undertaking 's turnover or earnings;

		
	c.
	participation in consortiums, joint ventures or other cooperation agreements with the undertaking;

		
	d.
	status as a licensor of knowhow or Intellectual Property Rights or as a supplier of goods, including raw materials, semi-manufactures and components forming part of the undertaking's competing products;

ANDERSENI
PARTNERS

		
	e.
	performance of consultancy tasks and the like for the undertaking;

		
	f.
	employment and a position as a special adviser or a member of the board of directors of the undertaking;

		
	g.
	interests which according to their nature and significance must be ranked on a par with those mentioned; and

		
	h.
	interests as those stated above in a company that directly or indirectly has such interests in the undertaking.

		
	3.
	For the avoidance of doubt, indirect interest shall also include Holdingselskabet's or Rolf Hay's financing of an undertaking's or person's (e.g. Rolf Hay's spouse) holding of an interest or performance of an action which could constitute a Breach of the non-competition clause if it was held or performed by Holdingselskabet or Rolf Hay.

		
	4.
	The non-competition clause does not prevent passive investments in companies whose shares are admitted to trading on a regulated market.

		
	5.
	The non - competition Clause applies within the Companies' geographical area which shall mean the markets where the Companies conducts or have initiated or planned to conduct activities at the Effective Date.

		
	6.
	The non-competition Clause applies to Holdingselskabet and Rolf Hay for thirty­ six (36) months after the Effective Date.

		
	7.
	For the same period described in Clause 11.6, Holdingselskabet and Rolf Hay may not - directly or indirectly - have any business relations with Persons or undertakings that are or have been business connections, including without limitation customers, suppliers and designers of products in the HAY portfolio, of the Companies within the last twelve (12) months prior to the Effective Date if the business relation causes the Companies competition or in any other way may adversely affect the Companies ' business relation with the customer, supplier or designer concerned.

		
	8.
	Non-compliance with the non-competition or non-solicitation Clause obliges Holdingselskabet or Rolf Hay to pay an agreed penalty of DKK 1,500,000 to the Purchaser for each Breach If the Breach consists in bringing about or continuing a situation, including running a rival business or maintaining a customer relationship, each commenced month in which the situation is maintained will be regarded as one Breach.

		
	1
	.9 Payment of the agreed penalty does not mean that the obligations no longer apply, and in addition to the agreed penalty the Purchaser is entitled to prevent any wrongful conduct by means of an injunct ion or demand that the Company makes a decision on filing for an injunction. An injunction may be issued without provision of security.

		
	1.
	If the Purchaser finds that Holdingselskabet and/or Rolf Hay do not comply with the restrictive covenants in this Clause 

ANDERSENI
PARTNERS

11, the Purchaser shall send a written notice of Breach to Holdingselskabet and Rolf Hay within thirty (30) days after the Purchaser became aware or ought to have become aware of the Breach. The notice must set forth the facts that have caused the alleged non-compliance with Clause
1.Following Holdingselskabet and Rolf Hay's receipt of said notice, Holdingselskabet and/ or Rolf Hay shall be entitled to cease the activities and thereby remedy said Breach within fourteen (14) Banking Days, if possible, without paying the agreed penalty pursuant to Clause 11 .8.

		
	2.
	For the sake of clarification, and notwithstanding anything to the contrary set forth in this Agreement, in the event that Holdingselskabet and/or Rolf Hay desires to make any investment that would be prohibited by this Clause 11, Holdingselskabet may notify the Purchaser of the opportunity. If the Company does not desire to pursue such opportunity itself and the investment by Holdingselskabet and/or Rolf Hay would not have a material negative impact on the Company, the Purchaser shall not unreasonably withhold approval of such investment by Holdingselskabet and/or Rolf Hay.

		
	3.
	The remedies stated in this Clause 11 are the Parties' and/or the Company's exclusive remedies in case of a Breach of this Clause 11.

		
	2.
	Other provisions

		
	1.
	Joint taxation

12.1. 1 The Company has participated in a mandatory tax consolidation scheme with Nine United. Provisions regarding the termination of the mandatory tax consolidation scheme of the Company are set out in Schedule 12. 1.1. The Company will not enter into to any other joint taxation arrangement based on the shareholdings as of Closing.

		
	2.
	2    Costs

		
	1.
	Nine United, Holdingselskabet and the Purchaser each pays its own costs regarding the negotiation, drafting and conclusion of the Agreement 

		
	3.
	Interest

		
	1.
	Any payment which the Sellers and/or the Sellers Ultimate Owners are obligated to pay to the Purchaser under the Agreement shall include payment of Interest from (but not including) the due date set out in regard to such payment and until and including the date of payment.

		
	4.
	Counterparts

ANDERSENI
PARTNERS

		
	1.
	.1    The Agreement is executed in three (3) identical counterparts of which the Purchaser and each of the Sellers each receive one original counterpart.

		
	2.
	Notices

		
	1.
	.1        Any notice required to be given under this Agreement must be in writing and as regards the Sellers addressed to:

Nine United A/S
Havnen 1
8700 Horsens Denmark
Attn.: Troels Holch Povlsen, thp @nin eunited .com

with a copy to

Bech-Bruun Law Firm P/S Vcerkmestergade 2
8000 Aarhus Denmark
Attn.: Claus Berner Nielsen, cbn@bechbruun.com

Holdingselskabet af 1/7 2007 ApS
Baunegardsvej 57
2900 Hellerup Denmark
Attn.: Rolf Hay, Rolf.Hay@hay.dk

with a copy to

Bruun & Hjejle Advokatpartnerselskab N0rregade 21
1165 Copenhagen K Denmark
Attn.: Mogens Thorninger, mth@bruunhjejle.dk and to the following as regards the Purchaser:
Herman Miller Holdings Limited 
5th Floor, 9-10 Market Place London, Wl W 8AQ
United Kingdom
Attn.: General Counsel, tim_lopez@hermanmiller.com

with a copy to

Herman Miller, Inc. 855 East Main Avenue 
PO Box 302
Zeeland, Michigan 49464 United States of America
Attn.: General Counsel, tim _lopez@hermanmiller .com

and with a copy to

ANDERSENI
PARTNERS

Andersen Partners
Jernbanegade 31
6000 Kolding Denmark
Attn.: Michael Roschmann Skovgaard, mrs@andersen-partners.dk

unless the individual Party gives notification of another addressee. Unless otherwise agreed, any notice required to be given under this Agreement will be regarded as having been duly given if it is in writing and delivered or sent by registered and stamped mail to the above addressees or if receipt thereof is otherwise acknowledged.

		
	2.
	Confidentiality and publication

		
	1.
	Subject to Clauses 12.6. 2 and 12.6.4, each Party shall treat as strictly confidential all Confidential Information. Confidential Information comprises (i) the terms and conditions of the Agreement, (ii) information concerning the other Party and its business and affairs obtained from the other Party in connection with the negotiations regarding the Agreement and its execution and performance and (iii) with respect to the Sellers and subject to Closing being completed, information concerning the Companies and their businesses and affairs.

		
	2.
	Each Party may, however, disclose information which would otherwise be Confidential Information in the event that:

		
	(1)
	it is required by law or by a court of competent jurisdiction;

		
	(2)
	it is required by any securities exchange, administrative body or other Governmental Authority, whether or not the requirement for information has the force of law;

		
	(3)
	disclosure is made as a normal part of the preparation of the accounts and/or other financial reports;

		
	(4)
	disclosure is made as a usual part of a due diligence review, however, provided that the parties to whom disclosure is made are subject to customary confidentiality undertakings;

		
	(5)
	disclosure is made to its affiliates and/or its or their legal or financial advisers or banks, if such advisers or banks are under a legal obligation to treat such information as confidential;

		
	(6)
	for the purpose of enforcing any right or complying with any obligation under this Agreement, including, to the extent required or appropriate, for the purpose of any arbitration proceedings pursuant to Clause 13.2;

		
	(7)
	the information has come into the public domain through no fault of the relevant Party or any of its authorized recipients under Clause 12.6. 2(5); or

		
	(8)
	the other Party has given its prior written approval to the disclosure, such approval not to be unreasonably withheld or delayed.

ANDERSENI
PARTNERS

		
	3.
	Any disclosure pursuant to Clause 12.6 .2(2) requires prior notice to and consultation with the other Parties to the extent permitted by law.

1 2.6.4 The Parties shall agree on the date and the substance of the announcement of the conclusion of the Agreement to the public and the Companies' employees upon due consideration of the Purchaser's groups obligations pertaining to stock exchange law and regulation.

		
	3.
	Omission to enforce rights

		
	1.
	A Party's omission in a specific situation to enforce a right under this Agreement will not limit such Party's right to exercise its right in compliance with the provisions of the Agreement in another situation, e.g. a later similar situation (except as expressly set out in this Agreement).

		
	4.
	Entire agreement

		
	1.
	This Agreement and the Shareholders' Agreement constitute the sole understanding of the Parties with respect to the subject matter hereof and supersede all prior oral or written discussions and agreements regarding the subject matter hereof, including, but not limited to, the letter of intent entered into by the Parties on 23 March 2018.

		
	5.
	Changes to the Agreement

		
	1.
	Should the Parties agree to amend this Agreement, such agreement must be made in writing.

		
	6.
	Assignment of rights and obligations

		
	1.
	.1 Neither Party may transfer or assign the Agreement or any of its rights or obligations hereunder to any third party - whether in ownership or as security - without the prior approval of the other Party save by operation of law.

		
	2.
	Invalid or unenforceable terms

12.11.1 If a provision of the Agreement or part thereof becomes invalid or unenforceable, the validity or enforceability of the remaining provisions of the Agreement will not be affected. In such case, the Parties shall endeavour to negotiate in good faith any necessary adjustments of this Agreement in order to secure their basic interests and main objectives prevailing at the Effective Date. Failing an agreement between the Parties on necessary adjustments of the Agreement, such adjustments shall be made by arbitration in accordance with Clause 13.2.

		
	3.
	Disputes

ANDERSENI
PARTNERS

		
	1.
	Any dispute arising out of or in connection with this Agreement, including disputes regarding the existence or validity of the Agreement must be settled pursuant to Danish law, with the exception of any conflict of laws rules, which may lead to the application of other law than Danish law and/or CISG.

		
	2.
	Any disputes, which cannot be amicably settled by the Parties, shall be settled with binding and final effect by arbitration administrated in English by the Danish Institute of Arbitration in accordance with the rules of arbitration procedure adopted by the Danish Institute of Arbitration and in force at the time of filing of the arbitration case. If the Parties so agree, the dispute may be settled by one (1) arbitrator appointed by the Danish Institute of Arbitration. In other cases, the dispute shall be settled by three (3) arbitrators, whereas each Party involved in the arbitration case appoints an arbitrator, and the Danish Institute of Arbitration appoints the chairman of the arbitration tribunal. If a Party has not appointed an arbitrator within twenty (20) Banking Days of that Party having filed or received Notice of the request for arbitration, the Danish Institute of Arbitration will also appoint such arbitrator.

		
	3.
	The place of arbitration shall be Copenhagen, Denmark.

		
	4.
	The Parties are obliged to keep secret the arbitration proceedings and the award.

                              

SIGNATURES FOLLOW ON THE NEXT PAGE

ANDERSENI
PARTNERS

IN WITNESS WHEREOF, the Parties have entered into this Agreement effective as of the Effective Date.

As the Sellers:

On behalf of Nine United A/S:                        On behalf of Holdingselskabet af 1/7 2007 ApS:

		
	Troels Holch Povlsen
	                Rolf Foged Hvidegaard Hay 

		
	Chairman of the board of directors 
	Chief executive officer

As the Purchaser:
On behalf of Herman Miller Holdings Limited:

H. Timothy Lopez                        David Lutz    
Director                            DirectorExhibit 4.1

 Exhibit 4.1 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST

 Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS A(2018-4) TERMS DOCUMENT 
 Dated as of July 31, 2018 

to 
 SECOND AMENDED AND RESTATED
INDENTURE SUPPLEMENT 
 Dated as of December 22, 2015 

for the DiscoverSeries Notes 
 to

 AMENDED AND RESTATED INDENTURE 

Dated as of December 22, 2015 
  

 

 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	  	 	6	 
	 Section 1.03
	  	Representations and Warranties of Indenture Trustee	  	 	7	 
	 Section 1.04
	  	Limitations on Liability	  	 	7	 
	 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(2018-4) NOTES
	 
  

 

			
	 Section 2.01
	  	Creation and Designation	  	 	8	 
	 Section 2.02
	  	Adjustments to Required Subordinated Percentages and Amount	  	 	8	 
	 Section 2.03
	  	Interest Payment	  	 	9	 
	 Section 2.04
	  	[Reserved]	  	 	9	 
	 Section 2.05
	  	Payments of Interest and Principal	  	 	9	 
	 Section 2.06
	  	Form of Delivery of Class A(2018-4) Notes; Depository; Denominations	  	 	10	 
	 Section 2.07
	  	Delivery and Payment for the Class A(2018-4) Notes	  	 	10	 
	 Section 2.08
	  	Targeted Deposits to the Accumulation Reserve Account	  	 	10	 
	 Section 2.09
	  	Additional Issuances of Notes	  	 	10	 
	 Section 2.10
	  	Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	11	 
	 Section 2.11
	  	Variable Accumulation Period	  	 	11	 
	 Section 2.12
	  	Seller’s Interest to Be Included in the Monthly Statement	  	 	12	 
	 Section 2.13
	  	Duties of the Indenture Trustee	  	 	12	 
			
	 EXHIBIT A
	  	FORM OF CLASS A(2018-4) NOTE	  			

  
 -i- 

 THIS CLASS A(2018-4) 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 July 31, 2018. 

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(2018-4) Notes; 

(6) each capitalized term defined herein shall relate only to the Class A(2018-4) 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 $75,000,000; 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 July 1, 2020, 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 such 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(2018-4) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the
Class A(2018-4) 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%.

  
 2 

			
	(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(2018-4) Adverse Event” means the occurrence of any of the
following: (a) an Early Redemption Event with respect to the Class A(2018-4) Notes or (b) an Event of Default and acceleration of the Class A(2018-4)
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(2018-4) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class A(2018-4) Note” means any Note, in the form set forth in
Exhibit A hereto, designated therein as a Class A(2018-4) Note and duly executed and authenticated in accordance with the Indenture. 

“Class A(2018-4) Noteholder” means a Person in whose name a Class A(2018-4) Note is registered in the Note Register. 
 “Class A(2018-4) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the
Class A(2018-4) 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. 

  
 3 

 “Expected Maturity Date” means July 15, 2021. 

“Indenture” means the Amended and Restated Indenture, dated as of December 22, 2015, between the Issuer and Indenture
Trustee, as such agreement may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Indenture Supplement” means the Second Amended and Restated Indenture Supplement, dated as of December 22, 2015, for
the DiscoverSeries Notes, 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 $900,000,000, 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(2018-4) 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 August
2018, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means
July 31, 2018, with respect to all Class A(2018-4) Notes issued on the date hereof and, with respect to any additional Class A(2018-4) Notes issued
pursuant to Section 2.09 hereof, any Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 

“Legal Maturity Date” means January 16, 2024. 

“Note Interest Rate” means 3.11% per annum, calculated on the basis of twelve 30-day
months and a 360-day year 
 “Notice of Additional Issuance” has the meaning set
forth in Section 2.09 hereof. 
 “Regulation RR” means Regulation RR (Credit Risk Retention) promulgated by the
Securities and Exchange Commission to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act. 

“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. 
 “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(2018-4) Notes, the Accumulation Amount, (ii) if such day is on or
after the occurrence and during the continuance of a Class A(2018-4) Adverse Event, the Nominal Liquidation Amount of the Class A(2018-4) Notes and
(iii) in all other circumstances, zero. 

  
 4 

 “Required Subordinated Amount of Class B Notes” means,
for the Class A(2018-4) 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(2018-4) Notes on
such date of determination; and 
 (b) the Nominal Liquidation Amount of such Class A(2018-4)
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(2018-4) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2018-4) 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(2018-4) Adverse Event shall have occurred. 
 “Required Subordinated Amount of
Class C Notes” means, for the Class A(2018-4) Notes for any date of determination, an amount equal to the product of 

(a) the Required Subordinated Percentage of Class C Notes for such Class A(2018-4) Notes on
such date of determination; and 
 (b) the Nominal Liquidation Amount of such Class A(2018-4)
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(2018-4) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2018-4) 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(2018-4) Adverse Event shall have occurred. 
 “Required Subordinated Amount of
Class D Notes” means, for the Class A(2018-4) 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(2018-4) Notes on
such date of determination; and 
 (b) the Nominal Liquidation Amount of such Class A(2018-4)
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(2018-4) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2018-4) Notes will be the greater of

  
 5 

 (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(2018-4) Adverse Event shall have occurred. 
 “Required Subordinated Percentage
of Class B Notes” means, for the Class A(2018-4) Notes, 6.96202532%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class C Notes” means, for the
Class A(2018-4) Notes, 8.86075950%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes” means, for the
Class A(2018-4) Notes, 10.75949368%, subject to adjustment in accordance with Section 2.02. 

“Seller’s Interest” means, at any time, a “seller’s interest” as defined in, and calculated in accordance
with, Regulation RR. 
 “Seller’s Interest Measurement Date” means the last day of each calendar month. 

“Specified Rating” means, for the Class A(2018-4) Notes, Aaa(sf) with respect to
Moody’s, AAA(sf) with respect to Standard & Poor’s and AAAsf with respect to Fitch. 
 “Stated Principal
Amount” means $900,000,000 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(2018-4) 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 limited liability
company and statutory trust proceedings of the 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; 

  
 6 

 (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 (i) asserting the invalidity of this Terms Document,
(ii) seeking to prevent the consummation of any of the transactions contemplated by this Terms Document or (iii) 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. 
 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. 

  
 7 

 (b) None of the Indenture Trustee, the Owner Trustee, the Calculation Agent, the
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(2018-4) 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 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(2018-4) 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(2018-4) 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(2018-4) 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(2018-4) 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

  
 8 

 
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 the first Interest Payment Date, August 15, 2018, the amount of interest due with respect
to the Class A(2018-4) Notes is $1,166,250. For each Interest Payment Date following the first Interest Payment Date for any Class A(2018-4) Note, the amount
of interest due with respect to the Class A(2018-4) Notes shall be an amount equal to 
  

	 	(i)	 (A)       a fraction, the numerator of which is 30 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(2018-4)
Notes determined as of the first date of such related Interest Accrual Period, 

 plus any Class A Tranche Interest Allocation
Shortfall for such Class A(2018-4) 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 twelve 30-day months and a 360-day year. 

Section 2.04 [Reserved]. 

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(2018-4) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment
Date for the Class A(2018-4) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the
Class A(2018-4) Notes shall be made as set forth in Section 1102 of the Indenture. 
 (b)
The right of the Class A(2018-4) Noteholders to receive payments from the Issuer will terminate on the Class A(2018-4) Termination Date. 

(c) All payments of principal, interest or other amounts to the Class A(2018-4) Noteholders will
be made pro rata based on the Stated Principal Amount of their Class A(2018-4) Notes. 

  
 9 

 Section 2.06 Form of Delivery of
Class A(2018-4) Notes; Depository; Denominations. 
 (a) The Class A(2018-4) 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(2018-4) Notes is attached hereto as Exhibit A. 
 (b) The Depository for the Class A(2018-4) Notes shall be The Depository Trust Company, and the Class A(2018-4) Notes shall initially be registered in the name of Cede & Co., its
nominee. 
 (c) The Class A(2018-4) Notes will be issued in minimum denominations of $5,000 and
integral multiples of $1,000 in excess of that amount. 
 Section 2.07 Delivery and Payment for the Class A(2018-4) Notes. The Issuer shall execute and deliver the Class A(2018-4) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall
deliver the Class A(2018-4) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture. 

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(2018-4) 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(2018-4) Notes. 

Section 2.09 Additional Issuances of Notes. Subject to clauses (ii), (iii), (iv) and (v) of Section 2.02 and
Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class A(2018-4) 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(2018-4) 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(2018-4) Notes;

  

	 	(ii)	 the amount of such additional Class A(2018-4) Notes being offered
and the resulting Initial Dollar Principal Amount and Stated Principal Amount of Class A(2018-4) Notes; 

  

	 	(iii)	 the date from which interest on such additional Class A(2018-4)
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(2018-4) Notes; and 

  

	 	(v)	 any other terms that the Issuer set forth in such notice of issuance of additional Class A(2018-4) Notes to clarify the rights of Holders of such additional Class A(2018-4) Notes or the effect of such issuance of additional Class A(2018-4) Notes on any calculations to be made with respect to the Class A(2018-4) Notes, the Class A Notes or the Issuer. 

  
 10 

 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(2018-4) Notes; 
 (b) no
Class A(2018-4) Adverse Event has occurred and is continuing; and 
 (c) either (i) the
issuance of such additional Class A(2018-4) Notes would be treated as part of the same issue as the outstanding Class A(2018-4) Notes under Treasury Regulation
Sections 1.1275-1(f)(1) or 1.1275-2(k) or (ii) such additional Class A(2018-4) 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(2018-4) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class A(2018-4) Notes; 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(2018-4) 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(2018-4) 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(2018-4) Notes. Any such delay by the Calculation Agent on
behalf of the Issuer shall be made no later than the last day of the Due Period immediately preceding the first day of the first Due Period in the scheduled 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

  
 11 

 
A(2018-4) Notes will not result in any Tranche of Notes not being paid in full on the relevant Expected Maturity Date (as defined in the applicable Terms
Document); (ii) such delay is permitted under the Series 2007-CC 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. The Calculation Agent on behalf of the Issuer shall provide written notice to each applicable Note Rating Agency in the
event that the commencement of the Accumulation Period for the Class A(2018-4) Notes is delayed pursuant to this Section 2.11. 

Section 2.12 Seller’s Interest to Be Included in the Monthly Statement. The Issuer shall cause the Master
Servicer to include the amount of the Seller’s Interest as of the Seller’s Interest Measurement Date on each investor certificateholder’s monthly statement delivered pursuant to the Series
2007-CC Supplement. 
 Section 2.13 Duties of the Indenture Trustee. For the avoidance
of doubt, the Indenture Trustee undertakes to perform only such duties as are specifically set forth in the Indenture, the Indenture Supplement, the Pooling and Servicing Agreement, any Series Supplement and this Agreement and as such
shall have no obligation or responsibility to monitor or enforce compliance with Regulation RR, nor shall be liable to any Person for any violation of Regulation RR; provided that nothing in this Section 2.13 shall alter the Indenture
Trustee’s duties, obligations or standard of care as set forth in the Indenture or any Indenture Supplement. It is understood and acknowledged that the Indenture Trustee has not provided any advice with respect to the acquisition of the Class A(2018-4) Notes, and has no financial interest in the acquisition of such Class A(2018-4) Notes. 

[Remainder of page intentionally blank; signature page follows] 

  
 12 

 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:	 	/s/ Jennifer A. Luce
		 	Name: Jennifer A. Luce
		 	Title: Vice President

  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Indenture Trustee

		
	By:	 	/s/ Julia Linian
		 	Name: Julia Linian
		 	Title: Vice President

 [Signature Page to Class A(2018-4) Terms Document] 

 EXHIBIT A 

FORM OF CLASS A(2018-4) NOTE 

 DISCOVERSERIES CLASS A(2018-4) 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. 

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, WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (i) IT IS NOT ACQUIRING THIS NOTE WITH THE ASSETS OF A BENEFIT PLAN INVESTOR (AS DEFINED BELOW) OR PLAN SUBJECT TO SIMILAR LAW (AS DEFINED BELOW) OR (ii) THE ACQUISITION
AND HOLDING OF THIS NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”) OR A VIOLATION OF SIMILAR LAW. FOR THESE PURPOSES, A “BENEFIT PLAN INVESTOR” INCLUDES AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF
ERISA, (B) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE CODE THAT IS SUBJECT TO SECTION 4975 OF THE CODE AND (C) AN 

 
ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” OF THE FOREGOING. ”SIMILAR LAW” MEANS ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED
TRANSACTION SECTIONS OF ERISA OR SECTION 4975 OF THE CODE. 

			
	 REGISTERED
 No. [•]
	  	 $[•]*

CUSIP NO. 254683 CG8

 DISCOVER CARD EXECUTION NOTE TRUST 

3.11% 
 DISCOVERSERIES
CLASS A(2018-4) 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 July 2021 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 January 2024 Payment Date (the “Legal Maturity Date”). Interest will accrue on
this Note at the rate of 3.11% per annum, as more specifically set forth in the Class A(2018-4) Terms Document dated as of July 31, 2018 (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 for the period
from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2018-4) Notes, from and including the applicable Issuance Date) to but excluding
such Interest Payment Date. Interest will be computed on the basis of twelve 30-day months and a 360-day year (or, in the case of the first Interest Payment Date, based
on a 15-day period 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(2018-4) Notes is $900,000,000. 
 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 $5,000 and in integral multiples of $1,000 in excess thereof. 

 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:                 , 20         

 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:                 , 20         

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its 3.11%
Class A(2018-4) DiscoverSeries Notes (herein called the “Class A(2018-4) Notes”), all issued under an Amended and Restated
Indenture dated as of December 22, 2015 (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 a Second Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated as of December 22, 2015 (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(2018-4) Notes are subject to all terms of the Indenture, the Indenture Supplement and the
Terms Document. All terms used in this Class A(2018-4) 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(2018-4) 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(2018-4) 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(2018-4) Note shall be due
and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Class A(2018-4) Notes shall be due and payable on the date on which an Event of Default
relating to the Class A(2018-4) 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(2018-4) 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. 

 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(2018-4) Notes
of record on the related Record Date (except for the final distribution with respect to this Class A(2018-4) 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(2018-4) 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(2018-4) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class A(2018-4) Note on the Note Register
as of the close of business on each Record Date, except that with respect to Class A(2018-4) 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(2018-4) Note be submitted for notation of payment. Any reduction in the principal amount of this Class A(2018-4) 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(2018-4) Note and of any Class A(2018-4) 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(2018-4) 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(2018-4) 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. 
 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(2018-4) Note may be registered on the Note Register upon surrender of this Class A(2018-4) 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(2018-4) 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(2018-4) Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 

 To the fullest extent permitted by applicable law, each Noteholder or Note Owner, by
acceptance of a Class A(2018-4) Note or, in the case of a Note Owner, a beneficial interest in a Class A(2018-4) 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. 

By acquiring a Class A(2018-4) Note (or interest therein), each Noteholder or Note Owner (and if
each Noteholder or Note Owner is a Plan, its fiduciary) shall be deemed to represent and warrant that either: (a) it is not acquiring the Class A(2018-4) Note (or interest therein) with the assets of
(i) an “employee benefit plan” as defined in Section 3(3) of Employee Retirement Income Security Act of 1974 (“ERISA”) that is subject to Title I of ERISA, (ii) a “plan” as defined in and subject
to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) (iii) an entity deemed to hold plan assets of the foregoing (each of (i), (ii) and (iii), a “Benefit Plan Investor”) or (iv) a
plan that is subject to federal, state, local or other law that is similar to the fiduciary or prohibited transaction provisions of ERISA or Section 4975 of the Code (“Similar Law”); or (b) the acquisition and holding of
the Class A(2018-4) Note (or interest therein) will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law.

 Prior to the due presentment for registration of transfer of this Class A(2018-4) 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(2018-4) 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(2018-4) 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(2018-4) Note shall be conclusive and binding upon such Holder and upon all future Holders of this Class A(2018-4) 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(2018-4) 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(2018-4) 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(2018-4) Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A(2018-4) 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(2018-4) 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(2018-4) 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(2018-4) 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(2018-4) Note. 

 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.

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