Document:

EX-4.4

 Exhibit 4.4 

VOLUME SUBMITTER DEFINED 

CONTRIBUTION PLAN 

(PROFIT SHARING/401(K) PLAN) 

A FIDELITY VOLUME SUBMITTER PLAN 

Adoption Agreement No. 001 

For use With 
 Fidelity
Basic Plan Document No. 17 
 Fidelity Management & Research Company and its affiliates do not provide tax or legal advice. Nothing
herein or in any attachments hereto should be construed, or relied upon, as tax or legal advice. 
 IRS CIRCULAR 230 DISCLOSURE: To the extent this
document (including attachments), mentions or references any tax matter, it is not intended or written to be used, and cannot be used by the recipient or any other person, for the purpose of (1) avoiding penalties under the Internal Revenue
Code or (2) promoting, marketing or recommending to another party the matter addressed herein. Please consult an independent tax advisor for advice on your particular circumstances. 

 

					
	Volume Submitter Defined Contribution Plan – 10/2014	  	
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 TABLE OF CONTENTS 

 

							
	 1.1
	 	 PLAN INFORMATION
	  	 	1	 
	 1.2
	 	 EMPLOYER
	  	 	2	 
	 1.3
	 	 TRUSTEE
	  	 	2	 
	 1.4
	 	 COVERAGE
	  	 	2	 
	 1.5
	 	 COMPENSATION
	  	 	6	 
	 1.6
	 	 TESTING RULES
	  	 	7	 
	 1.7
	 	 DEFERRAL CONTRIBUTIONS
	  	 	8	 
	 1.8
	 	 EMPLOYEE CONTRIBUTIONS (AFTER-TAX
CONTRIBUTIONS)
	  	 	10	 
	 1.9
	 	 ROLLOVER CONTRIBUTIONS
	  	 	11	 
	 1.10
	 	 QUALIFIED NONELECTIVE EMPLOYER CONTRIBUTIONS
	  	 	11	 
	 1.11
	 	 MATCHING EMPLOYER CONTRIBUTIONS
	  	 	12	 
	 1.12
	 	 NONELECTIVE EMPLOYER CONTRIBUTIONS
	  	 	16	 
	 1.13
	 	 EXCEPTIONS TO CONTINUING ELIGIBILITY REQUIREMENTS
	  	 	19	 
	 1.14
	 	 RETIREMENT
	  	 	19	 
	 1.15
	 	 DEFINITION OF DISABLED
	  	 	19	 
	 1.16
	 	 VESTING
	  	 	20	 
	 1.17
	 	 PREDECESSOR EMPLOYER SERVICE
	  	 	21	 
	 1.18
	 	 PARTICIPANT LOANS
	  	 	21	 
	 1.19
	 	 IN-SERVICE WITHDRAWALS
	  	 	21	 
	 1.20
	 	 FORM OF DISTRIBUTIONS
	  	 	22	 
	 1.21
	 	 TIMING OF DISTRIBUTIONS
	  	 	23	 
	 1.22
	 	 TOP HEAVY STATUS
	  	 	24	 
	 1.23
	 	 CORRECTION TO MEET 415 REQUIREMENTS UNDER MULTIPLE DEFINED CONTRIBUTION PLANS
	  	 	25	 
	 1.24
	 	 INVESTMENT DIRECTION
	  	 	25	 
	 1.25
	 	 ADDITIONAL PROVISIONS AND PROTECTED BENEFITS
	  	 	25	 
	 1.26
	 	 SUPERSEDING PROVISIONS
	  	 	25	 
	 1.27
	 	 RELIANCE ON ADVISORY LETTER
	  	 	26	 
	 1.28
	 	 ELECTRONIC SIGNATURE AND RECORDS
	  	 	26	 
	 1.29
	 	 VOLUME SUBMITTER INFORMATION:
	  	 	26	 
	 EXECUTION PAGE
	  	 	27	 
	 ADDITIONAL PROVISIONS ADDENDUM
	  	 	28	 
	 ADDENDUM TO ADOPTION AGREEMENT
	  	 	35	 
	 ADDENDUM TO ADOPTION AGREEMENT
	  	 	36	 

  

					
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 ADOPTION AGREEMENT 

ARTICLE 1 

PROFIT SHARING/401(K) PLAN 

 

	1.1	 PLAN INFORMATION 

 

	 	(a)	 Name of Plan: 

This is The Farmers & Merchants State Bank 401(k) Profit Sharing Plan (the “Plan”) 

 

	 	(b)	 Type of Plan: 

 

					
	(1)	  	☐	  	401(k) Only
			
	(2)	  	☒	  	401(k) and Profit Sharing
			
	(3)	  	☐	  	Profit Sharing Only

  

	 	(c)	 Administrator Name (if not the Employer): 

 

	 	(d)	 Plan Year End
(month/day):                 12/31 

  

	 	(e)	 Three Digit Plan
Number:                     002 

  

	 	(f)	 Limitation Year (check one): 

 

					
	(1)	  	☐	  	Calendar Year
			
	(2)	  	☒	  	Plan Year
			
	(3)	  	☐	  	Other, (12-month period ending on the following date):

  

	 	(g)	 Plan Status: 

 

	 	(1)	 Adoption Agreement Effective Date: 09/01/2020 (cannot be earlier than the later of (i) the
first day of the 2007 Plan Year or (ii) the effective date of the Plan) 

  

	 	(2)	 The Adoption Agreement Effective Date is: 

 

							
	(A)	  	☐	  	A new Plan Effective Date
			
	(B)	  	☒	  	An amendment Effective Date (check one):

 
					
			
	 (i)	  	☐	  	an amendment and restatement of this Basic Plan Document No. 17 (or restatement of former Fidelity Basic Plan Document No. 14) and its Adoption Agreement previously executed by the Employer;
			
	 (ii)	  	☒	  	a conversion to Basic Plan Document No. 17 and its Adoption Agreement.
	  
 The original effective date of the Plan:
07/01/1995

 
					
			
	(3)	  	☐	  	Special Effective Dates. Certain provisions of the Plan shall be effective as of a date other than the date specified in Subsection 1.01(g)(1) above. Please complete the
Special

  

					
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		  		  	Effective Dates Addendum to the Adoption Agreement indicating the affected provisions and their effective dates.

  

					
	(4)	  	☐	  	Plan Merger Effective Dates. Certain plan(s) were merged into the Plan on or after the date specified in Subsection 1.01(g)(1) above. Please complete the appropriate subsection(s) of the Plan Mergers Addendum.
			
	(5)	  	☐	  	Frozen Plan. The Plan is currently frozen. While the Plan is frozen, the definition of Compensation for purposes of determining contributions under Section 5.02 of the Basic Plan Document shall not include compensation
earned after the date the Plan is frozen. Plan assets will continue to be held on behalf of Participants and their Beneficiaries until distributed in accordance with the Plan terms. (If this provision is selected, it will override any
conflicting provision selected in the Adoption Agreement.)(Choose one.)

  

							
	(A)	  	☐	  	Contributions under the Plan are permanently discontinued. Accounts of all Employees shall be 100% vested without regard to any schedule selected in 1.16.
			
	(B)	  	☐	  	Contributions under the Plan are temporarily suspended. The Employer contemplates that contributions will resume at a later date.
	
	Note: Deferral Contributions and Employee Contributions shall not be taken from compensation earned after the date the Plan is frozen, however, loan repayments shall continue to be made until the loan obligation
is satisfied.

  

	1.2	 EMPLOYER 

 

	 	(a)	 Employer Name: The Farmers & Merchants State Bank

  

	 	(1)	 Employer’s Tax Identification Number: 34-4230390

  

	 	(2)	 Employer’s fiscal year end: 12/31 

 

	 	(b)	 The term “Employer” includes the following participating employers (choose one):

  

					
	(1)	  	☒	  	No other employers participate in the Plan.
			
	(2)	  	☐	  	Certain other employers participate in the Plan. Please complete the Participating Employers Addendum.

  

	1.3	 TRUSTEE 

 

					
	(a)	  	Trustee Name:	  	Fidelity Management Trust Company
			
		  	Address:	  	245 Summer Street
			
		  		  	Boston, MA 02210

  

	1.4	 COVERAGE 

All Employees who meet the conditions specified below shall be eligible to participate in the Plan: 

 

	 	(a)	 Age Requirement (check one): 

 

					
	(1)	  	☐	  	no age requirement.

  

					
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	(2)	  	☒	  	must have attained age: 21 (not to exceed 21).

  

	 	(b)	 Eligibility Service Requirement(s) - There shall be no eligibility service requirements
for contributions to the Plan unless selected below for the following contributions: 

  

							
	 (1)
Deferral
Contributions,
Employee
Contributions,
Qualified
Nonelective
Employer
Contributions
	  	 (2) Nonelective
Employer
Contributions
	  	 (3) Matching
Employer
Contributions
	  	 
				
		  		  		  	N/A – not applicable – type(s) of contribution not selected
				
		  		  		  	days of Eligibility Service requirement (no minimum Hours of Service). (Do not indicate more than 365 days in column (1) or 730 days in either of the other columns.)
				
		  	6.00	  		  	months of Eligibility Service requirement (no minimum Hours of Service). (Do not indicate more than 12 months in column (1) or 24 months in either of the other columns.)
				
		  		  		  	one year of Eligibility Service requirement (at least                      (not to exceed 1,000) Hours of Service are required
during the Eligibility Computation Period).
				
		  		  		  	two years of Eligibility Service requirement (at least                      (not to exceed 1,000) Hours of Service are required
during the Eligibility Computation Period). (Select only for column (2) or (3).)

 Note: If the Employer selects an Eligibility Service requirement of more than 365 days or 12
months or selects the two year Eligibility Service requirement, then (1) contributions subject to such Eligibility Service requirement must be 100% vested when made, and (2) if the Plan has selected either Safe Harbor Matching Employer
Contributions in Option 1.11(a)(3) or Safe Harbor Formula in Option 1.12(a)(3), then only one year of Eligibility Service (with at least 1000 Hours of Service) is required for such contributions. 

Note: The Plan shall be disaggregated for testing pursuant to Section 6.09 of the Basic Plan Document if a more stringent
eligibility requirement is elected in Subsection 1.04(a) or (b) either (1) with respect to Matching Employer Contributions and Option 1.11(a)(3), 401(k) Safe Harbor Matching Employer Contributions, is selected or (2) with respect to
Nonelective Employer Contributions and Option 1.12(a)(3), 401(k) Safe Harbor Formula, is selected, than with respect to Deferral Contributions. 

Note: If different eligibility requirements are selected for Deferral Contributions than for Employer Contributions and the Plan becomes
a “top-heavy plan,” the Employer may need to make a minimum Employer Contribution on behalf of non-key Employees who have satisfied the eligibility
requirements for Deferral Contributions and are employed on the last day of the Plan Year, but have not satisfied the eligibility requirements for Employer Contributions. 

 

					
	(4)	  	☐	  	Hours of Service Crediting. Hours of Service will be credited in accordance with the equivalency selected in the Hours of Service Equivalencies Addendum rather than in accordance with the equivalency described in Subsection
2.01(cc) of the Basic Plan Document. Please complete the Hours of Service Equivalencies Addendum.

  

					
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	 	(c)	 Eligibility Computation Period - The Eligibility Computation Period is the 12-consecutive-month period beginning on an Employee’s Employment Commencement Date and each 12-consecutive-month period beginning on an anniversary of his Employment
Commencement Date. 

  

	 	(d)	 Eligible Class of Employees: 

 

	 	(1)	 Generally, the Employees eligible to participate in the Plan are (choose one): 

 

							
	(A)	  	☒	  	all Employees of the Employer.
			
	(B)	  	☐	  	only Employees of the Employer who are covered by (choose one):

  

					
	 (i)	  	☐	  	any collective bargaining agreement with the Employer, provided that the agreement requires the employees to be included under the Plan.
			
	 (ii)	  	☐	  	the following collective bargaining agreement(s) with the Employer:

  

					
	(2)	  	☒	  	Notwithstanding the selection in Subsection 1.04(d)(1) above, certain Employees of the Employer are excluded from participation in the Plan:
		
		  	Note: Certain employees (e.g., residents of Puerto Rico) are excluded automatically pursuant to Subsection 2.01(r) of the Basic Plan Document, regardless of the Employer’s selection under this Subsection
1.04(d)(2).

  

					
	(A)	  	☐	  	employees covered by a collective bargaining agreement, unless the agreement requires the employees to be included under the Plan. (Do not choose if Option 1.04(d)(1)(B) is selected above.)
			
	(B)	  	☐	  	Highly Compensated Employees as defined in Subsection 2.01(bb) of the Basic Plan Document.
			
	(C)	  	☒	  	Leased Employees as defined in Subsection 2.01(ee) of the Basic Plan Document.
			
	(D)	  	☒	  	nonresident aliens who do not receive any earned income from the Employer which constitutes United States source income.
			
	(E)	  	☐	  	other:
		
		  	Note: The eligible group defined above must be a definitely determinable group and cannot be subject to the discretion of the Employer. In addition, the design of the classifications
cannot be such that the only Non-Highly Compensated Employees benefiting under the Plan are those with the lowest compensation and/or the shortest periods of service and who may represent the minimum number of
such employees necessary to satisfy coverage under Code Section 410(b).

  

					
	 (i)	  	☐	  	Notwithstanding this exclusion, any Employee who would otherwise be excluded from participation solely because he is in a group described below shall be part of the class of Employees eligible to participate in the Plan and, if he
has never been a Participant in the Plan previously, will be required to meet different age and service requirements for eligibility than those specified in Subsections (a) and (b) permitting him to enter on the Entry Date immediately following
the end of the

  

					
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		  		  	Eligibility Computation Period during which he first satisfies the following requirements: (I) has attained age 21 and (II) has completed at least 1,000 Hours of Service. This Subsection 1.04(d)(2)(E)(i) applies to the
following excluded Employees (Must choose if an exclusion in (E) above directly or indirectly imposes an age and/or service requirement for participation, for example by excluding part- time or temporary employees):
	
	Note: Exclusion of employees may adversely affect the Plan’s satisfaction of the minimum coverage requirements, as provided in Code Section 410(b).

  

	 	(e)	 Entry Dates – The Entry Dates shall be as indicated below with respect to the
applicable type(s) of contribution. (Complete the table below by checking the appropriate boxes to indicate Entry Dates for the contributions listed.) 

 

									
	 	  	 (1)
Deferral
Contributions,
Employee
Contributions,
Qualified
Nonelective
Employer
Contributions
	  	 (2)
Nonelective
Employer
Contributions
	  	 (3) Matching
Employer
Contributions
	  	 
	(A)	  		  		  		  	N/A – not applicable – type(s) of contribution not selected
					
	(B)	  	X	  	X	  	X	  	Immediate upon meeting the eligibility requirements specified in Subsections 1.04(a) and 1.04(b)
					
	(C)	  		  		  		  	the first day of each Plan Year and the first day of the seventh month of each Plan Year
					
	(D)	  		  		  		  	the first day of each Plan Year and the first day of the fourth, seventh, and tenth months of each Plan Year
					
	(E)	  		  		  		  	the first day of each month
					
	(F)	  		  		  		  	the first day of each Plan Year (Do not select if there is an Eligibility Service requirement of more than six months in Subsection 1.04(b) for the type(s) of contribution or if there is an age requirement of more than 20 1/2
in Subsection 1.04(a) for the type(s) of contribution.)

 Note: If another plan is merged into the Plan, the Plan may provide on the Plan Mergers Addendum
that the effective date of the merger is also an Entry Date with respect to certain Employees. 
  

	 	(f)	 Date of Initial Participation - An Eligible Employee shall become a Participant on the
Entry Date coinciding with or immediately following the date such Eligible Employee completes the age and service requirement(s) in Subsections 1.04(a) and (b), if any, or in Subsection 1.04(d)(2)(E)(i), if applicable, except (check one):

  

					
	(1)	  	☒	  	no exceptions.
			
	(2)	  	☐	  	Eligible Employees employed on (insert date) shall become Participants on that date.
			
	(3)	  	☐	  	Eligible Employees who meet the age and service requirement(s) of Subsections 1.04(a) and (b) on (insert date) shall become Participants on that date.

  

					
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	1.5	 COMPENSATION 

Compensation, as defined in Subsection 2.01(k) of the Basic Plan Document, shall be modified as provided below. 

 

	 	(a)	 Compensation Exclusions - Compensation shall not include reimbursements or other
expense allowances, fringe benefits (cash and non-cash), moving expenses, deferred compensation, welfare benefits, unused leave (as described in Section 2.01(k)(2)), or any of the following additional
item(s): 

  

					
	(1)	  	☐	  	No additional exclusions.
			
	(2)	  	☐	  	Differential Wages.
			
	(3)	  	☐	  	Overtime pay.
			
	(4)	  	☐	  	Bonuses.
			
	(5)	  	☐	  	Commissions.
			
	(6)	  	☐	  	The value of restricted stock or of a qualified or a non-qualified stock option granted to an Employee by the Employer to the extent such value is includable in the Employee’s taxable
income.
			
	(7)	  	☐	  	Severance pay received prior to termination of employment. (Severance pay received following termination of employment is a severance amount as described in Subsection 2.01(k) and is always excluded.)
			
	(8)	  	☒	  	See Additional Provisions Addendum.

 Note: If the Employer selects an option, other than (1) or (2) above, with respect to
Nonelective Employer Contributions, Compensation must be tested to show that it meets the requirements of Code Section 414(s), unless 401(k) Safe Harbor Formula has been selected, or the allocations must be tested to show that they meet the
general test under regulations issued under Code Section 401(a)(4). If the Employer selects an option, other than (1) or (2) above, and Option 1.11(a)(3), Safe Harbor Matching Employer Contributions, is selected, a Participant must be
permitted to make Deferral Contributions under the Plan sufficient to receive the full 401(k) Safe Harbor Matching Employer Contribution, determined as a percentage of Compensation meeting the requirements of Code Section 414(s). 

 

	 	(b)	 Compensation for the First Year of Participation - Contributions for the Plan Year in
which an Employee first becomes a Participant shall be determined based on the Employee’s Compensation as provided below. 

  

							
	(1)	  	☐	  	Compensation for the entire Plan Year. (Complete (A) below, if applicable. If (A) is not selected, the amount of any Nonelective Employer Contribution for the initial Plan Year will be determined in
accordance with this subsection 1.05(b)(1) using only Compensation from the Effective Date of the Plan through the end of the initial Plan Year.)
				
		  	(A)	  	☐	  	For purposes of determining the amount of Nonelective Employer Contributions, other than 401(k) Safe Harbor Nonelective Employer Contributions, Compensation for the 12-month period ending on
the last day of the initial Plan Year shall be used.
			
	(2)	  	☒	  	Only Compensation for the portion of the Plan Year in which the Employee is eligible to participate in the Plan. (Complete (A) below, if applicable. If (A) is not selected, the amount of any Nonelective
Employer Contribution for the initial Plan Year will be

  

					
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		  		  	determined in accordance with this subsection 1.05(b)(2) using only Compensation from the Effective Date of the Plan through the end of the initial Plan Year.)
				
		  	(A)	  	☐	  	For purposes of determining the amount of Nonelective Employer Contributions, other than 401(k) Safe Harbor Nonelective Employer Contributions, for those Employees who become Active Participants on the Effective Date of the Plan,
Compensation for the 12-month period ending on the last day of the initial Plan Year shall be used. For all other Employees, only Compensation for the period in which they are eligible shall be used.

  

	1.6	 TESTING RULES 

 

	 	(a)	 ADP/ACP Present Testing Method - The testing method for purposes of applying the
“ADP” and “ACP” tests described in Sections 6.03 and 6.06 of the Basic Plan Document shall be the (check one): 

  

					
	(1)	  	☐	  	Current Year Testing Method - The “ADP” or “ACP” of Highly Compensated Employees for the Plan Year shall be compared to the “ADP” or “ACP” of
Non-Highly Compensated Employees for the same Plan Year. (Must choose if Option 1.11(a)(3), 401(k) Safe Harbor Matching Employer Contributions, or Option 1.12(a)(3), 401(k) Safe Harbor Formula, with respect
to Nonelective Employer Contributions is checked.)
			
	(2)	  	☒	  	Prior Year Testing Method - The “ADP” or “ACP” of Highly Compensated Employees for the Plan Year shall be compared to the “ADP” or “ACP” of
Non-Highly Compensated Employees for the immediately preceding Plan Year. (Do not choose if Option 1.10(a)(1), alternative allocation formula for Qualified Nonelective Contributions.)
			
	(3)	  	☐	  	Not applicable. (Only if Option 1.01(b)(3), Profit Sharing Only, is checked and Option 1.08(a)(1), Future Employee Contributions, and Option 1.11(a), Matching Employer Contributions, are not checked or Option
1.04(d)(2)(B), excluding all Highly Compensated Employees from the eligible class of Employees, is checked.)

 Note: Restrictions apply on elections to change testing methods. 

 

	 	(b)	 First Year Testing Method - If the first Plan Year that the Plan, other than a successor
plan, permits Deferral Contributions or provides for either Employee or Matching Employer Contributions, occurs on or after the Effective Date specified in Subsection 1.01(g), the “ADP” and/or “ACP” test for such first Plan Year
shall be applied using the actual “ADP” and/or “ACP” of Non-Highly Compensated Employees for such first Plan Year, unless otherwise provided below. 

 

					
	(1)	  	☐	  	The “ADP” and/or “ACP” test for the first Plan Year that the Plan permits Deferral Contributions or provides for either Employee or Matching Employer Contributions shall be applied assuming a 3% “ADP”
and/or “ACP” for Non-Highly Compensated Employees. (Do not choose unless Plan uses prior year testing method described in Subsection 1.06(a)(2).)

  

	 	(c)	 HCE Determinations: Look Back Year - The look back year for purposes of determining which
Employees are Highly Compensated Employees shall be the 12-consecutive-month period preceding the Plan Year, unless otherwise provided below. 

 

					
	(1)	  	☐	  	Calendar Year Determination - The look back year shall be the calendar year beginning within the preceding Plan Year. (Do not choose if the Plan Year is the calendar year.)

  

					
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	 	(d)	 HCE Determinations: Top Paid Group Election - All Employees with Compensation exceeding
the dollar amount specified in Code Section 414(q)(1)(B)(i) adjusted pursuant to Code Section 415(d) (e.g., $115,000 for “determination years” beginning in 2013 and “look-back years” beginning in 2012) shall be
considered Highly Compensated Employees, unless Top Paid Group Election below is checked. 

  

					
	(1)	  	☐	  	Top Paid Group Election - Employees with Compensation exceeding the dollar amount specified in Code Section 414(q)(1)(B)(i) adjusted pursuant to Code Section 415(d) shall be considered Highly Compensated Employees
only if they are in the top paid group (the top 20% of Employees ranked by Compensation).

 Note: Plan provisions for Sections 1.06(c) and 1.06(d) must apply consistently to all retirement
plans of the Employer for determination years that begin with or within the same calendar year 
  

	1.7	 DEFERRAL CONTRIBUTIONS 

 

					
	(a)	  	☒	  	Deferral Contributions - Participants may elect to have a portion of their Compensation contributed to the Plan on a before-tax basis
pursuant to Code Section 401(k).

  

					
	(1)	  	Regular Contributions - The Employer shall make a Deferral Contribution in accordance with Section 5.03 of the Basic Plan Document on behalf of each Participant who has an executed salary reduction agreement
in effect with the Employer for the payroll period in question. Such Deferral Contribution shall not exceed the deferral limit below.

  

					
	(A)	  	☒	  	 The deferral limit is 90.00% (must be a whole number multiple of one percent)
of Compensation.

	
	Note: If Catch-Up Contributions are selected below, a Participant eligible to make Catch-Up Contributions shall (subject to the
statutory limits in Treasury Regulation Section 1.414(v)-1(b)(1)(i)) in any event be permitted to contribute in excess of the specified deferral limit up to 100% of the Participant’s “effectively available Compensation” (i.e.,
Compensation available after other withholding).
			
	(B)	  	☐	  	Instead of specifying a percentage of Compensation, a Participant’s salary reduction agreement may specify a dollar amount to be contributed each payroll period, provided such dollar amount does not exceed the maximum
percentage of Compensation specified in Subsection 5.03(a) of the Basic Plan Document or in Subsection 1.07(a)(1)(A) above, as applicable.

 

	 	 (C)	 A Participant may change, on a prospective basis, his salary reduction agreement (check one):

  

					
	 (i)	  	☒	  	as of the beginning of each payroll period.
			
	 (ii)	  	☐	  	as of the first day of each month.
			
	 (iii)	  	☐	  	as of each Entry Date. (Do not select if immediate entry is elected with respect to Deferral Contributions in Subsection 1.04(e).)
			
	 (iv)	  	☐	  	as of the first day of each calendar quarter.
			
	 (v)	  	☐	  	as of the first day of each Plan Year.

  

					
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	 (vi)	  	☐	  	other. (Specify, but must be at least once per Plan Year)
	
	Note: Notwithstanding the Employer’s election hereunder, if Option 1.11(a)(3), 401(k) Safe Harbor Matching Employer Contributions, or Option 1.12(a)(3), 401(k) Safe Harbor Formula, with respect to
Nonelective Employer Contributions is checked, the Plan provides that an Active Participant may change his salary reduction agreement for the Plan Year within a reasonable period (not fewer than 30 days) of receiving the notice described in
Section 6.09 of the Basic Plan Document.

  

	 	(D)	 A Participant may revoke, on a prospective basis, a salary reduction agreement at any time upon proper notice
to the Administrator but in such case may not complete a new salary reduction agreement until (check one): 

  

					
	 (i)	  	☒	  	the beginning of the next payroll period.
			
	 (ii)	  	☐	  	the first day of the next month.
			
	 (iii)	  	☐	  	the next Entry Date. (Do not select if immediate entry is elected with respect to Deferral Contributions in Subsection 1.04(e).)
			
	 (iv)	  	☐	  	as of the first day of each calendar quarter.
			
	 (v)	  	☐	  	as of the first day of each Plan Year.
			
	 (vi)	  	☐	  	other. (Specify, but must be at least once per Plan Year)

  

					
	(2)	  	☐	  	Additional Deferral Contributions - The Employer shall allow a Participant upon proper notice and approval to enter into a special salary reduction agreement to make additional Deferral Contributions in an amount up to 100%
of their effectively available Compensation for the payroll period(s) designated by the Employer.
			
	(3)	  	☒	  	Bonus Contributions - The Employer shall allow a Participant upon proper notice and approval to enter into a special salary reduction agreement to make Deferral Contributions from any Employer paid cash bonuses designated by
the Employer on a uniform and nondiscriminatory basis that are made for such Participants during the Plan Year in an amount up to 100% of such bonuses. The Compensation definition elected by the Employer in Subsection 1.05(a) must include bonuses if
bonus contributions are permitted. Unless a Participant has entered into a special salary reduction agreement with respect to bonuses, the percentage deferred from any Employer paid cash bonus shall be (check (A) or (B)
below):

  

					
	(A)	  	☒	  	Zero.
			
	(B)	  	☐	  	The same percentage elected by the Participant for his regular contributions in accordance with Subsection 1.07(a)(1) above or deemed to have been elected by the Participant in accordance with Option 1.07(a)(6) below.

 Note: A Participant’s contributions under Subsection 1.07(a)(2) and/or (3) may not cause
the Participant to exceed the percentage limit specified by the Employer in Subsection 1.07(a)(1)(A) for the full Plan Year. If the Administrator anticipates that the Plan will not satisfy the “ADP” and/or “ACP” test for the
year, the Administrator may reduce the rate of Deferral Contributions of Participants who are Highly Compensated 

  

					
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Employees to an amount objectively determined by the Administrator to be necessary to satisfy the “ADP” and/or “ACP” test. 

 

					
	(4)	  	☒	  	Catch-Up Contributions - The following Participants who have attained or are expected to attain age 50 before the close of the taxable year will be permitted to make Catch-Up Contributions to the Plan, as described in Subsection 5.03(a) of the Basic Plan Document:

  

					
	(A)	  	☒	  	All such Participants.
			
	(B)	  	☐	  	All such Participants except those covered by a collective-bargaining agreement under which retirement benefits were a subject of good faith bargaining unless the bargaining agreement specifically provides for Catch-Up Contributions to be made on behalf of such Participants.

 Note: The Employer must not select Option 1.07(a)(4) above unless all applicable
plans (as defined in Code Section 414(v)(6)(A), other than any plan that is qualified under Puerto Rican law or that covers only employees who are covered by a collective bargaining agreement under which retirement benefits were a subject of
good faith bargaining) maintained by the Employer and by any other employer that is treated as a single employer with the Employer under Code Section 414(b), (c), (m), or (o) also permit Catch-Up
Contributions in the same dollar amount. 
  

					
	(5)	  	☒	  	Roth 401(k) Contributions. Participants shall be permitted to irrevocably designate pursuant to Subsection 5.03(b) of the Basic Plan Document that a portion or all of the Deferral Contributions made under this
Subsection 1.07(a) are Roth 401(k) Contributions that are includable in the Participant’s gross income at the time deferred.
			
	(6)	  	☒	  	Automatic Enrollment Contributions. Unless they affirmatively elect otherwise, certain Eligible Employees will have their Compensation reduced in accordance with the provisions of Subsection 5.03(c) of the Basic Plan
Document (an “Automatic Enrollment Contribution”), Section 1.07(b) of the Additional Provisions Addendum, and the following:

  

					
	(A)	  	☐	  	All newly Eligible Employees shall be subject to the same automatic enrollment provisions.
			
	(B)	  	☒	  	The automatic enrollment provisions of the Plan shall be/are different for different groups of Eligible Employees.
			
	(C)	  	☒	  	Some form of automatic deferral increase will be part of the automatic enrollment provisions.
			
	(D)	  	☐	  	A qualified automatic contribution arrangement described in Code Section 401(k)(13) (“QACA”) has been adopted. (Select Option 1.11(a)(3) or 1.12(a)(3) and complete appropriate Addendum.)
			
	(E)	  	☐	  	An eligible automatic enrollment arrangement described in Code Section 414(w) (“EACA”) has been adopted.

  

	1.8	 EMPLOYEE CONTRIBUTIONS (AFTER-TAX CONTRIBUTIONS)

  

					
	(a)	  	☐	  	Future Employee Contributions - Participants may make voluntary, non-deductible, after-tax Employee Contributions pursuant to
Section 5.04 of the Basic Plan Document. The Employee

  

					
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		  		  	Contribution made on behalf of an Active Participant each payroll period shall not exceed the contribution limit specified in Subsection 1.08(a)(1) below.

 

	 	(1)	 The contribution limit is     % of Compensation. 

 

					
	(b)	  	☐	  	Frozen Employee Contribution - Participants may not currently make after-tax Employee Contributions to the Plan, but the Employer does maintain frozen Employee Contributions Accounts.

  

	1.9	 ROLLOVER CONTRIBUTIONS 

 

					
	(a)	  	☒	  	Rollover Contributions - Employees may roll over eligible amounts from other plans to the Plan subject to the additional following requirements:

 

					
	(1)	  	☒	  	The Plan will not accept rollovers of after-tax employee contributions.
			
	(2)	  	☐	  	The Plan will not accept rollovers of designated Roth contributions. (Must be selected if Roth 401(k) Contributions are not elected in Subsection
1.07(a)(5).)

  

					
	(b)	  	☒	  	In-Plan Roth Rollover Contributions (Choose only if Roth 401(k) Contributions are selected in Option 1.07(a)(5) above) – Unless Option 1.09(b)(1) is selected below and in
accordance with Section 5.06 of the Basic Plan Document, any Participant, spousal alternate payee or spousal Beneficiary may elect to have otherwise distributable portions of his Account, which are not part of an outstanding loan balance
pursuant to Article 9 of the Basic Plan Document and are not “designated Roth contributions” under the Plan, be considered “designated Roth contributions” for purposes of the
Plan.

  

					
	(1)	  	☐	  	Only a Participant who is still employed by the Employer (or a spousal alternate payee or spousal Beneficiary of such a Participant) may elect to make such an in-plan Roth Rollover.

  

	1.10	 QUALIFIED NONELECTIVE EMPLOYER CONTRIBUTIONS 

 

	 	(a)	 Qualified Nonelective Employer Contributions - The Employer may contribute an amount which
it designates as a Qualified Nonelective Employer Contribution for any permissible purpose, as provided in Section 5.07 of the Basic Plan Document. If Option 1.07(a) or 1.08(a)(1) is checked, except as provided in Section 5.07 of the Basic
Plan Document or as otherwise provided below, Qualified Nonelective Employer Contributions shall be allocated to all Participants who were eligible to participate in the Plan at any time during the Plan Year and are
Non-Highly Compensated Employees in the ratio which each such Participant’s “testing compensation”, as defined in Subsection 6.01(s) of the Basic Plan Document, for the Plan Year bears to the
total of all such Participants’ “testing compensation” for the Plan Year. 

  

					
	(1)	  	☐	  	Qualified Nonelective Employer Contributions shall be allocated only among such Participants described above who are designated by the Employer as eligible to receive a Qualified Nonelective Employer Contribution for the Plan Year.
The amount of the Qualified Nonelective Employer Contribution allocated to each such Participant shall be as designated by the Employer, but not in excess of the “regulatory maximum.” The “regulatory maximum” means 5% (10% for
Qualified Nonelective Contributions made in connection with the Employer’s obligation to pay prevailing wages) of the “testing compensation” for such Participant for the Plan Year. The “regulatory maximum” shall apply
separately with respect to Qualified Nonelective Contributions to be included in the “ADP” test and Qualified Nonelective Contributions to be included in the “ACP”
test.

  

					
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		  		  	(Cannot be selected if the Employer has elected prior year testing in Subsection 1.06(a)(2).)

  

	1.11	 MATCHING EMPLOYER CONTRIBUTIONS 

 

					
	(a)	  	☒	  	Matching Employer Contributions - The Employer shall make Matching Employer Contributions on behalf of each of its “eligible” Participants as provided in this Section 1.11. For purposes of this
Section 1.11, an “eligible” Participant means any Participant who is an Active Participant during the Contribution Period and who satisfies the requirements of Subsection 1.11(e) or
Section 1.13.

  

					
	(1)	  	☒	  	Non-Discretionary Matching Employer Contributions - The Employer shall make a Matching Employer Contribution on behalf of each “eligible” Participant in an amount equal to the
following percentage of the eligible contributions made by the “eligible” Participant during the Contribution Period (complete all that apply):

  

					
	(A)	  	☒	  	Flat Percentage Match: 50.00% to all “eligible” Participants.
			
	(B)	  	☐	  	Tiered Match:     % of the first     % of the “eligible” Participant’s Compensation contributed to the Plan,
			
		  		  	    % of the next     % of the “eligible” Participant’s Compensation contributed to the Plan,
			
		  		  	    % of the next     % of the “eligible” Participant’s Compensation contributed to the Plan.

 Note: The group of “eligible” Participants benefiting under each match rate must
satisfy the nondiscriminatory coverage requirements of Code Section 410(b) and the group to whom the match rate is effectively available must not substantially favor HCEs. 

 

					
	(C)	  	☒	  	Limit on Non-Discretionary Matching Employer Contributions (check the appropriate box(es)):

  

					
	 (i)	  	☒	  	Contributions in excess of 4.00% of the “eligible” Participant’s Compensation for the Contribution Period shall not be considered for non-discretionary Matching Employer
Contributions.
			
	 (ii)	  	☐	  	Matching Employer Contributions for each “eligible” Participant for each Plan Year shall be limited to
$            .

  

					
	(2)	  	☐	  	Discretionary Matching Employer Contributions - The Employer may make a discretionary Matching Employer Contribution on behalf of “eligible” Participants, or a designated group of “eligible” Participants,
in accordance with Section 5.08 of the Basic Plan Document. An “eligible” Participant’s allocable share of the discretionary Matching Employer Contribution shall be a percentage of the eligible contributions made by the
“eligible” Participant during the Contribution Period. The Employer may limit the eligible contributions taken into account under the allocation formula to contributions up to a specified percentage of Compensation or dollar amount or may
provide for Matching Employer Contributions to be made in a different ratio for eligible contributions above and below a specified percentage of Compensation or dollar amount. The Matching Employer Contribution is allocated among
“eligible” Participants so that each “eligible” Participant receives a rate or amount that is identical to the rate or amount received by all other “eligible” Participants (or designated group of “eligible”
Participants, if applicable)

  

					
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		  		  	as determined by the Employer on or before the due date of the Employer’s tax return for the year of allocation.
			
		  		  	Note: If the Matching Employer Contribution made in accordance with this Subsection 1.11(a)(2) matches different percentages of contributions for different groups of “eligible” Participants, the group of
“eligible” Participants benefiting under each match rate must satisfy the nondiscriminatory coverage requirements of Code Section 410(b) and the group to whom the match rate is effectively available must not substantially favor
HCEs.

  

					
	(A)	  	☐	  	4% Limitation on Discretionary Matching Employer Contributions for Deemed Satisfaction of “ACP” Test - In no event may the dollar amount of the discretionary Matching Employer Contribution made on an “eligible”
Participant’s behalf for the Plan Year exceed 4% of the “eligible” Participant’s Compensation for the Plan Year. (Only if Option 1.12(a)(3), 401(k) Safe Harbor Formula, with respect to Nonelective Employer Contributions is
checked.)

  

					
	(3)	  	☐	  	401(k) Safe Harbor Matching Employer Contributions - If the Employer elects one of the safe harbor formula Options provided in the 401(k) Safe Harbor Matching Employer Contributions Addendum to the Adoption Agreement and
provides written notice each Plan Year to all Active Participants of their rights and obligations under the Plan, the Plan shall be deemed to satisfy the “ADP” test and, under certain circumstances, the “ACP”
test.

  

					
	(b)	  	☐	  	Additional Matching Employer Contributions - The Employer may at Plan Year end make an additional Matching Employer Contribution on behalf of each “eligible” Participant in an amount equal to a percentage of
the eligible contributions made by each “eligible” Participant during the Plan Year. The additional Matching Employer Contribution may be limited to match only contributions up to a specified percentage of Compensation or limit the amount
of the match to a specified dollar amount.
			
		  		  	Note: If the additional Matching Employer Contribution made in accordance with this Subsection 1.11(b) matches different percentages of contributions for different groups of “eligible” Participants, the group of
“eligible” Participants benefiting under each match rate must satisfy the nondiscriminatory coverage requirements of Code Section 410(b) and the group to whom the match rate is effectively available must not substantially favor
HCEs.

  

					
	(1)	  	☐	  	4% Limitation on additional Matching Employer Contributions for Deemed Satisfaction of “ACP” Test - In no event may the dollar amount of the additional Matching Employer Contribution made on an “eligible”
Participant’s behalf for the Plan Year exceed 4% of the “eligible” Participant’s Compensation for the Plan Year. (Only if Option 1.11(a)(3), 401(k) Safe Harbor Matching Employer Contributions, or Option 1.12(a)(3), 401(k) Safe
Harbor Formula, with respect to Nonelective Employer Contributions is checked.)

 Note: If the Employer elected Option 1.11(a)(3), 401(k) Safe Harbor Matching Employer
Contributions, above and wants to be deemed to have satisfied the “ADP” test, the additional Matching Employer Contribution must meet the requirements of Section 6.09 of the Basic Plan Document. In addition to the foregoing
requirements, if the Employer elected Option 1.11(a)(3), 401(k) Safe Harbor Matching Employer Contributions, or Option 1.12(a)(3), 401(k) Safe Harbor Formula, with respect to Nonelective Employer Contributions, and wants to be deemed to have
satisfied the “ACP” test with respect to Matching Employer Contributions for the Plan Year, the eligible contributions matched may not exceed the limitations in Section 6.10 of the Basic Plan Document. 

  

					
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	 	(c)	 Contributions Matched - The Employer matches the following contributions (check
appropriate box(es)): 

  

	 	(1)	 Deferral Contributions - Deferral Contributions made to the Plan are matched at the rate specified in
this Section 1.11. Catch-Up Contributions are not matched unless the Employer elects Option 1.11(c)(1)(A) below. 

 

					
	(A)	  	☒	  	Catch-Up Contributions made to the Plan pursuant to Subsection 1.07(a)(4) are matched at the rates specified in this Section 1.11.

 Note: Notwithstanding the above, if the Employer elected Option 1.11(a)(3), 401(k) Safe Harbor
Matching Employer Contributions, Deferral Contributions shall be matched at the rate specified in the 401(k) Safe Harbor Matching Employer Contributions Addendum to the Adoption Agreement without regard to whether they are Catch-Up Contributions. 
  

	 	(d)	 Contribution Period for Matching Employer Contributions - The Contribution Period for
purposes of calculating the amount of Matching Employer Contributions is: 

  

					
	(1)	  	☐	  	each calendar month.
			
	(2)	  	☐	  	each Plan Year quarter.
			
	(3)	  	☒	  	each Plan Year.
			
	(4)	  	☐	  	each payroll period.
			
	(5)	  	☐	  	The Employer shall determine the Contribution Period for calculation of any discretionary Matching Employer Contributions elected pursuant to Option 1.11(a)(2) above at the time that the matching contribution formula is
determined.

 The Contribution Period for additional Matching Employer Contributions described in Subsection 1.11(b) is
the Plan Year. 
 Note: If Option (5) is selected, one of the other options must be selected to apply to any non-discretionary Matching Employer Contributions. 
 Note: If Matching Employer Contributions are
made more frequently than for the Contribution Period selected above, the Employer must calculate the Matching Employer Contribution required with respect to the full Contribution Period, taking into account the “eligible”
Participant’s contributions and Compensation for the full Contribution Period, and contribute any additional Matching Employer Contributions necessary to “true up” the Matching Employer Contribution so that the full Matching Employer
Contribution is made for the Contribution Period. 
  

	 	(e)	 Continuing Eligibility Requirement(s) - A Participant who is an Active Participant during
a Contribution Period and makes eligible contributions during the Contribution Period shall only be entitled to receive Matching Employer Contributions under Section 1.11 for that Contribution Period if the Participant satisfies the following
requirement(s) (Check the appropriate box(es). Options (3) and (4) may not be elected together; Option (5) may not be elected with Option (2), (3), or (4); Options (2), (3), (4), (5), and (7) may not be elected with respect to
Matching Employer Contributions if Option 1.11(a)(3), 401(k) Safe Harbor Matching Employer Contributions, is checked or if Option 1.12(a)(3), 401(k) Safe Harbor Formula, with respect to Nonelective Employer Contributions is checked and the Employer
intends to satisfy the Code Section 401(m)(11) safe harbor with respect to Matching Employer Contributions): 

  

					
	(1)	  	☐	  	No requirements.
			
	(2)	  	☒	  	Is employed by the Employer or a Related Employer on the last day of the Contribution Period.

  

					
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	(3)	  	☐	  	Earns at least 501 Hours of Service during the Plan Year. (Only if the Contribution Period is the Plan Year.)
			
	(4)	  	☒	  	Earns at least 1,000 (not to exceed 1,000) Hours of Service during the Plan Year. (Only if the Contribution Period is the Plan Year.)
			
	(5)	  	☐	  	Either earns at least 501 Hours of Service during the Plan Year or is employed by the Employer or a Related Employer on the last day of the Plan Year. (Only if the Contribution Period is the Plan Year.)
			
	(6)	  	☐	  	Is not a Highly Compensated Employee for the Plan Year.
			
	(7)	  	☐	  	Is not a partner or a member of the Employer, if the Employer is a partnership or an entity taxed as a partnership.
			
	(8)	  	☐	  	Special continuing eligibility requirement(s) for additional Matching Employer Contributions. (Only if Option 1.11(b), Additional Matching Employer Contributions, is
checked.)

  

	 	(A)	 The continuing eligibility requirement(s) for additional Matching Employer Contributions is/are:
                     (Fill in number of applicable eligibility requirement(s) from above, including the number of Hours of Service if Option
(4) has been selected. Options (2), (3), (4), (5), and (7) may not be elected with respect to additional Matching Employer Contributions if Option 1.11(a)(3), 401(k) Safe Harbor Matching Employer Contributions, is checked or if Option
1.12(a)(3), 401(k) Safe Harbor Formula, with respect to Nonelective Employer Contributions is checked and the Employer intends to satisfy the Code Section 401(m)(11) safe harbor with respect to Matching Employer Contributions.)

 Note: Except when added in conjunction with the addition of a new Matching Employer Contribution, if Option (2),
(3), (4), or (5) is adopted during a Contribution Period, such Option shall not become effective until the first day of the next Contribution Period. Matching Employer Contributions attributable to the Contribution Period that are funded during
the Contribution Period shall not be subject to the eligibility requirements of Option (2), (3), (4), or (5). If Option (2), (3), (4), (5), or (7) is elected with respect to any Matching Employer Contributions and if Option 1.12(a)(3), 401(k)
Safe Harbor Formula, is also elected, the Plan will not be deemed to satisfy the “ACP” test in accordance with Section 6.10 of the Basic Plan Document and will have to pass the “ACP” test each year. 

 

					
	(f)	  	☒	  	Qualified Matching Employer Contributions - Prior to making any Matching Employer Contribution hereunder (other than a 401(k) Safe Harbor Matching Employer Contribution), the Employer may designate all or a portion of
such Matching Employer Contribution as a Qualified Matching Employer Contribution that may be used to satisfy the “ADP” test on Deferral Contributions and excluded in applying the “ACP” test on Employee and Matching Employer
Contributions. Unless the additional eligibility requirement is selected below, Qualified Matching Employer Contributions shall be allocated to all Participants who were Active Participants during the Contribution Period and who meet the continuing
eligibility requirement(s) described in Subsection 1.11(e) above for the type of Matching Employer Contribution being characterized as a Qualified Matching Employer Contribution.

 

					
	(1)	  	☒	  	To receive an allocation of Qualified Matching Employer Contributions a Participant must also be a Non-Highly Compensated Employee for the Plan Year.

 Note: Qualified Matching Employer Contributions may not be excluded in applying the
“ACP” test for a Plan Year if the Employer elected Option 1.11(a)(3), 401(k) Safe Harbor Matching Employer 

  

					
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Contributions, or Option 1.12(a)(3), 401(k) Safe Harbor Formula, with respect to Nonelective Employer Contributions, and the “ADP” test is deemed satisfied under Section 6.09 of
the Basic Plan Document for such Plan Year. 
  

	1.12	 NONELECTIVE EMPLOYER CONTRIBUTIONS 

If (a) or (b) is elected below, the Employer may make Nonelective Employer Contributions on behalf of each of its “eligible”
Participants in accordance with the provisions of this Section 1.12. Except as otherwise defined in this Adoption Agreement pertaining to Nonelective Employer Contributions, for purposes of this Section 1.12, an “eligible”
Participant means a Participant who is an Active Participant during the Contribution Period and who satisfies the requirements of Subsection 1.12(d) or Section 1.13. 

Note: An Employer may elect both a fixed formula and a discretionary formula. If both are selected, the discretionary formula shall be
treated as an additional Nonelective Employer Contribution and allocated separately in accordance with the allocation formula selected by the Employer. 
  

					
	(a)	  	☐	  	Fixed Formula:

  

					
	(1)	  	☐	  	Fixed Percentage Employer Contribution - For each Contribution Period, the Employer shall contribute for each “eligible” Participant a percentage of such “eligible” Participant’s Compensation equal
to):

  

	 	(A)	     % (not to exceed 25%) to all “eligible” Participants.

 Note: The allocation formula in Option 1.12(a)(1)(A) above generally satisfies a design-based safe harbor
pursuant to the regulations under Code Section 401(a)(4). 
  

					
	(2)	  	☐	  	Fixed Flat Dollar Employer Contribution - The Employer shall contribute for each “eligible” Participant an amount equal to:

 

	 	(A)	 $             to all “eligible”
Participants. (Complete (i) below). 

  

	 	(i)	 The contribution amount is based on an “eligible” Participant’s service for the following period
(check one of the following): 

  

					
	(I)	  	☐	  	Each paid hour.
			
	(II)	  	☐	  	Each Plan Year.
			
	(III)	  	☐	  	Other:                      (must be a period within the Plan Year that does not exceed one week and is uniform with respect
to all “eligible” Participants).

  

					
		  	Note: The allocation formula in Option 1.12(a)(2)(A) above generally satisfies a design-based safe harbor pursuant to the regulations under Code Section 401(a)(4).
			
	(3)	  	☐	  	401(k) Safe Harbor Formula - The Nonelective Employer Contribution specified in the 401(k) Safe Harbor Nonelective Employer Contributions Addendum is intended to satisfy the safe harbor contribution requirements under
Sections 401(k) and 401(m) of the Code such that the “ADP” test (and, under certain circumstances, the “ACP” test) is deemed satisfied. Please complete the 401(k) Safe Harbor Nonelective Employer Contributions Addendum to the
Adoption Agreement. (Choose only if Option 1.07(a), Deferral Contributions, is checked.)

  

					
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	(b)	  	☒	  	Discretionary Formula - The Employer may decide each Contribution Period whether to make a discretionary Nonelective Employer Contribution on behalf of “eligible” Participants in accordance with Section 5.10 of
the Basic Plan Document.

  

					
	(1)	  	☐	  	Non-Integrated Allocation Formula - In the ratio that each “eligible” Participant’s Compensation bears to the total Compensation paid to all “eligible”
Participants for the Contribution Period.
	
	Note: The allocation formula in Option 1.12(b)(1) above generally satisfies a design-based safe harbor pursuant to the regulations under Code Section 401(a)(4).
			
	(2)	  	☐	  	Integrated Allocation Formula - As (1) a percentage of each “eligible” Participant’s Compensation plus (2) a percentage of each “eligible” Participant’s Compensation in excess of the
“integration level” as defined below. The percentage of Compensation in excess of the “integration level” shall be equal to the lesser of the percentage of the “eligible” Participant’s Compensation allocated under
(1) above or the “permitted disparity limit” as defined below.

 Note: An Employer that has elected Option 1.12(a)(3), 401(k) Safe Harbor Formula, may not take
Nonelective Employer Contributions made to satisfy the 401(k) safe harbor into account in applying the integrated allocation formula described above. 
  

	 	(A)	 “Integration level” means the Social Security taxable wage base for the Plan Year, unless the
Employer elects a lesser amount in (i) or (ii) below. 

  

	 	(i)	     % (not to exceed 100%) of the Social Security taxable wage base for the
Plan Year, or 

  

	 	(i)	 $             (not to exceed the Social Security
taxable wage base). “Permitted disparity limit” means the percentage provided by the following table: 

  

					
	 The “Integration Level” is     % of the
Taxable Wage Base
	  	The “Permitted
Disparity
Limit” is	 
	 20% or less
	  	 	5.7	% 
	 More than 20%, but not more than 80%
	  	 	4.3	% 
	 More than 80%, but less than 100%
	  	 	5.4	% 
	 100%
	  	 	5.7	% 

 The Social Security taxable wage base is the contribution and benefit base in effect under Section 230 of
the Social Security Act at the beginning of the Plan Year. 
 Note: The allocation formula in Option 1.12(b)(2) above generally
satisfies a design-based safe harbor pursuant to the regulations under Code Section 401(a)(4). 
 Note: An Employer who maintains
any other plan that provides for or imputes Social Security Integration (permitted disparity) may not elect Option 1.12(b)(2). 
  

					
	(3)	  	☒	  	See Additional Provisions Addendum.

  

					
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	 	(c)	 Contribution Period for Nonelective Employer Contributions - The Contribution Period for
purposes of calculating the amount of Nonelective Employer Contributions is the Plan Year, unless the Employer elects another Contribution Period below. Regardless of any selection made below, the Contribution Period for 401(k) Safe Harbor
Nonelective Employer Contributions under Option 1.12(a)(3) or Nonelective Employer Contributions allocated under an integrated formula selected under Option 1.12(b)(2) is the Plan Year. 

 

					
	(1)	  	☐	  	each calendar month.
			
	(2)	  	☐	  	each Plan Year quarter.
			
	(3)	  	☐	  	each payroll period.

 Note: If Nonelective Employer Contributions are made more frequently than for the Contribution
Period selected above, the Employer must calculate the Nonelective Employer Contribution required with respect to the full Contribution Period, taking into account the “eligible” Participant’s Compensation for the full Contribution
Period, and contribute any additional Nonelective Employer Contributions necessary to “true up” the Nonelective Employer Contribution so that the full Nonelective Employer Contribution is made for the Contribution Period. 

 

	 	(d)	 Continuing Eligibility Requirement(s) - A Participant shall only be entitled to receive
Nonelective Employer Contributions for a Plan Year under this Section 1.12 if the Participant is an Active Participant during the Plan Year and satisfies the following requirement(s) (Check the appropriate box(es) - Options (3) and (4) may
not be elected together; Option (5) may not be elected with Option (2), (3), or (4); Options (2), (3), (4), (5), and (7) may not be elected with respect to Nonelective Employer Contributions under the fixed formula if Option 1.12(a)(3),
401(k) Safe Harbor Formula, is checked): 

  

					
	(1)	  	☐	  	No requirements.
			
	(2)	  	☒	  	Is employed by the Employer or a Related Employer on the last day of the Contribution Period.
			
	(3)	  	☐	  	Earns at least 501 Hours of Service during the Plan Year. (Only if the Contribution Period is the Plan Year.)
			
	(4)	  	☒	  	Earns at least 1,000 (not to exceed 1,000) Hours of Service during the Plan Year. (Only if the Contribution Period is the Plan Year.)
			
	(5)	  	☐	  	Either earns at least 501 Hours of Service during the Plan Year or is employed by the Employer or a Related Employer on the last day of the Plan Year. (Only if the Contribution Period is the Plan Year.)
			
	(6)	  	☐	  	Is not a Highly Compensated Employee for the Plan Year.
			
	(7)	  	☐	  	Is not a partner or a member of the Employer, if the Employer is a partnership or an entity taxed as a partnership.
			
	(8)	  	☐	  	Special continuing eligibility requirement(s) for discretionary Nonelective Employer Contributions. (Only if both Options 1.12(a) and (b) are checked.)

  

	 	(A)	 The continuing eligibility requirement(s) for discretionary Nonelective Employer Contributions
is/are:                     (Fill in number of applicable eligibility requirement(s) from above, including the number of Hours of Service if
Option (4) has been selected.) 

 Note: Except when added in conjunction with the addition of
a new Nonelective Employer Contribution, if Option (2), (3), (4), or (5) is adopted during a Contribution Period, such Option shall not become effective 

  

					
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 until the first day of the next Contribution Period. Nonelective Employer Contributions
attributable to the Contribution Period that are funded during the Contribution Period shall not be subject to the eligibility requirements of Option (2), (3), (4), or (5). 
  

	1.13	 EXCEPTIONS TO CONTINUING ELIGIBILITY REQUIREMENTS 

 

	 	☐	 Death, Disability, and Retirement Exceptions - All Participants who become disabled, as
defined in Section 1.15, retire, as provided in Subsection 1.14(a), (b), or (c), or die are excepted from any last day or Hours of Service requirement. For purposes of this Section, any Participant who dies while performing qualified military
service as defined in Code Section 414(u)(5) will be excepted from any last day or Hours of Service requirement. 

  

	1.14	 RETIREMENT 

 

	 	(a)	 The Normal Retirement Age under the Plan is (check one): 

 

					
	(1)	  	☒	  	age 65.
			
	(2)	  	☐	  	age      (specify between 55 and 64).
			
	(3)	  	☐	  	later of age     (not to exceed 65) or the                      (not to exceed 5th) anniversary of
the Participant’s Employment Commencement Date.

  

					
	(b)	  	☐	  	The Early Retirement Age is the date the Participant attains age      and completes      years of Vesting Service.
		
		  	Note: If this Option is elected, Participants who are employed by the Employer or a Related Employer on the date they reach Early Retirement Age shall be 100% vested in their Accounts under the Plan.
			
	(c)	  	☒	  	A Participant who becomes disabled, as defined in Section 1.15, is eligible for disability retirement.
		
		  	Note: If this Option is elected, Participants who are employed by the Employer or a Related Employer on the date they become disabled shall be 100% vested in their Accounts under the Plan. Pursuant to Section
11.03 of the Basic Plan Document, a Participant is not considered to be disabled until he terminates his employment with the Employer.

  

	1.15	 DEFINITION OF DISABLED 

A Participant is disabled if he/she meets any of the requirements selected below: 

 

					
	(a)	  	☐	  	The Participant satisfies the requirements for benefits under the Employer’s long-term disability plan.
			
	(b)	  	☐	  	The Participant satisfies the requirements for Social Security disability benefits.
			
	(c)	  	☐	  	The Participant is determined to be disabled by a physician approved by the Employer.
			
	(d)	  	☒	  	See Additional Provisions Addendum.

  

					
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	1.16	 VESTING 

A Participant’s vested interest in Matching Employer Contributions and/or Nonelective Employer Contributions, other than those described
in Subsection 5.11(a) of the Basic Plan Document, shall be based upon his years of Vesting Service and the schedule selected in Subsection 1.16(c) below, except as provided in the Vesting Schedule Addendum to the Adoption Agreement or as provided in
Subsection 1.22(c). 
  

	 	(a)	 When years of Vesting Service are determined, the elapsed time method shall be used.

  

					
	(b)	  	☐	  	Years of Vesting Service shall exclude service prior to the Plan’s original Effective Date as listed in Subsection 1.01(g)(1) or Subsection 1.01(g)(2), as applicable.

  

	 	(c)	 Vesting Schedule(s) 

 

			
	 (1) Nonelective Employer Contributions (check one): 
  

(A) ☐ N/A - No Nonelective Employer Contributions
  

(B) ☐ 100% Vesting immediately
  

(C) ☐ 3 year cliff (see C below)
  

(D) ☒ 6 year graduated (see D below)
  

(E) ☐ Other vesting (complete E1 below)
	  	 (2) Matching Employer Contributions (check one): 
  

(A) ☐ N/A – No Matching Employer Contributions
  

(B) ☒ 100% Vesting immediately
  

(C) ☐ 3 year cliff (see C below)
  

(D) ☐ 6 year graduated (see D below)
  

(E) ☐ Other vesting (complete E2 below)

  

																	
	 Years of Vesting Service
	  	Applicable Vesting Schedule(s)	 
	 	  	C	 	 	D	 	 	E1	 	 	E2	 
	 0
	  	 	0	% 	 	 	0	% 	 	 	    	% 	 	 	    	% 
	 1
	  	 	0	% 	 	 	0	% 	 	 	    	% 	 	 	    	% 
	 2
	  	 	0	% 	 	 	20	% 	 	 	    	% 	 	 	    	% 
	 3
	  	 	100	% 	 	 	40	% 	 	 	    	% 	 	 	    	% 
	 4
	  	 	100	% 	 	 	60	% 	 	 	    	% 	 	 	    	% 
	 5
	  	 	100	% 	 	 	80	% 	 	 	    	% 	 	 	    	% 
	 6 or more
	  	 	100	% 	 	 	100	% 	 	 	100	% 	 	 	100	% 

 Note: A schedule elected under E1 or E2 above must be at least as favorable as one of the schedules in C
or D above. If the vesting schedule is amended, any such amendment must satisfy the requirements of Section 16.04 of the Basic Plan Document 

Note: The amendment of the plan to add a Fixed Nonelective Employer Contribution, Discretionary Nonelective Employer Contribution,
401(k) Safe Harbor Nonelective Employer Contribution, Fixed Matching Employer Contribution, Discretionary Matching Employer Contribution, Additional Matching Employer Contribution, or 401(k) Safe Harbor Matching Employer Contribution and an
attendant vesting schedule does not constitute an 

  

					
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amendment to a vesting schedule under Section 16.04 of the Basic Plan Document, unless a contribution source of the same type exists under the Plan on the effective date of such amendment.
Any amendment to the vesting schedule of one such contribution source shall not require the amendment of the vesting schedule of any other such contribution source, notwithstanding the fact that one or more Participants may be subject to different
vesting schedules for such different contribution sources. 
  

					
	(d)	  	☐	  	A vesting schedule or schedules different from the vesting schedule(s) selected above applies to certain Participants. Please complete Section (a) of the Vesting Schedule Addendum to the Adoption Agreement.

  

	1.17	 PREDECESSOR EMPLOYER SERVICE 

 

					
	(a)	  	☒	  	Service for purposes of eligibility in Subsection 1.04(b) and vesting in Subsection 1.16 of this Plan shall include service with the following predecessor employer(s):
			
		  		  	Knisely Bank
			
		  		  	First Place Bank (Hicksville Branch only)
			
		  		  	Croghan Colonial Bank (Custar, Ohio location only)
			
		  		  	Bank of Geneva

  

	1.18	 PARTICIPANT LOANS 

 

					
	(a)	  	☐	  	Participant loans are allowed in accordance with Article 9.

  

	1.19	 IN-SERVICE WITHDRAWALS 

Participants may make withdrawals prior to termination of employment under the following circumstances: 

 

					
	(a)	  	☐	  	Hardship Withdrawals - Hardship withdrawals shall be allowed in accordance with Section 10.05 of the Basic Plan Document, subject to a $0.00 minimum
amount.

  

	 	(1)	 Hardship withdrawals will be permitted from: 

 

					
	(A)	  	☐	  	A Participant’s Deferral Contributions Account only.
			
	(B)	  	☐	  	The Accounts specified in the In-Service Withdrawals Addendum. Please complete Section (c) of the In-Service Withdrawals
Addendum.

  

					
	(b)	  	☐	  	Age 59 1/2 - Participants shall be entitled to receive a distribution of all or any portion of the following Accounts upon attainment of age 59 1/2:

 

					
	(1)	  	☐	  	Deferral Contributions Account.
			
	(2)	  	☐	  	All vested Account balances.

  

	 	(c)	 Withdrawal of Employee Contributions, Rollover Contributions and certain other
contributions 

  

	 	(1)	 Unless otherwise provided below, Employee Contributions may be withdrawn in accordance with
Section 10.02 of the Basic Plan Document at any time. 

  

					
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	(A)	  	☐	  	Employees may not make withdrawals of Employee Contributions more frequently than:

  

	 	(2)	 Rollover Contributions may be withdrawn in accordance with Section 10.03 of the Basic Plan Document
at any time. 

  

	 	(3)	 Active Military Distribution (HEART Act) - Certain contributions restricted from
distribution only due to Code Section 401(k)(2)(B)(i)(I) may be withdrawn by Participants performing military service in accordance with Section 10.01 of the Basic Plan Document at any time. 

 

					
	(d)	  	☐	  	Qualified Disaster Distribution – One or more Qualified Disaster Distributions shall be allowed in accordance with Section 10.08 of the Basic Plan Document. Please complete the
In-Service Withdrawals Addendum to the Adoption Agreement identifying each such Qualified Disaster Distribution.
			
	(e)	  	☐	  	Qualified Reservist Distribution - A Qualified Reservist Distribution shall be allowed in accordance with Section 10.09 of the Basic Plan Document.
			
	(f)	  	☐	  	Age 62 Distribution of Money Purchase Benefits - A Participant who has attained at least age 62, shall be entitled to receive a distribution of all or any portion of the vested amounts attributable to benefit amounts
accrued as a result of the Participant’s participation in a money purchase pension plan (due to a merger into this Plan of money purchase pension plan assets), if any. (Choose only if Option 1.20(d)(1)(B) is selected.)
			
	(g)	  	☐	  	Additional In-Service Withdrawal Provisions - Benefits are payable as (check the appropriate box(es)):

  

					
	(1)	  	☐	  	an in-service withdrawal of vested amounts attributable to Employer Contributions maintained in a Participant’s Account (check (A) and/or
(B)):

  

							
	(A)	  	☐	  	for at least                      (24 or more) months.
				
		  	(i)	  	☐	  	Special restrictions apply to such in-service withdrawals, see the In- Service Withdrawals Addendum to the Adoption Agreement.
			
	(B)	  	☐	  	after the Participant has at least 60 months of participation.
				
		  	(i)	  	☐	  	Special restrictions apply to such in-service withdrawals, see the In- Service Withdrawals Addendum to the Adoption
Agreement.

  

					
	(2)	  	☐	  	another in-service withdrawal option that is permissible under the Code. Please complete the In-Service Withdrawals Addendum to the Adoption Agreement
identifying the in- service withdrawal option(s).

 Note: Any withdrawal indicated in this Section may be a “protected benefit” under Code
Section 411(d)(6) which can be eliminated only to the extent permitted by applicable guidance. 
  

	1.20	 FORM OF DISTRIBUTIONS 

Subject to Section 13.01, 13.02 and Article 14 of the Basic Plan Document, distributions under the Plan shall be paid as provided below.

  

					
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	 	(a)	 Lump Sum Payments - Lump sum payments are always available under the Plan and are the
normal form of payment under the Plan except as modified in Subsection 1.20(d)(2) below. 

  

					
	(b)	  	☒	  	Installment Payments - Participants may elect distribution under a systematic withdrawal plan (installments).
			
	(c)	  	☒	  	Partial Withdrawals - A Participant whose employment has terminated and whose Account is distributable in accordance with the provisions of Article 12 of the Basic Plan Document may elect to withdraw any portion of his
Distributable vested interest in his Account in cash at any time.
			
	(d)	  	☐	  	Annuities (Check if the Plan is retaining any annuity form(s) of payment.)

 

					
	(1)	  	☐	  	An annuity form of payment is available under the Plan because the Plan either converted from or received a transfer of assets from a plan that was subject to the minimum funding requirements of Code Section 412 and therefore
an annuity form of payment is a protected benefit under the Plan in accordance with Code Section 411(d)(6).

  

	 	(2)	 The normal form of payment under the Plan is (check (A) or (B)): 

 

							
	(A)	  	☐	  	Lump sum is the normal form of payment for:
				
		  	(i)	  	☐	  	All Participants
				
		  	(ii)	  	☐	  	All Participants except those as indicated on the Forms of Payment Addendum.
			
	(B)	  	☐	  	Life annuity is the normal form of payment for all Participants.

  

					
	(3)	  	☐	  	The Plan offers at least one other form of annuity as specified in the Forms of Payment Addendum.

 Note: A life annuity option will continue to be an available form of payment for any Participant
who elected such life annuity payment before the effective date of its elimination. 
  

	 	(e)	 Cash Outs and Implementation of Required Rollover Rule 

 

					
	(1)	  	☒	  	If the vested Account balance payable to an individual is less than or equal to the cash out limit utilized for such individual, such Account will be distributed in accordance with the provisions of Section 13.02 or 18.04 of
the Basic Plan Document. The cash out limit is:

  

					
	(A)	  	☐	  	$1,000.
			
	(B)	  	☒	  	The dollar amount specified in Code Section 411(a)(11)(A) ($5,000 as of January 1, 2013). Any distribution greater than $1,000 that is made to a Participant without the Participant’s consent before the Participant’s
Normal Retirement Age (or age 62, if later) will be rolled over to an individual retirement plan designated by the Plan Administrator.

  

	1.21	 TIMING OF DISTRIBUTIONS 

Except as provided in Subsection 1.21(a) or (b), distribution shall be made to an eligible Participant from his vested interest in his Account
as soon as reasonably practicable following the Participant’s request for distribution pursuant to Article 12 of the Basic Plan Document. 

  

					
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	 	(a)	 Distribution shall be made to an eligible Participant from his vested interest in his Account as soon as
reasonably practicable following the date the Participant’s application for distribution is received by the Administrator, but in no event later than his Required Beginning Date, as defined in Subsection 2.01(ss). 

 

					
	(b)	  	☐	  	Preservation of Same Desk Rule - Check if the Employer wants to continue application of the same desk rule described in Subsection 12.01(b) of the Basic Plan Document regarding distribution of Deferral Contributions,
Qualified Nonelective Employer Contributions, Qualified Matching Employer Contributions, 401(k) Safe Harbor Matching Employer Contributions, and 401(k) Safe Harbor Nonelective Employer Contributions. (If any of the above-listed contribution
types were previously distributable upon severance from employment, this Option may not be selected.)

  

	1.22	 TOP HEAVY STATUS 

 

	 	(a)	 The Plan shall be subject to the Top-Heavy Plan requirements of
Article 15 (check one): 

  

					
	(1)	  	☐	  	for each Plan Year, whether or not the Plan is a “top-heavy plan” as defined in Subsection 15.01(g) of the Basic Plan Document.
			
	(2)	  	☒	  	for each Plan Year, if any, for which the Plan is a “top-heavy plan” as defined in Subsection 15.01(g) of the Basic Plan Document.
			
	(3)	  	☐	  	Not applicable. (Choose only if (A) Plan covers only employees subject to a collective bargaining agreement, or (B) Option 1.11(a)(3), 401(k) Safe Harbor Matching Employer Contributions, or Option 1.12(a)(3), 401(k)
Safe Harbor Formula, is selected, and the Plan does not provide for Employee Contributions or any other type of Employer Contributions.)

  

	 	(b)	 If the Plan is or is treated as a “top-heavy plan” for
a Plan Year, each non-key Employee shall receive an Employer Contribution of at least 3% (3 or 5)% of Compensation for the Plan Year or such other amount in accordance with Section 15.03 of the
Basic Plan Document or as elected on the 416 Contributions Addendum. The minimum Employer Contribution provided in this Subsection 1.22(b) shall be made under this Plan only if the Participant is not entitled to such contribution under another
qualified plan of the Employer, unless the Employer elects otherwise below: 

  

					
	(1)	  	☐	  	The minimum Employer Contribution shall be paid under this Plan in any event.
			
	(2)	  	☐	  	Another method of satisfying the requirements of Code Section 416. Please complete the 416 Contributions Addendum to the Adoption Agreement describing the way in which the minimum contribution requirements will be satisfied in
the event the Plan is or is treated as a “top-heavy plan”.
			
	(3)	  	☐	  	Not applicable. (Choose only if (A) Plan covers only employees subject to a collective bargaining agreement, or (B) Option 1.11(a)(3), 401(k) Safe Harbor Matching Employer Contributions, or Option 1.12(b)(3), 401(k)
Safe Harbor Formula, is selected, and the Plan does not provide for Employee Contributions or any other type of Employer Contributions.)

 Note: The minimum Employer Contribution may be less than the percentage indicated in Subsection
1.22(b) above to the extent provided in Section 15.03 of the Basic Plan Document. 
  

	 	(c)	 If the Plan is or is treated as a “top-heavy plan” for
a Plan Year, the vesting schedule found in Subsection 1.16(c)(1) shall apply for such Plan Year and each Plan Year thereafter, except with regard to Participants for whom there is a more favorable vesting schedule for Nonelective Employer
Contributions. 

  

					
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 If the Employer has selected Option 1.01(b)(1) and the minimum Employer Contribution will
not be immediately 100% vested, the Vesting Schedule Addendum must contain the applicable vesting schedule. 
  

	1.23	 CORRECTION TO MEET 415 REQUIREMENTS UNDER MULTIPLE DEFINED CONTRIBUTION PLANS

  

	 	☐	 Other Order for Limiting Annual Additions – If the Employer maintains other defined
contribution plans, annual additions to a Participant’s Account shall be limited as provided in Section 6.12 of the Basic Plan Document to meet the requirements of Code Section 415, unless the Employer elects this Option and completes
the 415 Correction Addendum describing the order in which annual additions shall be limited among the plans. 

  

	1.24	 INVESTMENT DIRECTION 

Subject to Section 8.03 of the Basic Plan Document, Participant Accounts shall be invested (check one): 

 

					
	(a)	  	☐	  	in accordance with the investment directions provided to the Trustee by the Employer for allocating all Participant Accounts among the Permissible Investments.
			
	(b)	  	☒	  	in accordance with the investment directions provided to the Trustee by each Participant for allocating his entire Account among the Permissible Investments.
			
	(c)	  	☐	  	in accordance with the investment directions provided to the Trustee by each Participant for all contribution sources in his Account, except that the following sources shall be invested in accordance with the investment directions
provided by the Employer (check (1) and/or (2)):

  

					
	(1)	  	☐	  	Nonelective Employer Contributions
			
	(2)	  	☐	  	Matching Employer Contributions

 Note: The Employer must direct the applicable sources among the Permissible Investments. 

 

	1.25	 ADDITIONAL PROVISIONS AND PROTECTED BENEFITS 

 

					
	(a)	  	☒	  	Additional Provisions - The Plan includes certain provisions that are not delineated through the above elections in this Adoption Agreement, but are incorporated into Fidelity Basic Plan Document 17 and are described
within the Additional Provisions Addendum. The provisions included within the Additional Provisions Addendum supplement and/or alter the provisions of this Adoption Agreement and/or the Basic Plan Document.
			
	(b)	  	☐	  	Protected Benefit Provisions - The Plan includes provisions that are “protected benefits” under Code Section 411(d)(6) and are not delineated through the above elections in this Adoption Agreement, but
are described within the Protected Benefit Provisions Addendum.

  

	1.26	 SUPERSEDING PROVISIONS 

 

					
	(a)	  	☐	  	The Employer has completed the Plan Superseding Provisions Addendum to show the provisions of the Plan which supersede provisions of this Adoption Agreement and/or the Basic Plan Document.
			
		  		  	Note: If the Employer elects superseding provisions in Option (a) above, the Employer may not be permitted to rely on the Volume Submitter Sponsor’s advisory letter for qualification of its Plan. In

  

					
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		  		  	addition, such superseding provisions may in certain circumstances affect the Plan’s status as a pre-approved volume submitter plan eligible for the
6-year remedial amendment cycle.
			
	(b)	  	☐	  	The Employer has completed the Trust Superseding Provisions Addendum to show the provisions of the Plan which supersede provisions of the Trust Agreement in the Basic Plan Document.

  

	1.27	 RELIANCE ON ADVISORY LETTER 

An adopting Employer may rely on an advisory letter issued by the Internal Revenue Service as evidence that this Plan is qualified under Code
Section 401 only to the extent provided in Section 19.02 of Revenue Procedure 2011-49. The Employer may not rely on the advisory letter in certain other circumstances or with respect to certain qualification requirements, which are
specified in the advisory letter issued with respect to this Plan and in Section 19.03 of Revenue Procedure 2011-49. In order to have reliance in such circumstances or with respect to such qualification
requirements, application for a determination letter must be made to Employee Plans Determinations of the Internal Revenue Service. 

Failure to properly complete the Adoption Agreement and failure to operate the Plan in accordance with the terms of the Plan document may
result in disqualification of the Plan. 
 This Adoption Agreement may be used only in conjunction with Fidelity Basic Plan Document
No. 17. The Volume Submitter Sponsor shall inform the adopting Employer of any amendments made to the Plan or of the discontinuance or abandonment of the volume submitter plan document. 

 

	1.28	 ELECTRONIC SIGNATURE AND RECORDS 

This Adoption Agreement, and any amendment thereto, may be executed or affirmed by an electronic signature or electronic record permitted under
applicable law or regulation, provided the type or method of electronic signature or electronic record is acceptable to the Trustee. 
  

	1.29	 VOLUME SUBMITTER INFORMATION: 

 

			
	 Name of Volume Submitter Sponsor:
 Address of
Volume Submitter Sponsor:
	  	 Fidelity Management & Research Company

245 Summer Street
 Boston, MA 02210

  

					
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 EXECUTION PAGE 

 

			
	Plan Name	  	The Farmers & Merchants State Bank 401(k) Profit Sharing Plan (the “Plan”)
		
	Employer:	  	The Farmers & Merchants State Bank

 The Fidelity Basic Plan Document No. 17 and the accompanying Adoption Agreement together comprise the Volume Submitter
Defined Contribution Plan. It is the responsibility of the adopting Employer to review this volume submitter plan document with its legal counsel to ensure that the volume submitter plan is suitable for the Employer and that Adoption Agreement has
been properly completed prior to signing. 
 IN WITNESS WHEREOF, the Employer has caused this Adoption Agreement to be executed on 8/21/2020 | 8:40:31 AM
EDT. 
  

			
	Employer:	 	 The Farmers & Merchants State Bank

		
	By:	 	 

  

		
	Title:	 	 Chief People Officer

 Note: Only one authorized signature is required to execute this Adoption Agreement unless the Employer’s
corporate policy mandates two authorized signatures. 
  

			
	Employer:	 	 The Farmers & Merchants State Bank

		
	By:	 	  

		
	Title:	 	  

  

									
	Accepted by:	 	 Fidelity Management Trust Company, as Trustee
	 		 		 	
					
	By:	 	 

  
	 		 	By:	 	 8/21/2020 | 8:52:40 AM EDT

					
	Title:	 	 Authorized Signatory
	 		 		 	

  

					
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 ADDITIONAL PROVISIONS ADDENDUM 

for 
 Plan Name: The
Farmers & Merchants State Bank 401(k) Profit Sharing Plan 
 (a) Additional Provision(s) – The
following provisions supplement and/or, to the degree described herein, supersede other provisions of this Adoption Agreement and the Basic Plan Document in the following manner: 

(1) The following replaces Subsection 1.05(a): 
  

	 	(a)	 Compensation Exclusions - Compensation shall exclude the item(s) selected below for
the indicated types of contributions. 

  

											
	 	  	 (1) Deferral
Contributions, Employee
Contributions,
Qualified
Nonelective Employer
Contributions, 401(k)
Safe Harbor Matching
Employer Contributions
	  	
(2) Nonelective
Employer
Contributions -
other than 401(k)
Safe
Harbor
Nonelective
Employer
Contributions
	  	 (3) Matching
Employer

Contributions -
other than 401(k)
Safe Harbor
Matching Employer
Contributions
	  	 (4) 401(k)
Safe
Harbor
Nonelective
Employer
Contributions
	  	 
						
	(A)	  		  		  		  		  	N/A – not applicable – type of contribution(s) not selected or no exclusions
						
	(B)	  	X	  	X	  	X	  		  	Reimbursements or other expense allowances
						
	(C)	  	X	  	X	  	X	  		  	Fringe benefits (cash and non-cash)
						
	(D)	  	X	  	X	  	X	  		  	Moving expenses
						
	(E)	  	X	  	X	  	X	  		  	Deferred compensation
						
	(F)	  	X	  	X	  	X	  		  	Welfare benefits
						
	(G)	  		  		  		  		  	Unused leave as described in Section 2.01(k)(2)
						
	(H)	  		  		  		  		  	Differential Wages
						
	(I)	  		  		  		  		  	Overtime pay
						
	(J)	  		  	X	  	X	  		  	Bonuses
						
	(K)	  		  		  		  		  	Commissions
						
	(L)	  		  		  		  		  	The value of restricted stock or of a qualified or a non- qualified stock option granted to an Employee by the Employer to the extent such value is includable in the Employee’s taxable income.
						
	(M)	  		  		  		  		  	Severance pay received prior to termination of employment - Severance pay received following termination of employment is always excluded for purposes of contributions.
						
	(N)	  	X	  	X	  	X	  		  	Such other items as are identified in Section 1.05(a)(5) below.

  

					
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	 	(5)	 The following other items are excluded for the types of contributions indicated: 

 

	 	(A)	 Compensation for Deferral Contributions, Employee Contributions, Qualified Nonelective Employer
Contributions, and 401(k) Safe Harbor Matching Employer Contributions. The following items are excluded from Compensation for purposes of determining Deferral Contributions, Employee Contributions, Qualified Nonelective Employer
Contributions, and 401(k) Safe Harbor Matching Employer Contributions (Complete if Subsection 1.05(a)(1)(N) is selected and list separately any items excluded from Compensation only for a particular group of employees and provide a
description of that group: 

 Employer contributions (other than elective contributions described in Code
Sections 402(e)(3), 408(k)(6), 408(p)(2)(A)(i), or 457(b)) to a plan of deferred compensation (including a SEP described in Code Section 408(k) or a SIMPLE IRA described in Code
Section 408(p), and whether or not qualified) to the extent such contributions are not includible in the Employee’s gross income for the taxable year in which contributed, and any distributions (whether
or not includible in gross income when distributed) from a plan of deferred compensation (whether or not qualified); Amounts realized from the exercise of a non-qualified stock option, or when
restricted stock (or property) held by the Employee either becomes freely transferable or is no longer subject to a substantial risk of forfeiture; Amounts realized from the sale, exchange or other disposition of stock acquired
under a qualified stock option; Other amounts which received special tax benefits, or contributions made by the Employer (other than Elective Deferrals) towards the purchase of an annuity contract described in Code
Section 403 (b) (whether or not the contributions are actually excludable from the gross income of the Employee). 

Note: If the Employer has selected Safe Harbor Matching Employer Contributions, any exclusion listed above must be a permitted
exclusion under Section 1.414(s)-1(d)(2) of the Treasury Regulations. In addition, a Participant must be permitted to make Deferral Contributions under the Plan sufficient to receive the full 401(k) Safe
Harbor Matching Employer Contribution, determined as a percentage of Compensation meeting the requirements of Code Section 414(s). 
  

	 	(B)	 Compensation for Nonelective Employer Contributions (other than 401(k) Safe Harbor Nonelective
Employer Contributions). The following items are excluded from Compensation for purposes of allocating Nonelective Employer Contributions other than 401(k) Safe Harbor Nonelective Employer Contributions and Nonelective Employer Contributions
that are allocated under the Integrated Formula, if elected in Subsection 1.12(a)(4) and/or 1.12(b)(2) (Complete if Subsection 1.05(a)(2)(N) is selected and list separately any items excluded from Compensation only for a particular group of
employees and provide a description of that group): 

 Employer contributions (other than elective contributions
described in Code Sections 402(e)(3), 408(k)(6), 408(p)(2)(A)(i), or 457(b)) to a plan of deferred compensation (including a SEP described in Code Section 408(k) or a SIMPLE IRA described in Code
Section 408(p), and whether or not qualified) to the extent such contributions are not includible in the Employee’s gross income for the taxable year in which contributed, and any distributions (whether
or not includible in gross income when distributed) from a plan of deferred compensation (whether or not qualified);Amounts realized from the exercise of a non-qualified stock option, or when
restricted stock (or property) held by the Employee either becomes freely transferable or is no longer subject to a substantial risk of forfeiture; Amounts realized from the sale, exchange or other disposition of stock

  

					
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acquired under a qualified stock option; Other amounts which received special tax benefits, or contributions made by the Employer (other than Elective Deferrals) towards
the purchase of an annuity contract described in Code Section 403 (b) (whether or not the contributions are actually excludable from the gross income of the Employee). 

 

	 	(C)	 Compensation for Matching Employer Contributions (other than 401(k) Safe Harbor Matching Employer
Contributions). The following items are excluded from Compensation for purposes of allocating Matching Employer Contributions other than 401(k) Safe Harbor Matching Employer Contributions (Complete if Subsection 1.05(a)(3)(N) is selected
and list separately any items excluded from Compensation only for a particular group of employees and provide a description of that group): 

Employer contributions (other than elective contributions described in Code Sections 402(e)(3), 408(k)(6), 408(p)(2)(A)(i), or
457(b)) to a plan of deferred compensation (including a SEP described in Code Section 408(k) or a SIMPLE IRA described in Code Section 408(p), and whether or not qualified) to the extent such
contributions are not includible in the Employee’s gross income for the taxable year in which contributed, and any distributions (whether or not includible in gross income when distributed) from a plan of deferred
compensation (whether or not qualified);Amounts realized from the exercise of a non-qualified stock option, or when restricted stock (or property) held by the Employee either becomes freely
transferable or is no longer subject to a substantial risk of forfeiture; Amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option; Other amounts which received special tax
benefits, or contributions made by the Employer (other than Elective Deferrals) towards the purchase of an annuity contract described in Code Section 403 (b) (whether or not the contributions are actually
excludable from the gross income of the Employee). 
  

	 	(D)	 Compensation for 401(k) Safe Harbor Nonelective Employer Contributions. The following
items are excluded from Compensation for purposes of allocating 401(k) Safe Harbor Nonelective Employer Contributions (Complete if Subsection 1.05(a)(4)(N) is selected and list separately any items excluded from Compensation only for a particular
group of employees and provide a description of that group): 

 Note: Any exclusion listed above must be a
permitted exclusion under Section 1.414(s)- 1(d)(2) of the Treasury Regulations. In addition, the definition of Compensation must be tested to show that it meets the requirements of Code Section 414(s). 

Note: The Participant group(s) identified above must be clearly defined in a manner that will not violate the definite predetermined
allocation formula requirement of Treasury Regulation Section 1.401-1(b)(1)(ii). 
 Note:
If the Employer selects Option (I), (J), (K), (L), (M), or (N) with respect to Nonelective Employer Contributions, Compensation must be tested to show that it meets the requirements of Code Section 414(s) or the allocations must be tested
to show that they meet the general test under regulations issued under Code Section 401(a)(4). If the Employer selects Option (I), (J), (K), (L), (M), or (N) with respect to 401(k) Safe Harbor Nonelective Employer Contributions,
Compensation must be tested to show that it meets the requirements of Code Section 414(s). If the Employer selects Option (I), (J), (K), (L), (M), or (N) with respect to Deferral Contributions and Safe Harbor Matching Employer
Contributions, a Participant must be permitted to make Deferral Contributions under the Plan sufficient to receive the full 401(k) Safe Harbor Matching Employer Contribution, determined as a percentage of Compensation meeting the requirements of
Code Section 414(s). If the Employer selects Option (I), (J), (K), (L), (M), or (N) with respect to Matching Employer Contributions (other than 401(k) Safe Harbor Matching Employer Contributions), Compensation for purposes of applying the
limitations on Matching Employer Contributions described in 

  

					
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Section 6.10 of the Basic Plan Document (for deemed satisfaction of the “ACP” test) must be tested to show that it meets the requirements of Code Section 414(s). 

(2) The following shall be added as Section 1.07(b): 

 

	 	(b)	 Additional Automatic Enrollment Provisions – Except as provided in
(c) below, automatic enrollment made in accordance with Section 5.03(c) of the Basic Plan Document is subject to the following: 

  

	 	(1)	 An initial pre-tax Deferral Contribution of 4.00% will be
made for: 

  

	 	(A)	 Newly-eligible Employees 35 days after such Employee’s date of hire, but no sooner than such
Employee’s Entry Date. 

  

	 	(B)	 Active Participants (who are not suspended from making Deferral Contributions), beginning on
09/01/2020 if they meet any of the following criteria: 

  

	 	(i)	 They are without a deferral election on file. 

 

	 	(C)	 Each Eligible Employee having a Reemployment Commencement Date will be treated as follows for purposes
of the above-described automatic enrollment contributions: 

  

	 	(i)	 Shall be automatically enrolled later of 30 days from date of rehire or Entry Date.

 Note: If the Employer has elected a QACA in Option 1.07(a)(6)(D), then after the effective date of this
election, any Participant automatically enrolled pursuant to this subparagraph (C) who was automatically enrolled under the QACA at the time of leaving employment shall be automatically enrolled at the same rate in effect immediately prior to
his leaving employment plus any increases missed in accordance with paragraph (2) below (if applicable) prior to his Reemployment. 
  

	 	(2)	 Those Participants with a deferral rate greater than zero (who are not suspended from making Deferral
Contributions) will have that deferral increased annually by 1% (not to exceed 3%) as a pre-tax Deferral Contribution until a deferral rate of 6.00% is reached with the following
additional parameters: 

  

	 	(A)	 Applies only to those: 

 

	 	(i)	 Participants who are still automatically enrolled under paragraph (1) above. 

 

	 	(B)	 Each applicable increase shall occur: 

 

	 	(i)	 For Participants who are described within subparagraph (2)(A)(i) above: 

 

	 	(I)	 Each year on 08/31, except with regard to the first such annual increase which shall not apply to
a Participant within the first six months following the date such Participant was automatically enrolled pursuant to paragraph (1) above. 

  

	 	(c)	 Exceptions to Automatic Deferral Provisions– The provisions of Subsection 1.07(b)
shall be applied differently to the groups of Eligible Employees as specified below. 

  

	 	Note:	 The Participant group(s) identified below must be clearly defined in a manner that will not violate the
definite predetermined allocation formula requirement of Treasury Regulation Section 1.401- 1(b)(1)(ii). 

  

	 	(1)	 The following group of Eligible Employees shall have automatic enrollment apply differently to them
according to the provisions in (A) and (B) below: 

 Employees automatically enrolled prior to 01/01/2020.

  

	 	(A)	 An initial pre-tax Deferral Contribution of 2.00% will be
made for: 

  

					
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	 	(i)	 Newly-eligible Employees 35 days after such Employee’s date of hire, but no sooner than such
Employee’s Entry Date. 

  

	 	(ii)	 Active Participants (who are not suspended from making Deferral Contributions), beginning on
09/01/2020 if they meet any of the following criteria: 

  

	 	(I)	 They are without a deferral election on file. 

 

	 	(iii)	 Each Eligible Employee having a Reemployment Commencement Date will be treated as follows for purposes
of the above-described automatic enrollment contributions: 

  

	 	(I)	 Shall be automatically enrolled later of 30 days from date of rehire or Entry Date.

 Note: If the Employer has elected a QACA in Option 1.07(a)(6)(D), then after the effective date of this
election, any Participant automatically enrolled under the Plan who was automatically enrolled under the QACA at the time of leaving employment shall be automatically enrolled at the same rate in effect immediately prior to his leaving employment
plus any increases missed in accordance with paragraph (B) below (if applicable) prior to his Reemployment. 
  

	 	(B)	 Those Participants with a deferral rate greater than zero (who are not suspended from making Deferral
Contributions) will have that deferral increased annually by 1% (not to exceed 3%) as a pre-tax Deferral Contribution until a deferral rate of 6.00% is reached with the following
additional parameters: 

  

	 	(i)	 Applies only to those: 

 

	 	(I)	 Participants who are still automatically enrolled under paragraph (A) above 

 

	 	(ii)	 Each applicable increase shall occur: 

 

	 	(I)	 For Participants who are described within subparagraph B(i)(I) above: 

 

	 	•	 Each year on 08/31 except with regard to the first such annual increase which shall not apply to a
Participant within the first six months following the date such Participant was automatically enrolled pursuant to paragraph (A) above. 

(3) The following replaces Subsection 1.12(b): 
  

	 	(b)	 Discretionary Formula - The Employer may decide each Contribution Period whether to make a
discretionary Nonelective Employer Contribution on behalf of “eligible” Participants in accordance with Section 5.10 of the Basic Plan Document. 

 

	 	(4)	 Participant Group Allocation Method – The Nonelective Employer Contribution is allocated first at
the Employer’s discretion among the employee groups with the same allocation rate, as identified below. The amount allocated to each such group shall then be allocated among the “eligible” Participants within such group in the ratio
that each “eligible” Participant’s Compensation for the Plan Year bears to the total Compensation paid to all “eligible” Participants within the group. 

  

					
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	 	(A)	 Employee Groups – Allocation groups will be determined in the following manner:

  

	 	(1)	 Each “eligible” Participant will be considered his own allocation group.

 Note: The specific categories of “eligible” Participants should be such that resulting allocations are
provided pursuant to a definite predetermined formula that complies with Treasury Regulations Section 1.401-1(b)(1)(ii). 
  

	 	(B)	 Unless the Plan can be restructured in accordance with regulations under Code Section 401(a)(4) to
provide uniform percentages of Compensation to “eligible Participants”, the Plan will not satisfy a design-based safe harbor pursuant to the regulations under Code Section 401(a)(4). If the Plan cannot be restructured, the Plan shall
be required to satisfy the nondiscriminatory amount requirement by testing in accordance with Section 1.401(a)(4)-2(a) of the Treasury Regulations. If the Plan is required to pass cross-testing in
accordance with Section 1.401(a)(4)-8 of the Treasury Regulations to satisfy the nondiscriminatory amount requirement and the Plan does not meet the exception found in
Section 1.401(a)(4)-8(b)(1)(i)(B)(1) or (2), the Plan shall provide a minimum gateway contribution allocation to Participants who are not Highly Compensated Employees and who are required to benefit under
this allocation formula equal to at least 1/3rd of the allocation rate for the Highly Compensated Employee benefiting under this allocation formula who has the highest allocation rate, provided that the Plan may instead provide a minimum gateway
allocation to each such Participant equal to 5% of his “415 compensation”, as described in Section 6.01(m) of the Basic Plan Document. All Participants not included in an allocation group above shall be considered as not benefiting
under this allocation for the Contribution Period unless otherwise is required to pass the nondiscriminatory amount testing pursuant to Section 1.401(a)(4)-8 of the Treasury Regulations. The Employer
shall notify the Plan Administrator of the amount allocable to each group. 

 Note: The requirements of Treasury
Regulations Section 1.401(k)-1(a)(6) (describing what constitutes a cash or deferred arrangement with respect to Self-Employed Individuals) applies to the allocation formula under this Option. Therefore,
the allocation formula should be structured so that application of the formula does not create a cash or deferred arrangement with respect to a Self-Employed Individual (e.g., by permitting partners to directly or indirectly vary the amount of
contribution made on their behalf). 
 (4) In addition to any other options selected in Subsection 1.15, the following applies:

  

	 	(e)	 The following requirements in effect under the Plan prior to its conversion to a Fidelity Basic Plan
Document No. 17 Adoption Agreement apply to Participants as described: 

 The participant is unable to engage in
any substantial gainful activity by reason of a medically determinable physical or mental impairment that can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12
months. The permanence and degree of such impairment shall be supported by medical evidence. The Plan Administrator may establish reasonable procedures for determining whether a Participant is disabled. 

(5) The following replaces Basic Plan Document Section 19.05: 

19.05. Costs of Administration. All reasonable costs and expenses (including legal, accounting, and employee
communication fees) incurred by the Administrator and the Trustee in administering the Plan and Trust may be paid from the forfeitures (if any) resulting under Section 11.08, from the suspense account described in this Section, if any, or from
the remaining Trust Fund. All such costs and expenses paid from the remaining Trust Fund shall, unless allocable to the Accounts of particular Participants, be charged against the Accounts of all Participants as provided in the Service Agreement.

  

					
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 Amounts a service provider agrees to credit to the Plan in recognition of the service
provider’s compensation for Plan services will be allocated to the Plan as follows: (a) to the extent an amount is attributable to a Permissible Investment, such amount shall be allocated to the Accounts of Participants and Beneficiaries
pro rata based on the ratio that each Participant and Beneficiary’s balance in each such Permissible Investment bears to the total balances for all such Participants and Beneficiaries in such Permissible Investment; and, (b) to the extent
an amount is a credit for float earnings of the Plan in excess of float expenses, such amount shall be allocated to a suspense account from which the Administrator may pay Plan expenses and/or allocate amounts to the Accounts of Participants and
Beneficiaries pro rata based on their Account balances in the Trust excluding amounts invested in a loan pursuant to Article 9. Any amounts so allocated shall not constitute “annual additions” (as defined in Subsection 6.01(a)) under the
Plan. 

  

					
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 Volume Submitter Defined Contribution Plan 

ADDENDUM TO ADOPTION AGREEMENT 

FIDELITY BASIC PLAN DOCUMENT No. 17 

RE: American Taxpayer Relief Act of 2012 

Plan Name: The Farmers & Merchants State Bank 401(k) Profit Sharing Plan 

Fidelity 5-digit Plan Number: 77436 

PREAMBLE 
 Adoption and Effective Date of
Amendment. This amendment of the Plan is adopted to reflect certain provisions of the American Taxpayer Relief Act of 2012 (“ATRA”). This amendment is intended as good faith compliance with the ATRA and is to be construed in
accordance with applicable guidance. This amendment shall be effective with respect to Fidelity’s Volume Submitter plan as provided below. 

Supersession of Inconsistent Provisions. This amendment shall supersede the provisions of the Plan to the extent those provisions are
inconsistent with the provisions of this amendment. 
  

							
	(a)	 	☒	  	In-Plan Roth Conversions. In accordance with Article 5 of the Basic Plan Document and as may be limited in (2) below, any Participant who is still employed
by the Employer may elect to have any part of the below-listed portions of his Account, which is fully vested, not part of an outstanding loan balance pursuant to Article 9 of the Basic Plan Document, not currently distributable and not
“designated Roth contributions” under the Plan, be considered “designated Roth contributions” for purposes of the Plan. This subsection (a) shall be effective to permit such conversions on and after the following effective
date: 09/01/2020 (can be no earlier than January 1, 2013).
			
		 	(1)	  	The following sub-accounts are available to be converted: Employee Deferral and Employer Profit Sharing.
				
		 	(2)	  	☐	  	A Participant may not make an In-Plan Roth Conversion more frequently than:
                        .

 Amendment Execution 

IN WITNESS WHEREOF, the Employer has caused this Amendment to be executed this
                 day of 8/21/2020 | 8:40:31 AM EDT 
  

									
	Employer:	 	 The Farmers & Merchants State Bank
	 		 	Employer:	 	 The Farmers & Merchants State Bank

					
	By:	 	 

  
	 		 	By:	 	  

					
	Title:	 	 Chief People Officer
	 		 	Title:	 	  

 Note: Only one authorized signature is required to execute this Adoption Agreement unless the Employer’s corporate
policy mandates two authorized signatures. 
  

									
	Accepted by:	 	Fidelity Management Trust Company, as Trustee	 		 		 	
					
	By:	 	 

  
	 		 	Date:	 	 8/21/2020 | 8:52:40 AM EDT

  

					
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 Volume Submitter Defined Contribution Plan 

ADDENDUM TO ADOPTION AGREEMENT 

FIDELITY BASIC PLAN DOCUMENT No. 17 

RE: The Disaster Tax Relief and Airport and Airway Extension Act of 2017, The Tax Cuts and Jobs Act of 2017, The Bipartisan Budget Act of
2018, and Code Sections 401(k) and 401(m) 2019 Final Hardship Regulations 
 Plan Name: The Farmers & Merchants State
Bank 401(k) Profit Sharing Plan 
 Fidelity 5-digit Plan Number: 77436 

PREAMBLE 
 Adoption and Effective Date of
Amendment. This amendment of the Plan is adopted to reflect statutory changes pursuant to the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (Disaster Relief Act), the Tax Cuts and Jobs Act of 2017 (TCJA), the Bipartisan
Budget Act of 2018 (BBA), and Code Sections 401(k) and (m) 2019 Final Hardship Regulations and any related guidance. This amendment is intended as good faith compliance with the requirements of the Disaster Relief Act, the TCJA and the BBA and those
final regulations and is to be construed in accordance with guidance issued thereunder. This amendment shall be effective for Plan Years beginning after December 31, 2018 with respect to Fidelity’s Volume Submitter plan and with respect to
the Employer’s plan except as provided below. 
 Supersession of Inconsistent Provisions. This amendment shall supersede the provisions
of the Plan to the extent those provisions are inconsistent with the provisions of this amendment. 
 Hardship Provisions 

 

											
	(a)	 	No Loan Requirement Prior to Hardship. Unless otherwise indicated below, the loan requirement described in Section 10.05(b)(1) is removed effective for Plan Years beginning after December 31,
2018.
				
		 	(1)	  	☐	  	Later effective date:
				
		 	(2)	  	☐	  	Loan Required Prior to Hardship. A Participant shall obtain all nontaxable (at the time of the loan) loans currently available under all plans maintained by the Employer or any Related Employer in order for the
distribution to be considered as necessary to satisfy an immediate and heavy financial need of the Participant.
				
		 		  		  	This subsection (a)(2) shall be effective:
						
		 		  		  	(A)	  	☐	  	The first day of the Plan Year beginning after December 31, 2018.
						
		 		  		  	(B)	  	☐	  	Later effective date:
		
	(b)	 	Earnings. Unless otherwise indicated below, earnings accrued on Accounts specified by the Employer will be included in amounts available for withdrawals effective for Plan Years beginning after December 31,
2018.
				
		 	(1)	  	☐	  	Later effective date:
				
		 	(2)	  	☐	  	Earnings excluded from hardship withdrawals. A hardship withdrawal will exclude any earnings on the Deferral Contributions Account accrued after the later of December 31, 1988 or the last day of the last Plan
Year ending before July 1, 1989.

  

					
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		 		  		  	This subsection (b)(2) shall be effective:
						
		 		  		  	(A)	  	☐	  	The first day of the Plan Year beginning after December 31, 2018.
						
		 		  		  	(B)	  	☐	  	Later effective date:
		
	(c)	 	Suspension Removal. Effective for Plan Years beginning after December 31, 2018, unless otherwise indicated below, the suspension of contributions described in Section 10.05(b) of the Plan is
removed.
				
		 	(1)	  	☐	  	Later effective date:                          (cannot be later than January 1,
2020).

 Amendment Execution 

IN WITNESS WHEREOF, the Employer has caused this Amendment to be executed on the date given below. 

 

									
	Employer:	 	 The Farmers & Merchants State Bank
	 		 	Employer:	 	 The Farmers & Merchants State Bank

											
						
	
                     
            
	 	By:	 		 	
                     
            
	 	By:	 	
						
	  
	 	Title	 		 	  
	 	Title:	 	
						
	  
	 	Date:	 		 	  
	 	Date:	 	

  

	Note:	 Only one authorized signature is required to execute this Adoption Agreement unless the Employer’s
corporate policy mandates two authorized signatures. 

  

									
	Accepted by:	 	  
	 	as Trustee
					
	By:	 	  
	 		 	Date:	 	  

					
	Title:	 	  
	 		 		 	

  

					
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 37EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST

 Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS C(2020-2) TERMS DOCUMENT 
 Dated as of September 10, 2020 

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
	  	 	1	 
			
	 Section 1.01.
	 	Definitions	  	 	1	 
			
	 Section 1.02.
	 	Representations and Warranties of Issuer	  	 	8	 
			
	 Section 1.03.
	 	Representations and Warranties of Indenture Trustee	  	 	8	 
			
	 Section 1.04.
	 	Limitations on Liability	  	 	9	 
			
	 Section 1.05.
	 	Governing Law	  	 	9	 
			
	 Section 1.06.
	 	Counterparts	  	 	9	 
			
	 Section 1.07.
	 	Ratification of Indenture and Indenture Supplement	  	 	9	 
		
	 ARTICLE II. THE CLASS C(2020-2)
NOTES
	  	 	10	 
			
	 Section 2.01.
	 	Creation and Designation	  	 	10	 
			
	 Section 2.02.
	 	Adjustments to Required Subordinated Percentage and Amount	  	 	10	 
			
	 Section 2.03.
	 	Interest Payment	  	 	10	 
			
	 Section 2.04.
	 	Notification of LIBOR	  	 	10	 
			
	 Section 2.05.
	 	Payments of Interest and Principal	  	 	11	 
			
	 Section 2.06.
	 	Form of Delivery of Class C(2020-2) Notes; Denominations	  	 	12	 
			
	 Section 2.07.
	 	Delivery and Payment for the Class C(2020-2) Notes	  	 	13	 
			
	 Section 2.08.
	 	[Reserved]	  	 	13	 
			
	 Section 2.09.
	 	Additional Issuances of Notes	  	 	13	 
			
	 Section 2.10.
	 	Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	14	 
			
	 Section 2.11.
	 	No Payments from Interest Funding Subaccount for Accretion of Principal of the Class C(2020-2) Notes	  	 	14	 
			
	 Section 2.12.
	 	Calculation of Class C(2020-2) Accreted Discount	  	 	14	 
			
	 Section 2.13.
	 	[Reserved]	  	 	14	 
			
	 Section 2.14.
	 	Duties of the Indenture Trustee	  	 	14	 
			
	 Section 2.15.
	 	Seller’s Interest to Be Included in the Monthly Statement	  	 	14	 
			
	 Section 2.16.
	 	Additional Requirements for Registration of and Limitations on Transfer and Exchange of Class C(2020-2) Notes	  	 	15	 

  

			
	Exhibit
	 Exhibit A
	  	Form of Class C Note

  

  
 i 

 THIS CLASS C(2020-2) TERMS DOCUMENT (this
“Terms Document”), by and between DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking
association organized and existing under the laws of the United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of September 10, 2020. 

Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class C 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 Note Purchase Agreement, dated as of September 10,
2020, by and among Discover Card Execution Note Trust, Discover Bank, Discover Funding LLC and the Purchaser (as defined therein) (as may be amended, supplemented, restated, amended and restated or otherwise modified from time to time, the
“Note Purchase Agreement”), 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 C(2020-2) Notes; 
 (6) each capitalized term defined herein shall
relate only to the Class C(2020-2) Notes and no other Tranche of Notes issued by the Issuer; 

 (7) “including” and words of similar import will be deemed to be followed by
“without limitation”; and 
 (8) for purposes of determining any amount or making any calculation hereunder, such amount or
calculation, (x) if specified to be as of the first day of any Due Period, shall (a) include any Notes issued during such Due Period as if such Notes had been outstanding on the first day of such Due Period and (b) give effect to any
payments, deposits or other allocations made on the Distribution Date related to the prior Due Period, and (y) if specified to be as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other
allocations made on the related Distribution Date. 
 “Accumulation Amount” means $685,000,000. 

“Accumulation Commencement Date” means January 1, 2022. 

“Accumulation Period” has the meaning set forth in the Indenture Supplement. 

“Accumulation Period Length” means 1 month. 

“Class C(2020-2) Accreted Discount” means, for any Distribution
Date, the amount of principal accreted on the Class C(2020-2) Notes in accordance with Section 2.12 hereof through the Monthly Principal Accretion Period ending on such Distribution Date. 

“Class C(2020-2) Adverse Event” means the occurrence of any of the
following: (a) an Early Redemption Event with respect to the Class C(2020-2) Notes or (b) an Event of Default and acceleration of the Class C(2020-2)
Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred, a
Class C(2020-2) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class C(2020-2) Note” means any Note, in the form set forth in
Exhibit A hereto, designated therein as a Class C(2020-2) Note and duly executed and authenticated in accordance with the Indenture. 

“Class C(2020-2) Noteholder” means a Person in whose name a Class C(2020-2) Note is registered in the Note Register. 
 “Class C(2020-2) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the
Class C(2020-2) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 

“Class C Reserve Account Percentage” means 0.00%. 

“Class C Tranche Interest Allocation” means, notwithstanding anything to the contrary in the Indenture
Supplement, for the Class C(2020-2) Notes, zero; provided that, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Expected Maturity Date, for any Distribution Date after
the Expected Maturity Date, the Class C Tranche Interest Allocation shall be the Class C Interest for the Class C(2020-2) Notes plus any Interest Allocation Shortfall from the prior Distribution
Date. Following a Receivables Sale for the Class C(2020-2) Notes, the Class C Tranche Interest Allocation shall be zero. 

  
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 “Discount Amount” means initially $13,785,725; provided that following any
issuance of additional Class C(2020-2) Notes in accordance with Section 2.09, the Discount Amount shall mean the amount specified in the Notice of Additional Issuance. 

“Encumbered Amount” means, for the Class C(2020-2) Notes, an amount equal to

 (a) the Nominal Liquidation Amount of the Class C(2020-2) Notes, divided by 

(b) the Nominal Liquidation Amount of all Tranches of Class C Notes in the DiscoverSeries, multiplied by 

(c) the sum of (i) the aggregate Required Subordinated Amount of Class C Notes for all Tranches of Class A Notes in the
DiscoverSeries with a Required Subordinated Amount of Class B Notes equal to zero and a Required Subordinated Amount of Class C Notes greater than zero and (ii) the aggregate Required Subordinated Amount of Class C Notes for all
Tranches of Class B Notes in the DiscoverSeries with a Required Subordinated Amount of Class C Notes greater than zero. 

“Encumbered Required Subordinated Amount of Class D Notes” means, for the
Class C(2020-2) Notes, the product of 
 (a) the sum of (1) the aggregate Required
Subordinated Amount of Class D Notes for all Tranches of Class A Notes in the DiscoverSeries with a Required Subordinated Amount of Class D Notes greater than zero, plus (2) the aggregate Unencumbered Required
Subordinated Amount of Class D Notes for all Tranches of Class B Notes in the DiscoverSeries with an Unencumbered Required Subordinated Amount of Class D Notes greater than zero, multiplied by 

(b) a percentage equivalent to a fraction, the numerator of which is the Nominal Liquidation Amount of the
Class C(2020-2) Notes, and the denominator of which is the Nominal Liquidation Amount of all Tranches of Class C Notes in the DiscoverSeries. 

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

“Expected Maturity Date” means February 15, 2022. 

“Indenture” means the Amended and Restated Indenture, dated as of December 22, 2015, by and between the Issuer and
Indenture Trustee, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019, as supplemented by the Indenture Supplement, as such agreement may be further amended,
supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

  
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 “Indenture Supplement” means the Second Amended and Restated Indenture
Supplement for the DiscoverSeries Notes, dated as of December 22, 2015, by and between the Issuer and the Indenture Trustee, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of
August 27, 2019, 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 $671,214,275 or such higher amount as is specified in any Notice of Additional
Issuance under Section 2.09. 
 “Interest Accrual Period” means, with respect to any Interest Payment Date, the period
from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date occurring after the Expected Maturity Date, from and including the Expected Maturity Date to but
excluding such Interest Payment Date). 
 “Interest Payment Date” means, if the Outstanding Dollar Principal Amount is not
paid in full on or prior to the Expected Maturity Date, the fifteenth day of each month commencing on March 15, 2022, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 

“Issuance Date” means September 10, 2020 with respect to all
Class C(2020-2) Notes issued on the date hereof and, with respect to any additional Class C(2020-2) Notes issued pursuant to Section 2.09, any Issuance
Date specified in the Notice of Additional Issuance delivered thereunder. 
 “Legal Maturity Date” means February 15,
2024. 
 “LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in United States dollars with a
duration comparable to the relevant Interest Accrual Period which appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the LIBOR Agent on
the basis of the rates at which deposits in United States dollars are offered by major banks in the London interbank market, selected by the Calculation Agent by written notice to the LIBOR Agent, at approximately 11:00 a.m., London time, on such
day to prime banks in the London interbank market with a duration comparable to the relevant Interest Accrual Period commencing on that day. The LIBOR Agent will request the principal London office of four banks selected by the Calculation Agent to
provide a quotation of its rate. If at least two such quotations are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the
rates quoted by four major banks in New York City, selected by the Calculation Agent, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration comparable to the
relevant Interest Accrual Period commencing on that day. In the event the LIBOR Agent on any LIBOR Determination Date is required, but is unable, to determine LIBOR in accordance with at least one of the procedures described above, LIBOR will be
LIBOR as determined on the previous LIBOR Determination Date or, with respect to the LIBOR Determination Date for the initial Interest Period, LIBOR will be the rate for deposits in United States dollars with a duration comparable to the relevant
Interest Accrual Period which appeared on Reuters Screen LIBOR01 as of the last date most recently occurring prior to such LIBOR Determination Date. 

  
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 “LIBOR Agent” means U.S. Bank National Association, not in its individual
capacity, but solely as LIBOR agent. 
 “LIBOR Business Day,” if applicable, shall mean a day other than a Saturday or a
Sunday on which banking institutions in both the City of London, England and in New York, New York are not required or authorized by law to be closed. 

“LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the commencement of an Interest Accrual
Period. 
 “Nominal Liquidation Amount” means, notwithstanding anything to the contrary in the Indenture Supplement, with
respect to the Class C(2020-2) Notes: 
 (a) on the Issuance Date thereof, $685,000,000; 

(b) on any Distribution Date thereafter such amount as increased or decreased pursuant to Section 3.01 of the Indenture Supplement and
Section 2.09 hereof; 
 (c) on any date, other than a Distribution Date, on which Prefunding Excess Amount are withdrawn from the
applicable Principal Funding Subaccount pursuant to Section 4.04 of the Indenture Supplement, the Nominal Liquidation Amount as of the beginning of such date plus the Prefunding Excess Amount so withdrawn; and 

(d) on and after the date of a Receivables Sale for the Class C(2020-2) Notes, zero. 

“Note Interest Rate” means zero; provided that if the Outstanding Dollar Principal Amount is not paid in full on or prior to
the Expected Maturity Date, the Note Interest Rate for each Interest Accrual Period shall be LIBOR + 1.20% per annum, calculated on the basis of the actual number of days elapsed and a 360-day year; provided,
further, that if the sum of LIBOR + 1.20% for such Interest Accrual Period is less than 0.00%, then the Note Interest Rate for such Interest Accrual Period will be deemed to be 0.00%. 

“Notice of Additional Issuance” has the meaning set forth in Section 2.09 hereof. 

“Outstanding Dollar Principal Amount” means, for the Class C(2020-2) Notes,
notwithstanding anything to the contrary in the Indenture Supplement, (a) prior to an issuance of additional Class C(2020-2) Notes, the sum of (i) the Initial Dollar Principal Amount of such
Notes and (ii) the Class C(2020-2) Accreted Discount as determined in accordance with Section 2.12 hereof, minus (i) the aggregate amount of principal paid with respect to the Class C(2020-2) Notes as of the relevant date of determination and (ii) any net losses of principal of funds on deposit in respect of principal in the Principal Funding Account or the related Principal
Funding Subaccount, as applicable, for the Class C(2020-2) Notes and (b) following the issuance of additional Class C(2020-2) Notes, the sum of
(i) the Outstanding Dollar Principal Amount of the Class C(2020-2) Notes determined as of the date of such additional issuance and (ii) the
Class C(2020-2) Accreted Discount accreted after the date of such additional issuance, as determined 

  
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in accordance with Section 2.12 hereof, minus (i) the aggregate amount, as of the relevant date of determination, of principal paid with respect to the
Class C(2020-2) Notes after the date of such additional issuance and (ii) any net losses, as of the relevant date of determination, of principal of funds on deposit in respect of principal in the
Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class C(2020-2) Notes after the date of such additional issuance. Notwithstanding the foregoing, if a
Receivables Sale has occurred with respect to the Class C(2020-2) Notes, the Outstanding Dollar Principal Amount shall be zero. 

“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 C Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the
Required Daily Deposit Target Finance Charge Amount on any day on which the Class C Tranche Interest Allocation cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the
Required Daily Deposit Target Finance Charge Amount shall be the Class C Tranche Interest Allocation determined based on a pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first
day of such calendar month, multiplied by 1.25. 
 “Required Daily Deposit Target Principal Amount” means, for any
day in a Due Period, (i) if such day is in a Due Period in the Accumulation Period for the Class C(2020-2) Notes, and the Servicer Rating Condition is not satisfied, the Accumulation Amount,
(ii) if such day is in a Due Period in the Accumulation Period for the Class C(2020-2) Notes and the Servicer Rating Condition is satisfied, zero, (iii) if such day is on or after the occurrence
and during the continuance of a Class C(2020-2) Adverse Event, the lesser of (x) the Outstanding Dollar Principal Amount of the Class C(2020-2) Notes and
(y) the Nominal Liquidation Amount of the Class C(2020-2) Notes, and (iv) in all other circumstances, zero. 

“Required Subordinated Amount of Class D Notes” means, for the
Class C(2020-2) Notes for any date of determination, an amount equal to the sum of 
 (a) the
Unencumbered Required Subordinated Amount of Class D Notes for such Class C(2020-2) Notes and 

(b) the Encumbered Required Subordinated Amount of Class D Notes for such Class C(2020-2)
Notes; 
 provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class C(2020-2) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class C(2020-2) Notes will be the greater of 

(x) the amount determined above for such date of determination and 

(y) the amount determined above for the date immediately prior to the date on which such
Class C(2020-2) Adverse Event shall have occurred. 

  
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 “Required Subordinated Percentage of Class D Notes
(Unencumbered)” means, for the Class C(2020-2) Notes, 9.28961749%, subject to adjustment in accordance with Section 2.02. 

“Reuters Screen LIBOR01” means the display page currently so designated on the Reuters Screen (or such other page as may
replace that page on that service for the purpose of displaying comparable rates or prices). 
 “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. 

“Servicer Rating Condition” means, a condition that will be satisfied if the then current Servicer of the Accounts either
(i) has a long-term rating of at least BBB- by Standard & Poor’s (if rated by Standard & Poor’s), BBB- by Fitch (if rated by Fitch) or
Baa3 by Moody’s (if rated by Moody’s) or (ii) does not have a long-term rating from any Note Rating Agency but has a short-term debt rating of at least A-2 by Standard & Poor’s (if
rated by Standard & Poor’s), F3 by Fitch (if rated by Fitch) or P-2 by Moody’s (if rated by Moody’s). 

“Stated Principal Amount” means $685,000,000 or such higher amount as is specified in any Notice of Additional Issuance under
Section 2.09. 
 “Targeted Principal Deposit” means, for the
Class C(2020-2) Notes, notwithstanding anything to the contrary in the Indenture Supplement, 

(a) During the Accumulation Period, beginning with the Accumulation Commencement Date for the
Class C(2020-2) Notes, (x) (i) the Accumulation Amount for the Class C(2020-2) Notes, plus (ii) any Accumulation Amount that was scheduled to be
deposited on any previous Distribution Date in the Accumulation Period that was not so deposited, minus (y) the amount on deposit in the Principal Funding Subaccount for the Class C(2020-2) Notes
that was applied to the amount in clause (x) in accordance with Section 4.04(a), 
 (b) If the
Class C(2020-2) Notes have been accelerated after the occurrence of an Event of Default, or if an Early Redemption Event with respect to the Class C(2020-2)
Notes has occurred (other than an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred), with respect to each Distribution Date following the Due Period in which such Event of Default or Early Redemption
Event has occurred, the lesser of (x) the Outstanding Dollar Principal Amount of such Tranche and (y) the Nominal Liquidation Amount of such Tranche, in each case as of the last day of the preceding Due Period, and 

(c) If a Receivables Sale has occurred for the Class C(2020-2) Notes, zero. 

“Unencumbered Amount” means, for the Class C(2020-2) Notes, an amount equal to
the Nominal Liquidation Amount of the Class C(2020-2) Notes minus the Encumbered Amount for the Class C(2020-2) Notes. 

“Unencumbered Required Subordinated Amount of Class D Notes” means, for the
Class C(2020-2) Notes, an amount equal to the product of 

  
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 (a) the Unencumbered Amount for the
Class C(2020-2) Notes and 
 (b) the Required Subordinated Percentage of Class D Notes
(Unencumbered) for the Class C(2020-2) Notes. 
 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; 

(d) to the best of the Issuer’s knowledge, this Terms Document will not conflict with any law or governmental regulation or court decree
applicable to it; 
 (e) the Issuer is not required to be registered under the Investment Company Act; 

(f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in connection with this Terms
Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or based on reasonable estimates on the date as
of which such information is stated or certified; and 
 (g) to the best knowledge of the Issuer, there are no proceedings or investigations
pending against the Issuer before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (A) asserting the invalidity of this Terms Document, (B) seeking to
prevent the consummation of any of the transactions contemplated by this Terms Document or (C) seeking any determination or ruling which in the Issuer’s judgment would materially and adversely affect the performance by the Issuer of its
obligations under this Terms Document or the validity or enforceability of this Terms Document. 
 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; 

  
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 (b) the Indenture Trustee has full power, authority and right to execute, deliver and
perform the Indenture and this Terms Document, and has taken all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 

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

Section 1.04. Limitations on Liability. (a) It is expressly understood and agreed by the parties hereto that (i) this
Terms Document is executed and delivered by the Owner Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the
representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the
Issuer, (iii) nothing herein contained will be construed as creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being
expressly waived by the parties to this Terms Document and by any Person claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the
Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 

(b) None of the Indenture Trustee, the Owner Trustee, the LIBOR Agent, 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 the Class C(2020-2) Notes under the Indenture, the Indenture Supplement and this Terms Document. 

Section 1.05. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

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

  
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 ARTICLE II. 

THE CLASS C(2020-2) NOTES 

Section 2.01. Creation and Designation. There is hereby created a Tranche of Class C Notes to be issued pursuant to this
Terms Document, the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class C(2020-2) Notes.” 

Section 2.02. Adjustments to Required Subordinated Percentage and Amount. 

(a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class D Notes
(Unencumbered) for the Class C(2020-2) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that the
change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 
 (b) On any date, the
Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of Class D Notes for the Class C(2020-2) Notes with a different form of credit
enhancement (including, without limitation, a cash collateral account, a letter of credit, a reserve account, a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and
make such additional amendments to this Terms Document as shall be necessary for such replacement without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that
such replacement, such addition and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 

Section 2.03. Interest Payment. For each Interest Payment Date, the amount of interest due with respect to the Class C(2020-2) Notes shall be an amount equal to 
  

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

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

	 	(ii)	 the Outstanding Dollar Principal Amount of the Class C(2020-2)
Notes determined as of the first date of such related Interest Accrual Period, plus 

 any Class C Tranche Interest Allocation
Shortfall for such Class C(2020-2) Notes for the immediately preceding Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual
Period, calculated on the basis of the actual number of days in the related Interest Accrual Period and a 360-day year. 

Section 2.04. Notification of LIBOR. On each LIBOR Determination Date, the LIBOR Agent shall send to the Issuer, the Beneficiary,
each applicable Master Servicer and any stock exchange on which the Class C(2020-2) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic transmission,
notification of LIBOR for the following Interest Accrual Period. U.S. Bank National Association is appointed hereunder not in its individual capacity, but solely with respect to calculating the amount of interest to be paid with respect to the
Notes, including calculating LIBOR, in the manner and at the times provided herein as LIBOR Agent, and U.S. Bank National Association hereby accepts such appointment. 

  
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The rights, protections and immunities granted to the Indenture Trustee under the Indenture shall inure to the benefit of the LIBOR Agent acting hereunder; provided, however, that at no time
shall the LIBOR Agent be liable for any mistake of fact or law, any error of judgement, or any act or omission to act except as a result of its own negligence, willful misconduct or fraud. 

The LIBOR Agent shall not have any liability for (i) the selection of London banks or New York banks whose quotations may be requested
and used for purposes of calculating LIBOR, or for the failure or unwillingness of any London banks or New York banks to provide a quotation, or (ii) any quotations received from such London banks or New York banks, as applicable. For the
avoidance of doubt, if the rate appearing on the Reuters Screen LIBOR01 is unavailable, neither the LIBOR Agent nor the Indenture Trustee shall be under any duty or obligation to take any action other than the LIBOR Agent’s obligation to take
the actions expressly set forth in this Agreement. Neither the Indenture Trustee nor the LIBOR Agent shall have any liability for any interest rate published by any publication that is the source for determining the interest rates of the Class C(2020-2) Notes, including but not limited to the Reuters Screen LIBOR01 (or any successor source), or for any rates compiled by the ICE Benchmark Administration or any successor thereto, or for any rates
published on any publicly available source, including without limitation the Federal Reserve Bank of New York’s Website, or in any of the foregoing cases for any delay, error or inaccuracy in the publication of any such rates, or for any
subsequent correction or adjustment thereto. 
 Other than as expressly set forth in this Agreement, neither the Indenture Trustee nor the
LIBOR Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of LIBOR (or other applicable benchmark), or whether or when there has occurred, or to give notice to any other transaction party of
the occurrence of, any benchmark transition event or benchmark replacement date, (ii) to select, determine or designate any alternative replacement rate to LIBOR or any other benchmark replacement, or other successor or replacement benchmark
index, or whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any benchmark replacement adjustment, or other modifier to any replacement or successor index, or (iv) to
determine whether or what benchmark replacement conforming changes are necessary or advisable, if any, in connection with any of the foregoing. 

Neither the Indenture Trustee nor the LIBOR Agent shall be liable for any inability, failure or delay on its part to perform any of its duties
set forth in this Agreement as a result of the unavailability of LIBOR (or other applicable benchmark) and absence of a designated replacement benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other
transaction party, including without limitation the Issuer or the Calculation Agent, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance
of such duties. 
 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 C(2020-2) Adverse Event has occurred and is continuing, principal will instead be payable
in monthly installments on each Principal Payment Date for the Class C(2020-2) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class C(2020-2) Notes shall be made as set forth in Section 1102 of the Indenture. 

  
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 (b) The right of the Class C(2020-2)
Noteholders to receive payments from the Issuer will terminate on the Class C(2020-2) Termination Date. 

(c) All payments of principal, interest or other amounts to the Class C(2020-2) Noteholders will
be made pro rata based on the Stated Principal Amount of their Class C(2020-2) Notes. 

Section 2.06. Form of Delivery of Class C(2020-2) Notes; Denominations.
(a) The Class C(2020-2) Notes shall be delivered in the form of a definitive Registered Note as provided in Section 201 of the Indenture. The form of the
Class C(2020-2) Notes is attached hereto as Exhibit A. 
 (b) The
Class C(2020-2) Notes shall, until such time as the laws of any jurisdiction in which they are offered or sold no longer restrict the transfer or sale thereof, bear a legend in substantially the following
form: 
 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE
SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC AND DISCOVER
BANK THAT (A) THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN COMPLIANCE
WITH RULE 144A UNDER THE SECURITIES ACT OR, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC, DISCOVER BANK OR THEIR AFFILIATES
OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 No Class C(2020-2) Notes shall be transferred except in accordance with the transfer restrictions described in the legend set forth above. 

  
 12 

 (c) The Class C(2020-2) Notes will be issued in
minimum denominations of $100,000 and integral multiples of $1,000 in excess of that amount. 
 Section 2.07. Delivery and Payment
for the Class C(2020-2) Notes. The Issuer shall execute and deliver the Class C(2020-2) Notes to the Indenture Trustee for authentication,
and the Indenture Trustee shall deliver the Class C(2020-2) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture. 

Section 2.08. [Reserved] 

Section 2.09. Additional Issuances of Notes. Subject to clauses (ii), (iii), (iv) and (v) of Sections 2.02 and
Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class C(2020-2) Notes, so long as the following conditions precedent are satisfied: 

(a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional
Class C(2020-2) Notes (the “Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 

 

	 	(i)	 the Issuance Date of such additional Class C(2020-2) Notes;

  

	 	(ii)	 the amount of such additional Class C(2020-2) Notes being offered,
the purchase price for such additional Class C(2020-2) Notes and the resulting Initial Dollar Principal Amount, Stated Principal Amount and Nominal Liquidation Amount of
Class C(2020-2) Notes; 

  

	 	(iii)	 the Outstanding Dollar Principal Amount of the Class C(2020-2)
Notes after giving effect to the issuance of the additional Class C(2020-2) Notes and all prior accretions of principal as determined in accordance with Section 2.12; 

 

	 	(iv)	 the Discount Amount after giving effect to such additional
Class C(2020-2) Notes; and 

  

	 	(v)	 any other terms that the Issuer set forth in such notice of issuance of additional Class C(2020-2) Notes to clarify the rights of Holders of such additional Class C(2020-2) Notes or the effect of such issuance of additional Class C(2020-2) Notes on any calculations to be made with respect to the Class C(2020-2) Notes, Class C, or the Issuer. 

All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such
Class C(2020-2) Notes; and 
 (b) no
Class C(2020-2) Adverse Event has occurred and is continuing. 
 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 C(2020-2) Notes so long as such conditions were satisfied or waived in connection
with the initial issuance of Class C(2020-2) Notes. 

  
 13 

 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 C(2020-2) Notes) and
the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series that provide that the Series Principal Collections allocated to such Series
will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries. 

Section 2.11. No Payments from Interest Funding Subaccount for Accretion of Principal of the Class C(2020-2) Notes. Section 3.04(4) of the Indenture Supplement shall not apply to the Class C(2020-2) Notes. 

Section 2.12. Calculation of Class C(2020-2) Accreted Discount. The
amount of Class C(2020-2) Accreted Discount as of the end of any Due Period shall be determined on a straight-line basis and shall be equal to the product of (x) a fraction the numerator of which
shall be the number of Due Periods elapsed since the Note Issuance Date (or if additional Class C(2020-2) Notes have been issued under Section 2.09, since the Issuance Date of such additional Notes)
and the denominator of which shall be the number of Due Periods from the Note Issuance Date (or the Issuance Date of such additional Notes) to and including the Due Period related to the Expected Maturity Date and (y) the Discount Amount. 

Section 2.13. [Reserved] 

Section 2.14. 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 2.14 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 C(2020-2) Notes, and has no financial
interest in the acquisition of such Class C(2020-2) Notes. 
 Section 2.15.
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. 

  
 14 

 Section 2.16. Additional Requirements for Registration of and Limitations on
Transfer and Exchange of Class C(2020-2) Notes. No Transfer (or purported Transfer) of a Class C(2020-2) Note (or economic interest therein) shall
be made by Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal income tax purposes (except to a person which is considered the same person as Discover Bank for such
purposes) and any such Transfer (or purported Transfer) of such Class C(2020-2) Note shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that
such Class C(2020-2) Note will constitute debt for U.S. federal income tax purposes; provided that any such Class C(2020-2) Note may be pledged to a Federal
Reserve Bank provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such Class C(2020-2) Note shall not
be further transferrable unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Class C(2020-2) Note will constitute debt for U.S. federal income tax purposes. If
for tax or other reasons it may be necessary to track any such Class C(2020-2) Note (e.g., if a portion of the Class C(2020-2) Notes have original issue
discount and a portion of the Class C(2020-2) Notes do not), tracking conditions such as requiring that such Class C(2020-2) Note be in definitive registered
form may be required by the Transferor as a condition to such transfer. 
 [Remainder of page intentionally blank; signature page follows]

  
 15 

 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/ Christopher J. Nuxoll

		 	Name: Christopher J. Nuxoll
		 	Title: Vice President

 Exhibit A 

Form of Class C Note 

DISCOVERSERIES CLASS C(2020-2) NOTE 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF
THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC AND DISCOVER BANK THAT
(A) THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN COMPLIANCE WITH RULE
144A UNDER THE SECURITIES ACT OR, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC, DISCOVER BANK OR THEIR AFFILIATES OR
(3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 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. 

  
 Ex. A-1 

 THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF
SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO DISCOVER BANK, 12 READ’S WAY, NEW CASTLE, DELAWARE 19720, ATTENTION: TREASURER, DISCOVER BANK WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE
FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST TO THE HOLDER OF THIS CLASS C NOTE ARE SUBORDINATE TO THE PAYMENT ON EACH DISTRIBUTION DATE OF
PRINCIPAL OF AND INTEREST ON THE CLASS A NOTES AND THE CLASS B NOTES OF THE DISCOVERSERIES AND THE PAYMENT OF CERTAIN OTHER AMOUNTS, TO THE EXTENT AND AS DESCRIBED IN THE INDENTURE AND INDENTURE SUPPLEMENT REFERRED TO HEREIN. 

TRANSFER OF THIS NOTE IS SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TERMS DOCUMENT. NO TRANSFER OF THIS NOTE SHALL BE MADE BY DISCOVER BANK
(“DISCOVER”), THE TRANSFEROR OR ANY PERSON WHICH IS CONSIDERED THE SAME PERSON AS DISCOVER OR THE TRANSFEROR FOR U.S. FEDERAL INCOME TAX PURPOSES (EXCEPT TO A PERSON WHICH IS CONSIDERED THE SAME PERSON AS DISCOVER FOR SUCH PURPOSES) AND
ANY SUCH TRANSFER SHALL BE VOID AB INITIO UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES; PROVIDED THAT THIS NOTE MAY BE PLEDGED TO A
FEDERAL RESERVE BANK PROVIDED THAT THE PLEDGE THEREOF AND THE EXERCISE OF REMEDIES BY THE FEDERAL RESERVE BANK IN CONNECTION THEREWITH SHALL BE SUBJECT TO THE REQUIREMENT THAT THIS NOTE SHALL NOT BE FURTHER TRANSFERRABLE UNLESS AN OPINION OF
COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES. 

  
 Ex. A-2 

			
	 REGISTERED
	  	$[●]*
	 No. [●]
	  	

 DISCOVER CARD EXECUTION NOTE TRUST 

DISCOVERSERIES CLASS C(2020-2) NOTE 

DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (herein referred to as the
“Issuer” or the “Note Issuance Trust”), for value received, hereby promises to pay to [●], or registered assigns, subject to the following provisions, a principal sum of $[●] ([●] dollars) payable
on the February 2022 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 February 2024 Payment Date (the “Legal Maturity Date”). If the Outstanding Dollar Principal Amount is not paid in full on or prior to the Expected Maturity Date, interest
will accrue on this Note at the rate of one-month LIBOR + 1.20% per annum, as more specifically set forth in the Class C(2020-2) Terms Document dated as of
September 10, 2020 (the “Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the
Indenture), and shall be due and payable on each Interest Payment Date from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date for the Class C(2020-2) Notes occurring after the Expected Maturity Date, from and including the Expected Maturity Date to but excluding such Interest Payment Date) ); provided, that if the sum of LIBOR + 1.20%
is less than 0.00%, then interest on this Note will be deemed to accrue at a rate of 0.00%. Interest will be computed on the basis of the actual number of days elapsed and a 360-day year. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal 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. The interest is payable monthly on each Interest Payment Date if the Outstanding Dollar
Principal Amount is not paid in full on or prior to the Expected Maturity Date. No principal or interest will be distributed on the Note following the distribution of proceeds of a Receivables Sale. 

Series Principal Amounts allocated to the Class C(2020-2) Notes will be applied first to pay
shortfalls in interest on Class A Notes and Class B Notes, then to pay any shortfalls in Series Servicing Fees allocable to the DiscoverSeries, and then to make Targeted Principal Deposits to the Principal Funding Subaccounts for
Class A Notes and Class B Notes, including Targeted Prefunding Deposits, before being applied to make Targeted Principal Deposits to the Principal Funding Subaccounts of Subordinate Notes, including the
Class C(2020-2) Notes. Principal will not be paid on the Class C(2020-2) Notes prior to their Legal Maturity Date unless each of the Class A Usage of
Class C Notes and the Class B Usage of Class C Notes is zero for each Tranche of Class A Notes and Class B Notes of the DiscoverSeries and the required level of subordination for the Class A Notes and Class B Notes
of the DiscoverSeries is available after giving effect to such payment. 

  
 Ex. A-3 

 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 this Note is $671,214,275 
 The Stated Principal Amount of this Note is $685,000,000. 

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 $100,000 and in integral multiples of $1,000 in excess thereof. 

  
 Ex. A-4 

 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:

  
 Ex. A-5 

 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:

  
 Ex. A-6 

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its
Class C(2020-2) DiscoverSeries Notes (herein called the “Class C(2020-2) Notes”), all issued under an Amended and Restated
Indenture, dated as of December 22, 2015, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (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, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (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 C(2020-2) Notes are subject to all terms of the Indenture, the
Indenture Supplement and the Terms Document. All terms used in this Class C(2020-2) Note that are defined in the Indenture, the Indenture Supplement and the Terms Document shall have the meanings assigned
to them in or pursuant to the Indenture, the Indenture Supplement and the Terms Document. 
 The Class A Notes, the Class B Notes
and the Class D Notes of the DiscoverSeries and other tranches of Class C Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class C(2020-2) Notes are and will be equally and ratably secured by the collateral pledged
as security therefor as provided in the Indenture and the Indenture Supplement. 
 The
Class C(2020-2) Notes are subordinated in right of payment of principal and interest to the Class A Notes and the Class B Notes and provide loss protection to the Class A Notes and the
Class B Notes of the DiscoverSeries, to the extent set forth in the Indenture Supplement. Principal Amounts allocable to the Class C(2020-2) Notes may be applied to pay the Class A Interest
Allocation and the Class B Interest Allocation or the Series Servicing Fees of the DiscoverSeries, to the extent set forth in the Indenture Supplement. 

The Stated Principal Amount of the Class C(2020-2) Notes will be payable on the Expected Maturity
Date in an amount described on the face hereof, except as otherwise provided in the Indenture or the Indenture Supplement. 
 As described
above, the entire unpaid Stated Principal Amount of this Class C(2020-2) Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid Outstanding Dollar
Principal Amount of the Class C(2020-2) Notes shall be due and payable on the date on which an Event of Default relating to the Class C(2020-2) Notes shall
have occurred and be continuing and, except in the event of an insolvency related default, the Indenture Trustee or the Majority Holders of the applicable Series, Class or Tranche of Outstanding Dollar Principal Amount of the Outstanding Notes
have declared the Class C(2020-2) Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided, however, that such acceleration of the entire unpaid Outstanding
Dollar Principal Amount of the Notes may be rescinded by the Majority Holders of such applicable Series, Class or Tranche of Notes. 

  
 Ex. A-7 

 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, if any, 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 C(2020-2) Notes
of record on the related Record Date (except for the final distribution with respect to the Class C(2020-2) Notes) the pro rata share for such Holder of
Class C(2020-2) Notes of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest (only if the Outstanding Dollar Principal Amount is not paid in full on
or prior to the Expected Maturity Date) and principal on the Class C Notes. 
 Payments of interest on this Class C(2020-2) Note due and payable on each Payment Date, together with any installment of principal, if any, to the extent not in full payment of this
Class C(2020-2) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class C(2020-2) Note on the Note Register
as of the close of business on each Record Date, except that with respect to Class C(2020-2) Notes registered on the Record Date in the name of the nominee of a clearing agency, 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 C(2020-2) Note be submitted for notation of payment. Any reduction in the principal amount of this Class C(2020-2) Note (or
any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Class C(2020-2) Note and of any
Class C(2020-2) Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of this Class C(2020-2) Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will
notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender
of this Class C(2020-2) Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New
York. 

  
 Ex. A-8 

 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 C(2020-2) Note may be registered on the Note Register upon surrender of this
Class C(2020-2) Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a correspondent located, in the City of New
York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new
Class C(2020-2) Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any
registration of transfer or exchange of this Class C(2020-2) 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 C(2020-2) Note or, in the case of a Note Owner, a beneficial interest in a Class C(2020-2) Note, covenants and agrees that by
accepting the benefits of the Indenture it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer, or join in any institution against
the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any United
States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 

Prior to the due presentment for registration of transfer of this Class C(2020-2) Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class C(2020-2) Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class C(2020-2) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent
shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding
Dollar Principal Amount of each adversely affected Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class C(2020-2) Note shall be conclusive and binding upon such Holder and upon all future Holders of this Class C(2020-2) Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class C(2020-2) Note. The Indenture also permits the Indenture
Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

  
 Ex. A-9 

 The term “Issuer” as used in this
Class C(2020-2) Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Class C(2020-2) Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS C(2020-2) NOTE AND
THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS
THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 
 No reference herein to the Indenture and no provision of this Class C(2020-2) Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this
Class C(2020-2) Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Class C(2020-2) Note by the acceptance hereof agrees that, except as expressly provided
in the Indenture and the Indenture Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this
Class C(2020-2) Note. 

  
 Ex. A-10 

 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. 

  
 Ex. A-11

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