Document:

Exhibit

Exhibit 10.4

DISCOVER FINANCIAL SERVICES
DIRECTORS’ COMPENSATION PLAN

AMENDMENT TO 
2017 DIRECTORS’ ANNUAL EQUITY AWARD
AWARD CERTIFICATE FOR RESTRICTED STOCK UNITS

Discover awarded you restricted stock units as an incentive for you to continue to provide services as a Director of the Company from the date of the grant on May 11, 2017 through the Scheduled Vesting Date on May 11, 2018 (“2017 RSU”). Effective February 22, 2018, the 2017 RSU is hereby amended to change the Scheduled Vesting Date to immediately prior to May 2, 2018, the first annual meeting of shareholders following the date of grant.  
IN WITNESS WHEREOF, Discover has duly executed and delivered this Amendment to the 2017 RSU as of February 22, 2018.

DISCOVER FINANCIAL SERVICES
By:

        Doug Rose
Senior Vice President, Chief HR OfficerExhibit

Exhibit 10.5

Amendment No. 6 to the Discover Financial Services 
Directors’ Compensation Plan
Effective February 22, 2018, the Discover Financial Services Directors’ Compensation Plan (the “Plan”), is hereby amended in the following respects:

		
	•
	The Plan is amended by replacing the text of Subsection 5(b)(i) Restriction Period in Section 5 Initial and Annual Awards of Restricted Stock Units in its entirety with the following:

(i)    Restriction Period.  Restricted Stock Units granted pursuant to Section 5(a)(i) shall be subject to a restriction period whereby 50% of such units shall vest on the first anniversary of the date of grant and the remaining units shall vest on the second anniversary of the date of grant.  Each grant of Restricted Stock Units pursuant to Section 5(a)(ii) shall vest on the earlier of the first anniversary of the date of grant or immediately prior to the first annual meeting of shareholders following the date of grant. Notwithstanding the foregoing, the Plan Administrators, in their discretion, may specify in the agreement circumstances under which the award shall become immediately transferable and nonforfeitable or under which the award shall be forfeited.EX-4.10.6

 Exhibit 4.10.6 

The Boeing Company 
 P.O. Box 3707

 Seattle, WA 98124-2207 
 6-1162-DME-0901R3 
 Aerovias del
Continente Americano S.A. AVIANCA 
 Centro Administrativo 

Avenida El Dorado - No. 92-30 

Bogota 
 Colombia 

 

			
	Subject:	  	Advance Payment Matters
		
	Reference:	  	 Purchase Agreement No. 3075 (the Purchase Agreement)

between The Boeing Company (Boeing) and Aerovias del
 Continente
Americano S.A. AVIANCA (Customer)
 relating to Model 787-859 aircraft (the Aircraft)

 This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this
Letter Agreement have the same meaning as in the Purchase Agreement. 
 Customer and Boeing have reached agreement regarding certain modifications to the
Agreement as set forth below: 
  

	1.	Advance Payment Schedule - Block 1-1 Aircraft: 

Notwithstanding the advance payment schedule set forth in Table 1-1 of the Purchase Agreement, Boeing agrees that
Customer may make Advance Payments for the Block 1-1 Aircraft in accordance with the reduced schedule below described, as applied to the original Aircraft delivery schedule advance payment base prices (see
Attachment A, hereto), subject to the terms and conditions further described herein: 
  

			
	 Months Prior to
Aircraft Delivery
	  	 Amount Due per Aircraft
(Percent times Advance 
Payment
Base Price)

	 Definitive Agreement
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 Total
	  	[**]

 [**] Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to
a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. 

 It is contemplated that in Customer’s gaining successful financing of the Block 1-1 Aircraft it may become necessary for Customer to request Boeing to alter one or more of the Aircraft delivery positions. Boeing will use reasonable efforts to accommodate any such Customer request, with the
advance payments associated with any such delivery position changes to be paid by Customer within [**] of Boeing’s agreement to any such requested changes. 
  

	2.	Advance Payment Schedule - Block 1-2 Aircraft: 

Notwithstanding the advance payment schedule set forth in Table 1-2 of the Purchase Agreement, Boeing agrees that
Customer may make Advance Payments for the Block 1-2 Aircraft in accordance with the reduced schedule below described, as applied to the original Aircraft delivery schedule advance payment base prices (see
Attachment 3, hereto), subject to the terms and conditions farther described herein: 
  

			
	 Months Prior to
Aircraft Delivery
	  	 Amount Due per Aircraft
(Percent times Advance 
Payment
Base Price)

	 Definitive Agreement
	  	 [**]

	 [**]
	  	 [**]

	 [**]
	  	 [**]

	 [**]
	  	 [**]

	 [**]
	  	 [**]

	 [**]
	  	 [**]

	 Total
	  	 [**]

 It is contemplated that in Customer’s gaining successful financing of the Block 12 Aircraft it may become necessary for
Customer to request Boeing to alter one or more of the Aircraft delivery positions. Boeing will use reasonable efforts to accommodate any such Customer request, with the advance payments associated with any such delivery position changes to be paid
by Customer within 5 business days of Boeing’s agreement to any such requested changes. 
  

	3.	Advance Payment Schedule - Block 1-3 Aircraft: 

Notwithstanding the advance payment schedule set forth in Table 1-3 of the Purchase Agreement, Boeing agrees that
Customer may make Advance Payments for the Block 1-3 Aircraft in accordance with the reduced schedule below described, as applied to the Table 1-3 advance payment base
prices, subject to the terms and conditions further described herein: 
  

			
	 Months Prior to
Aircraft Delivery
	  	 Amount Due per Aircraft
(Percent times Advance 
Payment
Base Price)

	 Definitive Agreement
	  	 [**]

	 [**]
	  	 [**]

	 [**]
	  	 [**]

 [**] Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to
a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. 

  
 2 

			
	 Months Prior to
Aircraft Delivery
	  	 Amount Due per Aircraft
(Percent times Advance 
Payment
Base Price)

	 [**]
	  	 [**]

	 [**]
	  	 [**]

	 [**]
	  	 [**]

	 Total
	  	[**]

 It is contemplated that in Customer’s gaining successful financing of the Block
1-3 Aircraft it may become necessary for Customer to request Boeing to alter one or more of the Aircraft delivery positions. Boeing will use reasonable efforts to accommodate any such Customer request, with
the advance payments associated with any such delivery position changes to be paid by Customer within 5 business days of Boeing’s agreement to any such requested changes. 

 

	4.	SA-6 Aircraft: 

 For the Aircraft added to the Purchase
Agreement in Supplemental Agreement No. 6, scheduled for delivery as of the date of signing of this Letter Agreement for October 2018 (SA-6 Aircraft), the following exceptions will apply. At the execution
of Supplemental Agreement No. 6, [**] ([**]) will be transferred from the Aircraft currently scheduled for delivery in [**] to the SA-6 aircraft (Transferred Amount. Customer will then have [**] to make
the remaining advance payments, unless extended by mutual consent, for the SA-6 Aircraft as scheduled in paragraph 3 above. Boeing commits to use commercially reasonable efforts to assist and support Customer
in securing PDP financing. 
 Customer will then pay the Transferred Amount to Boeing on or before [**]. 

 

	5.	Deferral Charges on Deferred Advance Payments: 

 The foregoing reduced advance payment schedules
constitute a deferral of certain amounts due Boeing pursuant to the advance payment schedule as set forth in Table 1-1, Table 1-2, and Table 1-3 of the Purchase Agreement. Accordingly, if Customer chooses to utilize the reduced advance payment schedules(s), Customer shall pay deferral charges to Boeing on all such deferred amounts of the advance payments
for the Aircraft. 
 Deferral charges on all deferred advance payment amounts will be calculated on the basis of the [**] as published in the [**] effective
on the date of Purchase Agreement [**] and reset periodically as [**]. This deferral charge will be calculated on a 365/366 day year. 
 Deferral charge
payments will be due from Customer to Boeing on the first business day of each calendar quarter, for the previous calendar quarter, and will be computed on the basis of the actual number of elapsed days for the period commencing on the date such
deferred amounts would have been due and terminating on the date of delivery of the designated Aircraft. 
 Further to the above, following the calculation
method stated above, all such calendar quarter deferral charge payments may be further deferred such that all deferral charge payments for each of the Aircraft will be made at the time of each such Aircraft delivery. 

[**] Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential
treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. 

  
 3 

	6.	Re-Scheduling of Aircraft: 

 In the event of a re-schedule, to a later delivery position, of any of the Aircraft under the terms of the Agreement Boeing will recalculate the amount of advance payments and deferral charges due from Customer under the above
described deferred Advance Payment Schedule after giving effect to such re-scheduling and, without interest, refund to Customer within [**] any amounts held by Boeing in excess of such recalculated amounts.

 In the event of a re-schedule, to an earlier delivery position, of any of the Aircraft under the terms of the
Agreement, Boeing will recalculate the amount of advance payments due from Customer under the above described deferred Advance Payment Schedule after giving effect to such re-scheduling and Customer will make
immediate payment to Boeing of any amounts due within [**] without any additional interest or other charges, as a result of such recalculated amounts applicable to such accelerated delivery position. 

 

	7.	Set-Off Rights 

 Customer agrees that in the event of a
default of its obligations under any purchase agreement with Boeing or any agreement with any Boeing subsidiary or affiliate, Boeing may apply any or all advance payments, or other payments made by Customer with respect to an aircraft or any other
Boeing product to cure, in part or in whole, any default with respect to any other aircraft or Boeing product or with respect to any other obligation under any such Boeing purchase agreement or any such agreement with another Boeing subsidiary or
affiliate. In the event that Boeing sets off against, or otherwise exercises rights against any such payments made by Customer, and applies any such amounts to any obligations owed by Customer to Boeing, its subsidiaries or affiliates, Boeing will
be entitled, after such application, to require Customer to replace within ten days the amount so applied such that the total amount of advance payments would be restored to the aggregate total amount of advance payments due and owing under the
Purchase Agreement as of the date of application of such amounts. 
  

	8.	Confidential Treatment: 

 Customer understands that certain commercial and financial information
contained in this Letter Agreement is considered by Boeing as confidential and, except as may otherwise be provided herein, will not, without the prior written consent of Boeing, disclose this Letter Agreement or any information contained herein to
any other person or entity except to employees and legal counsel of Customer with a need to know the contents for purposes of helping Customer negotiate, perform and/or enforce this Letter Agreement and/or the Purchase Agreement and who understand
they are not to disclose its contents to any other person or entity without the prior written consent of Boeing. Notwithstanding the foregoing, in the event Customer seeks to enforce this Letter Agreement or the Purchase Agreement by legal
proceeding or becomes involved in any legal proceeding or arbitration with, respect to this Letter Agreement or Purchase Agreement or is otherwise legally compelled by deposition, interrogatory, subpoena, governmental investigation or other similar
process, Customer may disclose the contents hereof or of the Purchase Agreement after providing notice to Boeing, unless otherwise prohibited by an order from any governmental authority or by mandatory provisions of applicable law. If Customer is
required by applicable law to file this Letter Agreement, or any information 

  
 4 

 
contained therein, with any governmental or regulatory agency, or receives a request or demand for this Letter Agreement, or any information contained therein, from any government regulatory
agency or court having jurisdiction over Customer, Customer shall, upon making its decision to so file or upon receipt of the request or demand, (a) notify Boeing of such decision, request or demand and (b) notify any requesting party that
this Letter Agreement is subject to this confidentiality clause. Nothing herein shall prevent Boeing from requesting the governmental regulatory agency or requesting the court for a protective order or other reasonably satisfactory assurance of
confidential treatment for the information required to be disclosed. 
 If the foregoing correctly sets forth your understanding of our agreement with
respect to the matters treated above, please indicate your acceptance and approval below. 
 Very truly yours, 

THE BOEING COMPANY 
 By: /s/ Sydney A. Bard 

Its Attorney-in-fact 

ACCEPTED AND AGREED TO this 
 Date: July 25, 2017 

AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA 
 By: /s/ Roberto
Held 
 Its Legal Representative 

  
 5

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