Document:

Class A(2011-2) Terms Document between Discover Card Execution Note Trust

 Exhibit 4.1 

 
  
 DISCOVER CARD EXECUTION NOTE TRUST 
 Issuer 

and 
 U.S. BANK
NATIONAL ASSOCIATION 
 Indenture Trustee 
 CLASS A(2011-2) TERMS DOCUMENT 
 Dated as of June 7, 2011 

to 
 AMENDED AND
RESTATED INDENTURE SUPPLEMENT 
 Dated as of June 4, 2010 

for the DiscoverSeries Notes 
 to 
 INDENTURE 

Dated as of July 26, 2007 
  

 

							
	TABLE OF CONTENTS	  
			
	 	  	 	  	Page	 
	
	ARTICLE I	  
	
	Definitions and Other Provisions of General Application	  
			
	 Section 1.01
	  	Definitions	  	 	1	  
	 Section 1.02
	  	Representations and Warranties of Issuer	  	 	7	  
	 Section 1.03
	  	Representations and Warranties of Indenture Trustee	  	 	8	  
	 Section 1.04
	  	Limitations on Liability	  	 	8	  
	 Section 1.05
	  	Governing Law	  	 	9	  
	 Section 1.06
	  	Counterparts	  	 	9	  
	 Section 1.07
	  	Ratification of Indenture and Indenture Supplement	  	 	9	  
	
	ARTICLE II	  
	
	The Class A(2011-2) Notes	  
			
	 Section 2.01
	  	Creation and Designation	  	 	9	  
	 Section 2.02
	  	Adjustments to Required Subordinated Percentages and Amount	  	 	9	  
	 Section 2.03
	  	Interest Payment	  	 	10	  
	 Section 2.04
	  	Notification of LIBOR	  	 	10	  
	 Section 2.05
	  	Payments of Interest and Principal	  	 	10	  
	 Section 2.06
	  	Form of Delivery of Class A(2011-2) Notes; Depository; Denominations	  	 	10	  
	 Section 2.07
	  	Delivery and Payment for the Class A(2011-2) Notes	  	 	11	  
	 Section 2.08
	  	Targeted Deposits to the Accumulation Reserve Account	  	 	11	  
	 Section 2.09
	  	Additional Issuances of Notes	  	 	11	  
	 Section 2.10
	  	Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	12	  
	 Section 2.11
	  	Variable Accumulation Period	  	 	12	  

 Exhibit 

 

			
	Exhibit A	  	 Form of Class A Note

 THIS CLASS A(2011-2) 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 June 7, 2011. 
 Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class A Notes of the DiscoverSeries and shall specify the principal terms thereof. 

ARTICLE I 

Definitions and Other Provisions of General Application 
 Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 

(1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;

 (2) all other terms used herein which are defined in the Indenture Supplement or the Indenture, either directly or by
reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or
permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation; 
 (4) all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms
Document; the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular Article, Section or other subdivision; 

(5) in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained
in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling, but solely with respect to the Class A(2011-2) Notes; 
 (6) each capitalized term defined herein shall relate only to the Class A(2011-2) Notes and no other Tranche of Notes issued by the Issuer; 

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

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

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

“Accumulation Commencement Date” means May 1, 2012, or such later date as the Calculation Agent on behalf of the
Issuer determines in accordance with Section 2.11 hereof. 
 “Accumulation Period” has the meaning set
forth in the Indenture Supplement. 
 “Accumulation Period Length” means 12 months; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Period Length shall be determined in accordance with the definition of “Accumulation Period Length” in
the Indenture Supplement. 
 “Accumulation Reserve Funding Period” shall not apply if the Calculation Agent on
behalf of the Issuer notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right
column of the following table was in effect on the immediately preceding Distribution Date, if the Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date
immediately preceding the earlier to occur of: 
 (x) the Expected Maturity Date for the Class A(2011-2) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2011-2) Notes is paid in full. 

 

			
	 Distribution Date:
	 	 Condition:

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

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

 provided, however, if at any point the Accumulation Reserve Funding Period has not commenced because no condition requiring funding has occurred or the Calculation Agent has determined that the
Accumulation Period Length will be shortened to one (1) month, and subsequently a condition requiring funding occurs and the Calculation Agent determines that the Accumulation Period Length will not be so shortened, the Accumulation Reserve
Funding Period shall commence on the following Distribution Date. 
 “Class A(2011-2) Adverse Event” means the
occurrence of any of the following: (a) an Early Redemption Event with respect to the Class A(2011-2) Notes or (b) an Event of Default and acceleration of the Class A(2011-2) Notes; provided, however, that if the only such
event to have occurred is an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred, a Class A(2011-2) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class A(2011-2) Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class
A(2011-2) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2011-2)
Noteholder” means a Person in whose name a Class A(2011-2) Note is registered in the Note Register. 
 “Class
A(2011-2) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2011-2) 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 Expected Final Payment
Date” with respect to Series 2009-SD of the Master Trust has the meaning set forth in the Series 2009-SD Supplement. 

“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. 

  
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 “Expected Maturity Date” means May 15, 2013. 

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

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

“Initial Dollar Principal Amount” means $1,000,000,000, or such higher amount as is specified in any Notice of
Additional Issuance under Section 2.09 hereof. 
 “Interest Accrual Period” means, with respect to any
Interest Payment Date, the period from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2011-2) Note, from and including the applicable Issuance Date) to but excluding such Interest
Payment Date. 
 “Interest Payment Date” means the fifteenth day of each month commencing in July 2011, or if
such fifteenth day is not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means
June 7, 2011 with respect to all Class A(2011-2) Notes issued on the date hereof and, with respect to any additional Class A(2011-2) Notes issued pursuant to Section 2.09 hereof, any Issuance Date specified in the Notice of Additional
Issuance delivered thereunder. 
 “Legal Maturity Date” means November 16, 2015. 

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

  
 4 

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

“Note Interest Rate” means LIBOR + 0.21% per annum, calculated on the basis of the actual number of days
elapsed and a 360-day year. 
 “Notice of Additional Issuance” has the meaning set forth in Section 2.09
hereof. 
 “Required Daily Deposit Target Finance Charge Amount” means, for any day in a Due Period, an amount
equal to the Class A Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class A Tranche
Interest Allocation cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class A Tranche Interest
Allocation determined based on a pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by 1.25. 

“Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such Due Period is in
the Accumulation Period for the Class A(2011-2) Notes, the Accumulation Amount, (ii) if such day is on or after the occurrence and during the continuance of a Class A(2011-2) Adverse Event, the Nominal Liquidation Amount of the Class A(2011-2)
Notes, and (iii) in all other circumstances, zero. 
 “Required Subordinated Amount of Class B Notes”
means, for the Class A(2011-2) Notes for any date of determination, an amount equal to the product of 
 (a) the Required
Subordinated Percentage of Class B Notes for such Class A(2011-2) Notes on such date of determination and 
 (b) the Nominal
Liquidation Amount of such Class A(2011-2) Notes on such date of determination; 
 provided however, that for any date of determination
on or after the occurrence and during the continuation of a Class A(2011-2) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2011-2) Notes will be the greater of 

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

(y) the amount determined above for the date immediately prior to the date on which such Class A(2011-2) Adverse Event shall have
occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the Class A(2011-2) Notes for any date
of determination, an amount equal to the product of 

  
 5 

 (a) the Required Subordinated Percentage of Class C Notes for such Class A(2011-2) Notes on
such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2011-2) Notes on such date of
determination; 
 provided, however, that for any date of determination on or after the occurrence and during the continuation of
a Class A(2011-2) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2011-2) Notes will be the greater of 
 (x) the amount determined above for such date of determination and 
 (y) the
amount determined above for the date immediately prior to the date on which such Class A(2011-2) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class D Notes” means, for the Class A(2011-2) Notes for any date of determination, an amount equal to the product of 

(a) the Required Subordinated Percentage of Class D Notes for such Class A(2011-2) Notes on such date of determination and 

(b) the Nominal Liquidation Amount of such Class A(2011-2) Notes on such date of determination; 

provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2011-2) Adverse Event,
the Required Subordinated Amount of Class D Notes for the Class A(2011-2) Notes will be the greater of 
 (x) the amount
determined above for such date of determination and 
 (y) the amount determined above for the date immediately prior to the
date on which the Class A(2011-2) Adverse Event shall have occurred. 
 “Required Subordinated Percentage of Class B
Notes” means, for the Class A(2011-2) Notes, 7.284768%, subject to adjustment in accordance with Section 2.02; provided, however, that prior to the Class Expected Final Payment Date for Series 2009-SD, the Required Subordinated
Percentage of Class B Notes for the Class A(2011-2) Notes will be 7.142857%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class C Notes” means, for the Class A(2011-2) Notes, 9.271523%, subject to adjustment in accordance with Section 2.02; provided, however,
that prior to the Class Expected Final Payment Date for Series 2009-SD, the Required Subordinated Percentage of Class C Notes for the Class A(2011-2) Notes will be 9.090909%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes” means, for the Class A(2011-2) Notes, 15.894040%, subject to
adjustment in accordance with Section 2.02; provided, however, that prior to the Class Expected Final Payment Date for Series 2009-SD, the Required 

  
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Subordinated Percentage of Class D Notes for the Class A(2011-2) Notes will be 13.636364%, 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). 
 “Series 2009-SD
Supplement” means the Series 2009-SD Series Supplement to the Pooling and Servicing Agreement dated as of September 23, 2009, by and between Discover Bank as Master Servicer, Servicer and Seller and U.S. Bank National Association as
Trustee, as amended by that certain Amendment to Specified Series Supplements, dated as of June 4, 2010, and as such agreement may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to
time. 
 “Specified Rating” means, for the Class A(2011-2) Notes, Aaa(sf) with respect to Moody’s, AAA(SF)
with respect to Standard & Poor’s and AAAsf with respect to Fitch. 
 “Stated Principal Amount”
means $1,000,000,000 or such higher amount as is specified in any Notice of Additional Issuance under Section 2.09. 

“Targeted Accumulation Reserve Subaccount Deposit” means, with respect to any Distribution Date during the Accumulation
Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2011-2) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the
Calculation Agent on behalf of the Issuer. 
 Section 1.02 Representations and Warranties of Issuer. The Issuer
represents and warrants that: 
 (a) the Issuer has been duly formed and is validly existing as a statutory trust in good
standing under the laws of the State of Delaware, and has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 
 (b) the execution, delivery and performance of this Terms Document by the Issuer have been duly authorized by all necessary corporate and statutory trust proceedings of any Beneficiary and the Owner
Trustee, do not require any approval or consent of any governmental agency or authority, and do not and will not conflict with any material provision of the Certificate of Trust or the Trust Agreement of the Issuer; 

(c) this Terms Document is the valid, binding and enforceable obligation of the Issuer, except as the same may be limited by
receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles; 
 (d) to the best of the Issuer’s knowledge, this Terms Document will not conflict with any law or governmental regulation or court decree applicable to it; 

(e) the Issuer is not required to be registered under the Investment Company Act; 

  
 7 

 (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; 

(b) The Indenture Trustee has full power, authority and right to execute, deliver and perform this Terms Document, and has taken all
necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 
 (c) This Terms
Document has been duly executed and delivered by the Indenture Trustee. 
 Section 1.04 Limitations on Liability.

 (a) It is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and delivered
by the Owner Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements
herein made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will
be construed as creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to this Terms
Document and by any Person claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 
 (b) None of the Indenture Trustee, the Owner Trustee, the Calculation Agent, any Beneficiary, the Depositor, any Master Servicer or any Servicer or any of their respective officers, directors, employees,
incorporators or agents will have any liability with respect to this 

  
 8 

 
Terms Document, and recourse may be had solely to the Collateral pledged to secure these Class A(2011-2) 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. 
 ARTICLE II 

The Class A(2011-2) Notes 
 Section 2.01 Creation and Designation. There is hereby created a Tranche of Class A Notes to be issued pursuant to this Terms Document, the Indenture and the Indenture Supplement to be known
as the “DiscoverSeries Class A(2011-2) Notes.” 
 Section 2.02 Adjustments to Required Subordinated Percentages and
Amount. 
 (a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage
of Class B Notes, the Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2011-2) Notes, without the consent of any Noteholders; provided that the Issuer has
received written confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 

(b) On any date, the Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of
Class B Notes, the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class A(2011-2) Notes with a different form of credit enhancement (including, without limitation, a cash
collateral account, a letter of credit, a reserve account, a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms
Document as shall be necessary for such replacement without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments
will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 

  
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 Section 2.03 Interest Payment. For each Interest Payment Date, the amount of interest
due with respect to the Class A(2011-2) Notes shall be an amount equal to 
  

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

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

  

	 	(ii)	the Outstanding Dollar Principal Amount of the Class A(2011-2) Notes determined as of the first date of such related Interest Accrual Period, plus

 any Class A Tranche Interest Allocation Shortfall for such Class A(2011-2) Notes for the immediately preceding
Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual Period, calculated on the basis of the actual number of days in the related Interest Accrual Period and a 360-day
year. 
 Section 2.04 Notification of LIBOR. On each LIBOR Determination Date, the Indenture Trustee shall send to the
Issuer, the Beneficiary, each applicable Master Servicer and any stock exchange on which the Class A(2011-2) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic transmission, notification of
LIBOR for the following Interest Accrual Period. 
 Section 2.05 Payments of Interest and Principal. 

(a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date;
provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture
Supplement; and provided, further, that if a Class A(2011-2) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class A(2011-2) Notes in
accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class A(2011-2) Notes shall be made as set forth in Section 1102 of the Indenture. 

(b) The right of the Class A(2011-2) Noteholders to receive payments from the Issuer will terminate on the Class A(2011-2) Termination
Date. 
 (c) All payments of principal, interest or other amounts to the Class A(2011-2) Noteholders will be made pro
rata based on the Stated Principal Amount of their Class A(2011-2) Notes. 
 Section 2.06 Form of Delivery of Class
A(2011-2) Notes; Depository; Denominations. 

  
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 (a) The Class A(2011-2) Notes shall be delivered in the form of a Global Note which shall be
a Registered Note as provided in Section 204 of the Indenture. The form of the Class A(2011-2) Notes is attached hereto as Exhibit A. 
 (b) The Depository for the Class A(2011-2) Notes shall be The Depository Trust Company, and the Class A(2011-2) Notes shall initially be registered in the name of Cede & Co., its nominee.

 (c) The Class A(2011-2) Notes will be issued in minimum denominations of $200,000 and integral multiples of $1,000 in excess
of that amount. 
 Section 2.07 Delivery and Payment for the Class A(2011-2) Notes. The Issuer shall execute and deliver
the Class A(2011-2) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2011-2) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture. 

Section 2.08 Targeted Deposits to the Accumulation Reserve Account. The deposit targeted to be made to the Accumulation Reserve
Subaccount for the Class A(2011-2) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve Subaccount Deposit minus any amount on deposit in the Accumulation Reserve
Subaccount for the Class A(2011-2) Notes. 
 Section 2.09 Additional Issuances of Notes. Subject to clauses (ii), (iii),
(iv) and (v) of Sections 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class A(2011-2) Notes, so long as the following conditions precedent are satisfied: 

(a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional Class A(2011-2) Notes (the
“Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 
  

	 	(i)	the Issuance Date of such additional Class A(2011-2) Notes; 

  

	 	(ii)	the amount of such additional Class A(2011-2) Notes being offered and the resulting Initial Dollar Principal Amount and Stated Principal Amount of Class A(2011-2)
Notes; 

  

	 	(iii)	the date from which interest on such additional Class A(2011-2) Notes will accrue (which may be a date prior to the date of issuance thereof); 

 

	 	(iv)	the first Interest Payment Date on which interest will be paid on such additional Class A(2011-2) Notes; and 

 

	 	(v)	 any other terms that the Issuer set forth in such notice of issuance of additional Class A(2011-2) Notes to clarify the rights of Holders of such
additional Class A(2011-2) Notes or the effect of such issuance of additional Class A(2011-2) Notes on any calculations 

  
 11 

	 	 
to be made with respect to the Class A(2011-2) Notes, Class A, or the Issuer. 

 All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such Class A(2011-2) Notes; 

(b) no Class A(2011-2) Adverse Event has occurred and is continuing; and 

(c) either (i) the issuance of such additional Class A(2011-2) Notes would be treated as part of the same issue as the outstanding
Class A(2011-2) Notes under Treasury Regulation Sections 1.1275-1(f)(1) or 1.1275-2(k), or (ii) such additional Class A(2011-2) Notes are not issued with “original issue discount” for purposes of Section 1273 of the Code.

 The Issuer shall not have to satisfy the conditions set forth in Section 310 of the Indenture in connection with an
issuance of additional Class A(2011-2) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class A(2011-2) Notes; provided, however, that the Issuer shall have to deliver to the Indenture
Trustee a Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such issuance. 
 Section 2.10 Designation of
Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes. At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such
Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all
Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including the Class
A(2011-2) 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 (including Series 2009-SD), is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries. 

Section 2.11 Variable Accumulation Period. Notwithstanding anything to the contrary in Section 4.02 of the Indenture
Supplement, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement of the Accumulation Period for the Class A(2011-2) Notes and determine a new Accumulation Commencement Date, subject
to the conditions set forth in this Section 2.11; provided, however, that the Accumulation Period shall commence no later than the first day of the Due Period related to the Expected Maturity Date for the Class A(2011-2) Notes.
Any such delay by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the scheduled Due Period immediately preceding the first Due Period in the Accumulation Period (after giving effect to any prior delay in
the commencement of the Accumulation Period pursuant to this Section 2.11). 
 The Calculation Agent on behalf of the
Issuer shall cause such delay if the Calculation Agent determines in good faith that each of the following conditions will be satisfied: (i) the Calculation Agent on behalf of the Issuer delivers to the Indenture Trustee a certificate to the

  
 12 

 
effect that the Calculation Agent on behalf of the Issuer reasonably believes that, based on the payment rate and the anticipated availability of Series Principal Amounts and Reallocated
Principal Amounts, the delay in the commencement of the Accumulation Period for the Class A(2011-2) Notes will not result in any Tranche of Notes not being paid in full on the relevant Expected Maturity Date; (ii) such delay is permitted under
the Series 2007-CC Series Supplement or any other applicable agreement relating to any Additional Collateral Certificate; and (iii) the Accumulation Amount, the Accumulation Commencement Date and the Accumulation Period Length shall have been
adjusted. The Calculation Agent on behalf of the Issuer shall not be required to obtain confirmation from the applicable Note Rating Agencies that such delay in the commencement of the Accumulation Period will not result in a Ratings Effect for any
Tranche of Outstanding DiscoverSeries Notes, unless at the time of such delay there is a Tranche of Outstanding DiscoverSeries Notes, which were issued prior to January 1, 2009 and for which the commencement of the Accumulation Period for such
Tranche of Notes has already been delayed pursuant to Section 4.02 of the Indenture Supplement. If such confirmation from the applicable Note Rating Agency is not required, the Calculation Agent on behalf of the Issuer shall provide written
notice to each applicable Note Rating Agency in the event that the commencement of the Accumulation Period for the Class A(2011-2) Notes is delayed pursuant to this Section 2.11. 

[Remainder of page intentionally blank; signature page follows] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed,
all as of the day and year first above written. 
  

					
	DISCOVER CARD EXECUTION NOTE TRUST,
	 as Issuer

		
	By:	 	Wilmington Trust Company,
		 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

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

		
	By:	 	  

		 	Name:	 	Patricia M. Child
		 	Title:	 	Vice President

 [Signature Page to Class
A(2011-2) Terms Document] 

 FORM OF DISCOVERSERIES CLASS A(2011-2) NOTE 

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

			
	REGISTERED	 	$[·] *
	No. 1	 	CUSIP NO. 254683AQ8

 DISCOVER
CARD EXECUTION NOTE TRUST 
 Floating Rate 
 DISCOVERSERIES CLASS A(2011-2) NOTE 
 DISCOVER CARD EXECUTION NOTE TRUST, a
statutory trust created under the laws of the State of Delaware (herein referred to as the “Issuer” or the “Note Issuance Trust”), for value received, hereby promises to pay to CEDE & CO., or registered
assigns, subject to the following provisions, a principal sum of $[—] ([—] dollars) payable on the May 15, 2013 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 November 16, 2015 Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of one-month LIBOR + 0.21% per annum, as more specifically set forth in the
Class A(2011-2) Terms Document dated as of June 7, 2011 (the “Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any
successor Indenture Trustee under the Indenture), and shall be due and payable on each Interest Payment Date from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2011-2) Notes,
from and including the applicable Issuance Date) to but excluding such Interest Payment Date. Interest will be computed on the basis of the actual number of days elapsed and a 360-day year. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof. 
 The principal and interest may be payable monthly, and may be payable earlier
or later than the Expected Maturity Date, following an Event of Default or while an Early Redemption Event has occurred and is continuing. No principal or interest will be distributed on the Note following the distribution of proceeds of a
Receivables Sale. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. 
 The Initial Dollar Principal
Amount of the Class A(2011-2) Notes is $1,000,000,000. 
 Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the
certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, Indenture Supplement or the Terms Document referred to
on the reverse hereof, or be valid or obligatory for any purpose. 
  

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

  
 2 

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

			
	 DISCOVER CARD EXECUTION NOTE TRUST,
 as Issuer

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

		 	Name:
		 	Title:
		
		 	Date:

  
 3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		
	By:	 	  

		 	Name:
		 	Title:
		
		 	Date:

  
 4 

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its Class A(2011-2) DiscoverSeries Notes
(herein called the “Class A(2011-2) Notes”), all issued under an Indenture dated as of July 26, 2007, as amended by the First Amendment to Indenture, dated as of June 4, 2010 (such Indenture, as may be further amended,
restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture”), as supplemented by an Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated
as of June 4, 2010 (such Indenture Supplement, as may be further amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture Supplement”), between the
Issuer and Indenture Trustee, to which Indenture and Indenture Supplement reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class
A(2011-2) Notes are subject to all terms of the Indenture, the Indenture Supplement and the Terms Document. All terms used in this Class A(2011-2) Note that are defined in the Indenture, the Indenture Supplement and the Terms Document shall have the
meanings assigned to them in or pursuant to the Indenture, the Indenture Supplement and the Terms Document. 
 The Class B
Notes, the Class C Notes and the Class D Notes of the DiscoverSeries and other tranches of Class A Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class A(2011-2) Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture and the Indenture Supplement. 
 Principal of the Class A(2011-2) Notes will be payable on the Expected Maturity Date
in an amount described on the face hereof except as otherwise provided in the Indenture or the Indenture Supplement. 
 As
described above, the entire unpaid principal amount of this Class A(2011-2) Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Class A(2011-2) Notes shall be due and
payable on the date on which an Event of Default relating to the Class A(2011-2) Notes shall have occurred and be continuing and, except in the event of an insolvency related default, the Indenture Trustee or the Majority Holders of the applicable
Series, Class or Tranche of Outstanding Dollar Principal Amount of the Outstanding Notes have declared the Class A(2011-2) Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided,
however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the Majority Holders of such applicable Series, Class or Tranche of Notes. 

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

  
 5 

 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Note
Issuance Trust, may from time to time issue, or direct the Owner Trustee, on behalf of the Note Issuance Trust, to issue, one or more Series, Classes or Tranches of Notes. 
 On each Payment Date, the Paying Agent shall distribute to each Holder of Class A(2011-2) Notes of record on the related Record Date (except for the final distribution with respect to this Class A(2011-2)
Note) such Holder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Class A Notes. 

Payments of interest on this Class A(2011-2) Note due and payable on each Payment Date, together with any installment of principal, if
any, to the extent not in full payment of this Class A(2011-2) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class A(2011-2) Note on the Note Register as of the close of business on each Record
Date, except that with respect to Class A(2011-2) Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be CEDE & CO.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Class
A(2011-2) Note be submitted for notation of payment. Any reduction in the principal amount of this Class A(2011-2) Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders
of this Class A(2011-2) Note and of any Class A(2011-2) Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Class A(2011-2) Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as
of the Record Date preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Class A(2011-2) Note at the Indenture
Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be
entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto. 
 As provided in the Indenture and subject to
certain limitations set forth therein and as set forth in the first legend on the face hereof, the transfer of this Class A(2011-2) Note may be registered on the Note Register upon surrender of this Class A(2011-2) Note for registration of transfer
at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a
national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Class A(2011-2) Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Class A(2011-2) Note, but the transferor may be required to pay a sum 

  
 6 

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

To the fullest extent permitted by applicable law, each Noteholder or Note Owner, by acceptance of a Class A(2011-2) Note or, in the case
of a Note Owner, a beneficial interest in a Class A(2011-2) Note, covenants and agrees that by accepting the benefits of the Indenture it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as
a depositor with respect to any Master Trust or the Issuer, or join in any institution against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership,
insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any
Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 
 Prior to the due presentment for
registration of transfer of this Class A(2011-2) Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A(2011-2) Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A(2011-2) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to
the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding Dollar Principal
Amount of each adversely affected Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class A(2011-2) Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Class A(2011-2) Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Class A(2011-2) Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Class A(2011-2) Note includes any successor to the Issuer under the Indenture.

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
Indenture Trustee and the Holders of Notes under the Indenture. 
 The Class A(2011-2) Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

  
 7 

 THIS CLASS A(2011-2) NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

No reference herein to the Indenture and no provision of this Class A(2011-2) Note or of the Indenture shall alter or impair the
obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class A(2011-2) Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Class A(2011-2) Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture
Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A(2011-2) Note. 

  
 8 

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

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

									
	Dated:	 	  
	 		 	  
	 	*
		 		 		 	Signature Guaranteed:	 	

  

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

  
 9 

 SCHEDULE A 
 PART I 
 INTEREST PAYMENTS 

 

									
	 Interest
Payment Date
	  	 Date of
Payment
	  	 Total Amount
of Interest

Payable
	  	 Amount of
Interest Paid
	  	 Confirmation of
payment by or
on
behalf of the Note Issuance
Trust

	1.	  		  		  		  	
	2.	  		  		  		  	
	3.	  		  		  		  	
	4.	  		  		  		  	
	5.	  		  		  		  	
	6.	  		  		  		  	
	7.	  		  		  		  	
	8.	  		  		  		  	
	9.	  		  		  		  	
	10.	  		  		  		  	
	11.	  		  		  		  	
	12.	  		  		  		  	
	13.	  		  		  		  	
	14.	  		  		  		  	
	15.	  		  		  		  	
	16.	  		  		  		  	
	17.	  		  		  		  	
	18.	  		  		  		  	
	19.	  		  		  		  	
	20.	  		  		  		  	
	21.	  		  		  		  	
	22.	  		  		  		  	
	23.	  		  		  		  	
	24.	  		  		  		  	
	25.	  		  		  		  	
	26.	  		  		  		  	
	27.	  		  		  		  	
	28.	  		  		  		  	
	29.	  		  		  		  	
	30.	  		  		  		  	
	31.	  		  		  		  	
	32.	  		  		  		  	
	33.	  		  		  		  	
	34.	  		  		  		  	
	35.	  		  		  		  	
	36.	  		  		  		  	
	37.	  		  		  		  	

  
 10 

 PART II 
 PRINCIPAL PAYMENTS 
  

									
	 Principal
 Payment Date
	  	 Date of
Payment
	  	 Total Amount
of Principal

Payable
	  	 Total Amount

Paid
	  	 Confirmation of
payment by or
on
behalf of the Note Issuance
Trust

					
	1.	  		  		  		  	
	2.	  		  		  		  	
	3.	  		  		  		  	
	4.	  		  		  		  	
	5.	  		  		  		  	
	6.	  		  		  		  	
	7.	  		  		  		  	
	8.	  		  		  		  	
	9.	  		  		  		  	
	10.	  		  		  		  	
	11.	  		  		  		  	
	12.	  		  		  		  	

  
 11Securities Purchase Agreement

 Exhibit 10.1 
 Execution Version 
 SECURITIES PURCHASE AGREEMENT 

SECURITIES PURCHASE AGREEMENT, dated as of June 3, 2011 (this “Agreement”), is made by and among Trillium
Capital LLC, a Delaware limited liability company (“Trillium”), R. Scott Murray (“Murray” and, together with Trillium, “Sellers”), and Stream Global Services, Inc., a Delaware corporation (the
“Company”). 
 WHEREAS, Trillium is the record and beneficial owner of 3,722,569 shares of common stock of the
Company, par value $0.001 per share, free and clear of all Liens (the “Shares”); and 
 WHEREAS, Trillium
desires to sell to the Company, and the Company desires to purchase from Trillium, the Shares, subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, the parties to this Agreement agree as follows: 
 ARTICLE I

 DEFINITIONS 
 Section 1.1. Definitions. When used in this Agreement, the following terms shall have the following meanings: 
 “Action” means any action, suit, proceeding, claim, arbitration, litigation or investigation, in each case by or before any Person. 

“Affiliate” means, with respect to any specified Person, any other Person that, directly or indirectly, through one or
more intermediaries, controls, is controlled by or is under common control with, such specified Person. 

“Closing” means the closing of the purchase and sale of the Shares as contemplated hereby. 

“Confidential Information” means information (whether oral or written, tangible or intangible) provided by or on behalf
of the Company or any of its Representatives to either of the Sellers or any of their respective Representatives; provided, that the term “Confidential Information” does not include information that is or becomes available to the
public other than as a result of a disclosure by any Seller or Representative of any Seller in violation of this Agreement. 

“control” (and its derivatives) means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through ownership of voting equity interests, as trustee or executor, by contract or otherwise. 
 “Lien” means any mortgage, lien, pledge, charge, security interest, adverse claim, restriction on transfer, or other encumbrance. 

 “Person” means any individual, corporation, partnership, limited liability
company, trust, unincorporated association, governmental entity or any agency, instrumentality or political subdivision of any governmental entity, or any other entity or body. 

“Purchase Price” means $12,098,349.25. 
 “Representatives” means, with respect to a Person, such Person’s Affiliates, and the directors, officers, managers, members and employees of such Person or any of its Affiliates.

 ARTICLE II 
 PURCHASE AND SALE 
 Section 2.1. Purchase and Sale of the Shares.
Upon the terms and subject to the conditions of this Agreement, at the Closing, Trillium shall sell, convey, transfer, assign and deliver to the Company, free and clear of all Liens, and the Company shall purchase and acquire from Trillium, all of
the Shares, in exchange for the Purchase Price. 
 Section 2.2. Closing and Delivery. The Closing shall be held at
10:00 AM New York City time on Monday, June 6, 2011 (the “Closing Time”) and take place at the office of Proskauer Rose LLP located at One International Place, Boston, MA 02110. At the Closing, 

(a) Sellers shall (i) deliver to the Company the certificates representing the portion of the Shares represented by certificates,
with appropriate stock powers duly executed in blank, (ii) electronically transfer the remainder of the Shares to the Company by instructing Sellers’ broker, Citibank, to DWAC such Shares to the Company’s transfer agent, Continental
Stock Transfer & Trust Company, for the Company’s account (and shall provide Company written evidence of such instructions), (iii) deliver to the Company all other documents and instruments necessary to vest in the Company all of
Trillium’s right, title and interest in and to the Shares, free and clear of all Liens, and (iv) deliver to the Company executed signature pages from each Seller to the Mutual Release attached hereto as Exhibit A (the
“Release”). 
 (b) the Company shall deliver to Sellers (i) the Purchase Price by wire transfer of
immediately available federal funds (or provide evidence of such wire transfer by Federal Reference Number) to an account designated by Trillium at least 48 hours prior to the Closing, (ii) all documents, instruments or certificates reasonably
requested by Sellers in connection with the purchase and sale of the Shares and (iii) an executed signature page from the Company to the Release. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF SELLER 

Each Seller represents and warrants to the Company that the statements contained in this Article III are true and correct on the date
hereof and as of the Closing. 

  
 2 

 Section 3.1. Organization and Good Standing. Trillium is a limited liability
company duly organized, validly existing and in good standing under the Laws of the State of Delaware. 
 Section 3.2.
Ownership of the Shares. Trillium holds of record and owns beneficially the Shares, free and clear of all Liens. Except for the Shares neither Seller nor any of their respective Affiliates owns any shares of common stock of the Company.
Except for this Agreement, neither Seller is a party to, or otherwise bound by, any option, warrant, purchase right or other contract that could require Trillium to sell, transfer or otherwise dispose of any of the Shares. 

Section 3.3. Authority and Enforceability. Each Seller has the requisite power and authority to enter into this Agreement
and the Release and to consummate the transactions contemplated hereby and thereby (the “Transactions”). The execution and delivery of this Agreement and the Release and the consummation of the Transactions have been duly authorized
by all necessary action on the part of each Seller. 
 Section 3.4. Relationship to the Company; Experience. Each
Seller has (i) by reason of its business and financial experience, the capacity to protect its own interests in connection with the Transactions and (ii) such knowledge and experience in financial, tax and business matters to enable such
Seller to use the information made available in connection with the sale of the Shares to evaluate the merits and risks of the Transactions and to make an informed investment decision with respect thereto. 

Section 3.5. Access to Data. Each Seller acknowledges and agrees that Sellers have been and will be given the opportunity
by the Company to obtain requested information and ask questions concerning the Company and the Shares that Sellers believe necessary; and Sellers shall terminate this Agreement pursuant to Section 6.13 unless Sellers have received satisfactory
information and answers in their sole discretion. 
 Section 3.6. Opportunity to Seek Counsel. Sellers acknowledge
that they (i) have had an opportunity to review and consider this Agreement before signing it, (ii) been strongly encouraged to consult with their own attorney(s) and confidential advisors before signing this Agreement and the Release, and
(iii) read and understood all of the terms and provisions of this Agreement and the Release. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 The Company represents and warrants to Sellers that each statement contained in this Article IV is true and correct on the date hereof and as of the Closing. 

Section 4.1. Organization and Good Standing. The Company is a corporation duly incorporated, validly existing and in good
standing under the Laws of the State of Delaware. 

  
 3 

 Section 4.2. Authority and Enforceability. The Company has the requisite power
and authority to enter into this Agreement and the Release and to consummate the Transactions. The execution and delivery of this Agreement and the Release and the consummation of the Transactions have been duly authorized by all necessary corporate
action on the part of the Company. 
 ARTICLE V 
 CERTAIN COVENANTS 
 Section 5.1. Confidentiality. 

(a) Upon the execution of this Agreement the Company will provide to the Sellers certain Confidential Information. Each Seller shall
(i) use the Confidential Information solely for the purpose of evaluating the purchase and sale of the Shares (and not for any other purpose), and (ii) hold in confidence, and not make use of, divulge or otherwise disclose, directly or
indirectly, any Confidential Information, except as may be required by applicable law, subject to the provisions of Section 5.1(b) hereof, or at such time that such Confidential Information becomes generally known in the public market other
than as a result of a disclosure, directly or indirectly, by any Seller in violation of this Agreement. All of the Confidential Information is and shall remain the sole and exclusive property of the Company until such time that the Confidential
Information becomes generally known in the public market. 
 (b) If any Seller becomes required by law or any regulatory body
to disclose any Confidential Information, such Seller shall provide the Company with prompt notice thereof (including a description of the Confidential Information required to be disclosed), so that the Company may seek a protective order or other
appropriate remedy and/or waive compliance with this Agreement. In the event that such protective order is not obtained, such Seller will furnish only that portion of such Confidential Information that it reasonably believes is legally required to
be provided and exercise its reasonable best efforts to obtain assurances that confidential treatment will be afforded such information. 
 (c) Each Seller acknowledges and agrees that (i) the Confidential Information may contain material non-public information concerning the Company and its Affiliates; (ii) such Seller is aware of
the restrictions imposed by U.S. and other securities laws, and the rules and regulations promulgated thereunder, on Persons in possession of material non-public information; and (iii) Sellers will not directly or indirectly, use, or allow any
third party to use, any Confidential Information in contravention of any U.S. or other securities laws or in connection with the purchase or sale of securities, properties or indebtedness. Nothing herein shall constitute an admission by the Company
that any Confidential Information in fact contains material non-public information concerning the Company or any of its Affiliates. 
 Section 5.2. Standstill. For a period of 48 months after the date of this Agreement, Sellers shall not, and shall not permit any of their respective Affiliates to, directly or indirectly:
(a) make any statement or proposal to the board of directors, Representatives or stockholders of the Company, with respect to, or make any public announcement, proposal or offer (including any “solicitation” of “proxies” as
such terms are defined or used in regulation 

  
 4 

 
14A of the Securities Exchange Act of 1934, as amended) with respect to, or otherwise solicit, seek or offer to effect (i) any business combination, merger, tender offer, exchange offer or
similar transaction involving the Company, (ii) any restructuring, recapitalization, liquidation or similar transaction involving the Company, (iii) any acquisition of or offer for any of our securities or assets, or rights or options to
acquire interests in any of our securities or assets, (iv) any proposal to seek representation on the board of directors of the Company or otherwise seek to control or influence the management, board of directors or policies of the Company,
(v) any request or proposal to waive, terminate or amend the provisions of this Agreement, or (vi) any proposal or other statement that is inconsistent with the terms of this Agreement; (b) instigate, encourage, facilitate or assist
any third party (including forming a “group” with any such third party) to do any of the actions set forth in clause (a) above; (c) take any such action that would reasonably be expected to require the Company to make a public
announcement regarding any of the actions set forth in clause (a) above; (d) acquire, own or sell (or seek permission to acquire, own or sell), of record or beneficially, by purchase, sale or otherwise, more than 1% of the securities,
properties or indebtedness of the Company; (e) disclose any intention, plan or arrangement inconsistent with the foregoing; or (f) enter into any discussions, negotiations, understandings or arrangements with any third party with respect
to the foregoing. 
 ARTICLE VI 
 MISCELLANEOUS 
 Section 6.1. Notices. Any notice, request, demand,
waiver, consent, approval or other communication which is required or permitted hereunder shall be in writing and shall be deemed given (a) on the date established by the sender as having been delivered personally, (b) on the date
delivered by a private courier as established by the sender by evidence obtained from such courier, or (c) on the fifth day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications,
to be valid, must be addressed as follows: 
 If to the Company, to: 

Stream Global Services, Inc. 
 20 William Street, Suite 310 
 Wellesley, MA 02481 

Attn: Chief Executive Officer 
 Facsimile: (781) 304-1702 
 With a required copy to: 

Proskauer Rose LLP 
 Eleven Times Square 
 New York, NY 10036 

Attn: Ori Solomon, Esq. 
 Facsimile: (212) 969-3624 
 If to Sellers, to: 

  
 5 

 Trillium Capital LLC 

108 Dover Road 
 Wellesley, MA 
 02481 

Attn: R. Scott Murray 
 Fax: 781-898-7649 
 With a required copy to: 

Bowditch & Dewey, LLP 

One International Place- 44th Floor 
 Boston, MA 
 02110 

Attn: George W. Tetler III, Esq. 
 Facsimile: 508-929-3010 
 or to such other address or to the attention of such Person or Persons
as the recipient party has specified by prior written notice to the sending party (or in the case of counsel, to such other readily ascertainable business address as such counsel may hereafter maintain). If more than one method for sending notice as
set forth above is used, the earliest notice date established as set forth above shall control. 
 Section 6.2.
Amendments and Waivers. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and is signed by the Company and Sellers. No failure or delay by any party in exercising any right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. To the maximum extent permitted by law,
(i) no waiver that may be given by a party shall be applicable except in the specific instance for which it was given and (ii) no notice to or demand on one party shall be deemed to be a waiver of any obligation of such party or the right
of the party giving such notice or demand to take further action without notice or demand. 
 Section 6.3.
Expenses. Each party shall bear its own costs and expenses in connection with this Agreement, the Release and the Transactions, whether or not the purchase and sale of the Shares is consummated. Notwithstanding the foregoing, if any Action
(whether based on contract, tort or otherwise) is brought for the enforcement of this Agreement or the Release, or because of an alleged dispute, breach, default or misrepresentation in connection with any provision of this Agreement, the Release or
the Transactions, the successful or prevailing party shall be entitled to recover reasonable attorneys’ fees and other reasonable costs incurred in connection therewith, in addition to any other relief to which it may be entitled. 

Section 6.4. Successors and Assigns. This Agreement may not be assigned by any party without the prior written consent of
the other party. Subject to the foregoing, all of the terms and provisions of this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. 

  
 6 

 Section 6.5. Governing Law. This Agreement and the Release shall be governed
by and interpreted and enforced in accordance with the Laws of the State of Delaware, without giving effect to any choice of law or conflict of laws rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause
the application of the Laws of any jurisdiction other than the State of Delaware. 
 Section 6.6. Consent to
Jurisdiction; Jury Trial Waiver. Each party irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for the purposes of any Action (whether based on contract, tort or otherwise) directly
or indirectly arising out of or in connection with this Agreement, the Release or any Transaction. Each party agrees (a) to commence any such Action in such courts and (b) that service of any process, summons, notice or document by U.S.
registered mail to such party’s respective address set forth above shall be effective service of process with respect to any matters to which it has submitted to jurisdiction in this Section. Each party irrevocably and unconditionally waives
(i) any objection to the laying of venue of any such Action in such courts, or that any such Action brought in any such court has been brought in an inconvenient forum, and (ii) all right to trial by jury in any such Action. 

Section 6.7. Counterparts. This Agreement may be executed in counterparts, and either party hereto may execute any such
counterpart, each of which when executed and delivered shall be deemed to be an original and both of which counterparts taken together shall constitute but one and the same instrument. This Agreement shall become effective when each party hereto
shall have received a counterpart hereof signed by the other party hereto. The delivery of this Agreement may be effected by means of an exchange of facsimile signatures with original copies to follow by mail or courier service. 

Section 6.8. Entire Agreement. This Agreement and the documents, instruments and other agreements specifically referred to
herein or delivered pursuant hereto set forth the entire understanding of the parties hereto with respect to the subject matter hereof and thereof (including the purchase and sale of the Shares). Any and all previous agreements and understandings
between or among the parties regarding the subject matter hereof, whether written or oral, are superseded by this Agreement. 

Section 6.9. Specific Performance. Each Seller agrees that irreparable damage (for which there would be no adequate remedy
at law or in damages) would occur in the event that any of the provisions of Article V were not performed by Sellers or their Representatives in accordance with the terms thereof and that the Company shall be entitled to specific performance of the
terms of Article V, in addition to any other remedy at Law or equity. 
 Section 6.10. Interpretation. Where a
word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning. The terms “hereof”, “herein” and “herewith” and words of similar import shall, unless otherwise stated, be
construed to refer to this Agreement as a whole and not to any particular provision of this Agreement. When a reference is made in this Agreement to an Article, Section or paragraph, such reference is to an Article, Section or paragraph of this
Agreement unless otherwise specified. The word “include”, “includes”, and “including” when used in this Agreement shall be deemed to be followed by the words “without limitation”, unless otherwise specified. A
reference to any 

  
 7 

 
party to this Agreement or any other agreement or document shall include such party’s predecessors, successors and permitted assigns. All captions contained in this Agreement are for
convenience of reference only, do not form a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement. 
 Section 6.11. Construction. The parties have participated jointly in the negotiation and drafting of this Agreement. Any rule of construction or interpretation otherwise requiring this
Agreement to be construed or interpreted against any party by virtue of the authorship of this Agreement shall not apply to the construction and interpretation hereof. 
 Section 6.12. No Other Representations. Each party acknowledges that the representations and warranties of the other parties expressly and specifically set forth herein constitute their sole
and exclusive representations and warranties in connection with the transactions contemplated hereby, and further agrees that all other representations and warranties of any kind or nature express or implied are specifically disclaimed. 

Section 6.13. Termination. Sellers may terminate this Agreement at any time within 48 hours after the execution of this
Agreement (the “Termination Period”). To be effective, Sellers’ termination must be in writing, signed and received by the Company prior to the expiration of the Termination Period. Upon timely receipt of Sellers’ written
termination of this Agreement by the Company, this Agreement shall have no further force or effect (except with respect to Section 5.1 and Article VI). The provisions of Section 5.1 and Article VI shall survive the termination of this
Agreement and all other obligations hereunder. 
 Section 6.14. Condition to Obligation of the Company. The
obligations of the Company to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment, at or prior to the Closing, of the Company obtaining the requisite approval and consent from the Board of Directors of the
Company to enter into this Agreement and the Release and to consummate the Transactions (the “Board Consent”). If the Company fails to obtain the Board Consent by the Closing Time, the Company may, by written notice to the Sellers
prior to the Closing Time, extend the Closing Time by up to 24 hours (the “Subsequent Closing Period”). If the Company fails to obtain the Board Consent by the end of the Subsequent Closing Period, the Company
may terminate this Agreement by delivering written notice to Sellers. Upon receipt of the Company’s written termination of this Agreement by Sellers, this Agreement shall have no further force or effect (except with respect to
Section 5.1 and Article VI). The provisions of Section 5.1 and Article VI shall survive the termination of this Agreement and all other obligations hereunder. 
 [Signature Page Follows] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement, or caused this
Agreement to be duly executed by their respective authorized officers, as of the date first above written. 
  

			
	STREAM GLOBAL SERVICES, INC.
		
	By:	 	 /s/ Dennis Lacey

	Name:	 	Dennis Lacey
	Title:	 	EVP and Chief Financial Officer
	
	TRILLIUM CAPITAL LLC
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President
	
	 /s/ R. Scott Murray

	R. SCOTT MURRAY

  
 9 

 Exhibit A 

MUTUAL RELEASE 
 MUTUAL RELEASE, dated as of June 6, 2011 (this “Release”), is made by and among Trillium Capital LLC, a Delaware limited liability company (“Trillium”), R.
Scott Murray (“Murray” and, together with Trillium, “Sellers”), and Stream Global Services, Inc., a Delaware corporation (the “Company”). This is the Mutual Release referred to in the Securities
Purchase Agreement (the “Purchase Agreement”), dated as of June 3, 2011, by and among Sellers and the Company. Capitalized terms used in this Release without definition have the respective meanings given to them in the Purchase
Agreement. 
 WHEREAS, the execution and delivery of this Release is a condition to Sellers’ obligations to sell, convey,
transfer, assign and deliver, and the Company’s obligation to purchase, the Shares pursuant to the Purchase Agreement and each Seller and the Company is relying on this Release in consummating such purchase and sale. 

NOW, THEREFORE, Sellers and the Company agree as follows: 

 

	 	1.	Release by Sellers. 

 (a)
Each Seller hereby unconditionally and irrevocably releases and forever discharges the Company and each of its Representatives (collectively, the “Company Releasees”) from any and all claims, counterclaims, setoffs, demands,
Actions, orders, obligations, contracts, agreements, debts, damages, expenses, losses and liabilities whatsoever, whether known or unknown, suspected or unsuspected, both at law and in equity (collectively, “Seller Claims”), which
such Seller now has, has ever had, or may hereafter have against the Company Releasees arising contemporaneously with or prior to the Closing or on account of or arising out of any matter, cause, or event occurring contemporaneously with or prior to
the Closing, whether or not relating to Seller Claims pending on, or asserted after, the Closing (collectively, the “Seller Released Claims”); provided, however, that nothing contained in this Release will operate to release any
obligation of the Company set forth in (i) the Purchase Agreement or any agreement or instrument being executed and delivered pursuant to the Purchase Agreement or (ii) the Employment Agreement dated July 15, 2008, as amended, between
Murray and the Company (the “Employment Agreement”) or the Separation Agreement dated August 19, 2010 between Murray and the Company (the “Separation Agreement”). 

(b) Each Seller represents and warrants to each Company Releasee that such Seller has not transferred, assigned, or otherwise disposed of
any part of or interest in any Seller Released Claim. 
 (c) Each Seller hereby irrevocably covenants not to, directly or
indirectly, assert any claim or demand, or commence, institute, or voluntarily aid in any way, or cause to be commenced or instituted, any Action of any kind against any Company Releasee based upon any Seller Released Claim. 

(d) Without in any way limiting any rights and remedies otherwise available to any Company Releasee, each Seller, jointly and severally
with the other Seller, shall indemnify and 

 
hold harmless each Company Releasee from and against and shall pay to each Company Releasee the amount of, or reimburse each Company Releasee for, all loss, liability, claim, damage (including
incidental and consequential damages), or expense (including reasonable costs of investigation and defense and reasonable attorneys’ and reasonable accountants’ fees), whether or not involving third-party claims, arising directly or
indirectly from or in connection with (a) the assertion by or on behalf of any Seller of any Seller Released Claim, and (b) the assertion by any third party of any claim or demand against any Company Releasee which claim or demand arises
directly or indirectly from, or in connection with, any assertion by or on behalf of any Seller against such third party of any Seller Released Claim. 
  

	 	2.	Release by the Company. 

(a) The Company hereby unconditionally and irrevocably releases and forever discharges each Seller and each of their Representatives
(collectively, the “Seller Releasees”) from any and all claims, counterclaims, setoffs, demands, Actions, orders, obligations, contracts, agreements, debts, damages, expenses, losses and liabilities whatsoever, whether known or
unknown, suspected or unsuspected, both at law and in equity (collectively, “Company Claims”), which the Company now has, has ever had, or may hereafter have against the Seller Releasees arising contemporaneously with or prior to
the Closing or on account of or arising out of any matter, cause, or event occurring contemporaneously with or prior to the Closing, whether or not relating to Company Claims pending on, or asserted after, the Closing (collectively, the
“Company Released Claims”); provided, however, that nothing contained in this Release will operate to release any obligation of Sellers set forth in (i) the Purchase Agreement or any agreement or instrument being executed and
delivered pursuant to the Purchase Agreement or (ii) the Employment Agreement or the Separation Agreement. 
 (b) The
Company represents and warrants to each Seller Releasee that the Company has not transferred, assigned, or otherwise disposed of any part of or interest in any Company Released Claim. 

(c) The Company hereby irrevocably covenants not to, directly or indirectly, assert any claim or demand, or commence, institute, or
voluntarily aid in any way, or cause to be commenced or instituted, any Action of any kind against any Seller Releasee based upon any Company Released Claim. 
 (d) Without in any way limiting any rights and remedies otherwise available to any Seller Releasee, the Company shall indemnify and hold harmless each Seller Releasee from and against and shall pay to
each Seller Releasee the amount of, or reimburse each Seller Releasee for, all loss, liability, claim, damage (including incidental and consequential damages), or expense (including reasonable costs of investigation and defense and reasonable
attorneys’ and reasonable accountants’ fees), whether or not involving third-party claims, arising directly or indirectly from or in connection with (a) the assertion by or on behalf of the Company of any Company Released Claim, and
(b) the assertion by any third party of any claim or demand against any Seller Releasee which claim or demand arises directly or indirectly from, or in connection with, any assertion by or on behalf of the Company against such third party of
any Company Released Claim. 

  
 2 

	 	3.	Additional Agreements. 

(a) Each Seller and the Company agrees (1) that the execution of this Release does not constitute in any manner whatsoever an
admission of liability on the part of any Seller Releasee for any Company Released Claim or any Company Releasee for any Seller Released Claim, and that such liability is specifically denied, and (2) to execute and deliver such other documents,
and do such other acts and things, as the other parties hereto may reasonably request for the purpose of carrying out the intent of this Release. 
 (b) For purposes of implementing a full and complete release and discharge of claims, each Seller and the Company agrees that this Release is intended to include in its effect, without
limitations, all the claims described in the preceding paragraphs, whether known or unknown, suspected or unsuspected, and that this Release contemplates the extinction of all such claims, including claims for attorneys’ fees. Each Seller and
the Company expressly waives any right to assert after the execution of this Release that any such claim, demand, obligation, or Action has, through ignorance or oversight, been omitted from the scope of the Release. 

 

	 	4.	Miscellaneous. 

 (a) This
Release may not be amended, supplemented, or otherwise modified except in a writing signed by the Company and Sellers. 
 (b)
This Release shall be governed by and interpreted and enforced in accordance with the Laws of the State of Delaware, without giving effect to any choice of Law or conflict of Laws rules or provisions (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. 
 (c) Any
provision of this Release which is invalid or unenforceable in any jurisdiction shall be ineffective to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining provisions hereof, and any such
invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 (d) This Release may be executed in counterparts, and any party hereto may execute any such counterpart, each of which when executed and delivered shall be deemed to be an original and all of which
counterparts taken together shall constitute but one and the same instrument. This Release shall become effective when each party hereto shall have received a counterpart hereof signed by the other parties hereto. The parties agree that the delivery
of this Release may be effected by means of an exchange of electronic signatures or facsimile signatures with original copies to follow by mail or courier service. 
 [Signature Page Follows] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have executed this Release as of the date
first written above. 
  

			
	STREAM GLOBAL SERVICES, INC.
		
	By:	 	 /s/ Dennis Lacey

	Name:	 	Dennis Lacey
	Title:	 	EVP and Chief Financial Officer
	
	TRILLIUM CAPITAL LLC
		
	By:	 	 /s/ R. Scott Murray

	Name:	 	R. Scott Murray
	Title:	 	President
	
	 /s/ R. Scott Murray

	R. SCOTT MURRAY

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